Indenture dated March 9, 2004 among America Movil



 Exhibit 4.1 
  

Execution Copy 
  
  

  
 América Móvil, S.A. de C.V., 
  
                                       
                          as Issuer 
  
 and 
  
 Radiomóvil Dipsa, S.A. de C.V., 
  
                                       
                              as Guarantor 
  
 and 
  
 JPMorgan Chase Bank, 
  
                                       
                          as Trustee 
  

  
 INDENTURE 
  
 Dated as of March
9, 2004 
  

  
 Debt Securities 
  








 Certain Sections of this Indenture relating to Sections 310 
 through 318, inclusive, of the Trust Indenture Act of 1939: 
  


					
	 Trust Indenture
Act Section

	  	 	  	 Indenture Section


	 § 310(a)(1)
	  	 	  	609
	          (a)(2)
	  	 	  	609
	          (a)(3)
	  	 	  	Not Applicable
	          (a)(4)
	  	 	  	Not Applicable
	          (b)
	  	 	  	608
	 	  	 	  	610
	 § 311(a)
	  	 	  	613
	          (b)
	  	 	  	613
	 § 312(a)
	  	 	  	701
	 	  	 	  	702
	          (b)
	  	 	  	702
	          (c)
	  	 	  	702
	 § 313(a)
	  	 	  	703
	          (b)
	  	 	  	703
	          (c)
	  	 	  	703
	          (d)
	  	 	  	703
	 § 313(a)
	  	 	  	704
	          (a)(4)
	  	 	  	101
	 	  	 	  	1004
	          (b)
	  	 	  	Not Applicable
	          (c)(1)
	  	 	  	102
	          (c)(2)
	  	 	  	102
	          (c)(3)
	  	 	  	Not Applicable
	          (d)
	  	 	  	Not Applicable
	          (e)
	  	 	  	102
	 § 315(a)
	  	 	  	601
	          (b)
	  	 	  	602
	          (c)
	  	 	  	601
	          (d)
	  	 	  	601
	          (e)
	  	 	  	513
	 § 316(a)
	  	 	  	101
	          (a)(1)(A)
	  	 	  	502
	 	  	 	  	512
	          (a)(1)(B)
	  	 	  	513
	          (a)(2)
	  	 	  	Not Applicable
	          (b)
	  	 	  	508
	          (c)
	  	 	  	104
	 § 317(a)(1)
	  	 	  	503
	          (a)(2)
	  	 	  	504
	          (b)
	  	 	  	1003
	 § 318(a)
	  	 	  	107



	Note:	This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. This reconciliation and tie shall   only apply subsequent to qualification
of this Indenture under the Trust Indenture Act of 1939. 

  

 i 








 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page


	 Parties
	  	1
	 Recitals of the Company
	  	1
	
	ARTICLE ONE
	
	DEFINITIONS AND OTHER PROVISIONS
	OF GENERAL APPLICATION
			
	 SECTION 101.
	  	Definitions	  	1
	 SECTION 102.
	  	Compliance Certificates and Opinions	  	8
	 SECTION 103.
	  	Form of Documents Delivered to Trustee	  	8
	 SECTION 104.
	  	Acts of Holders; Record Dates	  	9
	 SECTION 105.
	  	Notices, Etc., to Trustee and Company	  	11
	 SECTION 106.
	  	Notice to Holders; Waiver	  	11
	 SECTION 107.
	  	Conflict with Trust Indenture Act	  	11
	 SECTION 108.
	  	Effect of Headings and Table of Contents	  	11
	 SECTION 109.
	  	Successors and Assigns	  	12
	 SECTION 110.
	  	Separability Clause	  	12
	 SECTION 111.
	  	Counterparts	  	12
	 SECTION 112.
	  	Benefits of Indenture	  	12
	 SECTION 113.
	  	Governing Law	  	12
	 SECTION 114.
	  	Legal Holidays	  	12
	 SECTION 115.
	  	Consent to Service; Jurisdiction	  	12
	 SECTION 116.
	  	Language of Notices, Etc.	  	13
	
	ARTICLE TWO
	
	SECURITY FORMS
			
	 SECTION 201.
	  	Forms Generally	  	13
	 SECTION 202.
	  	Form of Face of Security	  	14
	 SECTION 203.
	  	Form of Reverse of Security	  	16
	 SECTION 204.
	  	Form of Guarantee	  	21
	
	ARTICLE THREE
	
	THE SECURITIES
			
	 SECTION 301.
	  	Amount Unlimited; Issuable in Series	  	23
	 SECTION 302.
	  	Denominations	  	25
	 SECTION 303.
	  	Execution, Authentication, Delivery and Dating	  	25
	 SECTION 304.
	  	Registration, Registration of Transfer and Exchange	  	26
	 SECTION 305.
	  	Mutilated, Destroyed, Lost and Stolen Securities	  	28
	 SECTION 306.
	  	Payment of Interest; Interest Rights Preserved	  	29
	 SECTION 307.
	  	Persons Deemed Owners	  	30

  

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	 SECTION 308.
	  	Cancellation	  	30
	 SECTION 309.
	  	Computation of Interest	  	30
	 SECTION 310.
	  	CUSIP and ISIN Numbers	  	30
	
	ARTICLE FOUR
	
	SATISFACTION AND DISCHARGE
			
	 SECTION 401.
	  	Satisfaction and Discharge of Indenture	  	31
	 SECTION 402.
	  	Application of Trust Money	  	32
	
	ARTICLE FIVE
	
	REMEDIES
			
	 SECTION 501.
	  	Events of Default	  	32
	 SECTION 502.
	  	Acceleration of Maturity; Rescission and Annulment	  	34
	 SECTION 503.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	35
	 SECTION 504.
	  	Trustee May File Proofs of Claim	  	35
	 SECTION 505.
	  	Trustee May Enforce Claims Without Possession of Securities	  	35
	 SECTION 506.
	  	Application of Money Collected	  	36
	 SECTION 507.
	  	Limitation on Suits	  	36
	 SECTION 508.
	  	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert	  	37
	 SECTION 509.
	  	Restoration of Rights and Remedies	  	37
	 SECTION 510.
	  	Rights and Remedies Cumulative	  	37
	 SECTION 511.
	  	Delay or Omission Not Waiver	  	37
	 SECTION 512.
	  	Control by Holders	  	37
	 SECTION 513.
	  	Waiver of Past Defaults	  	38
	 SECTION 514.
	  	Undertaking for Costs	  	38
	 SECTION 515.
	  	Waiver of Usury, Stay or Extension Laws	  	38
	
	ARTICLE SIX
	
	THE TRUSTEE
			
	 SECTION 601.
	  	Certain Duties and Responsibilities	  	38
	 SECTION 602.
	  	Notice of Defaults	  	39
	 SECTION 603.
	  	Certain Rights of Trustee	  	39
	 SECTION 604.
	  	Not Responsible for Recitals or Issuance of Securities	  	40
	 SECTION 605.
	  	May Hold Securities	  	40
	 SECTION 606.
	  	Money Held in Trust	  	40
	 SECTION 607.
	  	Compensation and Reimbursement	  	40
	 SECTION 608.
	  	Conflicting Interests	  	41
	 SECTION 609.
	  	Corporate Trustee Required; Eligibility	  	41
	 SECTION 610.
	  	Resignation and Removal; Appointment of Successor	  	42
	 SECTION 611.
	  	Acceptance of Appointment by Successor	  	43
	 SECTION 612.
	  	Merger, Conversion, Consolidation or Succession to Business	  	44



	Note: 	This table of contents shall not, for any purpose, be deemed to be a part of the Indenture. 

  

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	 SECTION 613.
	  	Preferential Collection of Claims Against Company	  	44
	 SECTION 614.
	  	Appointment of Authenticating Agent	  	44
	 SECTION 615.
	  	Trustee’s Application for Instructions from the Company	  	45
	
	ARTICLE SEVEN
	
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
			
	 SECTION 701.
	  	Company to Furnish Trustee Names and Addresses of Holders	  	46
	 SECTION 702.
	  	Preservation of Information; Communications to Holders	  	46
	 SECTION 703.
	  	Reports by Trustee	  	46
	 SECTION 704.
	  	Reports by Company and Guarantor	  	47
	
	ARTICLE EIGHT
	
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
			
	 SECTION 801.
	  	Company or Guarantor May Consolidate, Etc. Only on Certain Terms	  	47
	 SECTION 802.
	  	Successor Substituted	  	48
	
	ARTICLE NINE
	
	SUPPLEMENTAL INDENTURES
			
	 SECTION 901.
	  	Supplemental Indentures without Consent of Holders	  	48
	 SECTION 902.
	  	Supplemental Indentures with Consent of Holders	  	49
	 SECTION 903.
	  	Execution of Supplemental Indentures	  	50
	 SECTION 904.
	  	Effect of Supplemental Indentures	  	50
	 SECTION 905.
	  	Conformity with Trust Indenture Act	  	50
	 SECTION 906.
	  	Reference in Securities to Supplemental Indentures	  	51
	
	ARTICLE TEN
	
	COVENANTS
			
	 SECTION 1001.
	  	Payment of Principal, Premium and Interest	  	51
	 SECTION 1002.
	  	Maintenance of Office or Agency	  	51
	 SECTION 1003.
	  	Money for Security Payments to Be Held in Trust	  	52
	 SECTION 1004.
	  	Statement by Officers as to Default	  	52
	 SECTION 1005.
	  	Exchange Act Reports	  	53
	 SECTION 1006.
	  	Limitation on Liens	  	53
	 SECTION 1007.
	  	Limitation on Sale of Capital Stock of Guarantor	  	54
	 SECTION 1008.
	  	Limitation on Sale/Leaseback Transactions	  	54
	 SECTION 1009.
	  	Payment of Additional Amounts	  	55
	 SECTION 1010.
	  	Indemnification of Judgment Currency	  	58
	 SECTION 1011.
	  	Waiver of Certain Covenants	  	58
	 SECTION 1012.
	  	Calculation of Original Issue Discount	  	58



	Note: 	This table of contents shall not, for any purpose, be deemed to be a part of the Indenture. 

  

 iv 









					
	
	ARTICLE ELEVEN
	
	GUARANTEES
			
	 SECTION 1101.
	  	The Guarantees	  	59
	 SECTION 1102.
	  	Limitation on Liability; Termination and Discharge	  	60
	 SECTION 1103.
	  	No Subrogation	  	60
	
	ARTICLE TWELVE
	
	REDEMPTION OF SECURITIES
			
	 SECTION 1201.
	  	Right of Redemption	  	61
	 SECTION 1202.
	  	Notice of Redemption	  	62
	 SECTION 1203.
	  	Deposit of Redemption Price	  	62
	 SECTION 1204.
	  	Securities Payable on Redemption Date	  	62
	 SECTION 1205.
	  	Securities Redeemed in Part	  	63
	
	ARTICLE THIRTEEN
	
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
			
	 SECTION 1301.
	  	Applicability of Article; Company’s Option to Effect Legal Defeasance or Covenant Defeasance	  	63
	 SECTION 1302.
	  	Legal Defeasance and Discharge	  	63
	 SECTION 1303.
	  	Covenant Defeasance	  	64
	 SECTION 1304.
	  	Conditions to Defeasance or Covenant Defeasance	  	64
	 SECTION 1305.
	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	65
	 SECTION 1306.
	  	Reinstatement	  	66



	Note: 	This table of contents shall not, for any purpose, be deemed to be a part of the Indenture. 

  

 v 








 INDENTURE, dated as of March 9, 2004, among América Móvil, S.A. de C.V., a
sociedad anónima de capital variable organized and existing under the laws of the United Mexican States (“Mexico”) (herein called the “Company”), having its principal office at Lago Alberto 366, Edificio Telcel I,
Piso 2, Colonia Anáhuac, 11320, Mexico, D.F., Mexico, Radiomóvil Dipsa, S.A. de C.V., a sociedad anónima de capital variable organized and existing under the laws of Mexico (herein called the “Guarantor”),
having its principal office at Lago Alberto 366, Edificio Telcel I, Piso 2, Colonia Anáhuac, 11320, Mexico, D.F., Mexico, and JPMorgan Chase Bank, a banking corporation duly organized and existing under the laws of the State of New York, as
Trustee (herein called the “Trustee”). 
  
 RECITALS 
  
 The Company has duly
authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its debt securities (herein called collectively the “Securities”), to be issued in one or more series as in this Indenture provided.

  
 The Guarantor has duly authorized the execution and delivery
of this Indenture to provide for the Guarantees of the Securities. 
  
 All things necessary to make this Indenture a valid agreement of the Company and the Guarantor, in accordance with its terms, have been done. 
  
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 
  
 For and in consideration of the premises and the purchase and acceptance of
the Securities by the Holders thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows: 
  
 ARTICLE ONE 
  
 DEFINITIONS AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 
  

	SECTION 101.	Definitions. 

  
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (1) the terms defined in this Article One have the meanings
assigned to them in this Article One and include the plural as well as the singular; 
  
 (2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein; 
  
 (3) all accounting
terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in Mexico, and, except as otherwise herein expressly provided, the term “generally accepted accounting
principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted in Mexico at the date of such computation; 







 (4) unless the context otherwise requires, any reference to an “Article” or a
“Section” refers to an Article or Section, as the case may be, of this Indenture; 
  
 (5) unless the context otherwise requires, any reference to a statute, rule or regulation refers to the same (including any successor
statute, rule or regulation thereto) as it may be amended from time to time; and 
  
 (6) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision. 
  
 “Act”, when used with respect to any Holder, has the meaning specified in Section 104. 
  
 “Additional Amounts” has the meaning specified in Section 1009. Any reference in this Indenture to principal or interest in respect of the
Securities shall be deemed also to refer to any Additional Amounts that may be payable as set forth herein and under the Securities or the Guarantees. 
  
 “Affiliate” means, with respect to any specified Person, any other Person who directly or indirectly, through one or more intermediaries,
controls or is controlled by, or is under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
  
 “Agent Members” has the meaning specified in clause (5) of the last
paragraph of Section 304. 
  
 “Applicable Procedures of the
Depositary” means, with respect to any matter at any time, the policies and procedures of the Depositary, if any, that are applicable to such matter at such time. 
  
 “Attributable Debt” means, with respect to any Sale/Leaseback Transaction, the lesser of (1) the fair market value
of the asset subject to such transaction and (2) the present value, discounted at a rate set forth in this Indenture or one or more supplemental indentures hereto, of the obligations of the lessee for net rental payments (excluding amounts on
account of maintenance and repairs, insurance, taxes, assessments and similar charges and contingent rents) during the term of the lease. 
  
 “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 614 to act on behalf of the Trustee to authenticate
Securities of one or more series. 
  
 “beneficial owner”
has the meaning determined in accordance with Rule 13d-3 under the Exchange Act and the terms “beneficial ownership” and “beneficially owned” have meanings correlative to the definition of beneficial owner. 
  
 “Board of Directors” means either the Board of Directors of the
Company or the Guarantor, as the context requires, or any committee of that board duly authorized to act for it in respect hereof. 
  

 2 








 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company or the Guarantor, as the case may be, to have been duly adopted by the Board of Directors of the Company or the Guarantor, as the case may be, and to be in full force and effect on the date of such certification, and
delivered to the Trustee. 
  
 “Business Day” means each
Monday, Tuesday, Wednesday, Thursday and Friday that is (i) not a day on which banking institutions in New York City or Mexico City generally are authorized or obligated by law, regulation or executive order to close and (ii) a day on which banks
and financial institutions in Mexico are open for business with the general public. 
  
 “Clearstream, Luxembourg” has the meaning specified in clause (5) of the last paragraph of Section 304. 
  
 “Commission” means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any
time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under applicable law, then the body performing such duties at such time. 
  
 “Company” means the Person named as the “Company” in the
first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 
  
 “Company Request” or “Company Order” means a written
request or order signed in the name of the Company by the Chief Executive Officer, the Chief Financial Officer, the Treasurer, the General Counsel or any Division Head of the Company, and delivered to the Trustee. 
  
 “Consolidated Net Tangible Assets” means total consolidated assets
less (i) all current liabilities, (ii) all goodwill, (iii) all trade names, trademarks, patents and other intellectual property assets and (iv) all licenses, each as set forth on the most recent balance sheet of the Company and its consolidated
Subsidiaries and computed in accordance with Mexican generally accepted accounting principles. 
  
 “Corporate Trust Office” means the principal office of the Trustee in the Borough of Manhattan, New York City, New York at which at any particular time its corporate trust business shall be administered
which office as of the date hereof is located at 4 New York Plaza, 15th Floor, New York, New York 10004, Attention:
Institutional Trust Services. 
  
 “corporation” means a
corporation, association, company, joint-stock company or business trust. 
  
 “Defaulted Interest” has the meaning specified in Section 306. 
  
 “Depositary” means The Depository Trust Company until a successor Depositary shall have become Depositary pursuant to the applicable provisions
of this Indenture, and thereafter “Depositary” shall mean such successor Depositary. 
  
 “Dollar” and “$” mean a U.S. dollar or other equivalent unit in such coin or currency of the United States of America as at the time shall be legal tender for the payment of public and private
debts. 
  
 “Euroclear” has the meaning specified in
clause (5) of the last paragraph of Section 304. 
  

 3 








 “Event of Default” has the meaning specified in Section 501. 
  
 “Exchange Act” means the U.S. Securities Exchange Act of 1934
(including any successor act thereto), as it may be amended from time to time, and (unless the context otherwise requires) includes the rules and regulations of the Commission promulgated thereunder. 
  
 “Expiration Date” has the meaning specified in Section 104(g).

  
 “Global Security” means a Security that evidences
all or part of the Securities of any series and is authenticated and delivered to, and registered in the name of, the Depositary for such Securities or a nominee thereof. 
  
 “Government Securities” means (i) direct obligations of the United States of America, (ii) obligations the timely
payment of the principal of and interest on which is fully and unconditionally guaranteed by the United States of America, and (iii) certificates, depositary receipts or other instruments which evidence a direct ownership interest in obligations
described in clause (i) or (ii) above or in any specific principal or interest payments due in respect thereof. 
  
 “guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other
Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
  

	 	(1)	to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by
agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise); or 

  

	 	(2)	entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in
whole or in part); provided, however, that the term “guarantee” will not include endorsements for collection or deposit in the ordinary course of business. The term “guarantee” used as a verb has a corresponding meaning.


  
 “Guarantee” means, individually, any
guarantee of the Obligations by the Guarantor pursuant to the terms of this Indenture and any supplemental indenture hereto, and, collectively, all such guarantees. Each Guarantee will be in the form prescribed by this Indenture or in any applicable
supplemental indenture. 
  
 “Guarantor” means the Person
named as the “Guarantor” in the first paragraph of this instrument until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Guarantor” shall mean such successor
Person. 
  
 “Holder” means, with respect to any
Security, a Person in whose name such Security is registered in the Security Register. 
  
 “Indebtedness” means, with respect to any Person, any obligation, or the guarantee of any obligation, for the payment or repayment of money borrowed or otherwise evidenced by debentures, notes, bonds or
similar instruments or any other obligation that would appear or be treated as indebtedness upon a balance sheet if such Person prepared it in accordance with accounting principles generally accepted in Mexico from time to time. 
  

 4 








 “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more supplemental indentures hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust
Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established as contemplated by
Section 301. 
  
 “Interest Payment Date” means, when
used with respect to any Security, the Stated Maturity of an installment of interest on such Security. 
  
 “Judgment Currency” has the meaning specified in Section 1010. 
  
 “Lien” means any mortgage, charge, pledge, lien, hypothecation, security interest or other encumbrance, including,
without limitation, any equivalent of the foregoing created under the laws of Mexico or any other jurisdiction. 
  
 “Maturity” means, when used with respect to any Security, the date on which the principal of such Security becomes due and payable as therein or
herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption, exercise of the repurchase right or otherwise. 
  
 “Mexican Taxes” has the meaning specified in Section 1009. 
  
 “Notice of Default” means a written notice of the kind specified in Section 501(3). 
  
 “Officer’s Certificate” means a certificate signed by the
Chief Executive Officer, the Chief Financial Officer, the General Counsel, the Treasurer or any Division Head of the Company or the Guarantor, as the context requires, and delivered to the Trustee. 
  
 “Opinion of Counsel” means a written opinion of counsel, who may be
counsel for the Company, and who shall be reasonably acceptable to the Trustee. 
  
 “Outstanding” means, when used with respect to Securities, as of the date of determination, all Securities theretofore authenticated and delivered under this Indenture, except: 
  
 (i) Securities theretofore canceled by the Trustee or
delivered to the Trustee for cancellation; 
  
 (ii) Securities for whose payment, redemption or repurchase money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the
Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption shall have been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee shall have been made; and 
  
 (iii) Securities which have been paid pursuant to Section 305 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in
respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the Company; 

  

 5 








 
provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken
any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall
be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, waiver or other action, only Securities which a
Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor. 
  
 “Paying Agent” means any Person authorized by the Company to pay
the principal of or any premium or interest on any Securities on behalf of the Company. 
  
 “Person” means any individual, corporation, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Place of Payment” means, when used with respect to the Securities
of any series and subject to Section 1002, the place or places where the principal of and any premium and interest on the Securities of that series are payable as specified as contemplated by Section 301. 
  
 “Predecessor Security” means, with respect to any particular
Security, every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 305 in exchange for or in
lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
  
 “Redemption Date” means, when used with respect to any Security to be redeemed, the date fixed for such redemption by or pursuant to this
Indenture. 
  
 “Redemption Price” means, when used with
respect to any Security to be redeemed, the price at which it is to be redeemed pursuant to this Indenture as set forth in such Security. 
  
 “Regular Record Date” means, for the interest payable on any Interest Payment Date on the Securities of any series, the date specified for that
purpose as contemplated by Section 301. 
  
 “Responsible
Officer” means, when used with respect to the Trustee, any officer of the Trustee with direct responsibility for the administration of this Indenture, and also means, with respect to a particular corporate trust matter, any other officer to
whom such matter is referred because of his or her knowledge of and familiarity with the particular subject. 
  
 “Restricted Property” means (i) any exchange and transmission equipment, switches, cellular base stations, microcells, local links, repeaters
and related facilities, whether owned as of the date of the indenture or acquired after that date, used in connection with the provision of telecommunications services in Mexico, including any land, buildings, structures and other equipment or
fixtures that constitute any such facility, owned by us or our restricted subsidiaries and (ii) any share of capital stock of any Restricted Subsidiary. 
  
 “Restricted Subsidiary” means any Subsidiary that owns Restricted Property. 
  

 6 








 “Rule 3.25.15” means Rule 3.25.15 issued by the Mexican Secretaría de Hacienda y
Crédito Público (Ministry of Finance and Public Credit) on March 31, 2003 (or a substantially similar successor rule), as the same may be amended from time to time. 
  
 “Sale/Leaseback Transaction” means any arrangement with a bank, insurance company, or other lender or investor
that provides for the leasing by the Company or any Restricted Subsidiary for an initial term of three years or more of any Restricted Property, whether now owned or hereafter acquired, that is to be sold or transferred by the Company or any
Restricted Subsidiary for a sale price of U.S.$1,000,000 (or the equivalent thereof in other currencies) or more. 
  
 “Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities authenticated and
delivered under this Indenture. 
  
 “Securities Act”
means the U.S. Securities Act of 1933 (including any successor act thereto), as it may be amended from time to time, and (unless the context otherwise requires) includes the rules and regulations of the Commission promulgated thereunder. 

 
 “Security Register” and “Security Registrar” have the
respective meanings specified in Section 304. 
  
 “Special
Record Date” means, for the payment of any Defaulted Interest, a date fixed by the Trustee pursuant to Section 306. 
  
 “Stated Maturity” means, when used with respect to any Security or any installment of interest thereon, the date specified in such Security as
the fixed date on which the principal of such Security or such installment of interest is due and payable. 
  
 “Subsidiary” means (i) a corporation more than 50% of the combined voting power of the outstanding Voting Stock of which is owned, directly or
indirectly, by the Company or by one or more other Subsidiaries of the Company or by the Company and one or more Subsidiaries thereof or (ii) any other Person (other than a corporation) in which the Company, or one or more other Subsidiaries of the
Company or the Company and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power to direct the policies, management and affairs thereof. 
  
 “transfer” means, with respect to any Security, any sale, pledge,
transfer, hypothecation or other disposition of such Security or any interest therein. 
  
 “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939 (including any successor act thereto), as it may be amended from time to time, and (unless the context otherwise requires) includes the rules
and regulations of the Commission thereunder. 
  
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to
Securities of that series. 
  
 “United States” means the
United States of America (including the States thereof and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction. 
  

 7 








 “Voting Stock” means, with respect to any Person, capital stock of or other ownership interest
in such Person which ordinarily has voting power for the election of directors of (or Persons performing similar functions for) such Person, whether at all times or only as long as no senior class of securities or other ownership interests has such
voting power by reason of any contingency. For the purpose of calculating the percentage of (i) the combined voting power of the Voting Stock of any Person that is represented by (ii) any capital stock of or other ownership interests in such Person,
all capital stock of and other ownership interests in such Person that are beneficially owned by such Person will be excluded in determining the combined voting power described in clause (i) but will not be excluded from (if otherwise included in)
the capital stock or other ownership interests described in clause (ii). 
  

	SECTION 102.	Compliance Certificates and Opinions. 

  
 Upon any application or request by the Company or the Guarantor to the Trustee to take any action under any provision of this Indenture, the Company or
the Guarantor, as applicable, shall furnish to the Trustee such certificates and opinions as may be reasonably required hereunder. Each such certificate or opinion shall be given in the form of an Officer’s Certificate, if to be given by an
officer of the Company, or an Opinion of Counsel if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture. 
  
 Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (except for certificates provided for in Section 1004) shall include, 
  
 (1) a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto; 
  
 (2) a brief statement as to
the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (3) a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 
  

	SECTION 103.	Form of Documents Delivered to Trustee. 

  
 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such
matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
  
 Any certificate or opinion of an officer of the Company or of the Guarantor may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based
are erroneous. Any such certificate or opinion of counsel may be based, insofar 

  

 8 








 
as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company or the Guarantor, as the
case may be, stating that the information with respect to such factual matters is in the possession of the Company or the Guarantor, as the case may be, unless such counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are erroneous. 
  
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated
and form one instrument. 
  

	SECTION 104.	Acts of Holders; Record Dates. 

  
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company and the Guarantor. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose
of this Indenture and (subject to Section 601) conclusive in favor of the Trustee and the Company or the Guarantor, if made in the manner provided in this Section 104. 
  
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the
affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
  
 (c) The ownership of Securities shall be proved by the Security Register and the Trustee may rely on such information and shall not be
affected by notice to the contrary. 
  
 (d) Any
request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in
exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Company or the Guarantor in reliance thereon, whether or not notation of such action is made upon such Security. 
  
 (e) The Company may set any day as a record date for the
purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or
direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on such record date, and no other 

  

 9 








 
Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such
action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be construed to
prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be canceled
and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after
any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 106. 
  
 (f) The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any
declaration of acceleration referred to in Section 502, (iii) any request to institute proceedings referred to in Section 507(2) or (iv) any direction referred to in Section 512, in each case with respect to Securities of such series. If any record
date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain
Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such
record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action (whereupon the record date previously set shall automatically and without any action by any Person be canceled and of no
effect), nor shall anything in this paragraph be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any
record date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in writing and to each
Holder of Securities of the relevant series in the manner set forth in Section 106. 
  
 (g) With respect to any record date set pursuant to this Section 104, the party hereto that sets such record date may designate any day as
the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day, provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party
hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in Section 106, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to
this Section 104, the party hereto that set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as
provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 
  
 Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to
all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 
  

 10 









	SECTION 105.	Notices, Etc., to Trustee and Company. 

  
 Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be
made upon, given or furnished to, or filed with, 
  
 (1) the Trustee by any Holder or by the Company or the Guarantor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing (which may be by facsimile) to or with the Trustee at its Corporate Trust Office,
or 
  
 (2) the Company or the Guarantor by the
Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company or the Guarantor, as the case may be, addressed to it at the
address of its principal office specified in the first paragraph of this instrument, Attention: Chief Financial Officer, or at any other address previously furnished in writing to the Trustee by the Company or the Guarantor. 
  

	SECTION 106.	Notice to Holders; Waiver. 

  
 Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if
in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed
for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect
to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  
 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to
give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
  

	SECTION 107.	Conflict with Trust Indenture Act. 

  
 Subsequent to the qualification of this Indenture under the Trust Indenture Act, if any provision hereof limits, qualifies or conflicts with a provision
of the Trust Indenture Act that is required under such Act to be a part of and govern this Indenture, the latter provision shall control. Subsequent to the qualification of this Indenture under the Trust Indenture Act, if any provision of this
Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
  

	SECTION 108.	Effect of Headings and Table of Contents. 

  
 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  

 11 









	SECTION 109.	Successors and Assigns. 

  
 All covenants and agreements in this Indenture by the Company and the Guarantor shall bind their successors and assigns, whether so expressed or not.

  

	SECTION 110.	Separability Clause. 

  
 In case any one or more of the provisions contained in this Indenture shall be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect any other provisions contained in this Indenture, and to the extent and only to the extent that any such provision is invalid, illegal or unenforceable, this Indenture shall be construed as if such
provision had never been contained herein. 
  

	SECTION 111.	Counterparts. 

  
 This Indenture may be simultaneously executed and delivered in any number of counterparts, each of which so executed and delivered shall be deemed to be
an original, and such counterparts shall together constitute but one and the same instrument. 
  

	SECTION 112.	Benefits of Indenture. 

  
 Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder
and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
  

	SECTION 113.	Governing Law. 

  
 THIS INDENTURE, THE SECURITIES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, UNITED
STATES OF AMERICA. 
  

	SECTION 114.	Legal Holidays. 

  
 In any case where any Interest Payment Date, Redemption Date, Repurchase Date or Stated Maturity of any Security shall not be a Business Day, then
(notwithstanding any other provision of this Indenture or of the Securities) payment of interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as
if made on the Interest Payment Date, Redemption Date, Repurchase Date or at the Stated Maturity, as the case may be; provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated
Maturity, as the case may be. 
  

	SECTION 115.	Consent to Service; Jurisdiction. 

  
 The Company, the Guarantor and the Trustee agree that any legal suit, action or proceeding arising out of or relating to this Indenture, and each of the
Company and the Guarantor agrees that any legal suit, action or proceeding arising out of or relating to the Securities, may be instituted in any U.S. federal or New York state court in the Borough of Manhattan, The City of New York and in the
courts of its own corporate domicile, in respect of actions brought against each such party as a defendant, and each waives any objection which it may now or hereafter have to the laying of the venue of any such legal suit, action or proceeding,
waives any immunity from jurisdiction or to service of process in respect of any such suit, action 

  

 12 








 
or proceeding, waives any right to which it may be entitled on account of place of residence or domicile and irrevocably submits to the jurisdiction of any
such court in any such suit, action or proceeding. Each of the Company and the Guarantor hereby designates and appoints CT Corporation System, 111 Eighth Avenue, 13th Floor, New York, New York 10011, as its authorized agent upon which process may be served in any legal suit, action or proceeding arising out of or relating
to this Indenture or the Securities which may be instituted in any U.S. federal or New York state court in the Borough of Manhattan, The City of New York, New York, and agrees that service of process upon such agent, and written notice, or notice in
any other manner permitted by applicable law, of said service to the Company and the Guarantor, as applicable, by the Person serving the same, shall be deemed in every respect effective service of process upon the Company and the Guarantor, as
applicable, in any such suit, action or proceeding and further designates its domicile, the domicile of CT Corporation System specified above and any domicile CT Corporation System may have in the future as its domicile to receive any notice
hereunder (including service of process). If for any reason CT Corporation System (or any successor agent for this purpose) shall cease to act as agent for service of process as provided above, the Company and the Guarantor shall promptly appoint a
successor agent for this purpose reasonably acceptable to the Trustee. Each of the Company and the Guarantor agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect.

  

	SECTION 116.	Language of Notices, Etc. 

  
 Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language,
except that any published notice may be in an official language of the country of publication. 
  
 ARTICLE TWO 
  
 SECURITY FORMS 
  

	SECTION 201.	Forms Generally. 

  
 The Securities, the Trustee’s certificates of authentication and the Guarantees annexed thereto or endorsed thereon shall be in substantially the
forms set forth in this Article Two or in such other form as shall be established by or pursuant to a Board Resolution or in one or more supplemental indentures hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities
exchange or Depositary thereof or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution of the Securities, with the Guarantees duly annexed thereto or endorsed thereon. If the form of
Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of each of the Company and the Guarantor and
delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 303 for the authentication and delivery of such Securities. 
  
 The definitive Securities, with the Guarantees annexed thereto or endorsed thereon, shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such Securities, as evidenced by their execution of such Securities. 
  

 13 









	SECTION 202.	Form of Face of Security. 

  
 The following legend shall appear on the face of each Global Security: 
  
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 
  
 The following legend shall appear on the face of each Global Security for which The Depository Trust Company is to be the Depositary: 
  
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR REGISTERED SECURITIES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN
THE INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  
 AMÉRICA MÓVIL, S.A. DE C.V. 
  

  

			
	 No. ______
	  	 
	 CUSIP No. _________
	  	U.S.$
	 ISIN No. ________
	  	____

  
 América
Móvil, S.A. de C.V. (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), a sociedad anónima de capital variable organized and existing under the laws of
Mexico, for value received, hereby promises to pay to________________, or registered assigns, the principal sum of ________________________ Dollars on __________________________ [if the Security is to bear interest prior to Maturity,
insert —, and to pay interest thereon from _______ or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on ______ and _______ in each year, commencing________, and at the Maturity
thereof, at the rate of_____% per annum, until the principal hereof is paid or made available for payment [if applicable, insert —, provided that 

  

 14 








 
any principal [and premium], and any such installment of interest, which is overdue shall bear interest at the rate of_____% per annum (to the
extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand]. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the _____ or _____ (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest so payable, but not punctually paid or duly provided for on any
Interest Payment Date shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which this Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture]. 

 
 [If the Security is not to bear interest prior to Maturity, insert —
The principal of this Security shall not bear interest except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal [and any overdue premium]
shall bear interest at the rate of         % per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made
available for payment. Interest on any overdue principal [or premium] shall be payable on demand.] 
  
 Payment of the principal of [(and premium, if any)] and [if applicable, insert — any such] interest on this
Security shall be made pursuant to the Applicable Procedures of the Depositary as permitted in the Indenture, provided, however, that if this Security is not a Global Security, payment may be made at the office or agency of the Company
maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, against surrender of this Security in the case of any
payment due at the Maturity of the principal thereof (other than any payment of interest that first becomes payable on a day other than an Interest Payment Date); and provided, further, that at the option of the Company, payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
  
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
  
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed. 
  
 Dated:                         
  

			
	AMÉRICA MÓVIL, S.A. de C.V.
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 
		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 


  

 15 









	SECTION 203.	Form of Reverse of Security. 

  
 This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or
more series under an Indenture, dated as of March 9, 2004 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), among the Company, Radiomóvil Dipsa, S.A. de C.V., a sociedad
anónima de capital variable organized and existing under the laws of Mexico (herein called the “Guarantor,” which term includes any successor Person under the Indenture) and JPMorgan Chase Bank, as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof [if applicable, insert
—, limited in aggregate principal amount to U.S.$ _____ ]. 
  
 [If applicable, insert — The Securities of this series are subject to redemption upon not less than ____ days’ nor more than _____ days’ notice, at any time [if applicable,
insert — on or after _____, 20    ], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if
applicable, insert — on or before _________, _____%, and if redeemed] during the 12-month period beginning ______ of the years indicated, 
  

							
	 Year

	 	 Redemption
 Price

	 	 Year

	  	 Redemption
 Price



  
 and thereafter at a Redemption Price
equal to ______% of the principal amount, together in the case of any such redemption with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date shall be payable to the
Holders of such Securities or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 
  
 [If the Security is subject to redemption of any kind, insert
— In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the 

  

 16 








 
unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof.] 
  
 [If the Security is not an Original Issue Discount Security,
insert — If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the
Indenture.] 
  
 [If the Security is an Original
Issue Discount Security, insert — If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture. Such amount shall be equal to — insert formula for determining the amount. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal,
premium and interest (in each case to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal of and premium and interest, if any, on the Securities
of this series shall terminate.] 
  
 All payments of
principal, premium and interest in respect of the Securities shall be made after withholding or deduction for any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or
assessed by or on behalf of Mexico or any authority therein or thereof having power to tax (“Mexican Taxes”). In the event of any withholding or deduction for any Mexican Taxes, the Company shall pay such additional amounts
(“Additional Amounts”) as will result in receipt by the Holders of Securities on the respective due dates of such amounts as would have been received by them had no such withholding or deduction (including for any Mexican Taxes payable in
respect of Additional Amounts) been required, except that no such Additional Amounts shall be payable with respect to any payment on a Security to the extent: 
  

(i) that any such taxes, duties, assessments or other governmental charges would not have been imposed but for (A) a connection between
the Holder and Mexico other than the ownership or holding of such Security and the mere receipt of payments with respect to such Security or (B) failure by the Holder or any other Person to comply with any certification, identification or other
reporting requirement concerning the nationality, residence, identity or connection with Mexico of the Holder or any beneficial owner of such Security if compliance is required by law, regulation or by an applicable income tax treaty to which Mexico
is a party, as a precondition to exemption from, or reduction in the rate of, the tax, assessment or other governmental charge and we have given the Holders at least 30 days’ notice prior to the first payment date with respect to which such
certification, identification or reporting requirement is required to the effect that Holders will be required to provide such information and identification; 
  

(ii) of any such taxes, duties, assessments or other governmental charges with respect to a Security presented for payment more than 15
days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given to Holders, whichever occurs later, except to the extent that the Holder of such Security would have
been entitled to such Additional Amounts on presenting such Security for payment on any date during such 15-day period; 
  
 (iii) of estate, inheritance, gift or other similar taxes, assessments or other governmental charge imposed with respect to a Security;

  

 17 








 (iv) any tax, duty, assessment or other governmental charge payable otherwise than by
deduction or withholding from payments on any series of Securities; and 
  
 (v) any payment on a Security to a Holder who is a fiduciary or partnership or a person other than the sole beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such
fiduciary, a member of such a partnership or the beneficial owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Holder of such Security. 
  
 For purposes of the provisions described in Clause (i) above, the term “Holder” of
any Security means the direct nominee of any beneficial owner of such Security, which holds such beneficial owner’s interest in such Security. Notwithstanding the foregoing, the limitations on the Company’s obligation to pay Additional
Amounts set forth in Clause (i)(B) above shall not apply if (a) the provision of information, documentation or other evidence described in such Clause (i)(B) would be materially more onerous, in form, in procedure or in the substance of information
disclosed, to a Holder or beneficial owner of a Security (taking into account any relevant differences between U.S. and Mexican law, regulation or administrative practice) than comparable information or other reporting requirements imposed under
U.S. tax law (including the United States—Mexico Income Tax Treaty), regulations (including proposed regulations) and administrative practice or (b) Rule 3.25.15 is in effect, unless the provision of the information, documentation or other
evidence described in such Clause (i)(B) is expressly required by statute, regulation, rule or administrative practice in order to apply Rule 3.25.15 and the Company cannot obtain such information, documentation or other evidence on its own through
reasonable diligence and the Company otherwise would meet the requirements for application of Rule 3.25.15. In addition, such Clause (i)(B) shall not be construed to require that a non-Mexican pension or retirement fund or a non-Mexican financial
institution or any other Person register with the Ministry of Finance and Public Credit for the purpose of establishing eligibility for an exemption from or reduction of Mexican withholding tax. 
  
 The Company shall provide the Trustee with the constancia or other
relevant documentation, if any, (which may consist of certified copies of such documentation) satisfactory to the Trustee evidencing the payment of Mexican Taxes in respect of which the Company has paid any Additional Amounts. Copies of such
documentation shall be made available to the Holders of the Securities or the Paying Agent, as applicable, upon request therefor. 
  
 The Company shall pay all stamp, issue, registration, documentary or other similar duties, if any, which may be imposed by Mexico or any governmental
entity or political subdivision therein or thereof, or any taxing authority of or in any of the foregoing, with respect to the Indenture or the issuance of the Securities. 
  
 All references herein, in the Indenture, one or more supplemental indentures thereto, the Securities and the Guarantees to
principal, premium, if any, interest or any other amount payable in respect of any Security shall be deemed to include all Additional Amounts, if any, payable in respect of such principal, premium, interest or other amount payable, unless the
context otherwise requires, and express mention of the payment of Additional Amounts in any provision hereof shall not be construed as excluding reference to Additional Amounts in those provisions hereof where such express mention is not made.

  
 In the event that Additional Amounts actually paid with
respect to the Securities pursuant to the preceding paragraphs are based on rates of deduction or withholding of withholding taxes 

  

 18 








 
in excess of the appropriate rate applicable to the Holder of such Securities, and, as a result thereof such Holder is entitled to make claim for a refund or
credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Securities, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or credit of such
excess to the Company. However, by making such assignment, the Holder makes no representation or warranty that the Company shall be entitled to receive such claim for a refund or credit and incurs no other obligation with respect thereto.

  
 All references in the Indenture, one or more supplemental
indentures thereto, the Securities and the Guarantees to principal in respect of any Security shall be deemed to mean and include any Redemption Price or Repurchase Price payable in respect of such Security pursuant to any redemption or repurchase
right hereunder (and all such references to the Stated Maturity of the principal in respect of any Security shall be deemed to mean and include the Redemption Date with respect to any such Redemption Price and the Repurchase Date with respect to any
such Repurchase Price), and all such references to principal, premium, interest or Additional Amounts shall be deemed to mean and include any amount payable in respect hereof pursuant to Section 1010 of the Indenture, and express mention of the
payment of any Redemption Price or Repurchase Price, or any such other amount in those provisions hereof where such express reference is not made. 
  
 The Securities are subject to redemption upon not less than 30 nor more than 60 days’ notice by mail, at any time, as a whole but not in part, at the
election of the Company, at a cash price equal to the sum of (i) the principal amount of the Securities being redeemed, (ii) any accrued original issue discount thereon to the date fixed for redemption, (iii) accrued and unpaid current interest
thereon to the date fixed for redemption, (iv) any premium applicable in the case of redemption prior to Maturity, and (v) any Additional Amounts (as defined in the Indenture) which would otherwise be payable, if, as a result of any amendment to, or
change in, the laws (or any laws, rules, or regulations thereunder) of Mexico or any political subdivision or taxing authority thereof or therein affecting taxation or any amendment to or change in an official interpretation, administration or
application of such laws, rules, or regulations (including a holding by a court of competent jurisdiction), which amendment or change of such laws, rules, or regulations becomes effective on or after the date of the Indenture, the Company would be
obligated, after making reasonable endeavors to avoid such requirement, to pay Additional Amounts in excess of the Additional Amounts that the Company would be obligated to pay if payments made on the Securities were subject to withholding or
deduction of Mexican Taxes at the rate of 10%. 
  
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor, on the one hand, and the rights of the Holders of the Securities of each series, on the
other hand, to be affected under the Indenture at any time by the Company, the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected
(considered together as one class for this purpose). The Indenture also contains provisions (i) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected under the Indenture
(considered together as one class for this purpose), on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal
amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past
defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security 

  

 19 








 
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
  
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with
respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities
of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment
of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
  
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Guarantor and the Security Registrar duly executed by, the Holder thereof or his attorney duly authorized in writing, and thereupon one or more new
Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 
  
 The Securities of this series are issuable only in registered form without coupons in denominations of U.S.$100,000 and
integral multiples of U.S.$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and
of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
  
 No service charge shall be made for any such registration of transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith. 
  
 Prior to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 
  

 20 








 This Security is a Global Security and is subject to the provisions of the Indenture relating to Global
Securities, including the limitations in Section 304 thereof on transfers and exchanges of Global Securities. 
  
 This Security, the Guarantees and the Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 
  
 All terms used in this Security which are defined in the Indenture shall have
the meanings assigned to them in the Indenture. 
  

  
 ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription of the face of this Security, shall be construed as though they were written out in full
according to applicable laws or regulations: 
  

					
	 TEN COM -
	 	 as tenants in common
	  	UNIF GIFT MIN ACT—____________
	 TEN ENT -
	 	 as tenants by the entireties
	  	                                       
             (Cust)
	 	 	 	  	Custodian _____________ under Uniform
	 JT TEN -
	 	 as joint tenants with right of survivorship and not as
 tenants in common
	  	                            (Minor)
	 	 	  	Gifts to Minors Act ______________
	 	 	  	                                       
         (State)
	
	Additional abbreviations may also be used
	though not in the above list.

  

  

	SECTION 204.	Form of Guarantee. 

  
 Radiomóvil Dipsa, S.A. de C.V., a sociedad anónima de capital variable organized and existing under the laws of Mexico (the
“Guarantor”), hereby fully and unconditionally guarantees (such guarantee being referred to herein as the “Guarantee”), in accordance with the terms of the Indenture, dated as of March 9, 2004 (the “Indenture”), among
América Móvil, S.A. de C.V., the Guarantor and JPMorgan Chase Bank, as Trustee, the full and punctual payment when due, whether at maturity, upon redemption, by acceleration or otherwise, of the principal of, premium, if any, and
interest on, and any other amounts due under the Securities and all other obligations of the Company under the Indenture. Capitalized terms used but not defined herein shall have the respective meanings given to them in the Indenture. 
  
 The obligations of the Guarantor to the Holders and to the Trustee pursuant
to the Guarantee and the Indenture shall be limited to the maximum amount as shall, after giving effect to all other liabilities (fixed and contingent) of the Guarantor, result in the obligations of the Guarantor under the Guarantees not
constituting a fraudulent conveyance or fraudulent transfer under applicable law. 
  
 The obligations of the Guarantor to the Holders and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth, to the extent and in the manner provided, in Article Eleven of the Indenture, and
reference is hereby made to such Indenture for the precise terms of the Guarantee therein made. 
  

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 The Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on
the Securities upon which the Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized signatories. 
  
 The Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York. 
  
 The Guarantee is subject to release upon the terms set forth in the
Indenture. 
  
 IN WITNESS WHEREOF, the Guarantor has caused this
Guarantee to be duly executed. 
  

			
	 RADIOMÓVIL DIPSA, S.A. de C.V.,

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:



  

			
		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:



  

 22 








 ARTICLE THREE 
  
 THE SECURITIES 
  

	SECTION 301.	Amount Unlimited; Issuable in Series. 

  
 The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
  
 The Securities may be issued in one or more series. There shall be
established in or pursuant to a Board Resolution and, subject to Section 303, set forth, or determined in the manner provided, in an Officer’s Certificate, or established in one or more supplemental indentures hereto, prior to the issuance of
Securities of any series, 
  
 (1) the title of
the Securities, including “CUSIP” and “ISIN” numbers, of the series (which shall distinguish the Securities of the series from Securities of any other series); 
  
 (2) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated
and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 906 or 1205 and except for any
Securities which, pursuant to Section 303, are deemed never to have been authenticated and delivered hereunder); 
  
 (3) the Person to whom any interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 
  
 (4) the date or dates on which the principal of the Securities of the series is payable; 
  
 (5) the rate or rates at which the Securities of the series
shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any interest payable on any Interest Payment Date;

  
 (6) the place or places where the principal
of and any premium and interest on Securities of the series shall be payable and the manner in which any payment may be made; 
  
 (7) the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series may
be redeemed, in whole or in part, at the option of the Company; 
  
 (8) the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within
which, the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
  

 23 








 (9) if other than denominations of U.S.$100,000 and integral multiples of U.S.$1,000 in
excess thereof, the denominations in which Securities of the series shall be issuable; 
  
 (10) if other than the currency of the United States of America, the currency, currencies or currency units in which payment of the
principal of and any premium and interest on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United States of America for purposes of the definition of “Outstanding”
in Section 101; 
  
 (11) if the amount of
payments of principal of or any premium or interest on any Securities of the series may be determined with reference to an index, the manner in which such amounts shall be determined; 
  
 (12) if the principal of or any premium or interest on any Securities of the series is to be payable, at the
election of the Company or a Holder thereof, in one or more currencies or currency units other than that or those in which the Securities are stated to be payable, the currency, currencies or currency units in which payment of the principal of and
any premium and interest on Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made; 
  
 (13) if other than the principal amount thereof, the portion
of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 502; 
  
 (14) the applicability, nonapplicability, or variation, of Section 1009 with respect to the Securities of such series; 
  
 (15) if and as applicable, that the Securities of the series
shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances other than those set forth in Section 304 in
which any such Global Security may be transferred to, and registered and exchanged for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any such transfer may be
registered; 
  
 (16) the terms and conditions, if
any, pursuant to which the Securities are convertible into or exchangeable for any other securities; 
  
 (17) any addition to or change in the covenants set forth in Article Ten which applies to the Securities of the series; and 
  
 (18) any other terms of the series (which terms shall not be
inconsistent with the provisions of this Indenture, except as permitted by Section 901(5)). 
  
 All Securities of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution referred to above and (subject to Section 303)
set forth, or determined in the manner provided, in the Officer’s Certificate referred to above or in any such supplemental indenture hereto. 
  

 24 








 If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy
of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and also acknowledged by the Secretary or an Assistant Secretary of the Guarantor and delivered to the Trustee at or prior to the
delivery of the Officer’s Certificate setting forth the terms of the series. 
  

	SECTION 302.	Denominations. 

  
 Except as contemplated by Section 301, the Securities of each series shall be issuable only in registered form without coupons and only in denominations
of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof. 
  

	SECTION 303.	Execution, Authentication, Delivery and Dating. 

  
 The Securities shall be executed on behalf of the Company by any two of its Chief Executive Officer, its Treasurer, its Chief Financial Officer, its
General Counsel or any Division Head. The signature of any of these officers on the Securities may be manual or facsimile. 
  
 The Securities shall be executed on behalf of the Guarantor by any two of its Chief Executive Officer, its Treasurer, its Chief Financial Officer, its
General Counsel or any Division Head. The signature of any of these officers on the Securities may be manual or facsimile. 
  
 Securities bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company or the Guarantor, as the case
may be, shall bind the Company or the Guarantor, as the case may be, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at
the date of such Securities. 
  
 At any time and from time to time
after the execution and delivery of this Indenture, the Company may deliver Securities of any series, together with the Guarantees of the Guarantor annexed thereto or endorsed thereon, executed by the Company and the Guarantor to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such Securities, together with the Guarantees of the Guarantor annexed thereto or endorsed thereon, and the Trustee in accordance with such Company Order shall
authenticate and deliver such Securities. If the form or terms of the Securities of the series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 201 and 301, in authenticating such Securities, and
accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating,

  
 (1) if the form of such Securities has been
established by or pursuant to Board Resolution as permitted by Section 201, that such form has been established in conformity with the provisions of this Indenture; 
  
 (2) if the terms of such Securities have been established by or pursuant to Board Resolution as permitted by
Section 301, that such terms have been established in conformity with the provisions of this Indenture; and 
  
 (3) that such Securities, when authenticated and delivered by the Trustee and issued by the Company in the manner and subject to any
conditions specified in such Opinion of Counsel, shall constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, 

  

 25 








 
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general
equity principles. 
  
 If such form or terms have been so
established, the Trustee shall not be required to authenticate such Securities if, in the opinion of counsel to the Trustee, the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities
under the Securities and this Indenture. 
  
 Notwithstanding the
provisions of Section 301 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officer’s Certificate otherwise required pursuant to Section 301 or
the Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original
issuance of the first Security of such series to be issued. 
  
 Each Security shall be dated the date of its authentication. 
  
 No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 
  

	SECTION 304.	Registration, Registration of Transfer and Exchange. 

  
 The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office
or agency designated pursuant to Section 1002 being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration
of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and transfers of Securities as herein provided. Upon surrender for registration of transfer of any
Security at an office or agency of the Company designated pursuant to Section 1002 for such purpose, and subject to the other provisions of this Section 304, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of
the designated transferee or transferees, one or more new Securities of any authorized denominations and of a like aggregate principal amount. 
  
 At the option of the Holder, and subject to the other provisions of this Section 304, Securities of any series may be exchanged for other Securities of
any same series, of any authorized denominations and of a like aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, and subject to the other
provisions of this Section 304, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities, with Guarantees annexed thereto or endorsed thereon, which the Holder making the exchange is entitled to receive. 

 
 All Securities and Guarantees issued upon any registration of transfer or
exchange of Securities, with Guarantees annexed thereto or endorsed thereon, shall be the valid obligations of the Company and the Guarantor, evidencing the same debt, and subject to the other provisions of this Section 304, entitled to the same
benefits under this Indenture, as the Securities, with Guarantees annexed thereto or endorsed thereon, surrendered upon such registration of transfer or exchange. 
  

 26 








 Every Security presented or surrendered for registration of transfer or for exchange shall (if so
required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Guarantor and the Security Registrar duly executed, by the Holder thereof or his attorney duly
authorized in writing. 
  
 No service charge shall be made for any
registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange
of Securities, other than exchanges pursuant to Section 906 or 1205 not involving any transfer. 
  
 If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue,
register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of
any such Securities selected for redemption under Section 1103 and ending at the close of business on the day of such mailing, or (B) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part. 
  
 The
provisions of Clauses (1), (2), (3), (4) and (5) below shall apply only to Global Securities: 
  
 (1) Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary or a nominee thereof and
delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture. 
  
 (2) Notwithstanding any other provision in this Indenture or the Securities, no Global Security may be
exchanged in whole or in part for Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary or a nominee thereof unless (A) the Depositary (i) has notified
the Company that it is unwilling or unable to continue as Depositary for such Global Security and a successor Depositary is not appointed within 90 days or (ii) has ceased to be a clearing agency registered under the Exchange Act and a successor
Depositary is not appointed within 90 days, (B) there shall have occurred and be continuing an Event of Default with respect to such Global Security or (C) a request for certificates has been made by the Company upon 60 days’ prior written
notice given to the Trustee in accordance with the Depositary’s customary procedures and a copy of such notice has been received by the Company from the Trustee. Any Global Security exchanged pursuant to Clause (A) above shall be so exchanged
in whole and not in part and any Global Security exchanged pursuant to Clause (B) or (C) above may be exchanged in whole or from time to time in part as directed by the Depositary. Any Security issued in exchange for a Global Security or any portion
thereof shall be a Global Security, provided that any such Security so issued that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Security. 
  
 (3) Securities issued in exchange for a Global Security or
any portion thereof pursuant to Clause (2) above shall be issued in definitive, fully registered form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof to be so exchanged,
shall be registered in such names and be in such authorized denominations as the Depositary shall designate and shall bear any 

  

 27 








 
legends required hereunder. Any Global Security to be exchanged in whole shall be surrendered by the Depositary to the Trustee, as Security Registrar. With
regard to any Global Security to be exchanged in part, either such Global Security shall be so surrendered for exchange or, if the Trustee is acting as custodian for the Depositary or its nominee with respect to such Global Security, the principal
amount thereof shall be reduced, by an amount equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate and
deliver the Security issuable on such exchange to or upon the order of the Depositary or an authorized representative thereof. 
  
 (4) In the event of the occurrence of any of the events specified in Clause (2) above, the Company shall promptly make available to the
Trustee a reasonable supply of certificated Securities in definitive, fully registered form, without interest coupons. 
  
 (5) Neither any members of, or participants in, the Depositary (“Agent Members”) nor any other Persons on whose behalf Agent
Members may act (including the Euroclear System (“Euroclear”) and Clearstream Banking, S.A. (“Clearstream, Luxembourg”) and account holders and participants therein) shall have any rights under this Indenture with respect to any
Global Security, or under any Global Security, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner and holder of such Global Security
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by
the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other person on whose behalf an Agent Member may act, the operation of customary practices of such Persons governing the exercise of
the rights of a holder of any Security. 
  

	SECTION 305.	Mutilated, Destroyed, Lost and Stolen Securities. 

  
 If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a
new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  
 If there shall be delivered to the Company, the Guarantor and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a protected
purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series with the Guaranties annexed thereto or endorsed thereon and of like tenor
and principal amount and bearing a number not contemporaneously outstanding. 
  
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
  
 Upon the issuance of any new Security under this Section 305, the Company may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
  

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 Every new Security of any series and Guarantees issued pursuant to this Section 305 in lieu of any
destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company and the Guarantor, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series and Guarantees duly issued hereunder. 
  
 The provisions of this Section 305 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  

	SECTION 306.	Payment of Interest; Interest Rights Preserved. 

  
 Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose
name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 
  
 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called
“Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as
provided in Clause (1) or (2) below: 
  
 (1) The
Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and
at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to
the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of
such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall
promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage
prepaid, to each Holder of Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record
Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date
and shall no longer be payable pursuant to the following Clause (2). 
  
 (2) The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be
listed, and upon such notice 

  

 29 








 
as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Clause, such manner of
payment shall be deemed practicable by the Trustee. 
  
 Subject to
the foregoing provisions of this Section 306, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue,
which were carried by such other Security. 
  

	SECTION 307.	Persons Deemed Owners. 

  
 Prior to due presentment of a Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor
or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 306) interest on such Security and for all
other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company, the Guarantor or the Trustee shall be affected by notice to the contrary. 
  

	SECTION 308.	Cancellation. 

  
 All Securities surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be
delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided in this Section 308, except as expressly permitted by this
Indenture. All canceled Securities held by the Trustee shall be disposed of in accordance with its customary procedures unless otherwise directed by a Company Order. 
  

	SECTION 309.	Computation of Interest. 

  
 Interest on the Securities shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

	SECTION 310.	CUSIP and ISIN Numbers. 

  
 The Company in issuing the Securities may use “CUSIP” and “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” and “ISIN” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the
Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.
The Company shall promptly notify the Trustee in writing of any change in the “CUSIP” and “ISIN” numbers. 
  

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 ARTICLE FOUR 
  
 SATISFACTION AND DISCHARGE 
  

	SECTION 401.	Satisfaction and Discharge of Indenture. 

  
 This Indenture shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein
expressly provided for), and the Trustee, on demand of and at the expense of the Company and the Guarantor, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when 
  
 (1) either 
  
 (A) all Securities theretofore authenticated and delivered
(other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 305 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust
by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 
  
 (B) all such Securities not theretofore delivered to the Trustee for cancellation 
  
 (i) have become due and payable, or 
  
 (ii) will become due and payable at their Stated Maturity
within one year, or 
  
 (iii) are to be called
for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
  
 and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust
funds in trust for the purpose funds in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of
such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
  
 (2) each of the Company and the Guarantor has paid or caused to be paid all other sums payable hereunder by the Company and the Guarantor;
and 
  
 (3) each of the Company and the Guarantor
has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company and the Guarantor to the Trustee under Section 607, the obligations of the Trustee to any Authenticating Agent under Section 614 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of Clause
(1) of this Section 401, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive such satisfaction and discharge. 
  

 31 









	SECTION 402.	Application of Trust Money. 

  
 Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be held in trust and
applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons
entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee. All moneys deposited with the Trustee pursuant to Section 401 (and held by it or any Paying Agent) for the
payment of Securities subsequently converted shall be returned to the Company upon Company Request. 
  
 ARTICLE FIVE 
  
 REMEDIES 
  

	SECTION 501.	Events of Default. 

  
 “Event of Default”, wherever used herein with respect to Securities of any series, means any one of the following events (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

  
 (1) default by the Company and the Guarantor
in the payment of any interest (including any Additional Amounts) upon any Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days; or 
  
 (2) default by the Company and the Guarantor in the payment
of the principal (including any Redemption Price or Repurchase Price and any Additional Amounts) of or premium on any Security of that series at its Maturity; or 
  
 (3) default in the performance, or breach, of any covenant of the Company or the Guarantor in this Indenture
(other than a covenant a default in whose performance or whose breach is elsewhere in this Section 501 specifically dealt with), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified
mail, to the Company and the Guarantor by the Trustee or to the Company, the Guarantor and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach
and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
  
 (4) a default or defaults under any bond, debenture, note or other evidence of indebtedness for money borrowed of the Company or the
Guarantor, or under any mortgage, indenture, agreement or instrument under which there may be issued or borrowed or by which there may be secured or evidenced any indebtedness of the Company or the Guarantor, whether such indebtedness now exists or
shall hereafter be created, provided that such indebtedness, individually or in the aggregate, has an aggregate principal amount then outstanding in excess of U.S.$25 million (or the equivalent thereof in other currencies or currency units)
and that such default or defaults, individually or in the aggregate, (A) shall constitute a failure to pay the principal of or interest on such indebtedness (or any portion thereof having an aggregate principal 

  

 32 








 
amount in excess of U.S.$25 million or such equivalent thereof) when due and payable after the expiration of any applicable grace period with respect thereto
or (B) shall have resulted in such indebtedness (or any portion thereof having an aggregate principal amount in excess of U.S.$25 million or such equivalent thereof) becoming or being declared due and payable prior to the date on which it would
otherwise have become due and payable; or 
  
 (5)
a final judgment or judgments (not subject to appeal) for the payment of money are entered against the Company or the Guarantor in an aggregate amount in excess of U.S.$25 million (or the equivalent thereof in other currencies or currency units), by
a court or courts of competent jurisdiction, which judgment(s) (A) are neither discharged nor bonded in full within 30 days after the right to appeal all such judgments has expired or (B) if bonded in full within such 30-day period, cease to be
fully bonded; or 
  
 (6) a final judgment or
judgments (not subject to appeal) determines the Guarantees to be unenforceable or invalid or the Guarantees cease for any reason to be in full force and effect or the Guarantor or any person acting on its behalf denies or disaffirms its obligations
under the Guarantees; or 
  
 (7) the entry by a
court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company or the Guarantor, in an involuntary case or proceeding under any applicable bankruptcy, insolvency, suspension of payments, concurso
mercantil, reorganization or other similar law, or (B) a decree or order adjudging the Company or the Guarantor a bankrupt or insolvent, or suspending payments, or approving as properly filed a petition seeking reorganization, arrangement,
adjustment or composition of or in respect of the Company or the Guarantor under any applicable law, or appointing a custodian, receiver, liquidator, assignee, trustee, síndico,conciliador, sequestrator or other similar official
of the Company or the Guarantor or of any substantial part of the property of the Company or the Guarantor, or ordering the winding up or liquidation of the affairs of the Company or the Guarantor, and the continuance of any such decree or order for
relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 
  
 (8) the commencement by the Company or the Guarantor of a voluntary case or proceeding under any applicable bankruptcy, insolvency,
concurso mercantil, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by the Company or the Guarantor to the entry of a decree or order for relief in respect of
the Company or the Guarantor in an involuntary case or proceeding under any applicable bankruptcy, insolvency, suspension of payments, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding
against the Company or the Guarantor of the Company, or the filing by the Company or the Guarantor of a petition or answer or consent seeking reorganization or relief under any applicable law or the consent by the Company or the Guarantor to the
filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, síndico, conciliador, sequestrator or similar official of the Company or the Guarantor or of any
substantial part of the property of the Company or the Guarantor, or the making by the Company or the Guarantor of an assignment for the benefit of creditors, or the admission by the Company or the Guarantor in writing of its inability to pay its
debts generally as they become due, or the taking of corporate action by the Company or the Guarantor in furtherance of any such 

  

 33 








 
action (evidenced by the adoption of a corporate resolution in favor of any such actions or an action of any of the officers of the Company or the Guarantor
that similarly binds the Company or the Guarantor, as the case may be). 
  

	SECTION 502.	Acceleration of Maturity; Rescission and Annulment. 

  
 If an Event of Default with respect to any series of Securities (other than an Event of Default specified in Sections 501(7) and (8)) occurs and is
continuing, then and in every such case the Trustee shall, at the written request of the Holders of not less than 25% in principal amount of the Outstanding Securities of that series, by notice in writing to the Company, declare the principal of all
the Securities to be due and payable immediately, and upon any such declaration such principal and any accrued interest and any unpaid Additional Amounts thereon shall become immediately due and payable. If an Event of Default specified in Sections
501(7) and (8) with respect to Securities of any series at the time Outstanding occurs and is continuing, the principal and any accrued interest, together with any Additional Amounts thereon, on all of the Securities of that series then Outstanding
shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately due and payable. 
  
 At any time after such a declaration of acceleration with respect to Securities of any series at the time Outstanding has been made and before a judgment
or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article Five provided, the Holders of a majority in aggregate principal amount of the Outstanding Securities of that series, by written notice to the
Company and the Trustee, may rescind and annul such declaration and its consequences if 
  
 (1) the Company or the Guarantor have paid or deposited with the Trustee a sum sufficient to pay 
  
 (A) all overdue interest and any Additional Amounts thereon
on all of the Securities of that series, 
  
 (B)
the principal of any Securities of that series which have become due otherwise than by such declaration of acceleration, 
  
 (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate borne by the Securities of that
series, and 
  
 (D) all sums paid or advanced by
the Trustee hereunder and all amounts owing the Trustee under Section 607; 
  
 and 
  
 (2) all
Events of Default, other than the non-payment of the principal of Securities which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 
  
 No such rescission shall affect any subsequent default or impair any right consequent
thereon. 
  

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	SECTION 503.	Collection of Indebtedness and Suits for Enforcement by Trustee. 

  
 The Company covenants that if: 
  
 (1) default is made in the payment of any interest (including any Additional Amounts) on any Security when such interest becomes due and
payable and such default continues for a period of 30 days, or 
  
 (2) default is made in the payment of the principal (including any Redemption Price or Repurchase Price) of (or premium, if any, on) any Security at the Maturity thereof, 
  
 the Company shall, upon demand of the Trustee, pay to it, for the benefit of the Holders of
such Securities, the whole amount then due and payable on such Securities for principal and any premium and interest, and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and premium and on
any overdue interest, at the rate borne by such Securities, together with any Additional Amounts thereon, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and all amounts due the Trustee under Section 607. 
  
 If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of that series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
  

	SECTION 504.	Trustee May File Proofs of Claim. 

  
 In case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be
entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the
Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it
for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 607. 
  
 No provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding;
provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 
  

	SECTION 505.	Trustee May Enforce Claims Without Possession of Securities. 

  
 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the
Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall 

  

 35 








 
be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been recovered. 
  

	SECTION 506.	Application of Money Collected. 

  
 Any money collected by the Trustee pursuant to this Article Five shall be applied in the following order, at the date or dates fixed by the Trustee and,
in case of the distribution of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 
  
 FIRST: To the payment of all amounts due the Trustee under
Section 607; 
  
 SECOND: To the payment of the
amounts then due and unpaid for principal of and any premium and interest on the Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts
due and payable on such Securities for principal and any premium and interest, respectively; and 
  
 THIRD: Any remaining amounts shall be repaid to the Company. 
  

	SECTION 507.	Limitation on Suits. 

  
 No Holder of any Securities of any series shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for
the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
  
 (1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
series; 
  
 (2) the Holders of not less than 25%
in principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to institute action or proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
  
 (3) such Holder or Holders have offered to the Trustee
indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; 
  
 (4) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such action or
proceeding; and 
  
 (5) no direction inconsistent
with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 
  
 it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. For the protection and enforcement of the provisions of this Section 507, each and every Holder of the 

  

 36 








 
Outstanding Securities of any series and the Trustee shall be entitled, subject to Section 513, to such relief as can be given at law or in equity.

  

	SECTION 508.	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert. 

  
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the principal of and any premium and (subject to Section 306) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption or repurchase, on the
Redemption Date or the Repurchase Date, respectively). 
  

	SECTION 509.	Restoration of Rights and Remedies. 

  
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and
respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
  

	SECTION 510.	Rights and Remedies Cumulative. 

  
 Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of
Section 305, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
  

	SECTION 511.	Delay or Omission Not Waiver. 

  
 No delay or omission of the Trustee or of any Holder of any Security to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article Five or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may
be deemed expedient, by the Trustee or by the Holders, as the case may be. 
  

	SECTION 512.	Control by Holders. 

  
 The Holders of a majority in principal amount of the Outstanding Securities of any series shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that 
  
 (1) such direction shall not be in conflict with any rule of
law or with this Indenture, and 
  

 37 








 (2) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction. 
  

	SECTION 513.	Waiver of Past Defaults. 

  
 Subject to Section 502, the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the
Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default 
  
 (1) in the payment of the principal of or any premium or interest on any Security of such series, or 
  
 (2) in respect of a covenant or provision hereof which under
Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 
  
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
  

	SECTION 514.	Undertaking for Costs. 

  
 In any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted
by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs, including reasonable attorneys’ fees and expenses, against any such party litigant, in the manner
and to the extent provided in the Trust Indenture Act; provided that neither this Section 514 nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit
instituted by the Company or the Trustee or to require the Company to repurchase any Security in accordance with its terms. 
  

	SECTION 515.	Waiver of Usury, Stay or Extension Laws. 

  
 Each of the Company and the Guarantor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any
manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and each of the Company and
the Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had been enacted. 
  
 ARTICLE SIX 
  
 THE
TRUSTEE 
  

	SECTION 601.	Certain Duties and Responsibilities. 

  
 The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this
Indenture shall require the Trustee to 

  

 38 








 
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of
this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 601. 
  

	SECTION 602.	Notice of Defaults. 

  
 If a default occurs hereunder with respect to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such
default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section 501(3) with respect to Securities of such series, no such notice to Holders shall be
given until at least 30 days after the occurrence thereof. For the purpose of this Section 602, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to
Securities of such series. 
  

	SECTION 603.	Certain Rights of Trustee. 

  
 Subject to the provisions of Section 601: 
  
 (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed by it to be genuine and to have
been signed or presented by the proper party or parties; 
  
 (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board
Resolution; 
  
 (c) whenever in the
administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in
the absence of bad faith on its part, rely upon an Officer’s Certificate; 
  
 (d) the Trustee may consult with counsel of its own choice and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
  
 (e) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with
such request or direction; 
  
 (f) the Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document in connection with this Indenture, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall 

  

 39 








 
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by
agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 
  
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; provided that the Trustee shall be required to terminate any such agent if it
has actual knowledge of any failure by such agent to perform its delegated duties; 
  
 (h) the Trustee shall not be deemed to have notice of any default or Event of Default unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture; and 
  
 (i) the permissive rights of the Trustee enumerated herein
shall not be construed as duties. 
  

	SECTION 604.	Not Responsible for Recitals or Issuance of Securities. 

  
 Neither the Trustee nor any Authenticating Agent assume any responsibility for the correctness of the recitals contained herein and in the Securities,
except the Trustee’s certificates of authentication. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities or the Guarantees, except that the Trustee represents that it is duly authorized
to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company or the Guarantor, as the case
may be, of Securities or the proceeds thereof. 
  

	SECTION 605.	May Hold Securities. 

  
 The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Sections 608 and 613, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or
such other agent. 
  

	SECTION 606.	Money Held in Trust. 

  
 Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 
  

	SECTION 607.	Compensation and Reimbursement. 

  
 The Company agrees 
  
 (1) to pay to the Trustee from time to time such compensation as shall be agreed in writing between the parties for all services rendered
by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
  

 40 








 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable and documented expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents
and counsel), except any such expense, disbursement or advance as may be attributable to its negligence or willful misconduct; and 
  
 (3) to fully indemnify each of the Trustee and any predecessor Trustee for, and to hold it harmless against, any and all losses,
liabilities, damages, claims or expenses incurred without negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of
defending itself against any claim (whether asserted by the Company, a Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder. 
  
 (4) To secure the Company’s obligation under this
Section 607, the Trustee shall have a lien prior to the Securities upon all money or property held or collected by the Trustee in its capacity as Trustee, except for such money and property which is held in trust to pay principal (and premium, if
any) or interest on particular Securities. 
  
 When the Trustee
incurs expenses or renders services in connection with an Event of Default specified in Section 501(7) or Section 501(8), the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended
to constitute expenses of administration under any applicable Federal or State bankruptcy, insolvency or other similar law. 
  
 The provisions of this Section 607 shall survive the resignation or removal of the Trustee and the termination of this Indenture. 
  

	SECTION 608.	Conflicting Interests. 

  
 If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest
or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest
by virtue of being a trustee under this Indenture with respect to Securities of more than one series. 
  

	SECTION 609.	Corporate Trustee Required; Eligibility. 

  
 There shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder for
Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act as such, has a combined capital and surplus of at least U.S.$50,000,000 and has its Corporate Trust Office in the
Borough of Manhattan, New York City. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section 609 and to the extent
permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with respect to
the Securities of any series shall cease to be eligible in accordance with the provisions of this Section 609, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. 
  

 41 









	SECTION 610.	Resignation and Removal; Appointment of Successor. 

  
 No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article Six shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 611. 
  
 The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If the instrument
of acceptance by a successor Trustee required by Section 611 shall not have been delivered to the Trustee within 60 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series. 
  
 The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to the Trustee and to
the Company. 
  
 If at any time: 
  
 (1) the Trustee shall fail to comply with Section 608 after
written request therefor by the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 
  
 (2) the Trustee shall cease to be eligible under Section 609 and shall fail to resign after written request therefor by the Company or by
any such Holder, or 
  
 (3) the Trustee shall
become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, 
  
 then, in any such
case, (A) the Company by a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 514, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all
others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
  
 If the Trustee shall resign, be removed or become incapable of acting, or if
a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or
those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any
particular series) and shall comply with the applicable requirements of Section 611. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any
series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company, the Guarantor and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon
its acceptance of such appointment in accordance with the applicable requirements of Section 611, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company.
If no successor Trustee with respect to the Securities of any series shall have been so appointed by the 

  

 42 








 
Company or the Holders and accepted appointment in the manner required by Section 611, any Holder who has been a bona fide Holder of a Security of such
series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
  
 The Company shall give notice of each resignation and each removal of the
Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 106. Each notice shall
include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
  

	SECTION 611.	Acceptance of Appointment by Successor. 

  
 In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute,
acknowledge and deliver to the Company, the Guarantor and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder. 
  
 In case of the appointment hereunder of a
successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver a supplemental
indenture hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain
such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall
continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the
Securities of that or those series to which the appointment of such successor Trustee relates. 
  
 Upon request of any such successor Trustee, the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all 

  

 43 








 
such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 
  
 No successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this Article. 
  

	SECTION 612.	Merger, Conversion, Consolidation or Succession to Business. 

  
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation
shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities. 
  

	SECTION 613.	Preferential Collection of Claims Against Company. 

  
 If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 
  

	SECTION 614.	Appointment of Authenticating Agent. 

  
 The Trustee may appoint an Authenticating Agent or Agents which shall be authorized to act on behalf of the Trustee to authenticate Securities issued upon
original issue and upon exchange, registration of transfer or partial redemption or pursuant to Section 306, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall
at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and
surplus of not less than U.S.$50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section 614, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition
so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 614, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section
614. 
  
 Any corporation into which an Authenticating Agent may be
merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to 

  

 44 








 
be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section 614, without the execution or filing of any paper or any
further act on the part of the Trustee or the Authenticating Agent. 
  
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 614, the
Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders as their names and addresses appear in the Security
Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No
successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 614. 
  
 The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 614. 
  
 If an appointment is made pursuant to this Section 614, the Securities may
have annexed thereto or endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
  
 This is one of the Securities referred to in the within-mentioned Indenture. 
  

			
	 JPMorgan Chase Bank,
 as Trustee

		
	By:	 	 
	 	 	as Authenticating Agent
		
	By:	 	 
	 	 	Authorized Officer


  

	SECTION 615.	Trustee’s Application for Instructions from the Company. 

  
 Any application by the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed to be
taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in
accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than five Business Days after the date any officer of the Company actually receives such application, unless any
such officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application
specifying the action to be taken or omitted. 
  

 45 








 ARTICLE SEVEN 
  
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
COMPANY 
  

	SECTION 701.	Company to Furnish Trustee Names and Addresses of Holders. 

  
 The Company shall furnish or cause to be furnished to the Trustee 
  
 (a) semi-annually, not more than 15 days after each Regular Record Date with respect to each series of
Securities, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of such Regular Record Date, and 
  
 (b) at such other times as the Trustee may reasonably request in writing, within 30 days after the receipt
by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
  
 excluding from any such list names and addresses received by the Trustee in its capacity as Security Registrar. 
  

	SECTION 702.	Preservation of Information; Communications to Holders. 

  
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the
most recent list furnished to the Trustee as provided in Section 701 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 701
upon receipt of a new list so furnished. 
  
 (b)
The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act. 

 
 (c) Every Holder of Securities, by receiving and holding
the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the
Trust Indenture Act. 
  

	SECTION 703.	Reports by Trustee. 

  
 Subsequent to the qualification of this Indenture under the Trust Indenture Act, the Trustee shall transmit to Holders such reports concerning the Trustee
and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. Subsequent to the qualification of this Indenture under the Trust Indenture Act, if required by
Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after each May 15 following the date of this Indenture deliver to Holders a brief report, dated as of such May 15, which complies with the provisions of such Section
313(a). 
  
 A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed, with the Commission and with the Company. The Company shall promptly notify the Trustee when any Securities are listed on any stock
exchange. 
  

 46 









	SECTION 704.	Reports by Company and Guarantor. 

  
 The Company and the Guarantor shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and
such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act. 
  
 Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt thereof shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s or the Guarantor’s compliance with any of their respective covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officer’s Certificates). 
  
 ARTICLE EIGHT 
  
 CONSOLIDATION,
MERGER, CONVEYANCE, TRANSFER OR LEASE 
  

	SECTION 801.	Company or Guarantor May Consolidate, Etc. Only on Certain Terms. 

  
 Neither the Company nor the Guarantor shall consolidate with or merge into any other Person or, directly or indirectly, transfer, convey, sell, lease or
otherwise dispose of all or substantially all of its assets and properties and neither the Company nor the Guarantor shall permit any Person to consolidate with or merge into it unless: 
  
 (1) immediately after giving effect to such transaction, no
Event of Default, or an event or condition which, after the giving of notice or lapse of time, or both, would become an Event of Default, with respect to any series of Securities shall have occurred and be continuing; 
  
 (2) the Person formed by such consolidation or merger or the
Person which acquires by transfer, conveyance, sale, lease or other disposition of all or substantially all of the assets and properties of the Company or the Guarantor, as the case may be, if not the Company or the Guarantor, as the case may be,
shall (a) be organized and validly existing under the laws of Mexico or the United States of America or any political subdivision thereof and (b) shall expressly assume by a supplemental indenture hereto executed and delivered to the Trustee, in
form reasonably satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities and the performance of every covenant of this Indenture and any applicable supplemental indenture on the
part of the Company or the Guarantor to be performed or observed; and 
  
 (3) the Company or the Guarantor, as the case may be, has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance, transfer or lease
and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article Eight and that all conditions precedent herein provided for relating to such transaction have been complied
with. 
  

 47 









	SECTION 802.	Successor Substituted. 

  
 Upon any consolidation of the Company or the Guarantor with, or merger of the Company or the Guarantor into, any other Person or any conveyance, transfer
or lease of all or substantially all of the assets and properties of the Company or the Guarantor, as the case may be, in accordance with Section 801, the successor Person formed by such consolidation or into which the Company or the Guarantor, as
the case may be, is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company or the Guarantor, as the case may be, under this Indenture with the
same effect as if such successor Person had been named as the Company or the Guarantor, as the case may be, herein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities. 
  
 ARTICLE NINE 
  
 SUPPLEMENTAL INDENTURES 
  

	SECTION 901.	Supplemental Indentures without Consent of Holders. 

  
 Without the consent of any Holders, the Company and the Guarantor, when authorized by a Board Resolution, and the Trustee, at any time and from time to
time, may enter into one or more supplemental indentures hereto, in form satisfactory to the Trustee, for any of the following purposes: 
  
 (1) to evidence the succession of another Person to the Company or the Guarantor and the assumption by any such successor of the covenants
of the Company or the Guarantor herein and in the Securities or the Guarantees, as the case may be; or 
  
 (2) to add to the covenants of the Company or the Guarantor for the benefit of the Holders of all or any series of Securities (and if such
covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company or the
Guarantor; or 
  
 (3) to add any additional
Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are
expressly being included solely for the benefit of such series); or 
  
 (4) to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not registrable as to principal,
and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; or 
  
 (5) to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the
Holder of any such Security with respect to such provision or (B) shall become effective only when there is no such Security Outstanding; or 
  

 48 








 (6) to secure the Securities pursuant to the requirements of Article Ten or otherwise; or

  
 (7) to establish the form or terms of
Securities of any series as permitted by Sections 201 and 301; or 
  
 (8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 611; or 
  
 (9) to modify the restrictions on the transferability of any Securities, and the procedures for resales and
other transfers of the Securities to reflect any change in applicable law or regulation (or the interpretation thereof) or to provide alternative procedures in compliance with applicable law and practices relating to the resale or other transfer of
restricted securities generally; or 
  
 (10) to
comply with the requirements of the Commission in connection with qualifying this Indenture under the Trust Indenture Act; 
  
 (11) to add one or more additional guarantors of the Obligations (as defined in Section 1101) for the benefit of all or any series of
Securities; or 
  
 (12) to cure any ambiguity, to
correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action
pursuant to this clause (11) shall not adversely affect the interests of the Holders of Securities of any series in any material respect. 
  

	SECTION 902.	Supplemental Indentures with Consent of Holders. 

  
 With the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental
indenture, by Act of said Holders delivered to the Company, the Guarantor and the Trustee, the Company and the Guarantor, when authorized by a Board Resolution, and the Trustee may enter into one or more supplemental indentures hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 
  
 (1) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of any Security that would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 502, or modify in any way the Company’s obligation to pay Additional Amounts pursuant to Section 1009 or change any Place of Payment where, or the coin or currency in which, any Security or any premium or interest
thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or change the terms and conditions of 

  

 49 








 
the obligations of the Guarantor under the Guarantees to make due and punctual payment of the principal, premium, if any, or interest in respect of the
Securities, or 
  
 (2) reduce the percentage in
principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 
  
 (3) modify any of the provisions of this Section 902, Section 513 or Section 1011, except to increase any such percentage or to provide
that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby, provided, however, that this clause shall not be deemed to require the
consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this Section 902 and Section 1011, or the deletion of this proviso, in accordance with the requirements of Section 611. 

 
 A supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other
provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 
  
 It shall not be necessary for any Act of Holders under this Section 902 to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof. 
  

	SECTION 903.	Execution of Supplemental Indentures. 

  
 In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article Nine or the modifications thereby of the
trusts created by this Indenture, the Trustee shall be entitled to receive, in addition to the documents required under Section 102, and (subject to Section 601) shall be fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under
this Indenture or otherwise. 
  

	SECTION 904.	Effect of Supplemental Indentures. 

  
 Upon the execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 
  

	SECTION 905.	Conformity with Trust Indenture Act. 

  
 Subsequent to the qualification of this Indenture under the Trust Indenture Act, every supplemental indenture executed pursuant to this Article Nine shall
conform to the requirements of the Trust Indenture Act. 
  

 50 









	SECTION 906.	Reference in Securities to Supplemental Indentures. 

  
 Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article Nine may, and shall if
required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the
Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 
  
 ARTICLE TEN 
  
 COVENANTS 
  

	SECTION 1001.	Payment of Principal, Premium and Interest. 

  
 The Company shall duly and punctually pay the principal of and any premium and interest (together with any Additional Amounts payable thereon) on the
Securities in accordance with the terms of the Securities and this Indenture. 
  

	SECTION 1002.	Maintenance of Office or Agency. 

  
 With respect to any Global Security, and except as otherwise may be specified for such Global Security as contemplated by Section 301, the Corporate Trust
Office of the Trustee shall be the Place of Payment where such Global Security may be presented or surrendered for payment or for registration of transfer or exchange, or where successor Securities may be delivered in exchange therefor;
provided, however, that any such payment, presentation, surrender or delivery effected pursuant to the Applicable Procedures of the Depositary for such Global Security shall be deemed to have been effected at the Place of Payment for
such Global Security in accordance with the provisions of this Indenture. 
  
 With respect to any securities that are not in the form of a Global Security, the Company shall maintain, in the Borough of Manhattan, New York City, an office or agency where Securities may be presented or
surrendered for payment, where Securities may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Company shall give prompt
written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and
demands. 
  
 The Company may also from time to time designate one
or more other offices or agencies (in or outside the Borough of Manhattan, New York City) where the Securities of one or more series, notices and other items may be presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, New York City for such purposes. The
Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  

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	SECTION 1003.	Money for Security Payments to Be Held in Trust. 

  
 If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it shall, on or before each due date of the
principal of or any premium or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due until
such sums shall be paid to such Persons or otherwise disposed of as herein provided and shall promptly notify the Trustee of its action or failure so to act. 
  
 Whenever the Company shall have one or more Paying Agents for any series of Securities, it shall, prior to each due date of the principal of or any
premium or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company shall
promptly notify the Trustee of its action or failure so to act. 
  
 The Company shall cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this
Section 1003, that such Paying Agent shall (1) comply with the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company (or any other obligor upon the Securities of that
series) in the making of any payment in respect of the Securities of that series, upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of that
series. 
  
 The Company may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such
money. 
  
 Any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any Security of any series and remaining unclaimed for two years after such principal, premium or interest has become due and payable
shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may, at the expense of the Company, cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York City, notice
that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
  

	SECTION 1004.	Statement by Officers as to Default. 

  
 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officer’s
Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any 

  

 52 








 
period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status
thereof of which they may have knowledge. 
  
 The Company shall
deliver to the Trustee, as soon as possible and in any event within 15 days after the Company becomes aware that a default or an Event of Default, or an event that, with notice or the lapse of time or both, would constitute an Event of Default, as
the case may be, has occurred and is continuing, an Officer’s Certificate setting forth the details of such Event of Default or default and the action which the Company proposes to take with respect thereto. 
  
 For so long as the Securities are listed on the Luxembourg Stock Exchange,
the Company shall notify the Luxembourg Stock Exchange of an Event of Default and, prior to publication of notice of the Event of Default in Luxembourg, submit a draft of the notice to the Luxembourg Stock Exchange. 
  

	SECTION 1005.	Exchange Act Reports. 

  
 The Company shall file with the Trustee, within 15 days after it files the same with the Commission, copies of the information, documents and other
reports (or copies of such portions of any of the foregoing as the Commission may by rules and regulations prescribe) which the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act, including its annual
reports on Form 20-F and its reports on Form 6-K. In addition, the Company shall make the same information, documents and other reports available, at its expense, to Holders who so request in writing. In the event that, in the future, the Company is
not required to file such information, documents or other reports pursuant to Section 13 or 15(d) of the Exchange Act, the Company shall furnish on a reasonably prompt basis to the Trustee and Holders who so request in writing, substantially the
same financial and other information that the Company would be required to include and file in an annual report on Form 20-F and reports on Form 6-K. If the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act at any time when the Securities are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, then it shall promptly furnish or cause to be furnished financial and other information described in Rule
144A(d)(4) under the Securities Act of 1933 (or any successor provision thereto) with respect to the Company or the Guarantor to any Holder or to a prospective purchaser of a Note who is designated by such Holder and is a qualified institutional
buyer (as defined in Rule 144A), upon the request of such Holder or prospective purchaser, to the extent required to permit such Holder to comply with Rule 144A under the Securities Act in connection with any resale of Securities held by such
Holder. 
  
 Delivery of such reports, information and documents to
the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
  

	SECTION 1006.	Limitation on Liens. 

  
 The Company shall not, and shall not permit any Restricted Subsidiary to, create, incur, issue or assume any Lien on any Restricted Property to secure
Indebtedness without, in any such case, effectively providing that the Securities (together with, if the Company shall so determine, any other Indebtedness of the Company or any Restricted Subsidiary then existing or thereafter created) shall be
secured equally with or prior to such secured Indebtedness for so long as such secured Indebtedness shall be so secured, unless, after giving effect thereto, the aggregate 

  

 53 








 
principal amount of all such secured Indebtedness then outstanding (excluding Indebtedness secured by any Lien permitted under subsections (a) through (e)
below) plus the aggregate amount of Attributable Debt of the Company and its Restricted Subsidiaries in respect of Sale/Leaseback Transactions then outstanding (other than any Sale/Leaseback Transaction permitted by (i) clause (b) of the first
paragraph of Section 1008, (ii) the proviso to the first paragraph of Section 1008 or (iii) the second paragraph of Section 1008) would not exceed an amount equal to an aggregate of 15% of Consolidated Net Tangible Assets; provided, however,
that nothing contained in this Section 1006 shall prevent or restrict: 
  
 (a) any Lien existing on any Restricted Property on the date of acquisition thereof by the Company or any of its Restricted Subsidiaries, or any Lien arising after such acquisition pursuant to contractual commitments
entered into prior to such acquisition; 
  
 (b)
any Lien on any Restricted Property securing Indebtedness incurred or assumed for the purpose of financing the purchase price thereof or the cost of construction, improvement or repair of all or any part thereof, provided that such Lien
attaches to such Restricted Property within 12 months after the acquisition thereof or completion of construction, improvement or repair thereof and does not attach to any other Restricted Property; 
  
 (c) any Lien existing on any Restricted Property of any
Restricted Subsidiary prior to the time such Restricted Subsidiary becomes a Subsidiary of the Company, or any Lien arising after such time pursuant to contractual commitments entered into prior to and not in contemplation thereof; 
  
 (d) any Lien on any Restricted Property securing
Indebtedness owed by a Subsidiary to the Company or to another Subsidiary; or 
  
 (e) any Lien arising out of the refinancing, extension, renewal or refunding of any Indebtedness described in any of subsections (a) through (d) above, provided that the aggregate principal amount of such
Indebtedness is not increased and such Lien does not extend to any additional Restricted Property. 
  
 For the purposes of this Section 1006, the giving of a guarantee which is secured by a Lien on a Restricted Property, and the creation of a Lien on a
Restricted Property to secure Indebtedness which existed prior to the creation of such Lien, shall be deemed to involve the creation of Indebtedness in an amount equal to the principal amount guaranteed or secured by such Lien; but the amount of
Indebtedness secured by Liens on Restricted Properties shall be computed without cumulating the underlying Indebtedness with any guarantee thereof or Lien securing the same. 
  

	SECTION 1007.	Limitation on Sale of Capital Stock of Guarantor. 

  
 The Company shall not, and shall not allow any of its Subsidiaries to, sell, transfer or otherwise dispose of any shares of capital stock of the Guarantor
if following such sale, transfer or disposition the Company would own, directly or indirectly, less than (1) 50% of the voting power of all of the shares of capital stock of the Guarantor and (2) 50% of all of the shares of capital stock of the
Guarantor. 
  

	SECTION 1008.	Limitation on Sale/Leaseback Transactions. 

  
 The Company shall not, and shall not permit any Restricted Subsidiary to, enter into any Sale/Leaseback Transaction without in any such case effectively
providing that the Securities 

  

 54 








 
(together with, if the Company shall so determine, any other Indebtedness of the Company or any Restricted Subsidiary then existing or thereafter created)
shall be secured equally and ratably with or prior to such Sale/Leaseback Transaction, so long as such Sale/Leaseback Transaction shall be outstanding, unless, after giving effect thereto, (a) the aggregate principal amount of all Indebtedness then
outstanding secured by any Lien on any Restricted Property, which Lien does not equally and ratably secure the Securities (excluding any Indebtedness secured by any Lien permitted under subsections (a) through (e) of Section 1006) plus the aggregate
amount of Attributable Debt of the Company and its Restricted Subsidiaries in respect of Sale/Leaseback Transactions then outstanding (other than any Sale/Leaseback Transaction permitted by (i) clause (b) of this first paragraph of Section 1008;
(ii) the proviso to this first paragraph of Section 1008; or (iii) the second paragraph of this Section 1008) would not exceed an amount equal to 15% of Consolidated Net Tangible Assets or (b) the Company or a Restricted Subsidiary, within 12 months
after such Sale/Leaseback Transaction, applies to the retirement of secured Indebtedness of the Company or a Restricted Subsidiary permitted under Section 1006 which is not subordinate to the Securities an amount equal to the greater of (i) the net
proceeds of the sale or transfer of the property or other assets that are the subject of such Sale/Leaseback Transaction and (ii) the fair market value of the Restricted Property so leased (in each case as reasonably determined by the Company);
provided, however, that nothing contained in this Section 1008 shall prevent or restrict any Sale/Leaseback Transaction in which a Subsidiary of the Company is the lessee and the Company or another Subsidiary is the lessor of such Restricted
Property. 
  
 Notwithstanding the foregoing, the Company and/or
any Restricted Subsidiary may enter into Sale/Leaseback Transactions during the calendar year 2004 in respect of which Attributable Debt is not in excess of U.S.$300 million in the aggregate, and additional Sale/Leaseback Transactions that solely
refinance, extend, renew or refund such Sale/Leaseback Transactions and (a) the restrictions described in the preceding paragraph shall not apply to such Sale/Leaseback Transactions and (b) such transactions shall be excluded in determining the
aggregate amount of the Company’s Attributable Debt and the Attributable Debt of any Restricted Subsidiary for purposes of the preceding paragraph and also for purposes of Section 1006. 
  
 In addition, where the Company or any Restricted Subsidiary is the lessee in
any Sale/Leaseback Transaction, Attributable Debt shall not include any Indebtedness resulting from the guarantee by the Company or any other Restricted Subsidiary of the lessee’s obligation thereunder. 
  

	SECTION 1009.	Payment of Additional Amounts. 

  
 (a) All payments of principal, premium and interest in respect of the Securities shall be made after withholding or deduction for any
present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of Mexico or any authority therein or thereof having power to tax (“Mexican Taxes”).
In the event of any withholding or deduction for any Mexican Taxes, the Company shall pay such additional amounts (“Additional Amounts”) as will result in receipt by the Holders of Securities on the respective due dates of such amounts as
would have been received by them had no such withholding or deduction (including for any Mexican Taxes payable in respect of Additional Amounts) been required, except that no such Additional Amounts shall be payable with respect to any payment on a
Security to the extent: 
  
 (i) that any such
taxes, duties, assessments or other governmental charges would not have been imposed but for (A) a connection between the Holder and Mexico other than the ownership or holding of such Security and the mere receipt of payments with respect to such
Security or (B) failure by the Holder or any other Person to comply 

  

 55 








 
with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with Mexico of the Holder
or any beneficial owner of such Security if compliance is required by law, regulation or by an applicable income tax treaty to which Mexico is a party, as a precondition to exemption from, or reduction in the rate of, the tax, assessment or other
governmental charge and we have given the Holders at least 30 days’ notice prior to the first payment date with respect to which such certification, identification or reporting requirement is required to the effect that Holders will be required
to provide such information and identification; 
  
 (ii) of any such taxes, duties, assessments or other governmental charges with respect to a Security presented for payment more than 15 days after the date on which such payment became due and payable or the date on which payment thereof is
duly provided for and notice thereof given to Holders, whichever occurs later, except to the extent that the Holder of such Security would have been entitled to such Additional Amounts on presenting such Security for payment on any date during such
15-day period; 
  
 (iii) of estate, inheritance,
gift or other similar taxes, assessments or other governmental charge imposed with respect to a Security; 
  
 (iv) any tax, duty, assessment or other governmental charge payable otherwise than by deduction or withholding from payments on any series
of Securities; and 
  
 (v) any payment on a
Security to a Holder who is a fiduciary or partnership or a person other than the sole beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or the beneficial
owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the Holder of such Security. 
  
 For purposes of the provisions described in Clause (i) above, the term “Holder” of any Security means the direct
nominee of any beneficial owner of such Security, which holds such beneficial owner’s interest in such Security. Notwithstanding the foregoing, the limitations on the Company’s obligation to pay Additional Amounts set forth in Clause
(i)(B) above shall not apply if (a) the provision of information, documentation or other evidence described in such Clause (i)(B) would be materially more onerous, in form, in procedure or in the substance of information disclosed, to a Holder or
beneficial owner of a Security (taking into account any relevant differences between U.S. and Mexican law, regulation or administrative practice) than comparable information or other reporting requirements imposed under U.S. tax law (including the
United States—Mexico Income Tax Treaty), regulations (including proposed regulations) and administrative practice or (b) Rule 3.25.15 is in effect, unless the provision of the information, documentation or other evidence described in such
Clause (i)(B) is expressly required by statute, regulation, rule or administrative practice in order to apply Rule 3.25.15 and the Company cannot obtain such information, documentation or other evidence on its own through reasonable diligence and
the Company otherwise would meet the requirements for application of Rule 3.25.15. In addition, such Clause (i)(B) shall not be construed to require that a non-Mexican pension or retirement fund or a non-Mexican financial institution or any other
Person register with the Ministry of Finance and Public Credit for the purpose of establishing eligibility for an exemption from or reduction of Mexican withholding tax. 
  
 The Company shall provide the Trustee with the constancia or other relevant documentation, if any, (which may consist
of certified copies of such documentation) satisfactory 

  

 56 








 
to the Trustee evidencing the payment of Mexican Taxes in respect of which the Company has paid any Additional Amounts. Copies of such documentation shall be
made available to the Holders of the Securities or the Paying Agent, as applicable, upon request therefor. 
  
 In respect of the Securities issued hereunder, at least 10 days’ prior to the first date of payment of interest on the Securities and at least 10
days’ prior to each date, if any, of payment of principal or interest thereafter if there has been any change with respect to the matters set forth in the below-mentioned Officer’s Certificate, the Company shall furnish the Trustee and
each Paying Agent with an Officer’s Certificate instructing the Trustee and such Paying Agent as to whether such payment of principal of or any interest on such Securities shall be made without deduction or withholding for or on account of any
tax, duty, assessment or other governmental charge. If any such deduction or withholding shall be required by Mexico or under the federal laws of the United States, then such certificate shall specify, by country, the amount, if any, required to be
deducted or withheld on such payment to Holders of such Securities, and the Company shall pay or cause to be paid to the Trustee or such Paying Agent Additional Amounts, if any, required by this Section 1009. The Company agrees to indemnify the
Trustee and each Paying Agent for, and to hold them harmless against, any loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by them in reliance
on any Officer’s Certificate furnished pursuant to this Section 1009. 
  
 (b) The Company shall pay all stamp, issue, registration, documentary or other similar duties, if any, which may be imposed by Mexico or any other governmental entity or political subdivision therein or thereof, or
any taxing authority of or in any of the foregoing, with respect to the Indenture or the issuance of the Securities. 
  
 (c) The Company shall provide each Paying Agent and any withholding agent under relevant tax regulations with copies of each certificate
received by the Company from a Holder of a Security pursuant to the text of such Security. Each such Paying Agent and withholding agent shall retain each such certificate received by it for as long as any Security is outstanding and in no event for
less than four years after its receipt, and for such additional period thereafter, as set forth in an Officer’s Certificate, as such certificate may become material in the administration of applicable tax laws. 
  
 (d) In the event that Additional Amounts actually paid with
respect to the Securities pursuant to the preceding paragraphs are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Securities, and, as a result thereof such Holder is
entitled to make claim for a refund or credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Securities, be deemed to have assigned and transferred all right, title, and interest to any
such claim for a refund or credit of such excess to the Company. However, by making such assignment, the Holder makes no representation or warranty that the Company shall be entitled to receive such claim for a refund or credit and incurs no other
obligation with respect thereto. 
  
 (e) All
references in this Indenture, one or more supplemental indentures hereto, the Securities and the Guarantees to principal, premium, if any, interest or any other amount payable in respect of any Security shall be deemed to include all Additional
Amounts, if any, payable in respect of such principal, premium, interest or other amount payable, unless the context otherwise requires, and express mention of the payment of Additional Amounts in any provision hereof shall not be construed as
excluding reference to Additional Amounts in those provisions hereof where such express mention is not made. All references in this Indenture, one or more supplemental indentures thereto, the Securities and the Guarantees to principal in respect


  

 57 








 
of any Security shall be deemed to mean and include any Redemption Price or Repurchase Price payable in respect of such Security pursuant to any redemption
or repurchase right hereunder (and all such references to the Stated Maturity of the principal in respect of any Security shall be deemed to mean and include the Redemption Date with respect to any such Redemption Price and the Repurchase Date with
respect to any such Repurchase Price), and all such references to principal, premium, interest or Additional Amounts shall be deemed to mean and include any amount payable in respect hereof pursuant to Section 1010, and express mention of the
payment of any Redemption Price or Repurchase Price, or any such other amount in those provisions hereof where such express reference is not made. 
  

	SECTION 1010.	Indemnification of Judgment Currency. 

  
 The Company and the Guarantor shall indemnify the Trustee and any Holder of a Security against any loss incurred by the Trustee or such Holder, as the
case may be, as a result of any judgment or order being given or made for any amount due under this Indenture or such Security and being expressed and paid in a currency (the “Judgment Currency”) other than Dollars, and as a result of any
variation between (i) the rate of exchange at which the Dollar amount is converted into the Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in New York City at which the Trustee or such Holder, as the
case may be, on the date of payment of such judgment or order is able to purchase Dollars with the amount of the Judgment Currency actually received by the Trustee or such Holder. Notwithstanding the preceding sentence of this Section 1010, in the
event that the amount of Dollars purchased by any Holder as a result of such indemnification exceeds the amount originally to be paid to such Holder, such Holder shall reimburse such excess to the Company or the Guarantor, as the case may be.The
foregoing indemnity shall constitute a separate and independent obligation of the Company and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “spot rate of exchange” shall include
any premiums and costs of exchange payable in connection with the purchase of, or conversion into, Dollars. 
  

	SECTION 1011.	Waiver of Certain Covenants. 

  
 Except as otherwise specified as contemplated by Section 301 for Securities of such series, the Company may, with respect to the Securities of any series,
omit in any particular instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 301(18), 901(2) or 901(7) for the benefit of the Holders of such series or in Section 1006 or 1007, if before the
time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the
Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
  

	SECTION 1012.	Calculation of Original Issue Discount. 

  
 The Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount of original issue discount
(including daily rates and accrual periods), if any, accrued on Outstanding Securities as of the end of such year and (ii) such other specific information relating to such original issue discount, if any, as may then be relevant under the Internal
Revenue Code of 1986, as amended from time to time. 
  

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 ARTICLE ELEVEN 
  
 GUARANTEES 
  

	SECTION 1101.	The Guarantees. 

  
 The Guarantor hereby fully, unconditionally and irrevocably guarantees, on an unsubordinated and unsecured basis, as primary obligor and not merely as
surety, to each Holder and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the principal of, premium, if any, and interest on, and any other amounts due under the Securities
and all other obligations of the Company under this Indenture (all the foregoing being hereinafter collectively called the “Obligations”). The obligations of the Guarantor under the Guarantees rank equally in right of payment with
other Indebtedness of the Guarantor, except to the extent such other Indebtedness is expressly subordinate to the obligations arising under the Guarantees. The obligations of the Guarantor under the Guarantees shall be subordinated to the prior
payment in full of all secured Indebtedness of the Guarantor. The Guarantor further agrees (to the fullest extent permitted by applicable law) that the Obligations may be extended or renewed, in whole or in part, without notice or further assent
from it, and that it shall remain bound under this Article Eleven, notwithstanding any extension or renewal of any Obligation. 
  
 The Guarantor waives presentation to, demand of payment from and protest to the Company of any of the Obligations and also waives notice of protest for
nonpayment. The Guarantor waives notice of any default under the Securities or the Obligations. The obligations of the Guarantor hereunder shall not be affected by: (i) the failure of any Holder to assert any claim or demand or to enforce any right
or remedy against the Company or any other person under this Indenture, the Securities or any other agreement or otherwise; (ii) any extension or renewal of any thereof; (iii) any rescission, waiver, amendment or modification of any of the terms or
provisions of this Indenture, the Securities or any other agreement; (iv) the release of any security held by any Holder or the Trustee for the Obligations or any of them; (v) the failure of any Holder to exercise any right or remedy against any
other Guarantor; or (vi) any change in the ownership of the Company. 
  
 The Guarantor further agrees that the Guarantees herein constitutes a guarantee of payment when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder to any security held for payment of
the Obligations. 
  
 The obligations of the Guarantor hereunder
shall not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any
defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of the Guarantor
herein shall not be discharged or impaired or otherwise affected by the failure of any Holder to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or modification of any
thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of
the Guarantor or would otherwise operate as a discharge of the Guarantor as a matter of law or equity. 
  

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 The Guarantor further agrees that the Guarantees shall continue to be effective or be reinstated, as the
case may be, if at any time payment, or any part thereof, of principal of or interest on any of the Obligations is rescinded or must otherwise be restored by any Holder upon the bankruptcy, concurso mercantil or reorganization of the Company
or otherwise. 
  
 In furtherance of the foregoing and not in
limitation of any other right which any Holder has at law or in equity against the Guarantor by virtue hereof, upon the failure of the Company to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration,
by redemption or otherwise, the Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of (i) the unpaid amount of such
Obligations then due and owing and (ii) accrued and unpaid interest on such Obligations then due and owing (to the fullest extent not prohibited by applicable law). 
  
 The Guarantor further agrees that, as between the Guarantor, on the one hand, and the Holders, on the other hand, (i) the
maturity of the Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of the Guarantees, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations
guaranteed hereby and (ii) in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purposes of the Guarantees.

  
 The Guarantor also agrees to pay any and all reasonable costs
and expenses (including reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing any rights under this Article Eleven. 
  

	SECTION 1102.	Limitation on Liability; Termination and Discharge. 

  
 The obligations of the Guarantor hereunder shall be limited to the maximum amount as shall, after giving effect to all other liabilities (fixed and
contingent) of the Guarantor, result in the obligations of the Guarantor under the Guarantees not constituting a fraudulent conveyance or fraudulent transfer under applicable law. 
  

	SECTION 1103.	No Subrogation. 

  
 Notwithstanding any payment or payments made by the Guarantor hereunder, the Guarantor shall not be entitled to be subrogated to any of the rights of the
Trustee or any Holder against the Company or any collateral security or guarantee or right of offset held by the Trustee or any Holder for the payment of the Obligations, nor shall the Guarantor seek or be entitled to seek any contribution or
reimbursement from the Company in respect of payments made by the Guarantor hereunder, until all amounts owing to the Trustee and the Holders by the Company on account of the Obligations are paid in full. If any amount shall be paid to the Guarantor
on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by the Guarantor in trust for the Trustee and the Holders, segregated from other funds of the Guarantor, and
shall, forthwith upon receipt by the Guarantor, be turned over to the Trustee in the exact form received by the Guarantor (duly indorsed by the Guarantor to the Trustee, if required), to be applied against the Obligations. 
  

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 ARTICLE TWELVE 
  
 REDEMPTION OF SECURITIES 
  

	SECTION 1201.	Right of Redemption. 

  
 (a) The Securities of any series which are redeemable before their Stated Maturity may not be redeemed at the election of the Company
except in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for such Securities) in accordance with the provisions of this Article. 
  
 (b) The election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case
of any redemption at the election of the Company of less than all the Securities of any series, the Company shall, at least 45 days prior to the Redemption Date fixed by the Company, notify the Trustee of such Redemption Date, of the principal
amount of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. 
  
 (c) If, as a result of any amendment to, or change in, the laws (or any rules or regulation thereunder) of Mexico or any political
subdivision or taxing authority thereof or therein affecting taxation or any amendment to or change in an official interpretation or application of such laws, rules or regulations, which amendment or change of such laws, rules or regulations becomes
effective on or after the date of this Indenture, the Company would be obligated to pay on the next succeeding Interest Payment Date Additional Amounts in respect of interest payments on the Securities of any series pursuant to the terms and
conditions thereof in excess of those attributable to the Mexican withholding tax on the basis of a statutory rate of 10% imposed on interest payments with respect to such series of Securities, and if such obligation cannot be avoided by the Company
after taking measures the Company considers reasonable to avoid it, then, at the Company’s option, the Securities of such series may be redeemed in whole, but not in part, at any time, on giving not less than 30 nor more than 60 days’
notice to the Trustee and the Holders of such Securities, at a Redemption Price equal to 100% of the principal amount thereof and any premium applicable thereto, together with accrued interest up to but not including the Redemption Date and any
Additional Amounts which would otherwise be payable; provided, however, that (1) no notice of such redemption may be given earlier than 90 days prior to the earliest date on which the Company would but for such redemption be obligated to pay
such Additional Amounts were a payment on such Securities then due, and (2) at the time such notice is given, such obligation to pay such Additional Amounts remains in effect. 
  
 (d) Before any notice of redemption pursuant to Section 1201(c) is given to the Trustee or the Holders of
Securities of the relevant series, the Company shall deliver to the Trustee (i) an Officer’s Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of facts showing that the condition or
conditions precedent to the right of the Company so to redeem have occurred or been satisfied and (ii) an Opinion of Counsel from Mexican legal counsel (which may be the Company’s outside counsel) of recognized standing to the effect that the
Company has or shall become obligated to pay such Additional Amounts as a result of such change or amendment. Such notice, once given to the Trustee, shall be irrevocable. 
  

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	SECTION 1202.	Notice of Redemption. 

  
 Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to
each Holder of Securities to be redeemed, at his address appearing in the Security Register. 
  
 All notices of redemption shall state: 
  
 (1) the Redemption Date, 
  
 (2) the Redemption Price and amount of accrued interest, if any, 
  
 (3) that on the Redemption Date the Redemption Price and any accrued interest shall become due and payable upon each Security to be
redeemed and that interest thereon shall cease to accrue on and after said date, 
  
 (4) the place or places where such Securities are to be surrendered for payment of the Redemption Price and any accrued interest, and

  
 (5) applicable “CUSIP” and
“ISIN” numbers. 
  
 Notice of redemption of Securities
to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company, and such notice, when given to the Holders, shall be irrevocable.

  

	SECTION 1203.	Deposit of Redemption Price. 

  
 On the Business Day prior to any Redemption Date, the Company or the Guarantor shall deposit with the Trustee or with a Paying Agent (or, if the Company
is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all
the Securities which are to be redeemed on that date other than any Securities called for redemption on that date which have been converted prior to the date of such deposit. 
  
 If any Security called for redemption is converted, any money deposited with the Trustee or with any Paying Agent or so
segregated and held in trust for the redemption of such Security shall (subject to any right of the Holder of such Security or any Predecessor Security to receive interest as provided in the last paragraph of Section 306) be paid to the Company upon
Company Request or, if then held by the Company, shall be discharged from such trust. 
  

	SECTION 1204.	Securities Payable on Redemption Date. 

  
 Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price herein specified, and from and after such date (unless the Company and the Guarantor shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such
Security for redemption in accordance with said notice, such Security shall be paid by the Company or the Guarantor at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of
interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or 

  

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more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section
306. 
  
 If any Security called for redemption shall not be so
paid upon surrender thereof for redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate borne by the Security. 
  

	SECTION 1205.	Securities Redeemed in Part. 

  
 Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by the Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and
in exchange for the unredeemed portion of the principal of the Security so surrendered. 
  
 ARTICLE THIRTEEN 
  
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
  

	SECTION 1301.	Applicability of Article; Company’s Option to Effect Legal Defeasance or Covenant Defeasance. 

  
 If pursuant to Section 303 provision is made for either or both of (a) legal
defeasance of the Securities of a series under Section 1302 or (b) covenant defeasance of the Securities of a series under Section 1303 to apply to Securities of any series, then the provisions of such Section or Sections, as the case may be,
together with the other provisions of this Article Thirteen, shall be applicable to the Securities of such series, and the Company may at its option, at any time, with respect to the Securities of such series, elect to have either Section 1302 (if
applicable) or Section 1303 (if applicable) be applied to the Outstanding Securities of such series upon compliance with the conditions set forth below in Section 1304. 
  

	SECTION 1302.	Legal Defeasance and Discharge. 

  
 Upon the Company’s exercise of the above option applicable to this Section 1302, the Company and the Guarantors shall be deemed to have been
discharged from their respective obligations with respect to the Outstanding Securities of such series on the date the conditions set forth below are satisfied (hereinafter, “legal defeasance”). 
  
 For this purpose, such legal defeasance means that the Company shall be
deemed to have paid and discharged the entire indebtedness represented by the Outstanding Securities of such series and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned
(and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same) and the Guarantor shall have been released from its obligations under the Guarantee and under this Indenture, except for the following which
shall survive until otherwise terminated or discharged hereunder: 
  
 (a) the rights of Holders of Outstanding Securities of such series to receive, solely from the trust fund described in Section 1304 and as more fully set forth in such Section, 

  

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payments in respect of the principal of and interest on and Additional Amounts, if any, with respect to, such Securities when such payments are due;

  
 (b) the Company’s obligations with
respect to such Securities under Sections 304, 305, 607, 1002, 1003 and 1009 (but only to the extent that any Additional Amounts payable exceed the amount deposited in respect of such Additional Amounts pursuant to Section 1304 below); 

 
 (c) the rights, powers, trusts, duties and immunities and
other provisions in respect of the Trustee hereunder; and 
  
 (d) this Article Thirteen. 
  
 Subject to
compliance with this Article Thirteen, the Company may exercise its option under this Section 1302 notwithstanding the prior exercise of its option under Section 1303 with respect to the Securities of such series. 
  

	SECTION 1303.	Covenant Defeasance. 

  
 Upon the Company’s exercise of the above option applicable to this Section 1303, the Company shall be released from its obligations under Sections
801, 1004, 1202, 501(3) (as to Sections 801 and 1004), 501(7) and 501(8) with respect to the Outstanding Securities of such series on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance”).

  
 For this purpose, such covenant defeasance means that, with
respect to the Outstanding Securities of such series, the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section, whether directly or indirectly by
reason of any reference elsewhere herein to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected
thereby. Following a covenant defeasance, payment of the Securities of such series may not be accelerated because of an Event of Default specified above in this Section 1303. 
  

	SECTION 1304.	Conditions to Defeasance or Covenant Defeasance. 

  
 The following shall be the conditions to application of either Section 1302 or Section 1303 to the Outstanding Securities of such series. 
  
 (a) The Company shall irrevocably have deposited or caused
to be deposited with the Trustee (or another trustee satisfying the requirements of Section 609 who shall agree to comply with the provisions of this Article Thirteen applicable to it) as trust funds in trust for the purpose of making the following
payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (A) an amount in Dollars, or (B) Government Securities which through the scheduled payment of principal and interest in respect
thereof in accordance with their terms will provide, within two weeks of the due date of any payment, money in an amount, or (C) a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal of and each installment of interest on the
Outstanding Securities of such series on the Stated Maturity of such principal or interest in accordance with the terms of this Indenture and of such Securities. Before such a deposit, the 

  

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Company may make arrangements satisfactory to the Trustee for the redemption of any series of Securities at a future date in accordance with any redemption
provisions relating to such series, which shall be given effect in applying the foregoing. 
  
 (b) No event which is, or which with notice or lapse of time or both would become, an Event of Default with respect to the Securities of
such series shall have occurred and be continuing on the date of such deposit. 
  
 (c) Such legal defeasance or covenant defeasance shall not cause the Trustee for the Securities of such series to have a conflicting
interest for purposes of the Trust Indenture Act with respect to any Securities of the Company. 
  
 (d) Such legal defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, this
Indenture or any other agreement or instrument to which the Company is a party or by which it is bound. 
  
 (e) Such legal defeasance or covenant defeasance shall not cause any Securities of such series then listed on any registered national
securities exchange under the Exchange Act to be deleted. 
  
 (f) In the case of an election under Section 1302, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling, or (ii) since the date of this Indenture there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of the Outstanding
Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such legal defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such legal defeasance had not occurred. 
  
 (g) In the case of an election under or Section 1303, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the Outstanding Securities of such series will not
recognize income, gain or loss for federal income tax purposes as a result of such covenant defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
covenant defeasance had not occurred. 
  
 (h)
Such legal defeasance or covenant defeasance shall be effected in compliance with any additional terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 301. 
  
 (i) The Company shall have delivered to the Trustee an
Officers’ Certificate or an Opinion of Counsel, stating that all conditions precedent provided for in the Indenture relating to either the legal defeasance under Section 1302 or the covenant defeasance under or Section 1303 (as the case may be)
have been complied with. 
  

	SECTION 1305.	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 

  
 Subject to the provisions of the last two paragraphs of Section 1003, all money and Government Securities (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively, for purposes of this Section 1305, the “Trustee”) pursuant to 

  

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Section 1304 in respect of the Outstanding Securities of such series shall be held in trust and applied by the Trustee, in accordance with the provisions of
such Securities and this Indenture, to the payment, either directly or through any Paying Agent (but not including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to
become due thereon in respect of principal and interest and Additional Amounts, if any, but such money need not be segregated from other funds except to the extent required by law. 
  
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the
Government Securities deposited pursuant to Section 1304 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Securities of such
series. 
  
 Anything in this Article Thirteen to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money or Government Securities held by it as provided in Section 1304 which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent defeasance or covenant defeasance. 
  

	SECTION 1306.	Reinstatement. 

  
 If the Trustee or any Paying Agent is unable to apply any money or Government Securities in accordance with Section 1304 by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s or the Guarantor’s obligations under this Indenture and the Securities of a series
and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 1304, until such time as the Trustee or such Paying Agent is permitted to apply all such money or Government Securities in accordance with
Sections 1304; provided that, if either the Company or the Guarantor has made any payment of principal of or interest on the Securities of such series and the Guarantees because of the reinstatement of its obligations, the Company or the
Guarantor, as the case may be, shall be subrogated to the rights of the Holders of the Securities of such series and the Guarantees to receive such payment from the money or Government Securities held by the Trustee or such Paying Agent. 

 

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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, as of the day and
year first above written. 
  

			
	AMÉRICA MÓVIL, S.A. de C.V.,
	 	 	as Issuer
		
	By:	 	 /S/    CARLOS J. GARCÍA MORENO ELIZONDO        

	 	 	 Name: Carlos J. García Moreno Elizondo
 Title:   Attorney-in-Fact

	 
		
	By:	 	 /S/    ALEJANDRO CANTÚ
JIMÉNEZ        

	 	 	 Name: Alejandro Cantú Jiménez
 Title:   Attorney-in-Fact



  

			
	RADIOMÓVIL DIPSA, S.A. de C.V.,
	 	 	as Guarantor
		
	By:	 	 /S/    CARLOS J. GARCÍA
MORENO ELIZONDO

	 	 	 Name: Carlos J. García Moreno Elizondo
 Title:   Attorney-in-Fact

	 
		
	By:	 	 /S/    ALEJANDRO CANTÚ
JIMÉNEZ        

	 	 	 Name: Alejandro Cantú Jiménez
 Title:   Attorney-in-Fact



  

			
	JPMORGAN CHASE BANK,
	 	 	as Trustee
		
	By:	 	 /S/    KAREN
FERRY        

	 	 	 Name: Karen Ferry
 Title:   Vice President



  

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