Document:

Exhibit 10 (r)

    
 

    

    DNB
      FINANCIAL CORPORATION

    SUPPLEMENTAL
      EXECUTIVE RETIREMENT PLAN

    FOR

    WILLIAM
      S. LATOFF

    

    AS
      AMENDED AND RESTATED EFFECTIVE APRIL 1, 2007 

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    TABLE
      OF
      CONTENTS

    
      

      
        	 	 PAGE
	
                ARTICLE
                  I. PURPOSE 

              	
                1

              
	
                ARTICLE
                  II. DEFINITIONS 

              	
                1

              
	
                ARTICLE
                  III. ALLOCATION OF DEFERRED COMPENSATION 

              	
                3

              
	
                ARTICLE
                  IV. VESTING 

              	
                3

              
	
                ARTICLE
                  V. ENTITLEMENT TO DEFERRED COMPENSATION 

              	
                4

              
	
                ARTICLE
                  VI. FUNDING OF DEFERRED COMPENSATION 

              	
                6

              
	
                ARTICLE
                  VII. DESIGNATION OF BENEFICIARIES 

              	
                6

              
	
                ARTICLE
                  VIII. ADMINISTRATION

              	
                7

              
	
                ARTICLE
                  IX. AMENDMENT 

              	
                8

              
	
                ARTICLE
                  X. MISCELLANEOUS 

              	
                8

              
	
                APPENDIX
                  A DESIGNATION OF BENEFICIARY 

              	
                10

              

      

    

    
      
        
          

          

        

         

      

      
         

        
          

        

      

      
         

        
        

      

    

    ARTICLE
      I

    PURPOSE

    

    1.01
       The
      primary purpose of this Plan is to provide a supplemental retirement benefit
      to
      the Executive in order to competitively compensate him for being elected
      full-time Chairman and Chief Executive Officer of the Company in 2004 and,
      as a
      result, foregoing opportunities to accrue substantial retirement income in
      connection with his other business interests. The Deferred Compensation shall
      be
      earned by the Executive and accrued by the Company on a defined contribution
      basis. 

    

    

    ARTICLE
      II

    DEFINITIONS

    

    2.01
       "Account"
      means a bookkeeping reserve account established in the books of the Company
      for
      the Executive.

    

    2.02 “Accrued
      Benefit” means, at any point in time, the Executive’s vested interest, as
      determined pursuant to Article IV, below, in the Account resulting from all
      allocations pursuant to Section 3.01, below, plus earnings pursuant to Section
      3.02, below, and after taking into account any previous payments pursuant to
      Article V, below. 

    

    2.03
       “Bank”
      means DNB First, National Association.

    

    2.04 "Beneficiary"
      means the beneficiary or beneficiaries designated by the Executive to receive
      the amounts, if any, payable under the Plan upon his or her death, pursuant
      to
      Article VII, below.

     

    2.05
       "Board
      of
      Directors" means the Board of Directors of the Company.

     

    2.06 “Cause”
      means personal dishonesty, incompetence, willful misconduct, breach of fiduciary
      duty involving personal profit, conviction of a felony, suspension or removal
      from office or prohibition from participation in the conduct of the Company’s or
      Bank’s affairs pursuant to a notice or other action by any regulatory agency
      having jurisdiction over the Company or the Bank, or willful violation of any
      law, rule or regulation or final cease-and-desist order which in the reasonable
      judgment of the Board of Directors will probably cause substantial economic
      damages to the Company, willful or intentional breach or neglect by Executive
      of
      his duties, or material breach of any material provision of any agreement
      between the Company or the Bank and the Executive pertaining to his employment.
      For purposes of this definition of “Cause,” no act, or failure to act on
      Executive’s part shall be considered “willful” unless done, or omitted to be
      done, by him without good faith and without reasonable belief that this action
      or omission was in the best interest of Company; provided that any act or
      omission to act by Executive in reliance upon an approving opinion of counsel
      to
      the Company or counsel to the Executive shall not be deemed to be willful.
      The
      terms “incompetence” and “misconduct” shall be defined with reference to
      standards generally prevailing in the banking industry. In determining
      incompetence and misconduct, Company shall have the burden of proof with regard
      to the acts or omission of Executive and the standards prevailing in the banking
      industry. 

     

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    2.07 “Change
      of Control” means any one or more of the following, with respect to the Company
      or the Bank: 

    

    (1)
      a
      change in control of a nature that would be required to be reported in response
      to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities
      Exchange Act of 1934 (the “Exchange Act”) (or any successor provision) as it may
      be amended from time to time; 

    (2)
      any
“persons” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act
      in effect on the date first written above), other than Company or Bank or any
      “person” who on the date hereof is a director of officer of Company or Bank, is
      or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
      Act), directly or indirectly, of securities of Company or Bank representing
      25%
      or more of the combined voting power of Company’s or Bank’s then outstanding
      securities; or

    

    (3)
      during any period of two (2) consecutive years, individuals who at the beginning
      of such period constitute the Board of Directors of Company or Bank cease for
      any reason to constitute at least a majority thereof, unless the election of
      each director who was not a director at the beginning of such period has been
      approved in advance by directors representing at least two-thirds of the
      directors then in office who were directors at the beginning of the period.
      

    

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

    

    2.09 "Company"
      means DNB Financial Corporation.

    

    2.10
       "Deferred
      Compensation" means the supplemental compensation and earnings

    thereon
      credited to the Account.

    

    2.11
       "Effective
      Date" means April 1, 2007, the effective date of this Plan as hereby amended
      and
      restated.

     

    2.12
       "Executive"
      means William S. Latoff.

    

    2.13
       “Good
      Reason” means (a) the assignment to Executive of any duties inconsistent with
      Executive’s positions, duties, responsibilities, titles or offices with the
      Company or the Bank as in effect immediately prior to a Change in Control,
      (b)
      any removal of Executive from, or any failure to re-elect Executive to, any
      of
      such positions, except in connection with a termination or suspension of
      employment for Cause, disability, death or retirement, (c) a reduction by the
      Company or the Bank in Executive’s base annual salary, bonus and/or benefits as
      in effect immediately prior to a Change in Control or as the same may be
      increased from time to time thereafter, or the failure to grant periodic
      increases in the Executive’s base annual salary on a basis at least
      substantially comparable to the lowest periodic increase granted to other
      officers of the Company having the title of executive vice president or above,
      (iv) any purported termination of Executive’s employment with the Company or the
      Bank when Cause does not exist, or (v) a relocation of Executive’s workplace
      outside of Chester County. 

     

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    

    2.14 “Payment
      Date” means January 1, 2019. 

    

    2.15 "Plan"
      means this DNB Financial Corporation Supplemental Executive Retirement Plan,
      as
      hereby amended and restated effective April 1, 2007, and as the same may be
      further amended from time to time.

    

    2.16
       "Trustee"
      means the individual or corporation appointed by the Company to serve as trustee
      of a trust established by the Company pursuant to Article VI,
      below.

    

    2.17
       "Valuation
      Date" means the last day of each calendar month on which the New York Stock
      Exchange is open for business.

    

    ARTICLE
      III 

    ALLOCATION
      OF DEFERRED COMPENSATION

    

    3.01
       As
      of the
      Effective Date, the Company shall credit Deferred Compensation to the Account
      in
      the amount of One Thousand, Six Hundred Thirty Dollars ($1,630.00), representing
      the additional amount, if any, accrued to Executive’s benefit to the Effective
      Date on the deferred compensation amounts credited to date to the Account.
      As of
      January 1 of each of the years 2008 through 2018, the Company shall credit
      Deferred Compensation to the Account in the amount of seventy thousand dollars
      ($70,000). 

    

    3.02
       As
      of
      each Valuation Date after the Effective Date, the Company shall credit the
      Account with earnings in the nature of interest at a rate equal to the prime
      rate of interest most recently published by the Wall
      Street Journal
      prior to
      January 1 of the calendar year in which such Valuation Date falls.
      Notwithstanding the preceding sentence, in no event shall the rate used for
      purposes of this Section 3.02 be less than eight percent (8%) or greater than
      nine and one-half percent (9.5%). 

    

    ARTICLE
      IV

    VESTING

    

    4.01
       For
      purposes of this Plan, the Executive shall have a vested interest in the balance
      of the Account of forty percent (40%) as of the Effective Date. Thereafter,
      the
      Executive’s vested interest in the balance of the Account shall be determined in
      accordance with the following schedule, provided that the Executive remains
      employed, continuously, by the Company or the Bank through the dates
      indicated:

    

    
      	
              Date

            	
              Vested
                Percentage

            
	
              December
                15, 2007

            	
              60%

            
	
              December
                15, 2008

            	
              80%

            
	
              December
                15, 2009

            	
              100%

            

    

     

     

    
      
         

      

      
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    4.02 Notwithstanding
      Section 4.01, above, (a) the Executive’s vested interest in the Account upon and
      at all times following his termination by the Company or the Bank for reasons
      other than Cause shall be one hundred percent (100%); (b) the Executive’s vested
      interest in the Account upon and at all times following his termination of
      employment with the Company or the Bank for Good Reason following a Change
      in
      Control shall be one hundred percent (100%); and (c) the Executive’s vested
      interest in the Account upon and at all times following his termination of
      employment with the Company or the Bank for Good Reason following the signing
      of
      a letter of intent or a formal acquisition or merger agreement between the
      Company or the Bank, of the one part, and a third party which contemplates
      a
      transaction that would result in a Change in Control, but only if such letter
      of
      intent or agreement, or the transaction contemplated thereby, has not been
      canceled or terminated at the time of his termination for Good
      Reason.

     

    

    ARTICLE
      V

    ENTITLEMENT
      DEFERRED TO COMPENSATION

    

    5.01
       Commencing
      on the Payment Date, or as soon as practicable thereafter, the Executive’s
      Accrued Benefit shall be paid to him in fifteen (15) annual installments.
      Payment shall commence on the Payment Date whether or not the Executive is
      still
      employed by the Company or the Bank as of the Payment Date. 

    

    5.02 At
      least
      one year prior to the Payment Date, the Executive may make an election to defer
      receipt of the installment payments set forth in Section 5.01, and instead
      receive payment of his Accrued Benefit in two or more, but not more than fifteen
      (15), annual installments commencing as of a date specified by the Executive,
      or
      in a single lump sum as of a date specified by the Executive, provided that
      in
      either case such date is at least five years following the Payment Date. Any
      such election shall be in writing and delivered to the Chief Financial Officer
      of the Company at least one year prior to the Payment Date.

    

    5.03 In
      the
      event of the death of the Executive prior to the Payment Date, the Executive’s
      Accrued Benefit shall be paid to his Beneficiary in either a single lump sum,
      in
      annual installments over a period of years not exceeding fifteen (15), or by
      the
      purchase and distribution of a commercial annuity contract, as of or commencing
      on the Payment Date, or as soon as practicable thereafter, as directed by the
      Beneficiary in a written election delivered to the Chief Financial Officer
      of
      the Company. Such written election shall be made no later than the last date
      permitted by Section 409A of the Code and the regulations thereunder. If no
      such
      written election is made in a timely manner, or if no such election is permitted
      by Section 409A of the Code and the regulations thereunder, the Executive’s
      Accrued Benefit shall be paid to the Beneficiary in a single lump sum as of
      the
      Payment Date, or as soon as practicable thereafter. 

    

    5.04 If
      payments hereunder are to be made in two or more installments, the amount of
      each installment, other than the final installment, shall be equal to the
      Accrued Benefit as of the last Valuation Date preceding payment, divided by
      the
      number of payments remaining in the installment period, including the current
      payment. The amount of the final installment shall be equal to the Accrued
      Benefit as of the last Valuation Date preceding the date of payment. Any amount
      remaining upon the death of the Executive shall be paid to his Beneficiary
      in
      either a single lump sum, in annual installments over a period of years not
      exceeding fifteen (15), or by the purchase and distribution of a commercial
      annuity contract, as of or commencing on the Payment Date, or as soon as
      practicable thereafter, as directed by the Beneficiary in a written election
      delivered to the Chief Financial Officer of the Company. Such written election
      shall be made no later than the last date permitted by Section 409A of the
      Code
      and the regulations thereunder. If no such written election is made in a timely
      manner, or if no such election is permitted by Section 409A of the Code and
      the
      regulations thereunder, the Executive’s Accrued Benefit shall be paid to the
      Beneficiary in a single lump sum as of the Payment Date, or as soon as
      practicable thereafter.

     

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    5.05 All
      amounts payable pursuant to this Plan shall be subject to all applicable
      Federal, state and local tax withholding requirements, and other charges and
      assessments imposed by law.

     

    5.06 Notwithstanding
      the foregoing provisions of this Article V, or the vesting rules of Article
      IV,
      if the Executive’s employment with the Company or the Bank is terminated for
      Cause prior to the commencement of payments, he shall forfeit the Accrued
      Benefit, and no payments to him or his Beneficiary shall be made under this
      Plan. If the Executive’s employment with the Company or the Bank is terminated
      for Cause after the commencement of payments, he shall forfeit the Accrued
      Benefit, and no further payments to him or his Beneficiary shall be made under
      this Plan.

    

    5.07 (a) If,
      as a
      result of payments provided for under or pursuant to this Plan, together with
      all other payments in the nature of compensation provided to or for the benefit
      of the Executive under any other plans or agreements in connection with a Change
      in Control, the Executive becomes subject to excise taxes under Section 4999
      of
      the Code, then, in addition to any other benefits provided under or pursuant
      to
      this Plan or otherwise, the Company shall pay to the Executive at the time
      any
      such payments are made under or pursuant to this or other plans or agreements,
      an amount equal to the amount of such excise taxes (the “Parachute Tax
      Reimbursement”). In addition, the Company shall “gross up” such Parachute Tax
      Reimbursement by paying to the Executive at the same time an additional amount
      equal to the aggregate amount of any additional taxes (whether income taxes,
      excise taxes, special taxes, employment taxes or otherwise, and whether Federal,
      state or local) that are or will be payable by the Executive as a result of
      the
      Parachute Tax Reimbursement being paid or payable to the Executive and as a
      result of such additional amounts paid or payable to the Executive pursuant
      to
      this sentence, such that after payment of such additional taxes the Executive
      shall have been paid on a net, after-tax basis an amount equal to the Parachute
      Tax Reimbursement. The amount of the gross-up described in the immediately
      preceding sentence shall be computed on the assumption that the Executive shall
      be subject to each applicable tax at the highest marginal rate of such tax.
      

    

    (b) The
      amount of any Parachute Tax Reimbursement and any gross-up shall be determined
      by a registered public accounting firm selected by the Compensation Committee
      of
      the Board of Directors of the Company, whose determination, absent manifest
      error, shall be treated as conclusive and binding absent a binding determination
      by a governmental authority that a greater or lesser amount of taxes is payable
      by the Executive. 

     

     

     

    
      
         

      

      
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    (c) If
      the
      Parachute Tax Reimbursement and a gross-up are provided for the Executive
      pursuant to one or more other plans or agreements in addition to this Plan,
      they
      shall be provided only once. 

    

    ARTICLE
      VI

    FUNDING
      OF DEFERRED COMPENSATION

    

    6.01
       Except
      as
      provided by the terms of a Trust established pursuant to Section 6.02, below,
      neither the Executive nor the Beneficiary shall have any right, title, or
      interest in or to any investments which the Company may make to aid it in
      meeting its obligations hereunder. Such investments, whether held in trust
      or
      otherwise, shall be unrestricted corporate assets.

    

    6.02
       The
      Company may establish a Trust for the purpose of funding the Deferred
      Compensation provided hereunder. Such Trust shall include such terms,
      restrictions and limitations as necessary to ensure that it will be treated
      as a
      "grantor trust" within the meaning of subpart E, part I, subchapter J, chapter
      I, subtitle A of the Code, with respect to the Company. Moreover, the Trust
      shall be evidenced by an agreement substantially similar to the form of the
      model trust agreement set forth in Internal Revenue Service Revenue Procedure
      92-64, including any modification to such Revenue Procedure, and include
      provisions required in such model trust agreement that all assets of the trust
      shall be subject to the claims of creditors of the Company in the event of
      its
      insolvency. Any assets of the Trust remaining after the obligations to the
      Executive and his Beneficiary have been satisfied shall be paid to the Company.
      

    

    6.03 The
      Company shall direct the Trustee of the Trust to invest the assets of the Trust
      in accordance with the investment directions of the Compensation Committee
      of
      the Board of Directors. Neither the Company, the Compensation Committee of
      the
      Board of Directors, the Trustee, nor their respective employees and agents
      shall
      be liable for any losses attributable to the investment selections made by
      the
      Compensation Committee of the Board of Directors. 

    

    6.05 Notwithstanding
      any provision of the Trust to the contrary, all expenses of the Trust, and
      any
      taxes that may be levied against the Trust, shall be paid by the Company, other
      than taxes required to be withheld from payments of Trust assets to the
      Executive or his Beneficiary. In the event that any Trust assets are used to
      pay
      expenses or taxes of the Trust, the Company shall reimburse the Trust within
      five business days of such payment. 

    

    

    ARTICLE
      VII

    DESIGNATION
      OF BENEFICIARIES

    

    7.01
       The
      Executive shall file with the Company a written designation in the form attached
      hereto as Appendix A of one or more persons as Beneficiary to receive the
      amount, if any, payable under the Plan upon his death. The Executive may, from
      time to time, revoke or change his Beneficiary designation by filing a new
      designation with the Company. The last such designation received by the Company
      shall be controlling, provided, however, that no designation, change or
      revocation thereof, shall be effective unless received by the Company prior
      to
      the Executive’s death. 

     

     

    
      
         

      

      
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    7.02
       If
      no
      such Beneficiary designation is in effect at the time of the Executive’s death,
      or if no designated Beneficiary survives the Executive, the payment of the
      amount, if any, payable under the Plan upon his or her death shall be made
      to
      his or her surviving spouse; if no surviving spouse, to the Executive’s
      surviving children equally; if no surviving children, to the Executive’s
      surviving grandchildren equally; if no surviving grandchildren, to the
      Executive’s estate.

    

    ARTICLE
      VIII

    ADMINISTRATION

    

    8.01
       The
      Company shall have the discretionary authority to determine eligibility for
      payments under the Plan and to construe, interpret and administer the Plan,
      and
      shall do so in a manner that is consistent with the requirements and limitations
      of Section 409A of the Code. 

     

    8.02 The
      Executive or, in the event of the Executive’s death, the Executive’s
      Beneficiary, may file a written claim for payment hereunder with the Company.
      In
      the event of a denial of any payment due to or requested by the Executive or
      Beneficiary (the “claimant”), the Company will give the claimant written
      notification containing specific reasons for the denial. The written
      notification will contain specific reference to the pertinent provisions of
      this
      Agreement on which the denial of the claim is based. In addition, it will
      contain a description of any other material or information necessary for the
      claimant to perfect a claim, and an explanation of why such material or
      information is necessary. The notification will provide further appropriate
      information as to the steps to be taken if the claimant wishes to submit the
      claim for review and the time limits applicable thereto, and a statement of
      the
      claimant’s right to bring a civil action under Section 502(a) of the Employee
      Retirement Income Security Act of 1974, as amended. This written notification
      will be given to a claimant within ninety (90) days after receipt of the claim
      by the Company unless special circumstances require an extension of time for
      processing the claim, in which case the Company shall provide written notice
      of
      the extension to the claimant and the reasons therefore, and the date by which
      the Company expects to make its determination with respect to the claim. In
      no
      event shall such extension exceed 90 days.

     

    8.03 In
      the
      event of a denial of a claim for benefits, the claimant or a duly authorized
      representative will be permitted to submit issues and comments in writing to
      the
      Company and to submit documents, records and other information relating to
      the
      claim for benefits. The claimant or a duly authorized representative shall
      also
      be provided, upon request and free of charge, reasonable access to, and copies
      of, all documents, records, and other information relevant to the claimant’s
      claim for benefits. In addition, the claimant or a duly authorized
      representative may make a written request for a full and fair review of the
      claim and its denial by the Company that takes into account all comments,
      documents, records and other information submitted by the claimant, without
      regard to whether such information was submitted or considered in the initial
      benefits determination; provided, however, that such written request is received
      by the Company (or its delegate) within sixty (60) days after receipt by the
      claimant of written notification of the denial. The sixty (60) day requirement
      may be waived by the Company in appropriate cases.

     

     

    
      
         

      

      
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    8.04 A
      decision on review of a claim for benefits will be rendered by the Company
      within sixty (60) days after the receipt of the request. Under special
      circumstances, an extension (up to an additional 60 days) can be granted for
      processing the decision. Notice of this extension must be provided in writing
      to
      the claimant prior to the expiration of the initial sixty-day period. In no
      event will the decision be rendered more than one hundred twenty (120) days
      after the initial request for review. Any decision by the Company will be
      furnished to the claimant in writing and will set forth the specific reasons
      for
      the decision and the specific provisions on which the decision is based. The
      claimant or a duly authorized representative shall also be provided, upon
      request and free of charge, reasonable access to, and copies of, all documents,
      records, and other information relevant to the claimant’s claim for benefits.

     

    ARTICLE
      IX

    AMENDMENT
      

    

    9.01
       Except
      as
      provided in Section 9.02, the Company may amend the Plan only with the express,
      written consent of the Executive or, after his death, the
      Beneficiary.

    

    9.02 The
      Company may amend the Plan at any time to the extent necessary to comply with
      any requirement or limitation set forth in Section 409A of the Code or the
      regulations relating thereto.

     

    ARTICLE
      X

    MISCELLANEOUS

    

    10.01
       Nothing
      contained in the Plan shall give the Executive the right to be retained in
      the
      employment of the Company or the Bank or affect the right of either party to
      terminate the Executive’s services. The adoption of the Plan shall not
      constitute an employment contract between the Company and
      Executive.

    

    10.02
       If
      the
      Company shall find that any person to whom any amount is payable under the
      Plan
      is unable to care for his or her affairs because of illness or accident, or
      is a
      minor, the Company may direct that any amount to which such person is entitled
      be paid to his or her spouse, a child, a relative, an institution maintaining
      or
      having custody of such person, or any other person deemed by the Company to
      be a
      proper recipient on behalf of such person otherwise entitled to payment. Any
      such payment shall be a complete discharge of the liability of the Plan and
      the
      Company therefor.

    

    10.03
       Except
      insofar as may otherwise be required by law, no amount payable at any time
      under
      the Plan shall be subject in any manner to alienation by anticipation, sale,
      transfer, assignment, bankruptcy, pledge, attachment, charge, encumbrance or
      garnishment by creditors of the Executive or the Beneficiary nor be subject
      in
      any manner to the debts or liabilities of any person,
      and any attempt to do so alienate or subject any such amount, whether presently
      or thereafter payable, shall be void.

     

     

    
      
         

      

      
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    10.04
       It
      is the
      intention of the Company that the Plan shall be unfunded for Federal income
      tax
      purposes and for purposes of the Employee Retirement Income Security Act of
      1974, as amended. 

    

    10.05 All
      rights under this Plan shall be governed by and construed in accordance with
      the
      laws of the Commonwealth of Pennsylvania, except to the extent such laws are
      superseded by the laws of the United States. 

    

    IN
      WITNESS WHEREOF, the Company has caused this Plan to be executed by
      its

    authorized
      officers as of this 28th day of March, 2007. 

    

    
      	
              ATTEST:

               

               

              /s/
                Gerald F. Sopp

              Gerald
                F. Sopp

              Chief
                Financial Officer

            	
              DNB
                FINANCIAL CORPORATION

               

               

              By:/s/
                William J. Hieb  

                   William
                J. Hieb

              President

               

               

               

              By:
                /s/
                James H. Thornton

                   
James
                H. Thornton

                   
Chairman

                    Benefits
                & Compensation Committee

            

    

    

    

    I,
      William S. Latoff, hereby consent to the amendment and restatement of the DNB
      Financial Corporation Supplemental Executive Retirement Plan for William S.
      Latoff, effective as of April 1, 2007, as set forth herein. 

    

    

                    /s/
      William S.
      Latoff                     March
      28,
      2007

                     signature                       date   

     

    

     

    
      
         

      

      
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    DNB
      FINANCIAL CORPORATION

    SUPPLEMENTAL
      EXECUTIVE RETIREMENT PLAN

    FOR

    WILLIAM
      S. LATOFF

    

    AS
      AMENDED AND RESTATED EFFECTIVE APRIL 1, 2007

    APPENDIX
      A· 

    

    DESIGNATION
      OF BENEFICIARY

    

    Pursuant
      to the above-referenced Supplemental Executive Retirement Plan (“Plan”), I,
      William S. Latoff, hereby designate the following person(s) or entity(ies)
      as
      beneficiary(ies) of any and all amounts which shall be payable pursuant to
      the
      Plan by reason of or following my death and revoke all such prior beneficiary
      designations:

     

    
      	
              Primary
                Beneficiary I

            	
              Primary
                Beneficiary II (optional)

            
	
              Name:
                

               

            	
              Name:

               

            
	
              Address:
                

               

            	 
	 	
              Address:

               

            
	 	 
	
              SSN/EIN:
                

               

            	
              SSN/EIN:

               

            
	
              Relationship:
                

               

            	
              Relationship:

               

            
	
              Percentage:

               

            	
              Percentage:

               

            
	 	 
	
              Contingent
                Beneficiary I

            	
              Contingent
                Beneficiary II (optional)

               

            
	
              Name:
                

               

            	
              Name:
                

               

            
	
              Address:
                

               

            	
              Address:
                

               

            
	 	 
	
              SSN/EIN:
                

               

            	
              SSN/EIN:
                

               

            
	
              Relationship:

               

            	
              Relationship:
                

               

            
	
              Percentage:
                

            	
              Percentage:

            
	 	 
	 	_______________    _______________ 
	 	 (signature)   (date)

    

    

      

    

    
      
        · This
          form
          should be revised if more than two Primary Beneficiaries or more than two
          Contingent Beneficiaries are to be designated.

         

         10ex4_20.htm

     

    Exhibit
      4.20

    
      
        

        

      

      

    

     

    Axtel,
      S.A.B. de C.V.

    Issuer

     

    The
      Subsidiary Guarantors named herein

     

    75⁄8
%
      Senior Unsecured Notes due 2017

     

    
      

       
        
          

        

      

      

    

    INDENTURE

     

    Dated
      as
      of February 2, 2007

     

    
      
        
          

        

       

      

    

    The
      Bank
      of New York

    Trustee

     

    
      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CROSS-REFERENCE
      TABLE

     

    
      	
              TIA

              Section

            	 	
              Indenture

              Section

            
	
              310(a)(1)

            	 	
              7.10

            
	
              (a)(2)

            	 	
              7.10

            
	
              (a)(3)

            	 	
              N.A.

            
	
              (a)(4)

            	 	
              N.A.

            
	
              (a)(5)

            	 	
              7.10

            
	
              (b)

            	 	
              7.08;
                7.10

            
	
              (c)

            	 	
              N.A.

            
	
              311(a)

            	 	
              7.11

            
	
              (b)

            	 	
              7.11

            
	
              (c)

            	 	
              N.A.

            
	
              312(a)

            	 	
              2.05

            
	
              (b)

            	 	
              11.03

            
	
              (c)

            	 	
              11.03

            
	
              313(a)

            	 	
              7.06

            
	
              (b)(1)

            	 	
              7.06

            
	
              (b)(2)

            	 	
              7.06

            
	
              (c)

            	 	
              11.02

            
	
              (d)

            	 	
              7.06

            
	
              314(a)

            	 	
              4.02;

            
	 	 	
              4.10;
                11.02

            
	
              (b)

            	 	
              N.A.

            
	
              (c)(1)

            	 	
              11.04

            
	
              (c)(2)

            	 	
              11.04

            
	
              (c)(3)

            	 	
              N.A.

            
	
              (d)

            	 	
              N.A.

            
	
              (e)

            	 	
              11.05

            
	
              (f)

            	 	
              N.A.

            
	
              315(a)

            	 	
              7.01

            
	
              (b)

            	 	
              7.05; 11.02

            
	
              (c)

            	 	
              7.01

            
	
              (d)

            	 	
              7.01

            
	
              (e)

            	 	
              6.11

            
	
              316(a)(last
                sentence)

            	 	
              11.06

            
	
              (a)(1)(A)

            	 	
              6.05

            
	
              (a)(1)(B)

            	 	
              6.04

            
	
              (a)(2)

            	 	
              N.A.

            
	
              (b)

            	 	
              6.07

            
	
              (c)

            	 	
              9.04

            
	
              317(a)(1)

            	 	
              6.08

            
	
              (a)(2)

            	 	
              6.09

            
	
              (b)

            	 	
              2.04

            
	
              318(a)

            	 	
              11.01

            

    

    N.A.
      means Not Applicable.

     

    

    Note:  This
      Cross-Reference Table shall not, for any purpose, be deemed to be part of the
      Indenture.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

      TABLE
        OF
        CONTENTS

       

      
        	 	
                Page

              
	
                Article
                  1

                 

              	 
	
                Definitions
                  and Incorporation by Reference

                 

              	 
	
                SECTION
                  1.01  Definitions.

              	
                1

              
	
                SECTION
                  1.02  Other Definitions.

              	
                27

              
	
                SECTION
                  1.03  Incorporation by Reference of Trust Indenture
                  Act

              	
                27

              
	
                SECTION
                  1.04  Rules of Construction

              	
                28

              
	
                Article
                  2

                 

              	 
	
                The
                  Securities

                 

              	 
	
                SECTION
                  2.01  Form and Dating

              	
                28

              
	
                SECTION
                  2.02  Execution and Authentication

              	
                29

              
	
                SECTION
                  2.03  Registrar and Paying Agent

              	
                29

              
	
                SECTION
                  2.04  Paying Agent To Hold Money in Trust

              	
                30

              
	
                SECTION
                  2.05  Securityholder Lists

              	
                30

              
	
                SECTION
                  2.06  Transfer and Exchange

              	
                30

              
	
                SECTION
                  2.07  Replacement Securities

              	
                30

              
	
                SECTION
                  2.08  Outstanding Securities

              	
                31

              
	
                SECTION
                  2.09  Temporary Securities

              	
                31

              
	
                SECTION
                  2.10  Cancellation

              	
                31

              
	
                SECTION
                  2.11  Defaulted Interest

              	
                31

              
	
                SECTION
                  2.12  CUSIP Numbers

              	
                32

              
	
                SECTION
                  2.13  Issuance of Additional Securities

              	
                32

              
	
                Article
                  3

                 

              	 
	
                Redemption

                 

              	 
	
                SECTION
                  3.01  Notices to Trustee

              	
                32

              
	
                SECTION
                  3.02  Selection of Securities to Be Redeemed

              	
                32

              
	
                SECTION
                  3.03  Notice of Redemption

              	
                33

              
	
                SECTION
                  3.04  Effect of Notice of Redemption

              	
                33

              
	
                SECTION
                  3.05  Deposit of Redemption Price

              	
                34

              
	
                SECTION
                  3.06  Securities Redeemed in Part

              	
                34

              
	
                Article
                  4

                 

              	 
	
                Covenants

                 

              	 
	
                SECTION
                  4.01  Payment of Securities

              	
                34

              

      

      
        	
                 

              	
                SECTION
                  4.02  Reports to
                  Holders34

              

      

      
        
           

        

        
          i

          
            

          

        

        
           

        

      

      

      
        	
                SECTION
                  4.03  Limitation on Indebtedness

              	
                36

              
	
                SECTION
                  4.04  Limitation on Restricted Payments

              	
                38

              
	
                SECTION
                  4.05  Limitation on Restrictions on Distributions from
                  Restricted Subsidiaries

              	
                41

              
	
                SECTION
                  4.06  Limitation on Sales of Assets and Subsidiary
                  Stock

              	
                43

              
	
                SECTION
                  4.07  Limitation on Affiliate Transactions

              	
                46

              
	
                SECTION
                  4.08  Limitation on Line of Business

              	
                47

              
	
                SECTION
                  4.09  Limitation on the Sale or Issuance of Capital Stock of
                  Restricted Subsidiaries

              	
                48

              
	
                SECTION
                  4.10  Change of Control

              	
                48

              
	
                SECTION
                  4.11  Limitation on Liens

              	
                49

              
	
                SECTION
                  4.12  Limitation on Sale/Leaseback Transactions

              	
                50

              
	
                SECTION
                  4.13  Future Guarantors

              	
                50

              
	
                SECTION
                  4.14  Additional Amounts

              	
                50

              
	
                SECTION
                  4.15  Compliance Certificate

              	
                52

              
	
                SECTION
                  4.16  Further Instruments and Acts

              	
                52

              
	
                Article
                  5

                 

              	 
	
                Successor
                  Company

                 

              	 
	
                SECTION
                  5.01  When Company May Merge or Transfer Assets

              	
                53

              
	
                Article
                  6

                 

              	 
	
                Defaults
                  and Remedies

                 

              	 
	
                SECTION
                  6.01  Events of Default

              	
                55

              
	
                SECTION
                  6.02  Acceleration

              	
                57

              
	
                SECTION
                  6.03  Other Remedies

              	
                57

              
	
                SECTION
                  6.04  Waiver of Past Defaults

              	
                57

              
	
                SECTION
                  6.05  Control by Majority

              	
                57

              
	
                SECTION
                  6.06  Limitation on Suits

              	
                58

              
	
                SECTION
                  6.07  Rights of Holders to Receive Payment

              	
                58

              
	
                SECTION
                  6.08  Collection Suit by Trustee

              	
                58

              
	
                SECTION
                  6.09  Trustee May File Proofs of Claim

              	
                58

              
	
                SECTION
                  6.10  Undertaking for Costs

              	
                59

              
	
                SECTION
                  6.11  Waiver of Stay or Extension Laws

              	
                59

              
	
                Article
                  7

                 

              	 
	
                Trustee

                 

              	 
	
                SECTION
                  7.01  Duties of Trustee

              	
                60

              
	
                SECTION
                  7.02  Rights of Trustee

              	
                61

              
	
                SECTION
                  7.03  Individual Rights of Trustee

              	
                62

              

      

      

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

      

      
        	
                SECTION
                  7.04  Trustee’s Disclaimer

              	
                62

              
	
                SECTION
                  7.05  Notice of Defaults

              	
                62

              
	
                SECTION
                  7.06  Reports by Trustee to Holders

              	
                62

              
	
                SECTION
                  7.07  Compensation and Indemnity

              	
                63

              
	
                SECTION
                  7.08  Replacement of Trustee

              	
                63

              
	
                SECTION
                  7.09  Successor Trustee by Merger

              	
                64

              
	
                SECTION
                  7.10  Eligibility; Disqualification

              	
                64

              
	
                SECTION
                  7.11  Preferential Collection of Claims
                  Against Company

              	
                65

              
	
                SECTION
                  7.12  Appointment of Co-Trustee

              	
                65

              
	
                Article
                  8

                 

              	 
	
                Discharge
                  of Indenture; Defeasance

                 

              	 
	
                SECTION
                  8.01  Discharge of Liability on
                  Securities; Defeasance

              	
                66

              
	
                SECTION
                  8.02  Conditions to Defeasance

              	
                67

              
	
                SECTION
                  8.03  Application of Trust Money

              	
                68

              
	
                SECTION
                  8.04  Repayment to Company

              	
                69

              
	
                SECTION
                  8.05  Indemnity for Government Obligations

              	
                69

              
	
                SECTION
                  8.06  Reinstatement

              	
                69

              
	
                Article
                  9

                 

              	 
	
                Amendments

                 

              	 
	
                SECTION
                  9.01  Without Consent of Holders

              	
                69

              
	
                SECTION
                  9.02  With Consent of Holders

              	
                70

              
	
                SECTION
                  9.03  Compliance with Trust Indenture Act

              	
                71

              
	
                SECTION
                  9.04  Revocation and Effect of Consents and
                  Waivers

              	
                71

              
	
                SECTION
                  9.05  Notation on or Exchange of Securities

              	
                72

              
	
                SECTION
                  9.06  Trustee To Sign Amendments

              	
                72

              
	
                SECTION
                  9.07  Payment for Consent

              	
                72

              
	
                Article
                  10

                 

              	 
	
                Subsidiary
                  Guaranties

                 

              	 
	
                SECTION
                  10.01  Guaranties

              	
                72

              
	
                SECTION
                  10.02  Limitation on Liability

              	
                74

              
	
                SECTION
                  10.03  Successors and Assigns

              	
                74

              
	
                SECTION
                  10.04  No Waiver

              	
                74

              
	
                SECTION
                  10.05  Modification

              	
                75

              
	
                SECTION
                  10.06  Release of Subsidiary Guarantor

              	
                75

              
	
                SECTION
                  10.07  Contribution

              	
                75

              

      

      
        
           

        

        
          iii

          
            

          

        

        
           

        

      

      

      
        	
                Article
                  11

                 

              	 
	
                Miscellaneous

                 

              	 
	
                SECTION
                  11.01  Trust Indenture Act Controls

              	
                76

              
	
                SECTION
                  11.02  Notices

              	
                76

              
	
                SECTION
                  11.03  Communication by Holders with Other
                  Holders

              	
                77

              
	
                SECTION
                  11.04  Certificate and Opinion as to Conditions
                  Precedent

              	
                77

              
	
                SECTION
                  11.05  Statements Required in Certificate or
                  Opinion

              	
                77

              
	
                SECTION
                  11.06  When Securities Disregarded

              	
                78

              
	
                SECTION
                  11.07  Rules by Trustee, Paying Agent and
                  Registrar

              	
                78

              
	
                SECTION
                  11.08  Legal Holidays

              	
                78

              
	
                SECTION
                  11.09  Force Majeure

              	
                78

              
	
                SECTION
                  11.10  Governing Law

              	
                78

              
	
                SECTION
                  11.11  Consent to Jurisdiction; Appointment of Agent for Service
                  of Process; Judgment Currency

              	
                78

              
	
                SECTION
                  11.12  WAIVER OF JURY TRIAL

              	
                80

              
	
                SECTION
                  11.13  No Recourse Against Others

              	
                80

              
	
                SECTION
                  11.14  Successors

              	
                80

              
	
                SECTION
                  11.15  Multiple Originals

              	
                80

              
	
                SECTION
                  11.16  Table of Contents; Headings

              	
                81

              
	 	 
	
                Rule
                  144A/Regulation S/IAI Appendix

              	 
	
                Exhibit
                  1 –  Form of Security

              	 

      

      
        
           

        

        
          iv

          
            

          

        

        
           

        

      

     

     

    INDENTURE
      dated as of February 2, 2007, among AXTEL. S.A.B. de C.V., a Mexican corporation
      (the “Company”), the SUBSIDIARY GUARANTORS named herein and THE BANK
      OF NEW
      YORK, a New York banking corporation (the “Trustee”).

     

    Each
      party agrees as follows for the benefit of the other parties and for the equal
      and ratable benefit of the Holders of the Company’s Senior Unsecured Notes
      offered pursuant to this Indenture and the Guarantees thereof (the
“Securities”):

     

    Article
      1

     

    Definitions
      and Incorporation by Reference

     

    SECTION
      1.01  Definitions.

     

    “Additional
      Assets” means (1) any property, plant, equipment or licenses used in a
      Related Business; (2) the Capital Stock of a Person that becomes a
      Restricted Subsidiary as a result of the acquisition of such Capital Stock
      by
      the Company or another Restricted Subsidiary; or (3) Capital Stock
      constituting a minority interest in any Person that at such time is a Restricted
      Subsidiary; provided, however, that any such Restricted Subsidiary
      described in clause (2) or (3) above is primarily engaged in a Related
      Business.

     

    “Additional
      Securities” mean, Securities issued under this Indenture after the Issue Date
      and in compliance with Sections 2.13 and 4.03, it being understood that any
      Securities issued in exchange for or replacement of any Security issued on
      the
      Issue Date shall not be an Additional Security.

     

    “Adjusted
      Consolidated Net Income” for any period means Consolidated Net Income (1) plus,
      to the extent deducted in calculating such Consolidated Net Income, depreciation
      and amortization expense of the Company and its consolidated Restricted
      Subsidiaries (excluding amortization expense attributable to a prepaid operating
      activity item that was paid in cash in a prior period) for such period; and
      (2)
      less capital expenditures made by the Company and its Restricted Subsidiaries
      for such period.

     

    “Adjusted
      Treasury Rate” means, with respect to any redemption date, (1) the yield, under
      the heading which represents the average for the immediately preceding week,
      appearing in the most recently published statistical release designated "H.
      15(519)" or any successor publication which is published weekly by the Board
      of
      Governors of the Federal Reserve System and which establishes yields on actively
      traded United States Treasury securities adjusted to constant maturity under
      the
      caption "Treasury Constant Maturities" for the maturity corresponding to the
      Comparable Treasury Issue (if no

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    maturity
      is within three months before or after February 1, 2012, yields for the two
      published maturities most closely corresponding to the Comparable Treasury
      Issue
      shall be determined and the Adjusted Treasury Rate shall be interpolated or
      extrapolated from such yields on a straight line basis, rounding to the nearest
      month) or (2) if such release (or any successor release) is not published during
      the week preceding the calculation date or does not contain such yields, the
      rate per year equal to the semi-annual equivalent yield to maturity of the
      Comparable Treasury Issue (expressed as a percentage of its principal amount)
      equal to the Comparable Treasury Price for such redemption date, in each case
      calculated on the third Business Day immediately preceding the redemption date,
      plus 0.50%.

     

    “Affiliate”
      of any specified Person means any other Person, directly or indirectly,
      controlling or controlled by or under direct or indirect common control with
      such specified Person.  For the purposes of this definition, “control”
when used with respect to any Person means the power to direct the management
      and policies of such Person, directly or indirectly, whether through the
      ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative to the
      foregoing.  For purposes of Sections 4.04, 4.06 and 4.07 only,
“Affiliate” shall also mean any beneficial owner of Capital Stock representing
      15% or more of the total voting power of the Voting Stock (on a fully diluted
      basis) of the Company or of rights or warrants to purchase such Capital Stock
      (whether or not currently exercisable) and any Person who would be an Affiliate
      of any such beneficial owner pursuant to the first sentence hereof.

     

    “Applicable
      Premium” means with respect to a Security at any redemption date, the greater of
      (1) 1.00% of the principal amount of such Security on such redemption date
      and
      (2) the excess, if any, of (A) an amount equal to the present value at such
      redemption date of (i) the redemption price of such Security on February 1,
      2012
      (such redemption price being described in paragraph 5 of the Securities
      exclusive of any accrued interest) plus (ii) all required remaining scheduled
      interest payments due on such Security (assuming that the interest rate per
      annum on the Securities applicable on the date on which the notice of redemption
      was given was in effect for the entire period) through February 1, 2012 (but
      excluding accrued and unpaid interest to the redemption date), computed using
      a
      discount rate equal to the Adjusted Treasury Rate, over (B) the principal amount
      of such Security on such redemption date.

     

    “Asset
      Disposition” means any sale, lease, transfer or other disposition (or series of
      related sales, leases, transfers or dispositions) by the Company or any
      Restricted Subsidiary, including any disposition by means of a merger,
      consolidation or similar transaction (each referred to for the purposes of
      this
      definition as a “disposition”), of:

     

    (1)  any
      shares of Capital Stock of a Restricted Subsidiary (other than directors’
qualifying shares or shares required by applicable law to be held by a Person
      other than the Company or a Restricted Subsidiary);

     

    (2)  all
      or
      substantially all the assets of any division or line of business of the Company
      or any Restricted Subsidiary; or

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

     

    (3)  any
      other
      assets of the Company or any Restricted Subsidiary outside of the ordinary
      course of business of the Company or such Restricted Subsidiary

     

    (other
      than, in the case of clauses (1), (2) and (3) above, (A) a disposition by a
      Restricted Subsidiary to the Company or by the Company or a Restricted
      Subsidiary to a Wholly Owned Subsidiary; (B) for purposes of
      Section 4.06 only, (i) a disposition that constitutes a Restricted
      Payment (or would constitute a Restricted Payment but for the exclusions from
      the definition thereof) and that is not prohibited by Section 4.04 and (ii)
      a disposition of all or substantially all the assets of the Company in
      accordance with Section 5.01; (C) a disposition of assets with a fair
      market value of less than US$1,000,000; (D) a disposition of cash or Temporary
      Cash Investments; and (E) the creation of a Lien (but not the sale or other
      disposition of the property subject to such Lien)).

     

    “Attributable
      Debt” in respect of a Sale/Leaseback Transaction means, as at the time of
      determination, the present value (discounted at the interest rate borne by
      the
      Securities, compounded annually) of the total obligations of the lessee for
      rental payments during the remaining term of the lease included in such
      Sale/Leaseback Transaction (including any period for which such lease has been
      extended); provided, however, that if such Sale/Leaseback
      Transaction results in a Capital Lease Obligation, the amount of Indebtedness
      represented thereby will be determined in accordance with the definition of
      “Capital Lease Obligation”.

     

    “Avantel/Telmex
      IRU” means the indefeasible right to use certain telecommunications capacity
      pursuant to an agreement between the Company and Telmex originally entered
      into
      on January 2, 2006.

     

    “Average
      Life” means, as of the date of determination, with respect to any Indebtedness,
      the quotient obtained by dividing (1) the sum of the products of the
      numbers of years from the date of determination to the dates of each successive
      scheduled principal payment of or redemption or similar payment with respect
      to
      such Indebtedness multiplied by the amount of such payment by (2) the sum
      of all such payments.

     

    “Board
      of
      Directors” means the Board of Directors of the Company or any committee thereof
      duly authorized to act on behalf of such Board.

     

    “Business
      Day” means each day which is not a Legal Holiday.

     

    “Capital
      Lease Obligation” means an obligation that is required to be classified and
      accounted for as a capital lease for financial reporting purposes in accordance
      with GAAP, and the amount of Indebtedness represented by such obligation shall
      be the capitalized amount of such obligation determined in accordance with
      GAAP;
      and the Stated Maturity thereof shall be the date of the last payment of rent
      or
      any other amount due under such lease prior to the first date upon which such
      lease may be

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    terminated
      by the lessee without payment of a penalty.  For purposes of
      Section 4.11, a Capital Lease Obligation will be deemed to be secured by a
      Lien on the property being leased.

     

    “Capital
      Stock” of any Person means any and all shares, interests (including partnership
      interests), rights to purchase, warrants, options, participations or other
      equivalents of or interests in (however designated) equity of such Person,
      including any Preferred Stock, but excluding any debt securities convertible
      into such equity.

     

    “Change
      of Control” means the occurrence of any of the following events:

     

    (1)  any
      “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act),
      other than one or more Permitted Holders, is or becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for
      purposes of this clause (1), (x) such person shall be deemed to have “beneficial
      ownership” of all shares that any such person has the right to acquire, whether
      such right is exercisable immediately or only after the passage of time and
      (y)
      such person shall not be deemed to have “beneficial ownership” of any shares
      solely as a result of a voting or similar agreement entered into in connection
      with a merger agreement or asset sale agreement), directly or indirectly, of
      more than 35% of the total voting power of the Voting Stock of the Company;
      provided, however, that Permitted Holders beneficially own (as
      defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
      indirectly, in the aggregate a lesser percentage of the total voting power
      of
      the Voting Stock of the Company than such other person and do not have the
      right
      or ability by voting power, contract or otherwise to elect or designate for
      election a majority of the Board of Directors (for the purposes of this
      clause (1), such other person shall be deemed to beneficially own any
      Voting Stock of the Company held by any other person (a “parent entity”), if
      such other person is the beneficial owner (as defined in this clause (1)),
      directly or indirectly, of more than 35% of the voting power of the Voting
      Stock
      of such parent entity and the Permitted Holders beneficially own (as defined
      in
      this clause (1)), directly or indirectly, in the aggregate a lesser percentage
      of the voting power of the Voting Stock of such parent entity and do not have
      the right or ability by voting power, contract or otherwise to elect or
      designate for election a majority of the board of directors of such parent
      entity);

     

    (2)  individuals
      who on the Issue Date constituted the Board of Directors (together with any
      new
      directors whose election by such Board of Directors or whose appointment or
      nomination for election by the shareholders of the Company was approved by
      a
      vote of a majority of the directors of the Company then still in office who
      were
      either directors on the Issue Date or whose appointment, election or nomination
      for election was approved by the Permitted Holders or by directors previously
      so
      approved) cease for any reason to constitute a majority of the Board of
      Directors then in office;

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

     

    (3)  the
      adoption of a plan relating to the liquidation or dissolution of the Company;
      provided, however, that this clause (3) will not be applicable to
      (A) a Restricted Subsidiary consolidating with, merging into or
      transferring all or part of its properties and assets to the Company or (B)
      the
      Company merging with an Affiliate of the Company solely for the purpose and
      with
      the sole effect of reincorporating the Company in another jurisdiction;
      or

     

    (4)  the
      merger or consolidation of the Company with or into another Person or the merger
      of another Person with or into the Company, or the sale of all or substantially
      all the assets of the Company (determined on a consolidated basis) to another
      Person other than a transaction in which holders of securities that represented
      100% of the Voting Stock of the Company immediately prior to such transaction
      (or other securities into which such securities are converted as part of such
      merger or consolidation transaction) own directly or indirectly at least a
      majority of the voting power of the Voting Stock of the transferee Person or
      surviving Person in such merger or consolidation transaction immediately after
      such transaction.

     

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

     

    “Company”
      means the party named as such in this Indenture until a successor replaces
      it
      and, thereafter, means the successor and, for purposes of any provision
      contained herein and required by the TIA, each other obligor on the indenture
      securities.

     

    “Comparable
      Treasury Issue” means, with respect to any redemption date, the United States
      Treasury security selected by the Quotation Agent as having a maturity
      comparable to the remaining term of the Securities from such redemption date
      to
      February 1, 2012, that would be utilized, at the time of selection and in
      accordance with customary financial practice, in pricing new issues of corporate
      debt securities of a maturity most nearly equal to February 1,
      2012.

     

    “Comparable
      Treasury Price” means, with respect to any redemption date, if clause (2) of the
      Adjusted Treasury Rate is applicable, the average of three, or such lesser
      number as is obtained by the Trustee, Reference Treasury Dealer Quotations
      for
      such redemption date.

     

    “Consolidated
      Interest Expense” means, for any period, the total interest expense of the
      Company and its consolidated Restricted Subsidiaries.

     

    “Consolidated
      Leverage Ratio” as of any date of determination means the ratio of

     

     

    (a)           the
      aggregate amount of Indebtedness of the Company and its Restricted Subsidiaries
      as of such date of determination to

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    

     

     

    (b)           EBITDA
      for the most recent four consecutive fiscal quarters ending at least 45 days
      prior to such date of determination (the “Reference Period”);

     

    provided,
      however, that:

     

     

    (1)           if
      the transaction giving rise to the need to calculate the Consolidated Leverage
      Ratio is an Incurrence of Indebtedness, the amount of such Indebtedness shall
      be
      calculated after giving effect on a proforma basis to such
      Indebtedness;

     

     

    (2)           if
      the Company or any Restricted Subsidiary has repaid, repurchased, defeased
      or
      otherwise discharged any Indebtedness that was outstanding as of the end of
      such
      fiscal quarter or if any Indebtedness is to be repaid, repurchased, defeased
      or
      otherwise discharged on the date of the transaction giving rise to the need
      to
      calculate the Consolidated Leverage Ratio (other than, in each case,
      Indebtedness Incurred under any revolving credit agreement), the aggregate
      amount of Indebtedness shall be calculated on a proforma basis and
      EBITDA shall be calculated as if the Company or such Restricted Subsidiary
      had
      not earned the interest income, if any, actually earned during the Reference
      Period in respect of cash or Temporary Cash Investments used to repay,
      repurchase, defease or otherwise discharge such Indebtedness;

     

     

    (3)           if
      since the beginning of the Reference Period the Company or any Restricted
      Subsidiary shall have made any Asset Disposition, the EBITDA for the Reference
      Period shall be reduced by an amount equal to the EBITDA (if positive) directly
      attributable to the assets which are the subject of such Asset Disposition
      for
      the Reference Period, or increased by an amount equal to the EBITDA (if
      negative), directly attributable thereto for the Reference Period;

     

     

    (4)           if
      since the beginning of the Reference Period the Company or any Restricted
      Subsidiary (by merger or otherwise) shall have made an Investment in any
      Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary)
      or
      an acquisition of assets, which constitutes all or substantially all of an
      operating unit of a business, EBITDA for the Reference Period shall be
      calculated after giving proforma effect thereto (including the
      Incurrence of any Indebtedness) as if such Investment or acquisition occurred
      on
      the first day of the Reference Period; and

     

     

    (5)           if
      since the beginning of the Reference Period any Person (that subsequently became
      a Restricted Subsidiary or was merged with or into the Company or any Restricted
      Subsidiary since the beginning of such Reference

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    Period)
      shall have made any Asset Disposition, any Investment or acquisition of assets
      that would have required an adjustment pursuant to clause (3) or (4) above
      if made by the Company or a Restricted Subsidiary during the Reference Period,
      EBITDA for the Reference Period shall be calculated after giving
proforma effect thereto as if such Asset Disposition, Investment
      or acquisition occurred on the first day of the Reference Period.

     

    For
      purposes of this definition, whenever proforma effect is to be
      given to an acquisition of assets, the amount of income or earnings relating
      thereto and the amount of Consolidated Interest Expense associated with any
      Indebtedness Incurred in connection therewith, the pro forma calculations
      shall be determined in good faith by a responsible financial or accounting
      Officer of the Company.  If any Indebtedness bears a floating rate of
      interest and is being given proforma effect, the interest on such
      Indebtedness shall be calculated as if the rate in effect on the date of
      determination had been the applicable rate for the entire period (taking into
      account any Interest Rate Agreement applicable to such Indebtedness if such
      Interest Rate Agreement has a remaining term in excess of
      12 months).  If any Indebtedness is Incurred under a revolving
      credit facility and is being given proforma effect, the interest
      on such Indebtedness shall be calculated based on the average daily balance
      of
      such Indebtedness for the four fiscal quarters subject to the
proforma calculation to the extent that such Indebtedness was
      incurred solely for working capital purposes.

     

    “Consolidated
      Net Income” means, for any period, the net income of the Company and its
      consolidated Subsidiaries; provided, however, that there shall not
      be included in such Consolidated Net Income:

     

    (1)  any
      net
      income of any Person (other than the Company) if such Person is not a Restricted
      Subsidiary, except that

     

    (A)  subject
      to the exclusion contained in clause (4) below, the Company’s equity in the
      net income of any such Person for such period shall be included in such
      Consolidated Net Income up to the aggregate amount of cash actually distributed
      by such Person during such period to the Company or a Restricted Subsidiary
      as a
      dividend or other distribution (subject, in the case of a dividend or other
      distribution paid to a Restricted Subsidiary, to the limitations contained
      in
      clause (3) below); and

     

    (B)  the
      Company’s equity in a net loss of any such Person for such period shall be
      included in determining such Consolidated Net Income;

     

    (2)  any
      net
      income (or loss) of any Person acquired by the Company or a Subsidiary in a
      pooling of interests transaction (or any transaction accounted for in a manner
      similar to a pooling of interests) for any period prior to the date of such
      acquisition;

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

     

    (3)  any
      net
      income of any Restricted Subsidiary if such Restricted Subsidiary is subject
      to
      restrictions, directly or indirectly, on the payment of dividends or the making
      of distributions by such Restricted Subsidiary, directly or indirectly, to
      the
      Company, except that

     

    (A)  subject
      to the exclusion contained in  clause (4) below, the Company’s
      equity in the net income of any such Restricted Subsidiary for such period
      shall
      be included in such Consolidated Net Income up to the aggregate amount of cash
      actually distributed by such Restricted Subsidiary during such period to the
      Company or another Restricted Subsidiary as a dividend or other distribution
      (subject, in the case of a dividend or other distribution paid to another
      Restricted Subsidiary, to the limitation contained in this clause);
      and

     

    (B)  the
      Company’s equity in a net loss of any such Restricted Subsidiary for such period
      shall be included in determining such Consolidated Net Income;

     

    (4)  any
      gain
      (or loss) realized upon the sale or other disposition of any assets of the
      Company, its consolidated Subsidiaries or any other Person (including pursuant
      to any sale-and-leaseback arrangement) which is not sold or otherwise disposed
      of in the ordinary course of business and any gain (or loss) realized upon
      the
      sale or other disposition of any Capital Stock of any Person;

     

    (5)  any
      net,
      after-tax, extraordinary or non-recurring gains or losses or income or expenses;
      and

     

    (6)  the
      cumulative effect of a change in accounting principles;

     

    in
      each
      case, for such period.  Notwithstanding the foregoing, for the purpose
      of Section 4.04 only, there shall be excluded from Consolidated Net Income
      any repurchases, repayments or redemptions of Investments, proceeds realized
      on
      the sale of Investments or return of capital to the Company or a Restricted
      Subsidiary to the extent such repurchases, repayments, redemptions, proceeds
      or
      returns increase the amount of Restricted Payments permitted under such Section
      pursuant to Section 4.04(a)(3)(D).

     

     “Consolidated
      Secured Leverage Ratio” means, as of any date of determination, the ratio
      of

     

    (1)  the
      aggregate amount of Indebtedness of the Company and its Restricted Subsidiaries
      that is secured by Liens as of such date of determination to

     

    (2)  EBITDA
      for the period of (i) the most recent four consecutive fiscal quarters
      ending at least 45 days prior to the date of determination or (ii) if
      quarterly information is available for the immediately preceding fiscal quarter
      and such financial information is included in the reports filed or delivered
      pursuant to

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    Section
      4.02, the most recent four consecutive fiscal quarters, with such
proforma and other adjustments to each of Indebtedness and EBITDA
      as are appropriate and consistent with the proforma and other
      adjustment provisions set forth in the definition of Consolidated Leverage
      Ratio.

     

    “Consolidated
      Total Assets” means, as of any date of determination, the total assets shown on
      the consolidated balance sheet of the Company and its Restricted Subsidiaries
      as
      of the most recent date for which such a balance sheet is available, determined
      on a consolidated basis in accordance with GAAP (and, in the case of any
      determination relating to any Incurrence of Indebtedness or any Investment,
      on a
      pro forma basis including any property or assets being acquired in connection
      therewith).

     

    “Currency
      Agreement” means any foreign exchange contract, currency swap agreement or other
      similar agreement with respect to currency values.

     

    “Default”
      means any event which is, or after notice or passage of time or both would
      be,
      an Event of Default.

     

    “Disqualified
      Stock” means, with respect to any Person, any Capital Stock which by its terms
      (or by the terms of any security into which it is convertible or for which
      it is
      exchangeable at the option of the holder) or upon the happening of any
      event:

     

    (1)  matures
      or is mandatorily redeemable (other than redeemable only for Capital Stock
      of
      such Person which is not itself Disqualified Stock) pursuant to a sinking fund
      obligation or otherwise;

     

    (2)  is
      convertible or exchangeable at the option of the holder for Indebtedness or
      Disqualified Stock; or

     

    (3)  is
      mandatorily redeemable or must be purchased upon the occurrence of certain
      events or otherwise, in whole or in part,

     

    in
      each
      case on or prior to the first anniversary of the Stated Maturity of the
      Securities; provided, however, that any Capital Stock that would
      not constitute Disqualified Stock but for provisions thereof giving holders
      thereof the right to require such Person to purchase or redeem such Capital
      Stock upon the occurrence of an “asset sale” or “change of control” occurring
      prior to the first anniversary of the Stated Maturity of the Securities shall
      not constitute Disqualified Stock if (A) the “asset sale” or “change of control”
provisions applicable to such Capital Stock are not more favorable to the
      holders of such Capital Stock than the terms applicable to the Securities in
      Sections 4.06 and 4.10 of this Indenture and (B) any such requirement only
      becomes operative after compliance with such terms applicable to the Securities,
      including the purchase of any Securities tendered pursuant thereto.

     

    The
      amount of any Disqualified Stock that does not have a fixed redemption,
      repayment or repurchase price will be calculated in accordance with the terms
      of
      such Disqualified Stock as if such Disqualified Stock were redeemed, repaid
      or
      repurchased on any date on which the amount of such Disqualified Stock is to
      be

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    determined
      pursuant to the Indenture; provided, however, that if such
      Disqualified Stock could not be required to be redeemed, repaid or repurchased
      at the time of such determination, the redemption, repayment or repurchase
      price
      will be the book value of such Disqualified Stock as reflected in the most
      recent financial statements of such Person.

     

    “Dollars”
      means the legal currency of the United States.

     

    “EBITDA”
      for any period means the sum of Consolidated Net Income, plus the following
      to
      the extent deducted in calculating such Consolidated Net Income:

     

    (1)  all
      expense for income tax or asset tax of the Company and its consolidated
      Restricted Subsidiaries;

     

    (2)  Consolidated
      Interest Expense;

     

    (3)  depreciation
      and amortization expense of the Company and its consolidated Restricted
      Subsidiaries (excluding amortization expense attributable to a prepaid operating
      activity item that was paid in cash in a prior period); and

     

    (4)  all
      other
      non-cash charges of the Company and its consolidated Restricted Subsidiaries
      (excluding any such non-cash charge to the extent that it represents an accrual
      of or reserve for cash expenditures in any future period),

     

    in
      each
      case for such period.  Notwithstanding the foregoing, the provision
      for taxes based on the income or profits of, and the depreciation and
      amortization and non-cash charges of, a Restricted Subsidiary shall be added
      to
      Consolidated Net Income to compute EBITDA only to the extent (and in the same
      proportion, including by reason of minority interests) that the net income
      or
      loss of such Restricted Subsidiary was included in calculating Consolidated
      Net
      Income and only if a corresponding amount would be permitted at the date of
      determination to be dividended to the Company by such Restricted Subsidiary
      without prior approval (that has not been obtained), pursuant to the terms
      of
      its charter and all agreements, instruments, judgments, decrees, orders,
      statutes, rules and governmental regulations applicable to such Restricted
      Subsidiary or its stockholders.

     

    “Equity
      Offering” means any sale of Capital Stock (other than Disqualified
      Stock).

     

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

     

    “GAAP”
      means generally accepted accounting principles in Mexico as in effect on the
      Issue Date.

     

    “Guarantee”
      means any obligation, contingent or otherwise, of any Person directly or
      indirectly guaranteeing any Indebtedness of any Person and any obligation,
      direct or indirect, contingent or otherwise, of such Person:

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

     

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

     

    (2)  entered
      into for the purpose of assuring in any other manner the obligee of such
      Indebtedness of the payment thereof or to protect such obligee against loss
      in
      respect thereof (in whole or in part);

     

    provided,
      however, that the term “Guarantee” shall not include endorsements for
      collection or deposit in the ordinary course of business.  The term
“Guarantee” used as a verb has a corresponding meaning.

     

    “Guaranty
      Agreement” means a supplemental indenture, in a form satisfactory to the
      Trustee, pursuant to which a Subsidiary Guarantor guarantees the Company’s
      obligations with respect to the Securities on the terms provided for in this
      Indenture.

     

    “Hedging
      Obligations” of any Person means the obligations of such Person pursuant to any
      Interest Rate Agreement or Currency Agreement.

     

    “Holder”
      or “Securityholder” means the Person in whose name a Security is registered on
      the Registrar’s books.

     

    “Incur”
      means issue, assume, Guarantee, incur or otherwise become liable for;
provided, however, that any Indebtedness of a Person existing at
      the time such Person becomes a Restricted Subsidiary (whether by merger,
      consolidation, acquisition or otherwise) shall be deemed to be Incurred by
      such
      Person at the time it becomes a Restricted Subsidiary.  The term
“Incurrence” when used as a noun shall have a correlative meaning.

     

    Solely
      for purposes of determining compliance with Section 4.03:

     

    (1)  amortization
      of debt discount or the accretion of principal with respect to a non-interest
      bearing or other discount security;

     

    (2)  the
      payment of regularly scheduled interest in the form of additional Indebtedness
      of the same instrument or the payment of regularly scheduled dividends on
      Capital Stock in the form of additional Capital Stock of the same class and
      with
      the same terms; and

     

    (3)  the
      obligation to pay a premium in respect of Indebtedness arising in connection
      with the issuance of a notice of redemption or the making of a mandatory offer
      to purchase such Indebtedness,

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

     

    will
      not
      be deemed to be the Incurrence of Indebtedness.

     

    “Indebtedness”
      means, with respect to any Person on any date of determination (without
      duplication):

     

    (1)  the
      principal in respect of (A) indebtedness of such Person for money borrowed
      and (B) indebtedness evidenced by notes, debentures, bonds or other similar
      instruments for the payment of which such Person is responsible or liable,
      including, in each case, any premium on such indebtedness to the extent such
      premium has become due and payable;

     

    (2)  all
      Capital Lease Obligations (other than the Avantel/Telmex IRU and replacements
      thereof) of such Person and all Attributable Debt in respect of Sale/Leaseback
      Transactions entered into by such Person;

     

    (3)  all
      obligations of such Person issued or assumed as the deferred purchase price
      of
      property, all conditional sale obligations of such Person and all obligations
      of
      such Person under any title retention agreement (but excluding trade accounts
      payable arising in the ordinary course of business);

     

    (4)  all
      obligations of such Person for the reimbursement of any obligor on any letter
      of
      credit, fianza, bankers’ acceptance or similar credit transaction (other than
      obligations with respect to letters of credit or fianzas securing obligations
      (other than obligations described in clauses (1) through
      (3) above) entered into in the ordinary course of business of such Person
      to the extent such letters of credit or fianzas are not drawn upon or, if and
      to
      the extent drawn upon, such drawing is reimbursed no later than the tenth
      Business Day following payment on the letter of credit or fianza);

     

    (5)  the
      amount of all obligations of such Person with respect to the redemption,
      repayment or other repurchase of any Capital Stock of such Person or, any
      Subsidiary of such Person or that are determined by the value of such Capital
      Stock, the principal amount of such Capital Stock to be determined in accordance
      with this Indenture;

     

    (6)  all
      obligations of the type referred to in clauses (1) through (5) of
      other Persons and all dividends of other Persons for the payment of which,
      in
      either case, such Person is responsible or liable, directly or indirectly,
      as
      obligor, guarantor or  otherwise, including by means of any
      Guarantee;

     

    (7)  all
      obligations of the type referred to in clauses (1) through (6) of
      other Persons secured by any Lien on any property or asset of such Person
      (whether or not such obligation is assumed by such Person), the amount of such
      obligation being deemed to be the lesser of the value of such property or assets
      and the amount of the obligation so secured; and

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

     

    (8)  to
      the
      extent not otherwise included in this definition, Hedging Obligations of such
      Person.

     

    Notwithstanding
      the foregoing, in connection with the purchase by the Company or any Restricted
      Subsidiary of any business, the term “Indebtedness” will exclude post-closing
      payment adjustments to which the seller may become entitled to the extent such
      payment is determined by a final closing balance sheet or such payment depends
      on the performance of such business after the closing; provided,
however, that, at the time of closing, the amount of any such payment
      is
      not determinable and, to the extent such payment thereafter becomes fixed and
      determined, the amount is paid within 30 days thereafter.

     

    The
      amount of Indebtedness of any Person at any date shall be the outstanding
      balance at such date of all obligations as described above; provided,
however, that in the case of Indebtedness sold at a discount, the
      amount
      of such Indebtedness at any time will be the accreted value thereof at such
      time.

     

    “Indenture”
      means this Indenture as amended or supplemented from time to time.

     

    “Independent
      Qualified Party” means an investment banking firm, accounting firm or
      appraisal firm of national standing; provided, however, that such
      firm is not an Affiliate of the Company.

     

    “Interest
      Rate Agreement” means any interest rate swap agreement, interest rate
      cap agreement or other financial agreement or arrangement with respect to
      exposure to interest rates.

     

    “Investment”
      in any Person means any direct or indirect advance, loan (other than advances
      to
      customers in the ordinary course of business that are recorded as accounts
      receivable on the balance sheet of the lender) or other extensions of credit
      (including by way of Guarantee or similar arrangement) or capital contribution
      to (by means of any transfer of cash or other property to others or any payment
      for property or services for the account or use of others), or any purchase
      or
      acquisition of Capital Stock, Indebtedness or other similar instruments issued
      by such Person.  Except as otherwise provided for herein, the amount
      of an Investment shall be its fair value at the time the Investment is made
      and
      without giving effect to subsequent changes in value.

     

    For
      purposes of the definition of “Unrestricted Subsidiary”, the definition of
“Restricted Payment” and Section 4.04, “Investment” shall
      include

     

    (1)  the
      portion (proportionate to the Company’s equity interest in such Subsidiary) of
      the fair market value of the net assets of any Subsidiary of the Company at
      the
      time that such Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Subsidiary as
      a Restricted Subsidiary, the Company shall be deemed to continue to have
      a

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    permanent
      “Investment” in an Unrestricted Subsidiary equal to an amount (if positive)
      equal to (A) the Company’s “Investment” in such Subsidiary at the time of
      such redesignation less (B) the portion (proportionate to the Company’s
      equity interest in such Subsidiary) of the fair market value of the net assets
      of such Subsidiary at the time of such redesignation; and

     

    (2)  any
      property transferred to or from an Unrestricted Subsidiary shall be valued
      at
      its fair market value at the time of such transfer, in each case as determined
      in good faith by the Board of Directors.

     

    “Issue
      Date” means February 2, 2007.

     

    “Legal
      Holiday” means a Saturday, a Sunday or a day on which banking institutions are
      not required to be open in the State of New York or the United Mexican
      States.

     

    “Lien”
      means any mortgage, pledge, security interest, encumbrance, lien or charge
      of
      any kind (including any conditional sale or other title retention agreement
      or
      lease in the nature thereof).

     

    “Mexico”
      means the United Mexican States.

     

    “Moody’s”
      means Moody’s Investors Service, Inc. and any successor to its rating agency
      business.

     

    “Net
      Available Cash” from an Asset Disposition means cash payments received therefrom
      (including any cash payments received by way of deferred payment of principal
      pursuant to a note or installment receivable or otherwise and proceeds from
      the
      sale or other disposition of any securities received as consideration, but
      only
      as and when received, but excluding any other consideration received in the
      form
      of assumption by the acquiring Person of Indebtedness or other obligations
      relating to such properties or assets or received in any other non-cash form),
      in each case net of:

     

    (1)  all
      legal, title and recording tax expenses, commissions and other fees and expenses
      incurred, and all Federal, state, provincial, foreign and local taxes required
      to be accrued as a liability under GAAP, as a consequence of such Asset
      Disposition;

     

    (2)  all
      payments made on any Indebtedness which is secured by any assets subject to
      such
      Asset Disposition, in accordance with the terms of any Lien upon or other
      security agreement of any kind with respect to such assets, or which must by
      its
      terms, or in order to obtain a necessary consent to such Asset Disposition,
      or
      by applicable law, be repaid out of the proceeds from such Asset
      Disposition;

     

    (3)  all
      distributions and other payments required to be made to minority interest
      holders in Restricted Subsidiaries as a result of such Asset
      Disposition;

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

     

    (4)  the
      deduction of appropriate amounts provided by the seller as a reserve, in
      accordance with GAAP, against any liabilities associated with the property
      or
      other assets disposed in such Asset Disposition and retained by the Company
      or
      any Restricted Subsidiary after such Asset Disposition; and

     

    (5)  any
      portion of the purchase price from an Asset Disposition placed in escrow,
      whether as a reserve for adjustment of the purchase price, for satisfaction
      of
      indemnities in respect of such Asset Disposition or otherwise in connection
      with
      that Asset Disposition; provided, however, that upon termination
      of that escrow, Net Available Cash will be increased by any portion of funds
      in
      the escrow that are released to the Company or any Restricted
      Subsidiary.

     

    “Net
      Cash
      Proceeds”, with respect to any issuance or sale of Capital Stock or
      Indebtedness, means the cash proceeds of such issuance or sale net of attorneys’
fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or
      commissions and brokerage, consultant and other fees actually incurred in
      connection with such issuance or sale and net of taxes paid or payable as a
      result thereof.

     

    “Obligations”
      means with respect to any Indebtedness, all obligations for principal, premium,
      interest, penalties, fees, indemnifications, reimbursements, and other amounts
      payable pursuant to the documentation governing such Indebtedness.

     

    “Officer”
      means the Chairman of the Board, the Chief Executive Officer, any Vice
      President, the Chief Financial Officer or the Secretary of the
      Company.

     

    “Officers’
      Certificate” means a certificate signed by two Officers.

     

    “Opinion
      of Counsel” means a written opinion from legal counsel who is acceptable to the
      Trustee.  The counsel may be an employee of or counsel to the Company
      or the Trustee.

     

    “Permitted
      Asset Swap” means the disposition by the Company or its Restricted Subsidiaries
      of Telecommunication Assets to another Person or Persons in exchange for which
      the Company and the Restricted Subsidiaries receive Telecommunications Assets
      having, in the reasonable judgment of the disinterested members of the Board
      of
      Directors, a fair market value substantially equivalent to or greater than
      the
      fair market value of the Telecommunications Assets so disposed; provided,
however, that if the book value of the Telecommunications Assets to
      be
      disposed in a Permitted Asset Swap (or in a series of related Permitted Asset
      Swaps) exceeds US$15 million, such disposition shall not constitute a
      Permitted Asset Swap unless an Independent Qualified Party shall have determined
      in writing that the fair market value of the Telecommunications Assets to be
      received by the Company and its Restricted Subsidiaries is substantially
      equivalent to or greater than the fair market value of the Telecommunications
      Assets to be disposed.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

     

    “Permitted
      Holders” means (a) any Person that is an Affiliate of the Company as of the
      Issue Date (and not established as an Affiliate in order to effect what would
      otherwise be a Change of Control) and (b) each of the shareholders of
      record of the Company as of the Issue Date identified on Exhibit A of this
      Indenture, and any Affiliate thereof.

     

    “Permitted
      Investment” means an Investment by the Company or any Restricted Subsidiary
      in:

     

    (1)  the
      Company, a Restricted Subsidiary or a Person that will, upon the making of
      such
      Investment, become a Restricted Subsidiary; provided, however,
      that the primary business of such Restricted Subsidiary is a Related
      Business;

     

    (2)  another
      Person if, as a result of such Investment, such other Person is merged or
      consolidated with or into, or transfers or conveys all or substantially all
      its
      assets to, the Company or a Restricted Subsidiary; provided,
however, that such Person’s primary business is a Related
      Business;

     

    (3)  cash
      and
      Temporary Cash Investments;

     

    (4)  receivables
      owing to the Company or any Restricted Subsidiary if created or acquired in
      the
      ordinary course of business and payable or dischargeable in accordance with
      customary trade terms; provided, however, that such trade terms
      may include such concessionary trade terms as the Company or any such Restricted
      Subsidiary deems reasonable under the circumstances;

     

    (5)  payroll,
      travel and similar advances to cover matters that are expected at the time
      of
      such advances ultimately to be treated as expenses for accounting purposes
      and
      that are made in the ordinary course of business;

     

    (6)  loans
      or
      advances to employees made in the ordinary course of business consistent with
      past practices of the Company or such Restricted Subsidiary;

     

    (7)  stock,
      obligations or securities received in settlement of debts created in the
      ordinary course of business and owing to the Company or any Restricted
      Subsidiary or in satisfaction of judgments;

     

    (8)  any
      Person to the extent such Investment represents the non-cash portion of the
      consideration received for (A) an Asset Disposition as permitted pursuant to
      Section 4.06 or (B) a disposition of assets not constituting an Asset
      Disposition;

     

    (9)  any
      Person where such Investment was acquired by the Company or any of its
      Restricted Subsidiaries (A) in exchange for any other Investment or

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    accounts
      receivable held by the Company or any such Restricted Subsidiary in connection
      with or as a result of a bankruptcy, workout, reorganization or recapitalization
      of the issuer of such other Investment or accounts receivable or (B) as a result
      of a foreclosure by the Company or any of its Restricted Subsidiaries with
      respect to any secured Investment or other transfer of title with respect to
      any
      secured Investment in default;

     

    (10)  any
      Person to the extent such Investments consist of prepaid expenses, negotiable
      instruments held for collection and lease, utility and workers’ compensation,
      performance and other similar deposits made in the ordinary course of business
      by the Company or any Restricted Subsidiary;

     

    (11)  any
      Person to the extent such Investments consist of Hedging Obligations otherwise
      permitted under Section 4.03;

     

    (12)  any
      Person to the extent such Investment exists on the Issue Date, and any
      extension, modification or renewal of any such Investments existing on the
      Issue
      Date, but only to the extent not involving additional advances, contributions
      or
      other Investments of cash or other assets or other increases thereof (other
      than
      as a result of the accrual or accretion of interest or original issue discount
      or the issuance of pay-in-kind securities), in each case, pursuant to the terms
      of such Investment as in effect on the Issue Date; and

     

    (13)  Persons
      to the extent such Investments, when taken together with all other Investments
      made pursuant to this clause (13) outstanding on the date such Investment is
      made, do not exceed US$10 million.

     

    “Permitted
      Liens” means, with respect to any Person:

     

    (1)  pledges
      or deposits by such Person under workers’ compensation laws, unemployment
      insurance laws or similar legislation, or good faith deposits in connection
      with
      bids, tenders, contracts (other than for the payment of Indebtedness) or leases
      to which such Person is a party, or deposits to secure public or statutory
      obligations of such Person or deposits of cash or United States government
      bonds
      to secure surety or appeal bonds to which such Person is a party, or deposits
      as
      security for contested taxes or import duties or for the payment of rent, in
      each case Incurred in the ordinary course of business;

     

    (2)  Liens
      imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each
      case for sums not yet due or being contested in good faith by appropriate
      proceedings or other Liens arising out of judgments or awards against such
      Person with respect to which such Person shall then be proceeding with an appeal
      or other proceedings for review and Liens arising solely by virtue of any
      statutory or common law provision relating to banker’s Liens, rights of set-off
      or similar rights and remedies as to deposit accounts or other funds maintained
      with a creditor depository institution; provided, however, that
      (A) such deposit account is not a dedicated cash collateral account and is
      not subject to restrictions

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    against
      access by the Company in excess of those set forth by regulations promulgated
      by
      the Federal Reserve Board and (B) such deposit account is not intended by
      the Company or any Restricted Subsidiary to provide collateral to the depository
      institution;

     

    (3)  Liens
      for
      property taxes not yet subject to penalties for non-payment or which are being
      contested in good faith by appropriate proceedings;

     

    (4)  Liens
      in
      favor of issuers of surety bonds or letters of credit issued pursuant to the
      request of and for the account of such Person in the ordinary course of its
      business; provided, however, that such letters of credit do not
      constitute Indebtedness;

     

    (5)  minor
      survey exceptions, minor encumbrances, easements or reservations of, or rights
      of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
      telephone lines and other similar purposes, or zoning or other restrictions
      as
      to the use of real property or Liens incidental to the conduct of the business
      of such Person or to the ownership of its properties which were not Incurred
      in
      connection with Indebtedness and which do not in the aggregate materially
      adversely affect the value of said properties or materially impair their use
      in
      the operation of the business of such Person;

     

    (6)  Liens
      securing Indebtedness Incurred to finance the construction, purchase or lease
      of, or repairs, improvements or additions to, property, plant or equipment
      of
      such Person; provided, however, that the Lien may not extend to
      any other property owned by such Person or any of its Restricted Subsidiaries
      at
      the time the Lien is Incurred (other than assets and property affixed or
      appurtenant thereto), and the Indebtedness (other than any interest thereon)
      secured by the Lien may not be Incurred more than 180 days after the later
      of the acquisition, completion of construction, repair, improvement, addition
      or
      commencement of full operation of the property subject to the Lien;

     

    (7)  Liens
      existing on the Issue Date;

     

    (8)  Liens
      on
      property or shares of Capital Stock of another Person at the time such other
      Person becomes a Subsidiary of such Person; provided, however,
      that the Liens may not extend to any other property owned by such Person or
      any
      of its Restricted Subsidiaries (other than assets and property affixed or
      appurtenant thereto);

     

    (9)  Liens
      on
      property at the time such Person or any of its Subsidiaries acquires the
      property, including any acquisition by means of a merger or consolidation with
      or into such Person or a Subsidiary of such Person; provided,
however, that the Liens may not extend to any other property owned
      by
      such Person or any of its Restricted Subsidiaries (other than assets and
      property affixed or appurtenant thereto);

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    

     

    (10)  Liens
      securing Indebtedness or other obligations of a Subsidiary of such Person owing
      to such Person or a Wholly Owned Subsidiary of such Person;

     

    (11)  Liens
      securing Hedging Obligations permitted to be Incurred under this
      Indenture;

     

    (12)  Liens
      securing directly or indirectly obligations in respect of term loans or
      revolving loans or other Indebtedness (including principal, premium, interest,
      penalties, fees, indemnifications, reimbursements and other amounts relating
      thereto) permitted to be Incurred under this Indenture; provided,
however, that, at the time of the Incurrence of the Indebtedness so
      secured and after giving effect thereto, the Consolidated Secured Leverage
      Ratio
      would be no greater than 2 to 1;

     

    (13)  Liens
      to
      secure any Refinancing (or successive Refinancings) as a whole, or in part,
      of
      any Indebtedness secured by any Lien referred to in the foregoing
      clauses (6), (7), (8), (9) and clause (14) below; provided,
however, that (A) such new Lien shall be limited to all or part of
      the same property and assets that secured or, under the written agreements
      pursuant to which the original Lien arose, could secure the original Lien (plus
      improvements and accessions to such property or proceeds or distributions
      thereof) and (B) the Indebtedness secured by such Lien at such time is not
      increased to any amount greater than the sum of (i) the outstanding
      principal amount or, if greater, committed amount of the Indebtedness described
      under clauses (6), (7), (8), (9) or (14) at the time the original Lien
      became a Permitted Lien and (ii) an amount necessary to pay any fees and
      expenses, including premiums, related to such refinancing, refunding, extension,
      renewal or replacement;

     

    (14)  Liens
      securing Purchase Money Obligations or Capital Lease Obligations Incurred in
      compliance with Section 4.03;

     

    (15)  Liens
      granted by the Company or any Restricted Subsidiary to the Company or any
      Restricted Subsidiary pursuant to any joint venture agreements;

     

    (16)  Liens
      in
      favor of customs and revenues authorities arising as a matter of law to secure
      customs payments in connection with the importation of goods;

     

    (17)  licenses
      of patents, trademarks, and other intellectual property rights granted by the
      Company or any Restricted Subsidiary in the ordinary course of business and
      not
      interfering in any material respect with the ordinary conduct of the Company
      or
      any Restricted Subsidiary;

     

    (18)  Pledges
      or deposits of cash and cash equivalents securing deductibles, self-insurance,
      co-payment, co-insurance, retentions or similar

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    obligations
      to providers of property, casualty or liability insurance in the ordinary course
      of business;

     

    (19)  Liens
      on
      insurance policies and the proceeds thereof securing the financing of the
      premiums with respect thereto; and

     

    (20)  licenses,
      leases, or subleases granted to third Persons or the Company or its Subsidiaries
      by the Company and/or its Subsidiaries in the ordinary course of business and
      not interfering in any material respect with the business of the Company and
      its
      Restricted Subsidiaries.

     

    Notwithstanding
      the foregoing, “Permitted Liens” will not include any Lien described in
      clauses (6), (8), (9) or (14) above to the extent such Lien applies to any
      Additional Assets acquired directly or indirectly from Net Available Cash
      pursuant to Section 4.06.  For purposes of this definition, the
      term “Indebtedness” shall be deemed to include interest on such
      Indebtedness.

     

    “Person”
      means any individual, corporation, partnership, limited liability company,
      joint
      venture, association, joint-stock company, trust, unincorporated organization,
      government or any agency or political subdivision thereof or any other
      entity.

     

    “Pesos”
      means the legal currency of the United Mexican States.

     

    “Preferred
      Stock”, as applied to the Capital Stock of any Person, means Capital Stock of
      any class or classes (however designated) which is preferred as to the payment
      of dividends or distributions, or as to the distribution of assets upon any
      voluntary or involuntary liquidation or dissolution of such Person, over shares
      of Capital Stock of any other class of such Person.

     

    “principal”
      of a Security means the principal of the Security plus the premium, if any,
      payable on the Security which is due or overdue or is to become due at the
      relevant time.

     

    “Purchase
      Money Obligations” means any Indebtedness Incurred to finance or refinance the
      acquisition, leasing, construction or improvement of property (real or personal)
      or assets, and whether acquired through the direct acquisition of such property
      or assets or the Capital Stock of any Person owning such property or assets,
      or
      otherwise.

     

    “Quotation
      Agent” means the Reference Treasury Dealer selected by the Trustee after
      consultation with the Company.

     

    “Reference
      Treasury Dealer” means Credit Suisse Securities (USA) LLC and its successors and
      assigns and two other nationally recognized investment banking firms selected
      by
      the Company that are primary U.S. Government securities dealers.

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    

     

    “Reference
      Treasury Dealer Quotations” means, with respect to each Reference Treasury
      Dealer and any redemption date, the average, as calculated by the Trustee,
      of
      the bid and asked prices for the Comparable Treasury Issue, expressed in each
      case as a percentage of its principal amount, quoted in writing to the Trustee
      by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the
      third
      Business Day immediately preceding such redemption date.

     

    “Refinance”
      means, in respect of any Indebtedness, to refinance, extend, renew, refund,
      repay, prepay, purchase, redeem, defease or retire, or to issue other
      Indebtedness in exchange or replacement for, such
      Indebtedness.  “Refinanced” and “Refinancing” shall have correlative
      meanings.

     

    “Refinancing
      Indebtedness” means Indebtedness that Refinances any Indebtedness of the Company
      or any Restricted Subsidiary existing on the Issue Date or Incurred in
      compliance with this Indenture, including Indebtedness that Refinances
      Refinancing Indebtedness; provided, however, that:

     

    (1)  such
      Refinancing Indebtedness has a Stated Maturity no earlier than the Stated
      Maturity of the Indebtedness being Refinanced;

     

    (2)  such
      Refinancing Indebtedness has an Average Life at the time such Refinancing
      Indebtedness is Incurred that is equal to or greater than the Average Life
      of
      the Indebtedness being Refinanced;

     

    (3)  such
      Refinancing Indebtedness has an aggregate principal amount (or if Incurred
      with
      original issue discount, an aggregate issue price) that is equal to or less
      than
      the aggregate principal amount (or if Incurred with original issue discount,
      the
      aggregate accreted value) then outstanding or committed (plus fees and expenses,
      including any premium and defeasance costs) under the Indebtedness being
      Refinanced; and

     

    (4)  if
      the
      Indebtedness being Refinanced is subordinated in right of payment to the
      Securities, such Refinancing Indebtedness is subordinated in right of payment
      to
      the Securities at least to the same extent as the Indebtedness being
      Refinanced;

     

    providedfurther,
      however, that Refinancing Indebtedness shall not include
      (A) Indebtedness of a Subsidiary that Refinances Indebtedness of the
      Company or (B) Indebtedness of the Company or a Restricted Subsidiary that
      Refinances Indebtedness of an Unrestricted Subsidiary.

     

    “Related
      Business” means any business in which the Company or any of the Restricted
      Subsidiaries was engaged on the Issue Date and any business related, ancillary
      or complementary to such business.

     

    “Restricted
      Payment” with respect to any Person means:

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    

     

    (1)  the
      declaration or payment of any dividends or any other distributions of any sort
      in respect of its Capital Stock (including any payment in connection with any
      merger or consolidation involving such Person) or similar payment to the direct
      or indirect holders of its Capital Stock (other than (A) dividends or
      distributions payable solely in its Capital Stock (other than Disqualified
      Stock), (B) dividends or distributions payable solely to the Company or a
      Restricted Subsidiary and (C) prorata dividends or other
      distributions made by a Subsidiary that is not a Wholly Owned Subsidiary to
      minority stockholders (or owners of an equivalent interest in the case of a
      Subsidiary that is an entity other than a corporation));

     

    (2)  the
      purchase, redemption or other acquisition or retirement for value of any Capital
      Stock of the Company held by any Person (other than by a Restricted Subsidiary)
      or of any Capital Stock of a Restricted Subsidiary held by any Affiliate of
      the
      Company (other than by a Restricted Subsidiary), including in connection with
      any merger or consolidation and including the exercise of any option to exchange
      any Capital Stock (other than into Capital Stock of the Company that is not
      Disqualified Stock);

     

    (3)  the
      purchase, repurchase, redemption, defeasance or other acquisition or retirement
      for value, prior to scheduled maturity, scheduled repayment or scheduled sinking
      fund payment of any Subordinated Obligations of the Company or any Subsidiary
      Guarantor (other than (A) from the Company or a Restricted Subsidiary or (B)
      the
      purchase, repurchase, redemption, defeasance or other acquisition of
      Subordinated Obligations purchased in anticipation of satisfying a sinking
      fund
      obligation, principal installment or final maturity, in each case due within
      one
      year of the date of such purchase, repurchase, redemption, defeasance or other
      acquisition); or

     

    (4)  the
      making of any Investment (other than a Permitted Investment) in any
      Person.

     

    “Restricted
      Subsidiary” means any Subsidiary of the Company that is not an Unrestricted
      Subsidiary.

     

    “Sale/Leaseback
      Transaction” means an arrangement relating to property owned by the Company or a
      Restricted Subsidiary on the Issue Date or thereafter acquired by the Company
      or
      a Restricted Subsidiary whereby the Company or a Restricted Subsidiary transfers
      such property to a Person and the Company or a Restricted Subsidiary leases
      it
      from such Person.

     

    “SEC”
      means the U.S. Securities and Exchange Commission.

     

    “Securities”
      means the Securities issued under this Indenture.

     

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

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    

     

    “Senior
      Indebtedness” means with respect to any Person:

     

    (1)  Indebtedness
      of such Person, whether outstanding on the Issue Date or thereafter Incurred;
      and

     

    (2)  all
      other
      Obligations of such Person (including interest accruing on or after the filing
      of any petition in bankruptcy or for reorganization relating to such Person
      whether or not post-filing interest is allowed in such proceeding) in respect
      of
      Indebtedness described in clause (1) above,

     

    unless,
      in the case of clauses (1) and (2), in the instrument creating or
      evidencing the same or pursuant to which the same is outstanding it is
provided that such Indebtedness or other Obligations are subordinate in
      right of payment to the Securities or the Subsidiary Guaranty of such Person,
      as
      the case may be; provided, however, that Senior Indebtedness shall
      not include:

     

    (A)  any
      obligation of such Person to the Company or any Subsidiary;

     

    (B)  any
      liability for any national, state, local or other taxes owed or owing by such
      Person;

     

    (C)  any
      accounts payable or other liability to trade creditors arising in the ordinary
      course of business (including guarantees thereof or instruments evidencing
      such
      liabilities);

     

    (D)  any
      Indebtedness or other Obligation (and any accrued or unpaid interest in respect
      thereof) of such Person which is subordinate or junior in any respect to any
      other Indebtedness or other Obligation of such Person; or

     

    (E)  that
      portion of any Indebtedness which at the time of Incurrence is Incurred in
      violation of this Indenture.

     

    “Significant
      Subsidiary” means any Restricted Subsidiary that would be a “Significant
      Subsidiary” of the Company within the meaning of Rule 1-02 under
      Regulation S-X promulgated by the SEC.

     

    “Standard
      & Poor’s” means Standard & Poor’s, a division of The McGraw-Hill
      Companies, Inc., and any successor to its rating agency business.

     

    “Stated
      Maturity” means, with respect to any security, the date specified in such
      security as the fixed date on which the final payment of principal of such
      security is due and payable, including pursuant to any mandatory redemption
      provision (but excluding any provision providing for the repurchase of such
      security at the option of the holder thereof upon the happening of any
      contingency unless such contingency has occurred).

     

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    

     

    “Subordinated
      Obligation” means, with respect to a Person, any Indebtedness of such Person
      (whether outstanding on the Issue Date or thereafter Incurred) which is
      subordinate or junior in right of payment to the Securities or a Subsidiary
      Guaranty of such Person, as the case may be, pursuant to a written agreement
      to
      that effect.

     

    “Subsidiary”
      means, with respect to any Person, any corporation, association, partnership
      or
      other business entity of which more than 50% of the total voting power of shares
      of Voting Stock is at the time owned or controlled, directly or indirectly,
      by
      (1) such Person, (2) such Person and one or more Subsidiaries of such
      Person or (3) one or more Subsidiaries of such Person.

     

    “Subsidiary
      Guarantor” means
      Instalaciones y Contrataciones, S.A. de C.V., Servicios Axtel, S.A. de C.V.,
      Impulsora e Inmobiliaria   Regional, S.A. de C.V. and Avantel, S.
      de R.L. de C.V., Avantel Infraestructura S. de R.L. de C.V., Adequip, S.A.,
      Avantel Equipos, S.A. de C.V., Avantel Recursos, S.A. de C.V., Avantel
      Servicios, S.A. de C.V., Avantel Telecomunicaciones, S.A. de
      C.V.,  Telecom Networks, Inc. and each other Subsidiary of the Company
      that executes this Indenture as a guarantor on the Issue Date and each other
      Subsidiary of the Company that thereafter guarantees the Securities pursuant
      to
      the terms of this Indenture, in each case unless and until such Subsidiary
      is
      released from its obligation under its Subsidiary Guaranty pursuant to the
      terms
      of this Indenture.

    “Subsidiary
      Guaranty” means a Guarantee by a Subsidiary Guarantor of the Company’s
      obligations with respect to the Securities.

     

    “Telecommunications
      Assets” means any property, including licenses and applications, bids and
      agreements to acquire licenses, or other authority to provide telecommunications
      services, used or intended for use primarily in connection with a Related
      Business.

     

    “Temporary
      Cash Investments” means any of the following:

     

    (1)  investments
      in securities issued or directly and fully guaranteed by the United States
      government or any agency or instrumentality thereof with a maturity of less
      than
      one year;

     

    (2)  investments
      in certificates of deposit and Eurodollar time deposits with a maturity of
      not
      later than six months, bankers’ acceptances with a maturity of not later than
      six months and overnight bank deposits, in each case with any U.S. commercial
      bank of recognized stature having capital and surplus in excess of
      US$500,000,000 and having a commercial paper rating (or the holding company
      thereof having a commercial paper rating) of “A-1” or better by Standard &
Poor’s or “P-1” or better by Moody’s, and that is a member of the Federal
      Reserve System;

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    

     

    (3)  investments
      in commercial paper rated “A-1” or better by Standard & Poor’s or “P-1” or
      better by Moody’s with maturity of less than one year;

     

    (4)  investments
      in guaranteed investment contracts with a maturity of less than one year and
      entered into with (or fully guaranteed by) financial institutions whose
      long-term unsecured non-credit enhanced indebtedness is rated “A-” or better by
      Standard & Poor’s or “A2” or better by Moody’s;

     

    (5)  investments
      in money market funds having a rating from each of Standard & Poor’s and
      Moody’s in the highest investment category granted thereby;

     

    (6)  investments
      in obligations with a maturity of less than one year that are direct obligations
      of the Mexican government or of entities having the statutory guarantee of
      the
      Mexican government, or obligations that are expressly and unconditionally
      guaranteed by the Mexican government;

     

    (7)  investments
      in obligations with a maturity of less than one year of Mexican commercial
      banks
      of recognized stature, supervised by the Mexican National Banking and Securities
      Commission, with a capital and surplus of at least US$250,000,000 (or its
      equivalent in other currencies); provided that the aggregate Investments
      of the Credit Parties in Mexican commercial banks not having Mexican domestic
      ratings of AA+(mex) or above from Fitch and mxA+ or above from Standard &
Poor’s shall not exceed US$25,000,000 (or its equivalent in Pesos) at any
      time;

     

    (8)  investments
      in commercial paper of Mexican corporations with a maturity of less than one
      year and rated at least “A3” by Standard & Poor’s; and

     

    (9)  investments
      in repurchase agreements with a maturity of less than one year, in each case
      related to any of the Investments described in (6) through (8), and that are
      fully collateralized by such Investments, with any Mexican commercial bank
      that
      meets the criteria outlined in clause (7); provided that the aggregate
      amount invested in such repurchase agreements shall not exceed US$25,000,000
      (or
      its equivalent in Pesos) at any time.

     

    “Trustee”
      means the party named as such in this Indenture until a successor replaces
      it
      and, thereafter, means the successor.

     

    “Trust
      Indenture Act or TIA” means the Trust Indenture Act of 1939
      (15 U.S.C.§§ 77aaa-77bbbb) as in effect on the Issue
      Date.

     

    “Trust
      Officer” means , when used with respect to the Trustee, any officer within the
      corporate trust department of the Trustee, including any vice president,
      assistant vice president, assistant treasurer, trust officer or any other
      officer of the Trustee who customarily performs functions similar to those
      performed by the Persons who at the

     

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    time
      shall be such officers, respectively, or to whom any corporate trust matter
      is
      referred because of such person’s knowledge of and familiarity with the
      particular subject and who shall have direct responsibility for the
      administration of this Indenture.

     

    “Uniform
      Commercial Code” means the New York Uniform Commercial Code as in effect from
      time to time.

     

    “Unrestricted
      Subsidiary” means:

     

    (1)  any
      Subsidiary of the Company that at the time of determination shall be designated
      an Unrestricted Subsidiary by the Board of Directors in the manner provided
      below; and

     

    (2)  any
      Subsidiary of an Unrestricted Subsidiary.

     

    The
      Board
      of Directors may designate any Subsidiary of the Company (including any newly
      acquired or newly formed Subsidiary of the Company) to be an Unrestricted
      Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Capital
      Stock or Indebtedness of, or owns or holds any Lien on any property of, the
      Company or any other Subsidiary of the Company that is not a Subsidiary of
      the
      Subsidiary to be so designated; provided, however, that either
      (A) the Subsidiary to be so designated has total assets of US$1,000 or less
      or (B) if such Subsidiary has assets greater than US$1,000, such
      designation would be permitted under Section 4.04.

     

    The
      Board
      of Directors may designate any Unrestricted Subsidiary to be a Restricted
      Subsidiary; provided, however, that immediately after giving
      effect to such designation (A) the Company could Incur US$1.00 of
      additional Indebtedness under Section 4.03(a) and (B) no Default shall
      have occurred and be continuing.  Any such designation by the Board of
      Directors shall be evidenced to the Trustee by promptly filing with the Trustee
      a copy of the resolution of the Board of Directors giving effect to such
      designation and an Officers’ Certificate certifying that such designation
      complied with the foregoing provisions.

     

    “US
      Dollar Equivalent” means with respect to any monetary amount in a currency other
      than U.S. dollars, at any time for determination thereof, the amount of US
      dollars obtained by converting such foreign currency involved in such
      computation into US dollars at the spot rate for the purchase of US dollars
      with
      the applicable foreign currency as published in The Wall Street Journal
      in the “Exchange Rates” column under the heading “Currency Trading” on the date
      two Business Days prior to such determination.

     

    Except
      as
      described in Section 4.03, whenever it is necessary to determine whether the
      Company has complied with any covenant in this Indenture or a Default has
      occurred and an amount is expressed in a currency other than US dollars, such
      amount will be treated as the US Dollar Equivalent determined as of the date
      such amount is initially determined in such currency.

     

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    

     

    “Voting
      Stock” of a Person means all classes of Capital Stock of such Person then
      outstanding and normally entitled (without regard to the occurrence of any
      contingency) to vote in the election of directors, managers or trustees
      thereof.

     

    “Wholly
      Owned Subsidiary” means a Restricted Subsidiary all the Capital Stock of which
      (other than directors’ qualifying shares) is owned, directly or indirectly, by
      the Company or one or more other Wholly Owned Subsidiaries.

     

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    SECTION
      1.02  Other
      Definitions.

     

    
      	
              Term

            	
              
                Defined
                  in

                Section

              

            
	
              “Additional
                Amounts”                                                                                                  

            	
              4.14

            
	
              “Affiliate
                Transaction”                                                                                                  

            	
              4.07(a)

            
	
              “Bankruptcy
                Law”                                                                                                  

            	
              6.01

            
	
              “Change
                of Control
                Offer”                                                                                                  

            	
              4.10(b)

            
	
              “covenant
                defeasance
                option”                                                                                                  

            	
              8.01(b)

            
	
              “Custodian”                                                                                                  

            	
              6.01

            
	
              “CT
                Corporation”                                                                                                  

            	
              11.11

            
	
              “Event
                of
                Default”                                                                                                  

            	
              6.01

            
	
              “Initial
                Lien”                                                                                                  

            	
              4.11

            
	
              “legal
                defeasance
                option”                                                                                                  

            	
              8.01(b)

            
	
              “Notice
                of
                Default”                                                                                                  

            	
              6.01

            
	
              “Offer”                                                                                                  

            	
              4.06(b)

            
	
              “Offer
                Amount”                                                                                                  

            	
              4.06(c)(2)

            
	
              “Offer
                Period”                                                                                                  

            	
              4.06(c)(2)

            
	
              “Paying
                Agent”                                                                                                  

            	
              2.03

            
	
              “Purchase
                Date”                                                                                                  

            	
              4.06(c)(1)

            
	
              “Registrar”                                                                                                  

            	
              2.03

            
	
              “Relevant
                Taxing
                Jurisdiction                                                                                                  

            	
              4.14

            
	
              “Successor
                Company”                                                                                                  

            	
              5.01(a)(1)

            
	
              “Taxes”                                                                                                  

            	
              4.14

            

    

    

    SECTION
      1.03  Incorporation
      by Reference of Trust Indenture Act.  This Indenture is subject to
      the mandatory provisions of the TIA that would be applicable if this Indenture
      were to be qualified under the TIA (other than TIA § 314(d)), which provisions
      are incorporated by reference in and made a part of this
      Indenture.  The following TIA terms have the following
      meanings:

     

    “Commission”
      means the SEC;

     

    “indenture
      securities” means the Securities and the Subsidiary Guarantees;

     

    “indenture
      security holder” means a Securityholder;

     

    “indenture
      to be qualified” means this Indenture;

     

    “indenture
      trustee” or “institutional trustee” means the Trustee; and

     

    “obligor”
      on the indenture securities means the Company, each Subsidiary
      Guarantor and any other obligor on the indenture securities.

     

    All
      other
      TIA terms used in this Indenture that are defined by the TIA, defined by TIA
      reference to another statute or defined by SEC rule have the meanings assigned
      to them by such definitions.

     

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

    

     

    SECTION
      1.04  Rules
      of Construction.  Unless the context otherwise
      requires:

     

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

     

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

     

    (3)  “or”
is
      not exclusive;

     

    (4)  “including”
      means including without limitation;

     

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

     

    (6)  unsecured
      Indebtedness shall not be deemed to be subordinate or junior to secured
      Indebtedness merely by virtue of its nature as unsecured
      Indebtedness;

     

    (7)  secured
      Indebtedness shall not be deemed to be subordinate or junior to any other
      secured Indebtedness merely because it has a junior priority with respect to
      the
      same collateral;

     

    (8)  the
      principal amount of any noninterest bearing or other discount security at any
      date shall be the principal amount thereof that would be shown on a balance
      sheet of the issuer dated such date prepared in accordance with
      GAAP;

     

    (9)  the
      principal amount of any Preferred Stock shall be (A) the maximum
      liquidation value of such Preferred Stock or (B) the maximum mandatory
      redemption or mandatory repurchase price with respect to such Preferred Stock,
      whichever is greater; and

     

    (10)  all
      references to the date the Securities were originally issued shall refer to
      the
      Issue Date.

     

    Article
      2

     

    The
      Securities

     

    SECTION
      2.01  Form
      and Dating.  Provisions relating to the Securities are set forth
      in the Rule 144A/Regulation S/IAI Appendix attached hereto (the
“Appendix”) which is hereby incorporated in, and expressly made part of, this
      Indenture. The Securities and the Trustee’s certificate of authentication shall
      be substantially in the form of Exhibit 1 to the Appendix which is hereby
      incorporated in, and expressly made a part of, this Indenture.  The
      Securities may have notations, legends or endorsements required by law, stock
      exchange rule, agreements to which the Company is subject, if

     

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    any,
      or
      usage (provided that any such notation, legend or endorsement is in a form
      acceptable to the Company).  Each Security shall be dated the date of
      its authentication.  The terms of the Securities set forth in the
      Appendix are part of the terms of this Indenture.

     

    SECTION
      2.02  Execution
      and Authentication.  Two Officers who are duly empowered for acts
      of administration (“actos de administración”) and to execute negotiable
      instruments (“títulos de crédito”) shall sign the Securities for the Company by
      manual or facsimile signature.

     

    If
      an
      Officer whose signature is on a Security no longer holds that office at the
      time
      the Trustee authenticates the Security, the Security shall be valid
      nevertheless.

     

    A
      Security shall not be valid until an authorized signatory of the Trustee
      manually signs the certificate of authentication on the Security.  The
      signature shall be conclusive evidence that the Security has been authenticated
      under this Indenture.

     

    On
      the
      Issue Date, the Trustee shall authenticate and deliver US$275,000,000 of 75⁄8 %
      Senior Unsecured Notes Due 2017 and, at any time and from time to time
      thereafter, the Trustee shall authenticate and deliver Securities for original
      issue in an aggregate principal amount specified in such order, in each case
      upon a written order of the Company signed by two Officers or by an Officer
      and
      either an Assistant Treasurer or an Assistant Secretary of the
      Company.  Such order shall specify the amount of the Securities to be
      authenticated and the date on which the original issue of Securities is to
      be
      authenticated and, in the case of an issuance of Additional Securities pursuant
      to Section 2.13 after the Issue Date, shall certify that such issuance is in
      compliance with Section 4.03.

     

    The
      Trustee may appoint an authenticating agent reasonably acceptable to the Company
      to authenticate the Securities.  Unless limited by the terms of such
      appointment, an authenticating agent may authenticate Securities whenever the
      Trustee may do so.  Each reference in this Indenture to authentication
      by the Trustee includes authentication by such agent.  An
      authenticating agent has the same rights as any Registrar, Paying Agent or
      agent
      for service of notices and demands.

     

    SECTION
      2.03  Registrar
      and Paying Agent.  The Company shall maintain an office or agency
      where Securities may be presented for registration of transfer or for exchange
      (the “Registrar”) and an office or agency where Securities may be presented for
      payment (the “Paying Agent”).  The Registrar shall keep a register of
      the Securities and of their transfer and exchange.  The Company may
      have one or more co-registrars and one or more additional paying
      agents.  The term “Paying Agent” includes any additional paying
      agent.  The term “Registrar” includes any co-registrar.

     

    The
      Company shall enter into an appropriate agency agreement with any Registrar,
      Paying Agent or co-registrar not a party to this Indenture, which shall
      incorporate the terms of the TIA.  The agreement shall implement the
      provisions of this Indenture that relate to such agent.  The Company
      shall notify the Trustee of the name

     

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    and
      address of any such agent.  If the Company fails to maintain a
      Registrar or Paying Agent, the Trustee shall act as such and shall be entitled
      to appropriate compensation therefor pursuant to Section 7.07.  The
      Company or any Wholly Owned Subsidiary incorporated or organized within The
      United States of America may act as Paying Agent, Registrar, co-registrar or
      transfer agent.

     

    The
      Company initially appoints the Trustee as Registrar and Paying Agent in
      connection with the Securities.

     

    SECTION
      2.04  Paying
      Agent To Hold Money in Trust.  Prior to each due date of the
      principal and interest on any Security, the Company shall deposit in Dollars
      with the Paying Agent a sum sufficient to pay such principal and interest when
      so becoming due.  The Company shall require each Paying Agent (other
      than the Trustee) to agree in writing that the Paying Agent shall hold in trust
      for the benefit of Securityholders or the Trustee all money held by the Paying
      Agent for the payment of principal of or interest on the Securities and shall
      notify the Trustee of any default by the Company in making any such
      payment.  If the Company or a Subsidiary acts as Paying Agent, it
      shall segregate the money held by it as Paying Agent and hold it as a separate
      trust fund.  The Company at any time may require a Paying Agent to pay
      all money held by it to the Trustee and to account for any funds disbursed
      by
      the Paying Agent.  Upon complying with this Section, the Paying Agent
      shall have no further liability for the money delivered to the
      Trustee.

     

    SECTION
      2.05  Securityholder
      Lists.  The Trustee shall preserve in as current a form as is
      reasonably practicable the most recent list available to it of the names and
      addresses of Securityholders.  If the Trustee is not the Registrar,
      the Company shall furnish to the Trustee, in writing at least five Business
      Days
      before each interest payment date and at such other times as the Trustee may
      request in writing, a list in such form and as of such date as the Trustee
      may
      reasonably require of the names and addresses of Securityholders.

     

    SECTION
      2.06  Transfer
      and Exchange.  The Securities shall be issued in registered form
      and shall be transferable only upon the surrender of a Security for registration
      of transfer.  When a Security is presented to the Registrar or a
      co-registrar with a request to register a transfer, the Registrar shall register
      the transfer as requested if the requirements of this Indenture and
      Section 8-401(1) of the Uniform Commercial Code are met.  When
      Securities are presented to the Registrar or a co-registrar with a request
      to
      exchange them for an equal principal amount of Securities of other
      denominations, the Registrar shall make the exchange as requested if the same
      requirements are met.

     

    SECTION
      2.07  Replacement
      Securities.  If a mutilated Security is surrendered to the
      Registrar or if the Holder of a Security claims that the Security has been
      lost,
      destroyed or wrongfully taken, the Company shall issue and the Trustee shall
      authenticate a replacement Security if the requirements of Section 8-405 of
      the Uniform Commercial Code are met and the Holder satisfies any other
      reasonable requirements of the Trustee.  If required by the Trustee or
      the Company, such Holder shall furnish an

     

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

    indemnity
      bond sufficient in the judgment of the Company and the Trustee to protect the
      Company, the Trustee, the Paying Agent, the Registrar and any co-registrar
      from
      any loss which any of them may suffer if a Security is replaced.  The
      Company and the Trustee may charge the Holder for their expenses in replacing
      a
      Security.

     

    Every
      replacement Security is an additional Obligation of the Company.

     

    SECTION
      2.08  Outstanding
      Securities.  Securities outstanding at any time are all Securities
      authenticated by the Trustee except for those canceled by it, those delivered
      to
      it for cancellation and those described in this Section as not
      outstanding.  A Security does not cease to be outstanding because the
      Company or an Affiliate of the Company holds the Security.

     

    If
      a
      Security is replaced pursuant to Section 2.07, it ceases to be outstanding
      unless the Trustee and the Company receive proof satisfactory to them that
      the
      replaced Security is held by a bonafide purchaser.

     

    If
      the
      Paying Agent segregates and holds in trust, in accordance with this Indenture,
      on a redemption date or maturity date money sufficient to pay all principal
      and
      interest payable on that date with respect to the Securities (or portions
      thereof) to be redeemed or maturing, as the case may be, then on and after
      that
      date such Securities (or portions thereof) cease to be outstanding and interest
      on them ceases to accrue.

     

    SECTION
      2.09  Temporary
      Securities.  Until definitive Securities are ready for delivery,
      the Company may prepare and the Trustee shall authenticate temporary
      Securities.  Temporary Securities shall be substantially in the form
      of definitive Securities but may have variations that the Company considers
      appropriate for temporary Securities.  Without unreasonable delay, the
      Company shall prepare and the Trustee shall authenticate definitive Securities
      and deliver them in exchange for temporary Securities.

     

    SECTION
      2.10  Cancellation.  The
      Company at any time may deliver Securities to the Trustee for
      cancellation.  The Registrar and the Paying Agent shall forward to the
      Trustee any Securities surrendered to them for registration of transfer,
      exchange or payment.  The Trustee and no one else shall cancel and
      dispose of (subject to the record retention requirements of the Exchange Act)
      all Securities surrendered for registration of transfer, exchange, payment
      or
      cancellation and deliver a certificate of such disposal to the Company unless
      the Company directs the Trustee to deliver canceled Securities to the
      Company.  The Company may not issue new Securities to replace
      Securities it has redeemed, paid or delivered to the Trustee for
      cancellation.

     

    SECTION
      2.11  Defaulted
      Interest.  If the Company defaults in a payment of interest on the
      Securities, the Company shall pay defaulted interest (plus interest on such
      defaulted interest to the extent lawful) in any lawful manner.  The
      Company may pay the defaulted interest to the persons who are Securityholders
      on
      a subsequent special record date.  The Company shall fix or cause to
      be fixed any such special record date and payment date and shall promptly mail
      to each Securityholder and

     

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

    the
      Trustee a notice that states the special record date, the payment date and
      the
      amount of defaulted interest to be paid.

     

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

     

    SECTION
      2.13  Issuance
      of Additional Securities.  The Company shall be
      entitled, subject to its compliance with Section 4.03, to issue Additional
      Securities under this Indenture which shall have identical terms as the
      Securities issued on the Issue Date, other than with respect to the date of
      issuance and issue price.  The Initial Securities issued on the Issue
      Date and any Additional Securities issued in exchange therefor shall be treated
      as a single class for all purposes under this Indenture.

     

    With
      respect to any Additional Securities, the Company shall set forth in a
      resolution of the Board of Directors and an Officers’ Certificate, a copy of
      each of which shall be delivered to the Trustee, the following
      information:

     

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

     

    (2)  the
      issue
      price, the issue date and the CUSIP number of such Additional Securities;
provided, however, that no Additional Securities may be issued at
      a price that would cause such Additional Securities to have “original issue
      discount” within the meaning of Section 1273 of the Code.

     

    Article
      3

     

    Redemption

     

    SECTION
      3.01  Notices
      to Trustee.  If the Company elects to redeem Securities pursuant
      to paragraph 5 or 6 of the Securities, it shall notify the Trustee in
      writing of the redemption date, the principal amount of Securities to be
      redeemed and the paragraph of the Securities pursuant to which the redemption
      will occur.

     

    The
      Company shall give each notice to the Trustee provided for in this Section
      at
      least 35 but no more than 60 days before the redemption date unless the
      Trustee consents to a shorter period.  Such notice shall be
      accompanied by an Officers’ Certificate and an Opinion of Counsel from the
      Company to the effect that such redemption will comply with the conditions
      herein.

     

    SECTION
      3.02  Selection
      of Securities to Be Redeemed.  If fewer than all the Securities
      are to be redeemed, the Trustee shall select the Securities to be

     

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

    redeemed
      pro rata or by lot or by a method that complies with applicable legal and
      securities exchange requirements, if any, and that the Trustee in its sole
      discretion shall deem to be fair and appropriate and in accordance with methods
      generally used at the time of selection by fiduciaries in similar
      circumstances.  The Trustee shall make the selection from outstanding
      Securities not previously called for redemption.  The Trustee may
      select for redemption portions of the principal of Securities that have
      denominations larger than US$2,000.  Securities and portions of them
      the Trustee selects shall be in principal amounts of US$2,000 or a whole
      multiple of US$1,000, in excess of $2,000.  Provisions of this
      Indenture that apply to Securities called for redemption also apply to portions
      of Securities called for redemption.  The Trustee shall notify the
      Company promptly of the Securities or portions of Securities to be
      redeemed.

     

    SECTION
      3.03  Notice
      of Redemption.  At least 30 days but not more than 60 days
      before a date for redemption of Securities, the Company shall mail a notice
      of
      redemption by first-class mail to each Holder of Securities to be redeemed
      at
      such Holder’s registered address.

     

    The
      notice shall identify the Securities to be redeemed and shall
      state:

     

    (1)  the
      redemption date;

     

    (2)  the
      redemption price;

     

    (3)  the
      name
      and address of the Paying Agent;

     

    (4)  that
      Securities called for redemption must be surrendered to the Paying Agent to
      collect the redemption price;

     

    (5)  if
      fewer
      than all the outstanding Securities are to be redeemed, the identification
      and
      principal amounts of the particular Securities to be redeemed;

     

    (6)  that,
      unless the Company defaults in making such redemption payment, interest on
      Securities (or portion thereof) called for redemption ceases to accrue on and
      after the redemption date;

     

    (7)  the
      “CUSIP” number, ISIN or “Common Code” number, if any, printed on the Securities
      being redeemed; and

     

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

     

    At
      the
      Company’s request upon reasonable prior notice, the Trustee shall give the
      notice of redemption in the Company’s name and at the Company’s
      expense.  In such event, the Company shall provide the Trustee with
      the information required by this Section.

     

    SECTION
      3.04  Effect
      of Notice of Redemption.  Once notice of redemption is mailed,
      Securities called for redemption become due and payable on the

     

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

    redemption
      date and at the redemption price stated in the notice.  Upon surrender
      to the Paying Agent, such Securities shall be paid at the redemption price
      stated in the notice, plus accrued interest to the redemption date (subject
      to
      the right of Holders of record on the relevant record date to receive interest
      due on the related interest payment date).  Failure to give notice or
      any defect in the notice to any Holder shall not affect the validity of the
      notice to any other Holder.

     

    SECTION
      3.05  Deposit
      of Redemption Price.  Prior to the redemption date, the Company
      shall deposit with the Paying Agent (or, if the Company or a Subsidiary is
      the
      Paying Agent, shall segregate and hold in trust) money sufficient to pay the
      redemption price of and accrued interest on all Securities to be redeemed on
      that date other than Securities or portions of Securities called for redemption
      which have been delivered by the Company to the Trustee for
      cancellation.

     

    SECTION
      3.06  Securities
      Redeemed in Part.  Upon surrender of a Security that is redeemed
      in part, the Company shall execute and the Trustee shall authenticate for the
      Holder (at the Company’s expense) a new Security equal in principal amount to
      the unredeemed portion of the Security surrendered.

     

    Article
      4

     

    Covenants

     

    SECTION
      4.01  Payment
      of Securities.  The Company shall promptly pay the principal of
      and interest on the Securities in Dollars on the dates and in the manner
      provided in the Securities and in this Indenture.  Principal and
      interest shall be considered paid on the date due if on such date the Trustee
      or
      the Paying Agent holds in accordance with this Indenture money sufficient to
      pay
      all principal and interest then due.

     

    The
      Company shall pay interest on overdue principal at the rate specified therefor
      in the Securities, and it shall pay interest on overdue installments of interest
      at the same rate to the extent lawful.

     

    SECTION
      4.02  Reports
      to Holders.  (a) The Company shall provide to the Trustee and each
      Holder and make available to securities analysts and prospective investors
      the
      following information:

     

    (1)  an
      English language translation of each report that the Company or any Restricted
      Subsidiary files with or provides to, or is required to file with or provide
      to,
      the Bolsa Mexicana de Valores or any other securities exchange on which
      securities of the Company or any Restricted Subsidiary are listed promptly
      after
      such report is so filed or provided, which report shall be prepared in all
      material respects in accordance with all the rules and regulations applicable
      to
      such report and shall be filed or provided within the time periods required
      of
      such report; and

     

    (2)  to
      the
      extent not included in the information required by clause (1)
      above:

     

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

    

     

    (A)  an
      English language version of the Company’s annual audited consolidated financial
      statements, prepared in accordance with GAAP, promptly upon such financial
      statements becoming available but not later than 180 days after the end of
      the
      Company’s relevant fiscal year, together with a “Management’s Discussion and
      Analysis of Financial Condition and Results of Operations” that includes at
      minimum (i) a discussion of the causes of material changes from year to year
      in
      line items in the Company’s consolidated statement of operations, (ii) a
      description of the Company’s material sources and uses of liquidity, (iii) a
      discussion of any material trends affecting the business, (iv) a discussion
      of
      any off-balance sheet arrangements and (v) a tabular disclosure of contractual
      obligations;

     

    (B)  an
      English language version of the Company’s unaudited quarterly consolidated
      financial statements, prepared in accordance with GAAP, promptly upon such
      financial statements becoming available but not later than 60 days after the
      end
      of the Company’s relevant fiscal quarter, together with a “Management’s
      Discussion and Analysis of Financial Condition and Results of Operations” that
      includes at minimum (i) a discussion of the causes of material changes in the
      current fiscal year to date from the same period in the prior fiscal year in
      line items in the Company’s consolidated statement of operations, (ii) a
      description of the Company’s material sources and uses of liquidity, (iii) a
      discussion of any material trends affecting the business and (iv) a discussion
      of any off-balance sheet arrangements;

     

    (C)  at
      any
      time that any of the Company’s Subsidiaries are not Subsidiary Guarantors, then
      the financial statements described in clauses (A) and (B) will include, in
      a
      footnote, condensed consolidating financial information for the same periods
      with a separate column for: (i) the Company, (ii) the Subsidiary Guarantors
      on a
      combined basis, (iii) all Subsidiaries that are not Subsidiary Guarantors on
      a
      combined basis, (iv) consolidating adjustments and (v) the total
      consolidated amounts; provided, however, that at least one of the
      total assets, revenues, income from continuing operations before income taxes,
      and cash flow from operating activities of the Subsidiaries that are not
      Subsidiary Guarantors on a combined basis is at least 3% of the corresponding
      amount for the Company and its Subsidiaries on a consolidated
      basis;

     

    (D)  at
      any
      time that any of the Company’s Subsidiaries are Unrestricted Subsidiaries, the
      financial statements described in clauses (A) and (B) will be accompanied by
      internally prepared reconciliations or adjustments to the financial information
      of the Company and its Subsidiaries sufficient to demonstrate compliance with
      the covenants set forth in the Indenture;

     

    
      
         

      

      
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    (E)  a
      brief
      description of any transaction or series of similar transactions to which the
      Company or any of its Subsidiaries is a party and in which any of the following
      persons has or will have a direct or indirect material interest: (1) any
      director or officer of the Company, (2) any nominee for election as a director,
      (3) any Affiliate of the Company, and (4) any member of the immediate family
      of
      any of the foregoing; and

     

    (F)  so
      long
      as the Securities are not freely transferable under the Securities Act, any
      information required to be delivered pursuant to Rule 144A(d)(4) under the
      Securities Act.

     

    (b)  The
      Company will be deemed to have provided such information to Holders, securities
      analysts and prospective investors by (x) including such information in
      documents filed with or furnished to the SEC for public availability or (y)
      posting reports including such information on its website, each within the
      time
      periods specified above.

     

    (c)  In
      addition, the Company shall also comply with the other provisions of TIA
§ 314(a).

     

    SECTION
      4.03  Limitation
      on Indebtedness.  (a)  The Company shall not, and shall
      not permit any Restricted Subsidiary to, Incur, directly or indirectly, any
      Indebtedness; provided, however, that the Company and the
      Subsidiary Guarantors shall be entitled to Incur Indebtedness if, on the date
      of
      such Incurrence and after giving effect thereto on a proforma
      basis, the Consolidated Leverage Ratio would be less than 4.0 to 1.

     

    (a)  Notwithstanding
      the foregoing paragraph (a), the Company and the Restricted Subsidiaries
      shall be entitled to Incur any or all of the following
      Indebtedness:

     

    (1)  Indebtedness
      owed to and held by the Company or a Wholly Owned Subsidiary; provided,
however, that (A) any subsequent issuance or transfer of any Capital
      Stock which results in any such Wholly Owned Subsidiary ceasing to be a Wholly
      Owned Subsidiary or any subsequent transfer of such Indebtedness (other than
      to
      the Company or a Wholly Owned Subsidiary) shall be deemed, in each case, to
      constitute the Incurrence of such Indebtedness by the obligor thereon, (B)
      if
      the Company is the obligor on such Indebtedness, such Indebtedness is expressly
      subordinated to the prior payment in full in cash of all obligations with
      respect to the Securities, and (C) if a Subsidiary Guarantor is the obligor
      on
      such Indebtedness, such Indebtedness is expressly subordinated to the prior
      payment in full in cash of all obligations of such obligor with respect to
      its
      Subsidiary Guaranty;

     

    (2)  the
      Securities (other than any Additional Securities);

     

    
      
         

      

      
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    (3)  Indebtedness
      outstanding on the Issue Date (other than Indebtedness described in
      clause (1) or (2) of this Section 4.03(b));

     

    (4)  Refinancing
      Indebtedness in respect of Indebtedness Incurred pursuant to
      Section 4.03(a) or pursuant to clause (2) or (3) of this
      Section 4.03(b) or this clause (4);

     

    (5)  Hedging
      Obligations consisting of (x) Interest Rate Agreements directly related to
      Indebtedness permitted to be Incurred by the Company and the Restricted
      Subsidiaries pursuant to this Indenture; or (y) Hedging Obligations relating
      to
      Currency Agreements provided such Currency Agreements are entered into for
      bona
      fide hedging purposes of the Company or any Restricted Subsidiary and not for
      the purpose of speculation;

     

    (6)  Obligations
      in respect of performance, bid and surety bonds and completion guarantees
      provided by the Company or any Restricted Subsidiary in the ordinary course
      of
      business, including guarantees or obligations of the Company or any Restricted
      Subsidiary with respect to letters of credit and/or fianzas supporting such
      bid,
      performance or surety obligations;

     

    (7)  Indebtedness
      arising from the honoring by a bank or other financial institution of a check,
      draft or similar instrument drawn against insufficient funds in the ordinary
      course of business; provided, however, that such Indebtedness is
      extinguished within two Business Days of its Incurrence;

     

    (8)  Purchase
      Money Obligations and Capital Lease Obligations, in an aggregate principal
      amount at any time outstanding not exceeding an amount equal to 10% of the
      Consolidated Total Assets at any time outstanding;

     

    (9)  Indebtedness
      consisting of the Subsidiary Guaranty of a Subsidiary Guarantor and any
      Guarantee by a Subsidiary Guarantor of Indebtedness Incurred pursuant to
      paragraph (a) of this Section 4.03 or pursuant to clause (1),
      (2), (3) above or pursuant to clause (4) above to the extent the
      Refinancing Indebtedness Incurred thereunder directly or indirectly Refinances
      Indebtedness Incurred pursuant to paragraph (a) or pursuant to
      clause (2) or (3);

     

    (10)  indemnification,
      adjustment of purchase price, earn-out or similar obligations,
      in  each case, incurred or assumed in connection with the acquisition
      or disposition of any business or assets of the Company or any Restricted
      Subsidiary or Capital Stock of a Restricted Subsidiary, other than guarantees
      of
      Indebtedness incurred by any Person acquiring all or any portion of such
      business, assets or Equity Interests for the purposes of financing or in
      contemplation of any such acquisition; provided that (a) any amount of
      such obligations included on the face of the balance sheet of the Company or
      any
      Restricted Subsidiary shall not be permitted under this clause (10) and (b)
      in
      the case of a disposition, the maximum aggregate liability in respect of all
      such obligations outstanding under this clause

     

    
      
         

      

      
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    (10)
      shall at no time exceed the gross proceeds actually received by the Issuer
      and
      the Restricted Subsidiaries in connection with such disposition;
      and

     

    (11)  Indebtedness
      of the Company or any of its Restricted Subsidiaries in an aggregate principal
      amount which, when taken together with all other Indebtedness of the Company
      and
      its Restricted Subsidiaries outstanding on the date of such Incurrence (other
      than Indebtedness permitted by clauses (1) through (10) of this
      Section 4.03(b) or Section 4.03(a)), does not exceed
      US$30 million.

     

    (b)  Notwithstanding
      the foregoing, neither the Company nor any Subsidiary Guarantor shall Incur
      any
      Indebtedness pursuant to Section 4.03(b) if the proceeds thereof are used,
      directly or indirectly, to Refinance any Subordinated Obligations of the Company
      or any Subsidiary Guarantor unless such Indebtedness shall be subordinated
      to
      the Securities or to the applicable Subsidiary Guaranty to at least the same
      extent as such Subordinated Obligations.

     

    (c)  For
      purposes of determining compliance with this Section 4.03, (1) in the
      event that an item of Indebtedness (or any portion thereof) meets the criteria
      of more than one of the types of Indebtedness described herein, the Company,
      in
      its sole discretion, shall classify such item of Indebtedness (or any portion
      thereof) at the time of Incurrence and shall only be required to include the
      amount and type of such Indebtedness in one of the above clauses and
      (2) the Company shall be entitled to divide and classify an item of
      Indebtedness in more than one of the types of Indebtedness described
      herein.

     

    (d)  For
      purposes of determining compliance with any US dollar denominated restriction
      on
      the Incurrence of Indebtedness where the Indebtedness Incurred is denominated
      in
      a different currency, the amount of such Indebtedness shall be the US Dollar
      Equivalent determined on the date of the Incurrence of such Indebtedness;
provided, however, that if any such Indebtedness denominated in a
      different currency is subject to a Currency Agreement with respect to US dollars
      covering all principal, premium, if any, and interest payable on such
      Indebtedness, the amount of such Indebtedness expressed in US dollars shall
      be
      as provided in such Currency Agreement.  The principal amount of any
      Refinancing Indebtedness Incurred in the same currency as the Indebtedness
      being
      Refinanced shall be the US Dollar Equivalent of the Indebtedness Refinanced,
      except to the extent that (1) such US Dollar Equivalent was determined
      based on a Currency Agreement, in which case the Refinancing Indebtedness shall
      be determined in accordance with the preceding sentence, and (2) the
      principal amount of the Refinancing Indebtedness exceeds the principal amount
      of
      the Indebtedness being Refinanced, in which case the US Dollar Equivalent of
      such excess shall be determined on the date such Refinancing Indebtedness is
      Incurred.

     

    SECTION
      4.04  Limitation
      on Restricted Payments.  (a) The Company shall not, and shall
      not permit any Restricted Subsidiary, directly or indirectly, to make a
      Restricted Payment if at the time the Company or such Restricted Subsidiary
      makes such Restricted Payment:

     

    
      
         

      

      
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    (1)  a
      Default
      shall have occurred and be continuing (or would result therefrom);

     

    (2)  the
      Company is not entitled to Incur an additional US$1.00 of Indebtedness under
      Section 4.03(a); or

     

    (3)  the
      aggregate amount of such Restricted Payment and all other Restricted Payments
      since the Issue Date (other than Restricted Payments made pursuant to clause
      (1), (2), (4), (5), (6), (7) or (9) of Section 4.04(b)) would exceed the sum
      of
      (without duplication):

     

    (A)  50%
      of
      the Adjusted Consolidated Net Income accrued during the period (treated as
      one
      accounting period) from January 1, 2007 to the end of the most recent
      fiscal quarter ending at least 45 days prior to the date of such Restricted
      Payment (or, in case such Adjusted Consolidated Net Income shall be a deficit,
      minus 100% of such deficit); plus

     

    (B)   100%
      of the aggregate Net Cash Proceeds received by the Company from the issuance
      or
      sale of its Capital Stock (other than Disqualified Stock) subsequent to
      December 1, 2005 (other than an issuance or sale to a Subsidiary of the
      Company and other than an issuance or sale to an employee stock ownership plan
      or to a trust established by the Company or any of its Subsidiaries for the
      benefit of their employees) and 100% of any cash capital contribution received
      by the Company from its shareholders subsequent to December 1, 2005;
plus

     

    (C)  the
      amount by which Indebtedness of the Company is reduced on the Company’s balance
      sheet upon the conversion or exchange (other than by a Subsidiary of the
      Company) subsequent to the Issue Date of any Indebtedness of the Company
      convertible or exchangeable for Capital Stock (other than Disqualified Stock)
      of
      the Company (less the amount of any cash, or the fair value of any other
      property, distributed by the Company upon such conversion or exchange);
provided, however, that the foregoing amount shall not exceed the
      Net Cash Proceeds received by the Company or any Restricted Subsidiary from
      the
      sale of such Indebtedness (excluding Net Cash Proceeds from sales to a
      Subsidiary of the Company or to an employee stock ownership plan or to a trust
      established by the Company or any of its Subsidiaries for the benefit of their
      employees); plus

     

    (D)  an
      amount
      equal to the sum of (i) the net reduction in the Investments (other than
      Permitted Investments) made by the Company or any Restricted Subsidiary in
      any
      Person resulting from repurchases, repayments or redemptions of such Investments
      by such Person, proceeds

     

    
      
         

      

      
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    realized
      on the sale of such Investment and proceeds representing the return of capital
      (excluding dividends and distributions), in each case received by the Company
      or
      any Restricted Subsidiary, and (ii) to the extent such Person is an Unrestricted
      Subsidiary, the portion (proportionate to the Company’s equity interest in such
      Subsidiary) of the fair market value of the net assets of such Unrestricted
      Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted
      Subsidiary; provided, however, that the foregoing sum shall not
      exceed, in the case of any such Person or Unrestricted Subsidiary, the amount
      of
      Investments (excluding Permitted Investments) previously made (and treated
      as a
      Restricted Payment) by the Company or any Restricted Subsidiary in such Person
      or Unrestricted Subsidiary.

     

    (b)  The
      provisions of Section 4.04(a) shall not prohibit:

     

    (1)  any
      Restricted Payment made out of the Net Cash Proceeds of the substantially
      concurrent sale of, or made by exchange for, Capital Stock of the Company (other
      than Disqualified Stock and other than Capital Stock issued or sold to a
      Subsidiary of the Company or an employee stock ownership plan or to a trust
      established by the Company or any of its Subsidiaries for the benefit of their
      employees) or a substantially concurrent cash capital contribution received
      by
      the Company from its shareholders; provided, however, that
      (A) such Restricted Payment shall be excluded in the calculation of the
      amount of Restricted Payments and (B) the Net Cash Proceeds from such sale
      or such cash capital contribution (to the extent so used for such Restricted
      Payment) shall be excluded from the calculation of amounts under
      Section 4.04(a)(3)(B);

     

    (2)  any
      purchase, repurchase, redemption, defeasance or other acquisition or retirement
      for value of Subordinated Obligations of the Company or a Subsidiary Guarantor
      made by exchange for, or out of the proceeds of the substantially concurrent
      sale of, Indebtedness of such Person which is permitted to be Incurred pursuant
      to Section 4.03; provided, however, that such purchase,
      repurchase, redemption, defeasance or other acquisition or retirement for value
      shall be excluded in the calculation of the amount of Restricted
      Payments;

     

    (3)  dividends
      paid within 60 days after the date of declaration thereof if at such date
      of declaration such dividend would have complied with this Section 4.04;
provided, however, that at the time of payment of such dividend,
      no other Default shall have occurred and be continuing (or result therefrom);
      providedfurther, however, that such dividend shall be
      included in the calculation of the amount of Restricted Payments;

     

    (4)  so
      long
      as no Default has occurred and is continuing, the repurchase or other
      acquisition of shares of Capital Stock of the Company or any of its Subsidiaries
      from employees, former employees, directors or former directors of the Company
      or any of its Subsidiaries (or permitted transferees of such employees, former
      employees, directors or former directors), pursuant to the

     

    
      
         

      

      
        41

        
          

        

      

      
         

      

    

    terms
      of
      the agreements (including employment agreements) or plans (or amendments
      thereto) approved by the Board of Directors under which such individuals
      purchase or sell or are granted the option to purchase or sell, shares of such
      Capital Stock; provided, however, that the aggregate amount of
      such repurchases and other acquisitions (excluding amounts representing
      cancellation of Indebtedness) shall not exceed US$5 million in any calendar
      year; providedfurther, however, that such repurchases and
      other acquisitions shall be excluded in the calculation of the amount of
      Restricted Payments;

     

    (5)  payments
      of dividends on Disqualified Stock issued pursuant to Section 4.03;
provided, however, that such dividends shall be excluded in the
      calculation of the amount of Restricted Payments;

     

    (6)  repurchases
      of Capital Stock deemed to occur upon exercise of stock options if such Capital
      Stock represents a portion of the exercise price of such options;
provided, however, that such Restricted Payments shall be excluded
      in the calculation of the amount of Restricted Payments;

     

    (7)  cash
      payments in lieu of the issuance of fractional shares in connection with the
      exercise of warrants, options or other securities convertible into or
      exchangeable for Capital Stock of the Company; provided, however,
      that any such cash payment shall not be for the purpose of evading the
      limitation of this Section 4.04 (as determined in good faith by the Board of
      Directors); providedfurther, however, that such payments
      shall be excluded in the calculation of the amount of Restricted
      Payments;

     

    (8)  in
      the
      event of a Change of Control, and if no Default shall have occurred and be
      continuing, the payment, purchase, redemption, defeasance or other acquisition
      or retirement of Subordinated Obligations of the Company or any Subsidiary
      Guarantor, in each case, at a purchase price not greater than 101% of the
      principal amount of such Subordinated Obligations, plus any accrued and unpaid
      interest thereon; provided, however, that prior to such payment,
      purchase, redemption, defeasance or other acquisition or retirement, the Company
      (or a third party to the extent permitted by this Indenture) has made a Change
      of Control Offer with respect to the Securities as a result of such Change
      of
      Control and has repurchased all Securities validly tendered and not withdrawn
      in
      connection with such Change of Control Offer; providedfurther,
however, that such repurchase and other acquisitions shall
      be included in
      the calculation of the amount of Restricted Payments;

     

    (9)  payments
      of intercompany subordinated Indebtedness, the Incurrence of which was permitted
      under Section 4.03(b)(3); provided, however, that no Default has
      occurred and is continuing or would otherwise result therefrom;
providedfurther, however, that such payments shall be
      excluded in the calculation of the amount of Restricted Payments;
      or

     

    
      
         

      

      
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    (10)  Restricted
      Payments in an amount which, when taken together with all Restricted Payments
      made pursuant to this Section 4.04(b)(10), does not exceed US$10 million;
provided, however, that (A) at the time of each such Restricted
      Payment, no Default shall have occurred and be continuing (or result therefrom)
      and (B) such dividends shall be included in the calculation of the amount of
      Restricted Payments.

     

    SECTION
      4.05  Limitation
      on Restrictions on Distributions from Restricted
      Subsidiaries.  The Company shall not, and shall not permit any
      Restricted Subsidiary to, create or otherwise cause or permit to exist or become
      effective any consensual encumbrance or restriction on the ability of any
      Restricted Subsidiary to (a) pay dividends or make any other distributions
      on its Capital Stock to the Company or a Restricted Subsidiary or pay any
      Indebtedness owed to the Company, (b) make any loans or advances to the
      Company or (c) transfer any of its property or assets to the Company,
      except:

     

    (1)  with
      respect to clauses (a), (b) and (c),

     

    (A)  any
      encumbrance or restriction pursuant to an agreement in effect at or entered
      into
      on the Issue Date;

     

    (B)  any
      encumbrance or restriction with respect to a Restricted Subsidiary pursuant
      to
      an agreement relating to any Indebtedness Incurred by such Restricted Subsidiary
      on or prior to the date on which such Restricted Subsidiary was acquired by
      the
      Company (other than Indebtedness Incurred as consideration in, or to provide
      all
      or any portion of the funds or credit support utilized to consummate, the
      transaction or series of related transactions pursuant to which such Restricted
      Subsidiary became a Restricted Subsidiary or was acquired by the Company) and
      outstanding on such date;

     

    (C)  any
      encumbrance or restriction pursuant to an agreement effecting a Refinancing
      of
      Indebtedness Incurred pursuant to an agreement referred to in
      Section 4.05(1)(A) or (B) or this clause (C) or contained in any
      amendment to an agreement referred to in Section 4.05(1)(A) or (B) or this
      clause (C); provided, however, that the encumbrances and
      restrictions with respect to such Restricted Subsidiary contained in any such
      refinancing agreement or amendment are no less favorable to the Securityholders
      than encumbrances and restrictions with respect to such Restricted Subsidiary
      contained in such predecessor agreements; and

     

    (D)  any
      encumbrance or restriction with respect to a Restricted Subsidiary imposed
      pursuant to an agreement entered into for the sale or disposition of all or
      substantially all the Capital Stock or assets of such Restricted Subsidiary
      pending the closing of such sale or disposition; and

     

    
      
         

      

      
        43

        
          

        

      

      
         

      

    

    

     

    (2)  with
      respect to clause (c) only,

     

    (A)  any
      encumbrance or restriction consisting of customary non-assignment provisions
      in
      leases governing leasehold interests to the extent such provisions restrict
      the
      transfer of the lease or the property leased thereunder;

     

    (B)  any
      encumbrance or restriction contained in security agreements or mortgages
      securing Indebtedness of a Restricted Subsidiary to the extent such encumbrance
      or restriction restricts the transfer of the property subject to such security
      agreements or mortgages; and

     

    (C)  customary
      provisions in partnership agreements, limited liability company organizational
      governance documents, joint venture agreements and other similar agreements
      entered into in the ordinary course of business that restrict the transfer
      of
      ownership interests in such partnership, limited liability company, joint
      venture or similar Person.

     

    SECTION
      4.06  Limitation
      on Sales of Assets and Subsidiary Stock.  (a)  The
      Company shall not, and shall not permit any Restricted Subsidiary to, directly
      or indirectly, consummate any Asset Disposition unless:

     

    (1)  the
      Company or such Restricted Subsidiary receives consideration at the time of
      such
      Asset Disposition at least equal to the fair market value (including as to
      the
      value of all non-cash consideration), as determined in good faith by the Board
      of Directors, of the shares and assets subject to such Asset
      Disposition;

     

    (2)  except
      in
      the case of a Permitted Asset Swap, at least 75% of the consideration thereof
      received by the Company or such Restricted Subsidiary is in the form of cash
      or
      cash equivalents; and

     

    (3)  an
      amount
      equal to 100% of the Net Available Cash from such Asset Disposition is applied
      by the Company (or such Restricted Subsidiary, as the case may be)

     

    (A)  first,
      to the extent the Company elects (or is required by the terms of any
      Indebtedness), (x) to prepay, repay, redeem, purchase, defease or otherwise
      acquire Senior Indebtedness of the Company or Indebtedness
      (other than any Disqualified Stock) of a Wholly Owned Subsidiary (in each case
      other than Indebtedness owed to the Company or an Affiliate of the Company)
      or
      (y) repay any Indebtedness that was secured by the assets sold in such
      Asset Disposition, in each case within one year from the later of the date
      of
      such Asset Disposition or the receipt of such Net Available Cash;

     

    
      
         

      

      
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    (B)  second,
      to the extent of the balance of such Net Available Cash after application in
      accordance with clause (A), to the extent the Company elects, to acquire
      Additional Assets within one year from the later of the date of such Asset
      Disposition or the receipt of such Net Available Cash; and

     

    (C)  third,
      to the extent of the balance of such Net Available Cash after application in
      accordance with clauses (A) and (B), to make an Offer to the Holders of the
      Securities (and to holders of other Senior Indebtedness of the Company
      designated by the Company) to purchase Securities (and such other Senior
      Indebtedness of the Company) pursuant to and subject to the conditions of this
      Section 4.06;

     

    provided,
      however, that in connection with any prepayment, repayment, purchase,
      redemption, defeasance or other acquisition of Indebtedness pursuant to
      clause (A) or (C) above, the Company or such Restricted Subsidiary shall
      permanently retire such Indebtedness and shall cause the related loan commitment
      (if any) to be permanently reduced in an amount equal to the principal amount
      so
      prepaid, repaid, purchased, redeemed, defeased or otherwise
      acquired.

     

    Notwithstanding
      the foregoing provisions of this Section 4.06, the Company and the
      Restricted Subsidiaries shall not be required to apply any Net Available Cash
      in
      accordance with this Section 4.06(a) except to the extent that the
      aggregate Net Available Cash from all Asset Dispositions which is not applied
      in
      accordance with this Section 4.06(a) exceeds
      US$10 million.  Pending application of Net Available Cash
      pursuant to this Section 4.06(a), such Net Available Cash shall be invested
      in Temporary Cash Investments or applied to temporarily reduce revolving credit
      indebtedness.

     

    For
      the
      purposes of this Section 4.06(a), the following are deemed to be cash or
      cash equivalents:  (i) the assumption of Indebtedness of the
      Company (other than Obligations in respect of Disqualified Stock of the Company)
      or any Restricted Subsidiary (other than Obligations in respect of Disqualified
      Stock or Preferred Stock of a Subsidiary Guarantor) and the release of the
      Company or such Restricted Subsidiary from all liability on such Indebtedness
      in
      connection with such Asset Disposition and (ii) securities received by the
      Company or any Restricted Subsidiary from the transferee that are promptly
      converted within 30 days by the Company or such Restricted Subsidiary into
      cash,
      to the extent of the cash received in that conversion.

     

    (b)  In
      the
      event of an Asset Disposition that requires the purchase of Securities (and
      other Senior Indebtedness of the Company) pursuant to
      Section 4.06(a)(3)(C), the Company shall purchase Securities tendered
      pursuant to an offer by the Company for the Securities (and such other Senior
      Indebtedness) (the “Offer”) at a purchase price of 100% of their principal
      amount (or, in the event such other

     

    
      
         

      

      
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    Senior
      Indebtedness of the Company was issued with significant original issue discount,
      100% of the accreted value thereof), without premium, plus accrued but unpaid
      interest (or, in respect of such other Senior Indebtedness of the Company,
      such
      lesser price, if any, as may be provided for by the terms of such Senior
      Indebtedness) in accordance with the procedures (including prorating in the
      event of oversubscription) set forth in Section 4.06(c).  If the
      aggregate purchase price of Securities tendered pursuant to the Offer exceeds
      the Net Available Cash allotted to their purchase, the Company shall select
      the
      Securities to be purchased on a pro rata basis but in round denominations,
      which
      in the case of the Securities will be denominations of US$1,000 principal amount
      or multiples thereof.  The Company shall not be required to make an
      Offer to purchase Securities (and other Senior Indebtedness of the Company)
      pursuant to this Section 4.06 if the Net Available Cash available therefor
      is less than US$5 million (which lesser amount shall be carried forward for
      purposes of determining whether such an Offer is required with respect to the
      Net Available Cash from any subsequent Asset Disposition).  Upon
      completion of such an Offer, Net Available Cash shall be deemed to be reduced
      by
      the aggregate amount of such Offer.

     

    (c)  (1)  Promptly,
      and in any event within 10 days after the Company becomes obligated to make
      an Offer, the Company shall deliver to the Trustee and send, by first-class
      mail
      to each Holder, a written notice stating that the Holder may elect to have
      his
      Securities purchased by the Company either in whole or in part (subject to
      prorating as described in Section 4.06(b) in the event the Offer is
      oversubscribed) in integral multiples of US$1,000 of principal amount, at the
      applicable purchase price.  The notice shall specify a purchase date
      not less than 30 days nor more than 60 days after the date of such notice (the
      “Purchase Date”) and shall contain such information concerning the business of
      the Company which the Company in good faith believes will enable such Holders
      to
      make an informed decision.

     

    (1)  Not
      later
      than the date upon which written notice of an Offer is delivered to the Trustee
      as provided below, the Company shall deliver to the Trustee an Officers’
Certificate as to (A) the amount of the Offer (the “Offer Amount”),
      including information as to any other Senior Indebtedness included in the Offer,
      (B) the allocation of the Net Available Cash from the Asset Dispositions
      pursuant to which such Offer is being made and (C) the compliance of such
      allocation with the provisions of Section 4.06(a) and (b).  On
      such date, the Company shall also irrevocably deposit with the Trustee or with
      a
      Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
      and hold in trust) in Temporary Cash Investments, maturing on the last day
      prior
      to the Purchase Date or on the Purchase Date if funds are immediately available
      by open of business, an amount equal to the Offer Amount to be held for payment
      in accordance with the provisions of this Section.  If the Offer
      includes other Senior Indebtedness, the deposit described in the preceding
      sentence may be made with any other paying agent pursuant to arrangements
      satisfactory to the Trustee.   Upon the expiration of the period
      for which the Offer remains open (the “Offer Period”), the Company shall deliver
      to the Trustee for cancellation the Securities or portions thereof which have
      been properly tendered to and are to be accepted by the Company.  The
      Trustee shall, on the Purchase Date, mail or deliver

     

    
      
         

      

      
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    payment
      (or cause the delivery of payment) to each tendering Holder in the amount of
      the
      purchase price.  In the event that the aggregate purchase price of the
      Securities delivered by the Company to the Trustee is less than the Offer Amount
      applicable to the Securities, the Trustee shall deliver the excess to the
      Company immediately after the expiration of the Offer Period.

     

    (2)  Holders
      electing to have a Security purchased shall be required to surrender the
      Security, with an appropriate form duly completed, to the Company at the address
      specified in the notice at least three Business Days prior to the Purchase
      Date.  Holders shall be entitled to withdraw their election if the
      Trustee or the Company receives not later than one Business Day prior to the
      Purchase Date, facsimile transmission or letter setting forth the name of the
      Holder, the principal amount of the Security which was delivered for purchase
      by
      the Holder and a statement that such Holder is withdrawing his election to
      have
      such Security purchased.  Holders whose Securities are purchased only
      in part shall be issued new Securities equal in principal amount to the
      unpurchased portion of the Securities surrendered.

     

    (3)  At
      the
      time the Company delivers Securities to the Trustee which are to be accepted
      for
      purchase, the Company shall also deliver an Officers’ Certificate stating that
      such Securities are to be accepted by the Company pursuant to and in accordance
      with the terms of this Section.  A Security shall be deemed to have
      been accepted for purchase at the time the Trustee, directly or through an
      agent, mails or delivers payment therefor to the surrendering
      Holder.

     

    (d)  The
      Company shall comply, to the extent applicable, with the requirements of
      Section 14(e) of the Exchange Act and any other securities laws or
      regulations  in connection with the repurchase of Securities pursuant
      to this Section 4.06.  To the extent that the provisions of any
      securities laws or regulations conflict with provisions of this Section 4.06,
      the Company shall comply with the applicable securities laws and regulations
      and
      shall not be deemed to have breached its obligations under this Section 4.06
      by
      virtue of its compliance with such securities laws or regulations.

     

    SECTION
      4.07  Limitation
      on Affiliate Transactions.  (a)  The Company shall not,
      and shall not permit any Restricted Subsidiary to, enter into or permit to
      exist
      any transaction (including the purchase, sale, lease or exchange of any
      property, employee compensation arrangements or the rendering of any service)
      with, or for the benefit of, any Affiliate of the Company (an “Affiliate
      Transaction”) unless:

     

    (1)  the
      terms
      of the Affiliate Transaction are no less favorable to the Company or such
      Restricted Subsidiary than those that could be obtained at the time of the
      Affiliate Transaction in arm’s-length dealings with a Person who is not an
      Affiliate;

     

    (2)  if
      such
      Affiliate Transaction involves an amount in excess of US$1 million, the
      terms of the Affiliate Transaction are set forth in writing
      and

     

    
      
         

      

      
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    two
      Officers of the Company have certified that the criteria set forth in Section
      4.07(a)(1) are satisfied in an Officers’ Certificate;

     

    (3)  if
      such
      Affiliate Transaction involves an amount in excess of US$5 million, a
      majority of the directors of the Company disinterested with respect to such
      Affiliate Transaction have determined in good faith that the criteria set forth
      in Section 4.07(a)(1) are satisfied and have approved the relevant Affiliate
      Transaction as evidenced by a resolution of the Board of Directors;
provided, however, that a director will not be deemed
      disinterested with respect to transactions between the Company or a Restricted
      Subsidiary on the one hand and an immediate family member of such director
      or an
      entity affiliated with such immediate family member on the other hand;
      and

     

    (4)  if
      such
      Affiliate Transaction involves an amount in excess of US$25 million, the
      Board of Directors shall also have received a written opinion from an
      Independent Qualified Party to the effect that such Affiliate Transaction is
      fair, from a financial standpoint, to the Company and its Restricted
      Subsidiaries or is not less favorable to the Company and its Restricted
      Subsidiaries than could reasonably be expected to be obtained at the time in
      an
      arm’s-length transaction with a Person who was not an Affiliate.

     

    (b)  The
      provisions of Section 4.07(a) shall not prohibit:

     

    (1)  any
      Investment (other than a Permitted Investment) or other Restricted Payment,
      in
      each case permitted to be made pursuant to Section 4.04 (but only to the
      extent included in the calculation of the amount of Restricted Payments made
      pursuant to Section 4.04(a)(3));

     

    (2)  any
      issuance of securities, or other payments, awards or grants in cash, securities
      or otherwise pursuant to, or the funding of, employment arrangements, stock
      options and stock ownership plans approved by the Board of
      Directors;

     

    (3)  loans
      or
      advances to employees in the ordinary course of business in accordance with
      the
      past practices of the Company or its Restricted Subsidiaries, but in any event
      not to exceed US$2 million in the aggregate outstanding at any one
      time;

     

    (4)  the
      payment of reasonable fees to directors of the Company and its Restricted
      Subsidiaries who are not employees of the Company or its Restricted
      Subsidiaries;

     

    (5)  any
      transaction with a Restricted Subsidiary or joint venture or similar entity
      which would constitute an Affiliate Transaction solely because the Company
      or a
      Restricted Subsidiary owns an equity interest in or otherwise controls such
      Restricted Subsidiary, joint venture or similar entity;

     

    
      
         

      

      
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    (6)  the
      issuance or sale of any Capital Stock (other than Disqualified Stock) of the
      Company; and

     

    (7)  transactions
      entered into in the ordinary course of business, consistent with past practices,
      on terms that are substantially similar to those that could be obtained at
      the
      time of such transactions in arm’s length dealings with a Person who is not an
      Affiliate.

     

    SECTION
      4.08  Limitation
      on Line of Business.  The Company shall not, and shall not permit
      any Restricted Subsidiary, to engage in any business other than a Related
      Business.

     

    SECTION
      4.09  Limitation
      on the Sale or Issuance of Capital Stock of Restricted
      Subsidiaries.  The Company:

     

    (1)  shall
      not, and shall not permit any Restricted Subsidiary to, sell, lease, transfer
      or
      otherwise dispose of any Capital Stock of any Restricted Subsidiary to any
      Person (other than to the Company or a Wholly Owned Subsidiary);
      and

     

    (2)  shall
      not
      permit any Restricted Subsidiary to issue any of its Capital Stock (other than,
      if necessary, shares of its Capital Stock constituting directors’ or other
      legally required qualifying shares) to any Person (other than to the Company
      or
      a Wholly Owned Subsidiary),

     

    unless

     

    (A)  immediately
      after giving effect to such issuance, sale or other disposition, neither the
      Company nor any of its Subsidiaries own any Capital Stock of such Restricted
      Subsidiary; or

     

    (B)  immediately
      after giving effect to such issuance, sale or other disposition, such Restricted
      Subsidiary would no longer constitute a Restricted Subsidiary and any Investment
      in such Person remaining after giving effect thereto is treated as a new
      Investment by the Company and such Investment would be permitted to be made
      under Section 4.04 if made on the date of such issuance, sale or other
      disposition.

     

    For
      purposes of this Section 4.09, the creation of a Lien on any Capital Stock
      of a Restricted Subsidiary to secure Indebtedness of the Company or any of
      its
      Restricted Subsidiaries will not be deemed to be a violation of this covenant;
      provided, however, that any sale or other disposition by the
      secured party of such Capital Stock following foreclosure of its Lien will
      be
      subject to this Section 4.09.

     

    
      
         

      

      
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    SECTION
      4.10  Change
      of Control.  (a)  Upon the occurrence of a Change of
      Control, each Holder shall have the right to require that the Company repurchase
      such Holder’s Securities at a purchase price in cash equal to 101% of the
      principal amount thereof on the date of purchase plus accrued and unpaid
      interest, if any, to the date of purchase (subject to the right of Holders
      of
      record on the relevant record date to receive interest due on the relevant
      interest payment date), in accordance with the terms contemplated in
      Section 4.10(b).

     

    (a)  Within
      30 days following any Change of Control, the Company shall mail a notice to
      each Holder with a copy to the Trustee (the “Change of Control Offer”)
      stating:

     

    (1)  that
      a
      Change of Control has occurred and that such Holder has the right to require
      the
      Company to purchase such Holder’s Securities at a purchase price in cash equal
      to 101% of the principal amount thereof on the date of purchase, plus accrued
      and unpaid interest, if any, to the date of purchase (subject to the right
      of
      Holders of record on the relevant record date to receive interest on the
      relevant interest payment date);

     

    (2)  the
      circumstances and relevant facts regarding such Change of Control (including
      information with respect to proforma historical income, cash flow
      and capitalization, in each case after giving effect to such Change of
      Control);

     

    (3)  the
      purchase date (which shall be no earlier than 30 days nor later than
      60 days from the date such notice is mailed); and

     

    (4)  the
      instructions, as determined by the Company, consistent with this Section 4.10,
      that a Holder must follow in order to have its Securities
      purchased.

     

    (b)  Holders
      electing to have a Security purchased will be required to surrender the
      Security, with an appropriate form duly completed, to the Company at the address
      specified in the notice at least three Business Days prior to the purchase
      date.  Holders will be entitled to withdraw their election if the
      Trustee or the Company receives not later than one Business Day prior to the
      purchase date, facsimile transmission or letter setting forth the name of the
      Holder, the principal amount  of the Security which was delivered for
      purchase by the Holder and a statement that such Holder is withdrawing his
      election to have such Security purchased.

     

    (c)  On
      the
      purchase date, all Securities purchased by the Company under this Section shall
      be delivered by the Company to the Trustee for cancellation, and the Company
      shall pay the purchase price plus accrued and unpaid interest, if any, to the
      Holders entitled thereto.

     

    
      
         

      

      
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    (d)  Notwithstanding
      the foregoing provisions of this Section 4.10, the Company shall not be required
      to make a Change of Control Offer following a Change of Control if a third
      party
      makes the Change of Control Offer in the manner, at the times and otherwise
      in
      compliance with the requirements set forth in this Section 4.10 applicable
      to a
      Change of Control Offer made by the Company and purchases all Securities validly
      tendered and not withdrawn under such Change of Control Offer.

     

    (e)  The
      Company shall comply, to the extent applicable, with the requirements of
      Section 14(e) of the Exchange Act and any other securities laws or
      regulations in connection with the repurchase of Securities pursuant to this
      Section 4.10.  To the extent that the provisions of any securities
      laws or regulations conflict with provisions of this Section 4.10, the Company
      shall comply with the applicable securities laws and regulations and shall
      not
      be deemed to have breached its obligations under this Section 4.10 by virtue
      of
      its compliance with such securities laws or regulations.

     

    SECTION
      4.11  Limitation
      on Liens.  The Company shall not, and shall not permit any
      Restricted Subsidiary to, directly or indirectly, Incur or permit to exist
      any
      Lien (the “Initial Lien”) of any nature whatsoever on any of its properties
      (including Capital Stock of a Restricted Subsidiary), whether owned at the
      Issue
      Date or thereafter acquired securing any Indebtedness, other than Permitted
      Liens, without effectively providing that the Securities shall be secured
      equally and ratably with (or prior to) the obligations so secured for so long
      as
      such obligations are so secured.  Any Lien created for the
      benefit of the Holders of the Securities pursuant to the foregoing sentence
      shall provide by its terms that such Lien shall be automatically and
      unconditionally released and discharged upon the release and discharge of the
      Initial Lien.

     

    SECTION
      4.12  Limitation
      on Sale/Leaseback Transactions.  The Company shall not, and shall
      not permit any Restricted Subsidiary to, enter into any Sale/Leaseback
      Transaction with respect to any property unless:

     

    (1)  the
      Company or such Restricted Subsidiary would be entitled to (A) Incur
      Indebtedness in an amount equal to the Attributable Debt with respect to such
      Sale/Leaseback Transaction pursuant to Section 4.03 and (B) create a
      Lien on such property securing such Attributable Debt without equally and
      ratably securing the Securities pursuant to Section 4.11;

     

    (2)  the
      net
      proceeds received by the Company or any Restricted Subsidiary in connection
      with
      such Sale/Leaseback Transaction are at least equal to the fair value (as
      determined by the Board of Directors) of such property; and

     

    (3)  the
      Company applies the proceeds of such transaction in compliance with
      Section 4.06.

     

    SECTION
      4.13  Future
      Guarantors.  The Company shall cause each Restricted Subsidiary
      that Incurs any Indebtedness to, at the same time, execute and deliver to the
      Trustee a Guaranty Agreement pursuant to which such Restricted

     

    
      
         

      

      
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    Subsidiary
      will Guarantee payment of the Securities on the same terms and conditions as
      those set forth in this Indenture.

     

    SECTION
      4.14  Additional
      Amounts.  The Company and the Subsidiary Guarantors shall make all
      payments under or with respect to the Securities free and clear of and without
      withholding or deduction for or on account of any present or future tax, duty,
      levy, impost, assessment or other governmental charge (including penalties,
      interest and other liabilities related thereto) (hereinafter “Taxes”) imposed or
      levied by any jurisdiction in which the payor is organized or incorporated
      or
      resident for tax purposes or any jurisdiction from or through which any such
      payment is made (each a “Relevant Taxing Jurisdiction”), unless the Company or
      such Subsidiary Guarantor is required to withhold or deduct Taxes by
      law.

     

    If
      the
      Company or any Subsidiary Guarantor is so required to withhold or deduct any
      amount for or on account of Taxes imposed by a Relevant Taxing Jurisdiction
      from
      any payment made under or with respect to the Securities, the Company or such
      Subsidiary Guarantor will be required to pay such additional amounts
      (“Additional Amounts”) as may be necessary so that the net amount received by
      the Holders (including Additional Amounts) after such withholding or deduction
      will not be less than the amount the Holders would have received if such Taxes
      had not been withheld or deducted; provided, however, no
      additional amounts will be paid for or on account of:

     

    (1)  Taxes
      that would not have been imposed but for the fact that:

     

    (A)  the
      Securityholder has or had a present or former connection (or imputed connection)
      with the Relevant Taxing Jurisdiction (including being resident, domiciled
      or a
      national of, or engaging in business or maintaining a permanent establishment
      in, or being physically present in, the Relevant Taxing Jurisdiction) other
      than
      by merely owning, or receiving payment under, the Securities;

     

    (B)  the
      Securityholder presented the Securities more than 30 days after the payment
      in
      question first became due and payable or the date on which payment thereof
      is
      duly provided for, whichever is later, except to the extent the Holder would
      have been entitled to the Additional Amounts if it had presented the Securities
      for payment during that 30 day period;

     

    (2)  estate,
      inheritance, gift, sales, excise, transfer, personal property or similar
      Taxes;

     

    (3)  Taxes
      payable otherwise than by withholding or deduction from payments of, or in
      respect of, principal of, or any premium or interest on, the
      Securities;

     

    (4)  Taxes
      imposed or withheld because the Holder failed to comply with the Company’s or
      such Subsidiary Guarantor’s reasonable request:

     

    
      
         

      

      
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    (A)  to
      provide information concerning the nationality, residence, identity or address
      of the Holder; or

     

    (B)  to
      make
      any declaration or similar claim or satisfy any information or reporting
      requirement, required by law, regulation, or other practice of the Relevant
      Taxing Jurisdiction as a precondition to any exemption from all or part of
      any
      Taxes, but only to the extent the Holder is legally entitled to such exemption;
      or

     

    (5)  any
      combination of these Tax matters above.

     

    Furthermore,
      the Company and the Subsidiary Guarantors shall not be required to pay any
      Additional Amounts with respect to any payment under the Securities to any
      Holder who is a fiduciary or partnership or any Person other than the sole
      beneficial owner of the payment, to the extent the payment would, under the
      laws
      of the Relevant Taxing Jurisdiction, be treated as being derived or received
      for
      tax purposes by a beneficiary or settlor with respect to the fiduciary or a
      member of the partnership or a beneficial owner who would not have been entitled
      to the Additional Amounts had it been the Securityholder.

     

    Upon
      request, the Company shall provide the Trustee with official receipts or other
      documentation satisfactory to the Trustee evidencing the payment of the Taxes
      with respect to which Additional Amounts are paid.

     

    Whenever
      in this Indenture there is mentioned, in any context:

     

    (1)  the
      payment of principal;

     

    (2)  purchase
      prices in connection with a purchase of Securities;

     

    (3)  interest;
      or

     

    (4)  any
      other
      amount payable on or with respect to any of the Securities,

     

    such
      reference shall be deemed to include payment of Additional Amounts as required
      by this Section 4.14 to the extent that, in such context, Additional Amounts
      are, were or would be payable in respect thereof.

     

    The
      Company shall pay any present or future stamp, documentary or other similar
      excise taxes, governmental charges or levies that arise in any jurisdiction
      from
      the execution, delivery, enforcement or registration of the Securities, this
      Indenture or any other document or instrument related to them (including any
      such Taxes that are referred to as “court” or “property” Taxes) excluding such
      Taxes, charges or levies imposed by any jurisdiction outside of the United
      Mexican States and the jurisdiction of incorporation of any Subsidiary
      Guarantor, the jurisdiction of incorporation of any successor of
      the

     

    
      
         

      

      
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    Company
      or any jurisdiction in which a paying agent of the Company, a Successor Company
      or a Subsidiary Guarantor (as the case may be) is located, and the Company
      shall
      indemnify the Holders for any such Taxes paid by such Holders.

     

    The
      obligations of the Company and the Subsidiary Guarantors in this Section 4.14
      shall survive any termination, defeasance or discharge of this Indenture and
      will apply mutatismutandis to any jurisdiction in which any
      successor Person to the Company or any Subsidiary Guarantor is organized or
      any
      political subdivision or taxing authority or agency thereof or
      therein.

     

    SECTION
      4.15  Compliance
      Certificate.  The Company shall deliver to the Trustee within
      120 days after the end of each fiscal year of the Company an Officers’
Certificate stating that in the course of the performance by the signers of
      their duties as Officers of the Company they would normally have knowledge
      of
      any Default and whether or not the signers know of any Default that occurred
      during such period.  If they do, the certificate shall describe the
      Default, its status and what action the Company is taking or proposes to take
      with respect thereto.  The Company also shall comply with TIA
§ 314(a)(4).

     

    SECTION
      4.16  Further
      Instruments and Acts.  Upon request of the Trustee, the Company
      will execute and deliver such further instruments and do such further acts
      as
      may be reasonably necessary or proper to carry out more effectively the purpose
      of this Indenture.

     

    Article
      5

     

    Successor
      Company

     

    SECTION
      5.01  When
      Company May Merge or Transfer Assets.  (a)  The Company
      shall not consolidate with or merge with or into, or convey, transfer or lease,
      in one transaction or a series of transactions, directly or indirectly, all
      or
      substantially all its assets to, any Person, unless:

     

    (1)  the
      resulting, surviving or transferee Person (the “Successor Company”) shall be a
      Person organized and existing under the laws of the United Mexican States or
      the
      laws of any political subdivision thereof, the laws of the United States of
      America, any State thereof or the District of Columbia, or the European Union
      or
      any if its member nations and the Successor Company (if not the Company) shall
      expressly assume, by an indenture supplemental hereto, executed and delivered
      to
      the Trustee, in form satisfactory to the Trustee, all the obligations of the
      predecessor Company under the Securities and this Indenture;

     

    (2)  immediately
      after giving proforma effect to such transaction (and treating any
      Indebtedness which becomes an obligation of the Successor Company or any
      Subsidiary as a result of such transaction as having been Incurred by the
      Successor Company or such Subsidiary at the time of such transaction), no
      Default shall have occurred and be continuing;

     

    
      
         

      

      
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    (3)  immediately
      after giving proforma effect to such transaction, the Successor
      Company would be able to Incur an additional US$1.00 of Indebtedness pursuant
      to
      Section 4.03(a);

     

    (4)  the
      Company shall have delivered to the Trustee an Officers’ Certificate and an
      Opinion of Counsel, each stating that such consolidation, merger or transfer
      and
      such supplemental indenture (if any) comply with this Indenture;

     

    (5)  the
      Company shall have delivered to the Trustee an Opinion of Counsel to the effect
      that the Holders will not recognize income, gain or loss for U.S. Federal income
      tax purposes as a result of such transaction and will be subject to U.S. Federal
      income tax on the same amounts, in the same manner and at the same times as
      would have been the case if such transaction had not occurred; and

     

    (6)  the
      Company shall have delivered an Opinion of Counsel in the United Mexican States
      to the effect that the Holders of the Securities will not recognize income,
      gain
      or loss for income tax purposes of such jurisdiction as a result of such
      transaction and will be subject to income tax in such jurisdiction on the same
      amounts, in the same manner and at the same times as would have been the case
      if
      such transaction had not occurred;

     

    provided,
      however, that clause (3) will not be applicable to (A) a Restricted
      Subsidiary consolidating with, merging into or transferring all or part of
      its
      properties and assets to the Company or a Subsidiary Guarantor or (B) the
      Company merging with an Affiliate of the Company solely for the purpose and
      with
      the sole effect of reincorporating the Company in another
      jurisdiction.

     

    For
      purposes of this Section 5.01(a), the sale, lease, conveyance, assignment,
      transfer or other disposition of all or substantially all of the properties
      and
      assets of one or more Subsidiaries of the Company, which properties and assets,
      if held by the Company instead of such Subsidiaries, would constitute all or
      substantially all of the properties and assets of the Company on a consolidated
      basis, shall be deemed to be the transfer of all or substantially all of the
      properties and assets of the Company.

     

    The
      Successor Company shall be the successor to the Company and shall succeed to,
      and be substituted for, and may exercise every right and power of, the Company
      under this Indenture, and the predecessor Company, except in the case of a
      lease, shall be released from the obligation to pay the principal of and
      interest on the Securities.

     

    (b)  The
      Company shall not permit any Subsidiary Guarantor to consolidate with or merge
      with or into, or convey, transfer or lease, in one transaction or series of
      transactions, all or substantially all of its assets to any Person
      unless:

     

    
      
         

      

      
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    (1)  except
      in
      the case of a Subsidiary Guarantor (x) that has been disposed of in its entirety
      to another Person (other than to the Company or an Affiliate of the Company),
      whether through a merger, consolidation or sale of Capital Stock or assets
      or
      (y) that, as a result of a disposition of all or a portion of its Capital Stock,
      ceases to be a Subsidiary, the resulting, surviving or transferee Person (if
      not
      such Subsidiary) shall be a Person organized and existing under the laws of
      the
      jurisdiction under which such Subsidiary was organized or under the laws of
      the
      United States of America, or any State thereof or the District of Columbia
      or
      the United Mexican States, and such Person shall expressly assume, by a Guaranty
      Agreement, in a form satisfactory to the Trustee, all the obligations of such
      Subsidiary, if any, under its Subsidiary Guaranty;

     

    (2)  immediately
      after giving effect to such transaction or transactions on a
proforma basis (and treating any Indebtedness which becomes an
      obligation of the resulting, surviving or transferee Person as a result of
      such
      transaction as having been issued by such Person at the time of such
      transaction), no Default shall have occurred and be continuing; and

     

    (3)  the
      Company delivers to the Trustee an Officers’ Certificate and an Opinion of
      Counsel, each stating that such consolidation, merger or transfer and such
      Guaranty Agreement, is legal, valid and binding and is enforceable against
      the
      successor Subsidiary Guarantor and complies with this Indenture.

     

    Article
      6

     

    Defaults
      and Remedies

     

    SECTION
      6.01  Events
      of Default.  An “Event of Default” occurs if:

     

    (1)  the
      Company defaults in any payment of interest on any Security when the same
      becomes due and payable, and such default continues for a period of 30
      days;

     

    (2)  the
      Company (A) defaults in the payment of the principal of any Security when
      the same becomes due and payable at its Stated Maturity, upon optional
      redemption (including for redemption for changes in withholding taxes), upon
      declaration of acceleration or otherwise, or (B) fails to purchase
      Securities when required pursuant to this Indenture or the
      Securities;

     

    (3)  the
      Company fails to comply with Section 5.01;

     

    (4)  the
      Company fails to comply with Section 4.02, 4.03, 4.04, 4.05, 4.06, 4.07,
      4.08, 4.09, 4.10, 4.11, 4.12, or 4.13 (other than a failure to purchase
      Securities when required under Section 4.06 or 4.10) and such failure
      continues for 30 days after the notice specified below;

     

    
      
         

      

      
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    (5)  the
      Company or any Subsidiary Guarantor fails to comply with
      any of its agreements in the Securities or this Indenture
      (other than those referred to in clause (1), (2), (3) or (4) above) and
      such failure continues for 60 days after the notice specified
      below;

     

    (6)  Indebtedness
      of the Company, any Subsidiary Guarantor or any
      Significant Subsidiary is not paid within any applicable grace period after
      final maturity or is accelerated by the Holders thereof because of a default
      and
      the total amount of such Indebtedness unpaid or accelerated exceeds
      US$20 million, or its foreign currency equivalent at the time;

     

    (7)  the
      Company, a Subsidiary Guarantor or any Significant Subsidiary pursuant to or
      within the meaning of any Bankruptcy Law:

     

    (A)  commences
      a voluntary case;

     

    (B)  consents
      to the entry of an order for relief against it in an involuntary
      case;

     

    (C)  consents
      to the appointment of a Custodian of it or for any substantial part of its
      property; or

     

    (D)  makes
      a
      general assignment for the benefit of its creditors;

     

    or
      takes
      any comparable action under any foreign laws relating to
      insolvency;

     

    (8)  a
      court
      of competent jurisdiction enters an order or decree under any Bankruptcy Law
      that:

     

    (A)  is
      for
      relief against the Company, a Subsidiary Guarantor or any Significant Subsidiary
      in an involuntary case;

     

    (B)  appoints
      a Custodian of the Company, a Subsidiary Guarantor or any Significant Subsidiary
      or for any substantial part of its property; or

     

    (C)  orders
      the winding up or liquidation of the Company, a Subsidiary Guarantor or any
      Significant Subsidiary;

     

    or
      any
      similar relief is granted under any foreign laws and the order or decree remains
      unstayed and in effect for 60 days;

     

    (9)  any
      judgment or decree for the payment of money in excess of US$20 million or
      its foreign currency equivalent at the time is entered against the Company,
      a
      Subsidiary Guarantor or any Significant Subsidiary, remains

     

    
      
         

      

      
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    outstanding
      for a period of 60 days following the entry of such judgment or decree and
      is not discharged, waived or the execution thereof stayed; or

     

    (10)  a
      Subsidiary Guaranty ceases to be in full force and effect (other than in
      accordance with the terms of such Subsidiary Guaranty) or a Subsidiary Guarantor
      denies or disaffirms its obligations under its Subsidiary Guaranty.

     

    The
      foregoing will constitute Events of Default whatever the reason for any such
      Event of Default and whether it is voluntary or involuntary or is effected
      by
      operation of law or pursuant to any judgment, decree or order of any court
      or
      any order, rule or regulation of any administrative or governmental
      body.

     

    The
      term
“Bankruptcy Law” means Title 11, United States Code, the “Ley de
      Concursos Mercantiles” of Mexico, or any similar Federal or state law for the
      relief of debtors.  The term “Custodian” means any receiver, trustee,
      assignee, liquidator, custodian, “síndico”, “visitador”, “conciliador” or
      similar official under any Bankruptcy Law.

     

    A
      Default
      under clauses (4) or (5) is not an Event of Default until the Trustee or the
      Holders of at least 25% in principal amount of the outstanding Securities notify
      the Company of the Default and the Company does not cure such Default within
      the
      time specified after receipt of such notice.  Such notice must specify
      the Default, demand that it be remedied and state that such notice is a “Notice
      of Default”.

     

    The
      Company shall deliver to the Trustee, within 30 days after the occurrence
      thereof, written notice in the form of an Officers’ Certificate of any Event of
      Default under clause (6) or (10) and any event which with the giving of
      notice or the lapse of time would become an Event of Default under
      clause (4), (5) or (9), its status and what action the Company is taking or
      proposes to take with respect thereto.

     

    SECTION
      6.02  Acceleration.  If
      an Event of Default (other than an Event of Default specified in
      Section 6.01(7) or (8) with respect to the Company) occurs and is
      continuing, the Trustee by notice to the Company, or the Holders of at least
      25%
      in principal amount of the Securities by notice to the Company and the Trustee,
      may declare the principal of and accrued but unpaid interest on all the
      Securities to be due and payable.  Upon such a declaration, such
      principal and interest shall be due and payable immediately.  If an
      Event of Default specified in Section 6.01(7) or (8) with respect to the
      Company occurs, the principal of and interest on all the Securities shall
ipsofacto become and be immediately due and payable without any
      declaration or other act on the part of the Trustee or any
      Securityholders.  The Holders of a majority in principal amount of the
      Securities by notice to the Trustee may rescind an acceleration and its
      consequences if the rescission would not conflict with any judgment or decree
      and if all existing Events of Default have been cured or waived except
      nonpayment of principal or interest that has become due solely because of
      acceleration.  No such rescission shall affect any subsequent Default
      or impair any right consequent thereto.

     

    
      
         

      

      
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    SECTION
      6.03  Other
      Remedies.  If an Event of Default occurs and is continuing, the
      Trustee may pursue any available remedy to collect the payment of principal
      of
      or interest on the Securities or to enforce the performance of any provision
      of
      the Securities or this Indenture.

     

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

     

    SECTION
      6.04  Waiver
      of Past Defaults.  The Holders of a majority in principal amount
      of the Securities by notice to the Trustee may waive an existing Default and
      its
      consequences except (a) a Default in the payment of the principal of or
      interest on a Security (b) a Default arising from the failure to redeem or
      purchase any Security when required pursuant to this Indenture or (c) a
      Default in respect of a provision that under Section 9.02 cannot be amended
      without the consent of each Securityholder affected.  When a Default
      is waived, it is deemed cured, but no such waiver shall extend to any subsequent
      or other Default or impair any consequent right.

     

    SECTION
      6.05  Control
      by Majority.  The Holders of a majority in principal amount of the
      Securities may direct the time, method and place of conducting any proceeding
      for any remedy available to the Trustee or of exercising any trust or power
      conferred on the Trustee.  However, the Trustee may refuse to follow
      any direction that conflicts with law or this Indenture or, subject to Section
      7.01, that the Trustee determines is unduly prejudicial to the rights of other
      Securityholders or would involve the Trustee in personal liability;
provided, however, that the Trustee may take any other action
      deemed proper by the Trustee that is not inconsistent with such
      direction.  Prior to taking any action hereunder, the Trustee shall be
      entitled to indemnification satisfactory to it in its sole discretion against
      all losses and expenses caused by taking or not taking such action.

     

    SECTION
      6.06  Limitation
      on Suits.  Except to enforce the right to receive payment of
      principal, premium (if any) or interest when due, no Securityholder may pursue
      any remedy with respect to this Indenture or the Securities unless:

     

    (1)  the
      Holder gives to the Trustee written notice stating that an Event of Default
      is
      continuing;

     

    (2)  the
      Holders of at least 25% in principal amount of the Securities make a written
      request to the Trustee to pursue the remedy;

     

    (3)  such
      Holder or Holders and, if requested, offer to the Trustee security or indemnity
      satisfactory to it against any loss, liability or expense;

     

    
      
         

      

      
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    (4)  the
      Trustee does not comply with the request within 60 days after receipt of the
      request and, if requested, the offer of security or indemnity; and

     

    (5)  the
      Holders of a majority in principal amount of the Securities do not give the
      Trustee a direction inconsistent with the request during such 60-day
      period.

     

    A
      Securityholder may not use this Indenture to prejudice the rights of another
      Securityholder or to obtain a preference or priority over another
      Securityholder.

     

    SECTION
      6.07  Rights
      of Holders to Receive Payment.  Notwithstanding any other
      provision of this Indenture, the right of any Holder to receive payment of
      principal of and interest on the Securities held by such Holder, on or after
      the
      respective due dates expressed in the Securities, or to bring suit for the
      enforcement of any such payment on or after such respective dates, shall not
      be
      impaired or affected without the consent of such Holder.

     

    SECTION
      6.08  Collection
      Suit by Trustee.  If an Event of Default specified in
      Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover
      judgment in its own name and as trustee of an express trust against the Company
      or a Subsidiary Guarantor for the whole amount then due and owing (together
      with
      interest on any unpaid interest to the extent lawful) and the amounts provided
      for in Section 7.07.

     

    SECTION
      6.09  Trustee
      May File Proofs of Claim.  The Trustee may file such proofs of
      claim and other papers or documents as may be necessary or advisable in order
      to
      have the claims of the Trustee and the Securityholders allowed in any judicial
      proceedings relative to the Company or any Subsidiary Guarantor, its creditors
      or its property and, unless prohibited by law or applicable regulations, may
      vote on behalf of the Holders in any election of a trustee in bankruptcy or
      other Person performing similar functions, and any Custodian in any such
      judicial proceeding is hereby authorized by each Holder to make payments to
      the
      Trustee and, in the event that the Trustee shall consent to the making of such
      payments directly to the Holders, to pay to the Trustee any amount due it for
      the reasonable compensation, expenses, disbursements and advances of the
      Trustee, its agents and its counsel, and any other amounts due the Trustee
      under
      Section 7.07.

     

     

    Priorities.  If
      the Trustee collects any money or property pursuant to this Article 6, it shall
      pay out the money or property in the following order:

     

     

    FIRST:                      to
      the Trustee for amounts due under Section 7.07;

     

     

    SECOND:                                to
      Securityholders for amounts due and unpaid on the Securities for principal
      and
      interest, ratably, without preference or priority of any

     

    
      
         

      

      
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    kind,
      according to the amounts due and payable on the Securities for principal and
      interest, respectively; and

     

     

    THIRD:                      
      to the Company.

     

    The
      Trustee may fix a record date and payment date for any payment to
      Securityholders pursuant to this Section.  At least 15 days
      before such record date, the Company shall mail to each Securityholder and
      the
      Trustee a notice that states the record date, the payment date and amount to
      be
      paid.

     

    SECTION
      6.10  Undertaking
      for Costs.  In any suit for the enforcement of any right or remedy
      under this Indenture or in any suit against the Trustee for any action taken
      or
      omitted by it as Trustee, a court in its discretion may require the filing
      by
      any party litigant in the suit of an undertaking to pay the costs of the suit,
      and the court in its discretion may assess reasonable costs, including
      reasonable attorneys’ fees and expenses, against any party litigant in the suit,
      having due regard to the merits and good faith of the claims or defenses made
      by
      the party litigant.  This Section does not apply to a suit by the
      Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of
      more than 10% in principal amount of the Securities.

     

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

     

    Article
      7

     

    Trustee

     

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

     

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

     

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

     

    
      
         

      

      
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    (2)  in
      the
      absence of bad faith on its part, the Trustee may conclusively rely, as to
      the
      truth of the statements and the correctness of the opinions expressed therein,
      upon certificates or opinions furnished to the Trustee and conforming to the
      requirements of this Indenture.  However, in the case of any such
      certificates or opinions which by any provision hereof are specifically required
      to be furnished to the Trustee, the Trustee shall examine the certificates
      and
      opinions to determine whether or not they conform to the requirements of this
      Indenture (but need not confirm or investigate the accuracy of mathematical
      calculations or other facts stated therein).

     

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

     

    (1)  this
      paragraph does not limit the effect of paragraph (b) of this
      Section;

     

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

     

    (3)  the
      Trustee shall not be liable with respect to any action it takes or omits to
      take
      in good faith in accordance with a direction received by it pursuant to Section
      6.05.

     

    (c)  Every
      provision of this Indenture that in any way relates to the Trustee is subject
      to
      paragraphs (a), (b) and (c) of this Section.

     

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

     

    (e)  Money
      held in trust by the Trustee need not be segregated from other funds except
      to
      the extent required by law.

     

    (f)  No
      provision of this Indenture shall require the Trustee to expend or risk its
      own
      funds or otherwise incur financial liability in the performance of any of its
      duties hereunder or in the exercise of any of its rights or powers, if it shall
      have reasonable grounds to believe that repayment of such funds or adequate
      indemnity against such risk or liability is not reasonably assured to
      it.

     

    (g)  Every
      provision of this Indenture relating to the conduct or affecting the liability
      of or affording protection to the Trustee shall be subject to the provisions
      of
      this Section and to the provisions of the TIA.

     

    SECTION
      7.02  Rights
      of Trustee.  (a)  The Trustee may conclusively rely and
      shall be protected in acting or refraining from acting on any document
      believed

     

    
      
         

      

      
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    by
      it to
      be genuine and to have been signed or presented by the proper
      person.  The Trustee need not investigate any fact or matter stated in
      the document.

     

    (a)  Before
      the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel.  The Trustee shall not be liable
      for any action it takes or omits to take in good faith in reliance on the
      Officers’ Certificate or Opinion of Counsel.

     

    (b)  The
      Trustee may act through agents or attorneys and shall not be responsible for
      the
      misconduct or negligence of any agent or attorney appointed with due
      care.

     

    (c)  The
      Trustee shall not be liable for any action it takes or omits to take in good
      faith which it believes to be authorized or within its rights or powers;
provided, however, that the Trustee’s conduct does not constitute
      wilful misconduct, bad faith or negligence.

     

    (d)  The
      Trustee may consult with counsel of its selection, and the advice or opinion
      of
      counsel with respect to legal matters relating to this Indenture and the
      Securities shall be full and complete authorization and protection from
      liability in respect to any action taken, omitted or suffered by it hereunder
      in
      good faith and in accordance with the advice or opinion of such
      counsel.

     

    (e)  Trustee
      shall be under no obligation to exercise any of the rights or powers vested
      in
      it by this Indenture at the request or direction of any of the Holders pursuant
      to this Indenture, unless such Holders shall have offered to the Trustee
      security or indemnity satisfactory to the Trustee against the costs, expenses
      and liabilities which might be incurred by it in compliance with such request
      or
      direction.

     

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

     

    (g)  The
      Trustee shall not be deemed to have notice of any Default or Event of Default
      unless a Trust Officer of the Trustee has actual knowledge thereof or unless
      written notice of any event which is in fact such a default is received by
      the
      Trustee at the corporate trust office of the Trustee, and such notice references
      the Securities and this Indenture.

     

    (h)  In
      no
      event shall the Trustee be responsible or liable for special, indirect, or
      consequential loss or damage of any kind whatsoever (including, but not limited
      to, loss of profit) irrespective of whether the Trustee has been advised of
      the
      likelihood of such loss or damage and regardless of the form of
      action.

     

    (i)  The
      Trustee may request that the Company deliver an Officers’ Certificate setting
      forth the names of individuals and/or titles of officers authorized at such
      time
      to take specified actions pursuant to this Indenture, which Officers’
Certificate

     

    
      
         

      

      
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    may
      be
      signed by any person authorized to sign an Officers’ Certificate, including any
      person specified as so authorized in any such certificate previously delivered
      and not superseded.

     

    SECTION
      7.03  Individual
      Rights of Trustee.  The Trustee in its individual or any other
      capacity may become the owner or pledgee of Securities and may otherwise deal
      with the Company or its Affiliates with the same rights it would have if it
      were
      not Trustee.  Any Paying Agent, Registrar, co-registrar or co-paying
      agent may do the same with like rights.  However, the Trustee must
      comply with Sections 7.10 and 7.11.

     

    SECTION
      7.04  Trustee’s
      Disclaimer.  The Trustee shall not be responsible for and makes no
      representation as to the validity or adequacy of this Indenture or the
      Securities, it shall not be accountable for the Company’s use of the proceeds
      from the Securities, and it shall not be responsible for any statement of the
      Company in the Indenture or in any document issued in connection with the sale
      of the Securities or in the Securities other than the Trustee’s certificate of
      authentication.

     

    SECTION
      7.05  Notice
      of Defaults.  If a Default occurs and is continuing and if it is
      known to the Trustee, the Trustee shall mail to each Securityholder notice
      of
      the Default within 90 days after it occurs.  Except in the case of a
      Default in payment of principal of or interest on any Security (including
      payments pursuant to the mandatory redemption provisions of such Security,
      if
      any), the Trustee may withhold the notice if and so long as a committee of
      its
      Trust Officers in good faith determines that withholding the notice is in the
      interests of Securityholders.

     

    SECTION
      7.06  Reports
      by Trustee to Holders.  As promptly as practicable after each
      December 1 beginning with the December 1 following the date of this
      Indenture, and in any event prior to February 1 in each year, the Trustee
      shall mail to each Securityholder a brief report dated as of December 1 that
      complies with TIA § 313(a).  The Trustee also shall comply with
      TIA § 313(b).

     

    A
      copy of
      each report at the time of its mailing to Securityholders shall be filed with
      the SEC and each stock exchange (if any) on which the Securities are
      listed.  The Company agrees to notify promptly the Trustee whenever
      the Securities become listed on any stock exchange and of any delisting
      thereof.

     

    SECTION
      7.07  Compensation
      and Indemnity.  The Company shall pay to the Trustee from time to
      time reasonable compensation for its services.  The Trustee’s
      compensation shall not be limited by any law on compensation of a trustee of
      an
      express trust.  The Company shall reimburse the Trustee upon request
      for all reasonable out-of-pocket expenses incurred or made by it, including
      costs of collection, in addition to the compensation for its
      services.  Such expenses shall include the reasonable compensation and
      expenses, disbursements and advances of the Trustee’s agents, counsel,
      accountants and experts.  Each of the Company and the Subsidiary
      Guarantors, jointly and severally, shall indemnify the Trustee and each of
      its
      directors, officers, employees and agents against any and all loss, damage,
      claims, liability or expense (including attorneys’ fees)

     

    
      
         

      

      
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    incurred
      by it, in the absence of negligence, bad faith or willful misconduct on the
      part
      of the Trustee, in connection with the administration of this trust and the
      performance of its duties hereunder including the costs and expenses of
      defending itself against any claim (whether asserted by the Company, any Holder
      or any other Person).  The Trustee shall notify the
      Company  promptly of any claim of which a Trust Officer has received
      notice for which it may seek indemnity.  Failure by the Trustee to so
      notify the Company shall not relieve the Company of its obligations
      hereunder.  The Company shall defend the claim and the Trustee may
      have separate counsel and the Company shall pay the fees and expenses of such
      counsel.  The Company need not reimburse any expense or indemnify
      against any loss, damage, claims, liability or expense incurred by the Trustee
      through the Trustee’s own wilful misconduct, bad faith or
      negligence.

     

    To
      secure
      the Company’s payment obligations in this Section, the Trustee shall have a lien
      prior to the Securities on all money or property held or collected by the
      Trustee other than money or property held in trust to pay principal of and
      interest on particular Securities.

     

    The
      Company’s payment obligations pursuant to this Section shall survive the
      discharge of this Indenture.  When the Trustee incurs expenses after
      the occurrence of a Default specified in Section 6.01(7) or (8) with
      respect to the Company, the expenses are intended to constitute expenses of
      administration under the Bankruptcy Law.

     

    SECTION
      7.08  Replacement
      of Trustee.  The Trustee may resign at any time by so notifying
      the Company.  The Holders of a majority in principal amount of the
      Securities may remove the Trustee by so notifying the Trustee and may appoint
      a
      successor Trustee.  The Company shall remove the Trustee
      if:

     

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

     

    (2)  the
      Trustee is adjudged bankrupt or insolvent;

     

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

     

    (4)  the
      Trustee otherwise becomes incapable of acting.

     

    If
      the
      Trustee resigns, is removed by the Company or by the Holders of a majority
      in
      principal amount of the Securities and such Holders do not reasonably promptly
      appoint a successor Trustee, or if a vacancy exists in the office of Trustee
      for
      any reason (the Trustee in such event being referred to herein as the retiring
      Trustee), the Company shall promptly appoint a successor Trustee.

     

    A
      successor Trustee shall deliver a written acceptance of its appointment to
      the
      retiring Trustee and to the Company.  Thereupon the resignation or
      removal of the retiring Trustee shall become effective, and the successor
      Trustee shall have all the rights, powers and duties of the Trustee under this
      Indenture.  The successor Trustee shall mail a notice of its
      succession to Securityholders.  The retiring Trustee shall promptly
      transfer

     

    
      
         

      

      
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    all
      property held by it as Trustee to the successor Trustee, subject to the lien
      provided for in Section 7.07.

     

    If
      a
      successor Trustee does not take office within 60 days after the retiring Trustee
      resigns or is removed, the retiring Trustee or the Holders of 10% in principal
      amount of the Securities may petition any court of competent jurisdiction for
      the appointment of a successor Trustee.

     

    If
      the
      Trustee fails to comply with Section 7.10, any Securityholder may petition
      any
      court of competent jurisdiction for the removal of the Trustee and the
      appointment of a successor Trustee.

     

    Notwithstanding
      the resignation, removal or  replacement of the Trustee pursuant to
      this Section, the Company’s obligations under Section 7.07 shall continue
      for the benefit of the retiring Trustee.

     

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

     

    In
      case
      at the time such successor or successors by merger, conversion or consolidation
      to the Trustee shall succeed to the trusts created by this Indenture any of
      the
      Securities shall have been authenticated but not delivered, any such successor
      to the Trustee may adopt the certificate of authentication of any predecessor
      trustee, and deliver such Securities so authenticated; and in case at that
      time
      any of the Securities shall not have been authenticated, any successor to the
      Trustee may authenticate such Securities either in the name of any predecessor
      hereunder or in the name of the successor to the Trustee; and in all such cases
      such certificates shall have the full force which it is anywhere in the
      Securities or in this Indenture provided that the certificate of the Trustee
      shall have.

     

    SECTION
      7.10  Eligibility;
      Disqualification.  The Trustee shall at all times satisfy the
      requirements of TIA § 310(a).  The Trustee shall have a combined
      capital and surplus of at least US$50,000,000 as set forth in its most recent
      published annual report of condition.  The Trustee shall comply with
      TIA § 310(b); provided, however, that there shall be excluded
      from the operation of TIA § 310(b)(1) any indenture or indentures
      under which other securities or certificates of interest or participation in
      other securities of the Company are outstanding if the requirements for such
      exclusion set forth in TIA § 310(b)(1) are met.

     

    SECTION
      7.11  Preferential
      Collection of Claims Against Company.  The Trustee shall
      comply with TIA § 311(a), excluding any creditor relationship listed in TIA
§ 311(b).  A Trustee who has resigned or been removed shall be
      subject to TIA § 311(a) to the extent indicated.

     

    
      
         

      

      
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    SECTION
      7.12  Appointment
      of Co-Trustee.  It is the purpose of this Indenture that there
      shall be no violation of any law of any jurisdiction denying or restricting
      the
      right of banking corporations or associations to transact business as trustee
      in
      such jurisdiction.  It is recognized that in case of litigation under
      this Indenture, and in particular in case of the enforcement thereof on default,
      or in the case the Trustee deems that by reason of any present or future law
      of
      any jurisdiction it may not exercise any of the powers, rights or remedies
      herein granted to the Trustee or hold title to the properties, in trust, as
      herein granted or take any action which may be desirable or necessary in
      connection therewith, it may be necessary that the Trustee appoint an individual
      or institution as a separate or co-trustee.  The following provisions
      of this Section are adopted to these ends.

     

    In
      the
      event that the Trustee appoints an additional individual or institution as
      a
      separate or co-trustee, each and every remedy, power, right, claim, demand,
      cause of action, immunity, estate, title, interest and lien expressed or
      intended by this Indenture to be exercised by or vested in or conveyed to the
      Trustee with respect thereto shall be exercisable by and vest in such separate
      or co-trustee but only to the extent necessary to enable such separate or
      co-trustee to exercise such powers, rights and remedies, and only to the extent
      that the Trustee by the laws of any jurisdiction is incapable of exercising
      such
      powers, rights and remedies and every covenant and obligation necessary to
      the
      exercise thereof by such separate or co-trustee shall run to and be enforceable
      by either of them.

     

    Should
      any instrument in writing from the Company be required by the separate or
      co-trustee so appointed by the Trustee for more fully and certainly vesting
      in
      and confirming to it such properties, rights, powers, trusts, duties and
      obligations, any and all such instruments in writing shall, on request, be
      executed, acknowledged and delivered by the Company; provided, that if an
      Event of Default shall have occurred and be continuing, if the Company does
      not
      execute any such instrument within 15 days after request therefor, the Trustee
      shall be empowered as an attorney-in-fact for the Company to execute any such
      instrument in the Company’s name and stead.  In case any separate or
      co-trustee or a successor to either shall die, become incapable of acting,
      resign or be removed, all the estates, properties, rights, powers, trusts,
      duties and obligations of such separate or co-trustee, so far as permitted
      by
      law, shall vest in and be exercised by the Trustee until the appointment of
      a
      new trustee or successor to such separate or co-trustee.

     

    Every
      separate trustee and co-trustee shall, to the extent permitted by law, be
      appointed and act subject to the following provisions and
      conditions:

     

    (1)  all
      rights and powers, conferred or imposed upon the Trustee shall be conferred
      or
      imposed upon and may be exercised or performed by such separate trustee or
      co-trustee; and

     

    (2)  no
      trustee hereunder shall be personally liable by reason of any act or omission
      of
      any other trustee hereunder.

     

    
      
         

      

      
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    Any
      notice, request or other writing given to the Trustee shall be deemed to have
      been given to each of the then separate trustees and co-trustees, as effectively
      as if given to each of them.  Every instrument appointing any separate
      trustee or co-trustee shall refer to this Indenture and the conditions of this
      Article.

     

    Any
      separate trustee or co-trustee may at any time appoint the Trustee as its agent
      or attorney-in-fact with full power and authority, to the extent not prohibited
      by law, to do any lawful act under or in respect of this Indenture on its behalf
      and in its name.  If any separate trustee or co-trustee shall die,
      become incapable of acting, resign or be removed, all of its estates,
      properties, rights, remedies and trusts shall vest in and be exercised by the
      Trustee, to the extent permitted by law, without the appointment of a new or
      successor trustee.

     

    Article
      8

     

    Discharge
      of Indenture; Defeasance

     

    SECTION
      8.01  Discharge
      of Liability on Securities; Defeasance.  (a)  When
      (1) the Company delivers to the Trustee all outstanding Securities (other
      than Securities replaced pursuant to Section 2.07) for cancellation or
      (2) all outstanding Securities have become due and payable, whether at
      maturity or on a redemption date as a result of the mailing of a notice of
      redemption pursuant to Article 3 hereof and the Company irrevocably
      deposits with the Trustee funds sufficient to pay at maturity or upon redemption
      all outstanding Securities, including interest thereon to maturity or such
      redemption date (other than Securities replaced pursuant to Section 2.07),
      and
      if in either case the Company pays all other sums payable hereunder by the
      Company, then this Indenture shall, subject to Section 8.01(c), cease to be
      of further effect.  The Trustee shall acknowledge satisfaction and
      discharge of this Indenture on demand of the Company accompanied by an Officers’
Certificate and an Opinion of Counsel and at the cost and expense of the
      Company.

     

    (a)  Subject
      to Sections 8.01(c) and 8.02, the Company at any time may terminate (1) all
      its obligations under the Securities and this Indenture (“legal defeasance
      option”) or (2) its obligations under Sections 4.02, 4.03, 4.04, 4.05,
      4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12 and 4.13 and the operation of
      Sections 6.01(4), 6.01(6), 6.01(7), 6.01(8), 6.01(9) and 6.01(10) (but, in
      the case of Sections 6.01(7) and (8), with respect only to Significant
      Subsidiaries and Subsidiary Guarantors) and the limitation contained in
      Sections 5.01(a)(3) (“covenant defeasance option”).  The Company
      may exercise its legal defeasance option notwithstanding its prior exercise
      of
      its covenant defeasance option.

     

    If
      the
      Company exercises its legal defeasance option, payment of the Securities may
      not
      be accelerated because of an Event of Default with respect
      thereto.  If the Company exercises its covenant defeasance option,
      payment of the Securities may not be accelerated because of an Event of Default
      specified in Sections 6.01(4), 6.01(6), 6.01(7), 6.01(8), 6.01(9) and
      6.01(10) (but, in the case of Sections 6.01(7) and (8), with

     

    
      
         

      

      
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    respect
      only to Significant Subsidiaries and Subsidiary Guarantors) or because of the
      failure of the Company to comply with Section 5.01(a)(3).  If the
      Company exercises its legal defeasance option or its covenant defeasance option,
      each Subsidiary Guarantor, if any, shall be released from all its obligations
      with respect to its Subsidiary Guaranty.

     

    Upon
      satisfaction of the conditions set forth herein and upon request of the Company,
      the Trustee shall acknowledge in writing the discharge of those obligations
      that
      the Company terminates.

     

    (b)  Notwithstanding
      clauses (a) and (b) above, the Company’s obligations in Sections 2.03,
      2.04, 2.05, 2.06, 2.07, 2.08, 7.07 and 7.08 and in this Article 8 shall
      survive until the Securities have been paid in full.  Thereafter, the
      Company’s obligations in Sections 7.07 and 8.05 shall survive such
      payment.

     

    SECTION
      8.02  Conditions
      to Defeasance.  The Company may exercise its legal defeasance
      option or its covenant defeasance option only if:

     

    (1)  the
      Company irrevocably deposits in trust with the Trustee money or U.S.
      Government Obligations for the payment of principal of and interest on the
      Securities to maturity or redemption, as the case may be;

     

    (2)  the
      Company delivers to the Trustee a certificate from a nationally recognized
      firm
      of independent accountants expressing their opinion that the payments of
      principal and interest when due and without reinvestment on the
      deposited U.S. Government Obligations plus any deposited money without
      investment will provide cash at such times and in such amounts as will be
      sufficient to pay principal and interest when due on all the Securities to
      maturity or redemption, as the case may be;

     

    (3)  123 days
      pass after the deposit is made and during the 123-day period no Default
      specified in Sections 6.01(7) or (8) with respect to the Company occurs
      which is continuing at the end of the period;

     

    (4)  the
      deposit does not constitute a default under any other agreement binding on
      the
      Company;

     

    (5)  the
      Company delivers to the Trustee an Opinion of Counsel to the effect that the
      trust resulting from the deposit does not constitute, or is qualified as, a
      regulated investment company under the Investment Company Act of
      1940;

     

    (6)  in
      the
      case of the legal defeasance option, the Company shall have delivered to the
      Trustee an Opinion of Counsel stating that (A) the Company has received
      from, or there has been published by, the Internal Revenue Service a ruling,
      or
      (B) since the date of this Indenture there has been a change in the
      applicable Federal income tax law, in either case to the effect that, and based
      thereon such Opinion of Counsel shall confirm that, the Securityholders will
      not
      recognize income, gain or loss for Federal income tax purposes as a result
      of
      such defeasance and will be subject to Federal income tax on the same amounts,
      in the

     

    
      
         

      

      
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    same
      manner and at the same times as would have been the case if such defeasance
      had
      not occurred;

     

    (7)  in
      the
      case of the covenant defeasance option, the Company shall have delivered to
      the
      Trustee an Opinion of Counsel to the effect that the Securityholders will not
      recognize income, gain or loss for Federal income tax purposes as a result
      of
      such covenant defeasance and will be subject to Federal income tax on the same
      amounts, in the same manner and at the same times as would have been the case
      if
      such covenant defeasance had not occurred; and

     

     

    (8)  the
      Company delivers to the Trustee (A) an Opinion of Counsel to the effect that
      Securityholders will not recognize income, gain or loss for U.S. Federal income
      tax purposes as a result of such deposit and defeasance and will be subject
      to
      U.S. Federal income tax on the same amounts and in the same manner and at the
      same times as would have been the case if such deposit and defeasance had not
      occurred (and, in the case of legal defeasance only, such Opinion of Counsel
      must be based on a ruling of the Internal Revenue Service or other change in
      applicable U.S. Federal income tax law) and (B) an Opinion of Counsel in the
      United Mexican States to the effect that Securityholders will not recognize
      income, gain or loss for income tax purposes of such jurisdiction as a result
      of
      such deposit and defeasance and will be subject to income tax of such
      jurisdiction on the same amounts and in the same manner and at the same times
      as
      would have been the case if such deposit and defeasance had not occurred;
      and

     

     

    (9) the
      Company delivers to the Trustee an Officers’ Certificate and an Opinion of
      Counsel, each stating that all conditions precedent to the defeasance and
      discharge of the Securities as contemplated by this Article 8 have been complied
      with.

     

    Before
      or
      after a deposit, the Company may make arrangements satisfactory to the Trustee
      for the redemption of Securities at a future date in accordance with Article
      3.

     

    SECTION
      8.03  Application
      of Trust Money.  The Trustee shall hold in trust money
      or U.S. Government Obligations deposited with it pursuant to this
      Article 8.  It shall apply the deposited money and the money
      from U.S. Government Obligations through the Paying Agent and in accordance
      with this Indenture to the payment of principal of and interest on the
      Securities

     

    SECTION
      8.04  Repayment
      to Company.  The Trustee and the Paying Agent shall promptly turn
      over to the Company upon request any excess money or securities held by them
      at
      any time.

     

    Subject
      to any applicable abandoned property law, the Trustee and the Paying Agent
      shall
      pay to the Company upon request any money held by them for the payment of
      principal or interest that remains unclaimed for two years, and,
      thereafter,

     

    
      
         

      

      
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    Securityholders
      entitled to the money must look to the Company for payment as general
      creditors.

     

    SECTION
      8.05  Indemnity
      for Government Obligations.  The Company shall pay and shall
      indemnify the Trustee against any tax, fee or other charge imposed on or
      assessed against deposited U.S. Government Obligations or the principal and
      interest received on such U.S. Government Obligations.

     

    SECTION
      8.06  Reinstatement.  If
      the Trustee or Paying Agent is unable to apply any money or U.S. Government
      Obligations in accordance with this Article 8 by reason of any legal proceeding
      or by reason of any order or judgment of any court or governmental authority
      enjoining, restraining or otherwise prohibiting such application, the Company’s
      and each Subsidiary Guarantor’s obligations under this Indenture, each
      Subsidiary Guaranty and the Securities shall be revived and reinstated as though
      no deposit had occurred pursuant to this Article 8 until such time as the
      Trustee or Paying Agent is permitted to apply all such money or U.S.
      Government Obligations in accordance with this Article 8; provided,
however, that, if the Company has made any payment of interest on
      or
      principal of any Securities because of the reinstatement of its obligations,
      the
      Company shall be subrogated to the rights of the Holders of such Securities
      to
      receive such payment from the money or U.S. Government Obligations held by
      the
      Trustee or Paying Agent.

     

    Article
      9

     

    Amendments

     

    SECTION
      9.01  Without
      Consent of Holders.  The Company, the Subsidiary
      Guarantors and the Trustee may amend this Indenture or the
      Securities without notice to or consent of any Securityholder:

     

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

     

    (2)  to
      comply
      with Article 5;

     

    (3)  to
      provide for uncertificated Securities in addition to or in place of certificated
      Securities; provided, however, that the uncertificated Securities
      are issued in registered form for purposes of Section 163(f) of the Code or
      in a manner such that the uncertificated Securities are described in
      Section 163(f)(2)(B) of the Code;

     

    (4)   to
      add Guarantees with respect to the Securities, including any Subsidiary
      Guaranties, or to secure the Securities;

     

    (5)  to
      add to
      the covenants of the Company or any Subsidiary
      Guarantor for the benefit of the Holders or to surrender
      any right or power herein conferred upon the Company or any Subsidiary
      Guarantor;

     

    
      
         

      

      
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    (6)  to
      make
      any change that does not adversely affect the rights of any Securityholder;
      or

     

    (7)  to
      make
      any amendment to the provisions of this Indenture relating to the form,
      authentication, transfer and legending of Securities; provided,
however, that (a) compliance with this Indenture as so amended would
      not
      result in Securities being transferred in violation of the Securities Act or
      any
      other applicable securities law and (b) such amendment does not materially
      affect the rights of Holders to transfer Securities.

     

    After
      an
      amendment under this Section becomes effective, the Company shall mail to
      Securityholders a notice briefly describing such amendment.  The
      failure to give such notice to all Securityholders, or any defect therein,
      shall
      not impair or affect the validity of an amendment under this
      Section.

     

    SECTION
      9.02  With
      Consent of Holders.  The Company, the
      Subsidiary Guarantors and the Trustee may amend this Indenture or the Securities
      without notice to any Securityholder but with the written consent of the Holders
      of at least a majority in principal amount of the Securities then outstanding
      (including consents obtained in connection with a tender offer or exchange
      for
      the Securities).  However, without the consent of each Securityholder
      affected thereby, an amendment or waiver may not:

     

    (1)  reduce
      the amount of Securities whose Holders must consent to an
      amendment;

     

    (2)  reduce
      the rate of or extend the time for payment of interest on any
      Security;

     

    (3)  reduce
      the principal of or change the Stated Maturity of any Security;

     

    (4)  change
      the provisions applicable to the redemption of any Security contained in
      Article 3;

     

    (5)  make
      any
      Security payable in money other than that stated in the Security;

     

    (6)  make
      any
      change in, the amendment provisions which require each Holder’s consent or in
      the waiver provisions;

     

    (7)  make
      any
      changes in the ranking or priority of any Security that would adversely affect
      the Securityholders;

     

    (8)  make
      any
      change in Section 6.04 or 6.07 or the second sentence of this
      Section;

     

    
      
         

      

      
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    (9)  make
      any
      change in, or release other than in accordance with this Indenture, any
      Subsidiary Guaranty that would adversely affect the Securityholders;
      or

     

    (10)           make
      any change in Section 4.14 that adversely affects the rights of any
      Securityholder or amend the terms of the Securities or this Indenture in a
      way
      that would result in the loss of an exemption from any of the Taxes described
      therein.

     

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

     

    After
      an
      amendment under this Section becomes effective, the Company shall mail to
      Securityholders a notice briefly describing such amendment.  The
      failure to give such notice to all Securityholders, or any defect therein,
      shall
      not impair or affect the validity of an amendment under this
      Section.

     

    SECTION
      9.03  Compliance
      with Trust Indenture Act.  Every amendment to this Indenture or
      the Securities shall comply with the TIA as then in effect.

     

    SECTION
      9.04  Revocation
      and Effect of Consents and Waivers.  A consent to an amendment or
      a waiver by a Holder of a Security shall bind the Holder and every subsequent
      Holder of that Security or portion of the Security that evidences the same
      debt
      as the consenting Holder’s Security, even if notation of the consent or waiver
      is not made on the Security.  However, any such Holder or subsequent
      Holder may revoke the consent or waiver as to such Holder’s Security or portion
      of the Security if the Trustee receives the notice of revocation before the
      date
      the amendment or waiver becomes effective.  After an amendment or
      waiver becomes effective, it shall bind every Securityholder.  An
      amendment or waiver becomes effective upon the execution of such amendment
      or
      waiver by the Trustee.

     

    The
      Company may, but shall not be obligated to, fix a record date for the purpose
      of
      determining the Securityholders entitled to give their consent or take any
      other
      action described above or required or permitted to be taken pursuant to this
      Indenture.  If a record date is fixed, then notwithstanding the
      immediately preceding paragraph, those Persons who were Securityholders at
      such
      record date (or their duly designated proxies), and only those Persons, shall
      be
      entitled to give such consent or to revoke any consent previously given or
      to
      take any such action, whether or not such Persons continue to be Holders after
      such record date.  No such consent shall be valid or effective for
      more than 120 days after such record date.

     

    SECTION
      9.05  Notation
      on or Exchange of Securities.  If an amendment changes the terms
      of a Security, the Trustee may require the Holder of the Security to deliver
      it
      to the Trustee.  The Trustee may place an appropriate notation on the
      Security regarding the changed terms and return it to the
      Holder.  Alternatively, if the

     

    
      
         

      

      
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    Company
      or the Trustee so determines, the Company in exchange for the Security shall
      issue and the Trustee shall authenticate a new Security that reflects the
      changed terms.  Failure to make the appropriate notation or to issue a
      new Security shall not affect the validity of such amendment.

     

    SECTION
      9.06  Trustee
      To Sign Amendments.  The Trustee shall sign any amendment
      authorized pursuant to this Article 9 if the amendment does not adversely affect
      the rights, duties, liabilities or immunities of the Trustee.  If it
      does, the Trustee may but need not sign it.  In signing such amendment
      the Trustee shall be entitled to receive indemnity reasonably satisfactory
      to it
      and shall be provided with, and (subject to Section 7.01) shall be fully
      protected in relying upon, an Officers’ Certificate and an Opinion of Counsel
      stating that such amendment is authorized or permitted by this
      Indenture.

     

    SECTION
      9.07  Payment
      for Consent.  Neither the Company nor any Affiliate of the Company
      shall, directly or indirectly, pay or cause to be paid any consideration,
      whether by way of interest, fee or otherwise, to any Holder for or as an
      inducement to any consent, waiver or amendment of any of the terms or provisions
      of this Indenture or the Securities unless such consideration is offered to
      be
      paid to all Holders that so consent, waive or agree to amend in the time frame
      set forth in solicitation documents relating to such consent, waiver or
      agreement.

     

    Article
      10

     

    Subsidiary
      Guarantees

     

    SECTION
      10.01  Guarantees.  Each
      Subsidiary Guarantor hereby unconditionally and irrevocably guarantees, jointly
      and severally, to each Holder and to the Trustee and its successors and assigns
      (a) the full and punctual payment of principal of and interest on the
      Securities when due, whether at maturity, by acceleration, by redemption or
      otherwise, and all other monetary obligations of the Company under this
      Indenture and the Securities and (b) the full and punctual performance
      within applicable grace periods of all other obligations of the Company under
      this Indenture and the Securities (all the foregoing being hereinafter
      collectively called the “Obligations”).  Each Subsidiary Guarantor
      further agrees that the Obligations may be extended or renewed, in whole or
      in
      part, without notice or further assent from such Subsidiary Guarantor and that
      such Subsidiary Guarantor will remain bound under this Article 10
      notwithstanding any extension or renewal of any Obligation.

     

    Each
      Subsidiary Guarantor waives presentation to, demand of, payment from and protest
      to the Company of any of the Obligations and also waives notice of protest
      for
      nonpayment.  Each Subsidiary Guarantor waives notice of any default
      under the Securities or the Obligations.  The obligations of each
      Subsidiary Guarantor hereunder shall not be affected by (1) the failure of
      any Holder or the Trustee to assert any claim or demand or to enforce any right
      or remedy against the Company or any other Person (including any Subsidiary
      Guarantor) under this Indenture, the Securities or any other agreement or
      otherwise; (2) any extension or renewal of any thereof;
      (3) any

     

    
      
         

      

      
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    rescission,
      waiver, amendment or modification of any of the terms or provisions of this
      Indenture, the Securities or any other agreement; (4) the release of any
      security held by any Holder or the Trustee for the Obligations or any of them;
      (5) the failure of any Holder or the Trustee to exercise any right or
      remedy against any other guarantor of the Obligations; or (6) except as set
      forth in Section 10.06, any change in the ownership of such Subsidiary
      Guarantor.

     

    Each
      Subsidiary Guarantor further agrees that its Subsidiary Guaranty herein
      constitutes a guarantee of payment, performance and compliance when due (and
      not
      a guarantee of collection) and waives any right to require that any resort
      be
      had by any Holder or the Trustee to any security held for payment of the
      Obligations.

     

    Each
      Subsidiary Guarantor hereby acknowledges that this Indenture and each Subsidiary
      Guaranty shall be governed by the laws of the State of New York and hereby
      expressly and irrevocably waives the benefit of “orden”, “excusión”, “division”,
“quita”, “novación”, “espera”, “modificación” and all other rights provided for
      in Articles 2813, 2814, 2816, 2817, 2818, 2820, 2821, 2822, 2823, 2827, 2836,
      2840, 2842, 2845, 2846, 2847, 2848 and 2849 of the Federal Civil Code (and
      the
      corresponding Articles under the Civil Codes in effect for each of the States
      of
      Mexico and the Federal District), which Articles are not reproduced herein
      inasmuch as each Subsidiary Guarantor hereby represents that it has read and
      is
      familiar with the contents thereof.

     

    Except
      as
      expressly set forth in Sections 8.01(b), 10.02 and 10.06, the obligations
      of each Subsidiary Guarantor hereunder shall not be subject to any reduction,
      limitation, impairment or termination for any reason, including any claim of
      waiver, release, surrender, alteration or compromise, and shall not be subject
      to any defense of setoff, counterclaim, recoupment or termination whatsoever
      or
      by reason of the invalidity, illegality or unenforceability of the Obligations
      or otherwise.  Without limiting the generality of the foregoing, the
      obligations of each Subsidiary Guarantor herein shall not be discharged or
      impaired or otherwise affected by the failure of any Holder or the Trustee
      to
      assert any claim or demand or to enforce any remedy under this Indenture, the
      Securities or any other agreement, by any waiver or modification of any thereof,
      by any default, failure or delay, willful or otherwise, in the performance
      of
      the obligations, or by any other act or thing or omission or delay to do any
      other act or thing which may or might in any manner or to any extent vary the
      risk of such Subsidiary Guarantor or would otherwise operate as a discharge
      of
      such Subsidiary Guarantor as a matter of law or equity.

     

    Each
      Subsidiary Guarantor further agrees that its Guarantee herein shall continue
      to
      be effective or be reinstated, as the case may be, if at any time payment,
      or
      any part thereof, of principal of or interest on any Obligation is rescinded
      or
      must otherwise be restored by any Holder or the Trustee upon the bankruptcy
      or
      reorganization of the Company or otherwise.

     

    In
      furtherance of the foregoing and not in limitation of any other right which
      any
      Holder or the Trustee has at law or in equity against any Subsidiary Guarantor
      by virtue hereof, upon the failure of the Company to pay the principal of or
      interest on

     

    
      
         

      

      
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    any
      Obligation when and as the same shall become due, whether at maturity, by
      acceleration, by redemption or otherwise, or to perform or comply with any
      other
      Obligation, each Subsidiary Guarantor hereby promises to and shall, upon receipt
      of written demand by the Trustee, forthwith pay, or cause to be paid, in cash,
      to the Holders or the Trustee an amount equal to the sum of (A) the unpaid
      amount of such Obligations, (B) accrued and unpaid interest on such
      Obligations (but only to the extent not prohibited by law) and (C) all other
      monetary Obligations of the Company to the Holders and the Trustee.

     

    Each
      Subsidiary Guarantor agrees that, as between it, on the one hand, and the
      Holders and the Trustee, on the other hand, (i) the maturity of the
      Obligations Guaranteed hereby may be accelerated as provided in Article 6 for
      the purposes of such Subsidiary Guarantor’s Subsidiary Guaranty herein,
      notwithstanding any stay, injunction or other prohibition preventing such
      acceleration in respect of the Obligations guaranteed hereby, and (ii) in
      the event of any declaration of acceleration of such Obligations as provided
      in
      Article 6, such Obligations (whether or not due and payable) shall
      forthwith become due and payable by such Subsidiary Guarantor for the purposes
      of this Section.

     

    Each
      Subsidiary Guarantor also agrees to pay any and all costs and expenses
      (including reasonable attorneys’ fees) incurred by the Trustee or any Holder in
      enforcing any rights under this Section.

     

    SECTION
      10.02  Limitation
      on Liability.  Any term or provision of this Indenture to the
      contrary notwithstanding, the maximum aggregate amount of the Obligations
      guaranteed hereunder by any Subsidiary Guarantor shall not exceed the maximum
      amount that can be hereby guaranteed without rendering this Indenture, as it
      relates to such Subsidiary Guarantor, voidable under applicable law relating
      to
      fraudulent conveyance or fraudulent transfer or similar laws affecting the
      rights of creditors generally.

     

    SECTION
      10.03  Successors
      and Assigns.  This Article 10 shall be binding upon each
      Subsidiary Guarantor and its successors and assigns and shall enure to the
      benefit of the successors and assigns of the Trustee and the Holders and, in
      the
      event of any transfer or assignment of rights by any Holder or the Trustee,
      the
      rights and privileges conferred upon that party in this Indenture and in the
      Securities shall automatically extend to and be vested in such transferee or
      assignee, all subject to the terms and conditions of this
      Indenture.

     

    SECTION
      10.04  No
      Waiver.  Neither a failure nor a delay on the part of either the
      Trustee or the Holders in exercising any right, power or privilege under this
      Article 10 shall operate as a waiver thereof, nor shall a single or partial
      exercise thereof preclude any other or further exercise of any right, power
      or
      privilege.  The rights, remedies and benefits of the Trustee and the
      Holders herein expressly specified are cumulative and not exclusive of any
      other
      rights, remedies or benefits which either may have under this Article 10 at
      law,
      in equity, by statute or otherwise.

     

    
      
         

      

      
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    SECTION
      10.05  

     

    SECTION
      10.06  Modification.  No
      modification, amendment or waiver of any provision of this Article 10, nor
      the consent to any departure by any Subsidiary Guarantor therefrom, shall in
      any
      event be effective unless the same shall be in writing and signed by the
      Trustee, and then such waiver or consent shall be effective only in the specific
      instance and for the purpose for which given.  No notice to or demand
      on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor
      to any other or further notice or demand in the same, similar or other
      circumstances.

     

    SECTION
      10.07  Release
      of Subsidiary Guarantor.  A Subsidiary Guarantor shall be released
      from its obligations under this Article 10 (other than any obligation that
      shall
      have arisen under Section 10.07):

     

    (1)  upon
      the
      sale (including any sale pursuant to any exercise of remedies by a holder of
      Indebtedness of the Company or of such Subsidiary Guarantor) or other
      disposition (including by way of consolidation or merger) of a Subsidiary
      Guarantor;

     

    (2)  upon
      the
      sale or disposition of all or substantially all the assets of such Subsidiary
      Guarantor;

     

    (3)  upon
      the
      designation of such Subsidiary Guarantor as an Unrestricted Subsidiary in
      accordance with the terms of this Indenture;

     

    (4)  at
      such
      time as such Subsidiary Guarantor does not have any Indebtedness outstanding
      that would have required such Subsidiary Guarantor to enter into a Guaranty
      Agreement pursuant to Section 4.13, and the Company provides an Officer’s
      Certificate to the Trustee certifying that no such Indebtedness is outstanding
      and that the Company elects to have such Subsidiary Guarantor released;
      or

     

    (5)  upon
      defeasance of the Securities;

     

    provided,
      however, that in the case of clauses (1) and (2) above, (i) such
      sale or other disposition is made to a Person other than the Company or an
      Affiliate and (ii) such sale or disposition is otherwise permitted by this
      Indenture.  At the request of the Company, the Trustee shall execute
      and deliver an appropriate instrument evidencing such release.

     

    SECTION
      10.08  Contribution.  Each
      Subsidiary Guarantor that makes a payment under its Subsidiary Guaranty shall
      be
      entitled upon payment in full of all guarantied obligations under this Indenture
      to a contribution from each other Subsidiary Guarantor in an amount equal to
      such other Subsidiary Guarantor’s prorata portion of such payment
      based on the respective net assets of all the Subsidiary Guarantors at the
      time
      of such payment determined in accordance with GAAP.

     

    
      
         

      

      
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    Article
      11

     

    Miscellaneous

     

    SECTION
      11.01  Trust
      Indenture Act Controls.  If any provision of this Indenture
      limits, qualifies or conflicts with another provision which is required to
      be
      included in this Indenture by the TIA, the required provision shall
      control.

     

    SECTION
      11.02  Notices.  Any
      notice or communication required to be delivered hereunder shall be in English
      and in writing and delivered in person or mailed by first-class mail addressed
      as follows:

     

    if
      to the
      Company or any Subsidiary Guarantor:

     

    Axtel,
      S.A.B. de C.V.

    Blvd.
      Diaz Ordaz km. 3.33 No. L-1

    Col.
      Unidad San Pedro

    San
      Pedro
      Garza Garcia, N.L.

    Mexico,
      CP  66215

    Telephone:  +52
      (81) 8114-0000

    Facsimile:  +52(81)
      8114-1771

    Attention:  Chief
      Financial Officer

    

    with
      a
      copy to:

     

    Cahill
      Gordon & Reindel LLP

    80
      Pine
      Street

    New
      York,
      New York  10005

    Telephone:  (212)
      701-3000

    Facsimile:  (212)
      701-3005

    Attention:  Roger
      Andrus, Esq.

    

    if
      to the
      Trustee:

     

    The
      Bank
      of New York

    101
      Barclay Street, Floor 4E

    New
      York,
      NY  10286

    Telephone:  (212)
      815-5213

    Facsimile:  (212)
      815-5366

    Attention:  Corporate
      Trust Administration – Global Finance Unit

    

    The
      Company, any Subsidiary Guarantor or the Trustee by notice to the others may
      designate additional or different addresses for subsequent notices or
      communications.

     

    
      
         

      

      
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    Any
      notice or communication mailed to a Securityholder shall be mailed to the
      Securityholder at the Securityholder’s address as it appears on the registration
      books of the Registrar and shall be sufficiently given if so mailed within
      the
      time prescribed.

     

    Failure
      to mail a notice or communication to a Securityholder or any defect in it shall
      not affect its sufficiency with respect to other Securityholders.  If
      a notice or communication is mailed in the manner provided above, it is duly
      given, whether or not the addressee receives it; provided that any notice or
      communication delivered to the Trustee shall be deemed effective upon actual
      receipt thereof.

     

    SECTION
      11.03  Communication
      by Holders with Other Holders.  Securityholders may communicate
      pursuant to TIA § 312(b) with other Securityholders with respect to their rights
      under this Indenture or the Securities.  The Company, any Subsidiary
      Guarantor, the Trustee, the Registrar and anyone else shall have the protection
      of TIA § 312(c).

     

    SECTION
      11.04  Certificate
      and Opinion as to Conditions Precedent.  Upon any request or
      application by the Company to the Trustee to take or refrain from taking any
      action under this Indenture, the Company shall furnish to the
      Trustee:

     

    (1)  an
      Officers’ Certificate in form and substance reasonably satisfactory to the
      Trustee stating that, in the opinion of the signers, all conditions precedent,
      if any, provided for in this Indenture relating to the proposed action have
      been
      complied with; and

     

    (2)  an
      Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
      stating that, in the opinion of such counsel, all such conditions precedent
      have
      been complied with.

     

    SECTION
      11.05  Statements
      Required in Certificate or Opinion.  Each certificate or opinion
      with respect to compliance with a covenant or condition provided for in this
      Indenture shall include:

     

    (1)  a
      statement that the individual making such certificate or opinion has read such
      covenant or condition;

     

    (2)  a
      brief
      statement as to the nature and scope of the examination or investigation upon
      which the statements or opinions contained in such certificate or opinion are
      based;

     

    (3)  a
      statement that, in the opinion of such individual, he or she has made such
      examination or investigation as is necessary to enable him or her to express
      an
      informed opinion as to whether or not such covenant or condition has been
      complied with; and

     

    
      
         

      

      
        79

        
          

        

      

      
         

      

    

    

     

    (4)  a
      statement as to whether or not, in the opinion of such individual, such covenant
      or condition has been complied with.

     

    SECTION
      11.06  When
      Securities Disregarded.  In determining whether the Holders of the
      required principal amount of Securities have concurred in any direction, waiver
      or consent, Securities owned by the Company or by any Person directly or
      indirectly controlling or controlled by or under direct or indirect common
      control with the Company shall be disregarded and deemed not to be outstanding,
      except that, for the purpose of determining whether the Trustee shall be
      protected in relying on any such direction, waiver or consent, only Securities
      which the Trustee knows are so owned shall be so disregarded.  Also,
      subject to the foregoing, only Securities outstanding at the time shall be
      considered in any such determination.

     

    SECTION
      11.07  Rules
      by Trustee, Paying Agent and Registrar.  The Trustee may make
      reasonable rules for action by or a meeting of Securityholders.  The
      Registrar and the Paying Agent may make reasonable rules for their
      functions.

     

    SECTION
      11.08  Legal
      Holidays.  If a payment date is a Legal Holiday, payment shall be
      made on the next succeeding day that is not a Legal Holiday, and no interest
      shall accrue for the intervening period.  If a regular record date is
      a Legal Holiday, the record date shall not be affected.

     

    SECTION
      11.09  Force
      Majeure.  In no event shall the Trustee be responsible or liable
      for any failure or delay in the performance of its obligations under this
      Indenture arising out of or caused by, directly or indirectly, forces beyond
      its
      reasonable control, including without limitation strikes, work stoppages,
      accidents, acts of war or terrorism, civil or military disturbances, nuclear
      or
      natural catastrophes or acts of god, and interruptions, loss or malfunctions
      of
      utilities, communications or computer (software or hardware)
      services.

     

    SECTION
      11.10  Governing
      Law.  This Indenture and the Securities shall be governed by, and
      construed in accordance with, the laws of the State of
      New York.

     

    SECTION
      11.11  Consent
      to Jurisdiction; Appointment of Agent for Service of Process; Judgment
      Currency.  (a)  each of the Company and the Subsidiary
      Guarantors, by the execution and delivery of this Indenture, irrevocably agrees
      that service of process may be made upon CT Corporation System (“CT
      Corporation”), with offices at 111 Eighth Avenue, New York, New York 10011 (or
      its successors as agent for service of process), in the County, City and State
      of New York, United States of America, in any suit or proceeding against it
      instituted by the Trustee, based on or arising under this Indenture or the
      Securities and the transactions contemplated hereby in any federal or state
      court in the State of New York, County of New York, and each of the Company
      and
      the Subsidiary Guarantors hereby irrevocably consents and submits to the
      exclusive jurisdiction of, any such court and to the courts of its own corporate
      domicile in

     

    
      
         

      

      
        80

        
          

        

      

      
         

      

    

    respect
      of actions brought against it as a defendant generally and unconditionally
      in
      respect of any such suit or proceeding.

     

    (b)  each
      of
      the Company and the Subsidiary Guarantors further, by the execution and delivery
      of this Indenture, irrevocably designates, appoints and empowers CT Corporation,
      with offices at 111 Eighth Avenue, New York, New York 10011, as its designee,
      appointee and authorized agent to receive for and on its behalf service
      (i) of any and all legal process, summons, notices and documents that may
      be served in any action, suit or proceeding brought against it with respect
      to
      its obligations, liabilities or any other matter arising out of or in connection
      with this Indenture or the Securities and the transactions contemplated hereby
      and (ii) that may be made on such designee, appointee and authorized agent
      in accordance with legal procedures prescribed for such courts, and it being
      understood that the designation and appointment of CT Corporation as such
      authorized agent shall become effective immediately without any further action
      on its part.  Each of the Company and the Subsidiary Guarantors
      represents to the Trustee that it has notified CT Corporation of such
      designation and appointment and that CT Corporation has accepted the same,
      and
      that CT Corporation has been paid its full fee for such designation, appointment
      and related services through the date that is one year from the date of this
      Indenture.  Each of the Company and the Subsidiary Guarantors further
      agrees that, to the extent permitted by law, service of process upon CT
      Corporation (or its successors as agent for service of process) and written
      notice of said service to the Company or a Subsidiary Guarantor, as applicable,
      pursuant to Section 11.02 of this Indenture, shall be deemed in every
      respect effective service of process upon it in any such suit or
      proceeding.  If for any reason such designee, appointee and agent
      hereunder shall cease to be available to act as such, each of the Company and
      the Subsidiary Guarantors agrees to designate a new designee, appointee and
      agent in The City of New York, New York on the terms and for the purposes of
      this Section reasonably satisfactory to the Trustee.  Each of the
      Company and the Subsidiary Guarantors further hereby irrevocably consents and
      agrees to the service of any and all legal process, summons, notices and
      documents in any such action, suit or proceeding against the it by serving
      a
      copy thereof upon the relevant agent for service of process referred to in
      this
      Section (whether or not the appointment of such agent shall for any reason
      prove
      to be ineffective or such agent shall accept or acknowledge such service) and
      by
      mailing copies thereof by registered or certified air mail, postage prepaid,
      to
      the it at its address specified in or designated pursuant to this
      Indenture.  Each of the Company and the Subsidiary Guarantors agrees
      that the failure of any such designee, appointee and agent to give any notice
      of
      such service to it shall not impair or affect in any way the validity of such
      service or any judgment rendered in any action or proceeding based
      thereon.  Nothing herein shall in any way be deemed to limit the
      ability of the Trustee to serve any such legal process, summons, notices and
      documents in any other manner permitted by applicable law.  Each of
      the Company and the Subsidiary Guarantors hereby irrevocably and unconditionally
      waives, to the fullest extent permitted by law, any objection that it may now
      or
      hereafter have to the laying of venue of any of the aforesaid actions, suits
      or
      proceedings arising out of or in connection with this Indenture brought in
      federal or state court in the State of New York, County of New York, and hereby
      further irrevocably and unconditionally waives and agrees not to plead or claim
      in any such court that any such

     

    
      
         

      

      
        81

        
          

        

      

      
         

      

    

    action,
      suit or proceeding brought in any such court has been brought in an inconvenient
      forum.

     

    (c)  If
      for
      the purposes of obtaining judgment in any court it is necessary to convert
      a sum
      due hereunder into any currency other than United States dollars, the parties
      hereto agree, to the fullest extent that they may effectively do so, that the
      rate of exchange used shall be the rate at which in accordance with normal
      banking procedures the Trustee could purchase United States dollars with the
      other currency in New York City on the business day preceding that on which
      final judgment is given.  The obligation of any party hereto in
      respect of any sum due from it to the Trustee shall, notwithstanding any
      judgment in a currency other than United States dollars, not be discharged
      until
      the first business day, following receipt by the Trustee of any sum adjudged
      to
      be so due in the other currency, on which (and only to the extent that) the
      Trustee may in accordance with normal banking procedures purchase United States
      dollars with the other currency; if the United States dollars so purchased
      are
      less than the sum originally due to the Trustee hereunder, such party agrees,
      as
      a separate obligation and notwithstanding any such judgment, to indemnify the
      Trustee against the loss.  If the United States dollars so purchased
      are greater than the sum originally due to the Trustee hereunder, the Trustee
      agrees to pay to such party an amount equal to the excess of the dollars so
      purchased over the sum originally due to the Trustee hereunder.

     

    (d)  To
      the
      extent that any of the Company or the Subsidiary Guarantors may acquire any
      immunity from jurisdiction of any court or from any legal process (whether
      through service of notice, attachment prior to judgment, attachment in aid
      of
      execution, execution or otherwise) with respect to itself or its property,
      it
      hereby irrevocably waives such immunity, to the fullest extent permitted by
      law.

     

    (e)  The
      provisions of this Section shall survive any termination of this Indenture,
      in
      whole or in part.

     

    SECTION
      11.12  WAIVER
      OF JURY TRIAL.  EACH OF THE COMPANY, THE SUBSIDIARY GUARANTORS AND
      THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
      APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
      ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS
      CONTEMPLATED HEREBY.

     

    SECTION
      11.13  No
      Recourse Against Others.  A director, officer, employee or
      stockholder, as such, of the Company or any Subsidiary Guarantor shall not
      have
      any liability for any obligations of the Company under the Securities or this
      Indenture or of such Subsidiary Guarantor under its Subsidiary Guaranty or
      this
      Indenture or for any claim based on, in respect of or by
      reason of such obligations or their creation.  By accepting a
      Security, each Securityholder shall waive and release all such
      liability.  The waiver and release shall be part of the consideration
      for the issue of the Securities.

     

    SECTION
      11.14  Successors.  All
      agreements of the Company in this Indenture and the Securities shall bind its
      successors.  All agreements of the Subsidiary Guarantors shall bind
      their respective successors.  All agreements of the Trustee in this
      Indenture shall bind its successors.

     

    SECTION
      11.15  Multiple
      Originals.  The parties may sign any number of copies of this
      Indenture.  Each signed copy shall be an original, but all of them
      together represent the same agreement.  One signed copy is enough to
      prove this Indenture.

     

    SECTION
      11.16  Table
      of Contents; Headings.  The table of contents, cross-reference
      sheet and headings of the Articles and Sections of this Indenture have been
      inserted for convenience of reference only, are not intended to be considered
      a
      part hereof and shall not modify or restrict any of the terms or provisions
      hereof.

     

    

    
      
         

      

      
        82

        
          

        

      

      
         

      

    

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

     

    
      	
              AXTEL,
                S.A.B. DE C.V.,

            
	
              By

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    
      	
              SERVICIOS
                AXTEL, S.A. DE C.V.,

            
	
              By

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    
      	
              IMPULSORA
                E INMOBILIARIA REGIONAL, S.A. DE C.V.,

            
	
              By

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    
      	
              INSTALACIONES
                Y CONTRATACIONES, S.A. DE C.V.,

            
	
              By

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    
      	
              AVANTEL,
                S. DE R.L. DE C.V.,

            
	
              By

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    
      	
              AVANTEL
                INFRAESTRUCTURA S. DE R.L. DE C.V.,

            
	
              by

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    
      	
              ADEQUIP,
                S.A.,

            
	
              by

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    
      	
              AVANTEL
                EQUIPOS, S.A. DE C.V.,

            
	
              by

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    
      	
              AVANTEL
                RECURSOS, S.A. DE C.V.,

            
	
              by

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    
      	
              AVANTEL
                SERVICIOS, S.A. DE C.V.,

            
	
              by

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    
      	
              AVANTEL
                TELECOMMUNICACIONES, S.A. DE C.V.,

            
	
              by

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    
      	
              TELECOM
                NETWORKS, INC.,

            
	
              by

            
	 	 
	 	
              Name:                      

            
	 	
              Title:

            

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

    

    
      	
              THE
                BANK OF NEW YORK,

            
	
              By

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SHAREHOLDERS

     

    

    Blackstone
      Capital Partners III Merchant Banking Fund L.P.

    Blackstone
      Family Investment Partnership III L.P.

    New
      Hampshire Insurance Company

    LAIF
      X
      sprl

    Thomas
      Milmo Zambrano

    Ma.
      Luisa
      Santos de Hoyos

    Alberto
      Santos de Hoyos

    Tomas
      Milmo Santos

    Impra
      Café, S.A. de C.V.

    Alberto
      Garza Santos

    David
      Garza Santos

    Federico
      Garza Santos

    Marcela
      Garza Santos

    Yolanda
      Garza Santos

    Citigroup,
      Inc.

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    PROVISIONS
      RELATING TO SECURITIES

     

    1.           Definitions

     

    1.1           Definitions

     

    For
      the
      purposes of this Appendix the following terms shall have the meanings indicated
      below:

     

    “Applicable
      Procedures” means, with respect to any transfer or transaction involving a
      Temporary Regulation S Global Security or beneficial interest therein, the
      rules
      and procedures of the Depository for such a Temporary Regulation S Global
      Security, to the extent applicable to such transaction and as in effect from
      time to time.

     

    “Definitive
      Security” means a certificated Security bearing, if required, the appropriate
      restricted securities legend set forth in Section 2.3(e).

     

    “Depository”
      means The Depository Trust Company, its nominees and their respective
      successors.

     

    “Distribution
      Compliance Period”, with respect to any Securities, means the period of 40
      consecutive days beginning on and including the later of (i) the day on which
      such Securities are first offered to Persons other than distributors (as defined
      in Regulation S under the Securities Act) in reliance on Regulation S and (ii)
      the issue date with respect to such Securities.

     

    “IAI”
      means an institutional “accredited investor,” as defined in Rule 501(a) (1),
      (2), (3) or (7) of Regulation D under the Securities Act.

     

    “Initial
      Purchaser” means (1) with respect to the Securities issued on the Issue
      Date, Credit Suisse Securities (USA) LLC, and (2) with respect to each
      issuance of Additional Securities, the Persons purchasing such Additional
      Securities under the related Purchase Agreement.

     

    “Purchase
      Agreement” means (1) with respect to the Securities issued on the Issue
      Date, the Purchase Agreement dated January 30, 2007, among the Company, the
      Subsidiary Guarantors and the Initial Purchaser, and (2) with respect to
      each issuance of Additional Securities, the purchase agreement or underwriting
      agreement among the Company, the Subsidiary Guarantors and the Persons
      purchasing such Additional Securities.

     

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

     

    “Rule
      144A Securities” means all Securities offered and sold to QIBs in reliance on
      Rule 144A.

     

    “Securities”
      means (1) US$275,000,000 aggregate principal amount of 75⁄8% Senior Unsecured
      Notes Due 2017 issued on the Issue Date and (2) Additional

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Securities,
      if any, issued in a transaction exempt from the registration requirements of
      the
      Securities Act.

     

    “Securities
      Act” means the Securities Act of 1933.

     

    “Securities
      Custodian” means the custodian with respect to a Global Security (as appointed
      by the Depository), or any successor Person thereto and shall initially be
      the
      Trustee.

     

    “Transfer
      Restricted Securities” means Securities that bear or are required to bear the
      legend set forth in Section 2.3(b) hereto.

     

    1.2           Other
      Definitions

    
      	
              Term

            	
              Defined
                in

              Section:

            
	
              Agent
                Members

            	
              2.1(b)

            
	
              Global
                Securities

            	
              2.1(a)

            
	
              IAI
                Global Security

            	
              2.1(a)

            
	
              Permanent
                Regulation S Global Security

            	
              2.1(a)

            
	
              Regulation
                S

            	
              2.1(a)

            
	
              Regulation
                S Global Security

            	
              2.1(a)

            
	
              Rule
                144A

            	
              2.1(a)

            
	
              Rule
                144A Global Security

            	
              2.1(a)

            
	
              Temporary
                Regulation S Global Security

            	
              2.1(a)

            

    

    

    2.           The
      Securities.

     

    2.1           (a)  Form
      and Dating.  The Securities will be offered and sold by the
      Company pursuant to a Purchase Agreement.  The Securities will be
      resold initially only to (i) QIBs in reliance on Rule 144A under the Securities
      Act (“Rule 144A”) and (ii) Persons other than U.S. Persons (as defined in
      Regulation S) in reliance on Regulation S under the Securities Act (“Regulation
      S”).  Securities may thereafter be transferred to, among others, QIBs,
      IAIs and purchasers in reliance on Regulation S, subject to the restrictions
      on
      transfer set forth herein.  Securities initially resold pursuant to
      Rule 144A shall be issued in the form of one or more permanent global Securities
      in definitive, fully registered form without interest coupons (collectively,
      the
“Rule 144A Global Security”); and Securities initially resold to IAIs shall be
      issued in the form of one or more permanent global Securities in definitive,
      fully registered form without interest coupons (collectively, the “IAI Global
      Security”); and Securities initially resold pursuant to Regulation S shall be
      issued initially  in the form of one or more temporary global
      securities in fully registered form (collectively, the “Temporary Regulation S
      Global Security”), in each case without interest coupons and with the global
      securities legend and the applicable restricted securities legend set forth
      in
      Exhibit 1 hereto, which shall be deposited on behalf of the purchasers of the
      Securities represented thereby with the Securities Custodian and registered
      in
      the name of the Depository or a nominee of the Depository, duly executed by
      the
      Company and authenticated by the Trustee as provided

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    in
      this
      Indenture.  Except as set forth in this Section 2.1(a), beneficial
      ownership interests in the Temporary Regulation S Global Security will not
      be
      exchangeable for interests in the Rule 144A Global Security, the IAI Global
      Security, a permanent global security (the “Permanent Regulation S Global
      Security” and together with the Temporary Regulation S Global Security, the
“Regulation S Global Security” or any other Security prior to the expiration of
      the Distribution Compliance Period and then, after the expiration of the
      Distribution Compliance Period, may be exchanged for interests in a Rule 144A
      Global Security or an IAI Global Security only upon certification in form
      reasonably satisfactory to the Trustee that (i) beneficial ownership interests
      in such Temporary Regulation S Global Security are owned either by non-U.S.
      persons or U.S. persons who purchased such interests in a transaction that
      did
      not require registration under the Securities Act and (ii) in the case of an
      exchange for an IAI Global Security, certification that the interest in the
      Temporary Regulation S Global Security is being transferred to an institutional
      “accredited investor” under the Securities Act that is an institutional
      accredited investor acquiring the securities for its own account or for the
      account of an institutional accredited investor.

     

    Beneficial
      interests in Temporary Regulation S Global Securities or IAI Global Securities
      may be exchanged for interests in Rule 144A Global Securities if (1) such
      exchange occurs in connection with a transfer of Securities in compliance with
      Rule 144A and (2) the transferor of the beneficial interest in the Temporary
      Regulation S Global Security or the IAI Global Security, as applicable, first
      delivers to the Trustee a written certificate (in a form satisfactory to the
      Trustee) to the effect that the beneficial interest in the Temporary Regulation
      S Global Security or the IAI Global Security, as applicable, is being
      transferred to a Person (a) who the transferor reasonably believes to be a
      QIB,
      (b) purchasing for its own account or the account of a QIB in a transaction
      meeting the requirements of Rule 144A, and (c) in accordance with all applicable
      securities laws of the States of the United States and other
      jurisdictions.

     

    Beneficial
      interests in Temporary Regulation S Global Securities and Rule 144A Global
      Securities may be exchanged for an interest in IAI Global Securities if (1)
      such
      exchange occurs in connection with a transfer of the securities in compliance
      with an exemption under the Securities Act and (2) the transferor of the
      Regulation S Global Security or Rule 144A Global Security, as applicable, first
      delivers to the Trustee a written certificate (substantially in the form of
      Exhibit 2) to the effect that (A) the Regulation S Global Security or Rule
      144A
      Global Security, as applicable, is being transferred (a) to an “accredited
      investor” within the meaning of 501(a) (1), (2), (3) or (7) under the Securities
      Act that is an institutional investor acquiring the securities for its own
      account or for the account of such an institutional accredited investor, in
      each
      case in a minimum principal amount of Securities of US$250,000, for investment
      purposes and not with a view to or for offer or sale in connection with any
      distribution in violation of the Securities Act and (B) in accordance with
      all
      applicable securities laws of the States of the United States and other
      jurisdictions.

     

    Beneficial
      interests in a Rule 144A Global Security or an IAI Global Security may be
      transferred to a Person who takes delivery in the form of an interest in a
      Regulation S Global Security, whether before or after the expiration of the
      Distribution

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Compliance
      Period, only if the transferor first delivers to the Trustee a written
      certificate (in the form provided in the Indenture) to the effect that such
      transfer is being made in accordance with Rule 903 or 904 of Regulation S or
      Rule 144 (if applicable).

     

    The
      Rule
      144A Global Security, the IAI Global Security, the Temporary Regulation S Global
      Security and the Permanent Regulation S Global Security are collectively
      referred to herein as “Global Securities”.  The aggregate principal
      amount of the Global Securities may from time to time be increased or decreased
      by adjustments made on the records of the Trustee and the Depository or its
      nominee as hereinafter provided.

     

    (b)           Book-Entry
      Provisions.  This Section 2.1(b) shall apply only to a Global
      Security deposited with or on behalf of the Depository.

     

    The
      Company shall execute and the Trustee shall, in accordance with this
      Section 2.1(b), authenticate and deliver initially one or more Global
      Securities that (a) shall be registered in the name of the Depository for
      such Global Security or Global Securities or the nominee of such Depository
      and
      (b) shall be delivered by the Trustee to such Depository or pursuant to
      such Depository’s instructions or held by the Trustee as custodian for the
      Depository.

     

    Members
      of, or participants in, the Depository (“Agent Members”) shall have no rights
      under this Indenture with respect to any Global Security held on their behalf
      by
      the Depository or by the Trustee as the custodian of the Depository or under
      such Global Security, and the Company, the Trustee and any agent of the Company
      or the Trustee shall be entitled to treat the Depository as the absolute owner
      of such Global Security for all purposes whatsoever.  Notwithstanding
      the foregoing, nothing herein shall prevent the Company, the Trustee or any
      agent of the Company or the Trustee from giving effect to any written
      certification, proxy or other authorization furnished by the Depository or
      impair, as between the Depository and its Agent Members, the operation of
      customary practices of such Depository governing the exercise of the rights
      of a
      holder of a beneficial interest in any Global Security.

     

    (c)           Definitive
      Securities.  Except as provided in this Section 2.1 or
      Section 2.3 or 2.4, owners of beneficial interests in Restricted Global
      Securities shall not be entitled to receive physical delivery of Definitive
      Securities.

     

    2.2           Authentication.  The
      Trustee shall authenticate and deliver:  (1) on the Issue Date,
      an aggregate principal amount of US$275,000,000 75⁄8% Senior Unsecured Notes Due
      2017 and (2) any Additional Securities for an original issue in an
      aggregate principal amount specified in the written order of the Company
      pursuant to Section 2.02 of the Indenture. Such order shall specify the
      amount of the Securities to be authenticated and the date on which the original
      issue of Securities is to be authenticated and, in the case of any issuance
      of
      Additional Securities pursuant to Section 2.13 of the Indenture, shall
      certify that such issuance is in compliance with Section 4.03 of the
      Indenture.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

     

    2.3           Transfer
      and Exchange.

     

    (a)           Transfer
      and Exchange of Definitive Securities.  When Definitive Securities
      are presented to the Registrar with a request:

     

    
      	
               

            	
              (x)

            	
              to
                register the transfer of such Definitive Securities;
                or

            

    

     

    
      	
               

            	
              (y)

            	
              to
                exchange such Definitive Securities for an equal principal amount
                of
                Definitive Securities of other authorized
                denominations,

            

    

     

    the
      Registrar shall register the transfer or make the exchange as requested if
      its
      reasonable requirements for such transaction are met; provided,
however, that the Definitive Securities surrendered for transfer or
      exchange:

     

     

    (i)           shall
      be duly endorsed or accompanied by a written instrument of transfer in form
      reasonably satisfactory to the Company and the Registrar, duly executed by
      the
      Holder thereof or its attorney duly authorized in writing; and

     

     

    (ii)           if
      such Definitive Securities are required to bear a restricted securities legend,
      they are being transferred or exchanged pursuant to an effective registration
      statement under the Securities Act, pursuant to Section 2.3(b) or pursuant
      to
      clause (A), (B) or (C) below, and are accompanied by the following additional
      information and documents, as applicable:

     

     

    (A)           if
      such Definitive Securities are being delivered to the Registrar by a Holder
      for
      registration in the name of such Holder, without transfer, a certification
      from
      such Holder to that effect; or

     

     

    (B)           if
      such Definitive Securities are being transferred to the Company, a certification
      to that effect; or

     

     

    (C)           if
      such Definitive Securities are being transferred (x) pursuant to an exemption
      from registration in accordance with Rule 144A, Regulation S or Rule 144 under
      the Securities Act; or (y) in reliance upon another exemption from the
      requirements of the Securities Act: (i) a certification to that effect (in
      the
      form set forth on the reverse of the Security) and (ii) if the Company so
      requests, an opinion of counsel or other evidence reasonably satisfactory to
      it
      as to the compliance with the restrictions set forth in the legend set forth
      in
      Section 2.3(e)(i).

     

    (b)           Restrictions
      on Transfer of a Definitive Security for a Beneficial Interest in a Global
      Security.  A Definitive Security may not be exchanged for a
      beneficial interest in a Rule 144A Global Security, an IAI Global Security
      or a
      Permanent

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Regulation
      S Global Security except upon satisfaction of the requirements set forth
      below.  Upon receipt by the Trustee of a Definitive Security, duly
      endorsed or accompanied by appropriate instruments of transfer, in form
      satisfactory to the Trustee, together with:

     

     

    (i)           certification,
      in the form set forth on the reverse of the Security, that such Definitive
      Security is either (A) being transferred to a QIB in accordance with Rule 144A,
      (B) being transferred to an IAI or (C) being transferred after expiration of
      the
      Distribution Compliance Period by a Person who initially purchased such Security
      in reliance on Regulation S to a buyer who elects to hold its interest in such
      Security in the form of a beneficial interest in the Permanent Regulation S
      Global Security; and

     

     

    (ii)           written
      instructions directing the Trustee to make, or to direct the Securities
      Custodian to make, an adjustment on its books and records with respect to such
      Rule 144A Global Security (in the case of a transfer pursuant to clause
      (b)(i)(A)), IAI Global Security (in the case of a transfer pursuant to clause
      (b)(1)(B)) or Permanent Regulation S Global Security (in the case of a transfer
      pursuant to clause (b)(i)(C)) to reflect an increase in the aggregate principal
      amount of the Securities represented by the Rule 144A Global Security, IAI
      Global Security or Permanent Regulation S Global Security, as applicable, such
      instructions to contain information regarding the Depository account to be
      credited with such increase,

     

    then
      the
      Trustee shall cancel such Definitive Security and cause, or direct the
      Securities Custodian to cause, in accordance with the standing instructions
      and
      procedures existing between the Depository and the Securities Custodian, the
      aggregate principal amount of Securities represented by the Rule 144A Global
      Security, IAI Global Security or Permanent Regulation S Global Security, as
      applicable, to be increased by the aggregate principal amount of the Definitive
      Security to be exchanged and shall credit or cause to be credited to the account
      of the Person specified in such instructions a beneficial interest in the Rule
      144A Global Security, IAI Global Security or Permanent Regulation S Global
      Security, as applicable, equal to the principal amount of the Definitive
      Security so canceled.  If no Rule 144A Global Securities, IAI Global
      Securities or Permanent Regulation S Global Securities, as applicable, are
      then
      outstanding, the Company shall issue and the Trustee shall authenticate, upon
      written order of the Company in the form of an Officers’ Certificate of the
      Company, a new Rule 144A Global Security, IAI Global Security or Permanent
      Regulation S Global Security, as applicable, in the appropriate principal
      amount.

     

    (c)           Transfer
      and Exchange of Global Securities.

     

     

    (i)           The
      transfer and exchange of Global Securities or beneficial interests therein
      shall
      be effected through the Depository, in accordance with this Indenture (including
      applicable restrictions on transfer set forth herein, if any) and the procedures
      of the Depository therefor.  A transferor of a beneficial interest
      in

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    a
      Global
      Security shall deliver to the Registrar a written order given in accordance
      with
      the Depository’s procedures containing information regarding the participant
      account of the Depository to be credited with a beneficial interest in the
      Global Security.  The Registrar shall, in accordance with such
      instructions, instruct the Depository to credit to the account of the Person
      specified in such instructions a beneficial interest in the Global Security
      and
      to debit the account of the Person making the transfer the beneficial interest
      in the Global Security being transferred.

     

     

    (ii)           If
      the proposed transfer is a transfer of a beneficial interest in one Global
      Security to a beneficial interest in another Global Security, the Registrar
      shall reflect on its books and records the date and an increase in the principal
      amount of the Global Security to which such interest is being transferred in
      an
      amount equal to the principal amount of the interest to be so transferred,
      and
      the Registrar shall reflect on its books and records the date and a
      corresponding decrease in the principal amount of the Global Security from
      which
      such interest is being transferred.

     

     

    (iii)           Notwithstanding
      any other provisions of this Appendix (other than the provisions set forth
      in
      Section 2.4), a Global Security may not be transferred as a whole except by
      the
      Depository to a nominee of the Depository or by a nominee of the Depository
      to
      the Depository or another nominee of the Depository or by the Depository or
      any
      such nominee to a successor Depository or a nominee of such successor
      Depository.

     

     

    (iv)           In
      the event that a Global Security is exchanged for Definitive Securities pursuant
      to Section 2.4 of this Appendix, such Securities may be exchanged only in
      accordance with such procedures as are substantially consistent with the
      provisions of this Section 2.3 (including the certification requirements set
      forth on the reverse of the Securities intended to ensure that such transfers
      comply with Rule 144A, Regulation S or another applicable exemption under the
      Securities Act, as the case may be) and such other procedures as may from time
      to time be adopted by the Company.

     

    (d)           Restrictions
      on Transfer of Temporary Regulation S Global Securities.  During
      the Distribution Compliance Period, beneficial ownership interests in Temporary
      Regulation S Global Securities may only be sold, pledged or transferred in
      accordance with the Applicable Procedures and only (i) to the Company, (ii)
      in
      an offshore transaction in accordance with Regulation S (other than a
      transaction resulting in an exchange for an interest in a Permanent Regulation
      S
      Global Security) or (iii) pursuant to an effective registration statement under
      the Securities Act, in each case in accordance with any applicable securities
      laws of any State of the United States.

     

    (e)           Legend.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

     

    (i)           Except
      as permitted by the following paragraphs (ii), (iii) and (iv), each Security
      certificate evidencing the Global Securities (and all Securities issued in
      exchange therefor or in substitution thereof), in the case of Securities offered
      otherwise than in reliance on Regulation S, shall bear a legend in substantially
      the following form:

     

    THIS
      SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
      FROM
      REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
      “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE
      TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
      THEREFROM.  EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT
      THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS
      OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
      THEREUNDER.

     

    THE
      HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS
      SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I)
      TO
      THE COMPANY, (II) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY
      BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER
      THE
      SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III)
      TO
      AN “ACCREDITED INVESTOR” WITHIN THE MEANING  OF RULE 501(A)(1), (2),
      (3), OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL
      INVESTOR ACQUIRING THE SECURITIES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
      SUCH
      AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT
      OF SECURITIES OF US$250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO
      OR
      FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE
      SECURITIES ACT, (IV) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
      ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (V) PURSUANT TO EXEMPTION
      FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
      (IF
      AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
      SECURITIES ACT, IN EACH OF CASES (I) THROUGH (VI), IN ACCORDANCE WITH ANY
      APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE
      HOLDER

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    WILL,
      AND
      EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY
      FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.

     

    Each
      certificate evidencing a Security offered in reliance on Regulation S shall,
      in
      addition to the foregoing, bear a legend in substantially the following
      form:

     

    THIS
      SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY
      EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
      (THE
“SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR
      THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE
      EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL
      APPLICABLE STATE SECURITIES LAWS.  TERMS USED ABOVE HAVE THE MEANINGS
      GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

     

    Each
      Definitive Security shall also bear the following additional
      legend:

     

    IN
      CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND
      TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT
      MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
      RESTRICTIONS.

     

    (ii)           Upon
      any sale or transfer of a Transfer Restricted Security (including any Transfer
      Restricted Security represented by a Global Security) pursuant to Rule 144
      under
      the Securities Act, the Registrar shall permit the transferee thereof to
      exchange such Transfer Restricted Security for a certificated Security that
      does
      not bear the legend set forth above and rescind any restriction on the transfer
      of such Transfer Restricted Security, if the transferor thereof certifies in
      writing to the Registrar that such sale or transfer was made in reliance on
      Rule
      144 (such certification to be in the form set forth on the reverse of the
      Security).

     

    (f)           Cancellation
      or Adjustment of Global Security.  At such time as all beneficial
      interests in a Global Security have either been exchanged for Definitive
      Securities, redeemed, purchased or canceled, such Global Security shall be
      returned to the Depository for cancellation or retained and canceled by the
      Trustee.  At any time prior to such cancellation, if any beneficial
      interest in a Global Security is exchanged for Definitive Securities, redeemed,
      purchased or canceled, the principal amount of Securities represented by such
      Global Security shall be reduced and an adjustment shall be made on the books
      and records of the Trustee (if it is then the Securities Custodian
      for

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    such
      Global Security) with respect to such Global Security, by the Trustee or the
      Securities Custodian, to reflect such reduction.

     

    (g)           No
      Obligation of the Trustee.

     

    (i)           The
      Trustee shall have no responsibility or obligation to any beneficial owner
      of a
      Global Security, a member of, or a participant in the Depository or other Person
      with respect to the accuracy of the records of the Depository or its nominee
      or
      of any participant or member thereof, with respect to any ownership interest
      in
      the Securities or with respect to the delivery to any participant, member,
      beneficial owner or other Person (other than the Depository) of any notice
      (including any notice of redemption) or the payment of any amount, under or
      with
      respect to such Securities.  All notices and communications to be
      given to the Holders and all payments to be made to Holders under the Securities
      shall be given or made only to or upon the order of the registered Holders
      (which shall be the Depository or its nominee in the case of a Global
      Security).  The rights of beneficial owners in any Global Security
      shall be exercised only through the Depository subject to the applicable rules
      and procedures of the Depository.  The Trustee may rely and shall be
      fully protected in relying upon information furnished by the Depository with
      respect to its members, participants and any beneficial owners.

     

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

     

     

    2.4           Certificated
      Securities.

     

    (a)           A
      Global Security deposited with the Depository or with the Trustee as Securities
      Custodian for the Depository pursuant to Section 2.1 shall be transferred
      to the beneficial owners thereof in the form of Definitive Securities in an
      aggregate principal amount equal to the principal amount of such Global
      Security, in exchange for such Global Security, only if such transfer complies
      with Section 2.3 hereof and (i) the Depository notifies the Company
      that it is unwilling or unable to continue as Depository for such Global
      Security and the Depository fails to appoint a successor depository or if at
      any
      time such Depository ceases to be a “clearing agency” registered under the
      Exchange Act and, in either case, a successor depositary is not appointed by
      the
      Company within 90 days of such notice or (ii) an Event of Default has
      occurred and is continuing.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

     

    (b)           Any
      Global Security that is transferable to the beneficial owners thereof pursuant
      to this Section 2.4 shall be surrendered by the Depository to the Trustee
      located at its principal corporate trust office in the Borough of Manhattan,
      The
      City of New York, to be so transferred, in whole or from time to time in part,
      without charge, and the Trustee shall authenticate and deliver, upon such
      transfer of each portion of such Global Security, an equal aggregate principal
      amount of Definitive Securities of authorized denominations.  Any
      portion of a Global Security transferred pursuant to this Section 2.4 shall
      be
      executed, authenticated and delivered only in denominations of US$2,000
      principal amount or any integral multiple of US$1,000 in excess thereof and
      registered in such names as the Depository shall direct.  Any
      Definitive Security delivered in exchange for an interest in the Transfer
      Restricted Security shall, except as otherwise provided by Section 2.3(e)
      hereof, bear the applicable restricted securities legend and definitive note
      legend set forth in Exhibit 1 hereto.

     

    (c)           Subject
      to the provisions of Section 2.4(b) hereof, the registered Holder of a Global
      Security shall be entitled to grant proxies and otherwise authorize any Person,
      including Agent Members and Persons that may hold interests through Agent
      Members, to take any action which a Holder is entitled to take under this
      Indenture or the Securities.

     

    (d)           In
      the event of the occurrence of one of the events specified in Section 2.4(a)
      hereof, the Company shall promptly make available to the Trustee a reasonable
      supply of Definitive Securities in definitive, fully registered form without
      interest coupons.  In the event that the Definitive Securities are not
      issued to each such beneficial owner promptly after the Registrar has received
      a
      request from the Holder of a Global Security to issue such Certificated
      Security, the Company expressly acknowledges, with respect to the right of
      any
      Holder to pursue a remedy pursuant to Article 6 of the Indenture, the right
      of
      any beneficial holder of Securities to pursue such remedy with respect to the
      portion of the Global Security that represents such beneficial holder’s
      Securities as if such Certificated Securities had been issued.

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [FORM
      OF
      FACE OF INITIAL SECURITY]

     

    

     

    [Global
      Securities Legend]

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE
      COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
      ANY
      CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
      NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
      IS
      MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
      REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
      OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    TRANSFERS
      OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
      PART,
      TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
      TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS
      MADE
      IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO
      ON
      THE REVERSE HEREOF.

     

    [[FOR
      REGULATION S GLOBAL SECURITY ONLY] UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT
      OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED
      STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE
      REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE
      OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.]

     

    [Restricted
      Securities Legend for Securities Offered

     

    Otherwise
      than in Reliance on Regulation S]

     

    THIS
      SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT
      FROM
      REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
      “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE
      TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
      THEREFROM.  EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT
      THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS
      OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
      THEREUNDER.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    THE
      HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS
      SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I)
      TO
      THE COMPANY, (II) WITHIN THE UNITED STATES TO A PERSON WHOM THE SELLER
      REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE
      144A
      UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE
      144A, (III) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE
      501(A)(1),(2),(3) OR (7) OF REGULATION D UNDER  THE SECURITIES ACT
      THAT IS AN INSTITUTIONAL INVESTOR ACQUIRING THE SECURITIES FOR ITS OWN ACCOUNT
      OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE
      IN
      A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OF US$250,000, FOR INVESTMENT PURPOSES
      AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION
      IN VIOLATION OF THE SECURITIES ACT, (IV) OUTSIDE THE UNITED STATES IN AN
      OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT,
      (V)
      PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED
      BY
      RULE 144 THEREUNDER (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION
      STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (VI) IN
      ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
      STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
      NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS
      REFERRED TO IN (A) ABOVE.

     

    [Restricted
      Securities Legend for Securities Offered in Reliance on Regulation
      S.]

     

    THIS
      SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY
      EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
      (THE
“SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR
      THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE
      EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL
      APPLICABLE STATE SECURITIES LAWS.  TERMS USED ABOVE HAVE THE MEANINGS
      GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

     

    [Temporary
      Regulation S Global Security Legend]

     

    EXCEPT
      AS
      SET FORTH BELOW, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION
      S
      GLOBAL SECURITY WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT
      REGULATION S GLOBAL SECURITY OR ANY OTHER SECURITY REPRESENTING AN INTEREST
      IN
      THE SECURITIES REPRESENTED HEREBY

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    WHICH
      DO
      NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION
      OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE
      903(b)(2) OF REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON
      CERTIFICATION IN FORM REASONABLY SATISFACTORY TO THE TRUSTEE THAT SUCH
      BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO
      PURCHASED SUCH INTERESTS IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION
      UNDER THE SECURITIES ACT.  DURING SUCH 40-DAY DISTRIBUTION COMPLIANCE
      PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL
      SECURITY MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED (I) TO THE COMPANY, (II)
      OUTSIDE THE UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH RULE 904 OF
      REGULATION S UNDER THE SECURITIES ACT, OR (III) PURSUANT TO AN EFFECTIVE
      REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH
      (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
      UNITED STATES.  HOLDERS OF INTERESTS IN THIS TEMPORARY REGULATION S
      GLOBAL SECURITY WILL NOTIFY ANY PURCHASER OF THIS SECURITY OF THE RESALE
      RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE.

     

    AFTER
      THE
      EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL INTERESTS IN THIS
      TEMPORARY REGULATION S GLOBAL SECURITY MAY BE EXCHANGED FOR INTERESTS IN A
      RULE
      144A GLOBAL SECURITY ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A
      TRANSFER OF THE SECURITIES IN COMPLIANCE WITH RULE 144A AND (2) THE TRANSFEROR
      OF THE REGULATION S GLOBAL SECURITY FIRST DELIVERS TO THE TRUSTEE A WRITTEN
      CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE
      REGULATION S GLOBAL SECURITY IS BEING TRANSFERRED (A) TO A PERSON WHO THE
      TRANSFEROR REASONABLY BELIEVES TO BE A QUALIFIED INSTITUTIONAL BUYER WITHIN
      THE
      MEANING OF RULE 144A, (B) TO A PERSON WHO IS PURCHASING FOR ITS OWN ACCOUNT
      OR
      THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
      REQUIREMENTS OF RULE 144A, AND (C) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
      LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.

     

    AFTER
      THE
      EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL INTERESTS IN THIS
      TEMPORARY REGULATION S GLOBAL SECURITY MAY BE EXCHANGED FOR INTERESTS IN AN
      IAI
      GLOBAL SECURITY ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER
      OF THE SECURITIES IN COMPLIANCE WITH AN EXEMPTION UNDER THE SECURITIES ACT
      AND
      (2) THE TRANSFEROR OF THE REGULATION S GLOBAL SECURITY FIRST DELIVERS TO THE
      TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO
      THE
      EFFECT THAT THE REGULATION S GLOBAL SECURITY IS BEING

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TRANSFERRED
      (A) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),(2),(3) OR
      (7) OF REGULATION D UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL INVESTOR
      ACQUIRING THE SECURITIES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN
      INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT
      OF
      SECURITIES OF US$250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR
      FOR
      OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES
      ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES
      OF
      THE UNITED STATES AND OTHER JURISDICTIONS.

     

    BENEFICIAL
      INTERESTS IN A RULE 144A GLOBAL SECURITY OR AN IAI GLOBAL SECURITY MAY BE
      TRANSFERRED TO A PERSON WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN THE
      REGULATION S GLOBAL SECURITY, WHETHER BEFORE OR AFTER THE EXPIRATION OF THE
      40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS
      TO
      THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE)
      TO
      THE EFFECT THAT SUCH TRANSFER IS BEING MADE IN ACCORDANCE WITH RULE 903 OR
      904
      OF REGULATION S OR RULE 144 (IF AVAILABLE).

     

    

     

    [Definitive
      Securities Legend]

     

    IN
      CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND
      TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT
      MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING
      RESTRICTIONS.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    
 

    
      	 No.	
               US$

            
	 	
               CUSIP
                No.

            
	 	
               ISIN
                No.

            

    

     

     

    75⁄8%
      Senior Unsecured Notes due 2017

     

    Axtel,
      S.A.B. de C.V., a Mexican corporation, promises to pay
      to                  ,
      or registered assigns, the principal sum of
                     
United States Dollars on February 1, 2017.

     

    Interest
      Payment Dates:  February 1 and August 1.

     

    Record
      Dates:  January 15 and July 15.

     

    Additional
      provisions of this Security are set forth on the other side of this
      Security.

     

    Dated:

     

    

     

    SIGNATURE
      PAGE FOLLOWS

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

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

     

    Dated:

     

    
      	
              Axtel,
                S.A.B. de C.V.

            
	
              By

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    
      	
              By

            
	 	 
	 	
              Name:

            
	 	
              Title:

            

    

    

    

    
      	
               

            	
              TRUSTEE’S
                CERTIFICATE OF

            

    

     

    
      	
               

            	
              AUTHENTICATION

            

    

     

    
      	
              THE
                BANK OF NEW YORK

            
	
              as
                Trustee, certifies

              that
                this is one of

              the
                Securities referred

              to
                in the Indenture.

            
	 
	
              By

            
	
              Authorized
                Signatory

            	 

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [FORM
      OF
      REVERSE SIDE OF INITIAL SECURITY]

     

    75⁄8%
      Senior Unsecured Notes due 2017

     

    1.           Interest

     

    Axtel,
      S.A.B. de C.V., a Mexican corporation (such corporation, and its successors
      and
      assigns under the Indenture hereinafter referred to, being herein called the
      “Company”), promises to pay interest on the principal amount of this Security at
      the rate per annum shown above.  The Company will pay interest
      semiannually on February 1 and August 1 of each year, commencing August 1,
      2007.  Interest on the Securities will accrue from the most recent
      date to which interest has been paid or, if no interest has been paid, from
      February 2, 2007.  Interest will be computed on the basis of a
      360-day year of twelve 30-day months.  The Company will pay interest
      on overdue principal at the rate borne by this Security plus 1.0% per annum,
      and
      it will pay interest on overdue installments of interest at the same rate to
      the
      extent lawful.

     

    2.           Method
      of Payment

     

    The
      Company will pay interest on the Securities (except defaulted interest) to
      the
      Persons who are registered Holders of Securities at the close of business on
      the
      January 15 or July15 next preceding the interest payment date even if Securities
      are canceled after the record date and on or before the interest payment
      date.  Holders must surrender Securities to a Paying Agent to collect
      principal payments.  The Company will pay principal and interest in
      money of the United States that at the time of payment is legal tender for
      payment of public and private debts.  Payments in respect of the
      Securities represented by a Global Security (including principal, premium and
      interest) will be made by wire transfer of immediately available funds to the
      accounts specified by The Depository Trust Company.  The Company will
      make all payments in respect of a certificated Security (including principal,
      premium and interest) by mailing a check to the registered address of each
      Holder thereof; provided, however, that payments on a certificated
      Security will be made by wire transfer to a U.S. dollar account maintained
      by
      the payee with a bank in the United States if such Holder elects payment by
      wire
      transfer by giving written notice to the Trustee or the Paying Agent to such
      effect designating such account no later than 30 days immediately preceding
      the relevant due date for payment (or such other date as the Trustee may accept
      in its discretion).  Payments made, whether by wire transfer or check,
      will be due and payable outside of Mexico.

     

    3.           Paying
      Agent and Registrar

     

    Initially,
      The Bank of New York, a New York banking corporation (the “Trustee”), will act
      as Paying Agent and Registrar.  The Company may appoint and change any
      Paying Agent, Registrar or co-registrar without notice.  The Company
      or any of its domestically incorporated Wholly Owned Subsidiaries may act as
      Paying Agent, Registrar or co-registrar.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    4.           Indenture

     

    The
      Company issued the Securities under an Indenture dated as of February 2,
      2007 (“Indenture”), among the Company, the Subsidiary Guarantors and the
      Trustee.  The terms of the Securities include those stated in the
      Indenture and those made part of the Indenture by reference to the Trust
      Indenture Act of 1939 (15 U.S.C.§§ 77aaa-77bbbb) as in effect on
      the date of the Indenture (the “Act”).  Terms defined in the Indenture
      and not defined herein have the meanings ascribed thereto in the
      Indenture.  The Securities are subject to all such terms, and
      Securityholders are referred to the Indenture and the Act for a statement of
      those terms.

     

    The
      Securities are general unsecured obligations of the Company.  The
      Company shall be entitled, subject to its compliance with Section 4.03 of
      the Indenture, to issue Additional Securities pursuant to Section 2.13 of
      the Indenture.  The Securities issued on the Issue Date and any
      Additional Securities will be treated as a single class for all purposes under
      the Indenture.  The Indenture contains covenants that limit the
      ability of the Company and its subsidiaries to incur additional indebtedness;
      pay dividends or distributions on, or redeem or repurchase capital stock; make
      investments; issue or sell capital stock of subsidiaries; engage in transactions
      with affiliates; create liens on assets; transfer or sell assets; guarantee
      indebtedness; restrict dividends or other payments of subsidiaries; consolidate,
      merge or transfer all or substantially all of its assets and the assets of
      its
      subsidiaries; and engage in sale/leaseback transactions.  These
      covenants are subject to important exceptions and qualifications.

     

    5.           Optional
      Redemption

     

    Except
      as
      set forth below, the Company shall not be entitled to redeem the
      Securities.

     

    On
      and
      after February 1, 2012, the Company shall be entitled at its option to redeem
      all or a portion of the Securities upon not less than 30 nor more than
      60 days’ notice, at the redemption prices (expressed in percentages of
      principal amount on the redemption date), plus accrued interest to the
      redemption date (subject to the right of Holders of record on the relevant
      record date to receive interest due on the relevant interest payment date),
      if
      redeemed during the 12-month period commencing on February 1 of the years set
      forth below:

     

    

    
      	
              Period

            	 	
              
                Redemption

                Price

                
                

              

            	 
	
              2012

            	 	 	103.813	%
	
              2013

            	 	 	102.542	%
	
              2014

            	 	 	101.271	%
	
              2015
                and thereafter

            	 	 	100.000	%

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    In
      addition, prior to February 1, 2010, the Company shall be entitled at its option
      on one or more occasions to redeem Securities (which includes Additional
      Securities, if any) in an aggregate principal amount not to exceed 35% of the
      aggregate principal amount of the Securities (which includes Additional
      Securities, if any) originally issued at a redemption price (expressed as a
      percentage of principal amount) of 107.625%, plus accrued and unpaid interest
      to
      the redemption date, with the Net Cash Proceeds from one or more Equity
      Offerings; provided, however, that (1) at least 65% of such
      aggregate principal amount of Securities (which includes Additional Securities,
      if any) remains outstanding immediately after the occurrence of each such
      redemption (other than Securities held, directly or indirectly, by the Company
      or its Affiliates); and (2) each such redemption occurs
      within 90 days after the date of the related Equity Offering.

     

    Prior
      to
      February 1, 2012, the Company shall be entitled at its option to redeem some
      or
      all of the Securities at a redemption price equal to 100.00% of the principal
      amount of the Securities plus the Applicable Premium as of, and accrued and
      unpaid interest to, the redemption date (subject to the right of Holders on
      the
      relevant record date to receive interest due on the relevant interest payment
      date).  The Company shall cause notice of such redemption to be mailed
      by first-class mail to each Holder’s registered address, not less than 30 nor
      more than 60 days prior to the redemption date.

     

    6.           Redemption
      for Changes in Withholding Taxes

     

    The
      Company shall be entitled to redeem the Securities in whole, but not in part,
      upon giving not less than 30 nor more than 60 days’ prior notice mailed by first
      class mail to each Holder’s registered address, at 100% of their principal
      amount, plus accrued and unpaid interest to the redemption date (subject to
      the
      right of Holders of record on the relevant record date to receive interest
      due
      on the relevant interest payment date) and including Additional Amounts payable
      in respect of such payment, if (i) the Company certifies to the Trustee
      immediately prior to the giving of such notice that as a result of any change
      in
      or amendment to the laws, regulations, general rules or treaties of any Relevant
      Taxing Jurisdiction, or any change in the application or official interpretation
      of such laws, regulations, general rules or treaties, which change or amendment
      became effective after the Issue Date, the Company has become or will become
      obligated to pay Additional Amounts with respect to the Securities in excess
      of
      the Additional Amounts that would be payable were payments of interest or
      discounts deemed to be interest on the Securities subject to a 10% withholding
      tax (“Excessive Additional Amounts”) and (ii) such obligations cannot be avoided
      by the Company taking reasonable measures available to it; provided,
however, that (a) no such notice of redemption will be given earlier
      than
      60 days prior to the earliest date on which the Company would be obligated
      to
      pay such Excessive Additional Amounts and (b) at the time such notice is given,
      the Company’s obligation to pay such Additional Amounts (including any Excessive
      Additional Amounts) remains in effect. Prior to giving of any notice of
      redemption described in this paragraph, the Company will deliver to the Trustee
      an Officers’ Certificate stating that the Company is entitled to effect such
      redemption in accordance with the terms set forth in this Security and setting
      forth in reasonable detail a statement of the facts relating thereto (together
      with a written Opinion of Counsel to the effect that the Company has become
      obligated to pay such Excessive Additional Amounts as a result of a change
      or
      amendment described above and that the Company cannot avoid payment of such
      Excessive Additional Amounts by taking reasonable measures available to it
      and
      that all governmental approvals necessary for the Company to effect such
      redemption have been obtained and are in full force and effect or specifying
      any
      such necessary approvals that as of the date of such opinion have not been
      obtained).

     

    7.           Notice
      of Redemption

     

    Notice
      of
      redemption will be mailed at least 30 days but not more than 60 days before
      the
      redemption date to each Holder of Securities to be redeemed at his registered
      address.  Securities in denominations larger than US$1,000 principal
      amount may be redeemed in part but only in whole multiples of
      US$1,000.  If money sufficient to pay the redemption price of and
      accrued interest on all Securities (or portions thereof) to be redeemed on
      the
      redemption date is deposited with the Paying Agent on or before the redemption
      date and certain other conditions are satisfied, on and after such date interest
      ceases to accrue on such Securities (or such portions thereof) called for
      redemption.

     

    8.           Put
      Provisions

     

    Upon
      a
      Change of Control, any Holder of Securities will have the right to cause the
      Company to purchase all or any part of the Securities of such Holder at a
      purchase price equal to 101% of the principal amount of the Securities to be
      purchased plus accrued interest to the date of purchase (subject to the right
      of
      Holders of record on the relevant record date to receive interest due on the
      related interest payment date) as provided in, and subject to the terms of,
      the
      Indenture.

     

    9.           Guaranty

     

    The
      payment by the Company of the principal of, and premium and interest on, the
      Securities is fully and unconditionally guaranteed on a joint and several senior
      basis by each of the Subsidiary Guarantors to the extent set forth in the
      Indenture.

     

    10           Denominations;
      Transfer; Exchange

     

    The
      Securities are in registered form without coupons in denominations of US$2,000
      principal amount and whole multiples of US$1,000 in excess thereof.  A
      Holder may transfer or exchange Securities in accordance with the
      Indenture.  The Registrar may require a Holder, among other things, to
      furnish appropriate endorsements or transfer documents and to pay any taxes
      and
      fees required by law or permitted by the Indenture.  The Registrar
      need not register the transfer of or exchange any Securities selected for
      redemption (except, in the case of a Security to be redeemed in part, the
      portion of the Security not to be redeemed) or any Securities for a period
      of
      15 days before a selection of Securities to be redeemed or 15 days
      before an interest payment date.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    11.           Persons
      Deemed Owners

     

    The
      registered Holder of this Security may be treated as the owner of it for all
      purposes.

     

    12.           Unclaimed
      Money

     

    If
      money
      for the payment of principal or interest remains unclaimed for two years, the
      Trustee or Paying Agent shall pay the money back to the Company at its request
      unless an abandoned property law designates another Person.  After any
      such payment, Holders entitled to the money must look only to the Company and
      not to the Trustee for payment.

     

    13.           Discharge
      and Defeasance

     

    Subject
      to certain conditions, the Company at any time shall be entitled to terminate
      some or all of its obligations under the Securities and the Indenture if the
      Company deposits with the Trustee money or U.S. Government Obligations for
      the
      payment of principal and interest on the Securities to redemption or maturity,
      as the case may be.

     

    14.           Amendment,
      Waiver

     

    Subject
      to certain exceptions set forth in the Indenture, (a) the Indenture and the
      Securities may be amended with the written consent of the Holders of at least
      a
      majority in principal amount outstanding of the Securities and (b) any
      default or noncompliance with any provision may be waived with the written
      consent of the Holders of a majority in principal amount outstanding of the
      Securities.  Subject to certain exceptions set forth in the Indenture,
      without the consent of any Securityholder, the Company, the Subsidiary
      Guarantors and the Trustee shall be entitled to amend the Indenture or the
      Securities to cure any ambiguity, omission, defect or inconsistency, or to
      comply with Article 5 of the Indenture, or to provide for uncertificated
      Securities in addition to or in place of certificated Securities, or to add
      guarantees with respect to the Securities, including Subsidiary Guaranties,
      or
      to secure the Securities, or to add additional covenants or surrender rights
      and
      powers conferred on the Company or the Subsidiary Guarantors, or to comply
      with
      any request of the SEC in connection with qualifying the Indenture under the
      Act, or to make any change that does not adversely affect the rights of any
      Securityholder.

     

    15.           Defaults
      and Remedies

     

    Under
      the
      Indenture, Events of Default include (a) default for 30 days in
      payment of interest on the Securities; (b) default in payment of principal
      on the Securities at maturity, upon redemption pursuant to paragraph 5 or 6
      of the Securities, upon acceleration or otherwise, or failure by the Company
      to
      redeem or purchase Securities when required; (c) failure by the Company or
      any Subsidiary Guarantor to comply with

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    other
      agreements in the Indenture or the Securities, in certain cases subject to
      notice and lapse of time; (d) certain accelerations (including failure to
      pay within any grace period after final maturity) of other Indebtedness of
      the
      Company if the amount accelerated (or so unpaid) exceeds US$20 million;
      (e) certain events of bankruptcy or insolvency with respect to the Company
      and the Significant Subsidiaries; (f) certain judgments or decrees for the
      payment of money in excess of US$20 million; and (g) certain defaults
      with respect to Subsidiary Guaranties.  If an Event of Default occurs
      and is continuing, the Trustee or the Holders of at least 25% in principal
      amount of the Securities may declare all the Securities to be due and payable
      immediately.  Certain events of bankruptcy or insolvency are Events of
      Default which will result in the Securities being due and payable immediately
      upon the occurrence of such Events of Default.

     

    Securityholders
      may not enforce the Indenture or the Securities except as provided in the
      Indenture.  The Trustee may refuse to enforce the Indenture or the
      Securities unless it receives indemnity or security satisfactory to
      it.  Subject to certain limitations, Holders of a majority in
      principal amount of the Securities may direct the Trustee in its exercise of
      any
      trust or power.  The Trustee may withhold from Securityholders notice
      of any continuing Default (except a Default in payment of principal or interest)
      if it determines that withholding notice is in the interest of the
      Holders.

     

    16.           Trustee
      Dealings with the Company

     

    Subject
      to certain limitations imposed by the Act,  the Trustee under the
      Indenture, in its individual or any other capacity, may become the owner or
      pledgee of Securities and may otherwise deal with and collect obligations owed
      to it by the Company or its Affiliates and may otherwise deal with the Company
      or its Affiliates with the same rights it would have if it were not
      Trustee.

     

    17.           No
      Recourse Against Others

     

    A
      director, officer, employee or stockholder, as such, of the Company or the
      Trustee shall not have any liability for any obligations of the Company under
      the Securities or the Indenture or for any claim based on, in respect of or
      by
      reason of such obligations or their creation.  By accepting a
      Security, each Securityholder waives and releases all such
      liability.  The waiver and release are part of the consideration for
      the issue of the Securities.

     

    18.           Authentication

     

    This
      Security shall not be valid until an authorized signatory of the Trustee (or
      an
      authenticating agent) manually signs the certificate of authentication on the
      other side of this Security.

     

    19.           Abbreviations

     

    Customary
      abbreviations may be used in the name of a Securityholder or an assignee, such
      as TEN COM (=tenants in common), TEN ENT (=tenants by the

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    entireties),
      JT TEN (=joint tenants with rights of survivorship and not as tenants in
      common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
      Act).

     

    20.           CUSIP
      Numbers

     

    Pursuant
      to a recommendation promulgated by the Committee on Uniform Security
      Identification Procedures the Company has caused CUSIP numbers to be printed
      on
      the Securities and has directed the Trustee to use CUSIP numbers in notices
      of
      redemption as a convenience to Securityholders.  No representation is
      made as to the accuracy of such numbers either as printed on the Securities
      or
      as contained in any notice of redemption and reliance may be placed only on
      the
      other identification numbers placed thereon.

     

    21.           Governing
      Law

     

    THIS
      SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
      THE
      STATE OF NEW YORK.

     

    The
      Company will furnish to any Securityholder upon written request and without
      charge to the Security holder a copy of the Indenture which has in it the text
      of this Security in larger type.  Requests may be made
      to:

     

    Axtel,
      S.A.B. de C.V.

    Blvd.
      Diaz Ordaz km. 3.33 No. L-1

    Col.
      Unidad San Pedro

    San
      Pedro
      Garza Garcia, N.L.

    Mexico,
      CP  66215

    Telephone:  +52
      (81) 8114-0000

    Facsimile:  +52(81)
      8114-1771

    Attention:  Chief
      Financial Officer

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	 

    

    

    ASSIGNMENT
      FORM

     

    To
      assign
      this Security, fill in the form below:

     

    I
      or we
      assign and transfer this Security to

     

    (Print
      or
      type assignee’s name, address and zip code)

     

    (Insert
      assignee’s soc. sec. or tax I.D. No.)

     

    and
      irrevocably
      appoint                           agent
      to transfer this Security on the books of the Company.  The agent may
      substitute another to act for him.

     

    
      	 
	
              Date:                                      

            	
              Your
                Signature:                                                                                         

            
	 

    

    Sign
      exactly as your name appears on the other side of this Security.

     

    In
      connection with any transfer of any of the Securities evidenced by this
      certificate occurring prior to the expiration of the period referred to in
      Rule 144(k) under the Securities Act after the later of the date of
      original issuance of such Securities and the last date, if any, on which such
      Securities were owned by the Company or any Affiliate of the Company, the
      undersigned confirms that such Securities are being transferred in accordance
      with its terms:

     

    CHECK
      ONE
      BOX BELOW

     

    
      	
              (1)  

            	
               ̈
                to the Company; or

            

    

     

    
      	
              (2)  

            	
               ̈
                pursuant to an effective registration statement under the
                Securities Act of 1933; or

            

    

     

    
      	
              (3)  

            	
               ̈
                inside the United States to a “qualified institutional buyer” (as
                defined in Rule 144A under the Securities Act of 1933) that purchases
                for its own account or for the account of a qualified institutional
                buyer
                to whom notice is given that such transfer is being made in reliance
                on
                Rule 144A, in each case pursuant to and in compliance with Rule 144A
                under the Securities Act of 1933;
                or

            

    

     

    
      	
              (4)  

            	
               ̈
                outside the United States in an offshore transaction within
                the
                meaning of Regulation S under the Securities Act in compliance with
                Rule 904 under the Securities Act of
                1933;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	
              (5)  

            	
               ̈
                pursuant to the exemption from registration provided by Rule
                144
                under the Securities Act of 1933;
                or

            

    

     

    
      	
              (6)  

            	
               ̈
                to an institutional “accredited investor” (as defined in Rule
                501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that
                has
                furnished to the Trustee a signed letter containing certain
                representations and agreements.

            

    

     

    Unless
      one of the boxes is checked, the Trustee will refuse to register any of the
      Securities evidenced by this certificate in the name of any person other than
      the registered holder thereof; provided, however, that if box (4),
      (5) or (6) is checked, the Trustee shall be entitled to require, prior to
      registering any such transfer of the Securities, such legal opinions,
      certifications and other information as the Company has reasonably requested
      to
      confirm that such transfer is being made pursuant to an exemption from, or
      in a
      transaction not subject to, the registration requirements of the Securities
      Act
      of 1933.

     

    
      	 ____________________________________
	
              Signature

            

    

    

    Signature
      Guarantee:

     

    
      	 __________________________________________	 	 ___________________________________
	
              Signature
                must be guaranteed

            	 	
              Signature

            

    

    

    Signatures
      must be guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Registrar, which requirements include membership or
      participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
      other “signature guarantee program” as may be determined by the Registrar in
      addition to, or in substitution for, STAMP, all in accordance with the
      Securities Exchange Act of 1934, as amended.

     

    
      	 

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TO
      BE
      COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

     

    The
      undersigned represents and warrants that it is purchasing this Security for
      its
      own account or an account with respect to which it exercises sole investment
      discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, and is
      aware that the sale to it is being made in reliance on Rule 144A and
      acknowledges that it has received such information regarding the Company as
      the
      undersigned has requested pursuant to Rule 144A or has determined not to
      request such information and that it is aware that the transferor is relying
      upon the undersigned’s foregoing representations in order to claim the exemption
      from registration provided by Rule 144A.

     

    
      	
              Dated:   ________________________________                                             

            	 	 _____________________________________
	 	 	
              Notice:To
                be executed by

              an
                executive officer

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [TO
      BE
      ATTACHED TO GLOBAL SECURITIES]

     

    

     

    SCHEDULE
      OF INCREASES OR DECREASES IN GLOBAL SECURITY

     

    

     

    The
      following increases or decreases in this Global Security have been
      made:

     

    
      	
              Date
                of

              Exchange

            	
              Amount
                of decrease in Principal  amount of this Global
                Security

            	
              Amount
                of increase in Principal amount of this Global Security

            	
              Principal
                amount of this Global Security following such decrease or
                increase

            	
              Signature
                of authorized officer of Trustee or Securities
                Custodian

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    OPTION
      OF
      HOLDER TO ELECT PURCHASE

     

    If
      you
      want to elect to have this Security purchased by the Company pursuant to
      Section 4.06 or 4.10 of the Indenture, check the box:

     

    o 

    

    If
      you
      want to elect to have only part of this Security purchased by the Company
      pursuant to Section 4.06 or 4.10 of the Indenture, state the amount in
      principal amount:  US$

     

    
      	
              Dated:

            	 	
              Your
                Signature:

            
	 	 	
              (Sign
                exactly as your name appears on the other side of this
                Security.)

            

    

    

    
      	
              Signature
                Guarantee:

            
	
              (Signature
                must be guaranteed)

            

    

    

    Signatures
      must be guaranteed by an “eligible guarantor institution” meeting the
      requirements of the Registrar, which requirements include membership or
      participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
      other “signature guarantee program” as may be determined by the Registrar in
      addition to, or in substitution for, STAMP, all in accordance with the
      Securities Exchange Act of 1934, as amended.

     

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    FORM
      OF TRANSFEREE LETTER OF REPRESENTATION

     

    Axtel,
      S.A.B. de C.V.

    Blvd.
      Diaz Ordaz km. 3.33 No. L-1

    Col.
      Unidad San Pedro

    San
      Pedro
      Garza Garcia

    N.L.,
      Mexico, CP66215

     

    The
      Bank
      of New York

    101
      Barclay Street, Floor 21W

    New
      York,
      New York  10286

    Attention:  Corporate
      Trust Administration – Global Finance Unit

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    Ladies
      and Gentlemen:

     

    This
      certificate is delivered to request a transfer of
      US$                                                                                                                     principal
      amount of the 75⁄8% Senior Unsecured Notes due 2017 (the “Notes”) of Axtel, S.A.B.
      de C.V., a Mexican variable capital corporation (the “Company”), all as
      described in the confidential offering circular (the “offering circular”)
      relating to the offering.

     

    Upon
      transfer, the Notes would be registered in the name of the new beneficial owner
      as follows:

     

    Name:                                                                                                                     

     

    Address:                                                                                                                     

     

    Taxpayer
      ID
      Number:                                                                                                                     

     

    The
      undersigned represents and warrants to you that:

     

    1.           We
      are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
      (3) or (7) of Regulation D under the Securities Act of 1933, as amended (the
      “Securities Act”)) purchasing for our own account or for the account of such an
      institutional “accredited investor” at least US$250,000 principal amount of the
      Notes, and we are acquiring the Notes not with a view to, or for offer or sale
      in connection with, any distribution in violation of the Securities
      Act.  We have such knowledge and experience in financial and business
      matters as to be capable of evaluating the merits and risks of our investment
      in
      the Notes, and we invest in or purchase securities similar to the Notes in
      the
      normal course of our business.  We, and any accounts for which we are
      acting, are each able to bear the economic risk of our or its
      investment.

     

    2.           We
      understand that the Notes have not been registered under the Securities Act
      and,
      unless so registered, may not be sold except as permitted in the following
      sentence.  We agree, on our own behalf and on behalf of any investor
      account for which we purchasing Notes, to offer, sell or otherwise transfer
      such
      Notes prior to the date that is two years after the later of the date of
      original issue and the last date on which the Company or any affiliate of the
      Company was the owner of such Notes (or any predecessor thereto) (the “Resale
      Restriction Termination Date”) only (a) to the Company, (b) pursuant to a
      registration statement that has been declared effective under the Securities
      Act, (c) in a transaction complying with the requirements of Rule 144A under
      the
      Securities Act (“Rule 144A”) to a person we reasonably believe is a “qualified
      institutional buyer” under Rule 144A (a “QIB”) that purchases for its own
      account or for the account of a QIB and to whom notice is given that the
      transfer is being made in reliance on Rule 144A, (d) pursuant to offers and
      sales that occur outside the United States within the meaning of Regulation
      S
      under the Securities Act, (e) to an institutional “accredited investor” within
      the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
      Securities Act that is purchasing for its own account or the account of such
      an
      institutional “accredited investor,” in each case in a minimum principal amount
      of

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Notes
      of
      US$250,000, or (f) pursuant to any other available exemption from the
      registration requirements of the Securities Act, subject in each of the
      foregoing cases to any requirements of law that the disposition of our property
      or the property of such investor account or accounts be at all times within
      our
      or their control and in compliance with any applicable state securities
      laws.  The foregoing restrictions on resale will not apply subsequent
      to the Resale Restriction Termination Date.  If any resale or other
      transfer of the Notes is proposed to be made pursuant to clause (e) above prior
      to the Resale Restriction Termination Date, the transferor shall deliver a
      letter from the transferee substantially in form of this letter to the Company
      and the trustee which shall provide, among other things, that the transferee
      is
      an institutional “accredited investor” within the meaning of Rule 501(a)(1),
      (2), (3) or (7) of Regulation D under the Securities Act and that the transferee
      is acquiring such Notes for investment purposes and not for distribution in
      violation of the Securities Act.

     

    ____________________________________

     

    (Name
      of
      Transferee)

     

    
      	
               

            	
              By:
                ________________________________

            

    

     

    
      	
               

            	
              Name:

            

    

     

    
      	
               

            	
              Title:

            

    

     

    
      	
               

            	
              Address:

            

    

     

    Date:

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