Document:

Indenture dated May 12, 2010

 Exhibit 4.58 

 
 EXECUTION COPY 

CEMEX ESPAÑA, S.A., 

ACTING THROUGH ITS LUXEMBOURG BRANCH, CEMEX ESPAÑA, S.A., 

LUXEMBOURG BRANCH 

THE GUARANTORS PARTY HERETO 

AND 
 THE BANK OF
NEW YORK MELLON, 
 AS TRUSTEE 

9.25% U.S. DOLLAR-DENOMINATED SENIOR SECURED NOTES DUE 2020 and 

8.875% EURO-DENOMINATED SENIOR SECURED NOTES DUE 2017 

INDENTURE 
 Dated
as of May 12, 2010 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	 ARTICLE I        DEFINITIONS AND INCORPORATION BY
REFERENCE
	  	1
			
	 Section 1.1
	  	 Definitions
	  	1
	 Section 1.2
	  	 [Reserved]
	  	39
	 Section 1.3
	  	 Rules of Construction
	  	39
		
	 ARTICLE II        THE NOTES
	  	39
			
	 Section 2.1
	  	 Form and Dating
	  	39
	 Section 2.2
	  	 Execution and Authentication
	  	40
	 Section 2.3
	  	 Registrar, Paying Agent and Transfer Agent
	  	41
	 Section 2.4
	  	 Paying Agent to Hold Money in Trust
	  	42
	 Section 2.5
	  	 Holder Lists
	  	42
	 Section 2.6
	  	 CUSIP Numbers
	  	42
	 Section 2.7
	  	 Global Note Provisions
	  	42
	 Section 2.8
	  	 Legends
	  	44
	 Section 2.9
	  	 Transfer and Exchange
	  	44
	 Section 2.10
	  	 Mutilated, Destroyed, Lost or Stolen Notes
	  	50
	 Section 2.11
	  	 Temporary Notes
	  	51
	 Section 2.12
	  	 Cancellation
	  	51
	 Section 2.13
	  	 Defaulted Interest
	  	51
	 Section 2.14
	  	 Additional Notes
	  	52
		
	 ARTICLE III        COVENANTS
	  	53
			
	 Section 3.1
	  	 Payment of New Senior Secured Notes
	  	53
	 Section 3.2
	  	 Maintenance of Office or Agency
	  	53
	 Section 3.3
	  	 Corporate Existence
	  	54
	 Section 3.4
	  	 Payment of Taxes and Other Claims
	  	54
	 Section 3.5
	  	 Compliance Certificate
	  	54
	 Section 3.6
	  	 Further Instruments and Acts
	  	54
	 Section 3.7
	  	 Waiver of Stay, Extension or Usury Laws
	  	55
	 Section 3.8
	  	 Change of Control
	  	55
	 Section 3.9
	  	 Limitation on Incurrence of Additional Indebtedness
	  	56
	 Section 3.10
	  	 [Reserved]
	  	61
	 Section 3.11
	  	 Limitation on Restricted Payments
	  	62
	 Section 3.12
	  	 Limitation on Asset Sales
	  	66
	 Section 3.13
	  	 Limitation on the Ownership of Capital Stock of Restricted Subsidiaries
	  	70
	 Section 3.14
	  	 Limitation on Designation of Unrestricted Subsidiaries
	  	70
	 Section 3.15
	  	 Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	72
	 Section 3.16
	  	 Limitation on Layered Indebtedness
	  	74

  

 i 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
	 Section 3.17
	  	 Limitation on Liens
	  	74
	 Section 3.18
	  	 Limitation on Transactions with Affiliates
	  	75
	 Section 3.19
	  	 Conduct of Business
	  	75
	 Section 3.20
	  	 Reports to Holders
	  	76
	 Section 3.21
	  	 Payment of Additional Amounts
	  	77
	 Section 3.22
	  	 Suspension of Covenants
	  	79
		
	 ARTICLE IV        SUCCESSOR COMPANY
	  	81
			
	 Section 4.1
	  	 Merger, Consolidation and Sale of Assets
	  	81
		
	 ARTICLE V        OPTIONAL REDEMPTION OF NEW SENIOR SECURED
NOTES
	  	85
			
	 Section 5.1
	  	 Optional Redemption
	  	85
	 Section 5.2
	  	 [Reserved]
	  	85
	 Section 5.3
	  	 Notices to Trustee
	  	85
	 Section 5.4
	  	 Notice of Redemption
	  	85
	 Section 5.5
	  	 Selection of New Senior Secured Notes to Be Redeemed in Part
	  	87
	 Section 5.6
	  	 Deposit of Redemption Price
	  	87
	 Section 5.7
	  	 Notes Payable on Redemption Date
	  	87
	 Section 5.8
	  	 Unredeemed Portions of Partially Redeemed Note
	  	88
		
	 ARTICLE VI        DEFAULTS AND REMEDIES
	  	88
			
	 Section 6.1
	  	 Events of Default
	  	88
	 Section 6.2
	  	 Acceleration
	  	89
	 Section 6.3
	  	 Other Remedies
	  	90
	 Section 6.4
	  	 Waiver of Past Defaults
	  	90
	 Section 6.5
	  	 Control by Majority
	  	90
	 Section 6.6
	  	 Limitation on Suits
	  	90
	 Section 6.7
	  	 Rights of Holders to Receive Payment
	  	91
	 Section 6.8
	  	 Collection Suit by Trustee
	  	91
	 Section 6.9
	  	 Trustee May File Proofs of Claim, etc.
	  	91
	 Section 6.10
	  	 Priorities
	  	92
	 Section 6.11
	  	 Undertaking for Costs
	  	92
		
	 ARTICLE VII        TRUSTEE
	  	92
			
	 Section 7.1
	  	 Duties of Trustee
	  	92
	 Section 7.2
	  	 Rights of Trustee
	  	94
	 Section 7.3
	  	 Individual Rights of Trustee
	  	95
	 Section 7.4
	  	 Trustee’s Disclaimer
	  	95
	 Section 7.5
	  	 Notice of Defaults
	  	95

  

 ii 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
	 Section 7.6
	  	 [Reserved]
	  	95
	 Section 7.7
	  	 Compensation and Indemnity
	  	95
	 Section 7.8
	  	 Replacement of Trustee
	  	96
	 Section 7.9
	  	 Successor Trustee by Merger
	  	97
	 Section 7.10
	  	 Eligibility; Disqualification
	  	98
	 Section 7.11
	  	 [Reserved]
	  	98
	 Section 7.12
	  	 [Reserved]
	  	98
	 Section 7.13
	  	 Authorization and Instruction of the Trustee With Respect to the Collateral
	  	98
		
	 ARTICLE VIII        DEFEASANCE; DISCHARGE OF INDENTURE
	  	99
			
	 Section 8.1
	  	 Legal Defeasance and Covenant Defeasance
	  	99
	 Section 8.2
	  	 Conditions to Defeasance
	  	100
	 Section 8.3
	  	 Application of Trust Money
	  	101
	 Section 8.4
	  	 Repayment to Issuer
	  	101
	 Section 8.5
	  	 Indemnity for U.S. Government Obligations
	  	101
	 Section 8.6
	  	 Reinstatement
	  	101
	 Section 8.7
	  	 Satisfaction and Discharge
	  	102
		
	 ARTICLE IX        AMENDMENTS
	  	103
			
	 Section 9.1
	  	 Without Consent of Holders
	  	103
	 Section 9.2
	  	 With Consent of Holders
	  	104
	 Section 9.3
	  	 [Reserved]
	  	105
	 Section 9.4
	  	 Revocation and Effect of Consents and Waivers
	  	105
	 Section 9.5
	  	 Notation on or Exchange of New Senior Secured Notes
	  	106
	 Section 9.6
	  	 Trustee to Sign Amendments and Supplements
	  	106
		
	 ARTICLE X        NOTE GUARANTEES
	  	106
			
	 Section 10.1
	  	 Note Guarantees
	  	106
	 Section 10.2
	  	 Limitation on Liability; Termination, Release and Discharge
	  	109
	 Section 10.3
	  	 Right of Contribution
	  	110
	 Section 10.4
	  	 No Subrogation
	  	110
		
	 ARTICLE XI        COLLATERAL
	  	111
			
	 Section 11.1
	  	 The Collateral
	  	111
	 Section 11.2
	  	 Release of the Collateral
	  	111
		
	 ARTICLE XII        MISCELLANEOUS
	  	112
			
	 Section 12.1
	  	 Notices
	  	112

  

 iii 

 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	 	  	Page
	 Section 12.2
	  	 Communication by Holders with Other Holders
	  	113
	 Section 12.3
	  	 Certificate and Opinion as to Conditions Precedent
	  	113
	 Section 12.4
	  	 Statements Required in Certificate or Opinion
	  	113
	 Section 12.5
	  	 Rules by Trustee, Paying Agent, Transfer Agent and Registrar
	  	114
	 Section 12.6
	  	 Legal Holidays
	  	114
	 Section 12.7
	  	 Governing Law, etc.
	  	114
	 Section 12.8
	  	 Spanish Companies Act (Ley de Sociedades Anónimas)
	  	115
	 Section 12.9
	  	 No Recourse Against Others
	  	115
	 Section 12.10
	  	 Successors
	  	116
	 Section 12.11
	  	 Duplicate and Counterpart Originals
	  	116
	 Section 12.12
	  	 Severability
	  	116
	 Section 12.13
	  	 [Reserved]
	  	116
	 Section 12.14
	  	 Currency Indemnity
	  	116
	 Section 12.15
	  	 Table of Contents; Headings
	  	117
	 Section 12.16
	  	 USA Patriot Act
	  	117

  

 iv 

			
	 EXHIBIT A
	  	FORM OF DOLLAR NOTE
		
	 EXHIBIT B
	  	FORM OF EURO NOTE
		
	 EXHIBIT C
	  	FORM OF CERTIFICATE FOR TRANSFER PURSUANT TO REGULATION S (DOLLAR NOTE)
		
	 EXHIBIT D
	  	FORM OF CERTIFICATE FOR TRANSFER PURSUANT TO REGULATION S (EURO NOTE)
		
	 EXHIBIT E
	  	FORM OF CERTIFICATE FOR TRANSFER PURSUANT TO RULE 144 (DOLLAR NOTE)
		
	 EXHIBIT F
	  	FORM OF CERTIFICATE FOR TRANSFER PURSUANT TO RULE 144 (EURO NOTE)
		
	 EXHIBIT G
	  	“CONSOLIDATED LEVERAGE RATIO” AND RELATED DEFINITIONS

  

 v 

 INDENTURE, dated as of May 12, 2010, among CEMEX España, S.A., a
corporation (sociedad anónima) organized under the laws of Spain (“CEMEX España”), acting through its Luxembourg branch, CEMEX España, S.A., Luxembourg Branch (“CEMEX España, Luxembourg
Branch” or the “Issuer”), created by virtue of the resolution of the Board of Directors of CEMEX España dated March 12, 2010 and formalized in a public deed granted before Notary Public of Madrid Mr. Rafael
Monjo Carrió on March 16, 2010 numbered 502 of his official files, CEMEX, S.A.B. de C.V., (the “Company”), CEMEX México, S.A. de C.V. (“CEMEX México”), and New Sunward Holding B.V.
(“New Sunward Holding”), as guarantors of the Issuer’s obligations under this Indenture and the Notes (the “Note Guarantors”), and The Bank of New York Mellon (the “Trustee”), as Trustee.

 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of
the Holders of the Issuer’s 9.25% U.S. Dollar-Denominated Senior Secured Notes due 2020 (the “Dollar Notes”) and 8.875% Euro-Denominated Senior Secured Notes due 2017 (the “Euro Notes” and, together with
the Dollar Notes, the “Notes”) issued hereunder. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions.  

“Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries
existing at the time such Person becomes a Restricted Subsidiary or at the time it merges or consolidates with the Company or any of its Restricted Subsidiaries or is assumed in connection with the acquisition of assets from such Person. Such
Indebtedness will be deemed to have been incurred at the time such Person becomes a Restricted Subsidiary or at the time it merges or consolidates with the Company or a Restricted Subsidiary or at the time such Indebtedness is assumed in connection
with the acquisition of assets from such Person. 
 “Acquired Subsidiary” means
any Subsidiary acquired by the Company or any other Subsidiary after the Issue Date in an Acquisition, and any Subsidiaries of such Acquired Subsidiary on the date of such Acquisition. 

“Acquiring Subsidiary” means any Subsidiary formed by the Company or one of its
Subsidiaries solely for the purpose of participating as the acquiring party in any Acquisition, and any Subsidiaries of such Acquiring Subsidiary acquired in such Acquisition. 

“Acquisition” means any merger, consolidation, acquisition or lease of assets,
acquisition of securities or business combination or acquisition, or any two or more of such transactions, if, upon the completion of such transaction or transactions, the Company or any Restricted Subsidiary thereof has acquired an interest in any
Person who would be deemed to be a Restricted Subsidiary under the Indenture and was not a Restricted Subsidiary prior thereto. 

“Additional Amounts” has the meaning assigned to it in Section 3.21.

 “Additional Note Certificate” has the meaning assigned to it in
Section 2.14(b). 

 “Additional Note Guarantor” means New
Sunward Holding. 
 “Additional Note Supplemental Indenture” means a supplement
to this Indenture duly executed and delivered by the Issuer, each Note Guarantor and the Trustee pursuant to Article IX providing for the issuance of Additional Notes. 

“Additional Notes” means the Notes originally issued after the Issue Date pursuant to
Section 2.14, including any replacement Notes and any Exchange Notes as specified in the relevant Additional Note Certificate or Additional Note Supplemental Indenture issued therefor in accordance with this Indenture. 

“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. The term “control” means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common
control with” have correlative meanings. 
 “Affiliate Transaction” has the
meaning assigned to it in Section 3.18(a). 
 “Agent Members” has the
meaning assigned to it in Section 2.7(b). 
 “Agents” means,
collectively, the Registrar, any co-Registrar, the Paying Agents, the Luxembourg Transfer Agent and any other agent appointed by the Issuer hereunder. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in a Global Note, the rules and procedures of DTC, Euroclear and Clearstream that apply to such transfer or exchange. 

“Asset Sale” means any direct or indirect sale, disposition, issuance, conveyance,
transfer, lease (other than an operating lease entered into in the ordinary course of business), assignment or other transfer, including a Sale and Leaseback Transaction (each, a “disposition”) by the Company or any Restricted Subsidiary
of: 
  

	 	(a)	 any Capital Stock other than Capital Stock of the Company; or 

 

	 	(b)	 any property or assets (other than cash, Cash Equivalents or Capital Stock) of the Company or any Restricted Subsidiary;

 Notwithstanding the preceding, the following will not be deemed to be Asset
Sales: 
  

	 	(1)	 the disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries as permitted under
Section 3.12; 

  

	 	(2)	 any disposition of equipment that is not usable or obsolete or worn out equipment in the ordinary course of business or any disposition of inventory
or goods (or other assets) held for sale or no longer used in the ordinary course of business; 

  

 2 

	 	(3)	 dispositions of assets in any fiscal year with a Fair Market Value not to exceed U.S.$25 million in the aggregate; 

 

	 	(4)	 for purposes of Section 3.12 only, the making or disposition of a Permitted Investment or Restricted Payment permitted under
Section 3.11; 

  

	 	(5)	 a disposition to the Company or a Restricted Subsidiary, including a Person that is or will become a Restricted Subsidiary immediately after the
disposition; 

  

	 	(6)	 the creation of a Lien permitted under this Indenture (other than a deemed Lien in connection with a Sale and Leaseback Transaction);

  

	 	(7)	 (i) the disposition of Receivables Assets pursuant to a Qualified Receivables Transaction and (ii) the disposition of other accounts receivable
in the ordinary course of business; 

  

	 	(8)	 constituted by a license of intellectual property in the ordinary course of business; 

 

	 	(9)	 the disposition of inventory pursuant to an Inventory Financing or similar arrangement that is otherwise permitted under this Indenture;

  

	 	(10)	 the disposition of any asset compulsorily acquired by a governmental authority; and 

 

	 	(11)	 sales, transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell
arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements. 

“Asset Sale Offer” has the meaning assigned to it in Section 3.12(c).

 “Asset Sale Offer Amount” has the meaning assigned to it in Section
3.12(c). 
 “Asset Sale Offer Notice” means notice of an Asset Sale Offer
made pursuant to Section 3.12(e) and Section 3.12(g), which shall be mailed first class, postage prepaid, to each record Holder as shown on the Note Register within 20 days following the 365th day after the receipt of Net
Cash Proceeds of any Asset Sale, with a copy to the Trustee, which notice shall govern the terms of the Asset Sale Offer, and shall state: 
  

	 	(1)	 the circumstances of the Asset Sale or Sales, the Net Cash Proceeds of which are included in the Asset Sale Offer, that an Asset Sale Offer is being
made pursuant to Section 3.12(c), and that all Notes that are timely tendered will be accepted for payment; 

  

 3 

	 	(2)	 the Asset Sale Offer Amount and the Asset Sale Offer Payment Date, which date shall be a Business Day no earlier than 30 days nor later than 60 days
from the date the Asset Sale Offer notice is mailed (other than as may be required by law); 

  

	 	(3)	 that any Notes or portions thereof not tendered or accepted for payment will continue to accrue interest; 

 

	 	(4)	 that, unless the Company defaults in the payment of the Asset Sale Offer Amount with respect thereto, all Notes or portions thereof accepted for
payment pursuant to the Asset Sale Offer shall cease to accrue interest from and after the Asset Sale Offer Payment Date; 

  

	 	(5)	 that any Holder electing to have any Notes or portions thereof purchased pursuant to the Asset Sale Offer will be required to surrender such Notes,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Asset
Sale Offer Payment Date; 

  

	 	(6)	 that any Holder shall be entitled to withdraw such election if the Paying Agent receives, not later than the close of business on the second
Business Day preceding the Asset Sale Offer Payment Date, a facsimile transmission or letter, setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing such
Holder’s election to have such Notes or portions thereof purchased pursuant to the Asset Sale Offer; 

  

	 	(7)	 that any Holder electing to have Notes purchased pursuant to the Asset Sale Offer must specify the principal amount that is being tendered for
purchase, which principal amount must be U.S.$70,000 or an integral multiple of U.S.$1,000 in excess thereof, in the case of Dollar Notes, and €50,000, or an integral multiple of €1,000 in excess thereof, in the case of Euro Notes;

  

	 	(8)	 that any Holder of Certificated Notes whose Certificated Notes are being purchased only in part will be issued new Certificated Notes equal in
principal amount to the unpurchased portion of the Certificated Note or Notes surrendered, which unpurchased portion will be equal in principal amount to U.S.$70,000 or an integral multiple of U.S.$1,000 in excess thereof, in the case of Dollar
Notes, and €50,000, or an integral multiple of €1,000 in excess thereof, in the case of Euro Notes. 

  

	 	(9)	 that the Trustee will return to the Holder of a Global Note that is being purchased in part, such Global Note with a notation on the schedule of
increases or decreases thereof adjusting the principal amount thereof to be equal to the unpurchased portion of such Global Note; and 

  

 4 

	 	(10)	 any other information necessary to enable any Holder to tender Notes and to have such Notes purchased pursuant to Section 3.12.

 “Asset Sale Offer Payment Date” has the meaning assigned to
it in Section 3.12(g). 
 “Asset Sale Offer Period” has the meaning
assigned to it in Section 3.12(e). 
 “Authenticating Agent” has the
meaning assigned to it in Section 2.2(b). 
 “Authorized Agent” has
the meaning assigned to it in Section 12.7(c). 
 “Axtel Share Forward
Transactions” means (a) the Axtel share forward transaction that is governed by a long form Confirmation dated 22 January 2009, as from time to time amended, between Credit Suisse International and Centro Distribuidor de Cemento
S.A. de C.V. (References: External ID: 16059563R3 - Risk ID: 10008383); and (b) the Axtel share forward transaction that is governed by a long form Confirmation dated 13 March 2009, as replaced by a long form Confirmation dated
22 September 200, between BBVA Bancomer S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer and Centro Distribuidor de Cemento S.A. de C.V. (Reference: EQS- 1428-MX479311). 

“Bancomext Facility” means the U.S.$250,000,000 credit agreement (Crédito
Simple), dated October 14, 2008, among CEMEX, S.A.B. de C.V., as borrower, Banco Nacional de Comercio Exterior, S.N.C., as lender, and CEMEX México, S.A. de C.V., as guarantor, and secured by a mortgage of cement plants in
Mérida, Yucatán, Mexico and Ensenada, Baja California, Mexico. 

“Bankruptcy Event of Default” means: 

 

	 	(1)	 the entry by a court of competent jurisdiction of: (i) a decree or order for relief in respect of any Bankruptcy Party in an involuntary case
or proceeding under any Bankruptcy Law or (ii) a decree or order (A) adjudging any Bankruptcy Party a bankrupt or insolvent, (B) approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of,
or in respect of, any Bankruptcy Party under any Bankruptcy Law, (C) appointing a Custodian of any Bankruptcy Party or of any substantial part of the property of any Bankruptcy Party, or (D) ordering the winding-up or liquidation of the
affairs of any Bankruptcy Party, and in each case, 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 calendar days; or 

 

	 	(2)	 (i) the commencement by any Bankruptcy Party of a voluntary case or proceeding under any Bankruptcy Law or of any other case or proceeding to be
adjudicated a bankrupt or insolvent, (ii) the consent by any Bankruptcy Party to the entry of a decree or order for relief in respect of such Bankruptcy Party in an involuntary case or proceeding under any Bankruptcy Law or to the commencement
of any bankruptcy or 

  

 5 

	 	
insolvency case or proceeding against any Bankruptcy Party, (iii) the filing by any Bankruptcy Party of a petition or answer or consent seeking reorganization or relief under any Bankruptcy
Law, (iv) the consent by any Bankruptcy Party to the filing of such petition or to the appointment of or taking possession by a Custodian of any Bankruptcy Party or of any substantial part of the property of any Bankruptcy Party, (v) the
making by any Bankruptcy Party of an assignment for the benefit of creditors, (vi) the admission by any Bankruptcy Party in writing of its inability to pay its debts generally as they become due, or (vii) the approval by stockholders of
any Bankruptcy Party of any plan or proposal for the liquidation or dissolution of such Bankruptcy Party, or (viii) the taking of corporate action by any Bankruptcy Party in furtherance of any action referred to in clauses (i) –
(vii) above. 

 “Bankruptcy Law” means Title 11, U.S.
Code or any similar Federal, state or non-U.S. law for the relief of debtors, including the Mexican Ley de Concursos Mercantiles and Spanish Law 22/2003 of 9 July (Ley 22/2003 de 9 de julio, Concursal). 

“Bankruptcy Party” means the Company, Cemex España, the Issuer and any Significant
Subsidiary of the Company or group of Subsidiaries that, taken together would constitute a Significant Subsidiary of the Company. 

“Banobras Facility” means a revolving loan agreement (Contrato de Apertura de
Crédito en Cuenta Corriente), dated April 22, 2009, among CEMEX Concretos, S.A. de C.V., as borrower and Banco Nacional de Obras y Servicios Públicos, Sociedad Nacional de Crédito, Institución de Banca de
Desarrollo, as lender, as in effect on the Issue Date, and secured by a mortgage of Planta Yaqui in Hermosillo, Sonora, Mexico. 

“Board of Directors” means, as to any Person, the board of directors, management
committee or similar governing body of such Person or any duly authorized committee thereof. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City, Mexico City, Madrid, Luxembourg or Amsterdam are authorized or required by law or other governmental action to remain closed; provided that, for purposes of payments to be made under this Indenture, a
“Business Day” must also be a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system is open for the settlement of payments. 

“C5 Capital” means C5 Capital (SPV) Limited, a restricted purpose company incorporated
with limited liability and domiciled in the British Virgin Islands. 
 “C8
Capital” means C8 Capital (SPV) Limited, a restricted purpose company incorporated with limited liability and domiciled in the British Virgin Islands. 

“C10 Capital” means C10 Capital (SPV) Limited, a restricted purpose company incorporated
with limited liability and domiciled in the British Virgin Islands. 
  

 6 

 “C10-Euro Capital” means C10-EUR Capital
(SPV) Limited, a restricted purpose company incorporated with limited liability and domiciled in the British Virgin Islands. 

“Capital SPVs” means, collectively, C5 Capital, C8 Capital, C10 Capital and C10-Euro
Capital. 
 “Capital Stock” means: 

 

	 	(1)	 with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether
or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person; 

  

	 	(2)	 with respect to any Person that is not a corporation, any and all partnership or other equity or ownership interests of such Person; and

  

	 	(3)	 any warrants, rights or options to purchase any of the instruments or interests referred to in clause (1) or (2) above, but excluding any
Indebtedness exchangeable into such equity interest in existence on the Issue Date Incurred pursuant to Section 3.9. 

“Capitalized Lease Obligations” means, as to any Person, the obligations of such Person
under a lease that are required to be classified and accounted for as capital lease obligations under GAAP. For purposes of the definition, the amount of such obligations at any date will be the capitalized amount of such obligations at such date,
determined in accordance with GAAP. 
 “Cash Equivalents” means: 

 

	 	(1)	 marketable direct obligations issued by, or unconditionally guaranteed by, the United States government, the United Kingdom or any member nation of
the European Union or issued by any agency thereof and backed by the full faith and credit of the United States, the United Kingdom, such member nation of the European Union or any European Union central bank, in each case maturing within one year
from the date of acquisition thereof; 

  

	 	(2)	 marketable direct obligations issued by the Mexican government, or issued by any agency thereof, including but not limited to, Certificados de la
Tesorería de la Federación (Cetes) or Bonos de Desarrollo del Gobierno Federal (Bondes), in each case, issued by the government of Mexico and maturing not later than one year after the acquisition thereof;

  

	 	(3)	 marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Fitch or any successor thereto;

  

 7 

	 	(4)	 commercial paper or corporate debt obligations maturing no more than one year from the date of creation thereof and, at the time of acquisition,
having a rating of at least A-1 or AAA from S&P, at least F-1 or AAA from Fitch or P-1 or Aaa from Moody’s; 

  

	 	(5)	 demand deposits, certificates of deposit, time deposits or bankers’ acceptances or other short-term unsecured debt obligations (and any cash or
deposits in transit in any of the foregoing) maturing within one year from the date of acquisition thereof issued by (a) any bank organized under the laws of the United States of America or any state thereof or the District of Columbia, the
United Kingdom or any country of the European Union, (b) any U.S. branch of a non-U.S. bank having at the date of acquisition thereof combined capital and surplus of not less than U.S.$500 million, or (c) in the case of Mexican peso
deposits, any financial institution in good standing with Banco de México organized under the laws of Mexico; 

  

	 	(6)	 repurchase obligations with a term of not more than seven days for underlying securities of the types described in clause (1) and
(2) above entered into with any bank meeting the qualifications specified in clause (5) above; 

  

	 	(7)	 investments in money market funds which invest substantially all of their assets in securities of the types described in clauses (1) through
(6), (8) and (9); 

  

	 	(8)	 certificates of deposit issued by any of Nacional Financiera, S.N.C., Banco Nacional de Comercio Exterior, S.N.C., Banco Nacional de Obras y
Servicios Públicos, S.N.C. or any other development bank controlled by the Mexican government; 

  

	 	(9)	 any other debt instrument rated “investment grade” (or the local equivalent thereof according to local criteria in a country in which the
Company or a Restricted Subsidiary operates and in which local pensions are permitted by law to invest) with maturities of 12 months or less from the date of acquisition; and 

 

	 	(10)	 Investments in mutual funds, managed by banks, with a local currency credit rating of at least MxAA by S&P or other equally reputable local
rating agency, that invest principally in marketable direct obligations issued by the Mexican Government, or issued by any agency or instrumentality thereof. 

 

 8 

 In the case of Investments by any Restricted Subsidiary,
Cash Equivalents will also include (a) investments of the type and maturity described in clauses (1) through (10) of any Restricted Subsidiary outside of Mexico in the country in which such Restricted Subsidiary operates, which
Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalents ratings from comparable foreign rating agencies, (b) local currencies and other short-term investments utilized by Restricted
Subsidiaries in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses (1) through (10) and in this paragraph and (c) investments of the type described in
clauses (1) through (9) maturing within one year of the Issue Date. 
 “CEMEX
España” means the corporation named as such in the introductory paragraph to this Indenture and its successors and assigns. 

“CEMEX México” means the party named as such in the introductory paragraph to this
Indenture and its successors and assigns. 
 “Certificated Note” means any Note
issued in fully registered form, other than a Global Note, which shall be substantially in the form of Exhibit A, in the case of Dollar Notes, and, in the form of Exhibit B, in the case of Euro Notes, with appropriate legends
as specified in Section 2.7, Exhibit A and Exhibit B, as applicable. 

“Change of Control” means the beneficial ownership (within the meaning of Rule 13d-3
promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended) of twenty percent (20%) or more in voting power of the outstanding voting stock of the Company is acquired by any Person;
provided that the acquisition of beneficial ownership of Capital Stock of the Company by Lorenzo H. Zambrano or any member of his immediate family shall not constitute a Change of Control. 

“Change of Control Notice” means notice of a Change of Control Offer made pursuant to
Section 3.8, which shall be mailed first-class, postage prepaid, to each record Holder as shown on the Note Register within 30 days following the date upon which a Change of Control occurred, with a copy to the Trustee, which notice
shall govern the terms of the Change of Control Offer and shall state: 
  

	 	(1)	 that a Change of Control has occurred, the circumstances or events causing such Change of Control and that a Change of Control Offer is being made
pursuant to Section 3.8, and that all Notes that are timely tendered will be accepted for payment; 

  

	 	(2)	 the Change of Control Payment, and the Change of Control Payment Date, which date shall be a Business Day no earlier than 30 calendar days nor later
than 60 calendar days subsequent to the date such notice is mailed (other than as may be required by law); 

  

	 	(3)	 that any Notes or portions thereof not tendered or accepted for payment will continue to accrue interest; 

 

	 	(4)	 that, unless the Issuer defaults in the payment of the Change of Control Payment with respect thereto, all Notes or portions thereof accepted for
payment pursuant to the Change of Control Offer shall cease to accrue interest from and after the Change of Control Payment Date; 

  

 9 

	 	(5)	 that any Holder electing to have any Notes or portions thereof purchased pursuant to a Change of Control Offer will be required to tender such
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the
Change of Control Payment Date; 

  

	 	(6)	 that any Holder shall be entitled to withdraw such election if the Paying Agent receives, not later than the close of business on the second
Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter, setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing such
Holder’s election to have such Notes or portions thereof purchased pursuant to the Change of Control Offer; 

  

	 	(7)	 that any Holder electing to have Notes purchased pursuant to the Change of Control Offer must specify the principal amount that is being tendered
for purchase, which principal amount must be U.S.$70,000 or an integral multiple of U.S.$1,000 in excess thereof, in the case of Dollar Notes, or €50,000, or an integral multiple of €1,000 in excess thereof, in the case of Euro Notes;

  

	 	(8)	 that any Holder of Certificated Notes whose Certificated Notes are being purchased only in part will be issued new Certificated Notes equal in
principal amount to the unpurchased portion of the Certificated Note or Notes surrendered, which unpurchased portion will be equal in principal amount to U.S.$70,000 or an integral multiple of U.S.$1,000 in excess thereof, in the case of Dollar
Notes, or to €50,000, or an integral multiple of €1,000 in excess thereof, in the case of Euro Notes; 

  

	 	(9)	 that the Trustee will return to the Holder of a Global Note that is being purchased in part, such Global Note with a notation on Schedule A
thereof adjusting the principal amount thereof to be equal to the unpurchased portion of such Global Note; and 

  

	 	(10)	 any other information necessary to enable any Holder to tender Notes and to have such Notes purchased pursuant to Section 3.8(b).

 “Change of Control Offer” has the meaning assigned to it in
Section 3.8(b). 
 “Change of Control Payment” has the meaning
assigned to it in Section 3.8(a). 
 “Change of Control Payment
Date” has the meaning assigned to it in Section 3.8(b). 
  

 10 

 “Clearstream” means Clearstream Banking,
société anonyme, or the successor to its securities clearance and settlement operations. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means (i) shares of CEMEX España, CEMEX México, Centro
Distribuidor de Cemento, S.A. de C.V., Mexcement Holdings S.A. de C.V., Corporación Gouda S.A. de C.V., New Sunward Holding, and CEMEX Trademarks Holding Ltd; and (ii) all proceeds of such Collateral as set forth in the Intercreditor
Agreement. 
 “Commission” means the U.S. Securities and Exchange Commission.

 “Commodity Price Purchase Agreement” means, in respect of any Person, any
forward contract, commodity swap agreement, commodity option agreement or other similar agreement or arrangement designed to protect such Person from fluctuations in commodity prices. 

“Common Stock” of any Person means any and all shares, interests or other participations
in, and other equivalents (however designated and whether voting or non-voting) of such Person’s common equity interests, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and
classes of such common equity interests. 
 “Common Depositary” means The Bank
of New York Mellon Depositary (Nominees) Limited of 30 Cannon Street, London, EC4M624 United Kingdom or registered assigns as common depositary for Euroclear and/or Clearstream. 

“Company” means the party named as such in the introductory paragraph to this Indenture
and its successors and assigns, including any Successor Company which becomes such in accordance with Article IV. 

“Compensation Related Hedging Obligations” means (i) the obligations of any Person
pursuant to any equity option contract, equity forward contract, equity swap, warrant, rights or other similar agreement designed to hedge risks or obligations relating to employee, director or consultant compensation, pension, benefits or similar
activities of the Company and/or any of its Subsidiaries and (ii) the obligations of any Person pursuant to any agreement that requires another Person to make payments or deliveries that are otherwise required to be made by the first Person
relating to employee, director or consultant compensation, pension, benefits or similar activities of the Company and/or any of its Subsidiaries, in each case in the ordinary course of business. 

“Consolidated EBITDA” means, for any Person for any period, Consolidated Net Income for
such Person for such period, plus the following, without duplication, to the extent deducted or added in calculating such Consolidated Net Income: 
  

	 	(1)	 Consolidated Income Tax Expense for such Person for such period; 

 

 11 

	 	(2)	 Consolidated Interest Expense for such Person for such period net of consolidated interest income for such period; 

 

	 	(3)	 Consolidated Non-cash Charges for such Person for such period; 

 

	 	(4)	 the amount of any nonrecurring restructuring charge or reserve deducted in such period in computing Consolidated Net Income; and

  

	 	(5)	 the net effect on income or loss in respect of Hedging Obligations or other derivative instruments, which shall include, for the avoidance of doubt,
all amounts not excluded from Consolidated Net Income pursuant to the proviso in clause (9) thereof. 

less (x) all non-cash credits and gains increasing Consolidated Net Income for such Person for such period and (y) all
cash payments made by such Person and its Restricted Subsidiaries during such period relating to non-cash charges that were added back in determining Consolidated EBITDA in any prior period. 

Notwithstanding the foregoing, the items specified in clauses (1) and (3) above for any
Subsidiary (Restricted Subsidiary in the case of the Company) will be added to Consolidated Net Income in calculating Consolidated EBITDA for any period: 
  

	 	(a)	 in proportion to the percentage of the total Capital Stock of such Subsidiary (Restricted Subsidiary in the case of the Company) held directly or
indirectly by such Person at the date of determination, and 

  

	 	(b)	 to the extent that a corresponding amount would be permitted at the date of determination to be distributed to such Person by such Restricted
Subsidiary pursuant to its charter and bylaws and each law, regulation, agreement or judgment applicable to such distribution. 

“Consolidated Fixed Charge Coverage Ratio” means, for any Person as of any date of
determination (the “Fixed Charge Calculation Date”), the ratio of the aggregate amount of Consolidated EBITDA of such Person for the four most recent full fiscal quarters for which financial statements are available ending prior to
the date of such determination (the “Four Quarter Period”) to Consolidated Fixed Charges for such Person for such Four Quarter Period. For purposes of making the computation referred to above, Material Acquisitions and Material
Dispositions (as determined in accordance with GAAP) that have been made by the Company or any of its Restricted Subsidiaries during the Four Quarter Period or subsequent to such Four Quarter Period and on or prior to or simultaneously with the
Fixed Charge Calculation Date shall be calculated on a pro forma basis assuming that all such Material Acquisitions and Material Dispositions (and the change in any associated fixed charge obligations and the change in Consolidated EBITDA
resulting therefrom) had occurred on the first day of the Four Quarter Period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Company or any of its Restricted
Subsidiaries since the beginning of such period shall have made any Material Acquisition or Material Disposition that would have required adjustment pursuant to this definition, then the Consolidated Fixed Charge Coverage Ratio shall be calculated
giving pro forma effect thereto. 
  

 12 

 For purposes of this definition, whenever pro forma
effect is to be given to a Material Acquisition or Material Disposition and the amount of income or earnings relating thereto or with respect to other pro forma calculations under this definition, such pro forma calculations shall be
made in good faith by a responsible financial or accounting officer of the Company. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the
rate in effect on the Fixed Charge Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation
referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth in
the first paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been
based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Company may designate. 

Furthermore, in calculating “Consolidated Fixed Charges” for purposes of determining the
denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio,” 
  

	 	(a)	 interest on outstanding Indebtedness determined on a fluctuating basis as of the date of determination and which will continue to be so determined
thereafter will be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on such date of determination; 

 

	 	(b)	 if interest on any Indebtedness actually Incurred on such date of determination may optionally be determined at an interest rate based upon a factor
of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on such date of determination will be deemed to have been in effect during the Four Quarter Period; and 

 

	 	(c)	 notwithstanding clause (a) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by Hedging
Obligations, will be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements. 

“Consolidated Fixed Charges” means, for any Person for any period, the sum, without
duplication, of: 
  

	 	(1)	 Consolidated Interest Expense for such Person for such period, plus 

 

 13 

	 	(2)	 to the extent not included in (1) above, payments during such period in respect of the financing costs of financial derivatives in the form of
equity swaps, plus 

  

	 	(3)	 the product of: 

  

	 	(a)	 the amount of all cash and non-cash dividend payments on any series of Preferred Stock or Disqualified Capital Stock of such Person (other than
dividends paid in Qualified Capital Stock) or any Subsidiary of such Person (Restricted Subsidiary in the case of the Company) paid, accrued or scheduled to be paid or accrued during such period, excluding dividend payments on Preferred Stock or
Disqualified Capital Stock paid, accrued or scheduled to be paid to such Person or another Subsidiary (Restricted Subsidiary in the case of the Company), times 

 

	 	(b)	 a fraction, the numerator of which is one and the denominator of which is one minus the then current effective tax rate of such Person in its
principal taxpaying jurisdiction (Mexico, in the case of the Company), expressed as a decimal. 

“Consolidated Income Tax Expense” means, with respect to any Person for any period, the
provision for federal, state and local income and asset taxes payable, including current and deferred taxes, by such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) for such period as determined on a consolidated
basis in accordance with GAAP. 
 “Consolidated Interest Expense” means, for any
Person for any period, the sum of, without duplication determined on a consolidated basis in accordance with GAAP: 
  

	 	(1)	 the aggregate of cash and non-cash interest expense of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) for
such period determined on a consolidated basis in accordance with GAAP, including, without limitation the following for such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) whether or not interest expense in
accordance with GAAP: 

  

	 	(a)	 any amortization or accretion of debt discount or any interest paid on Indebtedness of such Person and its Subsidiaries (Restricted Subsidiaries in
the case of the Company) in the form of additional Indebtedness, 

  

	 	(b)	 any amortization of deferred financing costs; provided that any such amortization resulting from costs incurred prior to the Issue Date shall
be excluded for the calculation of Consolidated Interest Expense, 

  

 14 

	 	(c)	 the net costs under Hedging Obligations relating to Indebtedness (including amortization of fees but excluding foreign exchange adjustments on the
notional amounts of the Hedging Obligations), 

  

	 	(d)	 all capitalized interest, 

  

	 	(e)	 the interest portion of any deferred payment obligation, 

 

	 	(f)	 commissions, discounts and other fees and charges Incurred in respect of letters of credit or bankers’ acceptances or in connection with sales
or other dispositions of accounts receivable and related assets, 

  

	 	(g)	 any interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Subsidiaries (Restricted Subsidiary in the
case of the Company) or secured by a Lien on the assets of such Person or one of its Subsidiaries (Restricted Subsidiaries in the case of the Company), whether or not such Guarantee or Lien is called upon, and 

 

	 	(h)	 any interest accrued in respect of Indebtedness without a maturity date; and 

 

	 	(2)	 the interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Subsidiaries
(Restricted Subsidiaries in the case of the Company) during such period. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate
net income (or loss) of such Person and its Subsidiaries for such period on a consolidated basis (after deducting (i) the portion of such net income attributable to minority interests in Subsidiaries of such Person and (ii) any interest
paid or accrued in respect of Indebtedness without a maturity date), determined in accordance with GAAP; provided, that there shall be excluded therefrom: 
  

	 	(1)	 net after-tax gains and losses from Asset Sale transactions or abandonments or reserves relating thereto; 

 

	 	(2)	 net after-tax items classified as extraordinary gains or losses; 

 

	 	(3)	 the net income (but not loss) of any Subsidiary of such Person (Restricted Subsidiary in the case of the Company) to the extent that a corresponding
amount could not be distributed to such Person at the date of determination as a result of any restriction pursuant to the constituent documents of such Subsidiary (Restricted Subsidiary in the case of the Company) or any law, regulation, agreement
or judgment applicable to any such distribution; 

  

 15 

	 	(4)	 any net income (loss) of any Person (other than the Company) if such Person is not a Restricted Subsidiary, except that the Company’s equity in
the net income of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash distributed by such Person during such period to the Company or a Restricted Subsidiary as a dividend or other
distribution (subject, in the case of a dividend or other distribution to a Restricted Subsidiary, to the limitations contained in this clause); 

  

	 	(5)	 any increase or decrease in net income attributable to minority interests in any Subsidiary (Restricted Subsidiaries in the case of the Company);

  

	 	(6)	 any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated Net Income
accrued at any time following the Issue Date; 

  

	 	(7)	 any gain (or loss) from foreign exchange translation or change in net monetary position; 

 

	 	(8)	 any gain (or loss) from the cumulative effect of changes in accounting principles; and 

 

	 	(9)	 any net gain or loss (after any offset) resulting in such period from Hedging Obligations or other derivative instruments; provided that the
net effect on income or loss (including in any prior periods) shall be included upon any termination or early extinguishment of such Hedging Obligations or other derivative instrument, other than any Hedging Obligations with respect to Indebtedness
(that is not itself a Hedging Obligation) and that are extinguished concurrently with the termination or other prepayment of such Indebtedness. 

“Consolidated Non-cash Charges” means, for any Person for any period, the aggregate
depreciation, amortization (including amortization of goodwill and other Intangible Assets) and other non-cash expenses or losses of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) for such period, determined on
a consolidated basis in accordance with GAAP (excluding any such charge which constitutes an accrual of or a reserve for cash charges for any future period or the amortization of a prepaid cash expense paid in a prior period). 

“Consolidated Tangible Assets” means, for any Person at any time, the total consolidated
assets of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) as set forth on the balance sheet as of the most recent fiscal quarter of such Person, prepared in accordance with GAAP, less Intangible Assets.

 “Corporate Trust Office” means the principal office of the Trustee at which
at any time its corporate trust business shall be administered, which office at the date hereof is located at 101 Barclay Street, 4E, New York, New York 10286, Attention: Global Structured Finance Group, or such other address as the Trustee may
designate from time to time by notice to the Holders, the Issuer and the Company. 
  

 16 

 “Covenant Defeasance” has the meaning
assigned to it in Section 8.1(c). 
 “Covenant Suspension Event” has
the meaning assigned to it in Section 3.22(a). 
 “Currency
Agreement” means, in respect of any Person, any foreign exchange contract, currency swap agreement or other similar agreement as to which such Person is a party designed to hedge foreign currency risk of such Person. 

“Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar
official under any Bankruptcy Law. 
 “Default” means an event or condition the
occurrence of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default. 

“Defaulted Interest” has the meaning assigned to it in Section 2.13 and
Section 1, paragraph 2 of the Form of Reverse Side of Note contained in Exhibit A and Exhibit B. 

“Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration
received by the Company or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate setting forth the basis of such valuation. 

“Designation” has the meaning assigned to it in Section 3.14. 

“Designation Amount” has the meaning assigned to it in clause (iii) of
Section 3.14(a). 
 “Disposition” means, with respect to any
property, any sale, lease, Sale and Leaseback Transaction, assignment, conveyance, transfer or other disposition thereof. 

“Disqualified Capital Stock” means that portion of any Capital Stock which, by its terms
(or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the Holder thereof), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, or is redeemable at the sole option of the Holder thereof, in any case, on or prior to the 91st day after the final maturity date of the Notes, but excluding with respect to Mexican companies, any shares of such Mexican company that are
part of the variable portion of its Capital Stock and that are redeemable under the Mexican General Law of Business Corporations (Ley General de Sociedades Mercantiles). 

“Distribution Compliance Period” means, in respect of any Regulation S Global Note (or
Certificated Note issued in respect thereof pursuant to Section 2.7(c)), the 40 consecutive days beginning on and including the later of (a) the day on which any Notes represented thereby are offered to persons other than
distributors (as defined in Regulation S) pursuant to Regulation S or (b) the issue date for such Notes. 
  

 17 

 “Dollar Equivalent” means, with respect to
any monetary amount in Euros, at any time of determination thereof by the Issuer, the amount of U.S. Legal Tender obtained by converting Euros into U.S. Legal Tender at the spot rate for the purchase of U.S. Legal Tender published in the Wall Street
Journal, Eastern Edition (or, if the Wall Street Journal is no longer published, or if such information is no longer available, such source as may be selected in good faith by the Company) on the date of such determination. 

“Dollar Notes” means the Issuer’s U.S. Dollar-Denominated 9.25% Senior Secured
Notes due 2020 issued and authenticated pursuant to this Indenture. 
 “DTC”
means The Depository Trust Company, its nominees and their respective successors and assigns, or such other depositary institution hereinafter appointed by the Company that is a clearing agency registered under the Exchange Act. 

“Equity Offering” has the meaning assigned to it in Exhibit A, Section 5.

 “Euro Notes” means the Euro-Denominated 8.875% Senior Secured Notes due 2017
issued and authenticated pursuant to this Indenture. 
 “Euroclear” means
Euroclear Bank S.A./N.V., as operator of the Euroclear System, or its successor in such capacity. 

“European Government Obligations” means direct non-callable and non-redeemable
obligations denominated in Euros (in each case, with respect to the issuer thereof) of any member state of the European Union that is a member of the European Union as of the date of this Indenture. 

“Event of Default” has the meaning assigned to it in Section 6.1(a).

 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Fair Market Value” means, with respect to any asset, the price (after taking
into account any liabilities relating to such assets) which could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete
the transaction. Fair Market Value shall be determined, except as otherwise provided, by the Company in good faith. 

“Financing Agreement” means the financing agreement, dated as of August 14, 2009,
entered into among the Company and certain of its Subsidiaries, the financial institutions and noteholders party thereto, Citibank International PLC, as administrative agent, and Wilmington Trust (London) Limited, as security agent, as such
agreement may be amended, modified or waived from time to time. 
 “Financing Agreement
Indebtedness” means the Indebtedness that is subject to and outstanding under the Financing Agreement. 

“Fitch” means Fitch Ratings and any successor to its rating agency business. 

 

 18 

 “Four Quarter Period” has the meaning
assigned to it in the definition of “Consolidated Fixed Charge Coverage Ratio” above. 

“GAAP” means Mexican Financial Reporting Standards as in effect on September 30,
2009. At any time after the Issue Date, the Company may elect to apply IFRS in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS as in effect on the date of such election; provided
that any such election, once made, shall be irrevocable. The Company shall give notice of any such election to the Trustee. 

“Global Note” means any Note issued in fully registered form to DTC, Euroclear or
Clearstream (or their respective nominees), as depositary for the beneficial owners thereof, which shall be substantially in the form of Exhibit A, in the case of Dollar Notes, and in the form of Exhibit B, in the case of
Euro Notes, in each case with appropriate legends as specified in Section 2.7, Exhibit A and Exhibit B, as applicable. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness of any other 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 that “Guarantee” will not include
endorsements for collection or deposit in the ordinary course of business. “Guarantee” used as a verb has a corresponding meaning. 

“Guaranteed Obligations” has the meaning assigned to it in Section 10.1(a).

 “Hedging Obligations” means the obligations of any Person pursuant to any
Interest Rate Agreement, Currency Agreement, Commodity Price Purchase Agreement or any Transportation Agreement, in each case, not entered into for speculative purposes. 

“Holder” means the Person in whose name a Note is registered in the Note Register.

 “IFRS” means the International Financial Reporting Standards as issued by the
International Accounting Standards Board. 
 “Indebtedness” means with respect
to any Person, without duplication: 
  

	 	(1)	 the principal amount (or, if less, the accreted value) of all obligations of such Person for borrowed money; 

 

 19 

	 	(2)	 the principal amount (or, if less, the accreted value) of all obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments, including any perpetual bonds, debenture notes or similar instruments without regard to maturity date; 

  

	 	(3)	 all Capitalized Lease Obligations of such Person; 

  

	 	(4)	 all obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all payment
obligations under any title retention agreement (but excluding trade accounts payable and other accrued liabilities accounted for as current liabilities (in accordance with GAAP) arising in the ordinary course of business) to the extent of any
reimbursement obligations in respect thereof; 

  

	 	(5)	 reimbursement obligations with respect to letters of credit, banker’s acceptances or similar credit transactions; 

 

	 	(6)	 Guarantees and other contingent obligations of such Person in respect of Indebtedness referred to in clauses (1) through (5) above and
clauses (8) through (10) below; 

  

	 	(7)	 all Indebtedness of any other Person of the type referred to in clauses (1) through (6) which is secured by any Lien on any property or
asset of the first Person, the amount of such Indebtedness being deemed to be the lesser of the Fair Market Value of such property or asset or the amount of the Indebtedness so secured; 

 

	 	(8)	 all obligations under Hedging Obligations or other derivatives of such Person; 

 

	 	(9)	 all liabilities (contingent or otherwise) of such Person in connection with a sale or other disposition of accounts receivable and related assets
(not including Qualified Receivables Transactions, irrespective of their treatment under GAAP or IFRS; and 

  

	 	(10)	 all Disqualified Capital Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to
the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any; provided that: 

 

	 	(a)	 if the Disqualified Capital Stock does not have a fixed repurchase price, such maximum fixed repurchase price will be calculated in accordance with
the terms of the Disqualified Capital Stock as if the Disqualified Capital Stock were purchased on any date on which Indebtedness will be required to be determined pursuant to this Indenture, and 

 

 20 

	 	(b)	 if the maximum fixed repurchase price is based upon, or measured by, the fair market value of the Disqualified Capital Stock, the fair market value
will be the Fair Market Value thereof. 

 “Incur” means, with
respect to any Indebtedness or other obligation of any Person, to create, issue, incur (including by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Indebtedness or other obligation on the balance
sheet of such Person (and “Incurrence,” “Incurred” and “Incurring” will have meanings correlative to the preceding). 

“Indenture” means this Indenture as amended or supplemented from time to time, including
the Exhibits hereto. 
 “Intangible Assets” means with respect to any Person all
unamortized debt discount and expense, unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights and all other items which would be treated as intangibles on the consolidated balance sheet of such Person
prepared in accordance with GAAP. 
 “Intercreditor Agreement” means the
intercreditor agreement, dated as of August 14, 2009, entered into among the Company and certain of its Subsidiaries, the financial institutions and noteholders party thereto, Citibank International PLC, as administrative agent, and Wilmington
Trust (London) Limited, as security agent, as such agreement may be amended from time to time. 

“Interest Payment Date” means the stated due date of an installment of interest on the
Notes as specified in the Form of Face of Note contained in Exhibit A, in the case of Dollar Notes, and in Exhibit B, in the case of Euro Notes. 

“Interest Rate Agreement” of any Person means any interest rate protection agreement
(including, without limitation, interest rate swaps, caps, floors, collars, derivative instruments and similar agreements) and/or other types of hedging agreements designed to hedge interest rate risk of such Person. 

“Inventory Financing” means a financing arrangement pursuant to which the Company or any
of its Restricted Subsidiaries sells inventory to a bank or other institution (or a special purpose vehicle or partnership incorporated or established by or on behalf of such bank or other institution or an Affiliate of such bank or other
institution) and has an obligation to repurchase such inventory to the extent that it is not sold to a third party within a specified period. 

“Investment” means, with respect to any Person, any (1) direct or indirect loan,
advance or other extension of credit (including, without limitation, a Guarantee) to any other Person, (2) capital contribution (by means of any transfer of cash or other property to others or any payment for property or services for the
account or use of others) to any other Person, or (3) purchase or acquisition by such Person of any Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness issued by any other Person. “Investment” will
exclude accounts receivable, extensions of credit in connection with supplier or customer financings consistent with industry or past practice, advance payment of capital expenditures 

 

 21 

 
arising in the ordinary course of business, deposits arising in the ordinary course of business and transactions (other than (i) any sale, lease, license, transfer or other disposal and
(ii) the granting or creation of a Lien or the incurring or permitting to subsist of Indebtedness) conducted in the ordinary course of business on arm’s length terms. 

For purposes of Section 3.11, the Company will be deemed to have made an
“Investment” in an Unrestricted Subsidiary at the time of its Designation, which will be valued at the Fair Market Value of the sum of the net assets of such Unrestricted Subsidiary multiplied by the percentage equity ownership of the
Company and its Restricted Subsidiaries in such Designated Unrestricted Subsidiary at the time of its Designation and the amount of any Indebtedness of such Unrestricted Subsidiary or owed to the Company or any Restricted Subsidiary immediately
following such Designation. Any property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such transfer. If the Company or any Restricted Subsidiary sells or otherwise disposes of any Capital
Stock of a Restricted Subsidiary (including any issuance and sale of Capital Stock by a Restricted Subsidiary) such that, after giving effect to any such sale or disposition, such Restricted Subsidiary would cease to be a Subsidiary of the Company,
the Company will be deemed to have made an Investment on the date of any such sale or disposition equal to sum of the Fair Market Value of the Capital Stock of such former Restricted Subsidiary held by the Company or any Restricted Subsidiary
immediately following such sale or other disposition and the amount of any Indebtedness of such former Restricted Subsidiary Guaranteed by the Company or any Restricted Subsidiary or owed to the Company or any other Restricted Subsidiary immediately
following such sale or other disposition. The acquisition by the Company or any Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Restricted
Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person. Except as otherwise provided in the Indenture, the amount of an Investment will be determined at the
time the Investment is made without giving effect to subsequent changes in value. 

“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent)
by S&P, BBB- (or the equivalent) by Fitch and Baa3 (or the equivalent) by Moody’s. 

“Investment Return” means, in respect of any Investment (other than a Permitted
Investment) made after the Issue Date by the Company or any Restricted Subsidiary: 
  

	 	(1)	 the cash proceeds received by the Company upon the sale, liquidation or repayment of such Investment or, in the case of a Guarantee, the amount of
the Guarantee upon the unconditional release of the Company and its Restricted Subsidiaries in full, less any payments previously made by the Company or any Restricted subsidiary in respect of such Guarantee; and 

 

	 	(2)	 in the case of the Revocation of the Designation of an Unrestricted Subsidiary, an amount equal to the lesser of: 

 

	 	(a)	 the Company’s Investment in such Unrestricted Subsidiary at the time of such Revocation; 

 

 22 

	 	(b)	 that portion of the Fair Market Value of the net assets of such Unrestricted Subsidiary at the time of Revocation that is proportionate to the
Company’s equity interest in such Unrestricted Subsidiary at the time of Revocation; and 

  

	 	(c)	 the Designation Amount with respect to such Unrestricted Subsidiary upon its Designation which was treated as a Restricted Payment; and

  

	 	(3)	 in the event the Company or any Restricted Subsidiary makes any Investment in a Person that, as a result of or in connection with such Investment,
becomes a Restricted Subsidiary, the existing Investment of the Company and its Restricted Subsidiaries in such Person, 

in the case of each of (1), (2) and (3), up to the amount of such Investment that was treated as a Restricted Payment under
Section 3.11 less the amount of any previous Investment Return in respect of such Investment. 

“Issue Date” means the first date of issuance of the Notes under this Indenture and
following a Partial Covenant Suspension Event or a Covenant Suspension Event, except under “Optional Redemption for Changes in Withholding Taxes” under clause (5) in Exhibit A, in the case of Dollar Notes, and, in
Exhibit B, in the case of Euro Notes, Section 3.22 and the definition of “Permitted Liens,” the most recent Partial Reversion Date or Reversion Date, as applicable. 

“Issue Date Notes” means the U.S.$1,067,665,000 aggregate principal amount of Dollar
Notes and the €115,346,000 aggregate principal amount of Euro Notes originally issued on the Issue Date, and any replacement Notes issued therefor in accordance with this Indenture. 

“Issuer” means the party named as such in the introductory paragraph to this Indenture
and its successors and assigns. 
 “Issuer Order” has the meaning assigned to it
in Section 2.2(c). 
 “Legal Defeasance” has the meaning assigned to
it in Section 8.1(b). 
 “Legal Holiday” has the meaning assigned to
it in Section 12.6. 
 “Lien” means, with respect to any asset, any
mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset. The Company or any Restricted Subsidiary shall be deemed to own, subject to a Lien, any asset that it has acquired or holds subject to the
interest of a vendor or lessor under any conditional sale agreement, Capitalized Lease Obligations or other title retention lease relating to such asset, or any account receivable transferred by it with recourse (including any such transfer subject
to a holdback or similar arrangement that effectively imposes the risk of collectability on the transferor). 

“Luxembourg” means the Grand Duchy of Luxembourg. 

 

 23 

 “Material Acquisition” means: 

 

	 	(1)	 an Investment by the Company or any Restricted Subsidiary in any other Person pursuant to which such Person will become a Restricted Subsidiary, or
will be merged with or into the Company or any Restricted Subsidiary; 

  

	 	(2)	 the acquisition by the Company or any Restricted Subsidiary of the assets of any Person (other than a Subsidiary of the Company) which constitute
all or substantially all of the assets of such Person or comprises any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business; or 

 

	 	(3)	 any Revocation with respect to an Unrestricted Subsidiary; 

in each case which involves an Investment, Designation or payment of consideration in excess of U.S.$25,000,000 (or the equivalent in
other currencies). 
 “Material Disposition” means any Asset Sale and, whether
or not constituting an Asset Sale, (1) any sale or other disposition of Capital Stock, (2) any Designation with respect to an Unrestricted Subsidiary and (3) any sale or other disposition of property or assets excluded from the
definition of Asset Sale by clause (4) of that definition, in each case which involves an Investment, Designation or payment of consideration in excess of U.S.$25,000,000 (or the equivalent in other currencies). 

“Maturity Date” means May 12, 2020, in the case of Dollar Notes, and May 12,
2017, in the case of Euro Notes 
 “Mexican Financial Reporting Standards” means
Mexican financial reporting standards (Normas de Información Financiera Aplicables en México) as issued by the Mexican Financial Reporting Standards Board (Consejo Mexicano para la Investigación y Desarrollo de Normas
de Información Financiera). 
 “Moody’s” means Moody’s
Investors Service Inc., and any successor to its rating agency business. 
 “Net Cash
Proceeds” means, with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents, including payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents received by the
Company or any of its Restricted Subsidiaries from such Asset Sale, net of: 
  

	 	(1)	 reasonable out-of-pocket expenses and fees relating to such Asset Sale (including, without limitation, legal, accounting and investment banking fees
and sales commissions); 

  

	 	(2)	 taxes paid or payable in respect of such Asset Sale after taking into account any reduction in consolidated tax liability due to available tax
credits or deductions and any tax sharing arrangements; 

  

 24 

	 	(3)	 repayment of Indebtedness secured by a Lien permitted under this Indenture that is required to be repaid in connection with such Asset Sale; and

  

	 	(4)	 appropriate amounts to be provided by the Company or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with GAAP, against
any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary, as the case may be, after such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities
related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, but excluding any reserves with respect to Indebtedness. 

“New Sunward Holding” means the party named as such in the introductory paragraph to this
Indenture and its successors and assigns. 
 “Non-U.S. Person” means a person
who is not a U.S. person, as defined in Regulation S. 
 “Note Custodian”
means the custodian with respect to any Global Note appointed by DTC, Euroclear or Clearstream, or any successor Person thereto, and shall initially be the Trustee. 

“Note Guarantee” means any guarantee of the Issuer’s Obligations under this
Indenture and the Notes by any Note Guarantor pursuant to Article X. 
 “Note
Guarantors” means collectively the Company, CEMEX Mexico and any Additional Guarantor. 

“Note Register” has the meaning assigned to it in Section 2.3(a). 

“Notes” means, collectively, the Dollar Notes and the Euro Notes. 

“Obligations” means, with respect to any Indebtedness, any principal, interest
(including, without limitation, Post-Petition Interest), penalties, fees, indemnifications, reimbursements, damages, and other liabilities payable under the documentation governing such Indebtedness, including in the case of the Notes and the Note
Guarantees, on this Indenture. 
 “Officer” means, when used in connection with
any action to be taken by the Company, the Issuer or a Note Guarantor, as the case may be, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer, the Controller, the
Secretary or an attorney-in-fact of the Company, the Issuer or such Note Guarantor, as the case may be. 

“Officer’s Certificate” means a certificate signed on behalf of a Person by an
Officer of such Person, who must be the principal executive officer, the principal financial officer, the treasurer, the principal accounting officer or an attorney-in-fact of such Person, that meets the requirements set forth in this Indenture.

  

 25 

 “Opinion of Counsel” means a written
opinion of counsel, who, unless otherwise indicated in this Indenture, may be an employee of or counsel for the Issuer or any Note Guarantor, and who shall be reasonably acceptable to the Trustee. 

“Outstanding” means, as of the date of determination, all Notes theretofor authenticated
and delivered under this Indenture, except: 
  

	 	(1)	 Notes theretofor canceled by the Trustee or delivered to the Trustee for cancellation; 

 

	 	(2)	 Notes, or portions thereof, for the payment, redemption or, in the case of an Asset Sale Offer or Change of Control Offer, purchase of which, money
in the necessary amount has been theretofor deposited with the Trustee or any Paying Agent (other than the Issuer, a Note Guarantor or an Affiliate of the Company) in trust or set aside and segregated in trust by the Issuer, a Note Guarantor or an
Affiliate of the Company (if the Issuer, such Note Guarantor or such Affiliate is acting as the Paying Agent) for the Holders of such Notes; provided that, if Notes (or portions thereof) are to be redeemed or purchased, notice of such
redemption or purchase has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

  

	 	(3)	 Notes which have been surrendered pursuant to Section 2.9 or Notes in exchange for which or in lieu of which other Notes have been
authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a protected purchaser in whose hands such Notes
are valid obligations of the Issuer; and 

  

	 	(4)	 solely to the extent provided in Article VIII, Notes which are subject to Legal Defeasance or Covenant Defeasance as provided in Article
VIII; 

 provided, however, that in determining whether the Holders of the requisite aggregate
principal amount of the Outstanding Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer, a Note Guarantor or any other obligor upon the Notes 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 or waiver, only
Notes which a Trust Officer of the Trustee actually knows to be so owned shall be so disregarded. Notes 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 Notes and that the pledgee is not the Issuer or any other obligor upon the Notes or any Affiliate of the Company or of such other obligor. 

“Partial Covenant Reversion Date” has the meaning set forth under
Section 3.22(e). 
  

 26 

 “Partial Covenant Suspension Date” has the
meaning set forth under Section 3.22(c). 
 “Partial Covenant Suspension
Event” has the meaning set forth under Section 3.22(a). 
 “Partial
Suspended Covenants” has the meaning set forth under Section 3.22(a). 

“Partial Suspension Period” has the meaning set forth under Section 3.22(e).

 “Paying Agent” has the meaning assigned to it in Section 2.3(a).

 “Permitted Asset Swap Transaction” means a transaction consisting
substantially of the concurrent (i) disposition by the Company or any of its Restricted Subsidiaries of any asset, property or cash consideration (other than a Restricted Subsidiary) in exchange for assets, property or cash consideration
transferred to the Company or a Restricted Subsidiary, to be used in a Permitted Business or (ii) disposition by the Company or any of its Restricted Subsidiaries of Capital Stock of a Restricted Subsidiary in exchange for Capital Stock of
another Restricted Subsidiary or of Capital Stock of any Person that becomes a Restricted Subsidiary after giving effect to such transaction; provided that any cash or Cash Equivalents received in such a transaction shall constitute Net Cash
Proceeds to be applied in accordance with Section 3.12. 
 “Permitted
Business” means the business or businesses conducted by the Company and its Restricted Subsidiaries as of the Issue Date and any business ancillary, complementary or related thereto or any other business that would not constitute a
substantial change to the general nature of its business from that carried on as of the Issue Date. 

“Permitted Indebtedness” has the meaning set forth in Section 3.9(b).

 “Permitted Investments” means: 

 

	 	(1)	 Investments by the Company or any Restricted Subsidiary in any Person that is, or that result in any Person becoming, immediately after such
Investment, a Restricted Subsidiary or constituting a merger or consolidation of such Person into the Company or with or into a Restricted Subsidiary; 

  

	 	(2)	 any Investment in the Company; 

  

	 	(3)	 Investments in cash and Cash Equivalents; 

  

	 	(4)	 any extension, modification or renewal of any Investments existing as of the Issue Date (but not Investments involving additional advances,
contributions or other investments of cash or property or other increases thereof, other than as a result of the accrual or accretion of interest or original issue discount or payment-in-kind pursuant to the terms of such Investment as of the Issue
Date); 

  

 27 

	 	(5)	 Investments permitted pursuant to clause (ii), (vi) or (vii) of Section 3.18(b); 

 

	 	(6)	 Investments received as a result of the bankruptcy or reorganization of any Person or taken in settlement of or other resolution of claims or
disputes, and, in each case, extensions, modifications and renewals thereof; 

  

	 	(7)	 Investments made by the Company or its Restricted Subsidiaries as a result of non-cash consideration permitted to be received in connection with an
Asset Sale made in compliance with Section 3.12; 

  

	 	(8)	 Investments in the form of Hedging Obligations or Compensation Related Hedging Obligations permitted under clause (v) of
Section 3.9(b); 

  

	 	(9)	 Investments in existence on the Issue Date or made pursuant to binding commitments in effect on the Issue Date or any Investment consisting of any
extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any such Investment may be increased (a) as required by the terms of such Investment as in existence on the Issue Date or
(b) as otherwise permitted by this Indenture; 

  

	 	(10)	 Investments by the Company or any Restricted Subsidiary in a Receivables Entity in connection with a Qualified Receivables Transaction which does
not constitute an Asset Sale by virtue of clause (7) of the definition thereof; provided, however, that any such Investments are made only in the form of Receivables Assets; 

 

	 	(11)	 Investments in marketable securities or instruments, to fund the Company’s or a Restricted Subsidiary’s pension and other employee-related
obligations in the ordinary course of business pursuant to compensation arrangements approved by the Board of Directors or senior management of the Company; 

 

	 	(12)	 any Investment that: 

  

	 	(a)	 when taken together with all other Investments made pursuant to this clause (12) that are at the time outstanding (net of cash benefits to the
Company or a Restricted Subsidiary from Investments pursuant to this clause (12)), does not exceed the greater of U.S.$250 million and 3% of Consolidated Tangible Assets; or 

 

	 	(b)	 when taken together with all other Investments made pursuant to this clause (12) in any fiscal year that are at the time outstanding, does not
exceed U.S.$100 million in any fiscal year; 

  

 28 

	 	(13)	 Investments in the Capital Stock of any Person other than a Restricted Subsidiary that are required to be held pursuant to an involuntary
governmental order of condemnation, nationalization, seizure or expropriation or other similar order with respect to Capital Stock of such Person (prior to which order such Person was a Restricted Subsidiary); provided that such Person
contests such order in good faith in appropriate proceedings; 

  

	 	(14)	 repurchases of the U.S. Dollar-denominated 9.50% Senior Secured Notes due 2016, the Euro-denominated 9.625% Senior Secured Notes due 2017 or
the Notes; 

  

	 	(15)	 Investments in the SPV Perpetuals or the notes related thereto; provided that any payment or other contribution to one of the special purpose
vehicles issuing the SPV Perpetuals in connection with such Investment is promptly paid or contributed to the Company or a Restricted Subsidiary following receipt thereof. 

 

	 	(16)	 any Investment that constitutes Indebtedness permitted under clause (viii) of Section 3.9(b); and 

 

	 	(17)	 (a) Investments to which the Company or any of its Restricted Subsidiaries is contractually committed as of the Issue Date in any Person other than
a Subsidiary in which the Company or any of its Restricted Subsidiaries maintains an Investment in equity securities and (b) Investments in any Person other than a Subsidiary in which the Company or any of its Restricted Subsidiaries maintains
an Investment in equity securities up to U.S.$100 million in any calendar year minus the amount of any guarantees under clause (xix) of Section 3.9(b). 

“Permitted Liens” means any of the following: 

 

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

  

	 	(2)	 Liens Incurred or deposits made in the ordinary course of business in connection with (i) workers’ compensation, unemployment insurance
and other types of social security or (ii) other insurance maintained by the Company and its Subsidiaries in compliance with the Financing Agreement; 

 

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

 

 29 

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

  

	 	(5)	 (i) Liens existing on the Issue Date other than in respect of the Collateral and (ii) Liens in respect of the Collateral to the extent equally
and ratably securing the Notes, and the other Permitted Secured Obligations; 

  

	 	(6)	 any Lien on property acquired by the Company or its Restricted Subsidiaries after the Issue Date that was existing on the date of acquisition of
such property; provided that such Lien was not incurred in anticipation of such acquisition, and any Lien created to secure all or any part of the purchase price, or to secure Indebtedness incurred or assumed to pay all or any part of the
purchase price, of property acquired by the Company or any of its Restricted Subsidiaries after the Issue Date; provided further that (A) any such Lien permitted pursuant to this clause (6) shall be confined solely to the item or
items of property so acquired (including, in the case of any Acquisition of a corporation through the acquisition of 51% or more of the voting stock of such corporation, the stock and assets of any Acquired Subsidiary or Acquiring Subsidiary) and,
if required by the terms of the instrument originally creating such Lien, other property which is an improvement to, or is acquired for specific use with, such acquired property; and (B) if applicable, any such Lien shall be created within nine
months after, in the case of property, its acquisition, or, in the case of improvements, their completion; 

  

	 	(7)	 any Liens renewing, extending or refunding any Lien permitted by clause (5)(i) above; provided that such Lien is not extended to other
property (or, instead, is only extended to equivalent property) and the principal amount of Indebtedness secured by such Lien immediately prior thereto is not increased or the maturity thereof reduced, except that the principal amount secured by any
such Lien in respect of: 

  

	 	(a)	 hedging obligations or other derivatives where there are fluctuations in mark-to-market exposures of those hedging obligations or other derivatives,

  

	 	(b)	 Indebtedness consisting of any “Certificados Bursátiles de Largo Plazo” or the Bancomext Facility, or any Refinancing
thereof, where principal may increase by virtue of capitalization of interest, and 

  

	 	(c)	 the Banobras Facility to the extent additional amounts are drawn thereunder, may be increased by the amount of such fluctuations, capitalization or
drawings, as the case may be; 

  

 30 

	 	(8)	 Liens on Receivables Assets or Capital Stock of a Receivables Subsidiary, in each case granted in connection with a Qualified Receivables
Transaction; 

  

	 	(9)	 Liens granted pursuant to or in connection with any netting or set-off arrangements entered into in the ordinary course of business;

  

	 	(10)	 any Lien permitted by the Trustee, acting pursuant to the instructions of at least 50% of the Holders; and 

 

	 	(11)	 any Lien granted by the Company or any of its Restricted Subsidiaries to secure Indebtedness under a Permitted Liquidity Facility; provided
that: (i) such Lien is not granted in respect of the Collateral, and (ii) the maximum amount of such Indebtedness secured by such Lien does not exceed U.S.$500 million at any time; or 

 

	 	(12)	 in addition to the Liens permitted by the foregoing clauses (1) through (11), Liens securing obligations of the Company and its Restricted
Subsidiaries that in the aggregate secure obligations in an amount not in excess of the greater of (i) 5% of Consolidated Tangible Assets and (ii) U.S.$700 million. 

“Permitted Liquidity Facility” means a loan facility or facilities made available to the
Company or any Restricted Subsidiary by one or more creditors under the Financing Agreement Indebtedness (or their respective Affiliates); provided that the aggregate principal amount of utilized and unutilized commitments under such
facilities must not exceed U.S.$1 billion (or its equivalent in another currency) at any time. 

“Permitted Merger Jurisdiction” has the meaning set forth in Section 4.1(a).

 “Permitted Secured Obligations” means (i) the Financing Agreement
Indebtedness and any refinancing thereof made in accordance with the Financing Agreement that is secured by the Collateral, (ii) notes (or similar instruments, including Certificados Bursátiles) outstanding on the date of the
Financing Agreement required to be secured by the Collateral pursuant to their terms, or any refinancing thereof permitted by the Financing Agreement, and (iii) future Indebtedness secured by the Collateral to the extent permitted by the
Financing Agreement. 
 “Person” means an individual, partnership, limited
partnership, corporation, company, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 

“Pesos” or “Ps” means the lawful money of Mexico. 

“Private Placement Legend” has the meaning assigned to it in Section 2.8(b).

  

 31 

 “Post-Petition Interest” means all interest
accrued or accruing after the commencement of any insolvency or liquidation proceeding (and interest that would accrue but for the commencement of any insolvency or liquidation proceeding) in accordance with and at the contract rate (including,
without limitation, any rate applicable upon default) specified in the agreement or instrument creating, evidencing or governing any Indebtedness, whether or not, pursuant to applicable law or otherwise, the claim for such interest is allowed as a
claim in such insolvency or liquidation proceeding. 
 “Preferred Stock” of any
Person means any Capital Stock of such Person that has preferential rights over any other Capital Stock of such Person with respect to dividends, distributions or redemptions or upon liquidation. 

“Purchase Money Indebtedness” means Indebtedness Incurred for the purpose of financing
all or any part of the purchase price or cost of construction of any property other than Capital Stock; provided that the aggregate principal amount of such Indebtedness does not exceed the lesser of the Fair Market Value of such property or
such purchase price or cost, including any Refinancing of such Indebtedness that does not increase the aggregate principal amount (or accreted amount, if less) thereof as of the date of Refinancing. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A.

 “Qualified Capital Stock” means any Capital Stock that is not Disqualified
Capital Stock and any warrants, rights or options to purchase or acquire Capital Stock that is not Disqualified Capital Stock that are not convertible into or exchangeable into Disqualified Capital Stock. 

“Qualified Receivables Transaction” means any transaction or series of transactions that
may be entered into by the Company or any Restricted Subsidiary pursuant to which the Company or any Restricted Subsidiary may sell, convey, assign or otherwise transfer to a Receivables Entity any Receivables Assets to obtain funding for the
operations of the Company and its Restricted Subsidiaries: 
  

	 	(1)	 for which no term of any portion of the Indebtedness or any other obligations (contingent or otherwise) or securities Incurred or issued by any
Person in connection therewith: 

  

	 	(a)	 directly or indirectly provides for recourse to, or any obligation of, the Company or any Restricted Subsidiary in any way, whether pursuant to a
Guarantee or otherwise, except for Standard Undertakings, 

  

	 	(b)	 directly or indirectly subjects any property or asset of the Company or any Restricted Subsidiary (other than Capital Stock of a Receivables
Subsidiary) to the satisfaction thereof, except for Standard Undertakings, or 

  

 32 

	 	(c)	 results in such Indebtedness, other obligations or securities constituting Indebtedness of the Company or a Restricted Subsidiary, including
following a default thereunder, and 

  

	 	(2)	 for which the terms of any Affiliate Transaction between the Company or any Restricted Subsidiary, on the one hand, and any Receivables Entity, on
the other, other than Standard Undertakings and Permitted Investments, are no less favorable than those that could reasonably be expected to be obtained in a comparable transaction at such time on an arm’s length basis from a Person that is not
an Affiliate of the Company, and 

  

	 	(3)	 in connection with which, neither the Company nor any Restricted Subsidiary has any obligation to maintain or preserve a Receivable Entity’s
financial condition, cause a Receivables Entity to achieve certain levels of operating results, fund losses of a Receivables Entity, or except in connection with Standard Undertakings, purchase assets of a Receivables Entity.

 “Rating Agencies” mean Fitch, Moody’s and S&P. In
the event that Fitch, Moody’s or S&P is no longer in existence or issuing ratings, such organization may be replaced by a nationally recognized statistical rating organization (as defined in Rule 15c3-1(c)(2)(vi)(F) of the Exchange Act or
any successor provision) designated by the Company with notice to the Trustee. 

“Receivables Assets” means: 

 

	 	(1)	 accounts receivable, leases, conditional sale agreements, instruments, chattel paper, installment sale contracts, obligations, general intangibles,
and other similar assets, in each case relating to goods, inventory or services of the Company and its Subsidiaries, 

  

	 	(2)	 equipment and equipment residuals relating to any of the foregoing, 

 

	 	(3)	 contractual rights, Guarantees, letters of credit, Liens, insurance proceeds, collections and other similar assets, in each case related to the
foregoing, and 

  

	 	(4)	 proceeds of all of the foregoing. 

“Receivables Entity” means a Receivables Subsidiary or any other Person not an Affiliate
of the Company, in each case whose sole business activity is to engage in Qualified Receivables Transactions, including to issue securities or other interests in connection with a Qualified Receivables Transaction. 

“Receivables Subsidiary” means an Unrestricted Subsidiary of the Company that engages in
no activities other than Qualified Receivables Transactions and activities related thereto and that is designated by the Issuer as a Receivables Subsidiary. Any such designation by the Issuer will be evidenced to the Trustee by filing with the
Trustee an Officer’s Certificate of the Issuer. 
  

 33 

 “Record Date” has the meaning assigned to
it in the Form of Face of Note contained in Exhibit A, in the case of Dollar Notes, and in the Form of Face of Note contained in Exhibit B, in the case of Euro Notes. 

“Redemption Date” means, with respect to any redemption of Notes, the date fixed for such
redemption pursuant to this Indenture and the Notes. 
 “Refinance” means, in
respect of any Indebtedness, to issue any Indebtedness in exchange for or to refinance, repay, redeem, replace, defease or refund such Indebtedness in whole or in part. “Refinanced” and “Refinancing” will have correlative
meanings. 
 “Refinancing Indebtedness” means Indebtedness of the Company or any
Restricted Subsidiary issued to Refinance any other Indebtedness of the Company or a Restricted Subsidiary so long as: 
  

	 	(1)	 the aggregate principal amount (or initial accreted value, if applicable) of such new Indebtedness as of the date of such proposed Refinancing does
not exceed the aggregate principal amount (or accreted value as of such date, if applicable) of the Indebtedness being Refinanced (plus the amount of any premium required to be paid under the terms of the instrument governing such Indebtedness and
the amount of reasonable expenses incurred by the Company in connection with such Refinancing); 

  

	 	(2)	 such new Indebtedness has: 

  

	 	(a)	 a Weighted Average Life to Maturity that is equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being Refinanced, and

  

	 	(b)	 a final maturity that is equal to or later than the final maturity of the Indebtedness being Refinanced or, in the case of Indebtedness without a
stated maturity, December 14, 2017; and 

  

	 	(3)	 if the Indebtedness being Refinanced is: 

  

	 	(a)	 Indebtedness of the Issuer, then such Refinancing Indebtedness will be Indebtedness of the Issuer and/or any Note Guarantor,

  

	 	(b)	 Indebtedness of a Note Guarantor, then such Refinancing Indebtedness will be Indebtedness of the Issuer and/or any Note Guarantor,

  

	 	(c)	 Indebtedness of any of the Restricted Subsidiaries, then such Refinancing Indebtedness will be Indebtedness of such Restricted Subsidiary, the
Issuer and/or any Note Guarantor, and 

  

 34 

	 	(d)	 Subordinated Indebtedness, then such Refinancing Indebtedness shall be subordinate to the Notes or the relevant Note Guarantee, if applicable, at
least to the same extent and in the same manner as the Indebtedness being Refinanced. 

Notwithstanding the foregoing, with respect to any hedging obligations or derivates outstanding on the
Issue Date in respect of the Axtel Share Forward Transactions, “Refinancing Indebtedness” shall mean any replacements, amendments or renewals thereof that are entered into on then prevailing market terms with the underlying amounts not
greater than the original underlying amounts. 
 “Registrar” has the meaning
assigned to it in Section 2.3(a). 
 “Regulation S” means
Regulation S under the Securities Act or any successor regulation. 

“Regulation S Global Note” has the meaning assigned to it in
Section 2.1(e). 
 “Resale Restriction Termination Date” means for
any Restricted Note (or beneficial interest therein), that is (a) not a Regulation S Global Note, the date on which the Company instructs the Trustee in writing to remove the Private Placement Legend from the Restricted Notes in accordance with
the procedures described in Section 2.9(h) (which instruction is expected to be given on or about the one year anniversary of the issuance of the Restricted Notes) and (b) a Regulation S Global Note (or Certificated Note issued in
respect thereof pursuant to Section 2.7(c)), the date on which the Distribution Compliance Period therefor terminates. 

“Restricted Note” means any Issue Date Note (or beneficial interest therein) or any
Additional Note (or beneficial interest therein) not originally issued and sold pursuant to an effective registration statement under the Securities Act other than, in each case, a Regulation S Global Note until such time as: 

 

	 	(i)	 the Resale Restriction Termination Date therefor has passed; or 

 

	 	(ii)	 in the case of a Regulation S Global Note (or Certificated Note issued in respect thereof pursuant to Section 2.7(c)), the expiration of
the Distribution Compliance Period therefor; or 

  

	 	(iii)	 the Private Placement Legend therefor has otherwise been removed pursuant to Section 2.9 or, in the case of a beneficial interest in a
Global Note, such beneficial interest has been exchanged for an interest in a Global Note not bearing a Private Placement Legend. 

“Restricted Payment” has the meaning set forth in Section 3.11(a).

 “Restricted Subsidiary” means any Subsidiary of the Company, which at the
time of determination is not an Unrestricted Subsidiary. 
  

 35 

 “Reversion Date” has the meaning assigned
to in Section 3.22(e). 
 “Revocation” has the meaning set forth in
Section 3.14(c). 
 “Rule 144” means Rule 144 under the
Securities Act (or any successor rule). 
 “Rule 144A” means Rule 144A under the
Securities Act (or any successor rule). 
 “Rule 144A Global Note” has the
meaning assigned to it in Section 2.1(d). 
 “S&P” means
Standard & Poor’s Ratings Group and any successor to its rating agency business. 

“Sale and Leaseback Transaction” means any direct or indirect arrangement with any Person
or to which any such Person is a party providing for the leasing to the Company or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Issue Date or later acquired, which has been or is to be
sold or transferred by the Company or such Restricted Subsidiary to such Person or to any other Person by whom funds have been or are to be advanced on the security of such Property. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Security Agent” means Wilmington Trust (London) Limited, as Security Agent under the
Intercreditor Agreement. 
 “Security Documents” has the meaning assigned to it
in Section 7.13. 
 “Senior Indebtedness” means (i) the Notes
and any other Indebtedness of the Company or any Note Guarantor that ranks equal in right of payment with the Notes or the relevant Note Guarantee, as the case may be or (ii) Indebtedness for borrowed money or constituting Capitalized Lease
Obligations of any Restricted Subsidiary other than a Note Guarantor. 
 “Significant
Subsidiary” means a Subsidiary of the Company constituting a “Significant Subsidiary” of the Company in accordance with Rule 1-02(w) of Regulation S-X under the Securities Act in effect on the date hereof. 

“Similar Business” means (1) any business engaged in by the Company or any
Restricted Subsidiary on the Issue Date, and (2) any business or other activities, including non-profit or charitable activities, that are reasonably similar, ancillary, complementary or related to, or a reasonable extension, development or
expansion of, the businesses and activities in which the Company or any Restricted Subsidiary is engaged on the Issue Date, including, but not limited to, infrastructure projects, public works programs and consumer or supplier financing. 

“Special Record Date” has the meaning assigned to it in Section 2.13(a).

 “SPV Perpetuals” means the perpetual debentures issued by special purpose
vehicles in December 2006, February 2007 and March 2007. 
  

 36 

 “Standard Undertakings” means
representations, warranties, covenants, indemnities and similar obligations, including servicing obligations, entered into by the Company or any Subsidiary of the Company in connection with a Qualified Receivables Transaction, which are customary in
similar non-recourse receivables securitization, purchase or financing transactions. 

“Subordinated Indebtedness” means, with respect to the Company or any Note Guarantor, any
Indebtedness of the Company or such Note Guarantor, as the case may be, which is expressly subordinated in right of payment to the Notes or the relevant Note Guarantee, as the case may be. 

“Subsidiary” means with respect to any Person, any corporation, partnership, joint
venture, limited liability company, trust, estate or other entity of which (or in which) more than fifty percent (50%) of (a) in the case of a corporation, the issued and outstanding Capital Stock having ordinary voting power to elect a
majority of the board of directors of such corporation (irrespective of whether at the time Capital Stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency that has not occurred
and is not in the control of such Person), (b) in the case of a limited liability company, partnership or joint venture, the voting or other power to control the actions of such limited liability company, partnership or joint venture or
(c) in the case of a trust or estate, the voting or other power to control the actions of such trust or estate, is at the time directly or indirectly owned or controlled by (X) such Person, (Y) such Person and one or more of its other
Subsidiaries or (Z) one or more of such Person’s other Subsidiaries. Unless the context otherwise requires, all references herein to a “Subsidiary” shall refer to a Subsidiary of the Company. 

“Successor Company” has the meaning assigned to it in Section 4.1(b).

 “Successor Issuer” has the meaning assigned to it in Section 4.1(a).

 “Successor Note Guarantor” has the meaning assigned to it in
Section 4.1(c). 
 “Suspended Covenants” has the meaning assigned to
it in Section 3.22(b). 
 “Suspension Date” has the meaning assigned
to it in Section 3.22(c). 
 “Suspension Period” means the period of
time between the Suspension Date and the Reversion Date. 
 “Taxes” has the
meaning assigned to it in Section 3.21(a). 
 “Taxing Jurisdiction”
has the meaning assigned to it in Section 3.21(a). 
 “Transfer
Agent” has the meaning assigned to it in Section 2.3(a). 

“Transportation Agreements” means, in respect of any Person, any agreement or arrangement
designed to protect such Person from fluctuations in prices related to transportation. 
  

 37 

 “Trust Officer” means, when used with
respect to the Trustee, any officer within the corporate trust department of the Trustee, having direct responsibility for the administration of this Indenture, or any other officer of the Trustee to whom any corporate trust matter is referred
because of such person’s knowledge of and familiarity with the particular subject. 

“Trustee” means the party named as such in the introductory paragraph to this Indenture
until a successor replaces it in accordance with the terms of this Indenture and, thereafter, means the successor. 

“USA Patriot Act” has the meaning assigned to it in Section 12.16.

 “U.S. Government Obligations” means direct obligations (or certificates
representing an ownership interest in such obligations) of, or guaranteed by, the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is
pledged and which are not callable or redeemable at the issuer’s option. 
 “U.S.
Legal Tender” means such coin or currency of the United States of America, as at the time of payment shall be legal tender for the payment of public and private debts. 

“U.S. Person” means a U.S. Person as defined in Regulation S. 

“Unrestricted Subsidiary” means any Subsidiary of the Company Designated as such pursuant
to Section 3.14. Any such Designation may be revoked by the Issuer, subject to the provisions of such covenant. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date,
the number of years (calculated to the nearest one-twelfth) obtained by dividing: 
  

	 	(1)	 the sum of the products obtained by multiplying: 

  

	 	(a)	 the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal or liquidation preference, as
the case may be, including payment at final maturity, in respect thereof, by 

  

	 	(b)	 the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment; by

  

	 	(2)	 the then outstanding aggregate principal amount or liquidation preference, as the case may be, of such Indebtedness. 

“Wholly Owned Subsidiary” means, for any Person, any Subsidiary (Restricted Subsidiary in
the case of the Company) of which at least 99.5% of the outstanding Capital Stock (other than, in the case of a Subsidiary not organized in the United States, directors’ qualifying shares or an immaterial amount of shares required to be owned
by other Persons pursuant to applicable law) is owned by such Person or any other Person that satisfies this definition in respect of such Person. 
  

 38 

 Section 1.2 [Reserved]. 

Section 1.3 Rules of Construction. Unless the context otherwise requires: 

 

	 	(1)	 a term has the meaning assigned to it; 

  

	 	(2)	 an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

 

	 	(3)	 “or” is not exclusive; 

  

	 	(4)	 “including” means including without limitation; 

 

	 	(5)	 words in the singular include the plural and words in the plural include the singular; and 

 

	 	(6)	 references to the payment of principal of the Notes shall include applicable premium, if any. 

ARTICLE II 
 THE
NOTES 
 Section 2.1 Form and Dating. 

(a) The Issue Date Notes are being originally offered and sold by the Issuer pursuant to an Amended and
Restated Dealer Manager Agreement, dated as of May 6, 2010, among the Issuer, the Note Guarantors party hereto, New Sunward Holding Financial Ventures, B.V., the Capital SPVs, J.P. Morgan Securities Inc., J.P. Morgan Securities Ltd., Citigroup
Global Markets Inc. and Citigroup Global Markets Limited, as Dealer Managers with respect to the Notes. The Notes will initially be issued as one or more Global Notes in fully registered form without interest coupons, and only in denominations of
U.S.$70,000 and integral multiples of U.S.$1,000 in excess thereof, in the case of Dollar Notes, and €50,000 and integral multiples of €1,000 in excess thereof, in the case of Euro Notes. Each such Global Note shall constitute a single
Note for all purposes under this Indenture. Certificated Notes, if issued pursuant to the terms hereof, will be issued in fully registered certificated form without coupons. The Notes may only be issued in definitive fully registered form without
coupons and only in denominations of U.S.$70,000 and any integral multiple of U.S.$1,000 in excess thereof, in the case of Dollar Notes, and €50,000 and integral multiples of €1,000 in excess thereof, in the case of Euro Notes. The Notes
and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto, in the case of Dollar Notes, and Exhibit B, in the case of Euro Notes. 

 

 39 

 (b) The terms and provisions of the Notes, the form of which
is in Exhibit A, in the case of Dollar Notes, and Exhibit B, in the case of Euro Notes, shall constitute, and are hereby expressly made, a part of this Indenture, and, to the extent applicable, the Issuer, the Note Guarantors
and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. Except as otherwise expressly permitted in this Indenture, all Notes (including Additional Notes) shall be
identical in all respects. Notwithstanding any differences among them, all Notes issued under this Indenture shall vote and consent together on all matters as one class and are otherwise treated as a single issue of securities. The Trustee and the
Issuer may set a Special Record Date for the determination of the Dollar Equivalent amount of Notes that vote as to any matter. 

(c) The Notes may have notations, legends or endorsements as specified in Section 2.7 or as
otherwise required by law, stock exchange rule or DTC, Euroclear or Clearstream rule or usage. The Issuer and the Trustee shall approve the form of the Notes and any notation, legend or endorsement on them. Each Note shall be dated the date of its
authentication. 
 (d) Notes originally offered and sold to QIBs in reliance on Rule 144A
will be issued in the form of one or more permanent Global Notes (each, a “Rule 144A Global Note”). 

(e) Notes originally offered and sold outside the United States in reliance on Regulation S will be issued
in the form of one or more permanent Global Notes (each, a “Regulation S Global Note”). Each Regulation S Global Note shall be deposited on behalf of the purchasers of the Notes represented thereby with the Note Custodian and
registered in the name of DTC or its nominee, for credit to the accounts maintained at DTC by or on behalf of Euroclear or Clearstream. In no event shall any Person hold an interest in a Regulation S Global Note other than in or through accounts
maintained at Euroclear or Clearstream or DTC by or on behalf of Euroclear or Clearstream. 
 Section 2.2
Execution and Authentication. 
 (a) Any Officer of the Issuer may sign the Notes for the
Issuer by manual or facsimile signature. If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 

(b) A Note shall not be valid until manually authenticated by an authorized signatory of the Trustee or an
agent appointed by the Trustee (and reasonably acceptable to the Issuer) for such purpose (an “Authenticating Agent”). The signature of an authorized signatory of the Trustee or an Authenticating Agent on a Note shall be conclusive
evidence that such Note has been duly and validly authenticated and issued under this Indenture. Unless limited by the terms of its appointment, an Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by an Authenticating Agent. 

(c) At any time and from time to time after the execution and delivery of this Indenture, the Trustee
shall authenticate and make available for delivery Notes upon a written order of the Issuer signed by an Officer of the Issuer (the “Issuer Order”). An Issuer Order shall specify the amount of the Notes to be authenticated and the
date on which the original issue of Notes is to be authenticated. 
  

 40 

 (d) In case a Successor Issuer has executed an indenture
supplemental hereto with the Trustee pursuant to Article IV, any of the Notes authenticated or delivered prior to such transaction may, from time to time, at the request of the Successor Issuer be exchanged for other Notes executed in the
name of the Successor Issuer with such changes in phraseology and form as may be appropriate, but otherwise identical to the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Issuer Order of the Successor
Issuer, shall authenticate and deliver Notes as specified in such order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a Successor Issuer pursuant to this Section 2.2 in
exchange or substitution for or upon registration of transfer of any Notes, such Successor Issuer, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time Outstanding for Notes authenticated
and delivered in such new name. 
 Section 2.3 Registrar, Paying Agent and Transfer Agent. 

(a) The Issuer shall maintain an office or agency in the Borough of Manhattan, City of New York, where
Notes may be presented or surrendered for registration of transfer or for exchange (the “Registrar”), where Notes may be presented for payment (the “Paying Agent”) and for the service of notices and demands to or
upon the Issuer in respect of the Notes and this Indenture. The Registrar shall keep a register of the Notes and of their transfer and exchange (the “Note Register”). The Issuer may have one or more co-Registrars and one or more
additional paying agents. The term “Paying Agent” includes any additional paying agent. The Issuer shall maintain an office or agency (i) in London, England and (ii) in Luxembourg, in each case where the Notes may be presented
for payment. The Issuer shall maintain an office or agency in Luxembourg, where Notes may be presented or surrendered for registration of transfer or for exchange (the “Transfer Agent”). In addition, the Issuer undertakes to the
extent possible, to use reasonable efforts to maintain a Paying Agent in a member state of the European Union that is not obliged to withhold or deduct tax pursuant to European Council Directive 2003/48/EC regarding taxation of savings income.

 (b) The Issuer shall enter into an appropriate agency agreement with any Registrar, Paying
Agent or co-Registrar not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and address of each such agent. If the Issuer fails to
maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.7. The Issuer, any Affiliate of any Note Guarantor may act as Paying Agent, Registrar or
co-Registrar, or transfer agent. 
 (c) The Issuer initially designates the Corporate Trust
Office of the Trustee as one such office or agency of the Issuer as required by Section 2.3(a) and appoints the Trustee as Registrar, Paying Agent and agent for service of demands and notices and the parties identified on the signature
pages to this Indenture in such capacities as Paying Agents and Transfer Agent in connection with the Notes and this Indenture, until such time as another Person is appointed as such. 

 

 41 

 Section 2.4 Paying Agent to Hold Money in Trust. The Issuer shall
require each Paying Agent (other than the Trustee) to agree in writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal of or interest on the Notes
and shall notify the Trustee in writing of any Default by the Issuer or any Note Guarantor in making any such payment. If the Issuer or an Affiliate of any Note Guarantor acts as Paying Agent, it shall segregate the money held by it as Paying Agent
and hold it as a separate trust fund. The Issuer at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this
Section 2.4, the Paying Agent (if other than the Issuer or any Affiliate of a Note Guarantor) shall have no further liability for the money delivered to the Trustee. Upon any proceeding under any Bankruptcy Law with respect to the
Company or any Affiliate of a Note Guarantor, if the Issuer, or such Affiliate or a Note Guarantor is then acting as Paying Agent, the Trustee shall replace the Issuer, such Affiliate or such Note Guarantor as Paying Agent. 

Section 2.5 Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most
recent list available to it of the names and addresses of Holders. At any time that the Trustee is not the Registrar the Company shall furnish to the Trustee, in writing at least seven Business Days before each Interest Payment Date and at such
other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders. 

Section 2.6 CUSIP and ISIN Numbers. The Issuer in issuing Notes may use “CUSIP” or “ISIN”
numbers, as applicable (if then generally in use), and, if so, the Trustee shall use for the Securities “CUSIP” number in notices to the Holders as a convenience to such 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 Notes or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any such notice shall not be
affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee in writing of any changes in the “CUSIP” and “ISIN” numbers, as applicable. 

Section 2.7 Global Note Provisions. 

(a) Each Global Note initially shall: (i) be registered in the name of DTC or the nominee of DTC, in
the case of Dollar Notes, and the Common Depositary, in the case of Euro Notes, or their respective nominee, as applicable, (ii) be delivered to the Note Custodian and (iii) bear the appropriate legends as set forth in
Section 2.8, Exhibit A, in the case of Dollar Notes, and Exhibit B, in the case of Euro Notes. Any Global Note may be represented by one or more certificates. The aggregate principal amount of each Global Note may from
time to time be increased or decreased by adjustments made on the records of the Note Custodian, as provided in this Indenture. 

(b) Except as provided in clause (iii) of Section 2.7(c), members of, or participants in,
DTC (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by DTC, in the case of Dollar Notes, and Euroclear or Clearstream, in the case of Euro Notes or by the Note
Custodian, and DTC, Euroclear or Clearstream may be treated by the Issuer, any Note Guarantor, the Trustee, the Paying Agent, the 

 

 42 

 
Transfer Agent, the Note Custodian, the Registrar and any of their respective agents as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall (i) prevent the Issuer, the Trustee, the Paying Agent, the Transfer Agent, the Note Custodian, the Registrar or any of their respective agents from giving effect to any written certification, proxy or other authorization furnished
by DTC, in the case of Dollar Notes, and Euroclear or Clearstream, in the case of Euro Notes, or (ii) impair, as between DTC and its Agent Members or Euroclear or Clearstream, the operation of customary practices of DTC, Euroclear or
Clearstream governing the exercise of the rights of an owner of a beneficial interest in any Global Note. The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including DTC, in the case of Dollar Notes, and
Euroclear or Clearstream, in the case of Euro Notes, or their respective nominee, Agent Members, in the case of DTC, and persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Indenture
or the Notes. 
 (c) Except as provided in this Section 2.7(c), owners of beneficial
interests in Global Notes will not be entitled to receive Certificated Notes in exchange for such beneficial interests. 
  

	 	(i)	 Certificated Notes shall be issued to all owners of beneficial interests in a Global Note in exchange for such beneficial interests if (A) DTC,
in the case of Dollar Notes, or Euroclear or Clearstream, in the case of Euro Notes, notifies the Issuer that it is unwilling or unable to continue as depositary for such Global Note or (B) DTC, Euroclear or Clearstream ceases to be a clearing
agency registered under the Exchange Act, at a time when DTC, Euroclear or Clearstream is required to be so registered in order to act as depositary, and in each case a successor depositary is not appointed by the Issuer within 90 days of such
notice. In connection with the exchange of an entire Global Note for Certificated Notes pursuant to this clause (i) of this Section 2.7(c), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the
Issuer shall execute, and upon Issuer Order the Trustee shall authenticate and deliver to each beneficial owner identified by DTC, in the case of Dollar Notes, or Euroclear or Clearstream, in the case of Euro Notes, in exchange for its beneficial
interest in such Global Note, an equal aggregate principal amount of Certificated Notes of authorized denominations, and the Registrar shall register such exchanges in the Note Register. 

 

	 	(ii)	 The owner of a beneficial interest in a Global Note will be entitled to receive Certificated Notes in exchange for such interest if an Event of
Default has occurred and is continuing. If an Event of Default has occurred and is continuing, upon receipt by the Registrar of instructions from Agent Members on behalf the owner of a beneficial interest in a Global Note directing the Registrar to
exchange such beneficial owner’s beneficial interest in such Global Note for Certificated Notes, subject to and in accordance with the Applicable Procedures, the Issuer shall promptly execute, and upon Issuer Order the Trustee shall
authenticate and make available for delivery to such beneficial owner, Certificated Notes in a principal amount equal to such beneficial interest in such Global Note. 

 

 43 

	 	(iii)	 If (A) an event described in clause (i) of Section 2.7(c) occurs and Certificated Notes are not issued promptly to all
beneficial owners or (B) the Registrar receives from a beneficial owner the instructions described in clause (ii) of Section 2.7(c) and Certificated Notes are not issued promptly to any such beneficial owner, the Issuer
expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Section 6.6 hereof, the right of any beneficial owner of Notes to pursue such remedy with respect to the portion of the Global Note that
represents such beneficial owner’s Notes as if such Certificated Notes had been issued. 

Section 2.8 Legends. 

(a) Each Global Note shall bear the legend specified therefor in Exhibit A, in the case of
Dollar Notes, and, in Exhibit B, in the case of Euro Notes, on the face thereof. 

(b) Each Restricted Note shall bear the private placement legend specified therefor in
Exhibit A, in the case of Dollar Notes, and, in Exhibit B, in the case of Euro Notes, on the face thereof (the “Private Placement Legend”). 

Section 2.9 Transfer and Exchange. 

(a) Transfers of Beneficial Interests in a Rule 144A Global Note. If the owner of a
beneficial interest in a Rule 144A Global Note that is a Restricted Note wishes to transfer such interest (or portion thereof) to a Non-U.S. Person pursuant to Regulation S: 

 

	 	(i)	 upon receipt by the Registrar of: 

  

	 	(A)	 instructions from an Agent Member given to DTC, in the case of Dollar Notes, or Euroclear or Clearstream, in the case of Euro Notes, in accordance
with the Applicable Procedures directing DTC, Euroclear or Clearstream, as applicable, to credit or cause to be credited a beneficial interest in the Regulation S Global Note in a principal amount equal to the principal amount of the beneficial
interest to be transferred, 

  

	 	(B)	 instructions given in accordance with the Applicable Procedures containing information regarding the account to be credited with such increase, and

  

	 	(C)	 a certificate in the form of Exhibit E, in the case of Dollar Notes, and Exhibit F, in the case of Euro Notes, duly executed by the
Rule 144A transferor; 

  

 44 

	 	(ii)	 the Note Custodian shall increase the Regulation S Global Note and decrease the Rule 144A Global Note in accordance with the foregoing,
and the Registrar shall register the transfer in the Note Register. 

 (b)
Transfers of Beneficial Interests in a Regulation S Global Note. Subject to the Applicable Procedures, the following provisions shall apply with respect to any proposed transfer of an interest in a Regulation S Global Note that is a
Restricted Note: 
  

	 	(i)	 If the owner of a beneficial interest in a Regulation S Global Note that is a Restricted Note wishes to transfer such interest (or a portion
thereof) to a QIB pursuant to Rule 144A: 

  

	 	(A)	 upon receipt by the Note Custodian and Registrar of: 

 

	 	(1)	 instructions from an Agent Member given to DTC, in the case of Dollar Notes, or Euroclear or Clearstream, in the case of Euro Notes, in accordance
with the Applicable Procedures directing DTC, Euroclear or Clearstream, as applicable, to credit or cause to be credited a beneficial interest in the Rule 144A Global Note in an amount equal to the beneficial interest being transferred,

  

	 	(2)	 instructions given in accordance with the Applicable Procedures containing information regarding the account to be credited with such increase, and

  

	 	(3)	 a certificate in the form of Exhibit C, in the case of Dollar Notes, and Exhibit D, in the case of Euro Notes, duly executed by
the transferor; 

  

	 	(B)	 the Note Custodian shall increase the Rule 144A Global Note and decrease the Regulation S Global Note in accordance with the foregoing,
and the Registrar shall register the transfer in the Note Register. 

 (c)
Other Transfers. Any registration of transfer of Restricted Notes (including Certificated Notes) not described above (other than a transfer of a beneficial interest in a Global Note that does not involve an exchange of such interest for a
Certificated Note or a beneficial interest in another Global Note, which must be effected in accordance with applicable law and the Applicable Procedures, but is not subject to any procedure required by this Indenture) shall be made only upon
receipt by the Registrar of such opinions of counsel, certificates and such other evidence reasonably required by and satisfactory to it in order to ensure compliance with the Securities Act or in accordance with Section 2.9(d).

 (d) Use and Removal of Private Placement Legends. Upon the registration of transfer,
exchange or replacement of Notes (or beneficial interests in a Global Note) not bearing (or not required to bear upon such transfer, exchange or replacement) a Private Placement Legend, the Note Custodian and Registrar shall exchange such Notes (or
beneficial interests) for 
  

 45 

 
beneficial interests in a Global Note or Certificated Notes if they have been issued pursuant to Section 2.7(c) that does not bear a Private Placement Legend. Upon the registration of
transfer, exchange or replacement of Notes (or beneficial interests in a Global Note) bearing a Private Placement Legend, the Note Custodian and Registrar shall deliver only Notes (or beneficial interests in a Global Note) that bear a Private
Placement Legend unless: 
  

	 	(i)	 such Notes (or beneficial interests) are transferred pursuant to Rule 144 upon delivery to the Registrar of a certificate of the transferor in
the form of Exhibit E, in the case of Dollar Notes, and Exhibit F, in the case of Euro Notes, and an Opinion of Counsel reasonably satisfactory to the Registrar; 

 

	 	(ii)	 such Notes (or beneficial interests) are transferred, replaced or exchanged after the Resale Restriction Termination Date therefor and, in the case
of any such Restricted Notes, the Issuer has complied with the applicable procedures for delegending in accordance with Section 2.9(h); or 

  

	 	(iii)	 in connection with such registration of transfer, exchange or replacement the Registrar shall have received an Opinion of Counsel, certificates and
such other evidence reasonably satisfactory to the Issuer and the Registrar to the effect that neither such Private Placement Legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the
Securities Act. 

 The Holder of a Global Note bearing a Private Placement Legend may exchange an interest
therein for an equivalent interest in a Global Note not bearing a Private Placement Legend (other than a Regulation S Global Note) upon transfer of such interest pursuant to this Section 2.9(d). 

(e) Consolidation of Global Notes and Exchange of Certificated Notes for Beneficial Interests in Global
Notes. If a Global Note not bearing a Private Placement Legend (other than a Regulation S Global Note) is Outstanding at the time of a removal of legends pursuant to Section 2.9(h), any interests in a Global Note delegended
pursuant to Section 2.9(h) shall be exchanged for interests in such Outstanding Global Note, subject to the proviso at the end of Section 2.14(a). 

(f) Retention of Documents. The Registrar and the Trustee shall retain copies of all letters,
notices and other written communications received pursuant to this Article II and in accordance with the Trustee’s record retention procedures. The Issuer shall have the right to inspect and make copies of all such letters, notices or
other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar or the Trustee, as the case may be. 
  

 46 

 (g) General Provisions Relating to Transfers and
Exchanges. 
  

	 	(i)	 Subject to the other provisions of this Section 2.9, when Notes are presented to the Registrar or a co-Registrar with a request to
register the transfer of such Notes or to exchange such Notes for an equal principal amount of Notes of other authorized denominations, the Registrar or co-Registrar shall register the transfer or make the exchange as requested if its requirements
for such transaction are met; provided that any Notes presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Registrar or
co-Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 

  

	 	(ii)	 To permit registrations of transfers and exchanges and subject to the other terms and conditions of this Article II, the Issuer will execute
and upon Issuer Order the Trustee will authenticate and make available for delivery Certificated Notes and Global Notes, as applicable, at the Registrar’s or co-Registrar’s request. 

 

	 	(iii)	 No service charge shall be made to a Holder for any registration of transfer or exchange, but the Issuer and the Trustee may require payment of a
sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges payable upon exchange or transfer pursuant to
Section 3.8, Section 3.9, Section 5.1 or Section 9.5). 

  

	 	(iv)	 The Registrar or co-Registrar shall not be required to register the transfer of or exchange of (x) any Note for a period beginning (1) 15
days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date and
(y) any Note selected for repurchase or redemption, except the unrepurchased or unredeemed portion thereof, if any. 

  

	 	(v)	 Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agent, the Transfer Agent, the Registrar
or any co-Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or
not such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent, the Transfer Agent, the Registrar or any co-Registrar or the Note Custodian shall be affected by notice to the contrary. 

 

	 	(vi)	 All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the
same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

  

 47 

	 	(vii)	 Subject to Section 2.7 and this Section 2.9, in connection with the exchange of a portion of a Certificated Note for a
beneficial interest in a Global Note, the Trustee shall cancel such Certificated Note, and the Issuer shall execute, and upon Issuer Order the Trustee shall authenticate and make available for delivery to the exchanging Holder, a new Certificated
Note representing the principal amount not so exchanged. 

 (h) Applicable
Procedures for Delegending. 
  

	 	(i)	 Promptly after one year has elapsed following (A) the Issue Date or (B) if the Issuer has issued Additional Notes, with the same terms and
the same CUSIP or ISIN numbers, as applicable, as the Issue Date Notes pursuant to this Indenture within one year following the Issue Date, the date of original issuances of such Additional Notes if the relevant Notes are freely tradable pursuant to
Rule 144 under the Securities Act by Holders who are not Affiliates of the Issuer where no conditions of Rule 144 are then applicable (other than the holding period requirement in paragraph (d)(1)(ii) of Rule 144 so long as such holding period
requirement is satisfied), the Issuer shall: 

  

	 	(1)	 instruct the Trustee in writing to remove the Private Placement Legend from such Notes by delivering to the Trustee a certificate in the form of
Exhibit E, in the case of Dollar Notes, and Exhibit F, in the case of Euro Notes, and upon such instruction the Private Placement Legend shall be deemed removed from any Global Notes representing such Notes without further action on
the part of Holders; 

  

	 	(2)	 notify Holders of such Notes that the Private Placement Legend has been removed or deemed removed; and 

 

	 	(3)	 instruct DTC, in the case of Dollar Notes, and Euroclear or Clearstream, in the case of Euro Notes, to change the CUSIP or ISIN number, as
applicable, for such Notes to the unrestricted CUSIP or ISIN number, as applicable, for the Notes. 

In no event will the failure of the Issuer to provide any notice set forth in this paragraph or of the Trustee to remove
the Private Placement Legend constitute a failure by the Issuer to comply with any of its covenants or agreements set forth in Section 6.1 or otherwise. Any Restricted Note (or security issued in exchange or substitution therefor) as to
which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Restricted Note for exchange to the Registrar in accordance with the provisions of Article II of this Indenture, be exchanged
for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the Private Placement Legend. The Issuer shall notify the Trustee in writing upon occurrence of the Resale Restriction Termination Date for any Note.

  

 48 

	 	(ii)	 Notwithstanding any provision herein to the contrary, in the event that Rule 144 as promulgated under the Securities Act (or any successor rule) is
amended to change the one-year holding period thereunder (or the corresponding period under any successor rule), (A) each reference in this Section 2.9(h) to “one year” and in the Private Placement Legend described in
Section 2.8(b) and Exhibit A, in the case of Dollar Notes, and Exhibit B, in the case of Euro Notes, to “ONE YEAR” shall be deemed for all purposes hereof to be references to such changed period, and
(B) all corresponding references in this Indenture (including the definition of Resale Restriction Termination Date), the Notes and the Private Placement Legends thereon shall be deemed for all purposes hereof to be references to such changed
period; provided that such changes shall not become effective if they are otherwise prohibited by, or would otherwise cause a violation of, the then-applicable federal securities laws; provided further that if such change does not
apply to existing Notes, all references to “one year” in this Indenture shall not be deemed for all purposes hereof to be references to such changed period. This Section 2.9(h) shall apply to successive amendments to Rule 144
(or any successor rule) changing the holding period thereunder. 

 (i) No
Obligation of the Trustee. 
  

	 	(i)	 The Trustee shall have no responsibility or obligation to any beneficial owner of an interest in a Global Note, Agent Members or any other Persons
with respect to the accuracy of the records of DTC, Euroclear or Clearstream or its nominee or of Agent Members, with respect to any ownership interest in the Notes or with respect to the delivery to any Agent Member, beneficial owner or other
Person (other than DTC, Euroclear or Clearstream) of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and
communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be DTC, in the case of Dollar Notes, Euroclear or
Clearstream, in the case of Euro Notes, or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through DTC, in the case of Dollar Notes, and Euroclear or Clearstream, in the case of
Euro Notes subject to the applicable rules and procedures of DTC, Euroclear or Clearstream. The Trustee may rely and shall be fully protected in relying upon information furnished by DTC with respect to its Agent Members, Euroclear or Clearstream
and any beneficial owners. 

  

 49 

	 	(ii)	 The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members or beneficial owners in any Global Note) other than to require delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 Section 2.10 Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Note
has been lost, destroyed or wrongfully taken, the Issuer shall execute and upon Issuer Order the Trustee shall authenticate and make available for delivery a replacement Note for such mutilated, lost or stolen Note, of like tenor and principal
amount, bearing a number not contemporaneously Outstanding if: 
  

	 	(i)	 the requirements of Section 8-405 of the Uniform Commercial Code are met, 

 

	 	(ii)	 the Holder satisfies any other reasonable requirements of the Trustee, and 

 

	 	(iii)	 neither the Issuer nor the Trustee has received notice that such Note has been acquired by a protected purchaser. 

If required by the Trustee or the Issuer, such Holder shall furnish an affidavit of loss and indemnity bond sufficient in the judgment of
the Issuer and the Trustee to protect the Issuer, the Trustee, the Paying Agent, the Transfer Agent, the Registrar or any co-Registrar and the Note Custodian from any loss that any of them may suffer if a Note is replaced. 

(b) Upon the issuance of any new Note under this Section 2.10, the Issuer 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) in connection therewith. 

(c) Every new Note issued pursuant to this Section 2.10 in exchange for any mutilated Note, or
in lieu of any destroyed, lost or stolen Note, shall constitute an original additional contractual obligation of the Issuer, any Note Guarantor and any other obligor upon the Notes, whether or not the mutilated, destroyed, lost or stolen Note shall
be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

 

 50 

 Section 2.11 Temporary Notes. Until definitive Notes are ready for
delivery, the Issuer may execute and upon Issuer Order the Trustee will authenticate and make available for delivery temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Issuer
considers appropriate for temporary Notes. Without unreasonable delay, the Issuer will prepare and execute and upon Issuer Order the Trustee will authenticate and make available for delivery definitive Notes. After the preparation of definitive
Notes, the temporary Notes will be exchangeable for definitive Notes upon surrender of the temporary Notes at any office or agency maintained by the Issuer for that purpose and such exchange shall be without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Notes, the Issuer will execute and upon Issuer Order the Trustee will authenticate and make available for delivery in exchange therefor one or more definitive Notes representing an equal principal amount of
Notes. Until so exchanged, the Holder of temporary Notes shall in all respects be entitled to the same benefits under this Indenture as a Holder of definitive Notes. 

Section 2.12 Cancellation. The Issuer at any time may deliver Notes to the Trustee for cancellation. The
Registrar, the Paying Agent and the Transfer Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and dispose of cancelled Notes in accordance
with its policy of disposal or, upon written request of the Issuer, return to the Issuer all Notes surrendered for registration of transfer, exchange, payment or cancellation. The Issuer may not issue new Notes to replace Notes it has paid or
delivered to the Trustee for cancellation for any reason other than in connection with a registration of transfer or exchange upon Issuer Order. 

Section 2.13 Defaulted Interest. When any installment of interest becomes Defaulted Interest on Notes, such
installment shall forthwith cease to be payable to the Holders in whose names the Notes were registered on the Record Date applicable to such installment of interest. Defaulted Interest (including any interest on such Defaulted Interest) shall be
paid by the Issuer, at its election, as provided in clause (a) or clause (b) below. 

(a) The Issuer may elect to make payment of any Defaulted Interest (including any interest payable on such
Defaulted Interest) to the Holders in whose names the Notes are registered at the close of business on a special record date for the payment of such Defaulted Interest (a “Special Record Date”), which shall be fixed in the following
manner. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid and the date of the proposed payment, and at the same time the Issuer 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 Holders entitled to such Defaulted Interest as provided in this Section 2.13(a). Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than fifteen
(15) calendar days and not less than ten (10) calendar days prior to the date of the proposed payment and not less than ten (10) calendar days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall
promptly notify the Issuer 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 sent, first-class mail,
postage prepaid, to each Holder at such Holder’s address as it appears in the Note Register, not less than ten (10) calendar days prior to 

 

 51 

 
such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to
the Holders in whose names the Notes are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to clause (b) below; or 

(b) The Issuer may make payment of any Defaulted Interest (including any interest on such Defaulted
Interest) in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of
the proposed payment pursuant to this Section 2.13(b), such manner of payment shall be deemed practicable by the Trustee. The Trustee shall in the name and at the expense of the Issuer cause prompt notice of the proposed payment and the
date thereof to be sent, first-class mail, postage prepaid, to each Holder at such Holder’s address as it appears in the Note Register. 

Section 2.14 Additional Notes. 

(a) The Issuer may, from time to time, subject to compliance with any other applicable provisions of this
Indenture, without the consent of the Holders, create and issue pursuant to this Indenture additional notes (“Additional Notes”) that shall have terms and conditions identical to those of the other Outstanding Notes, except with
respect to: 
  

	 	(i)	 the Issue Date; 

  

	 	(ii)	 the amount of interest payable on the first Interest Payment Date therefor; 

 

	 	(iii)	 the issue price; and 

  

	 	(iv)	 any adjustments necessary in order to conform to and ensure compliance with the Securities Act (or other applicable securities laws) and any
agreement applicable to such Additional Notes, which are not adverse in any material respect to the Holder of any Outstanding Notes (other than such Additional Notes). 

The Notes issued on the Issue Date and any Additional Notes shall be treated as a single series for all purposes under this Indenture;
provided that the Issuer may use different CUSIP, ISIN or other similar numbers among Dollar Notes and Euro Notes, and among Additional Notes to the extent required to comply with securities or tax law requirements, including to permit
delegending pursuant to Section 2.9(h). 
 (b) With respect to any Additional Notes,
the Issuer will set forth in an Officer’s Certificate of the Issuer (the “Additional Note Certificate”), copies of which will be delivered to the Trustee, the following information: 

 

	 	(i)	 the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 

 

 52 

	 	(ii)	 the Issue Date and the issue price of such Additional Notes; provided that no Additional Notes may be issued at a price that would cause such
Additional Notes to have “original issue discount” within the meaning of Section 1273 of the Code, unless such Additional Notes have a separate CUSIP, ISIN or other similar number from other Notes; and 

 

	 	(iii)	 whether such Additional Notes will be subject to transfer restrictions under the Securities Act (or other applicable securities laws).

 ARTICLE III 

COVENANTS 

Section 3.1 Payment of Notes. (a) The Issuer shall pay the principal of and interest (including Defaulted
Interest) on the Notes in U.S. Legal Tender, in the case of Dollar Notes, and Euros, in the case of Euro Notes, on the dates and in the manner provided in the Notes and in this Indenture. Prior to 10:00 a.m. New York City time, in the case of
the Dollar Notes, and 3:00 p.m. London time, in the case of Euro Notes, on the Business Day prior to each Interest Payment Date and the Maturity Date, the Issuer shall deposit with the Paying Agent in immediately available funds U.S. Legal
Tender or Euros, as applicable, sufficient to make cash payments due on such Interest Payment Date or Maturity Date, as the case may be. If the Issuer, a Note Guarantor or an Affiliate of any Note Guarantor is acting as Paying Agent, the Issuer,
such Note Guarantor or such Affiliate shall, prior to 10:00 a.m. New York City time, in the case of Dollar Notes, and 3:00 p.m. London time, in the case of Euro Notes, on the Business Day prior to each Interest Payment Date and the
Maturity Date, segregate and hold in trust U.S. Legal Tender or Euros, as applicable, sufficient to make cash payments due on such Interest Payment Date or Maturity Date, as the case may be. Principal and interest shall be considered paid on the
date due if on such date the Trustee or the Paying Agent (other than the Issuer or an Affiliate of a Note Guarantor) holds in accordance with this Indenture U.S. Legal Tender or Euros, as applicable, designated for and sufficient to pay all
principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 

(b) The Issuer hereby instructs the Trustee to establish the following two accounts: 

 

	 	(i)	 the “Dollar Note Account” for receipt of the U.S. Dollar-denominated interest and principal payments; and

  

	 	(ii)	 the “Euro Note Account” for receipt of the Euro-denominated interest and principal payments. 

Section 3.2 Maintenance of Office or Agency. 

(a) The Issuer shall maintain each office or agency required under Section 2.3. The Issuer
will give prompt written notice to the Trustee of any change in the location of any such office or agency. If at any time the Issuer shall fail to maintain any such required office 

 

 53 

 
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 Issuer hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

(b) The Issuer may also from time to time designate one or more other offices or agencies (in or outside
of The City of New York) where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind any such designation; provided, however, that no such designation or rescission shall in any manner
relieve the Issuer of its obligation to maintain an office or agency in The City of New York or in Luxembourg, for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and any change in the
location of any such other office or agency. 
 Section 3.3 Corporate Existence. Subject to Article
IV, the Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. 

Section 3.4 Payment of Taxes and Other Claims. The Issuer will pay or discharge or cause to be paid or discharged,
before the same shall become delinquent, (i) all taxes, assessments and governmental charges levied or imposed upon the Company or any Restricted Subsidiary or for which it or any of them are otherwise liable, or upon the income, profits or
property of the Company or any Restricted Subsidiary and (ii) all lawful claims for labor, materials and supplies, which, if unpaid, might by law become a liability or Lien upon the property of the Company or any Restricted Subsidiary;
provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate
proceedings and for which appropriate reserves, if necessary (in the good faith judgment of the Company) are being maintained in accordance with GAAP or where the failure to effect such payment will not be disadvantageous to the Holders. 

Section 3.5 Compliance Certificate. The Issuer and each Note Guarantor shall deliver to the Trustee within 105
days after the end of each fiscal year of the Company (which fiscal year ends on December 31 of each year, subject to any change in fiscal year following the Issue Date) an Officer’s Certificate stating that in the course of the
performance by the signers of their duties as Officers of the Issuer or such Note Guarantor, as the case may be, they would normally have knowledge of any Default or Event of Default and whether or not the signers know of any Default or Event of
Default that occurred during the previous fiscal year. If they do, the certificate shall describe the Default or Event of Default, its status and what action the Issuer or such Note Guarantor is taking or proposes to take with respect thereto.

 Section 3.6 Further Instruments and Acts. 

(a) The Issuer and each Note Guarantor will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper or as the Trustee may reasonably request to carry out more effectively the purpose of this Indenture. 
  

 54 

 (b) The Issuer and the Note Guarantors shall take, and shall
cause their Subsidiaries party thereto to take, any and all actions required under the Intercreditor Agreement and the Security Documents to cause the Intercreditor Agreement and the Security Documents to create and maintain, as security for the
Obligations of the Issuer and the Note Guarantors hereunder, a valid and enforceable perfected security interest on all the Collateral, in favor of the Security Agent for the equal and ratable benefit of the Holders of the Notes, and the other
Permitted Secured Obligations, first in priority to any and all security interests at any time granted upon the Collateral, subject in all respects to Liens imposed by law and Liens for judgments, taxes, assessments or governmental charges.

 Section 3.7 Waiver of Stay, Extension or Usury Laws. The Issuer and each Note Guarantor covenant (to
the fullest extent permitted by applicable law) that they will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would prohibit or
forgive the Issuer or such Note Guarantor from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the
performance of this Indenture. The Issuer and each Note Guarantor hereby expressly waives (to the fullest extent permitted by applicable law) 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. 

Section 3.8 Change of Control. 

(a) Upon the occurrence of a Change of Control, each Holder will have the right to require that the Issuer
purchase all or a portion (in integral multiples of €1,000 or U.S.$1,000 , as applicable) of the Holder’s Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon through the date of
purchase (the “Change of Control Payment”). 
 (b) Within 30 days following the
date upon which the Change of Control occurred, the Issuer must send, by first-class mail, a notice to each Holder, with a copy to the Trustee, offering to purchase the Notes as described above (a “Change of Control Offer”). The
Change of Control Offer shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date the notice is mailed, other than as may be required by law (the “Change of Control Payment
Date”). 
 (c) On the Change of Control Payment Date, the Issuer will, to the extent
lawful: 
  

	 	(i)	 accept for payment all Notes or portions thereof properly tendered and not withdrawn pursuant to the Change of Control Offer;

  

	 	(ii)	 deposit with the Paying Agent funds in an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered; and

  

	 	(iii)	 deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal
amount of Notes or portions thereof being purchased by the Issuer. 

  

 55 

 (d) If only a portion of a Note is purchased pursuant to a
Change of Control Offer, a new Note in a principal amount equal to the portion thereof not purchased will be issued in the name of the Holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial
interests in a Global Note will be made, as appropriate); provided that each new Note shall be in a minimum principal amount of U.S.$70,000 or an integral multiple of U.S.$1,000 in excess thereof, in the case of Dollar Notes, or €50,000
or an integral multiple of €1,000 in excess thereof, in the case of Euro Notes. Notes (or portions thereof) purchased pursuant to a Change of Control Offer will be cancelled and cannot be reissued. 

(e) The Issuer will not be required to make a Change of Control Offer upon a Change of Control if:

  

	 	(i)	 a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this
Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or 

 

	 	(ii)	 notice of redemption has been given pursuant to this Indenture as described under Section 5.4 unless and until there is a default in
payment of the applicable redemption price. 

 (f) The Issuer will comply with
the requirements of Rule 14e-1 under the Exchange Act and any other applicable securities laws and regulations in connection with the purchase of Notes in connection with a Change of Control Offer. To the extent that the provisions of any securities
laws or regulations conflict with the “Change of Control” provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Indenture
by doing so. 
 Section 3.9 Limitation on Incurrence of Additional Indebtedness. 

(a) The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or
indirectly, Incur any Indebtedness, including Acquired Indebtedness, except that the Issuer and/or any of the Note Guarantors may Incur Indebtedness, including Acquired Indebtedness, if, at the time of and immediately after giving pro forma
effect to the Incurrence thereof and the application of the proceeds therefrom, the Consolidated Fixed Charge Coverage Ratio of the Company is greater than or equal to 2.0 to 1.0. 

(b) Notwithstanding clause (a) above, the Company and/or any of its Restricted Subsidiaries, as
applicable, may Incur the following Indebtedness (“Permitted Indebtedness”): 
  

	 	(i)	 Indebtedness not to exceed U.S.$ 1,067,665,000 in respect of the Dollar Notes, excluding Additional Notes; 

 

	 	(ii)	 Indebtedness not to exceed €115,346,000 in respect of the Euro Notes, excluding Additional Notes; 

 

 56 

	 	(iii)	 Guarantees by (A) any Note Guarantor of Indebtedness of the Issuer or another Note Guarantor permitted under this Indenture and (B) the
Issuer of Indebtedness of any Note Guarantor; provided that, if any such Guarantee is of Subordinated Indebtedness, then the obligations of the Issuer under the Notes and this Indenture or the Note Guarantee of such Note Guarantor, as
applicable, will be senior to the Guarantee of such Subordinated Indebtedness; 

  

	 	(iv)	 Indebtedness of the Company and/or any of its Restricted Subsidiaries outstanding on the Issue Date (excluding Indebtedness permitted under
clauses (vi), (vii), (viii) or (xi) of this definition of Permitted Indebtedness); 

  

	 	(v)	 Hedging Obligations, Compensation Related Hedging Obligations and any Guarantees thereof and any reimbursement obligations with respect to letters
of credit related thereto, in each case entered into by the Company and/or any of its Restricted Subsidiaries; provided that, upon the drawing of such letters of credit, such obligations are reimbursed within 30 days following such drawing;

  

	 	(vi)	 intercompany Indebtedness between the Company and any Restricted Subsidiary or between any Restricted Subsidiaries; provided that, in the
event that at any time any such Indebtedness ceases to be held by the Issuer or a Restricted Subsidiary, such Indebtedness shall be deemed to be Incurred and not permitted by this clause (vi) at the time such event occurs;

  

	 	(vii)	 Indebtedness of the Company and/or any of its Restricted Subsidiaries arising from (A) the honoring by a bank or other financial institution of
a check, draft or similar instrument inadvertently drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of Incurrence; or (B) any cash pooling or
other cash management agreements in place with a bank or financial institution but only to the extent of offsetting credit balances of the Company and/or its Restricted Subsidiaries pursuant to such cash pooling or other cash management agreement;

  

	 	(viii)	 Indebtedness of the Company and/or any of its Restricted Subsidiaries represented by (A) endorsements of negotiable instruments in the ordinary
course of business (excluding an aval), (B) documentary credits (including all forms of letter of credit), performance bonds or guarantees, advance payments, bank guarantees, bankers’ acceptances, surety or appeal bonds or similar
instruments for the account of, or guaranteeing performance by, the Company and/or any Restricted Subsidiary in the ordinary course of business, (C) reimbursement obligations with respect to letters of credit in the ordinary course of

  

 57 

	 	
business (D) reimbursement obligations with respect to letters of credit and performance Guarantees in the ordinary course of business to the extent required pursuant to the terms of any
Investment made pursuant to clause (12) of the definition of “Permitted Investment” and (E) other Guarantees by the Company and/or any Restricted Subsidiary in favor of a bank or financial institution in respect of obligations of
that bank or financial institution to a third party in an amount not to exceed U.S.$500 million at any one time outstanding; provided that in the case of clauses (B), (C) and (D), upon the drawing of such letters of credit or the
Incurrence of such Indebtedness, such obligations are reimbursed within 30 days following such drawing or Incurrence; 

  

	 	(ix)	 Refinancing Indebtedness in respect of: 

  

	 	(A)	 Indebtedness (other than Indebtedness owed to the Company or any Subsidiary of the Company) Incurred pursuant to clause (a) above (it being
understood that no Indebtedness outstanding on the Issue Date is Incurred pursuant to such clause (a) above), or 

  

	 	(B)	 Indebtedness Incurred pursuant to clause (i), (ii), (iii) or (iv) above or this clause (ix); 

 

	 	(x)	 Capitalized Lease Obligations, Sale and Leaseback Transactions, export credit facilities with a maturity of at least one year and Purchase Money
Indebtedness of, including Guarantees of any of the foregoing by, the Company and/or any Restricted Subsidiary, in an aggregate principal amount at any one time outstanding not to exceed U.S.$1 billion; 

 

	 	(xi)	 Indebtedness arising from agreements entered into by the Company and/or a Restricted Subsidiary providing for bona fide indemnification, adjustment
of purchase price or similar obligations not for financing purposes, in each case, Incurred or assumed in connection with the acquisition or disposition of any business, assets or Capital Stock of a Restricted Subsidiary (including minority
interests); provided that, in the case of a disposition, the maximum aggregate liability in respect of such Indebtedness shall at no time exceed the gross proceeds actually received by the Company and its Restricted Subsidiaries in connection
with such disposition; 

  

	 	(xii)	 Indebtedness of the Company and/or any of its Restricted Subsidiaries in an aggregate amount not to exceed U.S.$1 billion at any one time;
outstanding; provided that no more than U.S.$250 million of such Indebtedness at any one time outstanding (excluding any Indebtedness under a Permitted Liquidity Facility) may be Incurred by Restricted Subsidiaries that are not the Issuer or
Note Guarantors, which amount shall be increased by the corresponding amount of other Indebtedness 

 

 58 

	 	
of Restricted Subsidiaries other than the Issuer and the Note Guarantors outstanding on the Issue Date and subsequently repaid from time to time but in any event not to exceed U.S.$500 million at
any one time outstanding; provided, further, however, that (A) the Company and/or any of its Restricted Subsidiaries may Incur Indebtedness under a Permitted Liquidity Facility and (B) in the event that the Company and/or any of its
Restricted Subsidiaries shall have Incurred Indebtedness under a Permitted Liquidity Facility that increases the amount outstanding at such time pursuant to this clause (xii) in excess of U.S.$ 1 billion, then up to U.S.$1.2 billion may be
Incurred pursuant to this clause (xii) at any one time outstanding; 

  

	 	(xiii)	 (A) Indebtedness of the Company and/or any of its Restricted Subsidiaries in respect of factoring arrangements or Inventory Financing arrangements
or (B) other Indebtedness of the Company and/or any of its Restricted Subsidiaries with a maturity of 12 months or less for working capital purposes, not to exceed in the aggregate at any one time (calculated as of the end of the most recent
fiscal quarter for which consolidated financial information of the Company is available) the greater of: 

  

	 	(1)	 The sum of: 

  

	 	(x)	 20% of the net book value of the inventory of the Company and its Restricted Subsidiaries and 

 

	 	(y)	 20% of the net book value of the accounts receivable of the Company and its Restricted Subsidiaries (excluding accounts receivable pledged to secure
Indebtedness or subject to a Qualified Receivables Transaction), 

 less, in each case, the
amount of any permanent repayments or reductions of commitments in respect of such Indebtedness made with the Net Cash Proceeds of an Asset Sale in order to comply with Section 3.12; or 

 

	 	(2)	 U.S.$350 million; 

  

	 	(xiv)  	 Indebtedness of the Issuer and/or any of the Note Guarantors Incurred to fund amounts payable upon the exercise of the put option (calculated
according to the terms in effect on the Issue Date of the agreements giving rise to such obligations) requiring CEMEX, Inc. to purchase 50.01% of the Capital Stock of Ready Mix USA, LLC and/or 49.99% of the Capital Stock of CEMEX Southeast, LLC, the
combined amount of which was estimated to be U.S.$457 million as of December 31, 2009, subject to subsequent adjustments; 

  

 59 

	 	(xv)	 Indebtedness of the Company and/or any of its Restricted Subsidiaries for taxes levied, assessments due and other governmental charges required to
be paid as a matter of law or regulation in the ordinary course of business; provided that such Indebtedness shall be permitted to be Incurred only at such time that the Financing Agreement (or any refinancing thereof) shall contain an
exception to allow the Incurrence of Indebtedness to pay taxes; 

  

	 	(xvi)	 Indebtedness Incurred pursuant to the Banobras Facility; 

 

	 	(xvii)	 Indebtedness of the Company and/or any of its Restricted Subsidiaries Incurred and/or issued to refinance Qualified Receivables Transactions in
existence on the Issue Date; 

  

	 	(xviii)	 Acquired Indebtedness in an aggregate amount at any one time outstanding under this clause (xviii) not to exceed U.S.$100 million; and

  

	 	(xix)	 (A) any Indebtedness that constitutes an Investment that the Company and/or any of its Restricted Subsidiaries is contractually committed to Incur
as of the Issue Date in any Person (other than a Subsidiary) in which the Company or any of its Restricted Subsidiaries maintains an Investment in equity securities; and (B) Guarantees up to U.S.$100 million in any calendar year by the Company
and/or any Restricted Subsidiary of Indebtedness of any Person in which the Company or any of its Restricted Subsidiaries maintains an equity Investment minus any Investment other than such guarantees in such Person during such calendar year
pursuant to clause (17)(b) of the definition of “Permitted Investments.” 

(c) Notwithstanding anything to the contrary contained in this Section 3.9, 

 

	 	(i)	 The Company shall not, and shall not permit any Note Guarantor to, Incur any Indebtedness pursuant to this Section 3.9 if the proceeds
thereof are used, directly or indirectly, to Refinance any Subordinated Indebtedness unless such Indebtedness shall be subordinated to the Notes or the applicable Note Guarantee, as the case may be, to at least the same extent as such Subordinated
Indebtedness. 

  

	 	(ii)	 For purposes of determining compliance with, and the outstanding principal amount of, any particular Indebtedness Incurred pursuant to and in
compliance with this Section 3.9, the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance with GAAP. Accrual of
interest, the accretion or amortization of original issue discount, the payment of regularly scheduled interest in the form of additional Indebtedness of the same 

 

 60 

	 	
instrument or the payment of regularly scheduled dividends on Disqualified Capital Stock in the form of additional Disqualified Capital Stock with the same terms will not be deemed to be an
Incurrence of Indebtedness for purposes of this Section 3.9. For purposes of determining compliance with this Section 3.9, mark-to-market fluctuations of hedging obligations or derivatives outstanding on the Issue Date shall
not constitute Incurrence of Indebtedness. 

  

	 	(iii)	 For purposes of determining compliance with this Section 3.9, the principal amount of Indebtedness denominated in foreign currency shall
be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such
Indebtedness is Incurred to refinance other Indebtedness denominated in foreign currency, and such refinancing would cause the applicable restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such
refinancing, such restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision
of this Section 3.9, the maximum amount of Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate
applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing. 

  

	 	(iv)	 For purposes of determining compliance with this Section 3.9: 

 

	 	(A)	 in the event that an item of Indebtedness meets the criteria of more than one of the types of Indebtedness described above, including, without
limitation, in Section 3.9(a), the Company, in its sole discretion, will classify such item of Indebtedness at the time of Incurrence and only be required to include the amount and type of such Indebtedness in one of the above clauses
and may later reclassify all or a portion of such item of Indebtedness as having been Incurred pursuant to any other clause to the extent such Indebtedness could be Incurred pursuant to such clause at the time of such reclassification; and

  

	 	(B)	 the Company will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described above,
including, without limitation, Section 3.9(a). 

 Section 3.10 [Reserved].

  

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 Section 3.11 Limitation on Restricted Payments. 

(a) The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or
indirectly, take any of the following actions (each, a “Restricted Payment”): 
  

	 	(i)	 declare or pay any dividend or return of capital or make any distribution on or in respect of shares of Capital Stock of the Company or any
Restricted Subsidiary to holders of such Capital Stock, other than: 

  

	 	(A)	 dividends, distributions or returns on capital payable in Qualified Capital Stock of the Company, 

 

	 	(B)	 dividends, distributions or returns on capital payable to the Company and/or a Restricted Subsidiary, 

 

	 	(C)	 dividends, distributions or returns of capital made on a pro rata basis to the Company and its Restricted Subsidiaries, on the one hand, and
minority holders of Capital Stock of a Restricted Subsidiary, on the other hand (or on less than a pro rata basis to any minority holder); 

  

	 	(ii)	 purchase, redeem or otherwise acquire or retire for value: 

 

	 	(A)	 any Capital Stock of the Company, or 

  

	 	(B)	 any Capital Stock of any Restricted Subsidiary held by an Affiliate of the Company or any Preferred Stock of a Restricted Subsidiary, except for:

  

	 	(1)	 Capital Stock held by the Company or a Restricted Subsidiary, or 

 

	 	(2)	 purchases, redemptions, acquisitions or retirements for value of Capital Stock on a pro rata basis from the Company and/or any Restricted
Subsidiaries, on the one hand, and minority holders of Capital Stock of a Restricted Subsidiary, on the other hand, according to their respective percentage ownership of the Capital Stock of such Restricted Subsidiary; 

 

	 	(iii)	 make any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value, prior to any scheduled final
maturity, scheduled repayment or scheduled sinking fund payment, as the case may be, any Subordinated Indebtedness or 

  

	 	(iv)	 make any Investment (other than Permitted Investments); 

 

 62 

 if at the time of the Restricted Payment immediately after giving effect thereto:

  

	 	(A)	 a Default or an Event of Default shall have occurred and be continuing; 

 

	 	(B)	 the Company is not able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to Section 3.9(a); or

  

	 	(C)	 the aggregate amount (the amount expended for these purposes, if other than in cash, being the Fair Market Value of the relevant property at the
time of the making thereof) of the proposed Restricted Payment and all other Restricted Payments made subsequent to the Issue Date up to the date thereof, less any Investment Return calculated as of the date thereof, shall exceed the sum of:

  

	 	(1)	 50% of cumulative Consolidated Net Income of the Company or, if cumulative Consolidated Net Income of the Company is a loss, minus (i) 100% of
the loss, accrued during the period, treated as one accounting period, beginning on the first full fiscal quarter after the Issue Date to the end of the most recent fiscal quarter for which consolidated financial information of the Company is
available and (ii) the amount of cash benefits to the Company or a Restricted Subsidiary that is netted against Investments in Similar Businesses pursuant to clause (12) of the definition of “Permitted Investments”; plus

  

	 	(2)	 100% of the aggregate net cash proceeds received by the Company from any Person from any: 

 

	 	•	 	 contribution to the equity capital of the Company (not representing an interest in Disqualified Capital Stock) or issuance and sale of Qualified
Capital Stock of the Company, in each case, subsequent to the Issue Date, or 

  

	 	•	 	 issuance and sale subsequent to the Issue Date (and, in the case of Indebtedness of a Restricted Subsidiary, at such time as it was a Restricted
Subsidiary) of any Indebtedness for borrowed money of the Company or any Restricted Subsidiary that has been converted into or exchanged for Qualified Capital Stock of the Company, 

excluding, in each case, any net cash proceeds: 

 

	 	•	 	 received from a Subsidiary of the Company; 

  

	 	•	 	 used to redeem Notes under Article V; 

 

 63 

	 	•	 	 used to acquire Capital Stock or other assets from an Affiliate of the Company; or 

 

	 	•	 	 applied in accordance with clause (ii)(B) or (iii)(A) of Section 3.11(b) below. 

(b) Notwithstanding Section 3.11(a), this Section 3.11 does not prohibit:

  

	 	(i)	 the payment of any dividend within 60 days after the date of declaration of such dividend if the dividend would have been permitted on the date of
declaration pursuant to Section 3.11(a); 

  

	 	(ii)	 if no Default or Event of Default shall have occurred and be continuing, the acquisition of any shares of Capital Stock of the Company,

  

	 	(A)	 in exchange for Qualified Capital Stock of the Company, or 

 

	 	(B)	 through the application of the net cash proceeds received by the Company from a substantially concurrent sale of Qualified Capital Stock of the
Company or a contribution to the equity capital of the Company not representing an interest in Disqualified Capital Stock, in each case not received from a Subsidiary of the Company; 

provided that the value of any such Qualified Capital Stock issued in exchange for such acquired Capital Stock and
any such net cash proceeds shall be excluded from Section 3.11(a)(iv)(C)(2) (and were not included therein at any time); 
  

	 	(iii)	 if no Default or Event of Default shall have occurred and be continuing, the voluntary prepayment, purchase, defeasance, redemption or other
acquisition or retirement for value of any Subordinated Indebtedness: 

  

	 	(A)	 solely in exchange for, or through the application of net cash proceeds of a substantially concurrent sale, other than to a Subsidiary of the
Company, of Qualified Capital Stock of the Company, or 

  

	 	(B)	 solely in exchange for Refinancing Indebtedness for such Subordinated Indebtedness, 

provided that the value of any Qualified Capital Stock issued in exchange for Subordinated Indebtedness and any
net cash proceeds referred to above shall be excluded from Section 3.11(a)(iv)(C)(2) (and were not included therein at any time); 
  

 64 

	 	(iv)	 repurchases by the Company of Common Stock of the Company or options, warrants or other securities exercisable or convertible into Common Stock of
the Company from employees or directors of the Company or any of its Subsidiaries or their authorized representatives upon the death, disability or termination of employment or directorship of the employees or directors, in an amount not to exceed
U.S.$5 million in any calendar year and any repurchases other than in connection with compensation of Common Stock of the Company pursuant to binding written agreements in effect on the Issue Date; 

 

	 	(v)	 payments of dividends on Disqualified Capital Stock issued pursuant to the covenant described under Section 3.9; provided,
however, that such dividends shall be excluded in the calculation of the amount of Restricted Payments; 

  

	 	(vi)	 non-cash repurchases of Capital Stock deemed to occur upon exercise of stock options, warrants or other similar rights if such Capital Stock
represents a portion of the exercise price of such options, warrants or other similar rights; 

  

	 	(vii)	 cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into
or exchangeable for Capital Stock of the Company; 

  

	 	(viii)	 purchases of any Subordinated Indebtedness of the Company (A) at a purchase price not greater than 101% of the principal amount thereof
(together with accrued and unpaid interest) in the event of the occurrence of a Change of Control or (B) at a purchase price not greater than 100% of the principal amount thereof (together with accrued and unpaid interest) in the event of an
Asset Sale in accordance with provisions similar to those set forth under Section 3.12 provided, however, that prior to such purchase of any such Subordinated Indebtedness, the Company has made the Change of Control
Offer as provided under Section 3.8 or Section 3.12, respectively, and has purchased all Notes validly tendered and not properly withdrawn pursuant thereto; 

 

	 	(ix)	 recapitalization of earnings on or in respect of the Qualified Capital Stock of the Company pursuant to which additional Qualified Capital Stock of
the Company or the right to subscribe for additional Capital Stock of the Company is issued to the existing shareholders of the Company on a pro rata basis (which, for the avoidance of doubt, shall not allow any payment in cash to be made in
respect of Qualified Capital Stock of the Company pursuant to this clause (ix)); and 

  

 65 

	 	(x)	 so long as (A) no Default or Event of Default shall have occurred and be continuing (or result therefrom) and (B) the Company could Incur
at least US$1.00 of additional Debt pursuant to Section 3.11(a), payment of any dividends on Capital Stock (other than Disqualified Capital Stock) of the Company in an aggregate amount which, when taken together with all dividends paid
pursuant to this clause (x), does not exceed U.S.$50 million in any calendar year; provided that such dividends shall be included in the calculation of the amount of Restricted Payments. 

 

	 	(xi)	 [Reserved] 

In determining the aggregate amount of Restricted Payments made subsequent to the Issue Date, amounts
expended pursuant to clauses (i) (without duplication for the declaration of the relevant dividend), (iv), (viii) and (x) above shall be included in such calculation and amounts expended pursuant to clauses (ii), (iii), (v),
(vi), (vii) and (ix) above shall not be included in such calculation. 
 Section 3.12 Limitation on
Asset Sales. 
 (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale unless: 
  

	 	(i)	 the Company or the applicable Restricted Subsidiary, as the case may be, receives consideration at the time of the Asset Sale at least equal to the
Fair Market Value (to be determined as of the date on which such sale is contracted) of the assets sold or otherwise disposed of, and 

  

	 	(ii)	 other than in respect of Permitted Asset Swap Transactions, at least 80% of the consideration received for the assets sold by the Company or the
Restricted Subsidiary, as the case may be, in the Asset Sale shall be in the form of cash or Cash Equivalents received at the time of such Asset Sale; provided, however, for the purposes of this clause (ii), the following are also deemed
to be cash or Cash Equivalents: 

  

	 	(A)	 the assumption of Indebtedness (other than Subordinated Indebtedness) of the Company or any Restricted Subsidiary and the release of the Company or
such Restricted Subsidiary from all liability on such Indebtedness in connection with such Asset Sale; 

  

	 	(B)	 any securities, notes or obligation received by the Company or any Restricted Subsidiary from the transferee that are, within 180 days after the
Asset Sale, converted by the Company or such Restricted Subsidiary into cash, to the extent of cash received in that conversion; 

  

	 	(C)	 Capital Stock of a Person who is or who, after giving effect to such Asset Sale, becomes, a Restricted Subsidiary; and 

 

 66 

	 	(D)	 any Designated Non-cash Consideration received by the Company or such Restricted Subsidiary in connection with such Asset Sale having an aggregate
Fair Market Value which, when taken together with the Fair Market Value of all other Designated Non-cash Consideration received pursuant to this clause (D) since the Issue Date, does not exceed the sum of (1) 3.0% of Consolidated Tangible
Assets of the Company calculated as of the end of the most recent fiscal quarter for which consolidated financial information is available (with the Fair Market Value of each item of Designated Non-cash Consideration being measured as of the date it
was received and without giving effect to subsequent changes in value of any such item of Designated Non-cash Consideration) and (2) the amount of cash or Cash Equivalents received in connection with a subsequent sale of such Designated
Non-cash Consideration. 

 (b) The Company or any Restricted Subsidiary may
apply the Net Cash Proceeds of any such Asset Sale within 365 days thereof to: 
  

	 	(i)	 repay any Senior Indebtedness for borrowed money or constituting a Capitalized Lease Obligation and permanently reduce the commitments with respect
thereto, or 

  

	 	(ii)	 purchase: 

  

	 	(A)	 assets (except for current assets as determined in accordance with GAAP or Capital Stock) to be used by the Company or any Restricted Subsidiary in
a Permitted Business, or 

  

	 	(B)	 substantially all of the assets of a Permitted Business or Capital Stock of a Person engaged in a Permitted Business that will become, upon
purchase, a Restricted Subsidiary from a Person other than the Company and its Restricted Subsidiaries. 

(c) To the extent all or a portion of the Net Cash Proceeds of any Asset Sale are not applied within the
365 days of the Asset Sale as described in clause (i) or (ii) of Section 3.12(b), the Company will make an offer to purchase Notes (the “Asset Sale Offer”), at a purchase price equal to 100% of the principal
amount of the Notes to be purchased, plus accrued and unpaid interest thereon, to the date of purchase (the “Asset Sale Offer Amount”). The Company will purchase pursuant to an Asset Sale Offer from all tendering Holders on a pro
rata basis, and, at the Company’s option, on a pro rata basis with the holders of any other Senior Indebtedness with similar provisions requiring the Company to offer to purchase the other Senior Indebtedness with the proceeds of
Asset Sales, that principal amount (or accreted value in the case of Indebtedness issued with original issue discount) of Notes and the other Senior Indebtedness to be purchased equal to such unapplied Net Cash Proceeds. The Company may satisfy its
obligations under this Section 3.12 with respect to the Net Cash Proceeds of an Asset Sale by making an Asset Sale Offer prior to the expiration of the relevant 365-day period. 

 

 67 

 (d) Pending the final application of any Net Cash Proceeds
pursuant to this Section 3.12, the holder of such Net Cash Proceeds may apply such Net Cash Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Cash Proceeds in any
manner not prohibited by this Indenture. 
 (e) The purchase of Notes pursuant to an Asset Sale
Offer shall occur not less than 20 Business Days following the date thereof, or any longer period as may be required by law, nor more than 45 days following the 365th day following the Asset Sale (the “Asset Sale Offer Period”). The
Company may, however, defer an Asset Sale Offer until there is an aggregate amount of unapplied Net Cash Proceeds from one or more Asset Sales equal to or in excess of U.S.$100 million. At that time, the entire amount of unapplied Net Cash Proceeds,
and not just the amount in excess of U.S.$100 million, shall be applied as required pursuant to this Section 3.12. 

(f) Any Net Cash Proceeds payable in respect of the Notes pursuant to Section 3.12 will be
apportioned between the Euro Notes and the Dollar Notes in proportion to the respective aggregate principal amounts of Euro Notes and Dollar Notes validly tendered and not withdrawn, based upon the Dollar Equivalent of such principal amount of Euro
Notes determined as of a date selected by the Issuer that is within the Asset Sale Offer Period. To the extent that any portion of the Net Cash Proceeds payable in respect of the Notes is denominated in a currency other than the currency in which
the relevant Notes are denominated, the amount thereof payable in respect of such Notes shall not exceed the net amount of funds in the currency in which such Notes are denominated that is actually received by the Issuer upon converting such portion
into such currency. 
 (g) Each Asset Sale Offer Notice shall be mailed first class, postage
prepaid, to the record Holders as shown on the Note Register within 20 days following such 365th day (or such earlier date as the Company shall have elected to make such Asset Sale Offer), with a copy to the Trustee offering to purchase the Notes as
described above. Each notice of an Asset Sale Offer shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date the notice is mailed, other than as may be required by law (the
“Asset Sale Offer Payment Date”). Upon receiving notice of an Asset Sale Offer, Holders may elect to tender their Notes in whole or in part, in minimum denominations of U.S.$70,000 and any integral multiple of U.S.$1,000 in excess
thereof, in the case of Dollar Notes, or €50,000 and any integral multiple of €1,000 in excess thereof, in the case of Euro Notes, in each case in exchange for cash. 

(h) On the Asset Sale Offer Payment Date, the Company shall, to the extent lawful: 

 

	 	(i)	 accept for payment all Notes or portions thereof properly tendered pursuant to the Asset Sale Offer; 

 

	 	(ii)	 deposit with the Paying Agent funds in an amount equal to the Asset Sale Offer Amount in respect of all Notes or portions thereof so tendered; and

  

 68 

	 	(iii)	 deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal
amount of Notes or portions thereof being purchased by the Company. 

 (i) To
the extent Holders of Notes and holders of other Senior Indebtedness, if any, which are the subject of an Asset Sale Offer properly tender and do not withdraw Notes or the other Senior Indebtedness in an aggregate amount exceeding the amount of
unapplied Net Cash Proceeds, the Company shall purchase the Notes and the other Senior Indebtedness on a pro rata basis (based on amounts tendered). If only a portion of a Note is purchased pursuant to an Asset Sale Offer, a new Note in a
principal amount equal to the portion thereof not purchased shall be issued in the name of the holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a global note shall be made,
as appropriate). Notes (or portions thereof) purchased pursuant to an Asset Sale Offer shall be cancelled and cannot be reissued. 

(j) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
applicable securities laws in connection with the purchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section 3.12, the Company shall
comply with these laws and regulations and shall not be deemed to have breached its obligations under the “Asset Sale” provisions of this Indenture by doing so. 

(k) Upon completion of an Asset Sale Offer, the amount of Net Cash Proceeds shall be reset at zero.
Accordingly, to the extent that the aggregate amount of Notes and other Indebtedness tendered pursuant to an Asset Sale Offer is less than the aggregate amount of unapplied Net Cash Proceeds, the Company may use any remaining Net Cash Proceeds for
general corporate purposes of the Company and its Restricted Subsidiaries. 
 (l) In the event of
the transfer of substantially all (but not all) of the property and assets of the Company and its Restricted Subsidiaries as an entirety to a Person in a transaction permitted under Article IV, the Successor Company shall be deemed to have
sold the properties and assets of the Company and its Restricted Subsidiaries not so transferred for purposes of this Section 3.12, and shall comply with the provisions of this Section 3.12 with respect to the deemed sale as
if it were an Asset Sale. In addition, the Fair Market Value of properties and assets of the Company or its Restricted Subsidiaries so deemed to be sold shall be deemed to be Net Cash Proceeds for purposes of this Section 3.12.

 (m) If at any time any non-cash consideration received by the Company or any Restricted
Subsidiary, as the case may be, in connection with any Asset Sale, is converted into or sold or otherwise disposed of for cash (other than interest received with respect to any non-cash consideration), the conversion or disposition shall be deemed
to constitute an Asset Sale hereunder and the Net Cash Proceeds thereof shall be applied in accordance with this Section 3.12 within 365 days of conversion or disposition. 

 

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 Section 3.13 Limitation on the Ownership of Capital Stock of Restricted
Subsidiaries. The Company shall not permit any Person other than the Company or another Restricted Subsidiary to, directly or indirectly, own or control any Capital Stock of any Restricted Subsidiary, except for: 

 

	 	(i)	 Capital Stock owned by such Person on the Issue Date; 

 

	 	(ii)	 directors’ qualifying shares; 

  

	 	(iii)	 the sale or Disposition of 100% of the shares of the Capital Stock of any Restricted Subsidiary (other than the Issuer) held by the Company and its
Restricted Subsidiaries to any Person other than the Company or another Restricted Subsidiary effected in accordance with, as applicable, Section 3.12 and Article IV; 

 

	 	(iv)	 in the case of a Restricted Subsidiary other than a Restricted Subsidiary that is a Wholly Owned Subsidiary, 

 

	 	(A)	 the issuance by that Restricted Subsidiary of Capital Stock on a pro rata basis to the Company and its Restricted Subsidiaries, on the one
hand, and minority holders of Capital Stock of such Restricted Subsidiary, on the other hand (or on less than a pro rata basis to any minority holder); or 

 

	 	(B)	 sales, transfers and other dispositions of Capital Stock in a Restricted Subsidiary to the extent required by, or made pursuant to, buy/sell,
put/call or similar shareholder arrangements set forth in binding agreements in effect on the Issue Date; and 

  

	 	(v)	 the sale of Capital Stock of a Restricted Subsidiary (other than the Issuer) by the Company or another Restricted Subsidiary or the sale or issuance
by a Restricted Subsidiary of its newly-issued Capital Stock if such sale or issuance is made in compliance with Section 3.12 and either: 

  

	 	(A)	 such Restricted Subsidiary is no longer a Subsidiary, and the continuing Investment of the Company and its Restricted Subsidiaries in such former
Restricted Subsidiary is in compliance with Section 3.11, or 

  

	 	(B)	 such Restricted Subsidiary continues to be a Restricted Subsidiary. 

Section 3.14 Limitation on Designation of Unrestricted Subsidiaries. 

(a) The Company may designate after the Issue Date any Subsidiary of the Company other than the Issuer or
a Note Guarantor as an Unrestricted Subsidiary under this Indenture (a “Designation”) only if: 
  

	 	(i)	 no Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such Designation and any transactions
between the Company or any of its Restricted Subsidiaries and such Unrestricted Subsidiary are in compliance with Section 3.18; 

  

 70 

	 	(ii)	 at the time of and after giving effect to such Designation, the Company could Incur U.S.$1.00 of additional Indebtedness pursuant to
Section 3.9(a); 

  

	 	(iii)	 the Company would be permitted to make an Investment at the time of Designation (assuming the effectiveness of such Designation and treating such
Designation as an Investment at the time of Designation) as a Restricted Payment pursuant to Section 3.11(a) in an amount (the “Designation Amount”) equal to the amount of the Company’s Investment in such Subsidiary
on such date; and 

  

	 	(iv)	 the terms of any Affiliate Transaction existing on the date of such Designation between the Subsidiary being Designated (and its Subsidiaries) and
the Company or any Restricted Subsidiary would be permitted under Section 3.18 if entered into immediately following such Designation. 

(b) Neither the Company nor any Restricted Subsidiary shall at any time: 

 

	 	(i)	 provide credit support for, subject any of its property or assets (other than the Capital Stock of any Unrestricted Subsidiary) to the satisfaction
of, or Guarantee, any Indebtedness of any Unrestricted Subsidiary (including any undertaking, agreement or instrument evidencing such Indebtedness); 

  

	 	(ii)	 be directly or indirectly liable for any Indebtedness of any Unrestricted Subsidiary; or 

 

	 	(iii)	 be directly or indirectly liable for any Indebtedness which provides that the Holder thereof may (upon notice, lapse of time or both) declare a
default thereon or cause the payment thereof to be accelerated or payable prior to its final scheduled maturity upon the occurrence of a default with respect to any Indebtedness of any Unrestricted Subsidiary. 

(c) The Company may revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (a
“Revocation”) only if: 
  

	 	(i)	 no Default or Event of Default shall have occurred and be continuing at the time of and after giving effect to such Revocation; and

  

	 	(ii)	 all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately following such Revocation, if Incurred at such time, would have
been permitted to be Incurred for all purposes of this Indenture. 

  

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 (d) The Designation of a Subsidiary of the Company as an
Unrestricted Subsidiary shall be deemed to include the Designation of all of the Subsidiaries of such Subsidiary. All Designations and Revocations must be evidenced by an Officer’s Certificate of the Issuer, delivered to the Trustee certifying
compliance with the preceding provisions. 
 Section 3.15 Limitation on Dividends and Other Payment
Restrictions Affecting Restricted Subsidiaries. 
 (a) Except as provided in clause (b)
below, the Company shall not, and shall not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or permit to exist or become effective any consensual encumbrance or restriction on the ability of
any Restricted Subsidiary to: 
  

	 	(i)	 pay dividends or make any other distributions on or in respect of its Capital Stock to the Company or any other Restricted Subsidiary or pay any
Indebtedness owed to the Company or any other Restricted Subsidiary; 

  

	 	(ii)	 make loans or advances to, or make any Investment in, the Company or any other Restricted Subsidiary; or 

 

	 	(iii)	 transfer any of its property or assets to the Company or any other Restricted Subsidiary. 

(b) Section 3.15(a) shall not apply to encumbrances or restrictions existing under or by
reason of: 
  

	 	(i)	 applicable law, rule, regulation or order; 

  

	 	(ii)	 this Indenture; 

  

	 	(iii)	 any encumbrance or restriction pursuant to an agreement in effect at or entered into on the Issue Date, and any amendments, restatements, renewals,
replacements or refinancings thereof; provided that any amendment, restatement, renewal, replacement or refinancing is not materially more restrictive with respect to such encumbrances or restrictions than those in existence on the Issue Date
as determined in good faith by the Company’s senior management; 

  

	 	(iv)	 customary non-assignment provisions of any contract and customary provisions restricting assignment or subletting in any lease governing a leasehold
interest of any Restricted Subsidiary, or any customary restriction on the ability of a Restricted Subsidiary to dividend, distribute or otherwise transfer any asset which secures Indebtedness secured by a Lien, in each case permitted to be Incurred
under this Indenture; 

  

 72 

	 	(v)	 any instrument governing Acquired Indebtedness not Incurred in connection with, or in anticipation or contemplation of, the relevant acquisition,
merger or consolidation, which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the Person so acquired; 

 

	 	(vi)	 restrictions with respect to a Restricted Subsidiary of the Company imposed pursuant to a binding agreement which has been entered into for the sale
or disposition of Capital Stock or assets of such Restricted Subsidiary; provided that such restrictions apply solely to the Capital Stock or assets of such Restricted Subsidiary being sold (and in the case of Capital Stock, its
Subsidiaries); 

  

	 	(vii)	 customary restrictions imposed on the transfer of copyrighted or patented materials; 

 

	 	(viii)	 an agreement governing Indebtedness Incurred to Refinance the Indebtedness issued, assumed or Incurred pursuant to an agreement referred to in
clause (iii) or (v) of this Section 3.15(b); provided that such Refinancing agreement is not materially more restrictive with respect to such encumbrances or restrictions than those contained in the agreement referred to
in such clause (iii) or (v) as determined in good faith by the Company’s senior management; 

  

	 	(ix)	 Liens permitted to be Incurred pursuant to the provisions of the covenant described under Section 3.17 that limit the right of any
person to transfer the assets subject to such Liens; 

  

	 	(x)	 Purchase Money Indebtedness for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose restrictions of
the nature discussed in clause (iii) of this Section 3.15(b) above on the property so acquired; 

  

	 	(xi)	 restrictions on cash or other deposits imposed by customers under contracts or other arrangements entered into or agreed to in the ordinary course
of business not materially more restrictive than those existing on the Issue Date as determined in good faith by the Company’s senior management; 

  

	 	(xii)	 customary provisions in joint venture agreements relating to dividends or other distributions in respect of such joint venture or the securities,
assets or revenues of such joint venture; 

  

	 	(xiii)	 restrictions in Indebtedness Incurred by a Restricted Subsidiary in compliance with the covenant described under Section 3.9;
provided that such restrictions (A) are not materially more restrictive with respect to such encumbrances and restrictions than those such 

 

 73 

	 	
Restricted Subsidiary was subject to in agreements related to obligations referenced in clause (iii) above as determined in good faith by the Company’s senior management or
(B) constitute financial covenants or similar restrictions that limit the ability to pay dividends or make distributions upon the occurrence or continuance of a default or event of default or that would result in a default or event of default
under such Indebtedness upon the declaration or payment of dividends or other distributions; and 

  

	 	(xiv)  	 net worth provisions in leases entered into by the Company or any Restricted Subsidiary in the ordinary course of business not materially more
restrictive than those existing on the Issue Date as determined in good faith by the Company’s senior management. 

Section 3.16 Limitation on Layered Indebtedness. The Company shall not, and shall not permit the Issuer or any
other Note Guarantor to, directly or indirectly, Incur any Indebtedness that is subordinate in right of payment to any other Indebtedness, unless such Indebtedness is expressly subordinate in right of payment to the Notes or, in the case of a Note
Guarantor, its Note Guarantee, to the same extent, on the same terms and for so long (except as a result of the provisions of the Intercreditor Agreement applicable to Financing Agreement Indebtedness and any refinancing thereof) as such
Indebtedness is subordinate to such other Indebtedness. 
 Section 3.17 Limitation on Liens. The Company
shall not, and shall not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, incur, grant, assume or suffer to exist any Liens of any kind (except for Permitted Liens) (a) against or upon any of their respective
properties or assets, whether owned on the Issue Date or acquired after the Issue Date, or any proceeds therefrom, to secure any Indebtedness or trade payables or (b) deemed to exist in respect of Capitalized Lease Obligations (including any
Capitalized Lease Obligations in respect of Sale and Leaseback Transactions), in each case unless contemporaneously therewith effective provision is made: 
  

	 	(i)	 in the case of any Restricted Subsidiary that is not a Note Guarantor, to secure the Notes and all other amounts due under this Indenture; and

  

	 	(ii)	 in the case of a Note Guarantor, to secure such Note Guarantor’s Note Guarantee of the Notes and all other amounts due under this Indenture,

 in each case, equally and ratably with such Indebtedness or other obligation (or, in the event that such
Indebtedness is subordinated in right of payment to the Notes or such Note Guarantee, as the case may be, prior to such Indebtedness or other obligation) with a Lien on the same properties and assets securing such Indebtedness or other obligation
for so long as such Indebtedness or other obligation is secured by such Lien. 
  

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 Section 3.18 Limitation on Transactions with Affiliates. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, enter into any transaction or series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with, or for the benefit of, any Affiliate of the Company
(each an “Affiliate Transaction”), unless the terms of such Affiliate Transaction are no less favorable than those that could reasonably be expected to be obtained in a comparable transaction at such time on an arm’s-length
basis from a Person that is not an Affiliate of the Company; 
 (b) The provisions of
Section 3.18(a) above shall not apply to: 
  

	 	(i)	 Affiliate Transactions with or among the Company and any Restricted Subsidiary or between or among Restricted Subsidiaries;

  

	 	(ii)	 reasonable fees and compensation paid to, and any indemnity provided on behalf of, officers, directors, employees, consultants or agents of the
Company or any Restricted Subsidiary as determined in good faith by the Company’s Board of Directors or, to the extent consistent with past practice, senior management; 

 

	 	(iii)	 Affiliate Transactions undertaken pursuant to any contractual obligations or rights in existence on the Issue Date (as in effect on the Issue Date
with modifications, extensions and replacements thereof not materially adverse to the Company and its Restricted Subsidiaries) as determined in good faith by the Company’s senior management; 

 

	 	(iv)	 any Restricted Payments in compliance with Section 3.11; 

 

	 	(v)	 payments and issuances of Qualified Capital Stock to any officers, directors and employees of the Company or any Restricted Subsidiary pursuant to
any management equity plan or stock option plan or any other stock subscription or shareholder agreement, and any employment agreements, stock option plans or other compensatory arrangements (and any successor plans thereto) and any supplemental
executive retirement benefit plans or arrangements with any such officers, directors or employees that are, in each case, approved in good faith by the Board of Directors or, to the extent consistent with past practice, senior management of the
Company; 

  

	 	(vi)	 loans and advances to officers, directors and employees of the Company or any Restricted Subsidiary for travel, entertainment, moving and other
relocation expenses, in each case made in the ordinary course of business in amounts consistent with the past practice of the Company or such Restricted Subsidiary; and 

 

	 	(vii)	 loans made by the Company or any Restricted Subsidiary to employees or directors in an aggregate amount not to exceed U.S.$15 million (or its
equivalent in another currency) at any time outstanding. 

 Section 3.19 Conduct of
Business. The Company and its Restricted Subsidiaries shall not engage in any business other than a Permitted Business. 
  

 75 

 Section 3.20 Reports to Holders. 

(a) Notwithstanding that the Company may not be subject to the reporting requirements of Section 13
or 15(d) of the Exchange Act, so long as any Notes remain outstanding, the Company shall: 
  

	 	(i)	 provide the Trustee and the Holders with: 

  

	 	(A)	 annual reports on Form 20-F (or any successor form) containing the information required to be contained therein (or such successor form) within
the time period required under the rules of the Commission for the filing of Form 20-F (or any successor form) by “foreign private issuers” (as defined in Rule 3b-4 of the Exchange Act (or any successor rule));

  

	 	(B)	 reports on Form 6-K (or any successor form) including, whether or not required, unaudited quarterly financial statements (which shall include
at least a balance sheet, income statement and cash flow statement) including a discussion of financial condition and results of operations of the Company in accordance with past practice, within 45 days after the end of each of the first three
fiscal quarters of each fiscal year; 

  

	 	(C)	 such other reports on Form 6-K (or any successor form) promptly from time to time after the occurrence of an event that would be required to be
reported on a Form 6-K (or any successor form); and 

  

	 	(D)	 in case the Company continues to apply Mexican Financial Reporting Standards as in effect on September 30, 2009 for purposes of calculations
under this Indenture (and not for purposes of the financial statements provided pursuant to (A) and (B) above), no later than when due under (A) and (B), respectively, (1) a description of the differences between accounting
principles in the financial statements provided pursuant to (A) or (B) above and used for calculations under this Indenture and (2) a quantitative reconciliation provided, however, that such description and reconciliation shall
only be provided to the extent material to the calculation of any amounts under this Indenture; and 

  

	 	(ii)	 file with the Commission, to the extent permitted, the information, documents and reports referred to in clause (i) within the periods
specified for such filings under the Exchange Act (whether or not applicable to the Company). 

(b) In addition, at any time when the Company is not subject to or is not current in its reporting
obligations under clause (ii) of Section 3.20(a), the Company shall make available, upon request, to any Holder and any prospective purchaser of Notes the information required pursuant to Rule 144A(d)(4) under the Securities
Act. 
  

 76 

 (c) Notwithstanding anything in this Indenture to the
contrary, the Company shall not be deemed to have failed to comply with any of its obligations hereunder for purposes of clause (iv) of Section 6.1(a) or for any other purpose hereunder until 75 days after the date any report
hereunder is due. 
 (d) Delivery of such reports, information and documents to the Trustee is
for informational purposes only and the Trustee’s receipt of such reports 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 3.21 Payment of Additional Amounts. 

(a) All payments made by the Issuer or the Note Guarantors under, or with respect to, the Notes shall be
made free and clear of, and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto)
(collectively, “Taxes”) imposed or levied by or on behalf of Spain, Luxembourg, Mexico the Netherlands, the British Virgin Islands or, in the event that the Issuer appoints additional paying agents, by the jurisdictions of such
additional paying agents (a “Taxing Jurisdiction”) unless the Issuer or such Note Guarantor, as the case may be, is required to withhold or deduct Taxes by law or by the official interpretation or administration thereof. 

(b) If the Issuer or any Note Guarantor is so required to withhold or deduct any amount for, or on account
of, such Taxes from any payment made under or with respect to the Notes, the Issuer or such Note Guarantor, as the case may be, shall pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amount
received by each Holder (including Additional Amounts) after such withholding or deduction shall not be less than the amount such Holder would have received if such Taxes had not been required to be withheld or deducted; provided, however,
that the foregoing obligation to pay Additional Amounts does not apply to: 
  

	 	(i)	 any Taxes imposed solely because at any time there is or was a connection between the Holder and a Taxing Jurisdiction (other than the mere purchase
of the Notes, or receipt of a payment or the ownership or holding of a Note), 

  

	 	(ii)	 any estate, inheritance, gift, sales, transfer, personal property or similar Tax imposed with respect to the Notes, 

 

	 	(iii)	 any Taxes imposed solely because the Holder or any other person fails to comply with any certification, identification or other reporting
requirement concerning the nationality, residence, identity or connection with a Taxing Jurisdiction of the Holder or any beneficial owner of the Note if compliance is required by the applicable law of the Taxing Jurisdiction 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 that Holders shall be required to provide such information and identification,

  

 77 

	 	(iv)	 any Taxes payable otherwise than by deduction or withholding from payments on the Notes, 

 

	 	(v)	 any Taxes with respect to such Note presented for payment more than 30 days after the date on which the 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 Holders of such Note would have been entitled to such Additional Amounts on presenting such Note for payment on
any date during such 30 day period, and 

  

	 	(vi)	 any payment on the Note to a Holder that 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 the payment would not have been entitled to the Additional Amounts had the beneficiary, settlor, member or beneficial
owner been the Holder of the Note. 

 (c) The obligations in
Section 3.21(a) and Section 3.21(b) shall survive any termination or discharge of this Indenture and shall apply mutatis mutandis to any Taxing Jurisdiction with respect to any successor to the Issuer or any Note Guarantor,
as the case may be. The Issuer or such Note Guarantor, as applicable, shall (i) make such withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant Taxing Jurisdiction in accordance with applicable law.
The Issuer or such Note Guarantor, as applicable, shall use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Taxing Jurisdiction imposing such Taxes and shall
furnish such certified copies to the Trustee within 30 days after the date the payment of any Taxes so deducted or so withheld is due pursuant to applicable law or, if such tax receipts are not reasonably available to the Issuer, furnish such other
documentation that provides reasonable evidence of such payment by the Issuer. 
 (d) In
addition, clause (iii) of Section 3.21(b) does not require that any person, including any non-Mexican pension fund, retirement fund or financial institution, register with the Ministry of Finance and Public Credit to establish
eligibility for an exemption from, or a reduction of, Mexican withholding tax. 
 (e) Any
reference in this Indenture, any supplemental indenture or the Notes to principal, premium, interest or any other amount payable in respect of the Notes by the Issuer shall be deemed also to refer to any Additional Amount that may be payable with
respect to that amount under the obligations referred to in this subsection. 
  

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 (f) In the event that Additional Amounts actually paid with
respect to the Notes pursuant to this Section 3.21 are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Notes, and as a result thereof such Holder is
entitled to make a claim for a refund or credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Notes, and without any further action, 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 us. However, by making such assignment, the Holder makes no representation or warranty that we shall be entitled to receive such claim for a refund or credit and incurs no
other obligation with respect thereto. 
 Section 3.22 Suspension of Covenants. 

(a) During any period of time that the Notes do not have Investment Grade Ratings from two of the Rating
Agencies and (i) the Consolidated Leverage Ratio of the Company is less than 3.5:1 and (ii) no Default or Event of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (i) and
(ii) being collectively referred to as a “Partial Covenant Suspension Event”), the Company and its Restricted Subsidiaries shall not be subject to the provisions of this Indenture described under Sections 3.12,
3.13, 3.14(b), 3.15, 3.18, 3.19, 4.1(a)(ii) and 4.1(b)(ii) (collectively, the “Partial Suspended Covenants”): 

(b) During any period of time that (i) the Notes have Investment Grade Ratings from two of the Rating
Agencies and (ii) no Default or Event of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension
Event”), the Company and its Restricted Subsidiaries shall not be subject to the provisions of this Indenture described under Sections 3.9, 3.11, 3.12, 3.13, 3.14(b), 3.15, 3.16,
3.18, 3.19, 4.1(a)(ii) and 4.1(b)(ii) (collectively, the “Suspended Covenants”). 

(c) In addition, (x) no Subsidiary that is a Restricted Subsidiary on the date of the occurrence of a
Partial Covenant Suspension Event (the “Partial Covenant Suspension Date”) or a Covenant Suspension Event (the “Suspension Date”) may be redesignated as an Unrestricted Subsidiary during the Partial Suspension
Period or the Suspension Period, as applicable and (y) the Additional Note Guarantor shall be released from its obligation to guarantee the Notes on the date of a Partial Covenant Suspension Event of a Covenant Suspension Event, as the case may
be. 
 (d) The Additional Note Guarantor shall be released from their obligation to guarantee the
Notes upon the occurrence of a Partial Covenant Suspension Event or a Covenant Suspension Event; provided that upon the occurrence of a Partial Reversion Date or a Reversion Date, as applicable, the guarantee of the Notes by the Additional
Guarantor shall be reinstated in accordance with and subject to the conditions in Section 3.22(e). 

(e) In the event that the Company and its Restricted Subsidiaries are not subject to the Partial Suspended
Covenants or the Suspended Covenants, as the case may be, for any period of time as a result of the foregoing, and on any subsequent date (in the case of Partial Suspended Covenants, such subsequent date being the “Partial Covenant Reversion
Date” and, in 
  

 79 

 
the case of Suspended Covenants, such subsequent date being the “Reversion Date”) (i) the Consolidated Leverage Ratio of the Company is not less than 3.5:1 during the
applicable Partial Suspension Period or (ii) the Notes do not have Investment Grade Ratings from at least two of the Rating Agencies during the applicable Suspension Period, then in each case in clauses (i) and (ii), the Company and its
Restricted Subsidiaries will thereafter again be subject to the Partial Suspended Covenants or the Suspended Covenants, as applicable, and the Notes will again be guaranteed by the Additional Note Guarantor (unless, solely with respect to any
Additional Note Guarantor, the conditions for release as described under Section 10.2 are otherwise satisfied during the Partial Suspension Period or the Suspension Period, as applicable). The Issuer shall cause such Additional Note
Guarantor to promptly execute and deliver to the Trustee a supplemental indenture hereto in form and substance reasonably satisfactory to the Trustee in accordance with the provisions of Article IX, evidencing that such Additional Note
Guarantor’s guarantee on substantially the terms set forth in Article X. The period of time between the Partial Suspension Date and the Partial Covenant Reversion Date is referred to as the “Partial Suspension Period”
and the period of time between the Suspension Date and the Reversion Date is referred to as the “Suspension Period.” Notwithstanding that the Partial Suspended Covenants, the Suspended Covenants and the guarantee by the Additional
Note Guarantor may be reinstated, no Default or Event of Default will be deemed to have occurred as a result of a failure to comply with the Partial Suspended Covenants during the Partial Suspension Period or the Suspended Covenants during the
Suspension Period, as the case may be (or upon termination of the applicable Partial Suspension Period or the Suspension Period or after that time based solely on events that occurred during the applicable Partial Suspension Period or the Suspension
Period, as the case may be). 
 (f) On the Reversion Date, all Indebtedness Incurred during the
Suspension Period shall be classified to have been Incurred pursuant to Section 3.9(a) or Section 3.9(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reversion Date and after giving
effect to Indebtedness Incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Section 3.9(a) or 3.9(b), such
Indebtedness shall be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under clause (iv) of Section 3.9(b). Calculations made after the Reversion Date of the amount available to be made as
Restricted Payments under Section 3.11 shall be made as though Section 3.11 had been in effect since the Issue Date and throughout the Suspension Period. The Issuer will give the Trustee written notice of any occurrence of a
Reversion Date not later than five (5) Business Days after such Reversion Date. After any such notice of the occurrence of a Reversion Date, the Trustee shall assume the Suspended Covenants apply and are in full force and effect. Accordingly,
Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under Section 3.11(a). 

(g) The Issuer will give the Trustee written notice of any Partial Covenant Suspension Event or Covenant
Suspension Event and in any event not later than five (5) Business Days after such Partial Covenant Suspension Event or Covenant Suspension Event has occurred. In the absence of such notice, the Trustee shall assume that the Partial Suspended
Covenants or the Suspended Covenants, as applicable, apply and are in full force and effect. 
  

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 (h) For purposes of this Section 3.22 only,
“Consolidated Leverage Ratio” and all associated definitions shall have the meaning set forth in Exhibit G. 

ARTICLE IV 

SUCCESSOR COMPANY 

Section 4.1 Merger, Consolidation and Sale of Assets. 

(a) The Issuer shall not, in a single transaction or series of related transactions, consolidate or merge
with or into any Person (whether or not the Issuer is the surviving or continuing Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Issuer’s properties and assets, to any Person unless:

  

	 	(i)	 either: 

  

	 	(A)	 the Issuer shall be the surviving or continuing corporation, or 

 

	 	(B)	 the Person (if other than the Issuer) formed by such consolidation or into which the Issuer is merged or the Person which acquires by sale,
assignment, transfer, lease, conveyance or other disposition the properties and assets of the Issuer substantially as an entirety (the “Successor Issuer”): 

 

	 	(1)	 shall be a corporation organized and validly existing under the laws of Mexico, the United States of America, any State thereof or the District of
Columbia, Canada, France, Belgium, Germany, Italy, Luxembourg, the Netherlands, Portugal, Spain, Switzerland or the United Kingdom, or any political subdivision thereof (the “Permitted Merger Jurisdictions”); and

  

	 	(2)	 shall expressly assume, by supplemental indenture (in form and substance satisfactory to the Trustee), executed and delivered to the Trustee, the
due and punctual payment of the principal of, and premium, if any, and interest on all of the Notes and the performance and observance of every covenant of the Notes and this Indenture on the part of the Issuer to be performed or observed and
provide the Trustee with an Officer’s Certificate and Opinion of Counsel, and such transaction is otherwise in compliance with this Indenture; 

 

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	 	(ii)	 immediately after giving effect to such transaction and the assumption contemplated by clause (i)(B)(2) of this Section 4.1(a)
(including giving effect on a pro forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred or anticipated to be Incurred or discharged in connection with or in respect of such transaction): 

 

	 	(A)	 the Company shall have a Consolidated Fixed Charge Coverage Ratio that shall be not less than the Consolidated Fixed Charge Coverage Ratio of the
Company immediately prior to such transaction; or 

  

	 	(B)	 the Issuer or such Successor Issuer, as the case may be, shall be able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to
Section 3.9(a); 

  

	 	(iii)	 immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause (i)(B)(2) of this
Section 4.1(a) (including, without limitation, giving effect on a pro forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred or anticipated to be Incurred or discharged and any Lien granted in connection with or
in respect of the transaction), no Default or Event of Default shall have occurred or be continuing; 

  

	 	(iv)	 in the case of a transaction resulting in a Successor Issuer, each Note Guarantor has confirmed by supplemental indenture that its Note Guarantee
shall apply for Obligations of the Successor Issuer in respect of this Indenture and the Notes; and 

  

	 	(v)	 if the Issuer merges with a corporation, or the Successor Issuer is, organized under the laws of any of the Permitted Merger Jurisdictions, the
Issuer or the Successor Issuer shall have delivered to the Trustee an Opinion of Counsel that, as applicable: 

  

	 	(A)	 the Holders of the Notes shall not recognize income, gain or loss for the purposes of the income tax laws of the United States or the applicable
Permitted Merger Jurisdiction as a result of the transaction and shall be taxed in the Holder’s home jurisdiction in the same manner and on the same amounts (assuming solely for this purpose that no Additional Amounts are regarded to be paid on
the Notes) and at the same times as would have been the case if the transaction had not occurred; 

  

	 	(B)	 any payment of interest or principal under or relating to the Notes or any Guarantees shall be paid in compliance with any requirements under
Section 3.21; and 

  

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	 	(C)	 no other taxes on income, including capital gains, shall be payable by Holders of the Notes under the laws of the United States or the applicable
Permitted Merger Jurisdiction relating to the acquisition, ownership or disposition of the Notes, including the receipt of interest or principal thereon; provided that the Holder does not use or hold, and is not deemed to use or hold the
Notes in carrying on a business in the United States or the applicable Permitted Merger Jurisdiction. 

The provisions of clauses (ii) and (iii) of this Section 4.1(a) will not apply to:

  

	 	(x)	 any transfer of the properties or assets of the Company or a Restricted Subsidiary to the Issuer; 

 

	 	(y)	 any merger of the Company or a Restricted Subsidiary into the Issuer; or 

 

	 	(z)	 any merger of the Issuer into the Company or a Wholly Owned Subsidiary of the Company. 

For purposes of this Section 4.1, the transfer (by lease, assignment, sale or otherwise, in a
single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Issuer, the Capital Stock of which constitutes all or substantially all of the properties and assets
of the Company (determined on a consolidated basis for the Issuer and its Restricted Subsidiaries), shall be deemed to be the transfer of all or substantially all of the properties and assets of the Issuer. 

The Successor Issuer will succeed to, and be substituted for, such Issuer under this Indenture and the
Notes, as applicable. For the avoidance of doubt, compliance with this Section 4.1 will not affect the obligations of the Issuer (including a Successor Issuer, if applicable) under Section 3.8 if applicable. 

(b) The Company will not, in a single transaction or series of related transactions, consolidate or merge
with or into any Person (whether or not the Company is the surviving or continuing Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Company’s properties and assets (determined on a
consolidated basis for the Company and its Restricted Subsidiaries), to any Person unless: 
  

	 	(i)	 either: 

  

	 	(A)	 the Company shall be the surviving or continuing corporation, or 

 

	 	(B)	 the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires by sale,
assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and the Restricted Subsidiaries substantially as an entirety (the “Successor Company”): 

 

	 	(1)	 shall be a corporation organized and validly existing under the laws of a Permitted Merger Jurisdictions; and 

 

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	 	(2)	 shall expressly assume all of the Obligations of the Company under this Indenture, the Notes and the Company’s Note Guarantee by executing a
supplemental indenture and provide the Trustee with an Officer’s Certificate and Opinion of Counsel, and such transaction is otherwise in compliance this Indenture; 

 

	 	(ii)	 immediately after giving effect to such transaction and the assumption contemplated by clause (i)(B)(2) of this Section 4.1(b)
(including giving effect on a pro forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred or anticipated to be Incurred or discharged in connection with or in respect of such transaction), the Company or such Successor
Company, as the case may be: 

  

	 	(A)	 will have a Consolidated Fixed Charge Coverage Ratio that will be not less than the Consolidated Fixed Charge Coverage Ratio of the Company
immediately prior to such transaction; or 

  

	 	(B)	 will be able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to Section 3.9(a); and 

 

	 	(iii)	 immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause (i)(B)(2) of this
Section 4.1(b) (including, without limitation, giving effect on a pro forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred or anticipated to be Incurred or discharged and any Lien granted in connection
with or in respect of the transaction), no Default or Event of Default shall have occurred or be continuing. 

The provisions of clauses (ii) and (iii) of this Section 4.1(b) shall not apply to:

  

	 	(x)	 any transfer of the properties or assets of a Restricted Subsidiary to the Company or a Note Guarantor; 

 

	 	(y)	 any merger of a Restricted Subsidiary into the Company or a Note Guarantor; or 

 

	 	(z)	 any merger of the Company into another Note Guarantor or a Wholly Owned Subsidiary of the Company. 

The Successor Company shall succeed to, and be substituted for such Company under this Indenture, the
Notes and/or the Note Guarantee, as applicable. 
  

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 (c) Each Note Guarantor other than the Company shall not,
and the Company shall not cause or permit any such Note Guarantor to, consolidate with or merge into, or sell or dispose of all or substantially all of its assets to, any Person (other than the Issuer) that is not a Note Guarantor unless:

  

	 	(i)	 such Person (if such Person is the surviving entity) (the “Successor Note Guarantor”) assumes all of the obligations of such Note
Guarantor in respect of its Note Guarantee by executing a supplemental indenture and providing the Trustee with an Officer’s Certificate and Opinion of Counsel, and stating that such transaction is otherwise in compliance with this Indenture;

  

	 	(ii)	 such Note Guarantee is to be released as provided under Section 10.2(b); or 

 

	 	(iii)	 such sale or other disposition of substantially all of such Note Guarantor’s assets is made in accordance with Section 3.12.

 Subject to certain limitations described in this Indenture, the Successor
Note Guarantor will succeed to, and be substitute for, such Note Guarantor under this Indenture and such Note Guarantor’s Note Guarantee. The provisions of clauses (i), (ii) and (iii) of this Section 4.1(c) will not apply
to: 
  

	 	(x)	 any transfer of the properties or assets of a Note Guarantor to the Issuer or another Note Guarantor; 

 

	 	(y)	 any merger of a Note Guarantor into the Issuer or another Note Guarantor; or 

 

	 	(z)	 any merger of a Note Guarantor into a Wholly Owned Subsidiary of the Company. 

ARTICLE V 

OPTIONAL REDEMPTION OF NOTES 

Section 5.1 Optional Redemption. The Issuer may redeem the Notes, as a whole or from time to time in part, subject
to the conditions and at the redemption prices specified in the Form of Note in Exhibit A, in the case of Dollar Notes, and in Exhibit B, in the case of Euro Notes. 

Section 5.2 [Reserved]. 

Section 5.3 Notices to Trustee. If the Issuer elects to redeem Notes pursuant to the optional redemption
provisions of Section 5.1 hereof, it shall furnish to the Trustee, at least 45 days but not more than 60 days before a redemption date, an Officer’s Certificate setting forth: (a) the redemption date, (b) the principal
amount of Notes to be redeemed, (c) the CUSIP and ISIN numbers of such Notes and (d) the redemption price. 

Section 5.4 Notice of Redemption. 
  

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 (a) The Issuer shall prepare and mail or cause to be mailed
a notice of redemption, in the manner provided for in Section 12.1, not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed. 

(b) All notices of redemption shall state: 

 

	 	(i)	 the Redemption Date, 

  

	 	(ii)	 the redemption price and the amount of any accrued interest payable as provided in Section 5.7, 

 

	 	(iii)	 whether or not the Issuer is redeeming all Outstanding Notes, 

 

	 	(iv)	 if the Issuer is not redeeming all Outstanding Notes, the aggregate principal amount of Notes that the Issuer is redeeming and the aggregate
principal amount of Notes that will be Outstanding after the partial redemption, as well as the identification of the particular Notes, or portions of the particular Notes, that the Issuer is redeeming, 

 

	 	(v)	 if the Issuer is redeeming only part of a Note, the notice that relates to that Note shall state that on and after the Redemption Date, upon
surrender of that Note, the Holder will receive, without charge, a new Note or Notes of authorized denominations for the principal amount of the Note remaining unredeemed, 

 

	 	(vi)	 that on the Redemption Date the redemption price and any accrued interest payable to the Redemption Date as provided in Section 5.7 will
become due and payable in respect of each Note, or the portion of each Note, to be redeemed, and, unless the Issuer defaults in making the redemption payment, that interest on each Note, or the portion of each Note, to be redeemed, will cease to
accrue on and after the Redemption Date, 

  

	 	(vii)	 the place or places where a Holder must surrender Notes for payment of the redemption price and any accrued interest payable on the Redemption Date,
and 

  

	 	(viii)	 the CUSIP or ISIN number, if any, listed in the notice or printed on the Notes, and that no representation is made as to the accuracy or correctness
of such CUSIP or ISIN number. 

 (c) At the Issuer’s request, the Trustee
shall give the notice of redemption in the Issuer’s names and at its expense; provided, however, that the Issuer shall have delivered to the Trustee, at least 45 days prior to the redemption date, an Officer’s Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding Section 5.4(b). 

 

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 Section 5.5 Selection of Notes to Be Redeemed in Part. 

(a) If the Issuer is not redeeming all Outstanding Notes, the Trustee shall select the Notes to be
redeemed in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not then listed on a national securities exchange, on a pro rata basis, by lot or by any other
method as the Trustee shall deem fair and appropriate; provided, however, that if a partial redemption is made with the proceeds of a Equity Offering, selection of the Notes, or portions of the Notes, for redemption shall be made by
the Trustee only on a pro rata basis, or on as nearly a pro rata basis as is practicable (subject to the procedures of DTC, Euroclear or Clearstream), unless the method is otherwise prohibited. The Trustee shall make the selection from the
Outstanding Notes not previously called for redemption. The Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount of the Notes to
be redeemed. In the event of a partial redemption by lot, the Trustee shall select the particular Notes to be redeemed not less than 30 nor more than 60 days prior to the relevant Redemption Date from the Outstanding Notes not previously called for
redemption. No Notes of U.S.$70,000 principal amount or less, in the case of Dollar Notes, and €50,000 principal amount to less, in the case of Euro Notes, shall be redeemed in part. The Trustee may select for redemption portions with minimum
denominations of U.S.$70,000 or any integral multiple of U.S.$1,000 in excess thereof, in the case of Dollar Notes, and €50,000 or any integral multiple of €1,000 in excess thereof, in the case of Euro Notes. 

(b) For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to
redemption of Notes shall relate, in the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of that Note which has been or is to be redeemed. 

Section 5.6 Deposit of Redemption Price. On or prior to 10:00 a.m. New York City time, in the case of Dollar
Notes, and 3:00 p.m. London time, in the case of Euro Notes, on the Business Day prior to the relevant Redemption Date, the Issuer shall deposit with the Trustee or with a Paying Agent (or, if the Issuer or a Note Guarantor is acting as the Paying
Agent, segregate and hold in trust as provided in Section 2.4) an amount of money in immediately available funds sufficient to pay the redemption price of, and accrued interest on, all the Notes that the Issuer is redeeming on that date.

 Section 5.7 Notes Payable on Redemption Date. If the Issuer, or the Trustee on behalf of the Issuer,
gives notice of redemption in accordance with this Article V, the Notes, or the portions of Notes, called for redemption, shall, on the Redemption Date, become due and payable at the redemption price specified in the notice (together with
accrued interest, if any, to the Redemption Date), and from and after the Redemption Date (unless the Issuer shall default in the payment of the redemption price and accrued interest) the Notes or the portions of Notes shall cease to bear interest.
Upon surrender of any Note for redemption in accordance with the notice, the Issuer shall pay the Notes at the redemption price, together with accrued interest, if any, to the Redemption Date (subject to the rights of Holders of record on the
relevant record date to receive interest due on the relevant Interest Payment Date). If the Issuer shall fail to pay any Note called for redemption upon its surrender for redemption, the principal shall, until paid, bear interest from the Redemption
Date at the rate borne by the Notes. 
  

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 Section 5.8 Unredeemed Portions of Partially Redeemed Note. Upon
surrender of a Note that is to be redeemed in part, the Issuer shall execute, and the Trustee shall authenticate and make available for delivery to the Holder of the Note, at the expense of the Company, a new Note or Notes, of any authorized
denomination as requested by the Holder, in an aggregate principal amount equal to, and in exchange for, the unredeemed portion of the principal of the Note surrendered, provided that each new Note will be in a principal amount of U.S.$70,000
or an integral multiple of U.S.$1,000 in excess thereof, in the case of Dollar Notes, and €50,000 or an integral multiple of €1,000 in excess thereof, in the case of Euro Notes. 

ARTICLE VI 

DEFAULTS AND REMEDIES 

Section 6.1 Events of Default. 

(a) Each of the following is an “Event of Default”: 

 

	 	(i)	 default in the payment when due of the principal of or premium, if any, on any Notes, including the failure to make a required payment to purchase
Notes tendered pursuant to an optional redemption, a Change of Control Offer or an Asset Sale Offer; 

  

	 	(ii)	 default for 30 days or more in the payment when due of interest or Additional Amounts on any Notes; 

 

	 	(iii)	 the failure to perform or comply with any of the provisions described under Article IV; 

 

	 	(iv)	 the failure by the Company or any Restricted Subsidiary to comply with, or in the case of non-guarantor Restricted Subsidiaries, to perform
according to, any other covenant or agreement contained in this Indenture or in the Notes for 45 days or more after written notice to the Company and the Issuer from the Trustee or the Holders of at least 25% in aggregate principal amount of the
Outstanding Notes; 

  

	 	(v)	 default by the Company or any Restricted Subsidiary under any Indebtedness which: 

 

	 	(A)	 is caused by a failure to pay principal of (and premium, if any), when due or interest on such Indebtedness prior to the later of the expiration of
any applicable grace period provided in such Indebtedness on the date of such default or five (5) days past when due; or 

  

	 	(B)	 results in the acceleration of such Indebtedness prior to its stated maturity; 

 

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 and the principal or accreted amount of Indebtedness covered by clauses
(v)(A) or (v)(B) of this Section 6.1(a) at the relevant time, aggregates U.S.$50 million or more; 
  

	 	(vi)	 failure by the Company or any of its Restricted Subsidiaries to pay one or more final judgments against any of them, aggregating U.S.$50 million or
more, which judgment(s) are not paid, discharged or stayed for a period of 60 days or more; 

  

	 	(vii)	 a Bankruptcy Event of Default; or 

  

	 	(viii)	 except as permitted herein, any Note Guarantee is held to be unenforceable or invalid in a judicial proceeding or ceases for any reason to be in
full force and effect or any Note Guarantor, or any Person acting on behalf of any Note Guarantor, denies or disaffirms such Note Guarantor’s obligations under its Note Guarantee. 

The foregoing will constitute Events of Default whatever the reason for any such Event of Default and
whether it is voluntary or involuntary or is 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. 

(b) The Company shall deliver within 30 days to the Trustee written notice of any event which would
constitute a Default or Event of Default, their status and what action the Company is taking or proposes to take in respect thereof. 

Section 6.2 Acceleration. 

(a) If an Event of Default (other than an Event of Default specified in clause (vii) of
Section 6.1(a) above with respect to the Issuer or the Company) shall occur and be continuing, the Trustee or the Holders of at least 25% in principal amount of Outstanding Notes may declare the unpaid principal of (and premium, if any)
and accrued and unpaid interest on all the Notes to be immediately due and payable by notice in writing to the Issuer and the Company and the Trustee specifying the Event of Default and that it is a “notice of acceleration.” If an Event of
Default specified in clause (vii) of Section 6.1(a) above occurs with respect to the Company, then the unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Notes will become immediately due and
payable without any declaration or other act on the part of the Trustee or any Holder. 
 (b) At
any time after a declaration of acceleration with respect to the Notes as described in the preceding paragraph, the Holders of a majority in principal amount of the Notes may rescind and cancel such declaration and its consequences: 

 

	 	(i)	 if the rescission would not conflict with any judgment or decree; 

 

	 	(ii)	 if all existing Events of Default have been cured or waived, except nonpayment of principal or interest that has become due solely because of the
acceleration; 

  

 89 

	 	(iii)	 to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due
otherwise than by such declaration of acceleration, has been paid; and 

  

	 	(iv)	 if the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its reasonable expenses, disbursements and advances.

 Section 6.3 Other Remedies. 

(a) If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal of and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

(b) The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce
any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of
Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 

Section 6.4 Waiver of Past Defaults. Subject to Section 6.2, the Holders of a majority in principal
amount of the Notes may waive any existing Default or Event of Default, and its consequences, except a default in the payment of the principal of, premium, if any, or interest on any Notes. 

Section 6.5 Control by Majority. The Holders of a majority in principal amount of the Outstanding Notes may direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. Subject to Section 7.1 and Section 7.2, however, the Trustee may
refuse to follow any direction that conflicts with law or this Indenture; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. 

Section 6.6 Limitation on Suits. 

(a) No Holder of any Notes shall have any right to institute any proceeding with respect hereto or for any
remedy hereunder, unless: 
  

	 	(i)	 such Holder gives to the Trustee written notice of a continuing Event of Default; 

 

	 	(ii)	 Holders of at least 25% in principal amount of the then Outstanding Notes make a written request to pursue the remedy; 

 

	 	(iii)	 such Holders of the Notes provide to the Trustee indemnity satisfactory to it; 

 

	 	(iv)	 the Trustee does not comply within 60 days; and 

 

 90 

	 	(v)	 during such 60 day period the Holders of a majority in principal amount of the Outstanding Notes do not give the Trustee a written direction which,
in the opinion of the Trustee, is inconsistent with the request; 

 provided that a Holder of a Note
may institute suit for enforcement of payment of the principal of and premium, if any, or interest on such Note on or after the respective due dates expressed in such Note. 

Section 6.7 Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture
(including, without limitation, Section 6.6), the right of any Holder to receive payment of principal or interest on the Notes held by such Holder, on or after the respective due dates, Redemption Dates or repurchase date expressed in
this Indenture or the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

Section 6.8 Collection Suit by Trustee. If an Event of Default specified in clause (i) and (ii) of
Section 6.1(a) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company and each Note Guarantor for the whole amount then due and owing (together with applicable
interest on any overdue principal and, to the extent lawful, interest on overdue interest) and the amounts provided for in Section 7.7. 

Section 6.9 Trustee May File Proofs of Claim, etc. 

(a) The Trustee may (irrespective of whether the principal of the Notes is then due): 

 

	 	(i)	 file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders
under this Indenture and the Notes allowed in any bankruptcy, insolvency, liquidation or other judicial proceedings relative to the Company, any Note Guarantor or any Subsidiary of the Company or their respective creditors or properties; and

  

	 	(ii)	 collect and receive any monies or other property payable or deliverable in respect of any such claims and distribute them in accordance with this
Indenture. 

 Any receiver, trustee, liquidator, sequestrator (or other similar
official) in any such 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
to it for the reasonable compensation, expenses, taxes, disbursements and advances of the Trustee, its agent and counsel, and any other amounts due to the Trustee pursuant to Section 7.7. 

(b) Nothing in 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 Notes 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. 
  

 91 

 Section 6.10 Priorities. If the Trustee collects any money or
property pursuant to this Article VI, it shall pay out the money or property in the following order: 

FIRST: to the Trustee for amounts due under Section 7.7; 

SECOND: if the Holders proceed against the Company directly without the Trustee in accordance with this Indenture, to
Holders for their collection costs; 
 THIRD: to Holders for amounts due and unpaid on the Notes for principal
and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 

FOURTH: to the Company or, to the extent the Trustee collects any amount pursuant to Article X hereof from any Note
Guarantor, to such Note Guarantor, or to such party as a court of competent jurisdiction shall direct. 

The Trustee may, upon notice to the Company and the Issuer, fix a record date and payment date for any
payment to Holders pursuant to this Section 6.10. 
 Section 6.11 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 or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by the Company, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in principal amount of
Outstanding Notes. 
 ARTICLE VII 

TRUSTEE 

Section 7.1 Duties of Trustee. 

(a) If a Default or an Event of Default has occurred and is continuing, the Trustee shall exercise the
rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

(b) Except during the continuance of a Default or an Event of Default: 

 

	 	(i)	 the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and 

  

 92 

	 	(ii)	 in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be
furnished to the Trustee, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct, except that: 
  

	 	(i)	 this clause (c) does not limit the effect of clause (b) of this Section 7.1; 

 

	 	(ii)	 the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent
in ascertaining the pertinent facts; and 

  

	 	(iii)	 the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it
pursuant to Section 6.2, 6.4 or 6.5. 

 (d) The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. 

(e) Money held in trust by the Trustee need not be segregated from other funds except to the extent
required by law. 
 (f) No provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur 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 to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. 
 (g) 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 Article VII. 

(h) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice
from the Issuer shall be sufficient if signed by an Officer of the Issuer. 
 (i) 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 unless such Holders shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction. 

 

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 Section 7.2 Rights of Trustee. 

Subject to Section 7.1: 

(a) The Trustee may rely on any document reasonably believed by it to be genuine and to have been signed
or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting at the direction of the Issuer or any Note Guarantor,
it may require an Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct
or negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for
any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with
respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the
advice or opinion of such counsel. 
 (f) If the Trustee shall determine, it shall be entitled to
examine the books, records and premises of the Issuer, personally or by agent or attorney. 
 (g)
The Trustee shall not be deemed to have notice of any Default or Event of Default unless an 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 Notes and this Indenture. 

(h) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without
limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder. 

(i) The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names
of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any Person authorized to sign an Officer’s Certificate, including any
Person specified as so authorized in any such certificate previously delivered and not superseded. 

(j) The permissive rights of the Trustee enumerated herein shall not be construed as duties. 

 

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 (k) In no event shall the Trustee be liable, directly or
indirectly, for any special, indirect or consequential damages, even if the Trustee has been advised of the possibility of such damages. 

(l) The Trustee shall not be responsible or liable for any failure or delay in the performance of its
obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage;
epidemics; riots, interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; it being understood that the
Trustee shall use its best efforts to resume performance as soon as practicable under the circumstances. 

(m) The Trustee shall at no time have any responsibility or liability for or in respect to the legality,
validity or enforceability of any Collateral or any arrangement or agreement between the Issuer or the Company and any other Person with respect thereto, or the perfection or priority of any security interest created in any of the Collateral or
maintenance of any perfection and priority, or for or with respect to the sufficiency of the Collateral following an Event of Default. 

Section 7.3 Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner
or pledgee of Notes and may otherwise deal with the Issuer, the Note Guarantors or any Affiliate of the Company with the same rights it would have if it were not Trustee. Any Paying Agent, Transfer Agent, Registrar or co-Registrar may do the same
with like rights. However, the Trustee must comply with Section 7.10. 
 Section 7.4
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the
Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. 

Section 7.5 Notice of Defaults. If a Default or Event of Default occurs and is continuing and if a Trust Officer
has actual knowledge thereof, the Trustee shall mail to each Holder notice of the Default or Event of Default within 90 days after the occurrence thereof. Except in the case of a Default or Event of Default in payment of principal or interest on any
Note (including payments pursuant to the optional redemption or required repurchase provisions of such Note, if any), the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding
the notice is in the interests of the Holders. 
 Section 7.6 [Reserved]. 

Section 7.7 Compensation and Indemnity. 

(a) The Issuer shall pay to the Trustee from time to time reasonable compensation for its acceptance of
this Indenture and services hereunder as the Issuer and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be 

 

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limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it,
including costs of collection, costs of preparing and reviewing reports, certificates and other documents, costs of preparation and mailing of notices to Holders and reasonable costs of counsel retained by the Trustee in connection with the review,
negotiation, execution and delivery of this Indenture or otherwise, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents,
counsel, accountants and experts. 
 (b) The Issuer and each Note Guarantor shall jointly and
severally indemnify the Trustee against any and all loss, liability or expense (including reasonable attorneys’ fees and expenses) incurred by it without negligence, willful misconduct or bad faith on its part in connection with the acceptance
and administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture (including this Section 7.7) and of defending itself against any claims (whether asserted by any
Holder, the Issuer, any Note Guarantor or otherwise). The Trustee shall notify the Issuer and each Note Guarantor promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer or any Note Guarantor shall not
relieve the Issuer or any Note Guarantor of its obligations hereunder. The Issuer shall defend the claim and the Trustee may have separate counsel and the Issuer shall pay the fees and expenses of such counsel; provided that the Issuer shall
not be required to pay such fees and expenses if it assumes the Trustee’s defense, and, in the reasonable judgment of outside counsel to the Trustee, there is no conflict of interest between the Issuer and the Trustee in connection with such
defense. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. 

(c) To secure the Issuer’s payment obligations in this Section 7.7, the Trustee shall
have a lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. The Trustee’s right to receive payment of any amounts due
under this Section 7.7 shall not be subordinate to any other liability or Indebtedness of the Issuer. 

(d) The Issuer’s payment obligations pursuant to this Section 7.7 shall survive the
discharge of this Indenture and the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Bankruptcy Event of Default, the expenses are intended to constitute expenses of administration under any
Bankruptcy Law; provided, however, that this shall not affect the Trustee’s rights as set forth in this Section 7.7 or Section 6.10. 

Section 7.8 Replacement of Trustee. 

(a) The Trustee may resign at any time by so notifying the Company and the Issuer. The Holders of a
majority in principal amount of the Outstanding Notes may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee reasonably acceptable to the Issuer. The Issuer shall remove the Trustee if: 

 

	 	(i)	 the Trustee fails to comply with Section 7.10; 

 

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	 	(ii)	 the Trustee is adjudged bankrupt or insolvent; 

  

	 	(iii)	 a receiver or other public officer takes charge of the Trustee or its property; or 

 

	 	(iv)	 the Trustee otherwise becomes incapable of acting. 

(b) If the Trustee resigns or is removed by the Issuer or by the Holders of a majority in principal amount
of the Outstanding Notes and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of the Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the
Issuer shall promptly appoint a successor Trustee. 
 (c) A successor Trustee shall deliver a
written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in
Section 7.7(c). 
 (d) If a successor Trustee does not take office within 30 days
after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of 10% in principal amount of the Outstanding Notes may petition, at the Issuer’s expense, any court of competent jurisdiction for the appointment of a
successor Trustee. 
 (e) If the Trustee fails to comply with Section 7.10, any
Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) Notwithstanding the replacement of the Trustee pursuant to this Section 7.8, the
Issuer’s obligations under Section 7.7 shall continue for the benefit of the retiring Trustee. 

Section 7.9 Successor Trustee by Merger. 

(a) If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its
corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 

(b) In case at the time such successor or successors to the Trustee shall succeed to the trusts created by
this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that
time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates
of authentication and such delivery shall be valid for purposes of this Indenture. 
  

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 Section 7.10 Eligibility; Disqualification. The Trustee shall at all
times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or
examination by federal or state authorities and that has, together with parent, a combined capital and surplus of at least U.S.$50,000,000 as set forth in its most recent published annual report of condition. 

Section 7.11 [Reserved]. 

Section 7.12 [Reserved]. 

Section 7.13 Authorization and Instruction of the Trustee With Respect to the Collateral. Each Holder and the
Issuer authorize and instruct the Trustee (a) to enter into (or cause an agent or grant such powers of attorney to enter into), on its own behalf and on behalf of the Holders of Notes, such documents (the “Security Documents”)
as are necessary or desirable (which shall be evidenced by a written instruction from the Company satisfactory to the Trustee) in order to create and maintain the security interest of the Trustee and the Holders of Notes in the Collateral as may
from time to time be provided to equally and ratably secure the Notes, (b) to grant such powers of attorney and to do or cause to be done all such acts and things, on its own behalf and in the name and on behalf of the Holders of Notes, as are
necessary or desirable (which shall be evidenced by a written instruction from the Company satisfactory to the Trustee) to create and maintain the security interest of the Trustee and the Holders of Notes in such Collateral, (c) to appoint the
Security Agent to serve as direct representative of the Trustee and the Holders of Notes in connection with the creation and maintenance of the security interest of the Trustee and the Holders of Notes in such Collateral, (d) to accept the
security interest in the Collateral on behalf of each Holder, and (e) to grant powers in favor of an attorney to execute an accession public deed before a Spanish notary public accepting the security interest in the Collateral on behalf of the
Holders of Notes. It is understood and acknowledged that in certain circumstances the Security Documents may be amended, modified or waived without the consent of the Trustee or the Holders of Notes. It is understood and acknowledged that the
Security Agent, in addition to being appointed by and acting on behalf of the Trustee and the Holders of Notes, has also been appointed by and is acting on behalf of (and may in the future be appointed by and act on behalf of) other creditors of the
Company and its Subsidiaries. The Trustee will not have the right to cause the Security Agent to foreclose on the Collateral upon the occurrence of an Event of Default in respect of the Notes. The Trustee shall at no time have any responsibility or
liability for or in respect to the legality, validity or enforceability of any Collateral or any arrangement or agreement between the Issuer or the Company and any other Person with respect thereto, or the perfection or priority of any security
interest created in any of the Collateral or maintenance of any perfection and priority, or for or with respect to the sufficiency of the Collateral following an Event of Default. 

 

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 ARTICLE VIII 

DEFEASANCE; DISCHARGE OF INDENTURE 

Section 8.1 Legal Defeasance and Covenant Defeasance. 

(a) The Issuer may, at its option, at any time, elect to have either Section 8.1(b) or
(c) be applied to all Outstanding Notes upon compliance with the conditions set forth in Section 8.2. 

(b) Upon the Issuer’s exercise under Section 8.1(a) of the option applicable to this
clause (b), the Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.2, be deemed to have been discharged from its obligations with respect to all Outstanding Notes on the date all of the conditions set
forth in Section 8.2 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the Outstanding
Notes, which shall thereafter be deemed to be Outstanding only for the purposes of Section 8.3 hereof and the other sections of this Indenture referred to in subclause (i) or (ii) of this clause (b), and to have satisfied all
its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the same), except for the following provisions, which shall survive until
otherwise terminated or discharged hereunder: 
  

	 	(i)	 the rights of Holders of Outstanding Notes to receive solely from the trust fund described in Section 8.3, and as more fully set forth
in Section 2.4 payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due, 

  

	 	(ii)	 the Issuer’s obligations with respect to such Notes under Article II and Section 3.2 hereof, 

 

	 	(iii)	 the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection therewith, and

  

	 	(iv)	 this Article VIII. 

Subject to compliance with this Article VIII, the Issuer may exercise its option under this
clause (b) notwithstanding the prior exercise of its option under Section 8.1(c) hereof. 

(c) Upon the Issuer’s exercise under Section 8.1(a) hereof of the option applicable to
this clause (c), the Issuer shall, subject to the satisfaction of the applicable conditions set forth in Section 8.2, be released from its obligations under Sections 3.4, 3.5, 3.8, 3.9,
3.11, 3.12, 3.13, 3.14, 3.15, 3.16, 3.17, 3.18, 3.19, 3.20, 3.21, 3.22, 4.1(a) and 4.1(b) hereof with respect to the Outstanding Notes on and after the date
the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders (and the
consequences of any thereof) in connection with such covenants, but shall continue to be Outstanding for all other purposes hereunder (it being understood that such Notes shall not be deemed Outstanding for accounting purposes). For this purpose,
such Covenant Defeasance means that, with respect to the Outstanding Notes, the Issuer may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other 

 

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document and such omission to comply shall not constitute a Default or an Event or Default under clause (iii) of Section 6.1(a) (solely with respect to any failure to perform
under or comply with clause (ii) or (iii) of Section 4.1(a)), clause (iv) of Section 6.1(a) or clause (v) of Section 6.1(a) hereof, but, except as specified above, the remainder of this
Indenture and such Notes shall be unaffected thereby. 
 Section 8.2 Conditions to Defeasance. The
Company or, as applicable, the Issuer, may exercise its Legal Defeasance option or its Covenant Defeasance option only if: 

(a) the Issuer has irrevocably deposited with the Trustee, in trust, for the benefit of the Holders cash
in U.S. Legal Tender or U.S. Government Obligations, in the case of Dollar Notes, and Euros or European Government Obligations, in the case of Euro Notes, or in each case a combination thereof, in such amounts as will be sufficient without
reinvestment, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest (including Additional Amounts) on the Notes on the stated date for payment thereof or on the
applicable redemption date, as the case may be; 
 (b) in the case of Legal Defeasance, the
Issuer has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee (subject to customary exceptions and exclusions) and independent of the Issuer to the effect that: 

 

	 	(i)	 the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling; or 

 

	 	(ii)	 since the Issue Date, there has been a change in the applicable U.S. federal income tax law, 

in either case to the effect that, and based thereon such Opinion of Counsel shall state that, the Holders will not recognize income,
gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. 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; 
 (c) in the case of Covenant Defeasance, the Issuer has delivered
to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee (subject to customary exceptions and exclusions) to the effect that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result
of such Covenant Defeasance and will be subject to U.S. 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; 

(d) no Default or Event of Default shall have occurred and be continuing on the date of the deposit
pursuant to Section 8.2(a) (except any Default or Event of Default resulting from the failure to comply with Section 3.9 as a result of the borrowing of the funds required to effect such deposit); 

(e) the Trustee has received an Officer’s Certificate stating that 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 material agreement or instrument to which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its
Subsidiaries is bound; 
  

 100 

 (f) the Issuer has delivered to the Trustee an
Officer’s Certificate stating that the deposit was not made by the Issuer with the intent of preferring the Holders over any other creditors of the Issuer or any Subsidiary of the Issuer or with the intent of defeating, hindering, delaying or
defrauding any other creditors of the Issuer or others; 
 (g) the Issuer has delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel from counsel reasonably acceptable to the Trustee (subject to customary exceptions and exclusions) and independent of the Issuer, each stating that all conditions precedent provided for
or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and 

(h) the Issuer has delivered to the Trustee an Opinion of Counsel from counsel reasonably acceptable to
the Trustee and independent of the Issuer to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940. 

Section 8.3 Application of Trust Money. The Trustee shall hold in trust U.S. Legal Tender or U.S. Government
Obligations, in the case of Dollar Notes, and Euros or European Government Obligations, in the case of Euro Notes, deposited with it pursuant to this Article VIII. It shall apply the deposited U.S. Legal Tender or U.S. Government Obligations,
in the case of Dollar Notes, and Euros or European Government Obligations, in the case of Euro Notes, through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Notes. 

Section 8.4 Repayment to Issuer. 

(a) The Trustee and the Paying Agent shall promptly turn over to the Issuer upon request any excess money
or securities held by them upon payment of all the obligations under this Indenture. 
 (b)
Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Issuer upon request any money held by them for the payment of principal of, premium or interest on the Notes that remains unclaimed for two years,
and, thereafter, Holders entitled to the money must look to the Issuer for payment as general creditors. 

Section 8.5 Indemnity for U.S. Government Obligations and European Government Obligations. The Issuer shall pay
and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations, in the case of Dollar Notes, and European Government Obligations, in the case of Euro Notes, or the principal
and interest received on such U.S. Government Obligations and European Government Obligations. 
 Section 8.6
Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender or U.S. Government Obligations, in the case of Dollar Notes, or Euros or European Government Obligations, in the case of Euro Notes, in accordance with
this Article VIII by 
  

 101 

 
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 obligations of
the Issuer under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender,
U.S. Government Obligations, in the case of Dollar Notes, and Euros or European Government Obligations, in the case of or Notes, in accordance with this Article VIII; provided, however, that, if the Issuer has made any payment of
principal of, premium or interest on any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from U.S. Legal Tender or U.S. Government Obligations,
in the case of Dollar Notes, or Euros or European Government Obligations, in the case of Euro Notes, held by the Trustee or Paying Agent. 

Section 8.7 Satisfaction and Discharge. This Indenture will be discharged and will cease to be of further effect
(except as to surviving rights of registration of transfer or exchange of the Notes, as expressly provided for in this Indenture) as to all Outstanding Notes when: 

(a) either: 
  

	 	(i)	 all the Notes theretofor authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose
payment money has theretofor been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation, or

  

	 	(ii)	 all Notes not theretofor delivered to the Trustee for cancellation have become due and payable, and the Issuer has irrevocably deposited or caused
to be deposited with the Trustee U.S. Legal Tender or U.S. Government Obligations, in the case of Dollar Notes, or Euros or European Government Obligations, in the case of Euro Notes, sufficient without reinvestment to pay and discharge the entire
Indebtedness on the Notes not theretofor delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit, together with irrevocable instructions from the Issuer directing the Trustee to
apply such funds to the payment; 

 (b) the Issuer has paid all other sums
payable under this Indenture and the Notes by it; and 
 (c) the Issuer has delivered to the
Trustee an Officer’s Certificate stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

 

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 ARTICLE IX 

AMENDMENTS 

Section 9.1 Without Consent of Holders. 

(a) The Issuer, the Note Guarantors and the Trustee may amend or supplement this Indenture, the Notes or
the Note Guarantees without notice to or consent of any Holder: 
  

	 	(i)	 to cure any ambiguity, omission, defect or inconsistency; 

 

	 	(ii)	 to comply with Article IV in respect of the assumption by a Successor Issuer of the obligations of the Issuer under the Notes and this
Indenture; 

  

	 	(iii)	 to provide for uncertificated Notes in addition to or in place of Certificated Notes; provided, however, that the uncertificated Notes
are issued in registered form for purposes of Section 163(f) of the Code; 

  

	 	(iv)	 to add guarantees with respect to the Notes or to secure the Notes; 

 

	 	(v)	 to add to the covenants of the Issuer or the Note Guarantors for the benefit of the Holders or to surrender any right or power herein conferred upon
the Issuer or the Note Guarantors; 

  

	 	(vi)	 to make any change that does not, in the opinion of the Trustee, adversely affect the rights of any Holder in any material respect;

  

	 	(vii)	 to conform the text of this Indenture, the Note Guarantees or the Notes to any provision of the section “Description of Notes” in the
Offering Memorandum to the extent that such provision in such “Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture or the Notes or Note Guarantees; 

 

	 	(viii)	 to comply with the requirements of any applicable securities depositary; 

 

	 	(ix)	 to provide for the issuance of Additional Notes as permitted by Section 2.2(c) and Section 2.14, which will have terms
substantially identical to the other Outstanding Notes except as specified in Section 2.13, or Section 2.14, and which will be treated, together with any other Outstanding Notes, as a single issue of securities;

  

	 	(x)	 in order to effect and maintain the listing or registration of the Notes on a securities market regulated by a securities authority that is a member
of the Technical Committee of the International Organization of Securities Commissions. 

  

 103 

 (b) After an amendment or supplement under this
Section 9.1 becomes effective, the Issuer shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment
under this Section 9.1. 
 Section 9.2 With Consent of Holders. 

(a) The Issuer, the Note Guarantors and the Trustee may amend or supplement this Indenture or the Notes
without notice to any Holder but with the written consent of the Holders of at least a majority in principal amount of the Outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes). Subject to Section 6.4, the Holder or Holders of a majority in aggregate principal amount of the Outstanding Notes may waive compliance by the Issuer and the Note Guarantors with any provision of this
Indenture or the Notes. However, without the consent of each Holder affected, an amendment, supplement or waiver may not: 
  

	 	(i)	 reduce the amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

 

	 	(ii)	 reduce the rate of or change or have the effect of changing the time for payment of interest, including Defaulted Interest, on any Notes;

  

	 	(iii)	 reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on which any Notes may be
subject to redemption, or reduce the redemption price therefor; 

  

	 	(iv)	 make any Notes payable in money other than that stated in the Notes; 

 

	 	(v)	 make any change in the provisions of this Indenture entitling each Holder to receive payment of principal of, premium, if any, and interest on such
Notes on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in principal amount of Outstanding Notes to waive Defaults or Events of Default; 

 

	 	(vi)	 amend, change or modify in any material respect any obligations of the Company to make and consummate a Change of Control Offer in respect of a
Change of Control that has occurred or make and consummate an Asset Sale Offer with respect to any Asset Sale that has been consummated; 

  

	 	(vii)	 make any change in the provisions of this Indenture described under Section 3.21 that adversely affects the rights of any Holder or
amend the terms of the Notes in a way that would result in a loss of exemption from Taxes; or 

  

 104 

	 	(viii)	 make any change to the provisions of this Indenture or the Notes that adversely affect the ranking of the Notes. 

(b) It shall not be necessary for the consent of the Holders under this Section 9.2 to approve
the particular form of any proposed amendment, supplement or waiver but it shall be sufficient if such consent approves the substance thereof. 

(c) After an amendment, supplement or waiver under this Section 9.2 becomes effective, the
Issuer shall mail to Holders a notice briefly describing such amendment, supplement or waiver. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment, supplement or waiver under
this Section 9.2. 
 (d) The Notes issued on the Issue Date, and any Additional Notes
part of the same series, will be treated as a single series for all purposes under this Indenture, including with respect to waivers and amendments, except as the relevant amendment, waiver, consent, modification or similar action affects the rights
of the Holder of the Dollar Notes and Euro Notes dissimilarly. For the purposes of calculating the aggregate principal amount of Notes that have consented to or voted in favor of any amendment, waiver, consent, modifications or other similar action,
the Issuer (acting reasonably and in good faith) shall be entitled to select a record date as of which the Dollar Equivalent of the principal amount of any Notes shall be calculated in such consent or voting process. 

Section 9.3 [Reserved]. 

Section 9.4 Revocation and Effect of Consents and Waivers. 

(a) A consent to an amendment, supplement or waiver by a Holder of a Note shall bind the Holder and every
subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may revoke the
consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. After an amendment, supplement or waiver becomes
effective, it shall bind every Holder, except as otherwise provided in this Article IX. An amendment, supplement or waiver shall become effective upon receipt by the Trustee of the requisite number of written consents under
Section 9.2. 
 (b) The Company may, but shall not be obligated to, fix a record date
for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether
or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date. 
  

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 Section 9.5 Notation on or Exchange of Notes. If an amendment or
supplement changes the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if
the Company or the Trustee so determines, the Company in exchange for the Note will execute and upon Issuer Order the Trustee will authenticate and make available for delivery a new Note that reflects the changed terms. Failure to make the
appropriate notation or to issue a new Note shall not affect the validity of such amendment or supplement. 

Section 9.6 Trustee to Sign Amendments and Supplements. The Trustee shall sign any amendment, supplement or waiver
authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment,
supplement or waiver, the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.1 and Section 7.2) shall be fully protected in relying upon, in addition to the
documents required by Section 12.4, an Opinion of Counsel and an Officer’s Certificate each stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that all conditions precedent to the
execution of such amendment, supplement or waiver have been complied with. 
 ARTICLE X 

NOTE GUARANTEES 

Section 10.1 Note Guarantees. 

(a) Each Note Guarantor hereby fully and unconditionally guarantees, as primary obligor and not merely as
surety, jointly and severally with each other Note Guarantor, to each Holder and the Trustee, the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the Obligations (such guaranteed Obligations,
the “Guaranteed Obligations”). Each Note Guarantor further agrees that its Note Guarantee herein constitutes a guarantee of payment when due (and not a guarantee of collection) and agrees to pay, in addition to the amounts stated in
Section 10.1(f), any and all expenses (including reasonable counsel fees and expenses) incurred by the Trustee or the Holders in enforcing or exercising any rights under any Note Guarantee. 

(b) In no event shall the Trustee or the Holders be obligated to take any action, obtain any judgment or
file any claim prior to enforcing or exercising any rights under any Note Guarantee. 
 (c) Each
Note Guarantor further agrees that its Note Guarantee constitutes an absolute and unconditional and continuing guarantee. Each Note Guarantor hereby waives, to the extent permitted by law: 

 

	 	(i)	 any claim as to the legality, validity, regularity or enforceability of this Indenture, the Notes or any other agreement;

  

	 	(ii)	 any claim as to the lack of authority of the Issuer to execute or deliver this Indenture, the Notes or any other agreement;

  

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	 	(iii)	 diligence, presentation to, demand of payment from and protest to the Issuer of any of the Obligations and notice of protest for nonpayment;

  

	 	(iv)	 the occurrence of any Default or Event of Default under this Indenture, the Notes or any other agreement; 

 

	 	(v)	 notice of any Default or Event of Default under this Indenture, the Notes or any other agreement; 

 

	 	(vi)	 the failure of the Trustee or any Holder to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person
under this Indenture, the Notes or any other agreement; 

  

	 	(vii)	 any extension or renewal of the Obligations, this Indenture, the Notes or any other agreement; 

 

	 	(viii)	 any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement;

  

	 	(ix)	 the existence of any bankruptcy, insolvency, reorganization or similar proceedings involving the Issuer; 

 

	 	(x)	 any setoff, counterclaim, recoupment, termination or defense of any kind or nature which may be available to or asserted by any Note Guarantor or
the Issuer against the Holders or the Trustee; 

  

	 	(xi)	 any impairment, taking, furnishing, exchange or release of, or failure to perfect or obtain protection of any security interest in, any collateral
securing this Indenture and the Notes and any right to require that any resort be had by the Trustee or any Holder to any such collateral; 

  

	 	(xii)	 the failure of the Trustee or any Holder to exercise any right or remedy against any other Note Guarantor; 

 

	 	(xiii)	 any change in the ownership of the Company; 

  

	 	(xiv)	 any change in the laws, rules or regulations of any jurisdiction; 

 

	 	(xv)	 any present or future action of any governmental authority or court amending, varying, reducing or otherwise affecting, or purporting to amend,
vary, reduce or otherwise affect, any of the obligations of the Issuer under this Indenture or the Notes or of any Note Guarantor under its Note Guarantee; and 

 

	 	(xvi)	 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 each
Note Guarantor or would otherwise operate as a discharge of such Note Guarantor as a matter of law or equity. 

  

 107 

 (d) Each of the Note Guarantors further expressly waives
irrevocably and unconditionally: 
  

	 	(i)	 Any right it may have to first require any Holder to proceed against, initiate any actions before a court of law or any other judge or authority, or
enforce any other rights or security or claim payment from the Issuer or any other Person (including any Note Guarantor or any other guarantor) before claiming from it under this Indenture; 

 

	 	(ii)	 Any right to which it may be entitled to have the assets of the Company or any other Person (including any Note Guarantor or any other guarantor)
first be used, applied or depleted as payment of the Issuer’s or the Note Guarantors’ obligations hereunder, prior to any amount being claimed from or paid by any of the Note Guarantors hereunder; 

 

	 	(iii)	 Any right to which it may be entitled to have claims hereunder divided between the Note Guarantors; 

 

	 	(iv)	 To the extent applicable, the benefits of orden, excusión, división, quita and espera and any right
specified in articles 2814, 2815, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2826, 2837, 2838, 2839, 2840, 2845, 2846, 2847 and any other related or applicable articles that are not explicitly set forth herein because of Note Guarantor’s
knowledge thereof of the Código Civil Federal of Mexico, and the Código Civil of each State of the Mexican Republic and the Federal District of Mexico. 

(e) The obligations assumed by each Note Guarantor hereunder shall not be affected by the absence of
judicial request of payment by a Holder to the Company or by whether any such person takes timely action pursuant to articles 2848 and 2849 of the Código Civil Federal of Mexico and the Código Civil of each State of the Mexican
Republic and the Federal District of Mexico and each Note Guarantor hereby expressly waives the provisions of such articles. 

(f) The obligations of each Note 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 each Note 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 Notes 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 such Note Guarantor or would
otherwise operate as a discharge of such Note Guarantor as a matter of law or equity. 
  

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 (g) Except as provided in Section 10.2, the
obligations of each Note Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason other than payment of the Obligations in full. 

(h) Each Note Guarantor further agrees that its Note Guarantee herein 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 or reorganization of the Issuer or
otherwise. 
 (i) In furtherance of the foregoing and not in limitation of any other right which
the Trustee or any Holder has at law or in equity against each Note Guarantor by virtue hereof, upon the failure of the Issuer to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption
or otherwise, each Note Guarantor hereby promises to and will, 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 (but only to the extent not prohibited by law); 

provided that any delay by the Trustee in giving such written demand shall in no event affect any Note Guarantor’s
obligations under its Note Guarantee. 
 (j) Each Note Guarantor further agrees that, as between
such Note 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 its Note Guarantee herein,
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 Note Guarantor for the purposes of this Note Guarantee. 

 Section 10.2
Limitation on Liability; Termination, Release and Discharge. 
 (a) The obligations of
each Note Guarantor hereunder will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Note Guarantor and after giving effect to any collections from or payments made by or on behalf of
any other Note Guarantor in respect of the obligations of such other Note Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Note Guarantor under its Note Guarantee
not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 
  

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 (b) A Note Guarantor will be released and relieved of its
obligations under its Note Guarantee in the event that: 
  

	 	(i)	 with respect to any Note Guarantee other than the Company there is a Legal Defeasance of the Notes pursuant to Section 8.1 or Article
VIII; 

  

	 	(ii)	 there is a sale or other disposition of Capital Stock of such Note Guarantor following which such Note Guarantor is no longer a direct or indirect
Subsidiary of the Company; 

  

	 	(iii)	 such Note Guarantor is designated as an Unrestricted Subsidiary in accordance with Section 3.14; 

 

	 	(iv)	 solely with respect to any Additional Note Guarantor, either (A) the Financing Agreement Indebtedness has been repaid in full and such
Additional Note Guarantor is not a guarantor of the Indebtedness Incurred to refinance such Financing Agreement Indebtedness or (B) at least 85% of the outstanding Indebtedness of the Company and its Restricted Subsidiaries is not guaranteed by
such Additional Note Guarantor; or 

  

	 	(v)	 solely with respect to any Additional Note Guarantor, upon the occurrence of a Partial Covenant Suspension Event or Covenant Suspension Event until
the occurrence of a Partial Reversion Date or a Reversion Date, respectively, at which time the guarantee of the Notes by such Additional Note Guarantor shall be reinstated unless such Additional Note Guarantor would have been released at any time
during the Partial Suspension Period or the Suspension Period, as applicable, pursuant to clause (i), (ii), (iii) or (iv) of this Section 10.2(b). 

Section 10.3 Right of Contribution. Each Note Guarantor that makes a payment or distribution under a Note
Guarantee will be entitled to a contribution from each other Note Guarantor in a pro rata amount, based on the net assets of each Note Guarantor determined in accordance with GAAP. The provisions of this Section 10.3 shall in no
respect limit the obligations and liabilities of each Note Guarantor to the Trustee and the Holders and each Note Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by such Note Guarantor hereunder.

 Section 10.4 No Subrogation. Each Note Guarantor agrees that it shall not be entitled to any right of
subrogation in respect of any Guaranteed Obligations until payment in full in cash or Cash Equivalents of all Obligations. If any amount shall be paid to any Note Guarantor on account of such subrogation rights at any time when all of the
Obligations shall not have been paid in full in cash or Cash Equivalents, such amount shall be held by such Note Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Note Guarantor, and shall, forthwith upon
receipt by such Note Guarantor, be turned over to the Trustee in the exact form received by such Note Guarantor (duly endorsed by such Note Guarantor to the Trustee, if required), to be applied against the Obligations. 

 

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 ARTICLE XI 

COLLATERAL 

Section 11.1 The Collateral. Subject to Section 11.2, the Issuer and the Note Guarantors agree that
the Notes will be at all times secured by a first-priority security interest in the Collateral on an equal and ratable basis with the Permitted Secured Obligations. 

Section 11.2 Release of the Collateral. 

(a) The Notes will cease to be secured by a security interest in the Collateral in accordance with the
provisions of the Intercreditor Agreement. 
 (b) In addition to the Collateral release
provisions set forth in the Intercreditor Agreement, the Notes will cease to be secured by a security interest on the Collateral upon: 
  

	 	(i)	 (A) payment in full of the principal of, any accrued and unpaid interest on, the Notes and all other amounts or Obligations that are due and payable
at or prior to the time such principal, accrued and unpaid interest, if any, are paid, (B) a satisfaction and discharge of this Indenture or (C) a Legal Defeasance or Covenant Defeasance pursuant to Article VIII; or

  

	 	(ii)	 a refinancing of the Financing Agreement Indebtedness in full as a result of which the Collateral does not secure Indebtedness Incurred to refinance
such Financing Agreement Indebtedness. 

  

 111 

 ARTICLE XII 

MISCELLANEOUS 

Section 12.1 Notices. 

(a) Any notice or communication shall be in writing and delivered in person or mailed by first-class mail,
postage prepaid, addressed as follows: 
 if to the Issuer, the Company and the Note Guarantors: 

c/o CEMEX, S.A.B. de C.V. 

Av. Ricardo Margáin Zozaya #325 

Colonia Valle del Campestre 

Garza García, Nuevo León 

México 66265 

Attention: Chief Financial Officer 

Fax: +1 52 81 8888 4415 

if to the Trustee: 

The Bank of New York Mellon 

101 Barclay Street – 4E 

New York, NY 10286 

Attention: Global Structured Finance Group 

Fax: 212-815-5915 

The Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or
communications. 
 (b) All notices to Holders of Notes will be validly given if mailed to them at
their respective addresses in the register of the Holders of such Notes, if any, maintained by the Registrar. For so long as any Notes are represented by Global Notes, all notices to Holders of the Notes will be delivered to Euroclear, Clearstream
and DTC, delivery of which shall be deemed to satisfy the requirements of this paragraph. 
 (c)
Each such notice shall be deemed to have been given on the date of delivery or mailing. Any notice or communication mailed to a Holder shall be mailed to such Person by first-class mail or other equivalent means and shall be sufficiently given to
them if so mailed within the time prescribed. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided
above, it is duly given, whether or not the addressee receives it. 
 (d) Subject to
Section 7.1(c) and Section 7.2(a), the Trustee shall accept electronic transmissions; provided that (i) the Trustee shall not have any duty or obligation to verify or confirm that the Person sending instructions,
directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party
purporting to send such electronic transmission; and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions,
directions, reports, notices or other communications or information and (ii) each other party agrees to assume all risks arising out of the use of electronic methods to submit instructions, directions, reports, notices or other communications
or information to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties. 

 

 112 

 (e) Any notice or communication mailed to a registered
Holder shall be mailed to the Holder at the Holder’s address as it appears on the Note Register and shall be sufficiently given if so mailed within the time prescribed. 

(f) Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

(g) Any notice or communication delivered to the Issuer or the Company under the provisions herein shall
constitute notice to the Note Guarantors. 
 Section 12.2 Communication by Holders with Other Holders.
Holders may communicate with other Holders with respect to their rights under this Indenture (including the Note Guarantees) or the Notes. 

Section 12.3 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company to
the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 

(a) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating
that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in
the opinion of such counsel, all such conditions precedent have been complied with. 
 Section 12.4
Statements Required in Certificate or Opinion. Each certificate or opinion, including an Opinion of Counsel or Officer’s Certificate, with respect to compliance with a covenant or condition provided for in this Indenture shall include:

 (a) a statement that the individual making such certificate or opinion has read such covenant
or condition; 
 (b) 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; 

(c) a statement that, in the opinion of 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 

(d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has
been complied with. 
  

 113 

 In giving an Opinion of Counsel, counsel may rely as to
factual matters on an Officer’s Certificate or on certificates of public officials. 
 Section 12.5
Rules by Trustee, Paying Agent, Transfer Agent and Registrar. The Trustee may make reasonable rules for action by, or a meeting of, Holders. The Paying Agent, Transfer Agent and the Registrar may make reasonable rules for their functions.

 Section 12.6 Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday or other day
on which commercial banking institutions are authorized or required to be closed in New York City, Mexico, Madrid, Luxembourg and Amsterdam. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal
Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 

Section 12.7 Governing Law, etc. 

(a) THIS INDENTURE (INCLUDING EACH NOTE GUARANTEE) AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. THE PARTIES HERETO EACH HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR EACH NOTE GUARANTEE OR ANY
TRANSACTION RELATED HERETO OR THERETO TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW. 
 (b)
Each of the parties hereto hereby: 
  

	 	(i)	 agrees that any suit, action or proceeding against it arising out of or relating to this Indenture (including the Note Guarantees) or the Notes, as
the case may be, may be instituted in any Federal or state court sitting in The City of New York and in the courts of its own corporate domicile, in respect of actions brought against it as a defendant, 

 

	 	(ii)	 waives to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such suit,
action or proceeding, any claim that any suit, action or proceeding in such a court has been brought in an inconvenient forum, and any right to which it may be entitled, on account of place of residence or domicile, 

 

	 	(iii)	 irrevocably submits to the jurisdiction of such courts in any suit, action or proceeding, 

 

	 	(iv)	 agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding may be enforced in the
courts of the jurisdiction of which it is subject by a suit upon judgment, and 

  

 114 

	 	(v)	 agrees that service of process by mail to the addresses specified herein shall constitute personal service of such process on it in any such suit,
action or proceeding. 

 (c) The Issuer and the Note Guarantors have appointed
Corporate Creations Network Inc., 1040 Avenue of the Americas #2400, New York, NY 10018 (U.S.A.) as its authorized agent (the “Authorized Agent”) upon whom all writs, process and summonses may be served in any suit, action or
proceeding arising out of or based upon this Indenture or the Notes which may be instituted in any state or federal court in The City of New York, New York. The Note Guarantors hereby represent and warrant that the Authorized Agent has accepted such
appointment and has agreed to act as said agent for service of process, and the Note Guarantors agree to take any and all action, including the filing of any and all documents, that may be necessary to continue each such appointment in full force
and effect as aforesaid so long as the Notes remain outstanding. The Note Guarantors agree that the appointment of the Authorized Agent shall be irrevocable so long as any of the Notes remain outstanding or until the irrevocable appointment by the
Note Guarantors of a successor agent in The City of New York, New York as each of their authorized agent for such purpose and the acceptance of such appointment by such successor. Service of process upon the Authorized Agent shall be deemed, in
every respect, effective service of process upon the Note Guarantors. 
 (d) To the extent that
any of the Issuer and the Note Guarantors have or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice,
attachment in aid or otherwise) with respect to itself or any of its property, the Issuer and the Note Guarantors hereby irrevocably waive and agree not to plead or claim such immunity in respect of their obligations under this Indenture or the
Notes. 
 (e) Nothing in this Section 12.7 shall affect the right of the Trustee or
any Holder of the Notes to serve process in any other manner permitted by law. 
 Section 12.8 Spanish
Companies Act (Ley de Sociedades Anónimas). Since the New Senior Secured Notes are governed by the Law of the State of New York as per Section 12.7 above, holders of New Senior Secured Notes (i) will not benefit
from (a) any right as a holder of New Senior Secured Notes arising from article 289 of the Spanish Companies Act, (b) the constitution of a syndicate of holders (sindicato de obligacionistas) and (c) the appointment of a
commissioner (comisario), both regulated in articles 283.2 and 295 et seq. of the Spanish Companies Act; and (ii) will be deemed to have irrevocably instructed the trustee to take any action and/or to sign or execute and deliver any
documents or notices that may be necessary or desirable to comply and give effect to (i). 
 Section 12.9 No
Recourse Against Others. An incorporator, director, officer, employee, stockholder or controlling person, as such, of the Issuer or any Note Guarantor shall not have any liability for any obligations of the Issuer or any Note Guarantor under the
Notes or this Indenture or for any claims based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability. 

 

 115 

 Section 12.10 Successors. All agreements of the Issuer, the Company
and any Note Guarantor in this Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

Section 12.11 Duplicate and Counterpart Originals. The parties may sign any number of copies of this Indenture.
One signed copy is enough to prove this Indenture. This Indenture may be executed in any number of counterparts, each of which so executed shall be an original, but all of them together represent the same agreement. 

Section 12.12 Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 12.13 [Reserved]. 

Section 12.14 Currency Indemnity. 

(a) U.S. Legal Tender is the sole currency of account and payment for all sums payable by the Issuer and
any Note Guarantor under or in connection with the Dollar Notes or this Indenture, including damages. Any amount received or recovered in currency other than U.S. Legal Tender in respect of the Dollar Notes (whether as a result of, or of the
enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer, a Note Guarantor or any Subsidiary of the Issuer or otherwise) by any Holder of the Dollar Notes in respect of any sum expressed to
be due to it from the Issuer or any Note Guarantor shall only constitute a discharge of them under the Dollar Notes and this Indenture only to the extent of the U.S. Legal Tender amount which the recipient is able to purchase with the amount so
received or recovered in that other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). If that U.S. Legal Tender amount is less
than the U.S. Legal Tender amount expressed to be due to the recipient under the Dollar Notes or this Indenture, the Issuer and the Note Guarantors shall jointly and severally indemnify and hold harmless the recipient against any loss or cost
sustained by it in making any such purchase. For the purposes of this Section 12.14, it will be sufficient for the Holder of a Dollar Note to certify that it would have suffered a loss had an actual purchase of U.S. Legal Tender been
made with the amount so received in that other currency on the date of receipt or recovery (or, if a purchase of U.S. Legal Tender on such date had not been practicable, on the first date on which it would have been practicable). 

(b) The Euro is the sole currency of account and payment for all sums payable by the Issuer and any Note
Guarantor under or in connection with the Euro Notes or this Indenture, including damages. Any amount received or recovered in currency other than Euros in respect of the Euro Notes (whether as a result of, or of the enforcement of, a judgment or
order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer, a Note Guarantor or any Subsidiary of the Issuer or otherwise) by any Holder of the Euro Notes in respect of any sum expressed to be due to it from the Issuer or
any Note Guarantor shall only constitute a discharge of them under the Euro Notes and this Indenture only to the extent of the Euro amount which the recipient is able to purchase with the amount so received or recovered in that other currency on

  

 116 

 
the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). If that Euro amount is less than the
Euro amount expressed to be due to the recipient under the Euro Notes or this Indenture, the Issuer and the Note Guarantors shall jointly and severally indemnify and hold harmless the recipient against any loss or cost sustained by it in making any
such purchase. For the purposes of this Section 12.14, it will be sufficient for the Holder of a Euro Note to certify that it would have suffered a loss had an actual purchase of Euro been made with the amount so received in that other
currency on the date of receipt or recovery (or, if a purchase of Euro on such date had not been practicable, on the first date on which it would have been practicable). 

(c) The indemnities of the Issuer and the Note Guarantors contained in this Section 12.14, to
the extent permitted by law: (i) constitute a separate and independent obligation from the other obligations of the Issuer and the Note Guarantors under this Indenture and the Notes; (ii) shall give rise to a separate and independent cause
of action against the Issuer and the Note Guarantors; (iii) shall apply irrespective of any waiver granted by any Holder of the Notes or the Trustee from time to time; and (iv) shall continue in full force and effect notwithstanding any
other judgment, order, claim or proof of claim for a liquidated amount in respect of any sum due under the Notes or this Indenture or any other judgment or order. 

Section 12.15 Table of Contents; Headings. The table of contents and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 12.16 USA Patriot Act. The parties hereto acknowledge that, in accordance with Section 326 of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law on October 26, 2001)) (as amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions, is required to
obtain, verify, and record information that identifies each person or legal entity that opens an account. The parties to this Agreement agree that they will provide the Trustee with such information as the Trustee may request in order for the
Trustee to satisfy the requirements of the USA Patriot Act. 
  

 117 

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

			
	 CEMEX España, S.A., acting
through its Luxembourg branch,
CEMEX España, S.A.,
Luxembourg Branch, as
Issuer

		
	 By:
	 	 /s/ G. C. de Meetis

		 	 Name: G. C. de Meetis

		 	 Title: Director

		
	 By:
	 	 /s/ Edoardo Carlo Picco

		 	 Name: Edoardo Carlo Picco

		 	 Title: Director

	
	 CEMEX, S.A.B. de C.V., as Note Guarantor

		
	 By:
	 	 /s/ Humberto Lozano

		 	 Name: Humberto Lozano

		 	 Title: Attorney-in-Fact

	
	 CEMEX México, S.A. de C.V., as Note Guarantor

		
	 By:
	 	 /s/ Humberto Lozano

		 	 Name: Humberto Lozano

		 	 Title: Attorney-in-Fact

  

 118 

			
	 New Sunward Holding B.V., as Note Guarantor

		
	 By:
	 	 /s/ Agustin Blanco

		 	 Name: Agustin Blanco

		 	 Title: Attorney-in-Fact

  

 119 

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	 By:
	 	 /s/ Christopher Curtie

		 	 Name: Christopher Curtie

		 	 Title: Vice President

	
	Solely for the purposes of accepting the appointment of Luxembourg Paying Agent and Luxembourg Transfer Agent, together with the rights, protections and immunities
granted to the Trustee under Article VII, which shall apply mutatis mutandis to the Luxembourg Paying Agent,
	
	THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A., as Luxembourg Paying Agent and Luxembourg Transfer Agent
		
	 By:
	 	 /s/ Christopher Curtie

		 	 Name: Christopher Curtie

		 	 Title: Vice President

  

 120 

 EXHIBIT A 

FORM OF DOLLAR NOTE 

[Include the following legend for Global Notes only: 

“THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE ISSUER 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.”] 
 [Include the following legend on all Notes that are
Restricted Notes: 
 “THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO CEMEX ESPAÑA, S.A., ACTING THROUGH ITS LUXEMBOURG BRANCH, CEMEX ESPAÑA, S.A., LUXEMBOURG
BRANCH, (2) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS MADE IN RELIANCE ON RULE 144A, (3) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT,
(4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER 

 

 A-1 

 
THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. EACH PERSON ACQUIRING AN OWNERSHIP INTEREST IN THE NOTES (1) SHALL BE
DEEMED TO REPRESENT AND WARRANT THAT IT EITHER (A) IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IS NOT A U.S. PERSON (AS DEFINED IN REGULATION S) AND IS OUTSIDE THE UNITED STATES OR
(C) IS ACQUIRING SUCH OWNERSHIP INTEREST PURSUANT TO A VALID REGISTRATION STATEMENT OR IN ANOTHER TRANSACTION EXEMPT FROM SUCH REGISTRATION; (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT IN ACCORDANCE WITH THE
FOREGOING RESTRICTIONS, AND IN ANY CASE IN COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION; (3) PRIOR TO SUCH TRANSFER, AGREES THAT IT WILL FURNISH TO THE BANK OF NEW YORK
MELLON, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE TRUSTEE MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (4) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS
“UNITED STATES”, “U.S. PERSON” AND “OFFSHORE TRANSACTION” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.”] 
  

 A-2 

 FORM OF FACE OF NOTE 

9.25% U.S. Dollar-denominated Senior Secured Notes Due 2020 

 

			
	No. [        ]	  	Principal Amount
U.S.$[                    ]

[If the Note is a Global Note include the following two lines: 

as revised by the Schedule of Increases and 

Decreases in Global Note attached hereto] 

CUSIP NO. ____________ 

CEMEX España, S.A., acting through its Luxembourg Branch, CEMEX España, S.A., Luxembourg Branch (together
with its successors and assigns, the “Issuer”) promises to pay to Cede & Co., or registered assigns, the principal sum of
[                                ] Dollars [If the Note is a Global Note, add
the following, as revised by the Schedule of Increases and Decreases in Global Note attached hereto], on May 12, 2020. 

Interest Payment Dates: May 15 and November 15, commencing November 15, 2010 Record Dates: May 1 and
November 1 
  

 A-3 

 Additional provisions of this Note are set forth on the other side of this
Note. 
  

			
	CEMEX España, S.A., acting through its Luxembourg branch, CEMEX España, S.A., Luxembourg Branch
		
	 By:
	 	 
		 	 Name:

		 	 Title:

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  

									
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 		 	
			
	The Bank of New York Mellon as Trustee, certifies that this is one of the Dollar Notes referred to in the Indenture.	 		 	
					
	By:	 	 	 		 	Date:	 	 
		 	Authorized Signatory	 		 		 	

  

 A-4 

 FORM OF REVERSE SIDE OF NOTE 

9.25% U.S. Dollar-denominated Senior Secured Notes Due 2020 

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Indenture referred to below unless
otherwise indicated. 
  

	1.	 Interest 

CEMEX España, S.A., acting through its Luxembourg Branch, CEMEX España, S.A., Luxembourg Branch (together
with its successors and assigns, the “Issuer”) promises to pay interest on the principal amount of this Note at the rate per annum shown above. 

The Issuer will pay interest semiannually in arrears on each Interest Payment Date of each year commencing
November 15, 2010; provided that if any such Interest Payment Date is not a Business Day, then such payment shall be made on the next succeeding Business Day. Interest on the Notes will accrue from the most recent date to which interest
has been paid on the Notes or, if no interest has been paid, from May 12, 2010; provided that if there is no existing Default or Event of Default on the payment of interest, and if this Note is authenticated between a Record Date
referred to on the face hereof and the next succeeding Interest Payment Date (but after May 12, 2010), interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case
interest shall accrue from May 12, 2010. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on the Notes to the extent lawful; it
shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (“Defaulted Interest”), without regard to any applicable grace period, at the same rate to the
extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 All payments
made by the Issuer in respect of the Notes will be made free and clear of and without deduction or withholding for or on account of any Taxes imposed or levied by or on behalf of any Taxing Authority, unless such withholding or deduction is required
by law or by the interpretation or administration thereof. In that event, the Issuer will pay to each Holder of the Notes Additional Amounts as provided in the Indenture subject to the limitations set forth in the Indenture. 

 

	2.	 Method of Payment 

By at least 10:00 a.m. (New York City time) on the Business Day prior to the date on which any principal of or interest on
any Note is due and payable, the Issuer shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal and/or interest. The Issuer will pay interest (except Defaulted Interest) on the applicable Interest
Payment Date to the Persons who are registered Holders of Notes at the close of business on the Record Date preceding the Interest Payment Date even if Notes are canceled, repurchased or redeemed after the Record Date and on or before the relevant
Interest Payment Date, except as provided in Section 2.13 with respect to Defaulted Interest. Holders must surrender Notes to a Paying Agent to collect principal payments. The Issuer will pay principal and interest in U.S. Legal Tender.

  

 A-5 

 Payments in respect of Notes represented by a Global Note (including
principal and interest) will be made by the transfer of immediately available funds to the accounts specified by the DTC. The Issuer will make all payments in respect of a Certificated Note (including principal and interest) by mailing a check to
the registered address of each registered Holder thereof as set forth in the Note Register; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least U.S.$1,000,000 aggregate principal amount
of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such
account no later than 15 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	 Paying Agent and Registrar 

Initially, The Bank of New York Mellon, the Trustee under the Indenture, will act as Trustee, Paying Agent and Registrar.
The Issuer may appoint and change any Paying Agent, Registrar or co-Registrar without notice to any Holder. The Issuer, any Note Guarantor or any of their respective Affiliates may act as Paying Agent, Registrar or co-Registrar. 

 

	4.	 Indenture 

The Issuer issued the Notes under an Indenture, dated as of May 12, 2010 (as it may be amended or supplemented from
time to time in accordance with the terms thereof, the “Indenture”), among the Issuer, the Note Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and
Holders are referred to the Indenture for a statement of those terms. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as amended or supplemented from time to time. 

The Notes are general senior obligations, which are secured by a first priority security interest in the Collateral on an
equal and ratable basis with the other Permitted Secured Obligations, subject to the Collateral release provisions set forth in the Intercreditor Agreement.
U.S.$[            ] in aggregate principal amount of Notes will be initially issued on the Issue Date. Subject to the conditions set forth in the Indenture and without the
consent of the Holders, the Issuer may issue Additional Notes. All Notes will be treated as a single series of securities under the Indenture. The Indenture imposes certain limitations on, among other things, the ability of the Issuer and its
Restricted Subsidiaries to: Incur Indebtedness, make Restricted Payments, incur Liens, designate Unrestricted Subsidiaries, make Asset Sales, enter into transactions with Affiliates, or consolidate or merge or transfer or convey all or substantially
all of the Issuer’s assets. 
 To guarantee the due and punctual payment of the principal of (and premium,
if any) and interest on the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and
the Indenture, CEMEX, S.A.B. de C.V., CEMEX México, S.A. de C.V. and New Sunward Holding B.V. have unconditionally guaranteed, jointly and severally, such obligations pursuant to the terms of the Indenture. Each Note Guarantee will be subject
to release as provided in the Indenture. 
  

 A-6 

 The obligations of each Note Guarantor in respect of its Note Guarantee will
be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Note Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Note Guarantor in
respect of the obligations of such other Note Guarantor under its Note Guarantee or pursuant to its contribution obligations under the Indenture, result in the obligations of such Note Guarantor under its Note Guarantee not constituting a fraudulent
conveyance, fraudulent transfer, or similar illegal transfer under federal or state law or the law of the jurisdiction or formation and incorporation of such Note Guarantors. 

 

	5.	 Optional Redemption 

Except as stated below, the Issuer may not redeem the Dollar Notes. The Issuer may redeem the Dollar Notes, at its option,
in whole at any time or in part from time to time, on and after May 12, 2015, at the following redemption prices, expressed as percentages of the principal amount thereof, if redeemed during the twelve-month period commencing on May 12 of
any year set forth below, plus any accrued and unpaid interest on the principal amount of the Dollar Notes to the date of redemption: 
  

				
	 	  	USD	 
	 2015
	  	104.625	% 
	 2016
	  	102.313	% 
	 2017 and thereafter
	  	100.000	% 

 provided,
however, that the Issuer shall not have the right to exercise any such optional redemption at any time when the Company is prohibited from having such an option under the Financing Agreement. 

Prior to May 12, 2015, the Issuer will have the right, at its option, to redeem any of the Dollar Notes, in whole or
in part, at any time or from time to time prior to their maturity at a redemption price equal to the greater of (1) 100% of the principal amount of such Dollar Notes and (2) the sum of the present value of each remaining scheduled payment
of principal and interest thereon (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below)
plus 50 basis points, plus any accrued and unpaid interest on the principal amount of the Dollar Notes to the date of redemption, provided, however, that the Issuer shall not have the right to exercise any such optional redemption at
any time when the Company is prohibited from having such an option under the Financing Agreement. 
  

 A-7 

 “Treasury Rate” means, with respect to any redemption date, the
rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such redemption date. 
 “Comparable Treasury
Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Issuer.

 “Comparable Treasury Price” means, with respect to any redemption date (1) the average of the
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (2) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average
of all such quotations. 
 “Reference Treasury Dealer” means J.P. Morgan Securities Inc. or its
affiliates which are primary United States government securities dealers and not less than two other leading primary United States government securities dealers in New York City reasonably designated by the Issuer; provided, however, that if
any of the foregoing shall cease to be a primary United States government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer will substitute therefore another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any redemption
date, the average, as determined by the Trustee, of the bid and asked price for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30
pm New York time on the third business day preceding such redemption date. 
 Optional Redemption upon Equity
Offerings. At any time, or from time to time, on or prior to May 12, 2015, the Issuer may, at its option, use the net cash proceeds of one or more Equity Offerings to redeem in the aggregate up to 35% of the aggregate principal amount of
the Notes issued pursuant to the Indenture at a redemption price equal to 109.25% of the principal amount thereof plus any accrued and unpaid interest on the principal amount of the Notes to the date of redemption; provided, that: 

 

	 	•	 	 after giving effect to any such redemption at least 65% of the aggregate principal amount of the Notes issued under the Indenture remains
outstanding; and 

  

	 	•	 	 the Issuer shall make such redemption not more than 90 days after the consummation of such Equity Offering; 

provided, however, that the Issuer shall not have the right to exercise any such optional redemption at any time when the Company
is prohibited from exercising such an option under the Financing Agreement. 
  

 A-8 

 “Equity Offering” means any public or private sale of Qualified
Capital Stock after the Issue Date for cash other than issuances to any Subsidiary of the Company. 

Optional Redemption for Changes in Withholding Taxes. If, as a result of any amendment to, or change in, the laws
(or any rules or regulations thereunder) of a Taxing Jurisdiction affecting taxation, or any amendment to or change in an official interpretation or application of such laws, rules or regulations that has a general effect, which amendment to or
change of such laws, rules or regulations becomes effective on or after the Issue Date (which, in the case of a merger, consolidation or other transaction permitted and described under Article IV shall be treated for this purpose as the date
of such transaction) we would be obligated, after taking all reasonable measures to avoid this requirement, to pay Additional Amounts in excess of those attributable to a withholding tax rate of 10% with respect to the Notes (see “Additional
Amounts”), then, at our option, all, but not less than all, of the Notes may be redeemed at any time on giving not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the outstanding principal amount, plus
any accrued and unpaid interest on the principal amount of the Notes to the date of redemption; provided, however, that (1) no notice of redemption for tax reasons may be given earlier than 90 days prior to the earliest date on
which we would be obligated to pay these Additional Amounts if a payment on the Notes were then due, and (2) at the time such notice of redemption is given such obligation to pay such Additional Amounts remains in effect; provided, further,
however, that the Issuer shall not have the right to exercise any such optional redemption at any time when the Company is prohibited from having such an option under the Financing Agreement. 

Prior to the publication of any notice of redemption pursuant to this provision, we will deliver to the Trustee:

  

	 	•	 	 an Officer’s Certificate stating that we are entitled to effect the redemption and setting forth a statement of facts showing that the
conditions precedent to our right to redeem have occurred, and 

  

	 	•	 	 an opinion of outside legal counsel of recognized standing in the affected Taxing Jurisdiction to the effect that we have or will become obligated
to pay such Additional Amounts as a result of such change or amendment. 

 This notice, once
delivered by us to the Trustee, will be irrevocable. 
 In the case of any partial redemption, selection of the
Notes for redemption will be made in accordance with Article V of the Indenture. On and after the redemption date, interest will cease to accrue on Notes or portions thereof called for redemption as long as the Issuer has deposited with the
Paying Agent funds in satisfaction of the applicable redemption price pursuant to the Indenture. 
  

	6.	 Mandatory Repurchase Provisions 

Change Of Control Offer. Upon the occurrence of a Change of Control, each Holder of Notes will have the right to
require that the Issuer purchase all or a portion (in integral multiples of U.S.$1,000) of the Holder’s Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest through the date of purchase.
Within 30 days 
  

 A-9 

 
following the date upon which the Change of Control occurred, the Issuer must make a Change of Control Offer pursuant to a Change of Control Notice. As more fully described in the Indenture, the
Change of Control Notice shall state, among other things, the Change of Control Payment Date, which must be no earlier than 30 days nor later than 60 days from the date the notice is mailed, other than as may be required by applicable law.

 Asset Sale Offer. The Indenture imposes certain limitations on the ability of the Company and its
Restricted Subsidiaries to make Asset Sales. In the event the proceeds from a permitted Asset Sale exceed certain amounts and are not applied as specified in the Indenture, the Company will be required to make an Asset Sale Offer to purchase to the
extent of such remaining proceeds each Holder’s Notes together with holders of certain other Indebtedness at 100% of the principal amount thereof, plus accrued interest (if any) to the Asset Sale Offer Payment Date, as more fully set forth in
the Indenture. 
  

	7.	 Denominations; Transfer; Exchange 

The Notes are in fully registered form without coupons, and only in denominations of principal amount of U.S.$70,000 and
integral multiples of U.S.$1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to
pay any taxes and fees required by law or permitted by the Indenture. The Registrar shall not be required to register the transfer or exchange of (x) any Note for a period beginning: (1) 15 days before the mailing of a notice of an offer
to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date and (y) any Note selected for repurchase or redemption,
except the unrepurchased or unredeemed portion thereof, if any. 
  

	8.	 Persons Deemed Owners 

The registered holder of this Note may be treated as the owner of it for all purposes. 

 

	9.	 Unclaimed Money 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay
the money back to the Issuer at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Issuer and not to the Trustee for payment. 

 

	10.	 Discharge Prior to Redemption or Maturity 

Subject to certain conditions set forth in the Indenture, the Issuer at any time may terminate some or all of its
obligations under the Notes and the Indenture if the Issuer deposits with the Trustee U.S. Legal Tender or U.S. Government Obligations for the payment of principal of and interest on the Notes to redemption or maturity, as the case may be.

  

 A-10 

	11.	 Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended or
supplemented with the written consent of the Holders of at least a majority in principal amount of the then Outstanding Notes and (ii) any default (other than with respect to nonpayment or in respect of a provision that cannot be amended or
supplemented without the written consent of each Holder affected) or noncompliance with any provision may be waived with the written consent of the Holders of a majority in aggregate principal amount of the then Outstanding Notes. Subject to certain
exceptions set forth in the Indenture, without the consent of any Holder, the Issuer and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, omission, defect or inconsistency, or to comply with
Article IV of the Indenture, or to provide for uncertificated Notes in addition to or in place of certificated Notes, or to add guarantees with respect to the Notes or to secure the Notes, or to add additional covenants or surrender rights
and powers conferred on the Company, or to make any change that does not adversely affect the rights of any Holder, or to provide for the issuance of Additional Notes. 
  

	12.	 Defaults and Remedies 

If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the
Outstanding Notes may declare all the Notes to be due and payable immediately. A Bankruptcy Event of Default will result in the Notes being due and payable immediately upon the occurrence of such Bankruptcy Event of Default. 

Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce
the Indenture or the Notes unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in principal amount of the Outstanding Notes may direct the Trustee in its exercise of any trust or power. The
Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it determines that withholding notice is in their interest. 

 

	13.	 Trustee Dealings with the Issuer and the Note Guarantors 

Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer, any Note Guarantor or its Affiliates and may otherwise deal with the Issuer, any Note Guarantor or its Affiliates with
the same rights it would have if it were not Trustee. 
  

	14.	 No Recourse Against Others 

An incorporator, director, officer, employee, stockholder or controlling person, as such, of the Issuer or any Note
Guarantor shall not have any liability for any obligations of the Issuer or any Note Guarantor under the Notes or the Indenture or for any claims based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each
holder waives and releases all such liability. 
  

 A-11 

	15.	 Authentication 

Any Officer of the Issuer may sign the Notes for the Issuer by manual or facsimile signature. This Note shall not be valid
until an authorized signatory of the Trustee (or an Authenticating Agent) manually signs the certificate of authentication on the other side of this Note. 
  

	16.	 Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT
(= tenants by the entirety), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (= Uniform Gift to Minors Act). 

 

	17.	 CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures the Issuer has
caused CUSIP or other similar numbers to be printed on the Dollar Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as
printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

	18.	 Governing Law 

This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

 

	19.	 Currency of Account; Conversion of Currency. 

U.S. Legal Tender is the sole currency of account and payment for all sums payable by the Issuer and the Note Guarantors
under or in connection with the Notes or the Indenture, including damages. The Issuer and the Note Guarantors will indemnify the Holders as provided in respect of the conversion of currency relating to the Notes and the Indenture. 

 

	20.	 Agent for Service; Submission to Jurisdiction; Waiver of Immunities. 

The Issuer and the Note Guarantors have agreed that any suit, action or proceeding against the Issuer or any Note
Guarantor brought by any Holder or the Trustee arising out of or based upon the Indenture or the Notes may be instituted in any state or federal court in The City of New York, New York. The Issuer and the Note Guarantors have irrevocably submitted
to the jurisdiction of such courts for such purpose and waived, to the fullest extent permitted by law, trial by jury and any objection it may now or hereafter have to the laying of venue of any such proceeding, and any claim it may now or hereafter
have that any proceeding in any such court is brought in an inconvenient forum. The Issuer and the Note Guarantors have appointed Corporate Creations Network Inc., 1040 Avenue of the Americas #2400, New York, NY 10018 (U.S.A.) as each of their
authorized agent upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of or based 

 

 A-12 

 
upon the Indenture or the Notes which may be instituted in any state or federal court in The City of New York, New York. To the extent that any of the Issuer and the Note Guarantors have or
hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to
itself or any of its property, the Issuer and the Note Guarantors have irrevocably waived and agreed not to plead or claim such immunity in respect of its obligations under the Indenture or the Notes. 

The Issuer will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture which
has in it the text of this Note in larger type. Requests may be made to: 
 CEMEX España, S.A., acting through 

its Luxembourg Branch, 

CEMEX España, S.A., 

Luxembourg Branch 

16, rue Jean l’Aveugle, L-1148 Luxembourg 

c/o CEMEX, S.A.B. de C.V. 

Av. Ricardo Margáin Zozaya # 325 

Colonia Valle del Campestre 

Garza García, Nuevo León, México 66265 

Tel: +5281-8888-8888 
  

 A-13 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 

 
  

(Print or type assignee’s name, address and zip code) 

 
  

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint
                                         
            as agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

 

									
	Date:	 	 	 		 	Your Signature:	 	 

 Signature
Guarantee:__________________________________ 
 (Signature must be guaranteed) 

      

 
 Sign exactly as your name appears
on the other side of this Note. 
 The signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

 

 A-14 

 To be attached to Global Notes only: 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of
Exchange
	  	Amount of decrease in
Principal Amount of this
Global Note	  	Amount of increase in
Principal Amount of this
Global Note	  	Principal Amount of this
Global Note following
such decrease or
increase	  	Signature of authorized
signatory of Trustee or
Note Custodian

 

 A-15 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 3.12 or 3.8 of the
Indenture, check either box: 
  

			
	  ̈
	  	  ̈

	 Section 3.12
	  	 Section 3.8

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 3.12 of the
Indenture, state the principal amount (which must be an integral multiple of U.S.$1,000): U.S.$_________________ 
  

									
	Date:	 	 	 		 	Your Signature	 	 
		 		 		 	 (Sign exactly as your name appears on the other side of the Note)

Signature Guarantee: _______________________________________ 

(Signature must be guaranteed) 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 
  

 A-16 

 EXHIBIT B 

FORM OF EURO NOTE 

[Include the following legend for Global Notes only: 

“THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AS DEFINED IN THE INDENTURE), TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND
ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.”] 
 [Include the following legend on all
Notes that are Restricted Notes: 
 “THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO CEMEX ESPAÑA, S.A., ACTING THROUGH ITS LUXEMBOURG BRANCH, CEMEX ESPAÑA,
S.A., LUXEMBOURG BRANCH, (2) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS MADE IN RELIANCE ON RULE 144A, (3) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER
THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), 

 

 B-1 

 
OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. EACH PERSON
ACQUIRING AN OWNERSHIP INTEREST IN THE NOTES (1) SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT EITHER (A) IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IS NOT A U.S. PERSON
(AS DEFINED IN REGULATION S) AND IS OUTSIDE THE UNITED STATES OR (C) IS ACQUIRING SUCH OWNERSHIP INTEREST PURSUANT TO A VALID REGISTRATION STATEMENT OR IN ANOTHER TRANSACTION EXEMPT FROM SUCH REGISTRATION; (2) AGREES THAT IT WILL NOT
RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT IN ACCORDANCE WITH THE FOREGOING RESTRICTIONS, AND IN ANY CASE IN COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION; (3) PRIOR TO
SUCH TRANSFER, AGREES THAT IT WILL FURNISH TO THE BANK OF NEW YORK MELLON, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE TRUSTEE MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH
TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (4) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE
SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “UNITED STATES”, “U.S. PERSON” AND “OFFSHORE TRANSACTION” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.”]

  

 B-2 

 FORM OF FACE OF NOTE 

8.875% Euro-Denominated Senior Secured Notes Due 2017 

 

			
	No. [        ]	  	Principal Amount
€[                        ]

[If the Note is a Global Note include the following two lines: 

as revised by the Schedule of Increases and 

Decreases in Global Note attached hereto] 

ISIN NO. ____________ 

CEMEX España, S.A., acting through its Luxembourg Branch, CEMEX España, S.A., Luxembourg Branch (together
with its successors and assigns, the “Issuer”), promises to pay to The Bank of New York Mellon Depositary (Nominees) Limited, as common depositary for Euroclear and/or Clearstream, or registered assigns, the principal sum of
[                                ] Euros [If the Note is a Global Note, add the
following, as revised by the Schedule of Increases and Decreases in Global Note attached hereto], on May 12, 2017. 

Interest Payment Dates: May 15 and November 15, commencing November 15, 2010 Record Dates: May 1 and
November 1 
  

 B-3 

 Additional provisions of this Note are set forth on the other side of this
Note. 
  

			
	CEMEX España, S.A., acting through its Luxembourg branch, CEMEX España, S.A., Luxembourg Branch
		
	 By:
	 	 
		 	 Name:

		 	 Title:

		
	 By:
	 	 
		 	 Name:

		 	 Title:

  

									
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION	 		 	
			
	 The Bank of New York Mellon as Trustee, certifies that this is one of the Euro Notes referred to in the Indenture.
	 		 	
					
	By:	 	 	 		 	Date:	 	 
		 	Authorized Signatory	 		 		 	

  

 B-4 

 FORM OF REVERSE SIDE OF NOTE 

8.875% Euro-Denominated Senior Secured Notes Due 2017 

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Indenture referred to below unless
otherwise indicated. 
  

	1.	 Interest 

CEMEX España, S.A. acting through its Luxembourg Branch, CEMEX España, S.A., Luxembourg Branch (together
with its successors and assigns, the “Issuer”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. 

The Issuer will pay interest semiannually in arrears on each Interest Payment Date of each year commencing
November 15, 2010; provided that if any such Interest Payment Date is not a Business Day, then such payment shall be made on the next succeeding Business Day. Interest on the Notes will accrue from the most recent date to which interest
has been paid on the Notes or, if no interest has been paid, from May 12, 2010; provided that if there is no existing Default or Event of Default on the payment of interest, and if this Note is authenticated between a Record Date
referred to on the face hereof and the next succeeding Interest Payment Date (but after May 12, 2010), interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case
interest shall accrue from May 12, 2010. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on the Notes to the extent lawful; it
shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (“Defaulted Interest”), without regard to any applicable grace period, at the same rate to the
extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 All payments
made by the Issuer in respect of the Notes will be made free and clear of and without deduction or withholding for or on account of any Taxes imposed or levied by or on behalf of any Taxing Authority, unless such withholding or deduction is required
by law or by the interpretation or administration thereof. In that event, the Issuer will pay to each Holder of the Notes Additional Amounts as provided in the Indenture subject to the limitations set forth in the Indenture. 

 

	2.	 Method of Payment 

By at least 3:00 p.m. (London time) on the Business Day prior to the date on which any principal of or interest on any
Note is due and payable, the Issuer shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal and/or interest. The Issuer will pay interest (except Defaulted Interest) on the applicable Interest Payment
Date to the Persons who are registered Holders of Notes at the close of business on the Record Date preceding the Interest Payment Date even if Notes are canceled, repurchased or redeemed after the Record Date and on or before the relevant Interest
Payment Date, except as provided in Section 2.13 with respect to Defaulted Interest. Holders must surrender Notes to a Paying Agent to collect principal payments. The Issuer will pay principal and interest in Euros. 

 

 B-5 

 Payments in respect of Notes represented by a Global Note (including
principal and interest) will be made by the transfer of immediately available funds to the accounts specified by Euroclear or Clearstream. The Issuer will make all payments in respect of a Certificated Note (including principal and interest) by
mailing a check to the registered address of each registered Holder thereof as set forth in the Note Register; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least €50,000,000
aggregate principal amount of Notes, by wire transfer to an account maintained by the payee if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later
than 15 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	 Paying Agent and Registrar 

Initially, The Bank of New York Mellon, the Trustee under the Indenture, will act as Trustee, Paying Agent and Registrar.
The Issuer may appoint and change any Paying Agent, Registrar or co-Registrar without notice to any Holder. The Issuer, any Note Guarantor or any of their respective Affiliates may act as Paying Agent, Registrar or co-Registrar. 

 

	4.	 Indenture 

The Issuer issued the Notes under an Indenture, dated as of May 12, 2010 (as it may be amended or supplemented from
time to time in accordance with the terms thereof, the “Indenture”), among the Issuer, the Note Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and
Holders are referred to the Indenture for a statement of those terms. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as amended or supplemented from time to time. 

The Notes are general senior obligations, which are secured by a first priority security interest in the Collateral on an
equal and ratable basis with the other Permitted Secured Obligations, subject to the Collateral release provisions set forth in the Intercreditor Agreement. €[__] in aggregate principal amount of Notes will be initially issued on the Issue
Date. Subject to the conditions set forth in the Indenture and without the consent of the Holders, the Issuer may issue Additional Notes. All Notes will be treated as a single class of securities under the Indenture. The Indenture imposes certain
limitations on, among other things, the ability of the Issuer and its Restricted Subsidiaries to: Incur Indebtedness, make Restricted Payments, incur Liens, designate Unrestricted Subsidiaries, make Asset Sales, enter into transactions with
Affiliates, or consolidate or merge or transfer or convey all or substantially all of the Issuer’s assets. 

To guarantee the due and punctual payment of the principal of (and premium, if any) and interest on the Notes and all
other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, CEMEX, S.A.B. de C.V.,
CEMEX México, S.A. de C.V. and New Sunward Holding B.V. have unconditionally guaranteed, jointly and severally, such obligations pursuant to the terms of the Indenture. Each Note Guarantee will be subject to release as provided in the
Indenture. 
  

 B-6 

 The obligations of each Note Guarantor in respect of its Note Guarantee will
be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Note Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Note Guarantor in
respect of the obligations of such other Note Guarantor under its Note Guarantee or pursuant to its contribution obligations under the Indenture, result in the obligations of such Note Guarantor under its Note Guarantee not constituting a fraudulent
conveyance, fraudulent transfer, or similar illegal transfer under federal or state law or the law of the jurisdiction or formation and incorporation of such Note Guarantors. 

 

	5.	 Optional Redemption 

Except as stated below, the Issuer may not redeem the Notes. The Issuer may redeem the Notes, at its option, in whole at
any time or in part from time to time, on and after May 12, 2014, at the following redemption prices, expressed as percentages of the principal amount thereof, if redeemed during the twelve-month period commencing on May 12, 2014, of any
year set forth below, plus any accrued and unpaid interest on the principal amount of the Notes to the date of redemption: 
  

				
	 Year
	  	Percentage	 
	 2014
	  	104.438	% 
	 2015
	  	102.219	% 
	 2016
	  	100.000	% 
	 2017 and thereafter
	  	100.000	% 

 provided,
however, that the Issuer shall not have the right to exercise any such optional redemption at any time when the Company is prohibited from having such an option under the Financing Agreement. 

Prior to May 12, 2014, the Issuer will have the right, at its option, to redeem any of the Notes, in whole or in
part, at any time or from time to time prior to their maturity at a redemption price equal to the greater of (1) 100% of the principal amount of such Notes and (2) the sum of the present value of each remaining scheduled payment of
principal and interest thereon (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Bund Rate (as defined below) plus
50 basis points, plus any accrued and unpaid interest on the principal amount of the Notes to the date of redemption provided, however, that the Issuer shall not have the right to exercise any such optional redemption at any time when the
Company is prohibited from having such an option under the Financing Agreement. 
 “Bund Rate”
means, as of any redemption date, the yield to maturity as of such redemption date of the Comparable German Bund Issue with a constant maturity most nearly equal to the period from the redemption date to the Stated Maturity assuming a price for the
Comparable German Bund Issue (expressed as a percentage of its principal amount) equal to the Comparable German Bund Price for such redemption date. 
  

 B-7 

 “Comparable German Bund Issue” means the German
Bundesanleihe security selected by any Reference German Bund Dealer as having a fixed maturity most nearly equal to the period from such redemption date to and that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues euro-denominated corporate debt securities in a principal amount approximately equal to the then outstanding principal amount of the Notes and of a maturity most nearly equal to May 12, 2017;
provided, however, that, if the period from such redemption date to May 12, 2017 is not equal to the fixed maturity of the German Bundesanleihe security selected by such Reference German Bund Dealer, the Bund Rate shall be determined by
linear interpolation (calculated to the nearest one-twelfth of a year) from the yields of German Bundesanleihe securities for which such yields are given, except that if the period from such redemption date to May 12, 2017 is less than one
year, a fixed maturity of one year shall be used. 
 “Comparable German Bund Price” means, with
respect to any redemption date, the average of all Reference German Bund Dealer Quotations for such date (which, in any event, must include at least two such quotations), after excluding the highest and lowest such Reference German Bund Dealer
Quotations, or if the Issuer obtains fewer than four such Reference German Bund Dealer Quotations, the average of such quotations. 

“Reference German Bund Dealer” means any dealer of German Bundesanleihe securities appointed by the
Issuer in good faith. 
 “Reference German Bund Dealer Quotations” means, with respect to each
Reference German Bund Dealer and any redemption date, the average as determined by the Issuer in good faith of the bid and offered prices for the Comparable German Bund Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the Issuer by such Reference German Bund Dealer at 3:30 p.m. Frankfurt, Germany, time on the third Business Day preceding the redemption date. 

Optional Redemption upon Equity Offerings. At any time, or from time to time, on or prior to May 12, 2014,
the Issuer may, at its option, use the net cash proceeds of one or more Equity Offerings to redeem in the aggregate up to 35% of the aggregate principal amount of the Notes issued pursuant to the Indenture at a redemption price equal to 108.875% of
the principal amount thereof plus any accrued and unpaid interest on the principal amount of the Notes to the date of redemption; provided, that: 
  

	 	•	 	 after giving effect to any such redemption at least 65% of the aggregate principal amount of the Notes issued under the Indenture remains
outstanding; and 

  

	 	•	 	 the Issuer shall make such redemption not more than 90 days after the consummation of such Equity Offering; 

provided, however, that the Issuer shall not have the right to exercise any such optional redemption at any time when the Company
is prohibited from exercising such an option under the Financing Agreement. 
  

 B-8 

 “Equity Offering” means any public or private sale of Qualified
Capital Stock after the Issue Date for cash other than issuances to any Subsidiary of the Company. 

Optional Redemption for Changes in Withholding Taxes. If, as a result of any amendment to, or change in, the laws
(or any rules or regulations thereunder) of a Taxing Jurisdiction affecting taxation, or any amendment to or change in an official interpretation or application of such laws, rules or regulations that has a general effect, which amendment to or
change of such laws, rules or regulations becomes effective on or after the Issue Date (which, in the case of a merger, consolidation or other transaction permitted and described under Article IV shall be treated for this purpose as the date
of such transaction) we would be obligated, after taking all reasonable measures to avoid this requirement, to pay Additional Amounts in excess of those attributable to a withholding tax rate of 10% with respect to the Notes (see “Additional
Amounts”), then, at our option, all, but not less than all, of the Notes may be redeemed at any time on giving not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the outstanding principal amount, plus
any accrued and unpaid interest on the principal amount of the Notes to the date of redemption; provided, however, that (1) no notice of redemption for tax reasons may be given earlier than 90 days prior to the earliest date on
which we would be obligated to pay these Additional Amounts if a payment on the Notes were then due, and (2) at the time such notice of redemption is given such obligation to pay such Additional Amounts remains in effect; provided further,
however, that the Issuer shall not have the right to exercise any such optional redemption at any time when the Issuer is prohibited from having such an option under the Financing Agreement. 

Prior to the publication of any notice of redemption pursuant to this provision, we will deliver to the Trustee:

  

	 	•	 	 an Officer’s Certificate stating that we are entitled to effect the redemption and setting forth a statement of facts showing that the
conditions precedent to our right to redeem have occurred, and 

  

	 	•	 	 an opinion of outside legal counsel of recognized standing in the affected Taxing Jurisdiction to the effect that we have or will become obligated
to pay such Additional Amounts as a result of such change or amendment. 

 This notice, once
delivered by us to the Trustee, will be irrevocable. 
 In the case of any partial redemption, selection of the
Notes for redemption will be made in accordance with Article V of the Indenture. On and after the redemption date, interest will cease to accrue on Notes or portions thereof called for redemption as long as the Issuer has deposited with the
Paying Agent funds in satisfaction of the applicable redemption price pursuant to the Indenture. 
  

	6.	 Mandatory Repurchase Provisions 

Change Of Control Offer. Upon the occurrence of a Change of Control, each Holder of Notes will have the right to
require that the Issuer purchase all or a portion (in integral multiples of €1,000) of the Holder’s Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest through the date of purchase.
Within 30 days 
  

 B-9 

 
following the date upon which the Change of Control occurred, the Issuer must make a Change of Control Offer pursuant to a Change of Control Notice. As more fully described in the Indenture, the
Change of Control Notice shall state, among other things, the Change of Control Payment Date, which must be no earlier than 30 days nor later than 60 days from the date the notice is mailed, other than as may be required by applicable law.

 Asset Sale Offer. The Indenture imposes certain limitations on the ability of the Company and its
Restricted Subsidiaries to make Asset Sales. In the event the proceeds from a permitted Asset Sale exceed certain amounts and are not applied as specified in the Indenture, the Company will be required to make an Asset Sale Offer to purchase to the
extent of such remaining proceeds each Holder’s Notes together with holders of certain other Indebtedness at 100% of the principal amount thereof, plus accrued interest (if any) to the Asset Sale Offer Payment Date, as more fully set forth in
the Indenture. 
  

	7.	 Denominations; Transfer; Exchange 

The Notes are in fully registered form without coupons, and only in denominations of principal amount of €50,000 and
integral multiples of €1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to
pay any taxes and fees required by law or permitted by the Indenture. The Registrar shall not be required to register the transfer or exchange of (x) any Note for a period beginning: (1) 15 days before the mailing of a notice of an offer
to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date and (y) any Note selected for repurchase or redemption,
except the unrepurchased or unredeemed portion thereof, if any. 
  

	8.	 Persons Deemed Owners 

The registered holder of this Note may be treated as the owner of it for all purposes. 

 

	9.	 Unclaimed Money 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay
the money back to the Issuer at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Issuer and not to the Trustee for payment. 

 

	10.	 Discharge Prior to Redemption or Maturity 

Subject to certain conditions set forth in the Indenture, the Issuer at any time may terminate some or all of its
obligations under the Notes and the Indenture if the Issuer deposits with the Trustee Euros or European Government Obligations for the payment of principal of and interest on the Notes to redemption or maturity, as the case may be. 

 

 B-10 

	11.	 Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended or
supplemented with the written consent of the Holders of at least a majority in principal amount of the then Outstanding Notes and (ii) any default (other than with respect to nonpayment or in respect of a provision that cannot be amended or
supplemented without the written consent of each Holder affected) or noncompliance with any provision may be waived with the written consent of the Holders of a majority in aggregate principal amount of the then Outstanding Notes. Subject to certain
exceptions set forth in the Indenture, without the consent of any Holder, the Issuer and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, omission, defect or inconsistency, or to comply with
Article IV of the Indenture, or to provide for uncertificated Notes in addition to or in place of certificated Notes, or to add guarantees with respect to the Notes or to secure the Notes, or to add additional covenants or surrender rights
and powers conferred on the Company, or to make any change that does not adversely affect the rights of any Holder, or to provide for the issuance of Additional Notes. 
  

	12.	 Defaults and Remedies 

If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the
Outstanding Notes may declare all the Notes to be due and payable immediately. A Bankruptcy Event of Default will result in the Notes being due and payable immediately upon the occurrence of such Bankruptcy Event of Default. 

Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce
the Indenture or the Notes unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in principal amount of the Outstanding Notes may direct the Trustee in its exercise of any trust or power. The
Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it determines that withholding notice is in their interest. 

 

	13.	 Trustee Dealings with the Issuer and the Note Guarantors 

Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer, any Note Guarantor or its Affiliates and may otherwise deal with the Issuer, any Note Guarantor or its Affiliates with
the same rights it would have if it were not Trustee. 
  

	14.	 No Recourse Against Others 

An incorporator, director, officer, employee, stockholder or controlling person, as such, of the Issuer or any Note
Guarantor shall not have any liability for any obligations of the Issuer or any Note Guarantor under the Notes or the Indenture or for any claims based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each
holder waives and releases all such liability. 
  

 B-11 

	15.	 Authentication 

Any Officer of the Issuer may sign the Notes for the Issuer by manual or facsimile signature. This Note shall not be valid
until an authorized signatory of the Trustee (or an Authenticating Agent) manually signs the certificate of authentication on the other side of this Note. 
  

	16.	 Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT
(= tenants by the entirety), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (= Uniform Gift to Minors Act). 

 

	17.	 ISIN Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures the Issuer has
caused ISIN or other similar numbers to be printed on the Notes and has directed the Trustee to use ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

	18.	 Governing Law 

This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

 

	19.	 Currency of Account; Conversion of Currency. 

Euro is the sole currency of account and payment for all sums payable by the Issuer and the Note Guarantors under or in
connection with the Notes or the Indenture, including damages. The Issuer and the Note Guarantors will indemnify the Holders as provided in respect of the conversion of currency relating to the Notes and the Indenture. 

 

	20.	 Agent for Service; Submission to Jurisdiction; Waiver of Immunities. 

The Issuer and the Note Guarantors have agreed that any suit, action or proceeding against the Issuer or any Note
Guarantor brought by any Holder or the Trustee arising out of or based upon the Indenture or the Notes may be instituted in any state or federal court in The City of New York, New York. The Issuer and the Note Guarantors have irrevocably submitted
to the jurisdiction of such courts for such purpose and waived, to the fullest extent permitted by law, trial by jury and any objection it may now or hereafter have to the laying of venue of any such proceeding, and any claim it may now or hereafter
have that any proceeding in any such court is brought in an inconvenient forum. The Issuer and the Note Guarantors have appointed Corporate Creations Network Inc., 1040 Avenue of the Americas #2400, New York, NY 10018 (U.S.A.) as each of their
authorized agent upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of or based 

 

 B-12 

 
upon the Indenture or the Notes which may be instituted in any state or federal court in The City of New York, New York. To the extent that any of the Issuer and the Note Guarantors have or
hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to
itself or any of its property, the Issuer and the Note Guarantors have irrevocably waived and agreed not to plead or claim such immunity in respect of its obligations under the Indenture or the Notes. 

The Issuer will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture which
has in it the text of this Note in larger type. Requests may be made to: 
 CEMEX España, S.A., acting through 

its Luxembourg Branch, 

CEMEX España, S.A., Luxembourg Branch 

16, rue Jean L’Aveugle, L-1148 Luxembourg 

c/o CEMEX, S.A.B. de C.V. 

Av. Ricardo Margáin Zozaya # 325 

Colonia Valle del Campestre 

Garza García, Nuevo León, México 66265 

Tel: +5281-8888-8888 
  

 B-13 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 

 

	
	 
	(Print or type assignee’s name, address and zip code)

  

	
	 
	(Insert assignee’s soc. sec. or tax I.D. No.)

and irrevocably appoint _________________________ as agent to transfer this Note on the books of the Issuer. The agent may
substitute another to act for him. 
  

									
	Date:	 	 	 		 	Your Signature:	 	 

  

			
	Signature Guarantee:	 	 
		 	(Signature must be guaranteed)

  

	
	 
	 Sign exactly as your name appears on the other side of this Note.

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 
  

 B-14 

 To be attached to Global Notes only: 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease in
Principal Amount of this
Global Note	  	Amount of increase in
Principal Amount of this
Global Note	  	Principal Amount of this
Global Note following
such decrease or
increase	  	Signature of authorized
signatory of Trustee or
Note Custodian

 

 B-15 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 3.12 or 3.8 of the
Indenture, check either box: 
  

			
	 ̈	  	 ̈
	Section 3.12	  	Section 3.8

 If you
want to elect to have only part of this Note purchased by the Issuer pursuant to Section 3.12 of the Indenture, state the principal amount (which must be an integral multiple of €1,000): €_________________ 

 

									
	Date:	 	 	 		 	Your Signature 	 	 
		 		 		 		 	 (Sign exactly as your name appears on the other side of the Note)

 

			
	Signature Guarantee:	 	 
		 	(Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 
  

 B-16 

 EXHIBIT C 

FORM OF CERTIFICATE FOR TRANSFER PURSUANT TO REGULATION S 

(DOLLAR NOTES) 

[Date]                     

The Bank of New York Mellon 
 101 Barclay Street
– 4E 
 New York, NY 10286 

Attention: Structured Finance Group 
  

	Re:	 9.25% U.S. Dollar-Denominated Senior Secured Notes due 2020 (the “Dollar Notes”) of CEMEX España, S.A., acting through
its Luxembourg Branch, CEMEX España, S.A., Luxembourg Branch (the “Issuer”) 

 Ladies and Gentlemen:

 Reference is hereby made to the Indenture, dated as of May 12, 2010 (as amended and supplemented from
time to time, the “Indenture”), among the Issuer, the Note Guarantors party thereto and The Bank of New York Mellon, as Trustee. Capitalized terms used but not defined herein shall have the meanings given them in the Indenture.

 In connection with our proposed sale of U.S.$________ aggregate principal amount of the Dollar Notes, which
represent an interest in a 144A Global Note beneficially owned by the undersigned (“Transferor”), we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the Securities Act of 1933, as
amended (the “Securities Act”) and, accordingly, we represent that: 
 (a) the
offer of the Dollar Notes was not made to a person in the United States; 
 (b) either
(i) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed
in, on or through the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(c) no directed selling efforts have been made in the United States in contravention of the requirements
of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; 
 (d) the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and 

(e) we are the beneficial owner of the principal amount of Dollar Notes being transferred. 

 

 C-1 

 In addition, if the sale is made during a Distribution Compliance Period and
the provisions of Rule 904(b)(1) or Rule 904(b)(2) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 904(b)(1) or Rule 904(b)(2), as the case
may be. 
 You, the Issuer and the Note Guarantors are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this letter have the meanings set forth in
Regulation S. 
 Very truly yours, 
  

			
	[Name of Transferor]
		
	By:	 	 
	
	 
	Authorized Signature]

			
		
	Signature Guarantee:	 	 
		 	(Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 
  

 C-2 

 EXHIBIT D 

FORM OF CERTIFICATE FOR TRANSFER PURSUANT TO REGULATION S 

(EURO NOTES) 

[Date]                     

The Bank of New York Mellon 
 101 Barclay Street
– 4E 
 New York, NY 10286 

Attention: Global Structured Finance Group 
  

	 	Re:	 8.875% Euro-Denominated Senior Secured Notes due 2017 (the “Euro Notes”) of CEMEX España, S.A., acting through its
Luxembourg Branch, CEMEX España, S.A., Luxembourg Branch (the “Issuer”) 

 Ladies and Gentlemen:

 Reference is hereby made to the Indenture, dated as of May 12, 2010 (as amended and supplemented from
time to time, the “Indenture”), among the Issuer, the Note Guarantors party thereto and The Bank of New York Mellon, as Trustee. Capitalized terms used but not defined herein shall have the meanings given them in the Indenture.

 In connection with our proposed sale of €________ aggregate principal amount of the Euro Notes, which
represent an interest in a 144A Global Note beneficially owned by the undersigned (“Transferor”), we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the Securities Act of 1933, as
amended (the “Securities Act”) and, accordingly, we represent that: 
 (a) the
offer of the Euro Notes was not made to a person in the United States; 
 (b) either (i) at
the time the buy order was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or
through the facilities of a designated off-shore securities market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(c) no directed selling efforts have been made in the United States in contravention of the requirements
of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; 
 (d) the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and 

(e) we are the beneficial owner of the principal amount of Euro Notes being transferred. 

 

 D-1 

 In addition, if the sale is made during a Distribution Compliance Period and
the provisions of Rule 904(b)(1) or Rule 904(b)(2) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 904(b)(1) or Rule 904(b)(2), as the case
may be. 
 You, the Issuer and the Note Guarantors are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this letter have the meanings set forth in
Regulation S. 
 Very truly yours, 
  

			
	[Name of Transferor]
		
	By:	 	 
	
	 
	Authorized Signature]

			
		
	Signature Guarantee:	 	 
		 	(Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 
  

 D-2 

 EXHIBIT E 

FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144 

(DOLLAR NOTES) 

[Date]                     

The Bank of New York Mellon 
 101 Barclay Street
– 4E 
 New York, NY 10286 

Attention: Global Structured Finance Group 
  

	Re:	 9.25% U.S. Dollar-Denominated Senior Secured Notes due 2020 (the “Dollar Notes”) of CEMEX España, S.A., acting through
its Luxembourg Branch, CEMEX España, S.A., Luxembourg Branch (the “Issuer”) 

 Ladies and Gentlemen:

 Reference is hereby made to the Indenture, dated as of May 12, 2010 (as amended and supplemented from
time to time, the “Indenture”), among the Issuer, the Note Guarantors named therein and The Bank of New York Mellon, as Trustee. Capitalized terms used but not defined herein shall have the meanings given them in the Indenture.

 In connection with our proposed sale of U.S.$________ aggregate principal amount of the Dollar Notes, which
represent an interest in a 144A Global Note beneficially owned by the undersigned (“Transferor”), we confirm that such sale has been effected pursuant to and in accordance with Rule 144 under the Securities Act. 

You, the Issuer and the Note Guarantors are entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

Very truly yours, 
  

			
	[Name of Transferor]
		
	By:	 	 
	
	 
	Authorized Signature

			
		
	Signature Guarantee:	 	 
		 	 (Signature must be guaranteed)

  

 E-1 

 The signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

 

 E-2 

 EXHIBIT F 

FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144 

[Date]                     

The Bank of New York Mellon 
 101 Barclay Street
– 4E 
 New York, NY 10286 

Attention: Global Structured Finance Group 
  

	 	Re:	 8.875% Euro-Denominated Senior Secured Notes due 2017 (the “Euro Notes”) of CEMEX España, S.A., acting through its
Luxembourg Branch, CEMEX España, S.A., Luxembourg Branch (the “Issuer”) 

 Ladies and Gentlemen:

 Reference is hereby made to the Indenture, dated as of May 12, 2010 (as amended and supplemented from
time to time, the “Indenture”), among the Issuer, the Note Guarantors named therein and The Bank of New York Mellon, as Trustee. Capitalized terms used but not defined herein shall have the meanings given them in the Indenture.

 In connection with our proposed sale of €________ aggregate principal amount of the Euro Notes, which
represent an interest in a 144A Global Note beneficially owned by the undersigned (“Transferor”), we confirm that such sale has been effected pursuant to and in accordance with Rule 144 under the Securities Act. 

You, the Issuer and the Note Guarantors are entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

Very truly yours, 
  

			
	[Name of Transferor]
		
	By:	 	 
	
	 
	Authorized Signature

			
		
	Signature Guarantee:	 	 
		 	 (Signature must be guaranteed)

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit
unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 
  

 F-1 

 EXHIBIT G 

“CONSOLIDATED LEVERAGE RATIO” AND RELATED DEFINITIONS 

“Acceptable Bank” means: 
  

	(a)	 a bank or financial institution which has a rating for its long-term unsecured and non credit- enhanced debt obligations of A- or higher by S&P
or A- or higher by Fitch or A3 or higher by Moody’s or a comparable rating from an internationally recognised credit rating agency; 

  

	(b)	 any other bank or financial institution in a jurisdiction in which a member of the Group conducts commercial operations where such member of the
Group, in the ordinary course of trading, subscribes for certificates of deposit issued by such bank or financial institution; or 

  

	(c)	 any other bank or financial institution approved by the Administrative Agent. 

“Accession Letter” means a document substantially in the form set out in Schedule 4 (Form of Accession Letter) of
the Financing Agreement. 
 “Additional Guarantor” means a company that becomes an Additional Guarantor in
accordance with Clause 28 (Changes to the Obligors) of the Financing Agreement. 
 “Additional Security
Provider” means a company that becomes an Additional Security Provider in accordance with Clause 28 (Changes to the Obligors) of the Financing Agreement. 

“Administrative Agent” means Citibank International PLC, as administrative agent of the Finance Parties (other than
itself) under the Financing Agreement. 
 “Affiliate” means, in relation to any person, a Subsidiary of that
person or a Holding Company of that person or any other Subsidiary of that Holding Company. 
 “Applicable GAAP” means:

  

	(a)	 in the case of the Company, Mexican FRS or, if adopted by the Company in accordance with Clause 22.3 (Requirements as to financial
statements) of the Financing Agreement, IFRS; 

  

	(b)	 in the case of CEMEX España, Spanish GAAP or, if adopted by CEMEX España in accordance with Clause 22.3 (Requirements as to
financial statements) of the Financing Agreement, IFRS; and 

  

	(c)	 in the case of any other Obligor, the generally accepted accounting principles applying to it in the country of its incorporation or in a
jurisdiction agreed to by the Administrative Agent or, if adopted by the relevant Obligor, IFRS. 

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

 

 G-1 

 “Banobras Facility” means a revolving loan agreement (Contrato de
Apertura de Crédito en Cuenta Corriente) between CEMEX CONCRETOS, S.A. de CV., as borrower and Banco Nacional de Obras y Servicios Públicos, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo, as lender
(“Banobras”), in an aggregate principal amount equal to Mex$5,000,000,000.00 (five billion pesos), dated April 22, 2009, which was formalized by means of public deeds number 116,380 and 116,381 dated April 22, 2009,
granted before Mr. José Angel Villalobos Magaña, notary public number 9 for Mexico, Federal District. 
 “Base
Currency” means US dollars. 
 “Base Currency Amount” means on any date: 

 

	(a)	 in relation to an amount or Exposure denominated in the Base Currency, that amount or the amount of that Exposure; and 

 

	(b)	 in relation to an amount or Exposure denominated in a currency other than the Base Currency, that amount or the amount of that Exposure converted
into the Base Currency at: 

  

	 	(i)	 for the purposes of determining the Majority Participating Creditors, the exchange rate displayed on the appropriate Reuters screen at or about
11:00 a.m. New York City time, on the date on which such determination is made (or if the agreed page is replaced or services cease to be available, the Administrative Agent may specify another page or service displaying the appropriate rate after
consultation with the Company and the Participating Creditors); and 

  

	 	(ii)	 for all other purposes, the exchange rate displayed on the appropriate Reuters screen at or about 11:00 a.m. New York City time, on the date which
is five (5) Business Days before that date (or if the agreed page is replaced or services cease to be available, the Administrative Agent may specify another page or service displaying the appropriate rate after consultation with the Company
and the Participating Creditors). 

 “Bilateral Bank Facilities” means the facilities
described in Part IB of Part II of Schedule 1 (The Original Participating Creditors) of the Financing Agreement. 

“Borrower” means an Original Borrower unless it has ceased to be a Borrower in accordance with Clause 28.2
(Resignation of a Borrower) of the Financing Agreement. 
 “Business Day” means a day (other than a
Saturday or Sunday) on which banks are open for general business in Luxembourg, Madrid, New York, Amsterdam and Mexico City (in the case of Mexico City, if applicable, as specified by a governmental authority), and: 

 

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

  

 G-2 

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

 “Business Plan” means the five year business plan of the Group delivered in conjunction
with the Financing Agreement. 
 “Capital Expenditure” means any expenditure or obligation in respect of
expenditure which, in accordance with Applicable GAAP of the Company, is treated as capital expenditure (and including the capital element of any expenditure or obligation incurred in connection with a Capital Lease) (and, solely for the purposes of
paragraph (c) of Clause 23.2 (Financial condition) of the Financing Agreement, the maximum amount of Capital Expenditure of the Group permitted in the Financial Year ending on or about 31 December 2009 will be increased by an amount
not exceeding $50,000,000 in aggregate to the extent necessary to take into account currency fluctuations or additional costs and expenses contemplated by (or that have occurred since the date of) the Business Plan). 

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

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

“Cash Equivalent Investments” means at any time: 
  

	(a)	 certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Bank;

  

	(b)	 any investment in marketable debt obligations issued or expressly guaranteed by the government of Mexico, the United States of America (or any state
thereof (including any political subdivision of such state)), the United Kingdom, any member state of the European Economic Area or any Participating Member State or any member state of NAFTA (or any other jurisdiction in which a member of the Group
conducts commercial operations if that member of the Group makes investments in such debt obligations in the ordinary course of its trading) or by an instrumentality or agency of any of them having an equivalent credit rating, maturing within one
year after the relevant date of calculation and not convertible or exchangeable to any other security; 

  

	(c)	 commercial paper not convertible into or exchangeable for any other security: 

 

	 	(i)	 for which a recognised trading market exists; 

 

 G-3 

	 	(ii)	 issued by an issuer incorporated in Mexico, the United States of America (or any state thereof (including any political subdivision of such state)),
the United Kingdom, any member state of the European Economic Area or any Participating Member State or any member state of NAFTA (or any other jurisdiction in which a member of the Group makes investments in such debt obligations in the ordinary
course of trading); 

  

	 	(iii)	 which matures within one year after the relevant date of calculation; and 

 

	 	(iv)	 which has a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch or P-1 or higher by Moody’s, or, if no rating is
available in respect of the commercial paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating; 

 

	(d)	 sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an Acceptable Bank (or their dematerialised equivalent);

  

	(e)	 any investment in money market funds which (i) have a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch or P-1 or
higher by Moody’s, (ii) which invest substantially all their assets in securities of the types described in paragraphs (a) to (d) above and (f) and (g) below and (iii) can be turned into cash on not more than 30
days’ notice; or 

  

	(f)	 any deposit issued by any of Nacional Financiera, S.N.C., Banco Nacional de Comercio Exterior, S.N.C., Banco National de Obras y Sevicios
Públicos, S.N.C. or any other development bank controlled by the Mexican government; 

  

	(g)	 any other debt instrument rated “investment grade” (or the local equivalent thereof according to local criteria in a country in which any
member of the Group conducts commercial operations and in which local pensions are permitted by law to invest) with maturities of 12 months or less from the date of acquiring such investment; 

 

	(h)	 investments in mutual funds, managed by banks or financial institutions, with a local currency credit rating of at least MxAA by S&P or
equivalent by any other reputable local rating agency, that invest principally in marketable direct obligations issued by the Mexican government, or issued by any agency or instrumentality thereof; and 

 

	(i)	 any other debt security, certificate of deposit, commercial paper, bill of exchange, investment in money market funds or material funds approved by
the Majority Participating Creditors, 

 in each case, to which any member of the Group is alone (or together
with other members of the Group) beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security (other than Security arising under the Transaction Security Documents). 

“Change of Control” means that the beneficial ownership (within the meaning of Rule 13d-3 promulgated by the SEC under
the Securities Exchange Act of 1934, as amended) of 20 per cent. or more in voting power of the outstanding voting stock of the Company is acquired by any person, provided that the acquisition of beneficial ownership of capital stock of
the Company by Lorenzo H. Zambrano or any member of his immediate family shall not constitute a Change of Control. 
  

 G-4 

 “Charged Property” means all of the assets of the Security Providers which
from time to time are, or are expressed to be, the subject of the Transaction Security. 
 “Compliance
Certificate” means a certificate substantially in the form set out in Schedule 5 (Form of Compliance Certificate) of the Financing Agreement. 

“Consolidated Coverage Ratio” means, on any date of determination, the ratio of (a) EBITDA for the one
(1) year period ending on such date to (b) Consolidated Interest Expense for the one (1) year period ending on such date. 

“Consolidated Debt” means, at any date, the sum (without duplication) of (a) the aggregate amount of all Debt of
the Company and its Subsidiaries at such date, which shall include the amount of any recourse in respect of Inventory Financing permitted under paragraph (e) of the definition of Permitted Financial Indebtedness, plus (b) to the
extent not included in Debt, the aggregate net mark-to-market amount of all derivative financing in the form of equity swaps outstanding at such date (except to the extent such exposure is cash collateralized to the extent permitted under the
Finance Documents). 
 “Consolidated Funded Debt” means, for any period, Consolidated Debt less the sum
(without duplication) of (i) all obligations of such person to pay the deferred purchase price of property or services, (ii) all obligations of such person as lessee under Capital Leases, and (iii) all obligations of such person with
respect to product invoices incurred in connection with export financing. 
 “Consolidated Interest Expense”
means, for any period, the sum of the (1) total gross cash and non cash interest expense of the Company and its consolidated Subsidiaries relating to Consolidated Funded Debt of such persons, (2) any amortization or accretion of debt
discount or any interest paid on Consolidated Funded Debt of such person and its Subsidiaries in the form of additional Financial Indebtedness (but excluding any amortization of deferred financing and debt issuance costs), (3) the net costs
under Treasury Transactions in respect of interest rates (but excluding amortization of fees), (4) any amounts paid in cash on preferred stock, and (5) any interest paid or accrued in respect of Consolidated Funded Debt without a maturity
date, regardless of whether considered interest expense under Applicable GAAP of the Company. For purposes of calculating Consolidated Interest Expense for the Reference Period ending 30 June 2010, $131,406,696.17 shall be deducted,
constituting the amount of interest paid in respect of perpetual debentures on 1 July 2009 for the period ending 30 June 2009. 

“Consolidated Leverage Ratio” means, on any date of determination, the ratio of (a) Consolidated Funded Debt on
such date to (b) EBITDA for the one (1) year period ending on such date. 
 “Core Bank Facilities” means the
Syndicated Bank Facilities, the Bilateral Bank Facilities and the Promissory Notes. 
  

 G-5 

 “Creditor’s Representative” means: 

 

	(a)	 with respect to each of the Syndicated Bank Facilities, the person appointed as the agent of the creditors in relation to such Facility under the
Existing Finance Documents relating to such Facility; 

  

	(b)	 with respect to each other Core Bank Facility, the Participating Creditor with an Exposure under that Facility; and 

 

	(c)	 with respect to each USPP Note, the Participating Creditor with an Exposure under that USPP Note. 

“Debt” of any person means, without duplication, (i) all obligations of such person for borrowed money,
(ii) all obligations of such person evidenced by bonds, debentures, notes or other similar instruments, including the perpetual bonds, (iii) the aggregate net mark-to-market of Treasury Transactions (except to the extent such exposure is
cash collateralized to the extent permitted under the Finance Documents) of such person but excluding Treasury Transactions relating to the rate or price of energy or any commodity, (iv) all obligations of such person to pay the deferred
purchase price of property or services, except trade accounts payable arising in the ordinary course of trading, (v) all obligations of such person as lessee under Capital Leases, (vi) all Debt of others secured by Security on any asset of
such person, up to the value of such asset, (vii) all obligations of such person with respect to product invoices incurred in connection with export financing, (viii) all obligations of such person under repurchase agreements for the stock
issued by such person or another person, (ix) all obligations of such person in respect of Inventory Financing permitted under paragraph (e) of the definition of Permitted Financial Indebtedness and (x) all guarantees of such person
in respect of any of the foregoing; provided, however, that for the purposes of calculating the Consolidated Funded Debt element of the Consolidated Leverage Ratio, Relevant Convertible/Exchangeable Obligations shall be excluded from
each of the foregoing paragraphs (i) to (x) inclusive (provided that, in the case of outstanding Financial Indebtedness under any Subordinated Optional Convertible Securities (1) only the principal amount thereof shall be
excluded and (2) such exclusion shall apply only for so long as such amounts remain subordinated in accordance with the terms of that definition) and (b) amounts falling within paragraph (v) of the definition of Excluded Fundraising
Proceeds, for the period in which they are held by the Company or any member of the Group pending application in accordance with the terms of the Financing Agreement, shall be deducted from the aggregate Debt calculation resulting from this
definition. For the avoidance of doubt, all letters of credit, banker’s acceptances or similar credit transactions, including reimbursement obligations in respect thereof are not Debt until they are required to be funded. 

“Debt Documents” means the Finance Documents, the “Refinancing Documents” (as defined in the Intercreditor
Agreement) and the “Noteholder Documents” (as defined in the Intercreditor Agreement). 
 “Delegate” means any
delegate, agent, attorney or co-trustee appointed by the Security Agent. 
 “Discontinued EBITDA” means, for
any period, the sum for Discontinued Operations of (a) operating income (utilidad de operación), and (b) depreciation and amortization expense, in each case determined in accordance with Applicable GAAP of the Company
consistently applied for such period. 
  

 G-6 

 “Discontinued Operations” means operations that are accounted for as
discontinued operations pursuant to Applicable GAAP of the Company for which the Disposal of such assets has not yet occurred. 

“Disposal” means a sale, lease, license, transfer, loan or other disposal by a person of any asset (including shares in
any Subsidiary or other company), undertaking or business (whether by a voluntary or involuntary single transaction or series of transactions). 

“Disposal Proceeds” means: 
  

	(a)	 the cash consideration received by any member of Group (including any amount received from a person who is not a member of the Group in repayment of
intercompany debt save to the extent that the creditor in respect of the intercompany debt is obliged to repay that amount to the purchaser at or about completion of the Disposal) for any Disposal; 

 

	(b)	 any proceeds of any Disposal received in the form of Marketable Securities that are required to be disposed of for cash (after deducting reasonable
expenses incurred by the party disposing of those Marketable Securities to persons other than members of the Group) pursuant to the criteria set out at paragraph (h) of the definition of Permitted Disposal; and 

 

	(c)	 any proceeds of any Disposal received in any other form to the extent disposed of or otherwise converted into cash within 90 days of receipt; and

  

	(d)	 any consideration falling within paragraphs (a) to (c) above that is received by any member of the Group from the Disposal of assets of
the Group in Venezuela prior to the date of the Financing Agreement, but excluding any Excluded Disposal Proceeds and, in every case, after deducting: 

  

	 	(1)	 any reasonable expenses which are incurred by the disposing party of such assets with respect to that Disposal to persons who are not members of the
Group; 

  

	 	(2)	 any Tax incurred and required to be paid by the disposing party in connection with that Disposal (as reasonably determined by the disposing party on
the basis of rates existing at the time of the disposal and taking account of any available credit, deduction or allowance); 

“EBITDA” means, for any period, the sum for the Company and its Subsidiaries, determined on a consolidated basis of
(a) operating income (Utilidad de Operación), and (b) depreciation and amortization expense, in each case determined in accordance with Applicable GAAP of the Company, subject to the adjustments herein, consistently applied
for such period and adjusted for Discontinued EBITDA as follows: if the amount of Discontinued EBITDA is a positive amount, then EBITDA shall increase by such amount, and if the amount of Discontinued EBITDA is a negative amount, then EBITDA shall
decrease by the absolute value of such amount. For the purposes of calculating EBITDA for any applicable period pursuant to any determination of the Consolidated Leverage Ratio (but not the Consolidated Coverage Ratio): (A) (i) if at any
time 
  

 G-7 

 
during such applicable period the Borrower or any of its Subsidiaries shall have made any Material Disposal, the EBITDA for such applicable period shall be reduced by an amount equal to the
EBITDA (if positive) attributable to the property that is the subject of such Material Disposal for such applicable period (but when the Material Disposal is by way of lease, income received by the Company or any of its Subsidiaries under such lease
shall be included in EBITDA) and (ii) if at any time during such applicable period the Company or any of its Subsidiaries shall have made any Material Acquisition, EBITDA for such applicable period shall be calculated after giving pro forma
effect thereto as if such Material Acquisition had occurred on the first day of such applicable period. Additionally, if since the beginning of such applicable period any person that subsequently shall have become a Subsidiary or was merged or
consolidated with the Company or any of its Subsidiaries as a result of a Material Acquisition occurring during such applicable period shall have made any Material Disposal or Material Acquisition of property that would have required an adjustment
pursuant to clause (i) or (ii) above if made by the Company or any of its Subsidiaries during such applicable period, EBITDA for such period shall be calculated after giving pro forma effect thereto as if such Material Disposal or
Material Acquisition had occurred on the first day of such applicable period; and (B) EBITDA will be recalculated by multiplying each month’s EBITDA by the Ending Exchange Rate and dividing the amount obtained thereto by the exchange rate
used by the Company in preparation of its monthly financial statements in accordance with Applicable GAAP of the Company to convert $ into Mexican pesos (such recalculated EBITDA being the “Recalculated EBITDA”). 

“Ending Exchange Rate” means the exchange rate at the end of a Reference Period for converting $ into Mexican pesos as
used by the Company and its auditors in preparation of the Company’s financial statements in accordance with Applicable GAAP of the Company. 

“Excluded Disposal Proceeds” means the proceeds of any Disposal of: 

 

	 	(i)	 inventory or trade receivables in the ordinary course of trading of the disposing entity; 

 

	 	(ii)	 assets pursuant to a Permitted Securitisation programme existing as at the date of the Financing Agreement (or any rollover or extension of such a
Permitted Securitisation); 

  

	 	(iii)	 any asset from any member of the Group to another member of the Group on arm’s length terms and for fair market or book value;

  

	 	(iv)	 any assets the consideration for which (when aggregated with the consideration for any related Disposals) is less than $5,000,000 (or its equivalent
in any other currency); 

  

	 	(v)	 assets leased or licensed to any director, officer or employee of any member of the Group in connection with and as part of the ordinary course of
the service or employment arrangements of the Group; 

  

	 	(vi)	 Marketable Securities (other than Marketable Securities received as consideration for a Disposal as envisaged in paragraphs (b) and (c) of
the definition of Disposal Proceeds); and 

  

 G-8 

	 	(vii)	 any cash or other assets arising out of or in connection with any Permitted Call Transaction, including, but not limited to any settlement,
disposal, transfer, assignment, closeout or other termination of such Permitted Call Transaction. 

 “Excluded
Fundraising Proceeds” means the proceeds of: 
  

	 	(i)	 a Permitted Fundraising falling within paragraph (f)(i) of the definition of Permitted Financial Indebtedness entered into for the purpose of
refinancing or extending the maturity of Existing Financial Indebtedness falling within paragraph (a) of the definition thereof (or paragraph (b) of the definition thereof, to the extent that it relates to Short Term Certificados
Bursatiles) (and, in the case of a refinancing, where the proceeds that would, but for this paragraph (i), constitute “Permitted Fundraising Proceeds”, are actually applied for such purpose as soon as reasonably practicable (and in any
event within 90 days) following receipt of those proceeds by any member of the Group); 

  

	 	(ii)	 a Permitted Fundraising falling within paragraph (f)(ii) of the definition of Permitted Financial Indebtedness entered into for the purpose of
refinancing or extending the maturity of Existing Financial Indebtedness falling within paragraphs (a) to (e) of the definition thereof (and, in the case of a refinancing, where the proceeds that would, but for this paragraph (ii),
constitute “Permitted Fundraising Proceeds”, are actually applied for such purpose as soon as reasonably practicable (and in any event within 90 days) following receipt of those proceeds by any member of the Group).

  

	 	(iii)	 any transaction between members of the Group; 

  

	 	(iv)	 Permitted Securitisations; 

  

	 	(v)	 a Permitted Fundraising falling within paragraph (c) of that definition provided that any Relevant Existing Financial Indebtedness due to
mature within the particular Relevant Prepayment Period and the proceeds of such Permitted Fundraising are to be applied in accordance with Clause 13.3 (Mandatory prepayments: Certificados Bursatiles Reserve) of the Financing Agreement;

  

	 	(vi)	 subject to Clause 13.4(ii) of the Financing Agreement, a Permitted Fundraising falling within paragraph (c) of that definition and applied or
to be applied in accordance with Clause 13.4 (Mandatory prepayments: Subordinated Optional Convertible Securities Issuance) of the Financing Agreement; and 

 

	 	(vii)	 a Permitted Fundraising arising out of or in connection with any Permitted Call Transaction, including, but not limited to, any settlement,
disposal, transfer, assignment, close-out or other termination of such Permitted Call Transaction. 

“Executive Compensation Plan” means any stock option plan, restricted stock plan or retirement plan which the Company or
any other Obligor customarily provides to its employees, consultants and directors. 
  

 G-9 

 “Existing Facility Agreements” means the facility agreements and other
documents described in Part II, Schedule 1 (The Original Participating Creditors) of the Financing Agreement. 

“Existing Finance Documents” means each Existing Facility Agreement, the USPP Note Guarantee, the “Finance
Documents” as defined in any Existing Facility Agreement and the “Facility Transaction Documents” as defined in Exhibit H to the NY Law Amendment Agreement (but in each case excluding any document that is designated a “Finance
Document” or “Facility Transaction Document” by an Obligor and the relevant Creditor’s Representative under an Existing Facility Agreement after the date of the Financing Agreement). 

“Existing Financial Indebtedness” means: 
  

	(a)	 the Financial Indebtedness described in Part I of Schedule 10 (Existing Financial Indebtedness) of the Financing Agreement, provided
that the principal amount of such Financial Indebtedness does not increase above the principal amount outstanding as at the date of the Financing Agreement (except by the amount of any capitalised interest under any facility or instrument that
provided for capitalisation of interest on those terms as at the date of the Financing Agreement) less the amount of any repayments and prepayments made in respect of such Financial Indebtedness; 

 

	(b)	 the Financial Indebtedness described in Part II of Schedule 10 (Existing Financial Indebtedness) of the Financing Agreement and any
Short-Term Certificados Bursatiles, working capital or other operating facilities that replace or refinance such Financial Indebtedness; 

  

	(c)	 the Financial Indebtedness described in Part III of Schedule 10 (Existing Financial Indebtedness) of the Financing Agreement and any Capital
Leases that replace (and relate to the same or similar assets as) such Financial Indebtedness; 

  

	(d)	 the Financial Indebtedness described in Part IV of Schedule 10 (Existing Financial Indebtedness) of the Financing Agreement and any inventory
Financing or factoring arrangements that replace (and relate to the same or similar assets as) such Financial Indebtedness; and 

  

	(e)	 the Banobras Facility and any other facility that replaces or refinances such facility, provided that any such replacement or refinancing
facility is (i) with a development bank controlled by the Mexican Government or (ii) with any other financial institution to finance public works or infrastructure assets, 

provided that (i) the aggregate principal amount of such Existing Financial Indebtedness falling under each of paragraphs
(b) to (e) of this definition shall not be increased above the principal amount of Financial Indebtedness committed or capable of being drawn down under the Financial Indebtedness referred to in that paragraph of this definition as at the
date of the Financing Agreement (except by the amount of any capitalised interest under any facility or instrument that provided for capitalisation of interest on those terms as at the date of the Financing Agreement) and (ii), for the avoidance of
doubt, any refinancing or replacement of Existing Financial Indebtedness falling within paragraphs (b) to (d) above need not satisfy the requirements of paragraph (f) of the definition of Permitted Financial Indebtedness. 

 

 G-10 

 “Exposure” means, at any time: 

 

	(a)	 in relation to a Participating Creditor and a Syndicated Bank Facility or Bilateral Bank Facility, that Participating Creditor’s participation
in Loans made under the relevant Facility at that time; 

  

	(b)	 in relation to Participating Creditor and a Promissory Note, the principal amount owed to that Participating Creditor under that Promissory Note at
that time; and 

  

	(c)	 in relation to a Participating Creditor and a USPP Note, the principal amount owed to that Participating Creditor under that USPP Note at that time.

 “Facility” means a Core Bank Facility and each USPP Note. 

“Fee Letter” means any letter or agreement between the Administrative Agent or Security Agent and the Company setting
out (1) the upfront fee and (ii) the level of fees payable in respect of the services and obligations performed by those agents under the relevant New Finance Documents. 

“Finance Party” means the Administrative Agent, the Security Agent, each Creditor’s Representative or a
Participating Creditor. 
 “Finance Document” means each New Finance Document and each Existing Finance Document. 

“Financial Indebtedness” means any indebtedness for or in respect of: 

 

	(a)	 moneys borrowed and debit balances at banks or other financial institutions; 

 

	(b)	 any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent); 

 

	(c)	 any amount raised pursuant to a note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument (including,
without limitation, any perpetual bonds); 

  

	(d)	 the amount of any liability in respect of any lease or hire purchase contract which would (in accordance with Applicable GAAP of the Company) be
treated as a finance or capital lease; 

  

	(e)	 receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for
de-recognition under Applicable GAAP of the Company); 

  

	(f)	 any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the mark-to-market value (or, if any actual amount is
due as a result of the termination or close-out of that Treasury Transaction, that amount) shall be taken into account); 

  

 G-11 

	(g)	 any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank
or financial institution; 

  

	(h)	 any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the issuer) before the Termination Date or are
otherwise classified as borrowings under Applicable GAAP of the Company; 

  

	(i)	 any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the
agreement is to raise finance or to finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than 60 days after the date of
supply; 

  

	(j)	 any arrangement pursuant to which an asset sold or otherwise disposed of by that person may be re-acquired by a member of the Group (whether
following the exercise of an option or otherwise) and any Inventory Financing; 

  

	(k)	 any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having
the commercial effect of a borrowing or otherwise classified as borrowings under Applicable GAAP of the Company; and 

  

	(l)	 the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs (a) to (k) above.

 “Financial Quarter” means the period commencing on the day after one Quarter Date and ending on the next
Quarter Date. 
 “Financial Year” means the annual accounting period of the Company ending on or about 31 December in each
year. 
 “Fitch” means Fitch Ratings Limited or any successor thereto from time to time. 

“Group” means the Company and each of its Subsidiaries for the time being. 

“Guarantors” means the Original Guarantors and any Additional Guarantor other than any Original Guarantor or Additional
Guarantor which has ceased to be a Guarantor pursuant to Clause 28.4 (Resignation of Guarantor) of the Financing Agreement and has not subsequently become an Additional Guarantor pursuant to Clause 28.3 (Additional Guarantors and
Additional Security Providers) of the Financing Agreement and “Guarantor” means any of them. 

“Holding Company” means, in relation to a company or corporation, any other company or corporation in respect of which
it is a Subsidiary. 
 “IFRS” means international accounting standards within the meaning of IAS Regulation
1606/2002 to the extent applicable to the relevant financial statements. 
  

 G-12 

 “Intellectual Property” means: 

 

	(a)	 any patents, trademarks, service marks, designs, business names, copyrights, design rights, data-base rights, inventions, knowhow and other
intellectual property rights and interests, whether registered or unregistered; and 

  

	(b)	 the benefit of all applications and rights to use such assets of each member of the Group. 

“Intercreditor Agreement” means the intercreditor agreement dated on or about the date of the Financing Agreement and
made between, among others, the Company, Wilmington Trust (London) Limited as Security Agent, Citibank International PLC as Administrative Agent, the Participating Creditors and any other creditors of the Group that may accede to it from time to
time in accordance with its terms, as such agreement may be amended, modified or waived from time to time. 
 “Inventory
Financing” means a financing arrangement pursuant to which a member of the Group sells inventory to a bank or other institution (or a special purpose vehicle or partnership incorporated or established by or on behalf of such bank or other
institution or an Affiliate of such bank or other institution) and has an obligation to repurchase such inventory to the extent that it is not sold to a third party within a specified period. 

“Joint Venture” means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint
venture or partnership or any other entity. 
 “Joint Venture Investment” has the meaning given to such term in
sub-paragraph (b)(ii) of the definition of Permitted Joint Venture. 
 “Loan” means: 

 

	(a)	 in relation to a Syndicated Bank Facility or Bilateral Bank Facility, a loan made or to be made under such Facility or the principal amount
outstanding for the time being of that loan; and 

  

	(b)	 in relation to a Promissory Note, the Exposure of the Participating Creditors for the time being under that Promissory Note.

 “Majority Participating Creditors” means, at any time, a Participating Creditor or
Participating Creditors the Base Currency Amount of whose Exposures under the Facilities at that time aggregate 66.67 per cent. or more of the Base Currency Amount of all the Exposures of the Participating Creditors under all of the Facilities
at that time. 
 “Marketable Securities” means securities (whether equity, debt or other securities) which are
listed on a stock exchange or for which a trading market exists (whether on market or over the counter) but excluding: (A) shares in any member of the Group, and (B) any shares in Axtel, S.A.B. de C.V. 

 

 G-13 

 “Material Acquisition” means any (a) acquisition of property or series
of related acquisitions of property that constitutes assets comprising all or substantially all of an operating unit, division or line of business or (b) acquisition of or other investment in the Capital Stock of any Subsidiary or any person
which becomes a Subsidiary or is merged or consolidated with the Borrower or any of its Subsidiaries, in each case, which involves the payment of consideration by the Borrower and its Subsidiaries in excess of $100,000,000 (or the equivalent in
other currencies). 
 “Material Disposal” means any Disposal of property or series of related Disposals of
property that yields gross proceeds to the Company or any of its Subsidiaries in excess of $100,000,000 (or the equivalent in other currencies). 

“Mexican FRS” means Mexican Financial Reporting Standards (Normas de Información Financiera) as in effect
from time to time. 
 “Mexican pesos”, “Mex$”, “MXN” and “pesos” means the
lawful currency of Mexico. 
 “Mexico” means the United Mexican States. 

“Moody’s” means Moody’s Investor Services Limited or any successor to its ratings business. 

“NAFTA” means the North American Free Trade Agreement. 

“New Finance Document” means the Financing Agreement, the NY Law Amendment Agreement, the Intercreditor Agreement, each
Transaction Security Document, any Accession Letter, any Fee Letter, any Resignation Letter and any other document designated as a “New Finance Document” by the Administrative Agent and the Company. 

“NY Law Amendment Agreement” means the omnibus amendment agreement dated on or about the date of the Finance Agreement
between, among others, the Company and the Participating Creditors with Exposures under those Existing Facility Agreements (other than the USPP Note Agreement) that are governed by the laws of the State of New York. 

“Obligors” means the Borrowers, the Guarantors and the Security Providers and “Obligor” means any of them. 

“Original Borrowers” means, together with the Company, the Subsidiaries of the Company listed in Part I of Schedule
1 (The Original Parties) of the Financing Agreement as borrowers or issuers. 
 “Original Financial
Statements” means in relation to the Company, its audited unconsolidated and consolidated financial statements for its Financial Year ended 31 December 2008 accompanied by an audit opinion of KPMG Cardenas Dosal, S.C. 

“Original Guarantors” means the Subsidiaries of the Company listed in Part I of Schedule 1 (The Original
Parties) of the Financing Agreement as guarantors, together with the Company. 
 “Original Participating
Creditors” means the financial institutions and noteholders listed in Part II of Schedule 1 (The Original Participating Creditors) of the Financing Agreement as creditors. 

 

 G-14 

 “Original Security Providers” means the Subsidiaries of the Company listed
in Part I of Schedule 1 (The Original Parties) of the Financing Agreement as security providers. 
 “Party” means a
party to the Financing Agreement. 
 “Participating Member State” means any member state of the European Union
that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. 

“Participating Creditor” means: 
  

	(a)	 any Original Participating Creditor; and 

  

	(b)	 any person which has become a Party in accordance with Clause 27 (Changes to the Participating Creditors), of the Financing Agreement,

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

“Permitted Acquisition” means: 
  

	(a)	 an acquisition by a member of the Group of an asset sold, leased, transferred or otherwise disposed of by another member of the Group in
circumstances constituting a Permitted Disposal; 

  

	(b)	 an acquisition of shares or securities pursuant to a Permitted Share Issue; 

 

	(c)	 an acquisition of cash or securities which are Cash Equivalent Investments; 

 

	(d)	 an acquisition to which a member of the Group is contractually committed as at the date of the Financing Agreement, with the material terms of those
acquisitions requiring consideration payable in excess of $10,000,000 described in the list delivered to the Administrative Agent under paragraph 4(f) of Part I (Initial Conditions Precedent) of Schedule 2 of the Financing Agreement
(provided that there has been or is no material change to the terms of such acquisition subsequent to the date of the Financing Agreement); 

  

	(e)	 the incorporation of a company which on incorporation becomes a member of the Group or which is a special purpose vehicle, whether a member of the
Group or not; 

  

	(f)	 an acquisition that constitutes a Permitted Joint Venture; 

 

	(g)	 an acquisition of assets and, if applicable, cash, in exchange for other assets and, if applicable, cash, of equal or higher value, provided
that: (i) the cash element of any such acquisition must not be more than 20 per cent. of the aggregate consideration for the acquisition; and (ii) the maximum aggregate market value of the assets acquired pursuant to all such
transactions must not be more than $100,000,000 (or its equivalent in any other currency) in any Financial Year; 

  

 G-15 

	(h)	 any acquisition of shares of the Company pursuant to an obligation in respect of any Executive Compensation Plan; 

 

	(i)	 any other acquisition consented to by the Administrative Agent acting on the instructions of the Majority Participating Creditors;

  

	(j)	 an acquisition of shares in the Company to the extent that a member of the Group has an obligation to deliver such shares to any holder(s) of
convertible securities falling within paragraph (f)(i) of the definition of Permitted Financial Indebtedness pursuant to the terms of such convertible securities; and 

 

	(k)	 any other acquisition of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them),
provided that the aggregate amount of the consideration for such acquisitions (when aggregated with the aggregate amount of Joint Venture Investment falling within paragraph (b)(iii)(1) of the definition of Permitted Joint Venture in that
Financial Year) does not exceed $100,000,000 (or its equivalent in any other currencies) in any Financial Year. 

“Permitted Call Transaction” means any call spread or capped call transaction entered into, sold or purchased in
connection with any issuance of Subordinated Optional Convertible Securities. 
 “Permitted Disposal” means any
sale, lease, licence, transfer or other disposal which, except in the case of Disposals as between members of the Group, is on arm’s length terms: 
  

	(a)	 of trading stock or cash made by any member of the Group in the ordinary course of trading of the disposing entity; 

 

	(b)	 of any asset by a member of the Group (the “Disposing Company”) to another member of the Group (the “Acquiring
Company”), but if: 

  

	 	(i)	 the Disposing Company is an Obligor, the Acquiring Company must also be an Obligor; 

 

	 	(ii)	 the Disposing Company had given Transaction Security over the asset, the Acquiring Company must give equivalent Transaction Security over that
asset; and 

  

	 	(iii)	 the Disposing Company is a Guarantor, the Acquiring Company must be a Guarantor guaranteeing at all times an amount no less than that guaranteed by
the Disposing Company, 

 provided that the conditions set out in paragraphs (i),
(ii) and (iii) above shall only apply if the applicable assets are shares or if all or substantially all of the assets of the Disposing Company are being disposed of; 

 

	(c)	 of obsolete or redundant vehicles, machinery, parts and equipment in the ordinary course of trading; 

 

 G-16 

	(d)	 of cash or Cash Equivalent Investments for cash or in exchange for other Cash Equivalent Investments; 

 

	(e)	 constituted by a licence of Intellectual Property in the ordinary course of trading; 

 

	(f)	 to a Joint Venture, to the extent permitted by Clause 24.17 (Joint ventures) of the Financing Agreement; 

 

	(g)	 arising as a result of any Permitted Security; 

  

	(h)	 of any shares in a member of the Group (provided that all such shares in that entity owned by a member of the Group are the subject of the
Disposal) or of any other asset, in each case on arm’s length terms and for full market value where: 

  

	 	(i)	 no less than 85 per cent. of the consideration for the Disposal is payable to the Group in cash or Marketable Securities paid or received by a
member of the Group at completion of the Disposal (provided that where a portion of that 85 per cent. is comprised of Marketable Securities, those Marketable Securities must be disposed of for cash to a person that is not a member of the
Group within 90 days of completion); 

  

	 	(ii)	 if the aggregate consideration for the Disposal (when aggregated with the consideration for any related Disposals) is equal to 5 per cent. or
more of the value of consolidated assets of the Group, the Company has delivered to the Administrative Agent a certificate signed by an Authorised Signatory confirming that, on a pro forma basis, assuming that the Disposal had been completed and the
proceeds had been applied in accordance with Clause 13 (Mandatory Prepayment) of the Financing Agreement immediately prior to the first day of the most recent Reference Period for which a Compliance Certificate has been or is required to have
been delivered under the Financing Agreement, the Company would have been in compliance with the financial covenants in paragraphs (a) and (b) of Clause 23.2 (Financial condition) of the Financing Agreement as at the last day of the
most recent Reference Period for which a Compliance Certificate has been or is required to have been delivered under the Financing Agreement; and 

  

	 	(iii)	 the Disposal Proceeds received by members of the Group are applied (to the extent required) in accordance with Clause 13 (Mandatory
prepayment) of the Financing Agreement; 

  

	(i)	 of any asset compulsorily acquired by a governmental authority, provided that the Disposal Proceeds received by members of the Group are
applied (to the extent required) in accordance with Clause 13 (Mandatory prepayment) of the Financing Agreement; 

  

	(j)	 of any receivables disposed of pursuant to a factoring or similar receivables financing arrangement that is otherwise permitted under the Financing
Agreement (including, for the avoidance of doubt, the Banobras Facility); 

  

	(k)	 of any inventory disposed of pursuant to an Inventory Financing or similar arrangement that is otherwise permitted under the Financing Agreement;

  

 G-17 

	(l)	 of any plant or equipment disposed of pursuant to a sale and lease-back arrangement that is otherwise permitted under the Financing Agreement;

  

	(m)	 of any asset to which a member of the Group was contractually committed as at the date of the Financing Agreement, with all material terms of those
disposals which relate to the disposal of assets with a value of at least $10,000,000 being described in Schedule 14 (Disposals) of the Financing Agreement (provided that there has been or is no material change to the terms of such
Disposal subsequent to the date of the Financing Agreement); 

  

	(n)	 of receivables disposed of pursuant to a Permitted Securitisation; 

 

	(o)	 of land or buildings arising as a result of lease or licence in the ordinary course of its trading; 

 

	(p)	 of any shares of the Company pursuant to an obligation in respect of any Executive Compensation Plan; 

 

	(q)	 of shares, common equity securities in the Company or reference property in connection with the same to the extent that a member of the Group has an
obligation to deliver such shares, common equity securities or reference property to any holder(s) of convertible or exchangeable securities falling within paragraph (f)(i) of the definition of Permitted Financial Indebtedness pursuant to the terms
of such convertible or exchangeable securities; 

  

	(r)	 of assets and, if applicable, cash in exchange for other assets and, if applicable, cash, of equal or higher value, provided that:
(i) the cash element of any such Disposal must not be more than 20 per cent. of the aggregate consideration for the Disposal; and (ii) the maximum aggregate market value of all assets disposed of in such transactions must not be
more than $100,000,000 (or its equivalent in any other currencies) in any Financial Year; or 

  

	(s)	 otherwise approved by the Administrative Agent acting on the instructions of the Majority Participating Creditors. 

“Permitted Financial Indebtedness” means Financial Indebtedness: 

 

	(a)	 incurred or arising under the Finance Documents; 

  

	(b)	 that is Existing Financial Indebtedness; 

  

	(c)	 owed to a member of the Group; 

  

	(d)	 that constitutes a Permitted Securitisation; 

  

	(e)	 arising under Capital Leases, factoring arrangements, Inventory Financing arrangements or export credit facilities for the purchase of equipment
(provided that any Security granted in relation to any such facility relates solely to equipment, the purchase of which was financed under such Facility) or pursuant to sale and lease-back transactions, provided that the maximum
aggregate Financial Indebtedness of members of the Group under such transactions (excluding any Existing Financial Indebtedness) does not exceed $350,000,000 at any time; 

 

 G-18 

	(f)	 arising: 

  

	 	(i)	 pursuant to an issuance of bonds, notes or other debt securities, or of convertible or exchangeable securities by: 

 

	 	(A)	 in the case of bonds, notes or other debt securities or convertible or exchangeable securities issued to refinance or replace Existing Financial
Indebtedness falling within Part I of Schedule 10 (Existing Financial Indebtedness) of the Financing Agreement, one or more Obligors (other than CEMEX Materials LLC and CEMEX, Inc.) or the same member of the Group (including, where
applicable, CEMEX Materials LLC and CEMEX, Inc.) that issued the relevant Existing Financial Indebtedness that is being refinanced or replaced (whether acting as co-issuers or otherwise but, for the avoidance of doubt, with several liability only);
or 

  

	 	(B)	 in the case of bonds, notes or other debt securities or convertible or exchangeable securities issued so as to be applied in repayment or prepayment
of the Exposures of the Participating Creditors under the Facilities, one or more Obligors (other than CEMEX Materials LLC and CEMEX, Inc.) whether acting as co-issuers or otherwise, (and, for the avoidance of doubt, such securities may be issued
with an original issue discount) on the capital markets in each case subscribed or paid for in full in cash on issue (unless such securities are exchanged on issue for other securities that constitute Existing Financial Indebtedness falling within
paragraph (a) of the definition thereof on issue), provided that (other than any conversion into common equity securities of the Company) no principal repayments are scheduled (and no call options can be exercised) in respect thereof
until after the Termination Date; 

  

	 	(ii)	 under a loan facility in respect of which the only borrowers are: 

 

	 	(A)	 in the case of loan facilities entered into to refinance or replace Existing Financial Indebtedness falling within Part I of Schedule 10
(Existing Financial Indebtedness) of the Financing Agreement one or more Obligors (other than CEMEX Materials LLC and CEMEX, Inc.) or the same member of the Group (including, where applicable, CEMEX Materials LLC and CEMEX, Inc.) that
borrowed the relevant Existing Financial Indebtedness that is being refinanced or replaced (whether acting as joint or multiple borrowers but for the avoidance of doubt, with several liability only); or 

 

	 	(B)	 in the case of loan facilities entered into so as to refinance or replace the Exposures of the Participating Creditors under the Facilities, one or
more Obligors (other than CEMEX Materials LLC and CEMEX, Inc.) whether acting as joint or multiple borrowers, 

  

 G-19 

 provided that no principal repayments are scheduled (and no mandatory
prepayment obligations arise save as a result of unlawfulness affecting a creditor in respect of such loan facility) in respect thereof until after the Termination Date, and further provided that (1) the terms applicable to such issuance
under paragraph (f)(i) (excluding pricing, but including, without limitation, as to prepayments, representations, covenants, events of default, guarantees and security) taken as a whole are no more restrictive or onerous than the terms applicable to
the Facilities, and the terms applicable to such incurrence under paragraph (f)(ii) (excluding pricing, but including, without limitation, as to prepayments, representations, covenants, events of default, guarantees and security) are no more
restrictive or onerous than the terms applicable to the Facilities; (2) the proceeds of such issuance or incurrence are applied (to the extent required) in accordance with Clause 13 (Mandatory prepayment) of the Financing Agreement;
(3) if proceeds of such issuance or incurrence are, to the extent required under the Financing Agreement, being used to replace or refinance Financial Indebtedness which shares in the Transaction Security, such Financial Indebtedness shall be
entitled to share in the Transaction Security in accordance with (and on the terms of) the Intercreditor Agreement; and (4) for the avoidance of doubt, any refinancing or replacement of Existing Financial Indebtedness falling within paragraphs
(b) to (d) of the definition of Existing Financial Indebtedness need not satisfy the requirements of this paragraph (f); 
  

	(g)	 that constitutes a Permitted Liquidity Facility; 

  

	(h)	 that becomes Financial Indebtedness solely as a result of any change in Applicable GAAP of the Company after the date of the Financing Agreement and
that existed prior to the date of such change in Applicable GAAP of the Company (or that replaces, and is on substantially the same terms as, such Financial Indebtedness); 

 

	(i)	 of any person acquired by a member of the Group pursuant to an acquisition falling within paragraphs (d) or (f) of the definition of
Permitted Acquisition, provided that: (i) such Financial Indebtedness existed prior to the date of the acquisition and was not incurred, increased or extended in contemplation of, or since, the acquisition; and (ii) the aggregate
amount of any such Financial Indebtedness of members of the Group does not exceed $100,000,000 at any time; 

  

	(j)	 under Treasury Transactions entered into in accordance with Clause 24.26 (Treasury Transactions) of the Financing Agreement;

  

	(k)	 incurred pursuant to or in connection with any cash pooling or other cash management agreements in place with a bank or financial institution, but
only to the extent of offsetting credit balances of the Company or its Subsidiaries pursuant to such cash pooling or other cash management arrangement; 

  

 G-20 

	(l)	 constituting Financial Indebtedness for taxes levied, assessments due and other governmental charges required to be paid as a matter of law or
regulation in the ordinary course of trading; 

  

	(m)	 that constitutes a Permitted Joint Venture; 

  

	(n)	 approved by the Administrative Agent acting on the instructions of the Majority Participating Creditors; and 

 

	(o)	 that, when aggregated with the principal amount of any other Financial Indebtedness not falling within paragraphs (a) to (n) above, does
not exceed $200,000,000 (or its equivalent in other currencies) in aggregate at any time. 

 “Permitted
Fundraising” means: 
  

	(a)	 any issuance of equity securities by the Company paid for in full in cash on issue (and, for the avoidance of doubt, such securities may be issued
with an original issue discount) and not redeemable on or prior to the Termination Date and where such issue does not lead to a Change of Control; 

  

	(b)	 any issuance of equity-linked securities issued by any member of the Group that are linked solely to, and result only in the issuance of, equity
securities of the Company otherwise entitled to be issued under this definition (and that do not, for the avoidance of doubt, result in the issuance of any equity securities by such member of the Group) and that are paid for in full in cash on issue
(and, for the avoidance of doubt, such securities may be issued with an original issue discount) and where such issue does not lead to a Change of Control (provided that such securities do not provide for the payment of interest in cash and
are not redeemable on or prior to the Termination Date); and 

  

	(c)	 any incurrence of Financial Indebtedness falling within paragraph (f) of the definition of Permitted Financial Indebtedness.

 “Permitted Fundraising Proceeds” means the cash proceeds received by any member of the
Group from a Permitted Fundraising other than Excluded Fundraising Proceeds after deducting: 
  

	(i)	 any reasonable expenses which are incurred by the relevant member(s) of the Group with respect to that Permitted Fundraising owing to persons who
are not members of the Group; and 

  

	(ii)	 any Tax incurred and required to be paid by the relevant member(s) of the Group with respect to that Permitted Fundraising (as reasonably determined
by the relevant member(s) of the Group on the basis of rates existing at the time and taking account of any available credit, deduction or allowance). 

“Permitted Joint Venture” means any investment in any Joint Venture where: 

 

	(a)	 such investment exists or a member of the Group is contractually committed to such investment at the date of the Financing Agreement and, if the
value of the Group’s investment in such Joint Venture is $50,000,000 or greater (as shown in the Original Financial Statements of the Company) is detailed in Schedule 12 (Permitted Joint Ventures) of the Financing Agreement; or

  

 G-21 

	(b)	 such investment is made after the date of the Financing Agreement and: 

 

	 	(i)	 either the investment has been consented to by the Administrative Agent acting on the instructions of the Majority Participating Creditors or the
Joint Venture is engaged in a business substantially the same as that carried on by the Group; and 

  

	 	(ii)	 in any Financial Year of the Company, the aggregate of: 

 

	 	(1)	 all amounts subscribed for shares in, lent to, or invested in all such Joint Ventures by any member of the Group; 

 

	 	(2)	 the contingent liabilities of any member of the Group under any guarantee given in respect of the liabilities of any such Joint Venture; and

  

	 	(3)	 the market value of any assets transferred by any member of the Group to any such Joint Venture, 

 

	 	    	 minus 

  

	 	(4)	 from and including 1 January 2010, an amount up to, but not exceeding, $100,000,000 (or its equivalent in other currencies) in any Financial
Year that represents all cash amounts received by any member of the Group (i) relating to dividends, repayment of loans or distributions of any other nature in respect of any such Joint Ventures in that Financial Year and (ii) as a result
of or in relation to any disposals of shares, interests or participations, divestments, capital reductions or any similar decreases of interest in any such Joint Ventures in that Financial Year, 

does not exceed $100,000,000 (or its equivalent in other currencies) or such greater amount as the Administrative Agent
(acting on the instructions of the Majority Participating Creditors) may agree (such amount being the “Joint Venture Investment”); and 
  

	 	(iii)	 the Company has (by written notice to the Administrative Agent prior to the end of the Financial Year in which the investment is made) designated
the Joint Venture investment as counting against: 

  

	 	(1)	 paragraph (k) of the definition of Permitted Acquisition; or 

 

	 	(2)	 the maximum amount of Capital Expenditure permitted in that Financial Year under paragraph (c) of Clause 23.2 (Financial condition) of
the Financing Agreement. 

  

 G-22 

 “Permitted Liquidity Facilities” means a loan facility or facilities made
available to one or more members of the Group by one or more Participating Creditors (or their respective Affiliates), provided that the aggregate principal amount of utilised and unutilised commitments under such facilities must not exceed
$1,000,000,000 (or its equivalent in any other currency) at any time. 
 “Permitted Securitisations” means a
transaction or series of related transactions providing for the securitisation of receivables and related assets by the Company or its Subsidiaries, including a sale at a discount, provided that (i) such receivables have been
transferred, directly or indirectly, by the originator thereof to a person that is not a member of the Group in a manner that satisfies the requirements for an absolute conveyance (or, where the originator is organised in Mexico, a true sale), and
not merely a pledge, under the laws and regulations of the jurisdiction in which such originator is organised; and (ii) except for customary representations, warranties, covenants and indemnities, such sale, transfer or other securitisation is
carried out on a non-recourse basis or on a basis where recovery is limited solely to the collection of the relevant receivables. 

“Permitted Security” means: 
  

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

 

	 	(B)	 Security granted pursuant to or in connection with any netting or set-off arrangements entered into in the ordinary course of trading (including,
for the avoidance of doubt, any cash pooling or cash management arrangements in place with a bank or financial institution falling within paragraph (k) of the definition of Permitted Financial Indebtedness); 

 

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

  

	 	(D)	 liens incurred or deposits made in the ordinary course of business in connection with (1) workers’ compensation, unemployment insurance
and other types of social security, or (2) other insurance maintained by the Group in accordance with Clause 24.9 (Insurance) of the Financing Agreement; 

 

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

  

 G-23 

	 	(F)	 Security and Quasi-Security existing on the date of the Financing Agreement as described in Schedule 6 (Existing Security and Quasi-Security)
of the Financing Agreement (or any replacement of Security or Quasi-Security in accordance with paragraph 3 of Schedule 15 (Hedging Parameters) of the Financing Agreement or any equivalent Security or Quasi-Security for Existing Financial
Indebtedness that is a refinancing or replacement of Existing Financial Indebtedness), provided that the principal amount secured thereby is not increased (save that principal amounts secured by Security or Quasi-Security in respect of:

  

	 	(1)	 Treasury Transactions where there are fluctuations in the mark-to-market exposures of those Treasury Transactions; 

 

	 	(2)	 Existing Financial Indebtedness under paragraph (a) of the definition where principal may increase by virtue of capitalisation of interest;
and, 

  

	 	(3)	 the Banobras Facility, where further drawings may be made, provided that the maximum amount outstanding under such facility does not exceed
Mex$5,000,000,000 at any time, 

 may be increased by the amount of such fluctuations or
capitalisations, as the case may be); 
  

	 	(G)	 any Security or Quasi-Security permitted by the Administrative Agent, acting on the instructions of the Majority Participating Creditors;

  

	 	(H)	 any Security created or deemed created pursuant to a Permitted Securitisation; 

 

	 	(I)	 any Security granted by any member of the Group to secure Financial Indebtedness under a Permitted Liquidity Facility, provided that:
(1) such Security is not granted in respect of assets that are the subject of the Transaction Security; and (2) the maximum aggregate amount of the Financial Indebtedness secured by such Security does not exceed $500,000,000 at any time;

  

	 	(J)	 any Security granted by the Company or any member of the Group incorporated in Mexico in favour of a Mexican development bank (sociedad national
de crédito) controlled by the government of Mexico (including Banco Nacional de Comercio Exterior, S.N.C., and Banco Nacional de Obras y Sevicios Públicos, S.N.C.) securing indebtedness of the members of the Group in an aggregate
additional amount of such indebtedness not exceeding $250,000,000 (or its equivalent in any other currency); 

  

	 	(K)	 any Security or Quasi-Security granted in connection with any Treasury Transaction, excluding any Treasury Transaction described in Schedule 6
(Existing Security and Quasi-Security) of the Financing Agreement, that constitutes Permitted Financial Indebtedness, provided that the aggregate value of the assets that are the subject of such Security or Quasi-Security does not
exceed $200,000,000 (or its equivalent in other currencies) at any time; 

  

 G-24 

	 	(L)	 Security or Quasi-Security granted or arising over receivables, inventory, plant or equipment that are the subject of an arrangement falling within
paragraph (e) of the definition of Permitted Financial Indebtedness; 

  

	 	(M)	 the Transaction Security including, for the avoidance of doubt, any sharing in the Transaction Security referred to in paragraph (f) of the
definition of Permitted Financial Indebtedness; 

  

	 	(N)	 any Quasi-Security that is created or deemed created on shares of the Company under paragraph (q) of the definition of Permitted Disposals by
virtue of such shares being held on trust for the holders of the convertible securities pending exercise of any conversion option, where such Quasi-Security is customary for such transaction; 

 

	 	(O)	 in addition to the Security and Quasi-Security permitted by the foregoing paragraphs (A) to (N), Security or Quasi-Security securing
indebtedness of the Company and its Subsidiaries (taken as a whole) not in excess of $500,000,000. 

 “Permitted Share
Issue” means: 
  

	(a)	 a Permitted Fundraising falling within paragraphs (a) or (b) of the definition thereof; 

 

	(b)	 an issue of shares by a member of the Group which is a Subsidiary of the Company to another member of the Group or the Company (and, where the
member of the Group has a minority shareholder, to that minority shareholder on a pro rata basis) where (if the existing shares of the Subsidiary are the subject of the Transaction Security) the newly-issued shares also become subject to the
Transaction Security on the same terms; 

  

	(c)	 an issue of shares by the Company to comply with an obligation in respect of any Executive Compensation Plan; or 

 

	(d)	 an issue of common equity securities of the Company either (i) by the Company or (ii) to any member of the Group where the Company or that
member of the Group has an obligation to deliver such shares to the holder(s) of convertible or exchangeable securities falling within paragraph (f)(i) of the definition of Permitted Financial Indebtedness pursuant to the terms of such convertible
or exchangeable securities. 

 “Promissory Notes” means the promissory notes described in
Part II of Schedule 1 (The Original Participating Creditors) of the Financing Agreement. 
 “Quarter Date” means each of
31 March, 30 June, 30 September and 31 December. 
 “Quasi Security” means an arrangement or transaction in
which the Company or any Subsidiary: 
  

	 	(i)	 sells, transfers or otherwise disposes of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other
member of the Group; 

  

	 	(ii)	 sells, transfers or otherwise disposes of any of its receivables on recourse terms; 

 

 G-25 

	 	(iii)	 enters into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of
accounts; or 

  

	 	(iv)	 enters into any other preferential arrangement having a similar effect, 

in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial
Indebtedness or of financing the acquisition of an asset. 
 “Receiver” means a receiver or receiver and
manager or administrative receiver of the whole or any part of the Charged Properties. 
 “Reference Period” means a period of
four consecutive Financial Quarters. 
 “Relevant Convertible/Exchangeable Obligations” means: (a) any
Financial indebtedness incurred by any person the terms of which provide that satisfaction of the principal amount owing under such Financial Indebtedness (whether on or prior to its maturity and whether as a result of bankruptcy, liquidation or
other default by such person or otherwise) shall occur solely by delivery of shares or common equity securities in the Company; and (b) any Financial Indebtedness under any Subordinated Optional Convertible Securities. 

“Relevant Existing Financial Indebtedness” means any Existing Financial Indebtedness set out in: 

 

	 	(i)	 paragraph (a) of the definition of Existing Financial Indebtedness to the extent that it relates to Part I.C (Mexican Public Debt
Instruments) of Schedule 10 (Existing Financial Indebtedness) of the Financing Agreement; and/or 

  

	 	(ii)	 paragraph (b) of the definition of Existing Financial Indebtedness to the extent it relates to Part II.A (Short Term Certificados
Bursatiles) of Schedule 10 (Existing Financial Indebtedness) of the Financing Agreement and any Short-Term Certificados Bursatiles that replace or refinance such Existing Financial Indebtedness. 

“Relevant Prepayment Period” means: 
  

	 	(i)	 where the proceeds of a Permitted Fundraising are received by a member of the Group before (and including) 30 September 2010, the period
commencing on the date of receipt of such proceeds and ending on the date falling 364 days thereafter; 

  

	 	(ii)	 where the proceeds of a Permitted Fundraising are received by a member of the Group after (but not including) 30 September 2010 but before (and
including) 31 March 2011, the period commencing on the date of receipt of such proceeds and ending on 30 September 2011; or 

  

	 	(iii)	 where the proceeds of a Permitted Fundraising are received by a member of the Group after (but not including) 31 March 2011, the period
commencing on the date of receipt of such proceeds and ending on the date falling 180 days thereafter. 

  

 G-26 

 “Resignation Letter” means a document substantially in the form set out in
Part I of Schedule 11 (Form of Resignation Letter) of the Financing Agreement. 
 “SEC” means the U.S. Securities
Exchange Commission and any successor thereto. 
 “Secured Parties” means each Finance Party from time to time to the Financing
Agreement and any Receiver or Delegate. 
 “Security” means a mortgage, charge, pledge, lien, security trust or
other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. 

“Security Agent” means Wilmington Trust (London) Limited as security agent of the Secured Parties. 

“Security Providers” means the Original Security Providers and any Additional Security Provider other than any Original
Security Provider or Additional Security Provider which has ceased to be a Security Provider pursuant to Clause 28.6 (Resignation of a Security Provider) of the Financing Agreement and has not subsequently become an Additional Security
Provider pursuant to Clause 28.3 (Additional Guarantors and Additional Security Providers) of the Financing Agreement, and “Security Provider” means any of them. 

“Short-Term Certificados Bursatiles” means any securities with a term of not more than 12 months issued by the Company
in the Mexican capital markets with the approval of the Mexican National Banking and Securities Banking and Securities Commission and listed on the Mexican Stock Exchange. 

“Syndicated Bank Facilities” means the facilities described in Part IA of Part II of Schedule 1 (The Original
Participating Creditors) of the Financing Agreement. 
 “Spanish GAAP” means the Spanish General Accounting
Plan (Plan general Contable) approved by Royal Decree 1514/2007 as in effect from time to time and consistent with those used in the preparation of the most recent audited financial statements referred to in Clause 22.1 (Financial
Statements) of the Financing Agreement. 
 “S&P” means Standard & Poor’s Rating Services,
a division of The McGraw-Hill Companies, Inc., or any successor thereto from time to time. 
 “Subordinated Optional
Convertible Securities” means any Financial Indebtedness incurred by any member of the Group meeting the requirements of paragraph (f)(i) of the definition of Permitted Financial Indebtedness (including that no principal repayments are
scheduled (and no call options can be exercised) until after the Termination Date) (which may, for the avoidance of doubt, include a fundraising the proceeds of which are applied in accordance with Clause 13.4 (Mandatory prepayments: Subordinated
Optional Convertible Securities Issuance) of the Financing Agreement)) the terms of which provide that such indebtedness is capable of optional conversion into equity securities of the Company and that repayment of principal and accrued but
unpaid interest thereon is subordinated (under terms customary for an issuance of such Financial Indebtedness) to all senior Financial Indebtedness of the Company (including, but not 

 

 G-27 

 
limited to, all Exposures of Participating Creditors) except for: (i) indebtedness that states, or is issued under a deed, indenture, agreement or other instrument that states, that
it is subordinated to or ranks equally with any Subordinated Optional Convertible Securities and (ii) indebtedness between or among members of the Group. 

“Subsidiary” means in relation to any company or corporation, a company or corporation: 

 

	(a)	 which is controlled, directly or indirectly, by the first mentioned company or corporation; 

 

	(b)	 more than half the issued share capital of which is beneficially owned, directly or indirectly by the first mentioned company or corporation; or

  

	(c)	 which is a Subsidiary of another Subsidiary of the first mentioned company or corporation, 

and for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is
able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system, which utilizes
a single shared platform and which was launched on 19 November 2007. 
 “TARGET Day” means any day on which TARGET2 is
open for the settlement of payments in euro. 
 “Tax” means any tax, levy, impost, duty or other charge,
deduction or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 

“Termination Date” means 14 February 2014. 

“Transaction Security” means the Security created or expressed to be created in favour of the Security Agent pursuant to
the Transaction Security Documents. 
 “Transaction Security Documents” means each of the documents listed as
being a Transaction Security Document in paragraph 2(e) of Part I of Schedule 2 (Conditions Precedent) of the Financing Agreement and any document required to be delivered to the Administrative Agent under paragraph 3(d) of Part II of
Schedule 2 (Conditions Precedent) of the Financing Agreement together with any other document entered into by any Obligor creating or expressed to create any Security over all or any part of its assets in respect of the obligations of any of
the Obligors under any of the Finance Documents (and any other Debt Documents). 
 “Treasury Transactions”
means any derivatives transaction (i) that is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate
option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit
default option, total return swap, credit spread 
  

 G-28 

 
transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a
security, commodity or other financial instrument or interest (including any option with respect to any of these transactions), (ii) that is a type of transaction that is similar to any transaction referred to in clause (i) above that is
currently, or in the future becomes, recurrently entered into in the financial markets and that is a forward, swap, future, option or other derivative (including one or more spot transactions that are equivalent to any of the foregoing) on one or
more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be
made or (iii) that is a combination of these transactions, it being understood that any Executive Compensation Plan permitted by the Financing Agreement is not a Treasury Transaction. 

“USPP Note” means a note issued under the USPP Note Agreement. 

“USPP Note Agreement” means the consolidated, amended and restated note purchase agreement described in Part II of
Schedule 1 (Original Participating Creditors) of the Financing Agreement. 
 “USPP Note Guarantee” means
the consolidated, amended and restated note guarantee granted in favour of the USPP Noteholders. 
 “USPP Noteholders” means
the holders from time to time of the notes issued pursuant to the USPP Note Agreement. 
  

 G-29Form of Indemnification Agreement

 Exhibit 10.1 

INDEMNIFICATION AGREEMENT 

This Indemnification Agreement, effective as of the      day of
            , 20     , is entered into by The Lubrizol Corporation, an Ohio corporation (referred to herein as “Company,” “we,”
“us” or “our”) and                      (referred to herein as the “Indemnitee” or “you”). Capitalized
terms used in this Agreement are defined in the attached Exhibit A. 
 A. The parties recognize that directors, officers,
employees and representatives of public companies are exposed to liability as they exercise their duties, and that sufficient insurance may not be available on an economically acceptable basis. 

B. You are willing to serve as a director, officer, employee or representative of the Company and/or our Affiliated Entities provided
that we continue to offer substantial protection against personal liability that you may incur. 
 C. We desire to continue to
benefit from your services, and therefore desire to provide you with the right to indemnity and defense described in this Agreement and Article V of our regulations, (which is attached as Exhibit B). 

In consideration of the foregoing and the mutual covenants contained in this Agreement, the parties agree as follows: 

1. Indemnification. 
 In
accordance with the provisions of this Agreement (including the limited exclusions described in Section 10), we will indemnify you and defend you against any and all Indemnifiable Losses to the fullest extent permitted by: (a) applicable
law; and (b) our articles and regulations in effect as of the date of this Agreement or as amended to increase the scope of your right to indemnity or defense. We intend that your rights to indemnity will be at least as broad as the rights
provided in the shareholder-approved provisions contained in our regulations (as set forth in Exhibit B). We will use our best efforts to assist you in all proper and legal ways to obtain these rights to indemnity and defense. Your rights to
indemnity and defense will continue after you cease to hold an office or position with us, and in the future we may not adopt any amendments to our articles or regulations that would have the effect of denying, diminishing or encumbering your
rights. This Agreement may not be amended without your written consent. 
 2. Insurance. 

We will use commercially reasonable efforts to maintain director and officer liability insurance in an appropriate amount for so long as
your services are covered by this Agreement, and the provisions of this Agreement will remain in effect even if we do not maintain insurance coverage. Your rights to indemnity and defense under this Agreement are in addition to your rights under any
insurance policy, or rights to any other benefits. However, we will not be obligated to make payments under this Agreement to the extent that you actually receive payments under any insurance policy or other benefit that is available to you.

 3. Notice of Indemnifiable Claim; Advancement of Expenses. 

(a) You will provide to us prompt written notice of any Indemnifiable Claim against you. However, your failure to do so will not in any
way limit your rights under this Agreement. 
 (b) Provided that you sign an undertaking substantially in the form of Exhibit C,
we will advance any and all Expenses to which you are entitled as and when incurred prior to the final disposition of an Indemnifiable Claim, except in the event that (i) you waive your rights to indemnity and defense as described in
Section 7(c) or (ii) we assume and pay for your defense as described in Section 8. Your 

 
undertaking need not be secured, and we must accept the undertaking regardless of your ability to repay the Expenses. Your right to advancement of Expenses is not subject to any standard of
conduct determination. We will pay Expenses within 30 days of our receipt of your request supported by documentation of the nature and reasonable amount of the Expenses. 

4. Determination of Right to Indemnity. 

It is our intent to provide you with very broad rights to indemnity for liability associated with Indemnifiable Claims of both a civil and
criminal nature. However, to be entitled to indemnity, your behavior which is the subject of the Indemnifiable Claim must have met the minimum standard of conduct applicable under Ohio law. 

(a) To the extent that you have been successful on the merits or otherwise in defense of an Indemnifiable Claim (including without
limitation dismissal without prejudice), no standard of conduct determination will be required with respect to that Indemnifiable Claim. Likewise, no standard of conduct determination will be necessary with respect to a settlement, to which we
consent pursuant to Section 7, of an Indemnifiable Claim of a civil nature. Upon our receipt of your notice of the final disposition of an Indemnifiable Claim for which a standard of conduct determination is not necessary, we will promptly
indemnify you for the Indemnifiable Losses to which you are entitled. 
 (b) To the extent that you have not been successful on
the merits or otherwise in defense of an Indemnifiable Claim and such matter has reached a non-appealable judicial decision, the Reviewing Party (as defined in Section 5) will determine whether or not you have satisfied the applicable standard
of conduct. Likewise, the Reviewing Party will make a standard of conduct determination with respect to a settlement, to which we consent pursuant to Section 7, of an Indemnifiable Claim of a criminal nature. 

5. Procedures of the Reviewing Party. 

This section describes the process for the standard of conduct determination if one is necessary. The goal of these procedures is to
ensure that both parties are treated fairly and reasonably in the event, or in the absence, of a Change in Control of the Company. 

(a) The selection of the Reviewing Party will be made within 14 days of the Company’s receipt of your notice of the final
disposition of an Indemnifiable Claim for which a standard of conduct determination is necessary. If there has not been a Change in Control, the Reviewing Party will be selected by our board of directors and may be any person or body who is not, and
has not been, a party to the Indemnifiable Claim. If there has been a Change in Control, the Reviewing Party will be a special independent counsel that you select and we approve (which approval shall not be unreasonably withheld). Neither the
special independent counsel, nor any firm employing such counsel, shall have provided legal advice to you or us within the 5 years prior to selection. We agree to pay the reasonable fees and expenses of any special independent counsel. 

(b) The Reviewing Party will make the standard of conduct determination within 30 days of the selection of the Reviewing Party. This time
period may be extended for up to 30 additional days if the Reviewing Party in good faith requests this extension. You will cooperate with the Reviewing Party, including providing upon request any relevant documentation or information that is
reasonably available to you that is not privileged or otherwise protected from disclosure. Subject to the terms of Section 3, we will pay any Expenses you incur in cooperating with the Reviewing Party. 

(c) The Reviewing Party will abide by the following principles in making the standard of conduct determination. 

(i) The Reviewing Party will presume that your behavior which is the subject of the Indemnifiable Claim met the applicable
standard of conduct, and we may overcome this presumption only by producing clear and convincing evidence to the contrary. 
  

 2 

 (ii) The Reviewing Party will determine that your behavior which is the
subject of the Indemnifiable Claim did not meet the applicable standard of conduct only if your behavior did not meet the minimum standards required under Ohio law for you to be entitled to indemnity. 

(d) If the Reviewing Party determines that your behavior met the required standard of conduct, we will promptly indemnify you for the
Indemnifiable Losses to which you are entitled. Only if the Reviewing Party determines that your behavior did not meet the required standard of conduct, then you will not be entitled to indemnity for the Indemnifiable Losses. 

6. Escrow. 
 In our
discretion, we may establish an Escrow Reserve as collateral security for our obligations under this Agreement and under similar agreements with other directors, officers, employees and representatives. In the event of an actual or threatened Change
in Control, we will establish an Escrow Reserve and, for a period of 5 years following the Change in Control, continuously maintain the minimum dollar amount of the Escrow Reserve. Promptly following establishment of the Escrow Reserve, we will:
(a) provide you with a complete copy of the agreement relating to the establishment and operation of the Escrow Reserve, together with additional information on the Escrow Reserve as you reasonably request; and (b) deliver a complete copy
of this Agreement to the escrow agent. In the absence of a Change in Control, we may place funds on deposit in or withdraw funds from the Escrow Reserve. 

7. Cooperation in Defense and Settlement. 

(a) The parties will cooperate with each other and with our insurers to the extent reasonably possible in attempts to defend or settle an
Indemnifiable Claim. 
 (b) We will not settle any Indemnifiable Claim to which you are a party without your written consent
unless such settlement only involves the payment of money and completely and unconditionally releases you from any liability for the Indemnifiable Claim. Neither party will unreasonably withhold consent to any proposed settlement; however, you may
withhold consent to any settlement that does not completely and unconditionally release you from liability. 
 (c) If you make
any admission or settlement of an Indemnifiable Claim without our written consent, you agree that this action means that you have decided to undertake your own defense, have waived the benefits of this Agreement, and will not make any claim for
indemnity with respect to that Indemnifiable Claim. 
 8. Assumption of Defense. 

(a) Except as provided below, we will be entitled to participate in or assume and pay for your defense in any Indemnifiable Claim with
counsel reasonably satisfactory to you. The parties agree that counsel often will be selected on the basis of contractually stipulated panels identified in our director and officer liability insurance policies. After we notify you of our election to
assume your defense, we will not be liable for Expenses subsequently incurred by you in defending an Indemnifiable Claim. 
 (b)
In the event that an Indemnifiable Claim is asserted against you, you will be entitled to retain counsel of your choice (but not more than one law firm plus, if applicable, local counsel) at our expense, unless and until we notify you of our
election to assume your defense. You will be entitled to retain counsel, and we will not be entitled to assume your defense, if you reasonably believe after consulting with counsel chosen by us that any of the following is true: (a) our chosen
counsel has an actual or potential conflict of interest; (b) representation of your interests by our chosen counsel would not be permitted under the applicable standards of professional conduct; or (c) in an Indemnifiable Claim in which we
are also a named party, legal defenses may be available to you that are different from or in addition to those available to us. In addition, we will not be entitled to assume your defense in any Indemnifiable Claim brought by us or on our behalf.

  

 3 

 9. Enforcement. 

In the event that any dispute arises under this Agreement, either party may seek to resolve or enforce the Agreement through legal action.
At your request, we will pay any and all reasonable legal fees and expenses related to such legal action as and when incurred by you prior to the final disposition of the action. In any event, the prevailing party in any such action will be entitled
to prompt reimbursement of any reasonable legal fees and expenses incurred in connection with such action; provided that you will not be obligated to reimburse us unless you acted in bad faith in bringing the action against us. 

10. Exclusions. 
 While
it is our intent to provide you with broad rights to indemnity, Ohio law and federal laws may preclude us from providing indemnification in certain instances. Under this Agreement you do not have any rights to indemnity for a Claim (a) that
arises under Section 16(b) of the Securities Exchange Act of 1934 or any other obligation you have as a result of any personal gain, profit or advantage to which you were not entitled; (b) that you initiate, including cross claims and
counterclaims, without the consent or authorization of our board of directors; or (c) for which we are prohibited by Ohio or federal law from providing you with indemnity. Nothing in this section shall eliminate or diminish our obligation
to provide advancement of Expenses in accordance with this Agreement. 
 11. Extraordinary Transactions. 

We agree that in the event of any merger, consolidation or reorganization in which the Company is not the surviving entity, or any sale of
all or substantially all of our assets or any liquidation of the Company, we will: (a) have our obligations under this Agreement expressly assumed by the survivor, purchaser or successor; or (b) otherwise adequately provide for the
satisfaction of our obligations under this Agreement, in a manner reasonably acceptable to you. 
 12. No Personal Liability. 

You agree that neither the members of our board of directors nor any of our officers, employees, representatives or agents will be
personally liable for the satisfaction of our obligations under this Agreement, and you will look solely to our assets and any Escrow Reserve for satisfaction of such obligations. 

13. Miscellaneous Provisions. 

(a) Validity. If any provision of this Agreement is determined by any court of competent jurisdiction to be invalid, illegal or
unenforceable, in whole or in part, and the determination is final, such provision shall be revised to the extent, and only to the extent, necessary to make it enforceable, valid or legal or to render the remaining provisions of the Agreement
enforceable. The Agreement as amended shall be enforced to give effect to the intention of the parties that you should be entitled to indemnity unless prohibited by Ohio or federal law. 

(b) Subrogation. In the event of any payment under this Agreement, we (or our insurers) will be subrogated to all of your rights
to indemnity or reimbursement from any insurer or other entity or person, and you will execute all instruments and take all other actions necessary for us to enforce such rights. 

(c) Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Ohio, without regard
to its conflicts of laws provisions. 
 (d) Notices. All notices or other communications under this Agreement will be in
writing and will be delivered in person or via overnight delivery service: (a) if to the Company, to the attention of the general counsel at the Company’s principal executive offices; or (b) if to you, to your last known address as
reflected in our records, or to such other or further address as you shall designate. 
  

 4 

 (e) Termination. This Agreement may be terminated by either party upon not less than
60 days’ prior written notice delivered to the other party, but such termination will not in any way diminish our obligations under this Agreement (including our obligation to establish and/or maintain the Escrow Reserve) with respect to
Indemnifiable Claims based on your behavior prior to the effective date of termination. 
 (f) Prior Indemnification
Agreement. This Agreement shall supersede and replace any prior indemnification agreement between the parties. 
 (g)
Amendments. This Agreement may not be amended or modified except by written instrument signed and delivered by each party. This Agreement is and will be binding upon and will inure to the benefits of the parties and their respective heirs,
executors, administrators, successors and assigns. 
 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first above written. 
  

									
	INDEMNITEE	 		 	THE LUBRIZOL CORPORATION
					
	By:	 	  
	 		 	By:	 	  

		 		 		 	Name:	 	  

		 		 		 	Title:	 	  

  

 5 

 Exhibit A 

Definitions 

“Affiliated Entity” means another corporation, partnership, joint venture, trust or other enterprise (including employee benefit
plans for employees of the Company or any affiliated entity without regard to ownership of the benefit plans), domestic or foreign, in which the Company has a direct or indirect ownership interest. 

“Change in Control” means the occurrence after the date of this Agreement of any of the following: 

(a) The date that any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together
with the stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of the Company. 

(b) The date any person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the
date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 30 percent or more of the total voting power of the stock of the Company. 

(c) The date a majority of members of the Company’s board of directors is replaced during any 12-month period by directors whose
appointment or election is not endorsed by a majority of the members of the Company’s board of directors before the date of the appointment or election. 

(d) The date that any person, or more than one person acting as a group, acquires (or has acquired during the 12-month period ending on
the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company
immediately before the acquisition or acquisitions. 
 “Claim” means (i) any threatened, pending or completed claim
or demand asserted against you in an action, suit or proceeding, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or (ii) any threatened or pending inquiry
or investigation, whether made, instituted or conducted by the Company or any other person, including without limitation any federal, state or other governmental entity, that Indemnitee determines might lead to the institution of any such claim,
demand, action, suit or proceeding. 
 “Expenses” means attorneys’ and experts’ fees and expenses and all
other costs and expenses actually and reasonably incurred or paid in connection with doing or preparing to do any of the following activities: investigating, defending, being a witness in or participating in (including on appeal) any Indemnifiable
Claim. 
 “Escrow Reserve” means a reserve in an amount that the Company determines from time to time to
be appropriate, but in no event shall the amount be less than Five Million Dollars ($5,000,000) in the aggregate, which is established by depositing assets or bank letters of credit in escrow or reserving lines of credit that may be drawn down by an
escrow agent. 
 “Indemnifiable Claim” means any Claim based upon, arising out of or resulting from any actual,
alleged or suspected act or failure to act by Indemnitee in his or her capacity, or due to his or her status, as a current or former director, officer or employee of the Company or as a current or former director, officer, employee or representative
of an Affiliated Entity (as to which Indemnitee is or was serving at the request of the Company). 
 “Indemnifiable
Losses” means any and all Expenses, damages, losses, liabilities, judgments, fines (including any excise taxes assessed with respect to employee benefit plans), penalties (whether civil, criminal or other) and amounts paid in
settlement, including without limitation all interest, assessments and other charges paid or payable in connection with or in respect of any of the foregoing relating to, arising out of or resulting from any Indemnifiable Claim. 

 Exhibit B 

LUBRIZOL’S CODE OF REGULATIONS 

ARTICLE V 

INDEMNIFICATION OF DIRECTORS, OFFICERS AND EMPLOYEES 

The Company will indemnify any current or former director or officer elected by the Board and any person who is or was serving at the request of the
Company as a director, officer or trustee of another corporation, partnership, joint venture, trust or other enterprise (and his or her heirs, executors and administrators) against expenses, including attorney’s fees, judgments, fines and
amounts paid in settlement, actually and reasonably incurred by him or her by reason of the fact that he or she is or was a director, officer or trustee in connection with any threatened, pending or completed action, suit or proceeding, whether
civil, criminal, administrative or investigative to the full extent permitted by, and in accordance with the procedures and requirements set forth in, applicable law. 

The Company will pay, to the full extent then permitted by law, expenses, including attorney’s fees, incurred by a current or former director or
officer elected by the Board and any person who is or was serving at the request of the Company as a director, officer or trustee of another corporation, partnership, joint venture, trust or other enterprise (and his or her heirs, executors and
administrators) in defending an action, suit or proceeding as they are incurred, in advance of the final disposition of the action, suit or proceeding, and, in the sole discretion of the Company, may pay, in the same manner and to the full extent
then permitted by law, the expenses incurred by any other person indemnified in accordance with this Article V. Notwithstanding the foregoing, no such advancement of expenses will be made unless the indemnified person makes an affirmative written
commitment to repay the Company in the event that it is ultimately determined that the indemnified person is not entitled to be indemnified by the Company. For purposes of this Article V, final disposition with respect to a criminal proceeding means
a criminal conviction, the entry of a nolo contendere, guilty or similar plea or a non-prosecution or deferred prosecution agreement. The right to advancement of expenses will not include expenses relating to any cross-claims or counterclaims,
whether compulsory or permissible, asserted or sought to be asserted by a current or former director or officer in any such action, suit or proceeding. 

This indemnification will not restrict the right of the Company to, and the Company may, (i) indemnify employees, agents and others to the extent
not prohibited by applicable law, (ii) purchase and maintain insurance or furnish similar protection on behalf of or for any person who is or was a director, officer, employee or agent of the Company, or any person who is or was serving at the
request of the Company as a director, officer, trustee, employee or agent of another corporation, joint venture, partnership, trust or other enterprise against any liability asserted against him or her or incurred by him or her in that capacity or
arising out of his or her status, and (iii) enter into agreements with persons of the class identified in clause (ii) above, indemnifying them against any and all liabilities (or any lesser indemnification as may be provided in these
agreements) asserted against or incurred by them in these capacities. 
 No amendment, termination or repeal of this Article V will adversely
affect or impair in any way the rights of any current or former director or officer or any person who is or was serving at the request of the Company as a director, officer or trustee of another corporation, partnership, joint venture, trust or
other enterprise to indemnification pursuant to these provisions with respect to any action, suit or proceeding arising out of, or relating to, any actions, transactions or facts occurring prior to the final adoption of an amendment, termination or
repeal. 

 Exhibit C 

FORM OF UNDERTAKING 
  

					
	 STATE OF
	  	)	  	
		  	)	  	            SS
	 COUNTY OF
	  	)	  	

 I,
                                , being first duly sworn, do depose and say as
follows: 
 1. I submit this Undertaking pursuant to the Indemnification Agreement, dated
            , 20    , between The Lubrizol Corporation, an Ohio corporation (the “Company”) and me (the “Indemnification Agreement”).

 2. I request payment of Expenses that I have reasonably incurred or will reasonably incur in defending an Indemnifiable
Claim, as those terms are defined in the Indemnification Agreement. 
 3. The Expenses for which I request payment are, in
general, all expenses related to 
  
  

 
  
  

 
 4. I hereby undertake to
(a) repay the Company for all amounts paid for Expenses to defend any Indemnifiable Claim with respect to which it is determined that my behavior did not meet the required standard of conduct as described in the Indemnification Agreement or for
which I am not otherwise entitled to indemnification; and (b) reasonably cooperate with the Company concerning the Indemnifiable Claim. I will reimburse or arrange for reimbursement within 90 days after the determination that I am not entitled
to indemnification. 
  

	
	  

	[Indemnitee Signature]

 Subscribed and
sworn to before me, a Notary Public in and for said County and State, this          date of
                    , 20    . 

[Seal] 
  

	
	  

	
	 My commission expires the      day of

                    ,
20    .

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