Document:

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                                                 SIGNED VERSION - EXECUTION COPY

                                                                   EXHIBIT 10.72

                                DECEMBER 22, 2005

             GRUPO GENERAL CABLE SISTEMAS S.A. (SOLE PROPRIETORSHIP)
                                (as the Borrower)

              GENERAL CABLE CELCAT ENERGIA E TELECOMUNICACOES S.A.
                               (as the Guarantor)

                             BANCO DE SABADELL S.A.
                                 (as the Agent)

                             BANCO DE SABADELL S.A.
                         (as the Financial Institution)

                                   ----------

                               LONG-TERM FINANCING
                          IN THE AMOUNT OF E75,000,000

                                   ----------

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                                      PAGE
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<S>                                                                         <C>
1.  DEFINITIONS AND INTERPRETATION.......................................     12
       Definitions.......................................................     12
       Interpretation....................................................     20

2.  AMOUNT...............................................................     22
       Amount Total......................................................     22
       Amount of Portion A...............................................     22
       Amount of Portion B...............................................     22

3.  PURPOSE..............................................................     23

4.  DURATION.............................................................     23

5.  SYNDICATION..........................................................     23
       Distribution......................................................     23
       Joint rights and responsibilities.................................     24

6.  DISPOSITIONS, PRE-CONDITIONS AND PERIOD OF DISPOSITION...............     24
       Notice of Disposition.............................................     24
       Information to attach to Notice of Disposition....................     25
       Pre Conditions for Dispositions...................................     26
       Amount of the Dispositions........................................     27
       Communication with the Financial Institutions.....................     27
       Impossibility of obtaining funds from the Financial
          Institutions...................................................     28
       Periods of Disposition............................................     29
       First French Disposition of Portion A.............................     29

7.  INTEREST PERIODS.....................................................     32
       Duration until the Date of Syndication............................     32
       Duration after the Date of Syndication............................     32
       Adjustments to the Duration of the Interest periods...............     33

8.  INTEREST RATES.......................................................     33
       Ordinary Interest Rate............................................     33
       Margin............................................................     34
       Substitute Interest Rates.........................................     36
       Accrual and liquidation of interest...............................     37
       Communication of the applicable interest rate.....................     37
       Entities of Reference.............................................     37
       Equivalent annual rate............................................     38

9.  PENALTY RATE.........................................................     38

10. CAPITALIZATION.......................................................     38

11. ORDINARY AMORTIZATION................................................     40
       Of Portion A......................................................     40
</TABLE>

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<TABLE>
<S>                                                                          <C>
       Of Portion B......................................................     41
12. EXPECTED AMORTIZATION.................................................    42
       Voluntary Expected Amortization....................................    42
       Mandatory Expected Amortization....................................    42
       Effects of Expected Amortization...................................    44

13. PAYMENTS..............................................................    46
       By the Borrower and the Guarantors.................................    46
       By the Financial Institutions......................................    46
       Taxes and Withholding..............................................    47
       Date...............................................................    48

14. COMPENSATION AND PROPORTIONAL DISTRIIBUTION...........................    48
       Compensation.......................................................    48
       Proportional Distribution..........................................    48
       Omission of petition for bankruptcy................................    50

15. IMPUTATION OF PAYMENTS................................................    50

16. RECOVERY..............................................................    51
       Litigation.........................................................    51
       Expected Payment...................................................    51
       Notification.......................................................    51

17. INTERVENING CIRCUMSTANCES.............................................    53
       Unlawfulness.......................................................    53
       Increased costs....................................................    53
       Market incidents...................................................    54

18. BORROWER'S AND GUARANTOR'S STATEMENTS.................................    56
       Declarations by the Borrower.......................................    56
       Declarations by the Guarantor......................................    60

19. COMMITMENTS BY THE BORROWER AND THE GUARANTOR.........................    63
       Borrower's general commitments.....................................    63
       Borrower's financial commitments...................................    69
       Guarantor's commitments............................................    71

20. CERTIFICATIONS OF FULFILLMENT.........................................    75

21. DEFAULT...............................................................    77
       Assumption of Default..............................................    77
       Notification.......................................................    80
       Statement and consequences of early termination....................    80

22. INDEMNITY.............................................................    83

23. LIST OF GUARANTEES....................................................    84

24. GUARANTEE.............................................................    84
       Content of Guarantee...............................................    84
       Adherence by New Guarantors........................................    86

25. MORTGAGE AGREEMENT....................................................    86
</TABLE>

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<TABLE>
<S>                                                                          <C>
26. VALIDITY AND EXECUTION OF GUARANTEES..................................    87
       Validity...........................................................    87
       Execution..........................................................    88

27. AGENT.................................................................    90
       Appointment........................................................    90
       Relationship.......................................................    90
       Credit approval....................................................    91
       Payments...........................................................    92
       Determination of interest rates....................................    92
       Notification of litigation.........................................    92
       Resignation........................................................    93
       Indemnity..........................................................    93
       Conflict of interest...............................................    94

28. COMMISSIONS...........................................................    96
       Initial Commission.................................................    96
       Agent Commission...................................................    96
       Non-Disposition Commission.........................................    96

29. EXPENSES..............................................................    96

30. VAT AND TAX ON CAPITAL TRANSFERS AND DOCUMENTATION OF LEGAL
       PROCEEDINGS........................................................    97
       Value Added Tax....................................................    97
       Documentation of Legal Proceedings.................................    98

31. SYNDICATION PROCESS...................................................   100
       Syndication........................................................   100
       Syndication Agreement and effectiveness of Syndication.............   100
       New Financial Institutions.........................................   101
       Deadline for Syndication and communication to the Borrower.........   101
       Information communication..........................................   101
       Expenses...........................................................   101

32. ASSIGNMENTS AND TRANSFERS.............................................   101
       Assignments and transfers by the Borrower and the Guarantors.......   101
       Assignments and transfers by the Financial Institutions............   102
       Transfer Contracts.................................................   102
       Assignees..........................................................   103
       Notification and verification of Transfer Possibility..............   103
       Information communication..........................................   103
       Expenses...........................................................   104

33. DEBT CERTIFICATION....................................................   106
       By the Agent.......................................................   106
       By each Financial Institution......................................   106

34. EXECUTIVE ACTION......................................................   106

35. CUMULATIVE RIGHTS AND WAIVERS.........................................   107

36. NOTIFICATIONS.........................................................   107
</TABLE>

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<TABLE>
<S>                                                                          <C>
37. OFFICES...............................................................   108

38. LANGUAGE..............................................................   109

39. PRESERVATION OF THE CONTRACT..........................................   109

40. ELECTION OF LAW.......................................................   110

41. JURISDICTION..........................................................   110

ATTACHMENT 1 Shares of Financial Institutions.............................   114

ATTACHMENT 2 Notice of Disposition Model..................................   116

ATTACHMENT 3 Demand for Payment Model.....................................   118

ATTACHMENT 4 Signatory Letter Model.......................................   120

ATTACHMENT 5 Syndication Contract and Transfer Contract Models............   122

   CHAPTER A SYNDICATION CONTRACT MODEL...................................   122

   CHAPTER B TRANSFER CONTRACT MODEL......................................   127

ATTACHMENT 6 Structure of the Borrower's Group............................   131

   CHAPTER A PRIOR TO THE ACQUISITION OF THE TARGET COMPANIES.............   131

   CHAPTER B AFTER THE ACQUISITION OF THE TARGET COMPANIES................   132

ATTACHMENT 7 Structure of Stocks of the Borrower in Relation to the
   Parent Company.........................................................   133

ATTACHMENT 8 List of Guarantees in Effect.................................   134

   CHAPTER A ISSUED BY THE BORROWER OR IN RELATION TO THE
      BORROWER'S ASSETS...................................................   136
      1. Guarantees of a personal nature..................................   136
      2. Guarantees of a real nature......................................   142

   CHAPTER B ISSUED BY THE GUARANTOR OR CONCERNING THE
      GUARANTOR'S ASSETS..................................................   143
      1. Guarantees of a personal nature..................................   143
      2. Guarantees of a real nature......................................   143

ATTACHMENT 9 List of Litigation...........................................   146

ATTACHMENT 10 List of Real Estate Holdings................................   152

ATTACHMENT 11 Loans and Mortgages Models..................................   154

   CHAPTER A MODEL FOR THE FRENCH LIEN....................................   154

   CHAPTER B MODEL FOR THE SPANISH LIEN...................................   169

   CHAPTER C MODEL FOR THE MORTGAGE DEED..................................   177

ATTACHMENT 12 Business Plan...............................................   184

   CHAPTER A BALANCE......................................................   184

   CHAPTER B PROFIT AND LOSS ACCOUNT......................................   185
</TABLE>

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<TABLE>
<S>                                                                          <C>
   CHAPTER C CASH FLOW....................................................   186
</TABLE>

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                          DRAFT OF LONG-TERM FINANCING

In Barcelona, on December 22, 2005.

Before me, Mr. Manuel Piquer Belloch, a Notary, authorized to discharge the
duties of this office in Barcelona, residing in this city and member of the
Illustrious Notarial Association (Ilustre Colegio de Notarios) in Cataluna

                                 THERE APPEARED

ON ONE PART,

(1)  GRUPO GENERAL CABLE SISTEMAS S.A. (A SOLE PROPRIETORSHIP) (hereinafter, the
     BORROWER), a company of Spanish nationality, domiciled in calle Casanovas
     150, Barcelona, registered in the Mercantile Registry of Barcelona in
     volume 35769, page 194, sheet number B-18317 and with CIF (Spanish Tax ID)
     number A-08102790. It is represented in these proceedings by Mr. DOMINGO
     GOENAGA CAMPMANY, of legal age, of Spanish nationality, with offices at
     calle Casanovas 150, Barcelona and bearer of National Identity Document
     (DNI) number 37,561,848-L, who is acting by virtue of an agreement by the
     board of directors of the Borrower, dated October 20, 2005, as shown to me
     through a document authorized by Barcelona Notary, Mr. Jose-Vicente Torres
     Montero dated December 16, 2005 with protocol number 2,336.

AND ON ANOTHER PART,

(2)  GENERAL CABLE CELCAT ENERGIA E TELECOMUNICACOES S.A. a company of
     Portuguese nationality, domiciled in Avenida Marques de Pombal 36-38, Em
     Morelena, District of Pero Pinheiro, Municipality of Sintra (Portugal)
     registered in the Commercial Registry (Conservatoria do Registo Comercial)
     of Sintra/Cascais under number 5166. It is represented in these proceedings
     by Mr. DOMINGO GOENAGA CAMPMANY, of legal age, ofSpanish nationality, with
     offices at calle Casanovas 150, Barcelona and bearer of National Identity
     Document (DNI) number 37,561,848-L, acting by virtue of the power vested by
     the general assembly of said company dated December 20, 2005.

Hereinafter, the GUARANTOR.

AND ON ANOTHER PART,

(3)  BANCO DE SABADELL S.A. (hereinafter, the FINANCIAL INSTITUTION), with CIF
     (Spanish Tax ID) number A-08000143 and offices at Plaza Catalonia 1,
     Sabadell (Barcelona). Registered in the Mercantile Registry of Barcelona
     volume 20092, page 1, sheet number B-1511. It is represented in these
     proceedings by Mr. JUAN JIMENEZ DELGADO, of legal age, of Spanish
     nationality, with offices at Sant Cugat del Valles (Barcelona), calle Sena
     12 and bearer of National Identity Document number 33,878,067-X, acting by

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     virtue of the power of attorney authorized by the notary of Sabadell
     (Barcelona), Mr.. Javier Mico Giner on the date of June 5, 2003, with
     number 3,444 of his protocol, who arranged for entry 1,208 to be made in
     the company record and by Mr. LUIS PRETER TRESSERRAS, of legal age, of
     Spanish nationality, with offices at Plaza Catalonia 1, Dabadell
     (Barcelona) and bearer of National Identity Document (DNI) number
     46,059,998-Y, acting by virtue of the power authorized by the notary of
     Sabadell (Barcelona), Mr. Javier Mico Giner with number 2,369 of his
     protocol, who arranged for this entry to be made in the 1,200th company
     record

                                   DO DECLARE

(A) That the Borrower has applied to the Financial Institution for financing in
the total amount of up to seventy-five million euros (E75,000,000), for the
purpose of (i) financing the purchase of the Spanish Shares and the French
Shares (as defined hereinafter); and (ii) the financing of the Borrower's
corporate necessities (hereinafter, the FINANCING).

(B) That the Financial Institution is willing to grant the Financing to the
Borrower under the terms of this Agreement.

(C) That the parties have agreed that, in the event that a Syndication is formed
(as defined hereinafter), Banco de Sabadell S.A. shall be designated as the
Agent of the Financing, which accepts said role at this time, pursuant to the
terms and conditions of this Agreement.

(D) That prior to the signing of this Agreement, the Borrower has delivered to
the Agent (to the satisfaction of the latter) the following documentation: (1) a
legal opinion issued dated December 22, 2005 by Blank Rome LLP under North
American law confirming that the signing of this Agreement and the granting of
the Financing do not and shall not imply any assumption of default of the
following Agreements signed by the Parent Company (as defined hereinafter): (i)
Second Amended and Restated Credit Agreement dated November 23, 2005 and (ii)
the Indenture Note dated November 24, 2005; (2) the preliminary tax appraisal
statements of real estate holdings belonging to the Borrower located on
Casanovas Street (Barcelona), in Manlleu (Barcelona), Abrera (Barcelona) and
Montcada (Barcelona), for a minimum overall appraisal amount of eighty-six
million one hundred thousand euros (E86,100,000); and (3) a preliminary business
plan by the Borrower's Group for the 2005-2008 period, reviewed by Ernst &
Young.

(E) That without impairment to the complete and unlimited personal liability of
the Borrower, the Guarantor is willing to grant, in accordance with what is set
forth in this Agreement (and the Financial Institution accepts as such), a joint
guarantee to the Financial Institutions guaranteeing that the Borrower will
fulfill the obligations assumed as a result of this Agreement.

(F) That as additional guarantees to the Financial Institutions, the Borrower
issues a mortgage agreement on various properties, pursuant to the terms of this
Agreement.

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(G) That furthermore, as additional guarantees to the Financial Institutions,
the Borrower wishes to undertake to offer the Spanish Shares (as defined
hereinafter) as security and to offer the French Shares (as defined hereinafter)
as security.

The parties, mutually recognizing the necessary legal capacity and competence to
sign this Agreement, and execute the agreements that issue therefrom, do hereby
sign and undertake to fulfill the following

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                                    SECTION I
                                   DEFINITIONS

1.   DEFINITIONS AND INTERPRETATION

DEFINITIONS

1.1 In this Agreement, each of the following expressions in the singular
includes the plural form, and vice versa, and unless the context indicates
otherwise, shall have the meaning indicated hereafter:

ADVERSE CHANGE OF CIRCUMSTANCE refers to any fact or circumstance that entails
(or might entail) a loss or cost to the Parent Company or to any company
belonging to the group headed by the Parent Company (including the Borrower
and/or the Guarantor) that, in the opinion of the strengthened majority
shareholders and after having heard the Borrower, may adversely affect the
financial and economic situation or net worth of the Borrower and/or any of the
Guarantors in such a way that the ability of the Borrower (and/or of the
Guarantor) to fulfill its payment obligations under this contract may be
compromised, or that substantially reduces the combined value of the guarantees
offered to the Lending Institutions in connection with this Agreement;

AFFILIATE refers to those companies or entities in which the Borrower (directly
or indirectly) has a Share of more than fifty percent (50%) of its voting stock,
or an equivalent Share that makes it into a majority shareholder or partner;

AGENT refers to Banco de Sabadell S.A., whose particulars are set forth in the
heading of this Agreement, or any successor acting as agent for the Financial
Institutions pursuant to this Agreement;

AGREEMENT refers to this financing agreement, including not only the text
hereof, and therefore all its Clauses, but also the Appendices which form an
integral part hereof;

AMOUNT OF PORTION A refers to the maximum amount available from Portion A, that
is, fifty million euros (E50.000.000);

AMOUNT OF PORTION B refers to the maximum amount available from Portion B, that
is, twenty-five million euros (E25.000.000);

ASSUMPTION OF DEFAULT makes reference to any of the circumstances mentioned in
Clause 21.1;

AUDITOR, in relation to this Agreement, refers to Deloitte & Touche Espana S.A.,
or a first rate firm of international auditors of eminent repute, duly qualified
to conduct this work in Spain, that will consistently indicate to the Borrower
fulfillment of the obligations established in this Agreement, as long as such
are acceptable to the Financial Institutions. The Financial Institutions cannot
oppose the appointment of a new auditor proposed in writing by the Borrower to
replace Deloitte & Touche Espana S.A.; the new Auditor proposed in writing by
the Borrower is one of the following: PricewaterhouseCoopers Auditors S.L.; KPMG
Auditors S.L.; or Ernst &

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Young S.L. In the event that the Borrower should propose any other Auditor
different from the aforementioned, the Financial Institutions may oppose said
appointment within the maximum period of fifteen (15) days from the reception of
the written proposal by the Borrower, with the Borrower being able to propose
new alternative auditing firms, up to a maximum of three (3) firms within a
period not greater than seven (7) days from the reception of the respective
notification written by the Agent. If the Financial Institutions should be
justifiably opposed to all those proposed for the appointment, or if the
Borrower should fail to exercise its right to propose an Auditor within the
period of one (1) month following the first communication on the replacement of
the Auditor, the Financial Institutions will make the appointment through the
Agent. In all cases, the costs of the appointment, replacement and activities of
the Auditor shall always accrue to the Borrower;

BANKRUPTCY LAW refers to Act 22/2003, dated July 9, regarding Bankruptcy.

BORROWER'S ACCOUNT refers to the account opened by the Borrower with the Agent,
number 0081-5172-84-0001059813, and into which the amounts of the dispositions
requested by the Borrower shall enter.

BORROWER'S GROUP refers to the ensemble of entities forming part of the group
headed by the Borrower in accordance with the criteria established in Article 4
of the applicable Act 24/1988, dated July 28, regarding the Securities Market
(explicitly including General Cable Celcat Energia e Telecomunicacoes S.A.);

BUSINESS DAY, to all intents and purposes (except as indicated below), refers to
any day of the week except for holidays fixed as such (i) in the calendar of the
TARGET (Trans-European Automated Real-Time Gross Settlement Express Transfer
System) system for payments in euros or (ii) to the Autonomous Community of
Catalonia. Exclusively for purposes of calculating interest rates, Business Days
are those defined as such in the calendar of the TARGET system for payment in
euros;

BUSINESS PLAN refers to the plan of financial projections ("base case") drawn up
by the management of the Borrower in relation to future financial business
projections of the Borrower's Group for the 2006-2013 period and reviewed by
Ernst & Young (an initial draft for the period fo 2005-2008 appears in
Attachment 12 attached), as it is updated from time to time;

CHANGE OF CONTROL refers to any modification in the current capital structure of
the Borrower or any Guarantor resulting in (i) either a direct or indirect Share
in the Parent Company less than one hundred percent (100%) of the capital of the
Borrower or of any Guarantor; or (ii) if the Parent Company should fail to
retain Control (direct or indirect) of the Borrower and/or of any Guarantor.

CONSOLIDATED EBITDA refers to the EBITDA (Earnings before Interest, Taxes,
Depreciation and Amortization) of the Borrower's Group, calculated on the basis
of the Consolidated Financial Statements;

CONSOLIDATED FINANCIAL STATEMENTS refers to the annual consolidated accounts
(including the annual report and statement of the origin and allocation of
funds) of the

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Borrower's Group, formulated by the management of the Borrower for approval by
its ordinary shareholders meeting, and audited by the Auditor, and which, in all
cases, shall be drawn up in accordance with the Spanish General Accounting Plan;

CONTRACT signifies this finance contract, including not only the body of the
same, but also all of the clauses, as well as Attachments 1 to 12, which are
integral parts of the same;

CONTROL refers to any company situation in which one of the situations foreseen
in Article 42, Item 1 of the Spanish Commercial Code should arise.

DATE OF DISPOSITION, in relation to the Notice of Disposition, refers to the
date on which the Agent shall have made available the Disposition to the
Borrower in the Borrower's Account in the amount requested in the respective
Notice of Disposition;

DATE OF FINAL PAYMENT refers to the date corresponding to the seventh
anniversary of the Date of Disposition corresponding to the latest Disposition
drawn from Portion A. On said date, the Borrower must have repaid the total
amount and other amounts accrued in favor of the Financial Institutions as a
result of this Agreement, pursuant to the terms and conditions set forth in this
Agreement;

DATE OF FINAL PAYMENT OF PORTION B refers to the 22nd day of December, 2010;

DATE OF LIQUIDATION AND PAYMENT OF INTEREST refers to each of the end dates of
the Interest periods in question;

DATE OF OBLIGATORY EXPECTED AMORTIZATION refers to each of the dates set forth
in Clause 12.4;

DATE OF REPAYMENT, in relation to Portion A, refers to each of the dates of loan
amortization in accordance with Clause 11 and in relation to Portion B, to the
Final Date of Payment for Portion B;

DATE OF SYNDICATION refers to the date on which the Syndication becomes
effective which, in accordance with Clause 31.3, will be the Date of Liquidation
and Payment of Interest immediately following the date of the signing of the
Syndication Agreement;

DATE OF VOLUNTARY EXPECTED AMORTIZATION refers to each of the dates set forth in
Clause 12.1;

DEMAND FOR PAYMENT refers to the demand for payment that any Financial
Institution can make upon any Guarantor, by the terms of Clause 24.1, and the
model for which is attached as Attachment 3 below;

DISPOSITION OR DISPOSITIONS REFERS, individually or jointly, to the borrowing of
funds performed by the Borrower drawn from the Financing, in accordance with the
terms of Clause 6;

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EBITDA refers to Earnings before Interest, Taxes, Depreciation and Amortization
and is calculated as the sum of the benefits accrued, plus payments made for
amortization of property (both material and immaterial) plus the variation of
provisions relating to the assets of the company in question, all to be
calculated according to the Spanish General Accounting Plan and for a period of
twelve (12) months;

ECONOMIC AND MONETARY UNION or EURO ZONE refers to monetary union instituted by
all or some of the governments of the member state of the European Union, in
accordance with what is set forth in the Treaty of the European Community, as it
has been revised and amended from time to time.

ENVIRONMENTAL LEGISLATION has the meaning given to it by Clause 18.1(w)(i);

EQUITY (in relation to the Borrower's Group) refers to the amount resulting from
the sum of subscribed shares, share premiums, reserves of any kind (not
including the reserves for revaluation of assets carried out subsequent to the
date this Agreement enters into force), the subordinated debt and profits and
losses attributable to the Borrower, as resulting from the Consolidated
Financial Statements, all being calculated in accordance with the Spanish
General Accounting Plan;

EXPECTED AMORTIZATION refers to amortization ahead of schedule (either voluntary
or compulsory), in whole or in part, of the Principal of Portion A and the
reduction ahead of schedule (either voluntary or compulsory) of the Amount of
Portion B, carried out in accordance with the terms of Clause 12;

FINANCIAL INSTITUTIONS refers to the Banco de Sabadell S.A. and those
institutions which, as a result of their Share in the Syndication, may come to
be brokers of the Financing, as well as their respective successors and
assignees who, in turn, may participate in the Financing;

FINANCIAL STATEMENTS refers to the annual audited accounts (including the annual
report and the statement of the origin and allocation of funds) of a company,
formulated by the management of such company for approval by its respective
ordinary shareholders meeting, and which, in all cases, shall be drawn up in
keeping with any accounting regulations applicable according to the
corresponding jurisdiction;

FINANCING refers to the financing made available to the Borrower by the
Financial Institutions, for the Total Amount and in keeping with the terms of
this Agreement;

FRENCH DISPOSITIONS OF PORTION A refers to the two (2) sole disposition of funds
that the Borrower may make and charge to Portion A to acquire the French Shares.
For these purposes, certifies that, according to Clause 6.9, the first French
Disposition of Portion A is made available to the Borrower upon the date of this
Contract;

FRENCH SHARES refers to the sixty million thirty-seven thousand (60,037,000)
shares (from 1 to 60,037,000, inclusive) of E1 nominal value each amounting to
one hundred percent (100%) of the shares of the French Target Company;

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FRENCH SECURITY refers to the jus ad rem of a guarantee to be provided by the
Borrower (under French law) in favor of the Financial Institutions for the
French Shares, as set forth in Clause 23(d);

FRENCH TARGET COMPANY refers to Silec Cable S.A.S., domiciled in 2 Boulevard du
General Martial Valin, 75015 Paris (France) and registered in the Registry of
Business and Companies of Paris under number RCS 484 920 194;

GUARANTEE refers to the personal and joint guarantee offered by the Guarantor
(and to be offered by New Guarantors) in favor of the Financial Institutions to
guarantee fulfillment of the obligations assumed by the Borrower as a result of
this Agreement;

GUARANTEES GRANTED refers to the personal or real guarantees that any company of
the Borrower's Group has given in favor of third parties that are not part of
the Borrower's Group, and that have not been figured as Indebtedness,
specifically including economic and financial guarantees;

GUARANTEED OBLIGATIONS refers to any obligation derived from this Contract
(payment or not and modified, altered or extended);

GUARANTORS refers to General Cable Celcat Energia e Telecomunicacoes S.A. (whose
particulars are set forth in the heading of this Agreement), as well as those
Material Affiliates who may come to adhere to this Agreement as New Guarantors,
pursuant to the terms of Clause 24.2 ;

HEDGE CONTRACTS refer to hedge contracts on interest rates, for an overall
percentage not less than eighty percent (80%) of the Amount of Portion A, at
market prices and for a period not less than five (5) years. It is expressly
stated that Hedge Contracts must be subscribed through the Agent.

HOLDING refers to that company or entity in which the Borrower (holds (directly
or indirectly) a share less than or equal to fifty percent (50%) of its voting
stock;

INDEBTEDNESS refers to the indebtedness (both short and long term) resulting
from loans, whether from Financial Institutions, or through the issue of bonds,
IOUs or obligations that can be converted into shares of stock or similar
instruments and other indebtedness for funds (both short and long term) that
have been loaned, with implicit or explicit payment of interest (including
indebtedness arising as a result of this Agreement), discounts and long term and
short term financial leasings, all in accordance with the Spanish General
Accounting Plan;

INTEREST PERIOD refers to each period of time into which the life of the
Financing is divided for purposes of accrual and liquidation of interest, as set
forth in Clause 7;

LEC refers to Act 1/2000, dated January 7, regarding Civil Lawsuits;

LETTER OF AGREEMENT refers to the letter of agreement to be signed by New
Guarantors to adhere to this Agreement in keeping with Clause 24.2, using the
model in Attachment 4 attached hereto;

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MAJORITY SHAREHOLDERS refers to all Financial Institutions whose shares at the
moment of calculation add up to more than fifty percent (50%) of the total of
all Shares;

MARGIN refers to each one of the differentials that increment the Prime Rate,
and that are detailed and calculated pursuant to the terms of Clauses 8.3 and
8.4;

MATERIAL AFFILIATE refers to each one of the Affiliates that, at any time during
the period in which this Agreement is in force, shall satisfy the following
conditions:

(a)  the assets of said Affiliate (taken individually) must amount to at least
     five percent (5%) of Total Assets;

(b)  the assets of said Affiliate (taken individually) must amount to at least
     five percent (5%) of Consolidated EBITDA; or

(c)  the assets of said Affiliate (taken individually) must amount to at least
     five percent (5%) of Consolidated Revenues;

Furthermore, those Affiliates that are necessary so as to insure, at any time
during the life of this Agreement, and jointly among the Borrower and the
Guarantors, coverage of at least ninety percent (90%) of Total Assets,
Consolidated EBITDA and Consolidated Revenues;

MORTGAGE AGREEMENT refers to an unconditional undertaking by the Borrower to
provide in favor of the Financial Institutions the jus ad rem of mortgage on all
or some of the Real Estate Holdings, by the terms set forth in Clause 25;

NET FINANCIAL DEBT refers to the Total Financial Debt minus the position of the
Treasury;

NEW GUARANTORS refers to those Material Affiliates who, as permitted by
applicable legislation, may come to adhere to the Agreement, pursuant to the
terms of Clause 24.2;

NOTICE OF DISPOSITION refers to any notices of disposition of funds drawn from
the Financing, to be formulated by the Borrower pursuant to the model set forth
hereinafter in Appendix 2, and which should be presented to the Agent in keeping
with Clause 6;

ORDINARY AMORTIZATION refers to ordinary amortization in whole or in part, of
the Principal of Portion A and the ordinary reduction of the Amount of Portion
B, carried out in accordance with the terms of Clause 11;

ORDINARY RATE OF INTEREST refers to the ordinary rate of interest for the
Financing, defined and calculated in accordance with the terms of Clause 8;

OVER THE COUNTER OPERATIONS refers to any operations that do not need to be
directly reflected as Indebtedness in the balance sheet of the respective
Financial Statements (pursuant to the Spanish General Accounting Plan), but
which indicate for any entity

                                       17

<PAGE>

of the Borrower's Group, certain present and/or future undertakings to which
earnings are subject and/or may entail payments. For this purpose, obligations
arising from factoring agreements subject to appeal are included, and
specifically exclude confirming operations;

PARENT COMPANY refers to General Cable Corporation (a company of American
nationality, registered in Delaware on April 22, 1994, domiciled in The
Corporation Trust Company, Corporation Trust Center, 1209 Orange Street,
Wilmington, DE 19801 (United States of America));

PENALTY RATE refers to the interest rate applicable to those amounts not paid by
the Borrower at the time they fall due, calculated in accordance with the terms
of Clause 9;

PERIOD FOR DISPOSITION FROM PORTION A refers to the period of six (6) months set
forth in Clause 6.8(a), during which the Borrower may make the Dispositions
charged to Portion A, as set forth in Clause 6 ;

PERIOD FOR DISPOSITION FROM PORTION B refers to the period set forth in Clause
6.8(b), during which the Borrower may undertake the Dispositions drawn from
Portion B, as set forth in Clause 6;

PORTION refers to each of the Portions into which the Financing is divided;

PORTION A refers to the Portion of the Financing for a total amount of fifty
million euros (E50.000.000), as a loan and in keeping with the terms of this
Agreement;

PORTION B refers to the Portion of the Financing for an amount of up to
twenty-five million euros (E25.000.000), as revolving credit, and in keeping
with the terms of this Agreement;

PRINCIPAL refers to the Total Amount borrowed by the Borrower in the way of
Dispositions, minus, if applicable, amounts amortized or repaid, whether ahead
of schedule or not, as set forth in this Agreement;

PRIME RATE refers to the EURIBOR (Euro Interbank Offered Rate) rate of interest,
as defined and calculated pursuant to the terms of Clause 8.2;

PRINCIPAL SUBSTITUTE RATE OF INTEREST refers to the rate of interest calculated
and applied in accordance with the terms of Clause 8.5;

RATIOS refers to the following ratios Net Financial Debt to Consolidated EBITDA:
Net Financial Debt to Equity;

REAL ESTATE HOLDINGS refers to each of the real estate holdings and buildings
completed or in progress, in the attached listing of Real Estate Holdings, and
which shall be subject to the Mortgage Agreement;

REFERENCE ENTITIES refers to Banco Pastor, S.A.; Banco Popular Espanol S.A.; and

                                       18

<PAGE>

Caja de Ahorros and Monte de Piedad of Madrid, and any other entities that may
become Reference Entities, pursuant to the terms of Clauses 8.10 and 8.13;

SHARE, in relation to each of the Financial Institutions, refers to the
percentage of the shares of each institution in the Financing at any given time;

DISPOSITION OR DISPOSITIONS refers, individually or jointly, to the disposition
of funds from the Borrower drawn on the Financing, in accordance with the terms
of Clause 6;

SPAIN refers to the Kingdom of Spain;

SPANISH GENERAL ACCOUNTING PLAN refers to (i) the system and principles of
accounting applicable in Spain, approved by Royal Decree 1643/1990, dated
December 20; (ii) the methods and procedures of consolidation applicable in
Spain in accordance with Royal Decree 1815/1991, dated December 20; as well as
(iii) any other accounting principles, methods and procedures that may come into
force in Spain, pursuant to the applicable legislation at any given moment,
throughout the life of this Agreement (in particular, International Financial
Reporting Standards, or IFRS). If as a result of the application of new
accounting principles, methods and/or procedures in the future (in particular,
IFRS) disputes should arise between the Financial Institutions and the Borrower
or the Auditor at the time of verifying compliance with the Ratios and other
financial volumes (Equity), said Ratios and financial volumes shall revert to
being calculated on the basis of the accounting principles, methods and criteria
consistently applied by the Borrower's Group on the date of this Agreement;

SPANISH DISPOSITION OF PORTION A refers to the only disposition of funds that
the Borrower can make charged to Portion A to acquire the Spanish Shares;

SPANISH SHARES refers to 500,500 Shares amounting to one hundred percent (100%)
of the shares of the Spanish Target Company;

SPANISH SECURITY refers to the jus ad rem of a guarantee to be provided by the
Borrower (under Spanish law) in favor of the Financial Institutions for the
Spanish Shares, as set forth in Clause 23(c);

SPANISH TARGET COMPANY refers to E.C.N. Cable Group S.L., domiciled in Zona
Industrial Betono Escalmendi, Pabellon 36, Vitoria (Alava), with CIF (Spanish
Tax ID) number B-01225325 and registered in the Mercantile Registry of Alava to
volume 737, folio 56, page number VI-4873;

SUBORDINATED DEBT refers to any participative loan subscribed by the Borrower
(i) with a date of maturity subsequent to the Final Date of Maturity and (ii)
whose payment obligations (of any kind) are subordinated to the payment
obligations of the Borrower under this Agreement, and that is construed for
accounting purposes (according to the provisions of Royal Decree Law 7/1996, of
June 7 and according to the resolution made by the Accounting Institute and
Accounts Auditing of December 20, 1996) as accountable wealth of the Borrower;

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<PAGE>

SUBSIDIARY SUBSTITUTE RATE OF INTEREST refers to the rate of interest calculated
and applied in accordance with the terms of Clause 8.6;

SECURITIES refers jointly to the Spanish Security and the French Security;

SYNDICATION refers to the process of assignment of part of the Share of Banco de
Sabadell S.A. (as the sole Financial Institution as of the date of this
Agreement) in favor of new Financial Institutions;

SYNDICATION AGREEMENT means everything ascribed thereto in Clause 31.2;

TARGET COMPANIES refers jointly to the Spanish Target Company and the French
Target Company;

TEMPORARY FINANCIAL INVESTMENTS refers to temporary financial investments
(specifically excluding loans and credits granted by any company of the
Borrower's Group and other non-liquid investments of said companies, as defined
in the Spanish General Accounting Plan;

TOTAL AMOUNT refers to the overall amount of the Financing, that is, seventy
five million euros (E75.000.000);

TOTAL ASSETS refers to the sum of all assets (whether characterized as fixed or
liquid assets) of each and every one of the entities comprising the Borrower's
Group, at the consolidated level, in accordance with the General Spanish Plan of
Accounting

TOTAL FINANCIAL DEBT refers, on any given date, to the sum of indebtedness,
Over-the-Counter operations and those involving the Guarantees that have been
issued (avoiding duplication of calculations);

TREASURY refers (at the consolidated level of the Borrower1s Group) to the
amount resulting from the sum total of the treasury and analogous items, and the
Temporary Financial Investments, according to the formulations of said amounts
in the Spanish General Accounting Plan;

TWO-THIRDS MAJORITY SHAREHOLDERS refers to all Financial Institutions whose
shares at the moment of calculation add up to more than sixty-six point six
percent (66.6%) of the total of all Shares;

INTERPRETATION

1.2  Unless the context indicates otherwise, every reference in this Agreement
     to:

(a)  an AGREEMENT, apart from references to this Agreement, also may refer to an
     assignment, contract, agreement, franchise, license, treaty or undertaking
     (in every instance, whether verbal or in writing) and as these have been
     modified from time to time;

(b)  the ASSETS of each juridical person is to be construed as a reference to
     the

                                       20

<PAGE>

     totality or any part of the business and its business activities, goods,
     assets and rights (including all rights to receive income);

(c)  DEBTS include any obligation (be it present or future, real or contingent,
     guaranteed or not guaranteed, principal or security, or under any other
     designation) for the payment of reimbursement of funds.

(d)  LAW or LAWS include the customary and legal law, encompassing the
     Constitution, Laws, Decree Laws, Royal Decrees, Legislative Royal Decrees,
     Orders, judgments, legislation, Ordinances, Regulations, statutes, treaties
     or other legislative measures of Spain or in any other jurisdiction, any
     instrument of international law, and of the European Community, or any
     present or future directive, regulation, injunction or requisition;

(e)  EUROS or E are to be understood to refer to the legal tender in the
     countries that at any given moment comprise the Economic and Monetary
     Union; and

(f)  times given are understood to be in Barcelona time

The titles and table of contents are included merely for ease of reference.

                     (REST OF PAGE LEFT INTENTIONALLY BLANK)

                                       21

<PAGE>
                                   SECTION II
                                    FINANCING

2. AMOUNT

TOTAL AMOUNT

2.1 The Financial Institutions finance the Borrower a total amount of
seventy-five million Euros (E75,000,000), divided into two (2) Portions (Portion
A and Portion B) and the Borrower accepts it, within the terms and conditions of
this Contract, which will expire, except for the anticipated resolution, on the
Final Due Date.

2.2 The Borrower commits to repay the Total Amount and to pay the interest,
commissions, taxes, late interests and any other chargeable expense due to any
other item as a result of this operation until it is totally paid, as provided
in this Contract.

AMOUNT OF PORTION A

2.3 The Financial Institutions give the Borrower Portion A the amount of fifty
million Euros (E50,000,000) as a loan.

Portion A will only be available to the Borrower under three (3) dispositions
(First and Second French Disposition of Portion A and the Sole Spanish
Disposition of Portion A), so the amounts of Portion A that are not available
after disposing of the Dispositions charged to Portion A and the amounts
reimbursed by the Borrower to the Financial Institutions with regard to Portion
A may not be disposed again by the Borrower nor will increase the Amount of
Portion B, in such a way that:

(a)  The Amount of Portion A which is not disposed by the Borrower after the
     Dispositions charged to Portion A (First and Second French Disposition of
     Portion A and Sole Spanish Disposition of Portion A); and

(b)  The amounts reimbursed due to Ordinary Amortization or Expected
     Amortization (voluntary or mandatory) of Portion A

will appropriately reduce the Amount of Portion A (proportionally reducing the
Total Amount automatically) and will not be made available by the Borrower nor
will they increase the Amount of Portion B.

AMOUNT OF PORTION B

2.4 The Financial Institutions give the Borrower Portion B, in the amount of up
to twenty-five million Euros (E25,000,000), as a revolving credit line
("revolving").

The quantities of the Amount of Portion B that have not been disposed of at the
date the Period of Disposition of Portion B ends and the amounts provided by the
Borrower, the reduction of the Amount of Portion B in accordance with the terms
of Clause 12.1 as below, will appropriately reduce the Amount of Portion B
(proportionally reducing the Total Amount automatically) and will not be made
available again by the Borrower nor will they increase the Amount of Portion A.

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<PAGE>

3. PURPOSE

3.1 The Total Amount will be solely and exclusively destined to:

(a)  With regard to the amount of the First and Second French Disposition of
     Portion A, the financing of the acquisition of French Shares;

(b)  With regard to the amount of the Sole Spanish Disposition of Portion A, the
     financing of the acquisition of Spanish Shares; and

(c)  With regard to the amount of Portion B, the partial financing of the
     Borrower's general corporate needs.

3.2 The Financial Institutions (through the Agent) may, even if they are not
under obligation to do so, request from the Borrower a written confirmation of
the application of the Total Amount that the Borrower has disposed of to the
effect provided in the preceding clause. The Borrower must provide the
appropriate written confirmation (or if it were so required, a notarial act)
prepared by a duly authorized representative within five (5) business days of
the date of receipt of the appropriate written request from the Agent (following
the instructions of the Financial Institutions, if that were the case).

4. DURATION

4.1 This Contract will continue to be in force until the Loan Maturity Date,
without prejudice to the possibility of claiming the rights derived from it
beyond the referenced date to conform to this Contract.

On said date, the Borrower must have made the payment of the totality of the
amounts due for any reason by virtue of this Contract, all without prejudice to
the possibility, or if applicable, the obligation to reimburse those amounts in
advance, to conform the terms of this Contract.

5. SYNDICATION

DISTRIBUTION

5.1 In the event that there is a Syndication, it is stated from this moment that
each one of the Financial Institutions will participate in the Total Amount,
proportional to their Shares (which is found preceding their name, in the last
column on the right of enclosed) and, except if it is otherwise disposed between
the Financial Institutions, each Financial Institution will participate in every
Disposition conducted with a charge against a Portion, proportionately to their
appropriate Shares of that Portion.

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<PAGE>

JOINT RIGHTS AND RESPONSIBILITIES

5.2 The rights and responsibilities of each one of the Financial Institutions
derived from this Contract are joint and, therefore, totally independent.
Therefore, the nature, range, characterization or exceptions that can come
   between them with regard to the Shares of a Financial Institution will not
affect in any way or extend the Shares of the rest of the Financial
Institutions.

Without prejudice to the statements expressly outlined in this Contract, the
rights of each one of the Financial Institutions may be executed by each
Financial Institution with total autonomy and independence with regard to all
the other Financial Institutions.

Each Financial Institution may conduct acts of extrajudicial nature leaning
toward the conservation and defense of their own rights and those of the other
Financial Institutions, but they must inform the Agent of that in writing. Every
Financial Institution may judicially exercise with exclusivity their own rights,
within the terms of Clause 21.

In the event that any Financial Institution, in spite of the commitments
acquired by this Contract, did not make available the funds committed by their
own virtue to the Agent, that would not effect the rest of the Financial
Institutions, which will only be obligated to make available to the Agent the
funds that have been committed on an individual basis and that they consequently
are not, under obligation to assume the appropriate part to the non-compliant
Financial Institution; all without prejudice to the actions and exceptions that
the appropriate Borrower may have toward the non-compliant Financial
Institution.

6. DISPOSITIONS, PRIOR CONDITIONS AND PERIOD OF DISPOSITION

NOTICE OF DISPOSITION

6.1 The Dispositions need to be requested by the Borrower by sending Notices of
Disposition to the Agent.

Any Notice of Disposition will be signed by a duly authorized representative of
the Borrower and will be presented by the latter to the Agent (in a form equal
to the model incorporated in this Contract as enclosed) at least five (5)
business days in advance of the date in which the Disposition will be effective
(the DATE OF DISPOSITION, as defined in the model of Notice of Disposition
attached).

If the amount requested under the Notice of Disposition is greater than the
Total Amount, the Notice of Disposition will not be valid and will be rendered
as not issued. In the same way, any Notice of Disposition which, individually or
in conjuction with others issued and not reimbursed, is greater than the Amount
of Portion A or the Amount of Portion B (as appropriate), will not be valid and
will be rendered as not issued.

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<PAGE>

In the Notice of Disposition, the Borrower must specify that on the Date of
Disposition all the previous conditions included in Clause 6.3 will be met.

Any Notice of Disposition validly presented to the Agent will be irrevocable.

INFORMATION TO ATTACH TO NOTICE OF DISPOSITION

6.2 Along with the appropriate Notice of Disposition, the Borrower will deliver
to the Agent (unless it has been previously delivered and there is a return
receipt from the Agent):

(a) If it is the first Notice of Disposition:

     (i)  a copy of the due diligence reports (due diligence) prepared with
          regard to the acquisition of the Target Companies, to the satisfaction
          of the Agent;

     (ii) the original certification of the Borrower, signed by the duly
          authorized person(s) in accordance with the provisions of the
          Commercial Registry Regulation, in certification of the agreements
          adopted by (1) the sole member of the Borrower and (2) the Board of
          Directors of the Borrower approving the terms of this Financing and
          the signing of this Contract and other additional and/or supplementary
          documents to same;

     (iii) the original certification of the Borrower, signed by the duly
          authorized person(s) to that effect, in which the Net Financial
          Debt/Consolidated EBITDA is credited (including those of the Target
          Companies) and has been (and will be after the Disposition is carried
          out) less than three point five (3.5);

     (iv) the original certification of the Guarantor (either of the board or
          the assembly of partners or shareholders, administrative council or a
          combination of both, or any other, in accordance with the applicable
          legislation) in which the authorization granted to the Guarantor is
          expressed granting them the Guarantee within the terms of this
          Contract;

     (v)  the original certification of the Borrower, signed by the duly
          authorized person(s) to that effect, in which it is credited that (i)
          at the date of the Notice of Disposition (inclusively), an Assumption
          of Default has not been produced nor will it be produced as a
          consequence of the requested Disposition; and (ii) that at the Date of
          the Disposition, all prior requirements indicated in Clause 6.3 have
          been met; and

     (vi) a copy of the documents that credit (to the satisfaction of the Agent)
          the ability of the party signing the Notice of Disposition;

(b)  In reference to the Notice of Disposition of the Sole Spanish Disposition
     of Portion A, in addition to the conditions established in Section (a), the
     Borrower must present a copy of the sales/purchase contract of the Spanish

                                       25

<PAGE>

     Shares that must compile, to the satisfaction of the Financial
     Institutions, the necessary guarantees of coverage of the possible hidden
     liabilities; and

(c)  In reference to the ulterior Notices of Disposition (either charged to the
     same Portion or to other Portions)

     (i)  a copy of the documents that credit (to the satisfaction of the Agent)
          the ability of the party signing the Notice of Disposition; and

     (ii) the original certification of the Borrower, signed by the duly
          authorized person(s) to that effect, in which it is credited that at
          the Date of Disposition, all the previous conditions indicated in
          Clause 6.3 will be met.

If the Notice of Disposition (i) substantially differs from what is indicated in
0enclosed or does not meet in any way the characteristics outlined in Clause
6.1; or (ii) is not delivered to the Agent along with the previously referenced
documentation; or (iii) if on the Date of Disposition, none of the conditions
outlined in the following Clause 6.3 (unless it(they) have(has) been waived in
writing by the Agent, following the instructions of the Financial Institutions),
such Notice of Disposition will be considered as not issued (and the Agent will
immediately notify the Borrower of this), and the Financial Institutions will
then not be obligated to make the amount requested in the Notice of Disposition
available to the Borrower.

CONDITIONS PRIOR TO THE DISPOSITIONS

6.3 The Dispositions will be in effect within the terms of this Clause 6, as
long as the following conditions are met:

(a)  The appropriate Notice of Disposition meets the characteristics referenced
     in Clause 6.1;

(b)  The Borrower has delivered the appropriate Notice of Disposition to the
     Agent in accordance and along with all the other documentation referenced
     in Clause 6.2; and that

(c)  Up to the time of the appropriate Date of Disposition:

     (i)  No Assumption of Default has been produced (and particularly, an
          Adverse Change of Circumstance has not been produced), or will be
          produced as a consequence of the requested Disposition; and

     (ii) Each one of the statements compiled in this Contract continues to be
          an exact and truthful representation of the reality of the situation
          at the Date of the Disposition, as if it were formulated on that date
          by reference to the existing events and circumstances at this time.

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<PAGE>

AMOUNT OF THE DISPOSITIONS

Second French Disposition of Portion A and Sole Spanish Disposition of Portion A

6.4 The Borrower may conduct the second French Disposition of Portion A and/or
the sole Spanish Disposition of Portion A during the Period of Disposition of
Portion A for a maximum aggregate amount of twenty million Euros
(E20,000,000), taking the following limits into account.

(a)  the maximum allowable amount under the second French Disposition of Portion
     A shall be eleven million Euros (E11.000.000); and

(b)  the maximum allowable amount under the Spanish Disposition of Portion A
     shall be nine million Euros (E9.000.000).

In the event that it is the last day of the Period of Disposition of Portion A,
and the Borrower has not made a disposition of the total preceding amount,
Portion A will remain cancelled by the amount which has not been disposed of,
consequently reducing the Amount of Portion A.

The Borrower must present a receipt (through notarial certificate of receipt)
for the amount delivered to them through the second French Disposition of
Portion A and through the sole Spanish Disposition of Portion A within five (5)
business days following the finalization of the Period of Disposition of Portion
A.

Dispositions to be charged to Portion B

6.5 The Borrower may carry out Dispositions to be charged to Portion B during
the Period of Disposition of Portion B, as long as all the conditions outlined
below are met:

(a)  The amount of any Disposition requested to be charged to Portion B must add
     up to, as a minimum, three million Euros (E3,000,000) and, if it is
     greater, it should be a multiple of one million Euros (E1,000,000); and

(b)  The Borrower may not have more than five (5) live Dispositions to be
     charged to Portion B at a given time during the life of the Financing.

In the event that on the last day of the Period of Disposition of Portion B, the
Borrower has not disposed in their totality of the Amount of Portion B, Portion
B will remain cancelled by that non-disposed of amount, consequently reducing
the Amount of Portion B.

COMMUNICATIONS SENT TO THE FINANCIAL INSTITUTIONS

6.6 Once the Agent has received a Notice of Disposition validly completed in
accordance with the previous clauses, the Agent will let the Financial
Institutions know no later than by eleven o'clock (11:00) on the next business
day after they have received it in accordance with this Contract, indicating the
appropriate amount to each

                                       27

<PAGE>

Financial Institution according to their Shares of the appropriate Portion, as
well as (if applicable) the Interest Period chosen by the Borrower for said
Disposition.

Each Financial Institution will make available to the Agent the appropriate
amount in accordance with their Shares in the appropriate Portion, no later than
by eleven o'clock (11:00) on the appropriate Date of Disposition and in the way
outlined in the following Clause 13.2.

The Agent will only be obligated to deliver to the Borrower the amounts actually
entered by the Financial Institutions.

Once the Agent has received a Notice of Disposition in accordance with Clause
6.1 and the conditions established in 6.3 have been met, the Agent will deliver
to the Borrower (on the appropriate Date of Disposition) the amount received
from the Financial Institutions with regard to that Notice of Disposition,
through an installment to the Account of the Borrower, charged to the
appropriate Portion.

THE FINANCIAL INSTITUTIONS' INABILITY TO OBTAIN FUNDS

6.7 In the event that it is impossible for any Financial Institution to obtain
and make available to the Borrower (through the Agent) the amounts committed by
virtue of this Contract due to unavoidable events or circumstances very
exceptional or beyond their control that affect the money market for installment
deposits in Euros:

(a)  Said Financial Institution(s):

     (i)  Will immediately let the Agent know (so they can let the rest of the
          Financial Institutions and the Borrower know) about that(those)
          circumstance(s); and

     (ii) Will not assume any responsibility, in accordance with the
          dispositions in Article 1.105 of the Spanish Civil Code;

(b)  The Agent (after consulting with the rest of the Financial Institutions)
     and the Borrower will negotiate in good faith the possible alternatives to
     adopt to make it possible to continue with the Financing; and

(c)  In the event that:

     (i)  The affected Borrower, the Agent and the Financial Institution(s)
          agree; or

     (ii) A possible alternate solution is not obtained within thirty (30)
          calendar days after the start of the negotiations

     The Shares of said affected Financial Institution(s) will be automatically
     extinguished, and the Borrower must return to that(those) Financial
     Institution(s) as many amounts pending return under this Contract as
     appropriate within a maximum term of fifteen (15) calendar days, starting
     on the date of the agreement between the Borrower, the Agent and the
     Financial

                                       28

<PAGE>

     Institution(s) affected, or, if applicable, starting on the day of
     finalization of the thirty (30) day term referenced in the preceding
     section (ii).

PERIODS OF DISPOSITION

6.8 The Borrower may send Notices of Disposition (in accordance with the
disposition in this Clause 6):

(a)  To be charged to Portion A, during a period of six (6) months starting on
     the date of this Contract; and

(b)  To be charged to Portion B, starting on the date of this Contract for up to
     one (1) month prior to the Loan Maturity Date of Portion B (excluded).

FIRST FRENCH DISPOSITION OF PORTION A

6.9 In this act, the Borrower requests that the Financial Institution make
available the amount of thirty million euros (E30,000,000) to be charged to
Portion A, for the payment of the purchase price of the French Shares (the first
French Disposition of Portion A).

For those purposes, and to comply with the disposition in the preceding Clause
6.3, the Borrower delivers the following documentation to the Agent:

(a)  a copy of the due diligence reports (due diligence) prepared with regard to
     the acquisition of the French Target Company, at the satsifaction of the
     Agent;

(b)  the original certification of the Borrower, signed by the duly authorized
     person(s) in accordance with the provisions of the Commercial Registry
     Regulation, in certification of the agreements adopted by (1) the sole
     member of the Borrower and (2) the Board of Directors of the Borrower
     approving the terms of this Financing and the signing of this Contract and
     other additional and/or supplementary documents to same;

(c)  the original certification of the Borrower, signed by the duly authorized
     person(s) to that effect, in which the Ratio of Net Financial
     Debt/Consolidated EBITDA is credited (including the French Target Company)
     and has been (and will be after the first French Disposition of Portion A)
     less than three point five (3.5); and

(d)  the original certification of the Guarantor (either of the board or the
     assembly of partners or shareholders, administrative council or a
     combination of both, or any other, in accordance with the applicable
     legislation) in which the authorization granted to the Guarantor is
     expressed to sign this Contract and, specifically granting them the
     Guarantee within the terms of this Contract.

Likewise, with regard to the first French Disposition of Portion A conducted in
this same Contract, the Borrower declares to the Agent that (i) to date
(inclusive) no Assumption of Default has been produced or will be produced as a
consequence of

                                       29

<PAGE>

the first French Disposition of Portion A requested; and (ii) that at today's
date (the Date of Disposition of the first French Disposition of Portion A) each
condition(s) previously indicated in the preceding clause 6.3 have been met.

Through this Contract, the Borrower instructs the Agent to, once the amount of
the first French Disposition of Portion A is entered in the Borrower's Account,
make a transfer for the amount of, E68,418,418.06 for the payment of all
French Shares, to the following account:

Account Holder: Sagem Communication
Banko: Societe Generale, Paris Etoile Enterprises
Account: 30003-03175-00020229842-27
IBAN: FR76 30003 03175 00020229842 27
Swift: SOGEFRPP

By following the instructions of the Borrower, the Agent accepts the Notice of
Disposition contained in this Clause and commits to enter the referenced amount
of the first French Disposition of Portion A in the previous account on the date
of this Contract The Borrower presents a receipt of the amount of the first
French Disposition of Portion A

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                                       30

<PAGE>

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                                       31

<PAGE>

                                   SECTION III
                           INTEREST AND LATE INTEREST

7. INTEREST PERIODS

DURATION UNTIL THE DATE OF SYNDICATION

7.1 For the period from the date of this Contract until the Date of Syndication,
the Interest periods that will apply will be of one (1) month, for Dispositions
conducted and charged to Portion A or charged to Portion B before the Date of
Syndication.

Without prejudice to the above, any Dispositions issued prior to the Date of
Syndication will bear a last Interest Period (prior to the Date the Union is
established) of such an extension that will finalize on the Date of Liquidation
and Payment of Interest which corresponds to the Date of Syndication, even if
that implies that said duration needs to be set in months and/or weeks and/or
days.

DURATION AFTER THE DATE OF SYNDICATION

7.2 For purposes of accrual and liquidation of interest, the life of the
Financing will be divided in Interest periods, as follows:

(a)  With regard to the Dispositions conducted and charged to Portion A before
     the date of Syndication, they will have a duration of six (6) months,
     starting on the Date of Syndication; and

(b)  With regard to the Dispositions to be charged to Portion B, conducted
     starting on the Date of Syndication, each Interest Period will have a
     duration of one (1), two (2), three (3) or six (6) months (as chosen by the
     Borrower), starting on the appropriate Date of Disposition.

     For the purposes of informing the Borrower of the selection with regard to
     the term of each Interest Period:

     (i)  For the first Interest Period pertaining to each Disposition conducted
          and charged to Portion B, the Borrower must communicate the term
          chosen in the appropriate Notice of Disposition; and

     (ii) For ulterior Interest periodss pertaining to the Dispositions to be
          charged to Portion B, the Borrower must notify within at least five
          (5) business days prior to the date of commencement of the start of
          the next Interest Period pertaining that Disposition. Failure in
          notifying will signify that the Borrower has chosen the same term
          applied to the Disposition due in the preceding Interest Period.

     The Agent, as soon as they are aware of that selection, will notify the
     rest of the Financial Institutions.

The disposition in this clause will be extended without prejudice to the
establishments in the following Clauses 7.3 and 8.5 through 8.7.

                                       32

<PAGE>

ADJUSTMENTS TO THE DURATION OF THE INTEREST PERIODS

7.3 The duration of the Interest Periods will be adjusted as follows:

(a)  The first Interest Period of each one of the Dispositions will start on
     (and include) the date on which the requested funds are entered in the
     Account of the Borrower (the Date of Disposition, in accordance with the
     definition included in the Notice of Disposition) and will expire, without
     prejudice to the dispositions in the preceding sections, on the last day of
     the pertinent Interest periods (excluded);

(b)  Each subsequent Interest Period will start on (and include) the date on
     which the immediately preceding Interest Period finalizes. To compute the
     different Interest periods, the first day included and the last day
     included will be extended;

(c)  If an Interest Period finalizes on a date which is not a business day, the
     expiration date of said Interest Period will be moved to the next immediate
     business day (without prejudice to the dispositions in Clause 13.4);

(d)  In any case, all the Interest Periods will be of such duration that they
     will finalize (except if they have previously finalized, conforming to the
     terms of this Contract) on the Date of Refund (of the appropriate Portion)
     immediately after the start of the appropriate Interest Period, even if
     that implies that said duration needs to be set in months and/or weeks
     and/or days;

(e)  Any Interest Period that otherwise would extend beyond the Date of
     Expiration of Portion A or Portion B (as appropriate), will be of such a
     duration that it will finalize on the Date of Expiration of Portion A or
     Portion B (as appropriate), even if that implies that said duration must be
     established in months and/or weeks and/or days; and

(f)  If an Interest Period were extended or reduced due to the disposition in
     the following Clause 13.4, the subsequent Interest Period will end (without
     prejudice to the application of the preceding sections) on the day of the
     same number of the one in which the preceding Interest Period should have
     ended if it had not been extended or reduced.

8. INTEREST RATES

ORDINARY INTEREST RATE

8.1 The Ordinary Interest Rate applicable to the Principal will be calculated by
the Agent, by adding the applicable Margin to the Basic Rate (EURIBOR).

8.2 It is understood that EURIBOR is the rate of gross interest, obtained by
adding the two components indicated below (without rounding):

                                       33

<PAGE>

(a)  the EURIBOR Rate for deposits in Euros for a term equal to the Interest
     Period used (in accordance with the preceding Clause 7) which results from
     the REUTERS screen, "EURIBOR01" page, as a quoted Rate at eleven o'clock
     (11:00) on the second business day immediately preceding the date of
     commencement of the following Interest Period. The REUTERS screen, on the
     "EURIBOR01" page, is the one that reflects the content of the "EURIBOR01"
     page on the REUTERS MONITOR MONEY RATES SERVICE (or any other page that may
     replace it in this service).

     In the absence of rates as stated in the preceding paragraph, we will be,
     on the EURIBOR Rate for deposits in Euros of amounts and periods equal to
     the ones referenced in the preceding paragraph, resulting from the
     "TELERATE" screen (BRIDGE TELERATE, formerly Dow Jones Markets), on page
     248 (or any other page that may replace it in this service) at eleven
     o'clock (11:00) on the second business day immediately preceding the date
     of commencement of the next Interest Period; and

(b)  The taxes, brokerage fees, expenses and commissions that the Financial
     Institutions need to satisfy because they have obtaining the resources
     necessary for this type of operations in accordance with the standard
     practice in the banking market.

If, as a consequence of the application of Clause 7.3, any Interest Period
should have a different duration than that of the terms of the deposits in Euros
for which, in accordance with the preceding section (a), there are rates of
EURIBOR, the interest rate applicable to that Interest Period will be calculated
through the lineal interpolation of the two (2) EURIBOR rates pertaining the
immediately preceding period and the period immediately after, for which there
is a quote.

The second business day immediately preceding the date of commencement of each
Interest Period, the Agent will proceed to perform the calculation of the
Ordinary Interest Rate applicable to that Interest Period and will communicate
it simultaneously to the Borrower and the Financial Institutions within the same
day of the calculation.

MARGIN

For Dispositions charged to Portion A

8.3 The initial amount of the Margin applicable to the Basic Rate for the
Dispositions charge to Portion A will be one hundred basic points (1%).

Said initial Margin may vary in the function of the evolution of the Ratio of
Net Financial Debt/Consolidated EBITDA, according to the following table:

                                       34

<PAGE>

<TABLE>
<CAPTION>
RATIO OF NET FINANCIAL DEBT/CONSOLIDATED EBITDA   MARGIN
-----------------------------------------------   ------
<S>                                               <C>
                  Ratio > 3.5                      1.50%
             3.5 = or > Ratio > 3.0                1.35%
             3.0 = or > Ratio > 2.5                1.20%
             2.5 = or > Ratio > 2.0                1.00%
                Ratio < or = 2.0                   0.80%
</TABLE>

For the purposes of applying the new Margin, the calculation of the referenced
ratio will be conducted annually and will be credited through the Auditor's
annually issued certificate in accordance with the Clause 20.1(a), therefore
applying the new Margin (if necessary) during the Interest Period commencing
after the referenced Auditor's certificate is received by the Agent.

Margin of Portion B

8.4 The initial amount of the Margin applicable to the Basic Rate for the
Dispositions charged to Portion B will be of seventy basic points (0.70%).

Said initial Margin may vary in the function of the evolution of the Ratio of
Net Financial Debt/Consolidated EBITDA, according to the following table:

<TABLE>
<CAPTION>
RATIO OF NET FINANCIAL DEBT/CONSOLIDATED EBITDA   MARGIN
-----------------------------------------------   ------
<S>                                               <C>
                  Ratio > 3.5                      1.00%
             3.5 = or > Ratio > 3.0                0.90%
             3.0 = or > Ratio > 2.5                0.80%
             2.5 = or > Ratio > 2.0                0.70%
                Ratio < or = 2.0                   0.60%
</TABLE>

For the purposes of applying the new Margin, the calculation of the referenced
ratio will be conducted annually and will be credited through the Auditor's
annually issued certificate in accordance with the Clause 20.1(a), therefore
applying the new Margin (if necessary) during the Interest Period commencing
after the referenced Auditor's certificate is received by the Agent.

                                       35

<PAGE>

SUBSTITUTE INTEREST RATES

Principal Substitute Interest Rate

8.5 In the event that it were impossible to determine, because of circumstances
of those markets, the Ordinary Interest Rate applicable to the referenced
Interest Period, a variable principal substitute interest will be applied during
that Interest Period (the PRINCIPAL SUBSTITUTE INTEREST RATE), which will be
equal to the arithmetic average of the interest rates facilitated by the
Entities of Reference on the day of commencement of the pertinent Interest
Period for deposits in Euros in the interbank market for one (1), two (2), three
(3) or six (6) months of duration (according to the applicable term or the one
chosen by the Borrower in accordance with the preceding Clause No. 7), plus
Margin, brokerage, expenses, commissions and taxes. The rate determined will be
applied starting on the same day it is determined.

Subsidized Substitute Interest Rate and Entities of Reference

8.6 Assuming that it is not possible to determine the Principal Substitute
Interest Rate in accordance with the establishment in the preceding Clause 8.5,
a Subsidized Substitute Interest Rate will be applied (the SUBSIDIZED SUBSTITUTE
INTEREST RATE), determined as established in the following paragraphs:

(a)  The Agent will calculate the Subsidized Substitute Interest Rate applicable
     by adding the Margin to the Substitute EURIBOR; and

(b)  By "Substitute EURIBOR", it is understood, for the purposes of this
     Contract, the EURIBOR rate for deposits in Euros for which there is a quote
     (preferably the nearest one, rather than the most remote one), incremented
     by any tax or charge which liens or may lien this type of operation in the
     future, plus the brokerage expenses or any other type of applicable
     expense.

Application of the Substitute Interest Rate (Principal or Subsidized)

8.7 In the case of application of Substitute Interest Rates (Principal or
Subsidized) as many Substitute Interest Rates as liquidations will be practiced,
each one corresponding with the amount of days of application of the Substitute
Interest Rate (Principal or Subsidized, as appropriate), and the Borrower needs
to satisfy them at the end of the duration of the substitute period.

The application of the Substitute Interest Rates referenced in the preceding
clauses will cease at the time the exceptional circumstances which may have
induced their application disappear, and there will be another application of
the Ordinary Interest Rate as soon as the circumstances of the market allow it,
after an immediate notification from the Agent to the Borrower and the Financial
Institutions.

To apply the Ordinary Interest Rate again, the process to determine the Ordinary
Interest Rate, as established in Clause 8.2, will be restarted two (2) business
days in which the Substitute Interest Rate would be applied, prior to the
expiration of the Interest Period then in force.

                                       36

<PAGE>

In those cases in which, due to the application of a Substitute Interest Rate, a
Interest Period other than the one initially provided as established in Clause 7
was used, at the time in which the exceptional circumstances which would have
made them applicable, the duration of the next Interest Period will be adjusted
so the expiration coincides with the end of the Interest Period, which, if it
were not due to those circumstances, would be in force at this time.

ACCRUAL AND LIQUIDATION OF INTEREST

8.8 The Principal will accrue interest daily, favoring the Financial
Institutions, at the rate of interest established in this Contract.

Said interest will liquidate and become demandable, without being required, on
the appropriate Date of Liquidation and Payment of Interest.

To calculate the interests to be liquidated on each Date of Liquidation and the
Payment of Interest, we will use as a base a year consisting of three hundred
and sixty (360) days, and that interest will be calculated based on the exact
number of calendar days in each case.

COMMUNICATION OF THE APPLICABLE INTEREST RATE

8.9 Both the Ordinary Interest Rate as well as the Substitute Interest Rate
(Principal and Subsidized) will be communicated by the Agent to the Borrower and
the rest of the Financial Institutions simultaneously, on the same business day
they are determined in accordance with this Contract.

In case there is an error shown in the calculation of the interest rate
applicable, it may be proven at any time in the current Interest Period and it
will be corrected by the Agent immediately, and that correction will be in
effect starting on the initial date of application of the wrong rate.

ENTITIES OF REFERENCE

Omission by an Entity of Reference

8.10 Supposing any of the Entities of Reference did not provide a quote
statement, the one applied will be the rate resulting from the application of
the simple arithmetic average of the rates stated by, at least, two (2) of the
remaining Entities of Reference.

Mergers and demergers of Entities of Reference

8.11 In the event that any of the Entities of Reference merges with any credit
entity or is absorbed by another, the new resulting or absorbing one will
substitute it, for the purposes provided in this Contract. If, on the other
hand, the demerger of any of the Entities of Reference were produced, all the
entities resulting from the demerger that continue to be credit entities will be
considered Entities of Reference.

                                       37

<PAGE>

Substitution of Entities of Reference

8.12 Any of the Entities of Reference may be substituted by another entity
through an agreement between the Borrower and the Agent (a pact expressly
accepted by the remaining parts of this Contract).

New Entity of Reference

8.13 If any Entity of Reference acquires a Share in the Financing (including, as
an example, through acquisitions as a result of merging or demerging processes),
or disappears:

(a)  It will cease to be an Entity of Reference; and

(b)  The Agent will appoint, as soon as it is reasonably possible, another
     financial institution to be an Entity of Reference, as a substitute for the
     Entity of Reference ceasing (a pact expressly accepted by the remaining
     parts of this Contract).

EQUIVALENT ANNUAL RATE

8.14 For informational purposes, and in accordance with the establishments in
Circular 8/1990 of Banco de Espana (Bank of Spain), it is stated that the
equivalent annual rate (TAE) for nominal interest rate applicable to the
Financing, will be determined according to the formula found in Enclosure V of
the referenced Circular, published in the Official Newsletter of the State No.
226, dated September 20, 1990, in accordance with the new denominations of the
mathematical symbols contained in Circular 13/1993, dated December 21, which is
expressly held as reproduced.

9.   PENALTY RATE

Without prejudice to the resolution right established in Clause 21, if any of
the payments which will be made by the Borrower (or the Guarantors if
applicable) for any reason are not made on the date set forth in this Contract,
the amounts pending payment will produce a penalty rate resulting from an
increase of two hundred basic points (2%), the interest rate applicable every
time, favoring the Financial Institutions and without any need of a prior claim.

The penalty rate calculated will accrue on a daily basis, based on a year of
three hundred and sixty (360) days, starting from the first day (inclusive)
until the date of the whole payment of the amounts accrued, due, demandable and
not paid by the Borrower (or the Guarantors if applicable) under this Contract.
The amount of the late interest calculated will be liquid, due and demandable to
the Borrower (and the Guarantors if applicable) on a daily basis.

10.  CAPITALIZATION

According to the disposition in Article 317 of the Commercial Code, the parties
convene in the day-to-day capitalization of the ordinary interest due and not
satisfied,

                                       38

<PAGE>

which will accrue new interests of the Late Rate in conformity with Clause 9. In
the same way, the late interest due and not satisfied will also be capitalized
amongst each other, equally accruing interests on the appropriate Late Rate.

Without prejudice to the above, the Borrower and the Guarantors will indemnify
the Financial Institutions for any losses they may incur by not receiving the
payments on the date on which they should have been made in accordance with this
Contract, as long as the failure in receiving the payments is directly the fault
of the Borrower (or, if applicable, of any Guarantor).

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                                       39

<PAGE>

                                   SECTION IV
                 ORDINARY AMORTIZATION AND EXPECTED AMORTIZATION

11.  ORDINARY AMORTIZATION

OF PORTION A

Of the first French Disposition of Portion A

11.1 The amount of the first French Disposition of Portion A shall be reimbursed
by the Borrower as indicated in the following table:

<TABLE>
<CAPTION>
DATE OF REIMBURSEMENT       AMOUNT       % OF AMORTIZATION
---------------------       ------       -----------------
<S>                     <C>             <C>
June 22, 2006           E2,142,857.14        7.14285%
December 22, 2006       E2,142,857.14        7.14285%
June 22, 2007           E2,142,857.14        7.14285%
December 22, 2007       E2,142,857.14        7.14285%
June 22, 2008           E2,142,857.14        7.14285%
December 22, 2008       E2,142,857.14        7.14285%
June 22, 2009           E2,142,857.14        7.14285%
December 22, 2009       E2,142,857.14        7.14285%
June 22, 2010           E2,142,857.14        7.14285%
December 22, 2010       E2,142,857.14        7.14285%
June 22, 2011           E2,142,857.14        7.14285%
December 22, 2011       E2,142,857.14        7.14285%
June 22, 2012           E2,142,857.14        7.14285%
December 22, 2012       E2,142,857.18        7.14285%
TOTAL                   E  30,000,000            100%
</TABLE>

Of the second French Disposition of Portion A and of the sole Spanish
Disposition of Portion A

11.2 The amount of the second French Disposition of Portion A and the amount of
the sole Spanish Disposition of Portion A shall be reimbursed by the Borrower in
fourteen (14) equal semester amortizations of capital (each one of them, a DATE
OF REIMBURSEMENT), the first Date of Reimbursement taking place starting six (6)
months after the set Date of Disposition.

                                       40

<PAGE>

Common Considerations for the amortization of Portion A

11.3 The Agent will deliver to the Financial Institutions on the appropriate
Date of Reimbursement and with the same value date, the appropriate amount
relating to their respective Shares in Portion A (except for those Financial
Institutions that have been attributed the condition of subordinate creditors
due to a creditor statement), by an installment on the account delivered to the
Agent. If the Agent receives a repayment smaller than the one due, they will
proceed to distribute the amount really perceived between the Financial
Institutions proportional to their Shares in Portion A, without prejudice to the
appropriate actions of each Financial Institution to recover the difference.

Assuming the application of a decrease in the Amount of Portion A (due to
Advanced Payment or another reason), such a reduction will proportionately
decrease the amount amortized on each Date of Reimbursement.

OF PORTION B

11.4 The Borrower will reimburse the Amount of Portion B on the Loan Maturity
Date of Portion B (that is, on December 22, 2010).

The Agent will deliver to the Financial Institutions on the appropriate Date of
Reimbursement and with the same value date, the amortized amount ordinarily
charged to Portion B (except for those Financial Institutions that have been
attributed the condition of subordinate creditors due to a creditor statement),
by an installment on the account delivered to the Agent. If the Agent receives a
repayment smaller than the one due, they will proceed to distribute the amount
really perceived between the Financial Institutions proportional to their Shares
in Portion B, without prejudice to the appropriate actions of each Financial
Institution to recover the difference.

11.5 Notwithstanding the establishment in the preceding Clause 11.4, the
Borrower may reimburse any of the amounts they might have disposed of charged to
Portion B, taking into consideration that said reimbursement:

(a)  Must be communicated to the Agent with at least, ten (10) business days
     prior to the Date of Liquidation and Payment of Interest pertaining said
     Disposition, charged to Portion B; and

(b)  The Expected Amortization will not be considered as voluntary, and
     therefore, it will not decrease the Amount of Portion B and the Borrower
     may use again the funds reimbursed, charged to Portion B, in accordance
     with the establishments in Clause 6.

                                       41

<PAGE>

12. EXPECTED AMORTIZATION

VOLUNTARY EXPECTED AMORTIZATION

12.1 Without prejudice to the provision in the preceding clause, the Borrower
may amortize in advance the totality or part of the Principal under Portion A
and may partially reduce (or totally cancel) the Amount of Portion B, without
affecting the Amount of Portion A in any way, as long as it is done subject to
the following:

(a)  There is a written notice delivered to the Agent a minimum of ten (10)
     business days in advance;

(b)  That the funds are used by the Borrower for the voluntary Expected
     Amortization or (i) have been generated by the own business of the Borrower
     or any of its Affiliates, or (ii) have directly or indirectly been
     contributed by the Parent Company (through the Borrower's capital
     expansions or through a Subordinate Debt) or (iii) from refinancing with
     Banco de Sabadell S.A.;

(c)  Be in the amount of a minimum of one million Euros (E1,000,000) or any
     amount higher, multiple of five hundred thousand Euros (E500,000) except in
     the case that (i) the Principal of Portion A or the live balance of Portion
     B (if applicable) is less than one million Euros (E1,000,000) or (ii)
     dealing with an Expected Amortization of the totality of the Principal of
     Portion A or of the live balance of Portion B (if applicable), in which
     case, the voluntary Expected Amortization must be made by the whole amount
     of that Principal pending or live balance (as appropriate); and that

(d)  The Date of Voluntary Expected Amortization coincides with a Date of
     Liquidation and Payment of Interest.

12.2 The voluntary Expected Amortization (of any of the Portions) will not
accrue any commission in favor of the Financial Institutions, as long as it is
in accordance with the conditions established in the preceding Clause 12.1.
Otherwise, the voluntary Expected Amortization will accrue a commission of one
hundred basic points (1%) on the amortized amount.

MANDATORY EXPECTED AMORTIZATION

12.3 The Borrower will be obligated to amortize the Principal pending in advance
of Portion A:

(a)  By an amount equivalent to the net amount perceived from any separation
     operation or disposition of the assets (other than those that constitute
     the ordinary traffic of activity) of any partnership of the Borrower's
     Group that assumes a cashier's entry for any partnership (individually or
     jointly) of the Borrower's Group greater than five hundred thousand Euros
     (E500,000) in a same social exercise, except if said amounts are reinvested
     in business-related assets within a term of six (6) months since the date
     of separation or disposition;

                                       42

<PAGE>

(b)  By an amount equivalent to the net amount from any separation operation or
     disposition of the assets (other than those which constitute the ordinary
     traffic of activity) of any partnership of the Borrower's Group that
     assumes a cashier's entry for any partnership (individually or jointly) of
     the Borrower's Group greater than five hundred thousand Euros (E500.000) in
     a same social exercise, except if said amounts are reinvested in
     business-related assets within a term of six (6) months since the date of
     separation or disposition;

(c)  By an amount equivalent to the surplus amount of the insurance indemnities
     collected by any partnership of the Borrower's Group, with regard to the
     assets of any partnership of the Borrower's Group that has not been
     reinvested when restituting the assets that generated said indemnities
     within a term of six (6) months from the date in which said indemnity was
     received (in accordance with the statement in Clauses 19.1(k)) and 19.3
     (h); and

(d)  By an amount equivalent to the amount that the Borrower (as long as they
     are acquiring the Target Companies), any Target Company, any other
     partnership of the Group of the Borrower or the Parent company receives as
     an execution of guarantees and/or indemnities granted by the sellers of the
     Target Companies with regard to their acquisition by the Borrower.
     Notwithstanding the above, the amounts received because of that and that
     are not destined to cover the payments of contingencies which need to be
     made by any of the Target Companies in consideration of the guaranteed
     items will only be subject of Expected Amortization.

12.4 The Borrower's payment of the amounts for mandatory Expected Amortization
will be made during the following Dates of Mandatory Expected Amortization:

(a)  With regard to the amounts mentioned in Clauses 12.3(a) and 12.3(b) above,
     within five (5) business days following the end of the period of six (6)
     months referenced in those clauses;

(b)  With regard to the amounts mentioned in Clause 12.3(c), within five (5)
     business days from the end of the term of six (6) months referenced said
     Clause; and

(c)  With regard to the amounts referenced in Clause 12.3(d), within the five
     (5) business days following the receipt of those amounts.

The Borrower must notify the Agent with a minimum of five (5) business days in
advance of the mandatory Expected Amortization, as well as that amount, in
accordance with the disposition in Clause 12.3. If the Date of the Mandatory
Expected Amortization is not a Date of Liquidation and Payment of Interest, the
establishment in Clause 16.1 will be applied.

The Mandatory Expected Amortization will not accrue any commission in favor of
the Financial Institutions.

                                       43

<PAGE>

EFFECTS OF EXPECTED AMORTIZATION

12.5 The Expected Amortization (voluntary or mandatory) of the Financing will be
definite in nature, therefore, starting on the appropriate Date of Expected
Amortization (voluntary or mandatory), the Borrower may not dispose of the
amounts affected by any of them, consequently reducing the commitment of the
Financial Institutions, when it comes to their Shares, or, if applicable,
completely finalizing those Shares.

In the case of Expected Amortizations (voluntary or mandatory), once the
Expected Amortization is received by the Agent, it will be irrevocable and
binding with the Borrower. If the Borrower defaults its amortization commitment
(or reduces it, if it were the case) the appropriate amount for which it should
have done it in accordance with the terms of this Contract, that circumstance
will be considered an Assumed of Default and it will be acted upon as provided
in Clause 21.

Simultaneously, with any Expected Amortization, the Borrower must pay the Agent,
in favor of the Financial Institutions, the interest accrued (if applicable),
and all the other amounts due to the Financial Institutions because of the
amount of the actual Expected Amortization in question (including any amount
payable applying the indemnities contained in Clause 22).

At the same time of reception in the Borrower's Account, the Agent will apply
the amounts obtained by virtue of the Expected Amortization (mandatory or
voluntary) in the priority order stated in the following Clause 15.

From the expected amortized amounts (voluntary or mandatory), the Agent will
deliver to the Financial Institutions on the appropriate Date of Mandatory (or
Voluntary, as appropriate) Expected Amortization and with the same value date,
the appropriate amount proportional to their respective Shares in the
appropriate Portion (except for those Financial Institutions that have been
attributed the condition of subordinate creditors due to a creditor statement),
by an installment on the account delivered to the Agent. If the Agent receives a
repayment smaller than the one due, they will proceed to distribute the amount
really perceived between the Financial Institutions proportional to their Shares
in the appropriate Portion, without prejudice to the appropriate actions of each
Financial Institution to recover the difference.

If as a consequence of the payment of an Expected Amortization, a total
amortization of the Financing is produced, the Borrower must pay the Agent
(besides the appropriate amount for Expected Amortization) the totality of the
amounts owed for anything under this Contract.

                                       44

<PAGE>

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                                       45

<PAGE>

                                    SECTION V
              PAYMENTS, COMPENSATION, DISTRIBUTION, IMPUTATION AND
                                    RECOVERY

13.  PAYMENTS

BY THE BORROWER AND THE GUARANTORS

13.1 All the payments that need to be made by the Borrower (or, if applicable,
by the Guarantors) in favor of any of the Financial Institutions will be made in
Euros, no later than ten o'clock (10:00) on the date they are considered due by
virtue of this Contract, valued on that same date, according to the rules of
value applicable, without the need of a prior requirement (except if it is
expressly determined otherwise in this Contract), through a charge that the
Agent (for which the Borrower expressly and irrevocably authorizes them) will
enter in the Borrower's Account on the date on which each payment is owed.

Any payment that the Borrower (or, if applicable, the Guarantors) makes or is
obligated to make as a consequence of this Contract will be rendered as
perceived by the Financial Institutions when the actual payment of the amount is
made to the Agent.

The Agent must remit to each Financial Institution (in Euros and on the same
date value as the date of the appropriate charge) the appropriate amount of the
payment made according to their Shares in the appropriate Portion, remitting it
to the account that the referenced Financial Institution has previously
communicated to the Agent.

BY THE FINANCIAL INSTITUTIONS

13.2 Except in the case of a pact stating otherwise, all the amounts the
Financial Institutions need to give the Borrower in accordance with this
Contract will be remitted in Euros no later than eleven o'clock (11:00) on the
appropriate day, either to the Agent's OMF 0081 account at the Banco de Espana,
through the EBA (European Banking Association) or through TARGET (Trans-European
Automated Real-Time Gross Settlement Express Transfer Systems) to the "swift"
account of the Agent indicated in Clause 36.3.

If the Agent made available to the Borrower any amount not placed
unconditionally at the disposition of the Agent by any Financial Institution,
the Borrower, immediately and after notifying the Agent, will reimburse that
amount to the Agent, along with the interest accrued up to the reimbursement of
the appropriate Ordinary Interest Rate in accordance with this Contract.

If at any time and in any way (including the compensation of balances), any
Financial Institution receives amounts from the Borrower (or, if applicable,
from the Guarantors) - excluding the cases of individual judicial or
extrajudicial claim provided in this Contract - because of a payment of an
obligation derived from this Contract or received by the Agent, because of the
Financing, amounts greater than those that are proportionally appropriate, they
will be obligated to give the Agent the

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excess of the funds received so that they can distribute them with the same date
value of receipt among the other Financial Institutions in the appropriate
proportion of the appropriate Share in the appropriate Portion, except to those
Financial Institutions that because of creditor statement are attributed the
condition of subordinate creditors.

The possible rights of the Financial Institutions to obtain payments from the
Borrower based on reasons or obligations other than those contained in this
Contract will not be affected by the statement previously made.

TAXES AND WITHHOLDINGS

13.3 All the payments that will be made by the Borrower (or, if applicable, by
the Guarantors) according to this Contract, either for the Principal, interest,
commissions, expenses or any other item, will be considered net and without a
deduction or withholding (either due to compensation, rights, charges or any
other title), unless the reduction or withholding is required by law. In this
case, the Borrower (or, if applicable, the Guarantor) must:

(a)  Verify that the deduction or withholding does not exceed the minimum
     legally required amount;

(b)  Immediately pay the Agent, in favor of the Financial Institution(s) in
     question, the additional amount necessary to ensure that the net amount
     received by each Financial Institution is equal to the total amount they
     would have received if the deduction or withholding had not been produced;

(c)  Pay the tax authorities or other competent authorities within the term of
     payment allowed by the applicable laws, the whole amount of the deduction
     or withholding (including, without prejudice to what has been stated
     before, the total amount of any deduction or withholding of the additional
     amount necessary to pay to obtain the result pursued by this clause); and

(d)  Deliver to the Agent, in favor of the Financial Institution(s) in question,
     within the allowed term determined by the pertinent laws:

     (i)  An official letter of payment issued by the competent tax authorities,
          regarding all the amounts deducted or withheld; or

     (ii) If the competent tax authorities did not issue letters of payment with
          regard to the payments made by the deducted or withheld amounts, an
          equivalent certificate or evidence of the destination and execution of
          the deduction or withholding in question.

The Financial Institutions will do everything reasonably possible and
particularly will comply with the formalities legally necessary (and as long as
an additional cost to the Financial Institution is not assumed) for the purposes
of lessening the tax effects of this operation for the Borrower.

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DATE

13.4 Every payment obligation which, for any reason, is due on a day that is not
a business day, will be due on the next immediate business day. If the next
business day determined falls on the next month, it will be due on the
immediately preceding business day.

14.  COMPENSATION AND PROPORTIONAL DISTRIBUTION

COMPENSATION

14.1 The Borrower and the Guarantors expressly and irrevocably enable the
Financial Institutions to make the installments and charges necessary to apply
them to the payment of any amounts (liquid, due and demandable) owed by the
Borrower (and/or, if applicable, the Guarantors) by virtue of this Contract:

(a)  The balances in favor of the Borrower (or, if applicable, of the
     Guarantors) may exist in the possession of the Financial Institutions,
     either in checking accounts, savings accounts or any other type of account;

(b)  Any other amount or credits which, while belonging to the Borrower (or, if
     applicable, to the Guarantors) are in possession of the Financial
     Institutions, or that need to be satisfied; and

(c)  Any other deposit, including deposits of values, present or future, that
     the Borrower (or, if applicable, the Guarantors) may have established in
     the main headquarter or at any branch of any of the Financial Institutions
     (consequently including the faculty of anticipating the expiration of term
     deposits for the purposes of proceeding with the compensation established
     in this clause), consequently being able to make the installments and
     charges necessary when applying this paragraph.

The obligations and the liquid credits, due, demandable and reciprocal derived
from this Contract will be automatically extended and compensated in the
concurrent amount. With regard to the values of all kinds (including the shares)
referred in this clause, the Borrower and the Guarantors expressly and
irrevocably authorize the Financial Institutions (as the irrevocable nature of
the empowerment is necessary to comply with this Contract) so that the
appropriate Financial Institution, as long as any amounts derived from this
Contract were pending payment, proceed with the sale for the purposes of
compensating, with the amount obtained, the obligations assumed by the Borrower
(and, if applicable, by the Guarantors) by virtue of this Contract, which are
liquid, due and demandable.

PROPORTIONAL DISTRIBUTION

14.2 If a Financial Institution collects or recovers an amount (except from the
Agent) with regard to the amounts owed by the Borrower (or, by the Guarantors
executing their respective commitments) in accordance with this Contract (for

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compensation or other), it must immediately inform the Agent of that amount and
of their form of collection or recovery.

After the receipt of a notice according to the preceding paragraph, the Agent,
as soon as possible taking into consideration the circumstances, must consult
with the Financial Institutions to establish the totals of the total amounts
collected or recovered by the Financial Institutions and the payments that will
be made between ones and the others, so that the total amount is divided between
the Financial Institutions proportional to their respective Shares in the
appropriate Portion (except for those Financial Institutions that because of a
creditor statement are attributed the condition of subordinate creditors or by
applying the provisions of Clause 14.3 below). To that effect, the Financial
Institutions will proceed to make the payments as soon as possible, through the
Agent and as the Agent requests them to do.

When a Financial Institution makes one of those payments, each payment
previously collected by that Financial Institution according to the description
in the preceding paragraphs, (either the Borrower or the Guarantors) will be
considered (i) made by the Borrower and collected by that Financial Institution
as a representative of the Financial Institutions, (ii) that the payments
described in this clause will be made, and (iii) that the responsibilities of
the Borrower to each one of the Financial Institutions will be determined as if
said payment or payments had been made in accordance with this clause.

When a Financial Institution makes one of these payments, the disposition in the
preceding paragraph will not be applicable if, as a result of it, the Borrower's
debt (or that of the Guarantors, while executing their respective commitments
under this Contract) to the Financial Institution, by ruling of the law or any
other circumstance, must be reputed as extinguished, liquidated or satisfied by
the amount collected or recovered (for example, because of compensation). In
this case, it will be considered that this payment has been made on behalf of
the Borrower (or the Guarantors, executing their respective commitments under
this Contract) meeting the obligations derived by this Contract for the purposes
of determining:

(a)  The responsibilities of the Borrower (or of the Guarantors, if that were
     the case) to the Financial Institutions (other than the responsibilities
     toward the Financial Institution that makes that payment or payments); and

(b)  The responsibilities amongst the Financial Institutions.

As long as by virtue of that payment the Financing is liquidated, the Borrower
(or if applicable, the Guarantors) will leave the Financial Institution totally
indemnified for that payment or payments.

Every amount that the Borrower (or the Guarantors, while executing their
respective commitments under this Contract) must pay will be payable starting on
the date that the Financial Institution makes the payment or payments derived
from this clause, accruing interest starting on that date and, for those
purposes and all other purposes of this Contract, will be treated in the same
way as all the other amounts due when applying this Contract, as if they were
with regard to the Shares of the Financial

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Institution benefiting from the indemnity referenced in the preceding paragraph
(even if the debt derived from said Share needed to be reputed as extinguished,
liquidated or totally or partially satisfied).

The parties will make the payments and adopt the measures that are fair and
equal to readjust the position of the parties if a Financial Institution, once
they have followed the procedures required above, were obligated to return any
amount to the Borrower (or to the Guarantors, if that were the case).

OMISSION OF PETITION FOR BANKRUPCY

14.3 Those Financial Entities that, having right to same and having been
required to that effect by the Agent, did not want to petition for the bankrupcy
of the Borrower, will not be permitted to participate in any of the
proportionate distributions of said amounts that, in said case, were received by
the Financial Entities who did petition for bankrupcy and that correspond to the
priviledge established in Article 91.6 of the Bankruptcy Law.

15.  IMPUTATION OF PAYMENTS

15.1 Every payment made by the Borrower (or by any Guarantor, if that were the
case) to the Agent in accordance with this Contract will be applied to the
payment of the following items and in the same order established below:

(a)  To the late interest;

(b)  To the ordinary interest accrued and due;

(c)  To rates and commissions;

(d)  To expenses and taxes owed;

(e)  To indemnities and increases in cost;

(f)  To procedural expenses and costs imputable to the Borrower's Group; and

(g)  To the amount of the Principal pending, starting with the amortization
     charge most remote in time.

15.2 The imputation of payments will begin with the farthest liquid and
demandable debts, which in any case may not be understood that the one made for
specific debits may mean the waiver of others even if they are older and derived
from the same or other items, unless the Financial Institutions expressly state
such a waiver in a written communication from the Agent.

Assuming that within a same item among those listed in this clause, there are
different debts due, which are identical in age, the imputation of payments with
regard to such debts will be conducted proportional to the amount of each one of
them.

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15.3 The same imputation will be made assuming that the payment, notwithstanding
the agreement in this Contract and due to the assurance of extraordinary
circumstances, was made by the Borrower (or by the Guarantor, if that were the
case) to any of the Financial Institutions, through the Agent, all without
prejudice to the prorated distribution that will proceed in that case, in
accordance with the establishment in this Contract.

16. RECOVERY

LITIGATION

16.1 If a Financial Institution recovers an amount as a consequence of the
compliance or execution of a court order dictated during a process they are a
party in, Clause 14.2 will not be applicable in favor of any other Financial
Institution that (having the right to do so) did not concur in the process with
the Financial Institution in the recovery of that amount and did not give the
Agent an advance notice so they can communicate it to the other Financial
Institutions.

EXPECTED PAYMENT

16.2 If any Financial Institution, or the Agent on their behalf and
representation, receives the totality or any part of the Shares of that
Financial Institution for the appropriate Portion, and it has been received
prior to the Date of Liquidation and Payment of Interest that should have been
received, the Borrower, as requested by the Agent on behalf of the referenced
Financial Institution, must make an installment in an amount equal to the
payment of additional interest that the Borrower should have paid if the
reimbursement was made on the appropriate Date of Liquidation and Payment of
Interest, plus the costs incurred by the Financial Institutions as a consequence
of the break in the Interest Period.

Each Financial Institution must calculate the above-referenced costs and notify
the Agent, who in turn will notify the Borrower, and those amounts will be
conclusive (unless there is an error).

NOTIFICATION

16.3 Each Financial Institution must notify the Agent immediately regarding the
collection or recovery that the Financial Institution has made of any amount
owed and payable to that Financial Institution in accordance with this Contract,
and those they may collect or recover other than through the Agent.

Once any of the referenced notices is received, the Agent must forward it as
soon as possible to all the other Financial Institutions.

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                                   SECTION VI
                            INTERVENING CIRCUMSTANCES

17.  INTERVENING CIRCUMSTANCES

UNLAWFULNESS

17.1 If the promulgation or modification of any law, or a change in the
interpretation or application of a law, makes it unlawful or impossible (i) for
any Financial Institution to maintain share acquisition, totally or partially;
(ii) for said Financial Institution to be paid any sum owed to it; (iii) for any
Financial Institution to fulfill all or part of its other obligations derived
from this contract; or (iv) for said Financial Institution to charge or receive
interest at applicable rates, after notifying the Agent:

(a)  the Agent shall communicate this fact to the Borrower as soon as the Agent
     becomes aware of the promulgation, modification or application of a change
     in the law's interpretation, and the Financial Institution's obligation to
     participate in the Financing shall be automatically suspended; likewise,
     the Financing itself shall be suspended; and

(b)  if any drawdown has been made, the Borrower shall (upon prior notice and
     without prejudice to any alternative measures agreed upon by the Borrower,
     the Agent and the Financial Institution in question) shall make an early
     payment to the Agent, in favor of the Financial Institution in question,
     for all of the shares covered by the Financing, by the date which the
     Financial Institution certifies is required to fulfill the applicable laws,
     and the Financing shall be partially repaid in regard to the shares of the
     Financial Institution in question.

INCREASED COSTS

17.2 If, as a consequence of the new laws or rules, or a new interpretation -
issued by a competent authority - of current provisions regulating bank
activity, the Financial Institutions are faced with a cost increase or a
reduction of income derived directly from this Contract, the Agent shall
immediately notify the Borrower. The latter shall make payments compensating for
said cost increase or income loss (duly justified by the Financial Institutions
in a communication from the Agent to the Borrower), to reestablish equivalency
with the loans made at the moment this Contract was signed.

The Borrower shall carry out said compensation on each of the dates when payment
is made under this contract, by remitting additional amounts based on the well-
reasoned statement presented by the Financial Institutions. Among the causes of
cost increases or income reductions covered in this Paragraph are, by way of
example, the imposition of any obligatory bank rates that may affect the
attainment of funds utilized for granting this Financing.

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Said compensation in favor of the Financial Institutions shall be applied (upon
the Financial Institutions' presentation of the corresponding statement) when
the operative norm or the supervising authority's decision obliges the Financial
Institutions to make such payments toward financing, especially in relation to
corporative operations of any kind or the loss of solvency on the part of the
Borrower (or any of the Guarantors).

In the case that - as a result of new laws or rules, or a new interpretation,
issued by a competent authority, of current legal provisions regulating banking
activities - the Financial Institutions benefit from lowered costs or increased
income derived directly from this Contract, said lowered costs or increased
income shall be transferred to the Borrower.

MARKET INCIDENTS

17.3 During any interest period, in the case that:

(a)  none or only one of the Reference Entities can provide notice of an
     interest rate applicable to the Financing, or in the case that the Agent
     (after consulting with the Financial Institutions) determines that - due to
     circumstances that generally influence the money market for deposits in
     euro - reasonable and suitable means to determine an interest rate
     applicable to the Financing neither exist nor will exist, in line with
     Clause 8; or

(b)  the Agent is informed by any of the Financial Institutions that there are
     no deposits in euro available on the money market's regular commercial
     traffic for deposit in euro for a period equal to that of the subsequent
     interest period, in sufficient quantities to finance its respective share
     in the Financing; or

(c)  the Agent is informed by the Financial Institutions whose joint share
     totals more than thirty percent (30%) of the Financing (hereinafter called
     the AFFECTED FINANCIAL INSTITUTIONS) that the arithmetic mean of the rates
     offered, to which Clause 8 refers, is not cost effective for them to
     finance their respective shares during the subsequent interest period, the
     Agent shall immediately inform the Borrower and each of the Financial
     Institutions, and

(d)  the Borrower shall make advance payments on the Financing to the Agent, in
     favor of the Financial Institutions [or in the case of Paragraph (c) above,
     in favor of the Affected Financial institutions] within ten (10) workdays
     starting at the close of the period of thirty (30) days following the above
     notification, with the exception that interest earned shall be paid to each
     Financial Institution or Affected Financial Institution at a rate equal to
     the margin plus the sum of the amounts, determined by the Financial
     Institution and reported through the Agent to the Borrower, representing
     said Financial Institution's cost of maintaining its share starting with
     the beginning of the period of thirty (30) days to which this paragraph
     refers. This procedure is overridden if, within a period of thirty (30)
     days following the above notification, the Borrower and the Agent [in
     consultation with the Majority Entities or, in the case of Paragraph (c)
     above, with the Affected Financial Institutions] reach,

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     through good-faith negotiations, an alternate basis acceptable to the
     Borrower and the Financial Institutions for continuing the Financing or the
     Affected Financial Institutions' shares in the Financing (any alternative
     basis shall be agreed upon in writing and be retroactive to the beginning
     of the pertinent interest period), and

(e)  as long as any accepted alternative basis is in effect, the Agent, after
     consulting with the Financial Institutions [or, in the case of Paragraph
     (c) above, with the Affected Financial Institutions], shall determine
     periodically (at least once a month) whether the circumstances that made
     the application of said basis necessary still exist. If the Financial
     Institutions determine that they no longer exist, they shall immediately
     communicate this determination, through the Agent, to the Borrower and each
     Affected Financial Institution, and the basis shall cease to be in effect
     on the date specified by the Agent, following consultation with the
     Financial Institutions or the Affected Financial Institutions (if
     applicable).

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                                   SECTION VII

                           STATEMENTS AND OBLIGATIONS

18. THE BORROWER'S AND GUARANTOR'S STATEMENTS

THE BORROWER'S STATEMENT

18.1 The Borrower recognizes that each of the Financial Institutions has entered
into this Contract and is participating in the Financing trusting fully in the
statements formulated by the Borrower in the following terms, and the Borrower
declares to each Financial Institution that:

(a)  LEGAL STATUS: the Borrower is a corporation that has been properly
     constituted and functioning in accordance with Spanish legislation; with
     the operational capacity to enjoy all the rights and duties derived from
     this Contract; whose corporate purpose permits the establishment of this
     legal business deal; and which has not filed any request for proceedings
     regarding bankruptcy, suspension of payments, insolvency or any similar
     situation, and has no knowledge of circumstances that could result in the
     need to request the filing of any of the aforementioned proceedings;

(b)  CORPORATE STRUCTURE OF THE BORROWER GROUP: on the date this Contract was
     signed, the Borrower Group possesses the structure indicated in Attachment
     5, Chapter A and, following the acquisition of the target companies, will
     possess the structure indicated in Attachment 5, Chapter B;

(c)  STOCK STRUCTURE: the Borrower's current stock structure is the one
     indicated in Attachment 6;

(d)  POWERS AND AUTHORIZATIONS: the Borrower's bylaws include the enabling
     provisions, and in addition the Borrower has obtained all the necessary
     authorizations and has followed all the prescribed procedures for the
     Borrower to own shares, carry out operations as it currently does, and sign
     and fulfill the agreements contained in this Contract, which is the source
     of the Borrower's valid and associated obligations, which can be demanded
     in their own terms;

(e)  NONEXISTENCE OF INFRACTION: neither the signing of this Contract nor the
     fulfillment of any of the agreements contained herein violate or shall
     violate, constitute or shall constitute a default, exceed or shall exceed
     or fail to fulfill any limitation, obligation or prohibition on the part of
     the Borrower or the powers of its representatives, imposed or contained in
     (i) any law, administrative resolution or legal ruling by which the
     Borrower or any of its assets are linked or affected; (ii) any document or
     regulation that contains or establishes the Borrower's founding principles;
     or (iii) any agreement, contract or other instrument to which the Borrower
     is a party, or which constitutes and obstacle for any of its assets.

     Specifically, the Borrower declares that the signing of this contract, the

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     drawdown of Financing, or fulfillment of any agreement contained in this
     Contract or attachments contracts neither violate nor shall violate,
     neither constitute nor shall constitute default, nor do they exceed or fail
     to fulfill any aspect of the finance Contracts signed by the Parent Company
     and discussed in explanation (d) above (depending on the modifications made
     at any particular time);

(f)  FULFILLMENT OF OBLIGATIONS: the Borrower has followed all legislation and
     norms regulating its business activity, all the applicable tax and social
     security legislation, as well as the payment obligations discussed in
     Article 2.4.4 of the Bankruptcy Act. At the present time the Borrower has
     no administrative or judicial claims related to said legislation, and the
     Borrower has no knowledge of any facts or circumstances that could result
     in the filing of any inspection procedures and/or claims stemming from
     potential default of applicable legislation;

(g)  CONSENT: except for anything related (i) to formalization of this Contract
     as a public document; (ii) in regard to mortgages (if applicable), to the
     establishment of the corresponding mortgage contract as a public deed and
     its inscription in the pertinent property registration; and (iii) to the
     establishment of the Securities agreement in a public document and its
     inscription in the register of Participating Companies or partners
     (whichever is the case), according to current applicable laws it is not
     necessary - in order to assure its validity, efficacy or the Borrower's
     level of responsibilities and obligations, or the rights of the Financial
     Institutions (or any one of them) derived from this Contract or any related
     contract - to have any authorization, approval, consent, license,
     exemption, registration, inscription, presentation or formalization, or any
     payment for rights or taxes, or action of any other type that has not been
     obtained or carried out;

(h)  TAXES: with the same exception as in the above Paragraph (g), in accordance
     with current applicable laws, none of the agreements contained in this
     Contract shall constitute a liability to be taxed by any authority;

(i)  NONEXISTENCE OF WITHHOLDING: according to current applicable laws, the
     Borrower shall not be obliged to make any deduction or withhold any payment
     related to this Contract;

(j)  GOVERNING LEGISLATION: the governing law applicable to this Contract or (in
     the performance, fulfillment or development of the same) to any other
     related document or contract (in particular, the mortgage, security and
     hedge contract) is valid and shall be recognized by the courts in the
     jurisdiction of the country of application;

(k)  IMMUNITY: the Borrower does not have or enjoy any jurisdictional privilege
     that could impede or hamper the application of the designation of the
     competent jurisdiction for this Contract or (in the performance,
     fulfillment or development of this Contract) for any other contract or
     document related to it

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     (in particular, the mortgage, security and hedge contract);

(l)  LINKED OBLIGATIONS: all the obligations assumed by the Borrower by virtue
     of this Contract or (in the performance, fulfillment or development of this
     Contract) any other contract or document related to it (in particular, the
     mortgage, security and hedge contract) are valid, linked and may be
     fulfilled under the terms that have been agreed upon;

(m)  NONEXISTENCE OF CROSSED DEFAULT: no circumstance has arisen that
     constitutes, or that through notification or the passage of time would
     constitute (i) a case of default of this Contract or another other
     agreement related to it, or (ii) a default or default of the tenor of an
     contract, agreement or instrument to which the Borrower or any of its
     assets is linked, affected or hampered;

(n)  LITIGATION: except for the litigation listed in Attachment 8, no litigation
     has been undertaken or is pending, nor is there any pending before any
     judicial organ, or any arbitration, proceeding or administrative claim
     against the Borrower or any of its assets;

(o)  ECONOMIC INFORMATION: the Borrower's financial statements through December
     31, 2004 (the Borrower has delivered a copy of these to the Agent, for its
     distribution among the Financial Institutions) properly present the
     Borrower's financial situation and equity up to said date, and have been
     prepared in accordance with the Spanish General Accounting Plan;

(p)  FINANCIAL PROJECTIONS: the financial projections communicated at the
     present time or in the future by the Borrower to the Agent respond or shall
     respond to reasonable and good-faith criteria and hypotheses, are based and
     shall be based on the Borrower Group's recent information, and are or shall
     be consistent with the General Spanish Accounting Plan;

(q)  DISCLOSURE: the Borrower has communicated to the Agent, in their totality
     and in writing, all the facts of which it is aware or of which it should
     reasonably be aware, and that should reasonably be communicated to the
     Financial Institutions (or any of them), in the context of this Contract
     (including facts that affect Affiliates and Participating Companies), and
     that information is truthful, correct and complete;

(r)  COPIES OF DOCUMENTS: the documents presented in their original form and/or
     copies, whether or not they are part of the Contract in its respective
     Attachments, are either the original documents signed by the various
     parties, or copies that correspond exactly to their respective originals;

(s)  ADVERSE CHANGE OF CIRCUMSTANCE: since December 31, 2004, there have been no
     Adverse Changes of Circumstance related to the Borrower, and the Borrower
     has no knowledge of any circumstance related to the Borrower Group that
     could entail any Adverse Changes of Circumstance;

(t)  PARI PASSU: except for the real guarantees described in Attachment 7,
     Chapter

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     A, no real guarantees or privileges of any kind have been granted, and
     therefore, on the day this Contract is executed, (i) none of the Borrower's
     assets is hampered and (ii) none of the Borrower's creditors, nor those of
     the Parent Company, enjoy any credit preferences related to this Contract,
     and thus all of them have the status of common creditors (as defined by
     Spanish law), except for the privileges established by law;

(u)  VARIATIONS IN CAPITAL: since December 31, 2004, the Borrower's shareholders
     meeting has not adopted agreements tending toward a variation of the
     Borrower's capital stock, nor has the Borrower adopted any agreements
     tending toward a variation of the capital stock belonging to its Affiliates
     or Participating Companies (particularly capital reductions with the return
     of contributions);

(v)  NONEXISTENCE OF SPECIAL AGREEMENTS RELATED TO CAPITAL STOCK: on the date of
     this Contract, there is no agreement, pact or contract in effect (either
     oral or written):

          (i)  by virtue of which the Borrower has offered, or is obliged to
               offer in the future, purchase options or any other rights over
               shares representative of capital stock;

          (ii) among the Borrower's current shareholders; nor

          (iii) among the Borrower and its current Participating Companies or
               persons linked to said Participating Companies; and

(w)  ENVIRONMENT: except, albeit only in the manner in which it has been
     disclosed previously in written form to the Financial Institutions and
     receipt has been acknowledged by the Agent in accordance with the
     provisions of the Contract:

          (i)  according to its faithful knowledge and understanding, up until
               the Contract date the Borrower has fulfilled the applicable
               Spanish, European Union and international norms -including
               treaties, conventions and protocols - related to environmental
               pollution (ENVIRONMENTAL LEGISLATION);

          (ii) the Borrower has obtained all the licenses, permits,
               authorizations, exemptions and other approvals required by
               Environmental Legislation;

          (iii) the Borrower has not received notification of any claim or
               requirement based on or stemming from default of any aspect of
               Environmental Legislation;

          (iv) there are no pending claims or requirements based on or stemming
               from Environmental Legislation; and

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          (v)  there have been no emissions or spills of any kind that could
               result in any form of claim or requirement based on or stemming
               from Environmental Legislation.

18.2 It is understood that the Borrower's declarations in regard to the
circumstances at each period shall be repeated and ratified on each of the
liquidation and interest payment dates, up to and including the loan maturity
date.

GUARANTOR'S STATEMENTS

18.3 The Guarantor recognizes that each of the Financial Institutions has
entered into this Contract and is participating in the Financing, trusting fully
in the statements formulated by the Guarantor in the following terms, and the
Guarantor declares to each Financial Institution that:

(a)  LEGAL STATUS: the Guarantor is a corporation that has been properly
     constituted and functioning in accordance with the legislation of its
     jurisdiction; with the operational capacity to enjoy all the rights and
     duties derived from this Contract; whose corporate purpose permits the
     establishment of this legal business deal; and which has not filed any
     request for proceedings regarding bankruptcy, suspension of payments,
     insolvency or any similar situation, and has no knowledge of circumstances
     that could result in the need to request the filing of any of the
     aforementioned proceedings;

(b)  POWERS AND AUTHORIZATIONS: the Guarantor's bylaws include the enabling
     provisions, and in addition the Guarantor has obtained all the necessary
     authorizations and has followed all the prescribed procedures for the
     Guarantor to own its shares, carry out operations as it currently does, and
     sign and fulfill the agreements contained in this Contract, which is the
     source of the Guarantor's valid and associated obligations, which can be
     demanded in their own terms;

(c)  NONEXISTENCE OF INFRACTION: neither the signing of this Contract nor the
     fulfillment of any of the agreements contained herein violate or shall
     violate, constitute or shall constitute a default, exceed or shall exceed
     or fail to fulfill any limitation, obligation or prohibition on the part of
     the Guarantor or the powers of its representatives, imposed or contained in
     (i) any law, administrative resolution or legal ruling by which the
     Guarantor or any of its assets are linked or affected; (ii) any document or
     regulation that contains or establishes the Guarantor's founding
     principles; or (iii) any agreement, contract or other instrument to which
     the Guarantor is a party, or which constitutes an obstacle for any of its
     assets.

(d)  FULFILLMENT OF OBLIGATIONS: on the date of this Contract, the Guarantor has
     followed all legislation and norms regulating its business activity, all
     applicable tax and social security legislation, without any administrative
     or judicial claims related to said legislation, and the Guarantor has no
     knowledge of any facts or circumstances that could result in the filing of
     any inspection procedures and/or claims stemming from potential default of
     applicable

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     legislation;

(e)  CONSENT: except for anything related (i) to formalization of this Contract
     as a public document; (ii) in regard to the establishment of mortgages (if
     applicable), to the establishment of the corresponding mortgage contract as
     a public deed and its inscription in the pertinent property registration;
     and (iii) to the establishment of the Securities agreement as a public
     document and its inscription in the register of Participating Companies or
     partners, according to current applicable laws it is not necessary - in
     order to assure its validity, efficacy or the Guarantor's level of
     responsibilities and obligations, or the rights of the Financial
     Institutions (or any one of them) derived from this Contract or any related
     contract - to have any authorization, approval, consent, license,
     exemption, registration, inscription, presentation or formalization, or any
     payment for rights or taxes, or action of any other type that has not been
     obtained or carried out;

(f)  TAXES: with the same exception as in the above Paragraph (e), in accordance
     with current applicable laws, none of the agreements contained in this
     Contract shall constitute a liability to be taxed by any authority;

(g)  NONEXISTENCE OF WITHHOLDING: in accordance with current applicable laws,
     the Guarantor shall not be obliged to make any deduction or withhold any
     payment related to this Contract;

(h)  GOVERNING LEGISLATION: the governing law applicable to this Contract or (in
     the performance, fulfillment or development of this Contract) to any other
     related document or contract is valid and shall be recognized by the courts
     in the jurisdiction of the country of application;

(i)  IMMUNITY: the Guarantor does not have or enjoy any jurisdictional privilege
     that could impede or hamper the application of the designation of the
     competent jurisdiction for this Contract or (in the performance,
     fulfillment or development of this Contract) for any other contract or
     document related to it;

(j)  LINKED OBLIGATIONS: all the obligations assumed by the Guarantor by virtue
     of this Contract or (in the performance, fulfillment or development of this
     Contract) any other document or contract related to it are valid, linked
     and may be fulfilled under the terms that have been agreed upon;

(k)  NONEXISTENCE OF CROSSED DEFAULT: no circumstance has arisen that
     constitutes, or that through notification or the passage of time would
     constitute (i) a case of default of this Contract or another other
     agreement related to it, or (ii) a default or default of the tenor of a
     contract, agreement or instrument to which the Guarantor or any of its
     assets is linked, affected or hampered;

(l)  LITIGATION: except for the litigation listed in Attachment 8, no litigation
     has been undertaken or is pending, nor is there any pending before any
     judicial organ, or any arbitration, proceeding or administrative claim
     against the Guarantor or any of its assets;

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(m)  ECONOMIC INFORMATION: the Guarantor's financial statements through December
     31, 2004 (the Guarantor has delivered a copy of these to the Agent, for its
     distribution among the Financial Institutions) properly present the
     Guarantor's financial situation and equity up to said date, and have been
     prepared in accordance with accounting standards applicable in the
     jurisdiction of its incorporation;

(n)  DISCLOSURE: the Guarantor has communicated to the Agent, in their totality
     and in writing, all the facts of which it is aware or of which it should
     reasonably be aware, and that should reasonably be communicated to the
     Financial Institutions (or any of them), in the context of this Contract
     (including facts that affect Affiliates), and that information is truthful,
     correct and complete;

(o)  COPIES OF DOCUMENTS: the documents presented in their original form and/or
     copies, whether or not they are part of the Contract in its respective
     Appendices, are either the original documents signed by the various
     parties, or copies that correspond exactly to their respective originals;

(p)  ADVERSE CHANGE OF CIRCUMSTANCE: since December 31, 2004, there have been no
     Adverse Changes of Circumstance related to the Guarantor, and the Guarantor
     has no knowledge of any circumstance related to the Guarantor's Group that
     could entail any Adverse Change of Circumstance;

(q)  PARI PASSU: except for the real guarantees described in Attachment 7,
     Chapter B, no real guarantees or privileges of any kind have been granted,
     and therefore, on the day this Contract is executed, (i) none of the
     Guarantor's assets is hampered and (ii) none of the Guarantor's creditors
     enjoy any credit preferences related to this Contract, and thus all of them
     have the status of common creditors (as defined by Spanish law), except for
     the privileges established by law;

(r)  VARIATIONS IN CAPITAL: since December 31, 2004, the Guarantor's
     shareholders meeting has adopted agreements tending toward a variation of
     the Guarantor's capital (particularly reductions with the return of
     contributions);

(s)  NONEXISTENCE OF SPECIAL AGREEMENTS RELATED TO CAPITAL STOCK: on the date of
     this Contract, there is no agreement, pact or contract in effect (either
     oral or written):

          (i)  by virtue of which the Guarantor has offered, or is obliged to
               offer in the future, purchase options or any other rights over
               shares representative of its capital stock;

          (ii) between the Guarantor's current Participating Companies and the
               Guarantor; nor

          (iii) between the Guarantor and its current Participating Companies or
               persons linked to said Participating Companies; and

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(t)  ENVIRONMENT: except, albeit only in the manner in which it has been
     disclosed previously in written form to the Financial Institutions and
     receipt has been acknowledged by the Agent in accordance with the
     provisions of the Contract:

          (i)  according to its faithful knowledge and understanding, until the
               Contract date the Guarantor has fulfilled the applicable
               Environmental Legislation;

          (ii) the Guarantor has obtained all the licenses, permits,
               authorizations, exemptions and other approvals required by
               Environmental Legislation;

          (iii) the Guarantor has not received notification of any claim or
               requirement based on or stemming from non-fulfillment of any
               aspect of Environmental Legislation;

          (iv) there are no pending claims or requirements based on or stemming
               from Environmental Legislation; and

          (v)  there have been no emissions or spills of any kind that could
               result in any form of claim or requirement based on or stemming
               from Environmental Legislation.

18.4 It is understood that the Guarantor's declarations in regard to the
circumstances during each period shall be repeated and ratified on each of the
liquidation and interest payment dates, up to and including the loan maturity
date.

19. COMMITMENTS OF THE BORROWER AND THE GUARANTOR

THE BORROWER'S GENERAL COMMITMENTS

19.1 Starting with the execution date of this Contract and so long as it remains
in effect and the obligations derived from this Contract have not been totally
satisfied, the Borrower agrees:

Information obligations

(a)  to deliver to the Agent (for distribution among the Financial
     Institutions):

     (i)  within the first thirty (30) days of each fiscal year, the annual
          budget for the activities of the Borrower Group during the fiscal year
          in question;

     (ii) its Financial Statements as soon as they are available, and always
          within one hundred and eighty (180) days after the close of the fiscal
          year, properly audited by the Auditor;

     (iii) its Consolidated Financial Statements as soon as they are available,
          and always within one hundred and eighty (180) days after the close of
          the

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<PAGE>

          fiscal year, properly audited by the Auditor.

     In addition, along with the Consolidated Financial Statements and the
     corresponding Auditor's report, the Borrower shall deliver to the Agent:

          (A)  the certificate issued by the Auditor regarding the verification
               of the Ratios and Equity, in accordance with the provisions of
               Clause 20.1(a); and

          (B)  the certificate of the Borrower Group's share composition and
               structure, issued by the Borrower's chief certifying authority
               (established by the Mercantile Registration Regulations), in
               accordance with Clause 20.1 (c);

          (C)  a certificate issued by the Auditor in regard to possible
               Affiliates that should be considered Material Affiliates for the
               purpose of this contract, in accordance with Clause 20.1 (d);

          (D)  an annual report prepared by the Borrower and containing the
               following information related to the fiscal year discussed by the
               corresponding Consolidated Financial Statements:

               (I)  comments on the Borrower Group's income and, if said income
                    (individual or consolidated) is lower than foreseen, a
                    reasoned explanation of the causes of said deviation;

               (II) a detail of the expenses incurred by the Borrower Group and,
                    if said expenses (individual or consolidated) are higher
                    than foreseen, a reasoned explanation of the causes of said
                    deviation; and

               (III) a detail and comments on the deviations from the Business
                    Plan and the annual budget [delivered to the Agent by virtue
                    of Paragraph (i) above] and, if these are significantly
                    higher than foreseen, a reasoned explanation of the causes;

     (iv) on a semestral basis, its individual and consolidated financial
          statements (containing the balance, profit and loss account and cash
          flow statement) along with the corresponding Ratios certification and
          other financial figures (according to Clause 20.1(b) as follows), as
          indicated below:

          (A)  as soon as they are available, and always within ninety (90)
               calendar days after December 31 of each year, the referenced
               financial statements will be prepared according to the last
               twelve (12) months that end on said December 31;

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          (B)  as soon as they are available, and always within ninety (90) days
               after June 30 of each year, the mentioned financial statements
               will be prepared based on the last six (6) previous months ending
               on said June 30 (notwithstanding that the calculation of set
               Ratios must be made on the basis of twelve (12) months ending on
               the mentioned June 30); and

     (v)  within a period of thirty (30) calendar days after the Agent issues
          the written notice (when required by the Financial Institutions), all
          the additional information requested by the Agent, considering it
          relevant for the purposes of this Contract.

     Likewise, the Borrower agrees that the Financial Statements presented by
     the Borrower in accordance with this paragraph shall be prepared to conform
     to the General Spanish Accounting Plan;

b)   to state the intended use of the funds from drawdowns that have been
     carried out, if required by the Agent in accordance with this Contract;

(c)  to immediately notify the Agent of the existence of an Assumed Default, or
     circumstances that may result in an Assumed Default (including but not
     limited to any situation, notification, claim, communication, summons, or
     citation by any administrative, judicial or other agency regarding any
     lawsuit, hearing, claim or legal process that could affect the Borrower or
     any corporation belonging to the Borrower Group, that could adversely
     affect the Borrower or the Borrower Group), as soon as it becomes aware of
     said conditions, and to provide the Agent with complete details of the
     measures that the Borrower adopts, or considers adopting, to remedy or
     mitigate the effect of the Assumed Default in question, or of other related
     measures;

(d)  to deliver to the Agent, for its distribution among the Financial Entities:

     (i) no later than January 5, 2006, a new legal opinion issued by Blank Rome
     LLP (based on the signed version of this Contract), confirming that the
     signing of this Contract and the granting of the Financing does not suppose
     nor shall it suppose a supposed breach of the contracts mentioned in Exhibi
     (D) above, all in accordance with the Agent;

     (ii) no later than February 15, 2006, a new version of the Business Plan
     (complete and reviewed by a prestigious and recognized international firm),
     at the satisfaction of the Agent); and

     (iii) no later than February 28, 2006, a new valuation report of the
     Properties -except for property numbers 2,346, 2,226, 2,232 and 2,233
     registered under the Sant Feliu de Llobregat Property Registry- (for a
     minimum global valuation amount of eighty six million one hundred thousand
     euros (E86,100,000)), without

     any safeguards, objections or conditions made by the adjuster (except those

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     referring to the lack of registration in the Property Registry -not
     represented- of instruments granted for the amendment of the mentioned
     safeguards, conditions and objections by the adjuster);

Corporate prohibitions and limitations

(e)  not to accept (directly or through its Affiliates) the dissolution,
     liquidation or transformation of the Borrower, any Guarantor and/or any
     Affiliate or Participating Company (except for transformations of
     corporations into limited liability companies and vice versa), and to do
     everything possible to prevent the above, as well as not to accept the
     modification of its corporate purpose to include activities distinct from
     the current ones. Likewise, the Borrower agrees not to accept (and to do
     everything possible to prevent) the Borrower's merger with or spin-off from
     the Guarantor or any of its Affiliates or Participating companies, or the
     takeover of subsidiaries or any type of corporation, business or entity.

     Any of the aforementioned operations shall require the prior authorization
     of the Financial Institutions (written consent issued by the Agent).

(f)  not to accept (and to do everything legally possible to prevent such
     acceptance) the reduction of the capital stock belonging to the Borrower,
     the Guarantor and/or any Affiliate or Participating Company through the
     return of contributions, nor to distribute any amount to the Borrower's
     partners for any purpose except the distribution of dividends or financing
     reimbursements granted by the Parent Company [which shall be subject to the
     provisions of Clause 19.2(b)];

Fulfillment of obligations

(g)  to maintain control over the Guarantors and Affiliates at all times;

(h)  to fulfill, on their own terms, this Contract, its guarantee documents and
     Hedge Contract; to do everything possible so that the Guarantors and
     Affiliates make all the necessary agreements (or abstain from making
     agreements) to prevent any possible non-fulfillment of this Contract; not
     to impugn the Contract and its documents, or allow any Guarantor,
     Affiliate, administrator or representative (even a legally designated one)
     to impugn them before any authority or court;

(i)  to sign the Hedge Contract within a period no longer than two (2) months
     after the date of this Contract. It is expressly stated that the Hedge
     Contract must be signed with the Agent;

(j)  to assure that the rights of the Financial Institutions derived from this
     Contract and its additional guarantee documents are given preference, until
     the provisions of the Contract have been totally satisfied, over any other
     rights that other third parties may have with the Borrower and/or the
     Guarantors, except for:

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     (i)  creditors privileged by law; and

     (ii) the beneficiaries of the guarantees included in Attachment 7, Chapter
          B (whose preferences and guarantees cannot be improved, increased or
          extended beyond the form and time period indicated in said
          Attachment);

     as long as the corresponding debt has not been totally repaid;

(k)  to establish and/or maintain (and do everything possible so that the
     Guarantors establish and maintain) policies insuring their assets with
     insurance companies whose solvency is well recognized, in accordance with
     the standard practices in their sector of activity (including civil
     liability), and to make timely payments on all the premiums for all the
     insurance policies, as well as providing the Agent with a copy of said
     policies (when the Agent requires it).

     The Borrower must also inform the Agent of any damage incurred that,
     according to said policies, entitles the Borrower to request any
     compensation for an amount larger than five hundred thousand euro
     (E500,000) from the insurance companies.

     The compensation paid by the insurance companies in amounts higher than
     five hundred thousand euro (E500,000) as a result of damages covered
     by policies insuring the Borrower's or the Guarantor's assets and business
     must be directed toward restitution of the damaged goods (either with new
     goods that are identical to the damaged ones, or with goods with similar
     characteristics and used for similar purposes as the damaged ones) within a
     period of six (6) months of the date on which the corresponding
     compensation is received.

     In the case that the Borrower or the corresponding Guarantor (1) has not
     directed the compensation funds received from the insurance companies to
     the restitution of the damaged goods, in the maximum time period indicated
     above; or (2) having directed the amount of the aforementioned compensation
     to the repair and restitution of the damaged goods within the required
     period of time, some funds corresponding to said compensation remains, the
     Borrower must direct the amount of money indicated to the continuation of
     the obligatory Early Payment, under the terms of Clause 12.3:

     (i)  in regard to case (1) in the previous paragraph, the whole amount of
          the compensation received from the insurance companies; and

     (ii) in regard to case (2) in the previous paragraph, the amount of the
          compensation received from the insurance companies that has not been
          directed toward the repair and restitution of the damaged goods

     in both cases, within five (5) workdays following the end of the
     aforementioned reinvestment period;

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(l)  to obtain, maintain and renew, in the shortest time possible at the
     appropriate moment - and to deliver to the Agent (if the Agent so requires)
     as soon as possible - certified copies of any authorization, approval,
     consent, license, exemption, registration, inscription, presentation or
     formalization necessary or appropriate to guarantee (i) the correct and
     normal development of the Borrower's activities; and (ii) the validity,
     efficacy or level of the Borrower's responsibilities, or the rights of the
     Agent and the Financial Institutions (or any of them), in line with this
     Contract or any other related contract, as well as to fulfill their terms,
     with the Borrower covering all the expenses;

(m)  to satisfy all tax, labor and social security norms, and any other that is
     applicable (particularly Environmental Legislation);

(n)  specifically, the Borrower agrees that the registration description of the
     properties that make up the Real Estate Properties matches with the
     physical reality of same at all times, and for such purpose, agrees to
     accept agreements and grant documents (public and/or private) necessary to
     obtain said consistence (specifically, granting statements for new
     constructions and groups of properties that affect the Real Estate
     Properties, taking into account the conditions and comments included by the
     adjuster in the valuation report of the Real Estate Property submitted to
     the Agent prior to the signature of this Contract);

Business prohibitions and limitations

(o)  except with the prior written authorization of the Agent (following
     instructions from the Financial Institutions), not to carry out (and to
     prevent the Affiliates from carrying out) the assignment, transmission,
     drawdown, sale or transfer of assets (be they material, immaterial,
     financial or any other kind of assets), except:

     (i)  assets used in the course of normal business; and

     (ii) transferred assets (aside from the previous ones) whose contractual
          obligation is equal to or less than one million euro (E1,000,000)
          annually and which have been reinvested in new assets within a maximum
          period of six (6) months following the transfer date.

     Specifically, it is expressly stated that real estate may not be
     transferred or taxed in any way without the prior consent of the Financial
     Institutions (with the Agent's written notification);

(p)  not to grant loans, credits or any kind of financing or indebtedness, nor
     personal guarantees to third parties outside the Borrower Group, except if:

     (i)  they have been authorized previously by the Majority Entities (with
          the Agent's written notification); or

     (ii) they consist of financing to be granted to General Cable Celcat
          Energia

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<PAGE>

          e Teleomunicacoes S.A. or any Affiliate of the Borrower, in which case
          there shall be no additional restriction; or

     (iii) they consist of financing to be granted to the Parent Company (or any
          corporation belonging to the group headed by the Parent Company but
          not part of the Borrower Group), in which case the concession shall be
          conditioned on fulfillment of the requirements indicated in Clause
          19.2(b)(ii);

(q)  not to grant to third parties new business or real guarantees covering any
     assets and/or rights, or privileges of any kind, except:

     (i)  those previously authorized by the Financial Institutions (with the
          Agent's written notification); and

     (ii) those established by law;

(r)  not to pay any kind of royalties, consulting honoraria, service
     commissions, management fee or anything similar to the Parent Company or
     any corporation belonging to the group headed by the Parent Company;

(s)  not to carry out sales operations with the Parent Company, except when (i)
     they are carried out at market prices; and (ii) the Borrower provides the
     Agent (prior to the operation in question) with documentation of the terms
     of said operation and the need to carry it out. The Agent shall distribute
     said document to the rest of the Financial Institutions which, by agreement
     among the Majority Entities, may veto the proposed operation, on the basis
     that it could cause (i) a reduction in the capacity of the Borrower or any
     Guarantor to meet their obligations under this Contract or (ii) a reduction
     in the value of the guarantees granted to the Financial Institutions by
     virtue of this Contract;

(t)  not to carry out (and to prevent its Affiliates from carrying out) any
     acquisition of or investment in entities or businesses outside the Borrower
     Group, without the prior authorization of the Financial Institutions (with
     the Agent's written notification); and

(u)  not to resolve, cancel, terminate (except under the terms of this
     Contract), or render ineffective in any way, or modify or permit the
     modification or any alteration of this Contract or any contract or
     agreement executed as a result of this Contract (in particular the Hedge
     Contract).

THE BORROWER'S FINANCIAL COMMITMENTS

19.2 Without prejudice to the fulfillment of the general commitments assumed by
the Borrower by virtue of Clause 19.1, the Borrower promises to the Financial
Institutions, starting with the execution date of this Contract and so long as
it remains in effect and the obligations derived from this Contract have not
been totally satisfied:

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<PAGE>

(a)  to fulfill the Ratios and the equity values in the following amounts:(12)

<TABLE>
<CAPTION>
                                                                          2008 AND
      RATIO OR FINANCIAL MAGNITUDE                2005    2006    2007   FOLLOWING
      ----------------------------               -----   -----   -----   ---------
<S>                                        <C>   <C>     <C>     <C>     <C>
Net Financial Debt / Consolidated EBITDA   --     3.50    2.50    2.00      1.50
Net Financial Debt /Equity                        1.00    1.00    0.75      0.50
Equity (in million Euros)                        145.4   175.9   210.3     249.6
</TABLE>

     The fulfillment of Ratios and Equity shall be verified semiannually (on the
     final date of each semester - that is, every June 30 and December 31), in
     the following manner:

     (i)  in regard to value on December 31 of each year, on the basis of the
          Consolidated Financial Statements delivered by the Borrower to the
          Agent, in line with Clause 19.1 (a)(iii), certified by the Auditor, in
          accordance with Clause 20.1(a); and

     (ii) in regard to value on June 30 of each year, on the basis of the
          semiannual Consolidated Financial Statements delivered by the Borrower
          to the Agent, in line with Clause 19.1 (a)(iv), certified by a duly
          authorized representative of the Borrower, in accordance with Clause
          20.1(b).

          In regard to the fulfillment of the Ratios and magnitudes on June 30
          of each year, the values assigned to said Ratios and magnitudes for
          the previous fiscal year shall be applied;

(b)  not to distribute (and to prevent any Guarantor from distributing) any
     funds to direct or indirect partners (including distributions of reserves,
     premiums and other funds), except for:

     (i)  cash flow among corporations within the Borrower Group, directed only
          to the transfer of funds to the Borrower, to meet obligations stemming
          from this Contract; and

     (ii) distribution of dividends or interest payments, or reimbursement of
          principal for loans granted by the Parent Company, or any other
          corporation belonging to the group headed by the Parent Company but
          not included in the Borrower Group. (For the purposes of this clause,
          these are called INTRA-GROUP LOANS).

          Dividend distribution by the Borrower and the payment of any funds as
          Intra-Group Loans shall be subject to the following limitations.
          Dividends (resulting from profits earned in the previous fiscal year)

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          may only be distributed, and Intra-Group Loans for any amount may be
          paid only when:

          (A)  the maximum aggregate amount from these two categories (dividends
               and Intra-Group Loan reimbursement) does not exceed fifty percent
               (50%) of the after-tax consolidated profits of the fiscal year
               ending before the payment or distribution;

          (B)  the ratio of the Net Financial Debt and the Consolidated EBITDA
               is less than two (2), before and after the payment. To verify the
               fulfillment of this condition, the Borrower must deliver to the
               Agent a certificate issued by the Auditor based on the most
               recent financial statements (annual or semiannual) delivered to
               the Agent in conformity with Clause 19.1(a); and

          (C)  from the date when the decision is made to make the distribution
               or payment to the date when the distribution or payment are made,
               there has been no Assumption of Default; and

(c)  not to incur (and to prevent its Affiliates from incurring) any debt (on
     the consolidated level) that could constitute the default of any of the
     Ratios.

THE GUARANTOR'S COMMITMENTS

19.3 Starting with the execution date of this Contract and so long as it remains
in effect and the obligations derived from this Contract have not been totally
satisfied, the Guarantor promises the Financial Institutions:

Information obligations

(a) to deliver to the Agent (for distribution among the Financial Institutions):

     (i)  its Financial Statements as soon as they are available, and always
          within one hundred and eighty (180) days after the close of the fiscal
          year, properly audited by the Auditor (when this may be required
          legally, in accordance with legislation applicable in the founding
          jurisdiction), and prepared in conformity with the accounting
          standards applicable in the founding jurisdiction;

     (ii) its semiannual financial statements as soon as they are available, and
          always within forty-five (45) calendar days following the end of
          semester (and prepared in conformity with the accounting standards
          applicable in the founding jurisdiction); and

     (iii) within a period of thirty (30) calendar days after the Agent issues
          the written notice (when required by the Financial Institutions), all
          the additional information requested by the Agent, considering it
          relevant for the purposes of this Contract.

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(b)  to immediately notify the Agent of the existence of an Assumed Default, or
     circumstances that may result in an Assumed Default (including but not
     limited to any situation, notification, claim, communication, summons, or
     citation by any administrative, judicial or other agency regarding any
     lawsuit, hearing, claim or legal process that could affect any Guarantor or
     any corporation belonging to the Borrower Group that could adversely affect
     any Guarantor and Affiliate), as soon as it becomes aware of the
     circumstances, and to provide the Agent with complete details of the
     measures that the Guarantor adopts, or considers adopting, to remedy or
     mitigate the effect of the Assumed Default in question, or of other related
     measures;

Corporate prohibitions and limitations

(c)  not to accept (directly or through its Affiliates) the dissolution,
     liquidation or transformation of any Guarantor and/or any Affiliate or
     Participating Company (except for transformations of corporations into
     limited liability companies and vice versa), and to do everything possible
     to prevent the above, as well as not to accept the modification of its
     corporate purpose to include activities distinct from the current ones.
     Likewise, the Guarantor agrees not to accept (and to do everything possible
     to prevent) the merger with or spin-off from any Guarantor and/or any of
     its Affiliates or Participating companies, or the takeover of subsidiaries
     or any type of corporation, business or entity.

     Any of the aforementioned operations shall require the prior authorization
     of the Financial Institutions (written consent issued by the Agent).

(d)  not to accept (and to do everything legally possible to prevent such
     acceptance) the reduction of the capital stock belonging to any Guarantor
     and/or any Affiliate or Participating Company through the return of
     contributions, nor to distribute any amount to the shareholders or partners
     for any purpose except reductions or distribution whose only purpose is to
     transfer funds to the Borrower, so the latter may reimburse any payment due
     under this Contract;

Fulfillment of obligations

(e)  to maintain control at all times over the Affiliates belonging to the
     Borrower Group;

(f)  to fulfill, on their own terms, this Contract and the guarantees resulting
     from it; to do everything possible so that the remaining Guarantors and
     corporations belonging to the Borrower Group make all the necessary
     agreements (or abstain from making agreements) to prevent any possible
     non-fulfillment of this Contract; not to impugn the Contract and its
     documents, or allow any Guarantor, Affiliate, administrator or
     representative (even a legally designated one) to impugn them before any
     authority or court;

(g)  to assure that the rights of the Financial Institutions derived from this
     Contract and its additional guarantee documents are given preference, until
     the

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     provisions of the Contract have been totally satisfied, over any other
     rights that other third parties may have with the corresponding Guarantors,
     except for:

     (i)  creditors privileged by law; and

     (ii) the beneficiaries of the guarantees included in Attachment 7, Chapter
          B (whose preferences and guarantees cannot be improved, increased or
          extended beyond the form and time period indicated in said
          Attachment);

     as long as the corresponding debt has not been totally repaid;

(h)  to establish and/or maintain policies insuring their assets with insurance
     companies whose solvency is well recognized, in accordance with the
     standard practices in their sector of activity (including civil liability),
     and to make timely payments on all the premiums for all the insurance
     policies, as well as providing the Agent with a copy of said policies (when
     the Agent requires it).

     The corresponding Guarantor must also inform the Agent of any damage
     incurred that, according to said policies, entitles the corresponding
     Guarantor to request any compensation for an amount higher than five
     hundred thousand euro (E500,000) from the insurance companies.

     The compensation paid by the insurance companies in amounts larger than
     five hundred thousand euro (E500,000) as a result of damages covered by
     policies insuring the assets and business of the Borrower or any Guarantor
     must be directed toward the restitution of the damaged goods (either with
     new goods that are identical to the damaged ones, or with goods that have
     similar characteristics and are used for similar purposes as the damaged
     ones) within a period of six (6) months from the date on which the
     corresponding compensation is received.

     In the case that the corresponding Guarantor (1) has not directed the
     compensation funds received from the insurance companies to the restitution
     of the damaged goods, in the maximum time period indicated above; or (2)
     having directed the amount of the aforementioned compensation to the repair
     and restitution of the damaged goods within the required period of time,
     some funds from said compensation remains, the corresponding Guarantor must
     direct the amount of money indicated to the continuation of the obligatory
     Early Payment, under the terms of Clause 12.3:

     (i)  in regard to case (1) in the previous paragraph, the whole amount of
          the compensation received from the insurance companies; and

     (ii) in regard to case (2) in the previous paragraph, the amount of the
          compensation received from the insurance companies that has not been
          directed toward the repair and restitution of the damaged goods

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          in both cases, within five (5) workdays following the end of the
          aforementioned reinvestment period;

(i)  to obtain, maintain and renew, in the shortest time possible at the
     appropriate moment - and to deliver to the Agent (if the Agent so requires)
     as soon as possible - certified copies of any authorization, approval,
     consent, license, exemption, registration, inscription, presentation or
     formalization necessary or appropriate to guarantee (i) the correct and
     normal development of any Guarantor's activities; and (ii) the validity,
     efficacy or level of any Guarantor's responsibilities, or the rights of the
     Agent and the Financial Institutions (or any of them), in line with this
     Contract or any other related contract, as well as to fulfill their terms,
     with the corresponding Guarantor covering all the expenses;

(j)  to satisfy all tax, labor and social security norms, and any other that is
     applicable (particularly Environmental Legislation);

Business prohibitions and limitations

(k)  except with the prior written authorization of the Agent (following
     instructions from the Majority Entities), not to carry out the assignment,
     transmission, drawdown, sale or transfer of assets (be they material,
     immaterial, financial or any other kind of assets), except:

     (i)  assets used in the course of normal business; and

     (ii) transferred assets (aside from the previous ones) whose contractual
          obligation is equal to or less than one million euro (E1,000,000)
          annually, and which have been reinvested in new assets within a
          maximum period of six (6) months following the transfer date.

     Specifically, it is expressly stated that real estate may not be
     transferred or affected in any way without the prior consent of the
     Financial Institutions (with the Agent's written notification);

(l)  not to grant loans, credits or any kind of financing or indebtedness, nor
     personal guarantees to third parties outside the Borrower Group, except if:

     (i)  they have been authorized previously by the Majority Entities (with
          the Agent's written notification); or

     (ii) they consist of financing to be granted to the Borrower for the
          transfer of funds so that the Borrower may meet its payment
          obligations in accordance with this Contract; or

     (iii) they consist of financing to be granted to the Parent Company (or any
          corporation belonging to the group headed by the Parent Company but
          not part of the Borrower Group), in which case the concession shall be

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          conditioned on fulfillment of the requirements indicated in Clause
          19.2(b)(ii);

(m)  not to grant to third parties new business or real guarantees covering any
     assets and/or rights, or privileges of any kind, except:

     (i)  those previously authorized by the Majority Entities (with the Agent's
          written notification); and

     (ii) those established by law;

(n)  not to carry out (and to prevent its Affiliates from carrying out) any
     acquisition of or investment in entities or businesses outside the Borrower
     Group, without the prior authorization of the Majority Entities (with the
     Agent's written notification); and

(o)  not to resolve, cancel, terminate (except under the terms of this
     Contract), or render ineffective in any way, or modify or permit the
     modification or any alteration of this Contract or any contract or
     agreement executed as a result of this Contract.

20.  CERTIFICATIONS OF FULFILLMENT

20.1 The Borrower (and, if applicable, the corresponding Guarantors) must
     deliver the following documentation to the Agent:

(a)  for the purpose of verifying the Ratios and other financial commitments
     that must be calculated on the basis of the Consolidated Financial
     Statements, the Borrower must deliver, along with said documents, a
     certification signed by the Auditor, establishing the value of the Ratios
     and the level of Equity;

(b)  for the purpose of verifying the Ratios and other financial commitments
     that must be calculated on the basis of the Borrower's semiannual financial
     statements, the Borrower must deliver, along with said documents, a
     certification establishing the value of the Ratios and the level of Equity,
     and signed by a duly authorized representative of the Borrower;

(c)  along with the Consolidated Financial Statements, the Borrower must deliver
     a certification signed by the secretary of the Borrower's board of
     directors (or the person with certification authority, in accordance with
     Article 109 of the current Mercantile Registration Regulations), attesting
     to:

     (i)  the Borrower's direct or indirect involvement in each of its
          Affiliates and Participating Companies at the close of the previous
          fiscal year;

     (ii) the Borrower's shareholding structure at the close of the previous
          fiscal year;

     (iii) the many variations occurring during the aforementioned fiscal year,
          in

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          regard to the information discussed in the previous Paragraphs (i) and
          (ii); and

(d)  for the purpose of verifying the Material Affiliates' possible inventories,
     in accordance with Clause 19.1(a)(iii)(c), the Borrower must present, along
     with the Consolidated Financial Statements, an Auditor's certification
     establishing (for each of the Borrower's Affiliates) the value of each of
     the parameters that may classify them as Material Affiliates (in accordance
     with the parameters indicated in the definition of "Material Affiliate").

(e)  The Agent may, in a reasonable manner, require the Borrower to issue and
     present the aforementioned certifications at times different from those
     previously indicated, and the Borrower shall be obliged to deliver them
     within the time period reasonably designated by the Agent.

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                                  SECTION VIII
                              DEFAULT AND INDEMNITY

21.  DEFAULT

ASSUMPTION OF DEFAULT

21.1 The following make up an assumed default of this Contract:

(a)  NON-PAYMENT: should the Borrower not pay any amount due which is subject of
     this Contract on the set date. Likewise, any non-payment by any of the
     Guarantors (if any), once it is required to pay in view of any payment
     obligation assumed by them in accordance with this Contract;

(b)  DEFAULT OF OTHER OBLIGATIONS OF THIS CONTRACT: if the Borrower (or any
     Guarantor, if applicable) does not meet any of the obligations which are
     subject of this Contract (including not meeting the Ratios or any other
     financial commitment indicated in Clause 19.2), or of any commitment or
     agreement signed in relation to this Contract (including the Guarantee,
     Securities and Mortgages) and which are not included in Section (a) of this
     Clause;

(c)  STATEMENTS: if there is any statement, demonstration or request formulated
     (or accredited as having been formulated) by the Borrower and/or any
     Guarantor, that appears in this Contract or in any other signed commitment
     or agreement signed according to this Contract (including the Guarantee,
     Securities and Mortgages), certification, note, legal report or
     notification produced in accordance or in connection with this Contract,
     that results as false, inaccurate, incorrect or incomplete to some
     substantial aspect, or if said falsification, inaccuracy or omission, to
     some substantial aspect, were produced after such statements or requests
     were repeated or ratified at any moment, according to facts and
     circumstances that may arise at that time;

(d)  LACK OF VALIDITY: if any Clause in this Contract were to be invalid or not
     enforceable, for any reason, and at the sole judgment of the Financial
     Institutions, same were to alter the economical and/or legal requirements
     that have been the basis of the consent given to this Contract;

(e)  DEFAULT OF OTHER OBLIGATIONS (CROSS-DEFAULT): if (i) any debt owed by the
     Parent Company, Borrower and/or by any Guarantor and/or by any Affiliate
     derived from contracts signed with financial entities were to expire, be
     settled and due and payable according to applicable laws (or subject to be
     declared as expired, settled or due and payable) earlier than its specific
     expiry, as long as its annual -individual or added to other previous ones-
     exceeds (1) seven hundred fifty thousand Euros (E750.000) with regard to
     the Borrower and/or to any Guarantor and/or any Affiliate or (2) exceeds
     ten million US dollars (USD 10,000,000), as far as the Parent Company (in
     both case, unless the Borrower provides sufficient certified documentation
     -according to Majority

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     Shareholders- of the illegality of said claim); or if (ii) any guarantee
     formed by the Parent Company, Borrower and/or any Guarantor was not
     released upon its expiry or if its execution was formally requested; or if
     (iii) the Parent Company, Borrower and/or any of the Guarantors were to
     default on any obligation or if an infraction is committed within the
     framework of any document or agreement (including guarantee contracts as
     supplements to this Contract and the Hedge Contract) that could not be
     corrected, or if able to be corrected was not corrected under the terms
     mentioned in the terms established in the mentioned documents or
     agreements;

(f)  ADVERSE CHANGE OF CIRCUMSTANCE: if an Adverse Change of Circumstance should
     occur;

(g)  INSURANCES: (i) should the Borrower and/or any of the Guarantors cease or
     allow that any of the current insurance policies they have subscribed to
     (or part of same) cease to be effective or should any of their clauses or
     conditions not be met (including the payment of the appropriate premiums);
     or (ii) should the Borrower (and/or any of the Guarantors, if applicable)
     not fulfil his/her obligation of sending the amount included in the
     indemnity received for a claim to the restitution of the goods claimed or
     with prepayment, in accordance with the provisions of Clause 12.3(c);

(h)  LEGAL ADMINISTRATOR: if there is any legal administrator assigned with
     regard to all or part of the business or of the assets of the Borrower
     and/or of any of the Guarantors, or if any way they are the object of any
     legal or administrative procedure, as long as they are not released within
     a period of fifteen (15) calendar days from the date in which the
     designation or execution was communicated;

(i)  DISSOLUTION AND LIQUIDATION: if the Borrower and/or any of the Guarantors
     were the submit a petition or call a meeting to consider the adoption of a
     dissolution agreement or, however said dissolution is ordered (unless it
     involves a corporate restructure approved by the Financial Institutions in
     writing through the Agent and that, as a consequence, neither the Borrower
     nor the Guarantors become or are declared to be in default.);

(j)  EXPROPRIATION: if for any reason, a government or judicial authority
     threatens to expropriate or proceeds to effectively condemn any asset of
     the Borrower or of any Guarantor, the result of which becomes an Adverse
     Change of Circumstance;

(k)  SIMILAR PROCEDURES: if, in any jurisdiction other than Spain, a procedure
     occurs that is similar to those established in the Bankruptcy Law or in the
     provisions of sections (h), (i) and (j) previous that, according to the
     Financial Institutions, negatively affects the execution of this Contract
     or the capacity of the Borrower to carry out his/her payment obligations
     under this Contract;

(l)  INEFFICIENT GUARANTEES: if any guarantee included in this Contract
     (specifically, the Securities and Mortgages) or in any other contract
     related to

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     this one (i) is not formed in accordance with the terms agreed to in same
     or if is considered to be late; (ii) is modified without prior written
     consent from all of the Financial Institutions, received through the Agent
     (or from their counterparts in the corresponding contracts, if applicable);
     (iii) becomes inefficient, is declared null and void, is challenged by the
     Borrower or any Affiliate or by a third party according to the validity or
     execution of same; or (iv) results as incomplete under any of its terms,
     unless, within the period of ten (10) Calendar Days, said guarantee is
     substituted by an equivalent guarantee to that established in this Contract
     and considered satisfactory by the Financial Institutions.

     Specifically, not registering the corresponding Mortgages in the
     appropriate property registry shall be considered an Assumed Default after
     six (6) months from the date it is granted;

(m)  CHANGE OR CEASE OF ACTIVITY: should the Borrower or any Affiliate change or
     seeks to change the nature or area of its business substantially, suspend
     or intend to suspend a large portion of the commercial operations that they
     currently carry out directly or indirectly;

(n)  FINANCING DEVIATION: if, for any reason, the Borrower does not apply the
     Financing for the purpose described in Clause 3;

(o)  LEGAL INFRACTION: if the Borrower or any Guarantor violate, infringe upon,
     not fulfil or in any other way not follow (with actions or omissions) any
     legal or administrative resolution, or law (giving this term the broadest
     sense with which it appears in Clause 1.2) that would result applicable to
     the usual course of its business or to the property, holding, exploitation,
     use, sale, processing or trafficking, as long as from said default a
     relevant responsibility is derived which is not completely insured (an
     aspect that will have to be justified at the satisfaction of the Financial
     Institutions), or that said default substantially affects the execution of
     this Contract as considered by the Financial Institutions;

(p)  DOCUMENTATION DEFECTS: if any significant defect or omission is detected
     (from both a formal and material order) in this Contract (or in any other
     document related to same, specifically, the Securities and Mortgage) in the
     documentation related to same (or in which same is based) and after
     communicating this fact to the Borrower the defect or omission was not
     corrected within seven (7) calendar days after the Borrower receives the
     corresponding notification.

     Specifically, Supposed Breaches shall be considered as:

          (i)  Failure to submit to the Agent the new legal opinion to be
               submitted by Blank Rome LLP according to the terms indicated in,
               or outside the period set for such purpose in Clause 19.1(d)
               above;

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          (ii) failure to submit to the Agent the new Business Plan (at the
               satisfaction of the Agent) according to the terms indicated in,
               or outside the set period set for such purpose, in Clause 19.1(d)
               above;

          (iii) failure to deliver to the Agent the new valuation report of the
               Real Estate Property (without safeguards or objections), at the
               satisfaction of the Agent, according to the terms indicated in or
               outside the period set for such purpose, in Clause 19.1(s) above,
               and

          (iv) failure to register any document in the Property Registry which
               were granted to correct safeguards or objections included in the
               valuation report of the Real Estate submitted to the Agent prior
               to the signing of this Contract (or failure to register the
               appropriate prevenion annotation) within sixty (60) Business Days
               from its first submission (notwithstanding the safeguards
               referring to the Properties located in Abrera);

(q)  CONTROL CHANGE: if at any moment during the validity of this Contract,
     there is a Change of Control relating to the Borrower or to any Affiliate,
     unless the Financial Institutions provide prior written authorization for
     the corresponding operation, as communicated through the Agent; and

(r)  NO OPINION BY THE AUDITOR: if according to the Consolidated Financial
     Statements of the Borrower's Group, or to the Financial Statements of the
     Borrower or of any Guarantor (i) the Auditor's report shall include any
     type of condition that references circumstances that could suppose an
     Adverse Change of Circumstance, or include limitations to the scope; or
     (ii) should the Auditor not issue his/her report relating to said Financial
     Statements (individual or consolidated) for any reason.

21.2 Under all suppositions of Clause 21.1, immediately or at any later moment,
the Financial Institutions may request the Agent to notify the Borrower that the
Financing is immediately expired and due and payable, along with the interests
accrued and any other amounts that would be due at this time in accordance with
this Contract and that result from the certification(s) issued in accordance
with Clause 34.

NOTIFICATION

21.3 If the Agent is expressly notified that there is an Assumed Default
according to this Contract, the Agent shall immediately notify one of the
Financial Institutions.

STATEMENT AND CONSEQUENCES OF EARLY TERMINATION

21.4 Declaring the early termination and early expiry of this Contract, whether
due to the decision of the Financial Institutions, or at the request of one or
more Financial Institutions, the procedure shall be as established in Clauses
21.5 to 21.8, below.

21.5 Any Financial Institution may notify the Agent of the existence of an
Assumed Default and require the Agent to initiate the procedure established in
this

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Clause. The Agent may also initiate the procedure on its own, although it shall
be obligated as such if the notification of an Assumed Default comes from the
Borrower or from any Guarantor. Once the notification of Assumed Default is
received, or with the sole decision of the Agent, it shall confirm receipt of
the notification the other Financial Institutions as soon as possible, as well
as notify them of the immediate initiation of this procedure, specifying which
Assumed Default has occurred.

Except for the Assumed Default based in Clause 21.1(a) -Non-payment - (for which
there will be no Remedy Period -as set forth below-), the Borrower shall have a
period of ten (10) Business Days from the date of receipt of the notification to
the Borrower mentioned above (REMEDY PERIOD) to completely and satisfactorily
solve the Assumed Default that motivated the start of this procedure,
communicating to the Agent, in any case before finalizing the Remedy Period, the
actions carried out to solve the mentioned Assumed Default. Once the Agent
receives this notification, it shall send it immediately to the Financial
Institutions.

21.6 If the Borrower has not solved the Assumed Default after the Remedy Period
expires, the Agent shall obtain a decision from the Financial Institutions
regarding whether the resolution and early termination will be declared for the
Contract. For this purpose, the Agent shall communicate to the Financial
Institutions the decision they have made to either resolve or declare the early
termination or not, and must therefore communicate this in writing to the Agent
within fifteen (15) calendar days (from the date of the communication of the
Agent to the Financial Institution mentioned above). The lack of written
communication by a Financial Institution to the Agent within the mentioned
period of fifteen (15) days on whether it wishes to resolve this Contract shall
decide on whether said Financial Institution shall decide to resolve same and
declare this Contract terminated.

Should the Financial Institutions decide to resolve and declare the early
termination of the Contract, the Agent shall communicate same to the Financial
Institutions and such decision shall bind the dissenting Financial Institutions.

21.7 Should the Financial Institutions decide on the resolution and early
termination of this Contract, the Agent shall notify the Borrower of such
decision within a period of two (2) Business Days from the final date of the
fifteen (15) day deadline mentioned in the above clause and would be subject to
the following consequences:

(a)  the Financing shall be cancelled automatically and closed on the same date
     in which the early termination is communicated to the Borrower;

(b)  within maximum period of three (3) Business Days after the Borrower
     receives the notification of resolution from the Agent, the Borrower shall
     be required to pay to the Financial Institutions the principal amount and
     other amounts due in view of this Contract, taking into account that any
     pending amount from the date of occurrence of an Assumed Default until the
     full reimbursement by the Borrower (or by the Guarantors, if applicable)
     shall

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     accrue interest in favour of the Financial Institutions calculated with
     late-payment interest, and

(c)  in the supposition that the Borrower (and the Guarantors, if applicable)
     does(do) not pay the amounts due in view of this Contract within the
     deadline indicated in paragraph (b) above, it shall give sufficient reason
     to execute any guarantees issued according to this Contract, according to
     the provisions of Clause 26.2 below.

21.8 If, while assessing an Assumed Default:

(a)  after the Agent is required by a Financial Institution to initiate the
     procedure, in accordance with Clause 21.5, and the Agent does not initiate
     said procedure within a period of five (5) Business Days from the date of
     the communication sent by said Financial Institution; or

(b)  no decision is made, in any sense by the Financial Institutions within the
     period established in Clause 21.6; or

(c)  the Financial Institutions decide not to declare the resolution and early
     termination of the Contract; or

(d)  after the Financial Institutions declare a resolution and early termination
     of the Contract and the corresponding legal actions have not been exercised
     within the period of thirty (30) calendar days from the date of the
     Accredited notification, mentioned in clause 21.7.

the Financial Institution(s) that would have decided that there is an Assumed
Default sufficient enough to declare the resolution and early termination of
this Contract, may require that an individual and direct payment be made to the
Borrower (and to the Guarantors, if applicable) for the amounts due to said
Financial Institutions by the Borrower at this time. Also, the corresponding
legal or out of court actions shall be issued for the Financial Institutions,
producing the late interest for the unpaid amounts established in this Contract
from the date after its expiry. Likewise, in this supposition the amount of the
Holding that corresponds to the Financial Institution(s) that would have
declared the Contract as resolved shall be reduced automatically.

The amounts reimbursed by the Borrower (or by the Guarantors, if applicable) in
view of exercising the individual claim by a Financial Institution shall not be
required to distribute proportionally among the other Financial Institutions.

The Financial Institution that decides to file an individual claim based on the
terms of this Contract may request that the intervening notary issue new copies
of this Contract, with the acceptance from all parties that said new copies
shall legalized according to Article 517 of the LEC.

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22. INDEMNITY

The Borrower (and the Guarantors, if applicable) shall completely compensate
each and every Financial Institution for any expense (including legal fees) in
accordance with Clause 29 and for any expense or damages (said amount shall be
deemed conclusive with the certificate of the Agent issued according to Clause
34) which any of these Institutions may incur as a consequence (i) of an Assumed
Default, (ii) of using the funds in ways and for purposes different than the
Financing objective, (iii) of any prepayment in accordance with this Contract,
or (iv) of any other fact or circumstance derived from the provisions
established in this Contract.

Notwithstanding its general nature, the above-mentioned indemnity shall include
all interests, commissions, expenses and other amounts that may have been paid
or due and payable in consideration of the funds borrowed to finance any unpaid
amount, as well as any loss, premium, penalty or cost incurred for settling or
using third-party deposits that were acquired to carry out, maintain or finance
the Financing or any other amount due or set to expire according to this
Contract.

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                                   SECTION IX
                                   GUARANTEES

23. LIST OF GUARANTEES

With no restriction as the full patrimonial, universal and unlimited
responsibility of the Borrower, the obligations assumed by the Borrower in view
of this Contract shall be guaranteed, on behalf of the Financial Institutions,
by means of:

(a)  the Guarantee established in Clause 24 (to be assumed by the New Guarantors
     in view of the provisions of Clause 24.2);

(b)  the Mortgage Agreement, according to the terms of Clause 25;

(c)  the Spanish Share, to be formed on the same day as the acquisition of the
     Spanish Holdings (and as a single act with), under the terms included in
     Attachment 10 of Chapter B as follows; and

(d)  the French Share, to be formed today as (and as a single act with the
     acquisition of the French Holdings), under the terms included in Attachment
     10, Chapter A below.

24. GUARANTEE

CONTENT OF GUARANTEE

24.1 Notwithstanding the patrimonial and unlimited responsibility of the
Borrower and subject to the terms or conditions of this Contract, each Guarantor
with their irrevocable, unconditional and collective way, and as agreed to by
the Agent, agrees to pay the Agent (to be distributed among the Financial
Institutions) (as applicable) the amount requested in any Payment Request.

The Guarantee is formed as a first request guarantee. Therefore, the obligations
assumed by each of the Guarantors in view of the Guarantee are abstract and not
incidental, meaning autonomous and independent of the remaining clauses of this
Contract, in such a way that each of the Guarantors shall not be affected and
will maintain their entire binding force, even in the supposition that the
Guaranteed Obligations become null and void by origin or later cancelled.

Consequently, each of the Guarantors agrees to fulfill their payment obligations
in accordance with the provisions established in this Contract, at the first
request from any Financial Institution (or from the Agent, on behalf and in
representation of the Financial Institutions), without having any objection or
allegation nor filing any type of defense that may correspond to the Borrower or
any Guarantor which are the subject of this Contract or any other title.
Specifically, the Guarantors may not oppose the execution of the Guarantee
basing said opposition on the lack of a breach of the Guaranteed Obligations,
being sufficient for said execution the mere non-fulfillment of the terms set
forth in Attachment 3 below.

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The Guarantee does not form a deposit and, therefore, is not subject to Articles
1.822 to 1.856 of the Civil Code nor to Articles 439 to 442 of the Commercial
Code, solely governed by the Clauses in this Contract. Consequently, each of the
Guarantors recognizes and agrees that the benefits of dividing, ordering and
exempting do not apply to the Guarantee. However, in the extent that said
benefits could be applied, for any reason, each of the Guarantors expressly
waives same.

If (i) the Borrower does not make any of the payments of the amounts due in view
of this Contract on the dates established herein; or if (ii) the Financial
Institutions decide on the resolution and early termination of this Contract
according to the provisions established in Clauses 21.4 and subsequent; or if
(iii) in the case of individual execution, once having fulfilled the provisions
established in Clause 21.8,the Financial Institutions (jointly, or individually,
if applicable) may communicate directly or through the Agent (by sending as may
Payment Requirements they think fit) and without the need to execute any other
guarantee granted in accordance with this Contract, nor the need to carry out
any other prior act, against any individual Guarantor or against all of them
simultaneously or alternatively, to achieve the objective, in their own terms,
of any Guarantee Obligation. For the purposes of this Guarantee, the Guarantors
shall severally and unlimitedly respond to the Financial Institutions with their
entire assets.

In order to determine the amount due to the Guarantors in view of this Guarantee
the determining factor will be the amount indicated in the Demand for Payment.
For the purposes of executing this Guarantee, the address of the Guarantors
shall be understood as is indicated in Clause 36.3.

The guarantee obligations assumed by the Guarantors in view of this clause are
of a commercial nature and shall not be affected and shall maintain their entire
binding force for the return of all of the amounts due to the Financial
Institutions even under the supposition that (i) the obligations not fulfilled
by the Borrower were originally invalid or were cancelled, or (ii) the Borrower
were to request or declare its insolvency or (iii) any Guarantor were to oppose
the execution of the Guarantee based on the reasons of validity, existence or
legitimacy of the Financing. Lastly, these guarantee obligations can be combined
with any other obligation directly assumed by the Guarantors in virtue of this
Contract.

The rights that correspond to each of the Financial Institutions of this
Guarantee shall be proportionate to the Holdings that they each have at each
moment of the Financing (or, if applicable, in the Principal pending
reimbursement or cancellation amount).

The Financial Institutions expressly accept the Guarantee provided by the
Guarantors, under the terms and conditions established in this Clause.

The terms of this Guarantee may not be modified unilaterally by any of the
Guarantors, and will require consent from all of the Financial Institutions of
same, formulated in writing through the Agent.

Finally, for the purposes provided in Article 135 of the Bankruptcy Law, the
parties expressly agree that, in the supposition that the Borrower or any
Guarantor are

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declared to be bankrupt, the responsibility of the Guarantors shall continue to
be subject to the terms of this Guarantee, even in the case that the Financial
Institutions were to vote in favor of the agreement relating to the bankrupt
company.

ADHERENCE BY NEW GUARANTORS

24.2 Should any company or entity become a Material Affiliate during the
validity of the Contract, the Borrower agrees to notify same to the Agent within
a period of ten (10) Business Days. Within a period of fifteen (15) Business
Days from said notification date, the Material Affiliate in question (the NEW
GUARANTOR) and the Borrower and existing Guarantors at said moment shall
document the incorporation of the New Guarantor as part of this Contract by
signing the Letter of Agreement, they will have to remit it immediately to the
Agent so that the Financial Institutions may sign same.

For these purposes:

(a)  each New Guarantor shall irrevocably represent the Borrower (its
     irrevocable nature being necessary to fulfil the provisions of this
     Contract) while the effects of this Contract continue to be in effect or
     subsist, so that on its behalf and representation and through its duly
     authorized representatives it may sign the document of incorporation of
     other New Guarantors referenced in this clause and expressly consents to
     same, maintaining current the obligations derived for the rest of the
     parties of this Contract; and

(b)  after the Agent receives the corresponding Letter of Agreement it shall
     immediately communicate same to the Financial Institutions, so that within
     a maximum period of fifteen (15) Business Days from the date in which the
     communication was received from the Agent, they appear before the public
     notary for the purpose of accepting said addition of the New Guarantor.

25. MORTGAGE AGREEMENT

25.1 With this Contract, the Borrower and assume the unconditional and
irrevocable commitment of granting to the Financial Institutions a first range
real right of mortgage over each of the Properties if at any time during the
validity of this Contract the Agent (following the instructions of the Major
Shareholders) shows any circumstance that grants the right to the Financial
Entities to declare the early termination of this Contract (including the
fulfilment of any Ratio or financial responsibility assumed by the Borrower
under this Contract or if any Adverse Material Change occurs) with the Agent's
mere statement being sufficient evidence to claim the establishment of the
Mortgage(s).

The Agent (following the instructions of the Majority Entities) shall
immediately remit the corresponding requirement to the Borrower so that it may,
within a maximum period of fifteen (15) days of receiving the requirement, grant
the mortgage deeds on the Properties decided upon by the Majority Entities.

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Granting the mortgage deeds on the Properties shall take the following aspects
into account:

(a)  the obligations guaranteed by the Mortgages shall be the payment
     obligations of the Borrower which are the subject of this Contract;

(b)  as a result of said execution, the Financial Institutions shall enjoy a
     first priority on the Properties that were taxed;

(c)  the global appraisal value of the mortgaged Properties may not be, in any
     case, lower than eighty-six million one hundred thousand euros
     (E86,100,000), equivalent to approximately one hundred and fifteen percent
     (115%) of the Total Amount;

(d)  the mortgage deed(s) shall be issued similarly to the terms included in
     Attachment 10 Chapter C; and

(e)  the mortgage responsibility of all of the Properties shall be the result of
     applying the coefficient 1.40 to the total value of the most recent
     appraisal of the Properties (corresponding to one hundred percent (100%) of
     the guarantee for the return of the Principal amount, fifteen percent (15%)
     of the guarantee for the payment of regular interests, (15%) of the
     guarantee for the payment of late interest and ten percent (10%) of the
     guarantee for the payment of costs and expenses).

     The mortgage responsibility for each of the taxable Properties shall be the
     result of proportionally distributing the amount of the mortgage
     responsibility of all the properties (determined according to the
     provisions of the above paragraph) proportionate to the appraisal value for
     each of the Properties between the total appraisal value of all of the
     Properties.

     For the purposes of obtaining the appraisal value of the Properties, the
     Borrower expressly authorizes the Agent to request (chargeable to the
     Borrower) appraisals to be made for each Property by one appraisal company
     duly registered in the Bank of Spain.

25.2 For the purpose of guaranteeing that the Mortgages be granted on behalf of
the Financial Institutions, the Borrower in this act irrevocably empowers so
that it (acting through its duly authorized representatives), at any moment
during the validity of this Contract, may grant (on behalf and in representation
of the Borrower, and even when this could result in double representation) as
many public or private documents deemed necessary to grant the appropriate
mortgage deeds.

26. VALIDITY AND EXECUTION OF GUARANTEES

VALIDITY

26.1 The guarantees mentioned in Clause 23 (and including the Mortgages that are
considered to be executing the provisions of Clause 25) shall remain in effect
until all

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of the Guaranteed Obligations have been fulfilled to the satisfaction of the
Financial Institutions.

If the Contract expires under its normal end date, the guarantees mentioned in
Clause 23 shall expire simultaneously with said termination, all regardless of
whether the Financing is formally settled with the later issuing of a settlement
certificate by the Agent, as long as the amount appearing in said certificate
has been paid within the set deadline. In case of early termination, the
mentioned guarantees shall expire on the appropriate date of prepayment,
regardless of whether the Financing is formally settled with the later issuing
of a certificate of settlement by the Agent (which shall certify the payment of
all amounts due in view of this Contract, by the Borrower or by any of the
Guarantors).

EXECUTION

26.2 Executing any Mortgage or Share shall be made in accordance with the
provisions of the corresponding guarantee constitution document, which will need
prior approval by the Majority Shareholders.

According to the execution of the Guarantee, it may be executed individually and
proportionate to its Share by the Financial Institutions which, based on the
provisions of this Contract, have the right to execute same individually.
Notwithstanding the general nature referenced in Clause 29, it expressly status
that the Guarantors assume the obligation of paying any expense and cost for the
Financial Institutions as a result of executing the Guarantee.

Likewise, in case of executing the Guarantee, the rights that correspond to the
Guarantors with the Borrower or with any other Guarantor shall remain
subordinate with any other right that was held in effect by the Financial
Institutions with the Borrower (or any Guarantor) under this contract.

26.3 In any case, executing any of the mentioned guarantees, will not limit in
any way (i) the universal patrimonial responsibility of the Borrower (nor of the
Guarantors, if applicable); nor (ii) any other guarantees formed with the
Financial Institutions in view of this Contract (or of any other related
guarantee related to same).

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                                    SECTION X
                                    THE AGENT

27. THE AGENT

APPOINTMENT

27.1 Each Financial Institution irrevocably appoints the Agent to act as its
agent with regard to this Contract. The Agent shall have the functions derived
from this Contract, as well as for business use, accepting such appointment
without losing any of its corresponding rights as a Financial Institution.

RELATIONSHIP

27.2 Without losing any part of the joint nature of the obligations assumed by
the Financial Institutions in view of this Contract, it has been set forth that
whenever referring to the development and operation of this Contract, the Agent
acts, aside from acting for itself, acts as a special representative of the
Financial Institutions, and as a consequence it must be understood that payments
of any nature that arise from this Contract shall be made by the Borrower (and
by the Guarantors, if applicable) to the Agent, at the place and in the method
established in this Contract, entering into full effect for the Borrower as if
being received in proportions that correspond to the other Financial
Institutions.

Also, and as long no one states otherwise, any notification made or received by
the Agent, shall have the same effect as if it was formulated or received by all
of the Financial Institutions.

27.3 Under no circumstance shall it be understood that the Agent has the power
to represent the Financial Institution beyond what is specifically derived from
the provisions of this Contract, as well as not acting as the trustee of the
Financial Institutions, of the Borrower (or Guarantors, if applicable) or of any
other person.

According to these principles, but not limited to same:

(a)  The Agent shall not be responsible with the Financial Institutions for the
     signing, validity and enforceability of this Contract or for any
     supplementary document or truthfulness of the statements contained in same
     or in the communications it may receive, nor for the feasibility of
     charging the Financing;

(b)  the Agent shall not be obligated to make any determination nor to carry out
     an investigation on the fulfillment of this Contract. It shall only notify
     the other Financial Institutions when it has real knowledge, or if it
     receives notification from one of the Financial Institutions, from the
     Borrower (or from the Guarantors, if applicable) of any Assumed Default or
     that could provide reason to resolve same.

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(c)  the right to information by the Agent shall be understood to be limited to
     communications necessary for the normal fulfillment and development of the
     Contract, or to enforce same in case of default;

(d)  when exercising its authorities as a representative, the Agent shall not
     assume any responsibility if it follows the instructions received or, if in
     the absence of said instructions and in case of emergency, acts on its own
     judgment according to bank guidelines;

(e)  in fulfilling its remaining commitments and missions mentioned in this
     Contract, the Agent shall not have any other responsibility than what could
     arise from fraud or gross negligence;

(f)  employees and representatives of the Agent, whichever their category or
     condition, shall not incur in personal responsibility with other Financial
     Institutions as a consequence of its professional behavior with regard to
     this Contract;

(g)  the Agent shall not be responsible:

     (i)  for consequences that result after basing itself on any communication
          or document it thinks to be authentic or correct, even though it has
          not been communicated or signed by the person it was indicated or
          communicated to or signed same;

     (ii) for consequences that result after basing itself on the counselling of
          professionals selected according to this Contract;

     (iii) for the granting, validity, binding nature or effectiveness provided
          by this Contract, or by any document originated in view or according
          to same; nor

     (iv) for any statement or formal demonstration formulated in this Contract,
          nor from any information given in relation to same.

CREDIT APPROVAL

27.4 Each Financial Institution shall confirm to the Agent and according to this
Contract:

(a)  that it has made queries under its own name and interest, and has acted
     with the required diligence, as if its Share had been a financing made
     directly by said Financial Institution to the Borrower, without the
     intervention of the Agent or any other Financial Institution, and that it
     does not consider the Agent to be responsible for the truthfulness or
     characterization of the information provided and that, therefore, it has
     not based itself exclusively (and not even mainly) on any information or
     consulting facilitated by the Agent, nor on any appraisal or investigation
     of the financial situation, matters,

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     legal status or nature of the Borrower or of the Subsidiaries that would
     have been made by the Agent under that capacity;

(b)  that, regardless of the provisions of Clause 27.8, the Agent is not nor
     shall be obligated, prior to or following the execution of this Contract,
     to provide the mentioned information or consultancy to the Financial
     Institution, nor to carry out the investigation or appraisal mentioned
     above.

PAYMENTS

27.5 Any payments made by the Borrower (or by the Guarantors, if applicable) for
Principal amounts, interests, commissions, or for any other concept which are
the subject of this Contract, regardless of the reason for the reimbursement,
the Financial Institution being used for this purpose, or the voluntary or
forced method of execution of the payment obligation, including the payment for
compensation, shall be distributed by the Agent among the Financial Institutions
in such a way that they will all be paid in equivalent quantities for their
Securities at all times, with the exception of those Financial Institutions who
qualify as subordinate creditors according to the creditor statement. However,
to receive its part of the reimbursement or payment, each Financial Institution
shall contribute a proportionate amount to the expenses that were generated to
obtain same.

The Financial Institutions agree to reimburse the Agent's share immediately on a
pro-rata basis, all amounts that, with the justification of the latter, and
being the responsibility of the Borrower according to this document, were not
reimbursed voluntarily by the Borrower and that represent a payment to the Agent
for any concept it makes for the purposes of this Contract and for the common
interest of the Financial Institutions, regardless of the favorable or adverse
result of the situation or measure that originated the payment.

Independently of this Contract, the Agent may accept deposits, lend money and,
generally carry out all types of bank transactions with the Borrower or
Subsidiaries, as the rest of the Financial Institutions.

The possible rights of the Financial Institutions to obtain payment from the
Borrower (or the Guarantors, if applicable) based on other causes and
obligations not mentioned in this Contract shall not be affected by the
above-mentioned provisions.

DETERMINATION OF INTEREST RATES

27.6 At this time, the Financial Institutions accept the Agent to set the
interest rates (including the basic interest rate and late-payment interest
rate) according to the terms of this Contract, unless of obvious error or proven
otherwise.

NOTIFICATION OF LITIGATION

27.7 Each Financial Institution shall immediately notify the Agent regarding the
initiation, for said Financial Institution, of any legal procedure relating to
this Contract or connected to same, prior to its start (as long as the procedure
set forth in

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Clause 21.4 has been completed). Once the Agent receives this notification it
shall communicate same as soon as possible to the remaining Financial
Institutions.

The Agent shall not be obligated to provide any information to the Financial
Institutions that relates in any way to parts of this Contract, and that the
Agent could have obtained through a different channel than what was indicated in
this Contract, unless it refers to a possible Assumed Default.

RESIGNATION

27.8 The Agent may resign its function in writing (explaining its reasons for
the resignation) to the Borrower and Financial Institutions. In this
supposition, the new agent shall be assigned by the Financial Institutions (with
the exception of the Agent), as agreed by the Financial Institutions.

In the case that within sixty (60) calendar days after the resignation
notification, the Financial Institutions have not agreed to a replacement or if
the Financial Institution did not accept same, the Agent shall have the right to
name the new Agent on its own, among the Financial Institutions.

The resignation of the above Agent and naming the new one shall become effective
on the date of acceptance of the new Agent.

The new Agent shall have the same obligations and rights as its predecessor, in
accordance with these Contract terms.

Likewise, in the supposition that the Agent were to merge, be absorbed or absorb
another financial institution, the new resulting entity shall have all of the
rights and obligations of the Agent. If, on the other hand, there is a division
of the Agent, the Financial Institutions shall designate one of the resulting
institutions as the Agent.

INDEMNITY

27.9 Each of the Financial Institutions shall compensate the Agent, upon their
request for all claims, procedures, expenses, losses, damages, and
responsibilities of any kind, proportionate to the Share of each Financial
Institution, unless incurred by fraud or negligence in that capacity, and that
relate in some way or derive from the provisions of this Contract or in any
related documents, or in any action carried out or omitted by the Agent to
request or preserve, intent to request or presser any of the rights of the
Financial Institutions in accordance with this Contract or related documents. If
the Agent provides the Borrower with an amount, diligently and in good faith,
that was not placed at the hands of the Agent by the Financial Institution. In
such case the Financial Institution shall have to reimburse the Agent the amount
that it had allowed for said Financial Institution with the same value date.

Unless the Borrower notifies the Agent before the payment deadline that it has
no intention of making said payment, the Agent may presuppose that the Borrower
has made said payment on the deadline, therefore allowing the Agent to send a
payment to the Financial Institution, on that payment date, for the amount equal
to the

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supposed payment. If the Borrower does not make the payment to the Agent, each
Financial Institution shall reimburse the Agent, upon request, with the value to
date of the payment to the Financial Institution, the amount provided to the
Financial Institution.

CONFLICT OF INTEREST

27.10 The Agent acknowledges that in this Contract it acts as a crediting
financial institution and agent of other crediting financial institutions, and
not under any other condition.

27.11 Likewise, the Agent shall not be obligated to provide the Financial
Institutions with any information that it may have acquired from the Borrower
while exercising a different capacity than its crediting financial institution.

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                                   SECTION XI
                         TAXES, COMMISSIONS AND EXPENSES

28. COMMISSIONS

INITIAL COMMISSION

28.1 The Borrower shall pay to the Agent (to be distributed among the Financial
Institutions) an initial commission that it negotiated and assumed in a separate
agreement.

AGENT COMMISSION

28.2 The Borrower shall pay to the Agent the agent commission that was
negotiated and assumed in a separate agreement.

NON-DISPOSITION COMMISSION

28.3 The Borrower shall provide a non-disposition commission to the Agent (to be
distributed among the Financial Institutions) since there is no Amount available
in Section B in the following terms:

(a)  the amount of the commission shall be the one that results from applying
     twenty-five percent (25%) of the applicable Margin (according to Clause
     8.4) over the average amount not available from the Amount of Section B
     during the corresponding settlement period (as indicated below);

(b)  said commission shall be paid on a daily basis, from the signing date of
     this Contract, and it shall be settled and paid on a quarterly basis, for
     periods expired, on the last Business Day of each calendar quarter from the
     date of this Contract, according to the number of calendar days that have
     effectively transpired in each settlement period and based on a year with
     three hundred and sixty (360) days.

Notwithstanding the above, said commission shall not be paid if the average
balance provided during the quarter in question is higher than half the Tax of
Section B.

29.  EXPENSES

The Borrower (and the Guarantors, if applicable, according to the terms of its
respective agreements) assumes the obligation to reimburse to the Financial
Institutions (through the Agent), without any exclusions, any expense, tax
(except for the tax on companies that must provide settlement for the Financial
Institutions), local taxes, charge, fee and other current or future costs that
are attributable to executing this Contract, after being required and in each
case, on the basis of a complete compensation and universal coverage, as well as
any damage, loss or ruin originating for the Agent or Financial Institutions as
a direct consequence of this Contract and which are duly justified.

The amounts to be reimbursed to the Agent shall include, but not be limited to:

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(a)  any expense (including expenses and legal fees, brokerage and notary fees,
     printing, advertising, minor expenses, as well as any VAT that was
     incurred, as long as they were previously approved by the Borrower)
     incurred with regard to the negotiation, preparation or formalization of
     this Contract, its modifications or notifications, requirements for acts or
     processes necessary for its fulfillment, and of all documents related to
     said activities and with the Syndicate agreement, except for those caused
     by transferring its Holdings by the Financial Institutions;

(b)  all of the expenses (including lawyer and solicitor fees, even if
     designating the latter, are not necessary) incurred with regard to:

     (i)  assigning an expert, auditor, consultant, tax official, consultant,
          carried out in accordance with this Contract;

     (ii) the resolution of the agent relationship and the subsequent
          designation of a new Agent, except for a cause not attributable to the
          Borrower or to any company of the Borrower's Group;

     (iii) the modification, consent, approval, granting, report drafting, or
          opinion related to this Contract or with any other related document
          requested by the Agent or by the Financial Institutions;

     (iv) the preservation, request, or intent to preserve or request, any of
          its rights derived from this Contract or from any of the documents
          related to same;

     (v)  other expenses derived from this Contract or from any of the documents
          related to same (and, specifically, from the legalization and registry
          of the Mortgage and of any other guarantees to be granted according to
          this Contract); and

(c)  any commissions chargeable in accordance with the uses and bank practices
     in the Spanish market as a consequence of operations relating to the
     Provisions, deliveries and payments necessary to execute this Contract.

30. VAT AND TAX ON PROPERTY TRANSFER AND DOCUMENTATION OF LEGAL PROCEEDINGS

VALUE ADDED TAX

30.1 The parties state that the provision of services included in this Contract,
as they are understood to be completed in the Spanish territory for the purposes
of the Value Added Tax, shall be exempt from same in accordance with Article 20,
one, Number 18, Section c) of Law 37/1992, of December 28.

The amounts indicated in this Contract to be paid by the Borrower exclude any
amount that may be attributable to the payment of the Value Added Tax.

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DOCUMENTATION OF LEGAL PROCEEDINGS

30.2 The Borrower shall pay all fees payable in applying the Tax on
Documentation of Legal Proceedings and similar, to which this Contract or any
other related document may be subject to or originate, having to completely
indemnify the Agent and each and every Financial Institution in case of any loss
or responsibility in which, any of these may incur due to the omission or delay
attributable to the Borrower in paying said fees or taxes.

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                                   SECTION XII
                           SYNDICATION AND ASSIGNMENTS

31. SYNDICATION PROCESS

SYNDICATION

31.1 Each of the parties of this Contract recognizes that it is the intent of
Banco de Sabadell S.A. (as the sole Financial Institution at the date of this
Contract) to develop the Syndication process.

In the scope of the Syndication process, it is agreed that Banco de Sabadell
S.A. may freely assign all or part of its contractual rights resulting from the
present Contract and/or transfer to any other bank, financial institution or
securitization fund authorized to operate in a member state of the European
Union (for the purpose of this Clause 31, the NEW FINANCIAL INSTITUTION) its
rights and obligations under this Contract together with its contractual
position in the guarantee document which are accessories of the same, or any
part of the same (with no harm to the rest of the terms of this present
Contract), and for such purpose each of the parties of this Contract authorizes
Banco de Sabadell S.A. to communicate to the potential New Financial
Institutions however much information of a general nature about the Borrower,
the Guarantor and/or the Subsidiaries which might have been made available to
Banco de Sabadell S.A. (with no harm to that which is pursuant to the following
Clause 31.6).

SYNDICATION CONTRACT AND EFFECTIVENESS OF SYNDICATION

31.2 In order to carry out the Syndication to which this Clause 31 refers, Banco
de Sabadell S.A. (as the sole Financial Institution at the date of the signing
of this Contract) should subscribe a sole syndication contract drawn up
according to the model contained in following Attachment 4, Part A (the
SYNDICATION CONTRACT). Said Syndication Contract endorsed by the Banco de
Sabadell S.A. will be considered valid only if it is complimented in writing and
signed by Banco de Sabadell S.A. (as the assigning entity) as well as by the New
Financial Institution(s), and is inspected by a notary public.

31.3 The parties specifically agree that the Syndication will become effective
beginning on the Date of Syndication, or rather, the Date of Liquidation and
Payment of Interest immediately following the date of signing of the Syndication
Contract.

In the same manner, each of the parties agrees that, following the subscription
of the Syndication Contract, and with effect from the Syndication Date:

(a)  Each New Financial Institution will become part of this Contract, in the
     capacity of Financial Institution legitimate bearer of the corresponding
     rights (in proportion to its Shares); and

(b)  A new calculation of the Share percentages will take place.

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NEW FINANCIAL INSTITUTIONS

31.4 Each New Financial Institution, by means of the execution of the
Syndication contract, will accept that none of the other Financial Institutions,
under any circumstances, will be considered responsible for (i) the exactness
and/or integrity of any information supplied to the New Financial Institution
relating to this Contract; (ii) the financial situation, credit rating,
condition, matter, personality and nature of the Borrower, of the Manager and/or
of the Subsidiaries or of the compliance of the aforementioned of any of their
obligations resulting from this Contract, or of any document related to the
same; and of (iii) the legality, validity, efficiency, suitability and binding
power of this Contract or of any other document related to the same and, unless
previously stated to the contrary, none of said parties will be, nor will be
considered as being a representative, agent or fiduciary of said New Financial
Institution relating to the present Contract.

DEADLINE FOR SYNDICATION AND COMMUNICATION TO THE BORROWER

31.5 The Parties agree to do everything possible in order to complete the
Syndication by no later than June 30, 2006, and for this purpose, Banco de
Sabadell S.A. (being sole Financial Institution on the date of the signing of
this Contract) commits itself to keep the Borrower informed of the state and of
the result of the Syndication.

INFORMATION COMMUNICATION

31.6 Banco de Sabadell S.A. (in as much as sole Financial Institution on the
date of the signing of this Contract) will be able to communicate to a potential
New Financial Institution whatever information regarding the Borrower, the
Guarantor and/or the Subsidiaries may have been made available to Banco de
Sabadell S.A. of a general nature (for example, the Business Plan, the document
titled "Information Memorandum" or "Info Memo" that Banco de Sabadell S.A. might
create with the help of the Borrower, as well as the review reports (due
diligence) and valuation reports that have been delivered to the Agent in
compliance to that which is pursuant to this Contract), as long as said
potential New Financial Institution (through the signing of the corresponding
confidentiality agreement) is obligated (through the signing of the
corresponding confidentiality agreement) to respect the right or confidentiality
in relation to said information.

EXPENSES

31.7 Expenses deriving from the Syndication will be handled by the Borrower.

32. ASSIGNMENTS AND TRANSFERS

ASSIGNMENTS AND TRANSFERS BY THE BORROWER AND THE GUARANTORS

32.1 The Borrower (and, if applicable, the Guarantors) will not have the right
to assign, transfer or subrogate any of the contracted rights and obligations by
virtue of this present Contract.

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ASSIGNMENTS AND TRANSFERS BY THE FINANCIAL INSTITUTIONS

32.2 The Borrower and each of the Guarantors recognizes and accepts that any
Financial Institution (the ASSIGNOR) could freely assign its contractual rights
derived from the present Contract or any part of the same and/or transfer to any
other bank, financial institution or securitization fund (the ASSIGNEE) its
rights and obligations under this Contract together with its contractual
position in guarantee documents that are accessories of the same, or any part of
the same (with no harm to the other terms of the present Contract), and

(a)  For these purposes, could communicate to an Assignee or potential
     benefactor information about the Borrower and/or about the Guarantors
     and/or about the Subsidiaries that might have been made available to the
     Financial Institutions of a general nature; and

(b)  The Borrower (and, if applicable, the Guarantors) will continue to deal
     exclusively with the Financial Institution relating to payment,
     notifications and other matters relative to the management and
     administration of this Contract.

The formalization of the assignment pursuant to this clause should comply with
the following conditions:

(a)  It should be carried out on a Date of Liquidation and Payment of Interest
     and for a minimum amount of five million Euros (E5,000,000) or, if less,
     supposing the assignment of the entirety of the Assignor's Shares.

     Notwithstanding the previous item, the Financial Institutions could carry
     out assignments pursuant to this clause without complying with any of the
     prior conditions, in which case the Financial Institution in question will
     be obligated to pay the Agent a commission in the amount of two thousand
     Euros (E2,000); and

(b)  A cost increment should not be supposed for the Borrower, taking into
     account the provisions of Clause 13.3 above.

TRANSFER CONTRACTS

32.3 In order to carry out the assignment pursuant to Clause 32.2, the Assignor
should deliver to the Agent an assignment contract drawn up in accordance with
the model contained in attached Attachment 4 Part B (the TRANSFER CONTRACT).
Each Transfer Contract delivered to the Agent will only be considered valid if
it is accompanied in writing and signed by the Assignor as well as by the
Assignee, and is inspected by a notary public.

32.4 Each of the parties agrees that, following the receipt by the Agent of an
Transfer Contract between an Assignor and an Assignee, and in effect as of the
date of the Transfer Contract:

                                       102

<PAGE>

(a)  The Assignor will cease to be entitled to exercise the rights resulting
     from this present Contract, and will remain freed from the contractual
     obligations that are specified in the Transfer Contract;

(b)  The Assignee will become a contracting party, in the capacity of a
     legitimate Financial Institution bearer of the corresponding rights, and
     could be passively subject to obligations that might be different from
     those referenced in the previous section, whose extension would be
     determined by the scope of the transfer, and

As a consequence, each of the contracting parties confirms that: (i) the
delivery by an Assignor to an Assignee of an Transfer Contract signed by the
Assignor comprises an irrevocable offer by each of the contracting parties to
accept the Assignee as the Financial Institution part of this Contract, rightful
to exercise the rights, and responsible for complying with the obligations that
are mentioned in section (b) pre Assignor; (ii) said offer could be accepted by
means of the signing of the Transfer Contract by the Assignee and its delivery
to the Agent, and (iii) the clauses of this Contract will be applicable to the
agreement between the contracting parties, derived from the acceptance of said
offer.

ASSIGNEES

32.5 Each Assignee, through the signing of the Transfer Contract, will accept
that none of the other contracting parties, under any circumstances, will be
responsible for (i) the exactness and/or integrity of any information provided
to the Assignee relating to this Contract; (ii) the financial situation, credit
rating, condition, matters, personality and nature of the Borrower and/or of the
Subsidiaries or of the compliance of the aforementioned of any of their
obligations deriving from this Contract, or of any document related to the same,
and of (iii) the legality, validity, efficiency, suitability and binding power
of this Contract or of any other document related to the same and, except for
specific written notice to the contrary, none of said parties will be, nor will
they be considered as being representative, agent or fiduciary of said Assignee
regarding the present Contract.

NOTIFICATION AND VERIFICATION OF ASSIGNMENT POSSIBILITY

32.6 Any Financial Institution that wishes to assign all or part of its Shares
should communicate the same to the Agent at least ten (10) calendar days prior
to the subscription date of the corresponding Transfer Contract.

The Agent will immediately communicate the receipt of said notification to the
Borrower.

INFORMATION COMMUNICATION

32.7 Any Financial Institution may communicate to a potential Assignee any
information of a general nature about the Borrower and/or the Subsidiaries that
might have been made available to the Financial Institutions, as long as the
potential Assignee (recipient of said information) is obligated (through the
signing of the

                                       103

<PAGE>

corresponding confidentiality setter) to respect the confidentiality duty with
regards to said information.

EXPENSES

32.8 Expenses resulting from any assignment under this Contract will be paid for
by the Assignee.

                    (REST OF PAGE LEFT BLANK INTENTIONALLY)

                                       104

<PAGE>

                         (PAGE LEFT BLANK INTENTIONALLY)

                                       105

<PAGE>

                                  SECTION XIII
                               OTHER STIPULATIONS

33. DEBT CERTIFICATION

BY THE AGENT

33.1 For the purpose of the present Contract, the Agent, acting in said
capacity, will open and carry in its books a special account in the name of the
Borrower, in which the Agent will deduct the amount from the Principal, common
interest, commissions, honorary fees, costs, compensatory interest, additional
costs and other sums owed by the Borrower in virtue of the Financing, and in
which all of the sums received by the Agent will be paid by the Agent in payment
of the amounts owed by the Borrower, such that the balance of the mentioned
account reflects at each moment the amount owed by the Borrower by virtue of
this present Contract.

BY EACH FINANCIAL INSTITUTION

33.2 In addition to the account referenced in Clause 33.1, each one of the
Financial Institutions will open and carry in its books a special account opened
in the name of the Borrower, in which the Financial Institution in question will
owe the amounts delivered to the Borrower through the Agent and the common
interest, commission, honorary fees, costs, compensatory interest, additional
costs and any other amounts that the Borrower might owe to said Financial
Institution by virtue of this Contract (or to be paid by the same by means of
the Agent), in order that the balance of the referenced account at all times
reflects the sums owed by the Borrower to the Financial Institution in question
by virtue of this present Contract.

34. EXECUTIVE ACTION

34.1 The present Contract will have executive power in accordance with that
pursuant to numbers 4 and 5 of the second section of article 517 of the LEC and
corresponding legislation.

34.2 For the purpose of articles 520 and 572 of the LEC and corresponding
articles, it is specifically agreed upon that, for the purpose of legal
complaints that might derive from the present Contract, and in accordance with
the terms of the same, any amount owed to the Agent or to any of the Financial
Institutions (and reflected in the accounts cited in Clauses 33.1 and 33.2) will
be considered as a liquid, expired and demandable amount.

In order to prove the liquid, expired and demandable amount, it will be
sufficient for the Agent or any of the Financial Institutions to accompany the
present Contract with the certification shown in section 5 of article 517 of the
LEC, as well as a certificate issued by any of those in which the appealed sum
is established, certified in that which the inspecting notary should prove and
confirm that said sum coincides with the balance that appears in the previously
mentioned special account, and that the liquidation has been carried out in the
manner agreed upon by the parties in this Contract. Expenses will be the
Borrower's responsibility (or, in execution of his/her

                                       106

<PAGE>

respective obligations, the Guarantors'), which might arise as a result of the
inspection of said inspecting notary.

The amount of the balance thus fixed will be indisputably notified to the
Borrower at least five (5) Business Days prior to the execution of the
corresponding action.

35. CUMULATIVE RIGHTS AND WAIVERS

The respective rights of the Agent and of the Financial Institutions in
accordance with the present Contract are cumulative, may be exercised as often
as the Agent and the Financial Institutions consider being convenient and do not
imply any type of relinquishment of the other rights that are granted by law.
The respective rights of the Agent and of the Financial Institutions regarding
the present Contract will not be susceptible to being relinquished or changed,
except through specific written relinquishment or abandonment. Specifically, no
omission or delay in exercising any of said rights may be considered as
relinquishment or modification of this or of any other right; no partial or
defective exercising of any of said rights will infringe upon any other exercise
or the later exercise of said right or of any other, and no act, conduct,
behavior or negotiation will impede exercising any right, nor will it constitute
a suspension or modification of the same.

36. NOTIFICATIONS

36.1 All notifications or communication practiced in accordance with or in
connection with the present Contract will be directed to or will be carried out
by the Agent, in writing, and will be personally delivered or will be sent via
letter, certified Spanish post office fax or fax (in this last case, whenever
the corresponding correct transmission report is obtained -OK Transmission
Report-).

36.2 All notifications or communications practiced in accordance with Clause
36.1 will be understood as having taken place:

(a)  If it is delivered personally, at the moment of the delivery;

(b)  If it is sent by setter, in the period of seven (7) calendar days from the
     date of its mailing;

(c)  If it is sent by letter with receipt acknowledgement or by certified
     Spanish post office fax, on the date indicated in the corresponding
     delivery acknowledgment; and

(d)  If it is sent by fax, on the issuance date, as long as it thus appears on
     the correct transmission report.

However, when it were delivered in person or sent via certified Spanish post
office fax or fax, and were to take place after 6:00 p.m. (time of the recipient
of the notification or communication) of a Business Day or during a non-business
day, the receipt will be understood as produced at 9:00 a.m. (time of the
recipient of the notification or communication) of the immediately following
Business Day.

                                       107

<PAGE>

36.3 The parties designate the following addresses, telephone and fax numbers,
as well as the name of the person to whom the corresponding notification should
be directed.

NOTIFICATIONS TO THE BORROWER:

GRUPO GENERAL CABLE SISTEMAS S.A.
Calle Casanovas 150
08036 Barcelona
ATTN: Mrs. Maria Jesus Muro

FAX: +34 93 227 9721

NOTIFICATIONS TO THE GUARANTOR:

GRUPO GENERAL CABLE CELCAT ENERGIA E TELECOMUNICACOES S.A.
Avenida Marques de Pombal 36-38
Morelena, freguesia de Pero Pinheiro
Concelho de Sintra (Portugal)
Att. Carlos Carreira

With a copy to the Borrower

NOTIFICATIONS TO THE AGENT:

BANCO DE SABADELL S.A.
Plaza Catalonia 1
08201 Sabadell (Barcelona)
ATTN: Dr. Anna Maria Domenech / Mr. David Laguna
TEL: +34 93 728 9157
FAX: +34 93 745 1064
E-mail: domenecham@bancsabadell.com / lagunad@bancsabadell.com
OMF Account: 0081

NOTIFICATIONS TO THE FINANCIAL INSTITUTIONS:

BANCO DE SABADELL S.A.
Plaza Catalonia 1
08201 Sabadell (Barcelona)
ATT: Dr. Anna Maria Domenech / Dr. David Laguna
TEL: +34 93 728 9157
FAX: +34 93 745 1064
E-mail: domenecham@bancsabadell.com / lagunad@bancsabadell.com

37.  OFFICES

Any Financial Institution may make effective its Shares and may receive any
payment that might be owed it in accordance with this Contract, in any of its
commercial offices. The Financial Institution in question should notify in
writing a minimum of seven (7) calendar days prior notice to the Agent, of any
change in the commercial office designated for the purpose of this Contract.

                                       108

<PAGE>

38. LANGUAGE

All of the notices and notifications formulated in accordance with and relating
to this Contract will be carried out in Spanish.

39. PRESERVATION OF THE CONTRACT

If any of the stipulations of the present Contract are invalid, illicit or
non-demandable in any aspect in accordance with any law, the validity, legality
and power of the remaining stipulations will not be seen as affected or harmed
in any sense.

                     (REST OF PAGE LEFT BLANK INTENTIONALLY)

                                       109

<PAGE>

                                   SECTION XIV
                              LAW AND JURISDICTION

40. ELECTION OF LAW

The present Contract (and the documents that make up the attachments, except for
in those that the contrary is presented) will be governed and will be
interpreted in accordance with Spanish common legislation.

41. JURISDICTION

Each of the parties of the present Contract irrevocably submits itself,
expressly renouncing the forum that, when necessary, might correspond to it, to
the jurisdiction of the judges and courts of the city of Barcelona for the
knowledge, resolution of any complaint or controversy that might result from the
validity, compliance, interpretation and execution of the present Contract, with
no harm to the territorial jurisdiction determined according to the LEC for
execution summary procedures and for loan and mortgage procedures.

                             (ATTACHMENTS FOLLOWING)

                                       110

<PAGE>

GRUPO GENERAL CABLE SISTEMAS S.A.       GENERAL CABLE CELCAT ENERGIA E
(as the Borrower)                       TELECOMUNICAOES S.A.
                                        (as the Underwriter)

-------------------------------------   ----------------------------------------
D. D. Domingo Goenaga Campmany          D. D. Domingo Goenaga Campmany
SABADELL BANK, INC.                     SABADELL BANK, INC.
(in its role as Agent)                  (in its role as Financial Institution)

-------------------------------------   ----------------------------------------
D. Joan Jimenez Delgado and             Joan Jimenez Delgado and
D. [_____]Luis Preter Tresserras        D. [_____]Luis Preter Tresserras

NOTARY STATEMENT: I, Manuel Piquer Belloch, Notary of the Illustrious Notarial
Association (Ilustre Colegio Notarial) of Cataluna, residing in Barcelona,
having assured according to the proper rules the true identity of the parties
hereto by means of inspecting identity documents, and that these parties are
duly capable of executing the present contract, (except for the intervention of
Domingo Goenaga Campmany in representation of General Cable Celcat Energia e
Telecomunicacoes S.A., as guarantor, for which I was shown document number 55 of
the shareholders meeting of said company, dated December 20, 2005, which is
pending in the signature authentication by a competent notary and of the
corresponding Apostille of La Haya 1961, of which I, Notary recognized by the
appearing parties that for the purpose of this public document with regard to
the bond efficiency, is exclusively subject to the existence of said Agreement
or Document duly Apostilled or subject to its later ratification, in witness
whereof I CERTIFY.

This policy comprises, with the inclusion of its appendices, a total of
___folio, signed by the parties and with my seal, signature, stamp and notarial
form, in accordance with the provisions of the Ministerial Order of May 28, 1998
and the Directive of September 29, 2000 of the General Registry Office, and of
the Notary Office, and that this document is executed in five (5) identical
originals, it being assumed that there is nothing within the document that
contradicts anything expressed on this final page. This having been noted, and
the usual reservations and legal warnings, especially regarding taxes, having
been made, the parties have created the present document in the Spanish language
as they have freely chosen IN MY PRESENCE. Of all this and of the content of
this document I, the Notary, BEAR WITNESS. In Barcelona, on December 22, 2005.

--------------------------------
Mr. Manuel Piquer Belloch
Notary

                                       187<PAGE>

                                                                   EXHIBIT 10.73

(MULTICURRENCY - CROSS BORDER)

                                     ISDA(R)
                  INTERNATIONAL SWAP DEALERS ASSOCIATION, INC.

                                MASTER AGREEMENT

                          DATED AS OF OCTOBER 13, 2005

MERRILL LYNCH CAPITAL SERVICES, INC.                   GENERAL CABLE CORPORATION
          ("PARTY A")                                         ("PARTY B")

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:-

1.   INTERPRETATION

(a) DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2.   OBLIGATIONS

(a)  GENERAL CONDITIONS.

     (i) Each party will make each payment or delivery specified in each
     Confirmation to be made by it, subject to the other provisions of this
     Agreement.

     (ii) Payments under this Agreement will be made on the due date for value
     on that date in the place of the account specified in the relevant
     Confirmation or otherwise pursuant to this Agreement, in freely
     transferable funds and in the manner customary for payments in the required
     currency. Where settlement is by delivery (that is, other than by payment),
     such delivery will be made for receipt on the due date in the manner
     customary for the relevant obligation unless otherwise specified in the
     relevant Confirmation or elsewhere in this Agreement.

     (iii) Each obligation of each party under Section 2(a)(i) is subject to (1)
     the condition precedent that no Event of Default or Potential Event of
     Default with respect to the other party has occurred and is continuing, (2)
     the condition precedent that no Early Termination Date in respect of the
     relevant Transaction has occurred or been effectively designated and (3)
     each other applicable condition precedent specified in this Agreement.

       COPYRIGHT (C) 1992 BY INTERNATIONAL SWAP DEALERS ASSOCIATION, INC.

<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

MERRILL LYNCH CAPITAL SERVICES, INC.    GENERAL CABLE CORPORATION

By:                                     By:
    ---------------------------------       ------------------------------------
Name:                                   Name:
      -------------------------------         ----------------------------------
Title:                                  Title:
       ------------------------------          ---------------------------------
Date:                                   Date:
      -------------------------------         ----------------------------------

                                                                   ISDA (R) 1992

                                        2

<PAGE>

                                    SCHEDULE

                                     TO THE

                                MASTER AGREEMENT

                          DATED AS OF OCTOBER 13, 2005

                                     BETWEEN

               MERRILL LYNCH CAPITAL SERVICES, INC., A CORPORATION
                ORGANIZED UNDER THE LAWS OF THE STATE OF DELAWARE
                                   ("PARTY A")

                                       AND

            GENERAL CABLE CORPORATION, A CORPORATION ORGANIZED UNDER
                        THE LAWS OF THE STATE OF DELAWARE
                                   ("PARTY B")

                                     PART 1

                             TERMINATION PROVISIONS

In this Agreement:-

(a)  "SPECIFIED ENTITY" means in relation to Party A for the purpose of:-

Section 5(a)(v),     Not Applicable
Section 5(a)(vi),    Not Applicable
Section 5(a)(vii),   Not Applicable
Section 5(b)(iv),    Not Applicable

     in relation to Party B for the purpose of:-

Section 5(a)(v),     Not Applicable
Section 5(a)(vi),    Not Applicable
Section 5(a)(vii),   Not Applicable
Section 5(b)(iv),    Not Applicable

(b)  "SPECIFIED TRANSACTION" will have the meaning specified in Section 14 of
     this Agreement.

(c)  The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to Party A
     and to Party B.

If such provisions apply:-

                                        3

<PAGE>

"SPECIFIED INDEBTEDNESS" will have the meaning specified in Section 14 of this
Agreement, and, in addition, "Specified Indebtedness" as applied to Party B
shall also include any payment obligation of Party B under that certain Credit
Agreement dated as of October 22, 2004 (as amended, supplemented or otherwise
modified from time to time, including, without limitation, the Limited Consent
with Respect to Amended and Restated Credit Agreement, dated as of October 12,
2005, as amended and restated by the Second Amended and Restated Credit
Agreement, dated as of November 23, 2005, collectively, the "Credit Agreement")
among General Cable Industries, Inc., as Borrower, General Cable Corporation and
the other Guarantors party thereto, as Guarantors, Merrill Lynch Capital, a
division of Merrill Lynch Business Financial Services Inc., individually as a
Lender, collateral agent and as security trustee for the Secured Parties, and as
syndication agent, Merrill Lynch Capital, a division of Merrill Lynch Business
Financial Services INC. and UBS Securities LLC, as joint lead arrangers, Fleet
Capital Corporation, as a co-documentation agent, GMAC Commercial Finance LLC,
as a co-documentation agent, General Electric Capital Corporation, as a
co-documentation agent, UBS Loan Finance LLC, as a Lender and as swingline
lender, UBS AG, Stamford Branch, in its individual capacity, as issuing bank,
and as administrative agent for the Lenders and the financial institutions from
time to time parties thereto as lenders thereunder.

"THRESHOLD AMOUNT" means, in respect of Party A, USD 100,000,000 or its
equivalent in other currencies, and in respect of Party B, USD 100,000 or its
equivalent in other currencies, provided that, in respect of Party B, the
Threshold Amount applicable to an Event of Default under the Credit Agreement
shall mean zero (0).

(d)  The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will apply to
     Party A and Party B. Section 5(b)(iv) of this Agreement shall be amended to
     read as follows: "Credit Event Upon Merger" means that a Designated Event
     (as defined below) occurs with respect to a party, any Credit Support
     Provider of such party, or any Specified Entity of such party and such
     action does not constitute an event described in Section 5(a)(viii) but, in
     the reasonable opinion of the other party, the creditworthiness of the
     successor, surviving or transferee entity, taking into account any
     applicable Credit Support Document (except any applicable Credit Support
     Annex or other agreement providing for the pledge of collateral or any
     similar agreement) (in which case the party or its successor or transferee,
     as appropriate, will be the Affected Party) is materially weaker than that
     of its predecessor, immediately prior to the occurrence of the Designated
     Event. For purposes hereof, a Designated Event means that, after the Trade
     Date of any Transaction:

     (i)  the party, any Credit Support Provider of the party or any Specified
          Entity of the party consolidates or amalgamates with, or merges with
          or into, or transfers all or substantially all its assets (or any
          substantial part of the assets comprising the business of that party)
          to, or reorganizes, incorporates, reincorporates, or reconstitutes
          into or as, another entity, or another entity consolidates or
          amalgamates with, or merges with or into, or transfers all or
          substantially all its assets to, or reorganizes, incorporates,
          reincorporates, reconstitutes into or as, such party; or

     (ii) any person or entity acquires directly or indirectly the beneficial
          ownership of equity securities having the power to elect a majority of
          the board of directors of the party, any Credit Support Provider of
          the party or any applicable Specified Entity of the party; or

     (iii) the party, any Credit Support Provider of the party, or any
          applicable Specified Entity of the party enters into any agreement
          providing for any of the foregoing.

(e)  The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not apply
     to either Party A or to Party B.

                                        4

<PAGE>

(f)  PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
     Agreement:-

     (i)  Market Quotation will apply.

     (ii) The Second Method will apply.

(g)  "TERMINATION CURRENCY" means United States Dollars.

(H)  ADDITIONAL TERMINATION EVENT will apply.

     (i)  TERMINATION OF REVOLVING COMMITMENTS. If, upon the termination of all
          Revolving Commitments, the repayment of all outstanding Loans (as such
          terms are defined in the Credit Agreement) and the release of all
          liens securing the same (collectively, "Release"), this Agreement is
          in effect, the Parties hereto, at Party A's option, and written notice
          thereof to Party B, shall, within five (5) business days of the
          Release, execute and deliver a Credit Support Annex in the form
          attached hereto as Exhibit "C" and post collateral to Party A pursuant
          to the terms of the Credit Support Annex.

          The Credit Support Annex shall not take effect unless and until there
          is a termination of all Revolving Commitments, the repayment of all
          outstanding Loans and the release of all liens securing the same.

     (ii) PARI PASSU OBLIGATIONS. If any obligation due and owing by Party B to
          Party A under this Agreement fails to rank at least pari passu with
          any obligation due and owing by Party B to any of its unsecured debt
          holders.

          Failure by Party B to comply with the terms of either Part 1(h)(i) or
          1(h)(ii) shall constitute an Additional Termination Event pursuant to
          Section 5(b)(v), and Party B shall be the sole Affected Party in
          either case.

                                        5

<PAGE>

                                     PART 2

                               TAX REPRESENTATIONS

(a)  PAYER REPRESENTATIONS. For the purpose of Section 3(e) of this Agreement,
     Party A will make the following representation and Party B will make the
     following representation:-

     It is not required by any applicable law, as modified by the practice of
     any relevant governmental revenue authority, of any Relevant Jurisdiction
     to make any deduction or withholding for or on account of any Tax from any
     payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this
     Agreement) to be made by it to the other party under this Agreement. In
     making this representation, it may rely on (i) the accuracy of any
     representations made by the other party pursuant to Section 3(f) of this
     Agreement, (ii) the satisfaction of the agreement contained in Section
     4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness
     of any document provided by the other party pursuant to Section 4(a)(i) or
     4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of
     the other party contained in Section 4(d) of this Agreement, provided that
     it shall not be a breach of this representation where reliance is placed on
     clause (ii) and the other party does not deliver a form or document under
     Section 4(a)(iii) by reason of material prejudice to its legal or
     commercial position.

(b)  PAYEE REPRESENTATIONS. For the purpose of Section 3(f) of this Agreement,
     Party A and Party B make the representations specified below:-

     (i)  The following representation applies to Party A:-

          Party A is a corporation organized under the laws of the State of
          Delaware.

     (ii) The following representation applies to Party B:-

          Party B is a corporation organized under the laws of the State of
          Delaware.

                                        6
<PAGE>

                                     PART 3

                         AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees
to deliver the following documents as applicable:-

(a)  Tax forms, documents or certificates to be delivered are:-

<TABLE>
<CAPTION>
PARTY REQUIRED TO
 DELIVER DOCUMENT       FORM/DOCUMENT/CERTIFICATE          DATE BY WHICH TO BE DELIVERED
-----------------   --------------------------------   -------------------------------------
<S>                 <C>                                <C>
 Party A/Party B    A correct, complete and executed   (i) Before the first Payment Date
                    U.S. Internal Revenue Service      under this Agreement, (ii) promptly
                    Form W-9 (or any successor         upon reasonable demand by Party A,
                    thereto), including appropriate    and (iii) promptly upon learning that
                    attachments, that eliminates       any such form previously provided by
                    U.S. federal backup withholding    Party B has become obsolete or
                    tax on payments under this         incorrect.
                    Agreement.
</TABLE>

(b)  Other Documents to be delivered are:-

<TABLE>
<CAPTION>
 PARTY REQUIRED                                                                                 COVERED BY
   TO DELIVER                      FORM/DOCUMENT/                       DATE BY WHICH         SECTION 3(D)
    DOCUMENT                        CERTIFICATE                        TO BE DELIVERED       REPRESENTATION
 --------------    ---------------------------------------------   -----------------------   --------------
<S>                <C>                                             <C>                       <C>
Party A/Party B.   Annual audited financial statements (or, in     Promptly after request.        Yes.
                   the case of Party A, of its Credit Support
                   Provider) prepared in accordance with
                   generally accepted accounting principles in
                   the country in which the party (or, in the
                   case of Party A, its Credit Support Provider)
                   is organized.

Party A/Party B.   Quarterly unaudited financial statements (or,   Promptly after request.        Yes.
                   in the case of Party A, of its Credit Support
                   Provider) prepared in accordance with
                   generally accepted accounting principles in
                   the country in which the party (or, in the
                   case of Party A, its Credit Support Provider)
                   is organized.

Party A/Party B.   Credit Support Document, if any, specified in   Concurrently with the           No.
                   Part 4 of the Schedule, such Credit Support     execution of this
                   Document being duly executed if required.       Agreement.

                   The collateralized Guarantee of General Cable
                   Industries, Inc. shall be in a form
                   acceptable to Party A.
</TABLE>

                                            7

<PAGE>

<TABLE>
<CAPTION>
PARTY REQUIRED                                                                                 COVERED BY
  TO DELIVER                       FORM/DOCUMENT/                       DATE BY WHICH         SECTION 3(D)
   DOCUMENT                         CERTIFICATE                        TO BE DELIVERED       REPRESENTATION
--------------     ---------------------------------------------   -----------------------   --------------
<S>                <C>                                             <C>                       <C>
Party A/Party B.   Certified copies of the resolution(s) of its    Concurrently with the          Yes.
                   board of directors or other documents           execution of this
                   authorizing the execution and delivery of       Agreement.
                   this Agreement.

Party A/Party B.   Incumbency certificate or other documents       Concurrently with the          Yes.
                   evidencing the authority of the party           execution of this
                   entering into this Agreement or any other       Agreement or of any
                   document executed in connection with this       other documents
                   Agreement.                                      executed in connection
                                                                   with this Agreement.

Party A.           An opinion of counsel with respect to Party A   Concurrently with the           No.
                   in a form acceptable to Party B.                execution of this
                                                                   Agreement.

Party A.           An opinion of counsel with respect to Party     Concurrently with the           No.
                   A's Credit Support Provider in a form           execution of this
                   acceptable to Party B.                          Agreement.

Party B.           An opinion of counsel with respect to Party B   Concurrently with the           No.
                   substantially in the form attached hereto as    execution of this
                   Exhibit B and otherwise in a form acceptable    Agreement.
                   to Party A.

Party B.           An opinion of counsel with respect to Party     Concurrently with the           No.
                   B's Credit Support Provider in a form           execution of this
                   acceptable to Party A.                          Agreement.
</TABLE>

                                            8
<PAGE>

                                     PART 4

                                  MISCELLANEOUS

(a)  ADDRESSES FOR NOTICES: For the purpose of Section 12(a) of this Agreement:-

Address for notices or communications to PARTY A:-

Address:       MERRILL LYNCH WORLD HEADQUARTERS
               4 WORLD FINANCIAL CENTER, 18TH FLOOR
               NEW YORK, NEW YORK 10080
Attention:     SWAP GROUP
Facsimile No.: 917-778-0836
Telephone No.: 212 449-2467

(For all purposes)

Additionally, a copy of all notices pursuant to Sections 5, 6, and 7 as well as
any changes to counterparty's address, telephone number or facsimile number
should be sent to:

               GMI COUNSEL
               MERRILL LYNCH WORLD HEADQUARTERS
               4 WORLD FINANCIAL CENTER, 12TH FLOOR
               NEW YORK, NEW YORK 10080
               ATTENTION: SWAPS LEGAL
               FACSIMILE NO.: 212 449-6993

Address for notices or communications to PARTY B:-

Address:       General Cable Corporation
               4 Tesseneer Drive
               Highland Heights, Kentucky 41076
Attention:     Chief Financial Officer
Facsimile No.: (859) 572-8440
Telephone No.: (859) 572-8000

(For all purposes)

(b)  PROCESS AGENT. For the purpose of Section 13(c):-

Party A appoints as its Process Agent: Not Applicable.

Party B appoints as its Process Agent: Not Applicable.

(c)  OFFICES. The provisions of Section 10(a) will apply to this Agreement.

(d)  MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:

Party A is not a Multibranch Party.

Party B is not a Multibranch Party.

                                       9

<PAGE>
(e)  CALCULATION AGENT. The Calculation Agent is Party A, unless either Party A
     is in default hereunder, in which event Party B shall select the
     Calculation Agent with the consent of Party A (which consent shall not be
     unreasonably withheld), or a different Calculation Agent is otherwise
     specified in a Confirmation in relation to the relevant Transaction.

(f)  CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:-

Party A: Guarantee of Merrill Lynch & Co., Inc. ("ML&Co.") in the form attached
hereto as Exhibit A.

Party B: The Continuing Unconditional Guarantee of General Cable Industries,
Inc., the Credit Agreement (as defined in Part 1 hereof) and the Security
Agreement (as defined in the Credit Agreement), and the Credit Support Annex
which supplements, forms part of, and is subject to this Agreement.

(g)  CREDIT SUPPORT PROVIDER.

Credit Support Provider means in relation to Party A, ML & Co.

Credit Support Provider means in relation to Party B, General Cable Industries,
Inc.

(h)  GOVERNING LAW. This Agreement will be governed by and construed in
     accordance with the laws of the State of New York without reference to
     choice of law doctrine.

(i)  NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of this Agreement
     will not apply.

(j)  "AFFILIATE" will have the meaning specified in Section 14 of this
     Agreement.

                                       10

<PAGE>

                                     PART 5

                                OTHER PROVISIONS

(1) FINANCIAL STATEMENTS. Section 3(d) is hereby amended by adding in the third
line thereof after the word "respect" and before the period:

     "or, in the case of financial statements, a fair presentation of the
     financial condition of the relevant party".

(2) ADDITIONAL REPRESENTATIONS. For purposes of Section 3, the following shall
be added, immediately following paragraph (f) thereto:

     (g) It is an "eligible contract participant" within the meaning of the
     United States Commodity Exchange Act.

     (h) It has entered into this Agreement (including each Transaction
     evidenced hereby) in conjunction with its line of business (including
     financial intermediation services) or the financing of its business, and,
     with respect to Party B, for the purpose of hedging its interest rate
     exposure.

     (i) It is entering into this Agreement, any Credit Support Document to
     which it is a party, each Transaction and any other documentation relating
     to this Agreement or any Transaction as principal (and not as agent or in
     any other capacity, fiduciary or otherwise).

In addition, the parties each represent (which representations will be deemed to
be repeated on each date on which a Transaction is entered into) that:

     (j) NON-RELIANCE. Each party represents to the other party (which
     representation will be deemed to be repeated by each party on each date on
     which a Transaction is entered into or amended, extended or otherwise
     modified) that it is acting for its own account, and has made its own
     independent decisions to enter into this Agreement and any Transaction
     hereunder and as to whether this Agreement and any Transaction hereunder is
     appropriate or proper for it based on its own judgment and upon advice from
     such advisors as it has deemed necessary. It is not relying on any
     communication (written or oral) of the other party as investment advice or
     as a recommendation to enter into this Agreement or any Transaction
     hereunder, it being understood that information and explanations related to
     the terms and conditions of this Agreement and any Transaction hereunder
     shall not be considered investment advice or a recommendation to enter into
     this Agreement or any Transaction hereunder. No communication (written or
     oral) received from the other party shall be deemed to be an assurance or
     guarantee as to the expected results of any Transaction hereunder.

(3) TRANSFER. To the extent the following does not violate the terms of the
Credit Agreement, and notwithstanding the provisions of Section 7, Party A may
assign its rights and delegate its obligations under any Transaction, in whole
or in part, to any Affiliate (an "Assignee") of ML & Co., effective (the
"Effective Date") upon delivery to Party B of both (a) an executed acceptance
and assumption by the Assignee of the transferred obligations of Party A under
the Transaction(s) (the "Transferred Obligations"); and (b) an executed
guarantee of ML & Co., of the Transferred Obligations, substantially in the form
of Exhibit A hereto. On the Effective Date, (a) Party A shall be released from
all obligations and liabilities arising under the Transferred Obligations; and
(b) the Transferred Obligations shall cease to be Transaction(s) under this
Agreement and shall be deemed to be Transaction(s) under the master agreement
between Assignee and Party B, provided that, if at such time Assignee and Party
B have not

                                       11

<PAGE>

entered into a master agreement, Assignee and Party B shall be deemed to have
entered into an ISDA form of Master Agreement (Multicurrency-Cross Border)
without any Schedule attached thereto.

Notwithstanding the provisions of Section 7, Party A hereby agrees to not
unreasonably withhold the right of Party B to assign it's rights and delegate
it's obligations under any Transaction, in whole or in part to a banking
counterparty which Party A has sufficient credit availability for such
transaction.

(4) METHOD OF NOTICE. Section 12(a)(ii) of the Master Agreement is deleted in
its entirety.

(5) JURISDICTION. Party B hereby irrevocably and unconditionally submits to the
nonexclusive jurisdiction of the Supreme Court of the State of New York sitting
in New York County and of the United States District Court of the Southern
District of New York, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement, or for recognition or
enforcement of any judgment. Party A and Party B agree that a final judgment is
any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law.

(6) SET-OFF.

     (a) Without affecting the provisions of this Agreement requiring the
     calculation of certain net payment amounts, and to the extent the following
     does not violate the terms of the Credit Agreement, all payments under this
     Agreement will be made without setoff or counterclaim; provided, however,
     that in addition to any rights of setoff a party may have as a matter of
     law or otherwise, upon the designation or deemed designation of an Early
     Termination Date, the non-Defaulting Party or non-Affected party (in either
     case, "X") may without prior notice set off any sum or obligation (whether
     or not arising under this Agreement, whether or not matured, whether or not
     contingent and regardless of the currency, place of payment or booking
     office of the obligation) owed or due by the Defaulting Party or Affected
     Party (in either case, "Y") to X against any sum or obligation (whether or
     not arising under this Agreement, whether or not matured, whether or not
     contingent and regardless of the currency, place of payment or booking
     office of the obligation) owed or due by X or any Affiliate of X to Y. X
     will promptly provide a detailed accounting of such Set-off amounts and
     calculations.

     (b) For the purposes of cross-currency set-off, X may convert into the
     currency in which the other is denominated at the rate of exchange at which
     such party would be able, acting in a reasonable manner and in good faith,
     to purchase the relevant amount of such currency.

     (c) If an obligation is unascertained, X may in good faith estimate that
     obligation and set off in respect of the estimate, subject to the relevant
     party accounting to the other when the obligation is ascertained.

(7) ESCROW. If by reason of the time difference between the cities in which
payments are to be made, it is not possible for simultaneous payments to be made
on any date on which both parties are required to make payments hereunder,
either party may, at its option and in its sole discretion, notify the other
party that payments on that date are to be made in escrow. In this case, deposit
of the payment due earlier on that date shall be made by 2:00 p.m. (local time
at the place for the earlier payment) on that date with an escrow agent selected
by the notifying party, accompanied by irrevocable payment instruction (i) to
release the deposited payment to the intended recipient upon receipt by the
escrow agent of the required deposit of the corresponding payment from the other
party on the same date accompanied by irrevocable payment instructions to the
same effect or (ii) if the required deposit of the corresponding payment is not
made on that same date, to return the payment deposited to the party that paid
it in escrow. The party that

                                       12

<PAGE>

elects to have payments made in escrow shall pay the costs of the escrow
arrangements and shall cause those arrangements to provide that the intended
recipient of the payment due to be deposited first shall be entitled to interest
on that deposited payment for each day in the period of its deposit at the rate
offered by the escrow agent for that day for overnight deposits in the relevant
currency in the office where it holds that deposited payment (at 11:00 a.m.
local time on that day) if that payment is not released by 5:00 p.m. local time
on the date it is deposited for any reason, other than the intended recipient's
failure to make the escrow deposit it is required to make hereunder in a timely
fashion.

(8) CONSENT TO RECORDING. The parties agree that each may electronically record
all telephonic conversations between marketing and trading personnel in
connection with this Agreement.

(9) WAIVER OF JURY TRIAL. Each party hereby irrevocably waives any and all right
to trial by jury with respect to any legal proceeding arising out of or relating
to this Agreement or any Transaction contemplated hereunder.

(10) SINGLE TRANSACTION. Party A and Party B each agree and acknowledge that the
only Transaction that is or will be governed by this Agreement is the
Transaction evidenced by the Confirmation dated October 13, 2005.

(11) REPRESENTATION OF PARTY A. Party A hereby represents that on the date of
this Agreement it is a Lender or an Affiliate of a Lender (as such terms are
defined in the Credit Agreement).

                                       13

<PAGE>

                                                                       EXHIBIT A

                     GUARANTEE OF MERRILL LYNCH & CO., INC.

     FOR VALUE RECEIVED, receipt of which is hereby acknowledged, Merrill Lynch
& Co., Inc., a corporation duly organized and existing under the laws of the
State of Delaware ("ML & CO."), hereby unconditionally guarantees to General
Cable Corporation (the "Company"), the due and punctual payment of any and all
amounts payable by Merrill Lynch Capital Services, Inc., a corporation organized
under the laws of the State of Delaware ("MLCS"), its successors and permitted
assigns, to the extent such successors or permitted assigns are direct or
indirect subsidiaries of ML & Co., under the terms of the Master Agreement
between the Company and MLCS, dated as of October 13, 2005 (the "Agreement"),
including, in case of default, interest on any amount due, when and as the same
shall become due and payable, whether on the scheduled payment dates, at
maturity, upon declaration of termination or otherwise, according to the terms
thereof. In case of the failure of MLCS punctually to make any such payment, ML
& Co. hereby agrees to make such payment, or cause such payment to be made,
promptly upon demand made by the Company to ML & Co.; provided, however that
delay by the Company in giving such demand shall in no event affect ML & Co.'s
obligations under this Guarantee. This Guarantee shall remain in full force and
effect or shall be reinstated (as the case may be) if at any time any payment
guaranteed hereunder, in whole or in part, is rescinded or must otherwise be
returned by the Company upon the insolvency, bankruptcy or reorganization of
MLCS or otherwise, all as though such payment had not been made.

     ML & Co. hereby agrees that its obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of the
Agreement; the absence of any action to enforce the same; any waiver or consent
by the Company concerning any provisions thereof; the rendering of any judgment
against MLCS or any action to enforce the same; or any other circumstances that
might otherwise constitute a legal or equitable discharge of a guarantor or a
defense of a guarantor. ML & Co. covenants that this guarantee will not be
discharged except by complete payment of the amounts payable under the
Agreement. This Guarantee shall continue to be effective if MLCS merges or
consolidates with or into another entity, loses its separate legal identity or
ceases to exist.

     ML & Co. hereby waives diligence; presentment; protest; notice of protest,
acceleration, and dishonor; filing of claims with a court in the event of
insolvency or bankruptcy of MLCS; all demands whatsoever, except as noted in the
first paragraph hereof; and any right to require a proceeding first against
MLCS.

     ML & Co. hereby certifies and warrants that this Guarantee constitutes the
valid obligation of ML & Co. and complies with all applicable laws.

     This Guarantee shall be governed by, and construed in accordance with, the
laws of the State of New York.

     This Guarantee may be terminated at any time by notice by ML & Co. to the
Company given in accordance with the notice provisions of the Agreement,
effective upon receipt of such notice by the Company or such later date as may
be specified in such notice; provided, however, that this Guarantee shall
continue in full force and effect with respect to any obligation of MLCS under
the Agreement entered into prior to the effectiveness of such notice of
termination.

     This Guarantee becomes effective concurrent with the effectiveness of the
Agreement, according to its terms.

     IN WITNESS WHEREOF, ML & Co. has caused this Guarantee to be executed in
its corporate name by its duly authorized representative.

                                        MERRILL LYNCH & CO., INC.

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
                                        Date:
                                              ----------------------------------

                                       14
<PAGE>

(BILATERAL FORM)

                                  (ISDA AGREEMENTS SUBJECT TO NEW YORK LAW ONLY)

                                                                       EXHIBIT C

                                     ISDA(R)
              INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.
                              CREDIT SUPPORT ANNEX
                             TO THE SCHEDULE TO THE
                              ISDA MASTER AGREEMENT

                          DATED AS OF OCTOBER 13, 2005

                                     BETWEEN

MERRILL LYNCH CAPITAL                  AND             GENERAL CABLE CORPORATION
    SERVICES, INC.                                            ("PARTY B")
     ("PARTY A")

This Annex supplements, forms part of, and is subject to, the above-referenced
Agreement, is part of its Schedule and is a Credit Support Document under this
Agreement with respect to each party.

Accordingly, the parties agree as follows:--

PARAGRAPH 1. INTERPRETATION

(a) DEFINITIONS AND INCONSISTENCY. Capitalized terms not otherwise defined
herein or elsewhere in this Agreement have the meanings specified pursuant to
Paragraph 12, and all references in this Annex to Paragraphs are to Paragraphs
of this Annex. In the event of any inconsistency between this Annex and the
other provisions of this Schedule, this Annex will prevail, and in the event of
any inconsistency between Paragraph 13 and the other provisions of this Annex,
Paragraph 13 will prevail.

(b) SECURED PARTY AND PLEDGOR. All references in this Annex to the "Secured
Party" will be to either party when acting in that capacity and all
corresponding references to the "Pledgor" will be to the other party when acting
in that capacity; provided, however, that if Other Posted Support is held by a
party to this Annex, all references herein to that party as the Secured Party
with respect to that Other Posted Support will be to that party as the
beneficiary thereof and will not subject that support or that party as the
beneficiary thereof to provisions of law generally relating to security
interests and secured parties.

PARAGRAPH 2. SECURITY INTEREST

Each party, as the Pledgor, hereby pledges to the other party, as the Secured
Party, as security for its Obligations, and grants to the Secured Party a first
priority continuing security interest in, lien on and right of Set-off against
all Posted Collateral Transferred to or received by the Secured Party hereunder.
Upon the Transfer by the Secured Party to the Pledgor of Posted Collateral, the
security interest and lien granted hereunder on that Posted Collateral will be
released immediately and, to the extent possible, without any further action by
either party.

   COPYRIGHT (C) 1994 BY INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

                                       15
<PAGE>

PARAGRAPH 13. ELECTIONS AND VARIABLES

(a)  SECURITY INTEREST FOR "OBLIGATIONS". The term "OBLIGATIONS" as used in this
     Annex includes the following additional obligations: Not Applicable.

(b)  CREDIT SUPPORT OBLIGATIONS.

     (i)  DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

          (A) "DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a).

          (B) "RETURN AMOUNT" has the meaning specified in Paragraph 3(b).

          (C) "CREDIT SUPPORT AMOUNT" means, for any Valuation Date (i) the
          Secured Party's Exposure for that Valuation Date plus (ii) the
          aggregate of all Independent Amounts applicable to the Pledgor, if
          any, minus (iii) the Pledgor's Threshold; provided, however, that (x)
          in the case where the sum of the Independent Amounts applicable to the
          Pledgor exceeds zero, the Credit Support Amount will not be less than
          the sum of all Independent Amounts applicable to the Pledgor and (y)
          in all other cases, the Credit Support Amount will be deemed to be
          zero whenever the calculation of Credit Support Amount yields an
          amount less than zero.

     (ii) ELIGIBLE COLLATERAL. The following items will qualify as "ELIGIBLE
          COLLATERAL":

<TABLE>
<CAPTION>
                       VALUATION
                      PERCENTAGE
                      ----------
<S>                   <C>
          (A)  Cash      100%
</TABLE>

     (iii) OTHER ELIGIBLE SUPPORT. There shall be no "OTHER ELIGIBLE SUPPORT"
          for either Party A or Party B.

     (iv) THRESHOLDS.

          (A) "INDEPENDENT AMOUNT" means, for Party B, with respect to each
          Transaction, zero (unless a different amount is specified in the
          Confirmation of that Transaction as that party's Independent Amount).

          (B) "THRESHOLD" means, with respect to Party B, Infinity, provided,
          that if an Event of Default or Specified Condition has occurred and is
          continuing with respect to Party B, the Threshold with respect to
          Party B shall be zero.

          (C) "MINIMUM TRANSFER AMOUNT" means, with respect to a party, USD
          100,000; provided, that if an Event of Default or Specified Condition
          has occurred and is continuing with respect to Party B, the Minimum
          Transfer Amount with respect to Party B shall be zero.

                                       16
<PAGE>

          (D) "ROUNDING". The Delivery Amount and the Return Amount will be
          rounded up or down respectively to the nearest integral multiple of
          USD 10,000.

(c)  VALUATION AND TIMING.

     (i)  "VALUATION AGENT" means, for purposes of Paragraph 3 and 5, the party
          making the demand under Paragraph 3; for the purpose of Paragraph
          4(d)(ii), the Secured Party receiving the Substitute Credit Support;
          and for purposes of Paragraph 6(d), the Secured Party receiving or
          deemed to receive the Distributions or the Interest Amount, as
          applicable.

     (ii) "VALUATION DATE" means each Local Business Day.

     (iii) "VALUATION TIME" means the close of business in the city of the
          Valuation Agent on the Local Business Day preceding the Valuation Date
          or date of calculation, as applicable; provided that the calculations
          of Value and Exposure will be made as of approximately the same time
          on the same date.

     (iv) "NOTIFICATION TIME" means 10:00 a.m., New York time, on a Local
          Business Day.

(d)  CONDITIONS PRECEDENT AND SECURED PARTY'S RIGHTS AND REMEDIES. For purposes
     of Paragraph 8(a), each Termination Event will constitute a Specified
     Condition with respect to Pledgor, if the Pledgor fails to pay when due any
     amount payable by it in connection with an Early Termination Date
     designated in connection with that Termination Event. For all other
     purposes of this Annex, each Termination Event specified below with respect
     to a party will be a "SPECIFIED CONDITION" for that party.

Credit Event Upon Merger (with respect to General Cable Corporation)         [X]

Additional Termination Events (if any)                                       [X]

(e)  SUBSTITUTION.

     (i)  "SUBSTITUTION DATE" has the meaning specified in Paragraph 4(d)(ii).

     (ii) "CONSENT." The Pledgor may not substitute Eligible Credit Support
          pursuant to Paragraph 4(d) without consent from the Secured Party.

(f)  DISPUTE RESOLUTION.

     (i)  "RESOLUTION TIME" means 1:00 p.m., New York time, on the first Local
          Business Day following the date on which notice of a dispute is given
          under Paragraph 5.

     (ii) "VALUE." For the purpose of Paragraph 5(i)(C) and 5(ii), the Value of
          Eligible Collateral other than Cash will be calculated as follows: Not
          Applicable.

     (iii) "ALTERNATIVE." Not Applicable.

                                       17
<PAGE>

(g)  HOLDING AND USING POSTED COLLATERAL.

     (i)  "ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS." As long as the
          conditions set forth in clause (A) below are satisfied, Party A shall
          be entitled to hold Posted Collateral pursuant to Paragraph 6(b). As
          long as the condition set forth in clause (B) below are satisfied, any
          Custodian for Party A shall be entitled to hold Posted Collateral
          pursuant to Paragraph 6(b).

          (A) Party A: (a) The long-term, unsecured, unsubordinated debt ratings
          of ML & Co. are at least BBB+ (in the case of S&P) and Baa1 (in the
          case of Moody's) and (b) Party A is not a Defaulting Party.

          (B) The Custodian: The Custodian is either: (a) a wholly owned, direct
          or indirect, Affiliate of ML & Co. or (b) a bank or trust company
          located in the State of New York having total assets of at least USD
          10,000,000,000.

          Initially, the CUSTODIAN for Party A is: Merrill Lynch, Pierce, Fenner
          & Smith Inc.

     (ii) "USE OF POSTED COLLATERAL." The provisions of Paragraph 6(c) will
          apply.

(h)  DISTRIBUTIONS AND INTEREST AMOUNT.

     (i)  "INTEREST RATE." The Interest Rate will be the rate per annum equal to
          the overnight Federal Funds Rate (the "Fed Funds Rate") for each day
          cash is held by the Secured Party as reported in Federal Reserve
          Publication H.15-519.

     (ii) "TRANSFER OF INTEREST AMOUNT." The Transfer of the Interest Amount
          will be made on the last Local Business Day of each calendar month and
          on any Local Business Day that Posted Collateral in the form of Cash
          is Transferred to the Pledgor pursuant to Paragraph 3(b).

     (iii) "ALTERNATIVE TO INTEREST AMOUNT." Not Applicable.

(i)  ADDITIONAL REPRESENTATION(S). Not Applicable.

(j)  "OTHER ELIGIBLE SUPPORT AND OTHER POSTED SUPPORT."

     (i)  "VALUE" with respect to Other Eligible Support and Other Posted
          Support means: Not Applicable.

     (ii) "TRANSFER" with respect to Other Eligible Support and Other Posted
          Support means: Not Applicable.

                                       18
<PAGE>

(k)  DEMANDS AND NOTICES. All demands, specifications and notices made by a
     party to this Annex will be made as follows:

Party A: Merrill Lynch World Headquarters
         4 World Financial Center, 18th Floor
         New York, New York 10080
         Attention: Swap Group
         Facsimile No.: (917) 778-0836
         Telephone No.: (212) 449-2467

Party B: General Cable Corporation
         4 Tesseneer Drive
         Highland Heights, Kentucky  41076
         Attention: Chief Financial Officer
         Facsimile No.: (859) 572-8440
         Telephone No.: (859) 572-8000

(l)  ADDRESSES FOR TRANSFERS. Not Applicable.

(m)  OTHER PROVISIONS.

     (i)  AGREEMENT AS TO SINGLE SECURED PARTY AND PLEDGOR. Party A and Party B
          agree that, notwithstanding anything to the contrary in the recital to
          this Annex, Paragraph 1(b) or Paragraph 2 or the definitions in
          Paragraph 12, (a) the term "Secured Party" as used in this Annex means
          only Party A, (b) the term "Pledgor" as used in this Annex means only
          Party B, (c) only Party B makes the pledge and grant in Paragraph 2,
          the acknowledgment in the final sentence of Paragraph 8(a) and the
          representations in Paragraph 9 and (d) only Party B will be required
          to make Transfers of Eligible Credit Support hereunder. Party A and
          Party B further agree that, notwithstanding anything to the contrary
          in the recital to this Annex or Paragraph 7, this Annex will
          constitute a Credit Support Document only with respect to Party B, and
          the Events of Default in Paragraph 7 will only apply to Party B.

     (ii) ADDITIONS TO PARAGRAPH 3. The following subparagraph (c) is hereby
          added to Paragraph 3 of this Annex:

          (c) NO OFFSET. On any Valuation Date, if either (i) each party is
          required to make a Transfer under Paragraph 3(a) or (ii) each party is
          required to make a Transfer under Paragraph 3(b), then the amounts of
          those obligations will not offset each other.

     (iii) POSTED COLLATERAL. The definition of Posted Collateral shall also
          include any and all accounts in which Cash Collateral is held.

                                       19
<PAGE>

                        CONTINUING UNCONDITIONAL GUARANTY

      THIS CONTINUING UNCONDITIONAL GUARANTY (this "GUARANTY") is made as of
January 25, 2006 and is effective as of October 13, 2005 by GENERAL CABLE
INDUSTRIES, INC., a Delaware corporation ("GUARANTOR"), to and for the benefit
of MERRILL LYNCH CAPITAL SERVICES, INC., a Delaware corporation
("COUNTERPARTY").

      WHEREAS, GENERAL CABLE CORPORATION ("PRIMARY OBLIGOR") and Counterparty
have entered into that certain ISDA Master Agreement dated as of October 13,
2005 between Primary Obligor and Counterparty; that certain Schedule to such
ISDA Master Agreement dated as of October 13, 2005; a Confirmation with a trade
date of October 13, 2005 (such ISDA Master Agreement, Schedule, Confirmation,
and a Credit Support Annex (as defined in and subject to the provisions of the
Schedule) together, as any of them may be amended, supplemented, modified or
restated from time to time, the "SWAP AGREEMENT"), pursuant to which Primary
Obligor and Counterparty have entered into a certain foreign currency swap
transaction, all more completely described in and subject to the terms and
conditions set forth in the Swap Agreement and all of the other agreements,
documents, instruments, certificates, reports and financing statements
heretofore or hereafter executed or delivered in connection therewith
(specifically including without limitation any Credit Support Annex), as the
same may be amended, supplemented, modified or restated from time to time (all
of such agreements, etc., together with the Swap Agreement, collectively
referred to herein as the "SWAP DOCUMENTS");

      WHEREAS, Guarantor is a wholly-owned indirect subsidiary of Primary
Obligor and, pursuant to Counterparty's request, as an incident to the
obligation of Counterparty to enter into the Swap Agreement with Primary
Obligor, is required, and has agreed, to execute and deliver this Agreement of
even date herewith;

      WHEREAS, Guarantor acknowledges and confirms that, as wholly-owned
subsidiary of Primary Obligor, (a) it will benefit from the foreign currency
swap transactions entered into by Primary Obligor and Counterparty pursuant to
the Swap Agreement, (b) the undertakings and obligations of Counterparty in
favor of Primary Obligor under the Swap Agreement constitute valuable
consideration to Guarantor, (c) it was agreed by Primary Obligor and
Counterparty at the time the Swap Agreement was entered into that, as an
inducement to Counterparty to enter into the foreign currency swap transactions
provided for therein, that Primary Obligor would cause Guarantor to provide a
guaranty of the obligations and undertakings of Primary Obligor in favor of
Counterparty under the Swap Agreement, and (d) Counterparty relied on such
agreement entering into the Swap Agreement and the foreign currency swap
transactions provided for thereunder.

      NOW, THEREFORE, for value received and in consideration of the entry by
Counterparty into and of the undertakings and obligations of Counterparty in
favor of Primary Obligor under the Swap Agreement the undersigned Guarantor
unconditionally guaranties and agrees to stand surety for (i) the full and
prompt payment when due, whether at maturity or earlier, by reason of early
termination, acceleration or otherwise, and at all times thereafter, of all

                                       20

<PAGE>

of the indebtedness, liabilities and obligations of every kind and nature of
Primary Obligor to Counterparty under the Swap Agreement and the other Swap
Documents, howsoever created, arising or evidenced, whether direct or indirect,
absolute or contingent, joint or several, now or hereafter existing, or due or
to become due, and howsoever owned, held or acquired by Counterparty (including
without limitation any interest, fees or expenses accruing following the
commencement of any insolvency, receivership, reorganization or bankruptcy case
or proceeding relating to Primary Obligor, whether or not a claim for
post-petition interest, fees or expenses is allowed in such case or proceeding),
and (ii) the prompt, full and faithful discharge by Primary Obligor of each and
every term, condition, agreement, representation and warranty now or hereafter
made by Primary Obligor to Counterparty under the Swap Agreement and the other
Swap Documents (all such indebtedness, liabilities and obligations being
hereinafter referred to as the "PRIMARY OBLIGOR'S LIABILITIES"). Guarantor
further agrees to pay all reasonable costs and expenses, including, without
limitation, all court costs and reasonable attorneys' and paralegals' fees paid
or incurred by Counterparty in endeavoring to collect all or any part of Primary
Obligor's Liabilities from, or in prosecuting any action against, Guarantor or
any other guarantor of all or any part of Primary Obligor's Liabilities. All
amounts payable by Guarantor under this Guaranty shall be payable upon demand by
Counterparty upon the occurrence of an Event of Default under the Swap Agreement
or any other Swap Document and shall be made in lawful money of the United
States, in immediately available funds.

      Notwithstanding any provision of this Guaranty to the contrary, it is
intended that this Guaranty, and any liens and security interests granted by
Guarantor to secure this Guaranty, not constitute a "Fraudulent Conveyance" (as
defined below). Consequently, Guarantor agrees that if the Guaranty, or any
liens or security interests securing this Guaranty, would, but for the
application of this sentence, constitute a Fraudulent Conveyance, this Guaranty
and each such lien and security interest shall be valid and enforceable only to
the maximum extent that would not cause this Guaranty or such lien or security
interest to constitute a Fraudulent Conveyance, and this Guaranty shall
automatically be deemed to have been amended accordingly at all relevant times.
For purposes hereof, "FRAUDULENT CONVEYANCE" means a fraudulent conveyance under
Section 548 of the "Bankruptcy Code" (as hereinafter defined) or a fraudulent
conveyance or fraudulent transfer under the provisions of any applicable
fraudulent conveyance or fraudulent transfer law or similar law of any state,
nation or other governmental unit, as in effect from time to time.

      Guarantor hereby agrees that its obligations under this Guaranty shall be
unconditional, irrespective of (i) the validity or enforceability of Primary
Obligor's Liabilities or any part thereof, or of any Swap Document, promissory
note or other document evidencing all or any part of Primary Obligor's
Liabilities, (ii) the absence of any attempt to collect Primary Obligor's
Liabilities from Primary Obligor or any other guarantor or other action to
enforce the same, (iii) the waiver or consent by Counterparty with respect to
any provision of any instrument evidencing Primary Obligor's Liabilities, or any
part thereof, or any other agreement heretofore, now or hereafter executed by
Primary Obligor and delivered to Counterparty, (iv) the institution of any
proceeding under Chapter 11 of Title 11 of the United States Code (11 U.S.C.
Section 101 et seq.), as amended (the "BANKRUPTCY CODE"), or any similar
proceeding, by or against Primary Obligor, or Counterparty's election in any
such proceeding of the application of Section 1111(b)(2) of the Bankruptcy Code,
(v) any borrowing or grant of a security interest by Primary Obligor as
debtor-in-possession, under Section 364 of the Bankruptcy Code, (vi) the
disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of
Counterparty's

                                       21

<PAGE>

claim(s) for repayment of Primary Obligor's Liabilities, or (vii) any other
circumstance which might otherwise constitute a legal or equitable discharge or
defense of a guarantor.

      Guarantor hereby waives diligence, presentment, demand of payment, filing
of claims with a court in the event of receivership or bankruptcy of Primary
Obligor, protest or notice with respect to Primary Obligor's Liabilities and all
demands whatsoever, and covenants that this Guaranty will not be discharged,
except by complete performance of the obligations and liabilities contained
herein. Upon any default by Primary Obligor as provided in the Swap Agreement or
any other Swap Document, Counterparty may, at its sole election, proceed
directly and at once, without notice, against Guarantor to collect and recover
the full amount or any portion of Primary Obligor's Liabilities, without first
proceeding against Primary Obligor, or any other person, firm, or corporation,
or against any security or collateral for Primary Obligor's Liabilities.
Guarantor agrees that this Guaranty constitutes a guarantee of payment when due
and not of collection.

      Counterparty is hereby authorized, without notice or demand and without
affecting the liability of Guarantor hereunder, to at any time and from time to
time (i) renew, extend, accelerate or otherwise change the time for payment of,
or other terms relating to, Primary Obligor's Liabilities or otherwise modify,
amend or change the terms of the Swap Agreement or any other Swap Document now
or hereafter executed by Primary Obligor and delivered to Counterparty; (ii)
accept partial payments on Primary Obligor's Liabilities; (iii) take and hold
security or collateral for the payment of Primary Obligor's Liabilities
guaranteed hereby, or for the payment of this Guaranty, or for the payment of
any other guaranties of Primary Obligor's Liabilities, and exchange, waive and
release any such security or collateral; (iv) apply such security or collateral
and direct the order or manner of sale thereof as in its sole discretion it may
determine; and (v) settle, release, compromise, collect or otherwise liquidate
Primary Obligor's Liabilities and any security or collateral therefor in any
manner, without affecting or impairing the obligations of Guarantor hereunder.
Counterparty shall have the exclusive right to determine the time and manner of
application of any payments or credits, whether received from Primary Obligor or
any other source, and such determination shall be binding on Guarantor. All such
payments and credits may be applied, reversed and reapplied, in whole or in
part, to any of Primary Obligor's Liabilities as Counterparty shall determine in
its sole discretion without affecting the validity or enforceability of this
Guaranty.

      Guarantor hereby assumes responsibility for keeping itself informed of the
financial condition of Primary Obligor, and any and all endorsers and/or other
guarantor of any instrument or document evidencing all or any part of Primary
Obligor's Liabilities and of all other circumstances bearing upon the risk of
nonpayment of Primary Obligor's Liabilities or any part thereof that diligent
inquiry would reveal and Guarantor hereby agrees that Counterparty shall have no
duty to advise Guarantor of information known to Counterparty regarding such
condition or any such circumstances or to undertake any investigation not a part
of its regular business routine. If Counterparty, in its sole discretion,
undertakes at any time or from time to time to provide any such information to
Guarantor, Counterparty shall be under no obligation to update any such
information or to provide any such information to Guarantor on any subsequent
occasion.

      Guarantor consents and agrees that Counterparty shall be under no
obligation to marshal any assets in favor of Guarantor or against or in payment
of any or all of Primary

                                       22

<PAGE>

Obligor's Liabilities. Guarantor further agrees that, to the extent that Primary
Obligor makes a payment or payments to Counterparty, or Counterparty receives
any proceeds of collateral, which payment or payments or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside
and/or required to be repaid to Primary Obligor, its estate, trustee, receiver
or any other party, including, without limitation, Guarantor under any
bankruptcy law, state or federal law, common law or equitable theory, then to
the extent of such payment or repayment, Primary Obligor's Liabilities or the
part thereof which has been paid, reduced or satisfied by such amount, and
Guarantor's obligations hereunder with respect to such portion of Primary
Obligor's Liabilities, shall be reinstated and continued in full force and
effect as of the date such initial payment, reduction or satisfaction occurred.

      Guarantor agrees that any and all claims of Guarantor against Primary
Obligor, any endorser or any other guarantor of all or any part of Primary
Obligor's Liabilities, or against any of Primary Obligor's properties, whether
arising by reason of any payment by Guarantor to Counterparty pursuant to the
provisions hereof, or otherwise, shall be subordinate and subject in right of
payment to the prior payment, in full, of all of Primary Obligor's Liabilities.

      Counterparty may, without notice to anyone, sell or assign Primary
Obligor's Liabilities or any part thereof, or grant participations therein, and
in any such event each and every immediate or remote assignee or holder of, or
participant in, all or any of Primary Obligor's Liabilities shall have the right
to enforce this Guaranty, by suit or otherwise for the benefit of such assignee,
holder, or participant, as fully as if herein by name specifically given such
right, but Counterparty shall have an unimpaired right, prior and superior to
that of any such assignee, holder or participant, to enforce this Guaranty for
the benefit of Counterparty, as to any part of Primary Obligor's Liabilities
retained by Counterparty.

      This Guaranty shall be binding upon Guarantor and upon the successors
(including without limitation, any receiver, trustee or debtor in possession of
or for Guarantor) of Guarantor and shall inure to the benefit of Counterparty
and its successors and assigns; provided, however, that Guarantor's obligations
hereunder may not be delegated or assigned without Counterparty's prior written
consent. If there is more than one signatory hereto, all references to Guarantor
herein shall include each and every Guarantor and each and every obligation of
Guarantor hereunder shall be the joint and several obligation of each Guarantor.

      Guarantor (and each of them, if there be more than one) represents and
warrants (which representations and warranties shall survive the execution and
delivery hereof) to Counterparty that:

      (A) It has the legal capacity and corporate authority to execute, deliver
and perform this Guaranty, and the transactions contemplated hereby;

      (B) No consent of any person (including, without limitation, creditors of
Guarantor), and no consent, permit, approval or authorization of, exemption by,
notice or report to, or registration, filing or declaration with, any
governmental authority is required in connection with the execution, delivery,
performance, validity or enforceability of this Guaranty and the transactions
contemplated hereby;

                                       23

<PAGE>

      (C) This Guaranty constitutes the legal, valid and binding obligation of
Guarantor, enforceable in accordance with its terms, except as the
enforceability thereof may be limited by applicable bankruptcy, reorganization,
insolvency, moratorium or other laws affecting creditors' rights generally; and

      (D) The execution, delivery and performance of this Guaranty will not
violate the certificate of incorporation or bylaws of Guarantor or any
requirement of law applicable to or material contractual obligation of
Guarantor.

      This Guaranty shall continue in full force and effect until such time as
all of Primary Obligor's Liabilities have been paid in full and discharged, and
the Swap Agreement and the other Swap Documents have been terminated.

      Wherever possible each provision of this Guaranty shall be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Guaranty shall be prohibited by or invalid under such law,
such provision shall be ineffective to the extent of such prohibition or
invalidity without invalidating the remainder of such provision or the remaining
provisions of this Guaranty.

      THIS GUARANTY AND ALL MATTERS RELATING HERETO AND ARISING HEREFROM
(WHETHER ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF
THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD
REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

      THE UNDERSIGNED GUARANTOR HEREBY CONSENTS TO THE NON-EXCLUSIVE
JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK AND OF THE U.S.
DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK LOCATED IN THE BOROUGH OF
MANHATTAN, AND ANY APPELLATE COURT THEREOF, AND IRREVOCABLY AGREES THAT, SUBJECT
TO COUNTERPARTY'S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS GUARANTY SHALL BE LITIGATED IN SUCH COURTS, UNLESS NONE OF SUCH
COURTS HAS LAWFUL JURISDICTION OVER SUCH PROCEEDINGS. THE UNDERSIGNED GUARANTOR
ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND
UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, AND WAIVES ANY DEFENSE OF FORUM NON
CONVENIENS. EACH OF THE GUARANTOR AND THE COUNTERPARTY IRREVOCABLY AGREES TO BE
BOUND BY ANY FINAL JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS GUARANTY OR
THE OBLIGATIONS OF GUARANTOR HEREUNDER.

      THE UNDERSIGNED GUARANTOR CONSENTS TO SERVICE OF PROCESS IN THE MANNER AND
METHODS SET FORTH BELOW FOR THE GIVING OF NOTICES UNDER THIS GUARANTY.

                                     24

<PAGE>

      EACH OF THE UNDERSIGNED GUARANTOR AND COUNTERPARTY HEREBY WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS GUARANTY. EACH OF THE UNDERSIGNED GUARANTOR AND COUNTERPARTY
ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS
RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS
GUARANTY AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED
FUTURE DEALINGS. EACH OF THE UNDERSIGNED GUARANTOR AND COUNTERPARTY FURTHER
WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL,
AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING
CONSULTATION WITH LEGAL COUNSEL.

      Any notices to be given by one party to the other under this Guaranty
shall be given by the notifying party by hand delivery or nationally recognized
overnight courier delivered to the notice address for the party to whom notice
is being given set forth on the signature page hereto (or such other notice
address as such party to whom notice is being given may have given notice of to
the other party in accordance with the provisions of this paragraph after the
date hereof). Any such notice shall be effective and deemed to have been given
when delivered to such address of the party to whom notice is being given.

      This Guaranty represents the entire understanding and agreement between
Guarantor, on the one hand, and Counterparty, on the other hand, with respect to
the subject matter contained herein, and there are no other existing agreements
or understandings, whether oral or written, between or among such parties as to
such subject matter.

      All rights and remedies hereunder and under the Swap Agreement and the
other Swap Documents are cumulative and not alternative, and Counterparty may
proceed in any order from time to time against Primary Obligor, the Guarantor or
any other guarantor of all or any part of the Primary Obligor's Liabilities
and/or the obligations or liabilities of any of them under any Swap Document and
their respective assets. Counterparty shall not have any obligation to proceed
at any time or in any manner against, or exhaust any or all of Counterparty's
rights against, Primary Obligor, or the Guarantor or any other guarantor of all
or any part of the Primary Obligor's Liabilities prior to proceeding against
Guarantor hereunder. No failure or delay on the part of Counterparty in the
exercise of any power, right or privilege shall impair such power, right or
privilege or be construed to be a waiver of any default or acquiescence therein,
nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or
privilege. No amendment, modification or waiver of any provision of this
Guaranty, or consent to any departure by Guarantor therefrom, shall be effective
unless the same shall be in writing and signed by Counterparty and Guarantor.
Each amendment, modification or waiver shall be effective only in the specific
instance and for the specific purpose for which it was given.

                  [Remainder of Page Intentionally Left Blank]

                                       25

<PAGE>

      IN WITNESS WHEREOF, this Guaranty has been duly executed by the
undersigned Guarantor as of this 25 day of January, 2006, and is effective as of
October 13, 2005.

                                        GENERAL CABLE INDUSTRIES, INC.

                                        By:
                                           -------------------------------
                                                Name:
                                                Title:

                                        Address for Notices:

                                        4 Tesseneer Drive
                                        Highland Heights, KY 41076

Accepted:

MERRILL LYNCH CAPITAL SERVICES, INC.

By:
   -------------------------------
       Name:
       Title:

Address for Notices:

                        Merrill Lynch World Headquarters
                        4 World Financial Center, 18th Floor
                        New York, NY 10080
                        Attention:  Swap Group
                        Fax No.:  646-805-0218
                        Tel. No.:  212-449-7403

     [Signature Page to Guaranty Re October 2005 Foreign Currency Swap with
                           General Cable Corporation]

                                       26

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