Document:

EX-4.12

 Exhibit 4.12 

			
	 CLIFFORD
  
	  	CLIFFORD CHANCE S.L.P.
	CHANCE	  	ABOGADOS

 EXECUTION VERSION 

19 JULY 2017 
 CEMEX, S.A.B. DE
C.V. 
 AS BORROWER 
 BANCO
MERCANTIL DEL NORTE, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, 
 GRUPO FINANCIERO BANORTE, BANCO SANTANDER (MÉXICO), S.A.,

 INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO SANTANDER 

MÉXICO, BBVA BANCOMER, S.A. INSTITUCIÓN DE BANCA MÚLTIPLE GRUPO 

FINANCIERO BBVA BANCOMER, BNP PARIBAS SECURITIES CORP., CITIGROUP 

GLOBAL MARKETS INC., CRÉDIT AGRICOLE CORPORATE AND INVESTMENT 

BANK, HSBC SECURITIES (USA) INC., ING CAPITAL LLC, JPMORGAN CHASE 

BANK, N.A., MIZUHO BANK, LTD. AND MERRILL LYNCH, PIERCE, FENNER & 

SMITH INCORPORATED 
 AS JOINT
MANDATED LEAD ARRANGERS AND BOOKRUNNERS 
 THE FINANCIAL INSTITUTIONS NAMED HEREIN 

AS ORIGINAL LENDERS 
 AND 

CITIBANK EUROPE PLC, UK BRANCH 

ACTING AS AGENT 
 AND 

WILMINGTON TRUST (LONDON) LIMITED 

ACTING AS SECURITY AGENT 
  

 
 FACILITIES AGREEMENT 

 
   

 

 CONTENTS 
  

					
	Clause	  	Page	 
		
	 1.  Definitions and Interpretation
	  	 	4	 
		
	 2.  The Facilities
	  	 	55	 
		
	 3.  Purpose
	  	 	61	 
		
	 4.  Conditions of Utilisation
	  	 	61	 
		
	 5.  Utilisation
	  	 	63	 
		
	 6.  Repayment
	  	 	68	 
		
	 7.  Illegality, Change of Control and Voluntary Prepayment
	  	 	73	 
		
	 8.  Restrictions
	  	 	76	 
		
	 9.  Interest
	  	 	78	 
		
	 10.  Interest Periods
	  	 	79	 
		
	 11.  Changes to the Calculation of Interest
	  	 	81	 
		
	 12.  Fees
	  	 	82	 
		
	 13.  Tax Gross-Up and Indemnities
	  	 	84	 
		
	 14.  Increased Costs
	  	 	88	 
		
	 15.  Other Indemnities
	  	 	91	 
		
	 16.  Mitigation by the Finance Parties
	  	 	92	 
		
	 17.  Costs and Expenses
	  	 	93	 
		
	 18.  Guarantee and Indemnity
	  	 	95	 
		
	 19.  Representations
	  	 	106	 
		
	 20.  Information Undertakings
	  	 	114	 
		
	 21.  Financial Covenants
	  	 	120	 
		
	 22.  General Undertakings
	  	 	128	 
		
	 23.  Covenant Reset Date
	  	 	142	 
		
	 24.  Automatic Release of Transaction Security
	  	 	145	 
		
	 25.  Events of Default
	  	 	147	 
		
	 26.  Changes to the Lenders
	  	 	153	 
		
	 27.  Debt Purchase Transactions
	  	 	160	 
		
	 28.  Changes to the Obligors
	  	 	163	 
		
	 29.  Role of the Agent
	  	 	166	 
		
	 30.  Conduct of Business by the Finance Parties
	  	 	176	 
		
	 31.  Sharing among the Finance Parties
	  	 	176	 
		
	 32.  Payment Mechanics
	  	 	179	 
		
	 33.  Set-Off
	  	 	182	 
		
	 34.  Notices
	  	 	182	 

  
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	 35.  Calculations and Certificates
	  	 	187	 
		
	 36.  Partial Invalidity
	  	 	188	 
		
	 37.  Remedies and Waivers
	  	 	188	 
		
	 38.  Amendments and Waivers
	  	 	188	 
		
	 39.  Confidentiality
	  	 	193	 
		
	 40.  Counterparts
	  	 	197	 
		
	 41.  Governing Law
	  	 	198	 
		
	 42.  Enforcement
	  	 	198	 
		
	 43.  Contractual Recognition of
Bail-In
	  	 	200	 
		
	Schedule 1 The Original Parties	  	 	202	 
		
	Part I The Original Obligors	  	 	202	 
		
	Part II The Original Lenders	  	 	204	 
		
	Schedule 2 Conditions Precedent	  	 	207	 
		
	Part I Initial Conditions Precedent	  	 	207	 
		
	Part II Conditions Precedent required to be delivered by an Additional Obligor	  	 	214	 
		
	Schedule 3 Requests and Notices	  	 	220	 
		
	Part I Utilisation Request	  	 	220	 
		
	Part II Selection Notice	  	 	222	 
		
	Schedule 4 Form of Promissory Note	  	 	223	 
		
	Part I Term Loans in Dollars Pagaré No Negociable / Non-Negotiable Promissory Note	  	 	223	 
		
	Part II Loans in Dollars under the Revolving Loan Facility Pagaré No Negociable / Non- Negotiable Promissory Note	  	 	231	 
		
	Part III Term Loans in Sterling Pagaré No Negociable / Non-Negotiable Promissory Note	  	 	238	 
		
	Part IV Term Loans in Euro Pagaré No Negociable / Non-Negotiable Promissory Note	  	 	246	 
		
	Schedule 5 Form of Transfer Certificate	  	 	257	 
		
	Schedule 6 Form of Assignment Agreement	  	 	260	 
		
	Schedule 7 Form of Accession Letter	  	 	263	 
		
	Schedule 8 Form of Resignation Letter	  	 	266	 
		
	Schedule 9 Form of Compliance Certificate	  	 	267	 
		
	Schedule 10 Existing Financial Indebtedness	  	 	268	 
		
	Schedule 11 Existing Security and Quasi-Security	  	 	272	 
		
	Schedule 12 Proceedings Pending or Threatened	  	 	277	 
		
	Schedule 13 Material Subsidiaries	  	 	303	 
		
	Schedule 14 Timetables	  	 	305	 
		
	Schedule 15 Form of Confidentiality Undertaking	  	 	306	 
		
	Schedule 16 Form of Accordion Confirmation	  	 	312	 

  
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 THIS AGREEMENT is dated 19 July 2017 and made between: 

 

	(1)	CEMEX, S.A.B. de C.V. (the “Borrower”); 

  

	(2)	THE SUBSIDIARIES of the Borrower listed in Part I of Schedule 1 (The Original Parties) as guarantors (the “Original Guarantors”); 

 

	(3)	THE SUBSIDIARIES of the Borrower listed in Part I of Schedule 1 (The Original Parties) as security providers (together with the Borrower, the “Original Security Providers”);

  

	(4)	THE FINANCIAL INSTITUTIONS listed in Part II (The Original Lenders) of Schedule 1 (The Original Parties) as original lenders (the “Original Lenders”);

  

	(5)	CITIBANK EUROPE PLC, UK BRANCH as agent of the Finance Parties (other than itself) (the “Agent”); and 

  

	(6)	WILMINGTON TRUST (LONDON) LIMITED as security agent of the Secured Parties (the “Security Agent”), 

it being understood that the following entities shall be joint mandated lend arrangers and bookrunners (whether acting individually or together, the
“Arranger”: BANCO MERCANTIL DEL NORTE, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BANORTE, BANCO SANTANDER (MÉXICO), S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO SANTANDER
MÉXICO, BBVA BANCOMER, S.A. INSTITUCIÓN DE BANCA MÚLTIPLE GRUPO FINANCIERO BBVA BANCOMER, BNP PARIBAS SECURITIES CORP., CITIGROUP GLOBAL MARKETS INC., CRÉDIT AGRICOLE CORPORATE AND INVESTMENT
BANK, HSBC SECURITIES (USA) INC., ING CAPITAL LLC, JPMORGAN CHASE BANK, N.A., MIZUHO BANK, LTD. and MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED. 

IT IS AGREED as follows: 
 SECTION 1

 INTERPRETATION 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions  

 In this Agreement: 

“2012 Facilities Agreement” means the facilities agreement dated 17 September 2012 (as amended pursuant to an
amendment agreement dated 16 October 2013 and a consent request dated 7 February 2014) and made between, among others, the Borrower and certain of its Subsidiaries as original obligors, certain financial institutions, noteholders and other
entities as original creditors, Citibank International plc as agent and Wilmington Trust (London) Limited as security agent. 

  
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 “2017 Amendment Intercreditor Effective Date” means the date on which all
amounts payable to the Lenders under (and as defined in) the Existing Club Loan Agreement have been paid or repaid. 
 “2018
Subordinated Convertible Notes” means the $690,000,000 3.75% subordinated optional convertible securities maturing on 15 March 2018 issued by the Borrower. 

“2020 Subordinated Convertible Notes” means: 
  

	 	(a)	the $200,000,000 3.72% subordinated optional convertible securities issued by the Borrower on 13 March 2015 maturing on 15 March 2020; and 

 

	 	(b)	the $321,114,000 3.72% subordinated optional convertible securities issued by the Borrower on 28 May 2015 maturing on 15 March 2020. 

“Acceptable Bank” means: 
  

	 	(a)	a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of BBB or higher by S&P, BBB or higher by Fitch or Baa2 or higher by Moody’s or a
comparable rating from an internationally recognised credit rating agency; 

  

	 	(b)	any other bank or financial institution in a jurisdiction in which a member of the Group conducts commercial operations where such member of the Group, in the ordinary course of trading, subscribes for certificates of
deposit issued by such bank or financial institution; or 

  

	 	(c)	any other bank or financial institution approved by the Agent. 

 “Accession
Letter” means a document substantially in the form set out in Schedule 7 (Form of Accession Letter). 

“Accordion Confirmation” means a confirmation substantially in the form set out in Schedule 16 (Form of Accordion
Confirmation). 
 “Accordion Lender” has the meaning given to that term in Clause 2.2 (Accordion). 

“Accordion Lender’s Facility A Commitment” means, for any Accordion Lender, the amount listed in the table in the
Schedule (Relevant Commitment/rights and obligations to be assumed by the Accordion Lender) to the Accordion Confirmation of that Accordion Lender under that heading. 

“Accordion Lender’s Facility B Commitment” means, for any Accordion Lender, the amount listed in the table in the
Schedule (Relevant Commitment/rights and obligations to be assumed by the Accordion Lender) to the Accordion Confirmation of that Accordion Lender under that heading. 

“Accordion Lender’s Facility C Commitment” means, for any Accordion Lender, the amount listed in the table in the
Schedule (Relevant Commitment/rights and obligations to be assumed by the Accordion Lender) to the Accordion Confirmation of that Accordion Lender under that heading. 

  
 - 5 - 

 “Accordion Lender’s Facility D1 Commitment” means, for any Accordion
Lender, the amount listed in the table in the Schedule (Relevant Commitment/rights and obligations to be assumed by the Accordion Lender) to the Accordion Confirmation of that Accordion Lender under that heading. 

“Accordion Lender’s Facility D2 Commitment” means, for any Accordion Lender, the amount listed in the table in the
Schedule (Relevant Commitment/rights and obligations to be assumed by the Accordion Lender) to the Accordion Confirmation of that Accordion Lender under that heading. 

“Additional Guarantor” means a company that becomes an Additional Guarantor in accordance with Clause 28 (Changes to
the Obligors). 
 “Additional Obligor” means an Additional Guarantor or an Additional Security Provider. 

“Additional Security Provider” means a company that becomes an Additional Security Provider in accordance with Clause 28
(Changes to the Obligors). 
 “Affiliate” means, in relation to any person, a Subsidiary of that person or a
Holding Company of that person or any other Subsidiary of that Holding Company. 
 “Agent’s Spot Rate of Exchange”
means the Agent’s spot rate of exchange for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day. 

“Applicable GAAP” means: 
  

	 	(a)	in the case of the Borrower, IFRS; 

  

	 	(b)	in the case of CEMEX España, Spanish GAAP or, if adopted by CEMEX España in accordance with Clause 20.3 (Requirements as to financial statements), IFRS; and 

 

	 	(c)	in the case of any other Obligor, the generally accepted accounting principles applying to it in the country of its incorporation or in a jurisdiction agreed to by the Agent or, if adopted by the relevant Obligor, IFRS.

 “Asset Swap” has the meaning given to such term in paragraph (f) of the definition of Permitted
Acquisition. 
 “Assignment Agreement” means an agreement substantially in the form set out in Schedule 6 (Form of
Assignment Agreement) or any other form agreed between the relevant assignor and assignee provided that if that other form does not contain the undertaking in the form set out in Schedule 6 (Form of Assignment Agreement) in
respect of clause 14.6 of the Intercreditor Agreement, it shall not be a Creditor/Agent/Security Agent Accession Undertaking as defined in, and for the purposes of, the Intercreditor Agreement. 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration. 

  
 - 6 - 

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

“Availability Period” means: 
  

	 	(a)	in relation to Facility A: 

  

	 	(i)	in relation to any Utilisation of Facility A, the period from and including the date of this Agreement to and including the date falling 30 Business Days after the date of this Agreement; and 

 

	 	(ii)	in respect of an increase in the Facility A Commitments pursuant to Clause 2.2 (Accordion), in relation to the Utilisation in respect of the increased Facility A Commitment(s) of the Accordion Lender(s), the
period from and including the Increase Date on which that increase becomes effective to and including the later of the date (i) falling 30 Business Days after the date of this Agreement and (ii) falling 15 Business Days after such Increase
Date; 

  

	 	(b)	in relation to Facility B: 

  

	 	(i)	in relation to any Utilisation of Facility B, the period from and including the date of this Agreement to and including the date falling 30 Business Days after the date of this Agreement; and 

 

	 	(ii)	in respect of an increase in the Facility B Commitments pursuant to Clause 2.2 (Accordion), in relation to the Utilisation of Facility B following that increase, the period from and including the Increase Date on
which that increase becomes effective to and including the later of the date (i) falling 30 Business Days after the date of this Agreement and (ii) falling 15 Business Days after such Increase Date; 

 

	 	(c)	in relation to Facility C: 

  

	 	(i)	in relation to any Utilisation of Facility C, the period from and including the date of this Agreement to and including the date falling 30 Business Days after the date of this Agreement; and 

 

	 	(ii)	in respect of an increase in the Facility C Commitments pursuant to Clause 2.2 (Accordion), in relation to the Utilisation of Facility C following that increase, the period from and including the Increase Date on
which that increase becomes effective to and including the later of the date (i) falling 30 Business Days after the date of this Agreement and (ii) falling 15 Business Days after such Increase Date; 

 

	 	(d)	in relation to Facility D1: 

  

	 	(i)	 in relation to any Utilisation of Facility D1, the period from and including the date of this Agreement up to and
including 14 February 

  
 - 7 - 

	 	
2018 (or, if such day is not a Business Day, the Business Day falling immediately after that date); and 

  

	 	(ii)	in respect of an increase in the Facility D1 Commitments pursuant to Clause 2.2 (Accordion), in relation to the Utilisation of Facility D1 following that increase, the period from and including the Increase Date
on which that increase becomes effective to and including the later of (i) 14 February 2018 (or, if such day is not a Business Day, the Business Day falling immediately after that date) and (ii) the date falling 15 Business Days after such
Increase Date; and 

  

	 	(e)	in relation to Facility D2: 

  

	 	(i)	in relation to any Utilisation of Facility D2, the period from and including the date of this Agreement to and including the date falling 30 Business Days prior to the Termination Date; and 

 

	 	(ii)	in respect of an increase in the Facility D2 Commitments pursuant to Clause 2.2 (Accordion), in relation to the Utilisation of Facility D2 following that increase, the period from and including the Increase Date on
which that increase becomes effective to and including the date falling 30 Business Days prior to the Termination Date. 

“Available Commitment” means, in relation to a Facility, a Lender’s Commitment under that Facility minus: 

 

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

  

	 	(b)	in relation to any proposed Utilisation, the Base Currency Amount of its participation in any Loans that are due to be made under that Facility on or before the proposed Utilisation Date, but without subtracting, in
relation to any proposed Utilisation under Facility D2 only (or any other revolving Facility established pursuant to Clause 2.2 (Accordion)), that Lender’s participation in any Facility D2 Loans (or Loans under that other revolving
Facility established pursuant to Clause 2.2 (Accordion)) that are due to be repaid or prepaid on or before the proposed Utilisation Date. 

“Available Facility” means, in relation to a Facility, the aggregate for the time being of each Lender’s Available
Commitment in respect of that Facility. 
 “Base Currency” means dollars. 

“Base Currency Amount” means, in relation to a Loan, the amount specified in the Utilisation Request delivered by the Borrower
for that Loan (or, in relation to several Loans, in relation to any of those Loans not denominated in the Base Currency, that amount converted into the Base Currency at the Agent’s Spot Rate of Exchange on the date which is three Business Days
before the conversion is applied for the purposes of this Agreement or, if later, on the date the Agent receives the request requiring the conversion for the purpose of this Agreement) and as adjusted in all cases to reflect

  
 - 8 - 

 
any repayment (other than, in relation to the Term Facilities, a repayment arising from a change of currency), prepayment, consolidation or division of a Loan. 

“Break Costs” means the amount (if any) by which: 
  

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

exceeds: 
  

	 	(b)	the amount of interest which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant Interbank Market for a
period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, New York
City and Mexico City (in the case of Mexico City, if applicable, as specified by applicable law or a Governmental Authority) and, in relation to any date for payment or purchase of euro, which is a TARGET Day. 

“Caliza” means CEMEX LATAM Holdings, S.A. 

“Caliza Capital Expenditure” means Capital Expenditure permitted by paragraph (d) of Clause 21.2 (Financial
condition) to be invested in the Caliza Group. 
 “Caliza Expansion Capital” means (without double counting) any: 

 

	 	(a)	Caliza Capital Expenditure; 

  

	 	(b)	amount of any investment by a member of the Caliza Group to finance any Joint Venture entered into by a member of the Caliza Group; and 

 

	 	(c)	amount of the consideration for an acquisition made under paragraph (j) of the definition of Permitted Acquisition. 

“Caliza Expansion Capital Permitted Limit” means $500,000,000 (or its equivalent). 

“Caliza Group” means Caliza and its Subsidiaries for the time being. 

“Caliza Offering Option” has the meaning given to such term in paragraph (b) of the definition of Caliza Transaction.

 “Caliza Proceeds” means the cash proceeds received by any member of the Group from a Caliza Transaction. 

  
 - 9 - 

 “Caliza Transaction” means: 

 

	 	(a)	a Disposal by a member of the Group of any shares in Caliza to a person who is not a member of the Group; or 

  

	 	(b)	an offering of shares in Caliza and including any put or other option (a “Caliza Offering Option”) entered into with one or more financial institutions in respect of any share lending,
over-allotment or other similar arrangement in connection with an offering of shares in Caliza provided that the exercise period for such put or other option shall be no longer than 30 days from the settlement date of the offering of shares
in Caliza, 

 (in either case) whether by way of a single transaction or a series of transactions and which does not breach
Clause 22.21 (Disposals) or Clause 22.32 (Caliza and Centurion). 
 “Capital Lease” has the
meaning given to such term in Clause 21.1 (Financial definitions). 
 “Cash Equivalent Investments” means at
any time: 
  

	 	(a)	certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Bank; 

  

	 	(b)	any investment in marketable debt obligations issued or expressly guaranteed by the government of Mexico, the United States of America (or any state thereof (including any political subdivision of such state)), the
United Kingdom, any member state of the European Economic Area or any Participating Member State or any member state of NAFTA (or any other jurisdiction in which a member of the Group conducts commercial operations if that member of the Group makes
investments in such debt obligations in the ordinary course of its trading) or by an instrumentality or agency of any of them having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible
into or exchangeable for any other security; 

  

	 	(c)	commercial paper not convertible into or exchangeable for any other security: 

  

	 	(i)	for which a recognised trading market exists; 

  

	 	(ii)	issued by an issuer incorporated in Mexico, the United States of America (or any state thereof (including any political subdivision of such state)), the United Kingdom, any member state of the European Economic Area or
any Participating Member State or any member state of NAFTA (or any other jurisdiction in which a member of the Group makes investments in such debt obligations in the ordinary course of trading); 

 

	 	(iii)	which matures within one year after the relevant date of calculation; and 

  
 - 10 - 

	 	(iv)	which has a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch or P-1 or higher by Moody’s, or, if no rating is
available in respect of the commercial paper, the issuer of which has, in respect of its long-term unsecured and non credit-enhanced debt obligations, an equivalent rating; 

 

	 	(d)	sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an Acceptable Bank (or their dematerialised equivalent); 

 

	 	(e)	any investment in money market funds which (i) have a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch or P-1
or higher by Moody’s, (ii) which invest substantially all their assets in securities of the types described in paragraphs (a) to (d) above and (f) and (g) below, and (iii) can be turned into cash on not more than 30
days’ notice; or 

  

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

  

	 	(g)	any other debt instrument rated “investment grade” (or the local equivalent thereof according to local criteria in a country in which any member of the Group conducts commercial operations and in which local
pensions are permitted by law to invest) with maturities of 12 months or less from the date of acquiring such investment; 

  

	 	(h)	investments in mutual funds, managed by banks or financial institutions, with a local currency credit rating of at least MxAA by S&P or equivalent by any other reputable local rating agency, that invest principally
in marketable direct obligations issued by the Mexican government, or issued by any agency or instrumentality thereof; and 

  

	 	(i)	any other debt security, certificate of deposit, commercial paper, bill of exchange, investment in money market funds or material funds approved by the Majority Lenders, 

in each case, to which any member of the Group is alone (or together with other members of the Group) beneficially entitled at that time and
which is not issued or guaranteed by any member of the Group or subject to any Security (other than Security arising under the Transaction Security Documents). 

“CEMEX Concretos” means CEMEX Concretos, S.A. de C.V. 

“CEMEX España” means CEMEX España, S.A. 

“CEMEX España Operaciones” means CEMEX España Operaciones S.L.U. 

“CEMEX Finance” means CEMEX Finance LLC. 

“CEMEX México” means CEMEX México, S.A. de C.V. 

“Centurion” means CEMEX Holdings Philippines, Inc., the company incorporated in the Philippines on 17th September, 2015, which
holds the CEMEX Group’s current 

  
 - 11 - 

 
operations in the Philippines which are operated mainly through Solid Cement Corporation and APO Cement Corporation. 

“Centurion Capital Expenditure” means Capital Expenditure permitted by paragraph (e) of Clause 21.2 (Financial
condition) to be invested in the Centurion Group. 
 “Centurion Expansion Capital” means (without double
counting) any: 
  

	 	(a)	Centurion Capital Expenditure; 

  

	 	(b)	amount of any investment by a member of the Centurion Group to finance any Joint Venture entered into by a member of the Centurion Group; and 

 

	 	(c)	amount of the consideration for an acquisition made under paragraph (p) of the definition of Permitted Acquisition. 

“Centurion Expansion Capital Permitted Limit” means $500,000,000 (or its equivalent). 

“Centurion Group” means Centurion and its Subsidiaries for the time being. 

“Centurion Offering Option” has the meaning given to such term in paragraph (b) of the
definition of Centurion Transaction. 
 “Centurion Proceeds” means the cash proceeds received by
any member of the Group from a Centurion Transaction. 
 “Centurion Transaction” means: 

 

	 	(a)	a Disposal by a member of the Group of any shares in Centurion to a person who is not a member of the Group; or 

  

	 	(b)	an offering of shares in Centurion and including any put or other option (a “Centurion Offering Option”) entered into by any member of the Group with one or more financial institutions in respect
of any share lending, over-allotment or other similar arrangement in connection with an offering of shares in Centurion provided that the exercise period for such put or other option shall be no longer than 60 days from the settlement date of
the offering of shares in Centurion, 

 (in either case) whether by way of a single transaction or a series of transactions and
which does not breach Clause 22.21 (Disposals) or Clause 22.32 (Caliza and Centurion). 

“Change of Control” means that the beneficial ownership (within the meaning of Rule 13d-3 promulgated by the SEC under the Securities Exchange Act of 1934, as amended) of 20 per cent. or more in voting power of the outstanding voting stock of the Borrower is acquired by any person. 

“Charged Property” means all of the assets of the Security Providers which from time to time are, or are
expressed to be, the subject of the Transaction Security. 

  
 - 12 - 

 “Code” means the Internal Revenue Code of 1986. 

“Commitment” means a Facility A Commitment, Facility B Commitment, Facility C Commitment, Facility D1 Commitment, or Facility
D2 Commitment or a commitment under any new facility established pursuant to Clause 2.2 (Accordion). 
 “Compliance
Certificate” means a certificate substantially in the form set out in Schedule 9 (Form of Compliance Certificate). 

“Confidential Information” means all information relating to the Borrower, any Obligor, the Group, the Finance
Documents or a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the
Finance Documents or a Facility from either: 
  

	 	(a)	any member of the Group or any of its advisers; or 

  

	 	(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers, 

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording
information which contains or is derived or copied from such information but excludes information that: 
  

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 39 (Confidentiality); or 

 

	 	(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or 

 

	 	(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraph (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is,
as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.

 “Confidentiality Undertaking” means a confidentiality undertaking substantially in the form set out in
Schedule 15 (Form of Confidentiality Undertaking) or in any other form agreed between the Borrower and the Agent. 

“Consolidated Coverage Ratio” has the meaning given to such term in Clause 21.1 (Financial definitions). 

“Consolidated Leverage Ratio” has the meaning given to such term in Clause 21.1 (Financial definitions). 

“Contingent Instrument” means any documentary credit (including all forms of letter of credit) or performance bond, advance
payment, bank guarantee or similar instrument. 

  
 - 13 - 

 “Covenant Reset Date” means the first date falling after the date
of this Agreement on which both of the following conditions are met: 
  

	 	(a)	either: 

  

	 	(i)	for the two most recently completed Reference Periods in respect of which Compliance Certificates have been (or are required to have been) delivered under this Agreement, the Consolidated Leverage Ratio was 3.75:1 or
lower; or 

  

	 	(ii)	for the three most recently completed Reference Periods in respect of which Compliance Certificates have been (or are required to have been) delivered under this Agreement, the Consolidated Leverage Ratio for the first
and third of those Reference Periods was 3.75:1 or lower and in the second Reference Period would have been 3.75:1 or lower but for the proceeds of any Permitted Financial Indebtedness standing to the credit of a Reserve being included in the
definition of Debt as described in paragraph (iv) of that definition; and 

  

	 	(b)	no Default is continuing. 

 “Custodian” means any custodian of the Promissory
Notes acting on behalf of the Lenders for the time being appointed by the Agent in consultation with the Borrower provided that such Custodian must maintain an office in the City of Monterrey, Nuevo Leon, Mexico. 

“Debt” has the meaning given to such term in Clause 21.1 (Financial definitions). 

“Default” means an Event of Default or any event or circumstance specified in Clause 25 (Events of Default) which would
(with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. 

“Defaulting Lender” means any Lender: 
  

	 	(a)	which has rescinded or repudiated a Finance Document; or 

  

	 	(b)	with respect to which an Insolvency Event has occurred and is continuing. 

“Delegate” means any delegate, agent,
attorney-in-fact, representative or co-trustee appointed by the Security Agent. 

“Disposal” means a sale, lease, licence, transfer, loan or other disposal by a person of any asset (including shares in any
Subsidiary or other company), undertaking or business (whether by a voluntary or involuntary single transaction or series of transactions). 

“Disposal Proceeds” means the cash proceeds received by any member of the Group (including any amount received
from a person who is not a member of the Group in repayment of intercompany debt) for any Disposal. 

  
 - 14 - 

 “Disruption Event” means either or both of: 

 

	 	(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facilities (or
otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or 

 

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party: 

 

	 	(i)	from performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 

“Dutch Civil Code” means the Dutch civil code (Burgerlijk Wetboek). 

“Dutch FSA” means the Dutch Financial Supervision Act (Wet op het financieel toezicht) and
the rules and regulations promulgated thereunder. 
 “Dutch Obligor” means an Obligor incorporated in The
Netherlands. 
 “Empresas Tolteca” means Empresas Tolteca de México, S.A. de C.V. 

“English Obligor” means an Obligor incorporated in England and Wales. 

“Environmental Claim” means any claim, proceeding or investigation by any person in respect of any Environmental
Law or use of Hazardous Materials. 
 “Environmental Law” means any applicable law or regulation in any
jurisdiction in which any member of the Group conducts business which relates to the pollution or protection of the environment or harm to or the protection of human health or the health of animals or plants. 

“Environmental Permits” means any permit, licence, consent, approval and other authorisation and the filing of
any notification, report or assessment required under any Environmental Law for the operation of the business of any member of the Group conducted on or from the properties owned or used by the relevant member of the Group. 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto, as
interpreted by the rules and regulations thereunder, all as the same may be in effect from time to time. References to sections of ERISA shall be construed also to refer to any successor sections. 

  
 - 15 - 

 “ERISA Affiliate” means an entity, whether or not incorporated, that is under
common control with any Obligor within the meaning of Section 4001(a)(14) of ERISA, or is a member of a group that includes any Obligor and that is treated as a single employer under section 414(b) or (c) of the Code. 

“España Subsidiary Guarantor” has the meaning given to that term in Clause 25.11 (Ownership of Obligors). 

“EURIBOR” means, in relation to any Loan in euro: 
  

	 	(a)	the applicable Screen Rate; 

  

	 	(b)	(if no Screen Rate is available for the Interest Period of that Loan) the Interpolated Screen Rate for that Loan; or 

  

	 	(c)	if: 

  

	 	(i)	no Screen Rate is available for euro; or 

  

	 	(ii)	no Screen Rate is available for the Interest Period of that Loan and it is not possible to calculate an Interpolated Screen Rate for that Loan, 

the Reference Bank Rate, 
 as of,
in the case of paragraphs (a) and (c) above, the Specified Time on the Quotation Day for euro and for a period equal in length to the Interest Period of that Loan and, if that rate is less than zero, EURIBOR shall be deemed to be zero. 

“Event of Default” means any event or circumstance specified as such in Clause 25 (Events of Default). 

“Executive Compensation Plan” means any stock option plan, restricted stock plan or retirement plan which the Borrower
or any of its Subsidiaries, any other Obligor or, as the case may be, Caliza, Centurion or Trinidad Cement, or any of its Subsidiaries, as the case may be, customarily provides to its employees, consultants and directors. 

“Existing Club Loan Agreement” means the facilities agreement dated 29 September 2014, as amended and restated on
23 July 2015, 17 March 2016, 23 June 2016, 11 July 2016 and 21 November 2016 between, amongst others, CEMEX, S.A.B. de C.V. as borrower, certain subsidiaries of CEMEX, S.A.B. de C.V. as guarantors, certain subsidiaries of
CEMEX, S.A.B. de C.V. as security providers, Citibank Europe plc, UK Branch as agent and Wilmington Trust (London) Limited as security agent. 

“Existing Financial Indebtedness” means the Financial Indebtedness as at the date of this Agreement of members of the Group
which are not Obligors and is described in Schedule 10 (Existing Financial Indebtedness) provided that any amount of such indebtedness may be refinanced or replaced from time to time but the aggregate principal amount of such Financial
Indebtedness may not increase above the principal amount outstanding as at the date of this Agreement (except as otherwise permitted or not restricted by this Agreement or by the amount of any capitalised interest under

  
 - 16 - 

 
any facility or instrument that provided for capitalisation of interest on those terms as at the date of this Agreement). 

“Existing Subordinated Convertible Notes” means the 2018 Subordinated Convertible Notes, the 2020 Subordinated
Convertible Notes and the Subordinated Convertible Notes described at paragraph (b)(i) of the definition of Subordinated Optional Convertible Securities. 

“Facility” means Facility A, Facility B, Facility C, Facility D1 or Facility D2 or any other facility established in
accordance with and pursuant to Clause 2.2 (Accordion). 
 “Facility A” means the term loan facility made
available under this Agreement as described in paragraph (a) of Clause 2.1 (The Facilities). 

“Facility A Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading “Facility A Commitment” in Part II of Schedule 1 (The Original Parties) and the
amount of any other Facility A Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Accordion); and 

  

	 	(b)	in relation to any other Lender, the amount in the Base Currency of any Facility A Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Accordion), 

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

“Facility A Loan” means a loan made or to be made under Facility A or the principal amount outstanding for the
time being of that loan. 
 “Facility A Repayment Date” means each of the dates specified in paragraph
(a) of Clause 6.1 (Repayment of Facility A Loans) as Facility A Repayment Dates. 
 “Facility A Repayment
Instalment” means each instalment for repayment of the Facility A Loans referred to in paragraph (a) of Clause 6.1 (Repayment of Facility A Loans). 

“Facility B” means the term loan facility made available under this Agreement as described in paragraph
(b) of Clause 2.1 (The Facilities). 
 “Facility B Commitment” means: 

 

	 	(a)	in relation to an Original Lender, the amount in euro set opposite its name under the heading “Facility B Commitment” in Part II of Schedule 1 (The Original Parties) and the amount of any other Facility
B Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Accordion); and 

  

	 	(b)	 in relation to any other Lender, the amount in euro of any Facility B Commitment transferred to it under this
Agreement or assumed by it in accordance with Clause 2.2 (Accordion), 

  
 - 17 - 

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

“Facility B Loan” means a loan made or to be made under Facility B or the principal amount outstanding for the
time being of that loan. 
 “Facility B Repayment Date” means each of the dates specified in paragraph
(a) of Clause 6.2 (Repayment of Facility B Loans) as Facility B Repayment Dates. 
 “Facility B Repayment
Instalment” means each instalment for repayment of the Facility B Loans referred to in paragraph (a) of Clause 6.2 (Repayment of Facility B Loans). 

“Facility C” means the term loan facility made available under this Agreement as described in paragraph
(c) of Clause 2.1 (The Facilities). 
 “Facility C Commitment” means: 

 

	 	(a)	in relation to an Original Lender, the amount in sterling set opposite its name under the heading “Facility C Commitment” in Part II of Schedule 1 (The Original Parties) and the amount of
any other Facility C Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Accordion); and 

  

	 	(b)	in relation to any other Lender, the amount in sterling of any Facility C Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Accordion), 

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

“Facility C Loan” means a loan made or to be made under Facility C or the principal amount outstanding for the time
being of that loan. 
 “Facility C Repayment Date” means each of the dates specified in paragraph (a) of
Clause 6.3 (Repayment of Facility C Loans) as Facility C Repayment Dates. 
 “Facility C Repayment
Instalment” means each instalment for repayment of the Facility C Loans referred to in paragraph (a) of Clause 6.3 (Repayment of Facility C Loans). 

“Facility D1” means the term loan facility made available under this Agreement as described in paragraph (d) of Clause
2.1 (The Facilities). 
 “Facility D1 Commitment” means: 

 

	 	(a)	 in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading
“Facility D1 Commitment” in Part II of Schedule 1 (The Original Parties) and the amount of any other Facility D1 Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2
(Accordion); and 

  
 - 18 - 

	 	(b)	in relation to any other Lender, the amount in the Base Currency of any Facility D1 Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Accordion), 

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

“Facility D1 Loan” means a loan made or to be made under Facility D1 or the principal amount outstanding for the
time being of that loan. 
 “Facility D1 Repayment Date” means each of the dates specified in paragraph
(a) of Clause 6.4 (Repayment of Facility D1 Loans) as Facility D1 Repayment Dates. 
 “Facility D1
Repayment Instalment” means each instalment for repayment of the Facility D1 Loans referred to in paragraph (a) of Clause 6.4 (Repayment of Facility D1 Loans). 

“Facility D2” means the revolving loan facility made available under this Agreement as described in paragraph
(e) of Clause 2.1 (The Facilities). 
 “Facility D2 Commitment” means: 

 

	 	(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading “Facility D2 Commitment” in Part II of Schedule 1 (The Original Parties) and the
amount of any other Facility D2 Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Accordion); and 

  

	 	(b)	in relation to any other Lender, the amount in the Base Currency of any Facility D2 Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Accordion), 

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

“Facility D2 Loan” means a loan made or to be made under Facility D2 or the principal amount outstanding for the
time being of that loan. 
 “Facility Office” means: 

 

	 	(a)	in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice)
as the office or offices through which it will perform its obligations under this Agreement; or 

  

	 	(b)	in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes. 

“FATCA” means: 
  

	 	(a)	sections 1471 to 1474 of the Code or any associated regulations; 

  

	 	(b)	 any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between
the US and any other jurisdiction, 

  
 - 19 - 

	 	
which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or 

 

	 	(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraph (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation
authority in any other jurisdiction. 

 “FATCA Application Date” means: 

 

	 	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

  

	 	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2019; or 

  

	 	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraph (a) or (b) above, 1 January 2019, 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any
change in FATCA after the date of this Agreement. 
 “FATCA Deduction” means a deduction or withholding from a
payment under a Finance Document required by FATCA. 
 “FATCA Exempt Party” means a Party that is entitled to
receive payments free from any FATCA Deduction. 
 “Fee Letter” means any letter or letters dated on or before
the date of this Agreement between the Arranger (or any of them) and the Borrower, the Agent and the Borrower or the Security Agent and the Borrower, the Lenders (or any of them) and the Borrower setting out any of the fees payable by the Borrower
to those Finance Parties in connection with this Agreement, and any fee letter between an Accordion Lender and the Borrower entered into in accordance with paragraph (f) of Clause 2.2 (Accordion). 

“Finance Document” means this Agreement, any Accession Letter, any Accordion Confirmation, any Compliance
Certificate, any Reserve Certificate, any Fee Letter, the Intercreditor Agreement, any Promissory Note, any Resignation Letter, any Selection Notice, any Transaction Security Document, any Utilisation Request and any other document designated as a
“Finance Document” by the Agent and the Borrower. 
 “Finance Party” means the Agent, the Arranger,
the Security Agent or a Lender. 
 “Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	monies borrowed and debit balances at banks or other financial institutions; 

  
 - 20 - 

	 	(b)	any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent); 

  

	 	(c)	any amount raised pursuant to a note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument (including, without limitation, any perpetual bonds); 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would (in accordance with Applicable GAAP of the Borrower) be treated as a finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for
de-recognition under Applicable GAAP of the Borrower); 

  

	 	(f)	any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the negative mark-to-market value (or, if any
actual amount is due from any member of the Group as a result of the termination or close-out of that Treasury Transaction, that amount) shall be taken into account); 

 

	 	(g)	any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; 

 

	 	(h)	any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the issuer) before the last Termination Date or are otherwise classified as borrowings under Applicable GAAP of the
Borrower; 

  

	 	(i)	any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of
the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than 60 days after the date of supply; 

 

	 	(j)	any arrangement pursuant to which an asset sold or otherwise disposed of by that person may be re-acquired by a member of the Group (whether following the exercise of an option or
otherwise) and any Inventory Financing; 

  

	 	(k)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as
borrowings under Applicable GAAP of the Borrower; and 

  

	 	(l)	the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs (a) to (k) above. 

“Financial Quarter” has the meaning given to such term in Clause 21.1 (Financial
definitions). 
 “Financial Year” has the meaning given to such term in Clause 21.1
(Financial definitions). 

  
 - 21 - 

 “Fitch” means Fitch Ratings Limited or any successor thereto from time to time.

 “French Guarantor” or “French Obligor” means a Guarantor or other Obligor incorporated in France. 

“Governmental Authority” means the government of any jurisdiction, or any political subdivision thereof, whether provincial,
state or local, and any department, ministry, agency, instrumentality, authority, body, court, central bank or other entity lawfully exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Group” means the Borrower and each of its Subsidiaries for the time being. 

“Group Structure Chart” means the structure chart setting out the Obligors and Material Subsidiaries dated as of 30 June
2017 and delivered to the Agent under paragraph 5 (Other documents and evidence) of Part I of Schedule 2 (Conditions Precedent). 

“Guarantors” means the Original Guarantors and any Additional Guarantor other than any Original Guarantor or Additional
Guarantor which has ceased to be a Guarantor pursuant to Clause 28.3 (Resignation of a Guarantor) and/or sub-paragraph (ii) of paragraph (c) of Clause 38.2 (Exceptions) and has not
subsequently become an Additional Guarantor pursuant to Clause 28.2 (Additional Guarantors and Additional Security Providers) and “Guarantor” means any of them. 

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

“Holding Company” means, in relation to a company or corporation, any other company or corporation in respect of which it is a
Subsidiary.  
 “IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the
extent applicable to the relevant financial statements. 
 “Impaired Agent” means the Agent at any time when: 

 

	 	(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment; 

 

	 	(b)	the Agent otherwise rescinds or repudiates a Finance Document; 

  

	 	(c)	(if the Agent is also a Lender) it is a Defaulting Lender under paragraph (a) of the definition of “Defaulting Lender”; or 

 

	 	(d)	 an Insolvency Event has occurred and is continuing with respect to the Agent,

  
 - 22 - 

 
unless, in the case of paragraph (a) above: 
  

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

  

	 	payment	is made within three Business Days of its due date; or 

  

	 	(ii)	the Agent is disputing in good faith whether it is contractually obliged to make the payment in question. 

“IMSS” means the Mexican Social Security Institute (Instituto Mexicano del Seguro Social). 

“Increase Date” has the meaning given to it in paragraph (b) of Clause 2.2 (Accordion). 

“INFONAVIT” means the Mexican Workers’ Housing Fund Institute (Instituto del Fondo Nacional de la Vivienda para
los Trabajadores). 
 “Insolvency Event” in relation to a Finance Party means that the Finance Party: 

 

	 	(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

  

	 	(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 

 

	 	(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors; 

  

	 	(d)	institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or
organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy (including concurso mercantil) or any other relief under any bankruptcy or insolvency law (including the Mexican Ley
de Concursos Mercantiles) or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official;

  

	 	(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy (including concurso mercantil) or any other relief under any bankruptcy or insolvency law or other similar law affecting
creditors’ rights (in each case, other than by way of an Undisclosed Administration), or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition
instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and: 

  
 - 23 - 

	 	(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or 

 

	 	(ii)	is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; 

  

	 	(f)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(g)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (in each
case, other than by way of an Undisclosed Administration); 

  

	 	(h)	has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all
its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; 

 

	 	(i)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraph (a) to (h) above; or 

 

	 	(j)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts. 

“Insolvency Proceedings” means any of the matters described in Clause 25.7 (Insolvency proceedings). 

“Intellectual Property” means: 
  

	 	(a)	any patents, trademarks, service marks, designs, business names, copyrights, design rights, database rights, inventions, knowhow and other intellectual property rights and interests, whether registered or unregistered;
and 

  

	 	(b)	the benefit of all applications and rights to use such assets of each member of the Group. 

“Intercreditor Agreement” means: 
  

	 	(a)	before the 2017 Amendment Intercreditor Effective Date, the intercreditor agreement originally dated 17 September 2012 and made between, among others, the Borrower, Wilmington Trust (London) Limited as Security
Agent, Citibank International plc as agent under the 2012 Facilities Agreement, the creditors under the 2012 Facilities Agreement and any other creditors of the Group that may accede to it from time to time in accordance with its terms, as amended,
restated, varied, supplemented and/or extended from time to time; and 

  
 - 24 - 

	 	(b)	on and from the 2017 Amendment Intercreditor Effective Date, the intercreditor agreement described at paragraph (a) above as amended and restated pursuant to a deed of amendment dated on the date of this Agreement,
as amended, restated, varied, supplemented and/or extended from time to time. 

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

“Interpolated Screen Rate” means, in relation to any Loan, the rate which results from interpolating on a linear basis
between: 
  

	 	(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and 

 

	 	(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, 

each as of the Specified Time on the Quotation Day for the currency of that Loan. 

“Inventory Financing” means a financing arrangement pursuant to which a member of the Group sells inventory to a bank or other
institution (or a special purpose vehicle or partnership incorporated or established by or on behalf of such bank or other institution or an Affiliate of such bank or other institution) and has an obligation to repurchase such inventory to the
extent that it is not sold to a third party within a specified period. 
 “Joint Venture” means any joint venture entity,
whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity. 
 “Legal
Opinions” means the legal opinions delivered to the Agent pursuant to paragraph 4 (Legal opinions) of Part I of Schedule 2 (Conditions Precedent) or paragraph 4 (Legal opinions) of Part II of Schedule 2 (Conditions
Precedent). 
 “Legal Reservations” means: 
  

	 	(a)	the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights
of creditors; 

  

	 	(b)	the time barring of claims under the Limitation Act 1980 and the Foreign Limitation Periods Act 1984, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim; 

  

	 	(c)	similar principles, rights and defences under the laws of any Relevant Jurisdiction; and 

  

	 	(d)	any other matters which are set out as qualifications or reservations as to matters of law in the Legal Opinions. 

  
 - 25 - 

 “Lender” means: 

 

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 2.2 (Accordion) or Clause 26 (Changes to the Lenders), 

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

“LIBOR” means, in relation to any Loan: 
  

	 	(a)	the applicable Screen Rate; 

  

	 	(b)	(if no Screen Rate is available for the Interest Period of that Loan) the Interpolated Screen Rate for that Loan; or 

  

	 	(c)	if: 

  

	 	(i)	no Screen Rate is available for dollars and/or sterling ; or 

  

	 	(ii)	no Screen Rate is available for the Interest Period of that Loan and it is not possible to calculate an Interpolated Screen Rate for that Loan, 

the Reference Bank Rate, 
 as of,
in the case of paragraphs (a) and (c) above, the Specified Time on the Quotation Day for dollars and/or sterling and for a period equal in length to the Interest Period of that Loan and, if that rate is less than zero, LIBOR shall be deemed to
be zero. 
 “Loan” means a Facility A Loan, Facility B Loan, Facility C Loan, Facility D1 Loan, Facility D2 Loan or any
other Loan under any Facility established pursuant to Clause 2.2 (Accordion). 
 “London Business Day” means a day
(other than a Saturday or Sunday) on which banks are open for general business in London. 
 “Majority Lenders” means a
Lender or Lenders whose Commitments aggregate 66 2⁄3% or more of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated 66 2⁄3% or more of the Total Commitments immediately prior to the reduction). 

“Margin” means, in relation to any Loan or Unpaid Sum, initially 2.50 per cent. per annum, but if: 

 

	 	(a)	no Event of Default has occurred and is continuing; and 

  
 - 26 - 

	 	(b)	the Consolidated Leverage Ratio in respect of the most recently completed Reference Period is within a range set out below, then the Margin for each Loan will be the percentage per annum set out below opposite that
range: 

  

					
	 	  	Margin	 
	 Consolidated Leverage Ratio
	  	(per cent. per annum)	 
	 Greater than or equal to 5.00:1
	  	 	3.500	 
	 Less than 5.00:1 but greater than or equal to 4.50:1
	  	 	3.000	 
	 Less than 4.50:1 but greater than or equal to 4.00:1
	  	 	2.500	 
	 Less than 4.00:1 but greater than or equal to 3.50:1
	  	 	2.125	 
	 Less than 3.50:1 but greater than or equal to 3.00
	  	 	1.750	 
	 Less than 3.00:1 but greater than or equal to 2.50
	  	 	1.500	 
	 Less than 2.50:1
	  	 	1.250	 

  

	 	However:	

  

	 	(i)	any increase or decrease in the Margin for a Loan shall take effect on the date (the “reset date”) which is the first day of the next Interest Period for that Loan following receipt by the Agent of the
Compliance Certificate for that Reference Period pursuant to Clause 20.2 (Compliance Certificate); 

  

	 	(ii)	if, following receipt by the Agent of the Compliance Certificate related to the relevant annual financial statements, that Compliance Certificate does not confirm the basis for either a reduced or an increased Margin
which applied during that annual period, then the relevant provisions of paragraph (b) of Clause 9.2 (Payment of interest) shall apply from the reset date and the Margin for that Loan shall be the percentage per annum determined using
the table above and the revised Consolidated Leverage Ratio calculated using the figures in that Compliance Certificate; 

  

	 	(iii)	if, following the Covenant Reset Date, the Consolidated Leverage Ratio in respect of any completed Reference Period is, at any time, greater than 3.75:1, the number for the Margin in each range set out in the table
above shall be increased by 25 basis points and the percentage per annum for the Margin applicable to that range shall be the result of that increase; 

  

	 	(iv)	while an Event of Default has occurred and is continuing, the Margin for each Loan shall be 3.50 per cent. per annum; and 

  

	 	(v)	for the purpose of determining the Margin, the Consolidated Leverage Ratio and Reference Period shall be determined in accordance with Clause 21.1 (Financial definitions). 

  
 - 27 - 

 “Material Adverse Effect” means a material adverse effect on: 

 

	 	(a)	the business, property, assets, condition (financial or otherwise) or operations of the Group, taken as a whole; or 

  

	 	(b)	the rights or remedies of any Finance Party under the Finance Documents; or 

  

	 	(c)	the ability of any Obligor to perform its obligations under the Finance Documents or the validity or enforceability, effectiveness or ranking of any of the Transaction Security granted or purported to be granted under
or pursuant to any of the Finance Documents. 

 “Material Subsidiary” means, from the date of this Agreement
up to (and excluding) the date on which the first Compliance Certificate to be delivered under Clause 20.2 (Compliance Certificate) is delivered in accordance with that Clause, those companies set out in Schedule 13 (Material
Subsidiaries) and, thereafter, means any Subsidiary of the Borrower which: 
  

	 	(a)	has total gross assets representing 5 per cent. or more of the total consolidated assets of the Group; 

  

	 	(b)	has revenues representing 5 per cent. or more of the consolidated turnover of the Group; and/or 

  

	 	(c)	has earnings before interest, tax, depreciation and amortisation calculated on the same basis as EBITDA, representing 5 per cent. or more of the consolidated EBITDA of the Group, 

in each case calculated on a consolidated basis (without duplication) and any Holding Company of any such Subsidiary or of an Obligor. 

Compliance with the conditions set out in paragraphs (a) to (c) shall be determined by reference to the most recent Compliance Certificate
supplied by the Borrower and/or the latest audited financial statements of that Subsidiary (if available) and the latest audited consolidated financial statements of the Group, but if a Subsidiary has been acquired since the date as at which the
latest audited consolidated financial statements of the Group were prepared, the financial statements shall be adjusted to take into account the acquisition of that Subsidiary (that adjustment being certified by the Group’s auditors as
representing an accurate reflection of each of the respective revised total assets and turnover of the Group). 
 A report by the auditors of
the Borrower (or, as the case may be, any other internationally recognised accounting firm that is approved by the Agent) that a Subsidiary is a Material Subsidiary shall, in the absence of manifest error, be conclusive and binding on all Parties.

 “Mexican Security Trust Agreement” means the Mexican security trust agreement dated 17 September 2012, as amended
and/or restated from time to time, entered into, among others, by the Borrower, Empresas Tolteca de Mexico, S.A. de C.V., CEMEX Central, S.A. de C.V., Interamerican Investments Inc., CEMEX Operaciones México and CEMEX México, which
secures the obligations of the Obligors arising from the Finance Documents. 

  
 - 28 - 

 “Mexico” means the United Mexican States. 

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

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

  

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

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

“Moody’s” means Moody’s Investors Services Limited or any successor to its ratings business. 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA that is subject to
Title IV of ERISA to which any Obligor or any ERISA Affiliate is making contributions or has an obligation to make contributions. 

“New Lender” has the meaning given to that term in Clause 26 (Changes to the Lenders). 

“Non-Consenting Lender” has the meaning given to that term in Clause 38.4
(Replacement of Lender). 
 “Non-US Pension Plan” means any defined benefit
plan, fund (including, without limitation, any superannuation fund) or other similar program established or maintained outside the United States by any Obligor or any of its Subsidiaries, primarily for the benefit of employees of such Obligor or any
such Subsidiary residing outside the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement, and which plan, fund or program is not a Pension Plan or
Multiemployer Plan and is not otherwise subject to ERISA or the Code. 
 “Obligors” means the Borrower, the Guarantors and
the Security Providers and “Obligor” means any of them. 
 “Original Financial Statements” means: 

 

	 	(a)	in relation to the Borrower, its audited unconsolidated and consolidated financial statements for its Financial Year ended 31 December 2016 accompanied by an audit opinion of KPMG Cárdenas Dosal, S.C.;

  

	 	(b)	in relation to CEMEX España, its audited consolidated financial statements for its financial year ended 31 December 2016; and 

  
 - 29 - 

	 	(c)	in relation to any other Guarantor, its most recent annual financial statements (audited, if available). 

“Original Obligor” means the Borrower, an Original Guarantor or an Original Security Provider. 

“Outlook” means a rating outlook of the Borrower with regard to the Borrower’s economic and/or fundamental business
condition, as assigned by a Rating Agency. 
 “Participating Member State” means any member state of the European Union that
has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. 

“Party” means a party to this Agreement. 

“Pension Plan” means a “pension plan” as such term is defined in Section 3(2) of ERISA, which is subject to
Title IV of ERISA (other than a multiemployer plan as defined in Section 4001(a)(3) of ERISA), and with respect to which any Obligor or any ERISA Affiliate is an “employer” as defined in Section 3(5) of ERISA. 

“Permitted Acquisition” means: 
  

	 	(a)	an acquisition by a member of the Group of an asset sold, leased, transferred or otherwise disposed of by another member of the Group in circumstances constituting a Permitted Disposal; 

 

	 	(b)	an acquisition of shares or securities pursuant to a Permitted Share Issue; 

  

	 	(c)	an acquisition of cash or securities which are Cash Equivalent Investments; 

  

	 	(d)	the incorporation of a company which on incorporation becomes a member of the Group or which is a special purpose vehicle, whether a member of the Group or not; 

 

	 	(e)	an acquisition that constitutes a Permitted Joint Venture; 

  

	 	(f)	an acquisition of assets and, if applicable, cash, in exchange for other assets and, if applicable, cash, of equal or higher value (an “Asset Swap”); 

 

	 	(g)	any acquisition of shares of the Borrower, any acquisition of shares of Caliza, any acquisition of shares of Centurion or any acquisition of shares of Trinidad Cement pursuant to (i) an obligation in respect of any
Executive Compensation Plan of the Borrower or any of its Subsidiaries or, as the case may be, of Caliza or any of its Subsidiaries, Centurion or any of its Subsidiaries or Trinidad Cement or any of its Subsidiaries as the case may be, or
(ii) a Treasury Transaction permitted in accordance with Clause 22.27 (Treasury Transactions); 

  

	 	(h)	any other acquisition consented to by the Agent acting on the instructions of the Majority Lenders; 

  
 - 30 - 

	 	(i)	an acquisition of shares in the Borrower or any other member of the Group to the extent that a member of the Group has, pursuant to the terms of convertible or exchangeable securities, an obligation to deliver such
shares to any holder(s) of convertible or exchangeable securities constituting Permitted Financial Indebtedness; 

  

	 	(j)	any acquisition by a member of the Caliza Group of assets or of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) provided that (except where the
assets, company, shares, securities, business or undertaking (or, in each case, any interest in any of them) acquired was disposed of by (A) a member of the Caliza Group or (B) a member of the Group which is not a member of the Caliza
Group in circumstances constituting a Permitted Disposal under the definition of Permitted Disposal) the aggregate amount of the consideration for such acquisitions does not at any time (when aggregated with all other amounts of Caliza Expansion
Capital then incurred) exceed the Caliza Expansion Capital Permitted Limit; 

  

	 	(k)	any acquisition constituting a Reconstruction permitted pursuant to Clause 22.8 (Merger); 

  

	 	(l)	any other acquisition of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) provided that the aggregate amount of the consideration for such acquisitions
does not exceed $400,000,000 (or its equivalent in any other currencies) in any Financial Year, and provided further that: 

  

	 	(i)	if an asset is acquired by a member of the Group pursuant to this paragraph (l); and 

  

	 	(ii)	such asset is the subject of a Disposal by the Group within 12 Months of the date of completion of its acquisition, 

the unutilised portion of the amount referred to above in respect of that Financial Year shall be increased by an amount equal to the lower of
(A) the amount of the consideration originally paid by the relevant member of the Group which acquired such asset and (B) the amount of the Disposal Proceeds received for such Disposal; 

 

	 	(m)	any acquisition by a member of the Centurion Group of assets or of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) provided that (except where the
assets, company, shares, securities, business or undertaking (or, in each case, any interest in any of them) acquired was disposed of by (A) a member of the Centurion Group or (B) a member of the Group which is not a member of the
Centurion Group in circumstances constituting a Permitted Disposal under the definition of Permitted Disposal) the aggregate amount of the consideration for such acquisitions does not at any time (when aggregated with all other amounts of Centurion
Expansion Capital then incurred) exceed the Centurion Expansion Capital Permitted Limit; 

  
 - 31 - 

	 	(n)	the acquisition or repurchase of any shares in a member of the Group which were the subject of any Caliza Offering Option, any Centurion Offering Option or any Trinidad Cement Offering Option (i) where those shares
were not taken up in full as part of such option or (ii) pursuant to a Treasury Transaction entered into in connection with that Caliza Offering Option, Centurion Offering Option or Trinidad Cement Offering Option and, for the avoidance of
doubt any repurchase under this paragraph (n) shall be a separate and independent right and shall not impact or utilise any other elements permitted under this Agreement including, without limitation, paragraph (l) or (p) of this
definition, paragraph (c) of Clause 21.2 (Financial condition), the Caliza Expansion Capital Permitted Limit and the Centurion Expansion Capital Permitted Limit; 

 

	 	(o)	the acquisition or repurchase by the Borrower, Caliza, Centurion or Trinidad Cement of its own shares provided that, in the case of the acquisition or repurchase by the Borrower, (i) the aggregate nominal value of
any shares acquired or repurchased by it in any Financial Year pursuant to this paragraph (o) does not (when aggregated with the amount of all distributions made by it in that Financial Year pursuant to paragraph (a) of the definition of
“Permitted Distribution”) exceed $200,000,000 (or its equivalent) and (ii) the Borrower may only acquire or repurchase any of its shares pursuant to this paragraph (o) if it has delivered a Compliance Certificate in respect of
the most recent Reference Period for which a Compliance Certificate was required to have been delivered under this Agreement showing a Consolidated Leverage Ratio in respect of that Reference Period of 4.00:1 or less; and 

 

	 	(p)	any acquisition if: 

  

	 	(i)	the cash consideration for that acquisition (when aggregated with the cash consideration for any other acquisition made pursuant to this paragraph (p)(i) in the four Financial Quarters ending prior to the date of the
proposed acquisition) does not exceed the aggregate amount of free cash flow generated by the Group after deduction of total capital expenditure (as reported by the Borrower in its quarterly earnings report filed with the relevant authority) during
the same four Financial Quarter period; and/or 

  

	 	(ii)	the acquisition is funded from the proceeds of any disposals of assets received by the Group during the 12 months prior to the making of that acquisition and/or Financial Indebtedness which had been repaid using the
proceeds of any disposals of assets received by the Group during the 12 months prior to the making of that acquisition and which has been incurred in up to the same amount in order to fund that acquisition); and/or 

 

	 	(iii)	 the acquisition is funded from the proceeds of any issuance of shares where such proceeds have been received
during the 18 months prior to the making of that acquisition and/or Financial Indebtedness which had been repaid using the proceeds of any issuances of shares received by the Group during the 18 months prior to the making of that acquisition

  
 - 32 - 

	 	
and which has been incurred in up to the same amount in order to fund that acquisition. 

“Permitted Debt Purchase Transaction” means, in relation to a person, a transaction where such person purchases
by way of assignment or transfer any Commitment or amount outstanding under this Agreement. 
 “Permitted
Disposal” means any Disposal provided that: 
  

	 	(a)	except in the case of Disposals as between members of the Group, the Disposal is on arm’s length terms: 

  

	 	(b)	in the case of Disposals of any asset by a member of the Group (the “Disposing Company”) to another member of the Group (the “Acquiring Company”), if:

  

	 	(i)	the Disposing Company had given Transaction Security over the asset, the Acquiring Company must give equivalent Transaction Security over that asset (and, if the Acquiring Company is not already a Security Provider, it
must accede to this Agreement as an Additional Security Provider); and 

  

	 	(ii)	the Disposing Company is a Guarantor, the Acquiring Company must be a Guarantor guaranteeing at all times an amount no less than that guaranteed by the Disposing Company (subject to any applicable guarantee
limitations), 

 provided that the conditions set out in paragraphs (i) and (ii) above shall only apply (A) to a
Disposal of shares if such Disposal would result in the Acquiring Company becoming a Material Subsidiary, or (B) to a Disposal of other assets if all or substantially all of the assets of the Disposing Company are being disposed of; and 

 

	 	(c)	a Disposal of any shares in a member of the Group to a person who is not a member of the Group may only be made: 

  

	 	(i)	pursuant to an obligation in respect of any Executive Compensation Plan, any Caliza Transaction, any Centurion Transaction or any Trinidad Cement Transaction; or 

 

	 	(ii)	if all the shares in that entity owned by members of the Group are the subject of the Disposal. 

“Permitted Distribution” means the declaration, making or payment of a dividend, charge, fee or other
distribution (or interest on any unpaid dividend, charge, fee or other distribution): 
  

	 	(a)	 on or in respect of the share capital of the Borrower or any Subsidiary of the Borrower provided that
(i) the aggregate amount of all distributions made by the Borrower in any Financial Year does not (when aggregated with the nominal value of all shares acquired or repurchased by it in any Financial Year pursuant to paragraph (o) of the
definition of “Permitted Acquisition”) exceed 

  
 - 33 - 

	 	
$200,000,000 (or its equivalent) and (ii) the Borrower may only make a distribution on or in respect of its share capital if it has delivered a Compliance Certificate in respect of the
Reference Period closest to the date of the declaration of such distribution for which a Compliance Certificate was required to have been delivered under this Agreement showing a Consolidated Leverage Ratio in respect of that Reference Period of
4.00:1 or less; 

  

	 	(b)	that is: 

  

	 	(i)	a recapitalisation of earnings on or in respect of the share capital of the Borrower (or any class of its share capital) pursuant to which additional share capital of the Borrower or the right to subscribe for
additional share capital is issued to the existing shareholders of the Borrower on a pro rata basis; 

  

	 	(ii)	by way of the issuance of common equity securities of the Borrower or the right to subscribe for such common equity securities to the existing shareholders of the Borrower on a pro rata basis; 

 

	 	(iii)	by way of the issuance of common equity securities of Caliza or the right to subscribe for such common equity securities to the existing shareholders of Caliza on a pro rata basis; 

 

	 	(iv)	by way of the issuance of common equity securities of Centurion or the right to subscribe for such common equity securities to the existing shareholders of Centurion on a pro rata basis; or 

 

	 	(v)	by way of the issuance of common equity securities of Trinidad Cement or the right to subscribe for such common equity securities to the existing shareholders of Trinidad Cement on a pro rata basis,

 provided that, for the avoidance of doubt, no cash or other asset (other than the common equity securities referred
to above) of any member of the Group (or any interest in any such cash or asset) is paid or otherwise transferred or assigned to any person that is not a member of the Group in connection with such distribution or interest; or 

 

	 	(c)	that is a payment of interest (at a time at which no Default is continuing) on any perpetual debt securities issued by the Borrower or New Sunward Holding Financial Ventures B.V. or otherwise permitted by this
Agreement; or 

  

	 	(d)	to any minority shareholders of any Subsidiary of the Borrower; (i) pro rata to its holding in such Subsidiary and provided that all other shareholders of the relevant Subsidiary receive their
equivalent pro rata share in any such dividend, charge, fee, distribution or interest payment at the same time; or (ii) in the case of minority shareholders of Assiut Cement Company on any basis (whether pro rata to its holding in
such Subsidiary or otherwise), provided that the maximum aggregate amount distributed under this sub-paragraph (ii) must not exceed $25,000,000 (or its equivalent) from the date of this Agreement
to the last Termination Date; or 

  
 - 34 - 

	 	(e)	that is pursuant to any obligation or undertaking entered into by Trinidad Cement prior to the date of this Agreement relating to an agreement with the union of Trinidad Cement to provide shares in Trinidad Cement to
unionised employees of that company. 

 “Permitted Exchange” means any exchange or conversion of
any Financial Indebtedness (including for this purpose convertible or exchangeable securities) for an issuance of shares, equity securities or equity-linked securities by any member of the Group provided that the principal amount of such
shares, equity securities or equity-linked securities are not redeemable (other than for other shares, equity securities or equity-linked securities) prior to the last Termination Date. 

“Permitted Financial Indebtedness” means: 

 

	 	(a)	any Financial Indebtedness whatsoever incurred by an Obligor which Financial Indebtedness may, at the discretion of the Borrower, share in the Transaction Security; and 

 

	 	(b)	any Financial Indebtedness incurred by a member of the Group which is not an Obligor: 

  

	 	(i)	that is Existing Financial Indebtedness including any such Existing Financial Indebtedness to the extent that it is refinanced or replaced from time to time provided that the aggregate principal amount of such Financial
Indebtedness does not increase above the principal amount outstanding as at the date of this Agreement (except as otherwise permitted or not restricted by this Agreement or by the amount of any capitalised interest under any facility or instrument
that provided for capitalisation of interest on those terms as at the date of this Agreement); 

  

	 	(ii)	that is owed to a member of the Group; 

  

	 	(iii)	that constitutes a Permitted Securitisation; 

  

	 	(iv)	arising under Capital Leases, factoring arrangements, Inventory Financing arrangements or export credit facilities or any similar arrangements for the purchase of equipment (provided that any Security granted in
relation to any such facility relates solely to equipment, the purchase of which was financed under such facility) or pursuant to sale and lease-back transactions provided that the maximum aggregate Financial Indebtedness of members of the
Group which are not Obligors under such transactions does not exceed $500,000,000 at any time (disregarding, for the purpose of such limit, any amount of Financial Indebtedness of such members of the Group arising under such arrangements permitted
under this paragraph (iv) and in place as at the date of this Agreement including any amounts under such Financial Indebtedness which has been repaid and reborrowed whether pursuant to the terms of the arrangement constituting such Financial
Indebtedness when originally advanced or otherwise); 

  
 - 35 - 

	 	(v)	incurred for the purposes of refinancing Financial Indebtedness of any member of the Group which is not an Obligor; 

  

	 	(vi)	that becomes Financial Indebtedness solely as a result of any change in Applicable GAAP after the date of this Agreement and that existed prior to the date of such change in Applicable GAAP (or that replaces, and is on
substantially the same terms as, such Financial Indebtedness); 

  

	 	(vii)	of any person acquired by a member of the Group pursuant to a Permitted Acquisition provided that: (i) such Financial Indebtedness existed prior to the date of the acquisition and was not incurred, increased
or extended in contemplation of, or since, the acquisition; and (ii) the aggregate amount of any such Financial Indebtedness of members of the Group which are not Obligors does not exceed $200,000,000 at any time; 

 

	 	(viii)	under Treasury Transactions entered into in accordance with Clause 22.27 (Treasury Transactions); 

  

	 	(ix)	incurred pursuant to or in connection with any cash pooling or other cash management agreements in place with a bank or financial institution, but only to the extent of offsetting credit balances of a member of the
Group which is not an Obligor pursuant to such cash pooling or other cash management arrangement; 

  

	 	(x)	constituting Financial Indebtedness for taxes levied, assessments due and other governmental charges required to be paid as a matter of law or regulation in the ordinary course of trading; 

 

	 	(xi)	that constitutes a Permitted Joint Venture; 

  

	 	(xii)	that constitutes a Permitted Working Capital Facility; 

  

	 	(xiii)	incurred by a member of the Caliza Group for the purposes of financing Caliza Expansion Capital in the amount of the Caliza Expansion Capital to be incurred (provided that the aggregate of all such Caliza
Expansion Capital (other than any such amount that is funded from Relevant Proceeds) may not exceed the Caliza Expansion Capital Permitted Limit at any time); 

  

	 	(xiv)	incurred by a member of the Centurion Group for the purposes of financing Centurion Expansion Capital in the amount of the Centurion Expansion Capital to be incurred (provided that the aggregate of all such
Centurion Expansion Capital (other than any such amount that is funded from Relevant Proceeds) may not exceed the Centurion Expansion Capital Permitted Limit at any time); 

 

	 	(xv)	 not permitted by the preceding paragraphs or as a Permitted Transaction and the outstanding principal amount of
which (when aggregated with the aggregate principal amount of any Financial 

  
 - 36 - 

	 	
Indebtedness of Obligors which is guaranteed by members of the Group which are not Obligors) does not exceed $500,000,000 (or its equivalent) in aggregate; and 

 

	 	(xvi)	approved by the Agent acting on the instructions of the Majority Lenders, 

 provided that
for the purposes of sub-paragraph (b) only, such Financial Indebtedness of members of the Group which are not Obligors shall not benefit from the Transaction Security but may be secured to the extent
that any such Security or Quasi-Security put in place would constitute Permitted Security. 
 “Permitted Fundraising”
means: 
  

	 	(a)	any issuance of equity securities by the Borrower paid for in full in cash on issue (and, for the avoidance of doubt, such securities may be issued with an original issue discount) and not redeemable on or prior to the
Termination Date and where such issue does not lead to a Change of Control; and 

  

	 	(b)	any issuance of equity-linked securities issued by any member of the Group that are linked solely to, and result only in the issuance of, equity securities of the Borrower otherwise entitled to be issued under this
definition (and that do not, for the avoidance of doubt, result in the issuance of any equity securities by such member of the Group) and that are paid for in full in cash on issue (and, for the avoidance of doubt, such securities may be issued with
an original issue discount) and where such issue does not lead to a Change of Control (provided that such securities do not provide for the payment of interest in cash and are not redeemable on or prior to the Termination Date).

 “Permitted Fundraising Proceeds” means the cash proceeds received by any member of the Group from a
Permitted Fundraising. 
 “Permitted Guarantee” means: 

 

	 	(a)	any guarantee or similar provided by an Obligor; and 

  

	 	(b)	in relation to any member of the Group which is not an Obligor: 

  

	 	(i)	any guarantee existing on the date of this Agreement; 

  

	 	(ii)	the endorsement of negotiable instruments in the ordinary course of trade but excluding an aval; 

  

	 	(iii)	any performance guarantee or Contingent Instrument guaranteeing performance by a member of the Group under any contract entered into in the ordinary course of trade; 

 

	 	(iv)	any guarantee of a Joint Venture to the extent permitted by Clause 22.20 (Joint ventures); 

  

	 	(v)	any guarantee (including an aval) of Financial Indebtedness falling within the definition of Permitted Financial Indebtedness; 

  
 - 37 - 

	 	(vi)	any guarantee given in respect of the netting or set-off arrangements permitted pursuant to paragraph (B) of the definition of Permitted Security; 

 

	 	(vii)	any indemnity given in the ordinary course of business by any member of the Group which is not an Obligor in connection with its commercial or corporate activities, including but not limited to any Permitted Disposal,
Permitted Acquisition, or any indemnity given to professional advisers on customary terms as part of the terms of their engagement; 

  

	 	(viii)	any guarantee given by a member of the Group which is not an Obligor in respect of the obligations of another member of the Group which is not an Obligor; 

 

	 	(ix)	any guarantee consented to by the Agent acting on behalf of the Majority Lenders; 

  

	 	(x)	any guarantee given by a member of the Group in respect of obligations of a member of the Caliza Group or of the Centurion Group under Financial Indebtedness permitted to be incurred under paragraph (b)(xiii) or
(b)(xiv), as applicable of the definition of Permitted Financial Indebtedness; and 

  

	 	(xi)	any other guarantee that does not fall within paragraphs (i) to (x) above given by a member of the Group which is not an Obligor provided that at any time the aggregate principal amount guaranteed by all
such guarantees does not exceed $500,000,000 (or its equivalent) (and provided further that (i) any performance bonds, banker’s acceptances or guarantee, bonding, documentary or stand-by
letter of credit facilities shall only be counted towards such limit to the extent that such performance bond, banker’s acceptance, guarantee, bonding, documentary or stand-by letter of credit facility
constitutes Debt and (ii) where such guarantee is to be given by a member of the Group that is not an Obligor in relation to Financial Indebtedness of an Obligor, such guarantee shall be considered as Financial Indebtedness for the purposes of
paragraph (b)(xv) of the definition of Permitted Financial Indebtedness). 

 “Permitted Joint
Venture” means any investment in any Joint Venture (by way of a subscription for shares in, loan to, guarantee 
 in respect
of the liabilities of or transfer of assets to that Joint Venture) where: 
  

	 	(a)	such investment exists or a member of the Group is contractually committed to such investment at the date of this Agreement; or 

  

	 	(b)	 such investment is otherwise permitted under, or not restricted by, this Agreement (other than pursuant to
paragraph (e) of the definition of “Permitted Acquisition”, paragraph (b)(xi) of the definition of “Permitted Financial Indebtedness”, paragraph (b)(iv) of the definition of “Permitted

  
 - 38 - 

	 	
Guarantee”, paragraph (c) of the definition of “Permitted Loan” or paragraph (i) of the definition of “Permitted Share Issue”). 

“Permitted Loan” means: 
  

	 	(a)	any trade credit extended by any member of the Group to its customers on normal commercial terms and in the ordinary course of its trading activities; 

 

	 	(b)	Financial Indebtedness which is referred to in the definition of, or otherwise constitutes, Permitted Financial Indebtedness (except under paragraph (b)(iii) of that definition); 

 

	 	(c)	a loan made to a Joint Venture to the extent permitted under Clause 22.20 (Joint ventures); 

  

	 	(d)	a loan made by a member of the Group to another member of the Group; 

  

	 	(e)	deferred consideration in relation to Disposals falling within the definition of Permitted Disposal; 

  

	 	(f)	a loan made by a member of the Group to an employee or director of any member of the Group if the amount of that loan when aggregated with the amount of all loans to employees and directors by members of the Group does
not exceed $15,000,000 (or its equivalent) at any time; 

  

	 	(g)	any loan consented to by the Agent acting on the instructions of the Majority Lenders; 

  

	 	(h)	a loan arising as a result of an advance payment of Capital Expenditure made in the ordinary course of trading where such Capital Expenditure is permitted under this Agreement; 

 

	 	(i)	any credit extended by way of receipt by a member of the Group of promissory notes in exchange for supplying materials or services for use in Mexican public works projects as long as the aggregate principal amount of
the Financial Indebtedness under such loan(s) does not exceed $100,000,000 (or its equivalent) at any time; and 

  

	 	(j)	any other loan(s) as long as the aggregate principal amount of the Financial Indebtedness under any such loan(s) does not exceed $250,000,000 (or its equivalent) at any time. 

“Permitted Put/Call Proceeds” means any cash or other assets arising out of or in connection with any Permitted
Put/Call Transaction, including, but not limited to, any settlement, disposal, transfer, assignment, close-out or other termination of such Permitted Put/Call Transaction. 

“Permitted Put/Call Transaction” means any call option, call spread, capped call transaction, put option, put spread,
capped put transaction or any combination of the foregoing and/or any other Treasury Transaction or transactions having a similar effect to any of the foregoing, in each case entered into, sold or purchased not for

  
 - 39 - 

 
speculative purposes but for the purposes of managing specific risks or exposures associated with any issuance of Relevant Convertible/Exchangeable Obligations. 

“Permitted Reorganisation” means, any intra-Group reorganisation (including any Reconstruction) provided
that upon completion of each step in the Permitted Reorganisation the requirements of Clause 22.28 (Transaction Security) are satisfied, where relevant. 

“Permitted Securitisations” means a transaction or series of related transactions providing for the securitisation of
receivables and related assets by the Borrower or its Subsidiaries, including a sale at a discount, provided that (i) such receivables have been transferred, directly or indirectly, by the originator thereof to a person that is not a
member of the Group in a manner that satisfies the requirements for an absolute conveyance (or, where the originator is organised in Mexico, a true sale), and not merely a pledge, under the laws and regulations of the jurisdiction in which such
originator is organised; and (ii) except for customary representations, warranties, covenants and indemnities, such sale, transfer or other securitisation is carried out on a non-recourse basis or on a
basis where recovery is limited solely to the collection of the relevant receivables (other than where such recourse or recovery is required pursuant to Article 122a of the Capital Requirements Directive of the European Parliament and of the Council
of the European Union (as introduced by Directive 2009/111/EC of 16 September 2009, amending Directives 2006/48/EC, 2006/49/EC and 2007/64/EC) (as further amended or replaced from time to time, including, without limitation, by virtue of
Articles 404 to 410 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms) and any relevant implementing legislation or pursuant to
any analogous laws or regulations in any jurisdiction (the “Relevant Legislation”)). 
 “Permitted
Security” has the meaning given to such term in Clause 22.5 (Negative pledge). 
 “Permitted Share
Issue” means: 
  

	 	(a)	a Permitted Fundraising; 

  

	 	(b)	an issue of shares by a member of the Group which is a Subsidiary of the Borrower to another member of the Group (and, where the member of the Group has a minority shareholder, to that minority shareholder on a pro
rata basis) where (if the existing shares of the Subsidiary are the subject of the Transaction Security) the newly-issued shares also become subject to the Transaction Security on the same terms; 

 

	 	(c)	an issue of shares by the Borrower to comply with an obligation in respect of any Executive Compensation Plan of the Borrower; 

  

	 	(d)	 an issue of common equity securities of the Borrower or other equity-like instruments of the Borrower or any
other member of the Group either (i) by the Borrower or (ii) to any member of the Group where the Borrower or that member of the Group has an obligation to deliver such shares or other equity-like instruments to a counterparty pursuant to
the terms of any Permitted 

  
 - 40 - 

	 	
Put/Call Transaction or an obligation to deliver such shares or other equity-like instruments to the holder(s) of convertible or exchangeable securities comprising Financial Indebtedness
permitted pursuant to, or not restricted by, Clause 22.6 (Financial Indebtedness) pursuant to the terms and conditions of such convertible or exchangeable securities (as amended from time to time); 

 

	 	(e)	an issue of shares by Caliza, by Centurion or by Trinidad Cement to comply with an obligation in respect of any Executive Compensation Plan of Caliza, Centurion or Trinidad Cement, as applicable; 

 

	 	(f)	an issue of shares by Caliza pursuant to a Caliza Transaction, an issue of shares by Centurion pursuant to a Centurion Transaction or an issue of shares by Trinidad Cement pursuant to a Trinidad Cement Transaction;

  

	 	(g)	any issue of shares by the Borrower, Caliza, Centurion or Trinidad Cement which comprise the consideration for a Permitted Acquisition; 

 

	 	(h)	an issue of shares by Trinidad Cement pursuant to any commitments made by Trinidad Cement prior to the date of this Agreement; 

  

	 	(i)	an issue of shares which constitutes a Permitted Joint Venture; and 

  

	 	(j)	any issue of shares consented to by the Agent acting on the instructions of the Majority Lenders. 

“Permitted Transaction” means: 
  

	 	(a)	any disposal required, Financial Indebtedness incurred, guarantee, indemnity or Security given, or other transaction arising, under the Finance Documents; 

 

	 	(b)	the solvent liquidation or reorganisation of any member of the Group which is not an Obligor so long as any payments or assets distributed as a result of such liquidation or reorganisation are distributed to other
members of the Group (and, where the member of the Group has a minority shareholder, to that minority shareholder on a pro rata basis); 

  

	 	(c)	any Permitted Reorganisation; and 

  

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

 “Permitted Working Capital Basket”
has the meaning given to that term in the definition of Permitted Working Capital Facility. 
 “Permitted Working Capital
Facility” means Financial Indebtedness of one or more members of the Group which are not Obligors under loan facilities, overdraft facilities, performance bonds, banker’s acceptances, guarantee, bonding, documentary or stand-by letter of credit facilities, commercial paper, insurance premium financing and, in each case, other similar facilities or accommodation (in any case) for the financing of working capital of the Group or
such members of the Group in an 

  
 - 41 - 

 
aggregate amount of no more than $900,000,000 (or its equivalent) (the “Permitted Working Capital Basket”) provided that the Permitted Working Capital Basket shall only
limit any such performance bond, banker’s acceptance, guarantee, bonding, documentary or stand-by letter of credit facility to the extent that such performance bond, banker’s acceptance, guarantee,
bonding, documentary or stand-by letter of credit facility constitutes Debt. 
 “Process
Agent” means CEMEX UK at its registered address being, as at the date of this Agreement, CEMEX House, Coldharbour Lane, Thorpe, Egham, Surrey TW20 8TD and with fax number (+44) 01932 568933, Attn: The Secretary. 

“Promissory Note” means a dual column English and Spanish non-negotiable promissory
note issued or to be issued by the Borrower and executed por aval by each of the Guarantors, substantially in the form set out in Part I (Term Loans in Dollars Pagaré No Negociable / Non-Negotiable Promissory Note) for Term
Loans in dollars, Part II (Loans in Dollars under the revolving loan Facility Pagaré No Negociable / Non-Negotiable Promissory Note), for Loans in dollars under the revolving loan
Facility, Part III (Term Loans in sterling Pagaré No Negociable / Non-Negotiable Promissory Note), for Term Loans in sterling and Part IV (Term Loans in euro Pagaré No Negociable / Non-Negotiable Promissory Note) for Term Loans in euro of Schedule 4 (Form of Promissory Note). 

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

“Qualifying Lender” has the meaning given to that term in Clause 13 (Tax
Gross-Up and Indemnities). 
 “Quasi-Security” has the meaning given to that
term in Clause 22.5 (Negative pledge). 
 “Quotation Day” means, in relation to any period for which an interest rate
is to be determined: 
  

	 	(a)	(if the currency is sterling) the first day of that period; 

  

	 	(b)	(if the currency is dollars) two London Business Days before the first day of that period; or 

  

	 	(c)	(if the currency is euro) two TARGET Days before the first day of that period, 

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

“Rating” means at any time the solicited long-term credit rating or the senior implied rating of the Borrower or an issue of
securities of or guaranteed by the Borrower, where the rating is based primarily on the senior unsecured credit risk of the Borrower 

  
 - 42 - 

 
and/or, in the case of the senior implied rating, on the characteristics of any particular issue, assigned by a Rating Agency. 

“Rating Agency” means S&P, Moody’s or Fitch. 

“Receiver” means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged
Property. 
 “Reconstruction” has the meaning given to such term in Clause 22.8 (Merger). 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent
at its request by the Reference Banks: 
  

	 	(a)	(in relation to LIBOR) as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in the relevant currency and for the relevant period, were it to do so by asking for and then
accepting interbank offers for deposits in reasonable market size in that currency and for that period; or 

  

	 	(b)	(in relation to EURIBOR) as the rate at which the relevant Reference Bank believes one prime bank is quoting to another prime bank for interbank term deposits in euro within the Participating Member States for the
relevant period. 

 “Reference Banks” means the principal London offices of BNP Paribas, ING Bank NV and such
other banks as may be appointed by the Agent in consultation with the Borrower. 
 “Reference Period” has the meaning given
to that term in Clause 21.1 (Financial definitions). 
 “Related Fund” in relation to a fund (the “first
fund”), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or adviser, a fund whose investment manager or investment adviser
is an Affiliate of the investment manager or investment adviser of the first fund. 
 “Relevant Commitment” has the meaning
given to that term in a relevant Accordion Confirmation. 
 “Relevant Convertible/Exchangeable Obligations” has the meaning
given to that term in Clause 21.1 (Financial definitions). 
 “Relevant Interbank Market” means, in relation to euro,
the European interbank market and, in relation to any other currency, the London interbank market. 
 “Relevant
Jurisdiction” means, in relation to an Obligor: 
  

	 	(a)	its jurisdiction of incorporation or formation; 

  

	 	(b)	any jurisdiction where any asset subject to or intended to be subject to the Transaction Security to be created by it is situated; 

  
 - 43 - 

	 	(c)	any jurisdiction where it conducts its business; and 

  

	 	(d)	the jurisdiction whose laws govern the perfection of any of the Transaction Security Documents entered into by it. 

“Relevant Legislation” has the meaning given to such term in the definition of Permitted Securitisations. 

“Relevant Proceeds” means Caliza Proceeds, Centurion Proceeds, Disposal Proceeds, Permitted Fundraising Proceeds or Permitted
Put/Call Proceeds. 
 “Repeating Representations” means each of the representations set out in Clause 19.1 (Status)
to Clause 19.5 (Validity and admissibility in evidence) and paragraphs (a) and (b) of Clause 19.11 (Financial statements). 

“Representative” means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian. 

“Reserve” has the meaning given to such term in Clause 21.5 (Reserve). 

“Resignation Letter” means a document substantially in the form set out in Schedule 8 (Form of Resignation
Letter). 
 “Responsible Officer” means the Chief Financial Officer and/or Chief Controlling Officer of the Borrower or
a person holding equivalent status (or higher). 
 “Restricted Debt Purchase Transaction” means, in relation to a person, a
transaction where such person enters into any sub-participation in respect of, or enters into any other agreement or arrangement having an economic effect substantially similar to a sub-participation in respect of, any Commitment or amount outstanding under this Agreement. 

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., or any
successor thereto from time to time. 
 “Sanctioned Country” means a country or territory that is, or whose government is,
the subject of Sanctions broadly prohibiting dealings with such government, country, or territory, including, as of the date of this Agreement, Cuba, Iran, the Crimea, North Korea, Sudan and Syria. 

“Sanctions” means: 
  

	 	(a)	United Nations sanctions imposed pursuant to any United Nations Security Council Resolution; 

  

	 	(b)	U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or any other U.S. Governmental Authority or department; 

 

	 	(c)	EU restrictive measures implemented pursuant to any EU Council or Commission Regulation or Decision adopted pursuant to a Common Position in furtherance of the EU’s Common Foreign and Security Policy;

  
 - 44 - 

	 	(d)	UK sanctions adopted by the Terrorist-Asset Freezing etc Act 2010 or other legislation and statutory instruments enacted pursuant to the United Nations Act 1946 or the European Communities Act 1972 or enacted by or
pursuant to other laws and administered by Her Majesty’s Treasury or any other Governmental Authority; and 

  

	 	(e)	any other economic, trade sanctions or similar restrictive laws and regulations relating to economic or trade sanctions applicable to any Party or any of its Affiliates. 

“SAR” means the Mexican Retirement Savings System (Sistema de Ahorro para el Retiro). 

“Screen Rate” means: 
  

	 	(a)	in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant currency and for the
relevant period displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate); and 

  

	 	(b)	in relation to EURIBOR, the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed on
page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate), 

 or, in each
case, on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the
relevant rate after consultation with the Borrower and the Lenders. 
 “SEC” means the U.S. Securities Exchange Commission
and any successor thereto. 
 “Secured Parties” means each Finance Party from time to time party to this Agreement and any
Receiver or Delegate. 
 “Security” means a mortgage, charge, pledge, lien, security trust or other security interest
securing any obligation of any person or any other agreement or arrangement having a similar effect. 
 “Security Providers”
means the Original Security Providers and any Additional Security Provider other than any Original Security Provider or Additional Security Provider which has ceased to be a Security Provider pursuant to Clause 28.4 (Resignation of a Security
Provider) and has not subsequently become an Additional Security Provider pursuant to Clause 28.2 (Additional Guarantors and Additional Security Providers), and “Security Provider” means any of them. 

“Selection Notice” means a notice substantially in the form set out in Part II of Schedule 3 (Requests and Notices)
given in accordance with Clause 10 (Interest Periods). 

  
 - 45 - 

 “Spain” means the Kingdom of Spain. 

“Spanish GAAP” means the Spanish General Accounting Plan (Plan general de contabilidad) approved by Royal Decree
1514/2007 as in effect from time to time and consistent with those used in the preparation of the most recent audited financial statements referred to in Clause 20.1 (Financial statements). 

“Spanish Public Document” means any obligation in an Escritura Pública or póliza intervenida. 

“Specified Time” means a time determined in accordance with Schedule 14 (Timetables). 

“Subordinated Optional Convertible Securities” means: 

 

	 	(a)	the Existing Subordinated Convertible Notes; and 

  

	 	(b)	any Financial Indebtedness incurred by any member of the Group the terms of which provide that such indebtedness is capable of optional conversion into equity securities or other equity-like instruments of the Borrower
or any member of the Group and that repayment of principal and accrued but unpaid interest thereon is subordinated (under terms customary for an issuance of such Financial Indebtedness) to all senior Financial Indebtedness of the Borrower
(including, but not limited to, the Facilities) except for: (A) indebtedness that states, or is issued under a deed, indenture, agreement or other instrument that states, that it is subordinated to or ranks equally with any Subordinated
Optional Convertible Securities and (B) indebtedness between or among members of the Group provided that: 

  

	 	(i)	if such Financial Indebtedness is being issued to refinance Existing Subordinated Convertible Notes (only) then: 

  

	 	(A)	principal repayments in cash of such Financial Indebtedness shall: 

  

	 	(1)	not exceed in aggregate the amount of the fees, costs and expenses related to the refinancing of the Existing Subordinated Convertible Notes being refinanced plus the higher of (x) the nominal value of such
Existing Subordinated Convertible Notes and (y) the market value of such Existing Subordinated Convertible Notes; and 

  

	 	(2)	if payable in cash in any instalments scheduled before (but excluding) the maturity date of the Existing Subordinated Convertible Notes being refinanced, such instalments are no greater in amount or sooner in time than
provided for by the Existing Subordinated Convertible Notes being refinanced; or 

  
 - 46 - 

	 	(B)	such Financial Indebtedness shall not have any scheduled principal repayments in cash until after the last Termination Date under this Agreement; and 

 

	 	(ii)	in all other circumstances, such Financial Indebtedness shall not have any scheduled principal repayments in cash until after the last Termination Date under this Agreement. 

“Subsidiary” means in relation to any company, partnership or corporation, a company, partnership or corporation: 

 

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company, partnership or corporation; 

  

	 	(b)	in the case of a company or corporation, more than half the issued share capital of which is beneficially owned, directly or indirectly, by the first mentioned company, partnership or corporation; or 

 

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company, partnership or corporation, 

and for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to
direct its affairs and/or to control the composition of its board of directors or equivalent body. 
 “Super Majority
Lenders” means, at any time, a Lender or Lenders whose Commitments aggregate 85 per cent. or more of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated 85 per cent. or more of the Total
Commitments immediately prior to that reduction). 
 “Swiss Obligor” means an Obligor incorporated in Switzerland. 

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a
single shared platform and which was launched on 19 November 2007. 
 “TARGET Day” means any day on which TARGET2 is
open for the settlement of payments in euro. 
 “Tax” means any tax, levy, impost, duty or other charge, deduction or
withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 

“Term Facility” means: 
  

	 	(a)	Facility A; 

  

	 	(b)	Facility B; 

  

	 	(c)	Facility C; 

  

	 	(d)	Facility D1; or 

  
 - 47 - 

	 	(e)	any new term loan facility established in accordance with Clause 2.2 (Accordion). 

“Term Loan” means: 
  

	 	(a)	a Facility A Loan; 

  

	 	(b)	a Facility B Loan; 

  

	 	(c)	a Facility C Loan; 

  

	 	(d)	a Facility D1 Loan; or 

  

	 	(e)	any term loan under any new term loan facility established in accordance with Clause 2.2 (Accordion). 

“Termination Date” means, in each case subject to Clause 38.3 (Facility Change), (i) in relation to the Facilities
originally granted under this Agreement, the date falling 60 Months after the date of this Agreement and (ii) in relation to any other Facility or Facilities granted pursuant to Clause 2.2 (Accordion) of this Agreement, the termination
date in relation to that Facility or those Facilities (as applicable). 
 “Third Party Disposal” has the meaning given to
such term in Clause 28.3 (Resignation of a Guarantor). 
 “Total Commitments” means the aggregate of the Total
Facility A Commitments, Total Facility B Commitments, Total Facility C Commitments, Total Facility D1 Commitments, Total Facility D2 Commitments and any other commitments arising under any new facility established pursuant to Clause 2.2
(Accordion). 
 “Total Facility A Commitments” means the aggregate of the Facility A Commitments, being
$1,234,435,319.98 at the date of this Agreement. 
 “Total Facility B Commitments” means the aggregate of the Facility B
Commitments, being €740,532,026.74 at the date of this Agreement. 
 “Total Facility C Commitments” means the aggregate
of the Facility C Commitments, being £343,612,270.82 at the date of this Agreement. 
 “Total Facility D1 Commitments”
means the aggregate of the Facility D1 Commitments, being $377,013,090.91 at the date of this Agreement. 
 “Total Facility D2
Commitments” means the aggregate of the Facility D2 Commitments, being $1,134,994,890.95 at the date of this Agreement. 

“Transaction Security” means the Security created or expressed to be created in favour of the Security Agent pursuant to the
Transaction Security Documents. 
 “Transaction Security Documents” means the Mexican Security Trust Agreement, each of the
documents listed as being a Transaction Security Document in paragraph 3 (Transaction Security Documents) of Part I of Schedule 2 (Conditions Precedent) and any document required to be delivered to the Agent under paragraph 3 

  
 - 48 - 

 
(Transaction Security Documents) of Part II of Schedule 2 (Conditions Precedent) together with any other document entered into by any Obligor creating or expressed to create any
Security over all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance Documents (and any other “Debt Documents” as defined in the Intercreditor Agreement). 

“Transfer Certificate” means a certificate substantially in the form set out in Schedule 5 (Form of Transfer
Certificate) or any other form agreed between the Agent and the Borrower. 
 “Transfer Date” means, in relation to an
assignment or a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and 

  

	 	(b)	the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate. 

“Treasury Transactions” means any derivatives, swap, forward, option or other similar transaction whatsoever. 

“Trinidad Cement” means Trinidad Cement Limited. 

“Trinidad Cement Group” means Trinidad Cement and its Subsidiaries for the time being. 

“Trinidad Cement Offering Option” has the meaning given to such term in paragraph (b) of the definition of Trinidad
Cement Transaction. 
 “Trinidad Cement Proceeds” means the cash proceeds received by any member of the Group from a
Trinidad Cement Transaction. 
 “Trinidad Cement Transaction” means: 

 

	 	(a)	a Disposal by a member of the Group of any shares in Trinidad Cement to a person who is not a member of the Group; or 

  

	 	(b)	an offering of shares in Trinidad Cement and including any put or other option (a “Trinidad Cement Offering Option”) entered into with one or more financial institutions in respect of any share lending,
over-allotment or other similar arrangement in connection with an offering of shares in Trinidad Cement provided that the exercise period for such put or other option shall be no longer than 30 days from the settlement date of the offering of shares
in Trinidad Cement, 

 (in either case) whether by way of a single transaction or a series of transactions and which does not
breach Clause 22.21 (Disposals). 
 “Undisclosed Administration” means, in relation to a Finance Party or an
Acceptable Bank, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official by a supervisory authority or regulator under or based on the law in the country where such Finance

  
 - 49 - 

 
Party or Acceptable Bank is subject to home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed. 

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

“U.S.”, “US” or “United States” means the United States of America. 

“U.S. Obligor” means a Guarantor whose jurisdiction of organisation is a state of the United States or the District of
Columbia. 
 “Utilisation” means a Loan. 

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

“Utilisation Request” means a notice substantially in the form set out in Part I (Utilisation Request) of Schedule 3
(Requests and Notices). 
 “VAT” means value added tax as provided for in the Value Added Tax Act 1994 and any other
tax of a similar nature. 
  

	1.2	Construction 

  

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

  

	 	(i)	the “Agent”, any “Secured Party”, the “Security Agent”, any “Finance Party”, any “Lender”, any “Obligor” or any
“Party” shall be construed so as to include its successors in title, permitted assigns and permitted transferees and, in the case of the Security Agent, any person for the time being appointed as Security Agent or Security Agents in
accordance with the Finance Documents; 

  

	 	(ii)	a document in “agreed form” is a document which is previously agreed in writing by or on behalf of the Borrower and the Agent or, if not so agreed, is in the form specified by the Agent;

  

	 	(iii)	“assets” includes present and future properties, revenues and rights of every description; 

  

	 	(iv)	a “Finance Document” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended or novated; 

 

	 	(v)	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent; 

 

	 	(vi)	a Lender’s “participation” in relation to a Loan means the amount of such Loan which such Lender has made or is to make available and thereafter that part of the Loan which is owed to such Lender;

  
 - 50 - 

	 	(vii)	a “person” includes any person, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or partnership (whether or not having separate
legal personality) of two or more of the foregoing; 

  

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

 

	 	(ix)	the “winding-up”, “dissolution”, “administration” or “reorganisation” of a company or corporation shall be
construed so as to include any equivalent or analogous proceedings (such as, in Mexico, a concurso mercantil or quiebra and in Spain, any situación concursal) under the laws and regulations of the jurisdiction in which
such company or corporation is incorporated or any jurisdiction in which such company or corporation carries on business including the seeking of liquidation, winding-up, reorganisation, bankruptcy,
dissolution, administration, arrangement, adjustment, protection or relief of debtors; 

  

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

 

	 	(xi)	a time of day is a reference to London time; 

  

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

 

	 	(xiii)	a “guarantee” (other than in Clause 18 (Guarantee and Indemnity) and unless otherwise stated) includes any guarantee, aval, obligado solidario, letter of credit, bond, indemnity,
counter-indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any
person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness; 

  

	 	(xiv)	where it relates to a Dutch entity: 

  

	 	(A)	necessary action to authorise, where applicable, includes without limitation: 

  

	 	(1)	any action required to comply with the Dutch Works Council Act (Wet op de ondernemingsraden); and 

  
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	 	(2)	obtaining unconditional positive advice (advies) from each competent works council; 

  

	 	(B)	a winding-up, administration or dissolution includes a Dutch entity being: 

  

	 	(1)	declared bankrupt (failliet verklaard); and 

  

	 	(2)	dissolved (ontbonden); 

  

	 	(C)	a moratorium includes surséance van betaling and granted a moratorium includes surséance verleend; 

  

	 	(D)	a trustee in bankruptcy includes a curator; 

  

	 	(E)	an administrator includes a bewindvoerder; 

  

	 	(F)	a receiver or an administrative receiver does not include a curator or bewindvoerder; and 

  

	 	(G)	an attachment includes a beslag; and 

  

	 	(xv)	where it relates to a French entity: 

  

	 	(A)	“acting in concert” has the meaning given in article L. 233-10 of the French Commercial Code; 

 

	 	(B)	“control” has the meaning given in article L. 233-3 of the French Commercial Code; 

 

	 	(C)	“financial assistance” has the meaning given in article L. 225-216 of the French Commercial Code; 

  

	 	(D)	“gross negligence” means “faute lourde”; 

  

	 	(E)	a “guarantee” includes any “cautionnement”, “aval” and any “garantie” which is independent from the debt to which it relates; 

 

	 	(F)	a “merger” includes any “fusion” implemented in accordance with articles L. 236-1 to L. 236-24 of the
French Commercial Code; 

  

	 	(G)	a “reconstruction” includes, in relation to any company, any contribution of part of its business in consideration of shares (apport partiel d’actifs) and any demerger (scission)
implemented in accordance with articles L. 236-1 to L. 236-24 of the French Commercial Code; 

 

	 	(H)	a “security interest” includes any type of security (sûreté réelle), transfer or assignment by way of security and fiducie-sûreté; and 

  
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	 	(I)	“wilful misconduct” means “dol”. 

  

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

  

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

  

	 	(d)	Unless otherwise provided for in this Agreement, for the purposes of determining whether a material adverse change or material adverse effect has occurred, the date from which the change or effect is assessed will be
the date of this Agreement. 

  

	 	(e)	A Default (including an Event of Default) is “continuing” if it has not been remedied or waived but, for the avoidance of doubt, no breach of any of the financial covenants set out in Clause 21
(Financial Covenants) shall be capable of being, or be deemed to be, remedied by virtue of the fact that upon any subsequent testing of such covenants pursuant to Clause 21 (Financial Covenants), there is no breach thereof.

  

	1.3	Currency Symbols and Definitions 

 “£” and
“sterling” denote the lawful currency of the United Kingdom, “€”, “EUR” and “euro” denote the single currency unit of the Participating Member States, “USD”,
“US$”, “$” and “dollars” denote the lawful currency of the United States of America, “¥”, “JPY” and “yen” denote the lawful currency of Japan,
“Mexican pesos”, “Mex$”, “MXP$” and “pesos” denote the lawful currency of Mexico and “UDI” denotes the Mexican Unidad de Inversion. 

 

	1.4	Third party rights 

  

	 	(a)	Unless expressly provided to the contrary in a Finance Document and subject to paragraph (c) below, a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the
“Third Parties Act”) to enforce or enjoy the benefit of any term of any Finance Document. 

  

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

 

	 	(c)	For the avoidance of doubt, the Arranger shall be entitled to enjoy the benefit of all relevant terms of this Agreement in its capacity as (i) the Arranger and (ii) a Finance Party (as applicable), in each
case under the Third Parties Act. 

  

	1.5	Intercreditor Agreement / this Agreement prevail 

 To the maximum extent permitted by
law: 
  

	 	(a)	in the event of any inconsistency or conflict between the Intercreditor Agreement and any other Finance Document, the Intercreditor Agreement will prevail; and 

  
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	 	(b)	in the event of any inconsistency or conflict between this Agreement and any other Finance Document (other than the Intercreditor Agreement) the terms of this Agreement will prevail. 

  
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 SECTION 2 

THE FACILITIES 
  

	2.	THE FACILITIES 

  

	2.1	The Facilities 

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

	 	(a)	a dollar term loan facility in an aggregate amount equal to the Total Facility A Commitments; 

  

	 	(b)	a euro term loan facility in an aggregate amount equal to the Total Facility B Commitments; 

  

	 	(c)	a sterling term loan facility in an aggregate amount equal to the Total Facility C Commitments; 

  

	 	(d)	a dollar term loan facility in an aggregate amount equal to the Total Facility D1 Commitments; and 

  

	 	(e)	a dollar revolving loan facility in an aggregate amount equal to the Total Facility D2 Commitments. 

  

	2.2	Accordion 

  

	 	(a)	The Borrower may by giving not less than 5 Business Days’ prior notice to the Agent request that the Total Commitments be increased by an amount in the Base Currency (in relation to any increase denominated in any
currency other than dollars, converted at the Agent’s Spot Rate of Exchange) which does not exceed a Base Currency Amount of up to $2,000,000,000, which may be secured by the Transaction Security (and the Total Commitments shall be so
increased) as follows: 

  

	 	(i)	the increased Commitments will be assumed by one or more Lenders or other banks, financial institutions, trusts, funds or other entities (each an “Accordion Lender”) selected by the Borrower (each of
which shall not be a member of the Group) and each of which confirms in writing (whether in the relevant Accordion Confirmation or otherwise) its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the
increased Commitments which it is to assume, as if it had been an Original Lender provided that: 

  

	 	(A)	the increased Commitments shall be assumed under one or more of the Facilities existing on that date and/or a new facility (or facilities) provided that any new facility shall not be created while an Event of
Default is continuing and shall: 

  

	 	(1)	 contain terms (in respect of undertakings and events of default but not, for the avoidance of doubt pricing, fees

  
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or other elements) that are identical to those of one or more of the Facilities; or 

  

	 	(2)	contain terms (in respect of undertakings and events of default but not, for the avoidance of doubt pricing, fees or other elements) that are substantially the same as those of one or more of the Facilities and such new
facility shall not have a Termination Date earlier than that of any of the Facilities, 

 and provided further that, in any
event, for any increase that takes effect on or after the date falling thirty-six Months after the date of this Agreement, the Termination Date for the repayment of any such new facility shall fall at least
twelve Months after the Termination Date of the Facilities originally granted under this Agreement; 
  

	 	(ii)	each of the Obligors and any Accordion Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Accordion Lender would have assumed and/or acquired had the
Accordion Lender been an Original Lender; 

  

	 	(iii)	each Accordion Lender shall become a Party as a “Lender” and each Accordion Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as
that Accordion Lender and those Finance Parties would have assumed and/or acquired had the Accordion Lender been an Original Lender; 

  

	 	(iv)	the Commitments of the other Lenders shall continue in full force and effect; and 

  

	 	(v)	any increase in the Commitments shall take effect on the later of: 

  

	 	(1)	the date specified by the Borrower in the notice referred to above; 

  

	 	(2)	the date on which the conditions set out in paragraph (b) below are satisfied; and 

  

	 	(3)	the date on which any amendment agreement(s) required to create a new facility (or facilities) as contemplated by paragraph (a)(i)(A) above is executed by the Accordion Lenders, the Borrower (on behalf of each Obligor)
and the Agent (and any such amendment shall be binding on all Parties), 

 provided that no increase in the Commitments
may take effect after the date falling thirty Business Days prior to the Termination Date. 

  
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	 	(b)	Subject to paragraph (a)(v) above, an increase in the Commitments will only be effective on the date (the “Increase Date”) on which: 

 

	 	(i)	the Agent and the Security Agent execute an Accordion Confirmation from the relevant Accordion Lender; and 

  

	 	(ii)	in relation to an Accordion Lender which is not a Lender immediately prior to the relevant increase: 

  

	 	(A)	the Accordion Lender enters into the documentation required for it to accede to the Intercreditor Agreement as a Refinancing Creditor; and 

 

	 	(B)	the Agent is satisfied that it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments
by that Accordion Lender. The Agent shall promptly notify the Borrower and the Accordion Lender upon being so satisfied, 

and the Agent shall promptly notify the Borrower and the Accordion Lender of the occurrence of the Increase Date. 

 

	 	(c)	Each Accordion Lender, by executing the Accordion Confirmation, confirms (for the avoidance of doubt) that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf
of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective. 

  

	 	(d)	The Borrower shall, promptly on demand, pay the Agent and the Security Agent the amount of all costs and expenses (including legal fees) reasonably incurred by either of them and, in the case of the Security Agent, by
any Receiver or Delegate) in connection with any increase in Commitments under this Clause 2.2. 

  

	 	(e)	The Accordion Lender shall, on the date upon which the increase takes effect, pay to the Agent (for its own account) a fee in an amount equal to the fee which would be payable under Clause 26.3 (Assignment or
transfer fee) if the increase was a transfer pursuant to Clause 26.5 (Procedure for transfer) and if the Accordion Lender was a New Lender. 

  

	 	(f)	 The Borrower may pay to any Accordion Lender a participation fee in the amount and at the times agreed between
the Borrower and that Accordion Lender in a letter between the Borrower and that Accordion Lender provided that, only if the Accordion Lender becomes a Party as a “Lender” prior to the date falling six months from the date of this
Agreement, such fee may not exceed the amount equal to the percentage of the increased Commitments assumed by that Accordion Lender paid to (or agreed in writing between the Borrower and) the Lenders that became a Party or increased their
Commitments as a result of this Agreement. No fee, other than the participation fee referred to in this paragraph (f) and the commitment fee 

  
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referred to in Clause 12.1 (Commitment fee), shall be paid to an Accordion Lender. A reference in this Agreement to a Fee Letter shall include any letter referred to in this
paragraph. 

  

	 	(g)	

  

	 	(i)	The Base Currency Amount of the Utilisation of an Accordion Lender’s Facility A Commitment shall be an amount equal to that Accordion Lender’s Facility A Commitment (to the extent that such Commitment has not
been cancelled or reduced under this Agreement). 

  

	 	(ii)	The amount in euro of the Utilisation of an Accordion Lender’s Facility B Commitment shall be an amount equal to that Accordion Lender’s Facility B Commitment (to the extent that such Commitment has not been
cancelled or reduced under this Agreement). 

  

	 	(iii)	The amount in Sterling of the Utilisation of an Accordion Lender’s Facility C Commitment shall be an amount equal to that Accordion Lender’s Facility C Commitment (to the extent that such Commitment has not
been cancelled or reduced under this Agreement). 

  

	 	(iv)	The Base Currency Amount of the Utilisation of an Accordion Lender’s Facility D1 Commitment shall be an amount equal to that Accordion Lender’s Facility D1 Commitment (to the extent that such Commitment has
not been cancelled or reduced under this Agreement). 

  

	 	(v)	The Base Currency Amount of the first Utilisation of an Accordion Lender’s Facility D2 Commitment: 

  

	 	(A)	in the event that the Total Facility D2 Commitments of all the Earlier Lenders are fully drawn, shall be an amount equal to such Accordion Lender’s Facility D2 Commitment; 

 

	 	(B)	in the event that the Total Facility D2 Commitments of all the Earlier Lenders are not fully drawn: 

  

	 	(1)	shall be an amount equal to such Accordion Lender’s Facility D2 Commitment multiplied by the Target Facility Utilisation Percentage for Facility D2; and 

 

	 	(2)	each of the Earlier Drawn Lenders shall make available its participation in a Facility D2 Loan in an amount equal to that Lender’s Facility D2 Commitment multiplied by the percentage produced by deducting the
Existing Facility Utilisation Percentage from the Target Facility Utilisation Percentage (in each case, for Facility D2). 

  

	 	(vi)	 In relation to any new Term Facility granted pursuant to this Clause 2.2, the Base Currency Amount (or amount in
euro, sterling or other applicable currency) of the Utilisation of an Accordion Lender’s 

  
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Commitment under that Term Facility shall be an amount equal to that Accordion Lender’s Commitment under that Term Facility. 

 

	 	(vii)	In relation to any new revolving loan Facility granted pursuant to this Clause 2.2, the Utilisation of an Accordion Lender’s Commitment under that revolving Facility shall be treated as per Facility D2 and all
applicable formulae shall be treated as referring to such new revolving Facility instead of Facility D2. 

  

	 	(viii)	In this Clause 2.2: 

 “Earlier Drawn Lenders” means Earlier Lenders for
whom this Utilisation of Facility D2 is not the first Utilisation of their Facility D2 Commitment (as appropriate); 
 “Earlier
Lenders” means the Lenders immediately prior to the Increase Date preceding the proposed Utilisation Date; and 
 the Agent shall,
in consultation with the Borrower, calculate: 
  

	 	(A)	the “Existing Facility Utilisation Percentage” as:

 

  

	 	(B)	the “Target Facility Utilisation Percentage” as:

 

 where: 

“a” is the aggregate amount of all Facility D2 Loans (as appropriate) (excluding this
proposed Utilisation) immediately prior to the proposed Utilisation Date;  

“b” is the aggregate of the Facility D2 Commitments (as appropriate) of the Earlier Drawn
Lenders; and 
 “y” is the amount of the proposed Utilisation, being equal to the amount
of the Facility D2 Commitment(s) (as appropriate) of one or more Accordion Lenders nominated by the Borrower (none of whom have previously been so nominated). 
  

	 	(h)	An Accordion Confirmation shall be raised to the status of a Spanish Public Document and the powers of attorney and authorisations granted under the Finance Documents shall have been ratified under such Spanish public
deed, in each case on a date falling less than 30 days after the date of the Increase Date. 

  

	 	(i)	Clause 26.4 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this Clause 2.2 in relation to an Accordion Lender as if references in that Clause to:

  

	 	(i)	an “Existing Lender” were references to all the Lenders immediately prior to the relevant increase; 

  
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	 	(ii)	the “New Lender” were references to that “Accordion Lender”; and 

  

	 	(iii)	a “re-transfer” and “re-assignment” were references to respectively a “transfer” and an
“assignment”. 

  

	 	(j)	Each Obligor shall (and the Borrower shall procure that each member of the Group will) promptly do all such acts and execute all such documents as the Security Agent may reasonably specify (and in such form as the
Security Agent may reasonably require in favour of the Security Agent or its nominee(s) or the Secured Parties) following an increase in the Commitments pursuant to this Clause 2.2 to preserve and perfect the Transaction Security created or
evidenced or expressed to be created or evidenced pursuant to the Transaction Security Documents (and so that the Transaction Security extends to secure the Secured Obligations under this Agreement in respect of the increased Commitments).

  

	 	(k)	Subject to paragraphs (c) and (d) of Clause 29.1 (Appointment of the Agent), each Lender hereby authorises the Agent to do all such acts and execute all such documents as may be deemed necessary or
desirable pursuant to this Clause 2.2, including, but not limited to, any amendment agreement(s) deemed necessary or desirable to create a new facility (or facilities) as contemplated by paragraph (a)(i)(A) above. 

 

	2.3	Finance Parties’ rights and obligations 

  

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

  

	 	(b)	Except as otherwise stated in the Finance Documents, the rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance
Documents to a Finance Party from an Obligor (other than a Security Provider which is not also the Borrower or a Guarantor) is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance
with paragraph (c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a
Finance Party’s participation in a Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor. 

 

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

  
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	3.	PURPOSE 

  

	3.1	Purpose  

 The Borrower shall apply all amounts borrowed by it under the Facilities
towards: 
  

	 	(a)	first, the payment, or effecting the payment, of amounts outstanding under the Existing Club Loan Agreement (including, without limitation, the payment of costs and expenses involved in connection with this Agreement
and the other Finance Documents); and 

  

	 	(b)	secondly, its general corporate purposes. 

  

	3.2	Monitoring 

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

	4.	CONDITIONS OF UTILISATION 

  

	4.1	Initial conditions precedent 

  

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

  

	 	(b)	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require)
the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 

  

	4.2	Further conditions precedent 

  

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

 

	 	(i)	no Default is continuing or would result from the proposed Loan; and 

  

	 	(ii)	the Repeating Representations to be made by each Obligor are true in all material respects. 

  

	4.3	Maximum number of Loans 

  

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

  

	 	(i)	three or more Facility A Loans would be outstanding; 

  
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	 	(ii)	three or more Facility B Loans would be outstanding; 

  

	 	(iii)	three or more Facility C Loans would be outstanding; 

  

	 	(iv)	three or more Facility D1 Loans would be outstanding; 

  

	 	(v)	ten or more Facility D2 Loans would be outstanding; 

  

	 	(vi)	three or more Loans would be outstanding under any Term Facility established in accordance with Clause 2.2 (Accordion); or 

  

	 	(vii)	ten or more Loans would be outstanding under any revolving loan Facility established in accordance with Clause 2.2 (Accordion). 

 

	 	(b)	The Borrower may not request that a Loan be divided. 

  

	 	(c)	Following an increase in the Commitments pursuant to Clause 2.2 (Accordion): 

  

	 	(i)	the Facility A Loan made by the relevant Accordion Lender(s) in respect of the increased Facility A Commitment(s); 

  

	 	(ii)	the Facility B Loan made by the relevant Accordion Lender(s) following the increase in the Facility B Commitments; 

  

	 	(iii)	the Facility C Loan made by the relevant Accordion Lender(s) in respect of the increased Facility C Commitment(s); 

  

	 	(iv)	the Facility D1 Loan made by the relevant Accordion Lender(s) in respect of the increased Facility D1 Commitment(s); 

  

	 	(v)	the first Facility D2 Loan made by the relevant Lender(s) following the increase in the Facility D2 Commitments; and 

  

	 	(vi)	the Loan made by the relevant Accordion Lender(s) in respect of any new Term Facility or the first Loan made by the relevant Accordion Lender(s) in respect of any new revolving loan Facility, in each case as established
in accordance with Clause 2.2 (Accordion), 

 shall not be taken into account in this Clause 4.3. 

  
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 SECTION 3 

UTILISATION 
  

	5.	UTILISATION 

  

	5.1	Delivery of a Utilisation Request 

  

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

 

	 	(b)	Each Lender that is a lender under the Existing Club Loan Agreement confirms and agrees that in order to facilitate the refinancing being undertaken by entering into this Agreement, the prepayment notice period for a
voluntary prepayment is reduced in the Existing Club Loan Agreement to 3 Business Days. 

  

	5.2	Completion of a Utilisation Request 

  

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

  

	 	(i)	it identifies the Facility to be utilised; 

  

	 	(ii)	the proposed Utilisation Date is a Business Day within the relevant Availability Period; 

  

	 	(iii)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and 

  

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

  

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

  

	5.3	Currency and amount 

  

	 	(a)	The currency specified in a Utilisation Request must be: 

  

	 	(i)	in relation to Facility B, euro; 

  

	 	(ii)	in relation to Facility C, sterling; and 

  

	 	(iii)	otherwise, the Base Currency. 

  

	 	(b)	The amount of the proposed Loan must be: 

  

	 	(i)	if the currency selected is the Base Currency, a minimum of $25,000,000 for Facility A, $25,000,000 for Facility D1 and $25,000,000 for Facility D2 or in each case, if less, the Available Facility; 

 

	 	(ii)	if the currency selected is euro, a minimum amount of €25,000,000 for Facility B or, if less, the Available Facility; 

  
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	 	(iii)	if the currency selected is sterling, a minimum amount of £25,000,000 for Facility C or, if less, the Available Facility; and 

  

	 	(iv)	following an increase in the Commitments pursuant to Clause 2.2 (Accordion), determined pursuant to paragraph (g) of Clause 2.2 (Accordion). 

 

	5.4	Lenders’ participation 

  

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

 

	 	(b)	Subject to paragraph (g) of Clause 2.2 (Accordion), the amount of each Lender’s participation in each Loan will be equal to the proportion borne by its Available Commitment to the Available Facility
immediately prior to making the Loan. 

  

	 	(c)	The Agent shall notify each Lender (and, if applicable, any Accordion Lender which is anticipated to be a Lender on the proposed Utilisation Date pursuant to paragraph (b)(ii) of Clause 2.2 (Accordion)) of the
amount and currency of each Loan, the amount of its participation in that Loan (and, in the case of a Loan under a revolving Facility, the amount of that participation to be made available in accordance with Clause 32.1 (Payments to the
Agent)) in each case by the Specified Time. 

  

	5.5	Promissory Notes 

  

	 	(a)	The Borrower shall, at the written request of any Lender participating in any Facility A Loan, Facility B Loan, Facility C Loan or Facility D1 Loan, on or before the Utilisation Date of that Facility A Loan, Facility B
Loan, Facility C Loan or Facility D1 Loan (or at any time within ten Business Days following any subsequent written request) issue and deliver a Promissory Note to that Lender, setting forth the amount of that Lender’s participation in that
Loan and the applicable Margin on the relevant Utilisation Date. The Borrower shall, at the written request of any Lender participating in any Facility D2 Loan, on or before the first Utilisation Date of that Facility D2 Loan (or at any time within
ten Business Days following any subsequent written request), issue and deliver a Promissory Note to that Lender, setting forth the amount of that Lender’s Commitment in that Loan and the applicable Margin on the relevant Utilisation Date.

  

	 	(b)	The Borrower shall, at the written request of any Lender participating in any Loan to be made following any increase in any Commitments pursuant to Clause 2.2 (Accordion), on or before the Utilisation Date of
that Loan to be made following any increase in any Commitments pursuant to Clause 2.2 (Accordion) (or at any time within ten Business Days following any subsequent written request), issue and deliver a Promissory Note to that Lender, setting
forth the amount of that Lender’s participation in that Loan and the applicable Margin on the relevant Utilisation Date. 

  
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	 	(c)	On an assignment or transfer by an Existing Lender of all of its Facility A Commitment, Facility B Commitment, Facility C Commitment, Facility D1 Commitment or Facility D2 Commitment (as applicable) to a New Lender, the
Existing Lender shall, on or prior to the Transfer Date, endorse and deliver to the New Lender any Promissory Note(s) issued to the Existing Lender in respect of the transferred or assigned Facility A Commitment, Facility B Commitment, Facility C
Commitment, Facility D1 Commitment or Facility D2 Commitment (as applicable). The Borrower shall, promptly upon request by the New Lender and at the Borrower’s cost, replace the endorsed Promissory Note(s) by issuing new Promissory Note(s),
setting forth the amount of the Facility A Commitment, Facility B Commitment, Facility C Commitment, Facility D1 Commitment or Facility D2 Commitment (as applicable) assigned or transferred to the New Lender, under the name of the New Lender, which
shall be released (through the Custodian, if any), duly signed, to the New Lender, upon tendering of the endorsed Promissory Note(s) to the Borrower. On an assignment or transfer by an Existing Lender of all of its Commitment under any new facility
established pursuant to Clause 2.2 (Accordion), the Existing Lender shall, on or prior to the Transfer Date, endorse and deliver to the New Lender any Promissory Note(s) issued to the Existing Lender in respect of that transferred or assigned
Commitment under that new facility. The Borrower shall, promptly upon request by the New Lender and at the Borrower’s cost, replace the endorsed Promissory Note(s) by issuing new Promissory Note(s), setting forth the amount of the Commitment
under that new facility assigned or transferred to the New Lender, under the name of the New Lender, which shall be released (through the Custodian, if any), duly signed, to the New Lender, upon tendering of the endorsed Promissory Note(s) to the
Borrower. 

  

	 	(d)	 On an assignment or transfer by an Existing Lender of part of its Facility A Commitment, Facility B Commitment,
Facility C Commitment, Facility D1 Commitment or Facility D2 Commitment (as applicable) to a New Lender, such Existing Lender shall tender (or procure that the Custodian tenders) to the Borrower, on the Transfer Date, the Promissory Note(s) issued
to such Existing Lender evidencing such Existing Lender’s Facility A Commitment, Facility B Commitment, Facility C Commitment, Facility D1 Commitment or Facility D2 Commitment (as applicable), and the Borrower shall promptly, at the cost of the
Borrower, issue (i) to the Existing Lender, a Promissory Note setting forth the amount of the Facility A Commitment, Facility B Commitment, Facility C Commitment, Facility D1 Commitment or Facility D2 Commitment (as applicable) of the Existing
Lender not assigned or transferred to the New Lender and (ii) to the New Lender, a Promissory Note setting forth the amount of the Facility A Commitment, Facility B Commitment, Facility C Commitment, Facility D1 Commitment or Facility D2
Commitment (as applicable) of the New Lender assigned or transferred to it by the Existing Lender. Any such new Promissory Notes shall be issued under the name of the Existing Lender or the New Lender (as applicable), and shall be released (through
the Custodian, if any), duly signed, to the Existing Lender and the New Lender, upon tendering to the Borrower of the Promissory Notes previously issued to the Existing Lender in respect of the relevant Facility A Commitment, Facility B Commitment,
Facility C 

  
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Commitment, Facility D1 Commitment or Facility D2 Commitment (as applicable). On an assignment or transfer by an Existing Lender of part of its Commitment under any new facility established
pursuant to Clause 2.2 (Accordion) to a New Lender, such Existing Lender shall tender (or procure that the Custodian tenders) to the Borrower, on the Transfer Date, the Promissory Note(s) issued to such Existing Lender evidencing such
Existing Lender’s Commitment under that new facility, and the Borrower shall promptly, at the cost of the Borrower, issue (i) to the Existing Lender, a Promissory Note setting forth the amount of the Commitment under that new facility of
the Existing Lender not assigned or transferred to the New Lender and (ii) to the New Lender, a Promissory Note setting forth the amount of the Commitment under that facility assigned or transferred to it by the Existing Lender. Any such new
Promissory Notes shall be issued under the name of the Existing Lender or the New Lender (as applicable), and shall be released (through the Custodian, if any), duly signed, to the Existing Lender and the New Lender, upon tendering to the Borrower
of the Promissory Notes previously issued to the Existing Lender in respect of the relevant Commitment under that new facility. 

  

	 	(e)	The Borrower: 

  

	 	(i)	shall, within 15 Business Days of a written request of any Lender participating in any Loan (A) that has requested delivery of a Promissory Note which sets forth the Interest Period then in effect or
(B) following any notification pursuant to Clause 9.4 (Notification of rates of interest) arising as a result of an increase in the applicable Margin following any event described in paragraphs (b)(i) to (b)(iii) (inclusive) of the
definition of Margin, execute, and cause the execution by each Guarantor as avalista, issue and deliver a Promissory Note, setting forth the applicable Interest Period or Margin (as applicable), to each such Lender participating in a Loan or
Facility to which the request or notification relates; and 

  

	 	(ii)	shall, within 15 Business Days of a written request of any Lender participating in any Loan following (A) any notification pursuant to Clause 9.4 (Notification of rates of interest) arising as a result of a
decrease in the applicable Margin following any event described in paragraphs (b)(i) to (b)(iv) of the definition of Margin or (B) any repayment of any Loan (other than a Facility D2 Loan) or decrease in the Total Commitments (other than a
Facility D2 Commitment), execute, and cause the execution by each Guarantor as avalista, issue and deliver a Promissory Note to each such Lender participating in a Loan or Facility to which the relevant notification, repayment or decrease (as
the case may be) relates, 

 provided that any Promissory Note held by or on behalf of such Lender in respect of that
Loan (the “Old Promissory Note”) is tendered or otherwise made available for exchange by the Custodian (or, if none, such Lender). Upon such exchange, the Old Promissory Note shall be cancelled and have no further effect. For the
avoidance of doubt: (x) if the exchange does not take place the Old Promissory Note remains in full force and effect; and (y) 

  
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 notwithstanding any Promissory Note, this Agreement determines, inter alia, the rate of
interest accruing on Loans and any amount payable by the Obligors. 
  

	 	(f)	Any obligation of the Borrower to deliver a Promissory Note to a Lender pursuant to this Agreement may be satisfied by delivery of such Promissory Note to the Custodian, if any. 

 

	 	(g)	Notwithstanding any amount set forth in any Promissory Note issued to a Lender in respect of any Commitment of that Lender, no such Lender shall be entitled, and each such Lender that holds any Promissory Note
evidencing any Commitment in accordance with this Agreement hereby waives the right, to claim any amount of principal in excess of the amounts disbursed and not repaid to such Lender in respect of the relevant Loan(s) at that time. Each Lender that
holds any Promissory Note evidencing any Commitment in accordance with this Agreement agrees that the Borrower may introduce this Agreement (and in particular, the provisions of this Clause 5.5) as a defence in connection with any such claim.

  

	 	(h)	For the avoidance of doubt, no Lender may claim under a Promissory Note separately from under this Agreement, except for claims initiated before Mexican courts as permitted under Clause 42.1 (Jurisdiction in
relation to actions brought by or against parties organised or incorporated in Mexico) (and in such circumstances the Agent will provide to the Borrower such information as the Borrower may reasonably request in connection with the aggregate
amounts disbursed to the Borrower). 

  

	5.6	Cancellation of Commitment  

 Any Commitment which, at that time, is
unutilised shall be immediately cancelled at the end of the applicable Availability Period. 

  
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 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	6.	REPAYMENT  

  

	6.1	Repayment of Facility A Loans  

  

	 	(a)	The Borrower shall repay the Facility A Loans in instalments by repaying on each Facility A Repayment Date an amount which reduces the aggregate Base Currency Amount of the outstanding Facility A Loans by an amount
equal to the relevant percentage of all the Facility A Loans borrowed by the Borrower as at the close of business in London on the last day of the last Availability Period in relation to Facility A (after the application of Clause 5.6
(Cancellation of Commitment) at the end of that Availability Period) as set out in the table below: 

  

					
	Facility A Repayment Date	  	Facility A Repayment Instalment
(percentage)	 
		
	 The date falling 36 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 42 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 48 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 54 Months after the date of this Agreement
	  	 	20	% 
		
	 The Termination Date
	  	 	20	% 

  

	 	(b)	The Borrower may not reborrow any part of Facility A which is repaid. 

  

	6.2	Repayment of Facility B Loans  

  

	 	(a)	The Borrower shall repay the Facility B Loans in instalments by repaying on each Facility B Repayment Date an amount in euro which reduces the aggregate amount in euro of the outstanding Facility B Loans by an amount
equal to the relevant percentage of all the Facility B Loans borrowed by the Borrower as at the close of business in London on the last day of the last Availability Period in relation to Facility B (after the application of Clause 5.6
(Cancellation of Commitment) at the end of that Availability Period) as set out in the table below: 

  

					
	Facility B Repayment Date	  	Facility B Repayment Instalment
(percentage)	 
		
	 The date falling 36 Months after the date of this Agreement
	  	 	20	% 

  
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	Facility B Repayment Date	  	Facility B Repayment Instalment
(percentage)	 
		
	 The date falling 42 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 48 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 54 Months after the date of this Agreement
	  	 	20	% 
		
	 The Termination Date
	  	 	20	% 

  

	 	(b)	The Borrower may not reborrow any part of Facility B which is repaid. 

  

	6.3	Repayment of Facility C Loans  

  

	 	(a)	The Borrower shall repay the Facility C Loans in instalments by repaying on each Facility C Repayment Date an amount in sterling which reduces the aggregate amount in sterling of the outstanding Facility C Loans by an
amount equal to the relevant percentage of all the Facility C Loans borrowed by the Borrower as at the close of business in London on the last day of the last Availability Period in relation to Facility C (after the application of Clause 5.6
(Cancellation of Commitment) at the end of that Availability Period) as set out in the table below: 

  

					
	Facility C Repayment Date	  	Facility C Repayment Instalment
(percentage)	 
		
	 The date falling 36 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 42 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 48 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 54 Months after the date of this Agreement
	  	 	20	% 
		
	 The Termination Date
	  	 	20	% 

  

	 	(b)	The Borrower may not reborrow any part of Facility C which is repaid. 

  

	6.4	Repayment of Facility D1 Loans  

  

	 	(a)	The Borrower shall repay the Facility D1 Loans in instalments by repaying on each Facility D1 Repayment Date an amount which reduces the aggregate Base Currency Amount of the outstanding Facility D1 Loans by an amount
equal to the relevant percentage of all the Facility D1 Loans borrowed by the 

  
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	 	Borrower as at the close of business in London on the last day of the last Availability Period in relation to Facility D1 (after the application of Clause 5.6 (Cancellation of Commitment) at the end of that
Availability Period) as set out in the table: 

  

					
	Facility D1 Repayment Date	  	Facility D1 Repayment Instalment
(percentage)	 
		
	 The date falling 36 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 42 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 48 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 54 Months after the date of this Agreement
	  	 	20	% 
		
	 The Termination Date
	  	 	20	% 

  

	 	(b)	The Borrower may not reborrow any part of Facility D1 which is repaid. 

  

	6.5	Repayment of Facility D2 Loans  

  

	 	(a)	The Borrower shall repay each Facility D2 Loan on the last day of its Interest Period. 

  

	 	(b)	Without prejudice to the Borrower’s obligation under paragraph (a) above, if: 

  

	 	(i)	one or more Facility D2 Loans are to be made available: 

  

	 	(A)	on the same day that a maturing Facility D2 Loan is due to be repaid; and 

  

	 	(B)	in whole or in part for the purpose of refinancing the maturing Facility D2 Loan; and 

  

	 	(ii)	the proportion borne by each Lender’s participation in the maturing Facility D2 Loan to the amount of that maturing Facility D2 Loan is the same as the proportion borne by that Lender’s participation in the
new Facility D2 Loans to the aggregate amount of those new Facility D2 Loans, 

 the aggregate amount of the new Facility D2
Loans shall, unless the Borrower notifies the Agent to the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Facility D2 Loan so that: 

 

	 	(A)	if the amount of the maturing Facility D2 Loan exceeds the aggregate amount of the new Facility D2 Loans: 

  
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	 	(1)	the Borrower will only be required to make a payment under Clause 32.1 (Payments to the Agent) in an amount in the relevant currency equal to that excess; and 

 

	 	(2)	each Lender’s participation in the new Facility D2 Loans shall be treated as having been made available and applied by the Borrower in or towards repayment of that Lender’s participation in the maturing
Facility D2 Loan and that Lender will not be required to make a payment under Clause 32.1 (Payments to the Agent) in respect of its participation in the new Facility D2 Loans; and 

 

	 	(B)	if the amount of the maturing Facility D2 Loan is equal to or less than the aggregate amount of the new Facility D2 Loans: 

  

	 	(1)	the Borrower will not be required to make a payment under Clause 32.1 (Payments to the Agent); and 

  

	 	(2)	each Lender will be required to make a payment under Clause 32.1 (Payments to the Agent) in respect of its participation in the new Facility D2 Loans only to the extent that its participation in the new Facility
D2 Loans exceeds that Lender’s participation in the maturing Facility D2 Loan and the remainder of that Lender’s participation in the new Facility D2 Loans shall be treated as having been made available and applied by the Borrower in or
towards repayment of that Lender’s participation in the maturing Facility D2 Loan. 

  

	6.6	Application of repayments  

 Any repayment of a Utilisation under this Clause 6 shall be
applied pro rata to each Lender’s participation in that Utilisation. 
  

	6.7	Effect of cancellation and prepayment on scheduled repayments  

  

	 	(a)	If the Borrower cancels the whole or any part of any Available Commitment in accordance with Clause 7.5 (Right of replacement or cancellation and repayment in relation to a single Lender) or if the Available
Commitment of any Lender is cancelled under Clause 7.1 (Illegality) then: 

  

	 	(i)	in the case of the Facility A Commitments, the amount of the Facility A Repayment Instalment for each Facility A Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled;

  

	 	(ii)	in the case of the Facility B Commitments, the amount of the Facility B Repayment Instalment for each Facility B Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled;

  
 - 71 - 

	 	(iii)	in the case of the Facility C Commitments, the amount of the Facility C Repayment Instalment for each Facility C Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled;

  

	 	(iv)	in the case of the Facility D1 Commitments, the amount of the Facility D1 Repayment Instalment for each Facility D1 Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled;

  

	 	(b)	If the Borrower cancels the whole or any part of any Available Commitment in accordance with Clause 7.3 (Voluntary cancellation) then: 

 

	 	(i)	in the case of the Facility A Commitments, the Facility A Repayment Instalment for each Facility A Repayment Date falling after that cancellation will reduce in the order selected by the Borrower by the amount
cancelled; 

  

	 	(ii)	in the case of the Facility B Commitments, the Facility B Repayment Instalment for each Facility B Repayment Date falling after that cancellation will reduce in the order selected by the Borrower by the amount
cancelled; 

  

	 	(iii)	in the case of the Facility C Commitments, the Facility C Repayment Instalment for each Facility C Repayment Date falling after that cancellation will reduce in the order selected by the Borrower by the amount
cancelled; and 

  

	 	(iv)	in the case of the Facility D1 Commitments, the Facility D1 Repayment Instalment for each Facility D1 Repayment Date falling after that cancellation will reduce in the order selected by the Borrower by the amount
cancelled. 

  

	 	(c)	If any Loan is prepaid in accordance with Clause 7.5 (Right of replacement or cancellation and repayment in relation to a single Lender) or Clause 7.1 (Illegality), then: 

 

	 	(i)	in the case of a Facility A Loan, the amount of the Facility A Repayment Instalments for each Facility A Repayment Date falling after that repayment or prepayment will reduce pro rata by the amount of the
Facility A Loan prepaid; 

  

	 	(ii)	in the case of a Facility B Loan, the amount of the Facility B Repayment Instalments for each Facility B Repayment Date falling after that repayment or prepayment will reduce pro rata by the amount of the
Facility B Loan prepaid; 

  

	 	(iii)	in the case of a Facility C Loan, the amount of the Facility C Repayment Instalments for each Facility C Repayment Date falling after that repayment or prepayment will reduce pro rata by the amount of the
Facility C Loan prepaid; and 

  

	 	(iv)	in the case of a Facility D1 Loan, the amount of the Facility D1 Repayment Instalments for each Facility D1 Repayment Date falling 

  
 - 72 - 

	 	after	that repayment or prepayment will reduce pro rata by the amount of the Facility D1 Loan prepaid; 

  

	 	(d)	If any Loan is prepaid in accordance with Clause 7.4 (Voluntary prepayment) then: 

  

	 	(i)	in the case of a Facility A Loan, the amount of the Facility A Repayment Instalments for each Facility A Repayment Date falling after that repayment or prepayment will reduce in the order selected by the Borrower by the
amount of the Facility A Loan prepaid; 

  

	 	(ii)	in the case of a Facility B Loan, the amount of the Facility B Repayment Instalments for each Facility B Repayment Date falling after that repayment or prepayment will reduce in the order selected by the Borrower by the
amount of the Facility B Loan prepaid; 

  

	 	(iii)	in the case of a Facility C Loan, the amount of the Facility C Repayment Instalments for each Facility C Repayment Date falling after that repayment or prepayment will reduce in the order selected by the Borrower by the
amount of the Facility C Loan prepaid; and 

  

	 	(iv)	in the case of a Facility D1 Loan, the amount of the Facility D1 Repayment Instalments for each Facility D1 Repayment Date falling after that repayment or prepayment will reduce in the order selected by the Borrower by
the amount of the Facility D1 Loan prepaid. 

  

	7.	ILLEGALITY, CHANGE OF CONTROL AND VOLUNTARY PREPAYMENT  

  

	7.1	Illegality  

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

	 	(a)	that Lender shall promptly notify the Agent upon becoming aware of that event; 

  

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

  

	 	(c)	to the extent that the Lender’s participation has not been transferred pursuant to Clause 38.4 (Replacement of Lender), the Borrower shall repay that Lender’s participation in the Utilisations on the
last day of the Interest Period for each Utilisation occurring after the Agent has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable
grace period permitted by law) and that Lender’s corresponding Commitment(s) shall be cancelled in the amount of the participations repaid. 

  
 - 73 - 

	7.2	Change of Control  

  

	 	(a)	Upon the occurrence of a Change of Control: 

  

	 	(i)	a Lender shall not be obliged to fund a Utilisation; and 

  

	 	(ii)	the Agent shall, by notice to the Borrower, cancel the Total Commitments and declare all outstanding Loans, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and
payable, whereupon the Total Commitments will be cancelled and all such outstanding Loans and amounts will become immediately due and payable. 

  

	 	(b)	The Borrower shall promptly inform the Agent of the occurrence of any Change of Control. 

  

	7.3	Voluntary cancellation  

 Subject to Clause 8.8 (Application of prepayments and
cancellations), the Borrower may, if it gives the Agent not less than three Business Days’ (or such shorter period as the Majority Lenders and the Agent may agree) prior notice, cancel the whole or any part of an Available Facility (but, if
in part, in a minimum amount of $20,000,000 (in the case of Facility A, Facility D1 and Facility D2), €20,000,000 (in the case of Facility B) or £20,000,000 (in the case of Facility C)). 

 

	7.4	Voluntary prepayment  

 Subject to Clause 8.8 (Application of prepayments and
cancellations), the Borrower may, if it gives the Agent not less than three Business Days’ (or such shorter period as the Majority Lenders and the Agent may agree) prior notice, prepay the whole or any part of a Loan (but, if in part, being
an amount that reduces the aggregate amount of the Loans by a minimum amount of $20,000,000 (in the case of Facility A Loans, Facility D1 Loans and Facility D2 Loans), €20,000,000 (in the case of Facility B Loans) or £20,000,000 (in the
case of Facility C Loans). 
  

	7.5	Right of replacement or cancellation and repayment in relation to a single Lender  

  

	 	(a)	If: 

  

	 	(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 13.2 (Tax gross-up); or 

 

	 	(ii)	any Lender claims, or gives notice that it intends to claim, indemnification from the Borrower or an Obligor under Clause 13.3 (Tax indemnity) or Clause 14 (Increased Costs), 

the Borrower may (provided that, no Default has occurred and is continuing), while the circumstance giving rise to the
requirement for that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and its intention to procure the repayment of that Lender’s participation in the Utilisations. 

  
 - 74 - 

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

 

	 	(c)	On the last day of each Interest Period which ends after the Borrower has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), each
Borrower to which a Utilisation is outstanding shall repay that Lender’s participation in that Utilisation together with all interest and other amounts accrued under the Finance Documents (including any amount payable to the Lender under
paragraph (c) of Clause 13.2 (Tax gross-up)). 

  

	 	(d)	The Borrower may, in the circumstances set out in paragraph (a) above, on three Business Days’ prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent
permitted by law, that Lender shall) transfer pursuant to Clause 26 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or
other entity selected by the Borrower which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 26 (Changes to the Lenders) (i) for a purchase price in cash
payable at the time of the transfer in an amount equal to the outstanding principal amount of such Lender’s participation in the outstanding Loans and all accrued interest (to the extent that the Agent has not given a notification under Clause
26.9 (Pro rata interest settlement), Break Costs and other amounts payable in relation thereto under the Finance Documents or (ii) for such purchase price as the transferring Lender may in its absolute discretion agree.

  

	 	(e)	The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions: 

  

	 	(i)	the Borrower shall have no right to replace the Agent; 

  

	 	(ii)	neither the Agent nor any Lender shall have any obligation to find a replacement Lender; 

  

	 	(iii)	in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and 

 

	 	(iv)	the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (d) above once it is satisfied that it has complied with all necessary “know your customer” or other similar
checks under all applicable laws and regulations in relation to that transfer. 

  

	 	(f)	A Lender shall perform the checks described in paragraph (e)(iv) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (d) above and shall notify the Agent and the Borrower
when it is satisfied that it has complied with those checks. 

  
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	8.	RESTRICTIONS  

  

	8.1	Notices of Prepayment  

 Any notice of prepayment, authorisation or other election given
by any Party under Clause 7 (Illegality, Change of Control and Voluntary Prepayment) (subject to the terms of that Clause) shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon
which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 
  

	8.2	Interest and other amounts  

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

	8.3	Prepayment and cancellation in accordance with Agreement  

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

	8.4	Reborrowing of Facilities  

  

	 	(a)	The Borrower may not reborrow any part of Facility A, Facility B, Facility C or Facility D1 which is prepaid. 

  

	 	(b)	Unless a contrary indication appears in this Agreement, any part of Facility D2 which is repaid or prepaid may be reborrowed in accordance with this Agreement. 

 

	8.5	No reinstatement of Commitments  

 Subject to Clause 2.2 (Accordion), no amount of
the Total Commitments cancelled under this Agreement may be subsequently reinstated. 
  

	8.6	Agent’s receipt of Notices  

 If the Agent receives a notice or election under
Clause 7 (Illegality, Change of Control and Voluntary Prepayment), it shall promptly forward a copy of that notice or election to either the Borrower or the affected Lender, as appropriate. 

 

	8.7	Effect of Repayment and Prepayment  

  

	 	(a)	If all or part of a Utilisation under Facility A is repaid or prepaid, an amount of the Facility A Commitments (equal to the Base Currency Amount of the Utilisation which is repaid or prepaid) will be deemed to be
cancelled on the date of repayment or prepayment. 

  

	 	(b)	If all or part of a Utilisation under Facility B is repaid or prepaid, an amount of the Facility B Commitments (equal to the amount in euro of the Utilisation which is repaid or prepaid) will be deemed to be cancelled
on the date of repayment or prepayment. 

  
 - 76 - 

	 	(c)	If all or part of a Utilisation under Facility C is repaid or prepaid, an amount of the Facility C Commitments (equal to the amount in sterling of the Utilisation which is repaid or prepaid) will be deemed to be
cancelled on the date of repayment or prepayment. 

  

	 	(d)	If all or part of a Utilisation under Facility D1 is repaid or prepaid, an amount of the Facility D1 Commitments (equal to the Base Currency Amount of the Utilisation which is repaid or prepaid) will be deemed to be
cancelled on the date of repayment or prepayment. 

  

	 	(e)	Any cancellation under this Clause 8.7 shall, except in the case of a repayment made pursuant to Clause 7.1 (Illegality) or Clause 7.5 (Right of replacement or cancellation and repayment in relation to
a single Lender), reduce the Commitments of the Lenders under the relevant Facility rateably. 

  

	8.8	Application of prepayments and cancellations 

 Any prepayment of a Utilisation or
cancellation of any Commitments pursuant to Clause 7 (Illegality, Change of Control and Voluntary Prepayment) (other than pursuant to Clause 7.1 (Illegality), Clause 7.5 (Right of replacement or cancellation and
repayment in relation to a single Lender)) or paragraph (e) of Clause 21.5 (Reserve), shall be applied: 
  

	 	(a)	in the case of a prepayment of a Utilisation, pro rata to each Lender’s participation in that Utilisation; 

  

	 	(b)	in the case of a cancellation of any Commitments under a Facility, so that it reduces the Commitments of the Lenders rateably under that Facility; 

 

	 	(c)	in any case, as the Borrower may in its discretion determine as between the Total Facility A Commitments, Total Facility B Commitments, Total Facility C Commitments, Total Facility D1 Commitments, Total Facility D2
Commitments and commitments under any new facility established pursuant to Clause 2.2 (Accordion), but in relation to each Facility pro rata between the Lenders’ Commitments under that Facility; and 

 

	 	(d)	in each case so that any applicable Facility A Repayment Instalments, Facility B Repayment Instalments, Facility C Repayment Instalments and Facility D1 Repayment Instalments are reduced in the manner contemplated by
Clause 6.7 (Effect of cancellation and prepayment on scheduled repayments). 

  
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 SECTION 5 

COSTS OF UTILISATION 
  

	9.	INTEREST 

  

	9.1	Calculation and payment of interest 

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

	 	(a)	Margin; and 

  

	 	(b)	LIBOR or, in relation to any Loan in euro, EURIBOR. 

  

	9.2	Payment of interest 

  

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

  

	 	(b)	If the Compliance Certificate received by the Agent which relates to the Borrower’s annual consolidated financial statements delivered pursuant to Clause 20.1 (Financial statements) shows that:

  

	 	(i)	a higher Margin should have applied to an Interest Period at any point during the period since the Compliance Certificate was received by the Agent which related to the Borrower’s previous set of annual
consolidated financial statements, then the Borrower shall promptly pay to the Agent any amounts necessary to put the Agent and the Lenders in the position they would have been in had the appropriate rate of the Margin applied during such period; or

  

	 	(ii)	a lower Margin should have applied to an Interest Period at any point during the period since the Compliance Certificate was received by the Agent which related to the Borrower’s previous set of annual consolidated
financial statements, then the amount of interest due in relation to a Loan on the next interest payment date of that specific Loan shall be reduced by the amount necessary to put the Borrower in the position they would have been in had the
appropriate rate of Margin applied during such period, 

 provided that (i) any such increase or reduction shall
only apply to the extent that any Lender which received the underpayment or overpayment of interest remains a Lender at the date of such adjustment and no claim shall be made against the Borrower to the extent that any Lender has not remained a
Lender under this Agreement and (ii) any amounts calculated under paragraphs (i) and (ii) above shall be netted. 
  

	9.3	Default interest 

  

	 	(a)	 If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall
accrue on the overdue amount from the due date 

  
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up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is 2.00 per cent. higher than the rate which would have been payable
if the overdue amount had, during the period of non-payment, constituted a Loan or other amount outstanding in the currency of the overdue amount under the relevant Facility for successive Interest Periods,
each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 9.3 shall be immediately payable by the Obligor on demand by the Agent. 

 

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

  

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

 

	 	(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be 2.00 per cent. higher than the rate which would have applied if the overdue amount had not become due.

  

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

  

	9.4	Notification of rates of interest 

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

	10.	INTEREST PERIODS 

  

	10.1	Selection of Interest Periods 

  

	 	(a)	The Borrower may select an Interest Period for a Loan in the Utilisation Request for that Loan or (in relation to a Term Loan that has already been borrowed) in a Selection Notice. 

 

	 	(b)	Each Selection Notice for a Term Loan is irrevocable and must be delivered to the Agent by the Borrower not later than the Specified Time. 

 

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

 

	 	(d)	Subject to this Clause 10, the Borrower may select an Interest Period of one, three or six Months or any other period agreed between the Borrower and the Agent (acting on the instructions of all the Lenders in relation
to the relevant Loan and provided that no period shall be longer than six Months). In addition the Borrower may select an Interest Period of: 

  

	 	(i)	 (in relation to Facility A) a period of less than one Month, if necessary to ensure that there are Facility A
Loans (with an aggregate Base 

  
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Currency Amount equal to or greater than the Facility A Repayment Instalment) which have an Interest Period ending on a Facility A Repayment Date for the Borrower to make the Facility A Repayment
Instalment due on that date; 

  

	 	(ii)	(in relation to Facility B) a period of less than one Month, if necessary to ensure that there are Facility B Loans (with an aggregate amount in euro equal to or greater than the Facility B Repayment Instalment) which
have an Interest Period ending on a Facility B Repayment Date for the Borrower to make the Facility B Repayment Instalment due on that date; 

  

	 	(iii)	(in relation to Facility C) a period of less than one Month, if necessary to ensure that there are Facility C Loans (with an aggregate amount in sterling equal to or greater than the Facility C Repayment Instalment)
which have an Interest Period ending on a Facility C Repayment Date for the Borrower to make the Facility C Repayment Instalment due on that date; and 

  

	 	(iv)	(in relation to Facility D1) a period of less than one Month, if necessary to ensure that there are Facility D1 Loans (with an aggregate Base Currency Amount equal to or greater than the Facility D1 Repayment
Instalment) which have an Interest Period ending on a Facility D1 Repayment Date for the Borrower to make the Facility D1 Repayment Instalment due on that date. 

  

	 	(e)	Following an increase in the Commitments pursuant to Clause 2.2 (Accordion), in relation to a Loan in respect of the increased Commitments, the first Interest Period following such increase shall end on the same date as
an Interest Period for an outstanding Loan under the same Facility. 

  

	 	(f)	An Interest Period for a Loan shall not extend beyond the Termination Date for the relevant Facility. 

  

	 	(g)	Each Interest Period for a Loan shall start on the Utilisation Date or (if already made) on the last day of its preceding Interest Period. 

 

	10.2	Non-Business Days 

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

 

	10.3	Consolidation of Term Loans  

 If two or more Interest Periods: 

 

	 	(a)	relate to Term Loans under the same Facility and in the same currency; and 

  

	 	(b)	end on the same date, 

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

	11.	CHANGES TO THE CALCULATION OF INTEREST 

  

	11.1	Absence of quotations 

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

	11.2	Market disruption 

  

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

  

	 	(i)	the Margin; and 

  

	 	(ii)	the rate notified to the Agent by that Lender as soon as practicable and in any event by close of business on the date falling five Business Days after the Quotation Day (or, if earlier, on the date falling five
Business Days prior to the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source
it may reasonably select. 

  

	 	(b)	If: 

  

	 	(i)	the percentage rate per annum notified by a Lender pursuant to paragraph (a)(ii) above is less than LIBOR or, in relation to any Loan in euro, EURIBOR; or 

 

	 	(ii)	a Lender has not notified the Agent of a percentage rate per annum pursuant to paragraph (a)(ii) above, 

the cost to that Lender of funding its participation in that Loan for that Interest Period shall be deemed, for the purposes of paragraph
(a) above, to be LIBOR or, in relation to any Loan in euro, EURIBOR. 
  

	 	(c)	In this Agreement: 

 “Market Disruption Event” means: 

 

	 	(i)	 at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate is not available (or,
where applicable, it is not possible to calculate the Interpolated Screen Rate) and none or only one of the Reference Banks supplies a rate to the Agent to determine LIBOR for 

  
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	 	dollars or sterling or EURIBOR for euro and the relevant Interest Period; or 

  

	 	(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan)
that the cost to it of funding its participation in that Loan from whatever source it may reasonably select would be in excess of LIBOR or, as applicable, EURIBOR. 

 

	11.3	Alternative basis of interest or funding 

  

	 	(a)	If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis
for determining the rate of interest. 

  

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

 

	11.4	Break Costs 

  

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

  

	 	(b)	Each Lender to whom paragraph (a) above applies shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which
they accrue. 

  

	12.	FEES 

  

	12.1	Commitment fee 

  

	 	(a)	Subject to paragraph (c) below, the Borrower shall pay to the Agent (for the account of each Lender) a fee in the relevant currency for each Facility computed at a rate equal to, at any time, 35 per cent. of
the then applicable Margin per annum on that Lender’s Available Commitment under a Facility for the Availability Period applicable to that Facility. 

  

	 	(b)	The accrued commitment fee is calculated on a daily basis and payable on the last day of each successive period of three Months beginning on the date falling five Business Days after the date of this Agreement or (in
the case of a Commitment assumed by a Lender in accordance with Clause 2.2 (Accordion)), the date falling five Business Days after the relevant Increase Date and which ends during the relevant Availability Period, on the last day of the
Availability Period and, if cancelled in full, on the cancelled amount of the relevant Lender’s Commitment at the time the cancellation is effective. 

  
 - 82 - 

	 	(c)	No commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment of that Lender for any day on which that Lender is a Defaulting Lender. 

 

	12.2	Arrangement fee 

 The Borrower shall pay to the Agent (for the account of each Arranger)
an arrangement fee in the amount and at the times agreed in a Fee Letter. 
  

	12.3	Upfront fee 

 The Borrower shall pay to the Agent (for the account of each Original
Lender) an upfront fee in the amount and at the times agreed in a Fee Letter. 
  

	12.4	Agency fee 

 The Borrower shall pay to the Agent (for its own account) an agency fee in
the amount and at the times agreed in a Fee Letter. 
  

	12.5	Security Agent fee 

 The Borrower shall pay to the Security Agent (for its own account)
the Security Agent fee in the amount and at the times agreed in a Fee Letter. 

  
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 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

	13.	TAX GROSS-UP AND INDEMNITIES 

  

	13.1	Definitions 

 In this Agreement: 

“Export Credit Agency” means an official non Mexican financial institution for the promotion of exports. 

“Qualifying Lender” means: 
  

	 	(a)	any institución de banca múltiple established under the laws of Mexico and authorised to engage in the business of banking in Mexico by any of the Ministry of Finance and Public Credit
(Secretaría de Hacienda y Crédito Público) or the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores); 

 

	 	(b)	an Export Credit Agency; or 

  

	 	(c)	a Treaty Lender 

 “Treaty Lender” means any person (or its main office is, if
lending through a branch or agency), of any nature, that: 
  

	 	(a)	qualifies as a resident, for tax purposes, of any jurisdiction with which Mexico has entered into a treaty for the avoidance of double taxation, which is in effect; and 

 

	 	(b)	has provided to the Borrower, as soon as reasonably practical after the Borrower’s written request, the documentation set forth in Sections 3.18.19. or 3.18.20 as applicable, of the Mexican Resolución
Miscelánea Fiscal for 2017 (or any successor or substitute provisions thereof). 

 “Tax Credit”
means a credit against, relief or remission for, or repayment of, any Tax. 
 “Tax Deduction” means a deduction or
withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction. 
 “Tax Payment”
means either the increase in a payment made by an Obligor to a Finance Party under Clause 13.2 (Tax gross-up) or a payment, arising from such increase, under Clause 13.3 (Tax indemnity). 

Unless a contrary indication appears, in this Clause 13 a reference to “determines” or “determined” means a
determination made in the absolute discretion of the person making the determination. 

  
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	13.2	Tax gross-up 

  

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

  

	 	(b)	The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction, if a Tax Deduction was applicable on the date of this
Agreement or would have been notified to the Agent following the date of this Agreement as contemplated by this Clause 13.2) under the Finance Documents notify the Agent accordingly. Similarly, a Finance Party or a New Lender shall notify the Agent
on becoming so aware in respect of a Tax Deduction being applicable, other than Tax Deductions being applicable on the date of this Agreement or on the date of an assignment to a New Lender in accordance with this Agreement. If the Agent receives
such notification from a Finance Party it shall notify the Borrower and that Obligor. 

  

	 	(c)	Subject to paragraph (d), if a Tax Deduction is required by law to be made by an Obligor under the Finance Documents, the amount of the payment due from that Obligor shall be increased to an amount which (after making
any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required and will provide to the Agent, upon request, evidence of the payment of the applicable Taxes. 

 

	 	(d)	A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of Tax imposed by Mexico if, on the date on which the payment falls due, the payment could have been made to the
relevant Finance Party without a Tax Deduction, or subject to a Tax Deduction at a reduced rate, if the Finance Party had been a Qualifying Lender, but on that date that Finance Party is not or has ceased to be a Qualifying Lender, other than as a
result of any change after the date it became a Finance Party under this Agreement in (or in the interpretation, administration, or application of) any law, regulation or treaty, or any published practice of any relevant taxing authority or for any
other reason not attributable to the applicable Lender provided that: 

  

	 	(i)	in respect of a Lender which is an assignee or transferee of an Original Lender, payments under paragraph (c) above shall not exceed the amounts payable under such paragraph (c) to that Original Lender
immediately prior to the relevant assignment or transfer; and 

  

	 	(ii)	in respect of a Lender that satisfies the definition of Treaty Lender, the maximum percentage in respect of which amounts under paragraph (c) shall be paid is 4.9 per cent. (or any other substitute percentage
specified as a result of a change in applicable law) (as may be increased to permit payment in full after paragraph (c) has been applied). 

  

	 	(e)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax 

  
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	 	Deduction within the time allowed and in the minimum amount required by law. 

  

	 	(f)	Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the
payment an original receipt (or certified copy thereof) or if unavailable such other evidence as is reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant
taxing authority. 

  

	13.3	Tax indemnity 

  

	 	(a)	The Borrower shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or
indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 

  

	 	(b)	Paragraph (a) above shall not apply: 

  

	 	(i)	with respect to any Tax assessed on a Finance Party: 

  

	 	(A)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

  

	 	(B)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, 

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or
receivable) by that Finance Party; or 
  

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by an increased payment under Clause 13.2 (Tax gross-up); 

  

	 	(B)	would have been compensated for by an increased payment under Clause 13.2 (Tax gross-up) but was not so compensated solely because the exclusion in paragraph (d) of
Clause 13.2 (Tax gross-up) applied; or 

  

	 	(C)	relates to a FATCA Deduction required to be made by a Party. 

  

	 	(c)	A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall
notify the Borrower. 

  
 - 86 - 

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

  

	13.4	Tax Credit 

 If an Obligor makes a Tax Payment and the relevant Finance Party determines
that: 
  

	 	(a)	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part or to that Tax Payment; and 

  

	 	(b)	that Finance Party has obtained, utilised and retained that Tax Credit, 

 the Finance Party
shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be
made by the Obligor. 
  

	13.5	Lender Status Confirmation 

  

	 	(a)	Each Original Lender confirms that it is a Qualifying Lender. 

  

	 	(b)	Each Lender (other than an Original Lender) which becomes a Party to this Agreement after the date of this Agreement shall indicate, in the Transfer Certificate, Assignment Agreement or Accordion Confirmation which it
executes on becoming a Party, and for the benefit of the Agent and without liability to any Obligor, which of the following categories it falls in: 

  

	 	(i)	a Qualifying Lender (other than a Treaty Lender); 

  

	 	(ii)	a Treaty Lender; or 

  

	 	(iii)	not a Qualifying Lender. 

  

	 	(c)	If a New Lender fails to indicate its status in accordance with this Clause 13.5 then such New Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender
until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Borrower). For the avoidance of doubt, a Transfer Certificate, Assignment Agreement or Accordion Confirmation shall
not be invalidated by any failure of a Finance Party to comply with this Clause 13.5. 

  

	13.6	FATCA Deduction 

  

	 	(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it
makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

  

	 	(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and,
in 

  
 - 87 - 

	 	addition, shall notify the Borrower and the Agent and the Agent shall notify the other Finance Parties. 

  

	13.7	Stamp taxes 

 The Borrower shall pay and, within five Business Days of demand, indemnify
each Secured Party against any cost, loss or liability that Secured Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 

 

	13.8	Value added tax 

  

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

  

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

  

	13.9	No double-recovery 

 No Finance Party may recover more than once under the Finance
Documents for any cost, loss or liability in respect of which it has a claim under this Clause 13, Clause 14 (Increased Costs) or Clause 15 (Other Indemnities). 
  

	13.10	French Obligors 

 All payments to be made under this Agreement by an Obligor resident or
established in France shall be made to an account opened in a financial institution situated in a State or territory other than a non-cooperative State or territory (Etat ou territoire non
coopératif) within the meaning of Article 238-0 A of the French tax code (code général des impôts). 

 

	14.	INCREASED COSTS 

  

	14.1	Increased costs 

  

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

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation after the date of this Agreement; or 

  
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	 	(ii)	compliance with any law or regulation made after the date of this Agreement; or 

  

	 	(iii)	the implementation or application of, or compliance with, (A) the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203 (signed into law July 21,
2010)) and all requests, rules, guidelines or directives thereunder or issued in connection therewith or (B) Basel III or CRD IV or any law or regulation that implements or applies Basel III or CRD IV. 

 

	 	(b)	In this Agreement: 

  

	 	(i)	“Increased Costs” means: 

  

	 	(A)	a reduction in the rate of return from a Facility or on a Finance Party’s (or its Affiliate’s) overall capital; 

  

	 	(B)	an additional or increased cost; or 

  

	 	(C)	a reduction of any amount due and payable under any Finance Document, 

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

 

	 	(ii)	“Basel III” means: 

  

	 	(A)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III:
International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December
2010, each as amended, supplemented or restated; 

  

	 	(B)	the rules for global systemically important banks contained in “Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text” published by the
Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

  

	 	(C)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”. 

  

	 	(iii)	“CRD IV” means: 

  

	 	(A)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms; and 

  
 - 89 - 

	 	(B)	Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms,
amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC. 

  

	14.2	Increased cost claims 

  

	 	(a)	A Finance Party intending to make a claim pursuant to Clause 14.1 (Increased costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.

  

	 	(b)	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs and setting out the calculation of the amount in reasonable detail.

  

	14.3	Exceptions 

  

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

  

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

  

	 	(ii)	attributable to a FATCA Deduction required to be made by a Party; 

  

	 	(iii)	compensated for by Clause 13.3 (Tax indemnity) (or would have been compensated for under Clause 13.3 (Tax indemnity) but was not so compensated solely because the exclusion in paragraph (b) of Clause
13.3 (Tax indemnity) applied); 

  

	 	(iv)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; or 

  

	 	(v)	attributable to the implementation of or compliance with the “International Convergence of Capital Measurements and Capital Standards - a Revised Framework” published by the Basel Committee on Banking
Supervision in June 2004 in the form existing on the date of this Agreement (“Basel II”) or any other law or regulation that implements Basel II (whether such implementation or compliance is by a government, governmental regulator,
Finance Party or an Affiliate thereof) but, for the avoidance of doubt and without prejudice to Clause 14.1 (Increased costs), so that this exception does not apply to costs attributable to the implementation or application or compliance with
Basel III or CRD IV or any law or regulation that implements or applies Basel III (including CRD IV) provided that the relevant Finance Party claiming for any Increased Cost relating to the implementation or application of or compliance with
(i) Basel III (each, a “Basel III Cost”) and (ii) CRD IV (each a “CRD IV Cost”) and the Borrower shall negotiate in good faith for a period not exceeding 30 days following receipt by the Borrower of notice
from 

  
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the Agent of a claim from such Finance Party to pay such Basel III Cost and CRD IV Cost (the “Negotiation Period”), with a view to identifying and agreeing the amount of such
Basel III Cost and CRD IV Cost to be paid by the Borrower. If such mutually satisfactory arrangements are agreed within such Negotiation Period, these arrangements will be binding on the Borrower and the relevant Finance Party. If no such mutually
satisfactory arrangements are agreed by the expiry of the Negotiation Period, then the Borrower shall within 15 days from the expiry of the Negotiation Period, pay the amount of such Basel III Costs and CRD IV Costs (whether or not such amount has
been agreed), it being acknowledged that such payment obligation is without prejudice to the Borrower’s right to replace or repay and cancel that Finance Party’s participation in the Utilisations in accordance with Clause 7.5 (Right of
replacement or cancellation and repayment in relation to a single Lender). 

  

	 	(b)	In this Clause 14.3 reference to a “Tax Deduction” has the same meaning given to the term in Clause 13.1 (Definitions). 

 

	15.	OTHER INDEMNITIES 

  

	15.1	Currency indemnity 

  

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

  

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

  

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

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

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

 

	15.2	Other indemnities 

  

	 	(a)	The Borrower shall (or shall procure that an Obligor will), within three Business Days of demand, indemnify each Secured Party against any cost, loss or liability incurred by it as a result of: 

 

	 	(i)	the occurrence of any Event of Default; 

  
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	 	(ii)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 31 (Sharing among the Finance
Parties); 

  

	 	(iii)	funding, or making arrangements to fund, its participation in a Utilisation but not made by reason of the operation of any one or more of the provisions of the Finance Documents (other than by reason of default or
negligence by that Finance Party alone); or 

  

	 	(iv)	a Utilisation (or part thereof) not being prepaid in accordance with a notice of prepayment given by the Borrower. 

  

	 	(b)	The Borrower will indemnify and hold harmless each Finance Party and its Affiliates and each of their and their Affiliates’ respective directors, officers, employees, agents, advisers and representatives (each
being an “Indemnified Person”) from and against any and all claims, damages, losses, liabilities, costs, legal expenses and other expenses (all together “Losses”) which have been incurred by or awarded against any
Indemnified Person, in each case arising out of or in connection with any claim, investigation, litigation or proceeding (or the preparation of any defence with respect thereto) commenced or threatened by any person other than itself, its respective
directors, officers, employees, agents, advisers or representatives in relation to any of the Finance Documents (or in connection with the execution and/or notarisation of any Finance Document) except to the extent such Losses or claims result from
such Indemnified Person’s negligence or misconduct or a breach of any term of any Finance Document by that Indemnified Person. Any third party referred to in this paragraph (b) may rely on this Clause 15.2. 

 

	15.3	Indemnity to the Agent 

 The Borrower shall promptly indemnify the Agent against any
cost, loss or liability incurred by the Agent (acting reasonably) as a result of: 
  

	 	(a)	investigating any event which it reasonably believes is a Default; or 

  

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

 

	16.	MITIGATION BY THE FINANCE PARTIES 

  

	16.1	Mitigation 

  

	 	(a)	Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled
pursuant to, any of Clause 7.1 (Illegality), Clause 13 (Tax Gross-Up and Indemnities), Clause 14 (Increased Costs) or Clause 15 (Other Indemnities) including (but not limited to)
transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. 

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

  

	16.2	Limitation of liability 

  

	 	(a)	The Borrower shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 16.1 (Mitigation) after consultation
with the Borrower. 

  

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

 

	17.	COSTS AND EXPENSES 

  

	17.1	Transaction expenses 

 The Borrower shall promptly on demand pay (or procure to be paid)
to the Agent and the Security Agent the amount of all costs and expenses (including legal fees) reasonably incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with the negotiation, preparation,
printing, execution and perfection of: 
  

	 	(a)	this Agreement and any other documents referred to in this Agreement and the Transaction Security; and 

  

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

  

	17.2	Amendment costs 

 If an Obligor requests an amendment, waiver or consent, the Borrower
shall, within three Business Days of demand, reimburse (or procure to be reimbursed) each of the Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent and the Security Agent
(and, in the case of the Security Agent, by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement. 
  

	17.3	Security Agent’s ongoing costs 

  

	 	(a)	In the event of (i) a Default or (ii) the Security Agent considering it necessary or expedient or (iii) the Security Agent being requested by an Obligor or the Majority Lenders to undertake duties which
the Security Agent and the Borrower agree to be of an exceptional nature and/or outside the scope of the normal duties of the Security Agent under the Finance Documents, the Borrower shall pay to the Security Agent any additional remuneration that
may be agreed between them. 

  

	 	(b)	 If the Security Agent and the Borrower fail to agree upon the nature of the duties or upon any additional
remuneration, that dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and approved by the Borrower or, failing approval, nominated (on the application of the Security
Agent) by the President for the 

  
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time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Borrower) and the determination of any investment bank shall be
final and binding upon the parties to this Agreement. 

  

	17.4	Enforcement and preservation costs 

 The Borrower shall, within three Business Days of
demand, pay (or procure to be paid) to each Secured Party the amount of all costs and expenses (including legal fees) incurred by it in connection with the enforcement of or the preservation of any rights under any Finance Document and the
Transaction Security and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Transaction Security or enforcing these rights. 
  

	17.5	Custodian 

 The Borrower shall promptly on demand pay (or procure to be paid) to the
Agent and the Custodian the amount of all costs and expenses (including legal fees) reasonably incurred by any of them in connection with the appointment of the Custodian or the performance by it of its duties in relation to this Agreement. The
Custodian may rely on this Clause 17.5 subject to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 

  
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 SECTION 7 

GUARANTEE 
  

	18.	GUARANTEE AND INDEMNITY 

  

	18.1	Guarantee and indemnity 

 Each Guarantor irrevocably and unconditionally jointly and
severally: 
  

	 	(a)	guarantees to each Finance Party punctual performance by each other Obligor of that Obligor’s obligations under the Finance Documents; 

 

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

  

	 	(c)	agrees with each Finance Party that if any obligation guaranteed by it pursuant to this Clause 18.1 is or becomes unenforceable, invalid or illegal or is otherwise discharged by the operation of clause 8.2
(Distressed Disposals) of the Intercreditor Agreement, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor not paying
any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the
amount it would have had to pay under this Clause 18 if the amount claimed had been recoverable on the basis of a guarantee. 

  

	18.2	Continuing Guarantee 

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

	18.3	Reinstatement 

 If any discharge, release or arrangement (whether in respect of the
obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation,
administration or otherwise, then the liability of each Guarantor under this Clause 18 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	18.4	Waiver of defences 

  

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

  
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	 	(i)	any time, waiver or consent granted to, or composition with, any other Obligor or other person; 

  

	 	(ii)	the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

 

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

 

	 	(iv)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any other Obligor or any other person; 

 

	 	(v)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without limitation, any
change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Finance Document or other document or security; 

 

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

 

	 	(vii)	any insolvency, concurso mercantil, quiebra or similar proceedings; 

  

	 	(viii)	the existence of any claim, set-off or other right which any of the Guarantors may have at any time against any Obligor, the Agent, any Lender or any other person, whether in
connection with this transaction or with any unrelated transaction; 

  

	 	(ix)	any provision of applicable law or regulation purporting to prohibit the payment by any Obligor of any amount payable by any Obligor under any Finance Document or the payment, observance, fulfilment or performance of
any other obligations to the Lenders or the Agent now or in future existing under or in connection with the Finance Documents, whether direct or indirect, absolute or contingent, due or to become due; 

 

	 	(x)	any change in the name, purposes, business, capital stock (including the ownership thereof) or constitution of any Obligor; or 

  

	 	(xi)	any other act or omission to act or delay of any kind by any Obligor, the Agent, the Lenders or any other person or any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge of or
defense to any Guarantor’s obligations hereunder. 

  
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	 	(b)	To the extent permitted by applicable law and notwithstanding any contrary principles under the laws of any other jurisdiction, each of the Guarantors hereby waives any and all defences to which it may be entitled,
whether at common law, in equity or by statute which limits the liability of, or exonerates, guarantors or which may conflict with the terms of this Clause 18 including failure of consideration, breach of warranty, statute of frauds, merger or
consolidation of any Obligor, statute of limitations, accord and satisfaction and usury. Without limiting the generality of the foregoing, each of the Guarantors consents that, without notice to such Guarantor and without the necessity for
additional endorsement or consent by such Guarantor, and without impairing or affecting in any way the liability of such Guarantor hereunder, the Agent and the Lenders may at any time and from time to time, upon or without any terms or conditions
and in whole or in part: 

  

	 	(i)	change the manner, place or terms of payment of, and/or change or extend the time or payment of, renew or alter, any of the Guarantors’ obligations under the Finance Documents, any security therefor, or any
liability incurred directly or indirectly in respect thereof, and this Clause 18 shall apply to such obligations as so changed, extended, renewed or altered; 

  

	 	(ii)	exercise or refrain from exercising any rights against any Obligor or others (including the Guarantors) or otherwise act or refrain from acting; 

 

	 	(iii)	settle or compromise any such obligations, any security therefor or any liability (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all
or any part thereof to the payment of any such liability (whether due or not) of any Obligor to creditors of any Obligor other than the Agent and the Lenders and Guarantors; 

 

	 	(iv)	apply any sums by whomsoever paid or howsoever realised, other than payments of the Guarantors of such obligations, to any liability or liabilities of any Obligor under the Finance Documents or any instruments or
agreements referred to herein or therein, to the Agent and the Lenders regardless of which of such liability or liabilities of any Obligor under the Finance Documents or any instruments or agreements referred to herein or therein remain unpaid;

  

	 	(v)	consent to or waive any breach of, or any act, omission or default under such obligations or any of the instruments or agreements referred to in this Agreement and the other Finance Documents, or otherwise amend, modify
or supplement such obligations or any of such instruments or agreements, including the Finance Documents; and/or 

  

	 	(vi)	request or accept other support of such obligations or take and hold any security for the payment of such obligations, or allow the release, impairment, surrender, exchange, substitution, compromise, settlement,
rescission or subordination thereof. 

  
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	 	(c)	Each Guarantor incorporated in Mexico expressly waives, irrevocably and unconditionally: 

  

	 	(i)	any right to require that any Finance Party first proceed against, initiate any actions before a court or any other judge or authority, or enforce any other rights or security or claim payment from any Obligor or any
other person, before claiming any amounts due from such Guarantor incorporated in Mexico hereunder; 

  

	 	(ii)	any right to which it may be entitled to have the assets of the Borrower, any other Obligor or any other person first be used, applied or depleted as payment of the Obligor’s obligations hereunder, prior to any
amount being claimed from or paid by any Guarantor incorporated in Mexico hereunder; 

  

	 	(iii)	any right to which it may be entitled to have claims against it, or assets to be used or applied as payment, divided among different Guarantors; and 

 

	 	(iv)	to the extent applicable and taking into consideration that the guarantee is not intended to be a fianza under Mexican law, the benefits of orden, excusión, división, quita
and espera and any right specified in Articles 2814, 2815, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2826, 2829, 2837, 2840, 2845, 2846, 2847 and any other related or applicable Articles that are not explicitly set forth herein because of
the Guarantor’s knowledge thereof, of the Código Civil Federal of Mexico and the Código Civil of each State of the Mexican Republic and the Federal District of Mexico. 

 

	18.5	Immediate recourse 

  

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

  

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

 

	18.6	Appropriations 

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

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

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

provided that the operation of this Clause 18.6 shall not be deemed to create any Security. 

 

	18.7	Deferral of Guarantors’ rights 

 Until all amounts which may be or become payable by
any Obligor under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under
the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 18: 
  

	 	(a)	to be indemnified by any other Obligor; 

  

	 	(b)	to claim any contribution from any other guarantor of any other Obligor’s obligations under the Finance Documents; 

  

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

  

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under, as the case
may be, Clause 18.1 (Guarantee and indemnity); 

  

	 	(e)	to exercise any right of set-off against any Obligor; and/or 

  

	 	(f)	to claim or provide as a creditor of any Obligor in competition with any Finance Party. 

 If a
Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the
Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 32
(Payment mechanics). 
  

	18.8	Additional security 

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

	18.9	General limitation on guarantee 

 In any action or proceeding involving any applicable
corporate law, or any applicable bankruptcy, insolvency, reorganisation, concurso mercantil, quiebra or other law affecting the rights of creditors generally, if the obligations of any Guarantor under this Clause 18 would otherwise be held or
determined to be void, invalid or 

  
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unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under this Clause 18, then, notwithstanding any other provision hereof to the
contrary, the amount of such liability shall, without any further action by such Guarantor, any Lender, the Agent or any other person to the greatest extent permitted under applicable law, be automatically limited and reduced to the highest amount
that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 
  

	18.10	Bankruptcy and related matters 

  

	 	(a)	So long as any of the obligations under the Finance Documents are outstanding, each of the Guarantors shall not (unless required to do so by law or regulation), without the prior written consent of the Majority Lenders,
commence or join with any other person in commencing any bankruptcy, liquidation, reorganisation, concurso mercantil, quiebra or insolvency proceedings of, or against, any Obligor. 

 

	 	(b)	If acceleration of the time for payment of any amount payable by Borrower under the Finance Documents is stayed upon the insolvency, bankruptcy, reorganisation, concurso mercantil, quiebra or any similar
event of any Obligor or otherwise, all such amounts otherwise subject to acceleration under the terms of this Agreement shall nonetheless be payable by the Guarantors hereunder forthwith on demand by the Agent made at the request of the Lenders.

  

	 	(c)	The obligations of each of the Guarantors under this Clause 18 shall not be reduced, limited, impaired, discharged, deferred suspended or terminated by any proceeding or action, voluntary or involuntary, involving the
bankruptcy, insolvency, concurso mercantil, quiebra, receivership, reorganisation, marshalling of assets, assignment for the benefit of creditors, readjustment, liquidation or arrangement of any Obligor or similar proceedings or actions or by
any defense which any Obligor may have by reason of the order, decree or decision of any court or administrative body resulting from any such proceeding or action. Without limiting the generality of the foregoing, the Guarantors’ liability
shall extend to all amounts and obligations under the Finance Documents and would be owed by any Obligor but for the fact that they are unenforceable or not allowable due to the existence of any such proceeding or action. 

 

	 	(d)	 Each of the Guarantors acknowledges and agrees that any interest on any portion of the obligations under the
Finance Documents which accrues after the commencement of any proceeding or action referred to above in paragraph (c) of this Clause 18.10 (or, if interest on any portion of such obligations ceases to accrue by operation of law by reason of the
commencement of said proceeding or action, such interest as would have accrued on such portion of such obligations if said proceedings or actions had not been commenced) shall be included in such obligations, it being the intention of the
Guarantors, the Agent, and the Lenders that such obligations which are to be guaranteed by the Guarantors pursuant to this Clause 18 shall be determined without regard to any rule of law or order which may relieve any Obligor of any portion of such
obligations. The Guarantors will take no action to prevent any trustee in 

  
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bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar person from paying the Agent, or allowing the claim of the Agent, for the benefit of the Agent, and
the Lenders, in respect of any such interest accruing after the date of which such proceeding is commenced, except to the extent any such interest shall already have been paid by the Guarantors. 

 

	 	(e)	Notwithstanding anything to the contrary contained herein, if all or any portion of the obligations under the Finance Documents are paid by or on behalf of any Obligor, the obligations of the Guarantors hereunder shall
continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or recovered, directly or indirectly, from the Agent and/or the Lenders as a preference,
preferential transfer, fraudulent transfer or otherwise, and any such payments which are so rescinded or recovered shall constitute obligations under the Finance Documents for all purposes under this Clause 18, to the extent permitted by applicable
law. 

  

	18.11	Dutch guarantee limitation 

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

	18.12	Spanish guarantee limitation 

 Notwithstanding any other provision of this Clause 18
(Guarantee and Indemnity) the guarantees, indemnities and other obligations of any Obligor incorporated in Spain expressed to be assumed in this Clause 18 (Guarantee and Indemnity) shall be deemed not to be assumed by such Obligor
incorporated in Spain to the extent that the same would constitute the provision of financial assistance within the meaning of either Article 150.1 of the 2010 Spanish Corporations Act (Ley de Sociedades de Capital) (in the case of a Spanish
Obligor which is a sociedad anónima), or Article 143.2 of the 2010 Spanish Corporations Act (Ley de Sociedades de Capital) (in the case of a Spanish Obligor which is a sociedad limitada). 

 

	18.13	Swiss guarantee limitation 

  

	 	(a)	The obligations and liabilities of an Obligor incorporated in Switzerland (the “Swiss Obligor”) under this Agreement or any other Finance Document in relation to the obligations, undertakings,
indemnities or liabilities of an Obligor other than that Swiss Obligor or any of its fully owned and controlled subsidiaries (the “Restricted Obligations”) shall be limited to the amount of that Swiss Obligor’s Free Reserves
Available for Distribution at the time 

  
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payment is requested or the maximum amount permitted by Swiss law applicable at the time payment is requested, provided that such limitation is a requirement under applicable law
(including any case law) at that point in time and that such limitation shall not free the Swiss Obligor from its obligations in excess thereof, but merely postpone the performance date until such time as performance is permitted notwithstanding
such limitation. 

  

	 	(b)	For the purpose of this Clause 18.13, “Free Reserves Available for Distribution” means an amount equal to the maximal amount in which the relevant Swiss Obligor can make a dividend payment to its
shareholder(s) (being the balance sheet profit and any freely disposable reserves available for this purpose, in each case in accordance with applicable Swiss law). 

 

	 	(c)	As soon as possible after having been requested to discharge a Restricted Obligation, the Swiss Obligor shall, if it cannot discharge the full amount of the Restricted Obligations, provide the Security Agent with an
interim statutory balance sheet audited by the statutory auditors of the Swiss Obligor setting out the Free Reserves Available for Distribution and, immediately thereafter, pay the amount corresponding to the Free Reserves Available for Distribution
to the Security Agent (save to the extent provided below). 

  

	 	(d)	In respect of the Restricted Obligations, the Swiss Obligor shall: 

  

	 	(i)	if and to the extent required by applicable law in force at the relevant time: 

  

	 	(A)	subject to any applicable double taxation treaties, deduct Swiss withholding tax at the rate of 35 per cent. (or such other rate as is in force at that time) from any payment made by it; 

 

	 	(B)	pay any such deduction to the Swiss Federal Tax Administration; and 

  

	 	(C)	notify and provide evidence to the Security Agent that the Swiss withholding tax has been paid to the Swiss Federal Tax Administration; and 

 

	 	(ii)	to the extent such deduction is made, not be required to make a gross-up, indemnify or otherwise hold harmless the Finance Parties for the deduction of the Swiss withholding tax notwithstanding anything to the contrary
contained in the Finance Documents, unless grossing up is permitted under the laws of Switzerland then in force and provided that this should not in any way limit any obligations of any non-Swiss
Obligors under the Finance Documents to indemnify the Finance Parties in respect of the deduction of the Swiss withholding tax, including, without limitation, in accordance with Clause 13 (Tax
Gross-Up and Indemnities). 

  

	 	(e)	 In respect of the Restricted Obligations, if so required under applicable law (including tax treaties) at any
time when the Security Agent is enforcing security interests granted by the Swiss Obligor, once the Security Agent is 

  
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satisfied that it has received all disposal proceeds from such enforcement of the security, it shall promptly notify the Swiss Obligor of the amount of proceeds from such enforcement, and such
Swiss Obligor: 

  

	 	(i)	shall use its best efforts to ensure that the proceeds of any such enforcement can be used without deduction of Swiss withholding tax, or with deduction of Swiss withholding tax at a reduced rate, by discharging the
liability to such tax by notification (Meldeverfahren) pursuant to applicable law (including tax treaties) rather than payment of the tax, and 

  

	 	(ii)	shall promptly notify the Security Agent that such notification has been made or, as the case may be, deduction at a reduced rate is possible, and provide the Security Agent with evidence that such a notification of the
Swiss Federal Tax Administration has been made or, as the case may be, such taxes may be deducted at a reduced rate. 

 To the
extent a notification procedure referred to in the preceding paragraph is not available, the Swiss Obligor shall: 
  

	 	(A)	within 20 Business Days after the notification by the Security Agent of the amount of proceeds from any enforcement in accordance with this paragraph (e) notify the Security Agent that Swiss withholding tax is due
by the Swiss Obligor; and 

  

	 	(B)	provide the Security Agent with all relevant information necessary or reasonably requested by the Security Agent to make the relevant deduction including, but not limited to, the amount of such deduction to be made (it
being understood by the Parties hereto that the Security Agent shall have the right but not the obligation to determine such amount, if any, pursuant to the terms of the Intercreditor Agreement, and in particular, but not limited to, pursuant to
clause 11.7 (Security Agent’s actions) and paragraph (c) of clause 11.8 (Security Agent’s discretions) thereof), 

whereupon the Security Agent (acting on the instructions of an Instructing Group (as defined in the Intercreditor Agreement)) shall deduct the
Swiss withholding tax in the amount notified to it or determined by it in accordance with paragraph (e)(ii) above from the enforcement proceeds and shall pay such amount to the Swiss Federal Tax Administration in satisfaction of the Swiss
withholding tax payment due by the Swiss Obligor in relation to such enforcement proceeds, provided, however, that the Security Agent will not assume any liabilities to any person in connection with the deduction or payments made by the Security
Agent pursuant to this paragraph (e), any failure by the Swiss Obligor to comply with its obligation hereunder or in connection with any failure by the Security Agent to determine such amount of the deduction to be made to the extent not notified to
it by the Swiss Obligor. 

  
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	 	(f)	The relevant Swiss Obligor shall use all reasonable efforts to procure that any person which is entitled to a full or partial refund of any Swiss withholding tax paid pursuant to paragraphs (d) or (e) above will,
as soon as possible after the deduction of the Swiss withholding tax: (1) request a refund of the Swiss withholding tax under any applicable law (including double taxation treaties) and (2) pay to the Security Agent upon receipt any amount
so refunded. The Security Agent shall, at the prior written request and (so long as reasonable) cost of the Swiss Obligor, take all reasonable steps to cooperate with the Swiss Obligor to secure such refund. 

 

	 	(g)	The Swiss Obligor will take, and cause to be taken, all and any other action, including, without limitation, the passing of any shareholders’ resolutions to approve any payment or other performance under the
Finance Documents and the receipt of any confirmations from the Swiss Obligor’s auditors, whether following a request to discharge a Restricted Obligation or which may be required as a matter of mandatory Swiss law in force at the time it is
required to make a payment or perform other obligations under the Finance Documents in order to allow a prompt payment or performance of other obligations under the Finance Documents. 

 

	 	(h)	If the enforcement of the Restricted Obligations would be limited due to the effects referred to in this Clause 18.13 and if any asset of the Swiss Obligor has a book value that is less than its market value (an
“Undervalued Asset”), the Swiss Obligor shall, to the extent permitted by applicable law and its Accounting Standards (i) write up the book value of such Undervalued Asset such that its balance sheet reflects a book value that
is equal to the market value of such Undervalued Asset, and (ii) make reasonable efforts to realise the Undervalued Asset for a sum which is at least equal to the market value of such asset. Without prejudice to the rights of the Security Agent
under the Finance Documents, the Swiss Obligor will only be required to realise an Undervalued Asset if such asset is not necessary for the Swiss Obligor’s business (nicht betriebsnotwendig). 

 

	18.14	French guarantee limitation 

  

	 	(a)	The obligations and liabilities under the Finance Documents of any French Guarantor are subject to the limitations set out in this Clause 18.14. 

 

	 	(b)	The obligations and liabilities of any French Guarantor under the Finance Documents and in particular under this Clause 18 (Guarantee and Indemnity) shall not include any obligation or liability which, if
incurred, would constitute the provisions of financial assistance within the meaning of article L.255-216 of the French Commercial Code and/or would constitute a misuse of corporate assets within the meaning
of article L. 241-3, L. 242-6 or L. 244-1 of the French Commercial Code or any other law or regulation having the same effect, as
interpreted by French courts and/or would infringe article L. 511-7 of the French Monetary and Financial Code. 

  

	 	(c)	 The obligations and liabilities of any French Guarantor under this Clause 18 (Guarantee and Indemnity) for
the obligations under the Finance Documents of any other Obligor which is not a Subsidiary of such French Guarantor shall 

  
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be limited, at any time, to an amount equal to the aggregate of all amounts directly or indirectly borrowed under this Agreement by such other Obligor to the extent directly or indirectly on-lent to such French Guarantor under intercompany loan agreements (excluding, for the avoidance of doubt, any cash-pooling arrangements or other cash management agreements, provided that no Facility made
available under this Agreement shall finance, directly or indirectly, such cash pooling arrangements or other cash management agreements) and outstanding at the date a payment is to be made by such French Guarantor under this Clause 18 (Guarantee
and Indemnity), it being specified that any payment made by a French Guarantor under this Clause 18 (Guarantee and Indemnity) in respect of the obligations of such Obligor shall reduce pro tanto the outstanding amount of the
intercompany loans due by such French Guarantor under the intercompany loan agreements referred to above and that any repayment of the intercompany loans by the French Guarantor shall reduce pro tanto the amount payable by it under this
Clause 18 (Guarantee and Indemnity). 

  

	 	(d)	The obligations and liabilities of any French Guarantor under this Clause 18 (Guarantee and Indemnity) for the obligations under the Finance Documents of any other Obligor which is its Subsidiary shall not be
limited and shall therefore cover all amounts due by such Obligor under this Agreement. However, where such Subsidiary is itself a Guarantor which guarantees the obligations of a member of the Group which is not a Subsidiary of the relevant French
Guarantor, the amounts payable by such French Guarantor under this paragraph (d) in respect of the obligations of this Subsidiary as Guarantor, shall be limited as set out in paragraph (c) above. 

 

	 	(e)	It is acknowledged that no French Guarantor is acting jointly and severally with the other Guarantors and no French Guarantor shall therefore be considered as
“co-débiteur solidaire” as to its obligations pursuant to the guarantee given pursuant to this Clause 18 (Guarantee and Indemnity). 

 

	 	(f)	In the event that there is any inconsistency between the provisions of this Clause 18.14 and any other provision in this Agreement or any other Finance Documents (each of which shall be expressly subject thereto), the
provisions of this Clause 18.14 shall prevail. 

  

	 	(g)	For the purpose of paragraphs (c) and (d) above, “Subsidiary” means, in relation to any company, another company which is controlled by it within the meaning of article L.
233-3 of the French Commercial Code. 

  
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 SECTION 8 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	19.	REPRESENTATIONS 

 Each Obligor makes the representations and warranties set out in this
Clause 19 to each Finance Party except that no representation or warranty is made by a Security Provider that is not also the Borrower or a Guarantor in respect of the representations and warranties set out in Clauses 19.9 (No
default) to 19.11 (Financial statements), 19.13 (No proceedings pending or threatened) to 19.17 (Environmental Claims), 19.22 (Accuracy of Existing Financial
Indebtedness), 19.23 (Group Structure Chart) and 19.26 (Governmental Regulations) to 19.29 (Pension, Welfare and other Similar Plans). 

 

	19.1	Status 

  

	 	(a)	It is a corporation or limited liability company, duly organised and validly existing under the laws and regulations of its jurisdiction of incorporation or formation other than in the case of CEMEX UK, which is a
private company duly incorporated with unlimited liability under the laws and regulations of England and Wales. 

  

	 	(b)	It has the power to own its assets and carry on its business as it is being conducted. 

  

	19.2	Binding obligations 

 Subject to the Legal Reservations: 

 

	 	(a)	the obligations expressed to be assumed by it in each Finance Document are legal, valid, binding and enforceable obligations; and 

  

	 	(b)	(without limiting the generality of paragraph (a) above) each Transaction Security Document to which it is a party creates the Security which that Transaction Security Document purports to create and that Security
is valid and effective. 

  

	19.3	Non-conflict with other obligations 

 The entry
into and performance by it (or, in the case of paragraph (c) below, any Obligor) of, and the transactions contemplated by, the Finance Documents and any confirmations provided in respect of the Transaction Security do not and will not conflict
with: 
  

	 	(a)	any law or regulation applicable to it or any judgment or other administrative or judicial order affecting it or binding upon it or any of its assets; 

 

	 	(b)	its constitutional documents or (in the case of an Obligor incorporated in Mexico) its by-laws (estatutos sociales); 

 

	 	(c)	the Finance Documents or any documentation relating to any publicly-issued securities binding upon it; or 

  
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	 	(d)	any agreement or instrument binding upon it or any of its assets, in a manner or to an extent which would have or would be reasonably likely to have a Material Adverse Effect. 

 

	19.4	Power and authority 

 It has the power (and, in respect of Finance Documents already
entered into, had the power) to enter into, perform and deliver, and has taken (and, in respect of Finance Documents already entered into, had taken) all necessary action to authorise its entry into, performance and delivery of, the Finance
Documents to which it is a party and the transactions contemplated by those Finance Documents. 
  

	19.5	Validity and admissibility in evidence 

 All Authorisations required or desirable: 

 

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations under the Finance Documents to which it is a party; and 

 

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, 

have been obtained or effected and are in full force and effect. 
  

	19.6	Governing law, choice of forum and enforcement 

 Subject to the Legal Reservations: 

 

	 	(a)	the choice of governing law of each Finance Document to which it is a party in the jurisdiction of the governing law of that Finance Document, will be recognised and enforced in its jurisdiction of incorporation;

  

	 	(b)	the choice of the English courts set forth in this Agreement is a valid and enforceable choice of forum under any other applicable law; and 

 

	 	(c)	any judgment obtained in relation to a Finance Document to which it is a party in the jurisdiction of the governing law of that Finance Document will be recognised and enforced in its jurisdiction of incorporation.

  

	19.7	Tax 

  

	 	(a)	The Borrower is not required under the laws and regulations of its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment it may make under any Finance Document to any Lender
(other than withholding taxes on payments of interest made by the Borrower or any other Obligor incorporated in Mexico, to any Lender that is not a resident of Mexico for tax purposes). 

 

	 	(b)	In respect of the Dutch Obligors only, no notice under Article 36 Tax Collection Act (Invorderingswet 1990) has been given prior to the date of this Agreement. 

  
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	19.8	No filing or stamp taxes 

  

	 	(a)	Subject to the Legal Reservations, no order, permission, consent, approval, license, authorisation, registration or validation of, or notice to, or filing with, or exemption by, any Governmental Authority or third party
is required to authorise, or is required in connection with, the execution, delivery and performance by each Obligor of the Finance Documents or the taking of any action contemplated thereby. 

 

	 	(b)	Under the laws and regulations of its jurisdiction of incorporation it is not necessary that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by
the Finance Documents except any tax or fee which is referred to in any Legal Opinion and which will be paid promptly after the date of the relevant Finance Document. 

 

	 	(c)	Each Finance Document is in proper legal form under the law of the jurisdiction of organisation of each Obligor for the enforcement thereof against each such Obligor under the law of its respective jurisdiction of
organisation. To ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document in such jurisdiction, it is not necessary that any Finance Document be filed or recorded with any Governmental Authority in such
jurisdiction (other than the registration of the Transaction Security Document referred to in paragraph (b) of Clause 22.34 (Conditions subsequent) with the Registro Único de Garantías Mobiliarias of Mexico) which
has been completed), or that any stamp or similar tax be paid on or in respect of any Finance Document, unless such stamp or similar taxes have been paid by the Borrower, provided that in the event that any legal proceedings are brought to
the courts of Mexico or Spain, a Spanish translation of the documents required in such proceedings prepared by a court-approved translator (or, in the case of the courts of Spain, an authorised sworn translator), would have to be approved by the
court after the defendant had been given an opportunity to be heard with respect to the accuracy of the translation, and proceedings would thereafter be based upon the translated documents. 

 

	 	(d)	It is not necessary (i) in order for the Agent or any Lender to enforce any right or remedies under the Finance Documents, or (ii) solely by reason of the execution, delivery and performance of any Finance
Document by the Agent or any Lender, that the Agent or such Lender be licensed or qualified with any Governmental Authority or be entitled to carry on business, in each case in the jurisdiction of organisation of the applicable Obligors.

  

	19.9	No default 

  

	 	(a)	No Default or Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation. 

  

	 	(b)	 No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument
which is binding on it or any of its 

  
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Subsidiaries or to which its (or its Subsidiaries’) assets are subject which would have or would be reasonably likely to have a Material Adverse Effect. 

 

	19.10	No misleading information 

 All written information provided by or on behalf of any
member of the Group to a Finance Party under or in connection with the transaction contemplated by the Finance Documents was true, complete and accurate in all material respects as at the date it was provided and was not misleading in any material
respect as at such date. 
  

	19.11	Financial statements 

  

	 	(a)	Its Original Financial Statements were prepared in accordance with Applicable GAAP (save as disclosed therein) consistently applied and are complete and accurate in all material respects. 

 

	 	(b)	Its Original Financial Statements fairly represent its financial condition and operations during the relevant financial year unless expressly disclosed to the Agent in writing prior to the date of this Agreement.

  

	 	(c)	For the purposes of any repetition of the representations contained in paragraphs (a) and (b) of this Clause 19.11 (pursuant to Clause 19.31 (Times at which representations are made)) the representations
will be made in respect of the latest consolidated (or if, other than in the case of the Borrower or CEMEX España, consolidated financial statements are not available, unconsolidated) financial statements of the Borrower and each Guarantor
instead of the Original Financial Statements. 

  

	19.12	Ranking 

  

	 	(a)	Its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law or
regulation applying to companies generally. 

  

	 	(b)	The Transaction Security has or will have the ranking in priority which it is expressed to have in the Transaction Security Documents and it is not subject to any prior ranking or pari passu ranking Security.

  

	 	(c)	Each Finance Document constitutes a direct, unconditional and unsubordinated obligation of each Obligor which is a party to such Finance Document. 

 

	19.13	No proceedings pending or threatened 

 Except as disclosed in Schedule 12 (Proceedings
Pending or Threatened), no litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which: 
  

	 	(a)	are likely to be adversely determined and which, if so determined, would be reasonably likely to have a Material Adverse Effect; or 

  
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	 	(b)	purport to affect the legality, validity or enforceability of any of the obligations under the Finance Documents, have been started or threatened against it or, in the case of the Borrower, any Obligor or Material
Subsidiary. 

  

	19.14	No winding-up 

 No legal proceedings or other
procedures or steps have been taken or, to the Borrower’s knowledge after reasonable enquiry, are being threatened, in relation to the winding-up, dissolution, administration or reorganisation of any
Obligor or Material Subsidiary (other than a solvent liquidation or reorganisation of any Material Subsidiary which is not an Obligor). 
  

	19.15	Material Adverse Change 

 There has been no material adverse change in the
Borrower’s business, condition (financial or otherwise), operations, performance or assets taken as a whole (or the business, consolidated condition (financial or otherwise) operations, performance or the assets generally of the Group taken as
a whole) since its Original Financial Statements save as disclosed by publicly available information filed with the SEC. 
  

	19.16	Environmental compliance 

 Each member of the Group has performed and observed in all
material respects all Environmental Law, Environmental Permits and all other material covenants, conditions, restrictions or agreements directly or indirectly concerned with any contamination, pollution or waste or the release or discharge of any
toxic or hazardous substance in connection with any real property which is or was at any time owned, leased or occupied by any member of the Group or on which any member of the Group has conducted any activity where failure to do so might reasonably
be expected to have a Material Adverse Effect. 
  

	19.17	Environmental Claims 

 No Environmental Claim has been commenced or (to the best of its
knowledge and belief) is threatened against any member of the Group where that claim would be reasonably likely, if determined against that member of the Group, to have a Material Adverse Effect. 

 

	19.18	Anti-corruption law 

 Each Obligor and their respective officers and directors has
conducted its businesses in compliance with applicable anti-corruption, anti-bribery and anti-money laundering laws and regulations. The Borrower has instituted and maintained policies and procedures designed to promote and achieve compliance with
applicable anti-corruption, anti-bribery and anti-money laundering laws and regulations laws. 
  

	19.19	Sanctions 

 Neither it nor any other Obligor, none of their respective officers or
directors, and no other member of the Group, and, to its knowledge, no director or officer of a member 

  
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of the Group which is not an Obligor and no agent, employee or Affiliate of any member of the Group, is a person that is, or is controlled by a person that is, (a) currently a designated
target of, or is otherwise a subject of, Sanctions, or (b) located, organised or resident in a Sanctioned Country provided that this representation is not made to or for the benefit of any Finance Party or any director, officer or employee
thereof to the extent that this provision would expose that Finance Party or any director, officer or employee thereof to liability under any applicable anti-boycott law, regulation or statute. 

 

	19.20	No Immunity 

 In any proceedings taken in its jurisdiction of incorporation in relation
to any Finance Document, it will not be entitled to claim for itself or any of its assets immunity from suit, execution, attachment (prior to judgment or in aid of execution) or other legal process. 

 

	19.21	Private and commercial acts 

 Its execution of the Finance Documents constitutes, and its
exercise of its rights and performance of its obligations hereunder will constitute, private and commercial acts done and performed for private and commercial purposes. 
  

	19.22	Accuracy of Existing Financial Indebtedness 

 The list of Existing Financial Indebtedness
of members of the Group which are not Obligors contained in Schedule 10 (Existing Financial Indebtedness) is, in all material respects, a true, complete and accurate list of the existing Financial Indebtedness of those members of the Group
that are not Obligors as at the date of this Agreement. 
  

	19.23	Group Structure Chart 

 The Group Structure Chart is true, complete and accurate in all
material respects as of 30 June 2017. 
  

	19.24	Legal and beneficial ownership 

 It and each of its Subsidiaries is the sole legal and
beneficial owner of the respective assets over which it has granted Transaction Security. 
  

	19.25	Shares 

  

	 	(a)	The shares of any member of the Group which are subject to the Transaction Security are fully paid and not subject to any option to purchase or similar rights. The constitutional documents of companies whose shares are
subject to the Transaction Security do not and could not restrict or inhibit any transfer of those shares on creation or enforcement of the Transaction Security. There are no agreements in force which provide for the issue or allotment of, or grant
any person the right to call for the issue or allotment of, any share or loan capital of any Obligor or Material Subsidiary (including any option or right of pre-emption or conversion) other than:

  
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	 	(i)	pre-emptive rights (A) arising under applicable law in favour of shareholders generally; and (B) arising under any obligation in respect of any Executive Compensation
Plan; and 

  

	 	(ii)	obligations to deliver shares to the holder(s) of convertible or exchangeable securities comprising Existing Financial Indebtedness pursuant to the terms and conditions of such convertible or exchangeable securities.

  

	 	(b)	Under the Transaction Security Documents, Transaction Security is granted over all the issued share capital in each member of the Group whose shares are subject to the Transaction Security except: 

 

	 	(i)	in the case of CEMEX España, at a maximum: 

  

	 	(A)	0.2444% of the issued share capital, being shares owned by CEMEX España; and 

  

	 	(B)	0.1164% of the issued share capital, being shares owned by persons that are not members of the Group; 

  

	 	(ii)	in the case of CEMEX TRADEMARKS HOLDING Ltd., 8,424,037 shares owned by the Borrower (and formerly owned by CEMEX Inc.) representing 0.4326% of the issued
share capital of CEMEX TRADEMARKS HOLDING Ltd. and the Borrower shall, in accordance with the relevant Transaction Security Document, grant Transaction Security over such shares following the issuance of
a new share certificate; 

  

	 	(iii)	at a maximum, in the case of each Mexican company whose shares are the subject of Transaction Security (except in the case of CEMEX México), the single share held by a minority shareholder that is
a member of the Group; and 

  

	 	(iv)	at a maximum, in the case of CEMEX México, 0.1183% of the issued share capital, being shares owned by CEMEX, Inc. 

 

	19.26	Governmental Regulations 

 The Borrower is not controlled by an “investment
company” within the meaning of the United States Investment Company Act of 1940, as amended. 
  

	19.27	Taxes 

  

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

  
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	 	(b)	Except for taxes imposed by way of withholding on interest, fees and commissions paid to non-residents (for Tax purposes) of the jurisdiction of organisation of the Borrower,
there is no tax (other than taxes on, or measured by, income or profits), levy, impost, deduction, charge or withholding imposed, levied, charged, assessed or made by the jurisdiction of organisation of the Borrower or any political subdivision or
taxing authority thereof or therein either (i) on or by virtue of the execution of delivery of this Agreement or (ii) on any payment to be made by the Borrower pursuant to this Agreement. It is permitted to pay any additional amounts
payable pursuant to Clause 13 (Tax Gross-Up and Indemnities) or Clause 13.7 (Stamp taxes). 

  

	19.28	Treasury Transactions 

 The Borrower represents and warrants that, as of the date of this
Agreement, neither it nor any member of the Group is party to any Treasury Transaction other than as permitted in accordance with Clause 22.27 (Treasury Transactions). 
  

	19.29	Pension, Welfare and other Similar Plans 

 Neither it nor, to its knowledge, any ERISA
Affiliate has taken any steps to terminate any Pension Plan or has failed to make any contribution with respect to any Pension Plan sufficient to give rise to a Security under Section 303(k) of ERISA. Neither it nor, to its knowledge, any ERISA
Affiliate has failed to make any contribution to any Multiemployer Plan. No event or transaction has occurred with respect to any Pension Plan, any Non-US Pension Plan or any Multiemployer Plan which has
resulted in or which would reasonably be expected to result in the incurrence by the Obligor or any of its ERISA Affiliates of any liability, fine or penalty (other than liabilities incurred in the ordinary course of maintaining the applicable
plan), which would have or be reasonably likely to have a Material Adverse Effect. Neither it nor any of its Subsidiaries has any contingent liability with respect to any post-retirement benefit under any employee welfare benefit plan (as defined in
Section 3(1) of ERISA) which would reasonably be expected to have a Material Adverse Effect, other than liability for continuation coverage described in Part 6 of Title I of ERISA. Except as would not have or be reasonably likely to have a
Material Adverse Effect, the Borrower is in compliance with and has duly and in a timely manner paid any amounts due to IMSS or INFONAVIT, pursuant to SAR laws, or as required under any mandatory retirement fund laws. 

 

	19.30	International Banking Facility 

 The Borrower, being a
non-bank entity located outside the United States, understands that it is the policy of the Federal Reserve Board that the extension of credit by Citibank, N.A. International Banking Facility, being a United
States financial institution operating through its international banking facility, may be used only to finance operations of the Borrower, or that of the Borrower’s Affiliates, outside the United States. 

 

	19.31	Times at which representations are made 

  

	 	(a)	All the representations and warranties in this Clause 19 are made to each Finance Party on the date of this Agreement. 

  
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	 	(b)	The Repeating Representations are deemed to be made by each Obligor to each Finance Party on the first day of each Interest Period. 

  

	 	(c)	The Repeating Representations are deemed to be made by each Additional Guarantor to each Finance Party on the day on which it becomes an Additional Guarantor. 

 

	 	(d)	Each representation or warranty deemed to be made after the date of this Agreement shall be made by reference to the facts and circumstances existing at the date the representation or warranty is made.

  

	 	(e)	The representation and warranty set out in Clause 19.30 (International Banking Facility) is made on the Utilisation Date of any Loan in which Citibank, N.A. International Banking Facility participates.

  

	20.	INFORMATION UNDERTAKINGS 

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

	20.1	Financial statements 

 The Borrower shall supply to the Agent (for distribution to the
Lenders): 
  

	 	(a)	as soon as the same become available, but in any event within 120 days after the end of each of the Borrower’s Financial Years, a copy of the annual audit report for such Financial Year for the Borrower and its
Subsidiaries containing consolidated and consolidating balance sheets of the Borrower and its Subsidiaries, as of the end of such Financial Year and consolidated statements of income and cash flows of the Borrower and its Subsidiaries, for such
Financial Year, in each case accompanied by an opinion acceptable to the Majority Lenders (acting reasonably) by KPMG Cardenas Dosal, S.C. or other independent public accountants of recognised standing acceptable to the Majority Lenders, together
with (i) a certificate of such accounting firm to the Lenders stating that in the course of the regular audit of the business of the Borrower and its Subsidiaries, which audit was conducted by such accounting firm in accordance with Applicable
GAAP of the Borrower, such accounting firm has obtained no knowledge that a Default or Event of Default has occurred and is continuing, or if, in the opinion of such accounting firm a Default or Event of Default has occurred and is continuing, a
statement as to the nature thereof; and (ii) a certificate of a Responsible Officer of the Borrower stating that no Default or Event of Default has occurred and is continuing or, if a Default or Event of Default has occurred and is continuing,
a statement as to the nature thereof and the action that the Borrower has taken and proposes to take with respect thereto; 

  

	 	(b)	as soon as the same become available, but in any event within 120 days after the end of each of the Borrower’s Financial Years, the Borrower’s audited unconsolidated financial statements for that Financial
Year; 

  
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	 	(c)	as soon as the same become available, but in any event within 180 days after the end of each of CEMEX España’s financial years, CEMEX España’s audited consolidated and unconsolidated financial
statements for that financial year; 

  

	 	(d)	as soon as the same become available, but in any event within 180 days after the end of each financial year of each Obligor (other than CEMEX España, the Borrower and each Security Provider), such Obligor’s
audited consolidated (to the extent available) and unconsolidated financial statements for that financial year; 

  

	 	(e)	as soon as the same become available, but in any event within 90 days after the end of the first half of each of CEMEX España’s financial years, CEMEX España’s consolidated financial statements
for that period; 

  

	 	(f)	as soon as the same become available, but in any event within 60 days after the end of each of the first three Financial Quarters of each of the Borrower’s Financial Years, consolidated balance sheets of the
Borrower and its Subsidiaries, as of the end of such quarter and consolidated statements of income and cash flows of the Borrower and its Subsidiaries for the period commencing at the end of the previous Financial Year and ending with the end of
such Financial Quarter, duly certified (subject to year-end audit adjustments) by a Responsible Officer of the Borrower as having been prepared in accordance with Applicable GAAP of the Borrower and together
with a certificate of a Responsible Officer of the Borrower, as to compliance with the terms of this Agreement and stating that no Default or Event of Default has occurred and is continuing or, if a Default or Event of Default has occurred and is
continuing, the nature thereof and the action that the Borrower has taken and proposes to take with respect thereto; and 

  

	 	(g)	as soon as the same become available, but in any event within 90 days after the end of each of the first three quarterly periods of each of the financial years of each Obligor (other than the Borrower, CEMEX
España and each Security Provider), its unconsolidated financial statements for that period. 

  

	20.2	Compliance Certificate 

  

	 	(a)	The Borrower shall supply to the Agent (for distribution to the Lenders), with each set of consolidated financial statements delivered pursuant to paragraph (a) of Clause 20.1 (Financial statements) above
and each set of consolidated financial statements delivered pursuant to paragraph (f) of Clause 20.1 (Financial statements) for a Financial Quarter, a single Compliance Certificate setting out (in reasonable detail) computations as to
compliance with Clause 21 (Financial Covenants) as at the date at which those financial statements were drawn up. 

  

	 	(b)	 Each Compliance Certificate shall be signed by two Responsible Officers of the Borrower and, if required to be
delivered with the consolidated financial statements delivered pursuant to paragraph (a) of Clause 20.1 (Financial statements), the Borrower shall provide to the Agent (for distribution to the Lenders), by no later than 180 days after
the end of the relevant Financial 

  
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Year, a letter (in a form approved by the Agent) from the Borrower’s auditors or any other internationally recognised accounting firm confirming that the numbers used in the Compliance
Certificate calculations have been correctly extracted from the consolidated financial statements of the Borrower. 

  

	20.3	Requirements as to financial statements 

  

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

  

	 	(b)	The audited consolidated accounts of the Borrower and each other set of financial statements described pursuant to Clause 20.1 (Financial statements) which the relevant member of the Group ordinarily produces in
English shall be provided in English. 

  

	 	(c)	The Borrower shall procure that each set of financial statements delivered pursuant to Clause 20.1 (Financial statements) is prepared using Applicable GAAP and accounting practices and financial reference periods
consistent with those applied to the preparation of the Original Financial Statements for that Obligor unless: (i) in the case of CEMEX España, it notifies the Agent that it has adopted IFRS in which case CEMEX España shall be
entitled to deliver financial statements prepared in accordance with IFRS; or (ii) in the case of any other Obligor, in relation to any set of financial statements, it notifies the Agent that there has been a change in Applicable GAAP, or the
accounting practices or reference periods and, unless amendments are agreed in accordance with paragraph (d) below, its auditors deliver to the Agent a description of any change necessary for those financial statements to reflect the Applicable
GAAP, accounting practices and reference periods upon which that Obligor’s Original Financial Statements were prepared. 

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

	 	(d)	 If a relevant Obligor adopts IFRS or, unless the procedure in paragraph (c) above is utilised, there are
changes to Applicable GAAP, or the accounting practices or reference periods, the relevant Obligor and the Agent (acting on the instructions of the Majority Lenders) shall, at the relevant Obligor’s request, negotiate in good faith with a view
to agreeing such amendments to the financial covenants in Clause 21 (Financial Covenants) and the definitions used therein as may be necessary to ensure that the criteria for evaluating the Group’s financial condition grant to the
Lenders protection equivalent to that which would have been enjoyed by them had the relevant Obligor not adopted IFRS or there had not been a change in Applicable GAAP, or the accounting practices or reference periods (subject to compliance with
paragraph (b) above). Any amendments agreed will take effect on the date agreed between the Agent and the relevant Obligor subject to the consent of the Majority Lenders. If no such agreement is reached within 90 days of the relevant

  
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Obligor’s request, the relevant Obligor will remain subject to the obligation to deliver the information specified in paragraph (c) of this Clause 20.3 and the financial covenants in
Clause 21 (Financial Covenants) and the financial ratios to calculate the Margin shall be based on the information delivered. 

  

	20.4	Information: miscellaneous 

 The Borrower shall supply to the Agent (for distribution to
the Lenders): 
  

	 	(a)	all documents despatched by the Borrower to its shareholders (or any class of them) or its creditors generally at the same time as they are despatched (including, for the avoidance of doubt, information made available
to the public through electronic means); 

  

	 	(b)	within five days after the same are sent, copies of all financial statements and reports that the Borrower sends to the holders of any class of its debt securities (including, for the avoidance of doubt, copies made
available to the public through electronic means); 

  

	 	(c)	promptly upon becoming aware of them, the details of any litigation, arbitration, administrative proceedings or enforcement proceedings and any material tax related event or assessment which are current, or which, to
the Borrower’s knowledge after reasonable enquiry, are being threatened or are pending and are likely to be adversely determined against any member of the Group which, in the reasonable opinion of the Borrower, are not spurious or vexatious,
and which might, if adversely determined, have a Material Adverse Effect; 

  

	 	(d)	promptly, such further information as the Security Agent may reasonably require about the Charged Property and compliance of the Obligors with the terms of any Transaction Security Documents; 

 

	 	(e)	promptly, such further information regarding the financial condition, assets and business of any Obligor or member of the Group as the Agent (or any Lender through the Agent) may reasonably request (including, but not
limited to, information on Ratings, if such credit rating has not been publicly announced) other than any information the disclosure of which would result in a breach of any applicable law or regulation or confidentiality agreement entered into in
good faith provided that the Borrower shall use reasonable efforts to be released from any such confidentiality agreement; and 

  

	 	(f)	promptly upon becoming aware of them, the details of any Environmental Claim which is current, threatened or pending against any member of the Group which is referred to in Clause 22.12 (Environmental Claims)
which are not spurious or vexatious, which are likely to be adversely determined against any member of the Group and which could reasonably be expected, if adversely determined, to have a Material Adverse Effect. 

  
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	20.5	Notification of Default 

  

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

  

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

  

	20.6	“Know your client” checks 

  

	 	(a)	Each Obligor shall promptly, upon the request of the Agent or any Lender, and each Lender shall promptly upon the request of the Agent, supply, or procure the supply of, such documentation and other evidence as is
reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective New Lender) in order for the Agent, such Lender or any prospective New Lender to carry out and be satisfied with the
results of all necessary “know your client” or other checks, such as the checks required by the US Patriot Act (Title III of Pub. L. 107-55 (signed into law on 26 October 2001)) in relation to
the identity of any person that it is required by law to carry out in relation to the transactions contemplated in the Finance Documents. For the avoidance of doubt, a Lender will have no obligation towards the Agent to evidence that it has complied
with any “know your client” or similar checks in relation to the Obligors. 

  

	 	(b)	The Borrower shall, by not less than five Business Days’ written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an
Additional Guarantor or Additional Security Provider pursuant to Clause 28 (Changes to the Obligors). 

  

	 	(c)	Following the giving of any notice pursuant to paragraph (b) above, the Borrower shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as
is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective New Lender) in order for the Agent, such Lender or any prospective New Lender to carry out and be satisfied with
the results of all necessary “know your client” or other checks in relation to the identity of any person that it is required by law to carry out in relation to the accession of such Additional Guarantor or Additional Security Provider to
this Agreement. 

  
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	20.7	FATCA Information 

  

	 	(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party: 

  

	 	(i)	confirm to that other Party whether it is: 

  

	 	(A)	a FATCA Exempt Party; or 

  

	 	(B)	not a FATCA Exempt Party; 

  

	 	(ii)	supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA;

  

	 	(iii)	supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party’s compliance with any other law,
regulation, or exchange of information regime. 

  

	 	(b)	If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify
that other Party reasonably promptly. 

  

	 	(c)	Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a
breach of: 

  

	 	(i)	any law or regulation; 

  

	 	(ii)	any policy of that Finance Party; 

  

	 	(iii)	any fiduciary duty; or 

  

	 	(iv)	any duty of confidentiality. 

  

	 	(d)	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance
of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the
requested confirmation, forms, documentation or other information. 

  

	20.8	Confirmation as to public information 

 The Borrower will, by notice in writing to the
Agent at the same time as any information is delivered to the Agent under the Finance Documents, confirm whether that information is publicly available information or not and any Lender that is unable to receive
non-publicly available information will be able to elect, by making a 

  
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declaration on the Designated Website (as defined in paragraph (a) of Clause 34.9 (Use of websites)) in accordance with the terms set out therein, not to receive any information
confirmed by the Borrower to be non-publicly available information. 
  

	21.	FINANCIAL COVENANTS 

  

	21.1	Financial definitions 

 In this Agreement: 

“Capital Expenditure” means any expenditure or obligation in respect of expenditure which, in accordance with Applicable GAAP
of the Borrower, is treated as a purchase of property, plant or equipment (and including the capital element of any expenditure or obligation incurred in connection with a Capital Lease). 

“Capital Lease” means, as to any person, the obligations of such person to pay rent or other amounts under any lease of (or
other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of the Borrower under Applicable GAAP of the
Borrower (excluding any operating lease which is or becomes classified and accounted for as, or in an equivalent manner to, a capital lease on a balance sheet of the Borrower pursuant to any change in Applicable GAAP after the date of this
Agreement) and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalised amount thereof at such time determined in accordance with Applicable GAAP of the Borrower. 

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

“Consolidated Coverage Ratio” means, on any date of determination, the ratio of (a) EBITDA for the one (1) year
period ending on such date to (b) Consolidated Interest Expense for the one (1) year period ending on such date. 

“Consolidated Debt” means, at any date, the sum (without duplication) of (a) the aggregate amount of all Debt of the
Borrower and its Subsidiaries at such date, which shall include the amount of any recourse in respect of Inventory Financing permitted under paragraph (b)(iv) of the definition of Permitted Financial Indebtedness or any recourse in respect of
Inventory Financing incurred by an Obligor, plus (b) to the extent not included in Debt, the aggregate net mark-to-market amount of all derivative financing
in the form of equity swaps outstanding at such date (except to the extent such exposure is cash collateralised to the extent permitted under the Finance Documents). 

“Consolidated Funded Debt” means, for any period, Consolidated Debt less the sum (without duplication) of (a) all
obligations of such person to pay the deferred purchase price of property or services, (b) all obligations of such person as lessee under Capital Leases, and (c) all obligations of such person with respect to product invoices incurred in
connection with export financing. 

  
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 “Consolidated Interest Expense” means, for any period, the sum of (a) the
total gross cash and non cash interest expense of the Borrower and its consolidated Subsidiaries relating to Consolidated Funded Debt of such persons, (b) any amortisation or accretion of debt discount or any interest paid on Consolidated
Funded Debt of the Borrower and its Subsidiaries in the form of additional Financial Indebtedness (but excluding any amortisation of deferred financing and debt issuance costs), (c) the net costs under Treasury Transactions in respect of interest
rates (but excluding amortisation of fees), (d) any amounts paid in cash on preferred stock, and (e) any interest paid or accrued in respect of Consolidated Funded Debt without a maturity date, regardless of whether considered interest expense
under Applicable GAAP of the Borrower. 
 “Consolidated Leverage Ratio” means, on any date of determination, the ratio of
(a) Consolidated Funded Debt on such date to (b) EBITDA for the one (1) year period ending on such date. 

“Debt” of any person means, without duplication: 
  

	 	(a)	all obligations of such person for borrowed money; 

  

	 	(b)	all obligations of such person evidenced by bonds, debentures, notes or other similar instruments, including perpetual bonds; 

  

	 	(c)	the aggregate net mark-to-market of Treasury Transactions (except to the extent such exposure is cash collateralised to the extent
permitted under, or not restricted by, the Finance Documents) of such person but excluding Treasury Transactions relating to the rate or price of energy or any commodity; 

 

	 	(d)	all obligations of such person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of trading; 

 

	 	(e)	all obligations of such person as lessee under Capital Leases; 

  

	 	(f)	all Debt of others secured by Security on any asset of such person, up to the value of such asset; 

  

	 	(g)	all obligations of such person with respect to product invoices incurred in connection with export financing; 

  

	 	(h)	all obligations of such person under repurchase agreements for the stock issued by such person or another person; 

  

	 	(i)	all obligations of such person in respect of Inventory Financing permitted under paragraph (b)(iv) of the definition of Permitted Financial Indebtedness or any obligations of an Obligor in respect of any similar
Inventory Financing; and 

  

	 	(j)	all guarantees of such person in respect of any of the foregoing, 

  
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 provided, however, that: 
  

	 	(i)	for the purposes of calculating the Consolidated Funded Debt element of the Consolidated Leverage Ratio, Relevant Convertible/Exchangeable Obligations (and any other outstanding hybrid bonds or convertible securities)
shall be excluded from each of the foregoing paragraphs (a) to (j) inclusive (provided that, in the case of outstanding Financial Indebtedness under any Subordinated Optional Convertible Securities (A) only the principal amount
thereof shall be excluded and (B) such exclusion shall apply only for so long as such amounts remain subordinated in accordance with the terms of that definition); 

 

	 	(ii)	for the avoidance of doubt, a Permitted Securitisation shall not be deemed to be Debt except that any recourse required as a result of the Relevant Legislation and which is not recourse over the collection of
receivables and would, but for this provision, be treated as Debt will, to the extent of the required recourse under the Relevant Legislation, be counted as Debt; 

 

	 	(iii)	for the avoidance of doubt, all performance bonds, guarantees, bonding, documentary or stand-by letters of credit, banker’s acceptances or similar credit transactions,
including reimbursement obligations in respect thereof, are not Debt until they are required to be funded; and 

  

	 	(iv)	the proceeds of any Permitted Financial Indebtedness shall, for the period of twelve Months from the date that such proceeds are credited to a Reserve in accordance with Clause 21.5 (Reserve) and for so long as
such proceeds stand to the credit of such Reserve during that period, be deducted from the aggregate calculation of Debt resulting from this definition, except where the calculation of Debt is for the purposes of calculating the Consolidated
Leverage Ratio to establish if: 

  

	 	(A)	the conditions for the Covenant Reset Date have been satisfied; or 

  

	 	(B)	the conditions set out in Clause 24.1 (Release of Mexican Security Trust Agreement) have been satisfied or Clause 24.2 (Release of Transaction Security - other jurisdictions) have been satisfied),

 and, for the avoidance of doubt, for the purposes set out in paragraphs (A) and (B) above, the Borrower shall prepare
the computations without the deduction specified in this paragraph (iv) and not be required to include it in that computation. 

“Discontinued EBITDA” means, for any period, the sum for Discontinued Operations of (a) operating income, and
(b) the depreciation and amortisation expense, in each case determined in accordance with Applicable GAAP of the Borrower consistently applied for such period. 

  
 - 122 - 

 “Discontinued Operations” means operations that are accounted for as
discontinued operations pursuant to Applicable GAAP of the Borrower for which the Disposal of such assets has not yet occurred. 

“EBITDA” means, for any period, the sum for the Borrower and its Subsidiaries, determined on a consolidated basis of
(x) operating income and (y) depreciation and amortisation expense, in each case determined in accordance with Applicable GAAP of the Borrower, subject to the adjustments herein, consistently applied for such period and adjusted for
Discontinued EBITDA as follows: if the amount of Discontinued EBITDA is a positive amount, then EBITDA shall increase by such amount, and if the amount of Discontinued EBITDA is a negative amount, then EBITDA shall decrease by the absolute value of
such amount. For the purposes of calculating EBITDA for any applicable period pursuant to any determination of the Consolidated Leverage Ratio (but not the Consolidated Coverage Ratio): 

 

	 	(a)	if at any time during such applicable period the Borrower or any of its Subsidiaries shall have made: 

  

	 	(i)	any Material Disposal, the EBITDA for such applicable period shall be reduced by an amount equal to the EBITDA (if positive) attributable to the property that is the subject of such Material Disposal for such applicable
period (but when the Material Disposal is by way of lease, income received by the Borrower or any of its Subsidiaries under such lease shall be included in EBITDA); and 

 

	 	(ii)	any Material Acquisition, EBITDA for such applicable period shall be calculated after giving pro-forma effect thereto as if such Material Acquisition had occurred on the
first day of such applicable period, 

 and if since the beginning of such applicable period any person that subsequently
shall have become a Subsidiary or was merged or consolidated with the Borrower or any of its Subsidiaries as a result of a Material Acquisition occurring during such applicable period shall have made any Material Disposal or Material Acquisition of
property that would have required an adjustment pursuant to sub-paragraph (i) or (ii) above if made by the Borrower or any of its Subsidiaries during such applicable period, EBITDA for such period shall
be calculated after giving pro-forma effect thereto as if such Material Disposal or Material Acquisition had occurred on the first day of such applicable period; and 

 

	 	(b)	EBITDA will be recalculated by multiplying each month’s EBITDA by the Ending Exchange Rate and dividing the amount obtained thereto by the exchange rate used by the Borrower in preparation of its monthly financial
statements in accordance with Applicable GAAP of the Borrower to convert USD into Mexican pesos. 

 “Ending Exchange
Rate” means the exchange rate at the end of a Reference Period for converting USD into Mexican pesos as used by the Borrower and its auditors in preparation of the Borrower’s financial statements in accordance with Applicable GAAP of
the Borrower. 

  
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 “Financial Quarter” means the period commencing on the day after one Quarter
Date and ending on the next Quarter Date. 
 “Financial Year” means the annual accounting period of the Borrower ending on
or about 31 December in each year. 
 “Material Acquisition” means any (a) acquisition of property or series of
related acquisitions of property that constitutes assets comprising all or substantially all of an operating unit, division or line of business or (b) acquisition of or other investment in the Capital Stock of any Subsidiary or any person which
becomes a Subsidiary or is merged or consolidated with the Borrower or any of its Subsidiaries, in each case, which involves the payment of consideration by the Borrower and its Subsidiaries in excess of $100,000,000 (or the equivalent in other
currencies). 
 “Material Disposal” means any Disposal of property or series of related Disposals of property that yields
gross proceeds to the Borrower or any of its Subsidiaries in excess of $100,000,000 (or the equivalent in other currencies). 

“Quarter Date” means each of 31 March, 30 June, 30 September and 31 December. 

“Reference Period” means a period of four consecutive Financial Quarters. 

“Relevant Convertible/Exchangeable Obligations” means: 

 

	 	(a)	any Financial Indebtedness incurred by any person the terms of which provide that satisfaction of the principal amount owing under such Financial Indebtedness (whether on or prior to its maturity and whether as a result
of bankruptcy, liquidation or other default by such person or otherwise) shall occur solely by delivery of shares or common equity securities in the Borrower or any other member of the Group; and 

 

	 	(b)	any Financial Indebtedness under any Subordinated Optional Convertible Securities. 

  

	21.2	Financial condition 

 The Borrower shall ensure that: 

 

	 	(a)	Consolidated Coverage Ratio: the Consolidated Coverage Ratio in respect of any Reference Period specified in column 1 below shall not be less than the ratio set out in column 2 below opposite that Reference
Period. 

  

			
	 Column 1
 Reference Period
ending
	  	 Column 2

Ratio

	 30 September 2017
	  	2.00:1
	 31 December 2017
	  	2.50:1
	 31 March 2018
	  	2.50:1

  
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	Column 1	  	Column 2
	Reference Period ending	  	Ratio
	 30 June 2018
	  	2.50:1
	 30 September 2018
	  	2.50:1
	 31 December 2018
	  	2.50:1
	 31 March 2019
	  	2.50:1
	 30 June 2019
	  	2.50:1
	 30 September 2019
	  	2.50:1
	 31 December 2019
	  	2.50:1
	 31 March 2020
	  	2.50:1
	 30 June 2020 and each subsequent Reference Period
	  	2.75:1

  

	 	(b)	Consolidated Leverage Ratio: the Consolidated Leverage Ratio in respect of any Reference Period specified in column 1 below shall not exceed the ratio set out in column 2 below opposite that Reference Period.

  

			
	Column 1	  	Column 2
	Reference Period ending	  	Ratio
	 30 September 2017
	  	5.50:1
	 31 December 2017
	  	5.25:1
	 31 March 2018
	  	5.25:1
	 30 June 2018
	  	5.00:1
	 30 September 2018
	  	5.00:1
	 31 December 2018
	  	4.75:1
	 31 March 2019
	  	4.75:1
	 30 June 2019
	  	4.50:1
	 30 September 2019
	  	4.50:1
	 31 December 2019
	  	4.50:1
	 31 March 2020
	  	4.50:1
	 30 June 2020 and each subsequent
	  	4.25:1

  
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 Reference Period 
  

	 	(c)	Capital Expenditure: The aggregate Capital Expenditure of the Group (other than: (i) any Caliza Expansion Capital; (ii) any Centurion Expansion Capital; and (iii) any amount of Capital Expenditure
that is funded from Relevant Proceeds (including any amount of Financial Indebtedness incurred which corresponds with any amount of Relevant Proceeds utilised to repay Financial Indebtedness)) in respect of any Financial Year shall not exceed
$1,000,000,000. 

 If in any Financial Year (the “First Financial Year”) the amount of the Capital
Expenditure of the Group is less than the maximum amount permitted for that Financial Year (the difference being referred to as the “Unused Amount”), then a portion of the Capital Expenditure incurred in the Financial Quarter
immediately following the First Financial Year in an amount up to the Unused Amount will be treated for the purposes of this paragraph (c) as if it had been incurred in the First Financial Year. 

 

	 	(d)	Caliza Capital Expenditure: in addition to the amount referred to in paragraph (c) above, the Caliza Group shall be entitled to incur Capital Expenditure in an aggregate amount (when aggregated with all other
amounts of Caliza Expansion Capital then incurred but excluding any amount of Capital Expenditure that is funded from Relevant Proceeds of the Caliza Group) not exceeding the Caliza Expansion Capital Permitted Limit over the life of the Facilities.

  

	 	(e)	Centurion Capital Expenditure: in addition to the amount referred to in paragraph (c) above, the Centurion Group shall be entitled to incur Capital Expenditure in an aggregate amount (when aggregated with
all other amounts of Centurion Expansion Capital then incurred but excluding any amount of Capital Expenditure that is funded from Relevant Proceeds of the Centurion Group) not exceeding the Centurion Expansion Capital Permitted Limit over the life
of the Facilities. 

  

	21.3	Financial testing 

 The financial covenants set out in Clause 21.2 (Financial
condition) shall be tested quarterly by reference to the Borrower’s consolidated financial statements delivered pursuant to paragraphs (a) and (f) of Clause 20.1 (Financial statements) and/or each Compliance Certificate
delivered pursuant to Clause 20.2 (Compliance Certificate). 
  

	21.4	Accounting terms 

 All accounting expressions which are not otherwise defined herein
shall have the meaning ascribed thereto in Applicable GAAP of the Borrower. 
  

	21.5	Reserve 

  

	 	(a)	 The Borrower (and any of its Subsidiaries) may, at its election, create a reserve (a “Reserve”)
for the purpose of holding the proceeds of any Permitted Financial Indebtedness to be utilised by the Borrower or the relevant 

  
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Subsidiary within a period of twelve Months of the date that such proceeds are so credited to such Reserve solely for the purpose of prepaying or repaying any Financial Indebtedness which
constitutes Consolidated Funded Debt. 

  

	 	(b)	If any proceeds of any Permitted Financial Indebtedness credited to a Reserve are not utilised to repay or prepay Financial Indebtedness as described, and within the time period set out, in paragraph (a) above,
such proceeds which have not been so utilised at the end of that period must be applied in accordance with paragraph (e) below to prepay the Facilities at the Borrower’s election on the last day of that period. 

 

	 	(c)	For the avoidance of doubt, any proceeds of any Permitted Financial Indebtedness held in a Reserve are not required to be held in separate bank accounts and may be held in one or more bank account(s), in one or more
currencies and documented by ledger entries only. 

  

	 	(d)	The Borrower shall: 

  

	 	(i)	notify the Agent in writing of any proceeds of any Permitted Financial Indebtedness credited to a Reserve and deliver a Reserve Certificate to the Agent detailing such proceeds (and, until such notice and Reserve
Certificate are received by the Agent, no such proceeds shall be treated as credited to a Reserve); and 

  

	 	(ii)	notify the Agent in writing of any proceeds of any Permitted Financial Indebtedness previously credited to a Reserve (as specified in a Reserve Certificate delivered for the purposes of paragraph (i) above) which
have been used in repayment or prepayment of Financial Indebtedness as described in paragraph (a) above and deliver a Reserve Certificate to the Agent detailing such proceeds and the application thereof. 

 

	 	(e)	If any proceeds of any Permitted Financial Indebtedness are (at the election of the Borrower) credited to a Reserve in accordance with this Clause, the Borrower shall (and shall ensure that any Subsidiary which has
credited such proceeds to a Reserve will) use such proceeds to prepay or repay any Financial Indebtedness which constitutes Consolidated Funded Debt within a period of twelve Months of the date that such proceeds are so credited to such Reserve and,
if at the end of that period any such proceeds have not been so applied, such proceeds shall be applied in immediate prepayment of the Facilities in accordance with Clause 8.8 (Application of prepayments and cancellations). 

 

	 	(f)	In this Agreement: 

 “Reserve Certificate” means: 

 

	 	(i)	 for the purposes of paragraph (d)(i) above, a certificate signed by a Responsible Officer setting out the amount
of proceeds from an incurrence of Permitted Financial Indebtedness that the Borrower (or any of its Subsidiaries) wishes to be applied to a Reserve in accordance 

  
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with this Clause 21.5 (Reserve) and which has been actually credited to that Reserve; and 

  

	 	(ii)	for the purposes of paragraph (d)(ii) above, a certificate signed by a Responsible Officer setting out the amount of proceeds from an incurrence of Permitted Financial Indebtedness standing to the credit of a Reserve
that the Borrower (or any of its Subsidiaries) wishes to be applied in repayment or prepayment of Financial Indebtedness as described in paragraph (a) above and which is so applied. 

 

	22.	GENERAL UNDERTAKINGS 

 The undertakings in this Clause 22 remain in force from the date
of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	22.1	Authorisations 

 Each Obligor shall promptly: 

 

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	supply certified copies to the Agent of, 

 any Authorisation required under any law or
regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance
Document. 
  

	22.2	Preservation of corporate existence 

 Subject to Clause 22.8 (Merger), each
Obligor shall (and the Borrower shall ensure that each of its Material Subsidiaries will), preserve and maintain its corporate existence and rights. 
  

	22.3	Preservation of properties 

 Each Obligor shall (and the Borrower shall ensure that each
of its Material Subsidiaries will): 
  

	 	(a)	maintain and preserve all of its properties that are used in the conduct of its business in good working order and condition, ordinary wear and tear excepted; and 

 

	 	(b)	maintain, preserve and protect all Intellectual Property and all necessary governmental and third party approvals, franchises, licenses and permits, material to the business of the Borrower or its Subsidiaries,

 provided neither paragraph (a) nor paragraph (b) shall prevent the Borrower or any of its Subsidiaries from
discontinuing the operation and maintenance of any of its properties or allowing to lapse certain approvals, licenses or permits which 

  
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discontinuance is desirable in the conduct of its business and which discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

 

	22.4	Compliance with laws, regulations and contractual obligations 

  

	 	(a)	Each Obligor shall (and shall procure that each of its Subsidiaries will) comply in all respects with all laws and regulations to which it may be subject and all material contractual obligations to which it is a party
or by which it or any of its property or assets is bound, in each case, if failure to comply would be likely to have a Material Adverse Effect. 

  

	 	(b)	The Borrower and each Obligor shall (and shall procure that each of its respective Subsidiaries will) comply with all applicable requirements under ERISA and laws relating to IMSS, INFONAVIT, SAR laws or under other
mandatory pension or retirement fund laws and will ensure that the levels of contribution to pension schemes are in accordance with all its and their material obligations under such schemes and generally under applicable laws (including ERISA) and
regulations, except where such failure to comply or failure to make such contributions would not reasonably be expected to have a Material Adverse Effect. 

  

	 	(c)	Each Dutch Obligor will comply with the Dutch FSA if failure to comply would be likely to have a Material Adverse Effect. 

  

	22.5	Negative pledge 

 The Borrower shall not and shall not permit any of its Subsidiaries:

  

	 	(a)	directly or indirectly, to create, incur, assume or permit to exist any Security on or with respect to any of its property or assets or those of any Subsidiary, whether now owned or held or hereafter acquired; or

  

	 	(b)	to: 

  

	 	(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group;

  

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

	 	(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enter into any other preferential arrangement having a similar effect, 

 in circumstances where
the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset (such arrangement or transaction being “Quasi- Security”), 

  
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 other than the following Security and Quasi-Security (“Permitted Security”):

  

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

  

	 	(B)	Security granted pursuant to or in connection with any netting or set-off arrangements entered into in the ordinary course of trading (including, for the avoidance of doubt, any
cash pooling or cash management arrangements in place with a bank or financial institution falling within paragraph (b)(ix) of the definition of Permitted Financial Indebtedness or any similar Financial Indebtedness incurred by an Obligor);

  

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

 

	 	(D)	liens incurred or deposits made in the ordinary course of business in connection with (1) workers’ compensation, unemployment insurance and other types of social security, or (2) other insurance
maintained by the Group in accordance with Clause 22.10 (Insurance); 

  

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

  

	 	(F)	Security and Quasi-Security existing as at 30 June 2017 as described in Schedule 11 (Existing Security and Quasi-Security) and any equivalent Security and Quasi-Security in relation to any Financial
Indebtedness that is refinancing or replacing any Financial Indebtedness over which Security or Quasi-Security is in place described in Schedule 11 (Existing Security and Quasi-Security) provided that the principal amount secured
thereby is not increased (save that principal amounts secured by Security or Quasi-Security in respect of: 

  

	 	(1)	Treasury Transactions where there are fluctuations in the mark-to-market exposures of those Treasury Transactions; and 

  
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	 	(2)	Financial Indebtedness where principal may increase by virtue of capitalisation of interest, 

may be increased by the amount of such fluctuations or capitalisations, as the case may be); 

 

	 	(G)	any Security or Quasi-Security permitted by the Agent, acting on the instructions of the Majority Lenders; 

  

	 	(H)	any Security created or deemed created pursuant to a Permitted Securitisation; 

  

	 	(I)	any Security or Quasi-Security granted in connection with any Treasury Transaction, excluding any Treasury Transaction described in Schedule 11 (Existing Security and Quasi-Security), that
constitutes Permitted Financial Indebtedness provided that the aggregate value of the assets that are the subject of such Security or Quasi-Security does not exceed $200,000,000 (or its equivalent in other currencies) at any time;

  

	 	(J)	Security or Quasi-Security granted or arising over receivables, inventory, plant or equipment that fall within paragraph (b)(iv) of the definition of Permitted Financial Indebtedness or any similar Financial
Indebtedness incurred by an Obligor; 

  

	 	(K)	the Transaction Security including, for the avoidance of doubt, any sharing in the Transaction Security referred to in paragraph (a) of the definition of Permitted Financial Indebtedness; 

 

	 	(L)	any Security or Quasi Security over bank accounts arising under clause 24 or clause 25 of the general terms and conditions (algemene bankvoorwaarden) of any member of the Dutch Bankers’
Association (Nederlandse Vereniging van Banken); 

  

	 	(M)	any Security or Quasi-Security that is created or deemed created on shares of the Borrower or, as the case may be, Caliza, Centurion or, as applicable, Trinidad Cement, pursuant to an obligation in respect of an
Executive Compensation Plan by virtue of such shares being held on trust for the holders of the convertible securities pending exercise of any conversion option, where such Quasi-Security is customary for such transaction; 

 

	 	(N)	

  

	 	(1)	any Security or Quasi-Security granted over assets of the Caliza Group in connection with any Permitted Financial Indebtedness referred to in paragraph (b)(xiii) of that definition or any similar Financial Indebtedness
incurred by an Obligor; or 

  
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	 	(2)	any Security or Quasi-Security granted over assets of the Centurion Group in connection with any Permitted Financial Indebtedness referred to in paragraph (b)(xiv) of that definition or any similar Financial
Indebtedness incurred by an Obligor; or 

  

	 	(O)	in addition to the Security and Quasi-Security permitted by the foregoing paragraphs (A) to (N), Security or Quasi-Security securing indebtedness of the Borrower and its Subsidiaries (taken as a whole) not in
excess of $500,000,000. 

  

	22.6	Financial Indebtedness 

  

	 	(a)	Except as permitted under paragraph (b) below, the Borrower shall ensure that no member of the Group will incur or allow to remain outstanding any Financial Indebtedness. For the avoidance of any doubt, any Obligor
may incur and allow to remain outstanding any Financial Indebtedness whatsoever without restriction as provided under paragraph (a) of the definition of Permitted Financial Indebtedness. 

 

	 	(b)	Paragraph (a) above does not apply to Financial Indebtedness which is Permitted Financial Indebtedness, Permitted Security, a Permitted Guarantee or Financial Indebtedness constituting (or incurred pursuant to) a
Permitted Transaction. 

  

	22.7	Subordinated Optional Convertible Securities 

 The Borrower may only (and shall ensure
that each relevant member of the Group may only) prepay any Financial Indebtedness arising from the issuance of Subordinated Optional Convertible Securities prior to its stated maturity with (i) the proceeds of another issuance of Subordinated
Optional Convertible Securities and/or (ii) Permitted Fundraising Proceeds. 
  

	22.8	Merger 

 No Obligor shall (and the Borrower shall ensure that none of its Subsidiaries
will) enter into any amalgamation, demerger, merger, fusión, escisión or other corporate reconstruction (a “Reconstruction”) where (i) as a result the then existing Ratings of the Borrower would be
downgraded or the Outlook would as a result of the Reconstruction be negative, in each case at the date of announcement of the relevant Reconstruction; (ii) a Default shall have occurred and be continuing at the time of such Reconstruction or
would result therefrom or (iii) the resulting entity, if it is not an Obligor, does not assume the obligations of the Obligor that is the subject of the merger. 
  

	22.9	Change of business 

 The Borrower shall procure that no substantial change is made to the
general nature of the business of the Borrower and the Obligors (taken as a whole) from that carried on at the date of this Agreement. 

  
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	22.10	Insurance 

 The Obligors (other than a Security Provider that is not also the Borrower or
a Guarantor) shall (and the Borrower shall ensure that each of its Material Subsidiaries will) maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those risks and to the extent
as is usual for companies carrying on the same or substantially similar business where such insurance is available on reasonable commercial terms. 
  

	22.11	Environmental Compliance 

 The Borrower shall (and the Borrower shall ensure that each of
its Subsidiaries will) comply in all material respects with all Environmental Laws and obtain and maintain any Environmental Permits and take all reasonable steps in anticipation of known or expected future changes to or obligations under the same,
in each case where failure to do so might reasonably be expected to have a Material Adverse Effect. 
  

	22.12	Environmental Claims 

 The Borrower shall inform the Agent in writing as soon as
reasonably practicable upon becoming aware of the same: 
  

	 	(a)	if any Environmental Claim has been commenced or (to the best of the Borrower’s knowledge and belief) is threatened against any member of the Group which is likely to be determined adversely to the member of the
Group; or 

  

	 	(b)	of any facts or circumstances which will or are reasonably likely to result in any Environmental Claim being commenced or threatened against any member of the Group, 

where the claim would be reasonably likely, if determined against that member of the Group, to have a Material Adverse Effect. 

 

	22.13	Anti-corruption law 

  

	 	(a)	No Obligor shall directly or, to the knowledge of such Obligor, indirectly use the proceeds of the Facilities for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of
1977 or other similar legislation in other jurisdictions. 

  

	 	(b)	The Borrower shall maintain policies and procedures designed to promote and achieve compliance by the Obligors with applicable anti-corruption, anti-bribery and anti-money laundering laws and regulations.

  

	22.14	Sanctions 

 No Obligor shall directly or, to the knowledge of such Obligor, indirectly
use the proceeds of the Facilities (or lend, contribute or otherwise make available such proceeds to any person): 

  
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	 	(a)	to directly fund or facilitate any activities or business (i) of, with or related to (or otherwise make funds available to or for the benefit of) any person, who is a designated target of or who is otherwise the
subject of Sanctions or (ii) in any country or territory that is a Sanctioned Country, each as of the time of such funding; or 

  

	 	(b)	in any manner or for any purpose that is prohibited by Sanctions: 

  

	 	(i)	applicable to such Obligor; or 

  

	 	(ii)	that would result in a violation of Sanctions by any Obligor, 

 provided that this undertaking
is not made to or for the benefit of any Finance Party or any director, officer or employee thereof to the extent that this provision would expose that Finance Party or any director, officer or employee thereof to liability under any applicable
anti-boycott law, regulation or statute. 
  

	22.15	Transactions with Affiliates 

 Each Obligor shall (and the Borrower shall ensure that its
Subsidiaries will) ensure that any transactions with respective Affiliates (other than a Permitted Reorganisation) are on terms that are fair and reasonable and no less favourable to such Obligor or such Subsidiary than it would obtain in a
comparable arm’s length transaction with a person not an Affiliate (and, if applicable, in accordance with any requirement of law (such as the Mexican Security Market Law (Ley del Mercado de Valores)). 

 

	22.16	Pari passu ranking 

 Each Obligor shall ensure that at all times its payment obligations
under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law or regulation applying to companies generally from time to time.

  

	22.17	Payment restrictions affecting Subsidiaries 

  

	 	(a)	Except as permitted under paragraph (b) below, the Borrower shall not enter into or suffer to exist, or permit any of its Subsidiaries to enter into or suffer to exist, any agreement or arrangement (other than any
Finance Document) directly limiting the ability of any of its Subsidiaries to: 

  

	 	(i)	declare or pay dividends or other distributions in respect of its or their respective equity interests in a Subsidiary, except any agreement or arrangement entered into by a person prior to such person becoming a
Subsidiary, in which case the Borrower shall use its reasonable endeavours to remove such limitations. If, however, such limitations are reasonably likely to affect the ability of any Obligor to satisfy its payment obligations under this Agreement,
the Borrower shall use its best endeavours to remove such limitations as soon as possible; or 

  

	 	(ii)	 repay or capitalise any intercompany indebtedness owed by any Subsidiary to any Obligor and, for the avoidance of
doubt, 

  
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subordination provisions shall not be considered a limitation for the purpose of this Clause 22.17. 

  

	 	(b)	The provision of paragraph (a) above shall not restrict: 

  

	 	(i)	any agreements or arrangements that are binding upon any person in connection with a Permitted Securitisation and any agreement or arrangement that limits the ability of any Subsidiary of the Borrower that transfers
receivables and related assets pursuant to a Permitted Securitisation to distribute or transfer receivables and related assets provided that, in each case, all such agreements and arrangements are customarily required by the
institutional sponsor or arranger of such Permitted Securitisation in similar types of documents relating to the purchase of receivables and related assets in connection with the financing thereof; 

 

	 	(ii)	customary provisions in Joint Venture agreements relating to dividends or other distributions in respect of such Joint Venture or the securities, assets or revenues of such Joint Venture; 

 

	 	(iii)	restrictions on distributions applicable to Subsidiaries of the Borrower that are the subject of agreements to sell or otherwise dispose of the stock or assets of such Subsidiaries pending such sale or other
disposition; 

  

	 	(iv)	any repayments of intercompany indebtedness owed by Caliza to the Borrower or any other member of the Group; 

  

	 	(v)	(subject to such Financial Indebtedness being Permitted Financial Indebtedness, and there being no other requirements restricting the same) entry by any member of the Caliza Group into a working capital facility the
terms of which limit the amount of dividends or other distributions as referred to in paragraph (a) above or the amount of repayments or capitalisation of intercompany indebtedness as referred to in paragraph (a)(ii) above which may be made (in
each case) by Caliza to any member of the Group at any time; 

  

	 	(vi)	any repayments of intercompany indebtedness owed by Centurion to the Borrower or any other member of the Group; 

  

	 	(vii)	(subject to such Financial Indebtedness being Permitted Financial Indebtedness, and there being no other requirements restricting the same) entry by any member of the Centurion Group into a working capital facility the
terms of which limit the amount of dividends or other distributions as referred to in paragraph (a) above or the amount of repayments or capitalisation of intercompany indebtedness as referred to in paragraph (a)(ii) above which may be made (in
each case) by Centurion to any member of the Group at any time; 

  

	 	(viii)	any repayments of intercompany indebtedness owed by Trinidad Cement to the Borrower or any other member of the Group; or 

  
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	 	(ix)	(subject to such Financial Indebtedness being Permitted Financial Indebtedness, and there being no other requirements restricting the same) entry by any member of the Trindad Cement Group into a working capital facility
the terms of which limit the amount of dividends or other distributions as referred to in paragraph (a) above or the amount of repayments or capitalisation of intercompany indebtedness as referred to in paragraph (a)(ii) above which may be made
(in each case) by Trindad Cement to any member of the Group at any time. 

  

	22.18	Notification of adverse change in Ratings 

 The Borrower shall promptly notify the Agent
of any change in its Ratings or Outlook. 
  

	22.19	Acquisitions 

  

	 	(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Borrower shall ensure that no other member of the Group will) acquire a company or any shares or securities or a business or undertaking (or,
in each case, any interest in any of them). 

  

	 	(b)	Paragraph (a) above does not apply to an acquisition of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) or the incorporation of a company which is a
Permitted Acquisition, a Permitted Joint Venture or a Permitted Transaction. 

  

	22.20	Joint ventures 

  

	 	(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Borrower shall ensure that no member of the Group will): 

 

	 	(i)	enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture; or 

  

	 	(ii)	transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations of a Joint Venture or maintain the solvency of or provide working capital to any Joint Venture (or agree to do
any of the foregoing). 

  

	 	(b)	Paragraph (a) above does not apply to any acquisition of (or agreement to acquire) any interest in a Joint Venture or transfer of assets (or agreement to transfer assets) to a Joint Venture or loan made to or
guarantee or indemnity or Security given in respect of the obligations of a Joint Venture if such transaction is a Permitted Acquisition, a Permitted Transaction, a Permitted Disposal, a Permitted Loan, Permitted Security or a Permitted Joint
Venture. 

  

	22.21	Disposals 

 No Obligor shall (and the Borrower shall ensure that no member of the Group
will) enter into a single transaction or a series of transactions (whether related or not) and 

  
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whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset unless such disposal constitutes a Permitted Disposal or a Permitted Transaction. 

 

	22.22	Arm’s length basis 

  

	 	(a)	Except as permitted by paragraph (b) below, no Obligor shall (and the Borrower shall ensure no member of the Group will) enter into any transaction with any person except on arm’s length terms and for full
market value. 

  

	 	(b)	The following transactions shall not be a breach of this Clause 22.22: 

  

	 	(i)	intra-Group loans permitted under Clause 22.23 (Loans or credit); 

  

	 	(ii)	any Permitted Reorganisation or Permitted Transaction. 

  

	22.23	Loans or credit 

  

	 	(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Borrower shall ensure that no member of the Group will) be a creditor in respect of any Financial Indebtedness. 

 

	 	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	a Permitted Loan; or 

  

	 	(ii)	a Permitted Transaction. 

  

	22.24	No Guarantees or indemnities 

  

	 	(a)	Except as permitted under paragraph (b) below, the Borrower shall ensure that no member of the Group will incur or allow to remain outstanding any guarantee in respect of any obligation of any person.

  

	 	(b)	Paragraph (a) does not apply to a guarantee which is: 

  

	 	(i)	a Permitted Guarantee; or 

  

	 	(ii)	a Permitted Transaction. 

  

	22.25	Dividends and share redemption 

  

	 	(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Borrower shall ensure that no other member of the Group will): 

 

	 	(i)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any
class of its share capital); 

  

	 	(ii)	repay or distribute any dividend or share premium reserve; 

  

	 	(iii)	pay or allow any member of the Group to pay any management, advisory or other fee to or to the order of any of its shareholders; or 

  
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	 	(iv)	redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so, 

other than, in each case, in connection with the entry into or performance of obligations or distribution or settlement under any Permitted
Put/Call Transaction or, in the case of sub-paragraph (iv) above, in connection with the entry into or performance of obligations or distribution or settlement under any Caliza Offering Option, any
Centurion Offering Option or any Trinidad Cement Offering Option. 
  

	 	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	a Permitted Distribution; 

  

	 	(ii)	a Permitted Acquisition; or 

  

	 	(iii)	a Permitted Transaction (other than one referred to in paragraph (d) of the definition of that term). 

  

	22.26	Share capital 

 No Obligor shall (and the Borrower shall ensure no member of the Group
will) issue any shares except pursuant to: 
  

	 	(a)	a Permitted Share Issue; 

  

	 	(b)	a Permitted Distribution; 

  

	 	(c)	a Permitted Transaction; and 

  

	 	(d)	a Permitted Exchange. 

  

	22.27	Treasury Transactions 

 No Obligor shall (and the Borrower will procure that no members
of the Group will) engage in any Treasury Transaction, other than for the purpose of managing a specific risk associated with an asset, liability, income or expense owned, incurred, earned or made (or reasonably likely to be owned, incurred, earned
or made) by a member of the Group, provided that they are not entered into for speculative purposes. 
  

	22.28	Transaction Security 

 The Borrower will ensure that, under the Transaction Security
Documents, save as a result of the operation of Clause 24 (Automatic Release of Transaction Security), the Lenders have Transaction Security over: 
  

	 	(a)	all of the shares in each entity that is a direct or indirect shareholder in CEMEX España (except (i) CEMEX Trading LLC, Sunbelt Trading, SRL and Sunbelt-Re Limited;
(ii) 0.1200% of the shares in CEMEX México held by CEMEX, Inc. and (iii) the single share held by a minority shareholder that is a member of the Group in each Mexican company whose shares are the subject of Transaction Security (other
than CEMEX Mexico)); and 

  
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	 	(b)	all of the shares in CEMEX España (except (i) 0.2444% of the issued share capital, being shares owned by CEMEX España; and (ii) 0.1164% of the issued share capital, being shares owned by persons that are
not members of the Group), 

 such Transaction Security to be, in each case, in substantially the form of the Transaction
Security referred to in paragraph 3 (Transaction Security Documents) of Part I of Schedule 2 (Conditions Precedent) granted in the jurisdiction of incorporation or establishment of the company whose shares are the subject of the
Transaction Security or, where there is no Transaction Security referred to in paragraph 3 (Transaction Security Documents) of Part I of Schedule 2 (Conditions Precedent) granted in such jurisdiction, in form and substance satisfactory
to the Agent (acting reasonably). 
  

	22.29	Further assurance 

  

	 	(a)	Each Obligor shall (and the Borrower shall procure that each member of the Group will) promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and
instructions) as the Security Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)): 

 

	 	(i)	to perfect the Security created or intended to be created under or evidenced by the Transaction Security Documents (which may include the execution of a mortgage, security trust, charge, assignment or other Security
over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Security Agent or the Finance Parties provided by or pursuant to the Finance
Documents or by law (directly, through the Agent or Security Agent, through any sub-agent appointed thereby or otherwise); 

 

	 	(ii)	to confer on the Security Agent (or confer on the Finance Parties) Security over any property and assets of that Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or
pursuant to the Transaction Security Documents; and/or 

  

	 	(iii)	to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction Security. 

  

	 	(b)	Each Obligor shall (and the Borrower shall procure that each member of the Group shall) take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of
the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Finance Parties by or pursuant to the Finance Documents. 

  
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	22.30	Payment of Obligations 

 The Borrower will pay and discharge, and cause each of its
Subsidiaries to pay and discharge, before the same shall become delinquent, (a) all taxes, assessments and governmental charges or levies assessed, charged or imposed upon it or upon its property and (b) all lawful claims that, if unpaid,
might by law become a Security upon its property, except where the failure to make such payments or effect such discharges could not reasonably be expected to have a Material Adverse Effect, provided, however, that neither
Borrower nor any of its Subsidiaries shall be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim that is being contested in good faith and proper proceedings and as to which appropriate reserves
are being maintained in accordance with Applicable GAAP of the Borrower, unless and until any Security resulting therefrom attaches to its property and becomes enforceable against its other creditors. 

 

	22.31	Margin regulations 

 The Borrower shall not use any part of the proceeds of the
Utilisations for any purpose which would result in any violation (whether by the Borrower, the Agent or the Lenders) of Regulation T, U or X of the Board of Governors of the Federal Reserve System or to extend credit to others for any such purpose.
The Borrower shall not engage in, or maintain as one of its important activities, the business of extending credit for the purpose of purchasing or carrying any margin stock (as defined in such regulations). 

 

	22.32	Caliza and Centurion 

  

	 	(a)	The Borrower shall if it owns (directly or indirectly) any shares in Caliza, ensure that: 

  

	 	(i)	it has the power to: 

  

	 	(A)	cast, or control the casting of, at least 51% of the maximum number of votes that might be cast at a general meeting of Caliza; and 

  

	 	(B)	appoint or remove all, or the majority, of the directors or other equivalent officers of Caliza; and 

  

	 	(ii)	it has the right to receive at least 51% of all dividends and other distributions in respect of equity interests in Caliza. 

  

	 	(b)	The Borrower shall if it owns (directly or indirectly) any shares in Centurion, ensure that: 

  

	 	(i)	it has the power to: 

  

	 	(A)	cast, or control the casting of, at least 51% of the maximum number of votes that might be cast at a general meeting of Centurion; and 

  
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	 	(B)	appoint or remove all, or the majority, of the directors or other equivalent officers of Centurion; and 

  

	 	(ii)	it has the right to receive at least 51% of all dividends and other distributions in respect of equity interests in Centurion. 

  

	22.33	Swiss restrictions on Facilities 

 The Borrower shall not (and shall ensure that no other
member of the Group will) permit that any proceeds of the Facilities be remitted, directly or indirectly, to any Swiss tax resident company or Swiss tax resident permanent establishment, where this remittance could be viewed as a use of such
proceeds in Switzerland (whether through an intercompany loan or advance by any other Group entities or otherwise) as per the practice of the Swiss Federal Tax Administration, unless the Swiss Federal Tax Administration confirms in a written advance
tax ruling (based on a fair description of the fact pattern in the tax ruling request made by the Borrower or other relevant member of the Group) that such use of proceeds in Switzerland does not lead to Swiss withholding tax becoming due on or in
respect of a Facility or any part thereof. 
  

	22.34	Conditions subsequent 

  

	 	(a)	The Borrower shall appear (and ensure that each member of the Group party to the relevant document appears) before a notary in Spain for the purpose of raising this Agreement, the document described at paragraph 3(a)(i)
of Part I (Initial Conditions Precedent) of Schedule 2 and any document required for the Borrower and each Original Guarantor to accede to the Intercreditor Agreement to the status of a Spanish Public Document on or before the date falling 10
Business Days after the date of this Agreement. 

  

	 	(b)	On or before the first Utilisation Date, the Borrower shall execute and appear before a notary in Mexico (and shall ensure that each member of the Group party thereto executes and appears before a notary in Mexico) the
amendment and restatement agreement substantially in the form distributed to the Original Lenders prior to the date of this Agreement and otherwise in form and substance satisfactory to the Security Agent relating to the Mexican Security Trust
Agreement. 

  

	 	(c)	The Borrower shall ensure that, on or before the date falling 30 Business Days after the date of this Agreement, the Security Agent has received evidence in form and substance satisfactory to it of the registration of
the Transaction Security Document referred to in paragraph (a) above with the Registro Único de Garantías Mobiliarias of Mexico. 

  

	 	(d)	The Borrower shall (and shall ensure that each member of the Group party to the relevant document will), upon the request of the Agent, appear before a notary in Spain for the purpose of raising to the status of a
Spanish Public Document: 

  

	 	(i)	any Accession Letter; and 

  
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	 	(ii)	any other Finance Document (or other document required in connection with a Finance Document) that the Agent may reasonably request be raised to the status of a Spanish Public Document, 

provided that (unless the Borrower otherwise agrees) the Agent may not request that any member of the Group appear before a notary:

  

	 	(A)	on a date falling less than 30 days after the date of the request; and 

  

	 	(B)	(where the Lenders are also required to appear before the notary in relation to a document) unless Lenders representing at least 80 per cent. of the Total Commitments (or such lesser number as would represent the
remainder of the Lenders that have yet to appear in relation to the document) will also appear before the notary at the same time. 

  

	 	(e)	In the case of the 8,424,037 shares owned by the Borrower (and formerly owned by CEMEX Inc.) representing 0.4326% of the issued share capital of CEMEX TRADEMARKS HOLDING Ltd., the Borrower shall shall, in accordance
with the relevant Transaction Security Document, grant Transaction Security over such shares following the issuance of a new share certificate. 

  

	22.35	Intercreditor Agreement 

  

	 	(a)	The Borrower shall procure, on or before (and with effect on and from) the 2017 Amendment Intercreditor Effective Date, the amendment and restatement of the Intercreditor Agreement. 

 

	 	(b)	The Finance Parties authorise the Agent and Security Agent (as applicable) to effect the amendment of the Intercreditor Agreement pursuant to paragraph (a) and any related amendments to the Finance Documents.

  

	23.	COVENANT RESET DATE 

 On or after the Covenant Reset Date this Agreement shall, if the
Borrower so elects by written notice to the Agent, automatically be amended as follows: 
  

	 	(a)	The definition of “Majority Lenders” shall be amended so that to the words “66 2⁄3 % or more”
shall in (both places where it appears) be replaced with “more than 50%”. 

  

	 	(b)	Paragraph (l) of the definition of Permitted Acquisition in Clause 1.1 (Definitions) shall be deleted and replaced by the following: 

 

	 	“(l)	 any other acquisition of a company, of shares, securities or a business or undertaking (or, in any case, any
interest in any of them) provided that the Borrower has delivered to the Agent a certificate signed by an Authorised Signatory confirming that, on a pro forma basis, assuming that the Acquisition had been made immediately prior to the
first day of the most recent Reference Period for which a Compliance 

  
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Certificate has been or is required to have been delivered under this Agreement, the Borrower would have been in compliance with the financial covenant in paragraph (b) of Clause 21.2
(Financial condition) as at the last day of the most recent Reference Period for which a Compliance Certificate has been or is required to have been delivered under this Agreement;” 

 

	 	(c)	Paragraph (o) of the definition of Permitted Acquisition in Clause 1.1 (Definitions) shall be deleted and replaced by the following: 

 

	 	“(o)	the acquisition or repurchase by the Borrower, Caliza, Centurion or Trinidad Cement of its own shares provided that, in the case of the Borrower, the aggregate nominal value of any shares acquired or repurchased by it
in any Financial Year pursuant to this paragraph (o) does not exceed the greater of (A) $250,000,000 (or its equivalent) and (B) the accumulated amount of “controlling interest net income” on and from 1 January 2016 minus
the accumulated amount of cash dividends paid, and share repurchases made, since that date;” 

  

	 	(d)	Paragraph (b)(xv) of the definition of Permitted Financial Indebtedness in Clause 1.1 (Definitions) shall be deleted and replaced by the following: 

 

	 	“(xv)	not permitted by the preceding paragraphs or as a Permitted Transaction and the outstanding principal amount of which does not exceed $1,000,000,000 (or its equivalent) in aggregate for members of the Group which are
not Obligors at any time.” 

  

	 	(e)	In paragraph (b)(xi) of the definition of Permitted Guarantee in Clause 1.1 (Definitions) the figure “$500,000,000” shall be deleted and replaced with “$1,000,000,000”: 

 

	 	(f)	In paragraph (j) of the definition of Permitted Loan in Clause 1.1 (Definitions), the figure “$250,000,000” shall be deleted and replaced with “$500,000,000”. 

 

	 	(g)	Paragraph (a) (Consolidated Coverage Ratio) of Clause 21.2 (Financial condition) shall be deleted and replaced by the following: 

 

	 	“(a)	Consolidated Coverage Ratio: the Consolidated Coverage Ratio in respect of any Reference Period shall not be less than 2.75:1.” 

 

	 	(h)	Paragraph (b) (Consolidated Leverage Ratio) of Clause 21.2 (Financial condition) shall be deleted and replaced by the following: 

 

	 	“(b)	Consolidated Leverage Ratio: the Consolidated Leverage Ratio in respect of any Reference Period shall not exceed 4.25:1.” 

  

	 	(i)	Paragraphs (c) (Capital Expenditure), (d) (Caliza Capital Expenditure) and (e) (Centurion Capital Expenditure) of Clause 21.2 (Financial condition) shall be deleted, and there
shall be no limit on such Capital Expenditure. 

  
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	 	(j)	In paragraph (b)(O) of Clause 22.5 (Negative pledge), the figure “$500,000,000” shall be deleted and replaced by “five per cent. of the total consolidated gross assets
of the Group at that time.” 

  

	 	(k)	Clause 22.20 (Joint ventures) shall be deleted and replaced with the following: 

“Any member of the Group may: 
  

	 	(a)	enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture; or 

  

	 	(b)	transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations of a Joint Venture or maintain the solvency of or provide working capital to any Joint Venture (or agree to do
any of the foregoing).” 

  

	 	(l)	Clause 22.25 (Dividends and share redemption) shall be deleted and replaced with the following: 

  

	 	“22.25	Dividends and share redemption  

 The Borrower shall not, in any Financial Year: 

 

	 	(a)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any
class of its share capital); 

  

	 	(b)	repay or distribute any dividend or share premium reserve; 

  

	 	(c)	pay any management, advisory or other fee to or to the order of any of its shareholders; or 

  

	 	(d)	redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so, 

 if
the aggregate of any such amounts paid in that Financial Year would exceed the greater of (i) $250,000,000 and (ii) the accumulated amount of “controlling interest net income” on and from 1 January 2016 minus the accumulated
amount of cash dividends paid, and share repurchases made, since that date.” 
  

	 	(m)	Clause 22.26 (Share capital) shall be deleted and replaced with the following: 

“Any member of the Group may issue shares whether common equity securities or otherwise.” 

  
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	24.	AUTOMATIC RELEASE OF TRANSACTION SECURITY 

  

	24.1	Release of Mexican Security Trust Agreement 

 Notwithstanding any term in the
Intercreditor Agreement to the contrary, on the first Business Day falling after the date of this Agreement on which all of the following conditions are met: 
  

	 	(a)	either: 

  

	 	(i)	for the two most recently completed Reference Periods in respect of which Compliance Certificates have been (or are required to have been) delivered under this Agreement, the Consolidated Leverage Ratio was 3.50:1 or
lower; or 

  

	 	(ii)	for the three most recently completed Reference Periods in respect of which Compliance Certificates have been (or are required to have been) delivered under this Agreement, the Consolidated Leverage Ratio for the first
and third of those Reference Periods was 3.50:1 or lower and in the second Reference Period would have been 3.50:1 or lower but for the proceeds of any Permitted Financial Indebtedness standing to the credit of a Reserve being included in the
definition of Debt as described in paragraph (iv) of that definition; and 

  

	 	(b)	the Borrower has delivered a certificate (signed by an Authorised Signatory and dated no earlier than the date of most recent Compliance Certificate referred to in paragraph (a)(i) or, as applicable, (a)(ii) above)
confirming that no Default is continuing at the date of that certificate, 

 provided that no other unsubordinated
Financial Indebtedness of the Borrower shall benefit from the Mexican Security Trust Agreement, and (subject to receipt of written notice from the Agent in accordance with Clause 24.3 (Notification by Agent) below the
Security Agent is irrevocably authorised (at the cost of the relevant Obligor, Security Provider or the Borrower and without any consent, sanction, authority or further confirmation from any Secured Party, Obligor or Security Provider) to promptly
instruct (and the Security Agent shall so instruct) the Mexican Security Trustee to release the Security over the assets of the Mexican Security Trust Agreement and any of the assets subject to the Mexican Security Trust Agreement, and to execute
and deliver or enter into any termination or release of that Transaction Security and any assets affected thereunder if approved in exchange for a release from the other parties to the Mexican Security Trust Agreement. 

 

	24.2	Release of Transaction Security - other jurisdictions 

 Notwithstanding any term in the
Intercreditor Agreement to the contrary, on the first Business Day falling after the date of this Agreement on which all of the following conditions are met: 
  

	 	(a)	either: 

  

	 	(i)	 for the two most recently completed Reference Periods in respect of which Compliance Certificates have been (or
are required to have 

  
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been) delivered under this Agreement, the Consolidated Leverage Ratio was 3.50:1 or lower; or 

  

	 	(ii)	for the three most recently completed Reference Periods in respect of which Compliance Certificates have been (or are required to have been) delivered under this Agreement, the Consolidated Leverage Ratio for the first
and third of those Reference Periods was 3.50:1 or lower and in the second Reference Period would have been 3.50:1 or lower but for the proceeds of any Permitted Financial Indebtedness standing to the credit of a Reserve being included in the
definition of Debt as described in paragraph (iv) of that definition; and 

  

	 	(b)	the Borrower has delivered a certificate (signed by an Authorised Signatory and dated no earlier than the date of most recent Compliance Certificate referred to in paragraph (a)(i) or, as applicable, (a)(ii) above)
confirming that no Default is continuing at the date of that certificate, 

 provided that no other unsubordinated
Financial Indebtedness of the Borrower shall benefit from the Transaction Security not referred to in Clause 24.1 (Release of Mexican Security Trust Agreement) and (subject to receipt of written notice from the Agent in
accordance with Clause 24.3 (Notification by Agent) below) the Security Agent is irrevocably authorised (at the cost of the relevant Obligor, Security Provider or the Borrower and without any consent, sanction, authority
or further confirmation from any Secured Party, Obligor or Security Provider) to promptly release (and the Security Agent shall so release) the Transaction Security not already released pursuant to Clause 24.1 (Release of Mexican
Security Trust Agreement) above and any other claim over the assets subject to that Transaction Security, and to execute and deliver or enter into (and the Security Agent shall execute and deliver or enter into) any release of that
Transaction Security or claim that may, in the discretion of the Security Agent, be considered necessary or desirable. 
  

	24.3	Notification by Agent 

 The Agent shall promptly notify the Security Agent in writing on
the date at which the conditions set out in Clause 24.1 (Release of Mexican Security Trust Agreement) have been satisfied and on the date at which the conditions set out in Clause 24.2 (Release of
Transaction Security - other jurisdictions) have been satisfied. 
  

	24.4	Finance Parties’ and Obligors’ actions 

 Each Finance Party and each Obligor
will: 
  

	 	(a)	do all things that the Security Agent or the Borrower reasonably requests in order to give effect to this Clause 24 (which shall include, without limitation, the execution of any assignments, transfers, releases or
other documents that the Security Agent or the Borrower may consider to be necessary to give effect to the releases contemplated by Clause 24.1 (Release of Mexican Security Trust Agreement) and Clause 24.2
(Release of Transaction Security - other jurisdictions) and the voting in favour of any amendment to the Intercreditor Agreement proposed by the Borrower in order to give effect to this Clause 24); 

  
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	 	(b)	if the Security Agent is not entitled to take any of the actions contemplated by this Clause 24 or is otherwise prevented from taking or, with respect to any Finance Party, is unable to take the actions contemplated by
this Clause 24 and requests that a Finance Party take that action, each Finance Party will undertake that action itself in accordance with the instructions of the Security Agent or grant a power of attorney to the Security Agent (on such terms as
the Security Agent may reasonably require) to enable the Security Agent to take such action under applicable law (any such power of attorney, with respect to any enforcement of Transaction Security governed by Spanish law or any claim against an
Obligor or Security Provider incorporated in Spain, shall be notarised and apostilled); and 

  

	 	(c)	if the Security Agent is not entitled to take any of the actions contemplated by this Clause 24 with respect to any Obligor or requests that any Obligor take any such action, such Obligor shall take that action itself
in accordance with the instructions of the Security Agent. 

  

	25.	EVENTS OF DEFAULT 

 Each of the events or circumstances set out in this Clause 25 (except
for Clause 25.16 (Acceleration)) is an Event of Default. 
  

	25.1	Non-payment 

 An Obligor does not pay on the due
date any amount payable to or for the account of a Lender pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless such failure to pay is caused by an administrative error or technical
difficulties within the banking system in relation to the transmission of funds and payment is made within three Business Days of its due date. 
  

	25.2	Financial Covenants and other obligations 

 Any requirement of Clause 21 (Financial
Covenants) is not satisfied or the Borrower fails to deliver any Compliance Certificate in accordance with Clause 20.2 (Compliance Certificate). 
  

	25.3	Other obligations 

  

	 	(a)	An Obligor or any other member of the Group does not comply with any provision of the Finance Documents (other than those referred to in Clause 25.1 (Non-payment) and
Clause 25.2 (Financial Covenants and other obligations)). 

  

	 	(b)	No Event of Default under paragraph (a) of this Clause 25.3 will occur if the failure to comply is capable of remedy and is remedied within 15 Business Days of the Agent giving written notice to the Borrower or an
Obligor becoming aware of the failure to comply, whichever is the earlier. 

  

	25.4	Misrepresentation 

  

	 	(a)	 Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other
document delivered by or on behalf of 

  
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any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

 

	 	(b)	No Event of Default under paragraph (a) of this Clause 25.4 will arise if the circumstances giving rise to the misrepresentation are capable of remedy and are remedied within 15 Business Days of the Agent giving
written notice to the Borrower or an Obligor becoming aware of the failure to comply, whichever is the earlier. 

  

	25.5	Cross default 

  

	 	(a)	Any Financial Indebtedness of any Obligor or member of the Group is not paid when due nor within any originally applicable grace period. 

 

	 	(b)	Any Financial Indebtedness of any Obligor or member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).

  

	 	(c)	Any creditor of any member of the Group or any Obligor becomes entitled to declare any Financial Indebtedness of any member of the Group or any Obligor due and payable prior to its specified maturity as a result of an
event of default (however described). 

  

	 	(d)	No Event of Default will occur under this Clause 25.5 if the aggregate amount of Financial Indebtedness falling within paragraphs (a) to (c) of this Clause 25.5 is less than $50,000,000 (or its equivalent in any
other currency or currencies). 

  

	25.6	Insolvency 

  

	 	(a)	Any of the Obligors or Material Subsidiaries is unable or admits inability to pay its debts as they fall due (including a state of cessation des paiements within the meaning of the French Commercial Code) or, by
reason of actual financial difficulties: (i) suspends or threatens to suspend making payments on any of its debts in an aggregate amount exceeding $50,000,000 (or its equivalent in any other currency or currencies) or (ii) commences
negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness in respect of an aggregate amount of indebtedness exceeding $50,000,000 (or its equivalent in any other currency or currencies). 

 

	 	(b)	The value of the assets of any of the Obligors or Material Subsidiaries is less than its liabilities (taking into account contingent and prospective liabilities other than any such liabilities arising under Clause 18
(Guarantee and Indemnity)) except for any liabilities owed to another member of the Group provided that such liabilities are subordinated to the claims of the Lenders in the event of the bankruptcy, winding-up or liquidation of the relevant Obligor or Material Subsidiary or an acceleration under Clause 25.16 (Acceleration). 

 

	 	(c)	A moratorium is declared in respect of any indebtedness of any of the Obligors or Material Subsidiaries. 

  
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	25.7	Insolvency proceedings 

 Any corporate action, legal proceeding or other procedure or
step is taken in relation to: 
  

	 	(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration, the opening of proceedings for sauvegarde, sauvegarde
accélérée, sauvegarde financière accélérée, redressement judiciaire or liquidation judiciaire or judgment for cession totale ou partielle de l’entreprise pursuant
to articles L. 620-1 to L. 670-8 of the French Commercial Code, reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise, including, in the
context of a mandat ad hoc or of a conciliation in accordance with articles L. 611-3 to L. 611-16 of the French Commercial Code), concurso mercantil,
quiebra of any of the Obligors or Material Subsidiaries other than a solvent liquidation or reorganisation of any of the Material Subsidiaries; 

  

	 	(b)	a composition, assignment or arrangement with any class of creditor of any of the Obligors or Material Subsidiaries; 

  

	 	(c)	the appointment of a liquidator (other than in respect of a solvent liquidation of any of the Material Subsidiaries), receiver, administrator, mandataire ad hoc, conciliateur, conciliador,
síndico, administrative receiver, compulsory manager or other similar officer in respect of any of the Obligors or Material Subsidiaries or any of their assets, 

or any analogous procedure or step is taken in any jurisdiction. 

This paragraph shall not apply to any winding-up petition (or equivalent procedure in any jurisdiction)
which is frivolous or vexatious and is discharged, stayed or dismissed within 60 days of commencement. 
  

	25.8	Expropriation and sequestration 

  

	 	(a)	Any expropriation or sequestration (or equivalent event under any applicable law) affects any asset or assets of any Obligor or any Material Subsidiary and has a Material Adverse Effect. 

 

	 	(b)	The authority or ability of the Borrower or any Material Subsidiary to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or
other action by or on behalf of any governmental, regulatory or other authority or other person in relation to the Borrower or any Material Subsidiary (or, in each case, any of its assets) with an aggregate book value equal to 5 per cent. or
more of the gross book value of the assets of the Group (on a consolidated basis). 

  

	25.9	Availability of foreign exchange 

  

	 	(a)	 Any restriction or requirement not in effect on the date hereof shall be imposed, whether by legislative
enactment, decree, regulation, order or otherwise, which limits the availability or the transfer of foreign exchange by any Obligor for the purpose of performing any material obligations under the

  
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Finance Documents, any certificates, waivers, or any other agreements delivered pursuant to the Finance Documents. 

 

	 	(b)	Paragraph (a) above shall not apply to any such restriction or requirement imposed as a result of a member state of the European Union which is a Participating Member State in relation to the euro ceasing to be a
Participating Member State in relation to the euro, unless such restriction or requirement would be reasonably likely to result in a Material Adverse Effect. 

  

	25.10	Creditors’ process and enforcement of Security 

  

	 	(a)	Any Security is enforced against any Obligor or any Material Subsidiary. 

  

	 	(b)	Any attachment, distress or execution (including any of the enforcement proceedings provided for in the French Code des Procédures Civiles d’Exécution) affects any asset or assets of any
Obligor or any Material Subsidiary which is reasonably likely to cause a Material Adverse Effect. 

  

	 	(c)	No Event of Default under paragraph (a) or (b) of this Clause 25.10 will occur if: 

  

	 	(i)	the action is being contested in good faith by appropriate proceedings; 

  

	 	(ii)	the principal amount of the indebtedness secured by such Security or in respect of which such attachment, distress or execution is carried out represents less than $50,000,000 (or its equivalent in any other currency or
currencies); and 

  

	 	(iii)	the enforcement proceedings, attachment, distress or execution is or are discharged within 60 days of commencement. 

  

	25.11	Ownership of Obligors 

 Any Obligor (other than the Borrower) ceases to be a wholly owned
Subsidiary of the Borrower (or, in the case of CEMEX España, CEMEX Concretos, CEMEX Finance, CEMEX Corp. or any España Subsidiary Guarantor, the Borrower’s percentage indirect shareholding in CEMEX España, CEMEX Concretos,
CEMEX Finance, CEMEX Corp. or that España Subsidiary Guarantor is reduced from the percentage as at the date of this Agreement) except if it is the subject of a Third Party Disposal. 

In this Agreement, “España Subsidiary Guarantor” means Cemex Research Group AG, CEMEX Asia B.V., CEMEX France
Gestion (S.A.S.), CEMEX UK and CEMEX Egyptian Investments B.V. 
  

	25.12	Judgment 

  

	 	(a)	A final judgment or judgments or order or orders not subject to further appeal for the payment of money in an aggregate amount in excess of $50,000,000 shall be rendered against the Borrower and/or any of its
Subsidiaries that are neither discharged nor bonded in full within 60 days thereafter; or 

  
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	 	(b)	Any Obligor or any Material Subsidiary fails to comply with or pay any sum due from it under any judgment or any order made or given by any court of competent jurisdiction (in each case in an amount in aggregate
exceeding $50,000,000 at any time) save unless payment of any such sum is suspended pending an appeal. 

  

	25.13	Unlawfulness 

  

	 	(a)	It is or becomes unlawful for an Obligor or any other member of the Group that is a party to the Intercreditor Agreement to perform any of its obligations under the Finance Documents where
non-performance is reasonably likely to cause a Material Adverse Effect. 

  

	 	(b)	Any Transaction Security created or expressed to be created or evidenced by the Transaction Security Documents ceases to be effective except in accordance with the terms of the Finance Documents. 

 

	 	(c)	Any obligation or obligations of any Obligor under any Finance Documents or any other member of the Group under the Intercreditor Agreement are not (subject to the Legal Reservations) or cease to be legal, valid,
binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents. 

  

	 	(d)	Any Finance Document ceases to be in full force and effect or is alleged by an Obligor to be ineffective except in accordance with the terms of the Finance Documents. 

 

	25.14	Repudiation 

 An Obligor repudiates a Finance Document or any of the Transaction Security
or evidences an intention to repudiate a Finance Document or any of the Transaction Security. 
  

	25.15	Failure to perform payment obligations 

 Any material adverse change arises in the
financial condition of the Group taken as a whole which the Majority Lenders reasonably determine would result in the failure by the Obligors (taken as a whole) to perform their payment obligations under any of the Finance Documents. 

 

	25.16	Acceleration 

 On and at any time after the occurrence of an Event of Default which is
continuing the Agent may, without mise en demeure or any other judicial or extra judicial step, and shall if so directed by the Majority Lenders, by notice to the Borrower (but, in respect of any French Obligor, subject to the mandatory
provisions of Book VI (Difficulties faced by businesses) of the French Commercial Code): 
  

	 	(a)	cancel the Total Commitments at which time they shall immediately be cancelled; 

  
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	 	(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived; 

  

	 	(c)	declare that all or part of the Loans be payable on demand, at which time they shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders; 

 

	 	(d)	make demand on any Guarantor under this Agreement in respect of amounts due and payable under or in connection with this Agreement without presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived; and/or 

  

	 	(e)	subject to the Intercreditor Agreement (including the requirements of Clause 7.3 (Enforcement Instructions) thereof), exercise or direct the Security Agent to exercise any or all of its
rights, remedies, powers or discretions under the Finance Documents, 

 provided that, in the case of an Event of
Default under Clause 25.6 (Insolvency) or Clause 25.7 (Insolvency proceedings) with respect to an Obligor, all of the Total Commitments shall be cancelled automatically and immediately and all
Utilisations under the Facilities (together with accrued interest and all other amounts accrued under the Finance Documents) shall become due and payable automatically and immediately without presentment, demand, protest or other notice of any kind,
all of which are hereby expressly waived. 

  
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 SECTION 9 

CHANGES TO PARTIES 
  

	26.	CHANGES TO THE LENDERS 

  

	26.1	Assignments and transfers by the Lenders 

  

	 	Subject	to this Clause 26 and to Clause 27 (Debt Purchase Transactions), a Lender (the “Existing Lender”) may: 

  

	 	(a)	assign any of its rights and benefits; or 

  

	 	(b)	transfer by novation any of its rights, benefits and obligations, 

  

	 	under	any Finance Document to: 

  

	 	(i)	any person, at a time when an Event of Default is continuing; or 

  

	 	(ii)	at any other time, another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other
financial assets, 

 (in each case, the “New Lender”). 

 

	26.2	Conditions of assignment or transfer 

  

	 	(a)	The express written consent of the Borrower is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is: 

 

	 	(i)	to a bank; 

  

	 	(ii)	to another Lender or an Affiliate of a Lender; or 

  

	 	(iii)	made at a time when an Event of Default is continuing. 

  

	 	(b)	The express written consent of the Borrower to an assignment or transfer must not be unreasonably withheld or delayed. The Borrower will be deemed to have given its consent ten Business Days after the Existing Lender
has requested it unless consent is expressly refused by the Borrower within that time. For the avoidance of doubt, it shall not be considered unreasonable for the consent of the Borrower to be withheld in the case of an assignment or transfer to a
hedge fund. 

  

	 	(c)	(Other than in the case of an assignment permitted by paragraph (b) of Clause 27.1 (Permitted Debt Purchase Transactions)) an assignment will only be effective on: 

 

	 	(i)	 receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New
Lender (in form and substance satisfactory to the Agent) that the New Lender will assume 

  
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the same obligations to the other Finance Parties and the other Secured Parties as it would have been under if it was an Original Lender; 

 

	 	(ii)	the New Lender entering into the documentation required for it to accede as a party to the Intercreditor Agreement; and 

  

	 	(iii)	the performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the
Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	(d)	A transfer will only be effective if the New Lender enters into the documentation required for it to accede as a party to the Intercreditor Agreement and if the procedures set out in Clause 26.5 (Procedure for
transfer) are complied with. 

  

	 	(e)	If: 

  

	 	(i)	a Lender assigns, transfers, declares a trust or grants Security over any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

 

	 	(ii)	as a result of the assignment, transfer, declaration of trust, grant of Security or change (other than because of any change in law), an Obligor would be obliged to make a payment to the New Lender or Lender acting
through its new Facility Office under Clause 13 (Tax Gross-Up and Indemnities) or Clause 14 (Increased Costs), 

then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under that Clause to the same extent
as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer, declaration of trust, grant of Security or change had not occurred. 

 

	 	(f)	An assignment or transfer shall (unless the Agent at its discretion (and acting in accordance with Clause 29.2 (Interests of Lenders)) agrees otherwise) only be effective if the Assignment Agreement or (as
applicable) Transfer Certificate has been raised to the status of a Spanish Public Document and the powers of attorney and authorisations granted under the Finance Documents have been ratified under such Spanish public deed. For the avoidance of
doubt, the Agent shall not be responsible for the cost of raising the Assignment Agreement or (as applicable) Transfer Certificate to the status of a Spanish Public Document. 

 

	 	(g)	On an assignment or transfer by an Existing Lender of all of its Facility A Commitment, all of its Facility B Commitment, all of its Facility C Commitment, all of its Facility D1 Commitment or all of its Facility D2
Commitment to a New Lender, the Existing Lender shall, on or prior to the Transfer Date, endorse and deliver to the New Lender any Promissory Note(s) issued to the Existing Lender in respect of the transferred or assigned Facility 

  
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A Commitment, Facility B Commitment, Facility C Commitment, Facility D1 Commitment or Facility D2 Commitment, as applicable. The Borrower shall, promptly upon request by the New Lender and at the
Borrower’s cost, replace the endorsed Promissory Note(s) by issuing new Promissory Note(s), setting forth the amount of such Facility A Commitment assigned or transferred to the New Lender, Facility B Commitment assigned or transferred to the
New Lender, Facility C Commitment assigned or transferred to the New Lender, Facility D1 Commitment assigned or transferred to the New Lender or (as applicable) the amount of the Facility D2 Commitment assigned or transferred to the New Lender,
under the name of the New Lender, which shall be released (through the Custodian, if any), duly signed, to the New Lender, upon tendering of the endorsed Promissory Note(s) to the Borrower. 

 

	 	(h)	On an assignment or transfer by an Existing Lender of part of its Facility A Commitment, part of its Facility B Commitment, part of its Facility C Commitment, part of its Facility D1 Commitment or part of its Facility
D2 Commitment to a New Lender, such Existing Lender shall tender (or procure that the Custodian tenders) to the Borrower, on the Transfer Date, any Promissory Note(s) issued to such Existing Lender evidencing such Existing Lender’s Facility A
Commitment, Facility B Commitment, Facility C Commitment, Facility D1 Commitment or Facility D2 Commitment (as applicable), and the Borrower shall promptly, at the cost of the Borrower, issue (i) to the Existing Lender, a Promissory Note
setting forth the amount of the Facility A Commitment of the Existing Lender not assigned or transferred to the New Lender, a Promissory Note setting forth the amount of the Facility B Commitment of the Existing Lender not assigned or transferred to
the New Lender, a Promissory Note setting forth the amount of the Facility C Commitment of the Existing Lender not assigned or transferred to the New Lender, a Promissory Note setting forth the amount of the Facility D1 Commitment of the Existing
Lender not assigned or transferred to the New Lender or (as applicable) a Promissory Note setting forth the amount of the Facility D2 Commitment of the Existing Lender not assigned or transferred to the New Lender and (ii) to the New Lender, a
Promissory Note setting forth the amount of the Facility A Commitment of the New Lender assigned or transferred to it by the Existing Lender, a Promissory Note setting forth the amount of the Facility B Commitment of the New Lender assigned or
transferred to it by the Existing Lender, a Promissory Note setting forth the amount of the Facility C Commitment of the New Lender assigned or transferred to it by the Existing Lender, a Promissory Note setting forth the amount of the Facility D1
Commitment of the New Lender assigned or transferred to it by the Existing Lender or (as applicable) a Promissory Note setting forth the amount of the Facility D2 Commitment of the New Lender assigned or transferred to it by the Existing Lender. Any
such new Promissory Notes shall be issued under the name of the Existing Lender or the New Lender (as applicable), and shall be released (through the Custodian, if any), duly signed, to the Existing Lender and the New Lender, upon tendering to the
Borrower of the Promissory Notes previously issued to the Existing Lender in respect of the relevant Facility A Commitments, Facility B Commitments, Facility C Commitments, Facility D1 Commitments or Facility D2 Commitments, as applicable.

  
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	 	(i)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been
approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to
the same extent as the Existing Lender would have been had it remained a Lender. 

  

	 	(j)	The minimum amount of an assignment or transfer shall be the lower of $1,000,000 (or equivalent) or (if less) the amount of a Lender’s Commitments. 

 

	 	(k)	Following an increase in term loan Commitments pursuant to Clause 2.2 (Accordion), an Accordion Lender in respect of that term loan increase may not assign or transfer its rights or obligations in relation to its
increased Commitments until after the end of the Availability Period in relation to those increased Commitments. 

  

	 	(l)	In relation to any assignment or transfer by an Existing Lender of part of its Commitments in relation to a Facility, where the Existing Lender has, on the Transfer Date immediately prior to the assignment or transfer,
any Available Commitment in relation to that Facility, the assignment or transfer shall be made such that a proportionate amount of the Existing Lender’s Available Commitment is assigned or transferred to the New Lender. 

 

	26.3	Assignment or transfer fee  

 Unless the Agent otherwise agrees, the New Lender shall, on
the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of $3,000. 
  

	26.4	Limitation of responsibility of Existing Lenders  

  

	 	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

 

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents, the Transaction Security or any other documents; 

 

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 

  
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	 	(b)	Each New Lender confirms to the Existing Lender, the other Finance Parties and the Secured Parties that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in the Finance
Documents and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Document or the Transaction Security; and 

 

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities while any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

  

	 	(c)	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 26;
or 

  

	 	(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.

  

	26.5	Procedure for transfer  

  

	 	(a)	Subject to the conditions set out in Clause 26.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly
completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing
on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

	 	(b)	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

  

	 	(c)	Subject to Clause 26.9 (Pro rata interest settlement), on the Transfer Date: 

  

	 	(i)	 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and
obligations under the Finance Documents and in respect of the Transaction Security each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the
Transaction Security and their respective rights against one another under the Finance Documents and in respect of the 

  
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Transaction Security shall be cancelled (being the “Discharged Rights and Obligations”); 

 

	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor or
other member of the Group and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Agent, the Security Agent, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired
and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Security Agent, and the Existing Lender shall each be released from
further obligations to each other under the Finance Documents; and 

  

	 	(iv)	the New Lender shall become a Party as a “Lender”. 

  

	26.6	Procedure for assignment  

  

	 	(a)	Subject to the conditions set out in Clause 26.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with paragraph (c) below when the Agent executes an otherwise duly
completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing
on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. 

  

	 	(b)	The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or
other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender. 

  

	 	(c)	Subject to Clause 26.9 (Pro rata interest settlement), on the Transfer Date: 

  

	 	(i)	the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

  

	 	(ii)	the Existing Lender will be released from the obligations (the “Relevant Obligations”) expressed to be the subject of the release in the Assignment Agreement (and any corresponding
obligations by which it is bound in respect of the Transaction Security); and 

  
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	 	(iii)	the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations. 

 

	 	(d)	Lenders may utilise procedures other than those set out in this Clause 26.6 to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause
26.5 (Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply
with the conditions set out in Clause 26.2 (Conditions of assignment or transfer). 

  

	26.7	Copy of Transfer Certificate, Assignment Agreement or Accordion Confirmation to Borrower  

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement or an Accordion
Confirmation, send to the Borrower a copy of that Transfer Certificate, Assignment Agreement or Accordion Confirmation. 
  

	26.8	Security over Lenders’ rights  

 In addition to the other rights provided to Lenders
under this Clause 26, each Lender may, without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any
Finance Document to secure obligations of that Lender including, without limitation: 
  

	 	(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and 

  

	 	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
for those obligations or securities, 

  

	 	except	that no such charge, assignment or Security shall: 

  

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or other Security for the Lender as a party to any of the Finance Documents; or

  

	 	(ii)	require any payments to be made by an Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents. 

 

	26.9	Pro rata interest settlement  

 If the Agent has notified the Lenders that it is able to
distribute interest payments on a “pro rata basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 26.5
(Procedure for transfer) or any assignment pursuant to 

  
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Clause 26.6 (Procedure for assignment) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest
Period): 
  

	 	(a)	any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer
Date (“Accrued Amounts”) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six
Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and 

  

	 	(b)	the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts so that, for the avoidance of doubt: 

 

	 	(i)	when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Lender; and 

  

	 	(ii)	the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 26.9, have been payable to it on that date, but after deduction of the Accrued Amounts.

  

	26.10	French law provisions  

  

	 	(a)	To the extent a transfer of rights and obligations hereunder could be construed as a novation within the meaning of articles 1329 et seq. of the French Civil Code, each Party agrees that upon a transfer under
Clauses 26.1 (Assignments and transfers by the Lenders) and 26.5 (Procedure for transfer), the Security created under the French law governed Transaction Security Documents shall be preserved and
maintained for the benefit of the Security Agent, the New Lender and the remaining Finance Parties pursuant to articles 1334 et seq. of the French Civil Code. 

 

	 	(b)	In the case of a transfer of rights and/or obligations by an Existing Lender hereunder, the New Lender should, if it considers it necessary to make the transfer effective as against any French Obligor, arrange for such
transfer to be notified to, or acknowledged by, such French Obligor. 

  

	27.	DEBT PURCHASE TRANSACTIONS  

  

	27.1	Permitted Debt Purchase Transactions  

  

	 	(a)	The Borrower shall not (and shall procure that no other member of the Group or any Affiliate of the Borrower shall) (i) enter into any Permitted Debt Purchase Transaction other than in accordance with the other
provisions of this Clause 27.1 or (ii) be party to (or beneficially own all or any part of the share capital of a company that is a Lender or a party to) any Restricted Debt Purchase Transaction. 

  
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	 	(b)	The Borrower may purchase by way of assignment, pursuant to Clause 26 (Changes to the Lenders), a participation in any Term Loan and any related Commitment where: 

 

	 	(i)	such purchase is made using one of the processes set out at paragraphs (c) and (d) below; and 

  

	 	(ii)	such purchase is made at a time when no Default is continuing. 

  

	 	(c)	

	 	(i)	A Permitted Debt Purchase Transaction referred to in paragraph (a) above may be entered into pursuant to a solicitation process (a “Solicitation Process”) which is carried out as
follows. 

  

	 	(ii)	Prior to 11.00 am on a given Business Day (the “Solicitation Day”) the Borrower or a financial institution acting on its behalf (the “Purchase Agent”) will approach at the
same time each Lender which participates in the relevant Term Facilities to enable them to offer to sell to the Borrower an amount of their participation in one or more Term Facilities. Any Lender wishing to make such an offer shall, by 11.00 am on
the second Business Day following such Solicitation Day, communicate to the Purchase Agent details of the amount of its participations in the Term Facilities it is offering to sell and the price at which it is offering to sell such participations.
Any such offer shall be irrevocable until 11.00 am on the third Business Day following such Solicitation Day and shall be capable of acceptance by the Borrower on or before such time by communicating its acceptance in writing to the Purchase Agent
or, if it is the Purchase Agent, the relevant Lenders. The Purchase Agent (if someone other than the Borrower) will communicate to the relevant Lenders which offers have been accepted by 12 noon on the third Business Day following such Solicitation
Day. In any event by 11.00 am on the fourth Business Day following such Solicitation Day, the Borrower shall notify the Agent of the amounts of the participations purchased through the relevant Solicitation Process and the average price paid for the
purchase of participations. The Agent shall disclose such information to any Lender that requests such disclosure. 

  

	 	(iii)	Any purchase of participations in the Term Facilities pursuant to a Solicitation Process shall be completed and settled on or before the fifth Business Day after the relevant Solicitation Day. 

 

	 	(iv)	In accepting any offers made pursuant to a Solicitation Process the Borrower shall be free to select which offers and in which amounts it accepts but on the basis that in relation to a participation in the Term Facility
it accepts offers in inverse order of the price offered (with the offer or offers at the lowest price being accepted first) and that if in respect of participations in the Term Facility receives two or more offers at the same price it shall only
accept such offers on a pro rata basis. 

  
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	 	(d)	

	 	(i)	A Permitted Debt Purchase Transaction referred to in paragraph (a) above may also be entered into pursuant to an open order process (an “Open Order Process”) which is carried
out as follows. 

  

	 	(ii)	The Borrower may by itself or through another Purchase Agent place an open order (an “Open Order”) to purchase participations in one or more of the Term Facilities up to a set
aggregate amount at a set price by notifying at the same time all the Lenders participating in the relevant Term Facilities of the same. Any Lender wishing to sell pursuant to an Open Order will, by 11.00 am on any Business Day following the date on
which the Open Order is placed but no earlier than the first Business Day, and no later than the fifth Business Day, following the date on which the Open Order is placed, communicate to the Purchase Agent details of the amount of its participations,
and in which Term Facilities, it is offering to sell. Any such offer to sell shall be irrevocable until 11.00 am on the Business Day following the date of such offer from the Lender and shall be capable of acceptance by the Borrower on or before
such time by it communicating such acceptance in writing to the relevant Lender. 

  

	 	(iii)	Any purchase of participations in the Term Facilities pursuant to an Open Order Process shall be completed and settled by the Borrower on or before the fourth Business Day after the date of the relevant offer by a
Lender to sell under the relevant Open Order. 

  

	 	(iv)	If in respect of participations in a Term Facility the Purchase Agent receives on the same Business Day two or more offers at the set price such that the maximum amount of the Term Loans to which an Open Order relates
would be exceeded, the Borrower shall only accept such offers on a pro rata basis. 

  

	 	(v)	The Borrower shall, by 11.00 am on the sixth Business Day following the date on which an Open Order is placed, notify the Agent of the amounts of the participations purchased through such Open Order Process and the
identity of the Term Facilities to which they relate. The Agent shall disclose such information to any Lender that requests the same. 

  

	 	(e)	For the avoidance of doubt, there is no limit on the number of occasions a Solicitation Process or an Open Order Process may be implemented. 

 

	 	(f)	In relation to any Permitted Debt Purchase Transaction entered into pursuant to this Clause 27.1, notwithstanding any other term of this Agreement or the other Finance Documents: 

 

	 	(i)	on completion of the relevant assignment pursuant to Clause 26 (Changes to the Lenders), the portions of the Term Loans to which it relates shall be extinguished and any related Repayment
Instalments will be reduced pro rata accordingly; 

  
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	 	(ii)	such Permitted Debt Purchase Transaction and the related extinguishment referred to in paragraph (i) above shall not constitute a prepayment of the Facilities; 

 

	 	(iii)	the Borrower shall be deemed to be an entity which fulfils the requirements of Clause 26.1 (Assignments and transfers by the Lenders) to be a New Lender (as defined in such Clause); 

 

	 	(iv)	no member of the Group shall be deemed to be in breach of any provision of Clause 22 (General Undertakings) solely by reason of such Permitted Debt Purchase Transaction; 

 

	 	(v)	Clause 31 (Sharing among the Finance Parties) shall not be applicable to the consideration paid under such Permitted Debt Purchase Transaction; and 

 

	 	(vi)	for the avoidance of doubt, any extinguishment of any part of the Utilisations shall not affect any amendment or waiver which prior to such extinguishment had been approved by or on behalf of the requisite Lender or
Lenders in accordance with this Agreement. 

  

	 	(g)	The Agent shall be under no obligation to act as Purchase Agent under any transaction contemplated by this Clause 27.1. 

  

	28.	CHANGES TO THE OBLIGORS 

  

	28.1	Assignment and Transfers by Obligors 

 No Obligor or any other member of the Group may
assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 
  

	28.2	Additional Guarantors and Additional Security Providers 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (b) and (c) of Clause 20.6 (“Know your client” checks), the Borrower may request that any of its Subsidiaries become an Additional Guarantor
or an Additional Security Provider by: 

  

	 	(i)	the Borrower delivering to the Agent a duly completed and executed Accession Letter; and 

  

	 	(ii)	the Borrower delivers (or procures that the Additional Guarantor or Additional Security Provider (as the case may be) delivers) all of the documents and other evidence referred to in Part II of Schedule 2 (Conditions
Precedent) in relation to that Additional Guarantor or Additional Security Provider to the Agent. 

  

	 	(b)	The Agent shall notify the Obligors and the Lenders promptly upon being satisfied that it has received all the documents and other evidence listed in Part II of Schedule 2 (Conditions Precedent).

  
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	28.3	Resignation of a Guarantor 

  

	 	(a)	In this Clause 28.3 (Resignation of a Guarantor) and Clause 28.6 (Resignation and release of Security on disposal), “Third Party
Disposal” means the disposal of all of the issued share capital of an Obligor to a person which is not a member of the Group where that disposal is permitted under Clause 22.21 (Disposals) or made with the approval of the
Majority Lenders (and the Borrower has confirmed this is the case). 

  

	 	(b)	The Borrower may request that a Guarantor (other than the Borrower) ceases to be a Guarantor by delivering to the Agent a Resignation Letter if: 

 

	 	(i)	that Guarantor is being disposed of by way of a Third Party Disposal and the Borrower has confirmed this is the case; or 

  

	 	(ii)	all the Lenders have consented to the resignation of that Guarantor. 

  

	 	(c)	The Agent shall accept a Resignation Letter and notify the Borrower and the Lenders of its acceptance if: 

  

	 	(i)	the Borrower has confirmed that no Default is continuing or would result from the acceptance of the Resignation Letter; and 

  

	 	(ii)	no payment is due from the Guarantor under Clause 18 (Guarantee and Indemnity). 

  

	 	(d)	The resignation of a Guarantor shall not be effective until the date of the relevant Third Party Disposal, at which time that company shall cease to be a Guarantor and shall have no further rights or obligations under
the Finance Documents as a Guarantor. 

  

	28.4	Resignation of a Security Provider 

  

	 	(a)	The Borrower may request that a Security Provider ceases to be a Security Provider by delivering to the Agent a Resignation Letter if: 

 

	 	(i)	the Transaction Security granted by that Security Provider is being released under and in accordance with the Intercreditor Agreement and the Borrower has confirmed that this is the case; or 

 

	 	(ii)	all the Lenders have consented to the resignation of that Security Provider. 

  

	 	(b)	The Agent shall accept a Resignation Letter and notify the Borrower and the Lenders of its acceptance if: 

  

	 	(i)	the Borrower has confirmed that no Default is continuing or would result from the acceptance of the Resignation Letter; 

  

	 	(ii)	the Borrower has confirmed that the Transaction Security granted by that Security Provider has not become enforceable in accordance with its terms. 

  
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	 	(c)	The resignation of that Security Provider shall not be effective until the date on which the Transaction Security granted by the Security Provider has been released under and in accordance with the Intercreditor
Agreement, at which time that company shall cease to be a Security Provider and shall have no further rights or obligations under the Finance Documents as a Security Provider. 

 

	28.5	Repetition of Representations 

 Delivery of an Accession Letter constitutes confirmation
by the relevant Affiliate that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing. 

 

	28.6	Resignation and release of Security on disposal 

 If a Guarantor is or is proposed to be
the subject of a Third Party Disposal then: 
  

	 	(a)	where that Obligor created Transaction Security over any of its assets or business in favour of the Security Agent, or Transaction Security in favour of the Security Agent was created over the shares (or equivalent) of
that Obligor, the Security Agent may, at the cost and request of the Borrower, release those assets, business or shares (or equivalent) and issue certificates of non-crystallisation; 

 

	 	(b)	the resignation of that Obligor and related release of Transaction Security referred to in paragraph (a) above shall not become effective until the date of that disposal; and 

 

	 	(c)	if the disposal of that Obligor is not made, the Resignation Letter of that Obligor and the related release of Transaction Security referred to in paragraph (a) above shall have no effect and the obligations of the
Obligor and the Transaction Security created or intended to be created by or over that Obligor shall continue in such force and effect as if that release had not been effected. 

  
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 SECTION 10 

THE FINANCE PARTIES 
  

	29.	ROLE OF THE AGENT 

  

	29.1	Appointment of the Agent 

  

	 	(a)	Each of the Lenders appoints the Agent to act as its agent under and in connection with the Finance Documents. For such purposes, each Lender hereby appoints and authorizes the Agent as it agent (comisionista)
pursuant to articles 273 and 274 of the Mexican Commerce Code (Código de Comercio) to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents.

  

	 	(b)	Each of the Lenders authorises the Agent to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents (including the appointment of any sub-agents or local agents to assist in administration of payments, the supervision or enforcement of any of the Finance Documents) together with any other incidental rights, powers, authorities and discretions.

  

	 	(c)	The appointment by a Designated Lender of the Agent as its agent pursuant to paragraph (a) and the authorisations in paragraph (b) above expressly exclude authority for the Agent to: 

 

	 	(i)	execute and deliver documents on behalf of that Designated Lender; 

  

	 	(ii)	enforce any Security Document on behalf of that Designated Lender; or 

  

	 	(iii)	present petitions for winding up any Obligor (or similar petitions) on behalf of that Designated Lender; or 

  

	 	(iv)	to instruct the Security Agent to take any of the foregoing actions on behalf of that Designated Lender, 

  

	 	(together,	the “Restricted Actions”). 

  

	 	(d)	Notwithstanding paragraph (c) above, each Designated Lender undertakes so long as it is a Lender to: 

  

	 	(i)	join the Agent if applicable in any Restricted Action instructed by the Majority Lenders, in accordance with this Agreement or, if required, to the extent possible, to grant powers of attorney in favour of the Agent so
that it can take such Restricted Action; and 

  

	 	(ii)	abide by and act, or refrain from acting, in accordance with, any decision of the Majority Lenders made in accordance with this Agreement. 

 

	 	(e)	For this purpose a Designated Lender is a Lender that has notified the Agent and the Borrower that it is to be treated as a Designated Lender. 

  
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	29.2	Interests of Lenders 

 Without limiting paragraphs (a) to (c) of Clause 29.8
(Majority Lenders’ instructions), in connection with the exercise of its powers, authorities or discretions (including, but not limited to, those in relation to any proposed modifications, waiver or authorisation of any breach or
proposed breach of any of the provisions of this Agreement), the Agent shall have regard to the general interests of the Lenders (taken as a whole) and shall not have regard to any interest arising from circumstances particular to individual
Lenders. 
  

	29.3	Duties of the Agent 

  

	 	(a)	Subject to paragraph (b) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. 

 

	 	(b)	Without prejudice to Clause 26.7 (Copy of Transfer Certificate, Assignment Agreement or Accordion Confirmation to Borrower), paragraph (a) above shall not apply to any Transfer Certificate, any Assignment
Agreement or any Accordion Confirmation. 

  

	 	(c)	The Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. 

  

	 	(d)	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

  

	 	(e)	If the Agent is aware of the non-payment of any principal, interest or fee payable to a Finance Party (other than the Agent or the Security Agent) under this Agreement it shall
promptly notify the other Finance Parties. 

  

	 	(f)	The Agent shall provide to the Borrower within three Business Days of a request by the Borrower (but no more frequently than once per calendar month) a list (which may be in electronic form) setting out the names of the
Lenders as at that Business Day, their respective Commitments, and the name of the contact person, if any, for whose attention any communication sent to that Lender is to be made or any document delivered under or in connection with the Finance
Documents and, in the case of any Lender to whom any communication under or in connection with the Finance Documents may be made by that means, the electronic mail address and/or any other information required to enable the sending and receipt of
information by electronic mail or other electronic means to and by that Lender. 

  

	 	(g)	The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

  

	29.4	Role of the Arranger 

 Except as specifically provided in the Finance Documents, the
Arranger does not have any obligations or liabilities of any kind to any other Party under or in connection with any Finance Document. 

  
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	29.5	No fiduciary duties 

  

	 	(a)	Nothing in this Agreement constitutes the Agent or the Arranger as a trustee or fiduciary of any other person. 

  

	 	(b)	None of the Agent or the Security Agent or the Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account. 

 

	29.6	Business with the Group 

 The Agent, the Security Agent or the Arranger may accept
deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group. 
  

	29.7	Rights and discretions 

  

	 	(a)	The Agent may rely on: 

  

	 	(i)	any representation, notice or document (including, for the avoidance of doubt, any representation, notice or document communicating the consent of the Majority Lenders pursuant to Clause 38.1 (Required consents))
believed by it to be genuine, correct and appropriately authorised; and 

  

	 	(ii)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify. 

 

	 	(b)	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: 

  

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 25.1 (Non-payment)); 

 

	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; 

  

	 	(iii)	any notice or request made by the Borrower (other than a Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors. 

 

	 	(c)	The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts including any Custodian. 

 

	 	(d)	The Agent may act in relation to the Finance Documents through its personnel and agents and through any necessary sub-agent, local agent or Affiliate and, for that purpose, may
enter into any agreement or cause any agreement to be entered into, by any such sub-agent, local agent or Affiliate, including the execution, delivery, performance or enforcement of any Transaction Security
Document. 

  
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	 	(e)	The Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

  

	 	(f)	Without prejudice to the generality of paragraph (e) above, the Agent may disclose the identity of a Defaulting Lender to the other Finance Parties and the Borrower and shall disclose the same upon the written
request of the Borrower or the Majority Lenders. 

  

	 	(g)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach
of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	 	(h)	The Agent is not obliged to disclose to any Finance Party but shall disclose to the Borrower as soon as reasonably practical following a request to do so any details of the rate notified to the Agent by any Lender or
the identity of any such Lender for the purpose of paragraph (a)(ii) of Clause 11.2 (Market disruption) (provided that the Borrower, by its signature to this Agreement, agrees to keep such information confidential and not to
disclose it to anyone except for its officers, directors, employees and professional advisers on a confidential and “need to know” basis). 

  

	29.8	Majority Lenders’ instructions 

  

	 	(a)	Unless a contrary indication appears in a Finance Document, the Agent shall (i) exercise any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by the
Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Agent) and (ii) not be liable for any act (or omission) if it acts (or refrains from taking any
action) in accordance with an instruction of the Majority Lenders. 

  

	 	(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties other than the Security Agent. 

 

	 	(c)	The Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require for any cost, loss or liability
(together with any associated VAT) which it may incur in complying with the instructions. 

  

	 	(d)	In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Agent may act (or refrain from taking action) as it considers to be in the best interest of the Lenders (taken as a whole).

  

	 	(e)	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (e) shall not
apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Transaction Security Documents or enforcement of the Transaction Security or Transaction Security Documents. 

  
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	29.9	Responsibility for documentation 

 Neither the Agent nor the Arranger is: 

 

	 	(a)	responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, an Obligor or any other person given in or in connection with any Finance Document or the
Transaction Security; 

  

	 	(b)	responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or the Transaction Security or any other agreement, arrangement or document entered into, made or executed in
anticipation of or in connection with any Finance Document or the Transaction Security; or 

  

	 	(c)	responsible for any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or
prohibited by applicable law or regulation relating to insider dealing or otherwise. 

  

	29.10	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) below, neither the Agent nor the Arranger will be liable for any action taken by it under or in connection with any Finance Document or the Transaction Security (or the negotiation or
implementation of such documents) unless directly caused by its gross negligence or wilful misconduct or wilful breach of any Finance Document (and, for the avoidance of doubt, neither the Agent nor the Arranger will be liable in any circumstances
for any consequential loss). 

  

	 	(b)	No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by
that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause 29 subject to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act.

  

	 	(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as
soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. 

 

	 	(d)	Nothing in this Agreement shall oblige the Agent or the Arranger to carry out any checks pursuant to any laws or regulations relating to money laundering in relation to any person on behalf of any Lender and each Lender
confirms to the Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger. 

  
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	 	(e)	The Agent will have no liability for the acts of its agents, sub-agents or delegates (including Affiliates acting in such capacities) except to the extent that the acts or
omissions of such agent or sub-agent (to the extent that it is an Affiliate of the Agent) constitute gross negligence or wilful misconduct. 

 

	29.11	Lenders’ indemnity to the Agent 

 Each Lender shall (in proportion to its share of
the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent and its Affiliates (to the extent they act as agents, sub-agents or delegates in relation to the Finance Documents), within three Business Days of demand, against any cost, loss or liability incurred by the Agent and its Affiliates (to the extent they act as agents, sub-agents or delegates in relation to the Finance Documents) (otherwise than by reason of the Agent’s or the relevant Affiliate’s gross negligence or wilful misconduct) in acting as (or, as the case may
be, assisting the) Agent under the Finance Documents (unless the Agent or the relevant Affiliate has been reimbursed by an Obligor pursuant to a Finance Document). Any third party referred to in this Clause 29.11 may rely on this Clause 29.11. 

 

	29.12	Resignation of the Agent 

  

	 	(a)	The Agent may resign and appoint one of its Affiliates acting through an office in the United Kingdom or a member state of the European Union as successor by giving notice to the other Finance Parties and the Borrower.

  

	 	(b)	Alternatively the Agent may resign by giving notice to the other Finance Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Agent.

  

	 	(c)	If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the Agent (after consultation with the Borrower) may appoint
a successor Agent (acting through an office in the United Kingdom or a member state of the European Union). 

  

	 	(d)	The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its
functions as Agent under the Finance Documents. 

  

	 	(e)	The Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	 	(f)	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 29.12. Its successor
and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

  
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	 	(g)	The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the
date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: 

  

	 	(i)	the Agent fails to respond to a request under Clause 20.7 (FATCA Information) and the Borrower or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or
after that FATCA Application Date; 

  

	 	(ii)	the information supplied by the Agent pursuant to Clause 20.7 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

  

	 	(iii)	the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date, 

and (in each case) the Borrower or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be
required if the Agent were a FATCA Exempt Party, and the Borrower or that Lender, by notice to the Agent, requires it to resign. 
  

	29.13	Replacement of the Agent 

  

	 	(a)	After consultation with the Borrower, the Majority Lenders may, by giving 30 days’ notice to the Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the Majority
Lenders) replace the Agent by appointing a successor Agent (acting through an office in the United Kingdom or a member state of the European Union). 

  

	 	(b)	The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Lenders) make available to the successor Agent such documents and records and provide such assistance as the
successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. 

  

	 	(c)	The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further
obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 29 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). 

 

	 	(d)	Any successor Agent and each of the other Parties shall have the same rights and obligations among themselves as they would have had if such successor had been an original Party. 

  
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	29.14	Confidentiality  

  

	 	(a)	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.

  

	 	(b)	If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have notice of it. 

 

	 	(c)	Notwithstanding any other provision of any Finance Document to the contrary, the Agent is not obliged to disclose to any other person (i) any confidential information or (ii) any other information if the
disclosure would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty. 

  

	29.15	Relationship with the Lenders  

  

	 	(a)	Subject to Clause 26.9 (Pro rata interest settlement), the Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Agent’s principal office as notified to
the Finance Parties from time to time) as the Lender acting through its Facility Office: 

  

	 	(i)	entitled to or liable for any payment due under any Finance Document on that day; and 

  

	 	(ii)	entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day, 

unless it has received not less than five Business Days’ prior notice from that Lender to the contrary in accordance with the terms of
this Agreement. 
  

	 	(b)	Each Lender shall supply the Agent with any information that the Security Agent may reasonably specify (through the Agent) as being necessary or desirable to enable the Security Agent to perform its functions as
Security Agent. Each Lender shall deal with the Security Agent exclusively through the Agent and shall not deal directly with the Security Agent. 

  

	 	(c)	The Agent may disclose to any Lender any information received by it in its capacity as Agent (including, without limitation, details of the identities and Commitments of the Lenders). 

 

	 	(d)	 Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications,
information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 34.6
(Electronic communication)) electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication
is to be made) and be treated as a notification of a substitute 

  
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address, fax number, electronic mail address, department and officer by that Lender for the purposes of Clause 34.2 (Addresses) and paragraph (a)(iii) of Clause 34.6 (Electronic
communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender. 

 

	29.16	Credit appraisal by the Lenders  

 Without affecting the responsibility of any Obligor
for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and
investigation of all risks arising under or in connection with any Finance Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and the Transaction Security and any other agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document or the Transaction Security; 

  

	 	(c)	whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the Transaction Security or the
transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; 

 

	 	(d)	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; 

  

	 	(e)	the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged
Property; and 

  

	 	(f)	the legality, validity, effectiveness, adequacy or enforceability of any action taken or made in connection with any Finance Document. 

 

	29.17	Reference Banks  

 The Parties agree and acknowledge that: 

 

	 	(a)	the Obligors have proposed the names of the entities referred to in the definition of Reference Banks and the appointment of those Reference Banks has been accepted by the Original Lenders and such Reference Banks; and

  
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	 	(b)	each Obligor represents that it considers it beneficial for it to appoint banks of international repute which are Lenders hereunder as Reference Banks for the purposes of this Agreement (instead of other banks which are
not Lenders hereunder in order to have Reference Banks which are not Lenders the rates of which could be less representative of market rates). 

  

	29.18	Agent’s management time  

 Any amount payable to the Agent under Clause 15.3
(Indemnity to the Agent), Clause 17 (Costs and Expenses) and Clause 29.11 (Lenders’ indemnity to the Agent) shall include the cost of utilising the Agent’s management time or other resources and will be calculated on
the basis of such reasonable daily or hourly rates as the Agent may notify to the Borrower and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause 12 (Fees). 

 

	29.19	Deduction from amounts payable by the Agent  

 If any Party owes an amount to the Agent
under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the
amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 

 

	29.20	Role of the Security Agent  

  

	 	(a)	The Security Agent’s duties under this Agreement are solely mechanical and administrative in nature. 

  

	 	(b)	In particular, the role and, inter alia, duties, rights, powers, protections and benefits of the Security Agent are more particularly described in the Intercreditor Agreement, which sets out the basis upon which
the Security Agent acts under this Agreement. Should any provision regarding the duties, discretions, rights, benefits, protections, indemnities and immunities of the Security Agent (the “Security Agent Provisions”) conflict or
otherwise be inconsistent as between this Agreement and the Intercreditor Agreement, then the Security Agent Provisions as contained in the Intercreditor Agreement shall prevail. 

 

	29.21	Reliance and engagement letters  

 Each Finance Party and Secured Party confirms that the
Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Agent) the terms of any reliance letter or engagement letters relating to any reports or letters provided by
accountants in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those reports or letters and to sign such letters on its behalf and further confirms that it accepts the
terms and qualifications set out in such letters. 

  
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	29.22	Specific Intercreditor Agreement amendment instructions  

 Each Lender hereby instructs
the Agent to enter into the deed of amendment to the Intercreditor Agreement previously circulated to each of the Finance Parties prior to the date hereof in order to amend the Intercreditor Agreement in the form attached thereto and to instruct the
Security Agent to do so also. The Agent hereby accordingly instructs the Security Agent to enter into such deed of amendment. 
  

	30.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES  

 No provision of this Agreement will: 

 

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or 

 

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

 

	31.	SHARING AMONG THE FINANCE PARTIES  

  

	31.1	Payments to Finance Parties  

 If a Finance Party (a “Recovering Finance
Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 32 (Payment Mechanics) or otherwise receives or recovers more than the amount to which it is entitled under the Finance Documents (a
“Recovered Amount”) and applies that amount to a payment due under the Finance Documents then: 
  

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent; 

  

	 	(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in
accordance with Clause 32 (Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; 

 

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the
Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 32.6 (Partial payments); and 

 

	 	(d)	for the avoidance of doubt, if circumstances exist where: 

  

	 	(i)	 there is an unavailability or shortage of foreign exchange in any applicable jurisdiction of an Obligor or there
has occurred a general 

  
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moratorium or general debt rescheduling with respect to indebtedness of entities in such Obligor’s jurisdiction; and 

 

	 	(ii)	as a result of a Recovering Finance Party having preferential treatment or creditor status, any applicable governmental authority of the Obligor’s jurisdiction is permitting such Obligor to access and/or transfer,
freely convertible and transferable currencies (“Convertible Currencies”) in order to pay obligations denominated in Convertible Currencies which are owed to such Recovering Finance Party (by way of exemption to, or preferential
treatment under, such foreign exchange restrictions), but is not permitting such Obligor to do so in order to pay obligations denominated in Convertible Currencies which are owed to other Finance Parties, which do not have preferential treatment or
creditor status, 

 then such Recovering Finance Party may retain amounts received by it in such Convertible Currencies
provided that: 
  

	 	(A)	all amounts available to the Finance Parties from the Obligors are first allocated to each of the Finance Parties in accordance with the relevant requirements of this Agreement or the Intercreditor Agreement (as the
case may be) in the currency that such amounts are made available, with such allocation calculated assuming such amounts had been in the hands of the Agent or Security Agent, as the case may be (and for the avoidance of doubt, nothing in this clause
is intended to change, affect or relate to, such allocation); and 

  

	 	(B)	the amount received by such Recovering Finance Party does not exceed the amount which such Recovering Finance Party is entitled to receive as a result of the above-mentioned allocation, 

and provided further that the foregoing clause shall in no way restrict, limit or prejudice the rights and claims of any Finance Party against
any Obligor, including any Obligor to whom such unavailability or shortage of foreign exchange or general moratorium or general debt rescheduling does not apply, or the right of any Finance Party to, in its sole discretion, accept or refuse to
accept any payment other than in the currency in which payment is due and in accordance with Clause 32.1 (Payments to the Agent). Any Recovering Finance Party shall promptly upon the written request of the Agent, the Security Agent or the
Borrower confirm the amount of Convertible Currencies so received. 
  

	31.2	Redistribution of payments  

 The Agent shall treat the Sharing Payment as if it had been
paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 32.6 (Partial payments) towards the obligations of
that Obligor to the Sharing Finance Parties. 

  
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	31.3	Recovering Finance Party’s rights  

  

	 	(a)	On a distribution by the Agent under Clause 31.2 (Redistribution of payments), of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance
Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor. 

  

	 	(b)	If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph (a) above, the relevant Obligor shall be liable to the Recovering Finance Party for a debt equal to the
Sharing Payment which is immediately due and payable. 

  

	31.4	Reversal of redistribution  

 If any part of the Sharing Payment received or recovered by
a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: 
  

	 	(a)	each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with
an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the “Redistributed Amount”); and

  

	 	(b)	that Recovering Finance Party’s right of subrogation in respect of any reimbursement shall be cancelled and, as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Obligor. 

  

	31.5	Exceptions  

  

	 	(a)	This Clause 31 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.

  

	 	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

  

	 	(i)	it notified the other Finance Party of the legal or arbitration proceedings; and 

  

	 	(ii)	the other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or
arbitration proceedings. 

  

	 	(c)	This Clause 31 shall not impose any obligation on the Security Agent to pay a Sharing Payment to the Agent under Clause 31.1 (Payments to Finance Parties) or Clause 31.4 (Reversal of redistribution).

  
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 SECTION 11 

ADMINISTRATION 
  

	32.	PAYMENT MECHANICS  

  

	32.1	Payments to the Agent  

  

	 	(a)	Subject to paragraph (b), on each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Agent (unless a contrary
indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

  

	 	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in a Participating Member State or London) with such bank
as the Agent specifies. 

  

	32.2	Distributions by the Agent  

 Each payment received by the Agent under the Finance
Documents for another Party shall, subject to Clause 32.3 (Distributions to an Obligor) and Clause 32.4 (Clawback) and Clause 29.19 (Deduction from amounts payable by the Agent), be made available by the Agent as soon as
practicable after receipt to the Party entitled to receive payment in accordance with this Agreement for the account of its Facility Office, to such account as that Party may notify to the Agent by not less than five Business Days’ notice with
a bank in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London). 

 

	32.3	Distributions to an Obligor  

 The Agent may (with the consent of the Obligor or in
accordance with Clause 33 (Set-Off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or
towards purchase of any amount of any currency to be so applied. 
  

	32.4	Clawback  

  

	 	(a)	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has
been able to establish to its satisfaction that it has actually received that sum. 

  

	 	(b)	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was
paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. 

  
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	32.5	Impaired Agent  

  

	 	(a)	If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 32.1 (Payments to the Agent) may
instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation
to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment under the
Finance Documents. In each case such payments must be made on the due date for payment under the Finance Documents. 

  

	 	(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that trust account pro rata to their respective entitlements. 

 

	 	(c)	A Party which has made a payment in accordance with this Clause 32.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts
standing to the credit of the trust account. 

  

	 	(d)	Promptly upon the appointment of a successor Agent in accordance with Clause 29.13 (Replacement of the Agent), each Party which has made a payment to a trust account in accordance with this Clause 32.5 shall give
all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution in accordance with Clause 32.2 (Distributions by the Agent).

  

	32.6	Partial payments  

  

	 	(a)	Subject to the provisions of the Intercreditor Agreement, if the Agent receives a payment for application against amounts due in respect of any Finance Documents that is insufficient to discharge all the amounts then
due and payable by an Obligor under those Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under those Finance Documents in the following order: 

 

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and the Security Agent under those Finance Documents; 

 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under those Finance Documents; 

 

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under those Finance Documents; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  
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	 	(b)	The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above (but not, for the avoidance of doubt, the pro rata allocation of payments falling within
any such paragraph). 

  

	 	(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 

  

	32.7	Set-off by Obligors  

 All payments to be made by
an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 

 

	32.8	Business Days  

  

	 	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  

	 	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

 

	32.9	Currency of account  

  

	 	(a)	Subject to paragraphs (b) to (e) below, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document. 

 

	 	(b)	A repayment of a Utilisation or Unpaid Sum or a part of a Utilisation or Unpaid Sum shall be made in the currency in which that Utilisation or Unpaid Sum is denominated on its due date. 

 

	 	(c)	Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued. 

 

	 	(d)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	 	(e)	Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency. 

  

	32.10	Change of currency  

  

	 	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit is at the same time recognised by the central bank of any country as the lawful currency of that country, then: 

 

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
designated by the Agent (after consultation with the Borrower); and 

  
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	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or
down by the Agent (acting reasonably). 

  

	 	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any
generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency. 

  

	33.	SET-OFF 

 A Finance Party may set off any matured
obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or
currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the
set-off. 
  

	34.	NOTICES 

  

	34.1	Communications in writing 

 Any communication to be made under or in connection with the
Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter or (in accordance with Clause 34.6 (Electronic communication)) by email. 

 

	34.2	Addresses 

 The address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	in the case of the Borrower: 

  

			
	Address:	  	CEMEX, S.A.B. de C.V.
		  	Avenida Ricardo Margáin #325
		  	Colonia Valle del Campestre
		  	San Pedro Garza García
		  	Nuevo León, 66265
		  	México
		
	Fax:	  	+52 (81) 8888 4465
		
	Attention:	  	Corporate Finance Director;

  
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	with a copy to:	  	
		
	Address:	  	CEMEX, S.A.B. de C.V.
		  	Avenida Ricardo Margáin #325
		  	Colonia Valle del Campestre
		  	San Pedro Garza García
		  	Nuevo León, 66265
		  	México
		
	Fax:	  	+52 (81) 8888 6779
		
	Attention:	  	Financial Operations Manager;

  

	 	(b)	in the case of each Lender, or any other Obligor, that notified in writing to the Agent on or prior to the date on which it becomes a Party; 

 

	 	(c)	in the case of the Agent: 

  

			
	Address:	  	Citibank Europe plc, UK Branch
		  	5th Floor, Citigroup Centre
		  	Mail Drop CGC2 05-65
		  	25 Canada Square, Canary Wharf
		  	London E14 5LB
		  	United Kingdom
		
	Fax:	  	+44 (0) 20 7492 3980 / +44 (0) 20 7067 9536
		
	Attention:	  	EMEA Loans Agency; and

  

	 	(d)	in the case of the Security Agent: 

  

			
	Address:	  	 Third Floor, 1 King’s Arms Yard

		  	 London EC2R 7AF

		  	 United Kingdom

		
	Fax:	  	 +44 (0) 20 7397 3601

		
	Attention:	  	 George Bollas / Keith Reader,

 or any substitute address, fax number or department or officer as the Party may notify to the Agent (or the
Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days’ notice. 
  

	34.3	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: 

 

	 	(i)	if by way of fax, when received in legible form; or 

  
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	 	(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post (postage prepaid) in an envelope addressed to it at that address, 

and, if a particular department or officer is specified as part of its address details provided under Clause 34.2 (Addresses), if
addressed to that department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Agent or the Security Agent will be effective only when actually received by the Agent or Security Agent and then only if it is expressly marked for the
attention of the department or officer identified in Clause 34.2 (Addresses) (or any substitute department or officer as the Agent or Security Agent shall specify for this purpose). 

 

	 	(c)	All notices from or to an Obligor shall be sent through the Agent. The Borrower may make and/or deliver as agent of each Obligor notices and/or requests on behalf of each Obligor. 

 

	 	(d)	Any communication or document made or delivered to the Borrower in accordance with this Clause 34.3 will be deemed to have been made or delivered to each of the Obligors. 

 

	34.4	Notification of address and fax number 

 Promptly upon receipt of notification of an
address or fax number or change of address or fax number pursuant to Clause 34.2 (Addresses) or changing its own address or fax number, the Agent shall notify the other Parties. 

 

	34.5	Communication when Agent is Impaired Agent 

 If the Agent is an Impaired Agent the
Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices
to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed. 

 

	34.6	Electronic communication 

  

	 	(a)	Any communication to be made between the Agent or the Security Agent and a Lender and/or any member of the Group under or in connection with the Finance Documents may be made by electronic mail or other electronic
means, if the Agent, the Security Agent and the relevant Lender and/or member of the Group: 

  

	 	(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  
 - 184 - 

	 	(ii)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and 

 

	 	(iii)	notify each other of any change to their address or any other such information supplied by them. 

  

	 	(b)	Any electronic communication made between the Agent and a Lender or the Security Agent and/or any member of the Group will be effective only when actually received in readable form and, in the case of any electronic
communication made by a Lender and/or the Security Agent and/or any member of the Group to the Agent, only if it is addressed in such a manner as the Agent or Security Agent shall specify for this purpose. 

 

	 	(c)	As at the date of this Agreement, the Security Agent has not agreed that electronic communication as contemplated by this Clause 34.6 is an accepted form of communication unless any communication from a Party to the
Security Agent by electronic means is also made by fax, and such communication shall only be effective when such fax is received in legible form. 

  

	34.7	English language 

  

	 	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  

	 	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other
official document. 

  

	34.8	Obligor Agent 

  

	 	(a)	Each Obligor (other than the Borrower) by its execution of this Agreement or an Accession Letter (as the case may be) irrevocably appoints the Borrower to act on its behalf as its agent in relation to the Finance
Documents and irrevocably authorises: 

  

	 	(i)	the Borrower on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions, to execute on its behalf any documents required
hereunder and to make such agreements capable of being given or made by any Obligor notwithstanding that they may affect such Obligor, without further reference to or consent of such Obligor; 

 

	 	(ii)	the Borrower on its behalf as its agent (comisionista) pursuant to articles 273 and 274 of the Mexican Commerce Code (Código de 

  
 - 185 - 

	 	Comercio) to exercise the rights, powers, authorities and discretions specifically given to it under or in connection with the Finance Documents; and 

 

	 	(iii)	each Finance Party to give any notice, demand or other communication to such Obligor pursuant to the Finance Documents to the Borrower on its behalf, 

and in each case such Obligor shall be bound thereby as though such Obligor itself had given such notices and instructions or executed or made
such agreements or received any notice, demand or other communication. 
  

	 	(b)	Every act, agreement, undertaking, settlement, waiver, notice or other communication given or made by the Borrower, or given to the Borrower, in its capacity as agent in accordance with paragraph (a) of this Clause
34.8, in connection with this Agreement shall be binding for all purposes on such Obligors as if the other Obligors had expressly made, given or concurred with the same. In the event of any conflict between any notices or other communications of the
Borrower and any other Obligor, those of the Borrower shall prevail. 

  

	34.9	Use of websites 

  

	 	(a)	The Borrower may satisfy its obligation under this Agreement to deliver any information in relation to those Lenders (the “Website Lenders”) who accept this method of communication by posting this
information on to an electronic website designated by the Borrower and the Agent (the “Designated Website”) if: 

  

	 	(i)	the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method; 

 

	 	(ii)	both the Borrower and the Agent are aware of the address of and any relevant password specifications for the Designated Website; and 

 

	 	(iii)	the information is in a format previously agreed between the Borrower and the Agent. 

 If any
Lender does not agree to the delivery of information electronically then the Agent shall notify the Borrower accordingly and the Borrower shall supply the information to the Agent in paper form. In any event the Borrower shall supply the Agent with
at least one copy in paper form of any information required to be provided by it. 
  

	 	(b)	The Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Borrower and the Agent. 

  
 - 186 - 

	 	(c)	The Borrower shall promptly upon becoming aware of its occurrence notify the Agent if: 

  

	 	(i)	the Designated Website cannot be accessed due to technical failure; 

  

	 	(ii)	the password specifications for the Designated Website change; 

  

	 	(iii)	any new information which is required to be provided under this Agreement is posted on to the Designated Website; 

  

	 	(iv)	any existing information which has been provided under this Agreement and posted on to the Designated Website is amended; or 

  

	 	(v)	the Borrower becomes aware that the Designated Website or any information posted on to the Designated Website is or has been infected by any electronic virus or similar software. 

If the Borrower notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Borrower under this
Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender are satisfied that the circumstances giving rise to the notification are no longer continuing. 

 

	 	(d)	Any Website Lender may request, through the Agent, one paper copy of any information required to be provided under this Agreement which is posted on to the Designated Website. The Borrower shall at its own cost comply
with any such request within ten Business Days. 

  

	35.	CALCULATIONS AND CERTIFICATES 

  

	35.1	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	35.2	Certificates and determinations 

 Any certification or determination by a Finance Party
of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	35.3	Day count convention 

 Any interest, commission or fee accruing under a Finance Document
will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice. 

  
 - 187 - 

	35.4	Spanish Civil Procedure 

 In the event that this Agreement is raised to a Spanish Public
Document, for the purposes of Article 572.2 of the Spanish Civil Procedure Law (Ley de Enjuiciamiento Civil), all parties expressly agree that the exact amount due at any time by the Obligors to the Lenders will be the amount specified in a
certificate issued by the Agent (and/or any Lender) in accordance with Clause 35.2 (Certificates and determinations) as representative of the Lenders reflecting the balance of the accounts referred to in Clause 35.1 (Accounts). 

 

	35.5	No personal liability 

 If an individual signs a certificate on behalf of any member of
the Group and the certificate proves to be incorrect, the individual will incur no personal liability as a result, unless the individual acted fraudulently in giving the certificate. In this case any liability of the individual will be determined in
accordance with applicable law. 
  

	36.	PARTIAL INVALIDITY 

 If, at any time, any provision of the Finance Documents is or
becomes illegal, invalid or unenforceable in any respect under any law or regulation of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision
under the law or regulations of any other jurisdiction will in any way be affected or impaired. 
  

	37.	REMEDIES AND WAIVERS 

 No failure to exercise, nor any delay in exercising, on the part
of any Finance Party or Secured Party, any right or remedy under the Finance Documents shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any of the Finance
Documents on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and
remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law or regulation. 
  

	38.	AMENDMENTS AND WAIVERS 

  

	38.1	Required consents 

  

	 	(a)	Subject to Clause 38.2 (Exceptions) and Clause 38.3 (Facility Change), any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Borrower and any such
amendment or waiver will be binding on all Parties. 

  

	 	(b)	Subject to paragraphs (c) to (e) of Clause 29.1 (Appointment of the Agent), the Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 38. 

 

	 	(c)	Each Obligor agrees to any such amendment or waiver permitted by this Clause 38 which is agreed to by the Borrower. This includes any amendment 

  
 - 188 - 

 or waiver which would, but for this paragraph (c), require the consent of all of the Guarantors.

  

	38.2	Exceptions 

  

	 	(a)	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(i)	the definition of “Majority Lenders” or “Super Majority Lenders” in Clause 1.1 (Definitions); 

  

	 	(ii)	an extension to the Termination Date or to the date of any scheduled payment of any amount under the Finance Documents (except pursuant to Clause 2.2 (Accordion) or a Facility Change); 

 

	 	(iii)	a reduction in the Margin or a reduction in the amount (or, in respect of interest, fees and commissions, the rate) of any payment of principal, interest, fees or commission payable; 

 

	 	(iv)	the allocation as among the Lenders of any amount payable under the Finance Documents; 

  

	 	(v)	a change in currency of payment of any amount under the Finance Documents; 

  

	 	(vi)	an increase in or an extension of any Commitment or the Total Commitments (except pursuant to Clause 2.2 (Accordion) or a Facility Change); 

 

	 	(vii)	a change to the Borrower or any of the Guarantors other than in accordance with Clause 28 (Changes to the Obligors); 

  

	 	(viii)	any provision which expressly requires the consent of all the Lenders; 

  

	 	(ix)	Clause 2.3 (Finance Parties’ rights and obligations), Clause 18 (Guarantee and Indemnity), Clause 26 (Changes to the Lenders), Clause 28 (Changes to the Obligors) or this Clause 38; or

  

	 	(x)	any amendment to the order of priority or subordination under the Intercreditor Agreement, 

shall not be made without the prior consent of all of the Lenders (save in circumstances where such change is made pursuant to Clause 2.2
(Accordion) or Clause 23 (Covenant Reset Date)). 
  

	 	(b)	An amendment or waiver which relates to the rights or obligations of the Agent, the Arranger or, as the case may be, the Security Agent may not be effected without the consent of the Agent, the Arranger or, as the case
may be, the Security Agent at such time. 

  
 - 189 - 

	 	(c)	Any amendment or waiver that has the effect of changing or that relates to: 

  

	 	(i)	the nature or scope of the Charged Property or the manner in which the proceeds of enforcement of the Transaction Security are distributed (except insofar as it relates to a sale or disposal of an asset which is the
subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document); 

  

	 	(ii)	the release of any guarantee and indemnity granted under Clause 18 (Guarantee and Indemnity) or of any Transaction Security unless permitted under this Agreement or any other Finance Document or relating to a
sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document, 

may only be made with the consent of the Super Majority Lenders. 
  

	 	(d)	If any Lender fails to respond to a request for a consent, waiver or amendment of or in relation to any of the terms of any Finance Document or other vote of Lenders under the terms of this Agreement within 20 Business
Days of that request being made (or such longer period as the Borrower may, in its absolute discretion, specify (subject to prior notice being given by the Borrower to the Agent)), its Commitment and/or participation shall not be included for the
purpose of calculating the Total Commitments or participations under the relevant Facility/ies when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments and/or participations has been
obtained to approve that request. 

  

	38.3	Facility Change 

  

	 	(a)	The Borrower may, by notice to the Agent for circulation to all Lenders, request the consent of each Lender to an extension of the Termination Date with respect to that Lender’s Commitment and participation in the
Loans (such extension, a “Facility Change”, and any such Lender which consents to an extension of the Termination Date with respect to its Commitment and participation in the Loans, a “Facility Change Lender”).

  

	 	(b)	A Facility Change shall be implemented by way of an amendment to this Agreement (and, if required, any other Finance Document) to reflect the Facility Change in relation to the relevant Facility Change Lender(s) (but,
for the avoidance of doubt, in relation to no other Lender) (including, without limitation, by the creation of sub-tranches or a new facility comprising the Commitment and participation in the Loans of some or
all of the Facility Change Lender(s), and to which the extended Termination Date is to apply). 

  

	 	(c)	 Notwithstanding anything in this Clause 38 or any other provision of the Finance Documents to the contrary, an
amendment to any term of the Finance Documents made in accordance with this Clause 38.3 in order to implement a Facility Change may be approved with the consent of the relevant Facility

  
 - 190 - 

 
Change Lender and the Borrower (and countersigned by the Agent) and any such amendment will be binding on all Parties. 
  

	38.4	Replacement of Lender 

  

	 	(a)	If at any time: 

  

	 	(i)	any Lender becomes a Non-Consenting Lender (as defined in paragraph (c) below); or 

  

	 	(ii)	an Obligor other than a Security Provider that is not also the Borrower or a Guarantor becomes obliged to repay any amount in accordance with Clause 7.1 (Illegality) or to pay additional amounts pursuant to
Clause 14.1 (Increased costs), Clause 13.2 (Tax gross-up) or Clause 13.3 (Tax indemnity) to any Lender in excess of amounts payable to the other Lenders generally,

 then the Borrower may, on 10 Business Days’ prior written notice to the Agent and such Lender, replace such Lender by
requiring such Lender to (and such Lender shall) transfer pursuant to Clause 26 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution,
trust, fund or other entity (a “Replacement Lender”) selected by the Borrower, and (unless at such time the Agent is an Impaired Agent) which is acceptable to the Agent (acting reasonably), which confirms its willingness to
assume and does assume all the obligations of the transferring Lender (including the assumption of the transferring Lender’s participations on the same basis as the transferring Lender) for a purchase price in cash payable at the time of
transfer equal to the outstanding principal amount of such Lender’s participation in the outstanding Utilisations and all accrued interest and/or Break Costs and other amounts payable in relation thereto under the Finance Documents. 

 

	 	(b)	The replacement of a Lender pursuant to this Clause 38.4 shall be subject to the following conditions: 

  

	 	(i)	the Borrower shall have no right to replace the Agent or Security Agent; 

  

	 	(ii)	neither the Agent nor the Lender shall have any obligation to the Borrower to find a Replacement Lender; 

  

	 	(iii)	in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than 180 days after the date on which the
Non-Consenting Lender notifies the Borrower and the Agent of its failure or refusal to give a consent in relation to, or agree to any waiver or amendment to the Finance Documents requested by the Borrower; and

  

	 	(iv)	in no event shall the Lender replaced under this paragraph (b) be required to pay or surrender to such Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents.

  
 - 191 - 

	 	(c)	In the event that: 

  

	 	(i)	the Borrower or the Agent (at the request of the Borrower) has requested the Lenders to give a consent in relation to, or to agree to a waiver or amendment of, any provisions of the Finance Documents; 

 

	 	(ii)	the consent, waiver or amendment in question requires the approval of all the Lenders; and 

  

	 	(iii)	Lenders whose Commitments aggregate more than 85 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 85 per cent. of the Total Commitments prior to
that reduction) have consented or agreed to such waiver or amendment, 

 then any Lender who does not and continues not to
consent or agree to such waiver or amendment shall be deemed a “Non-Consenting Lender”. 
  

	38.5	Replacement of a Defaulting Lender 

  

	 	(a)	The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 10 Business Days’ prior written notice to the Agent and such Lender, replace such Lender by requiring such Lender
to (and such Lender shall) transfer pursuant to Clause 26 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or Replacement Lender selected by the Borrower, and which (unless
the Agent is an Impaired Agent) is acceptable to the Agent (acting reasonably), which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the transferring Lender (including the assumption of the
transferring Lender’s participations or unfunded participations (as the case may be) on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such
Lender’s participation in the outstanding Utilisations and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents. 

 

	 	(b)	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 38.5 shall be subject to the following conditions: 

 

	 	(i)	the Borrower shall have no right to replace the Agent or Security Agent; 

  

	 	(ii)	neither the Agent nor the Defaulting Lender shall have any obligation to the Borrower to find a Replacement Lender; 

  

	 	(iii)	the transfer must take place no later than 180 days after the notice referred to in paragraph (a) above; and 

  

	 	(iv)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents. 

  
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	39.	CONFIDENTIALITY 

  

	39.1	Confidential Information 

 Each Finance Party agrees to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by Clause 39.2 (Disclosure of Confidential Information) and Clause 39.3 (Disclosure to numbering service providers), and to ensure that
all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information. 
  

	39.2	Disclosure of Confidential Information 

 Any Finance Party may, subject (where
applicable) to the provisions of article L. 511-33 of the French Monetary and Financial Code, disclose: 
  

	 	(a)	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no such requirement to inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to
the Confidential Information; 

  

	 	(b)	to any person: 

  

	 	(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents and to any of that person’s Affiliates, Related
Funds, Representatives and professional advisers; 

  

	 	(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which
payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

 

	 	(iii)	appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf
(including, without limitation, any person appointed under paragraph (d) of Clause 29.15 (Relationship with the Lenders)); 

  

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; 

  
 - 193 - 

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 26.8 (Security over Lenders’ rights); 

 

	 	(vii)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; 

 

	 	(viii)	which is a credit risk insurer or potential credit risk insurer; 

  

	 	(ix)	who is a Party; or 

  

	 	(x)	with the consent of the Borrower; 

 in each case, such Confidential Information as that Finance
Party shall consider appropriate if: 
  

	 	(A)	in relation to paragraphs (b)(i), (b)(ii) and b(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a
Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

 

	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

  

	 	(C)	in relation to paragraphs (b)(v), (b)(vi), (b)(vii) and (b)(viii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential
Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances; 

 

	 	(c)	 to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to
provide administration or settlement services in respect of one or more of the Finance Documents, including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be
required to be 

  
 - 194 - 

	 	
disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has
entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrower
and the relevant Finance Party; and 

  

	 	(d)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the
Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information.

  

	39.3	Disclosure to numbering service providers 

  

	 	(a)	Any Finance Party may, subject (where applicable) to the provisions of article L. 511-33 of the French Monetary and Financial Code, disclose to any national or international
numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more Obligors the following information: 

 

	 	(i)	names of Obligors; 

  

	 	(ii)	country of domicile of Obligors; 

  

	 	(iii)	place of incorporation of Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	the name of the Agent; 

  

	 	(vi)	date of each amendment and restatement of this Agreement; 

  

	 	(vii)	amount of the Commitments under each Facility; 

  

	 	(viii)	currencies of the Facilities; 

  

	 	(ix)	type of Facilities; 

  

	 	(x)	ranking of Facilities; 

  

	 	(xi)	Termination Date for Facilities; 

  

	 	(xii)	law and jurisdiction of the Facilities; 

  

	 	(xiii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xii) above; and 

  

	 	(xiv)	 such other information agreed between such Finance Party and the Borrower,

  
 - 195 - 

	 	
to enable such numbering service provider to provide its usual syndicated loan numbering identification services. 

 

	 	(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities and/or one or more Obligors by a numbering service provider and the information associated with each such
number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

  

	 	(c)	The Agent shall notify the Borrower and the other Finance Parties of: 

  

	 	(i)	the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facilities and/or one or more Obligors; and 

 

	 	(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more Obligors by such numbering service provider. 

 

	39.4	Entire agreement 

 Subject to the provisions of article L.
511-33 of the French Monetary and Financial Code, this Clause 39 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding
Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 
  

	39.5	Inside information 

 Each of the Finance Parties acknowledges that some or all of the
Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the
Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 
  

	39.6	Notification of disclosure 

 Each of the Finance Parties agrees (to the extent permitted
by law and regulation) to inform the Borrower as soon as reasonably practicable: 
  

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 39.2 (Disclosure of Confidential Information) except where such disclosure is made to any of
the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 39. 

  
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	39.7	Continuing obligations 

 The obligations in this Clause 39 are continuing and, in
particular, shall survive and remain binding on each Finance Party for a period of 12 months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with the Finance Documents have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

  

	 	(b)	the date on which such Finance Party otherwise ceases to be a Finance Party. 

  

	40.	COUNTERPARTS 

 Each Finance Document may be executed in any number of counterparts, and
this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 

  
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 SECTION 12 

GOVERNING LAW AND ENFORCEMENT 
  

	41.	GOVERNING LAW 

  

	 	(a)	This Agreement and all non-contractual obligations arising from or connected with it are governed by English law. 

 

	 	(b)	If any of the Original Obligors is represented by an attorney or attorneys in connection with the signing and/or execution and/or delivery of this Agreement or any agreement or document referred to herein or made
pursuant hereto and the relevant power or powers of attorney is or are expressed to be governed by the laws and regulations of a particular jurisdiction, it is hereby expressly acknowledged and accepted by the other parties hereto that such laws and
regulations shall govern the existence and extent of such attorney’s or attorney’s authority and the effects of the exercise thereof. 

  

	42.	ENFORCEMENT 

  

	42.1	Jurisdiction in relation to actions brought by or against parties organised or incorporated in Mexico 

In relation to actions brought by or against any Party organised or incorporated in Mexico: 

 

	 	(a)	each of the Parties agrees that the courts of England and the courts of each Party’s corporate domicile (but only in respect of actions brought against such Party as a defendant), have jurisdiction to settle any
dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual obligations arising from or connected
with this Agreement) (a “Dispute”); and 

  

	 	(b)	each of the Parties agrees that the courts of England and such courts of each Party’s corporate domicile (but only in respect of actions brought against such Party as a defendant) are the most appropriate and
convenient courts to settle Disputes and accordingly no Party will argue to the contrary and hereby waives any right to any other jurisdiction to which any of them may be entitled on account of place of residence or domicile or otherwise.

  

	42.2	Jurisdiction of English Courts in other cases 

 Subject to Clause 42.1
(Jurisdiction in relation to actions brought by or against parties organised or incorporated in Mexico) above: 
  

	 	(a)	the courts of England have jurisdiction to settle any Dispute; 

  

	 	(b)	the Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary and hereby waives any right to any other jurisdiction to
which any of them may be entitled on account of place of residence or domicile or otherwise; and 

  
 - 198 - 

	 	(c)	this Clause 42.2 is for the benefit of the Finance Parties and Secured Parties only. As a result, no Finance Party or Secured Party shall be prevented from taking proceedings relating to a Dispute (or any other dispute
whatsoever) in any other courts with jurisdiction. To the extent allowed by law or regulation, the Finance Parties and Secured Parties may take concurrent proceedings in any number of jurisdictions. 

 

	42.3	Service of process 

 Without prejudice to any other mode of service allowed under any
relevant law or regulation, each Obligor (other than an Obligor incorporated in England and Wales): 
  

	 	(a)	irrevocably appoints the Process Agent as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document (and the Process Agent, by its execution of
this Agreement, accepts that appointment); and 

  

	 	(b)	agrees that failure by the Process Agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned, 

and each Obligor, including each Additional Guarantor or Additional Security Provider, that is incorporated in Mexico shall grant an
irrevocable power of attorney for lawsuits and collections (pleitos y cobranzas) granted before a Mexican notary public, appointing the Process Agent as its agent for service of process as provided herein on or before the date of this
Agreement or any other Finance Document or when it becomes a Party to this Agreement or any other Finance Document, as applicable. 
  

	42.4	Waiver of right to trial by jury 

 TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY
TO THIS AGREEMENT HEREBY EXPRESSLY AND IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY FINANCE DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE
PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY FINANCE DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND
CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY. Each Party acknowledges that (a) this waiver is a material inducement to enter into this Agreement, (b) it has already relied
on this waiver in entering into this Agreement and (c) it will continue to rely on this waiver in future dealings. Each Party represents that it has reviewed this waiver with its legal advisers and that it knowingly and voluntarily waives its
jury trial rights after consultation with its legal advisers. Each Party hereby agrees and consents that any Party to this Agreement may file an original counterpart or a copy of this Clause 42.4 with any court as written evidence of the consent of
the signatories hereto to the waiver of their right to trial by jury. 

  
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	43.	CONTRACTUAL RECOGNITION OF BAIL-IN  

  

	43.1	Bail-In  

 Notwithstanding any other term of any
Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of: 
  

	 	(a)	any Bail-In Action in relation to any such liability, including (without limitation): 

  

	 	(i)	a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability; 

 

	 	(ii)	a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and 

 

	 	(iii)	a cancellation of any such liability; and 

  

	 	(b)	a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability. 

 

	43.2	Definitions  

 In this Clause 43: 

“Bail-In Action” means the exercise of any Write-down and Conversion Powers. 

“Bail-In Legislation” means: 

 

	 	(a)	in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and
investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time ; and 

 

	 	(b)	in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation. 

“EEA Member Country” means any member state of the European Union, Iceland, Liechtenstein and Norway. 

“EU Bail-In Legislation Schedule” means the document described as such and published
by the Loan Market Association (or any successor person) from time to time. 
 “Resolution Authority” means any body which
has authority to exercise any Write-down and Conversion Powers. 

  
 - 200 - 

 “Write-down and Conversion Powers” means: 

 

	 	(a)	in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in
relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and 

  

	 	(b)	in relation to any other applicable Bail-In Legislation: 

  

	 	(i)	any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of
a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into
shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the
powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and 

  

	 	(ii)	any similar or analogous powers under that Bail-In Legislation. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 - 201 - 

 SCHEDULE 1 

THE ORIGINAL PARTIES 

PART I 
 THE ORIGINAL
OBLIGORS 
  

			
	 Name of Original Borrower
	 	 Registration number or equivalent

		
	 CEMEX, S.A.B. de C.V.
	 	CEM-880726-UZA (Mexico)
		
	 Name of Original Guarantors
	 	 Registration number or equivalent

		
	 CEMEX España, S.A.
	 	A-46004214 (Spain)
		
	 CEMEX México, S.A. de C.V.
	 	CME-820101-LJ4 (Mexico)
		
	 CEMEX Concretos, S.A. de C.V.
	 	CCO-740918-9M1 (Mexico)
		
	 Empresas Tolteca de México, S.A. de C.V.
	 	ETM-890720-DJ2 (Mexico)
		
	 New Sunward Holding B.V.
	 	34133556 (The Netherlands)
		
	 CEMEX Corp.
	 	File #: 2162255 (Delaware)
		
	 CEMEX Finance LLC (formerly known as
	 	File #: 3654572 (Delaware)
	 CEMEX España Finance LLC)
	 	
		
	 Cemex Research Group AG
	 	CHE-113.951.069 (Switzerland)
		
	 CEMEX Asia B.V.
	 	34228466 (The Netherlands)
		
	 CEMEX France Gestion (S.A.S.)
	 	334 533 288 R.C.S. Créteil (France)
		
	 CEMEX UK
	 	05196131 (England)
		
	 CEMEX Egyptian Investments B.V.
	 	34108365 (The Netherlands)
		
	 Name of Original Security Providers
	 	 Registration number or equivalent

		
	 CEMEX, S.A.B. de C.V.
	 	CEM-880726-UZA (Mexico)

  
 - 202 - 

			
		
	 CEMEX Central, S.A. de C.V.
	  	CCE911110JE1 (Mexico)
		
	 CEMEX México, S.A. de C.V.
	  	CME-820101-LJ4 (Mexico)
		
	 CEMEX Operaciones México, S.A. de C.V.
	  	CDC-960913-SK6 (Mexico)
		
	 Empresas Tolteca de México, S.A. de C.V.
	  	ETM-890720-DJ2 (Mexico)
		
	 Interamerican Investments, Inc.
	  	File #: 2252951 (Delaware)
		
	 New Sunward Holding B.V.
	  	34133556 (The Netherlands)
		
	 CEMEX TRADEMARKS HOLDING Ltd.
	  	CHE-109.294.363 (Switzerland)

  
 - 203 - 

 PART II 

THE ORIGINAL LENDERS 
  

																					
	 Name of Original Lender
	  	Facility A
Commitment	 	  	Facility B
Commitment	 	  	Facility C
Commitment	 	  	Facility D1
Commitment	 	  	Facility D2
Commitment	 
	 BBVA Bancomer S.A., Institución de Banca Múltiple, Grupo Financiero BBVA
Bancomer
	  	$	122,795,018.18	 	  	€	0	 	  	£	0	 	  	$	32,160,600.00	 	  	$	78,939,654.55	 
	 Banco Bilbao Vizcaya Argentaria, S.A.
	  	$	0	 	  	€	50,626,682.41	 	  	£	0	 	  	$	0	 	  	$	0	 
	 Banco Santander (México) S.A., Institución de Banca Múltiple, Grupo
Financiero Santander México
	  	$	70,168,581.81	 	  	€	58,220,684.77	 	  	£	33,618,523.30	 	  	$	32,160,600.00	 	  	$	78,939,654.55	 
	 Bank of America N.A., London Branch
	  	$	137,413,472.72	 	  	€	0	 	  	£	33,618,523.30	 	  	$	32,160,600.00	 	  	$	78,939,654.55	 
	 Citibank, N.A. International Banking Facility
	  	$	0	 	  	€	0	 	  	£	33,618,523.30	 	  	$	0	 	  	$	0	 
	 Banco Nacional de México, S.A., integrante del Grupo Financiero Banamex
	  	$	137,413,472.72	 	  	€	0	 	  	£	0	 	  	$	32,160,600.00	 	  	$	78,939,654.55	 
	 BNP PARIBAS, S.A. Sucursal en España
	  	$	0	 	  	€	60,752,018.89	 	  	£	38,100,993.06	 	  	$	0	 	  	$	0	 
	 BNP PARIBAS, New York
	  	$	61,397,509.10	 	  	€	0	 	  	£	0	 	  	$	32,160,600.00	 	  	$	78,939,654.55	 

  
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	 ING Bank N.V., Dublin Branch
	  	$	0	 	  	€	156,942,715.46	 	  	£	17,929,879.09	 	  	$	8,771,072.73	 	  	$	78,939,654.55	 
	 Crédit Agricole Corporate and Investment Bank
	  	$	64,321,200.00	 	  	€	101,253,364.81	 	  	£	0	 	  	$	32,160,600.00	 	  	$	78,939,654.55	 
	 Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero
Banorte
	  	$	154,955,618.18	 	  	€	0	 	  	£	0	 	  	$	58,473,818.18	 	  	$	78,939,654.55	 
	 JPMorgan Chase Bank, N.A.
	  	$	146,184,545.46	 	  	€	0	 	  	£	0	 	  	$	0	 	  	$	146,184,545.45	 
	 Mizuho Bank, Ltd.
	  	$	64,321,200.00	 	  	€	75,940,023.61	 	  	£	22,412,348.86	 	  	$	32,160,600.00	 	  	$	78,939,654.55	 
	 HSBC México, S.A., Institución de Banca Múltiple, Grupo Financiero
HSBC
	  	$	140,921,901.81	 	  	€	0	 	  	£	0	 	  	$	32,160,600.00	 	  	$	0	 
	 HSBC Bank USA, National Association
	  	$	0	 	  	€	0	 	  	£	0	 	  	$	0	 	  	$	40,000,000.00	 
	 HSBC Bank plc, Sucursal en España
	  	$	0	 	  	€	0	 	  	£	30,929,041.43	 	  	$	0	 	  	$	38,939,654.55	 
	 Intesa Sanpaolo S.p.A.
	  	$	0	 	  	€	134,199,134.20	 	  	£	15,331,544.65	 	  	$	7,500,000.00	 	  	$	67,500,000.00	 
	 Banco Nacional de Comercio Exterior, Sociedad Nacional de Crédito, Institución de
Banca de Desarrollo
	  	$	98,542,800.00	 	  	€	0	 	  	£	0	 	  	$	17,483,400.00	 	  	$	42,913,800.00	 
	 Export Development Canada
	  	$	0	 	  	€	0	 	  	£	76,657,723.27	 	  	$	0	 	  	$	0	 
	 Société Générale
	  	$	0	 	  	€	46,753,246.75	 	  	£	0	 	  	$	11,000,000.00	 	  	$	35,000,000.00	 
	 Sabcapital, S.A. de C.V., Sociedad Financiera de Objeto Múltiple, Entidad
	  	$	21,000,000.00	 	  	€	19,393,939.39	 	  	£	0	 	  	$	7,700,000.00	 	  	$	18,900,000.00	 

  
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	 Regulada
	  				  				  				  				  			
	 Sumitomo Mitsui Banking Corporation
	  	$	15,000,000.00	 	  	€	9,523,809.53	 	  	£	3,832,886.16	 	  	$	5,500,000.00	 	  	$	13,500,000.00	 
	 National Westminster Bank plc
	  	$	0	 	  	€	0	 	  	£	27,980,068.99	 	  	$	0	 	  	$	13,500,000.00	 
	 Crédit Industriel et Commercial, London Branch
	  	$	0	 	  	€	16,103,896.10	 	  	£	0	 	  	$	3,300,000.00	 	  	$	8,100,000.00	 
	 Bayerische Landesbank, New York Branch
	  	$	0	 	  	€	10,822,510.82	 	  	£	9,582,215.41	 	  	$	0	 	  	$	0	 

  
 - 206 - 

 SCHEDULE 2 

CONDITIONS PRECEDENT 

PART I 
 INITIAL
CONDITIONS PRECEDENT 
  

	1.	Obligors 

  

	 	(a)	A copy (in the case of an Obligor incorporated in Mexico, certified by a notary public or otherwise authenticated) of the current constitutional documents of each Original Obligor other than a Dutch Obligor, a Swiss
Obligor or a French Obligor (or, in the case of an Original Obligor incorporated in Spain, a certificate or excerpt from the relevant Mercantile Registry including the updated by-laws of the Original Obligor).

  

	 	(b)	A copy (in the case of the Borrower) of the resolutions of the board of directors including the powers of attorney delegating sufficient powers (which are themselves delegable) to authorise the entry into the
Facilities. 

  

	 	(c)	A copy of a resolution of the board of directors (or any other competent body) (or, in the case of an Original Obligor incorporated in Spain, a certificate issued by the secretary with the approval of the president and
raised to public document status) of each Original Obligor (except any Original Guarantor or Original Security Provider incorporated in Mexico, any Dutch Obligor, Swiss Obligor or French Obligor): 

 

	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; 

 

	 	(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf (including, in the case of an Original Obligor incorporated in Spain, the authority to irrevocably appoint
a process agent (“mandatario ad litem”) unless such appointment has been made by other means by a duly authorised representative); and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party.

  

	 	(d)	In the case of an Obligor incorporated in Mexico (to the extent not covered under paragraph (b) above), (i) powers of attorney duly notarised containing authority for acts of administration, and if applicable for
acts of disposition (in respect of any Transaction Security Document) and to execute negotiable instruments; and (ii) powers of attorney for lawsuits and collections (pleitos y cobranzas) for the Process Agent, duly notarised before a
Mexican notary public, together with any necessary appointment and acceptance letter. 

  
 - 207 - 

	 	(e)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (c) above in relation to the Finance Documents. 

 

	 	(f)	In the case of Dutch Obligors: 

  

	 	(i)	a copy of the deed of incorporation (oprichtingsakte) and where the articles of association have been amended since the date of incorporation the articles of association (statuten) of each Dutch Obligor,
as well as an extract (uittreksel) from the Dutch Commercial Register (Handelsregister) of such Dutch Obligor; 

  

	 	(ii)	a copy of the resolution of the board of managing directors of each Dutch Obligor: 

  

	 	(A)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; 

 

	 	(B)	if applicable, authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(C)	if applicable, authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which
it is a party; 

  

	 	(iii)	a specimen of the signature of each member of the board of managing directors of each Dutch Obligor and, if applicable, each person authorised by the resolutions referred to in paragraph (ii)(B) and/or (C) above in
relation to the Finance Documents; 

  

	 	(iv)	if applicable, a copy of the resolution of the board of supervisory directors of each Dutch Obligor approving the resolutions of the board of managing directors referred to under (ii) above; 

 

	 	(v)	if applicable, a copy of the resolution of the shareholder(s) of each Dutch Obligor approving the resolutions of the board of managing directors referred to under (ii) above; and 

 

	 	(vi)	if applicable, a copy of (i) the request for advice from each works council, or central or European works council with jurisdiction over the transactions contemplated by this Agreement and (ii) the
unconditional positive advice from such works council. 

  

	 	(g)	In the case of a Swiss Obligor: 

  

	 	(i)	an up-to-date certified copy of the articles of association (Statuten) of each Swiss Obligor, as well as a certified extract from
the Commercial Register (Handelsregister) of that Swiss Obligor; 

  
 - 208 - 

	 	(ii)	a copy of a unanimous resolution of the board of directors of that Swiss Obligor: 

  

	 	(A)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it executes the Finance Documents to which it is a party; 

 

	 	(B)	resolving that the execution of the transactions contemplated by the Finance Documents to which it is a party is in the best interest of such Swiss Obligor; 

 

	 	(C)	if applicable, authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(D)	if applicable, authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which
it is a party; 

  

	 	(iii)	a copy of the unanimous shareholders’ resolution of that Swiss Obligor approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that (i) it
executes the Finance Documents to which it is a party and (ii) the execution of the transactions contemplated by the Finance Documents to which it is a party is in its best interest; 

 

	 	(iv)	a specimen of the signature of each member of the board of directors of that Swiss Obligor and, if applicable, each person authorised by the resolutions referred to in paragraph (ii)(C) and/or (D) above in relation
to the Finance Documents; and 

  

	 	(v)	evidence to the effect that the Swiss Obligor’s articles of association empower such Swiss Obligor to enter into upstream and/or cross-stream obligations. 

 

	 	(h)	In the case of a French Obligor: 

  

	 	(i)	a certified copy of its constitutive documents (statuts); 

  

	 	(ii)	an original extract (extrait K-bis) provided by the commercial and companies registry (registre du commerce et des sociétés), not more than
fifteen (15) days old; 

  

	 	(iii)	a non-bankruptcy certificate (certificat de recherche de procédures collectives) provided by the commercial and companies registry (registre du
commerce et des sociétés), not more than fifteen (15) days old; 

  
 - 209 - 

	 	(iv)	a copy of the resolution of the shareholder(s) of each French Obligor approving: 

  

	 	(A)	the terms of, and the transactions contemplated by, the Finance Documents to which it is a party; and 

  

	 	(B)	the execution of the Finance Documents to which it is a party; 

  

	 	(v)	a copy of the resolution of the board of directors (or any other competent body) of each French Obligor: 

  

	 	(A)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it executes the Finance Documents to which it is a party; 

 

	 	(B)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(C)	authorising a specified person or persons on its behalf to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party;
and 

  

	 	(vi)	evidence that the person(s) who has(ve) signed the Finance Documents on behalf of each French Obligor was (were) duly authorised to sign. 

 

	 	(i)	In the case of a U.S. Obligor: 

  

	 	(i)	a copy of a good standing certificate with respect to such U.S. Obligor, issued as of a recent date by the Secretary of State or other appropriate official of such U.S. Obligor’s jurisdiction of incorporation or
organisation; and 

  

	 	(ii)	a certificate in form and substance satisfactory to the Agent of the chief financial officer, director of finance or other appropriate person of each U.S. Obligor as to the solvency of such U.S. Obligor.

  

	 	(j)	In the case of an English Obligor, a copy of a resolution signed by all the holders of the issued shares in that English Guarantor, approving the terms of, and the transactions contemplated by, the Finance Documents to
which that English Obligor is a party. 

  

	 	(k)	A certificate of each Original Obligor (signed by an Authorised Signatory) confirming that borrowing or guaranteeing or granting Security in respect of, as appropriate, the Total Commitments would not cause any
borrowing, guarantee, security or similar limit binding on that Original Obligor to be exceeded. 

  

	 	(l)	A certificate of an Authorised Signatory of the relevant Original Obligor certifying that each copy document relating to it specified in this Part I of Schedule 2 is correct, complete and in full force and effect as at
a date no earlier than the date of this Agreement. 

  
 - 210 - 

	2.	Finance Documents (other than Transaction Security Documents) 

  

	 	(a)	The documents required for each Original Lender, the Agent, the Borrower and each Original Guarantor to accede to the Intercreditor Agreement in accordance with its terms (as a Refinancing Creditor, Refinancing Creditor
Representative or (as applicable) Debtor (each as defined in the Intercreditor Agreement) in respect of this Agreement), in each case executed by each party thereto. 

 

	 	(b)	The deed of amendment to the Intercreditor Agreement substantially in the form distributed to the Lenders prior to the date of this Agreement and executed by the parties thereto (other than the Agent and the Security
Agent). 

  

	 	(c)	For each Lender participating in a Loan which has requested a Promissory Note for its participation in that Loan, a Promissory Note evidencing that Lender’s participation in that Loan. 

 

	 	(d)	The Fee Letters executed by the Borrower. 

  

	3.	Transaction Security Documents 

  

	 	(a)	A copy of any deed of confirmation, ratification or extension, any letter of designation or appointment or any other document that is required for the Transaction Security evidenced or expressed to be created or
evidenced under or pursuant to the following Transaction Security Documents listed in paragraph (i) below to extend to secure the Secured Obligations under this Agreement, in each case substantially in the form distributed (together with an
English translation, if not in English) to the Lenders prior to the date of this Agreement and otherwise in form and substance satisfactory to the Security Agent, and executed by the relevant Obligors: 

 

	 	(i)	a deed of ratification and extension (together with irrevocable powers of attorney in the agreed form) in relation to the share pledge agreement dated 8 November 2012 between, among others, CEMEX, S.A.B. de C.V.
and New Sunward Holding B.V. as pledgors, the Security Agent as pledgee, the entities listed therein as original creditors, Banco Bilbao Vizcaya Argentaria, S.A. as custodian and CEMEX España as the company (in the case of this document, in a
form ready for notarisation pursuant to paragraph (a) of Clause 22.34 (Conditions subsequent)); 

  

	 	(ii)	a Swiss law security confirmation agreement between CEMEX, S.A.B. de C.V., CEMEX México S.A. de C.V., Interamerican Investments, Inc., Empresas Tolteca de México, S.A. de C.V. as pledgors and Wilmington
Trust (London) Limited as security agent acting for itself and as direct representative (direkter Stellvertreter) in the name and for the account of all other pledgees concerning the confirmation of the pledge of 1,938,958,014 shares
in CEMEX TRADEMARKS HOLDING Ltd.; and 

  
 - 211 - 

	 	(iii)	a Dutch law security confirmation agreement between Cemex Operaciones Mexico S.A. de C.V. CEMEX TRADEMARKS HOLDING Ltd. as security providers, New Sunward Holding B.V. as the company in the capital of which shares are
pledged and Wilmington Trust (London) Limited as security agent in connection with certain notarial deeds of pledge over the capital of New Sunward Holding B.V. 

  

	 	(b)	A copy of each notice required to be sent under the documents referred to in paragraph (a) above (duly acknowledged by the addressee) and evidence that any other action required to perfect the Transaction Security
created or evidenced or expressed to be created or evidenced pursuant to those documents has been taken. 

  

	 	(c)	Unless already held by the Security Agent, a copy of all share certificates, transfers and stock transfer forms or equivalent duly executed by the relevant Obligor in blank in relation to the assets subject to or
expressed to be subject to the Transaction Security and other documents of title to be provided under the Transaction Security Documents. 

  

	4.	Legal opinions 

 Dutch law 

 

	 	(a)	An opinion with respect to the laws and regulations of The Netherlands from Clifford Chance LLP, substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing this
Agreement. 

 English law 
  

	 	(b)	An opinion with respect to the laws and regulations of England and Wales from Clifford Chance, S.L.P., substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing
this Agreement. 

 French law 
  

	 	(c)	An incorporation and authority opinion with respect to the laws and regulations of France from in-house counsel of the Borrower, substantially in the form distributed to the
Original Lenders, the Agent and the Security Agent prior to signing this Agreement. 

  

	 	(d)	An opinion with respect to the laws and regulations of France from Clifford Chance Europe LLP, substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing this
Agreement. 

 Mexican law 
  

	 	(e)	An incorporation and authority opinion with respect to the laws and regulations of Mexico from in-house counsel of the Borrower, substantially in the form distributed to the
Original Lenders, the Agent and the Security Agent prior to signing this Agreement. 

  
 - 212 - 

	 	(f)	An opinion with respect to the laws and regulations of Mexico from Galicia Abogados, S.C., substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing this Agreement.

 Spanish law 
  

	 	(g)	An incorporation and authority opinion with respect to the laws and regulations of Spain from in-house counsel of the Borrower, substantially in the form distributed to the
Original Lenders, the Agent and the Security Agent prior to signing this Agreement. 

  

	 	(h)	An opinion with respect to the laws and regulations of Spain from Clifford Chance, S.L.P., substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing this Agreement.

 Swiss law 
  

	 	(i)	An opinion with respect to the laws and regulations of Switzerland from Bär & Karrer AG, substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing this
Agreement. 

 US law (Delaware) 
  

	 	(j)	An opinion with respect to the laws and regulations of Delaware from Skadden, Arps, Slate, Meagher & Flom LLP, substantially in the form distributed to the Original Lenders, the Agent and the Security Agent
prior to signing this Agreement. 

  

	5.	Other documents and evidence 

  

	 	(a)	The Group Structure Chart. 

  

	 	(b)	The Original Financial Statements of the Borrower and each Guarantor. 

  

	 	(c)	Evidence that the fees, costs and expenses then due from the Borrower to any Finance Party under the Finance Documents have been paid or will be paid by the first Utilisation Date and evidence that all existing and
unfunded commitments under the Existing Club Loan Agreement have been, or will be, cancelled on or prior to the first Utilisation Date. 

  

	 	(d)	Each Lender and the Security Agent having confirmed to the Agent that it is satisfied that it has (and the Agent being satisfied that they have) complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations in relation to each Obligor then party to this Agreement. 

  
 - 213 - 

 PART II 

CONDITIONS PRECEDENT REQUIRED TO BE 

DELIVERED BY AN ADDITIONAL OBLIGOR 
  

	1.	Additional Guarantor/Additional Security Provider 

  

	 	(a)	A copy (in the case of an Obligor incorporated in Mexico, certified by a notary public or otherwise authenticated) of the constitutional documents of the Additional Guarantor or an Additional Security Provider (other
than a Dutch Obligor, Swiss Obligor or French Obligor) (or, in the case of an Additional Guarantor or Additional Security Provider incorporated in Spain, a certificate or excerpt from the relevant Mercantile Registry including the updated by-laws of
the Additional Guarantor or Additional Security Provider). 

  

	 	(b)	A copy (or, in the case of an Additional Guarantor or Additional Security Provider incorporated in Spain, a certificate issued by the secretary with the approval of the president and raised to public document status) of
a resolution of the board of directors (or any other competent body) of the Additional Guarantor or Additional Security Provider (other than a Dutch Obligor, Swiss Obligor or French Obligor) and, when applicable, in the case of any Additional
Guarantor or Additional Security Provider incorporated in Mexico, a resolution of its shareholder’s meeting: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter; 

 

	 	(ii)	authorising a specified person or persons to execute the Accession Letter and other Finance Documents on its behalf (including, in the case of an Additional Guarantor or Additional Security Provider incorporated in
Spain, the authority to irrevocably appoint a process agent (“mandatario ad litem”) unless such appointment has been made by other means by a duly authorised representative); and 

 

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party.

  

	 	(c)	In the case of an Additional Guarantor or Additional Security Provider incorporated in Mexico, (to the extent not covered or not applicable under paragraph (b) above) (i) powers of attorney duly notarised
containing authority for acts of administration, for acts of disposition (in respect of any Transaction Security Document) and to execute negotiable instruments; and (ii) powers of attorney for lawsuits and collections (pleitos y
cobranzas) for the Process Agent, duly notarised before a Mexican notary public, together with any necessary appointment and acceptance letter. 

  

	 	(d)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above. 

  
 - 214 - 

	 	(e)	In the case of Dutch Obligors: 

  

	 	(i)	a copy of the deed of incorporation (oprichtingsakte) and where the articles of association have been amended since the date of incorporation, the articles of association (statuten) of each Dutch Obligor,
as well as an extract (uittreksel) from the Dutch Commercial Register (Handelsregister) of such Dutch Obligor; 

  

	 	(ii)	a copy of the resolution of the board of managing directors of each Dutch Obligor: 

  

	 	(A)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; 

 

	 	(B)	if applicable, authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(C)	if applicable, authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which
it is a party; 

  

	 	(iii)	if applicable, a copy of the resolution of the board of supervisory directors of each Dutch Obligor approving the resolutions of the board of managing directors referred to under (ii) above and, to the extent
applicable, appointing an authorised person to represent the relevant Dutch Obligor in case of a conflict of interest; 

  

	 	(iv)	if applicable, a copy of the resolution of the shareholder(s) of each Dutch Obligor approving the resolutions of the board of managing directors referred to under (ii) above and, to the extent applicable,
appointing an authorised person to represent the relevant Dutch Obligor in case of a conflict of interest; 

  

	 	(v)	if applicable, a copy of (i) the request for advice from each works council, or central or European works council with jurisdiction over the transactions contemplated by this Agreement, (ii) the positive
advice from such works council which contains no condition, which if complied with, could result in a breach of any of the Finance Documents and (iii) positive advice in respect of the security to be granted by the Dutch Obligor as well as the
conditional transfer of the voting rights attached to the shares which are subject to security; and 

  

	 	(vi)	a specimen of the signature of each member of the board of managing directors of each Dutch Obligor and, if applicable, each person authorised by the resolutions referred to in paragraph
(ii) sub-paragraph (B) and/or (C) above in relation to the Finance Documents. 

  
 - 215 - 

	 	(f)	In the case of a Swiss Obligor: 

  

	 	(i)	a copy of the articles of association (Statuten) of the Swiss Obligor, as well as an extract from the Commercial Register (Handelsregister) of such Swiss Obligor; 

 

	 	(ii)	a copy of a unanimous resolution of the board of directors of the Swiss Obligor: 

  

	 	(A)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it executes the Finance Documents to which it is a party; 

 

	 	(B)	resolving that the execution of the transactions contemplated by the Finance Documents to which it is a party is in the best interest of such Swiss Obligor; 

 

	 	(C)	if applicable, authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(D)	if applicable, authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which
it is a party; 

  

	 	(iii)	a copy of the unanimous shareholders’ resolution of the Swiss Obligor approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that (i) it
executes the Finance Documents to which it is a party and (ii) the execution of the transactions contemplated by the Finance Documents to which it is a party is in its best interest; 

 

	 	(iv)	a specimen of the signature of each member of the board of directors of the Swiss Obligor and, if applicable, each person authorised by the resolutions referred to in paragraph (ii)(C) and/or (D) above in relation
to the Finance Documents; and 

  

	 	(v)	evidence to the effect that the Swiss Obligor’s articles of association empower such Swiss Obligor to enter into upstream and/or cross- stream obligations. 

 

	 	(g)	In the case of a French Obligor: 

  

	 	(i)	a certified copy of its constitutive documents (statuts); 

  

	 	(ii)	an original extract (extrait K-bis) provided by the commercial and companies registry (registre du commerce et des sociétés), not more than fifteen
(15) days old; 

  

	 	(iii)	 a non-bankruptcy certificate (certificat de recherche de
procédures collectives) provided by the commercial and companies registry 

  
 - 216 - 

	 	
(registre du commerce et des sociétés), not more than fifteen (15) days old; 

  

	 	(iv)	a copy of the resolution of the shareholder(s) of each French Obligor approving: 

  

	 	(A)	the terms of, and the transactions contemplated by, the Finance Documents to which it is a party; and 

  

	 	(B)	the execution of the Finance Documents to which it is a party; 

  

	 	(v)	a copy of the resolution of the board of directors (or any other competent body) of each French Obligor: 

  

	 	(A)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it executes the Finance Documents to which it is a party; 

 

	 	(B)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(C)	authorising a specified person or persons on its behalf to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party;
and 

  

	 	(vi)	evidence that the person(s) who has(ve) signed the Finance Documents on behalf of each French Obligor was(were) duly authorised to sign. 

 

	 	(h)	In the case of a U.S. Obligor: 

  

	 	(i)	a copy of a good standing certificate with respect to such U.S. Obligor, issued as of a recent date by the Secretary of State or other appropriate official of such U.S. Obligor’s jurisdiction of incorporation or
organisation; and 

  

	 	(ii)	a certificate in form and substance satisfactory to the Agent of the chief financial officer, director of finance or other appropriate person of each U. S. Obligor as to the solvency of such U.S. Obligor.

  

	 	(i)	Should the legal advisers of the Lenders consider it advisable, a copy of a resolution signed by all the holders of the issued shares of the Additional Guarantor or Additional Security Provider, approving the terms of,
and the transactions contemplated by, the Finance Documents to which the Additional Guarantor or Additional Security Provider is a party. 

  

	 	(j)	A certificate of the Additional Guarantor or Additional Security Provider (signed by an Authorised Signatory) confirming that guaranteeing the Total Commitments would not cause any guaranteeing or similar limit binding
on it to be exceeded. 

  
 - 217 - 

	 	(k)	A certificate of an Authorised Signatory of the Additional Guarantor or Additional Security Provider certifying that each copy document listed in this Part II of Schedule 2 is correct, complete and in full force and
effect as at a date no earlier than the date of the Accession Letter. 

  

	2.	Finance Documents (other than Transaction Security Documents) 

  

	 	(a)	An Accession Letter, duly executed by the Additional Guarantor or Additional Security Provider and the Borrower. 

  

	 	(b)	A Debtor/Security Provider Accession Deed for the Additional Guarantor or Additional Security Provider to accede to the Intercreditor Agreement, executed by the Additional Guarantor or Additional Security Provider.

  

	 	(c)	Executed avales by the Additional Guarantor to be attached to each of the Promissory Notes existing in favour of each Lender which has requested that such avales be executed by the Additional Guarantor.

  

	3.	Transaction Security Documents 

  

	 	(a)	In relation to an Additional Security Provider, any Transaction Security Documents that are required by the Agent to be executed by the Additional Security Provider. 

 

	 	(b)	A copy of each notice required to be sent under the documents referred to in paragraph (a) above (duly acknowledged by the addressee) and evidence that any other action required to perfect the Transaction Security
created or evidenced or expressed to be created or evidenced pursuant to those documents has been taken. 

  

	 	(c)	Unless already held by the Security Agent, a copy of all share certificates, transfers and stock transfer forms or equivalent duly executed by the relevant Additional Security Provider in blank in relation to the assets
subject to or expressed to be subject to the documents referred to in paragraph (a) above and other documents of title to be provided under those documents. 

 

	4.	Legal opinions 

  

	 	(a)	A legal opinion of the legal advisers to the Additional Guarantor or Additional Security Provider in form and substance reasonably satisfactory to the legal advisers of the Lenders. 

 

	 	(b)	A legal opinion of the legal advisers to the Lenders. 

  

	5.	Other documents and evidence 

  

	 	(a)	Evidence that any process agent referred to in Clause 42.3 (Service of process) has accepted its appointment and, in respect of each Additional Obligor that is incorporated in Mexico, that an irrevocable power of
attorney has been granted before a Mexican notary public, appointing such process agent as its agent for service of process. 

  
 - 218 - 

	 	(b)	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers (after having taken appropriate legal advice) to be necessary or desirable (if it has notified the Additional Guarantor
or Additional Security Provider and the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.

  

	 	(c)	In the case of an Additional Guarantor, its Original Financial Statements. 

  
 - 219 - 

 SCHEDULE 3 

REQUESTS AND NOTICES 

PART I 
 UTILISATION
REQUEST 
  

	From:	CEMEX, S.A.B. de C.V. as the Borrower 

  

	To:	[•] as the Agent 

 Dated: 

Dear Sirs 
 CEMEX, S.A.B. de C.V. –
Facilities Agreement 
 dated [    ] July 2017 (the “Facilities Agreement”) 

 

							
	1.	 	We refer to the Facilities Agreement. This is a Utilisation Request. Terms defined in the Facilities Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation
Request.
		
	2.	 	We wish to borrow a Loan on the following terms:
				
		 	(a)	  	Borrower:	  	CEMEX, S.A.B. de C.V.
				
		 	(b)	  	Proposed Utilisation Date:	  	[•] (or, if that is not a Business Day, the next Business Day)
				
		 	(c)	  	Facility to be utilised:	  	[Facility A]/[Facility B]/[Facility C]/[Facility D1]/[Facility D2]*
				
		 	(d)	  	Currency of Loan:	  	[US$]/[EUR]/[sterling]**
				
		 	(e)	  	Amount:	  	[•] or, if less, the Available Facility ***
				
		 	(f)	  	Interest Period:	  	[•]
		
	3.	 	We confirm that each condition specified in Clause 4.2 (Further conditions precedent) is satisfied on the date of this Utilisation Request.
		
	4.	 	[This Loan is to be made in [whole]/[part] for the purpose of refinancing [identify maturing Facility D2 Loan]./[The proceeds of this Loan should be credited to [account]].
		
	5.	 	This Utilisation Request is irrevocable.

  
 - 220 - 

					
		  	 Yours faithfully
  

    authorised signatory for and on behalf of    

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

 NOTES: 
  

	*	Select the Facility to be utilised and delete references to the other Facilities. 

  

	**	Select the currency to be utilised and delete the reference to the other currencies. 

  

	***	If paragraph (g) of Clause 2.2 (Accordion) of the Facilities Agreement applies, identify Lender(s) nominated for “y”. 

  
 - 221 - 

 PART II 

SELECTION NOTICE 
  

	From:	CEMEX, S.A.B. de C.V. as the Borrower 

  

	To:	[●] as the Agent 

 Dated: 

Dear Sirs 
 CEMEX, S.A.B. de C.V. –
Facilities Agreement 
 dated [    ] July 2017 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement. This is a Selection Notice. Terms defined in the Facilities Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.

  

	2.	[We refer to the following [Facility A Loan[s]]/[Facility B Loan[s]]/[Facility C Loan[s]]/[Facility D1 Loan[s]]] with an Interest Period ending on [●].]* 

 

	3.	We request that the next Interest Period for the above Loan[s] is [●]. 

  

	4.	This Selection Notice is irrevocable. 

  

					
		  	 Yours faithfully
  

    authorised signatory for and on behalf of    

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

 NOTES: 
  

	*	Insert details of all Term Loans for the relevant Facility which have an Interest Period ending on the same date. 

  
 - 222 - 

 SCHEDULE 4 

FORM OF PROMISSORY NOTE 

PAGARÉ NO NEGOCIABLE / 

NON-NEGOTIABLE PROMISSORY NOTE 

PART I 
 TERM LOANS IN
DOLLARS 
 PAGARÉ NO NEGOCIABLE / 

NON-NEGOTIABLE PROMISSORY NOTE 

 

US$                     

For value received, the undersigned, CEMEX, S.A.B. de C.V., by this Promissory Note unconditionally promises to pay to the order of
                     (the “Creditor”), in dollars of the United States of America (“Dollars”), the following
principal sums payable on the following dates (each a “Principal Payment Date”, and the last such date, the “Final Payment Date”): 

 

					
	 Principal Payment Date
	  	Amount1	 
	 [•]2 
	  	US$	[	•] 
	 [•]3 
	  	US$	[	•] 
	 [•]4 
	  	US$	[	•] 
	 [•]5 
	  	US$	[	•] 
	 [•]6 
	  	US$	[	•] 

 provided that, on the Final Payment Date, any and all principal amounts then due, shall be paid. 

The undersigned also promises to pay interest on the outstanding and unpaid principal amount of this Promissory Note, from the date hereof, for each day
during each Interest Period (as defined below), at a rate per annum equal to LIBOR (as defined below) plus the Margin (as defined below), payable in arrears, on each Interest Payment Date (as defined below), until payment in full of the outstanding
principal amount hereof provided, however, that

 E.U.A.
$                     
 Por valor recibido, la
suscrita, CEMEX, S.A.B. de C.V., por este Pagaré promete incondicionalmente pagar a la orden de                      (el
“Acreedor”), en dólares de los Estados Unidos de América (“Dólares”), las siguientes sumas de principal pagaderas en las siguientes fechas (cada una, una “Fecha de Pago de
Principal” y la última de dichas fechas, la “Fecha de Vencimiento”): 
  

					
	 Fecha de Pago de Principal
	  	Monto	 
	 [•]
	  	EUA$	[	•] 
	 [•]
	  	EUA$	[	•] 
	 [•]
	  	EUA$	[	•] 
	 [•]
	  	EUA$	[	•] 
	 [•]
	  	EUA$	[	•] 

 en la inteligencia que, en la Fecha de Vencimiento, todas las sumas de principal pagaderas,
deberán pagarse. 
 La suscrita promete, así mismo, pagar intereses sobre el saldo insoluto de la suma de principal de este Pagaré, a
partir de la fecha de suscripción del presente Pagaré, por cada día respecto de cada Período de Interés (según este término se define a continuación), a una tasa anual igual a LIBOR
(según este término se define a continuación) más el Margen (según este término se define a continuación), pagaderos en forma vencida, en cada

 

  

	1 	Include amount equal to 20% of the Loan. 

	2 	Include date that is 36 months after the date of the Facilities Agreement. 

	3 	Include date that is 42 months after the date of the Facilities Agreement. 

	4 	Include date that is 48 months after the date of the Facilities Agreement. 

	5 	Include date that is 54 months after the date of the Facilities Agreement. 

	6 	Include date that is 60 months after the date of the Facilities Agreement. 

  
 - 223 - 

 
upon any repayment or prepayment of any principal amount of this Promissory Note, interest accrued and unpaid on the principal amount repaid or prepaid, shall be payable on the date of such
repayment or prepayment.] 
 Any principal amount and (to the extent permitted by applicable law) interest not paid when due under this Promissory Note,
shall bear interest for each day until paid, payable on demand, at a rate per annum equal to the sum of two percent (2%) plus the interest rate then applicable hereunder as provided in the preceding paragraph. 

Interest hereunder shall be calculated on the basis of the actual number of days elapsed, divided by three hundred and sixty (360). 

For purposes of this Promissory Note, the following terms shall have the following meanings: 

“Agent” means Citibank Europe plc, UK Branch. 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, United Kingdom, New
York, United States of America and Mexico City, United Mexican States. 
 “Interest Payment Date” means the last day of each
Interest Period. 
 “Interest Period” means (a) initially, the period commencing on the date hereof and ending on the
numerically corresponding day in the calendar month [one (1)/three (3)/six (6)] month[s] thereafter, and (b) thereafter, each period commencing on the last day of the immediately preceding Interest Period and ending on the numerically
corresponding day in the [applicable calendar month]/[calendar month [one (1)/three (3)/six (6)] month[s]]7 thereafter provided that (i) any Interest Period that would otherwise
end on a day that is not a Business Day, shall be extended to the immediately succeeding Business Day, unless such immediately succeeding Business Day falls in the next calendar month, in which case such Interest Period shall end on the immediately
preceding Business Day; (ii) any Interest Period that begins on

 Fecha de Pago de Interés (según este término se define a continuación), hasta que se
efectúe el pago de la totalidad del saldo insoluto del presente en el entendido, sin embargo, que en el caso de cualquier repago o prepago de cualquier suma principal de este Pagaré, los intereses devengados e insolutos sobre la
suma repagada o prepagada, serán pagaderos en la fecha en que se realice dicho repago o prepago. 
 Cualquier monto de principal y (en la medida
permitida por la legislación aplicable) de intereses que no sea pagado cuando sea debido conforme a este Pagaré, devengará intereses por cada día hasta que sea pagado, pagaderos a la vista, a una tasa anual igual a la
suma de dos por ciento (2%) más la tasa de interés aplicable conforme a lo previsto en el párrafo anterior. 
 Los intereses conforme
al presente serán calculados sobre la base del número de días efectivamente transcurridos, divididos entre trescientos sesenta (360). 

Para efectos de éste Pagaré, los siguientes términos tendrán los significados indicados a continuación: 

“Agente” significa Citibank Europe plc, UK Branch. 

“Día Hábil” significa cualquier día (que no sea sábado o domingo), en el cual los bancos comerciales en
las ciudades de Londres, Reino Unido, Nueva York, Estados Unidos de América y Ciudad de México, Estados Unidos Mexicanos estén abiertos para celebrar operaciones en general. 

“Fecha de Pago de Interés” significa el último día de cada Período de Interés. 

“Período de Interés” significa (a) inicialmente, el período que comienza en la fecha del presente
pagaré y termina en el día numéricamente correspondiente en el mes calendario que sea [un (1)/tres (3)/seis (6)] mes[es] después de dicha fecha, y (b) en adelante, cada período comenzando en el último
día del Período de Intereses inmediatamente anterior y que termine el día numéricamente correspondiente en el mes calendario [aplicable que ocurra]/[que ocurra [un (1)/tres (3)/seis (6)] mes[es]] después de dicha
fecha en el entendido que (i) cualquier Período de Intereses que termine en una fecha que no sea un Día Hábil, será extendido al Día Hábil inmediato siguiente, salvo en el
caso de que dicho Día Hábil inmediato siguiente sea en el mes calendario siguiente, en cuyo caso, dicho Período de Intereses terminará en el Día Hábil

 

  
  

	7	Language to be included only if a bank requests that the note includes the applicable Interest Period. 

  
 - 224 - 

 
the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month in which that Interest Period is to end) shall end on the last
Business Day of the calendar month in which that Interest Period is to end; and (iii) no Interest Period shall extend beyond the Final Payment Date. 

“LIBOR” means (a) the applicable Screen Rate, or (b) if no Screen Rate is available for an applicable Interest Period, the
Interpolated Screen Rate, or (c) if no Screen Rate is available for (i) Dollars or (ii) an applicable Interest Period and it is not possible to calculate an Interpolated Screen Rate for that Interest Period, the Reference Bank Rate,
in the case of paragraphs (a) and (c) above, as of approximately 11:00 a.m. (London time) on the Quotation Day for the offering of deposits in Dollars and for a period comparable to the Interest Period and, if the rate is less than zero, LIBOR
shall be deemed to be zero. 
 “London Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general
business in London, United Kingdom. 
 “Interpolated Screen Rate” means the rate which results from interpolating on a linear basis between
(a) the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period; and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available)
which exceeds the Interest Period, as of approximately 11:00 a.m. (London time) on the Quotation Day for the offering of deposits in Dollars and for a period comparable to the Interest Period. 

“Margin” means [•] per cent ([•]%) per annum.8 

“Quotation Day” means, in relation to any period for which an interest rate is to be determined, two (2) London Business
Days before the first day of that period, unless market practice differs in the Relevant Interbank Market, in which case the Quotation Day will be determined by the Agent in accordance with market practice in the Relevant Interbank Market (and if
quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day

 
inmediato anterior; (ii) cualquier Período de Intereses que inicie el último Día Hábil de un mes calendario (o en un día para el cual no exista fecha
numéricamente correspondiente en el mes calendario en el cual dicho Período de Intereses deba terminar) terminará en el último Día Hábil del mes calendario en el cual dicho Período de Intereses deba
terminar; y (iii) ningún Período de Intereses terminará después de la Fecha de Vencimiento. 
 “LIBOR”
significa (a) la Tasa de Pantalla aplicable, o (b) si la Tasa de Pantalla no estuviere disponible para el Período de Interés de que se trate, la Tasa de Pantalla Interpolada, o (c) si la Tasa de Pantalla no estuviere
disponible para (i) Dólares o (ii) el Período de Interés de que se trate y no fuere posible calcular la Tasa de Pantalla Interpolada para dicho Período de Intereses, la Tasa de los Bancos de Referencia, en los
supuestos previstos en los incisos (a) y (c) anteriores, aproximadamente a las 11:00 a.m. (hora de Londres) en la Fecha de Cotización respecto de la oferta de depósitos en Dólares y por un período comparable al
Período de Interés y, en caso que la tasa sea menor de cero, entonces LIBOR deberá ser cero. 
 “Día Hábil en
Londres” significa cualquier día (que no sea sábado o domingo), en el cual los bancos comerciales en la ciudad de Londres, Reino Unido estén abiertos para celebrar operaciones en general. 

“Tasa de Pantalla Interpolada” significa la tasa que resulte de interpolar en forma lineal (a) la Tasa de Pantalla aplicable para el
período más largo (para el cual la Tasa de Pantalla esté disponible) pero que sea menor al Período de Intereses y (b) la Tasa de Pantalla aplicable para el período más corto (para el cual la Tasa de
Pantalla esté disponible) pero que exceda el Período de Interés, aproximadamente a las 11:00 a.m. (hora de Londres) en la Fecha de Cotización respecto de la oferta de depósitos en Dólares y por un
período comparable al Período de Interés. 
 “Margen” significa [•] por ciento ([•]%) por año. 

“Fecha de Cotización” significa, respecto de cualquier período para el cual una tasa de interés deba ser determinada,
dos (2) Días Hábiles en Londres antes del primer día de tal período, a menos que la práctica de mercado en el Mercado Interbancario Relevante sea distinta, en cuyo caso la Fecha de Cotización
será determinada por el Agente de conformidad con la práctica de mercado en el Mercado Interbancario Relevante (y en caso de que las cotizaciones normalmente sean proporcionadas

 

  
  

	8	Margin in effect on date the pagaré is signed. 

  

  
 - 225 - 

 
will be the last of those days). 
 “Relevant Interbank Market” means the
London interbank market. 
 “Reference Banks” means the principal London offices of BNP Paribas and ING Bank NV. 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places), as supplied to the Agent at its
request by the Reference Banks, at which the relevant Reference Bank could borrow funds in the London interbank market in Dollars and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in
reasonable market size in Dollars and for that period. 
 “Screen Rate” means the London interbank offered rate administered by ICE
Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page
which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available or is replaced, the Agent may specify
another page or service displaying the relevant rate. 
 All payments by the undersigned of principal, interest and other payments hereunder, shall be made
without setoff, deduction or counterclaim not later than 11:00 a.m., London time, on the due date for each such payment, in Dollars and in immediately available funds, at the office of the Agent located at 5th Floor, Citigroup Centre, 25 Canada
Square, Canary Wharf, London E14 5LB, United Kingdom, Attention: Loans Agency. The undersigned agree to reimburse upon demand, in like manner and funds, all losses, costs and expenses of the holder hereof, incurred in connection with the enforcement
of this Promissory Note. 
 Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same
calendar month (if there

 
por bancos líderes en el Mercado Interbancario Relevante en más de un día, la Fecha de Cotización será el último de dichos días). 

“Mercado Interbancario Relevante” significa el mercado interbancario de Londres. 

“Bancos de Referencia” significa las oficinas principales de BNP Paribas y ING Bank NV en Londres. 

“Tasa de los Bancos de Referencia” significa el promedio aritmético de las tasas (redondeadas hacia arriba, a cuatro decimales)
que proporcionen los Bancos de Referencia a petición del Agente, de la tasa de interés a la cual el Banco de Referencia que corresponda podría recibir fondos en préstamo en el mercado interbancario de Londres en
Dólares y por el período de que se trate, en caso que dicho Banco de Referencia obtuviera fondos en préstamo después de haber pedido y aceptado dichas ofertas interbancarias para depósitos en tamaños de
mercado razonables, en Dólares y por ese mismo período. 
 “Tasa de Pantalla” significa la tasa ofrecida en el mercado
interbancario de Londres administrada por ICE Benchmark Administration Limited (o cualquier otra persona que asuma la administración de dicha tasa) para Dólares y para el período de que se trate, que aparezca en las
páginas LIBOR01 o LIBOR02 de la pantalla Thomson Reuters (o cualquier página que reemplace la pantalla Thomson Reuters que divulgue dicha tasa) o la página que corresponda del servicio que provea dicha tasa de tiempo en tiempo
en lugar de Thomson Reuters. Si la página o servicio es reemplazada deja de estar disponible, el Agente puede señalar otra página o servicio para que divulgue la tasa apropiada. 

Todos los pagos que deban hacerse conforme a este Pagaré por las suscritas, de principal, intereses y por otros conceptos, serán efectuados sin
compensación, deducción o defensa, antes de las 11:00 a.m., hora de la ciudad de Londres, en la fecha en que el pago de que se trate venza, en Dólares y en fondos disponibles inmediatamente, en la oficina del Agente ubicada en
el 5to piso de Citigroup Centre, 25 Canada Square, Canary Wharf, Londres E14 5LB, Reino Unido, Atención: Agente de Créditos. Las suscritas convienen en reembolsar a la vista, en la misma forma y fondos, cualesquiera pérdidas,
costos y gastos del tenedor del presente, incurridos en relación con el procedimiento de cobro del presente Pagaré. 
 Cualquier pago que deba
hacerse conforme al presente en un día que no sea un Día Hábil, deberá hacerse en el siguiente Día Hábil durante el mismo

 

  
 - 226 - 

 
is one) or the preceding Business Day (if there is not). During any extension of the due date of payment of any principal, interest is payable on the principal at the rate payable on the original
due date. 
 All payments by the undersigned hereunder, shall be made free and clear of, and without deduction,
set-off or counterclaim for, any present or future tax, levy, impost, duty or other charge, deduction or withholding of a similar nature (including any penalty or interest payable in connection with any
failure to pay or any delay in paying any of the same), imposed by the United Mexican States or any other jurisdiction from which any amount payable hereunder is made, or any taxing authority thereof or therein, unless required by law. In the event
that the undersigned shall be compelled by law to make any such deduction or withholding, in respect of any payments hereunder, then the undersigned shall (i) pay such additional amounts as may be necessary so that the holder hereof would
receive the full amounts it would have received, if such deductions or withholdings would not have been made, (ii) make all such deductions or withholdings and (iii) pay the full amount deducted or withheld to the relevant taxation
authority or other authority in accordance with applicable law. 
 This Promissory Note shall be governed by, and construed in accordance with, the laws of
England; provided, however, that if any action or proceedings in connection with this Promissory Note were brought to any courts in the United Mexican States, this Promissory Note shall be deemed as governed under the laws of the United
Mexican States on account of place of their present or future domicile or residence or for any other reason. 
 Any legal action or proceeding arising out
of or relating to this Promissory Note may be brought to the jurisdiction of the courts of England and any appellate court thereof, or any federal court sitting in Mexico City, United Mexican States; the undersigned waive the right to jurisdiction
of any other courts, on account of place of their present or future residence or domicile or for any other reason. 
 The undersigned hereby waive
diligence, demand, protest, presentment, notice of dishonor or any other notice or demand whatsoever. 
 This Promissory Note is executed in both English

 mes calendario (si existe uno) o en el Día Hábil previo (si no existe uno). Respecto de cualquier
extensión de cualquier fecha de pago de principal, los intereses que correspondan al pago de principal se devengarán a la tasa de interés pagadera en la fecha de pago original. 

Todos los pagos que se efectúen por las suscritas en términos del presente, deberán hacerse libres de y sin retención,
deducción o compensación alguna por, cualquier impuesto, contribución, carga, derecho u otras cargas, deducciones o retenciones, presentes o futuras, de cualquier naturaleza (incluyendo cualquier multa o interés pagadero
por el incumplimiento o retraso en el pago de cualquiera de dichas sumas), establecidos o determinados por los Estados Unidos Mexicanos o por cualquier otra jurisdicción de la que se paguen cantidades adeudadas conforme al presente, a menos
que sea requerido por ley. En caso que las suscritas estén obligadas legalmente a llevar a cabo cualquier retención o deducción, respecto de cualesquiera pagos conforme al presente, las suscritas (i) pagarán las
sumas adicionales que sean necesarias para asegurar que las sumas recibidas por el tenedor del presente sean iguales a la suma que el tenedor hubiera recibido, si tales retenciones o deducciones no se hubieren realizado, (ii) realizarán
las deducciones o retenciones, y (iii) pagarán el monto completo deducido o retenido a la autoridad fiscal correspondiente o cualquier otra autoridad de conformidad con la legislación aplicable. 

Este Pagaré se regirá e interpretará de acuerdo con las leyes de Inglaterra; en el entendido, sin embargo, que si
cualquier acción o procedimiento en relación con este Pagaré se iniciara en los tribunales de los Estados Unidos Mexicanos, este Pagaré se considerará regido de acuerdo con las leyes de los Estados Unidos Mexicanos
en virtud de su domicilio presente o futuro o par cualquier otra razón. 
 Cualquier acción o procedimiento legal que derive o se relacione
con este Pagaré podrá ser iniciado en los tribunales de Inglaterra, o en cualquier tribunal de apelación de los mismos, o cualquier tribunal federal localizado en la Ciudad de México, Estados Unidos Mexicanos, renunciando
la suscrita a la jurisdicción de cualesquiera otros tribunales, en virtud de su domicilio presente o futuro, o por cualquier otra razón. 

Las suscritas en este acto renuncian a diligencia, demanda, protesto, presentación, notificación de no aceptación y a cualquier
notificación o demanda de cualquier naturaleza. 
 El presente Pagaré se suscribe en versiones en

 

  
 - 227 - 

 
and Spanish versions. In the case of any conflict or doubt as to the proper construction of this Promissory Note, the English version shall govern; provided, however, that in any action or
proceeding brought in any court in the United Mexican States, the Spanish version shall prevail. 
 If the laws of the United Mexican States apply, for the
purposes of Article 128 of the General Law of Negotiable Instruments and Credit Transactions of the United Mexican States, the term of presentation of this Promissory Note is hereby irrevocably extended until the date that is six (6) months
after the Final Payment Date, it being understood that such extension shall not be deemed to prevent presentation of this Promissory Note prior to such date. 

For any notice in the United Mexican States related to this Promissory Note, the undersigned designate their domicile at
[            ] 
 IN WITNESS WHEREOF, the undersigned have duly executed this Promissory Note on
the date indicated below. 

 inglés y español. En caso de conflicto o duda en relación con la debida
interpretación de este Pagaré, la versión en inglés prevalecerá; en el entendido, sin embargo, que en cualquier procedimiento iniciado en cualquier tribunal de los Estados Unidos Mexicanos,
prevalecerá la versión en español. 
 Si la legislación de los Estados Unidos Mexicanos fuere aplicable, para los efectos del
Artículo 128 de la Ley General de Títulos y Operaciones de Crédito de los Estados Unidos Mexicanos, por medio del presente se prorroga irrevocablemente el plazo de presentación de este Pagaré hasta la fecha que sea
seis (6) meses después de la Fecha de Vencimiento, en el entendido de que dicha prórroga no impedirá la presentación de este Pagaré con anterioridad a dicha fecha. 

Para cualquier aviso en los Estados Unidos Mexicanos relacionado con este Pagaré, las suscritas designan la siguiente dirección como su
domicilio [            ]. 
 EN VIRTUD DE LO CUAL, las suscritas han firmado este Pagaré
en la fecha abajo mencionada. 

 

  

                        
,                         , a     de             .

                        
,                         ,             ,
        . 

  
 - 228 - 

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

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:

			
	
	Guaranteed/Por Aval:
	 CEMEX España,
S.A.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX México, S.A. de
C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Concretos, S.A. de
C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 Empresas Tolteca de México, S.A. de
C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 New Sunward Holding
B.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Corp.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Finance
LLC

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Research Group
AG

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:

  
 - 229 - 

			
	Guaranteed/Por Aval:
	 CEMEX Asia
B.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX France Gestion
(S.A.S.)

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX UK

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Egyptian Investments
B.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Central, S.A. de
C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:

  
 - 230 - 

 PART II 

LOANS IN DOLLARS UNDER THE REVOLVING LOAN FACILITY 

PAGARÉ NO NEGOCIABLE / 

NON-NEGOTIABLE PROMISSORY NOTE 

 

US$                         

For value received, the undersigned, CEMEX, S.A.B. de C.V., by this Promissory Note unconditionally promises to pay to the order of
                        (the “Creditor”), in dollars of the United States of America
(“Dollars”), the principal sum of US$                          payable on
                         (the “Final Payment Date”). 

The undersigned also promises to pay interest on the outstanding and unpaid principal amount of this Promissory Note, from the date hereof, for each day
during each Interest Period (as defined below), at a rate per annum equal to LIBOR (as defined below) plus the Margin (as defined below), payable in arrears, each Interest Payment Date (as defined below), until payment in full of the outstanding
principal amount hereof provided, however, that upon any repayment or prepayment of any principal amount of this Promissory Note, interest accrued and unpaid on the principal amount repaid or prepaid, shall be payable on the date of such
repayment or prepayment. 
 Any principal amount and (to the extent permitted by applicable law) interest not paid when due under this Promissory Note,
shall bear interest for each day until paid, payable on demand, at a rate per annum equal to the sum of two percent (2%) plus the interest rate then applicable hereunder as provided in the preceding paragraph. 

Interest hereunder shall be calculated on the basis of the actual number of days elapsed, divided by three hundred and sixty (360). 

For purposes of this Promissory Note, the following terms shall have the following meanings: 

“Agent” means Citibank Europe plc, UK Branch. 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in 

London, United Kingdom, New York, United States of America and Mexico City, United

E.U.A.$                         

Por valor recibido, la suscrita, CEMEX, S.A.B. de C.V., por este Pagaré promete incondicionalmente pagar a la orden de
                         (el “Acreedor”), en dólares de los Estados Unidos de América
(“Dólares”), la suma de principal de E.U.A.$                         pagadera el
                         
 (la
“Fecha de Vencimiento”). 
 La suscrita promete, así mismo, pagar intereses sobre el saldo insoluto de la suma
de principal de este Pagaré, a partir de la fecha de suscripción del presente Pagaré, por cada día respecto de cada Período de Interés (según este término se define a continuación), a
una tasa anual igual a LIBOR (según este término se define a continuación) más el Margen (según este término se define a continuación), pagaderos en forma vencida, en cada Fecha de Pago de
Interés (según este término se define a continuación), hasta que se efectúe el pago de la totalidad del saldo insoluto del presente en el entendido, sin embargo, que en el caso de cualquier repago o prepago
de cualquier suma principal de este Pagaré, los intereses devengados e insolutos sobre la suma repagada o prepagada, serán pagaderos en la fecha en que se realice dicho repago o prepago. 

Cualquier monto de principal y (en la medida permitida por la legislación aplicable) de intereses que no sea pagado cuando sea debido conforme a este
Pagaré, devengará intereses por cada día hasta que sea pagado, pagaderos a la vista, a una tasa anual igual a la suma de dos por ciento (2%) más la tasa de interés aplicable conforme a lo previsto en el
párrafo anterior. 
 Los intereses conforme al presente serán calculados sobre la base del número de días efectivamente
transcurridos, divididos entre trescientos sesenta (360). 
 Para efectos de éste Pagaré, los siguientes términos tendrán los
significados indicados a continuación: 
 “Agente” significa Citibank Europe plc, UK Branch. 

“Día Hábil” significa cualquier día (que no sea sábado o domingo), en el cual los bancos
comerciales en las ciudades de Londres, Reino Unido, Nueva York, Estados Unidos de América y Ciudad de México, Estados Unidos Mexicanos

 

  
 - 231 - 

 
Mexican States. 
 “Interest Payment Date” means the last day of each
Interest Period. 
 “Interest Period” means (a) initially, the period commencing on the date hereof and ending on the
numerically corresponding day in the calendar month [one (1)/three (3)/six (6)] month[s] thereafter, and (b) thereafter, each period commencing on the last day of the immediately preceding Interest Period and ending on the numerically
corresponding day in the [applicable calendar month]/[calendar month [one (1)/three (3)/six (6)] month[s]]9 thereafter provided that (i) any Interest Period that would otherwise
end on a day that is not a Business Day, shall be extended to the immediately succeeding Business Day, unless such immediately succeeding Business Day falls in the next calendar month, in which case such Interest Period shall end on the immediately
preceding Business Day; (ii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month in which that Interest Period is to end) shall end
on the last Business Day of the calendar month in which that Interest Period is to end; and (iii) no Interest Period shall extend beyond the Final Payment Date. 

“LIBOR” means (a) the applicable Screen Rate, or (b) if no Screen Rate is available for an applicable Interest Period, the
Interpolated Screen Rate, or (c) if no Screen Rate is available for (i) Dollars or (ii) an applicable Interest Period and it is not possible to calculate an Interpolated Screen Rate for that Interest Period, the Reference Bank Rate,
in the case of paragraphs (a) and (c) above, as of approximately 11:00 a.m. (London time) on the Quotation Day for the offering of deposits in Dollars and for a period comparable to the Interest Period and, if the rate is less than zero, LIBOR
shall be deemed to be zero. 
 “London Business Day” means a day (other than a Saturday or Sunday) on which banks are open
for general business in London, United Kingdom. 
 “Interpolated Screen Rate” means the rate which results from interpolating on a
linear basis between (a) the applicable Screen Rate for the longest period

 estén abiertos para celebrar operaciones en general. 

“Fecha de Pago de Interés” significa el último día de cada Período de Interés. 

“Período de Interés” significa (a) inicialmente, el período que comienza en la fecha del presente
pagaré y termina en el día numéricamente correspondiente en el mes calendario que sea [un (1)/tres (3)/seis (6)] mes[es] después de dicha fecha, y (b) en adelante, cada período comenzando en el último
día del Período de Intereses inmediatamente anterior y que termine el día numéricamente correspondiente en el mes calendario [aplicable que ocurra]/[que ocurra [un (1)/tres (3)/seis (6)] mes[es]] después de dicha
fecha en el entendido que (i) cualquier Período de Intereses que termine en una fecha que no sea un Día Hábil, será extendido al Día Hábil inmediato siguiente, salvo en el
caso de que dicho Día Hábil inmediato siguiente sea en el mes calendario siguiente, en cuyo caso, dicho Período de Intereses terminará en el Día Hábil inmediato anterior; (ii) cualquier Período
de Intereses que inicie el último Día Hábil de un mes calendario (o en un día para el cual no exista fecha numéricamente correspondiente en el mes calendario en el cual dicho Período de Intereses deba
terminar) terminará en el último Día Hábil del mes calendario en el cual dicho Período de Intereses deba terminar; y (iii) ningún Período de Intereses terminará después de la Fecha
de Vencimiento. 
 “LIBOR” significa (a) la Tasa de Pantalla aplicable, o (b) si la Tasa de Pantalla no estuviere disponible para
el Período de Interés de que se trate, la Tasa de Pantalla Interpolada, o (c) si la Tasa de Pantalla no estuviere disponible para (i) Dólares o (ii) el Período de Interés de que se trate y no fuere
posible calcular la Tasa de Pantalla Interpolada para dicho Período de Intereses, la Tasa de los Bancos de Referencia, en los supuestos previstos en los incisos (a) y (c) anteriores, aproximadamente a las 11:00 a.m. (hora de Londres) en
la Fecha de Cotización respecto de la oferta de depósitos en Dólares y por un período comparable al Período de Interés y, en caso que la tasa sea menor de cero, entonces LIBOR deberá ser cero. 

“Día Hábil en Londres” significa cualquier día (que no sea sábado o domingo), en el cual los bancos
comerciales en la ciudad de Londres, Reino Unido estén abiertos para celebrar operaciones en general. 
 “Tasa de Pantalla
Interpolada” significa la tasa que resulte de interpolar en forma lineal (a) la Tasa de Pantalla aplicable para el período más largo (para

 

  
  

	9	Language to be included only if a bank requests that the note includes the applicable Interest Period. 

 

  
 - 232 - 

 
(for which that Screen Rate is available) which is less than the Interest Period; and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which
exceeds the Interest Period, as of approximately 11:00 a.m. (London time) on the Quotation Day for the offering of deposits in Dollars and for a period comparable to the Interest Period. 

“Margin” means [•] per cent ([•]%) per annum.10 

“Quotation Day” means, in relation to any period for which an interest rate is to be determined, two (2) London Business
Days before the first day of that period, unless market practice differs in the Relevant Interbank Market, in which case the Quotation Day will be determined by the Agent in accordance with market practice in the Relevant Interbank Market (and if
quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days). 

“Relevant Interbank Market” means the London interbank market. 

“Reference Banks” means the principal London offices of BNP Paribas and ING Bank NV. 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places), as supplied to the Agent
at its request by the Reference Banks, at which the relevant Reference Bank could borrow funds in the London interbank market in Dollars and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in
reasonable market size in Dollars and for that period. 
 “Screen Rate” means the London interbank offered rate administered
by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson
Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson

 el cual la Tasa de Pantalla esté disponible) pero que sea menor al Período de Intereses y
(b) la Tasa de Pantalla aplicable para el período más corto (para el cual la Tasa de Pantalla esté disponible) pero que exceda el Período de Interés, aproximadamente a las 11:00 a.m. (hora de Londres) en la
Fecha de Cotización respecto de la oferta de depósitos en Dólares y por un período comparable al Período de Interés. 

“Margen” significa [•] por ciento ([•]%) por año. 

“Fecha de Cotización” significa, respecto de cualquier período para el cual una tasa de interés deba ser
determinada, dos (2) Días Hábiles en Londres antes del primer día de tal período, a menos que la práctica de mercado en el Mercado Interbancario Relevante sea distinta, en cuyo caso la Fecha de
Cotización será determinada por el Agente de conformidad con la práctica de mercado en el Mercado Interbancario Relevante (y en caso de que las cotizaciones normalmente sean proporcionadas por bancos líderes en el Mercado
Interbancario Relevante en más de un día, la Fecha de Cotización será el último de dichos días). 

“Mercado Interbancario Relevante” significa el mercado interbancario de Londres. 

“Bancos de Referencia” significa las oficinas principales de BNP Paribas y ING Bank NV en Londres. 

“Tasa de los Bancos de Referencia” significa el promedio aritmético de las tasas (redondeadas hacia arriba, a cuatro
decimales) que proporcionen los Bancos de Referencia a petición del Agente, de la tasa de interés a la cual el Banco de Referencia que corresponda podría recibir fondos en préstamo en el mercado interbancario de Londres
en Dólares y por el período de que se trate, en caso que dicho Banco de Referencia obtuviera fondos en préstamo después de haber pedido y aceptado dichas ofertas interbancarias para depósitos en tamaños de
mercado razonables, en Dólares y por ese mismo período. 
 “Tasa de Pantalla” significa la tasa ofrecida en el
mercado interbancario de Londres administrada por ICE Benchmark Administration Limited (o cualquier otra persona que asuma la administración de dicha tasa) para Dólares y para el período de que se trate, que aparezca en las
páginas LIBOR01 o LIBOR02 de la pantalla Thomson Reuters (o cualquier página que reemplace la pantalla Thomson Reuters que divulgue dicha tasa) o la página que corresponda del servicio que provea

 

  
  

	10 	Margin in effect on date the pagaré is signed. 

  

  
 - 233 - 

 
Reuters. If such page or service ceases to be available or is replaced, the Agent may specify another page or service displaying the relevant rate. 

All payments by the undersigned of principal, interest and other payments hereunder, shall be made without setoff, deduction or counterclaim not later than
11:00 a.m., London time, on the due date for each such payment, in Dollars and in immediately available funds, at the office of the Agent located at 5th Floor, Citigroup Centre, 25 Canada Square, Canary Wharf, London E14 5LB, United Kingdom,
Attention: Loans Agency. The undersigned agree to reimburse upon demand, in like manner and funds, all losses, costs and expenses of the holder hereof, incurred in connection with the enforcement of this Promissory Note. 

Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or
the preceding Business Day (if there is not). During any extension of the due date of payment of any principal, interest is payable on the principal at the rate payable on the original due date. 

All payments by the undersigned hereunder, shall be made free and clear of, and without deduction, set-off or
counterclaim for, any present or future tax, levy, impost, duty or other charge, deduction or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same),
imposed by the United Mexican States or any other jurisdiction from which any amount payable hereunder is made, or any taxing authority thereof or therein, unless required by law. In the event that the undersigned shall be compelled by law to make
any such deduction or withholding, in respect of any payments hereunder, then the undersigned shall (i) pay such additional amounts as may be necessary so that the holder hereof would receive the full amounts it would have received, if such
deductions or withholdings would not have been made, (ii) make all such deductions or withholdings and (iii) pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable law.

 This Promissory Note shall be governed by, and construed in accordance with, the laws of England;

 dicha tasa de tiempo en tiempo en lugar de Thomson Reuters. Si la página o servicio es reemplazada deja
de estar disponible, el Agente puede señalar otra página o servicio para que divulgue la tasa apropiada. 
 Todos los pagos que deban hacerse
conforme a este Pagaré por las suscritas, de principal, intereses y por otros conceptos, serán efectuados sin compensación, deducción o defensa, antes de las 11:00 a.m., hora de la ciudad de Londres, en la fecha en que el
pago de que se trate venza, en Dólares y en fondos disponibles inmediatamente, en la oficina del Agente ubicada en el 5to piso de Citigroup Centre, 25 Canada Square, Canary Wharf, Londres E14 5LB, Reino Unido, Atención: Agente de
Créditos. Las suscritas convienen en reembolsar a la vista, en la misma forma y fondos, cualesquiera pérdidas, costos y gastos del tenedor del presente, incurridos en relación con el procedimiento de cobro del presente
Pagaré. 
 Cualquier pago que deba hacerse conforme al presente en un día que no sea un Día Hábil, deberá hacerse en el
siguiente Día Hábil durante el mismo mes calendario (si existe uno) o en el Día Hábil previo (si no existe uno). Respecto de cualquier extensión de cualquier fecha de pago de principal, los intereses que
correspondan al pago de principal se devengarán a la tasa de interés pagadera en la fecha de pago original. 
 Todos los pagos que se
efectúen por las suscritas en términos del presente, deberán hacerse libres de y sin retención, deducción o compensación alguna por, cualquier impuesto, contribución, carga, derecho u otras cargas,
deducciones o retenciones, presentes o futuras, de cualquier naturaleza (incluyendo cualquier multa o interés pagadero por el incumplimiento o retraso en el pago de cualquiera de dichas sumas), establecidos o determinados por los Estados
Unidos Mexicanos o por cualquier otra jurisdicción de la que se paguen cantidades adeudadas conforme al presente, a menos que sea requerido por ley. En caso que las suscritas estén obligadas legalmente a llevar a cabo cualquier
retención o deducción, respecto de cualesquiera pagos conforme al presente, las suscritas (i) pagarán las sumas adicionales que sean necesarias para asegurar que las sumas recibidas por el tenedor del presente sean iguales
a la suma que el tenedor hubiera recibido, si tales retenciones o deducciones no se hubieren realizado, (ii) realizarán las deducciones o retenciones, y (iii) pagarán el monto completo deducido o retenido a la autoridad
fiscal correspondiente o cualquier otra autoridad de conformidad con la legislación aplicable. 
 Este Pagaré se regirá e
interpretará de acuerdo con las leyes de Inglaterra; en el entendido, sin 

 

  
 - 234 - 

 
provided, however, that if any action or proceedings in connection with this Promissory Note were brought to any courts in the United Mexican States, this Promissory Note shall be deemed
as governed under the laws of the United Mexican States on account of place of their present or future domicile or residence or for any other reason. 
 Any
legal action or proceeding arising out of or relating to this Promissory Note may be brought to the jurisdiction of the courts of England and any appellate court thereof, or any federal court sitting in Mexico City, United Mexican States; the
undersigned waive the right to jurisdiction of any other courts, on account of place of their present or future residence or domicile or for any other reason. 

The undersigned hereby waive diligence, demand, protest, presentment, notice of dishonor or any other notice or demand whatsoever. 

This Promissory Note is executed in both English and Spanish versions. In the case of any conflict or doubt as to the proper construction of this Promissory
Note, the English version shall govern; provided, however, that in any action or proceeding brought in any court in the United Mexican States, the Spanish version shall prevail. 

For any notice in the United Mexican States related to this Promissory Note, the undersigned designate their domicile at
[            ] 
 IN WITNESS WHEREOF, the undersigned have duly executed this Promissory Note on
the date indicated below. 

 embargo, que si cualquier acción o procedimiento en relación con este Pagaré
se iniciara en los tribunales de los Estados Unidos Mexicanos, este Pagaré se considerará regido de acuerdo con las leyes de los Estados Unidos Mexicanos en virtud de su domicilio presente o futuro o par cualquier otra razón.

 Cualquier acción o procedimiento legal que derive o se relacione con este Pagaré podrá ser iniciado en los tribunales de Inglaterra,
o en cualquier tribunal de apelación de los mismos, o cualquier tribunal federal localizado en la Ciudad de México, Estados Unidos Mexicanos, renunciando la suscrita a la jurisdicción de cualesquiera otros tribunales, en virtud
de su domicilio presente o futuro, o por cualquier otra razón. 
 Las suscritas en este acto renuncian a diligencia, demanda, protesto,
presentación, notificación de no aceptación y a cualquier notificación o demanda de cualquier naturaleza. 
 El presente
Pagaré se suscribe en versiones en inglés y español. En caso de conflicto o duda en relación con la debida interpretación de este Pagaré, la versión en inglés prevalecerá; en el
entendido, sin embargo, que en cualquier procedimiento iniciado en cualquier tribunal de los Estados Unidos Mexicanos, prevalecerá la versión en español. 

Para cualquier aviso en los Estados Unidos Mexicanos relacionado con este Pagaré, las suscritas designan la siguiente dirección como su
domicilio [            ]. 
 EN VIRTUD DE LO CUAL, las suscritas han firmado este Pagaré
en la fecha abajo mencionada. 

 

  

                    ,
                    , a      de             . 

                    ,
                    ,                 ,
        . 

  
 - 235 - 

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

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX España, S.A.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX México, S.A. de C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Concretos, S.A. de C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	Empresas Tolteca de México, S.A. de C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	New Sunward Holding B.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Corp.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Finance LLC

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Research Group AG

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:

  
 - 236 - 

			
	Guaranteed/Por Aval:
	CEMEX Asia B.V.

			
		
	 By/Por
	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX France Gestion (S.A.S.)

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX UK

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Egyptian Investments B.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Central, S.A. de C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:

  
 - 237 - 

 PART III 

TERM LOANS IN STERLING 

PAGARÉ NO NEGOCIABLE / 

NON-NEGOTIABLE PROMISSORY NOTE 

 

£                         

For value received, the undersigned, CEMEX, S.A.B. de C.V., by this Promissory Note unconditionally promises to pay to the order of
                     (the “Creditor”), in sterling, lawful currency of the United Kingdom (“sterling”), the
following principal sums payable on the following dates (each a “Principal Payment Date”, and the last such date, the “Final Payment Date”): 

 

					
	 Principal Payment Date
	  	Amount11	 
	 [•]12 
	  	£	[	•] 
	 [•]13 
	  	£	[	•] 
	 [•]14 
	  	£	[	•] 
	 [•]15 
	  	£	[	•] 
	 [•]16 
	  	£	[	•] 

 provided that, on the Final Payment Date, any and all principal amounts then due, shall be paid. 

The undersigned also promises to pay interest on the outstanding and unpaid principal amount of this Promissory Note, from the date hereof, for each day
during each Interest Period (as defined below), at a rate per annum equal to LIBOR (as defined below) plus the Margin (as defined below), payable in arrears, on each Interest Payment Date (as defined below), until payment in full of the outstanding
principal amount hereof provided, however, that upon any repayment or prepayment of any principal amount of this Promissory Note, interest accrued and unpaid on the principal amount repaid or prepaid, shall be payable on the date of such
repayment or prepayment. 

£                         

Por valor recibido, la suscrita, CEMEX, S.A.B. de C.V., por este Pagaré promete incondicionalmente pagar a la orden de
                         (el “Acreedor”), en libras esterlinas, moneda de curso legal en Reino Unido
(“libras esterlinas”), las siguientes sumas de principal pagaderas en las siguientes fechas (cada una, una “Fecha de Pago de Principal” y la última de dichas fechas, la
“Fecha de Vencimiento”): 
  

					
	 Fecha de Pago de Principal
	  	Monto	 
	 [•]
	  	£	[	•] 
	 [•]
	  	£	[	•] 
	 [•]
	  	£	[	•] 
	 [•]
	  	£	[	•] 
	 [•]
	  	£	[	•] 

 Vencimiento, todas las sumas de principal pagaderas, deberán pagarse. 

La suscrita promete, así mismo, pagar intereses sobre el saldo insoluto de la suma de principal de este Pagaré, a partir de la fecha de
suscripción del presente Pagaré, por cada día respecto de cada Período de Interés (según este término se define a continuación), a una tasa anual igual a LIBOR (según este término
se define a continuación) más el Margen (según este término se define a continuación), pagaderos en forma vencida, en cada Fecha de Pago de Interés (según este término se define a
continuación), hasta que se efectúe el pago de la totalidad del saldo insoluto del presente en el entendido, sin embargo, que en el caso de cualquier repago o prepago de cualquier suma principal de este Pagaré, los
intereses devengados e 

 

  
  

	11 	Include amount equal to 20% of the Loan. 

	12 	Include date that is 36 months after the date of the Facilities Agreement. 

	13 	Include date that is 42 months after the date of the Facilities Agreement. 

	14 	Include date that is 48 months after the date of the Facilities Agreement. 

	15 	Include date that is 54 months after the date of the Facilities Agreement. 

	16 	Include date that is 60 months after the date of the Facilities Agreement. 

  
 - 238 - 

 Any principal amount and (to the extent permitted by applicable law) interest not paid when due under this
Promissory Note, shall bear interest for each day until paid, payable on demand, at a rate per annum equal to the sum of two percent (2%) plus the interest rate then applicable hereunder as provided in the preceding paragraph. 

Interest hereunder shall be calculated on the basis of the actual number of days elapsed, divided by three hundred and sixty (360). 

For purposes of this Promissory Note, the following terms shall have the following meanings: 

“Agent” means Citibank Europe plc, UK Branch. 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, United
Kingdom, New York, United States of America and Mexico City, United Mexican States. 
 “Interest Payment Date” means the last
day of each Interest Period. 
 “Interest Period” means (a) initially, the period commencing on the date hereof and
ending on the numerically corresponding day in the calendar month [one (1)/three (3)/six (6)] month[s] thereafter, and (b) thereafter, each period commencing on the last day of the immediately preceding Interest Period and ending on the
numerically corresponding day in the [applicable calendar month]/[calendar month [one (1)/three (3)/six (6)] month[s]]17 thereafter provided that (i) any Interest Period that
would otherwise end on a day that is not a Business Day, shall be extended to the immediately succeeding Business Day, unless such immediately succeeding Business Day falls in the next calendar month, in which case such Interest Period shall end on
the immediately preceding Business Day; (ii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month in which that Interest Period is to
end) shall end on the last Business Day of the calendar month in which that Interest Period is to end; and (iii) no Interest Period shall extend

 insolutos sobre la suma repagada o prepagada, serán pagaderos en la fecha en que se realice dicho repago
o prepago. 
 Cualquier monto de principal y (en la medida permitida por la legislación aplicable) de intereses que no sea pagado cuando sea debido
conforme a este Pagaré, devengará intereses por cada día hasta que sea pagado, pagaderos a la vista, a una tasa anual igual a la suma de dos por ciento (2%) más la tasa de interés aplicable conforme a lo previsto
en el párrafo anterior. 
 Los intereses conforme al presente serán calculados sobre la base del número de días efectivamente
transcurridos, divididos entre trescientos sesenta (360). 
 Para efectos de éste Pagaré, los siguientes términos tendrán los
significados indicados a continuación: 
 “Agente” significa Citibank Europe plc, UK Branch. 

“Día Hábil” significa cualquier día (que no sea sábado o domingo), en el cual los bancos comerciales en
las ciudades de Londres, Reino Unido, Nueva York, Estados Unidos de América y Ciudad de México, Estados Unidos Mexicanos estén abiertos para celebrar operaciones en general. 

“Fecha de Pago de Interés” significa el último día de cada Período de Interés. 

“Período de Interés” significa (a) inicialmente, el período que comienza en la fecha del presente
pagaré y termina en el día numéricamente correspondiente en el mes calendario que sea [un (1)/tres (3)/seis (6)] mes[es] después de dicha fecha, y (b) en adelante, cada período comenzando en el último
día del Período de Intereses inmediatamente anterior y que termine el día numéricamente correspondiente en el mes calendario [aplicable que ocurra]/[que ocurra [un (1)/tres (3)/seis (6)] mes[es]] después de dicha
fecha en el entendido que (i) cualquier Período de Intereses que termine en una fecha que no sea un Día Hábil, será extendido al Día Hábil inmediato siguiente, salvo en el
caso de que dicho Día Hábil inmediato siguiente sea en el mes calendario siguiente, en cuyo caso, dicho Período de Intereses terminará en el Día Hábil inmediato anterior; (ii) cualquier Período
de Intereses que inicie el último Día Hábil de un mes calendario (o en un día para el cual no exista fecha numéricamente correspondiente en el mes calendario en el cual dicho Período de Intereses deba
terminar) terminará en el último Día Hábil del 

 

  

	17	Language to be included only if a bank requests that the note includes the applicable Interest Period. 

  
 - 239 - 

 
beyond the Final Payment Date. 
 “LIBOR” means (a) the applicable Screen Rate,
or (b) if no Screen Rate is available for an applicable Interest Period, the Interpolated Screen Rate, or (c) if no Screen Rate is available for (i) sterling or (ii) an applicable Interest Period and it is not possible to
calculate an Interpolated Screen Rate for that Interest Period, the Reference Bank Rate, in the case of paragraphs (a) and (c) above, as of approximately 11:00 a.m. (London time) on the Quotation Day for the offering of deposits in sterling and
for a period comparable to the Interest Period and, if the rate is less than zero, LIBOR shall be deemed to be zero. 
 “Interpolated Screen
Rate” means the rate which results from interpolating on a linear basis between (a) the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period; and
(b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period, as of approximately 11:00 a.m. (London time) on the Quotation Day for the offering of deposits in sterling and
for a period comparable to the Interest Period. 
 “Margin” means [●] per cent ([●]%) per annum.18 
 “Quotation Day” means, in relation to any period for which an interest
rate is to be determined, the first day of that period, unless market practice differs in the Relevant Interbank Market, in which case the Quotation Day will be determined by the Agent in accordance with market practice in the Relevant Interbank
Market (and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days). 

“Relevant Interbank Market” means the London interbank market. 

“Reference Banks” means the principal London offices of BNP Paribas and ING Bank NV. 

“Reference Bank Rate” means the arithmetic

 mes calendario en el cual dicho Período de Intereses deba terminar; y (iii) ningún
Período de Intereses terminará después de la Fecha de Vencimiento. 
 “LIBOR” significa (a) la Tasa de Pantalla
aplicable, o (b) si la Tasa de Pantalla no estuviere disponible para el Período de Interés de que se trate, la Tasa de Pantalla Interpolada, o (c) si la Tasa de Pantalla no estuviere disponible para (i) libras esterlinas
o (ii) el Período de Interés de que se trate y no fuere posible calcular la Tasa de Pantalla Interpolada para dicho Período de Intereses, la Tasa de los Bancos de Referencia, en los supuestos previstos en los incisos
(a) y (c) anteriores, aproximadamente a las 11:00 a.m. (hora de Londres) en la Fecha de Cotización respecto de la oferta de depósitos en libras esterlinas y por un período comparable al Período de Interés y,
en caso que la tasa sea menor de cero, entonces LIBOR deberá ser cero. 
 “Tasa de Pantalla Interpolada” significa la tasa
que resulte de interpolar en forma lineal (a) la Tasa de Pantalla aplicable para el período más largo (para el cual la Tasa de Pantalla esté disponible) pero que sea menor al Período de Intereses y (b) la Tasa
de Pantalla aplicable para el período más corto (para el cual la Tasa de Pantalla esté disponible) pero que exceda el Período de Interés, aproximadamente a las 11:00 a.m. (hora de Londres) en la Fecha de
Cotización respecto de la oferta de depósitos en libras esterlinas y por un período comparable al Período de Interés. 

“Margen” significa [●] por ciento ([●]%) por año. 

“Fecha de Cotización” significa, respecto de cualquier período para el cual una tasa de interés deba ser
determinada, el primer día de tal período, a menos que la práctica de mercado en el Mercado Interbancario Relevante sea distinta, en cuyo caso la Fecha de Cotización será determinada por el Agente de conformidad
con la práctica de mercado en el Mercado Interbancario Relevante (y en caso de que las cotizaciones normalmente sean proporcionadas por bancos líderes en el Mercado Interbancario Relevante en más de un día, la Fecha de
Cotización será el último de dichos días). 
 “Mercado Interbancario Relevante” significa el
mercado interbancario de Londres. 
 “Bancos de Referencia” significa las oficinas principales de BNP Paribas y ING Bank NV en
Londres. 
 “Tasa de los Bancos de Referencia” significa el

 

  
  

	18 	Margin in effect on date the pagaré is signed. 

  

  
 - 240 - 

 
mean of the rates (rounded upwards to four decimal places), as supplied to the Agent at its request by the Reference Banks, at which the relevant Reference Bank could borrow funds in the London
interbank market in sterling and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size in sterling and for that period. 

“Screen Rate” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes
over the administration of that rate) for sterling for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such
other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate. 

All payments by the undersigned of principal, interest and other payments hereunder, shall be made without setoff, deduction or counterclaim not later than
11:00 a.m., London time, on the due date for each such payment, in sterling and in immediately available funds, at the office of the Agent located at 5th Floor, Citigroup Centre, 25 Canada Square, Canary Wharf, London E14 5LB, United Kingdom,
Attention: Loans Agency. The undersigned agree to reimburse upon demand, in like manner and funds, all losses, costs and expenses of the holder hereof, incurred in connection with the enforcement of this Promissory Note. 

Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or
the preceding Business Day (if there is not). During any extension of the due date of payment of any principal, interest is payable on the principal at the rate payable on the original due date. 

All payments by the undersigned hereunder, shall be made free and clear of, and without deduction, set-off or
counterclaim for, any present or future tax, levy, impost, duty or other charge, deduction or

 promedio aritmético de las tasas (redondeadas hacia arriba, a cuatro decimales) que proporcionen los
Bancos de Referencia a petición del Agente, de la tasa de interés a la cual el Banco de Referencia que corresponda podría recibir fondos en préstamo en el mercado interbancario de Londres en libras esterlinas y por el
período de que se trate, en caso que dicho Banco de Referencia obtuviera fondos en préstamo después de haber pedido y aceptado dichas ofertas interbancarias para depósitos en tamaños de mercado razonables, en
libras esterlinas y por ese mismo período. 
 “Tasa de Pantalla” significa la tasa ofrecida en el mercado interbancario de Londres
administrada por ICE Benchmark Administration Limited (o cualquier otra persona que asuma la administración de dicha tasa) para libras esterlinas y para el período de que se trate, que aparezca en las páginas LIBOR01 o LIBOR02
de la pantalla Thomson Reuters (o cualquier página que reemplace la pantalla Thomson Reuters que divulgue dicha tasa) o la página que corresponda del servicio que provea dicha tasa de tiempo en tiempo en lugar de Thomson Reuters. Si la
página o servicio deja de estar disponible, el Agente puede señalar otra página o servicio para que divulgue la tasa apropiada. 

Todos los pagos que deban hacerse conforme a este Pagaré por las suscritas, de principal, intereses y por otros conceptos, serán efectuados sin
compensación, deducción o defensa, antes de las 11:00 a.m., hora de la ciudad de Londres, en la fecha en que el pago de que se trate venza, en libras esterlinas y en fondos disponibles inmediatamente, en la oficina del Agente ubicada
en el 5to piso de Citigroup Centre, 25 Canada Square, Canary Wharf, Londres E14 5LB, Reino Unido, Atención: Agente de Créditos. Las suscritas convienen en reembolsar a la vista, en la misma forma y fondos, cualesquiera pérdidas,
costos y gastos del tenedor del presente, incurridos en relación con el procedimiento de cobro del presente Pagaré. 
 Cualquier pago que deba
hacerse conforme al presente en un día que no sea un Día Hábil, deberá hacerse en el siguiente Día Hábil durante el mismo mes calendario (si existe uno) o en el Día Hábil previo (si no existe
uno). Respecto de cualquier extensión de cualquier fecha de pago de principal, los intereses que correspondan al pago de principal se devengarán a la tasa de interés pagadera en la fecha de pago original. 

Todos los pagos que se efectúen por las suscritas en términos del presente, deberán hacerse libres de y sin retención,
deducción o compensación alguna por, cualquier impuesto, contribución, carga,

 

  
 - 241 - 

 
withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same), imposed by the United Mexican States or
any other jurisdiction from which any amount payable hereunder is made, or any taxing authority thereof or therein, unless required by law. In the event that the undersigned shall be compelled by law to make any such deduction or withholding, in
respect of any payments hereunder, then the undersigned shall (i) pay such additional amounts as may be necessary so that the holder hereof would receive the full amounts it would have received, if such deductions or withholdings would not have
been made, (ii) make all such deductions or withholdings and (iii) pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable law. 

This Promissory Note shall be governed by, and construed in accordance with, the laws of England; provided, however, that if any action or proceedings
in connection with this Promissory Note were brought to any courts in the United Mexican States, this Promissory Note shall be deemed as governed under the laws of the United Mexican States on account of place of their present or future domicile or
residence or for any other reason. 
 Any legal action or proceeding arising out of or relating to this Promissory Note may be brought to the jurisdiction
of the courts of England and any appellate court thereof, or any federal court sitting in Mexico City, United Mexican States; the undersigned waive the right to jurisdiction of any other courts, on account of place of their present or future
residence or domicile or for any other reason. 
 The undersigned hereby waive diligence, demand, protest, presentment, notice of dishonor or any other
notice or demand whatsoever. 
 This Promissory Note is executed in both English and Spanish versions. In the case of any conflict or doubt as to the proper
construction of this Promissory Note, the English version shall govern; provided, however, that in any action or proceeding brought in any court in the United Mexican States, the Spanish version shall prevail. 

If the laws of the United Mexican States apply, for the purposes of Article 128 of the General Law of

 derecho u otras cargas, deducciones o retenciones, presentes o futuras, de cualquier naturaleza (incluyendo
cualquier multa o interés pagadero por el incumplimiento o retraso en el pago de cualquiera de dichas sumas), establecidos o determinados por los Estados Unidos Mexicanos o por cualquier otra jurisdicción de la que se paguen cantidades
adeudadas conforme al presente, a menos que sea requerido por ley. En caso que las suscritas estén obligadas legalmente a llevar a cabo cualquier retención o deducción, respecto de cualesquiera pagos conforme al presente, las
suscritas (i) pagarán las sumas adicionales que sean necesarias para asegurar que las sumas recibidas por el tenedor del presente sean iguales a la suma que el tenedor hubiera recibido, si tales retenciones o deducciones no se hubieren
realizado, (ii) realizarán las deducciones o retenciones, y (iii) pagarán el monto completo deducido o retenido a la autoridad fiscal correspondiente o cualquier otra autoridad de conformidad con la legislación
aplicable. 
 Este Pagaré se regirá e interpretará de acuerdo con las leyes de Inglaterra; en el entendido, sin embargo,
que si cualquier acción o procedimiento en relación con este Pagaré se iniciara en los tribunales de los Estados Unidos Mexicanos, este Pagaré se considerará regido de acuerdo con las leyes de los Estados
Unidos Mexicanos en virtud de su domicilio presente o futuro o par cualquier otra razón. 
 Cualquier acción o procedimiento legal que derive
o se relacione con este Pagaré podrá ser iniciado en los tribunales de Inglaterra, o en cualquier tribunal de apelación de los mismos, o cualquier tribunal federal localizado en la Ciudad de México, Estados Unidos
Mexicanos, renunciando la suscrita a la jurisdicción de cualesquiera otros tribunales, en virtud de su domicilio presente o futuro, o por cualquier otra razón. 

Las suscritas en este acto renuncian a diligencia, demanda, protesto, presentación, notificación de no aceptación y a cualquier
notificación o demanda de cualquier naturaleza. 
 El presente Pagaré se suscribe en versiones en inglés y español. En caso de
conflicto o duda en relación con la debida interpretación de este Pagaré, la versión en inglés prevalecerá; en el entendido, sin embargo, que en cualquier procedimiento iniciado en
cualquier tribunal de los Estados Unidos Mexicanos, prevalecerá la versión en español. 
 Si la legislación de los Estados
Unidos Mexicanos fuere aplicable, para los efectos del Artículo 128 de 

 

  
 - 242 - 

 
Negotiable Instruments and Credit Transactions of the United Mexican States, the term of presentation of this Promissory Note is hereby irrevocably extended until the date that is six
(6) months after the Final Payment Date, it being understood that such extension shall not be deemed to prevent presentation of this Promissory Note prior to such date. 

For any notice in the United Mexican States related to this Promissory Note, the undersigned designate their domicile at
[            ] 
 IN WITNESS WHEREOF, the undersigned have duly executed this Promissory Note on
the date indicated below. 

 la Ley General de Títulos y Operaciones de Crédito de los Estados Unidos Mexicanos, por medio del
presente se prorroga irrevocablemente el plazo de presentación de este Pagaré hasta la fecha que sea seis (6) meses después de la Fecha de Vencimiento, en el entendido de que dicha prórroga no impedirá
la presentación de este Pagaré con anterioridad a dicha fecha. 
 Para cualquier aviso en los Estados Unidos Mexicanos relacionado con este
Pagaré, las suscritas designan la siguiente dirección como su domicilio [            ]. 

EN VIRTUD DE LO CUAL, las suscritas han firmado este Pagaré en la fecha abajo mencionada.

 

  

                    ,
                    , a      de         . 

                    ,
                    ,             ,         .

  
 - 243 - 

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

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:

			
	 CEMEX España,
S.A.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX México, S.A. de
C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Concretos, S.A. de
C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 Empresas Tolteca de México, S.A. de
C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 New Sunward Holding
B.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Corp.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Finance
LLC

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Research Group
AG

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:

  
 - 244 - 

			
	Guaranteed/Por Aval:

			
	 CEMEX Asia
B.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX France Gestion
(S.A.S.)

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX UK

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Egyptian Investments
B.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Central, S.A. de
C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:

  
 - 245 - 

 PART IV 

TERM LOANS IN EURO 

PAGARÉ NO NEGOCIABLE / 

NON-NEGOTIABLE PROMISSORY NOTE 

 

EUR                     

For value received, the undersigned, CEMEX, S.A.B. de C.V., by this Promissory Note unconditionally promises to pay to the order of
                     (the “Creditor”), in euro, single currency unit of the Participating Member States, (“euro”),
the following principal sums payable on the following dates (each a “Principal Payment Date”, and the last such date, the “Final Payment Date”): 

 

					
	 Principal Payment Date
	  	Amount19	 
	 [•]20 
	  	 	EUR	[•] 
	 [•]21 
	  	 	EUR	[•] 
	 [•]22 
	  	 	EUR	[•] 
	 [•]23 
	  	 	EUR	[•] 
	 [•]24 
	  	 	EUR	[•] 

 provided that, on the Final Payment Date, any and all principal amounts then due, shall be paid. 

The undersigned also promises to pay interest on the outstanding and unpaid principal amount of this Promissory Note, from the date hereof, for each day
during each Interest Period (as defined below), at a rate per annum equal to EURIBOR (as defined below) plus the Margin (as defined below), payable in arrears, on each Interest Payment Date (as defined below), until payment in full of the
outstanding principal amount hereof, provided, however, that upon any repayment or prepayment of any principal amount of this Promissory Note, interest accrued and unpaid on the principal amount repaid or prepaid, shall be payable on
the date of such repayment or prepayment. 

EUR                     

Por valor recibido, la suscrita, CEMEX, S.A.B. de C.V., por este Pagaré promete incondicionalmente pagar a la orden de
                     (el “Acreedor”), en euros, moneda única de los Estados Miembros Participantes,
(“euros”), las siguientes sumas de principal pagaderas en las siguientes fechas (cada una, una “Fecha de Pago de Principal” y la última de dichas fechas, la “Fecha de Vencimiento”): 

 

					
	 Fecha de Pago de Principal
	  	Monto	 
	 [•]
	  	 	EUR	[•] 
	 [•]
	  	 	EUR	[•] 
	 [•]
	  	 	EUR	[•] 
	 [•]
	  	 	EUR	[•] 
	 [•]
	  	 	EUR	[•] 

 en la inteligencia que, en la Fecha de Vencimiento, todas las sumas de principal pagaderas, deberán
pagarse. 
 La suscrita promete, así mismo, pagar intereses sobre el saldo insoluto de la suma de principal de este Pagaré, a partir de la
fecha de suscripción del presente Pagaré, por cada día respecto de cada Período de Interés (según este término se define a continuación), a una tasa anual igual a EURIBOR (según este
término se define a continuación) más el Margen (según este término se define a continuación), pagaderos en forma vencida, en cada Fecha de Pago de Interés (según este término se define
a continuación), hasta que se efectúe el pago de la totalidad del saldo insoluto del presente en el entendido, sin embargo, que en el caso de cualquier repago o prepago de cualquier suma principal de este Pagaré, los
intereses devengados e 

 

  
  

	19 	Include amount equal to 20% of the Loan. 

	20 	Include date that is 36 months after the date of the Facilities Agreement. 

	21 	Include date that is 42 months after the date of the Facilities Agreement. 

	22 	Include date that is 48 months after the date of the Facilities Agreement. 

	23 	Include date that is 54 months after the date of the Facilities Agreement. 

	24 	Include date that is 60 months after the date of the Facilities Agreement. 

  
 - 246 - 

 Any principal amount and (to the extent permitted by applicable law) interest not paid when due under this
Promissory Note, shall bear interest for each day until paid, payable on demand, at a rate per annum equal to the sum of two percent (2%) plus the interest rate then applicable hereunder as provided in the preceding paragraph. 

Interest hereunder shall be calculated on the basis of the actual number of days elapsed, divided by three hundred and sixty (360). 

For purposes of this Promissory Note, the following terms shall have the following meanings: 

“Agent” means Citibank Europe plc, UK Branch. 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, United Kingdom, New
York, United States of America and Mexico City, United Mexican States, and a day which is a TARGET Day. 
 “Interest Payment Date” means
the last day of each Interest Period. 
 “Interest Period” means (a) initially, the period commencing on the date hereof and ending on the
numerically corresponding day in the calendar month [one (1)/three (3)/six (6)] month[s] thereafter, and (b) thereafter, each period commencing on the last day of the immediately preceding Interest Period and ending on the numerically
corresponding day in the [applicable calendar month]/[calendar month [one (1)/three (3)/six (6)] month[s]]25 thereafter provided that (i) any Interest Period that would
otherwise end on a day that is not a Business Day, shall be extended to the immediately succeeding Business Day, unless such immediately succeeding Business Day falls in the next calendar month, in which case such Interest Period shall end on the
immediately preceding Business Day; (ii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month in which that Interest Period is to
end) shall end on the last Business Day of the calendar month in which that Interest Period

 
insolutos sobre la suma repagada o prepagada, serán pagaderos en la fecha en que se realice dicho repago o prepago. 

Cualquier monto de principal y (en la medida permitida por la legislación aplicable) de intereses que no sea pagado cuando sea debido conforme a este
Pagaré, devengará intereses por cada día hasta que sea pagado, pagaderos a la vista, a una tasa anual igual a la suma de dos por ciento (2%) más la tasa de interés aplicable conforme a lo previsto en el
párrafo anterior. 
 Los intereses conforme al presente serán calculados sobre la base del número de días efectivamente
transcurridos, divididos entre trescientos sesenta (360). 
 Para efectos de éste Pagaré, los siguientes términos tendrán los
significados indicados a continuación: 
 “Agente” significa Citibank Europe plc, UK Branch. 

“Día Hábil” significa cualquier día (que no sea sábado o domingo), en el cual los bancos comerciales en las
ciudades de Londres, Reino Unido, Nueva York, Estados Unidos de América y Ciudad de México, Estados Unidos Mexicanos estén abiertos para celebrar operaciones en general, y un día que sea un Día TARGET. 

“Fecha de Pago de Interés” significa el último día de cada Período de Interés. 

“Período de Interés” significa (a) inicialmente, el período que comienza en la fecha del presente pagaré y
termina en el día numéricamente correspondiente en el mes calendario que sea [un (1)/tres (3)/seis (6)] mes[es] después de dicha fecha, y (b) en adelante, cada período comenzando en el último día del
Período de Intereses inmediatamente anterior y que termine el día numéricamente correspondiente en el mes calendario [aplicable que ocurra]/[que ocurra [un (1)/tres (3)/seis (6)] mes[es]] después de dicha fecha en
el entendido que (i) cualquier Período de Intereses que termine en una fecha que no sea un Día Hábil, será extendido al Día Hábil inmediato siguiente, salvo en el caso de que dicho
Día Hábil inmediato siguiente sea en el mes calendario siguiente, en cuyo caso, dicho Período de Intereses terminará en el Día Hábil inmediato anterior; (ii) cualquier Período de Intereses que
inicie el último Día Hábil de un mes calendario (o en un día para el cual no exista fecha numéricamente correspondiente en el mes calendario en el cual dicho Período de Intereses

 

  
  

	25 	Language to be included only if a bank requests that the note includes the applicable Interest Period. 

  
 - 247 - 

 
is to end; and (iii) no Interest Period shall extend beyond the Final Payment Date. 

“EURIBOR” means (a) the applicable Screen Rate, or (b) if no Screen Rate is available for an applicable Interest Period, the
Interpolated Screen Rate, or (c) if (i) no Screen Rate is available for euro or (ii) no Screen Rate is available for an applicable Interest Period and it is not possible to calculate an Interpolated Screen Rate for that Interest Period,
the Reference Bank Rate, in the case of paragraphs (a) and (c) above, as of approximately 11:00 a.m. (Brussels time) on the Quotation Day for euro and for a period equal in length to the Interest Period and, if the rate is less than zero,
EURIBOR shall be deemed to be zero. 
 “Interpolated Screen Rate” means the rate which results from interpolating on a linear basis between
(a) the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period; and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available)
which exceeds the Interest Period, as of approximately 11:00 a.m. (Brussels time) on the Quotation Day for the offering of euro and for a period comparable to the Interest Period. 

“Margin” means [•] per cent ([•]%) per annum.26 

“Participating Member State” means any member state of the European Union that has the euro as its lawful currency in accordance with
legislation of the European Union relating to Economic and Monetary Union. 
 “Quotation Day” means, in relation to any period for which an
interest rate is to be determined, two (2) TARGET Days before the first day of that period, unless market practice differs in the Relevant Interbank Market, in which case the Quotation Day will be determined by the Agent in accordance with
market practice in the Relevant Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days).

 deba terminar) terminará en el último Día Hábil del mes calendario en el cual dicho
Período de Intereses deba terminar; y (iii) ningún Período de Intereses terminará después de la Fecha de Vencimiento. 

“EURIBOR” significa (a) la Tasa de Pantalla aplicable, o (b) si la Tasa de Pantalla no estuviere disponible para el Período
de Interés de que se trate, la Tasa de Pantalla Interpolada, o (c) si (i) la Tasa de Pantalla no estuviere disponible para euros o (ii) la Tasa de Pantalla no estuviere disponible para el Período de Interés de que se
trate y no fuere posible calcular la Tasa de Pantalla Interpolada para dicho Período de Intereses, la Tasa de los Bancos de Referencia, en los supuestos previstos en los incisos (a) y (c) anteriores, aproximadamente a las 11:00 a.m.
(hora de Bruselas) en la Fecha de Cotización respecto de euros y por un período cuya duración sea igual al Período de Interés y, en caso que la tasa sea menor de cero, entonces EURIBOR deberá ser cero. 

“Tasa de Pantalla Interpolada” significa la tasa que resulte de interpolar en forma lineal (a) la Tasa de Pantalla aplicable para el
período más largo (para el cual la Tasa de Pantalla esté disponible) pero que sea menor al Período de Intereses y (b) la Tasa de Pantalla aplicable para el período más corto (para el cual la Tasa de
Pantalla esté disponible) pero que exceda el Período de Interés, aproximadamente a las 11:00 a.m. (hora de Bruselas) en la Fecha de Cotización respecto de la oferta de depósitos en euros y por un período
comparable al Período de Interés. 
 “Margen” significa [•] por ciento ([•]%) por año. 

“Estados Miembros Participantes” significa cualquier estado de la Unión Europea que adopte o haya adoptado al euro como su moneda de
curso legal conforme a la legislación de la Unión Europea relacionada a la Unión Económica y Monetaria. 
 “Fecha de
Cotización” significa, respecto de cualquier período para el cual una tasa de interés deba ser determinada, dos (2) Días TARGET antes del primer día de tal período, a menos que la
práctica de mercado en el Mercado Interbancario Relevante sea distinta, en cuyo caso la Fecha de Cotización será determinada por el Agente de conformidad con la práctica de mercado en el Mercado Interbancario Relevante (y
en caso de que las cotizaciones normalmente sean proporcionadas por bancos líderes en el Mercado Interbancario Relevante en más de un día, la Fecha de Cotización será el último de dichos días).

 

  
  

	26 	Margin in effect on date the pagaré is signed. 

  
 - 248 - 

 “Relevant Interbank Market” means the European interbank market. 

“Reference Banks” means the principal London offices of BNP Paribas and ING Bank NV. 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places), as supplied to the Agent at its
request by the Reference Banks, at which the relevant Reference Bank believes one prime bank is quoting to another prime bank for interbank term deposits in euro within the Participating Member States for the relevant period. 

“Screen Rate” means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes
over the administration of that rate) for the relevant period displayed on page EURIBOR01 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service
which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate. 

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared
platform and which was launched on 19 November 2007. 
 “TARGET Day” means any day on which TARGET2 is open for the settlement of
payments in euro. 
 All payments by the undersigned of principal, interest and other payments hereunder, shall be made without setoff, deduction or
counterclaim not later than 11:00 a.m., London time, on the due date for each such payment, in euro and in immediately available funds, at the office of the Agent located at 5th Floor, Citigroup Centre, 25 Canada Square, Canary Wharf, London E14
5LB, United Kingdom, Attention: Loans Agency. The undersigned agree to reimburse upon demand, in like manner and funds, all losses, costs and expenses of the holder hereof, incurred in connection with the enforcement of this Promissory Note.

 “Mercado Interbancario Relevante” significa el mercado interbancario Europeo. 

“Bancos de Referencia” significa las oficinas principales de BNP Paribas y ING Bank NV en Londres. 

“Tasa de los Bancos de Referencia” significa el promedio aritmético de las tasas (redondeadas hacia arriba, a cuatro decimales) que
proporcionen los Bancos de Referencia a petición del Agente, de la tasa de interés a la cual el Banco de Referencia que corresponda considere que un banco de primer orden cotice a otro banco de primer orden, depósitos
interbancarios en euros dentro de los Estados Miembros Participantes y por el período de que se trate. 
 “Tasa de Pantalla”
significa la tasa ofrecida en el mercado interbancario de euros administrada por el European Money Markets Institute (o cualquier otra persona que asuma la administración de dicha tasa) para el período de que se trate, que aparezca en
la página EURIBOR01 de la pantalla Thomson Reuters (o cualquier página que reemplace la pantalla Thomson Reuters que divulgue dicha tasa) o la página que corresponda del servicio que provea dicha tasa de tiempo en tiempo en
lugar de Thomson Reuters. Si la página o servicio deja de estar disponible, el Agente puede señalar otra página o servicio para que divulgue la tasa apropiada. 

“TARGET2” significa el Sistema Automatizado Transeuropeo de Transferencias de Liquidación de Pagos Brutos en Tiempo Real
(Trans–European Automated Real–time Gross Settlement Express Transfer) que utiliza una plataforma común y que fue lanzado el 19 de noviembre de 2007. 

“Día TARGET” significa cualquier día en que TARGET2 esté abierto para la liquidación de pagos en euros. 

Todos los pagos que deban hacerse conforme a este Pagaré por las suscritas, de principal, intereses y por otros conceptos, serán efectuados sin
compensación, deducción o defensa, antes de las 11:00 a.m., hora de la ciudad de Londres, en la fecha en que el pago de que se trate venza, en euros y en fondos disponibles inmediatamente, en la oficina del Agente ubicada en el 5to
piso de Citigroup Centre, 25 Canada Square, Canary Wharf, Londres E14 5LB, Reino Unido, Atención: Agente de Créditos. Las suscritas convienen en reembolsar a la vista, en la misma forma y fondos, cualesquiera pérdidas, costos y
gastos del tenedor del presente, incurridos en relación con el procedimiento de cobro del presente Pagaré. 

 

  
 - 249 - 

 Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day
in the same calendar month (if there is one) or the preceding Business Day (if there is not). During any extension of the due date of payment of any principal, interest is payable on the principal at the rate payable on the original due date. 

All payments by the undersigned hereunder, shall be made free and clear of, and without deduction, set-off or
counterclaim for, any present or future tax, levy, impost, duty or other charge, deduction or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same),
imposed by the United Mexican States or any other jurisdiction from which any amount payable hereunder is made, or any taxing authority thereof or therein, unless required by law. In the event that the undersigned shall be compelled by law to make
any such deduction or withholding, in respect of any payments hereunder, then the undersigned shall (i) pay such additional amounts as may be necessary so that the holder hereof would receive the full amounts it would have received, if such
deductions or withholdings would not have been made, (ii) make all such deductions or withholdings and (iii) pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable law.

 This Promissory Note shall be governed by, and construed in accordance with, the laws of England; provided, however, that if any action or
proceedings in connection with this Promissory Note were brought to any courts in the United Mexican States, this Promissory Note shall be deemed as governed under the laws of the United Mexican States on account of place of their present or future
domicile or residence or for any other reason. 
 Any legal action or proceeding arising out of or relating to this Promissory Note may be brought to the
jurisdiction of the courts of England and any appellate court thereof, or any federal court sitting in Mexico City, United Mexican States; the undersigned waive the right to jurisdiction of any other courts, on account of place of their present or
future residence or domicile or for any other reason. 
 The undersigned hereby waive diligence, demand, protest, presentment, notice of dishonor or any
other

 
Cualquier pago que deba hacerse conforme al presente en un día que no sea un Día Hábil, deberá hacerse en el siguiente Día Hábil durante el mismo mes
calendario (si existe uno) o en el Día Hábil previo (si no existe uno). Respecto de cualquier extensión de cualquier fecha de pago de principal, los intereses que correspondan al pago de principal se devengarán a la tasa
de interés pagadera en la fecha de pago original. 
 Todos los pagos que se efectúen por las suscritas en términos del presente,
deberán hacerse libres de y sin retención, deducción o compensación alguna por, cualquier impuesto, contribución, carga, derecho u otras cargas, deducciones o retenciones, presentes o futuras, de cualquier
naturaleza (incluyendo cualquier multa o interés pagadero por el incumplimiento o retraso en el pago de cualquiera de dichas sumas), establecidos o determinados por los Estados Unidos Mexicanos o por cualquier otra jurisdicción de la
que se paguen cantidades adeudadas conforme al presente, a menos que sea requerido por ley. En caso que las suscritas estén obligadas legalmente a llevar a cabo cualquier retención o deducción, respecto de cualesquiera pagos
conforme al presente, las suscritas (i) pagarán las sumas adicionales que sean necesarias para asegurar que las sumas recibidas por el tenedor del presente sean iguales a la suma que el tenedor hubiera recibido, si tales retenciones o
deducciones no se hubieren realizado, (ii) realizarán las deducciones o retenciones, y (iii) pagarán el monto completo deducido o retenido a la autoridad fiscal correspondiente o cualquier otra autoridad de conformidad con la
legislación aplicable. 
 Este Pagaré se regirá e interpretará de acuerdo con las leyes de Inglaterra; en el entendido,
sin embargo, que si cualquier acción o procedimiento en relación con este Pagaré se iniciara en los tribunales de los Estados Unidos Mexicanos, este Pagaré se considerará regido de acuerdo con las
leyes de los Estados Unidos Mexicanos en virtud de su domicilio presente o futuro o par cualquier otra razón. 
 Cualquier acción o
procedimiento legal que derive o se relacione con este Pagaré podrá ser iniciado en los tribunales de Inglaterra, o en cualquier tribunal de apelación de los mismos, o cualquier tribunal federal localizado en la Ciudad de
México, Estados Unidos Mexicanos, renunciando la suscrita a la jurisdicción de cualesquiera otros tribunales, en virtud de su domicilio presente o futuro, o por cualquier otra razón. 

Las suscritas en este acto renuncian a diligencia, demanda, protesto, presentación, notificación de no aceptación y a cualquier
notificación o demanda de 

 

  
 - 250 - 

 
notice or demand whatsoever. 
 This Promissory Note is executed in both English and Spanish versions.
In the case of any conflict or doubt as to the proper construction of this Promissory Note, the English version shall govern; provided, however, that in any action or proceeding brought in any court in the United Mexican States, the Spanish
version shall prevail. 
 If the laws of the United Mexican States apply, for the purposes of Article 128 of the General Law of Negotiable Instruments and
Credit Transactions of the United Mexican States, the term of presentation of this Promissory Note is hereby irrevocably extended until the date that is six (6) months after the Final Payment Date, it being understood that such extension
shall not be deemed to prevent presentation of this Promissory Note prior to such date. 
 For any notice in the United Mexican States related to this
Promissory Note, the undersigned designate their domicile at [                ] 

IN WITNESS WHEREOF, the undersigned have duly executed this Promissory Note on the date indicated below.

 cualquier naturaleza. 

El presente Pagaré se suscribe en versiones en inglés y español. En caso de conflicto o duda en relación con la debida
interpretación de este Pagaré, la versión en inglés prevalecerá; en el entendido, sin embargo, que en cualquier procedimiento iniciado en cualquier tribunal de los Estados Unidos Mexicanos,
prevalecerá la versión en español. 
 Si la legislación de los Estados Unidos Mexicanos fuere aplicable, para los efectos del
Artículo 128 de la Ley General de Títulos y Operaciones de Crédito de los Estados Unidos Mexicanos, por medio del presente se prorroga irrevocablemente el plazo de presentación de este Pagaré hasta la fecha que sea
seis (6) meses después de la Fecha de Vencimiento, en el entendido de que dicha prórroga no impedirá la presentación de este Pagaré con anterioridad a dicha fecha. 

Para cualquier aviso en los Estados Unidos Mexicanos relacionado con este Pagaré, las suscritas designan la siguiente dirección como su
domicilio [                ]. 
 EN VIRTUD DE LO CUAL, las suscritas han
firmado este Pagaré en la fecha abajo mencionada. 

 

  

                    ,
                    , a     de             . 

                    ,
                    ,                 ,
        . 

  
 - 251 - 

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

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX España,
S.A.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX México, S.A. de
C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Concretos, S.A. de
C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 Empresas Tolteca de México, S.A. de
C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 New Sunward Holding
B.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Corp.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Finance
LLC

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Research Group
AG

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:

  
 - 252 - 

			
	Guaranteed/Por Aval:
	 CEMEX Asia
B.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX France Gestion
(S.A.S.)

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX UK

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Egyptian Investments
B.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	 CEMEX Central, S.A. de
C.V.

			
		
	By/Por	 	  

			
	Name/Nombre:
	Title/Cargo:

  
 - 253 - 

 FORM OF SIDE LETTER TO PROMISSORY NOTE 

CEMEX, S.A.B. de C.V. 
 Av. Ricardo Margáin #325 

Colonia Valle del Campestre 
 San Pedro Garza García, 

Nuevo León, 66265 
 Mexico 

[Date] 
  

	RE:	PROMISSORY NOTE 

 Dear Sirs: 

Reference is made to the promissory note (pagaré) (the “Promissory Note”) issued by CEMEX, S.A.B. de C.V. (the
“Issuer”), dated                     , [    ] for the amount of USD
$             (             Dollars, currency of the United States of America 00/100) in favor of
             (the “Holder”). 
 The parties to this letter agree that
notwithstanding anything to the contrary in the Promissory Note, (i) [principal and]27 interest payments in respect of the Promissory Note shall be made at the times, on the dates, in the amounts
and in the manner provided for in the Facilities Agreement dated                     , [    ] between the Issuer, as borrower,
certain direct and indirect subsidiaries of the Issuer, as guarantors or security providers, the financial institutions named therein as original lenders, and Citibank Europe plc, UK Branch, as agent and Wilmington Trust (London) Limited as security
agent (as amended from time to time in accordance with its terms, the “Facilities Agreement”) and (ii) interest shall be calculated in the manner provided for in the Facilities Agreement. Without limiting the generality of the
above, the parties to this letter agree that notwithstanding anything else to the contrary in the Promissory Note, the loan represented by the Promissory Note may bear interest at the rates provided for in the Facilities Agreement. In the case of
any inconsistency between the terms of the Facilities Agreement and the Promissory Note, the Facilities Agreement shall prevail. 
 Sincerely, 

 

	
	[                                      
                                      ]
	
	 By:

	
	 Name:

	
	 Title:

	
	 Accepted and agreed,

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

	
	 By:

	 Name:

	 Title:

  

	27 	To be included only in respect of Promissory Notes related to revolving facility Commitments. 

  
 - 254 - 

	
	 Accepted and agreed,

	 CEMEX España, S.A., as guarantor

	
	 By:

	 Name:

	 Title:

	
	 Accepted and agreed,

	 CEMEX México, S.A. de C.V., as guarantor

	
	 By:

	 Name:

	 Title:

	
	 Accepted and agreed,

	 CEMEX Concretos, S.A. de C.V., as guarantor

	
	 By:

	 Name:

	 Title:

	
	 Accepted and agreed,

	 Empresas Tolteca de México, S.A. de C.V., as guarantor

	
	 By:

	 Name:

	 Title:

	
	 Accepted and agreed,

	 New Sunward Holding B.V., as guarantor

	
	 By:

	 Name:

	 Title:

	
	 Accepted and agreed,

	 CEMEX Corp., as guarantor

	
	 By:

	 Name:

	 Title:

	
	 Accepted and agreed,

	 CEMEX Finance LLC, as guarantor

	
	 By:

	 Name:

	 Title:

	
	 Accepted and agreed,

	 CEMEX Research Group AG, as guarantor

	
	 By:

	 Name:

	 Title:

  
 - 255 - 

	
	 Accepted and agreed,

	 CEMEX Asia B.V., as guarantor

	
	 By:

	 Name:

	 Title:

	
	 Accepted and agreed,

	 CEMEX France Gestion (S.A.S.), as guarantor

	
	 By:

	 Name:

	 Title:

	
	 Accepted and agreed,

	 CEMEX UK, as guarantor

	
	 By:

	 Name:

	 Title:

	
	 Accepted and agreed,

	 CEMEX Egyptian Investments B.V., as guarantor

	
	 By:

	 Name:

	 Title:

	
	 Accepted and agreed,

	 CEMEX Central, S.A. de C.V.

	
	 By:

	 Name:

	 Title:

  
 - 256 - 

 SCHEDULE 5 

FORM OF TRANSFER CERTIFICATE 
  

	To:	[•] as Agent and [•] as Security Agent 

  

	From:	[The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New Lender”) 

Dated: 
 CEMEX, S.A.B. de C.V.–
Facilities Agreement 
 dated [    ] July 2017 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement and to the Intercreditor Agreement (as defined in the Facilities Agreement). This agreement (the “Agreement”) shall take effect as a Transfer Certificate for the
purpose of the Facilities Agreement and as a Creditor/Agent/Security Agent Accession Undertaking for the purposes of the Intercreditor Agreement (and as defined in the Intercreditor Agreement). Terms defined in the Facilities Agreement have the same
meaning in this Agreement unless given a different meaning in this Agreement. 

  

	2.	We refer to Clause 26.5 (Procedure for transfer) of the Facilities Agreement: 

  

	 	(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender’s Commitment, rights and obligations referred to in the Schedule in
accordance with Clause 26.5 (Procedure for transfer) of the Facilities Agreement. 

  

	 	(b)	The proposed Transfer Date is [•]. 

  

	 	(c)	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 34.2 (Addresses) of the Facilities Agreement are set out in the Schedule.

  

	3.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 26.4 (Limitation of responsibility of Existing Lenders) of the
Facilities Agreement. 

  

	4.	The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is [a Qualifying Lender (other than a Treaty Lender)]/[a Treaty Lender]/[not a Qualifying Lender]*. 

 

	5.	We refer to clause 14.6 (Creditor/Agent/Security Agent Accession Undertaking) of the Intercreditor Agreement. 

In consideration of the New Lender being accepted as a Refinancing Creditor for the purposes of the Intercreditor Agreement (and as defined in
the Intercreditor Agreement), the New Lender confirms that, as from the Transfer Date, it intends to be party to the Intercreditor Agreement as a Refinancing Creditor, and undertakes to perform all the obligations expressed in the Intercreditor
Agreement to be assumed by a Refinancing Creditor and agrees that it shall be bound by all the provisions of the 

  
 - 257 - 

	 	
Intercreditor Agreement, as if it had been an original party to the Intercreditor Agreement. 

  

	6.	For the purposes of articles 1278 et seq. of the French Civil Code, it is expressly agreed that the Security created under the Security Documents governed by French law shall be preserved and maintained for the
benefit of the Security Agent, the New Lender and the remaining Finance Parties. 

  

	7.	The New Lender may, in the case of an assignment of rights by the Existing Lender under this Transfer Certificate, if it considers it necessary to make the assignment effective against third parties, arrange for it to
be notified to any Obligor established or domiciled in France in accordance with the provisions of article 1690 of the French Civil Code. 

  

	8.	This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement. 

 

	9.	This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

 

	Notes:	* Delete as applicable - each New Lender is required to confirm which of these three categories it falls within. 

The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender’s interest in the Transaction
Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender’s Transaction Security in any
jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities. 

  
 - 258 - 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred 

[insert relevant details] 

[Facility Office address, fax number and attention details for notices and account details for payments] 

 

			
	[Existing Lender]	  	[New Lender]
		
	By:	  	By:

 This Agreement is accepted as a Transfer Certificate for the purposes of the Facilities Agreement by the Agent, and as a
Creditor/Agent/Security Agent Accession Undertaking for the purposes of the Intercreditor Agreement by the Security Agent, and the Transfer Date is confirmed as [•]. 
  

	
	 [Agent]

	
	 By:

	
	 [Security Agent]

	
	 By:

  
 - 259 - 

 SCHEDULE 6 

FORM OF ASSIGNMENT AGREEMENT 
  

	To:	[•] as Agent, [•] as Security Agent and CEMEX, S.A.B. de C.V. as Borrower for and on behalf of each Obligor 

  

	From:	[the Existing Lender] (the “Existing Lender”) and [the New Lender] (the “New Lender”) 

Dated: 

CEMEX, S.A.B. de C.V.– Facilities Agreement 

dated [    ] July 2017 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement and to the Intercreditor Agreement (as defined in the Facilities Agreement). This is an Assignment Agreement. This agreement (the “Agreement”) shall take effect as
an Assignment Agreement for the purpose of the Facilities Agreement and as a Creditor/Agent/Security Agent Accession Undertaking for the purposes of the Intercreditor Agreement (and as defined in the Intercreditor Agreement). Terms defined in the
Facilities Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement. 

  

	2.	We refer to Clause 26.6 (Procedure for assignment) of the Facilities Agreement: 

  

	 	(a)	The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Facilities Agreement, the other Finance Documents and in respect of the Transaction Security which correspond to
that portion of the Existing Lender’s Commitments and participations in Utilisations under the Facilities Agreement as specified in the Schedule. 

  

	 	(b)	The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender’s Commitments and participations in Utilisations under the Facilities
Agreement specified in the Schedule. 

  

	 	(c)	The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above. 

 

	3.	The proposed Transfer Date is [•]. 

  

	4.	On the Transfer Date the New Lender becomes: 

  

	 	(a)	party to the relevant Finance Documents (other than the Intercreditor Agreement) as a Lender; and 

  

	 	(b)	party to the Intercreditor Agreement as a Facilities Lender. 

  

	5.	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 34.2 (Addresses) of the Facilities Agreement are set out in the Schedule. 

  
 - 260 - 

	6.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 26.4 (Limitation of responsibility of Existing Lenders) of the
Facilities Agreement. 

  

	7.	The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is [a Qualifying Lender (other than a Treaty Lender)]/[a Treaty Lender]/[not a Qualifying Lender]*. 

 

	8.	We refer to clause 14.6 (Creditor/Agent/Security Agent Accession Undertaking) of the Intercreditor Agreement. 

In consideration of the New Lender being accepted as a Refinancing Creditor for the purposes of the Intercreditor Agreement (and as defined in
the Intercreditor Agreement), the New Lender confirms that, as from the Transfer Date, it intends to be party to the Intercreditor Agreement as a Refinancing Creditor, and undertakes to perform all the obligations expressed in the Intercreditor
Agreement to be assumed by a Refinancing Creditor and agrees that it shall be bound by all the provisions of the Intercreditor Agreement, as if it had been an original party to the Intercreditor Agreement. 

 

	9.	This Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 26.7 (Copy of Transfer Certificate, Assignment Agreement or Accordion
Confirmation to Borrower), to the Borrower (on behalf of each Obligor) of the assignment referred to in this Agreement. 

  

	10.	This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement. 

 

	11.	This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

 

	Notes:	The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender’s interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to
ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender’s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and
completion of those formalities. 

  
 - 261 - 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred by assignment, release and accession 

[insert relevant details] 

[Facility office address, fax number and attention details for notices and account details for payments] 

 

			
	[Existing Lender]	 	[New Lender]
	By:	 	By:

 This Agreement is accepted as an Assignment Agreement for the purposes of the Facilities Agreement by the Agent, and as a
Creditor/Agent/Security Agent Accession Undertaking for the purposes of the Intercreditor Agreement by the Security Agent, and the Transfer Date is confirmed as [•]. 

Signature of this Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to in this Agreement, which
notice the Agent receives on behalf of each Finance Party. 
 [Agent] 

By: 
 [Security Agent] 

By: 
 NOTES: 

 

	*	Delete as applicable - each New Lender is required to confirm which of these three categories it falls within 

  
 - 262 - 

 SCHEDULE 7 

FORM OF ACCESSION LETTER 
  

	To:	[•] as Agent and [•] as Security Agent for itself and each of the other parties to the Intercreditor Agreement referred to below 

 

	From:	[Subsidiary] and [Borrower] 

  

	Dated:	

 Dear Sirs 

CEMEX, S.A.B. de C.V. – Facilities Agreement 

dated [    ] July 2017 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement and to the Intercreditor Agreement. This deed (the “Accession Letter”) shall take effect as an Accession Letter for the purposes of the Facilities Agreement and as a
Debtor/Security Provider Accession Deed for the purposes of the Intercreditor Agreement (and as defined in the Intercreditor Agreement). Terms defined in the Facilities Agreement have the same meaning in paragraphs 1 to 3 of this Accession Letter
unless given a different meaning in this Accession Letter. 

  

	2.	[Subsidiary] agrees to become an Additional [Guarantor]/[Security Provider] and to be bound by the terms of the Facilities Agreement and the other Finance Documents (other than the Intercreditor Agreement) as an
Additional [Guarantor][Security Provider] pursuant to Clause 28.2 (Additional Guarantors and Additional Security Providers)] of the Facilities Agreement. [Subsidiary] is a company duly incorporated under the laws of [name of
relevant jurisdiction] and is a limited liability company and registered number [•]. 

  

	3.	[Subsidiary’s] administrative details for the purposes of the Facilities Agreement and the Intercreditor Agreement are as follows: 

Address: 
 Fax No.: 

Attention: 
  

	4.	[Subsidiary] (for the purposes of this paragraph 4, the “Acceding Debtor”) intends to [incur Liabilities under the following documents]/[give a guarantee, indemnity or other assurance against
loss in respect of Liabilities under the following documents]: 

 [Insert details (date, parties and description) of
relevant documents] 
 the “Relevant Documents”. 

  
 - 263 - 

 IT IS AGREED as follows: 

 

	 	(a)	Terms defined in the Intercreditor Agreement shall, unless otherwise defined in this Accession Letter, bear the same meaning when used in this paragraph 4. 

 

	 	(b)	The Acceding Debtor and the Security Agent agree that the Security Agent shall hold: 

  

	 	(i)	[any Security in respect of Liabilities created or expressed to be created pursuant to the Relevant Documents; 

  

	 	(ii)	all proceeds of that Security; and] 

  

	 	(iii)	all obligations expressed to be undertaken by the Acceding Debtor to pay amounts in respect of the Liabilities to the Security Agent as trustee for the Secured Parties (in the Relevant Documents or otherwise) and
secured by the Transaction Security together with all representations and warranties expressed to be given by the Acceding Debtor (in the Relevant Documents or otherwise) in favour of the Security Agent as trustee for the Secured Parties,

 on trust, or as otherwise provided in the Finance Documents, for the Secured Parties on the terms and conditions contained
in the Intercreditor Agreement. 
  

	 	(c)	The Acceding Debtor confirms that it intends to be party to the Intercreditor Agreement as a Debtor, undertakes to perform all the obligations expressed to be assumed by a Debtor under the Intercreditor Agreement and
agrees that it shall be bound by all the provisions of the Intercreditor Agreement as if it had been an original party to the Intercreditor Agreement. 

  

	[4]/[5]	This Accession Letter and any non-contractual obligations arising out of or in connection with it is governed by English law. 

THIS ACCESSION LETTER has been signed on behalf of the Security Agent (for the purposes of paragraph 4 above only), signed on behalf of the Borrower
and executed as a deed by [Subsidiary] and is delivered on the date stated above. 
  

					
	[Subsidiary]	 		 	
			
	[EXECUTED AS A DEED	 	]	 	
	By: [Subsidiary]	 	)	 	
			
	  
	 	Director	 	 
			
	  
	 	Director/Secretary	 	 
			
	OR	 		 	

  
 - 264 - 

					
	 [EXECUTED AS A DEED
	 		 	
			
	 By: [Subsidiary]
	 		 	
			
	  
	 		 	 Signature of Director

			
	  
	 		 	 Name of Director

			
	 in the presence of
	 		 	
			
	  
	 		 	 Signature of witness

			
	  
	 		 	 Name of witness

			
	  
	 		 	 Address of witness

			
	  
	 		 	
			
	  
	 		 	
			
	  
	 		 	
			
	  
	 		 	 Occupation of witness]

			
	 The Borrower
	 		 	
			
		 		 	 [Borrower]

			
	 By:
	 		 	
			
	 The Security Agent
	 		 	
			
	 [Full Name of Current Security Agent]
	 		 	
			
	 By:
	 		 	
			
	 Date:
	 		 	

  
 - 265 - 

 SCHEDULE 8 

FORM OF RESIGNATION LETTER 
  

	To:	[•] as Agent 

  

	From:	[resigning Obligor] and CEMEX, S.A.B. de C.V. 

 Dated: 

Dear Sirs 
 CEMEX, S.A.B. de C.V.–
Facilities Agreement 
 dated [    ] July 2017 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement. This is a Resignation Letter. Terms defined in the Facilities Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter.

  

	2.	Pursuant to [Clause 28.3 (Resignation of a Guarantor)][Clause 28.4 (Resignation of a Security Provider)], we request that [resigning Obligor] be released from its obligations as a
[Guarantor]/[Security Provider] under the Facilities Agreement and the Finance Documents (other than the Intercreditor Agreement). 

  

	3.	We confirm that: 

  

	 	(a)	no Default is continuing or would result from the acceptance of this request; and 

  

	 	(b)	[this request is given in relation to a Third Party Disposal of [resigning Obligor];]* 

  

	 	(c)	[no payment is due from [resigning Obligor] under Clause 18 (Guarantee and Indemnity);]* 

  

	 	(d)	[the Transaction Security granted by [resigning Obligor] has not become enforceable in accordance with its terms.]* 

  

	4.	This Resignation Letter and any non-contractual obligations arising out of or in connection with it are governed by English law. 

 

	5.	The Borrower agrees to indemnify the Finance Parties and Secured Parties for any costs, expenses, or liabilities which would have been payable by [resigning Obligor] in connection with the Finance Documents but
for the release set out in paragraph 2 above. 

  

					
	CEMEX, S.A.B. de C.V.	 		 	[resigning Obligor]
			
	By:	 		 	By:
		
	 *   Include / delete as applicable.
	 	

  
 - 266 - 

 SCHEDULE 9 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	[•] as Agent 

  

	From:	CEMEX, S.A.B. de C.V. 

 Dated: 

Dear Sirs 
 CEMEX, S.A.B. de C.V.–
Facilities Agreement 
 dated [    ] July 2017 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement. This is a Compliance Certificate. Terms defined in the Facilities Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this
Compliance Certificate. 

  

	2.	We confirm that: 

  

	 	(a)	For the Reference Period ending [•], EBITDA was $[•] and Consolidated Interest Expense was $[•]. Therefore the Consolidated Coverage Ratio for such Reference Period was [•]:1 which [is/is not] in
compliance with paragraph (a) of Clause 21.2 (Financial condition) of the Facilities Agreement. 

  

	 	(b)	Consolidated Funded Debt as at the last day of the Reference Period ending [•] was $[•] and EBITDA for the Reference Period ending [•] was $[•]. Therefore the Consolidated Leverage Ratio for such
Reference Period was [•]:1 which [is/is not] in compliance with paragraph (b) of Clause 21.2 (Financial condition) of the Facilities Agreement. 

  

	 	(c)	Capital Expenditure of the Group for the Financial Year ending [•] was $[•]. Therefore the requirements of paragraph (c) of Clause 21.2 (Financial condition) of the Facilities Agreement [have/have
not] been complied with. 

  

	 	(d)	Caliza Capital Expenditure for the Financial Year ending [•] was $[•]. Therefore the requirements of paragraph (d) of Clause 21.2 (Financial condition) of the Facilities Agreement [have/have not]
been complied with. 

  

	 	(e)	Centurion Capital Expenditure for the Financial Year ending [•] was $[•]. Therefore the requirements of paragraph (e) of Clause 21.2 (Financial condition) of the Facilities Agreement [have/have
not] been complied with. 

  

									
	Signed	  	  
	 	 	 	 	 	 
		  	CEMEX, S.A.B. de C.V.	 		 		 	

  

  
 - 267 - 

 SCHEDULE 10 

EXISTING FINANCIAL INDEBTEDNESS 

(Figures as at 30 June 2017) 
  

															
	 Part I. Non Obligor Bilateral

Bank Facilities
	 	 	 	 	 	 	 	 	 	 
	 Obligation
	 	Type	 	Outstanding
Principal Amounts	 	Obligor	 	Guarantor(s)	 	Bank Party	 	Security	 	Maturity
	 Bank Facility CEMEX Colombia S.A.
	 	Bank Facility	 	COP 26,119,437,176	 	CEMEX
Colombia S.A.	 	None	 	Banco de
Bogotá	 	None	 	12-Jun-18
	 Bank Facility CEMEX Colombia S.A.
	 	Bank Facility	 	COP 21,413,943,487	 	CEMEX Colombia
S.A.	 	None	 	Banco AV
Villas	 	None	 	18-May-18
	 Bank Facility CEMEX Inc
	 	Bank Facility	 	USD 1,863,936	 	CEMEX Inc.	 	None	 	Mc Duffie land	 	None	 	1-Aug-26
	 Promissory Note, Readymix USA LLC
	 	Bank Facility	 	USD 108,801	 	Readymix USA
LLC	 	None	 	Wayne
Gentry &
Henry Gentry	 	None	 	1-May-21
	 Bank Facility, CEMEX UK Operations Ltd
	 	Bank Facility	 	GBP 712,117	 	CEMEX UK
Operations Ltd	 	None	 	HBM HUB
Limited	 	None	 	31-Jul-18
	 Bank Facility, CEMEX UK Operations Ltd
	 	Bank Facility	 	GBP 150,000	 	CEMEX UK
Operations Ltd	 	None	 	Lafarge (Joint
Venture)	 	None	 	31-Jul-18
	 Bank Facility, CEMEX Polska Sp. z o.o.
	 	Bank Facility	 	PLN 7,293,421	 	Cemex Polska Sp.
z o.o.	 	None	 	Narodowy
Fundusz
Ochrony
Środowiska	 	None	 	30-Sep-23
	 Bank Facility, CEMEX Kamen d.o.o.
	 	Bank Facility	 	HRK 1,955,773	 	CEMEX Kamen
d.o.o.	 	None	 	Loans from
Minority
Shareholders
(JV)	 	None	 	6-Oct-17
	 Loan Agreement, Trinidad Cement Limited
	 	Loan
Agreement	 	TTD 245,000,000	 	Trinidad Cement
Limited	 	CEMEX
S.A.B. de
C.V.	 	First Citizens
Bank Limited,
Citibank
(Trinidad &
Tobago)
Limited	 	None	 	26-Oct-17
	 Loan Agreement, Assiut Cement Company S.A.E.
	 	Loan
Agreement	 	EUR 50,000,000	 	Assiut Cement
Company S.A.E	 	CEMEX
España S.A.	 	European
Bank for
Reconstruction
and
Development	 	None	 	1-Jul-22
	 Facility Agreement, CEMEX Holdings Philippines, Inc.
	 	Loan
Agreement	 	USD 280,000,000	 	CEMEX Holdings
Philippines, Inc.	 	None	 	Banco de Oro	 	None	 	2-Feb-24
	 Bank Facility, CEMEX Deutschland AG
	 	Bank Facility	 	EUR 200,252	 	CEMEX
Deutschland AG	 	TBR
Transportbet
on Regen
GmbH & Co.
KG	 	TBI
Transportbet
on Ingolstadt
GmbH & Co.
KG	 	Capital
Contribution	 	Unlimited
	 Bank Facility, CEMEX Deutschland AG
	 	Bank Facility	 	EUR 51,129	 	CEMEX
Deutschland AG	 	Kann
Industrie
GmbH & Co.
KG	 	TBI
Transportbet
on Ingolstadt
GmbH & Co.
KG	 	Capital
Contribution	 	Unlimited
	 Overdraft, CEMEX Cement a.s.
	 	Overdraft	 	CZK 15,611,629	 	CEMEX Cement
a.s.	 	None	 	ING Bank N.V.	 	None	 	31-Jul-17
	 Overdraft, CEMEX Cement a.s.
	 	Overdraft	 	EUR 401,489	 	CEMEX Cement
a.s.	 	None	 	ING Bank N.V.	 	None	 	31-Jul-17
	 Overdraft, CEMEX UK Operations Limited
	 	Overdraft	 	GBP 6,515,000	 	CEMEX UK
Operations Limited	 	None	 	Royal Bank
of Scotland	 	None	 	10-Aug-17
	 Overdraft, CEMEX France Services
	 	Overdraft	 	EUR 1,385,000	 	CEMEX France
Services	 	None	 	BRED Banque
Populaire
société
anonyme de
banque
populaire	 	None	 	10-Aug-17

  
 - 268 - 

															
	 Part I. Non Obligor Bilateral

Bank Facilities

								
	 Obligation
	 	Type	 	Outstanding
Principal Amounts	 	Obligor	 	Guarantor(s)	 	Bank Party	 	Security	 	Maturity
	 Overdraft, CEMEX France Services
	 	Overdraft	 	EUR 2,129,000	 	CEMEX France
Services	 	None	 	BNP Paribas	 	None	 	10-Aug-17
	 Overdraft, CEMEX France Services
	 	Overdraft	 	EUR 2,129,000	 	CEMEX France
Services	 	None	 	BNP Paribas	 	None	 	10-Aug-17
	 Overdtraft, ReadyMix Industries (Israel) LTD
	 	Overdraft	 	ILS 17,900,000	 	ReadyMix
Industries
(Israel) LTD	 	None	 	First
International
Bank	 	None	 	10-Aug-17
	 Overdtraft, ReadyMix Industries (Israel) LTD
	 	Overdraft	 	ILS 4,700,000	 	ReadyMix
Industries
(Israel) LTD	 	None	 	Bank Hapoalim	 	None	 	10-Aug-17
	 Overdtraft, ReadyMix Industries (Israel) LTD
	 	Overdraft	 	ILS 11,300,000	 	ReadyMix
Industries
(Israel) LTD	 	None	 	Bank Leumi	 	None	 	10-Aug-17
	 Overdtraft, APO Cement Corporation
	 	Overdraft	 	PHP 290,000,000	 	ReadyMix
Industries
(Israel) LTD	 	None	 	Banco de Oro	 	None	 	10-Aug-17
	 Overdtraft, Solid Cement Corporation
	 	Overdraft	 	PHP 180,000,000	 	ReadyMix
Industries
(Israel) LTD	 	None	 	Banco de Oro	 	None	 	10-Aug-17
	
	 Part II. Non Obligor Public

Debt Instruments

								
	 Obligation
	 	Type	 	Outstanding
Principal Amounts	 	Obligor	 	Guarantor(s)	 	Bank Party	 	Security	 	Maturity
	 US$149,897,000 Rinker 2025 Indenture, dated 1 April 2003 (as supplemented)
	 	Public Debt
Instruments	 	USD 149,897,000	 	CEMEX Materials
LLC	 	CEMEX
Corp.	 	JPMorgan
Chase Bank	 	None	 	July 21, 2025
	
	 Part III. Non Obligor Capital

Leases

								
	 Obligation
	 	Type	 	Outstanding
Principal Amounts	 	Obligor	 	Guarantor(s)	 	Bank Party	 	Security	 	Maturity
	 Capital Lease, CEMEX Colombia S.A.
	 	Capital Lease	 	COP 1,133,860,006	 	CEMEX Colombia
S.A.	 	None	 	Helm Bank	 	Leased Asset	 	10-Jul-18
	 Capital Lease, CEMEX Colombia S.A.
	 	Capital Lease	 	COP 3,554,839,632	 	CEMEX Colombia
S.A.	 	None	 	Bancolombia	 	Leased Asset	 	26-Sep-18
	 Capital Lease, CEMEX Colombia S.A.
	 	Capital Lease	 	COP 990,092,550	 	CEMEX Colombia
S.A.	 	None	 	Banco de
Bogotá	 	Leased Asset	 	10-Sep-18
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 94,564	 	CEMEX
Construction
Materials	 	None	 	Bank of
America
Leasing	 	Leased Asset	 	1-Nov-19
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 2,068,595	 	CEMEX
Construction
Materials	 	None	 	BMO	 	Leased Asset	 	6-Jun-21
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 103,916	 	CEMEX
Construction
Materials	 	None	 	Capital Source	 	Leased Asset	 	1-Jul-19
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 3,068,429	 	CEMEX
Construction
Materials	 	None	 	Caterpillar	 	Leased Asset	 	12-Aug-21
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 2,357,013	 	CEMEX
Construction
Materials	 	None	 	CIT Financial	 	Leased Asset	 	1-Jan-19
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 17,433,014	 	CEMEX
Construction
Materials	 	None	 	Daimler Truck
Finance	 	Leased Asset	 	15-Dec-20
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 47,950	 	CEMEX
Construction
Materials	 	None	 	DE Lage
Landen	 	Leased Asset	 	15-Feb-18
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 1,035,121	 	CEMEX
Construction
Materials	 	None	 	John Deere	 	Leased Asset	 	1-Jun-21
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 52,055,920	 	CEMEX
Construction	 	None	 	Paccar Financial	 	Leased Asset	 	10-Oct-21

  
 - 269 - 

															
	 Part III. Non Obligor Capital

Leases

								
	 Obligation
	 	Type	 	Outstanding
Principal Amounts	 	Obligor	 	Guarantor(s)	 	Bank Party	 	Security	 	Maturity
		 		 		 	Materials	 		 		 		 	
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 404,308	 	CEMEX
Construction
Materials	 	None	 	Siemens
Financial	 	Leased Asset	 	14-Feb-21
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 458,261	 	CEMEX
Construction
Materials	 	None	 	Signature
Financial	 	Leased Asset	 	1-Mar-21
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 6,343,515	 	CEMEX
Construction
Materials	 	None	 	Universal
Equipment
Finance	 	Leased Asset	 	28-Aug-19
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 6,752,522	 	CEMEX
Construction
Materials	 	None	 	VFS Leasing
Co.	 	Leased Asset	 	28-Apr-21
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 2,317,253	 	CEMEX
Construction
Materials	 	None	 	Citizens	 	Leased Asset	 	1-Aug-26
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 1,057,300	 	CEMEX
Construction
Materials	 	None	 	North American
Coal Company	 	Leased Asset	 	28-Dec-18
	 Capital Lease, CEMEX Construction Materials
	 	Capital Lease	 	USD 12,381,297	 	CEMEX
Construction
Materials	 	None	 	RBS Asset
Finance	 	Leased Asset	 	1-Feb-19
	 Capital Lease, CEMEX UK Materials Limited
	 	Capital Lease	 	GBP 3,016,174	 	CEMEX UK
Materials Limited	 	None	 	CAT Financial
Services	 	Leased Asset	 	29-Nov-20
	 Capital Lease, CEMEX UK Operations Limited
	 	Capital Lease	 	GBP 523,103	 	CEMEX UK
Operations Limited	 	None	 	Volvo Financial
Services	 	Leased Asset	 	20-Dec-18
	 Capital Lease, Cemex Polska Sp. z o.o.
	 	Capital Lease	 	PLN 1,477,962	 	Cemex Polska
Sp. z o.o.	 	None	 	ING Bank N.V.	 	Leased Asset	 	15-Apr-18
	 Capital Lease, Cemex Polska Sp. z o.o.
	 	Capital Lease	 	PLN 506,590	 	Cemex Polska
Sp. z o.o.	 	None	 	ING Bank N.V.	 	Leased Asset	 	2-Feb-20
	 Capital Lease, Cemex Polska Sp. z o.o.
	 	Capital Lease	 	PLN 5,223,881	 	Cemex Polska
Sp. z o.o.	 	None	 	ING Bank N.V.	 	Leased Asset	 	26-Apr-20
	 Capital Lease, Cemex Polska Sp. z o.o.
	 	Capital Lease	 	PLN 5,135,332	 	Cemex Polska
Sp. z o.o.	 	None	 	ING Bank N.V.	 	Leased Asset	 	2-Oct-20
	 Capital Lease, Cemex Polska Sp. z o.o.
	 	Capital Lease	 	PLN 2,351,106	 	Cemex Polska
Sp. z o.o.	 	None	 	SG Equipment
Finance	 	Leased Asset	 	5-Apr-22
	 Capital Lease, Cemex Polska Sp. z o.o.
	 	Capital Lease	 	PLN 284,325	 	Cemex Polska
Sp. z o.o.	 	None	 	SG Equipment
Finance	 	Leased Asset	 	5-Oct-22
	 Capital Lease, Cemex Polska Sp. z o.o.
	 	Capital Lease	 	PLN 284,371	 	Cemex Polska
Sp. z o.o.	 	None	 	SG Equipment
Finance	 	Leased Asset	 	25-Oct-22
	 Capital Lease, Cemex Polska Sp. z o.o.
	 	Capital Lease	 	PLN 232,697	 	Cemex Polska
Sp. z o.o.	 	None	 	De Lage Landen	 	Leased Asset	 	25-Jul-17
	 Capital Lease, CEMEX Deutschland AG
	 	Capital Lease	 	EUR 127,863	 	CEMEX
Deutschland AG	 	Schwing
GmbH	 	Mercedes- Benz
Leasing GmbH	 	Leased Asset	 	25-Oct-18
	 Capital Lease, CEMEX Deutschland AG
	 	Capital Lease	 	EUR 261,689	 	CEMEX
Deutschland AG	 	Putzmeister
Concrete
Pumps
GmbH	 	UTA Truck
Lease GmbH	 	Leased Asset	 	31-Jan-19
	 Capital Lease, CEMEX Logistik
	 	Capital Lease,
CEMEX
Logistik	 	EUR 82,652	 	CEMEX Logistik	 	F.X.
MEILLER
Fahrzeug-
und
Maschinenfa
brik-
GmbH & Co.
KG	 	DML
Düsseldorfer
Mobilien
Leasing
GmbH & Co.
KG	 	Leased Asset	 	30-Nov-20
	 Capital Lease, CEMEX Logistik
	 	Capital Lease,
CEMEX
Logistik	 	EUR 330,609	 	CEMEX Logistik	 	Langendorf
GmbH	 	DML
Düsseldorfer
Mobilien
Leasing
GmbH & Co.
KG	 	Leased Asset	 	30-Nov-20
	 Capital Lease, CEMEX Logistik
	 	Capital Lease	 	EUR 123,684	 	CEMEX Logistik	 	F.X.
MEILLER
Fahrzeug-
und
Maschinenfa
brik-
GmbH & Co.
KG	 	Akf leasing
GmbH & Co.
KG	 	Leased Asset	 	31-Mar-19

  
 - 270 - 

															
	 Part III. Non Obligor Capital

Leases

								
	 Obligation
	 	Type	 	Outstanding
Principal Amounts	 	Obligor	 	Guarantor(s)	 	Bank Party	 	Security	 	Maturity
	 Capital Lease, CEMEX Deutschland AG
	 	Capital Lease	 	EUR 123,545	 	CEMEX
Deutschland
AG	 	Putzmeister
Concrete
Pumps
GmbH	 	Akf leasing
GmbH & Co.
KG	 	Leased Asset	 	30-Nov-19
	 Capital Lease, CEMEX Agregados
	 	Capital Lease	 	USD 4,219,757	 	CEMEX
Agregados	 	CEMEX
S.A.B. de
C.V.	 	Banco
Mercantil del
Norte S.A.
Institución de
Banca
Múltiple,
Grupo
Financiero
Banorte	 	Leased Asset	 	1-Oct-21
	 Capital Lease, CEMEX Granulats SO
	 	Capital Lease	 	EUR 121,325	 	CEMEX
Granulats SO	 	None	 	Caterpillar
Finance	 	None	 	19-Jun-18
	 Capital Lease, CEMEX Granulats RM
	 	Capital Lease	 	EUR 120,706	 	CEMEX
Granulats RM	 	None	 	Caterpillar
Finance	 	None	 	29-Jun-18
	 Capital Lease, CEMEX Granulats RM
	 	Capital Lease	 	EUR 239,078	 	CEMEX
Granulats RM	 	None	 	Caterpillar
Finance	 	None	 	30-Jul-18
	 Capital Lease, CEMEX Granulats
	 	Capital Lease	 	EUR 207,062	 	CEMEX
Granulats	 	None	 	Caterpillar
Finance	 	None	 	9-Jul-19
	 Capital Lease, CEMEX Granulats
	 	Capital Lease	 	EUR 356,726	 	CEMEX
Granulats	 	None	 	Caterpillar
Finance	 	None	 	9-Nov-19
	 Capital Lease, CEMEX Granulats RM
	 	Capital Lease	 	EUR 168,823	 	CEMEX
Granulats RM	 	None	 	Caterpillar
Finance	 	None	 	9-Jul-20
	 Capital Lease, CEMEX Granulats SO
	 	Capital Lease	 	EUR 158,367	 	CEMEX
Granulats SO	 	None	 	Caterpillar
Finance	 	None	 	19-Jul-20
	 Capital Lease, CEMEX Granulats RM
	 	Capital Lease	 	EUR 223,312	 	CEMEX
Granulats RM	 	None	 	Caterpillar
Finance	 	None	 	30-Jul-20
	 Capital Lease, CEMEX Granulats
	 	Capital Lease	 	EUR 261,084	 	CEMEX
Granulats	 	None	 	Caterpillar
Finance	 	None	 	31-Dec-20
	 Capital Lease, CEMEX Bétons SE
	 	Capital Lease	 	EUR 62,489	 	CEMEX
Granulats	 	None	 	KOMATSU
Finance	 	Leased Asset	 	27-Nov-20
	 Capital Lease, CEMEX Granulats
	 	Capital Lease	 	EUR 208,633	 	CEMEX
Granulats	 	None	 	KOMATSU
Finance	 	Leased Asset	 	1-Nov-20
	 Capital Lease, CEMEX Granulats RM
	 	Capital Lease	 	EUR 30,764	 	CEMEX
Granulats RM	 	None	 	KOMATSU
Finance	 	Leased Asset	 	20-Apr-19
	 Capital Lease, CEMEX Granulats
	 	Capital Lease	 	EUR 128,658	 	CEMEX
Granulats	 	None	 	KOMATSU
Finance	 	Leased Asset	 	1-Aug-20
	 Capital Lease, CEMEX Granulats
	 	Capital Lease	 	EUR 569,970	 	CEMEX
Granulats	 	None	 	KOMATSU
Finance	 	Leased Asset	 	1-Nov-21
	 Capital Lease, CEMEX Granulats
	 	Capital Lease	 	EUR 159,148	 	CEMEX
Granulats	 	None	 	GE Capital
CDG	 	Leased Asset	 	1-Apr-19
	 Capital Lease, CEMEX Granulats SO
	 	Capital Lease	 	EUR 149,040	 	CEMEX
Granulats SO	 	None	 	GE Capital
CDG	 	Leased Asset	 	27-Aug-19
	 Capital Lease, CEMEX Granulats SO
	 	Capital Lease	 	EUR 148,496	 	CEMEX
Granulats SO	 	None	 	GE Capital
CDG	 	Leased Asset	 	24-Aug-19
	 Capital Lease, CEMEX Granulats
	 	Capital Lease	 	EUR 36,907	 	CEMEX
Granulats	 	None	 	GE Capital
CDG	 	Leased Asset	 	1-Jul-19
	 Capital Lease, CEMEX Granulats
	 	Capital Lease	 	EUR 140,607	 	CEMEX
Granulats	 	None	 	GE Capital
CDG	 	Leased Asset	 	14-Aug-19
	 Capital Lease, CEMEX Granulats RM
	 	Capital Lease	 	EUR 144,394	 	CEMEX
Granulats	 	None	 	GE Capital
CDG	 	Leased Asset	 	3-Sep-19
	 Capital Lease, CEMEX Granulats SO
	 	Capital Lease	 	EUR 148,677	 	CEMEX
Granulats	 	None	 	GE Capital
CDG	 	Leased Asset	 	25-Aug-19
	 Capital Lease, France Liants
	 	Capital Lease	 	EUR 56,352	 	CEMEX
Granulats	 	None	 	GE Capital
CDG	 	Leased Asset	 	9-Jul-20
	 Capital Lease, CEMEX Bétons NO
	 	Capital Lease	 	EUR 53,265	 	CEMEX
Granulats	 	None	 	GE Capital
CDG	 	Leased Asset	 	5-Aug-20
	 Capital Lease, CEMEX Bétons CO
	 	Capital Lease	 	EUR 53,398	 	CEMEX
Granulats	 	None	 	GE Capital
CDG	 	Leased Asset	 	8-Aug-20
	 Capital Lease, CEMEX Bétons SE
	 	Capital Lease	 	EUR 54,973	 	CEMEX
Granulats	 	None	 	GE Capital
CDG	 	Leased Asset	 	23-Sep-20
	 Capital Lease, CEMEX Bétons SE
	 	Capital Lease	 	EUR 168,756	 	CEMEX
Granulats	 	None	 	GE Capital
CDG	 	Leased Asset	 	2-Dec-20
	 Capital Lease, CEMEX Granulats
	 	Capital Lease	 	EUR 303,447	 	CEMEX
Granulats	 	None	 	CA Lease	 	Leased Asset	 	8-Dec-20
	 Capital Lease, CEMEX Granulats
	 	Capital Lease	 	EUR 368,284	 	CEMEX
Granulats	 	CEMEX
France
Gestion	 	CAPITOLE
Finance	 	Leased Asset	 	20-Sep-19
	 Capital Lease, CEMEX Granulats
	 	Capital Lease	 	EUR 107,926	 	CEMEX
Granulats	 	None	 	LIEBHERR	 	Leased Asset	 	31-Jan-22
	 Capital Lease, Kadmani Readymix Concrete
	 	Capital Lease	 	ILS 436,742	 	Kadmani
Readymix
Concrete	 	None	 	Kalmobil	 	Leased Asset	 	1-Jun-19

  
 - 271 - 

 SCHEDULE 11 

EXISTING SECURITY AND QUASI-SECURITY 

(Figures in Millions $ as at 30 June 2017 and not including Transaction Security) 

 

											
	 CEMEX

Subsidiary
	  	 Counterparty
	  	 Lien Concept
	  	 Maturity

Date
	 	 Secured
Amount
	 	 Agreement Type

	 CEMEX S.A.B. de C.V.
	  	Bank of America	  	Cash Collateral	  	Open Ended	 	2.91	 	ISDA Master Agreement dated
	 CEMEX Agregados, S.A.
	  	Banorte	  	Plant Equipment Lien	  	1-Oct-21	 	4.22	 	Capital Lease
	 CEMEX México, S.A. de C.V.
	  	Briggs (Arrendadora)	  	Plant Equipment Lien	  	10-Sep-19	 	2.55	 	Capital Lease
	 CEMEX Colombia
	  	Liberty	  	Cash Collateral	  	Open Ended	 	2.05	 	Bank Guarantee
	 CEMEX Colombia, S.A.
	  	Bancolombia	  	Plant Equipment Lien	  	1-Sep-17	 	1.17	 	Capital Lease
	 CEMEX Colombia, S.A.
	  	Banco de Bogota	  	Plant Equipment Lien	  	1-Sep-17	 	0.33	 	Capital Lease
	 CEMEX Colombia, S.A.
	  	Helm Bank	  	Plant Equipment Lien	  	1-Sep-17	 	0.37	 	Capital Lease
	 CEMEX Concretos, S.A. de C.V.
	  	Grupo Financiero Banorte S.A.B. de C.V.	  	Plant Equipment Lien	  	1-Aug-15	 	2.35	 	Capital Lease
	 CEMEX Construction Materials Florida
	  	Lake Louisa, LLC	  	Land Lien	  	1-Apr-22	 	5.00	 	Capital Lease
	 CEMEX Construction Materials
	  	Bank of America Leasing	  	Mobile Equipment Lien	  	1-Nov-19	 	0.95	 	Capital Lease
	 CEMEX Construction Materials
	  	BMO	  	Mobile Equipment Lien	  	6-Jun-21	 	2.07	 	Capital Lease
	 CEMEX Construction Materials
	  	Capital Source	  	Mobile Equipment Lien	  	1-Jul-19	 	0.10	 	Capital Lease
	 CEMEX Construction Materials
	  	Caterpillar	  	Mobile Equipment Lien	  	12-Aug-21	 	3.07	 	Capital Lease
	 CEMEX Construction Materials
	  	CIT Financial	  	Mobile Equipment Lien	  	1-Jan-19	 	2.36	 	Capital Lease
	 CEMEX Construction Materials
	  	Daimler Truck Finance	  	Mobile Equipment Lien	  	15-Dec-20	 	17.43	 	Capital Lease
	 CEMEX Construction Materials
	  	DE Lage Landen	  	Mobile Equipment Lien	  	15-Feb-18	 	0.48	 	Capital Lease
	 CEMEX Construction Materials
	  	John Deere	  	Mobile Equipment Lien	  	1-Jun-21	 	1.04	 	Capital Lease
	 CEMEX Construction Materials
	  	Paccar Financial	  	Mobile Equipment Lien	  	10-Oct-21	 	52.06	 	Capital Lease
	 CEMEX Construction Materials
	  	Siemens Financial	  	Mobile Equipment Lien	  	14-Feb-21	 	0.40	 	Capital Lease
	 CEMEX Construction Materials
	  	Signature Financial	  	Mobile Equipment Lien	  	1-Mar-21	 	0.46	 	Capital Lease

  
 - 272 - 

											
	 CEMEX

Subsidiary
	  	 Counterparty
	  	 Lien Concept
	  	 Maturity

Date
	 	 Secured
Amount
	 	 Agreement Type

	 CEMEX Construction Materials
	  	Universal Equipment Finance	  	Mobile Equipment Lien	  	28-Aug-19	 	6.34	 	Capital Lease
	 CEMEX Construction Materials
	  	VFS Leasing Co.	  	Mobile Equipment Lien	  	28-Apr-21	 	6.75	 	Capital Lease
	 CEMEX Construction Materials
	  	Citizens	  	Plant Equipment Lien	  	1-Aug-26	 	2.32	 	Capital Lease
	 CEMEX Construction Materials
	  	North American Coal Company	  	Plant Equipment Lien	  	28-Dec-18	 	1.06	 	Capital Lease
	 CEMEX Construction Materials
	  	RBS Asset Finance	  	Plant Equipment Lien	  	1-Feb-19	 	12.38	 	Capital Lease
	 CEMEX Deutschland AG
	  	akf leasing GmbH & Co. KG	  	Plant Equipment Lien	  	30-Nov-19	 	0.14	 	Capital Lease
	 CEMEX Deutschland AG
	  	Bayern LB	  	Cash Collateral	  	Revolving	 	1.02	 	Bank Guarantees (local government: gravel and sand mining supply)
	 CEMEX Deutschland AG
	  	Bayern LB	  	Cash Collateral	  	Revolving	 	0.07	 	Bank Guarantees (local government: gravel and sand mining supply + customer)
	 CEMEX Deutschland AG
	  	Bayern LB	  	Cash Collateral	  	Revolving	 	0.08	 	Bank Guarantees (local government: cement plant)
	 CEMEX Deutschland AG
	  	Commerzbank	  	Cash Collateral	  	Revolving	 	3.34	 	Bank Guarantees
	 CEMEX Deutschland AG
	  	HypoVereinsba n (Unicredit)	  	Cash Collateral	  	Revolving	 	1.59	 	Daily Cash Operations
	 CEMEX Deutschland AG
	  	HypoVereinsba n (Unicredit)	  	Cash Collateral	  	Revolving	 	0.70	 	Bank Guarantees
	 CEMEX Deutschland AG
	  	Private Investor Günter Wunder	  	Servitude	  	31-Dec-17	 	6.51	 	Plant Investment + Operating Lease - Project Kieswerk Löwen GmbH
	 CEMEX Deutschland AG
	  	PUTZMEISTE R Concrete Pumps GmbH	  	Plant Equipment Lien	  	31-Jan-19	 	0.30	 	Capital Lease
	 CEMEX Deutschland AG
	  	Schwing GmbH	  	Plant Equipment Lien	  	25-Oct-18	 	0.15	 	Capital Lease
	 CEMEX Deutschland AG
	  	TBI Transportbeton Ingolstadt GmbH & Co. KG	  	Plant Equipment Lien	  	Unlimited	 	0.26	 	Capital Lease
	 CEMEX Deutschland AG
	  	TBI Transportbeton Ingolstadt GmbH & Co. KG	  	Plant Equipment Lien	  	Unlimited	 	0.07	 	Capital Lease
	 Cemex España
	  	Autoridad Portuaria Alicante	  	Cash Collateral	  	1-Jan-20	 	0.00	 	Bond
	 CEMEX Falcon LLC
	  	Ministry of Labour	  	Cash Collateral	  	Open Ended	 	0.00	 	Labor GTEE - required by gov. authority
	 CEMEX Granulats SO
	  	CATERPILLA R Finance	  	Mobile Equipment Lien	  	19-Jun-18	 	0.14	 	Capital Lease

  
 - 273 - 

											
	 CEMEX

Subsidiary
	  	 Counterparty
	  	 Lien Concept
	  	 Maturity

Date
	 	 Secured
Amount
	 	 Agreement Type

	 CEMEX Granulats RM
	  	CATERPILLA R Finance	  	Mobile Equipment Lien	  	29-Jun-18	 	0.14	 	Capital Lease
	 CEMEX Granulats RM
	  	CATERPILLA R Finance	  	Mobile Equipment Lien	  	30-Jul-18	 	0.27	 	Capital Lease
	 CEMEX Granulats
	  	CATERPILLA R Finance	  	Mobile Equipment Lien	  	9-Jul-19	 	0.24	 	Capital Lease
	 CEMEX Granulats
	  	CATERPILLA R Finance	  	Mobile Equipment Lien	  	9-Nov-19	 	0.41	 	Capital Lease
	 CEMEX Granulats RM
	  	CATERPILLA R Finance	  	Mobile Equipment Lien	  	9-Jul-20	 	0.19	 	Capital Lease
	 CEMEX Granulats SO
	  	CATERPILLA R Finance	  	Mobile Equipment Lien	  	19-Jul-20	 	0.18	 	Capital Lease
	 CEMEX Granulats RM
	  	CATERPILLA R Finance	  	Mobile Equipment Lien	  	30-Jul-20	 	0.26	 	Capital Lease
	 CEMEX Granulats
	  	CATERPILLA R Finance	  	Mobile Equipment Lien	  	31-Dec-20	 	0.3	 	Capital Lease
	 CEMEX France
	  	CM-CIC Bail	  	Mobile Equipment Lien	  	4-Sep-19	 	1.53	 	Capital Lease
	 CEMEX Granulats RM
	  	KOMATSU Finance	  	Mobile Equipment Lien	  	20-Apr-19	 	0.04	 	Capital Lease
	 CEMEX Granulats
	  	KOMATSU Finance	  	Mobile Equipment Lien	  	1-Aug-20	 	0.15	 	Capital Lease
	 CEMEX Granulats
	  	KOMATSU Finance	  	Mobile Equipment Lien	  	1-Nov-20	 	0.24	 	Capital Lease
	 CEMEX Bétons SE
	  	KOMATSU Finance	  	Mobile Equipment Lien	  	27-Nov-20	 	0.07	 	Capital Lease
	 CEMEX Granulats
	  	KOMATSU Finance	  	Mobile Equipment Lien	  	1-Nov-21	 	0.65	 	Capital Lease
	 CEMEX Granulats
	  	GE Capital CDG	  	Mobile Equipment Lien	  	1-Apr-19	 	0.18	 	Capital Lease
	 CEMEX Granulats SO
	  	GE Capital CDG	  	Mobile Equipment Lien	  	27-Aug-19	 	0.17	 	Capital Lease
	 CEMEX Granulats SO
	  	GE Capital CDG	  	Mobile Equipment Lien	  	24-Aug-19	 	0.17	 	Capital Lease
	 CEMEX Granulats
	  	GE Capital CDG	  	Mobile Equipment Lien	  	1-Jul-19	 	0.04	 	Capital Lease
	 CEMEX Granulats
	  	GE Capital CDG	  	Mobile Equipment Lien	  	14-Aug-19	 	0.16	 	Capital Lease
	 CEMEX Granulats
	  	GE Capital CDG	  	Mobile Equipment Lien	  	3-Sep-19	 	0.16	 	Capital Lease
	 CEMEX Granulats
	  	GE Capital CDG	  	Mobile Equipment Lien	  	25-Aug-19	 	0.17	 	Capital Lease
	 CEMEX Granulats
	  	GE Capital CDG	  	Mobile Equipment Lien	  	9-Jul-20	 	0.06	 	Capital Lease
	 CEMEX Granulats
	  	GE Capital CDG	  	Mobile Equipment Lien	  	5-Aug-20	 	0.06	 	Capital Lease
	 CEMEX Granulats
	  	GE Capital CDG	  	Mobile Equipment Lien	  	8-Aug-20	 	0.06	 	Capital Lease
	 CEMEX Granulats
	  	GE Capital CDG	  	Mobile Equipment Lien	  	23-Sep-20	 	0.06	 	Capital Lease
	 CEMEX Granulats
	  	GE Capital CDG	  	Mobile Equipment Lien	  	2-Dec-20	 	0.19	 	Capital Lease
	 CEMEX France
	  	CAPITOLE Finance	  	Mobile Equipment Lien	  	1-Apr-19	 	0.42	 	Capital Lease
	 CEMEX France
	  	CA Lease	  	Mobile Equipment Lien	  	8-Dec-20	 	0.35	 	Capital Lease
	 CEMEX France
	  	LIEBHERR	  	Mobile Equipment Lien	  	31-Jan-22	 	0.12	 	Capital Lease
	 CEMEX Logistik GmbH
	  	F.X. MEILLER Fahrzeug- und Maschinenfabri k-GmbH & Co. KG	  	Plant Equipment Lien	  	30-Nov-20	 	0.10	 	Capital Lease

  
 - 274 - 

											
	 CEMEX

Subsidiary
	  	 Counterparty
	  	 Lien Concept
	  	 Maturity

Date
	 	 Secured
Amount
	 	 Agreement Type

	 CEMEX Logistik GmbH
	  	F.X. MEILLER Fahrzeug- und Maschinenfabri k-GmbH & Co. KG	  	Plant Equipment Lien	  	31-Mar-19	 	0.14	 	Capital Lease
	 CEMEX Logistik GmbH
	  	Langendorf GmbH	  	Plant Equipment Lien	  	30-Nov-20	 	0.38	 	Capital Lease
	 CEMEX Materials
	  	RBS	  	Plant Equipment Lien	  	1-Feb-19	 	13.71	 	Capital Lease
	 CEMEX Materials
	  	ALICO	  	Plant Equipment Lien	  	1-Dec-18	 	0.57	 	Capital Lease
	 CEMEX Materials
	  	KROME	  	Plant Equipment Lien	  	1-Dec-18	 	0.52	 	Capital Lease
	 CEMEX México, S.A. de C.V.
	  	Hewlett Packard	  	Plant Equipment Lien	  	25-Jul-18	 	0.63	 	Capital Lease
	 Cemex Philippines
	  	Paramount Ins	  	Cash Collateral	  	Open Ended	 	0.01	 	Judicial (labor case)
	 Cemex Polska Sp. z o.o.
	  	ING LEASE	  	Plant Equipment Lien	  	15-Apr-18	 	0.72	 	Capital Lease
	 Cemex Polska Sp. z o.o.
	  	ING LEASE	  	Plant Equipment Lien	  	2-Feb-20	 	0.72	 	Capital Lease
	 Cemex Polska Sp. z o.o.
	  	ING LEASE	  	Plant Equipment Lien	  	26-Apr-20	 	0.41	 	Capital Lease
	 Cemex Polska Sp. z o.o.
	  	ING LEASE	  	Plant Equipment Lien	  	2-Oct-20	 	1.41	 	Capital Lease
	 Cemex Polska Sp. z o.o.
	  	SG Equipment Finance	  	Plant Equipment Lien	  	5-Apr-22	 	0.64	 	Capital Lease
	 Cemex Polska Sp. z o.o.
	  	SG Equipment Finance	  	Plant Equipment Lien	  	5-Oct-22	 	0.08	 	Capital Lease
	 Cemex Polska Sp. z o.o.
	  	SG Equipment Finance	  	Plant Equipment Lien	  	25-Oct-22	 	0.08	 	Capital Lease
	 Cemex Polska Sp. z o.o.
	  	De Lage Landen	  	Plant Equipment Lien	  	25-Jul-17	 	0.07	 	Capital Lease
	 CEMEX Supermix LLC
	  	Ministry of Labour	  	Cash Collateral	  	Open Ended	 	0.53	 	Labor GTEE - required by gov. authority
	 CEMEX Topmix LLC
	  	EPPCO	  	Cash Collateral	  	Open Ended	 	0.03	 	Supply of Petroleum Products (Treasury Transaction)
	 CEMEX UK Operations Limited
	  	Volvo Financial Services	  	Mobile Equipment Lien	  	20-Dec-18	 	1.91	 	Capital Lease
	 CEMEX UK Operations Limited
	  	Hampshire County Council	  	Cash Collateral	  	1-Sep-21	 	0.05	 	Cash collateral required for extraction of mineral reserves. Supplemented by a performance bond.
	 CX UK MATERIALS LTD
	  	CAT Financial Services	  	Plant Equipment Lien	  	29-Nov-20	 	2.51	 	Capital Lease
	 Gulf Quarries (CEMEX Topmix LLC)
	  	Ministry of Labour	  	Cash Collateral	  	Open Ended	 	0.03	 	Labor GTEE - required by gov. authority
	 Kadmani Readymix Concrete LTD
	  	Kalmobil	  	Plant Equipment Lien	  	1-Jun-19	 	0.13	 	Capital Lease
	 RMC Aggregates
	  	Tenaga Nasional Berhad	  	Cash Collateral	  	Open Ended	 	0.01	 	Cash Deposit
	 RMC Concrete
	  	Dewan Bandaraya Kuala Lumpur	  	Cash Collateral	  	Open Ended	 	0.06	 	Cash Deposit
	 RMC Concrete
	  	Dewan Bandaraya	  	Cash Collateral	  	Open Ended	 	0.06	 	Cash Deposit

  
 - 275 - 

											
	 CEMEX

Subsidiary
	  	 Counterparty
	  	 Lien Concept
	  	 Maturity

Date
	 	 Secured
Amount
	 	 Agreement Type

		  	Kuala Lumpur	  		  		 		 	
	 RMC Concrete
	  	Dewan Bandaraya Kuala Lumpur	  	Cash Collateral	  	Open Ended	 	0.06	 	Cash Deposit
	 RMC Concrete
	  	Tenaga Nasional Berhad	  	Cash Collateral	  	Open Ended	 	0.00	 	Cash Deposit
	 Solid Cement Corporation
	  	Intra Strata Insurance Co.	  	Cash Collateral	  	Open Ended	 	1.44	 	IQAC Tax Cases
	 Solid Cement Corporation
	  	San Miguel Electric Corporation (SMELC	  	Cash Collateral	  	6-Oct-16	 	0.40	 	Distribution Wheeling Services Bill Deposit
	 Solid Cement Corporation
	  	Sinoma Energy Conservation (Philippines) Waste Heat Recovery Co., Inc.	  	Cash Collateral	  	9-Apr-30	 	0.38	 	Security Deposit for Power purchase

  

			
	 Note:
	  	This Schedule 11 (Existing Security and Quasi-Security) contains Security and Quasi- Security in relation to the Financial Indebtedness which does not share in the Transaction Security. It does not include any Financial
Indebtedness which does share in the Transaction Security (which includes any Financial Indebtedness permitted to share in the Transaction Security pursuant to the terms of this Agreement and the Intercreditor Agreement).

  
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 SCHEDULE 12 

PROCEEDINGS PENDING OR THREATENED 

Regulatory Matters and Legal Proceedings 

As of June 15, 2017 
 A
description of material regulatory matters and legal proceedings affecting us is provided below. 
 Antitrust Proceedings 

Polish Antitrust Investigation. On January 2, 2007, CEMEX Polska received a notification from the Polish Competition and Consumer
Protection Office (the “Protection Office”) informing it of the formal initiation of an antitrust proceeding against all cement producers in Poland, including CEMEX Polska and another of our indirect subsidiaries in Poland. The
notification alleged that there was an agreement between all cement producers in Poland regarding prices and other sales conditions for cement, an agreed division of the market with respect to the sale and production of cement, and the exchange of
confidential information, all of which limited competition in the Polish market with respect to the production and sale of cement. On December 9, 2009, the Protection Office delivered to CEMEX Polska its decision against Polish cement producers
related to an investigation which covered a period from 1998 to 2006. The decision imposed fines on a number of Polish cement producers, including CEMEX Polska. The fine imposed on CEMEX Polska was approximately Polish Zloty 115.56 million
(approximately U.S.$29.19 million as of March 31, 2017, based on an exchange rate of Polish Zloty 3.9582 to U.S.$1.00), which is approximately 10% of CEMEX Polska’s total revenue in 2008. CEMEX Polska disagreed with the decision,
denied that it committed the practices alleged by the Protection Office and, therefore, on December 23, 2009, CEMEX Polska filed an appeal before the Polish Court of Competition and Consumer Protection in Warsaw (the “First Instance
Court”). After a series of hearings, on December 13, 2013, the First Instance Court issued its judgment in regards with the appeals filed by CEMEX Polska and other cement producers, which were previously combined into a joint appeal. The
First Instance Court reduced the penalty imposed on CEMEX Polska to approximately Polish Zloty 93.89 million (approximately U.S.$23.72 million as of March 31, 2017 based on an exchange rate of Polish Zloty 3.9582 to U.S.$1.00), which
is equal to 8.125% of CEMEX Polska’s revenue in 2008. On May 8, 2014, CEMEX Polska filed an appeal against the First Instance Court judgment before the Appeals Court in Warsaw. After several hearings in the Appeals Court, on a hearing held
on March 11, 2016, the Appeals Court did not announce a final judgment; instead, it reopened the hearing phase which had been closed on February 26, 2016. The parties involved were informed that the Appeals Court will ask certain questions
to the Polish Constitutional Tribunal regarding the conformity with the Polish Constitution of the calculation of the reduced penalty imposed on CEMEX Polska. The Constitutional Tribunal by the decision taken on 5th of April 2017 (without the
hearing) rejected to answer the questions of the Appeal Court due to secondary formal reasons informing the Court that it is entitled to interpret independently the competition law rules in a way to assure their compliance with the Polish
Constitution for purpose of this particular court case. The files of the case were returned to the Appeal Court in the beginning of May, 2017. CEMEX Poland currently estimates that the case will speed up and the Appeal Court may issue its final
decision in the case by the end of September 2017. The above-mentioned penalty is not enforceable until the Appeals Court issues its final judgment and if the penalty is maintained in the Appeals Court final resolution, then the penalty will be
payable within 14 calendar days of the announcement of the Appeals Court order regarding its final resolution. CEMEX Polska has created the accounting provision in relation with this proceeding in an amount equal to 100% of the reduced penalty of
the First Instance Court judgment. As of June 15, 2017, we do not expect that an adverse resolution to this matter would have a material adverse impact on our results of operations, liquidity and financial condition. 

Antitrust Investigation in Spain by the CNMC. On September 16 and 17, 2014, the Competition Directorate
(Dirección de Competencia) of the Spanish National Commission of Markets and Competition (Comisión Nacional de los Mercados y la Competencia) (“CNMC”), in the context of an investigation of the
Spanish cement, ready-mix concrete and related products industry regarding alleged anticompetitive practices, inspected one of our facilities in Spain. On January 12, 2015, CEMEX España Operaciones
was notified of the initiation by the CNMC of a disciplinary proceeding for alleged prohibited conducts pursuant to Article 1 of the Spanish Competition Law (Ley 15/2007, de 3 de Julio, de Defensa de la Competencia). On
November 19, 2015, CEMEX España Operaciones was notified that the alleged anticompetitive practices covered the year 2013 for the cement market and the years 2008, 2009, 2012, 2013 and 2014 for

  
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the ready-mix market. On March 8, 2016, the Competition Directorate (Dirección de Competencia) notified CEMEX España
Operaciones of a resolution proposal (propuesta de resolución) which considers that the alleged anti-competitive practices were carried out in the markets and years previously indicated. Thereafter, CEMEX España
Operaciones submitted allegations rejecting the resolution proposal. On September 8, 2016, CEMEX España Operaciones was notified of a decision issued by the CNMC pursuant to which CEMEX España Operaciones has been required to pay
a fine of €5,865,480 (approximately U.S.$6.25 million as of March 31, 2017, based on an exchange rate of €0.9380 to U.S.$1.00). On November 7, 2016, CEMEX España Operaciones filed an appeal before the National Court
(Audiencia Nacional) against the CNMC’s decision. The National Court has been requested to suspend the sanction, and, by a resolution issued on December 22, 2016, the National Court granted the requested suspension, subject
to issuance of a bank guarantee for the principal amount of the sanction. The CNMC has been notified of both the interposition of the appeal and the request for suspension. As of June 15, 2017, we do not expect that an adverse resolution to
this matter would have a material adverse impact on our results of operations, liquidity and financial condition. 
 Antitrust
Investigation in Colombia. On September 5, 2013, CEMEX Colombia was notified of Resolution No. 49141 dated August 21, 2013, issued by the Colombian Superintendency of Industry and Commerce (Superintendencia de Industria y
Comercio) (“SIC”) pursuant to which the SIC opened an investigation and issued a statement of objections (pliego de cargos) against five cement companies and fourteen directors of those companies, including CEMEX Colombia, for
alleged anti-competitive practices. On October 7, 2013, CEMEX Colombia answered the statement of objections and submitted evidence. The investigated parties are accused of allegedly breaching: (i) Article 1 of Law 155 of 1959, which
prohibits any kind of practice, procedure or system designed to limit free competition and determining or maintaining unfair prices; (ii) numeral 1 of Article 47 of Decree 2153 of 1992, which prohibits any agreements designed to directly or
indirectly fix prices; and (iii) numeral 3 of Article 47 of Decree 2153 of 1992, which prohibits any market sharing agreements between producers or between distributors. Additionally, the fourteen executives, including a former legal
representative and the current President of CEMEX Colombia, are being investigated for allegedly breaching paragraph 16 of Article 4 of Decree 2153 of 1992, as amended by Article 26 of Law 1340 of 2009, which provides that the SIC may investigate
and sanction any individual who collaborates, facilitates, authorizes, executes or tolerates behavior that violates free competition rules. Although the SIC announced three charges, only two of them were under investigation, namely, price fixing
agreements and market sharing agreements. 
 If the alleged infringements investigated by the SIC are substantiated, aside from any measures
that could be ordered to stop the alleged anti-competitive practices, the following penalties may be imposed against CEMEX Colombia pursuant to Law 1340 of 2009: (i) up to 100,000 times the legal monthly minimum wage, which equals approximately
58,950 million Colombian Pesos (approximately U.S.$20.46 million as of March 31, 2017, based on an exchange rate of 2,880.24 Colombian Pesos to U.S.$1.00) for each violation and to each company being declared in breach of the
competition rules, and (ii) up to 2,000 times the legal monthly minimum wage, which equals approximately 1,179 million Colombian Pesos (approximately U.S.$409,340.89 as of March 31, 2017, based on an exchange rate of 2,880.24
Colombian Pesos to U.S.$1.00) against those individuals found responsible of collaborating, facilitating, authorizing, executing or tolerating behavior that violates free competition rules. On December 18, 2014, a hearing regarding this matter
took place and the parties involved presented their closing arguments. A non-binding report which contains an analysis of all evidence gathered during the investigation and which could provide a recommendation
to impose sanctions or to close the investigation is expected to be issued by the Superintendent Delegate for Competition Protection for the benefit of the SIC. As of June 15, 2017, this non-binding
report has not been issued and we cannot estimate when it will be issued. Once the non-binding report is issued, the investigated parties will have twenty business days to file their final arguments against
it. If the SIC decides to impose a sanction against CEMEX Colombia, we have the possibility of filing several recourses that are available to us, including a reconsideration request before the SIC and, if the reconsideration request does not
succeed, challenging the validity of the SIC’s decision before the Colombian Administrative Courts, which could take more than six years in order to have a final decision. At this stage of the investigations, as of June 15, 2017, we are
not able to assess the likelihood of the SIC imposing any measures and/or penalties against CEMEX Colombia, but if any penalties are imposed, as we do not expect such penalties would be for the maximum amounts permitted by applicable laws and
because there are recourses available to us that would take a considerable amount of time to get resolved, we do not expect this 

  
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matter to have a material adverse impact on our results of operations, liquidity and financial condition. 

Information Request in Costa Rica. In March 2016, the Competition Directorate of Costa Rica notified CEMEX Costa Rica of a formal
information request that has the objective of calculating the cement market share in Costa Rica and the geographical areas in which CEMEX Costa Rica has a presence. The Competition Directorate of Costa Rica is requesting this information as a result
of a claim made by a third party. CEMEX Costa Rica delivered the requested information also during March 2016. In July 2016, the Competition Directorate of Costa Rica resolved that there is no evidence of anti-competitive practice and took no
further action with respect to the claim. 
 Environmental Matters 

In the ordinary course of business, we are subject to a broad range of environmental laws and regulations in each of the jurisdictions in which
we operate. These laws and regulations impose increasingly stringent environmental protection standards regarding, among other things, air emissions, wastewater discharges, the use and handling of hazardous waste or materials, waste disposal
practices and the remediation of environmental damage or contamination. These laws and regulations expose us to the risk of substantial environmental costs and liabilities, including liabilities associated with divested assets and past activities
and, in some cases, the acts and omissions of the previous owners or operators of a property or facility that we own or operate. Furthermore, in some jurisdictions, certain environmental laws and regulations impose liability without regard to fault
or the legality of the original activity at the time of the actions giving rise to liability. To prevent, control and remediate environmental problems and maintain compliance with regulatory requirements, in line with our global initiatives on
environmental management, we maintain an environmental policy designed to monitor and control environmental matters. Our environmental policies require that each of our subsidiaries respect and comply with local laws and meet our own internal
standards to minimize the use of non-renewable resources and the generation of hazardous and other wastes. We use processes that are designed to reduce the impact of our operations on the environment
throughout all the production stages in all our operations worldwide. In addition, during 2012 we started the implementation of a global EMS at our operating sites that provides a framework to facilitate the consistent and systematic implementation
of practical, risk-based environmental management at all sites. As of June 15, 2017, we expect to finish the implementation of the EMS at all of our operating sites by December 31, 2020. It will be used to support sites and businesses
across CEMEX globally to document, maintain and continuously improve our environmental performance. We believe that, as of June 15, 2017, a substantial part of our operations already comply with all material environmental laws applicable to us,
as the majority of our cement plants already have some kind of EMS (most of which are ISO 14000 certified by the International Organization for Standardization (“ISO”)), with the remaining implementation efforts directed mainly on our
aggregates and ready-mix plants. 
 We regularly incur capital expenditures that have an
environmental component or that are impacted by environmental regulations. However, we do not keep separate accounts for such mixed capital and environmental expenditures. Environmental expenditures that extend the life, increase the capacity,
improve the safety or efficiency of assets or are incurred to mitigate or prevent future environmental contamination may be capitalized. Other environmental costs are expensed when incurred. For the years ended December 31, 2014, 2015 and 2016,
our sustainability capital expenditures (including our environmental expenditures and investments in alternative fuels and cementitious materials) were approximately U.S.$85.1 million, approximately U.S.$86.03 million and approximately
U.S.$79.9 million, respectively. As of June 15, 2017, we do not expect a material increase in our environmental expenditures in 2017. 

The following is a discussion of environmental regulations and related matters in our major markets. 

Mexico. We were one of the first industrial groups in Mexico to sign an agreement with the Mexican Ministry of Environment and Natural
Resources (Secretaría del Medio Ambiente y Recursos Naturales) (“SEMARNAT”) to carry out voluntary environmental audits in our 15 Mexican cement plants under a government-run program.
In 2001, the Mexican Environmental Protection Agency (Procuraduría Federal de Protección al Ambiente), which is part of SEMARNAT, completed the audit of our cement plants and awarded each of them a Clean Industry Certificate
(Certificado de Industria Limpia) (“CIC”) certifying that our cement plants are in full compliance with applicable environmental laws. The CICs are subject to renewal every two years. As of June 15, 2017, our operating cement
plants had CICs or were in the process of renewing them. We expect the renewal of all currently expired CICs. 

  
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 For over a decade, the technology for co-processing used
tires into an energy source has been employed in our plants located in Ensenada and Huichapan. By the end of 2016, almost all our cement plants in Mexico were using tires as an alternative fuel (except for installations in Torreon and Valles).
Municipal collection centers in the cities of Tijuana, Mexicali, Ensenada, Mexico City, Reynosa, Nuevo Laredo and Guadalajara currently enable us to seize as alternative fuel an estimated 24,000 tons of tires per year. Overall, approximately 14.02%
of the total fuel used in our operating cement plants in Mexico during 2016 was comprised of alternative fuels. 
 Between 1999 and
June 15, 2017, our operations in Mexico have invested approximately U.S.$114.96 million in the acquisition of environmental protection equipment and the implementation of the ISO 14001:2004 environmental management standards of ISO. The
audit to obtain the renewal of the ISO 14001:2004 certification took place during the first quarter of 2015 and our operating cement plants in Mexico obtained the renewal of the ISO 14001:2004 certification for environmental management systems which
is valid for a three year period. 
 On June 6, 2012 the General Law on Climate Change (Ley General de Cambio Climático)
(the “Climate Change Law”) was published in the Mexican Official Gazette. The Climate Change Law establishes a legal framework to regulate policies for climate change mitigation and adaptation. Many important provisions require the
development of secondary legislation, and depend on the publication of subsequent implementing regulations. For instance, the Climate Change Law provides, among others, for (i) the elaboration of a registry of the emissions that are generated
by fixed sources, (ii) companies to report their emissions, if required, and (iii) the application of fines to those companies that fail to report or that report false information. In this regard, on October 29, 2014, the Regulations
to the General Law on Climate Change Regarding the National Registry of Emissions (Reglamento de la Ley General de Cambio Climático en Materia del Registro Nacional de Emisiones) (the “Regulations”) became effective. The
purpose of the Regulations is to govern the Climate Change Law regarding the National Registry of Emissions, identifying the sectors and subsectors, which include among others, the cement industry, that must file the corresponding reports before the
National Registry of Emissions. We had previously reported our direct and indirect carbon dioxide emissions to SEMARNAT under a voluntary scheme. The Climate Change Law also allows for the establishment of specific greenhouse gas reduction targets
in accordance with the respective contribution of each economic sector to the national greenhouse gas emissions. We cannot estimate at this time the impact, if any, that any measures related to this may have upon our operations in Mexico. Although
the Climate Change Law does not establish a program for emissions trading, it does vest on the Mexican federal government the power to create, authorize and regulate such a scheme, which may be voluntary or binding. We are closely observing the
development of implementing regulations and, as of June 15, 2017, we cannot estimate the impact, if any, that any measures related to this may have upon our operations in Mexico. A Special Tax on Production and Services (Impuesto Especial
Sobre Producción y Servicios) on the sale and import of fossil fuels was included in the tax reform that became effective on January 1, 2014. For 2017, petroleum coke, a primary fuel widely used in our kilns in Mexico has been taxed
at a rate of Ps17.15 (approximately U.S.$0.84 as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00) per ton. 
 On
August 12, 2014, a package of energy reform legislation became law in Mexico. The then newly enacted energy reform legislation, which included nine new laws, as well as amendments to existing laws, implemented the December 2013 constitutional
energy reform and established a new legal framework for Mexico’s energy industry. One of the new laws that was enacted is the Electric Industry Law (Ley de la Industria Eléctrica) (the “Electric Industry Law”), which
establishes a legal framework for electricity-related activities in Mexico, which has the effect of structurally changing the national electric industry. On October 31, 2014, certain rules and regulations related to the energy reform
legislation, including the regulations of the Electric Industry Law, were published. As part of the Electric Industry Law, a system for tradable clean energy certificates was created and certain clean energy procurement obligations were imposed on
consumers. The clean energy procurement obligations for 2018 to 2022 have been announced at 5%, 5.8%, 7.4%, 10.9% and 13.9%, respectively, and this requirement is expected to increase in subsequent years. CEMEX’s operations in Mexico have
ongoing commitments to procure power from renewable projects operating under the “self-supply” framework of the former Electric Energy Public Service Law, and the energy supplied under these contracts is exempted from the clean energy
obligation. Nonetheless, starting in 2018, we will be required to acquire clean energy certificates to comply with the clean energy obligations for 

  
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the fraction of energy supply that does not come from clean generators. Over time, according to the penalty levels set by the Mexican Energy Regulatory Commission (Comisión Reguladora
de Energía), non-compliance with the clean energy procurement obligations could have a material adverse impact on our business or operations. 

On September 8, 2015, the Electricity Market Rules (Bases del Mercado Eléctrico) (the “Rules”) were published in
the Federal Official Gazette and became effective on September 9, 2015. The Rules, which are an important step forward in the implementation of the reforms enacted regarding Mexico’s energy industry, contain the design and operation
principles of the different components of the wholesale electricity market (the “Electricity Market”). As of June 15, 2017, we do not participate in the Electricity Market but have submitted offers at long-term clean power auctions
for certain projects we are developing. 
 During 2016 a new electrical standard code was issued in Mexico (Codigo de Red). The Code
establishes new standards for electrical operation that will be enforced starting on 2018 to consumers connected to the national grid. The implementation of the Code may require investments across our operating assets in Mexico, An assessment has
started and the specific investments will be identified by the end of 2017, at this moment we cannot determine if those required investments, if any, may be material. 

United States. Our operating subsidiaries in the United States are subject to a wide range of U.S. federal, state and local laws,
regulations and ordinances dealing with the protection of human health and the environment that are strictly enforced and can lead to significant monetary penalties for noncompliance. These laws and regulations expose us to the risk of substantial
environmental costs and liabilities, including liabilities associated with divested assets and past activities and, in some cases, the acts and omissions of the previous owners or operators of a property or facility. These laws regulate, among other
things, water discharges, noise, and air emissions, including dust, as well as the handling, use and disposal of hazardous and non-hazardous waste materials. Certain laws also create a shared liability scheme
under which parties are held responsible for the cost of cleaning up releases to the environment of designated hazardous substances. We therefore may have to conduct environmental remediation associated with the disposal or release of hazardous
substances at our various operating facilities, or at sites in the United States to which we sent hazardous waste for disposal. We believe that our current procedures and practices for handling and managing materials are generally consistent with
industry standards and legal and regulatory requirements, and that we take appropriate precautions to protect employees and others from harmful exposure to hazardous materials. 

As of March 31, 2017, CEMEX, Inc. and its subsidiaries had accrued liabilities specifically relating to environmental matters in the
aggregate amount of approximately U.S.$31.99 million. The environmental matters relate to (i) the disposal of various materials, in accordance with past industry practice, that might be categorized as hazardous substances or wastes, and
(ii) the cleanup of hazardous substances or wastes at sites used or operated by CEMEX, Inc. and its subsidiaries including discontinued operations, either individually or jointly with other parties. Most of the proceedings are in the
preliminary stages, and a final resolution might take several years. For purposes of recording the provision, CEMEX, Inc. and its subsidiaries consider that it is probable that a liability has been incurred and the amount of the liability is
reasonably estimable, whether or not claims have been asserted, and without giving effect to any possible future recoveries. Based on information developed to date, CEMEX, Inc. does not believe it will be required to spend significant sums on these
matters, in excess of the amounts previously recorded. The ultimate cost that might be incurred to resolve these environmental issues cannot be assured until all environmental studies, investigations, remediation work, and negotiations with, or
litigation against, potential sources of recovery have been completed. 
 In 2007, the EPA launched a CAA enforcement initiative against the
U.S. cement industry. The primary goal of the initiative is to assess the industry’s historic compliance with the CAA’s New Source Review program and to reduce emissions from the industry through the installation of add-on controls. CEMEX has actively engaged with the EPA on its investigations, which involve multiple CEMEX facilities, and has entered into four settlements involving a total of U.S.$6.1 million in civil
penalties and a commitment to incur certain capital expenditures for pollution control equipment at its Victorville, California, Fairborn (divested on February 10, 2017), Ohio, Lyons, Colorado, Knoxville, Tennessee, Louisville, Kentucky,
Demopolis, Alabama, Odessa, Texas (divested on November 18, 2016) and New Braunfels, Texas plants. Based on our past experience with such matters and currently available information, as of June 15, 2017, we believe any further proceedings
will not have a material adverse impact on our results of 

  
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operations, liquidity and financial condition. 
 In 2002, CEMEX Construction
Materials Florida, LLC (formerly Rinker Materials of Florida, Inc.) (“CEMEX Florida”), a subsidiary of CEMEX, Inc., was granted a federal quarry permit and was the beneficiary of another federal quarry permit for the Lake Belt area in
South Florida. The permit held by CEMEX Florida covered CEMEX Florida’s SCL and FEC quarries. CEMEX Florida’s Kendall Krome quarry is operated under the permit of which it was a beneficiary. The FEC quarry is the largest of CEMEX
Florida’s quarries measured by volume of aggregates mined and sold. CEMEX Florida’s Miami cement mill is located at the SCL quarry and is supplied by that quarry, while the FEC and Kendall Krome quarries have supplied aggregates to CEMEX
and third-party users. In response to litigation brought by environmental groups concerning the manner in which the federal quarry permits were granted, in January 2009, the U.S. District Court for the Southern District of Florida ordered the
withdrawal of the federal quarry permits for CEMEX Florida’s SCL, FEC and Kendall Krome quarries. The judge ruled that there were deficiencies in the procedures and analysis undertaken by the Army Corps of Engineers (“Corps”) in
connection with the issuance of the permits. Upon appeal, on January 21, 2010, the Eleventh Circuit Court of Appeals affirmed the district court’s ruling withdrawing the federal quarry permits for the three CEMEX Florida quarries as well
as other third-party federal quarry permits subject to the litigation. On January 29, 2010, the Corps completed a multi-year review commenced as a result of this litigation and issued a Record of Decision (“ROD”) supporting the
issuance of new federal quarry permits for the FEC and SCL quarries. Excavation of new aggregates was stopped at the FEC and SCL quarries from January 20, 2009 until new permits were issued. The FEC permit was issued on February 3, 2010,
and the SCL permit on February 18, 2010. The ROD also indicated that a number of potential environmental impacts must be addressed at the wetlands located at the Kendall Krome site before a new federal quarry permit may be issued for mining at
that quarry. It is unclear how long it will take to fully address the Corps’ concerns regarding mining in the Kendall Krome wetlands. While no new aggregates will be quarried from wetland areas at Kendall Krome pending the resolution of the
potential environmental issues, the FEC and SCL quarries will continue to operate. If CEMEX Florida is unable to maintain the new Lake Belt permits, CEMEX Florida would need to source aggregates, to the extent available, from other locations in
Florida or import aggregates. This would likely affect operating income from our Florida operations. Any adverse impacts on the Florida economy arising from the cessation or significant restriction of quarrying operations in the Lake Belt area could
also have a material adverse impact on our results of operations, liquidity and financial condition. 
 In June 2010, the EPA proposed
regulating Coal Combustion Residuals (“CCRs”) generated by electric utilities and independent power producers as a hazardous or special waste under the Resource Conservation and Recovery Act. CEMEX uses CCRs as a raw material in the cement
manufacturing process, as well as a supplemental cementitious material in some of our ready-mix concrete products. On December 19, 2014, the EPA issued a final rule on the regulation of CCRs (the
“Final Rule”). As of June15, 2017, we expect that the effects of the Final Rule will not have a material adverse impact on our results of operations, liquidity and financial condition. 

We are subject to a number of federal and state laws and regulations addressing climate change. On the federal side, EPA has promulgated a
series of regulations pertaining to emissions of GHGs from industrial sources. EPA issued the Mandatory Reporting of GHGs Rule, effective December 29, 2009, which requires certain covered sectors, including cement manufacturing, with GHG
emissions above an established threshold to inventory and report their GHG emissions annually on a facility-by-facility basis. In 2010, EPA issued a final rule that
establishes GHG thresholds for the New Source Review Prevention of Significant Deterioration (“PSD”) and Title V Operating Permit programs. The rule “tailors” the requirements of these CAA permitting programs to limit which
facilities will be required to obtain PSD and Title V permits for GHG emissions. Cement production facilities are included within the categories of facilities required to obtain permits, provided that their GHG emissions exceed the thresholds in the
tailoring rule. The PSD program requires new major sources of regulated pollutants and major modifications at existing major sources to secure pre-construction permits that establish, among other things,
limits on pollutants based on Best Available Control Technology (“BACT”). According to EPA’s rules, stationary sources, such as cement manufacturing, which are already regulated under the PSD program for
non-GHG pollutants, need to apply for a PSD permit for any GHG emissions increases above 75,000 tons/year of carbon dioxide equivalent (“CO2E”). Therefore, new cement plants and existing plants
undergoing modification which are major sources for non-GHG pollutants regulated under the 

  
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CAA need to acquire a PSD permit for construction or modification activities that increase CO2E by 75,000 or more tons/year, and would have to determine and install BACT controls for those
emissions. Furthermore, any new source that emits 100,000 tons/year of CO2E or any existing source that emits 100,000 tons/year of CO2E and undergoes modifications that would increase CO2E emissions by at least 75,000 tons/year, must comply with PSD
obligations. Complying with these PSD permitting requirements can involve significant costs and delay. The costs of future GHG-related regulation of our facilities through these efforts or others could have a
material economic impact on our U.S. operations and the U.S. cement manufacturing industry. 
 With respect to state efforts to address
climate change, in 2006, the State of California adopted the Global Warming Solutions Act (Assembly Bill 32 or “AB32”) setting into law a goal to reduce the State’s carbon dioxide emissions to 1990 levels by 2020. As part of the
measures derived from AB32, the California Air Resources Board (“CARB”) developed a cap-and-trade program, enforced from 2013, that covers most industrial
sources of greenhouse gas emissions in the State, including cement production facilities. The program involves allocating a number of allowances free of charge to covered installations, which must subsequently surrender back to the regulator a
number of allowances or qualified offset credits matching their verified emissions during the compliance period. Based on the free allowances received for the second compliance period (2015-2017), we expect that our Victorville cement plant will
meet all of its compliance obligations for that period without a material impact on its operating costs. Furthermore, we are actively pursuing initiatives to substitute fossil fuels for lower carbon fuels, improve our energy efficiency and utilize
renewable power in an effort to economically reduce our direct and indirect GHG emission intensities. However, even with these ongoing efforts and the expected distribution of free allowances, we cannot assure you that the overall costs of complying
with a cap-and-trade program will not have a material impact on our operations in California. 

In 2007, CARB approved a regulation that requires California equipment owners/operators to reduce diesel particulate and nitrogen oxide
emissions from in-use off-road diesel equipment and to meet progressively more restrictive emission targets. In 2008, CARB approved a similar regulation for in-use on-road diesel equipment. The emission targets requires us to retrofit our California-based equipment with diesel emission control devices or replace equipment with new
engine technology in accordance with certain deadlines. As of June 15, 2017, compliance with the CARB regulations has resulted in equipment related expenses or capital investments, including overhauling engines and purchases of new equipment
directly related to the CARB regulations, in excess of U.S.$32.45 million. We may continue to incur substantial expenditures to comply with these requirements. 

Europe. 
 General overview of EU industrial regulation

 In the EU, the cement sector is subject to a range of environmental laws at EU and national EU member state (“Member State”)
levels. These laws can be very broadly categorized as (1) primary and direct controls placed upon their main operational activities and (2) more general legal regimes which protect different aspects of the environment across many sectors.

 The primary examples of the first kind of control are the various laws governing the specific operational activities of the sector,
through stringent permitting and emissions controls, which are dealt with in the main sub-section below. Examples of the second, more general, legal controls are the EU Water Framework Directive (2000/60/EC)
and the EU Waste Framework Directive (2008/98/EC) which impose various obligations in relation to protection of the surface and underground water environments and the recovery, disposal and overall management of waste. In practice, the applicable
substance of even these more general laws tends to filter through to the industry via the direct route of the permitting emissions control systems. However, it is important to recognize that in the EU the sector is subject to a complex web of
different environmental protection laws and standards. 
 The EU legal system also operates in a way different to federal systems. The EU
legal regime is what is referred to as “supra-national” law. It sits “above” the legal systems of the different Member States, which retain their independence subject to tight oversight from EU institutions, especially the Court
of Justice, the European Commission, and the European Parliament. As such, EU law operates (in its many fields of 

  
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application, including industrial regulation) in order to “control” and authoritatively interpret the legislation and implementation of law (EU and domestic) in those Member States. One
of the key manifestations of this “supra-national control” are the inter-related doctrines of the supremacy of EU law and of conforming interpretation. Essentially, where an area of legal control in a Member State has its origin in an EU
Directive, then the Member States must transpose the Directive fully and effectively into their domestic law and every organ of the Member State, including its regulators and its Courts, must interpret (and if necessary change) domestic law in order
to conform with the objectives and the letter of the relevant EU Directive. This is of relevance to the cement sector since almost every aspect of its environmental regulation has its origins in EU legislation. 

EU Industrial Permits and Emissions Controls 

In the EU, the primary legal environmental controls applied to cement plants have been those EU Directives which control operational activities
and emissions from those activities. Until recently, these controls were primarily derived from two EU Directives: (1) the so-called “IPPC Directives” (as described below) and (2) the
Incineration Directive (as defined below). On January 6, 2011, the Industrial Emissions Directive (2010/75/EU) (“IED”) came into force. The IED recasts seven pieces of existing legislation into a single coherent legislative
instrument, including the IPPC Directives and the Incineration Directive, both of which it repeals. With some exceptions, the IED retains the essential substance of the earlier Directives. 

The primary EU legislative control over the sector (until the transition between 2010-2014 of the IED) was the Directive on Integrated
Pollution Prevention and Control (2008/1/EC) (“IPPC Directive”). The 2008 version of this Directive was in fact an update and consolidation of an earlier Directive first promulgated in 1996. Since 1996, these IPPC Directives have adopted
an integrated approach to regulation of various sectors of industrial plant, including cement, by taking into account and controlling/regulating the whole environmental performance of the plant. They required cement works to have a permit which,
until recently in England and still in some other states, continues to be referred to as an “IPPC Permit.” These permits contain emission limit values and other conditions based on the application of (what was in 1996) a new legal and
technical concept called “best available techniques” (“BAT”). 
 The concept of BAT is central to the system, and
effectively imposes a legal obligation on plant operators to use and apply the best available techniques (as they develop from time to time) in order to prevent or, where this was not practicable, minimize emissions of pollutants likely to be
emitted in significant quantities from the plant to air, water or land. Emission limit values, parameters or equivalent technical measures must be based on the best available techniques, without prescribing the use of one specific technique or
technology and taking into consideration the technical characteristics of the installation concerned, its geographical location and local environmental conditions. In all cases the permit conditions must ensure a high level of protection for the
environment as a whole. 
 Permit conditions also had to address energy efficiency, waste minimization, prevention of accidental emissions
and site restoration. To assist the permitting authorities and companies in determining the BAT, the European Commission organized an exchange of information between experts from the Member States, industry and environmental organizations. This
resulted in the adoption and publication by the European Commission of BAT Reference Documents (“BREFs”) for the industry sectors covered by the IPPC Directive. A key element of the BREFs were the conclusions on BAT (“BAT
conclusions”) which were used as a reference for setting permit conditions. All of these IPPC Directive requirements have been followed through (and in some respects tightened) by the IED. 

The second earlier Directive, which was applied in direct control of cement operations, was the EU Waste Incineration Directive (2000/76/EC)
(“Incineration Directive”) which regulated those parts of the cement operation that used recovered waste materials as substitute fuels in cement kilns. Its aim was to prevent or limit, as far as practicable, negative effects on the
environment, in particular pollution by emissions in air, soil, surface water and groundwater and the resulting risks to human health, from incineration and co-incineration plants. Cement and lime kilns as a
primary or secondary source of fuel fall within the definition of “co-incineration plants.” The Incineration Directive sought to achieve its aim by setting and maintaining stringent operational
conditions and technical requirements, as well as emission limit values for a range of pollutants including dust, nitrogen oxides, sulfur dioxide, hydrogen chloride, heavy metals and dioxins. Again, the 

  
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essential substance of the Incineration Directive has been followed through into the IED. 

The IED has applied to new industrial installations since January 7, 2013 and to existing industrial installations (other than large
combustion plants) since January 7, 2014. Under the IED, operators of industrial installations, including cement plants, are required to obtain an integrated permit from the relevant permitting authority in the Member States. As with the IPPC
Directive, permit conditions, including emission limit values, must be based on BAT and a total of 35 BREFs are being rewritten or revised for the IED. However, there is an important difference between the IPPC Directive and the IED. Under the IPPC
Directive, the BREFs were considered as guidance only. This is not the case under the IED. Where BAT conclusions specify emission levels, permitting authorities are required to set emission limit values that do not exceed these levels. They may
derogate from this requirement only where the costs associated with the achievement of the emission levels associated with the BAT disproportionately outweigh the environmental benefits due to the geographical location, the local environmental
conditions or the technical characteristics of the installation concerned. The permitting authorities must document the reasons for the derogation from the emission limit values in the permit, including the result of the cost-benefit assessment. In
April 2013, pursuant to European Commission Decision No. 2013/163/EU, the European Commission published new BAT conclusions under the IED for Production of Cement, Lime and Magnesium Oxide, together with specific emission levels. This document sets
out an extensive list of technical requirements for most aspects of the cement manufacture process in the EU, with a view to prevention and minimization of all polluting emissions. It is a new requirement under the IED that permitting authorities
must review and, if necessary, update permit conditions within four years of the European Commission publishing decisions on BAT conclusions for a particular activity. While we are not currently able to assess what impact the IED will have on our
operations, it is reasonable to assume that there will be an impact given the change in regulatory approach heralded by the legislation and the fact that it will be key to the permitting of the cement industry in the EU. In particular, the European
Commission describes review of the BREFs as a continuing process due to ongoing technological advances and so updates may be expected. This has the potential to require our operations to be adapted to conform to the latest BAT. 

As a result of a lawsuit filed by the city of Kaštela against the Ministry of Environment of the Republic of Croatia, the IPPC Permit
issued on behalf of CEMEX Croatia by the Ministry of Environment was revoked on July 6, 2015 by a final and non-appealable judgment of a first instance court in Split, Croatia. The judgment required the
Ministry of Environment to repeat the procedure for the issuance of a new IPPC Permit. On November 23, 2015, the Ministry of Environment issued a new IPPC Permit, which has been challenged by the city of Kaštela. On January 7, 2016,
CEMEX Croatia received the claim and replied to it in due time. The Ministry of Environment also replied to the claim. At a court hearing held on September 14, 2016, the litigation proceedings concluded. On November 18, 2016, the
administrative court in Split, Croatia notified CEMEX Croatia that the decision regarding the IPPC Permit was annulled and the matter was remanded to the Ministry of Environment in order to repeat the procedure. On December 2, 2016, CEMEX
Croatia and the Ministry of Environment filed an appeal against such judgment. As of June 15, 2017, CEMEX Croatia is awaiting the decision on the appeal. If the IPPC Permit is conclusively annulled, we do not believe that such judgment would
have a material adverse impact on our results of operations, liquidity and financial condition. 
 In addition, in accordance with Article
21(3) of the IED, within four years of BAT conclusion publications, the competent authority is to reconsider and, if necessary, update all permit conditions and ensure that the installation complies with such permit conditions. Accordingly, on
January 3, 2017, the Ministry of Environment invited CEMEX Croatia to submit relevant expert opinions in order to update the existing permit conditions and ensure compliance with permit conditions. On March 20, 2017, CEMEX Croatia
submitted expert opinions to the Ministry of Environment, and, as of June 15, 2017, CEMEX Croatia had not yet been notified of the decision on the Ministry of Environment’s appeal. Should the IPPC Permit be finally annulled, we do not
believe that the judgment would have a material adverse impact on our results of operations, liquidity and financial condition. In the meantime, a new permit will be issued in accordance with the IED. 

EU Emissions Trading 
 In 1997, as part of
the United Nations Framework Convention on Climate Change (the “UNFCCC”), the Kyoto Protocol was adopted to limit and reduce GHG emissions. The Kyoto Protocol set legally binding emission reduction targets for 37 industrialized countries
and the EU. Under the Kyoto Protocol, 

  
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industrialized countries agreed to reduce their collective GHG emissions by 5% against 1990 levels over the five year period 2008-2012 (“first commitment period”); future mandatory
targets were expected to be established for commitment periods after 2012. To compensate for the sting of binding targets, the Kyoto Protocol allows three “flexibility” mechanisms to be used by parties in meeting their emission limitation
commitments: the Clean Development Mechanism (“CDM”), Joint Implementation (“JI”) and International Emissions Trading. 

In 2012, at the United Nations Climate Change Conference in Doha, Qatar, the Doha Amendment to the Kyoto Protocol was adopted. Certain
parties, including the UK and the EU, committed to reduce GHG emissions by at least 18% below 1990 levels in the eight year period from 2013 to 2020 (“second commitment period”). 

Our operations in the United Kingdom, Spain, Germany, Latvia, Poland, Croatia (since 2013) and Czech Republic, are subject to binding caps on
CO2 emissions imposed pursuant to the EU’s emissions trading system (“ETS”) that was established by Directive 2003/87/EC to implement the Kyoto Protocol. Under the ETS, a cap or limit is set on the total amount of CO2 emissions that
can be emitted by the power plants, energy-intensive installations (including cement plants) and commercial airlines that are covered by the system. The cap is reduced over time, so that the total amount of emissions will decrease. Within the cap,
companies receive or buy emission allowances. These allowances are tradable so as to enable companies that manage to reduce their emissions to sell their excess allowances to companies that are not reaching their emissions objectives. After each
year, a company must surrender enough carbon allowances to cover all its emissions. Failure to meet the emissions caps is subject to significant monetary penalties. 

In addition to carbon allowances, the ETS also allows the use of Kyoto Protocol units: the Emission Reduction Unit, representing a metric ton
of carbon saved by a project under the JI mechanism, and the Certified Emission Reduction unit (“CERs”) under the CDM. The ETS recognizes these units as equivalent to its carbon allowances and allows them to be used by companies for
compliance up to a certain limit to offset their carbon emissions in the EU. We have registered 19 CDM projects with a total potential to reduce approximately 2.44 million tons of CO2e emissions per year. The corresponding CERs from these
projects could be used for internal purposes or sold to third parties. Croatia, as a new entrant, has a right to use only 4.5% of its verified carbon emissions in relation to other EU ETS members which have a right to use up to 11% of their free
allocation of EU allowances. 
 The ETS consists of three trading phases: Phase I which lasted from January 1, 2005 to
December 31, 2007, Phase II, which lasted from January 1, 2007 to December 31, 2012, and was intended to meet commitments under the Kyoto first commitment period, and Phase III which commenced on January 1, 2013 and will end on
December 31, 2020. For Phase III of the ETS there is also a cap on nitrous oxide and perfluorocarbons (PFC) emissions. Prior to the commencement of each of ETS Phases I and II, each Member State was responsible for publishing its National
Allocation Plan (“NAP”), a document which sets out a national cap on the total amount of carbon emissions by all installations during each relevant trading phase and the methodology by which the cap would be allocated to the different
sectors in the ETS and their respective installations. Each Member State’s cap contributed to an overall EU cap on emissions, where one carbon allowance must be surrendered to account for one metric ton of carbon emitted. The carbon allowances
were mostly distributed for free by each Member State to its ETS installations, although some Member States also used a fraction of their material cap for auctioning, mainly to power generators. Under ETS Phase III, however, the system of NAPs has
been replaced by a single EU-wide, top-down, cap on CO2 emissions, with allocation for all installations made according to harmonized EU rules and set out in each Member
State’s National Implementation Measures (“NIM”). Additional restrictions have been introduced on the extent to which Kyoto Protocol units can be used to offset EU carbon emissions, and auctioning, not free allocation, has become the
default method for distributing allowances. For those allowances that are still given away free, as discussed below, harmonized rules apply based on EU-wide benchmarks of emissions performance. 

EU policymakers see the free allocation of allowances as a principle way to reduce the risk of carbon leakage—that is, the risk that
energy-intensive industries, facing higher costs because of the ETS, will move their facilities beyond the EU’s borders to countries that do not have climate change controls, thus resulting in a leakage of CO2 emissions without any
environmental benefits. In 2009, a list of ETS sectors deemed to be 

  
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at significant risk of carbon leakage was formally adopted by the European Commission, following agreement by Member States and the European Parliament. The list which was valid from 2010 to 2014
included the cement production sector, on the basis that the additional costs imposed by the ETS would lead to a 30% or more increase in production costs as a proportion of the “gross value added.” A decision on the list of sectors deemed
to be at significant risk of carbon leakage for the period 2015-2019 was adopted by the European Commission on October 29, 2014 and the cement production sector resulted selected again. Sectors classified as deemed to be at significant risk of
carbon leakage will continue to receive 100% of their benchmark allocation of allowances free of charge during Phase III, adjusted by a cross-sectoral correction factor that is being applied uniformly upon all participating facilities in Europe in
order to reduce the amount of free allocation that each installation so that the total sum does not exceed the authorized EU-wide cap for free allocation. By contrast, sectors that are not considered at risk
of carbon leakage received 80% of their benchmark allowances for free in 2013, declining to 30% by 2020. 
 On April 27, 2011, the
European Commission adopted Decision 2011/278/EU that states the rules, including the benchmarks of greenhouse gas emissions performance, to be used by the Member States in calculating the number of allowances to be annually allocated for free to
industrial sectors (such as cement) that are deemed to be exposed to the risk of “carbon leakage.” The number of allowances to be allocated to installations for free will be based on a combination of historic activity levels at that
installation and an EU benchmark of carbon efficiency for the production of a particular product—for example, clinker. An installation’s historic activity level is calculated by taking the median of its annual production levels during the
baseline period, either 2005 to 2008 or, where historic activity levels are higher, 2009/10. The product benchmark is based on the average carbon emissions of the top 10% most “carbon efficient” EU installations for a particular product
during 2007/8, where carbon efficiency is measured by carbon intensity or carbon emission per metric ton of product. Preliminary allocation calculations based on the rules were carried out by each Member State and included in a NIM table which was
sent for scrutiny to the European Commission. On September 5, 2013, the European Commission adopted Decision 2013/448/EU which approved the NIMs submitted by most Member States and which sets the annual cross-sectoral correction factors for the
period 2013-2020. The cross-sectoral correction figure will be used to adjust the levels of product benchmarks used to calculate the free allocation of allowances to each installation. This is to ensure that the total amount handed out for free does
not exceed the maximum set in the ETS Directive. Each Member State is required to adjust its national allocation table of free allowances each year and submit this for approval to the European Commission prior to issuing allowances. The application
of this cross-sectoral correction factor results in an important decrease in the quantity of allowances that our ETS-participant operations expect to receive for free in the 2013-2020 period. 

On February 26, 2014, the European Commission adopted a Decision on national allocation allowances for the last group of Member States
including Croatia, which was granted 5.56 million of free allowances. Since this time, a regularly updated allocation table showing the number of allowances that have been allocated per Member State is published on the European
Commission’s website. Based on the European Commission approved NIMs that were published in the first quarter of 2014 for Phase III, we expect that the aggregate amount of allowances that will be annually allocated for free to CEMEX in Phase
III of the ETS will be sufficient to operate. An important factor in providing such assurance is the European Commission Decision 2014/746/EU (which took effect on January 1, 2015) which, as mentioned, included the manufacture of cement as an
industry at significant risk of carbon leakage meaning that the industry will continue to receive 100% of its benchmark allocation of allowances free of charge during Phase III. Although the European Council has indicated that the free allocation of
allowances to carbon leakage sectors will continue beyond Phase III, a future decision that the cement industry should no longer be regarded as at significant risk of carbon leakage could have a material impact on our operations and our results of
operations, liquidity and financial condition. 
 An installation can only receive its full allocation of free allowances if it is deemed to
have not partially ceased under the “partial cessation rule” of the ETS. Partial cessation applies where a sub-installation which contributes at least 30% of the installation’s final annual
amount of emissions allocated, or contributes to more than 50,000 allowances, reduces its activity level by at least 50% of its historic activity levels. If activity levels are reduced to between 50% and 75% of the historic activity level, the
amount of free carbon allowances the sub-installation will receive will reduce by half in the following year; 

  
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if activity levels are reduced by 75% to 90% compared to historic activity levels, the amount of free carbon allowances the sub-installation will receive
will reduce by 75% in the following year; and if activity levels are reduced by 90% or more compared to historic activity levels, no allowances shall be allocated free of charge the following year with respect to the
sub-installation concerned. This represents a change from ETS Phase II, in which the rules for partial cessation were defined by each Member State’s NAP and often did not result in any reduction in the
level of free allocation, but an installation was no longer entitled to a free allocation from the following year if it had permanently ceased operating. The new rules are therefore more stringent, and to the extent that they result in our plants
foregoing free carbon allowances, they could represent a significant loss of revenue to us, since carbon allowances are also tradable. 

Despite having sold a substantial amount of allowances during Phase II of the ETS, as mentioned, we believe that the aggregate amount of
allowances that will be annually allocated for free to CEMEX in Phase III of the ETS (2013-2020) will be sufficient to operate. This assessment stems from various factors, notably our efforts to reduce emissions per unit of clinker produced, the
stream of offset credits coming from our internal portfolio of CDM projects and our expected long position in the initial years of Phase III of the ETS. We are taking measures intended to minimize our exposure to this market, while continuing to
supply our products to our customers. It is not possible to predict with any certainty at this stage how CEMEX will be affected by potential reform to the EU ETS in Phase IV. However, the European Council has indicated that the EU-wide overall cap on emission allowances will be reduced by 2.2% every year from 2021, and that benchmarks will be updated based on recent data and that a more dynamic allocation based on recent production shall
replace the “historical activity level.” These modifications, which are still subject to final approval by EU institutions (presumably during 2017), suggest that there may be fewer allowances available with respect to our operations in the
future. 
 Landfills 
 In Great Britain,
future expenditure on closed and current landfill sites has been assessed and quantified over the period in which the sites are considered to have the potential to cause environmental harm, generally consistent with the regulatory view of up to
60 years from the date of closure. The assessed expenditure relates to the costs of monitoring the sites and the installation, repair and renewal of environmental infrastructure. The costs have been quantified on a net present value basis in
the amount of £131,499,747 (approximately U.S.$169.08 million as of May 31, 2017, based on an exchange rate of £0.7777 to U.S.$1.00) as of May 31, 2017, and we made an accounting provision for this amount at May 31,
2017. 
 Colombian Water Use Litigation 

On June 5, 2010, the District of Bogotá’s Environmental Secretary (Secretaría Distrital de Ambiente de
Bogotá) (the “Environmental Secretary”) issued a temporary injunction suspending all mining activities at CEMEX Colombia’s El Tunjuelo quarry, located in Bogotá, Colombia. As part of the temporary injunction, Holcim
Colombia and Fundación San Antonio (local aggregates producers that also have mining activities located in the same area as the El Tunjuelo quarry) were ordered to suspend mining activities in that area. The Environmental Secretary alleged
that during the past 60 years, CEMEX Colombia and the other companies illegally changed the course of the Tunjuelo River, used the percolating waters without permission and improperly used the edge of the river for mining activities. In connection
with the temporary injunction, in June 2010, the Environmental Secretary initiated proceedings to impose fines against CEMEX Colombia. CEMEX Colombia has requested that the temporary injunction be revoked, arguing that its mining activities are
supported by all authorizations required pursuant to the applicable environmental laws and that all the environmental impact statements submitted by CEMEX Colombia have been reviewed and authorized by the Ministry of Environment and Sustainable
Development (Ministerio de Ambiente y Desarrollo Sostenible). On June 11, 2010, the local authorities in Bogotá, in compliance with the Environmental Secretary’s decision, sealed off the mine to machinery and prohibited the
extraction of CEMEX Colombia’s aggregates inventory. Although there is not an official quantification of the possible fine, the Environmental Secretary has publicly declared that the fine could be as much as 300 billion Colombian Pesos
(approximately U.S.$104.16 million as of March 31, 2017, based on an exchange rate of 2,880.24 Colombian Pesos to U.S.$1.00). The temporary injunction does not currently compromise the production and supply of ready-mix concrete to any of
our clients in Colombia. At this stage, as of June 15, 2017, we are not able to assess the likelihood of an adverse result, but if adversely resolved, it could have a material adverse impact on our 

  
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results of operations, liquidity and financial condition. 
 Tariffs

 The following is a discussion of tariffs on imported cement in our major markets. 

Mexico. Mexican tariffs on imported goods vary by product and have historically been as high as 100%. Over the years, import tariffs
have been substantially reduced and currently range from none at all for raw materials to over 20% for finished products. As a result of NAFTA, as of January 1, 1998, the tariff on cement imported into Mexico from the United States or Canada
was eliminated. While the lack of existence or reduction in tariffs could lead to increased competition from imports in our Mexican markets, it is possible that other factors, such as that the cost of transportation incurred from most producers
outside Mexico to central Mexico, traditionally the region of highest demand in Mexico, could be seen as a barrier to enter certain of the regions in Mexico in which we operate. 

United States. Cement imported into the United States from Cuba and North Korea is subject to custom duties depending on the specific
type of cement. Imports into the United States from Cuba and North Korea are generally prohibited due to the U.S. import/export controls and economic sanctions. In order to import cement and other products into the United States from Cuba or North
Korea, an importer would be required to obtain a license from the U.S. government or otherwise establish the existence of a license exception. 

Cement imports from countries other than Cuba and North Korea into the United States are currently duty free, however, certain individuals and
entities on U.S. government lists of specially designated nationals and prohibited parties, may be subject to U.S. import/export controls and other sanctions that prohibit transactions (including import transactions) with such persons without a
license. 
 Europe. Member countries of the EU are subject to the uniform EU commercial policy. There is no tariff on cement imported
into a country that is a member of the EU from another member country or on cement exported from an EU country to another member country. As of June 15, 2017, for cement imported into a member country from a
non-member country, the tariff was 1.7% of the customs value. Any country with preferential treatment with the EU is subject to the same tariffs as members of the EU. Most Eastern European producers exporting
cement into EU countries currently pay no tariff. 
 Tax Matters 

Mexico. In November 2009, the Mexican Congress approved a general tax reform, effective as of January 1, 2010 (the “2010 Tax
Reform”). Specifically, the 2010 Tax Reform included changes to the tax consolidation regime that required CEMEX, among others, to determine and retroactively pay taxes at a current rate on items in past years that were eliminated in
consolidation or that reduced consolidated taxable income (“Additional Consolidated Taxes”). The 2010 Tax Reform required CEMEX to pay taxes on certain previously exempted intercompany dividends, certain other special tax items and
operating losses generated by members of the consolidated tax group not recovered by the individual company generating such losses within the succeeding ten-year period. The 2010 Tax Reform also increased the
statutory income tax rate from 28% to 30% for the years 2010 to 2012, then lowered it to 29% for 2013 and 28% for 2014 and future years. However, in December of 2012, the Federal Revenue Law (Ley de Ingresos de la Federación),
applicable in 2013, established that the statutory income tax rate would remain at 30% in 2013, and thereafter lowered to 29% for 2014 and 28% for 2015 and future years. As per the tax reforms enacted for 2014, the statutory income tax will remain
at 30%. 
 For the 2010 fiscal year, CEMEX was required to pay (at the new, 30% tax rate) 25% of the Additional Consolidated Taxes for the
period between 1999 and 2004, with the remaining 75% payable as follows: 25% in 2011, 20% in 2012, 15% in 2013 and 15% in 2014. Additional Consolidated Taxes arising after the 2004 tax year are taken into account in the sixth fiscal year after such
year and are payable over the succeeding five years in the same proportions (25%, 25%, 20%, 15% and 15%). Applicable taxes payable as a result of this tax reform are increased by inflation adjustments as required by the Mexican Income Tax Law
(Ley del Impuesto Sobre la Renta). In connection with these changes in the tax consolidation regime in Mexico, as of December 31, 2009, we recognized a liability of approximately Ps10.5 billion (approximately
U.S.$560.60 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00), of which approximately 

  
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Ps8.2 billion (approximately U.S.$437.80 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00) was recognized under “Other non-current assets” in connection with the net liability recognized under the new tax law and that we expect to realize in connection with the payment of this tax liability, and approximately Ps2.2 billion
(approximately U.S.$117.46 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00) was recognized against “Retained earnings” upon adoption of IFRS according to the new law, related to: (a) the
difference between the sum of the equity of the controlled entities for tax purposes and the equity for tax purposes of the consolidated entity, (b) dividends from the controlled entities for tax purposes to CEMEX, S.A.B. de C.V., and
(c) other transactions among the companies included in the tax consolidation group that represented the transfer of resources within such group. 

On June 30, 2010, CEMEX paid approximately Ps325 million (approximately U.S.$17.35 million as of March 31, 2017, based on
an exchange rate of Ps18.73 to U.S.$1.00) of Additional Consolidated Taxes. This first payment represented 25% of the Additional Consolidated Taxes for the period that includes from 1999 to 2004. On March 31, 2011, CEMEX made a second payment
of approximately Ps506 million (approximately U.S.$27.02 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00). This second payment, together with the prior payment, represented 50% of the Additional
Consolidated Taxes for the period that includes from 1999 to 2004, and also included the first payment of 25% of the Additional Consolidated Taxes for the period that corresponds to 2005. On March 30, 2012, CEMEX paid Ps698 million
(approximately U.S.$37.27 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00). This third payment, together with the two prior payments, represented 70% of the Additional Consolidated Taxes for the period that
includes from 1999 to 2004, 50% of the Additional Consolidated Taxes for the period that corresponds to 2005 and it also included the first payment of 25% of the Additional Consolidated Taxes for the period that corresponds to 2006. On
March 27, 2013, CEMEX paid Ps2 billion (approximately U.S.$106.78 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00). This fourth payment, together with the three prior payments, represented 85% of
the Additional Consolidated Taxes for the period that includes from 1999 to 2004, 70% of the Additional Consolidated Taxes for the period that corresponds to 2005, 50% of the Additional Consolidated Taxes for the period that corresponds to 2006 and
25% of the Additional Consolidated Taxes for the period that corresponds to 2007. On March 31, 2014, CEMEX paid Ps2 billion (approximately U.S.$96.53 million as of March 31, 2017, based on an exchange rate of Ps18.73 to
U.S.$1.00). This fifth payment, together with the four prior payments, represented 100% of the Additional Consolidated Taxes for the period that includes from 1999 to 2004, 85% of the Additional Consolidated Taxes for the period that corresponds to
2005, 70% of the Additional Consolidated Taxes for the period that corresponds to 2006 and 50% of the Additional Consolidated Taxes for the period that corresponds to 2007. On March 31, 2015, CEMEX paid Ps1.5 billion (approximately
U.S.$80.09 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00). This sixth payment, together with the five prior payments, represented 100% of the Additional Consolidated Taxes for the period that includes from
1999 to 2004, 100% of the Additional Consolidated Taxes for the period that corresponds to 2005, 85% of the Additional Consolidated Taxes for the period that corresponds to 2006 and 70% of the Additional Consolidated Taxes for the period that
corresponds to 2007. On March 31, 2016, CEMEX paid Ps119 million (approximately U.S.$6.35 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00). This seventh payment, together with the six prior
payments, represented 100% of the Additional Consolidated Taxes for the period that includes from 1999 to 2004, 100% of the Additional Consolidated Taxes for the period that corresponds to 2005, 100% of the Additional Consolidated Taxes for the
period that corresponds to 2006 and 85% of the Additional Consolidated Taxes for the period that corresponds to 2007. On March 31, 2017, CEMEX paid Ps38 million (approximately U.S.$2.06 million as of March 31, 2017, based on an
exchange rate of Ps18.73 to U.S.$1.00). This eighth payment, together with the seven prior payments, represented 100% of the Additional Consolidated Taxes for the period from 1999 to 2004, 100% of the Additional Consolidates Taxes for the period
that corresponds to 2005, 100% of the Additional Consolidated Taxes for the period that corresponds to 2006 and 100% of the Additional Consolidated Taxes for the period that corresponds to 2007. As of June 15, 2017, we have paid an aggregate
amount of approximately Ps7.3 billion (approximately U.S.$389.74 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00) of Additional Consolidated Taxes. 

In December 2010, pursuant to certain additional rules, the tax authorities granted the option to defer the calculation and payment of certain
items included in the law in connection with the taxable amount for the difference between the sum of the equity of controlled entities for tax purposes and the equity of the 

  
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consolidated entity for tax purposes. As a result, CEMEX reduced its estimated tax payable by approximately Ps2.9 billion (approximately U.S.$154.83 million as of March 31, 2017,
based on an exchange rate of Ps18.73 to U.S.$1.00) against a credit to the income statement when the new tax enactment took place. In addition, after accounting for the following that took place in 2010: (a) cash payments, (b) income tax from
subsidiaries paid to the parent company, and (c) other adjustments, the estimated tax payable for tax consolidation in Mexico amounted to approximately Ps10.1 billion (approximately U.S.$539.24 million as of March 31, 2017, based
on an exchange rate of Ps18.73 to U.S.$1.00) as of December 31, 2010. Furthermore, after accounting for the following that took place in 2011: (a) cash payments, (b) income tax from subsidiaries paid to the parent company, and
(c) other adjustments, the estimated tax payable for tax consolidation in Mexico increased to approximately Ps12.4 billion (approximately U.S.$662.04 million as of March 31, 2017, based on an exchange rate of Ps18.73 to
U.S.$1.00) as of December 31, 2011. Additionally, after accounting for the following that took place in 2012: (a) cash payments, (b) income tax from the subsidiaries paid to the parent company, and (c) other adjustments, as of
December 31, 2012, the estimated tax payable for tax consolidation in Mexico increased to approximately Ps14.5 billion (approximately U.S.$774.16 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00).
Furthermore, after accounting for the following that took place in 2013: (a) cash payments, (b) income tax from subsidiaries paid to the parent company, (c) other adjustments, and (d) effects of tax deconsolidation, as of
December 31, 2013, the estimated tax payable for tax consolidation in Mexico increased to approximately Ps24.8 billion (approximately U.S.$1.32 billion as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00).
Additionally, after accounting for the following that took place in 2014: (a) payments, the majority of which were in cash, and (b) other adjustments, as of December 31, 2014, the estimated tax payable for tax consolidation in Mexico
decreased to approximately Ps21.4 billion (approximately U.S.$1.14 billion as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00). Additionally, after accounting for the following that took place in 2015 and after
giving effect to the 2016 Tax Reform (as defined below), as a result of: (a) payments made during the period, the tax payable for tax consolidation in Mexico was decreased to approximately Ps16.2 billion (approximately
U.S.$864.92 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00), which after the application of (b) different tax credits, and (c) assets for tax loss carryforwards worth, before discount,
approximately Ps11.9 billion (approximately U.S.$635.34 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00), as of December 31, 2015, the estimated tax payable for tax consolidation in Mexico further
decreased to approximately Ps3.9 billion (approximately U.S.$208.22 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00). Additionally, after accounting for the following that took place in 2016: (a) cash
payments, and (b) other adjustments, as of December 31, 2016, the estimated tax payable for tax consolidation in Mexico decreased to approximately Ps3.2 billion (approximately U.S.$170.84 million as of March 31, 2017, based
on an exchange rate of Ps18.73 to U.S.$1.00). 
 In addition, as a result of the enactment of the new Income Tax Law (Ley del Impuesto
Sobre la Renta) in Mexico approved in December 2013 and effective beginning January 1, 2014 (the “2014 Tax Reform”), the statutory income tax rate for 2014 will remain at 30%, and the tax consolidation regime that was in effect up
until December 31, 2013, was replaced prospectively by a new integration regime, to which CEMEX will not apply. In consequence, as of 2014, each company in Mexico will determine its income taxes based solely in its individual results, and a
period of up to ten years has been established for the settlement of the liability for income taxes related to the tax consolidation regime accrued until December 31, 2013 (“Deconsolidation Taxes”). 

On February 12, 2014, we filed a constitutional challenge (juicio de amparo) against the 2014 Tax Reform that abrogated the tax
consolidation regime. The purpose of the challenge was to obtain certainty in the applicable statutory rules in order to assess and pay the tax liability derived from such reform according to constitutional principles. On February 26, 2016, we
withdrew the constitutional challenge (juicio de amparo). 
 On April 30, 2014, CEMEX paid Ps2.3 billion (approximately
U.S.$122.80 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00). From this amount, Ps987 million (approximately U.S.$52.70 million as of March 31, 2017, based on an exchange rate of Ps18.73 to
U.S.$1.00) were paid in 

  
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cash and Ps1.3 billion (approximately U.S.$70.76 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00) were paid through the application of a tax credit,
which represented approximately 25% of the Deconsolidation Taxes for the period that corresponded to the 2008 tax year. On April 30, 2015, CEMEX paid Ps3.7 billion (approximately U.S.$197.54 million as of March 31, 2017, based on
an exchange rate of Ps18.73 to U.S.$1.00). From this amount, Ps2.3 billion (approximately U.S.$122.80 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00) were paid in cash and Ps1.4 billion
(approximately U.S.$74.75 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00) were paid through the application of a tax credit. This second payment, together with the first payment, represented 50% of the
Deconsolidation Taxes for the period that corresponds to the 2008 tax year and 25% of the Deconsolidation Taxes for the period that corresponds to the 2009 tax year. On April 29, 2016, CEMEX paid Ps728 million (approximately
U.S.$38.87 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00). This third payment, together with the two prior payments, represented 70% of the Deconsolidation Taxes for the period that corresponds to the 2008
tax year, 50% of the Deconsolidation Taxes for the period that corresponds to the 2009 tax year and 25% of the Deconsolidation Taxes for the period that corresponds to the 2010 tax year. On April 28, 2017, CEMEX paid Ps924 million. This
fourth payment, together with the three prior payments represented 85% of the Deconsolidation Taxes for the period that corresponds to the 2008 tax year, 70% of the Deconsolidation Taxes for the period that corresponds to the 2009 tax year, 50% of
the Deconsolidation Taxes for the period that corresponds to the 2010 tax year and 25% of the Deconsolidation Taxes for the period that corresponds to the 2011 tax year. 

In October 2015, the Mexican Congress approved a tax reform, effective as of January 1, 2016 (the “2016 Tax Reform”).
Specifically, the 2016 Tax Reform granted Mexican companies two tax credits to offset part of the Deconsolidation Taxes payable as a result of the elimination of the group taxation regime: (a) 50% of the taxes due as a result of unamortized losses
used to compute the consolidated tax could be settled with individual accumulated losses adjusted for inflation using a factor of .15 multiplied by such losses, and (b) tax credit against Deconsolidation Taxes related to intercompany dividends
that were paid without having sufficient tax profits. CEMEX applied both tax credits against its remaining Deconsolidation Taxes through the filing of amended tax returns regarding the year ending on December 31, 2015 and upon the withdrawal of
the constitutional challenge (juicio de amparo) against the 2014 Tax Reform filed by us on February 12, 2015. Additionally, the 2016 Tax Reform granted Mexican companies the option not to pay the remaining asset tax payments included in
the Deconsolidation Tax liability. CEMEX also applied this option. 
 As of June 15, 2017, taking into account the effects of the 2016
Tax Reform, our estimated payment schedule of Deconsolidation Taxes (which includes the Additional Consolidated Taxes) is as follows: approximately Ps897 million (approximately U.S.$47.94 million as of March 31, 2017, based on an
exchange rate of Ps18.73 to U.S.$1.00) in 2018; approximately Ps527 million (approximately U.S.$47.89 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00) in 2019; and approximately Ps876 million
(approximately U.S.$74.76 million as of March 31, 2017, based on an exchange rate of Ps18.73 to U.S.$1.00) in 2020 and thereafter. 

United States. As of March 31, 2017, the Internal Revenue Service (“IRS”) concluded its audit for the year 2014. The
final findings did not alter the originally filed CEMEX return, which had no reserves set aside for any potential tax issues. On April 24, 2015 and May 18, 2016, the IRS commenced its audit of the 2015 and 2016 tax year, respectively,
under the Compliance Assurance Process. We have not identified any material audit issues and, as such, no reserves are recorded for either the 2015 or the 2016 audit in our financial statements. 

Colombia. On April 1, 2011, the Colombian Tax Authority notified CEMEX Colombia of a proceeding notice in which the Colombian Tax
Authority rejected certain deductions taken by CEMEX Colombia in its 2009 year-end tax return. The Colombian Tax Authority assessed an increase in taxes to be paid by CEMEX Colombia in the amount of
approximately 90 billion Colombian Pesos (approximately U.S.$31.24 million as of March 31, 2017, based on an exchange rate of 2,880.24 Colombian Pesos to U.S.$1.00) and imposed a penalty in the amount of approximately 144 billion
Colombian Pesos (approximately U.S.$39.58 million as of March 31, 2017, based on an exchange rate of 2,880.24 Colombian Pesos to U.S.$1.00). The Colombian Tax Authority argues that certain expenses are not deductible for fiscal purposes
because they are not linked to direct revenues recorded in the same fiscal year, without taking into consideration that future revenue will 

  
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be taxed with income tax in Colombia. CEMEX Colombia responded to the proceeding notice on June 25, 2011. On December 15, 2011, the Colombian Tax Authority issued its final
determination, which confirmed the information in the special proceeding. CEMEX Colombia appealed the final determination on February 15, 2012. On January 17, 2013, the Colombian Tax Authority notified CEMEX Colombia of the resolution
confirming the official liquidation. CEMEX Colombia appealed the final determination on May 10, 2013 which was admitted on June 21, 2013. On July 3, 2013, the appeal was notified to the Colombian Tax Authority, and hearings took place
on February 18, 2014 and March 11, 2014. An adverse resolution to the appeal was notified to CEMEX Colombia on July 14, 2014 and on July 22, 2014, CEMEX Colombia filed an appeal before the Colombian Consejo de Estado
against such adverse resolution. At this stage of the proceeding, as of June 15, 2017, we are not able to assess the likelihood of an adverse result in this special proceeding, but if adversely resolved, they could have a material adverse
impact on our results of operations, liquidity and financial condition. 
 Spain. On July 7, 2011, the tax authorities in Spain
notified CEMEX España of a tax audit process in Spain covering the tax years from and including 2006 to 2009. The tax authorities in Spain have challenged part of the tax losses reported by CEMEX España for such years. CEMEX
España has been formally notified of fines in the aggregate amount of approximately €456 million (approximately U.S.$486.14 million as of March 31, 2017, based on an exchange rate of €0.9380 to U.S.$1.00) resulting
from the July 7, 2011 tax audit process in Spain. The laws of Spain provide a number of appeals that can be filed against such fines without CEMEX España having to make any payment until such appeals are finally resolved. On
April 22, 2014, CEMEX España filed appeals against such fines. At this stage, as of June 15, 2017, we are not able to assess the likelihood of an adverse result regarding this matter, and the appeals that CEMEX España has
filed could take an extended amount of time to be resolved, but if all appeals filed by CEMEX España are adversely resolved, it could have a material adverse impact on our results of operations, liquidity and financial condition. 

Egypt. On February 9, 2014, ACC was notified of the decision of the Egyptian Ministry of Finance’s Appeals Committee (the
“Appeals Committee”) pursuant to which ACC has been required to pay a development levy on clay (the “Levy on Clay”) applied to the Egyptian cement industry in the amount of: (i) approximately 322 million Egyptian Pounds
(approximately U.S.$17.75 million as of March 31, 2017, based on an exchange rate of Egyptian Pounds 18.1358 to U.S.$1.00) for the period from May 5, 2008 to August 31, 2011; and (ii) approximately 50,235 Egyptian Pounds
(approximately U.S.$2,769.94 as of March 31, 2017, based on an exchange rate of Egyptian Pounds 18.1358 to U.S.$1.00) for the period from September 1, 2011 to November 30, 2011. On March 10, 2014, ACC filed a claim before the
North Cairo Court requesting the nullification of the Appeals Committee’s decision and requesting that the North Cairo Court rule that the Egyptian tax authority is not entitled to require payment of the aforementioned amounts. In parallel, ACC
has filed a request before the Ministerial Committee for Resolution of Investment Disputes (the “Ministerial Committee”) claiming non-entitlement of the Egyptian tax authority to the Levy on Clay
used in the production of cement from the date of enforceability of Law No. 114/2008 up until issuance of Law No. 73/2010, and from cement produced using imported clinker. On September 28, 2015, ACC was notified by the Egyptian
Cabinet that on September 2, 2015, it ratified an August 10, 2015 decision by the Ministerial Committee (the “Ministerial Committee’s Decision”) pursuant to which the Egyptian tax authority is instructed to cease claiming
payment of the Levy on Clay from ACC. The Ministerial Committee’s Decision applies to the years from 2008 up to the issuance date of Law No. 73/2010. It was further decided that the Levy on Clay should not be imposed on imported clinker.
At this stage, as of June 15, 2017, the Ministerial Committee’s Decision strongly supports ACC’s position in this dispute, given the fact that the Ministerial Committee’s Decision is legally binding on the Egyptian tax authority.
The Ministerial Committee’s Decision was submitted to the Egyptian tax authority and, accordingly, the Egyptian tax authority issued a settlement memorandum (the “Settlement Memorandum”), whereby it confirmed and recognized the
Ministerial Committee’s Decision. Furthermore, in application of the Settlement Memorandum and the Ministerial Committee’s Decision, the Egyptian tax authority issued a new claim to ACC for an adjusted amount of 55,586 Egyptian Pounds
(approximately U.S.$3,064.99 as of March 31, 2017, based on an exchange rate of Egyptian Pounds 18.1358 to U.S.$1.00). On a March 7, 2016 session of the North Cairo Court, ACC submitted the Settlement Memorandum and the Ministerial
Committee’s Decision. At a May 28, 2016 session before the North Cairo Court, the expert’s office appointed to review the case file submitted its report that confirmed and recognized the Ministerial Committee’s 

  
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Decision and at this session this case was reviewed jointly with the Egyptian tax authority case which was filed to challenge ACC’s right to cancel the Levy on Clay. The North Cairo Court
adjourned the jointly reviewed cases to June 25, 2016. These cases were thereafter re-adjourned to July 30, 2016 for submission of documents by the attorney for the State pertaining to the settlement
of the dispute with ACC. At the session of July 30, 2016, the two cases were adjourned first to September 19, 2016, and afterwards to October 10, 2016 and December 27, 2016 for the foregoing reason. On December 27, 2016, the
North Cairo Court ruled for referring the two jointly reviewed cases to the Cairo Administrative Judiciary Court for the former’s lack of jurisdiction to review the same. As of June 15, 2017, no session has yet been scheduled before the
Cairo Administrative Judiciary Court in order to review the two referred cases. We do not expect that such referral will prejudice ACC’s favorable legal position in this dispute. As of June 15, 2017, we do not expect our operations,
liquidity and financial condition to suffer a material adverse impact because of this matter. 
 Other Legal Proceedings 

Colombian Construction Claims. On August 5, 2005, the Urban Development Institute (Instituto de Desarrollo
Urbano) (“UDI”), and an individual filed a lawsuit in the Fourth Anti-Corruption Court of Bogotá (Fiscalía Cuarta Anticorrupción de Bogotá) against a subsidiary of CEMEX Colombia claiming that
it was liable, along with the other members of the Asociación Colombiana de Productores de Concreto (“ASOCRETO”), an association formed by the ready-mix concrete producers in Colombia,
for the premature distress of the concrete slabs of the Autopista Norte trunk line of the TransMilenio bus rapid transit system of Bogotá in which ready-mix concrete and flowable fill supplied by
CEMEX Colombia and other ASOCRETO members was used. The plaintiffs alleged that the base material supplied for the road construction failed to meet the quality standards offered by CEMEX Colombia and the other ASOCRETO members and/or that they
provided insufficient or inaccurate information in connection with the product. The plaintiffs were seeking the repair of the concrete slabs in a manner which guarantees their service during the 20-year period
for which they were originally designed, and estimate that the cost of such repair could have been approximately 100 billion Colombian Pesos (approximately U.S.$34.72 million as of March 31, 2017, based on an exchange rate of 2,880.24
Colombian Pesos to U.S.$1.00). The lawsuit was filed within the context of a criminal investigation against a former director and two officers of the UDI, the contractor, the inspector and two ASOCRETO officers. On January 21, 2008, a court
issued an order, sequestering the El Tunjuelo quarry, as security for payment of a possible future money judgment against CEMEX Colombia. The court determined that in order to lift this attachment and prevent further attachments, CEMEX Colombia was
required to deposit 337.8 billion Colombian Pesos (approximately U.S.$117.28 million as of March 31, 2017, based on an exchange rate of 2,880.24 Colombian Pesos to U.S.$1.00) in cash instead of posting an insurance policy to secure
such recovery. CEMEX Colombia appealed this decision and the Superior Court of Bogotá (Tribunal Superior de Bogotá) allowed CEMEX to present an insurance policy in the amount of 20 billion Colombian Pesos
(approximately U.S.$6.94 million as of March 31, 2017, based on an exchange rate of 2,880.24 Colombian Pesos to U.S.$1.00). CEMEX gave the aforementioned security and, on July 27, 2009, the court lifted the attachment on the quarry.

 On October 10, 2012 the court issued a first instance judgment pursuant to which the accusation made against the ASOCRETO officers
was nullified. The judgment also convicted a former UDI director, the contractor’s legal representatives and the inspector to a prison term of 85 months and a fine of 32 million Colombian Pesos (approximately U.S.$11,110.19 as of
March 31, 2017, based on an exchange rate of 2,880.24 Colombian Pesos to U.S.$1.00). As a consequence of the nullification, the judge ordered a restart of the proceeding against the ASOCRETO officers. The UDI and other parties to the legal
proceeding appealed the first instance judgment and on August 30, 2013 the Superior Court of Bogotá resolved to reduce the prison term imposed to the former UDI director and the UDI officers to 60 months and imposed a fine equivalent to
8.8 million Colombian Pesos (approximately U.S.$3,055.30 as of March 31, 2017, based on an exchange rate of 2,880.24 Colombian Pesos to U.S.$1.00). Additionally, the UDI officers were sentenced to severally pay the amount of
108,000 million Colombian Pesos (approximately U.S.$37.50 million as of March 31, 2017, based on an exchange rate of 2,880.24 Colombian Pesos to U.S.$1.00) for the purported damages in the concrete slabs of the TransMilenio bus rapid
transit system. Additionally, the Superior Court of Bogotá overturned the penalty imposed to the contractor’s legal representatives and inspector because the criminal action against them was time barred. Furthermore, the Superior Court
of Bogotá revoked the annulment in favor of the ASOCRETO officers and ordered the first instance judge to render a judgment regarding the ASOCRETO officers’ liability or lack thereof. On June 25, 2014, the Supreme Court of
Colombia’s Penal 

  
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Cassation Chamber (Sala de Casación Penal de la Corte Suprema de Justicia de Colombia) dismissed the cassation claim filed by the former UDI director and the UDI officers against
the Superior Court of Bogotá’s judgment. Dismissal of the cassation claim has no effect on CEMEX Colombia’s or the ASOCRETO officers’ interests in these proceedings. On January 21, 2015, the Penal Circuit Court of
Bogotá issued a resolution agreeing with the arguments presented by CEMEX Colombia regarding the application of the statute of limitations to the criminal investigation against the ASOCRETO officers and acknowledging that the ASOCRETO
officers were not public officers, and as a consequence, finalizing the process against the ASOCRETO officers and the civil responsibility claim against CEMEX Colombia. On July 28, 2015, the Superior Court of Bogotá (Tribunal Superior
de Bogotá) upheld this resolution and as such the action brought against CEMEX Colombia for the premature distress of the concrete slabs of the Autopista Norte trunk line has ended. In addition, six legal actions related to the
premature distress of the concrete slabs of the Autopista Norte trunk line of the TransMilenio bus rapid transit system were brought against CEMEX Colombia. The Cundinamarca Administrative Court (Tribunal Administrativo de Cundinamarca)
nullified five of these actions and, as of June 15, 2017, only one remains outstanding. In addition, the UDI filed another action alleging that CEMEX Colombia made misleading advertisements on the characteristics of the flowable fill used in the
construction of the concrete slabs. CEMEX Colombia participated in this project solely and exclusively as supplier of the ready-mix concrete and flowable fill, which were delivered and received to the
satisfaction of the contractor, complying with all the required technical specifications. CEMEX Colombia neither participated in nor had any responsibility on the design, sourcing of materials or their corresponding technical specifications or
construction. On May 24, 2016, the Civil Court of Bogota settled the action filed by the UDI against CEMEX Colombia. The court accepts the arguments in defense of CEMEX Colombia, ruling that the flowable fill is not what caused the damage to
the slabs and that the damages were caused by design changes when executing the road without consulting the original designer and the lack of drains. The UDI filed an appeal against the court’s ruling. On December 7, 2016, the Superior
Court of Bogota (Tribunal Superior de Bogotá) upheld the Civil Court of Bogota’s decision. At this stage of the proceedings, as of June 15, 2017, we are not able to assess the likelihood of an adverse result regarding the
remaining pending action filed before the Cundinamarca Administrative Court, but if adversely resolved, we do not expect that it will have a material adverse impact on our results of operations, liquidity and financial condition. 

Croatian Concession Litigation. After an extended consultation period, in April 2006, the cities of Kaštela and Solin in Croatia
published their respective Master (physical) Plans defining the development zones within their respective municipalities, adversely impacting the mining concession granted to CEMEX Croatia by the Government of Croatia in September 2005. During the
consultation period, CEMEX Croatia submitted comments and suggestions to the Master Plans intended to protect and preserve the rights of CEMEX Croatia’s mining concession, but these were not taken into account or incorporated into the Master
Plans by Kaštela and Solin. Immediately after publication of the Master Plans, CEMEX Croatia filed a series of lawsuits and legal actions before the local and federal courts to protect its acquired rights under the mining concessions,
including: (i) on May 17, 2006, a constitutional appeal before the constitutional court in Zagreb, seeking a declaration by the court concerning CEMEX Croatia’s constitutional claim for decrease and obstruction of rights earned by
investment and seeking prohibition of implementation of the Master Plans; and (ii) on May 17, 2006, an administrative proceeding before an administrative court seeking a declaration from the Government of Croatia confirming that CEMEX
Croatia acquired rights under the mining concessions. The administrative court subsequently ruled in favor of CEMEX Croatia, validating the legality of the mining concession granted to CEMEX Croatia by the Government of Croatia, in September 2005.
On June 15, 2012, we were notified that the case had been transferred from the constitutional court to the administrative court as a result of a new law that places the administrative courts in charge of disputes relating to environmental
planning. In February 2014, the administrative court requested CEMEX Croatia to declare if it was still interested in proceeding with the concession litigation and if so, to provide additional clarification and documentation to support such claims.
On March 3, 2014, CEMEX Croatia submitted the clarification and required documentation and on April 4, 2014, CEMEX Croatia was notified that the administrative court rejected its claims and found that its acquired rights or interests under
the mining concessions had not been violated as a result of any act or decision made by the cities of Solin or Kaštela or any other governmental body. On April 29, 2014, CEMEX Croatia filed two claims before the Constitutional Court of the
Republic of Croatia alleging that CEMEX Croatia’s constitutional rights to a fair trial and judicial protection had been violated. On August 1, 2014, CEMEX Croatia also filed an application before the European Court of Human Rights
alleging that CEMEX Croatia’s constitutional rights to a fair trial, property rights, concession rights and 

  
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investment had been violated due to irregularities in a general act, which has been denied. The European Court of Human Rights found the application to be inadmissible pursuant to articles 34 and
35 of the Convention for the Protection of Human Rights and Fundamental Freedoms, meaning that CEMEX Croatia did not exhaust all its domestic legal remedies, thus stipulating the Constitutional Court of the Republic of Croatia’s jurisdiction in
this matter. On February 6, 2015, the decision of the European Court of Human Rights was sent to the Constitutional Court of the Republic of Croatia. The Constitutional Court of the Republic of Croatia granted the claim, annulled the decision
of the administrative court and remanded the case to the administrative court for a new trial. On June 9, 2017, the administrative court issued a decision rejecting CEMEX Croatia’s request. CEMEX will not file an appeal, thus the
administrative court’s decision is final. During May 2015, CEMEX Croatia obtained a new location permit from the Croatian Ministry of Construction and Physical Planning for CEMEX Croatia’s Sveti Juraj-Sveti Kajo quarry. On August 2,
2016, CEMEX Croatia obtained a decision pursuant to which a right of way was granted on land owned by the Republic of Croatia and located in Sveti Juraj-Sveti Kajo quarry. The period of such right of way will be compatible with the location permit
previously granted. Such decision is one of the prerequisites for obtaining a new mining concession. As of June 15, 2017, in order to alleviate the adverse impact of the Master Plans, CEMEX Croatia is in the process of negotiating and preparing
all documentation necessary to comply with applicable rules and regulations in order to obtain a new mining concession. 
 Israeli
Class Action Litigation. On June 21, 2012, one of our subsidiaries in Israel was notified about an application for the approval of a class action suit against it. The application was filed by a homeowner who built his
house with concrete supplied by our Israeli subsidiary in October 2010 (a same application was filed against three other companies by the same legal representative). According to the application, the plaintiff claims that the concrete supplied to
him did not meet with the “Israel Standard for Concrete Strength No. 118” and that, as a result, our Israeli subsidiary acted unlawfully toward all of its customers who requested a specific type of concrete but that received concrete
that did not comply with Israeli standard requirements. As per the application, the plaintiff claims that the supply of the alleged non-conforming concrete has caused financial and non-financial damages to those customers, including the plaintiff. We presume that the class action would represent the claim of all the clients who purchased the alleged
non-conforming concrete from our Israeli subsidiary during the past seven years, the limitation period according to applicable laws in Israel. The damages that could be sought amount to approximately
276 million Israeli Shekels (approximately U.S.$75.99 million as of March 31, 2017, based on an exchange rate of 3.632 Israeli Shekels to U.S.$1.00). Our Israeli subsidiary submitted a formal response to the corresponding court. Both
parties presented their preliminary arguments. In a hearing held on December 20, 2015, the preliminary proceeding was completed and the court set dates for hearing evidence on May 8, 10 and 16, 2016. In addition, the court decided to join
together all claims against all four companies, including our subsidiary in Israel, in order to simplify and shorten court proceedings, however, it should be mentioned that the court had not formally decided to join together all claims. On the
hearing dates, the applicants in all four claims presented evidence, including expert testimony. The evidentiary hearing has not been completed as of June 15, 2017, and the court has set October 25, 2017 as the date to hear evidence on
behalf of two other companies. As of June 15, 2017, our subsidiary in Israel is not able to assess the likelihood of the class action application being approved or, if approved, of an adverse result, such as an award for damages in the full
amount that could be sought, but if adversely resolved, we do not believe the final resolutions would have a material adverse impact on our results of operations, liquidity and financial condition. 

Egypt Share Purchase Agreement. On April 7, 2011 and March 6, 2012, lawsuits seeking, among other things, the annulment of
the share purchase agreement entered into by and between CEMEX and state-owned Metallurgical Industries Company (the “Holding Company”) in November 1999 pursuant to which CEMEX acquired a controlling interest in ACC (the “Share
Purchase Agreement”), were filed by different plaintiffs, including 25 former employees of ACC, before the 7th and 8th Circuits of Cairo’s State Council Administrative Judiciary Court, respectively. Hearings in both cases were adjourned in
order for the State Commissioner Authority (“SCA”) to prepare the corresponding reports to be submitted for the consideration of the 7th and 8th Circuits of Cairo’s State Council Administrative Judiciary Court. During March 2015, the
SCA submitted the relevant reports recommending, in both cases, that the 7th and 8th Circuits of Cairo’s State Council Administrative Judiciary Court stays the proceedings until the High Constitutional Court pronounces itself with regards to
the challenges against the constitutionality of the Presidential Decree on Law No. 32 of 2014 (“Law 32/2014”). A hearing was held on October 13, 2015 before the 8th Circuit of Cairo’s State Council Administrative Judiciary
Court in which the SCA’s report was reviewed and the case was adjourned to 

  
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January 26, 2016 for passing judgment. At the session held on January 26, 2016, the 8th Circuit of Cairo’s State Council Administrative Judiciary Court issued a judgment ruling for
the dismissal of this case considering the plaintiff’s lack of standing. The legal prescription period for the plaintiff to challenge the judgment before the High Administrative Court of 60 calendar days from the date of issuance of the
judgment has expired without the plaintiff filing a judgment. Accordingly, the January 26, 2016 judgment issued by the 8th Circuit of Cairo’s State Council Administrative Judiciary Court is final and definitive. At a session held on
September 3, 2015, the 7th Circuit of Cairo’s State Council Administrative Judiciary Court accepted the SCA’s report recommendation and ruled for staying the proceedings until the High Constitutional Court pronounces itself with
regards to the challenges against the constitutionality of Law 32/2014. As of June 15, 2017, we are not able to assess the likelihood of an adverse resolution regarding this lawsuit filed before the 7th Circuit of Cairo’s State Council
Administrative Judiciary Court, but if adversely resolved, we do not believe the resolution in the first instance would have an immediate material adverse impact on our results of operations, liquidity and financial condition as there are different
legal recourses that we could take. However, if we exhaust all legal recourses available to us, a final adverse resolution of this matter could have a material adverse impact on our operations, liquidity and financial condition. 

Regarding a different lawsuit submitted to a First Instance Court in Assiut, Egypt and notified to ACC on May 23, 2011, on
September 13, 2012, the first instance court of Assiut, Egypt issued a judgment (the “First Instance Judgment”) to (i) annul the Share Purchase Agreement; and (ii) reinstate former employees to their former jobs at ACC. The
First Instance Judgment was notified to ACC on September 19, 2012. On October 18, 2012, ACC filed an appeal against the First Instance Judgment, which was followed by the Holding Company’s appeal filed on October 20, 2012 before
the Appeal Court in Assiut, Egypt (the “Appeal Court”). At a November 17, 2013 hearing, the Appeal Court decided to join the appeals filed by ACC and the Holding Company and adjourned the session to January 20, 2014 to render
judgment. On January 20, 2014, the Appeal Court issued a judgment (the “Appeal Judgment”) accepting both appeals, revoking the First Instance Judgment, ruling for non-qualitative jurisdiction of
the first instance court to review the case and referred the matter to the administrative court in Assiut, Egypt (the “Assiut Administrative Court”) for a hearing to be held on March 16, 2014. This hearing was subsequently rescheduled
to May 17, 2014 and ultimately was not held because the case file had not been completed on time in order for it to be referred to the Assiut Administrative Court. The SCA submitted a report recommending that the Assiut Administrative Court to
declare itself incompetent to review this case and to refer it to the Assiut Administrative Judiciary Court (the “Assiut Administrative Judiciary Court”). The Assiut Administrative Court scheduled a new hearing for October 11, 2014 to
review the case. On October 15, 2014, the Assiut Administrative Court ruled for its non-jurisdiction to review the case and referred the case to the Assiut Administrative Judiciary Court. On
December 11, 2014, ACC filed an appeal against the Assiut Administrative Court ruling requesting that its enforcement be suspended until a judgment is issued on the appeal filed before the Cassation Court on March 12, 2014 (the
“Appeal”). On February 10, 2015 and March 17, 2015, hearings were held before the Assiut Administrative Judiciary Court’s SCA in which the SCA decided to adjourn in order to prepare the corresponding report to be submitted
for the consideration of the Assiut Administrative Judiciary Court. On October 2015, the SCA issued a report recommending mainly that due to the absence of geographical jurisdiction to review the case, it should be referred to the 7th Circuit of
“Economic and Investment Disputes” of Cairo’s State Council Administrative Judiciary Court. The Assiut Administrative Judiciary Court held a hearing for the case on February 24, 2016, in which it decided to refer the case to the
First Circuit (formerly 7th Circuit) of “Economic and Investment Disputes” of Cairo’s State Council Administrative Judiciary Court. Cairo’s State Council Administrative Judiciary Court held a hearing on March 28, 2017 to
notify the parties of the procedures, whereupon the court adjourned the hearing until June 13, 2017 in order for the parties to submit their memoranda. On June 13, 2017 the court decided to refer the case back to SCA to prepare and submit
a complementary report on the merits. The SCA shall notify ACC with a new hearing date before the SCA. In a session held on February 11, 2016 in order to review the Appeal, the Assiut Administrative Judiciary Court decided to refer the case to
the First Circuit of Cairo’s State Council Administrative Judiciary Court, which in turn decided to refer the Appeal to the Assiut Administrative Judiciary Court. On November 9, 2016, the Assiut Administrative Judiciary Court held a
session in order to review the referred Appeal, and adjourned the Appeal to February 8, 2017. On February 8, 2017, the court adjourned the hearing until June 14, 2017 in order for the parties to submit their final memoranda. On
June 14, 2017 the court has postponed the case to a hearing on November 23, 2017 in order for the parties to review the submitted documents. As of June 15, 2017, we are not able to assess the likelihood of an adverse resolution
regarding this lawsuit filed before the First Circuit of Cairo’s State Council Administrative Judiciary Court, but if adversely resolved, we do not believe the resolution in the first 

  
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instance would have an immediate material adverse impact on our results of operations, liquidity and financial condition as there are different legal recourses that we could take. However, if we
exhaust all legal recourses available to us, a final adverse resolution of this matter could have a material adverse impact on our operations, liquidity and financial condition. 

On March 12, 2014, ACC filed a challenge before the Cassation Court against the part of the Appeal Judgment that refers to the referral
of the case to the Assiut Administrative Court and payment of the appeal expenses and attorney fees, and requested a suspension of the Appeal Judgment execution with respect to these matters until the Cassation Court renders its judgment (the
“Challenge”). A hearing was held on April 12, 2016 in order to review the Challenge’s summary request only, which requested the Cassation Court to stay the execution of part of the Appeal Judgment regarding the referral of the
case to the Assiut Administrative Court and payment of the appeal expenses and attorney fees. At this hearing the Cassation Court rejected the summary request. As of June 15, 2017, ACC has not been notified of a session before the Cassation
Court in order to review the subject matter of the Challenge. As of June 15, 2017, we are not able to assess the likelihood of an adverse resolution regarding the Challenge, but if adversely resolved, we do not believe the resolution would have
an immediate material adverse impact on our results of operations, liquidity and financial condition as there are different recourses that we could take. However, if we exhaust all legal recourses available to us, a final adverse resolution of this
matter could have a material adverse impact on our operations, liquidity and financial condition. 
 Also, on February 23, 2014, three
plaintiffs filed a lawsuit before the Assiut Administrative Judiciary Court requesting the cancellation of the resolutions taken by the Holding Company’s shareholders during the extraordinary general shareholders meeting pursuant to which it
was agreed to sell ACC’s shares and enter into the Share Purchase Agreement in 1999. A hearing held on May 17, 2014 was adjourned in order for the SCA to prepare a report to be submitted for the consideration of the Assiut Administrative
Judiciary Court. On September 4, 2014, ACC received the report issued by the SCA which is non-binding to the Assiut Administrative Judiciary Court. On December 11, 2014, the Assiut Administrative
Judiciary Court resolved to refer the case to the 7th Circuit of Cairo’s State Council Administrative Judiciary Court. The 7th Circuit of Cairo’s State Council Administrative Judiciary Court decided to adjourn to July 25, 2015 in
order to review the parties’ pleadings. On this hearing held on July 25, 2015, the 7th Circuit of Cairo’s State Council Administrative Judiciary Court adjourned the case to September 3, 2015 for passing judgment. At the session
held on September 3, 2015, the 7th Circuit of Cairo’s State Council Administrative Judiciary Court ruled for staying the proceedings until the High Constitutional Court pronounces itself with regards to the challenges against the
constitutionality of Law No.32/2014. As of June 15, 2017, we do not have sufficient information to assess the likelihood of the 7th Circuit of Cairo’s State Council Administrative Judiciary Court cancelling the resolutions adopted by the
Holding Company’s shareholders, or, if such shareholders’ resolutions are cancelled, how would such cancellation affect us, but if adversely resolved, we do not believe the resolution in this first instance would have an immediate material
adverse impact on our results of operations, liquidity and financial condition as there are different legal recourses that we could take. However, if we exhaust all legal recourses available to us, a final adverse resolution of this matter could
have a material adverse impact on our operations, liquidity and financial condition. 
 On April 22, 2014, Law 32/2014, which regulates
legal actions to challenge agreements entered into by the Egyptian State (including its ministries, departments, special budget entities, local administrative units, authorities and state-participated companies) and third parties, was published in
the Official Gazette, becoming effective as of April 23, 2014, but subject to its presentation, discussion and approval by the House of Representatives 15 days after it holds its first session. As per the provisions of Law 32/2014, and
considering certain exceptions, only the parties to these agreements have standing to challenge the validity of an agreement. During October and November 2015, parliamentary elections to the House of Representatives took place and the elected House
of Representatives started to hold its sessions on January 10, 2016, as expected, and Law 32/2014 was discussed and ratified on January 20, 2016, as legally required. As of March 31, 2017, a constitutional challenge has been filed
against Law 32/2014 before the High Constitutional Court. The High Constitutional Court has scheduled a hearing for May 6, 2017 to proceed with the constitutional challenge that was filed against Law 32/2014 after the SCA had submitted its
report with respect to the case. On May 6, 2017 the court decided to refer the case back to SCA to prepare and submit a complementary report on the merits. The SCA, if it deems it necessary, may schedule a hearing for reviewing the case before
the SCA. After the SCA finishes the preparation of the complementary report, a 

  
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new hearing will be scheduled before the High Constitutional Court. As of June 15, 2017, we are not able to assess if the High Constitutional Court will dismiss Law 32/2014, but if the High
Constitutional Court dismisses Law 32/2014, this could adversely impact the ongoing matters regarding the Share Purchase Agreement, which could have a material adverse impact on our operations, liquidity and financial condition. 

Maceo, Colombia—Legal Proceedings in Colombia. On August 28, 2012, CEMEX Colombia entered into a memorandum of understanding
(the “MOU”) with CI Calizas y Minerales S.A. (“CI Calizas”) to acquire land, a mining concession, an environmental license, free trade zone benefits and related assets necessary to carry out the Maceo Project. In connection with
the MOU, CI Calizas was represented by a non-governmental individual (the “Representative”). 
 After the execution of the MOU,
one of CI Calizas’ former shareholders was linked to an expiration of property proceeding by the Colombian Attorney General’s Office (the “Attorney General’s Office”) that, among other measures, suspended CI Calizas’
ability to transfer certain assets to CEMEX Colombia as required by the MOU (the “Affected Assets”). In order to protect its interests in the Affected Assets, CEMEX Colombia joined the expiration of property proceeding, attended each
procedural stage and cooperated with the Attorney General’s Office. CEMEX Colombia also requested the dismissal of the expiration of property proceeding against the Affected Assets. On May 2, 2016, in order to collect further evidence, the
Attorney General’s Office denied CEMEX Colombia’s request for the dismissal of the expiration of property proceeding. The expiration of property proceeding is in its investigative phase, pending the appointment of the ad litem
curators by the Attorney General’s Office. Upon appointment of the ad litem curators, the evidentiary phase will commence and the relevant evidence will be presented and studied. We expect that the Attorney General’s
Office’s final decision as to whether it will proceed with the expiration of property proceeding with respect to the Affected Assets could take five to ten years. 

In July 2013, CEMEX Colombia entered into a five-year lease agreement (the “Lease Agreement”) with a depository that had been
designated by the Colombian National Narcotics Directorate (Dirección Nacional de Estupefacientes) (the “CNND”) with respect to the Affected Assets. The Lease Agreement, along with an accompanying governmental mandate,
authorized CEMEX Colombia to continue the work necessary for the construction and operation of the Maceo Project during the expiration of property proceeding. The Lease Agreement is currently set to expire on July 15, 2018, unless earlier
terminated by the Colombian Administrator of Special Assets (Sociedad de Activos Especiales S.A.S) (the “SAE”), which assumed the functions of the CNND after the CNND’s liquidation. CEMEX Colombia plans to negotiate an
extension to the term of the Lease Agreement and intends to continue using the Affected Assets pursuant to the terms of the Lease Agreement and accompanying mandate. 

Assuming that CEMEX Colombia conducted itself in good faith, and taking into account that its investments in the Maceo Project were incurred
with the consent of the SAE and CI Calizas under the Lease Agreement and the accompanying mandate, we believe the value of such investments is protected by Colombian law. Colombian law provides that, if a person builds on another person’s
property with the knowledge of such other person, the person that built on the property shall be compensated with the value of what was built or otherwise be transferred the property in the event the owner of the property decides to recover
possession. We also believe that, during the term of the Lease Agreement and the accompanying mandate, CEMEX Colombia may use the Affected Assets in order to operate the Maceo Project. In the event that CEMEX Colombia’s right to the Affected
Assets is extinguished in favor of the government of Colombia, which we believe is unlikely, the SAE may decide not to sell the Affected Assets to CEMEX Colombia or not to extend the Lease Agreement. In either case, under Colombian law, CEMEX
Colombia would be entitled to compensation for the value of the investments made in the Maceo Project. As of June 15, 2017, we were not able to assess the likelihood of CEMEX Colombia receiving an adverse decision relating to the expiration of
property proceedings or if the ownership of the assets subject to the MOU will be extinguished in favor of the Republic of Colombia. However, as of June 15, 2017, we believe that an adverse resolution in which CEMEX Colombia is not compensated
for the value of its investments in the Maceo Project could have a material adverse effect on our results of operations, liquidity or financial condition. 

On December 30, 2013, CEMEX Colombia and the Representative entered into a different memorandum of understanding (the “Land
MOU”), pursuant to which the Representative would represent CEMEX Colombia in the acquisition of lands adjacent to the Maceo Project. In connection with the Maceo 

  
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Project, CEMEX Colombia conveyed to the Representative over U.S.$15 million, including cash payments and interest (based on an exchange rate of 2,880.24 Colombian Pesos to U.S.$1.00 as of
March 31, 2017). Due to the expiration of property proceeding against the Affected Assets described above, the acquisition of the Affected Assets was not finalized. 

During 2016, CEMEX, S.A.B. de C.V. received reports through its anonymous reporting hotline regarding potential misconduct by certain
employees, including with regard to the Maceo Project. CEMEX, S.A.B. de C.V. initiated an investigation and internal audit pursuant to its corporate governance policies and its code of ethics. On September 23, 2016, CEMEX Latam disclosed that
it had identified irregularities in the process for the purchase of the land related to the Maceo Project in an accusation with the Attorney General’s Office so that the Attorney General’s Office may take the actions it deems appropriate.
Further, on December 20, 2016, CEMEX Latam enhanced such filing with additional information and findings obtained as of such date. On June 1, 2017 the Attorney General’s Office petitioned a hearing for imputation of charges
(audiencia de imputación de cargos) against two former employees of CEMEX and a representative of CI Calizas, such hearing is scheduled to take place on August 1, 2017. 

On September 23, 2016, CEMEX Latam and CEMEX Colombia terminated the employment of the Vice President of Planning of CEMEX Latam, who was
also CEMEX Colombia’s Director of Planning, and the Legal Counsel of CEMEX Latam, who was also the General Counsel of CEMEX Colombia. In addition, effective as of September 23, 2016, the Chief Executive Officer of CEMEX Latam, who was also
the President of CEMEX Colombia, resigned from both positions. On October 4, 2016, in order to strengthen levels of leadership, management and corporate governance practices, the Board of Directors of CEMEX Latam resolved to split the roles of
Chairman of the Board of Directors of CEMEX Latam, Chief Executive Officer of CEMEX Latam and Director of CEMEX Colombia, and appointed a new Chairman of the Board of Directors of CEMEX Latam, a new Chief Executive Officer of CEMEX Latam, a new
Director of CEMEX Colombia and a new Vice President of Planning of CEMEX Latam and CEMEX Colombia. A new legal counsel for CEMEX Latam and CEMEX Colombia was also appointed during the fourth quarter of 2016. 

Additionally, pursuant to the requirements of CEMEX, S.A.B. de C.V.’s and CEMEX Latam’s audit committees, CEMEX Colombia retained
external counsel to assist CEMEX Latam and CEMEX Colombia to collaborate as necessary with the Attorney General’s Office, as well as to assist on other related matters. A forensic investigator in Colombia was engaged, as well. 

The Attorney General’s Office is investigating the irregularities in connection with the transactions conducted pursuant to the MOU and
the Land MOU. Such investigation is in its initial phase and, as such, we cannot predict what actions, if any, the Attorney General’s Office may implement. Any actions by the Attorney General’s Office and any actions taken by us in
response to the aforementioned irregularities regarding the Maceo Project, including, but not limited to, the departure of the abovementioned executives, could have a material adverse effect on our results of operations, liquidity or financial
condition. 
 SEC Investigation Relating to the Legal Proceedings in Colombia. In December 2016, CEMEX, S.A.B. de C.V. received
subpoenas from the SEC seeking information to determine whether there have been any violations of the U.S. Foreign Corrupt Practices Act stemming from the Maceo Project. These subpoenas do not mean that the SEC has concluded that CEMEX, S.A.B. de
C.V. or any of its affiliates violated the law. As discussed in “— Maceo, Colombia—Legal Proceedings in Colombia,” internal audits and investigations by CEMEX, S.A.B. de C.V. and CEMEX Latam had raised questions about
payments relating to the Maceo Project. The payments made to the Representative in connection with the Maceo Project did not adhere to CEMEX, S.A.B. de C.V.’s and CEMEX Latam’s internal controls. As announced on September 23, 2016,
the CEMEX Latam and CEMEX Colombia officers responsible for the implementation and execution of the above referenced payments were terminated and the then Chief Executive Officer of CEMEX Latam resigned. CEMEX, S.A.B. de C.V. has been cooperating
with the SEC and the Attorney General’s Office and intends to continue cooperating fully with the SEC and the Attorney General’s Office. It is possible that the United States Department of Justice or investigatory entities in other
jurisdictions may also open investigations into this matter. To the extent they do so, CEMEX, S.A.B. de C.V. intends to cooperate fully with any such inquiries. As of June 15, 2017, CEMEX, S.A.B. de C.V. is unable to predict the duration,
scope, or outcome of the SEC investigation or any other investigation that may arise; however, CEMEX, 

  
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S.A.B. de C.V. does not expect the SEC investigation to have a material adverse impact on its consolidated results of operations, liquidity or financial position. 

Maceo, Colombia—Operational Matters. On October 27, 2016, CEMEX Latam decided to postpone the commencement of operations of
the cement plant in Maceo, Colombia. This decision was mainly due to the following circumstances: 
  

	 	(1)	CEMEX Colombia has not received permits required to finalize road access to such cement plant. If such permits are obtained, CEMEX Latam estimates that the road access could be available in July 2017. The only existing
access to such cement plant cannot guarantee safety or operations and could limit the capacity to transport products from the cement plant; 

  

	 	(2)	CEMEX Colombia has not received a final response to the request to expand the free trade zone that covers the Maceo Project in order to commission a new clinker line at such cement plant. Failure to obtain such
expansion would jeopardize CEMEX Colombia’s capability to consolidate the benefits that would otherwise be available for CEMEX Colombia in the area. As of June 15, 2017, the Colombian Ministry of Trade, Industry and Tourism (Ministerio
de Comercio, Industria y Turismo) has not reached a final decision with respect to CEMEX Colombia’s request to expand the free trade zone. CEMEX Colombia believes the delay in such decision could be related to the expiration of property
proceeding against the Affected Assets, as discussed in “—Maceo, Colombia—Legal Proceedings in Colombia”; 

  

	 	(3)	The environmental license and the mining concession related to the Maceo Project are currently held by different legal entities, which is contrary to typical procedure in Colombia. The environmental license related to
the Maceo Project is held by Central de Mezclas S.A. (“Central de Mezclas”), a subsidiary of CEMEX Colombia. However, the mining permit related to the Maceo Project was remanded back to CI Calizas as a result of the revocation of such
mining concession by the Mining Secretariat (Secretaría de Minas) of Antioquia in December 2013; and 

  

	 	(4)	CEMEX Colombia determined that the area covered by the environmental license related to the Maceo Project partially overlapped with a District of Integrated Management (Distrito de Manejo Integrado), which could
limit the granting of the environmental license modification. Such modification seeks to achieve an increase in the proposed production under the project of up to 950,000 tons. 

In connection with the environmental license that had been issued for the Maceo Project, during the second half of 2016, Corantioquia, the
regional environmental agency with jurisdiction over the Maceo Project environmental license, requested authorization and consent from Central de Mezclas to reverse the assignment of the environmental license for the Maceo Project back to CI
Calizas, which also holds the corresponding mining title. Central de Mezclas has petitioned Corantioquia to evaluate the basis for such request. 

CEMEX Colombia had requested a modification to the environmental license, and on December 13, 2016, Corantioquia notified Central de
Mezclas that it had adopted the decision to deny the request for modification of the environmental license related to the Maceo Project to 950,000 tons per annum on the basis of the overlap of the project area with the District of Integrated
Management. On December 14, 2016, Central de Mezclas appealed the decision. On March 28, 2017, Central de Mezclas was notified of Corantioquia’s decision, which affirmed the decision that had previously denied the modification of the
environmental license for a 950,000 per annum project. As a result, as of June 15, 2017, CEMEX Colombia was actively working on the zoning and compatibility of the District of Integrated Management, as well as analyzing alternatives for a
partial adjustment to the District of Integrated Management, to avoid future discussions regarding feasibility of expanding the proposed production in the Maceo Project beyond 950,000 tons per annum. 

Once these alternatives are implemented, CEMEX Colombia will reconsider submitting a new request pursuing the modification of the
environmental license to expand its production of 950,000 tons per annum as initially planned. In the meantime, CEMEX Colombia will limit its activities to those that do not have a negative impact on the District of Integrated Management. 

CEMEX Colombia and Central de Mezclas plan to continue to work on solving the issues causing the

  
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postponement of the commissioning of the Maceo Project cement plant in order to capture, as soon as reasonably possible, the full operating benefits of this facility in Colombia. CEMEX Colombia
believes some of these issues could be related to the expiration of property proceeding against the Affected Assets. As of June 15, 2017, we do not expect to suffer a material adverse impact to our results of operations, liquidity or financial
condition as a result of the Maceo Project cement plant not being commissioned to operate pending resolution of these issues. 
 Quarry
matter in France. One of our subsidiaries in France, CEMEX Granulats Rhône Méditerranée (“CEMEX Granulats”), is a party to a contract executed in 1990 (the “Quarry Contract”) with SCI La Quinoniere
(“SCI”), pursuant to which CEMEX Granulats has drilling rights to extract reserves and conduct quarry remediation at a quarry in the Rhone region of France. In 2012, SCI filed a claim against CEMEX Granulats for breach of the Quarry
Contract, requesting the rescission of the Quarry Contract and damages plus interest, totaling an aggregate amount of approximately €55 million (approximately U.S.$58.63 million as of March 31, 2017, based on an exchange rate of
€0.9380 to U.S.$1.00), resulting from CEMEX Granulats having partially filled the quarry allegedly in breach of the terms of the Quarry Contract. On May 18, 2016, CEMEX Granulats was notified about an adverse judgment in this matter by the
corresponding court in Lyon, France, primarily ordering the rescission of the Quarry Contract and damages plus interest, totaling an aggregate amount of approximately €55 million (approximately U.S.$58.63 million as of March 31,
2017, based on an exchange rate of €0.9380 to U.S.$1.00). We believe this judgment is not enforceable. On June 6, 2016, CEMEX Granulats filed the notice of appeal with the appeals court in Lyon, France and on September 5, 2016, CEMEX
Granulats filed the first submission of the full appeal together with its arguments and evidence. Proceedings on any additional hearings regarding this appeal or any other actions CEMEX Granulats may initiate in this matter could take approximately
18 months to be finalized. There can be no assurance as to whether or not CEMEX Granulats will receive an adverse result to any appeals or any other recourses it may pursue. An adverse resolution on this matter could have a material adverse impact
on our results of operations, liquidity and financial condition. 
 As of June 15, 2017, we are involved in various legal proceedings
involving, but not limited to, product warranty claims, environmental claims, claims regarding the procurement and supply of products, indemnification claims relating to divestments and acquisitions and similar types of claims brought against us
that have arisen in the ordinary course of business. We believe we have made adequate provisions to cover both current and contemplated general and specific litigation risks, and we believe these matters will be resolved without any significant
effect on our operations, financial position and results of operations. We are sometimes able to make and disclose reasonable estimates of the expected loss or range of possible loss, as well as disclose any provision accrued for such loss. However,
for a limited number of ongoing legal proceedings, we may not be able to make a reasonable estimate of the expected loss or range of possible loss or may be able to do so but believe that disclosure of such information on a case-by-case basis would seriously prejudice our position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, we have
disclosed qualitative information with respect to the nature and characteristics of the contingency, but have not disclosed the estimate of the range of potential loss. 

  
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 SCHEDULE 13 

MATERIAL SUBSIDIARIES 

As at 31 December 2016 
 Assiut
Cement Company 
 Cementos Bayano, S.A. 
 CEMEX Asia B.V. 

CEMEX Central, S.A. de C.V. 
 CEMEX Colombia, S.A. 

CEMEX Concretos, S. A. de C.V. 
 CEMEX Construction Materials
Florida LLC 
 CEMEX Construction Materials Pacific LLC 

CEMEX Corp. 
 CEMEX Egypt for Distribution S.A.E. 

Cemex Egyptian Investment B.V. 
 CEMEX España, S.A. 

CEMEX Finance LLC 
 CEMEX France Gestion (S.A.S.) 

CEMEX, Inc. 
 CEMEX Investments Limited 

CEMEX Materials, LLC 
 CEMEX México, S.A. de C.V. 

CEMEX Operaciones México, S.A. de C.V. 
 CEMEX Research
Group AG 
 CEMEX TRADEMARKS HOLDING Ltd. 
 CEMEX UK 

CEMEX UK Operations Limited 
 CEMEX, S.A.B. de C.V. 

  
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 Corporación Cementera Latinoamericana, S.L.U. 

Empresas Tolteca de México, S.A. de C.V. 
 Interamerican
Investments, Inc. 
 New Sunward Holding BV 
 Sunbelt
Investment, Inc. 

  
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 SCHEDULE 14 

TIMETABLES 
  

							
	 	  	Loans in dollars	  	Loans in sterling	  	Loans in euro
				
	 Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a
Utilisation Request) or a Selection Notice (Clause 10.1 (Selection of Interest Periods))
	  	 U-3

9:30 a.m.
	  	 U-3

9:30 a.m.
	  	 U-3

9:30 a.m.

				
	 Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders’
participation)
	  	 U-3

3:00 p.m.
	  	 U-3

3:00 p.m.
	  	 U-3

3:00 p.m.

				
	 LIBOR or EURIBOR is fixed
	  	Quotation Day 11:00 a.m. in respect of LIBOR	  	Quotation Day 11:00 a.m. in respect of LIBOR	  	Quotation Day 11:00 a.m. (Brussels time) in respect of EURIBOR
				
	 Delivery of funds corresponding to each Lender’s participation in the Loan
	  	 U

9:00 a.m.
	  	 U

9.00 a.m.
	  	 U

9:00 a.m.

  

							
			
	 “U”
	 	 	=	 	  	date of utilisation or, if applicable, in the case of a Loan that has already been borrowed, the first day of the relevant Interest Period for that Loan.
			
	 “U – X”
	 	 	=	 	  	X Business Days prior to date of utilisation or, if applicable, in the case of a Loan that has already been borrowed, the first day of the relevant Interest Period for that Loan.

  
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 SCHEDULE 15 

FORM OF CONFIDENTIALITY UNDERTAKING 

CONFIDENTIALITY UNDERTAKING 

[Letterhead of Potential Purchaser] 
 To:
[Insert name of Seller] 
 From: [Insert name of Potential Purchaser] 

Dated: 
 Dear Sirs 

CEMEX, S.A.B. de C.V. – Facilities Agreement 

dated [    ] July 2017 (the “Facilities Agreement”) 

We are considering acquiring an interest in the Facilities Agreement which, subject to the terms of the Facilities Agreement, may be by way of novation,
assignment, the entering into, whether directly or indirectly, of a sub-participation or any other similar transaction under which payments are to be made or may be made by reference to one or more relevant
Finance Documents and/or one or more relevant Obligors or by way of investing in or otherwise financing, directly or indirectly, any such novation, assignment, sub-participation or other similar transaction
(each, an “Acquisition”). In consideration of you agreeing to make available to us certain information in relation to each Acquisition, by our signature of this letter we agree as follows (acknowledged and agreed by you by your
signature of a copy of this letter): 
  

	1.	Confidentiality Undertaking 

 We undertake in relation to each Acquisition whether
completed or not, (a) to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph 2 below and to ensure that all Confidential Information is protected with security measures and
a degree of care that would apply to our own confidential information, (b) until that Acquisition is completed to use the Confidential Information only for the Permitted Purpose, (c) to keep confidential and not disclose to anyone except
as provided for by paragraph 2 below the fact that the Confidential Information has been made available or that discussions or negotiations are taking place or have taken place between us in connection with the Facilities, and (d) to use all
reasonable endeavours to ensure that any person to whom we pass any Confidential Information (unless disclosed under paragraph 2 below) acknowledges and complies with the provisions of this letter as if that person were also a party to it. 

 

	2.	Permitted Disclosure 

 You agree that we may disclose: 

 

	2.1	 to any of our Affiliates and any of our or their officers, directors, employees, professional advisers and
auditors such Confidential Information as we shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph 2.1 is informed in writing of its confidential nature and that

  
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some or all of such Confidential Information may be price-sensitive information, except that there shall be no such requirement to so inform if the recipient is subject to professional
obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 

 

	2.2	subject to the requirements of the Facilities Agreement, to any person: 

  

	 	(a)	to (or through) whom we assign or transfer (or may potentially assign or transfer) all or any of our rights and/or obligations which we may acquire under the Facilities Agreement such Confidential Information as we
shall consider appropriate if the person to whom the Confidential Information is to be given pursuant to this sub-paragraph (a) of paragraph 2.2 has delivered a letter to you materially in equivalent form
to this letter; 

  

	 	(b)	with (or through) whom we enter into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made or may be
made by reference to the Facilities Agreement in relation to that Acquisition or any Obligor such Confidential Information as we shall consider appropriate if the person to whom the Confidential Information is to be given pursuant to this sub-paragraph (b) of paragraph 2.2 has delivered a letter to you in materially equivalent form to this letter; 

  

	 	(c)	to whom information is required or requested to be disclosed by any governmental, banking, taxation or other regulatory authority or similar body, the rules of any recognised stock exchange or pursuant to any applicable
law or regulation such Confidential Information as we shall consider appropriate; and 

  

	2.3	notwithstanding paragraphs 2.1 and 2.2 above, Confidential Information to such persons to whom, and on the same terms as, a Finance Party is permitted to disclose Confidential Information under the Facilities Agreement
to which that Acquisition relates, as if such permissions were set out in full in this letter and as if references in those permissions to Finance Party were references to us for the purposes of that Acquisition. 

 

	3.	Notification of Disclosure 

 We agree in relation to each Acquisition (whether completed
or not), (to the extent permitted by law and regulation) to inform you: 
  

	3.1	of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (c) of paragraph 2.2 above, except where such disclosure is made to any of
the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	3.2	upon becoming aware that Confidential Information has been disclosed in breach of this letter. 

  
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	4.	Return of Copies 

 If we do not enter into or complete the Acquisition and you so request
in writing, we shall return all Confidential Information supplied by you to us in relation to that Acquisition and destroy or permanently erase (to the extent technically practicable) all copies of Confidential Information made by us and use all
reasonable endeavours to ensure that anyone to whom we have supplied any Confidential Information destroys or permanently erases (to the extent technically practicable) such Confidential Information and any copies made by them, in each case save to
the extent that we or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy,
or where the Confidential Information has been disclosed under sub-paragraph (c) of paragraph 2.2 above. 
  

	5.	Continuing Obligations 

 The obligations in this letter are continuing and, in
particular, shall survive and remain binding on us in relation to each Acquisition (whether completed or not) until (a) if we become a party to the Facilities Agreement as a lender of record, the date on which we become such a party to the
Facilities Agreement; (b) if we enter into the Acquisition but it does not result in us becoming a party to the Facilities Agreement as a lender of record, the date falling twelve months after the date on which all of our rights and obligations
contained in the documentation entered into to implement the Acquisition have terminated; or (c) in any other case the date falling twelve months after the date at which we have returned all Confidential Information supplied by you to us and
destroyed or permanently erased (to the extent technically practicable) all copies of Confidential Information made by us (other than any such Confidential Information or copies which have been disclosed under paragraph 2 above (other than paragraph
2(a)) or which, pursuant to paragraph 4 above, are not required to be returned or destroyed). 
  

	6.	No Representation; Consequences of Breach, etc 

 We acknowledge and agree that: 

 

	6.1	neither you, nor any member of the Group nor any of your or their respective officers, employees or advisers (each a “Relevant Person”) (i) make any representation or warranty, express or implied, as
to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by you in relation to the Acquisition or the assumptions on which it is based or (ii) shall
be under any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by you in relation to the Acquisition or be otherwise liable to us or any other person in respect of the Confidential
Information or any such information; and 

  

	6.2	you or members of the Group may be irreparably harmed by the breach of the terms of this letter and damages may not be an adequate remedy; each Relevant Person may be granted an injunction or specific performance for
any threatened or actual breach of the provisions of this letter by us. 

  
 - 308 - 

	7.	Entire Agreement: No Waiver; Amendments, etc 

  

	7.1	This letter constitutes the entire agreement between us in relation to our obligations regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential
Information. 

  

	7.2	No failure to exercise, nor any delay in exercising, any right or remedy under this letter will operate as a waiver of any such right or remedy or constitute an election to affirm this letter. No election to affirm this
letter will be effective unless it is in writing. No single or partial exercise of any right or remedy will prevent any further or other exercise thereof or the exercise of any other right or remedy under this letter. 

 

	7.3	The terms of this letter and our obligations under this letter may only be amended or modified by written agreement between the parties and the Borrower. 

 

	8.	Inside Information 

 We acknowledge that some or all of the Confidential Information is
or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities laws relating to insider dealing and market abuse, and we undertake not to use any Confidential
Information for any unlawful purpose. 
  

	9.	Nature of Undertakings 

 The undertakings given by us under this letter are given to you
and are also given for the benefit of the Borrower and each other member of the Group. 
  

	10.	Third Party Rights 

  

	10.1	Subject to this paragraph 10 and to paragraphs 6 and 9, a person who is not a party to this letter has no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to
enforce or to enjoy the benefit of any term of this letter. 

  

	10.2	The Relevant Persons may enjoy the benefit of the terms of paragraphs 6 and 9 subject to and in accordance with this paragraph 10 and the provisions of the Third Parties Act. 

 

	10.3	Notwithstanding any provisions of this letter, the parties to this letter do not require the consent of any Relevant Person (other than the Borrower) to rescind or vary this letter at any time. 

 

	11.	Governing Law and Jurisdiction 

  

	11.1	This letter (including the agreement constituted by your acknowledgement of its terms) (the “Letter”) and any non-contractual obligations arising out of or in
connection with it (including any non-contractual obligations arising out of the negotiation of the transaction contemplated by this Letter) are governed by English law. 

 

	11.2	 The parties hereto agree that the courts of England have non-exclusive
jurisdiction to settle any dispute arising out of or in connection with this Letter (including a dispute 

  
 - 309 - 

	 	
relating to any non-contractual obligation arising out of or in connection with either this Letter or the negotiation of the transaction contemplated by
this Letter) and hereby waive any right to which any of them may be entitled on account of place of their present or future residence or domicile or for any other reason. 

 

	12.	Definitions 

 In this letter (including the acknowledgement set out below) terms defined
in the Facilities Agreement shall, unless the context otherwise requires, have the same meaning and: 
 “Confidential
Information” means, in relation to each Acquisition, all information relating to the Borrower, any Obligor, the Group, the Finance Documents, the Facilities and/or the Acquisition which is provided to us in relation to the Finance Documents
or the Facilities by you or any of your affiliates or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or
copied from such information but excludes information that: 
  

	 	(a)	is or becomes public information other than as a direct or indirect result of any breach by us of this letter; or 

  

	 	(b)	is identified in writing at the time of delivery as non-confidential by you or your advisers; or 

 

	 	(c)	is known by us before the date the information is disclosed to us by you or any of your affiliates or advisers or is lawfully obtained by us after that date, from a source which is, as far as we are aware, unconnected
with the Group and which, in either case, as far as we are aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality. 

“Group” means the Borrower and each of its subsidiaries for the time being. 

“Permitted Purpose” means considering and evaluating whether to enter into and complete the Acquisition. 

Please acknowledge your agreement to the above by signing and returning the enclosed copy of this letter. 

Yours faithfully 
  

	
	  

	
	For and on behalf of
	
	[Potential Purchaser]

 To:        [Potential Purchaser] 

  
 - 310 - 

 We acknowledge and agree to the above: 
  

	
	  

	
	For and on behalf of
	
	[Seller]

  
 - 311 - 

 SCHEDULE 16 

FORM OF ACCORDION CONFIRMATION 
  

			
	 To:
	  	[●] as Agent, [●] as Security Agent for itself and each of the other parties to the Intercreditor Agreement referred to below, and CEMEX, S.A.B. de C.V. as the Borrower, for and on behalf
of each Obligor
		
	 From:
	  	[the Increase Lender] (the “Accordion Lender”)
		
	 Dated:
	  	

 CEMEX, S.A.B. de C.V. – Facilities Agreement 

dated [    ] July 2017 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement and to the Intercreditor Agreement (as defined in the Facilities Agreement). This agreement (the “Agreement”) shall take effect as an Accordion Confirmation for the
purpose of the Facilities Agreement and as a Creditor/Agent/Security Agent Accession Undertaking (as defined in the Intercreditor Agreement) for the purposes of the Intercreditor Agreement (and as defined in the Intercreditor Agreement). Terms
defined in the Facilities Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement. 

  

	2.	We refer to Clause 2.2 (Accordion) of the Facilities Agreement. 

  

	3.	The Accordion Lender agrees to assume and will assume all of the obligations corresponding to the Commitment specified in the Schedule (the “Relevant Commitment”) as if it was an Original Lender under
the Facilities Agreement. 

  

	4.	The proposed date on which the increase in relation to the Accordion Lender and the Relevant Commitment is to take effect (the “Increase Date”) is [●]. 

 

	5.	The Availability Period for the first Utilisation of the Relevant Commitment means the period from and including the Increase Date to the date falling 15 Business Days after the Increase Date. 

 

	6.	On the Increase Date, the Accordion Lender becomes: 

  

	 	(a)	party to the relevant Finance Documents (other than the Intercreditor Agreement) as a Lender; and 

  

	 	(b)	party to the Intercreditor Agreement as a Refinancing Creditor (as defined in the Intercreditor Agreement). 

  

	7.	The Facility Office and address, fax number and attention details for notices to the Lender for the purposes of Clause 34.2 (Addresses) are set out in the Schedule. 

 

	8.	The Accordion Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in paragraph (i) of Clause 2.2 (Accordion). 

 

	9.	The Accordion Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is [a Qualifying Lender (other than a Treaty Lender)]/[a Treaty Lender]/[not a Qualifying Lender]*.

  
 - 312 - 

	10.	We refer to clause 14.6 (Creditor/Agent/Security Agent Accession Undertaking) of the Intercreditor Agreement. 

In consideration of the Accordion Lender being accepted as a Refinancing Creditor for the purposes of the Intercreditor Agreement (and as
defined in the Intercreditor Agreement), the Accordion Lender confirms that, as from the Increase Date, it intends to be party to the Intercreditor Agreement as a Refinancing Creditor, and undertakes to perform all the obligations expressed in the
Intercreditor Agreement to be assumed by a Refinancing Creditor and agrees that it shall be bound by all the provisions of the Intercreditor Agreement, as if it had been an original party to the Intercreditor Agreement. 

 

	11.	For the purposes of articles 1278 et seq. of the French Civil Code, it is expressly agreed that the Security created under the Security Documents governed by French law shall be preserved and maintained for the
benefit of the Security Agent, the Accordion Lender and the remaining Finance Parties. 

  

	12.	The Accordion Lender may, in the case of an assignment of rights by the Existing Lender under this Transfer Certificate, if it considers it necessary to make the assignment effective against third parties, arrange for
it to be notified to any Obligor established or domiciled in France in accordance with the provisions of article 1690 of the French Civil Code. 

  

	13.	This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement. 

 

	14.	This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law. 

 

	15.	This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  

			
	 Note:
	  	The execution of this Accordion Confirmation may not be sufficient for the Accordion Lender to obtain the benefit of the Transaction Security in all jurisdictions. It is the responsibility of the Accordion Lender to ascertain
whether any other documents or other formalities are required to obtain the benefit of the Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.

  
 - 313 - 

 THE SCHEDULE 

Relevant Commitment/rights and obligations to be assumed by the Accordion Lender 

[insert relevant details] 
 Accordion
Lender’s Facility A Commitment 
 [●] 

Accordion Lender’s Facility B Commitment 
 [●]

 Accordion Lender’s Facility C Commitment 

[●] 
 Accordion Lender’s Facility D1 Commitment

 [●] 
 Accordion Lender’s Facility D2
Commitment 
 [●] 
 [Note: includes provision for
a new tranche as per accordion provisions] 
 [Facility Office address, fax number and attention details for notices and
account details for payments] 
 [Accordion Lender] 

By: 
 This Agreement is accepted as an Accordion Confirmation
for the purposes of the Facilities Agreement by the Agent, and as a Creditor/Agent/Security Agent Accession Undertaking for the purposes of the Intercreditor Agreement by the Security Agent and the Increase Date is confirmed as [●]. 

For and on behalf of 
 Agent 

By: 
 For and on behalf of 

Security Agent 
 By: 

  
 - 314 - 

 NOTES: 
  

	*	Delete as applicable - each Accordion Lender is required to confirm which of these three categories it falls within. 

  
 - 315 - 

			
	The Borrower
	
	For and on behalf of
	
	CEMEX, S.A.B. de C.V.
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Francisco Javier Garcia Ruiz de Morales

									
	The Original Lenders	 		 		 	
				
	For and on behalf of	 		 		 	
	
	Banco Bilbao Vizcaya Argentaria, S.A. as Original Lender
					
	By:	 	 /s/ Miguel Castillo
	 		 		 	 /s/ Bosco Eguilior

		 	Miguel Castillo	 		 		 	Bosco Eguilior

 For and on behalf of 

Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte as Original Lender 

					
			
	By:	 	 /s/ Fidel Garcia
Chapo                            

Fidel Garcia Chapo
	 	 /s/ René D.
Sotomayor                            

René D. Sotomayor

	 	 

			
	For and on behalf of
	
	Banco Nacional de Comercio Exterior, Sociedad Nacional de Crédito,
	
	 Institución de Banca de Desarrollo as Original Lender

		
	By:	 	 /s/ Adriana Pérez
Cáceres                            

Adriana Pérez Cáceres

	 

 For and on behalf of 

Banco Nacional de México, S.A., integrante del Grupo Financiero Banamex as Original Lender 

									
					
	By:	 	 /s/ Salvador Guerra Pérez
	 		 		 	 /s/ Julio Alvarez González

		 	 Salvador Guerra Pérez
 Sub-director
	 		 		 	 Julio Alvarez González
 Managing
Director
 Banca Corporativa y de inversión
 213 - 53

 For and on behalf of 

Banco Santander (México) S.A., Institución de Banca Múltiple, Grupo Financiero Santander México as Original Lender 

 

			
		
	By:	 	 /s/ Banco Santander (México) S.A.,

/s/ Institución de Banca Múltiple, Grupo Financiero Santander México

			
	For and on behalf of
	
	Bank of America N.A., London Branch as Original Lender
		
	By:	 	/s/ Bank of America N.A., London Branch
		 	

			
	For and on behalf of
	
	Bayerische Landesbank, New York Branch as Original Lender
		
	By:	 	 /s/ Rolf Siebert

		 	 Rolf Siebert

Executive Director

		
	By:	 	 /s/ Michael Hintz

		 	 Michael Hintz

Senior Director

 For and on behalf of 

BBVA Bancomer S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer as Original Lender 

									
					
	By:	 	 /s/ Ernesto Enrique Meier Moran
	 		 		 	 /s/ David Gerardo Licon Saenz

		 	 Ernesto Enrique Meier Moran
	 		 		 	David Gerardo Licon Saenz

			
	For and on behalf of
	
	BNP PARIBAS, New York as Original Lender
		
	By:	 	 /s/ Julien Pecoud-Bouvet

		 	 Julien Pecoud-Bouvet

Vice President

		
	By:	 	 /s/ Sang W. Han

		 	 Sang W. Han

Vice President

									
	For and on behalf of	 		 		 	
	
	BNP PARIBAS, S.A. Sucursal en España as Original Lender
					
	By:	 	 /s/ Jaime Rumeu de Armas
	 		 		 	 /s/ Patricia Sendino Gómez

		 	 Jaime Rumeu de Armas

Head of Coverage Multinational
	 		 		 	 Patricia Sendino Gómez
 Senior Legal
Counsel

			
	For and on behalf of
	
	Citibank, N.A. International Banking Facility as Original Lender
		
	By:	 	/s/ Citibank, N.A. International Banking Facility
		
		 	Attorney-in-Fact

 For and on behalf of 

Crédit Agricole Corporate and Investment Bank as Original Lender 

			
		
	By:	 	 /s/ Jaime Frontera

		 	 Jaime Frontera
 Managing
Director

 For and on behalf of 

Crédit Agricole Corporate and Investment Bank as Original Lender 

			
		
	By:	 	 /s/ Rose Mary Perez

		 	 Rose Mary Perez
 Director

									
	For and on behalf of	 		 		 	
	
	Crédit Industriel et Commercial, London Branch as Original Lender
					
	By:	 	 /s/ Ben Travers
	 		 		 	 /s/ Alexandre Berthier

		 	 Ben Travers

Corporate Finance Manager
	 		 		 	 Alexandre Berthier

Corporate Finance Manager

			
	For and on behalf of
	
	Export Development Canada as Original Lender
		
	By:	 	 /s/ Marie Poulin

		 	 Marie Poulin
 Financing Manager

		
		 	 /s/ Jeff Patterson

		 	 Jeff Patterson
 Manager

			
	For and on behalf of
	
	HSBC Bank plc, Sucursal en España as Original Lender
		
	By:	 	 /s/ Antonio Vilela

		 	Antonio Vilela
		
		 	 /s/ Javier Rubio

		 	Javier Rubio

			
	For and on behalf of
	
	HSBC Bank USA, National Association as Original Lender
		
	By:	 	 /s/ Christopher Samms

		 	Christopher Samms, Senior Vice President, #9426

			
	For and on behalf of
	
	HSBC México, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC as Original Lender
		
	 By:
	 	 /s/ HSBC México, S.A.,     /s/ Institución de Banca Múltiple, Grupo Financiero HSBC

									
	For and on behalf of	 		 		 	
	
	ING Bank N.V., Dublin Branch as Original Lender
					
	By:	 	 /s/ Barry Fehily
	 		 		 	 /s/ Shaun Hawley

		 	 Barry Fehily

Managing Director
	 		 		 	 Shaun Hawley

Director

			
	For and on behalf of
	
	Intesa Sanpaolo S.p.A. as Original Lender
		
	By:	 	 /s/ Glen Binder

		 	Glen Binder
		 	GRM
		
		 	 /s/ Francesco Di Mario

		 	Francesco Di Mario
		 	FVP, Credit Manager

			
	For and on behalf of
	
	JPMorgan Chase Bank, N.A. as Original Lender
		
	By:	 	 /s/ Christophe Vohmann

		 	 Christophe Vohmann

Executive Director

			
	For and on behalf of
	
	Mizuho Bank, Ltd. as Original Lender
		
	By:	 	/s/ Keiichi Niinuma

			
	For and on behalf of
	
	National Westminster Bank plc as Original Lender
		
	 By:
	 	 /s/ National Westminster Bank plc

	 

 For and on behalf of 

Sabcapital, S.A. de C.V., Sociedad Financiera de Objeto Múltiple, Entidad Regulada as Original Lender 

 

			
		
	By:	 	 /s/ Eduardo Barrera
Moñtanez                            

Attorney-in-Fact

	 

  

			
	For and on behalf of
	
	Société Générale as Original Lender
		
	By:	 	 /s/ Nigel Elvey

		 	Nigel Elvey
		 	Director

			
	For and on behalf of
	
	Sumitomo Mitsui Banking Corporation as Original Lender
		
	By:	 	 /s/ Carl Adams

		 	Carl Adams
		 	 Managing Director

			
	The Original Guarantors
	
	For and on behalf of
	
	CEMEX Asia B.V. as Original Guarantor
		
	By:	 	 /s/ Patricio Trevino Garza

		 	Patricio Trevino Garza

			
	For and on behalf of
	
	CEMEX Concretos, S.A. de C.V. as Original Guarantor
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Francisco Javier Garcia Ruiz de Morales

			
	For and on behalf of
	
	CEMEX Corp. as Original Guarantor
		
	By:	 	 /s/ Patricio Trevino Garza

		 	Patricio Trevino Garza

			
	For and on behalf of
	
	CEMEX Egyptian Investments B.V. as Original Guarantor
		
	By:	 	 /s/ Patricio Trevino Garza

		 	Patricio Trevino Garza

			
	For and on behalf of
	
	CEMEX España, S.A. as Original Guarantor
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Francisco Javier Garcia Ruiz de Morales

 For and on behalf of 

CEMEX Finance LLC (formerly known as CEMEX España Finance LLC) as Original Guarantor 

 

			
	By:	 	 /s/ Patricio Trevino Garza

		 	Patricio Trevino Garza

			
	For and on behalf of
	
	CEMEX France Gestion (S.A.S.) as Original Guarantor
		
	By:	 	 /s/ Patricio Trevino Garza

		 	Patricio Trevino Garza

			
	For and on behalf of
	
	CEMEX México, S.A. de C.V. as Original Guarantor
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Francisco Javier Garcia Ruiz de Morales

			
	For and on behalf of
	
	Cemex Research Group AG as Original Guarantor
		
	By:	 	 /s/ Patricio Trevino Garza

		 	Patricio Trevino Garza

  

			
	For and on behalf of
	
	CEMEX UK as Original Guarantor
		
	By:	 	 /s/ Patricio Trevino Garza

		 	Patricio Trevino Garza

  

			
	For and on behalf of
	
	Empresas Tolteca de México, S.A. de C.V. as Original Guarantor
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Francisco Javier Garcia Ruiz de Morales

			
	For and on behalf of
	
	New Sunward Holding B.V. as Original Guarantor
		
	By:	 	 /s/ Patricio Trevino Garza

		 	Patricio Trevino Garza

			
	The Original Security Providers
	
	For and on behalf of
	
	CEMEX Central, S.A. de C.V. as Original Security Provider
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Francisco Javier Garcia Ruiz de Morales

  

			
	For and on behalf of
	
	CEMEX México, S.A. de C.V. as Original Security Provider
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Francisco Javier Garcia Ruiz de Morales

 For and on behalf of 

CEMEX Operaciones México, S.A. de C.V. as Original Security Provider 
  

			
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Francisco Javier Garcia Ruiz de Morales

  

 For and on behalf of 

CEMEX TRADEMARKS HOLDING Ltd. as Original Security Provider 
  

			
	By:	 	 /s/ Patricio Trevino Garza

		 	Patricio Trevino Garza

  

 For and on behalf of 

CEMEX, S.A.B. de C.V. as Original Security Provider 
  

			
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Francisco Javier Garcia Ruiz de Morales

 For and on behalf of 

Empresas Tolteca de México, S.A. de C.V. as Original Security Provider 

			
		
	By:	 	 /s/ Francisco Javier Garcia Ruiz de Morales

		 	Francisco Javier Garcia Ruiz de Morales

  

			
	For and on behalf of
	
	Interamerican Investments, Inc. as Original Security Provider
		
	By:	 	 /s/ Patricio Trevino Garza

		 	Patricio Trevino Garza

			
	For and on behalf of
	
	New Sunward Holding B.V. as Original Security Provider
		
	By:	 	 /s/ Patricio Trevino Garza

		 	Patricio Trevino Garza

  

			
	The Agent
	
	For and on behalf of
	
	CITIBANK Europe plc, UK Branch
		
	By:	 	 /s/ Robert Skews

		 	Robert Skews

			
	The Security Agent
	
	For and on behalf of
	
	WILMINGTON TRUST (LONDON) LIMITED
		
	By:	 	 /s/ Keith Reader

		 	Keith Reader
		 	 Authorised SignatoryEX-4.30

 Exhibit 4.30 

EXECUTION VERSION 

CEMEX, S.A.B. de C.V., 
 THE NOTE
GUARANTORS PARTY HERETO, 
 THE BANK OF NEW YORK MELLON, 

AS TRUSTEE 
 AND 

THE BANK OF NEW YORK MELLON, LONDON BRANCH, 

AS PAYING AGENT AND TRANSFER AGENT 

2.750% SENIOR SECURED NOTES DUE 2024 INDENTURE 

(€ Denominated Notes) 

Dated as of December 5, 2017 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  			
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 Section 1.1
	 	Definitions	  	 	1	 
			
	 Section 1.2
	 	[Reserved]	  	 	39	 
			
	 Section 1.3
	 	Rules of Construction	  	 	39	 
		
	 ARTICLE II

 
 THE NOTES
	  			
	  			
			
	 Section 2.1
	 	Form and Dating	  	 	40	 
			
	 Section 2.2
	 	Execution and Authentication	  	 	41	 
			
	 Section 2.3
	 	Registrar, Paying Agent and Transfer Agent	  	 	41	 
			
	 Section 2.4
	 	Paying Agent to Hold Money in Trust	  	 	42	 
			
	 Section 2.5
	 	Holder Lists	  	 	42	 
			
	 Section 2.6
	 	ISIN Numbers	  	 	42	 
			
	 Section 2.7
	 	Global Note Provisions	  	 	43	 
			
	 Section 2.8
	 	Legends	  	 	44	 
			
	 Section 2.9
	 	Transfer and Exchange	  	 	44	 
			
	 Section 2.10
	 	Mutilated, Destroyed, Lost or Stolen Notes	  	 	50	 
			
	 Section 2.11
	 	Temporary Notes	  	 	51	 
			
	 Section 2.12
	 	Cancellation	  	 	51	 
			
	 Section 2.13
	 	Defaulted Interest	  	 	51	 
			
	 Section 2.14
	 	Additional Notes	  	 	52	 
		
	 ARTICLE III

 
 COVENANTS
	  			
	  			
			
	 Section 3.1
	 	Payment of Notes	  	 	53	 
			
	 Section 3.2
	 	Maintenance of Office or Agency	  	 	54	 
			
	 Section 3.3
	 	Corporate Existence	  	 	54	 
			
	 Section 3.4
	 	Payment of Taxes and Other Claims	  	 	54	 
			
	 Section 3.5
	 	Compliance Certificate	  	 	55	 
			
	 Section 3.6
	 	Further Instruments and Acts	  	 	55	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 3.7
	 	 Waiver of Stay, Extension or Usury Laws
	  	 	55	 
			
	 Section 3.8
	 	 Change of Control
	  	 	55	 
			
	 Section 3.9
	 	 Limitation on Incurrence of Additional Indebtedness
	  	 	57	 
			
	 Section 3.10
	 	 [Reserved]
	  	 	61	 
			
	 Section 3.11
	 	 Limitation on Restricted Payments
	  	 	62	 
			
	 Section 3.12
	 	 Limitation on Asset Sales
	  	 	66	 
			
	 Section 3.13
	 	 [Reserved]
	  	 	69	 
			
	 Section 3.14
	 	 Limitation on Designation of Unrestricted Subsidiaries
	  	 	69	 
			
	 Section 3.15
	 	 Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	70	 
			
	 Section 3.16
	 	 Limitation on Layered Indebtedness
	  	 	72	 
			
	 Section 3.17
	 	 Limitation on Liens
	  	 	72	 
			
	 Section 3.18
	 	 Limitation on Transactions with Affiliates
	  	 	73	 
			
	 Section 3.19
	 	 Conduct of Business
	  	 	74	 
			
	 Section 3.20
	 	 Reports to Holders
	  	 	74	 
			
	 Section 3.21
	 	 Payment of Additional Amounts
	  	 	75	 
			
	 Section 3.22
	 	 Suspension of Covenants
	  	 	78	 
		
	 ARTICLE IV

 
 SUCCESSOR ISSUER
	  			
	  			
			
	 Section 4.1
	 	 Merger, Consolidation and Sale of Assets
	  	 	79	 
		
	 ARTICLE V
  

OPTIONAL REDEMPTION OF NOTES
	  			
	  			
			
	 Section 5.1
	 	 Optional Redemption
	  	 	82	 
			
	 Section 5.2
	 	 [Reserved]
	  	 	83	 
			
	 Section 5.3
	 	 Notices to Trustee
	  	 	83	 
			
	 Section 5.4
	 	 Notice of Redemption
	  	 	83	 
			
	 Section 5.5
	 	 Selection of Notes to Be Redeemed in Part
	  	 	84	 
			
	 Section 5.6
	 	 Effect of Notice of Redemption
	  	 	84	 
			
	 Section 5.7
	 	 Deposit of Redemption Price
	  	 	85	 
			
	 Section 5.8
	 	 Notes Payable on Redemption Date
	  	 	85	 
			
	 Section 5.9
	 	 Unredeemed Portions of Partially Redeemed Note
	  	 	85	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VI

 
 DEFAULTS AND REMEDIES
	  			
	  			
			
	 Section 6.1
	 	 Events of Default
	  	 	85	 
			
	 Section 6.2
	 	 Acceleration
	  	 	87	 
			
	 Section 6.3
	 	 Other Remedies
	  	 	87	 
			
	 Section 6.4
	 	 Waiver of Past Defaults
	  	 	88	 
			
	 Section 6.5
	 	 Control by Majority
	  	 	88	 
			
	 Section 6.6
	 	 Limitation on Suits
	  	 	88	 
			
	 Section 6.7
	 	 Rights of Holders to Receive Payment
	  	 	88	 
			
	 Section 6.8
	 	 Collection Suit by Trustee
	  	 	88	 
			
	 Section 6.9
	 	 Trustee May File Proofs of Claim, etc.
	  	 	89	 
			
	 Section 6.10
	 	 Priorities
	  	 	89	 
			
	 Section 6.11
	 	 Undertaking for Costs
	  	 	90	 
		
	 ARTICLE VII

 
 TRUSTEE
	  			
	  			
			
	 Section 7.1
	 	 Duties of Trustee
	  	 	90	 
			
	 Section 7.2
	 	 Rights of Trustee
	  	 	91	 
			
	 Section 7.3
	 	 Individual Rights of Trustee
	  	 	92	 
			
	 Section 7.4
	 	 Trustee’s Disclaimer
	  	 	93	 
			
	 Section 7.5
	 	 Notice of Defaults
	  	 	93	 
			
	 Section 7.6
	 	 [Reserved]
	  	 	93	 
			
	 Section 7.7
	 	 Compensation and Indemnity
	  	 	93	 
			
	 Section 7.8
	 	 Replacement of Trustee
	  	 	94	 
			
	 Section 7.9
	 	 Successor Trustee by Merger
	  	 	95	 
			
	 Section 7.10
	 	 Eligibility; Disqualification
	  	 	95	 
			
	 Section 7.11
	 	 [Reserved]
	  	 	95	 
			
	 Section 7.12
	 	 [Reserved]
	  	 	95	 
			
	 Section 7.13
	 	 Authorization and Instruction of the Trustee With Respect to the Collateral
	  	 	95	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE VIII

 
 DEFEASANCE; DISCHARGE OF INDENTURE
	  			
	  			
			
	 Section 8.1
	 	Legal Defeasance and Covenant Defeasance	  	 	96	 
			
	 Section 8.2
	 	Conditions to Defeasance	  	 	97	 
			
	 Section 8.3
	 	Application of Trust Money	  	 	99	 
			
	 Section 8.4
	 	Repayment to Issuer	  	 	99	 
			
	 Section 8.5
	 	Indemnity for European Government Obligations	  	 	99	 
			
	 Section 8.6
	 	Reinstatement	  	 	99	 
			
	 Section 8.7
	 	Satisfaction and Discharge	  	 	99	 
		
	 ARTICLE IX

 
 AMENDMENTS
	  			
	  			
			
	 Section 9.1
	 	Without Consent of Holders	  	 	100	 
			
	 Section 9.2
	 	With Consent of Holders	  	 	101	 
			
	 Section 9.3
	 	[Reserved]	  	 	103	 
			
	 Section 9.4
	 	Revocation and Effect of Consents and Waivers	  	 	103	 
			
	 Section 9.5
	 	Notation on or Exchange of Notes	  	 	103	 
			
	 Section 9.6
	 	Trustee to Sign Amendments and Supplements	  	 	103	 
		
	 ARTICLE X
  

NOTE GUARANTEES
	  			
	  			
			
	 Section 10.1
	 	Note Guarantees	  	 	104	 
			
	 Section 10.2
	 	Limitation on Liability; Termination, Release and Discharge	  	 	107	 
			
	 Section 10.3
	 	Right of Contribution	  	 	108	 
			
	 Section 10.4
	 	No Subrogation	  	 	108	 
			
	 Section 10.5
	 	French Guarantee Limitation	  	 	108	 
			
	 Section 10.6
	 	Swiss Guarantee Limitation	  	 	109	 
		
	 ARTICLE XI

 
 COLLATERAL
	  			
	  			
			
	 Section 11.1
	 	The Collateral	  	 	111	 
			
	 Section 11.2
	 	Release of the Collateral	  	 	111	 

  
 iv 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE XII

 
 MISCELLANEOUS

 
	  			
	  			
			
	 Section 12.1
	 	 Notices
	  	 	112	 
			
	 Section 12.2
	 	 Communication by Holders with Other Holders
	  	 	113	 
			
	 Section 12.3
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	113	 
			
	 Section 12.4
	 	 Statements Required in Certificate or Opinion
	  	 	113	 
			
	 Section 12.5
	 	 Rules by Trustee, Paying Agent, Transfer Agent and Registrar
	  	 	114	 
			
	 Section 12.6
	 	 Legal Holidays
	  	 	114	 
			
	 Section 12.7
	 	 Governing Law, etc.
	  	 	114	 
			
	 Section 12.8
	 	 [Reserved]
	  	 	115	 
			
	 Section 12.9
	 	 No Recourse Against Others
	  	 	115	 
			
	 Section 12.10
	 	 Successors
	  	 	116	 
			
	 Section 12.11
	 	 Duplicate and Counterpart Originals
	  	 	116	 
			
	 Section 12.12
	 	 Severability
	  	 	116	 
			
	 Section 12.13
	 	 [Reserved]
	  	 	116	 
			
	 Section 12.14
	 	 Currency Indemnity; Payments in U.S. Dollars
	  	 	116	 
			
	 Section 12.15
	 	 Table of Contents; Headings
	  	 	117	 
			
	 Section 12.16
	 	 USA PATRIOT Act
	  	 	117	 
			
	 Section 12.17
	 	 Bail in Rider
	  	 	117	 

  
 v 

			
		
	 EXHIBIT A
	 	FORM OF NOTE
		
	 EXHIBIT B
	 	FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO REGULATION S
		
	 EXHIBIT C
	 	FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144
		
	 EXHIBIT D
	 	FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144A
		
	 EXHIBIT E
	 	“CONSOLIDATED LEVERAGE RATIO” AND RELATED DEFINITIONS

 INDENTURE, dated as of December 5, 2017, among CEMEX, S.A.B. de C.V., a publicly traded
stock corporation with variable capital (sociedad anónima bursátil de capital variable) organized under the laws of the United Mexican States (the
“Issuer”), the guarantors listed on Schedule I hereto, as guarantors of the Issuer’s obligations under this Indenture and the Notes, The Bank of New York Mellon, as trustee (the “Trustee”) and The Bank
of New York Mellon, London Branch, as paying agent (the “Paying Agent”) and transfer agent (the “Transfer Agent”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Issuer’s
2.750% Senior Secured Notes due 2024 issued hereunder. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions. 

“Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a
Restricted Subsidiary or at the time it merges or consolidates with the Issuer or any of its Restricted Subsidiaries or is assumed in connection with the acquisition of assets from such Person. Such Indebtedness will be deemed to have been Incurred
at the time such Person becomes a Restricted Subsidiary or at the time it merges or consolidates with the Issuer or a Restricted Subsidiary or at the time such Indebtedness is assumed in connection with the acquisition of assets from such Person.

 “Acquired Subsidiary” means any Subsidiary acquired by the Issuer or any other Subsidiary after the Issue Date in an
Acquisition, and any Subsidiaries of such Acquired Subsidiary on the date of such Acquisition. 
 “Acquiring Subsidiary”
means any Subsidiary formed by the Issuer or one of its Subsidiaries solely for the purpose of participating as the acquiring party in any Acquisition, and any Subsidiaries of such Acquiring Subsidiary acquired in such Acquisition. 

“Acquisition” means any merger, consolidation, acquisition or lease of assets, acquisition of securities or business
combination or acquisition, or any two or more of such transactions, if, upon the completion of such transaction or transactions, the Issuer or any Restricted Subsidiary thereof has acquired an interest in any Person who would be deemed to be a
Restricted Subsidiary under this Indenture and was not a Restricted Subsidiary prior thereto. 
 “Additional Amounts” has
the meaning assigned to it in Section 3.21(b). 
 “Additional Note Certificate” has the meaning assigned to it
in Section 2.14(b). 
 “Additional Note Guarantors” means New Sunward Holding B.V., CEMEX
Concretos, S.A. de C.V. and Empresas Tolteca de México, S.A. de C.V. 

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

“Additional Notes” has the meaning assigned to it in Section 2.14(a). 

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

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in a Global Note, the
rules and procedures of Euroclear and Clearstream, as the case may be, that apply to such transfer or exchange, including the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” of
Euroclear and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream. 

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

 

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

  

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

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

 

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

 

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

  
 2 

	 	(3)	dispositions of assets with a Fair Market Value not to exceed U.S.$25.0 million in a single transaction or series of related transactions; 

 

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

 

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

 

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

 

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

 

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

  

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

 

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

  

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

 “Asset Sale Offer” has the meaning assigned to it in
Section 3.12(c). 
 “Asset Sale Offer Amount” has the meaning assigned to it in
Section 3.12(c). 
 “Asset Sale Offer Notice” means notice of an Asset Sale Offer made pursuant
to Section 3.12, which shall state: 
  

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

  

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

  
 3 

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

  

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

  

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

 

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

  

	 	(7)	that any Holder electing to have Notes purchased pursuant to the Asset Sale Offer must specify the principal amount that is being tendered for purchase, which principal amount must be €100,000 and in integral
multiples of €1,000 in excess thereof; 

  

	 	(8)	that any Holder of Certificated Notes whose Certificated Notes are being purchased only in part will be issued new Certificated Notes equal in principal amount to the unpurchased portion of the Certificated Note or
Notes surrendered, which unpurchased portion will be equal in principal amount to €100,000 and in integral multiples of €1,000 in excess thereof; 

  

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

  

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

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

“Authenticating Agent” has the meaning assigned to it in Section 2.2(b). 

“Authorized Agent” has the meaning assigned to it in Section 12.7(c). 

  
 4 

 “Bail-in Legislation” means in relation
to a member state of the European Economic Area which has implemented, or which at any time implements, the BRRD, the relevant implementing law, regulation, rule or requirement as described in the EU Bail-in
Legislation Schedule from time to time. 
 “Bail-in Powers” means any Write-down
and Conversion Powers as defined in the EU Bail-in Legislation Schedule, in relation to the relevant Bail-in Legislation. 

“Bankruptcy Event of Default” means: 
  

	 	(1)	the entry by a court of competent jurisdiction of: (i) a decree or order for relief in respect of any Bankruptcy Party in an involuntary case or proceeding under any Bankruptcy Law or (ii) a decree or order
(A) adjudging any Bankruptcy Party a bankrupt or insolvent, in concurso mercantil or quiebra, (B) approving as properly filed a petition seeking reorganization, concurso mercantil,
arrangement, adjustment or composition of, or in respect of, any Bankruptcy Party under any Bankruptcy Law, (C) appointing a Custodian of any Bankruptcy Party or of any substantial part of the property of any Bankruptcy Party, or
(D) ordering the winding-up or liquidation of the affairs of any Bankruptcy Party, and in each case, the continuance of any such decree or order for relief or any such other decree or order unstayed and
in effect for a period of 60 consecutive calendar days; or 

  

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

  
 5 

 “Bankruptcy Law” means Title 11, U.S. Code or any similar Federal, state or non-U.S. law for the relief of debtors, including the Mexican Ley de Concursos Mercantiles and Spanish Law 22/2003 of 9 July (Ley 22/2003 de 9 de
julio, Concursal), as amended. 
 “Bankruptcy Party” means the Issuer and any Significant
Subsidiary of the Issuer or group of Subsidiaries that, taken together would constitute a Significant Subsidiary of the Issuer. 

“Board of Directors” means, as to any Person, the board of directors, management committee or similar governing body of such
Person or any duly authorized committee thereof. 
 “BRRD” means Directive 2014/59/EU establishing a framework for the
recovery and resolution of credit institutions and investment firms. 
 “BRRD Liability” means a liability in respect of
which the relevant Write Down and Conversion Powers in the applicable Bail-in Legislation may be exercised. 

“BRRD Party” means The Bank of New York Mellon, London Branch, as it is subject to
Bail-in Powers. 
 “Business Day” means any day that is not a Saturday, Sunday or
other day on which commercial banks in New York City, Mexico City or London are authorized or required by law, regulation or other governmental action to remain closed; provided that, for purposes of payments to be made hereunder, a
“Business Day” must also be a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET2) is open for the settlement
of payments. 
 “Capital Stock” means: 
  

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

  

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

 

	 	(3)	any warrants, rights or options to purchase any of the instruments or interests referred to in clause (1) or (2) above, but excluding any Convertible Indebtedness. 

“Capitalized Lease Obligation” means, as to any Person, at the time any determination is to be made, the amount of the
liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP; provided that, the amount of obligations attributable to any Capital Lease Obligations shall be
the amount thereof accounted for as a liability in accordance with GAAP. 

  
 6 

 “Cash Equivalents” means: 

 

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

 

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

  

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

  

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

  

	 	(5)	demand deposits, certificates of deposit, time deposits or bankers’ acceptances or other short-term unsecured debt obligations (and any cash or deposits in transit in any of
the foregoing) maturing within one year from the date of acquisition thereof issued by (a) any bank organized under the laws of the United States of America or any state thereof or the District of Columbia, the United Kingdom or any country of
the European Union, (b) any U.S. branch of a non-U.S. bank having at the date of acquisition thereof combined capital and surplus of not less than U.S.$500.0 million, or (c) in the case of
Mexican peso deposits, any financial institution in good standing with Banco de México organized under the laws of Mexico; 

  

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

  
 7 

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

 

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

  

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

  

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

  

	 	(11)	any other cash equivalent investments permitted by the Issuer’s investment policy as such policy is in effect from time to time. 

In the case of Investments by any Restricted Subsidiary, Cash Equivalents will also include (a) investments of the type and maturity
described in clauses (1) through (11) of any Restricted Subsidiary outside of Mexico in the country in which such Restricted Subsidiary operates, which Investments or obligors (or the parents of such obligors) have ratings described in such
clauses or equivalents ratings from comparable foreign rating agencies, (b) local currencies and other short-term investments utilized by Restricted Subsidiaries in accordance with normal investment
practices for cash management in investments analogous to the foregoing investments in clauses (1) through (11) and in this paragraph and (c) investments of the type described in clauses (1) through (9) maturing within one year of the
Issue Date. 
 “Certificated Note” means any Note issued in fully registered form, other than a Global Note, which shall
be substantially in the form of Exhibit A hereto, with appropriate legends as specified in Section 2.8 and Exhibit A. 

“Change of Control” means the beneficial ownership (within the meaning of Rule 13d-3
promulgated by the Commission under the Exchange Act) of twenty percent (20%) or more in voting power of the outstanding Voting Stock of the Issuer is acquired by any Person. Notwithstanding the foregoing, a transaction will not be deemed to
constitute a Change of Control if (1) the Issuer becomes a direct or indirect Wholly Owned Subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that
transaction are substantially the same as the holders of the Issuer’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no Person (other than a holding company satisfying the requirements of
this sentence) has beneficial ownership of twenty percent (20%) or more in voting power of the Voting Stock of such holding company. 

  
 8 

 “Change of Control Notice” means notice of a Change of Control Offer made
pursuant to Section 3.8, which notice shall state: 
  

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

  

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

  

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

  

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

  

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

 

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

  

	 	(7)	that any Holder electing to have Notes purchased pursuant to the Change of Control Offer must specify the principal amount that is being tendered for purchase, which principal amount must be €100,000 and in
integral multiples of €1,000 in excess thereof; 

  

	 	(8)	 that any Holder of Certificated Notes whose Certificated Notes are being purchased only in part will be issued
new Certificated Notes equal in principal amount to the unpurchased portion of the Certificated Note or Notes surrendered, which unpurchased portion will be equal in principal 

  
 9 

	 	
amount to €100,000 and in integral multiples of €1,000 in excess thereof; that the Trustee will return to the Holder of a Global Note that is being purchased in part, such Global Note
with a notation on Schedule A thereof adjusting the principal amount thereof to be equal to the unpurchased portion of such Global Note; and 

  

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

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

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

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

“Clearstream” means Clearstream Banking, société anonyme, or the successor to its securities clearance
and settlement operations. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means “Transaction Security” as defined in the Intercreditor Agreement from time to time. 

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

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

“Common Depositary” means The Bank of New York Mellon, London Branch, as common depositary for Euroclear and Clearstream.

 “Common Stock” of any Person means any and all shares, interests or other participations in, and other equivalents
(however designated and whether voting or non-voting) of such Person’s common equity interests, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all
series and classes of such common equity interests. For the avoidance of doubt, “Common Stock” of the Issuer will be deemed to include the Issuer’s American Depositary Receipts. 

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

  
 10 

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

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

  

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

  

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

  

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

  

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

  

	 	(6)	net income of such Person attributable to minority interests in Subsidiaries of such Person; and 

  

	 	(7)	the amount of “run-rate” cost savings, synergies and operating expense reductions related to restructurings, cost savings initiatives or other initiatives that are
projected by the Issuer in good faith to result from actions either taken or with respect to which substantial steps have been taken or are expected to be taken within 18 months after the end of such period, calculated as though such cost savings,
synergies and operating expense reductions had been realized on the first day of such period and net of the amount of actual benefits received during such period from such actions; provided that (A) any such pro forma adjustments in
respect of such cost savings, synergies and operating expense reductions shall not exceed 15% of Consolidated Adjusted EBITDA (prior to giving effect to such pro forma adjustment) for the Four Quarter Period, (B) such cost savings, synergies
and operating expenses are reasonably identifiable, expected and factually supportable in the good faith judgment of the Issuer and (C) no cost savings or synergies shall be added pursuant to this clause (7) to the extent duplicative of
any expenses or charges otherwise added to Consolidated Adjusted EBITDA, whether through a pro forma adjustment or otherwise, for such period; for purposes of this clause (7) “run rate” means the full recurring benefit that is associated
with any action taken or with respect to which substantial steps have been taken or are expected to be taken, whether prior to or following the Issue Date; 

  
 11 

 less (x) all non-cash credits and gains increasing
Consolidated Net Income for such Person for such period and (y) all cash payments made by such Person and its Restricted Subsidiaries during such period relating to Consolidated Non-cash Charges that were
added back in determining Consolidated Adjusted EBITDA in any prior period. 
 “Consolidated Fixed Charge Coverage Ratio”
means, for any Person as of any date of determination (the “Fixed Charge Calculation Date”), the ratio of the aggregate amount of Consolidated Adjusted EBITDA of such Person for the four most recent full fiscal quarters for which
financial statements are available ending prior to the date of such determination (the “Four Quarter Period”) to Consolidated Fixed Charges for such Person for such Four Quarter Period. For purposes of making the computation
referred to above, Material Acquisitions and Material Dispositions (as determined in accordance with GAAP) that have been made by the Issuer or any of its Restricted Subsidiaries during the Four Quarter Period or subsequent to such Four Quarter
Period and on or prior to or simultaneously with the Fixed Charge Calculation Date shall be calculated on a pro forma basis assuming that all such Material Acquisitions and Material Dispositions (and the change in any associated fixed charge
obligations and the change in Consolidated Adjusted EBITDA resulting therefrom) had occurred on the first day of the Four Quarter Period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged
with or into the Issuer or any of its Restricted Subsidiaries since the beginning of such period shall have made any Material Acquisition or Material Disposition that would have required adjustment pursuant to this definition, then the Consolidated
Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto. 
 For purposes of this definition, whenever pro
forma effect is to be given to a Material Acquisition or Material Disposition and the amount of income or earnings relating thereto or with respect to other pro forma calculations under this definition, such pro forma calculations
shall be made in good faith by a responsible financial or accounting officer of the Issuer. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if
the rate in effect on the Fixed Charge Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation
referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth in
the first paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been
based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Issuer may designate. 
 Furthermore, in
calculating “Consolidated Fixed Charges” for purposes of determining the denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio,” 

  
 12 

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

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

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

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

 

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

  

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

 

	 	(3)	the product of: 

  

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

  

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

 “Consolidated Income Tax Expense” means, with respect to any Person for any
period, the provision for federal, state and local income and asset taxes payable, including current and deferred taxes, by such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer) for such period as determined on a
consolidated basis in accordance with GAAP. 

  
 13 

 “Consolidated Interest Expense” means, for any Person for any period, the sum
of, without duplication determined on a consolidated basis in accordance with GAAP: 
  

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

  

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

  

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

  

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

 

	 	(d)	all capitalized interest, 

  

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

  

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

  

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

  

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

  

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

  
 14 

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

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

 

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

  

	 	(3)	the net income (but not loss) of any Subsidiary of such Person (or in the case of the Issuer, any Subsidiary of the Issuer other than a Note Guarantor) to the extent that a corresponding amount could not be distributed
to such Person at the date of determination as a result of any restriction pursuant to the constituent documents of such Subsidiary (or in the case of the Issuer, any Subsidiary of the Issuer other than a Note Guarantor) or any law, regulation,
agreement or judgment applicable to any such distribution; provided that, to the extent that any such net income was so excluded in a prior period, it shall be added to Consolidated Net Income for purposes of this definition in a subsequent
period to the extent that such restrictions cease to apply; 

  

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

  

	 	(5)	[Reserved]; 

  

	 	(6)	any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time after December 31, 2016; 

 

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

 

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

  
 15 

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

“Consolidated Non-cash Charges” means, for any Person for any period, the
aggregate depreciation, amortization (including amortization of goodwill and other Intangible Assets) and other non-cash expenses or losses of such Person and its Subsidiaries (Restricted Subsidiaries in the
case of the Issuer) for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charge which constitutes an accrual of or a reserve for cash charges for any future period or the amortization of a prepaid cash
expense paid in a prior period). 
 “Consolidated Tangible Assets” means, for any Person at any time, the total
consolidated assets of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer) as set forth on the balance sheet as of the most recent fiscal quarter of such Person, prepared in accordance with GAAP, less Intangible
Assets. 
 “Convertible Indebtedness” means any Indebtedness the terms of which provide for conversion into, or exchange
for, Common Stock of the Issuer, cash in lieu thereof and/or a combination of Common Stock of the Issuer and cash in lieu thereof. 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall
be administered, which office at the date hereof is located at 101 Barclay Street, 7E, New York, New York 10286, Attention: International Corporate Trust, or such other address as the Trustee may designate from time to time by notice to the Holders
and the Issuer. 
 “Covenant Defeasance” has the meaning assigned to it in Section 8.1(c). 

“Covenant Suspension Event” has the meaning assigned to it in Section 3.22(b). 

“Credit Agreement” means the facilities agreement, dated as of July 19, 2017, entered into among the Issuer and certain
of its Subsidiaries, the financial institutions party thereto as original lenders, Citibank Europe PLC, UK Branch, as agent, and the Security Agent, as such agreement, in whole or in part, in one or more instances, may be amended, supplemented,
waived or otherwise modified from time to time, and, if designated by the Issuer to be included in the definition of “Credit Agreement,” such agreement as renewed, extended, substituted, refinanced, restructured or replaced (including, in
each case, by means of one or more credit agreements, note purchase agreements or sales of debt securities to institutional investors whether with the original agents and lenders or otherwise and including, without limitation, any successive
renewals, extensions, substitutions, refinancings, restructurings, replacements, supplementations or other modifications of the foregoing) and including, without limitation, to increase the amount of available borrowing thereunder or to add
additional borrowers or guarantors or otherwise. 

  
 16 

 “Credit Agreement Indebtedness” means the Indebtedness that is subject to and
outstanding under the Credit Agreement. 
 “Currency Agreement” means, in respect of any Person, any foreign exchange
contract, currency swap agreement or other similar agreement as to which such Person is a party designed to hedge foreign currency risk of such Person. 

“Custodian” means any receiver, trustee, conciliador, assignee, liquidator, sequestrator or similar official under
any Bankruptcy Law. 
 “Default” means an event or condition the occurrence of which is, or with the lapse of time or the
giving of notice or both would be, an Event of Default. 
 “Defaulted Interest” has the meaning assigned to it in
Section 2.13 and Section 1, paragraph 2 of the Form of Reverse Side of Note contained in Exhibit A hereto. 

“Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received by the Issuer or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant
to an Officer’s Certificate setting forth the basis of such valuation. 
 “Designation” has the meaning assigned to
it in Section 3.14(a). 
 “Designation Amount” has the meaning assigned to it in clause
(iii) of Section 3.14(a). 
 “Disposition” means, with respect to any property, any sale,
lease, Sale and Leaseback Transaction, assignment, conveyance, transfer or other disposition thereof. 
 “Disqualified Capital
Stock” means that portion of any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the Holder thereof), or upon the happening of any event,
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the Holder thereof, in any case, on or prior to the 91st day after the final maturity date of the Notes, but excluding
with respect to Mexican companies, any shares of such Mexican company that are part of the variable portion of its Capital Stock and that are redeemable under the Mexican General Law of Business Corporations (Ley General de Sociedades
Mercantiles). 
 “Distribution Compliance Period” means, in respect of any Regulation S Global Note (or Certificated
Note issued in respect thereof pursuant to Section 2.7(c)), the 40 consecutive days beginning on and including the later of (a) the day on which any Notes represented thereby are offered to persons other than distributors (as defined in
Regulation S) pursuant to Regulation S or (b) the issue date for such Notes. 

  
 17 

 “Equity Derivative Agreement” means any equity derivative agreement referencing
the Common Stock of the Issuer entered into in connection with any Convertible Indebtedness, including, but not limited to, any bond hedge, warrant or capped call agreement. 

“Equity Offering” has the meaning assigned to it in Section 5 of the Form of Reverse Side of Note contained in Exhibit
A hereto. 
 “EU Bail-in Legislation Schedule” means the document described as
such, then in effect, and published by the Loan Market Association (or any successor person) from time to time at http://www.lma.eu.com/pages.aspx?p=499. 

“euro” means the single currency of participating member states of the EMU. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System, N.V., or its successor in such capacity.

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

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

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 

“Existing Senior Notes” means the U.S. Dollar-denominated 6.500% Senior Secured
Notes due 2019 issued by the Issuer, the U.S. Dollar-denominated 7.250% Senior Secured Notes due 2021 issued by the Issuer, the U.S. Dollar-denominated Floating Rate
Senior Secured Notes due 2018 issued by the Issuer, the U.S. Dollar-denominated 6.000% Senior Secured Notes due 2024 guaranteed by the Issuer, the U.S.
Dollar-denominated 5.700% Senior Secured Notes due 2025 issued by the Issuer, the Euro-denominated 4.750% Senior Secured Notes due 2022 issued by the Issuer, the U.S. Dollar-denominated 6.125% Senior Secured Notes due 2025 issued by the Issuer, the Euro-denominated 4.375% Senior Secured Notes due 2023 issued by the Issuer, the U.S. Dollar-denominated 7.750% Senior Secured Notes due 2026 issued by the Issuer and the Euro-denominated 4.625% Senior Secured Notes due 2024 guaranteed by the Issuer. 

“Fair Market Value” means, with respect to any asset, the price (after taking into account any liabilities relating to such
assets) which could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete the
transaction. Fair Market Value shall be determined, except as otherwise provided, by the Issuer in good faith. 
 “Fitch”
means Fitch Ratings and any successor to its rating agency business. 
 “Four Quarter Period” has the meaning assigned to
it in the definition of “Consolidated Fixed Charge Coverage Ratio” above. 

  
 18 

 “Free Reserves Available for Distribution” has the meaning assigned to it in
Section 10.6(c). 
 “French Note Guarantor” has the meaning assigned to it in
Section 10.5(a). 
 “GAAP” means IFRS as in effect on the Issue Date. At any time, and from time
to time, after the Issue Date, the Issuer may elect to apply IFRS as in effect at such time in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS as in effect on the date of such election;
provided, that any such election, once made, shall be irrevocable. The Issuer shall give notice of any such election to the Trustee. 

“Global Note” means any Note issued in fully registered form to Euroclear or Clearstream (or its nominee), as depositary for
the beneficial owners thereof, which shall be substantially in the form of Exhibit A, with appropriate legends as specified in Section 2.8 and Exhibit A hereto. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any
Indebtedness of any other Person: 
  

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

  

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

provided, that “Guarantee” will not include endorsements for collection or deposit in the ordinary course of business. “Guarantee”
used as a verb has a corresponding meaning. 
 “Guaranteed Obligations” has the meaning assigned to it in
Section 10.1(a). 
 “Hedging Agreement” means any Interest Rate Agreement, Currency Agreement,
Commodity Price Purchase Agreement, Transportation Agreement, or Equity Derivative Agreement (or any combination thereof), in each case, not entered into for speculative purposes. 

“Hedging Obligations” means the obligations of any Person pursuant to any Hedging Agreement. 

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

“IFRS” means the International Financial Reporting Standards as issued by the International Accounting Standards Board. 

  
 19 

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

“Indebtedness” means with respect to any Person, without duplication: 

 

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

  

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

  

	 	(3)	all Capitalized Lease Obligations of such Person; 

  

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

 

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

  

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

 

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

  

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

  

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

  
 20 

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

  

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

  

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

“Indenture” means this Indenture as amended or supplemented from time to time, including the Schedule and Exhibits hereto.

 “Intangible Assets” means with respect to any Person all unamortized debt discount and expense, unamortized deferred
charges, goodwill, patents, trademarks, service marks, trade names, copyrights and all other items which would be treated as intangibles on the consolidated balance sheet of such Person prepared in accordance with GAAP. 

“Intercreditor Agreement” means the intercreditor agreement, dated as of September 17, 2012, as amended on
October 31, 2014 and July 23, 2015 and as further amended and restated on July 19, 2017, entered into among the Issuer and certain of its Subsidiaries named therein, the financial institutions and noteholders party thereto, Citibank
Europe PLC, UK Branch, as facility agent, and the Security Agent, as such agreement may be amended, modified or waived from time to time. 

“Interest Payment Date” means the stated due date of an installment of interest on the Notes as specified in the Form of
Face of Note contained in Exhibit A hereto. 
 “Interest Rate Agreement” of any Person means any interest rate
protection agreement (including, without limitation, interest rate swaps, caps, floors, collars, derivative instruments and similar agreements) and/or other types of hedging agreements designed to hedge interest rate risk of such Person. 

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

  
 21 

 “Investment” means, with respect to any Person, any (1) direct or indirect
loan, advance or other extension of credit (including, without limitation, a Guarantee) to any other Person, (2) capital contribution (by means of any transfer of cash or other property to others or any payment for property or services for the
account or use of others) to any other Person, or (3) purchase or acquisition by such Person of any Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness issued by any other Person. “Investment” will
exclude accounts receivable, extensions of credit in connection with supplier or customer financings consistent with industry or past practice, advance payment of capital expenditures arising in the ordinary course of business, deposits arising in
the ordinary course of business and transactions (other than (i) any sale, lease, license, transfer or other disposal and (ii) the granting or creation of a Lien or the Incurring or permitting to subsist of Indebtedness) conducted in the
ordinary course of business on arm’s-length terms. 
 For purposes of
Section 3.11, the Issuer will be deemed to have made an “Investment” in an Unrestricted Subsidiary at the time of its Designation, which will be valued at the Fair Market Value of the sum of the net assets of such
Unrestricted Subsidiary multiplied by the percentage equity ownership of the Issuer and its Restricted Subsidiaries in such designated Unrestricted Subsidiary at the time of its Designation and the amount of any Indebtedness of such Unrestricted
Subsidiary or owed to the Issuer or any Restricted Subsidiary immediately following such Designation. Any property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such transfer. If the Issuer
or any Restricted Subsidiary sells or otherwise disposes of any Capital Stock of a Restricted Subsidiary (including any issuance and sale of Capital Stock by a Restricted Subsidiary) such that, after giving effect to any such sale or disposition,
such Restricted Subsidiary would cease to be a Subsidiary of the Issuer, the Issuer will be deemed to have made an Investment on the date of any such sale or disposition equal to sum of the Fair Market Value of the Capital Stock of such former
Restricted Subsidiary held by the Issuer or any Restricted Subsidiary immediately following such sale or other disposition and the amount of any Indebtedness of such former Restricted Subsidiary Guaranteed by the Issuer or any Restricted Subsidiary
or owed to the Issuer or any other Restricted Subsidiary immediately following such sale or other disposition. The acquisition by the Issuer or any Restricted Subsidiary of the Issuer of a Person that holds an Investment in a third Person will be
deemed to be an Investment by the Issuer or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person. Except as otherwise provided in this
Indenture, the amount of an Investment will be determined at the time the Investment is made without giving effect to subsequent changes in value. 

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

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

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

  
 22 

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

  

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

  

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

  

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

  

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

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

“Issue Date” means the first date of issuance of Notes under this Indenture and following a Partial Covenant Suspension
Event or a Covenant Suspension Event, except under “Optional Redemption for Changes in Withholding Taxes” under clause (5) in Exhibit A hereto and Section 3.22, the most recent Partial Covenant
Reversion Date or Reversion Date, as applicable. 
 “Issue Date Notes” means the €650,000,000 aggregate principal
amount of Notes originally issued on the Issue Date, and any replacement Notes issued therefor in accordance with this Indenture. 

“Issuer” means the party named as such in the introductory paragraph to this Indenture and its successors and assigns. 

“Issuer Order” has the meaning assigned to it in Section 2.2(c). 

“Legal Defeasance” has the meaning assigned to it in Section 8.1(b). 

“Legal Holiday” has the meaning assigned to it in Section 12.6. 

  
 23 

 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge,
security interest or encumbrance of any kind in respect of such asset. The Issuer or any Restricted Subsidiary shall be deemed to own, subject to a Lien, any asset that it has acquired or holds subject to the interest of a vendor or lessor under any
conditional sale agreement, Capitalized Lease Obligations or other title retention lease relating to such asset, or any account receivable transferred by it with recourse (including any such transfer subject to a holdback or similar arrangement that
effectively imposes the risk of collectability on the transferor). 
 “Make-Whole
Amount” has the meaning assigned to it in the Form of Reverse Side of Note contained in Exhibit A hereto. 
 “Material
Acquisition” means: 
  

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

  

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

  

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

 in each case which involves an Investment,
Designation or payment of consideration in excess of U.S.$50.0 million (or the equivalent in other currencies). 
 “Material
Disposition” means any Asset Sale and, whether or not constituting an Asset Sale, (1) any sale or other disposition of Capital Stock, (2) any Designation with respect to an Unrestricted Subsidiary and (3) any sale or other
disposition of property or assets excluded from the definition of Asset Sale by clause (4) of that definition, in each case which involves an Investment, Designation or payment of consideration in excess of U.S.$50.0 million (or the
equivalent in other currencies). 
 “Maturity Date” means December 5, 2024. 

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

  
 24 

 “Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds in the
form of cash or Cash Equivalents, including payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents received by the Issuer or any of its Restricted Subsidiaries from such Asset Sale, net of: 

 

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

  

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

 

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

 

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

“New York Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or required by law, regulation or other governmental action to remain closed. 
 “Non-U.S. Person” means a person who is not a U.S. person, as defined in Regulation S. 

“Note Custodian” means the custodian with respect to any Global Note appointed by Euroclear or Clearstream, or any successor
Person thereto, and shall initially be the Common Depositary. 
 “Note Guarantee” means any guarantee of the Issuer’s
Obligations under this Indenture and the Notes by any Note Guarantor pursuant to Article X. 
 “Note
Guarantors” means (i) each of the Issuer’s Restricted Subsidiaries that executes this Indenture as a Note Guarantor or an Additional Note Guarantor and (ii) each of the Issuer’s Restricted Subsidiaries that in the future
executes a supplemental indenture in which such Restricted Subsidiary agrees to be bound by the terms of this Indenture as a Note Guarantor, and their respective successors and assigns; provided, that any Person constituting a Note Guarantor as
described above shall cease to constitute a Note Guarantor when its respective Note Guarantee is released in accordance with the terms of this Indenture. 

  
 25 

 “Note Register” has the meaning assigned to it in
Section 2.3(a). 
 “Notes” means any of the Issuer’s 2.750% Senior Secured Notes due 2024,
issued and authenticated pursuant to this Indenture. 
 “Obligations” means, with respect to any Indebtedness, any
principal, interest (including, without limitation, Post-Petition Interest), penalties, fees, indemnifications, reimbursements, damages, and other liabilities payable under the documentation governing such
Indebtedness, including, in the case of the Notes, the Note Guarantees and this Indenture. 
 “Office of the Paying Agent”
means the principal office of the Paying Agent at which at any time its corporate trust business shall be administered, which office at the date hereof is located at One Canada Square, London E14 5AL, United Kingdom, or such other address as the
Paying Agent may designate from time to time by notice to the Trustee, the Issuer and the Company. 
 “Officer” means,
when used in connection with any action to be taken by the Issuer or a Note Guarantor, as the case may be, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer, the
Controller, the Secretary or an attorney-in-fact of the Issuer or such Note Guarantor, as the case may be. 

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

“Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel for the Issuer or any Note
Guarantor, and who shall be reasonably acceptable to the Trustee. 
 “Outstanding” means, as of the date of determination,
all Notes theretofore authenticated and delivered under this Indenture, except: 
  

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

  

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

  
 26 

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

  

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

provided, however, that in determining whether the Holders of the requisite aggregate principal amount of the Outstanding Notes have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer, a Note Guarantor or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a Trust Officer of the Trustee actually knows to be so
owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that
the pledgee is not the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor. 

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

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

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

“Partial Suspended Covenants” has the meaning set forth under Section 3.22(a). 

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

“Paying Agent” means the party named as such in the introductory paragraph to this Indenture until a successor replaces it
in accordance with the terms of this Indenture and, thereafter, means the successor. 
 “Permitted Asset Swap Transaction”
means a transaction consisting substantially of the concurrent (i) disposition by the Issuer or any of its Restricted Subsidiaries of any asset, property or cash consideration (other than a Restricted Subsidiary) in exchange for assets,
property or cash consideration transferred to the Issuer or a Restricted Subsidiary, to be used in a Permitted Business or (ii) disposition by the Issuer or any of its Restricted Subsidiaries of Capital Stock of a Restricted Subsidiary in
exchange for Capital Stock of another Restricted Subsidiary or of Capital Stock of any Person that becomes a Restricted Subsidiary after giving effect to such transaction; provided, that any cash or Cash Equivalents received in such a
transaction shall constitute Net Cash Proceeds to be applied in accordance with Section 3.12. 

  
 27 

 “Permitted Business” means the business or businesses conducted by the Issuer
and its Restricted Subsidiaries as of the Issue Date and any business ancillary, complementary or related thereto or any other business that would not constitute a substantial change to the general nature of its business from that carried on as of
the Issue Date. 
 “Permitted Indebtedness” has the meaning set forth in Section 3.9(b). 

“Permitted Investments” means: 
  

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

  

	 	(2)	any Investment in the Issuer; 

  

	 	(3)	Investments in cash and Cash Equivalents; 

  

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

  

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

  

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

  

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

  

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

 

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

  
 28 

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

  

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

  

	 	(12)	any Investment that: 

  

	 	(a)	when taken together with all other Investments made pursuant to this clause (12) that are at the time outstanding (and, if the Issuer so elects, net of cash benefits to the Issuer or a Restricted Subsidiary from
Investments pursuant to this clause (12)), does not exceed the greater of U.S.$250.0 million and 3% of Consolidated Tangible Assets; or 

  

	 	(b)	when taken together with all other Investments made pursuant to this clause (12) in any fiscal year that are at the time outstanding, does not exceed U.S.$100.0 million in any fiscal year; 

 

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

 

	 	(14)	repurchases of Existing Senior Notes or the Notes; 

  

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

  

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

  

	 	(17)	(a) Investments to which the Issuer or any of its Restricted Subsidiaries is contractually committed as of the Issue Date in any Person (other than a Subsidiary) in which the Issuer or any of its Restricted Subsidiaries
maintains an Investment and (b) Investments in any Person (other than a Subsidiary) in which the Issuer or any of its Restricted Subsidiaries maintains an Investment of up to U.S.$100.0 million in any calendar year minus the amount of any
guarantees Incurred in such calendar year under clause (xviii)(B) of Section 3.9(b); and 

  
 29 

	 	(18)	any Investment made by the Issuer or any of its Restricted Subsidiaries to the extent that the consideration provided for such Investment consists of Qualified Capital Stock of the Issuer. 

“Permitted Liens” means any of the following: 
  

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

  

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

  

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

  

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

  

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

  

	 	(6)	 (i) any Lien on property acquired by the Issuer or its Restricted Subsidiaries after the Issue Date that was
existing on the date of acquisition of such property; provided, that such Lien was not incurred in anticipation of such acquisition; and (ii) any Lien created to secure all or any part of the purchase price, or to secure Indebtedness
incurred or assumed to pay all or any part of the purchase price, of property acquired by the Issuer or any of its Restricted Subsidiaries after the Issue Date; provided further, that (A) any such Lien permitted pursuant to this clause
(6) shall be confined solely to the item or items of property so acquired 

  
 30 

	 	
(including, in the case of any Acquisition of a corporation through the acquisition of 51% or more of the Voting Stock of such corporation, the stock and assets of any Acquired Subsidiary or
Acquiring Subsidiary) and, if required by the terms of the instrument originally creating such Lien, other property which is an improvement to, or is acquired for specific use with, such acquired property; and (B) if applicable, any such Lien
shall be created within nine months after, in the case of property, its acquisition, or, in the case of improvements, their completion; 

  

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

 

	 	(a)	Hedging Obligations or other derivatives where there are fluctuations in mark-to-market exposures of those Hedging Obligations or other
derivatives, and 

  

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

 may be increased by the amount of such fluctuations, capitalizations or drawings, as the case
may be; 
  

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

 

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

 

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

  

	 	(11)	any Lien granted by the Issuer or any of its Restricted Subsidiaries to secure Indebtedness under a Permitted Liquidity Facility; provided, that: (i) such Lien is not granted in respect of the Collateral,
and (ii) the maximum amount of such Indebtedness secured by such Lien does not exceed U.S.$500.0 million at any time; 

  

	 	(12)	Liens to secure, or in respect of, Indebtedness permitted by Section 3.9(b)(iv); provided that the maximum amount of such Indebtedness secured by such Lien does not exceed
U.S.$200.0 million at any time; or 

  
 31 

	 	(13)	in addition to the Liens permitted by the foregoing clauses (1) through (12), Liens securing obligations of the Issuer and its Restricted Subsidiaries that in the aggregate secure obligations in an amount not in
excess of the greater of (i) 10% of Consolidated Tangible Assets, and (ii) U.S.$1.0 billion. 

 “Permitted
Liquidity Facility” means a loan facility or facilities made available to the Issuer or any Restricted Subsidiary; provided, that the aggregate principal amount of utilized and unutilized commitments under such facilities must not
exceed U.S.$1.0 billion (or its equivalent in another currency) at any time. 
 “Permitted Merger Jurisdictions” has
the meaning set forth in Section 4.1(a)(i)(B)(1). 
 “Permitted Secured Obligations” means
(i) indebtedness under the Credit Agreement and any refinancing thereof made in accordance with the Credit Agreement that is secured by the Collateral, (ii) notes (or similar instruments, including certificados bursátiles)
outstanding on the date of the Credit Agreement required to be secured by the Collateral pursuant to their terms, or any refinancing thereof permitted by the Credit Agreement, (iii) the Existing Senior Notes and (iv)future Indebtedness secured
by the Collateral to the extent permitted by the Credit Agreement . 
 “Person” means an individual, partnership, limited
partnership, corporation, company, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 

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

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

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

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

  
 32 

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

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

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

 

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

  

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

  

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

 

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

  

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

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

  
 33 

 “Receivables Assets” means: 

 

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

  

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

  

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

 

	 	(4)	proceeds of all of the foregoing. 

 “Receivables Entity” means a Receivables
Subsidiary or any other Person not an Affiliate of the Issuer, in each case whose sole business activity is to engage in Qualified Receivables Transactions, including to issue securities or other interests in connection with a Qualified Receivables
Transaction. 
 “Receivables Subsidiary” means an Unrestricted Subsidiary of the Issuer that engages in no activities
other than Qualified Receivables Transactions and activities related thereto and that is designated by the Issuer as a Receivables Subsidiary. Any such designation by the Issuer will be evidenced to the Trustee by filing with the Trustee an
Officer’s Certificate of the Issuer. 
 “Record Date” has the meaning assigned to it in the Form of Face of Note
contained in Exhibit A hereto. 
 “Redemption Date” means, with respect to any redemption of the Notes, the date
fixed for such redemption pursuant to this Indenture and the Notes. 
 “Refinance” means, in respect of any Indebtedness,
to issue any Indebtedness in exchange for or to refinance, repay, redeem, replace, defease or refund such Indebtedness in whole or in part. “Refinanced” and “Refinancing” will have correlative meanings. Indebtedness the proceeds
of which are applied to temporarily repay outstanding amounts under the Credit Agreement, which amounts are then redrawn and applied to refinance, repay, redeem, replace, defease or refund other Indebtedness, shall be deemed to Refinance such other
Indebtedness. 
 “Refinancing Indebtedness” means Indebtedness of the Issuer or any Restricted Subsidiary issued to
Refinance any other Indebtedness of the Issuer or a Restricted Subsidiary so long as: 
  

	 	(1)	the aggregate principal amount (or initial accreted value, if applicable) of such new Indebtedness as of the date of such proposed Refinancing does not exceed the aggregate principal amount (or accreted value as of such
date, if applicable) of the Indebtedness being Refinanced (plus fees, underwriting discounts and expenses, including any premium and defeasance costs); 

  
 34 

	 	(2)	such new Indebtedness has: 

  

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

 

	 	(b)	a final maturity that is equal to or later than the final maturity of the Indebtedness being Refinanced or, in the case of Indebtedness without a stated maturity, July 19, 2022; and 

 

	 	(3)	if the Indebtedness being Refinanced is: 

  

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

  

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

  

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

 

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

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

“Regulation S” means Regulation S under the Securities Act or any successor regulation. 

“Regulation S Global Note” has the meaning assigned to it in Section 2.1(e). 

“Relevant Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to the BRRD Party. 
 “Resale Restriction Termination Date”
means for any Restricted Note (or beneficial interest therein), that is (a) not a Regulation S Global Note, the date on which the Issuer instructs the Trustee in writing to remove the Private Placement Legend from the Restricted Notes in
accordance with the procedures described in Section 2.9(h) (which instruction is expected to be given on or about the one year anniversary of the issuance of the Restricted Notes) or (b) a Regulation S Global
Note (or Certificated Note issued in respect thereof pursuant to Section 2.7(c)), the date on which the Distribution Compliance Period therefor terminates. 

  
 35 

 “Restricted Note” means any Issue Date Note (or beneficial interest therein) or
any Additional Note (or beneficial interest therein) not originally issued and sold pursuant to an effective registration statement under the Securities Act until such time as: 

 

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

  

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

 “Restricted
Obligations” has the meaning assigned to it in Section 10.6(b). 
 “Restricted Payment”
has the meaning set forth in Section 3.11(a). 
 “Restricted Subsidiary” means any Subsidiary of
the Issuer, which at the time of determination is not an Unrestricted Subsidiary. 
 “Reversion Date” has the meaning
assigned to in Section 3.22(e). 
 “Revocation” has the meaning set forth in
Section 3.14(b). 
 “Rule 144” means Rule 144 under the Securities Act (or any successor rule).

 “Rule 144A” means Rule 144A under the Securities Act (or any successor rule). 

“Rule 144A Global Note” has the meaning assigned to it in Section 2.1(d). 

“S&P” means Standard & Poor’s Ratings Group and any successor to its rating agency business. 

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

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

“Security Agent” means Wilmington Trust (London) Limited, as security agent under the Credit Agreement and the Intercreditor
Agreement. 
 “Security Documents” has the meaning assigned to it in Section 7.13. 

  
 36 

 “Senior Indebtedness” means (i) the Notes and any other Indebtedness of
the Issuer or any Note Guarantor that ranks equal in right of payment with the Notes or the relevant Note Guarantee, as the case may be or (ii) Indebtedness for borrowed money or constituting Capitalized Lease Obligations of any Restricted
Subsidiary other than a Note Guarantor. 
 “Significant Subsidiary” means a Subsidiary of the Issuer constituting a
“Significant Subsidiary” of the Issuer in accordance with Rule 1-02(w) of Regulation S-X under the Securities Act in effect on the date hereof. 

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

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

“SPV Perpetuals” means the perpetual debentures issued by special purpose vehicles in December 2006, February 2007 and March
2007, as amended or supplemented from time to time. 
 “Standard Undertakings” means representations, warranties,
covenants, indemnities and similar obligations, including servicing obligations, entered into by the Issuer or any Subsidiary of the Issuer in connection with a Qualified Receivables Transaction, which are customary in similar non-recourse receivables securitization, purchase or financing transactions. 
 “Subordinated
Indebtedness” means, with respect to the Issuer or any Note Guarantor, any Indebtedness of the Issuer or such Note Guarantor, as the case may be, which is expressly subordinated in right of payment to the Notes or the relevant Note
Guarantee, as the case may be. 
 “Subsidiary” means with respect to any Person, any corporation, partnership, joint
venture, limited liability company, trust, estate or other entity of which (or in which) more than fifty percent (50%) of (a) in the case of a corporation, the issued and outstanding Capital Stock having ordinary voting power to elect a
majority of the board of directors of such corporation (irrespective of whether at the time Capital Stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency that has not occurred
and is not in the control of such Person), (b) in the case of a limited liability company, partnership or joint venture, the voting or other power to control the actions of such limited liability company, partnership or joint venture or (c) in
the case of a trust or estate, the voting or other power to control the actions of such trust or estate, is at the time directly or indirectly owned or controlled by (X) such Person, (Y) such Person and one or more of its other
Subsidiaries or (Z) one or more of such Person’s other Subsidiaries. Unless the context otherwise requires, all references herein to a “Subsidiary” shall refer to a Subsidiary of the Issuer. 

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

  
 37 

 “Successor Note Guarantor” has the meaning assigned to it in
Section 4.1(b)(i). 
 “Suspended Covenants” has the meaning assigned to it in
Section 3.22(b). 
 “Suspension Date” has the meaning assigned to it in
Section 3.22(c). 
 “Suspension Period” has the meaning assigned to it in
Section 3.22(e). 
 “Swiss Note Guarantor” has the meaning assigned to it in
Section 10.6(a). 
 “Taxes” has the meaning assigned to it in Section 3.21(a). 

“Taxing Jurisdiction” has the meaning assigned to it in Section 3.21(a). 

“Transfer Agent” means the party named as such in the introductory paragraph to this Indenture until a successor replaces it
in accordance with the terms of this Indenture and, thereafter, means the successor. 
 “Transportation Agreements” means,
in respect of any Person, any agreement or arrangement designed to protect such Person from fluctuations in prices related to transportation. 

“Trust Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee, having direct responsibility for the administration of this Indenture, or any other officer of the Trustee to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular
subject. 
 “Trustee” means the party named as such in the introductory paragraph to this Indenture until a successor
replaces it in accordance with the terms of this Indenture and, thereafter, means the successor. 
 “Undervalued Asset”
has the meaning assigned to it in Section 10.6(f). 
 “USA PATRIOT Act” has the meaning assigned
to it in Section 12.16. 
 “U.S. Person” means a “U.S. person” as defined in
Regulation S. 
 “Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to time in the State
of New York. 
 “Unrestricted Subsidiary” means any Subsidiary of the Issuer designated as such pursuant to
Section 3.14. Any such Designation may be revoked by the Issuer, subject to the provisions of such covenant. 

“Voting Stock” with respect to any Person, means securities of any class of Capital Stock of such Person entitling the
holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the Board of Directors (or equivalent governing body) of such Person. 

  
 38 

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

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

  

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

  

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

 

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

“Wholly Owned Subsidiary” means, for any Person, any Subsidiary (Restricted Subsidiary in the case of the Issuer) of which
at least 99.5% of the outstanding Capital Stock (other than, in the case of a Subsidiary not organized in the United States, directors’ qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to
applicable law) is owned by such Person or any other Person that satisfies this definition in respect of such Person. 
 Section 1.2
[Reserved]. 
 Section 1.3 Rules of Construction. Unless the context otherwise requires: 

 

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

  

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

  

	 	(3)	“or” is not exclusive; 

  

	 	(4)	“including” means including without limitation; 

  

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

  

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

  
 39 

 ARTICLE II 

THE NOTES 
 Section 2.1
Form and Dating. 
 (a) The Issue Date Notes are being originally offered and sold by the Issuer pursuant to a Purchase Agreement,
dated as of November 28, 2017, among the Issuer, the Note Guarantors party thereto, and Banca IMI S.p.A, Banco Bilbao Vizcaya Argentaria, S.A., BNP Paribas, HSBC Bank plc, ING Bank N.V., London Branch and J.P. Morgan Securities plc, as Initial
Purchasers with respect to the Notes. The Notes will be issued as one or more Global Notes in fully registered form without interest coupons, and only in denominations of €100,000 and in integral multiples of €1,000 in excess thereof. Each
such Global Note shall constitute a single Note for all purposes under this Indenture. Certificated Notes, if issued pursuant to the terms hereof, will be issued in fully registered certificated form without coupons. The Notes may only be issued in
definitive fully registered form without coupons and only in denominations of €100,000 and in integral multiples of €1,000 in excess thereof. The Notes and the Trustee’s certificate of authentication shall be substantially in the form
of Exhibit A hereto. 
 (b) The terms and provisions of the Notes, the form of which is in Exhibit A hereto, shall constitute,
and are hereby expressly made, a part of this Indenture, and, to the extent applicable, the Issuer, the Note Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound
thereby. Except as otherwise expressly permitted in this Indenture, all Notes (including Additional Notes) shall be identical in all respects. Notwithstanding any differences among them, all Notes issued under this Indenture shall vote and consent
together on all matters as one class and are otherwise treated as a single issue of securities. 
 (c) The Notes may have notations, legends
or endorsements as specified in Section 2.8 or as otherwise required by law, stock exchange rule or Euroclear or Clearstream rule or usage. The Issuer and the Trustee shall approve any changes to the form of the
Notes attached to this Indenture and any additional notation, legend or endorsement required to be inserted on them. Each Note shall be dated the date of its authentication. 

(d) Notes originally offered and sold to QIBs in reliance on Rule 144A will be issued in the form of one or more permanent Global Notes (each,
a “Rule 144A Global Note”). 
 (e) Notes originally offered and sold outside the United States in reliance on Regulation S
will be issued in the form of one or more permanent Global Notes (each, a “Regulation S Global Note”). 
 (f) Each Global
Note shall be deposited on behalf of the purchasers of the Notes represented thereby with the Note Custodian or its nominee, for credit to Euroclear or Clearstream. In no event shall any Person hold an interest in a Regulation S Global Note other
than in or through accounts maintained by Euroclear or Clearstream. 

  
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 Section 2.2 Execution and Authentication. 

(a) Any Officer of the Issuer may sign the Notes for the Issuer by manual or facsimile signature. If an Officer whose signature is on a Note no
longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 
 (b) A Note shall not be
valid until manually authenticated by an authorized signatory of the Trustee or an agent appointed by the Trustee (and reasonably acceptable to the Issuer) for such purpose (an “Authenticating Agent”). The signature of an authorized
signatory of the Trustee or an Authenticating Agent on a Note shall be conclusive evidence that such Note has been duly and validly authenticated and issued under this Indenture. Unless limited by the terms of its appointment, an Authenticating
Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by an Authenticating Agent. 

(c) At any time and from time to time after the execution and delivery of this Indenture, the Trustee shall authenticate and make available for
delivery Notes upon a written order of the Issuer signed by an Officer of the Issuer (the “Issuer Order”). An Issuer Order shall specify the amount of the Notes to be authenticated and the date on which the original issue of Notes
is to be authenticated. 
 (d) In case a Successor Issuer has executed an indenture supplemental hereto with the Trustee pursuant to
Article IV, any of the Notes authenticated or delivered prior to such transaction may, from time to time, at the request of the Successor Issuer be exchanged for other Notes executed in the name of the Successor Issuer with
such changes in phraseology and form as may be appropriate, but otherwise identical to the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Issuer Order of the Successor Issuer, shall authenticate and deliver
Notes as specified in such order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a Successor Issuer pursuant to this Section 2.2 in exchange or substitution for
or upon registration of transfer of any Notes, such Successor Issuer, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time Outstanding for Notes authenticated and delivered in such new
name. 
 Section 2.3 Registrar, Paying Agent and Transfer Agent. 

(a) The Issuer shall maintain an office or agency in the Borough of Manhattan, City of New York, that shall keep a register of the Notes (the
“Note Register”) and of their transfer and exchange (the “Registrar”), and for the service of notices and demands to or upon the Issuer in respect of the Notes and this Indenture. The Issuer shall maintain an office
or agency in London, England where Notes may be presented for payment and where Notes may be presented or surrendered for registration of transfer or for exchange. The Issuer may have one or more co-Registrars
and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. 

  
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 (b) The Issuer shall enter into an appropriate agency agreement with any Registrar, Paying Agent
or co-Registrar not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and address of each such
agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.7. The Issuer or any Affiliate of the Issuer
may act as Paying Agent, Registrar or co-Registrar, or transfer agent. 
 (c) The Issuer initially
designates (i) the Corporate Trust Office of the Trustee as such office or agency of the Issuer as required by Section 2.3(a) and appoints the Trustee as Registrar and agent for service of demands and notices, and
(ii) the Office of the Paying Agent as such office or agency of the Issuer as required by Section 2.3(a), and appoints The Bank of New York Mellon, London Branch, as Paying Agent and Transfer Agent, in connection with
the Notes and this Indenture, in each case until such time as another Person is appointed as such. 
 Section 2.4 Paying Agent to
Hold Money in Trust. The Issuer shall require each paying agent (other than the Trustee or the Paying Agent) to agree in writing that such paying agent shall hold in trust for the benefit of Holders or the Trustee all money held by such paying
agent for the payment of principal of or interest on the Notes and shall notify the Trustee in writing of any Default by the Issuer or any Note Guarantor in making any such payment. If the Issuer or an Affiliate of the Issuer acts as Paying Agent,
it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Issuer at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee and to account for any funds
disbursed by such Paying Agent. Upon complying with this Section 2.4, the Paying Agent (if other than the Issuer or any Affiliate of the Issuer) shall have no further liability for the money delivered to the Trustee. Upon
any proceeding under any Bankruptcy Law with respect to the Issuer or any Affiliate of the Issuer, if the Issuer or such Affiliate is then acting as Paying Agent, the Trustee shall replace the Issuer or such Affiliate as Paying Agent. 

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

Section 2.6 ISIN Numbers. The Issuer in issuing Notes may use “ISIN” numbers, as applicable (if then generally in use),
and, if so, the Trustee shall use for the Securities “ISIN” number in notices to the Holders as a convenience to such Holders; provided, that any such notice may state that no representation is made as to the correctness of such
numbers either as printed on the Notes or as contained in any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any such notice shall not be affected by any defect in or omission of such
numbers. The Issuer will promptly notify the Trustee in writing of any changes in the “ISIN” numbers. 

  
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 Section 2.7 Global Note Provisions. 

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

(b) Except as provided in clause (iii) of Section 2.7(c), members of, or participants in, Euroclear or
Clearstream (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by Euroclear or Clearstream or by the Note Custodian, and Euroclear or Clearstream may be treated by the
Issuer, any Note Guarantor, the Trustee, the Paying Agent, the Transfer Agent, the Note Custodian, the Registrar and any of their respective agents as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing,
nothing herein shall (i) prevent the Issuer, the Trustee, the Paying Agent, the Transfer Agent, the Note Custodian, the Registrar or any of their respective agents from giving effect to any written certification, proxy or other authorization
furnished by Euroclear or Clearstream or (ii) impair, as between Euroclear or Clearstream and its Agent Members, the operation of customary practices of Euroclear or Clearstream governing the exercise of the rights of an owner of a beneficial
interest in any Global Note. The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including Euroclear or Clearstream, or its nominee, Agent Members and persons that may hold interests through Agent Members, to
take any action that a Holder is entitled to take under this Indenture or the Notes. 
 (c) Except as provided in this
Section 2.7(c), owners of beneficial interests in Global Notes will not be entitled to receive Certificated Notes in exchange for such beneficial interests. 

 

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

  
 43 

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

  

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

 Section 2.8 Legends. 

(a) Each Global Note shall bear the legend specified therefor in Exhibit A hereto on the face thereof. 

(b) Each Restricted Note shall bear the private placement legend specified therefor in Exhibit A hereto on the face thereof (the
“Private Placement Legend”). 
 Section 2.9 Transfer and Exchange. 

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

 

	 	(i)	upon receipt by the Registrar of: 

  

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

  
 44 

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

 

	 	(C)	a certificate in the form of Exhibit B or Exhibit C hereto, as applicable, duly executed by the transferor; 

  

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

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

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

	 	(A)	upon receipt by the Registrar of: 

  

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

  

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

 

	 	(3)	a certificate in the form of Exhibit D hereto, duly executed by the transferor; 

  

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

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

  
 45 

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

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

  

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

  

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

The Holder of a Global Note bearing a Private Placement Legend may exchange an interest therein for an equivalent interest in a Global Note
not bearing a Private Placement Legend upon transfer of such interest pursuant to this Section 2.9(d). 
 (e)
Consolidation of Global Notes and Exchange of Certificated Notes for Beneficial Interests in Global Notes. If a Global Note not bearing a Private Placement Legend is Outstanding at the time of a removal of legends pursuant to
Section 2.9(h), any interests in a Global Note delegended pursuant to Section 2.9(h) shall be exchanged for interests in such Outstanding Global Note, subject to the proviso at the end of Section 2.14(a). 

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

  
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 (g) General Provisions Relating to Transfers and Exchanges. 

 

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

  

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

 

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

  

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

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

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

  

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

 (h) Applicable Procedures for Delegending. 

 

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

 

	 	(1)	instruct the Trustee in writing to remove the Private Placement Legend from such Notes, and upon receipt of such instruction, the Private Placement Legend shall be deemed removed from any Global Notes representing such
Notes without further action on the part of Holders; 

  

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

  

	 	(3)	instruct Euroclear or Clearstream to change the ISIN number for such Notes to the unrestricted ISIN number for the Notes. 

In no event will the failure of the Issuer to provide any notice set forth in this paragraph or of the Trustee to remove the Private Placement
Legend constitute a failure by the Issuer to comply with any of its covenants or agreements set forth in Section 6.1 or otherwise. Any Restricted Note (or security issued in exchange or substitution therefor) as to which
such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Restricted Note for exchange to the Registrar in accordance with the provisions of 

  
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Article II of this Indenture, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the Private Placement Legend. The
Issuer shall notify the Trustee in writing upon occurrence of the Resale Restriction Termination Date for any Note. 
  

	 	(ii)	In the case of a Regulation S Global Note, after the Resale Restriction Termination Date of any such Regulation S Global Note, the Issuer may, at its sole option: 

 

	 	(1)	instruct the Trustee in writing to remove the Private Placement Legend from such Regulation S Global Note (including setting forth the basis for such removal), and upon receipt of such instruction, the Private Placement
Legend shall be deemed removed from such Regulation S Global Note without further action on the part of Holders; and 

  

	 	(2)	instruct Euroclear or Clearstream to change the ISIN number for such Notes to the unrestricted ISIN number for the Notes. 

  

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

  
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 (i) No Obligation of the Trustee. 

 

	 	(i)	The Trustee shall have no responsibility or obligation to any beneficial owner of an interest in a Global Note, Agent Members or any other 

Persons with respect to the accuracy of the records of Euroclear or Clearstream or its nominee or of Agent Members, with respect to any
ownership interest in the Notes or with respect to the delivery to any Agent Member, beneficial owner or other Person (other than Euroclear or Clearstream) of any notice (including any notice of redemption) or the payment of any amount or delivery
of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the
order of the registered Holders (which shall be Euroclear or Clearstream or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through Euroclear or Clearstream, subject to the
applicable rules and procedures of Euroclear or Clearstream. The Trustee may rely and shall be fully protected in relying upon information furnished by Euroclear or Clearstream with respect to its Agent Members 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 Note (including any transfers between or among Agent Members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so
if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

Section 2.10 Mutilated, Destroyed, Lost or Stolen Notes. 

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

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

 

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

  

	 	(iii)	neither the Issuer nor the Trustee has received notice that such Note has been acquired by a protected purchaser (as defined in
Section 8-303 of the Uniform Commercial Code). 

  
 50 

 If required by the Trustee or the Issuer, such Holder shall furnish an affidavit of loss and indemnity bond
sufficient in the judgment of the Issuer and the Trustee to protect the Issuer, the Trustee, the Paying Agent, the Transfer Agent, the Registrar or any co-Registrar and the Note Custodian from any loss that
any of them may suffer if a Note is replaced. 
 (b) Upon the issuance of any new Note under this Section 2.10, the
Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) in connection therewith. 

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

Section 2.11 Temporary Notes. Until definitive Notes are ready for delivery, the Issuer may execute, and upon Issuer Order, the
Trustee will authenticate and make available for delivery, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable
delay, the Issuer will prepare and execute, and upon Issuer Order, the Trustee will authenticate and make available for delivery, definitive Notes. After the preparation of definitive Notes, the temporary Notes will be exchangeable for definitive
Notes upon surrender of the temporary Notes at the office or agency maintained by the Issuer pursuant to Section 2.3 for that purpose and such exchange shall be without charge to the Holder. Upon surrender for cancellation
of any one or more temporary Notes, the Issuer will execute, and upon Issuer Order, the Trustee will authenticate and make available for delivery in exchange therefor, one or more definitive Notes representing an equal principal amount of Notes.
Until so exchanged, the Holder of temporary Notes shall in all respects be entitled to the same benefits under this Indenture as a Holder of definitive Notes. 

Section 2.12 Cancellation. The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar, the Paying
Agent and the Transfer Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and dispose of canceled Notes in accordance with its policy of
disposal or upon written request of the Issuer, return to the Issuer all Notes surrendered for registration of transfer, exchange, payment or cancellation. The Issuer may not issue new Notes to replace Notes it has paid or delivered to the Trustee
for cancellation for any reason other than in connection with a registration of transfer or exchange upon Issuer Order. 
 Section 2.13
Defaulted Interest. When any installment of interest becomes overdue (a “Defaulted Interest”), such installment shall forthwith cease to be payable to the Holders in whose names the Notes were registered on the Record Date
applicable to such installment of interest. Defaulted Interest (including any interest on such Defaulted Interest) shall be paid by the Issuer, at its election, as provided in clause (a) or clause (b) below. 

  
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 (a) The Issuer may elect to make payment of any Defaulted Interest(including any interest payable
on such Defaulted Interest) to the Holders in whose names the Notes are registered at the close of business on a special record date for the payment of such Defaulted Interest (a “Special Record Date”), which shall be fixed in the
following manner. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to
the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Holders entitled to such Defaulted Interest as provided in this Section 2.13(a). Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not
more than fifteen (15) calendar days and not less than ten (10) calendar days prior to the date of the proposed payment and not less than ten (10) calendar days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Issuer of such Special Record Date and, in the name and at the expense of the Issuer, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be sent, first-class mail, postage prepaid, to each Holder at such Holder’s address as it appears in the Note Register, not less than ten (10) calendar days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Holders in whose names the Notes are registered at the close of business on such Special Record
Date and shall no longer be payable pursuant to clause (b) below; or 
 (b) The Issuer may make payment of any Defaulted Interest
(including any interest on such Defaulted Interest) in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after
notice given by the Issuer to the Trustee of the proposed payment pursuant to this Section 2.13(b), such manner of payment shall be deemed practicable by the Trustee. The Trustee shall in the name and at the expense of the
Issuer cause prompt notice of the proposed payment and the date thereof to be sent, first-class mail, postage prepaid, to each Holder at such Holder’s address as it appears in the Note Register. 

Section 2.14 Additional Notes. 

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

 

	 	(i)	the Issue Date; 

  

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

  

	 	(iii)	the issue price; and 

  

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

  
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 The Issue Date Notes and any Additional Notes shall be treated as a single series for all purposes under this
Indenture; provided that such Additional Notes are either (i) part of the same “issue” as the Issue Date Notes for U.S. federal income tax purposes, (ii) issued pursuant to a “qualified reopening” for U.S.
federal income tax purposes, or (iii) issued with a different ISIN or other similar numbers than the Issue Date Notes to the extent required to comply with securities or tax law requirements, including to permit delegending pursuant to
Section 2.9(h). 
 (b) With respect to any Additional Notes, the Issuer will set forth in an Officer’s
Certificate of the Issuer (the “Additional Note Certificate”), copies of which will be delivered to the Trustee, the following information: 
  

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

  

	 	(ii)	the Issue Date and the issue price of such Additional Notes; and 

  

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

ARTICLE III 
 COVENANTS 

Section 3.1 Payment of Notes. 

(a) The Issuer shall pay the principal of and interest (including Defaulted Interest) on the Notes in euros on the dates and in the manner
provided in the Notes and in this Indenture. Prior to 1:00 p.m. London time, on the Business Day prior to each Interest Payment Date and the Maturity Date, the Issuer shall deposit with the Paying Agent in immediately available funds euros
sufficient to make cash payments due on such Interest Payment Date or Maturity Date, as the case may be. If the Issuer or an Affiliate of the Issuer is acting as Paying Agent, the Issuer or such Affiliate shall, prior to 3:00 p.m. London time on the
Business Day prior to each Interest Payment Date and the Maturity Date, segregate and hold in trust euros, sufficient to make cash payments due on such Interest Payment Date or Maturity Date, as the case may be. Principal and interest shall be
considered paid on the date due if on such date the Trustee or the Paying Agent (other than the Issuer or an Affiliate of the Issuer) holds in accordance with this Indenture euros designated for and sufficient to pay all principal and interest then
due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 

(b) Notwithstanding anything to the contrary contained in this Indenture, the Issuer may, to the extent it is required to do so by law, deduct
or withhold income or other similar taxes imposed by the United States of America from principal or interest. 

  
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 (c) In order to comply with applicable tax laws (inclusive of rules, regulations and
interpretations promulgated by competent authorities) related to the Indenture in effect from time to time (“Applicable Tax Law”) that a foreign financial institution, issuer, trustee, paying agent or other party is or has agreed to be
subject to, the Issuer agrees (i) to provide to the Trustee and the Paying Agent sufficient information about the parties and/or transactions (including any modification to the terms of such transactions) so the Trustee and the Paying Agent can
determine whether it has tax related obligations under Applicable Tax Law, (ii) that the Trustee and the Paying Agent shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with Applicable Tax Law
for which the Trustee and the Paying Agent shall not have any liability and (iii) to hold harmless the Trustee and the Paying Agent for any losses it may suffer due to the actions it takes to comply with Applicable Tax Law. The terms of this
section shall survive the termination of this Indenture. 
 (d) The Issuer hereby instructs the Trustee to establish an “Issue Date
Note Account” for reception of the interest and principal payments for the Issue Date Notes. 
 Section 3.2
Maintenance of Office or Agency. 
 (a) The Issuer shall maintain each office or agency required under
Section 2.3. The Issuer will give prompt written notice to the Trustee of any change in the location of any such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall
fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands. 
 (b) The Issuer may also from time to time designate one or more other offices or agencies
(in or outside of the City of New York) where the Notes may be presented or surrendered for registration of transfer or for exchange and may from time to time rescind any such designation; provided, however, that no such designation or
rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency in the City of New York and in any city selected by the Issuer within the European Union for such purposes. The Issuer will give prompt written
notice to the Trustee of any such designation or rescission and any change in the location of any such other office or agency. 

Section 3.3 Corporate Existence. Subject to Article IV, the Issuer will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence. 
 Section 3.4 Payment of Taxes and Other
Claims. The Issuer will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (i) all taxes, assessments and governmental charges levied or imposed upon the Issuer or any Restricted Subsidiary or for
which it or any of them are otherwise liable, or upon the income, profits or property of the Issuer or any Restricted Subsidiary and (ii) all lawful claims for labor, materials and supplies, which, if unpaid, might by law become a liability or
Lien upon the property of the Issuer or any Restricted Subsidiary; provided, however, that the Issuer shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount,
applicability or validity is being contested in good faith by appropriate proceedings and for which appropriate reserves, if necessary (in the good faith judgment of the Issuer), are being maintained in accordance with GAAP or where the failure to
effect such payment will not be disadvantageous to the Holders. 

  
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 Section 3.5 Compliance Certificate. The Issuer and each Note Guarantor shall deliver
to the Trustee within 105 days after the end of each fiscal year of the Issuer (which fiscal year ends on December 31 of each year, subject to any change in fiscal year following the Issue Date) an Officer’s Certificate stating that in the
course of the performance by the signers of their duties as Officers of the Issuer or such Note Guarantor, as the case may be, they would normally have knowledge of any Default or Event of Default and whether or not the signers know of any Default
or Event of Default that occurred during the previous fiscal year. If they do, the certificate shall describe the Default or Event of Default, its status and what action the Issuer or such Note Guarantor is taking or proposes to take with respect
thereto. 
 Section 3.6 Further Instruments and Acts. 

(a) The Issuer and each Note Guarantor will execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper or as the Trustee may reasonably request to carry out more effectively the purpose of this Indenture. 
 (b) The Issuer
and the Note Guarantors shall take, and shall cause their Subsidiaries party thereto to take, any and all actions required under the Intercreditor Agreement and the Security Documents to cause the Intercreditor Agreement and the Security Documents
to create and maintain, as security for the Obligations of the Issuer and the Note Guarantors hereunder, a valid and enforceable perfected security interest on all the Collateral, in favor of the Security Agent for the equal and ratable benefit of
the Holders of the Notes, and the other Permitted Secured Obligations, first in priority to any and all security interests at any time granted upon the Collateral, subject in all respects to Liens imposed by law and Liens for judgments, taxes,
assessments or governmental charges. 
 Section 3.7 Waiver of Stay, Extension or Usury Laws. The Issuer and each Note Guarantor
covenant (to the fullest extent permitted by applicable law) that they will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would
prohibit or forgive the Issuer or such Note Guarantor from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or
the performance of this Indenture. The Issuer and each Note Guarantor hereby expressly waives (to the fullest extent permitted by applicable law) all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 3.8 Change of Control. 

(a) If a Change of Control occurs, each Holder will have the right to require that the Issuer purchase all or a portion (in integral multiples
of €1,000) of the Holder’s Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon to, but not including, the date of purchase (the “Change of Control Payment”) on
the terms and conditions set forth herein. 

  
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 (b) Within 30 days following the date upon which the Change of Control occurred, the Issuer shall
send, electronically or by first-class mail, a Change of Control Notice to each Holder, with a copy to the Trustee, offering to purchase the Notes as described above (a “Change of Control
Offer”). The Change of Control Notice shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date the notice is electronically sent or mailed, other than as may be required
by law (the “Change of Control Payment Date”). 
 (c) On the Change of Control Payment Date, the Issuer will, to the extent
lawful: 
  

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

  

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

 

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

 (d) If only a portion of a Note is purchased pursuant to a Change of Control Offer, a new Note in a principal amount equal
to the portion thereof not purchased will be issued in the name of the Holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate);
provided, that each new Note shall be in a minimum principal amount of €100,000 and in integral multiples of €1,000 in excess thereof. Notes (or portions thereof) purchased pursuant to a Change of Control Offer will be canceled and
cannot be reissued. 
 (e) The Issuer will not be required to make a Change of Control Offer upon a Change of Control if: 

 

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

  

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

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

  
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 Section 3.9 Limitation on Incurrence of Additional Indebtedness. 

(a) The Issuer will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness,
including Acquired Indebtedness, except that the Issuer and/or any Restricted Subsidiary may Incur Indebtedness, including Acquired Indebtedness, if, at the time of and immediately after giving pro forma effect to the Incurrence thereof and
the application of the proceeds therefrom, the Consolidated Fixed Charge Coverage Ratio of the Issuer is greater than or equal to 2.0 to 1.0; provided that, the amount of Indebtedness that may be Incurred by Restricted Subsidiaries that are
not Note Guarantors under this Section 3.9(a) (after giving pro forma effect to the Incurrence thereof and the application of the proceeds therefrom), shall not exceed the greater of (i) 10% of Consolidated Tangible Assets and
(ii) U.S.$1.5 billion, at any one time outstanding. 
 (b) Notwithstanding clause (a) above, the Issuer and/or any of its
Restricted Subsidiaries, as applicable, may Incur the following Indebtedness (“Permitted Indebtedness”): 
  

	 	(i)	Indebtedness consisting of the Notes, excluding Additional Notes; 

  

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

 

	 	(iii)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries outstanding on the Issue Date (excluding Indebtedness permitted under clauses (v), (vi), (vii) or (x) of this definition of Permitted
Indebtedness); 

  

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

 

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

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

 

	 	(vii)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries represented by (A) endorsements of negotiable instruments in the ordinary course of business (excluding an aval), (B) documentary credits
(including all forms of letter of credit), performance bonds or guarantees, advance payments, bank guarantees, bankers’ acceptances, surety or appeal bonds or similar instruments for the account of, or guaranteeing performance by, the Issuer
and/or any Restricted Subsidiary in the ordinary course of business, (C) reimbursement obligations with respect to letters of credit in the ordinary course of business, (D) reimbursement obligations with respect to letters of credit and
performance Guarantees in the ordinary course of business to the extent required pursuant to the terms of any Investment made pursuant to clause (12) of the definition of “Permitted Investment” and (E) other Guarantees by the
Issuer and/or any Restricted Subsidiary in favor of a bank or financial institution in respect of obligations of that bank or financial institution to a third party in an amount not to exceed U.S.$500.0 million at any one time outstanding;
provided, that in the case of clauses (B), (C) and (D), upon the drawing of such letters of credit or the Incurrence of such Indebtedness, such obligations are reimbursed within 30 days following such drawing or Incurrence; 

 

	 	(viii)	Refinancing Indebtedness in respect of: 

  

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

  

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

  

	 	(ix)	Capitalized Lease Obligations, Sale and Leaseback Transactions, export credit facilities with a maturity of at least one year and Purchase Money Indebtedness of, including Guarantees of any of the foregoing by, the
Issuer and/or any Restricted Subsidiary, in an aggregate principal amount at any one time outstanding not to exceed U.S.$1.75 billion; 

  
 58 

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

 

	 	(xi)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries in an aggregate amount not to exceed U.S.$1.0 billion at any one time outstanding; provided, that no more than U.S.$250.0 million of
such Indebtedness at any one time outstanding (excluding any Indebtedness under a Permitted Liquidity Facility) may be Incurred by Restricted Subsidiaries that are not Note Guarantors, which amount shall be increased by the corresponding amount of
other Indebtedness of Restricted Subsidiaries other than the Note Guarantors outstanding on the Issue Date and subsequently repaid from time to time but in any event not to exceed U.S.$500.0 million at any one time outstanding; provided,
further, however, that (A) the Issuer and/or any of its Restricted Subsidiaries may Incur Indebtedness under a Permitted Liquidity Facility and (B) in the event that the Issuer and/or any of its Restricted Subsidiaries shall have
Incurred Indebtedness under a Permitted Liquidity Facility that increases the amount outstanding at such time pursuant to this clause (xi) in excess of U.S.$1.0 billion, then up to U.S.$1.2 billion may be Incurred pursuant to this
clause (xi) at any one time outstanding; 

  

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

  

	 	(1)	The sum of: 

  

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

  

	 	(y)	20% of the net book value of the accounts receivable of the Issuer and its Restricted Subsidiaries (excluding accounts receivable pledged to secure Indebtedness or subject to a Qualified Receivables Transaction), less,
in each case, the amount of any permanent repayments or reductions of commitments in respect of such Indebtedness made with the Net Cash Proceeds of an Asset Sale in order to comply with Section 3.12; or 

  
 59 

	 	(2)	U.S.$350.0 million; 

  

	 	(xiii)	[Reserved]; 

  

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

  

	 	(xv)	[Reserved]; 

  

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

 

	 	(xvii) 	Acquired Indebtedness in an aggregate amount at any one time outstanding under this clause (xvii) not to exceed U.S.$200.0 million; and 

 

	 	(xviii) 	(A) any Indebtedness that constitutes an Investment that the Issuer and/or any of its Restricted Subsidiaries is contractually committed to Incur as of the Issue Date in any Person (other than a Subsidiary) in which the
Issuer or any of its Restricted Subsidiaries maintains an Investment; and (B) Guarantees up to U.S.$100.0 million in any calendar year by the Issuer and/or any Restricted Subsidiary of Indebtedness of any Person in which the Issuer or any
of its Restricted Subsidiaries maintains an Investment minus any Investment other than such guarantees in such Person during such calendar year pursuant to clause (17)(b) of the definition of “Permitted Investments.” 

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

 

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

 

	 	(ii)	 For purposes of determining compliance with, and the outstanding principal amount of, any particular Indebtedness
Incurred pursuant to and in compliance with this Section 3.9, the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof
determined in accordance with 

  
 60 

	 	
GAAP. Accrual of interest, the accretion or amortization of original issue discount, the payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or
the payment of regularly scheduled dividends on Disqualified Capital Stock in the form of additional Disqualified Capital Stock with the same terms will not be deemed to be an Incurrence of Indebtedness for purposes of this
Section 3.9. For purposes of determining compliance with this Section 3.9, mark-to- market fluctuations of Hedging
Obligations or derivatives shall not constitute Incurrence of Indebtedness. 

  

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

  

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

  

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

 

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

 Section 3.10 [Reserved]. 

  
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 Section 3.11 Limitation on Restricted Payments. 

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

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

  

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

  

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

  

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

  

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

  

	 	(A)	any Capital Stock of the Issuer (other than in connection with the settlement or termination of an Equity Derivative Agreement to the extent that such settlement or termination would be deemed to be a purchase or
redemption of Capital Stock of the Issuer), or 

  

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

 

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

  

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

  

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

  
 62 

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

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

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

  

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

 

	 	(C)	the aggregate amount (the amount expended for these purposes, if other than in cash, being the Fair Market Value of the relevant property at the time of the making thereof) of the proposed Restricted Payment and all
other Restricted Payments made subsequent to the Issue Date up to the date thereof (including without duplication, Restricted Payments permitted by clause(b)(i) below, but excluding all other Restricted Payments permitted by clause (b) below,
less any Investment Return calculated as of the date thereof, shall exceed the sum of: 

  

	 	(1)	50% of cumulative Consolidated Net Income of the Issuer (or, if cumulative Consolidated Net Income of the Issuer is a loss, 100% of the loss taken as a negative amount), accrued during the period, treated as one
accounting period, beginning on January 1, 2017 to the end of the most recent fiscal quarter for which consolidated financial information of the Issuer is available, less the amount of cash benefits to the Issuer or a Restricted
Subsidiary that the Issuer elects to net against Investments pursuant to clause (12) of the definition of “Permitted Investments”; plus 

  

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

  

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

  

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

  

	 	•	 	received from a Subsidiary of the Issuer; 

  

	 	•	 	used to redeem Notes under Article V; 

  
 63 

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

  

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

  

	 	(3)	U.S.$500.0 million 

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

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

  

	 	(ii)	if no Default or Event of Default shall have occurred and be continuing, the purchase, redemption or other acquisition or retirement for value of any Capital Stock of the Issuer or any Restricted Subsidiary,

  

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

  

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

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

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

  

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

 

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

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

  
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	 	(iv)	repurchases by the Issuer of Common Stock of the Issuer or options, warrants or other securities exercisable or convertible into Common Stock of the Issuer from employees or directors of the Issuer or any of its
Subsidiaries or their authorized representatives upon the death, disability or termination of employment or directorship of the employees or directors, in an amount not to exceed U.S.$5.0 million in any calendar year and any repurchases other
than in connection with compensation of Common Stock of the Issuer pursuant to binding written agreements in effect on the Issue Date; 

  

	 	(v)	payments of dividends on Disqualified Capital Stock issued pursuant to the covenant described under Section 3.9; 

 

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

  

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

 

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

 

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

  

	 	(x)	the making of any payment on, or the purchase, defeasance, redemption, prepayment, decrease or other acquisition or retirement for value of, any Subordinated Indebtedness Incurred pursuant to
Section 3.9(a) or Section 3.9(b)(iii); 

  
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	 	(xi)	Restricted Payments that, when taken together with all Restricted Payments made pursuant to this clause (xi), do not exceed U.S.$250.0 million in any calendar year; and 

 

	 	(xii)	so long as no Event of Default has occurred and is continuing other Restricted Payments so long as, on the date of such Restricted Payment and after giving effect thereto on a pro forma basis, the Consolidated
Leverage Ratio of the Issuer would be no greater than 3.75 to 1.0. 

 (c) The amount of all Restricted Payments (or transfer or
issuance that would constitute Restricted Payments but for the exclusions from the definition thereof) and Permitted Investments (other than cash) will be the Fair Market Value on the date of the transfer or issuance of the asset(s) or securities
proposed to be transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment (or transfer or issuance that would constitute a Restricted Payment but for the exclusions from the definition
thereof) or Permitted Investment. 
 (d) For purposes of determining compliance with this Section 3.11, in the
event that a proposed Restricted Payment (or a portion thereof) meets the criteria of clauses (i) through (xii) of Section 3.11(b) or is entitled to be made pursuant to
Section 3.11(a) or as a Permitted Investment, the Issuer, in its sole discretion, will be able to classify or later reclassify (based on circumstances existing on the date of such reclassification) such Restricted
Payment (or a portion thereof) between clauses (i) through (xii) of Section 3.11(b) and Section 3.11(a) or as a Permitted Investment in any manner that otherwise complies with this
Section 3.11. 
 Section 3.12 Limitation on Asset Sales. 

(a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

 

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

  

	 	(ii)	other than in respect of Permitted Asset Swap Transactions, at least 75% of the consideration received for the assets sold by the Issuer or the Restricted Subsidiary, as the case may be, in the Asset Sale shall be in
the form of cash or Cash Equivalents received at the time of such Asset Sale; provided, however, for the purposes of this clause (ii), the following are also deemed to be cash or Cash Equivalents: 

 

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

  
 66 

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

  

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

  

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

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

 

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

 

	 	(ii)	purchase: 

  

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

 

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

 (c) To the extent all or a portion of the Net Cash Proceeds of any Asset Sale are not applied
within the 365 days of the Asset Sale as described in clause (i) or (ii) of Section 3.12(b), the Issuer will make an offer to purchase Notes (the “Asset Sale Offer”), at a purchase price equal to 100% of the principal
amount of the Notes to be purchased, plus accrued and unpaid interest thereon, to, but not including, the date of purchase (the “Asset Sale Offer Amount”). 

  
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The Issuer will purchase pursuant to an Asset Sale Offer from all tendering Holders on a pro rata basis, and, at the Issuer’s option, on a pro rata basis with the holders of
any other Senior Indebtedness with similar provisions requiring the Issuer to offer to purchase the other Senior Indebtedness with the proceeds of Asset Sales, that principal amount (or accreted value in the case of Indebtedness issued with original
issue discount) of Notes and the other Senior Indebtedness to be purchased equal to such unapplied Net Cash Proceeds. The Issuer may satisfy its obligations under this Section 3.12 with respect to the Net Cash Proceeds of
an Asset Sale by making an Asset Sale Offer prior to the expiration of the relevant 365-day period. 

(d) Pending the final application of any Net Cash Proceeds pursuant to this Section 3.12, the holder of such Net Cash
Proceeds may apply such Net Cash Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Cash Proceeds in any manner not prohibited by this Indenture. 

(e) The purchase of Notes pursuant to an Asset Sale Offer shall occur not less than 20 Business Days following the date thereof, or any
longer period as may be required by law, nor more than 45 days following the 365th day following the Asset Sale. The Issuer may, however, defer an Asset Sale Offer until there is an aggregate amount of unapplied Net Cash Proceeds from one or more
Asset Sales equal to or in excess of U.S.$100.0 million. At that time, the entire amount of unapplied Net Cash Proceeds, and not just the amount in excess of U.S.$100.0 million, shall be applied as required pursuant to this
Section 3.12. 
 (f) Each Asset Sale Offer Notice shall be sent electronically or by first class mail, postage
prepaid, to the record Holders as shown on the Note Register within 20 days following such 365th day (or such earlier date as the Issuer shall have elected to make such Asset Sale Offer), with a copy to the Trustee offering to purchase the Notes as
described above. Each notice of an Asset Sale Offer shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date the notice is sent or mailed, other than as may be required by law
(the “Asset Sale Offer Payment Date”). Upon receiving notice of an Asset Sale Offer, Holders may elect to tender their Notes in whole or in part in minimum denominations of €100,000 and in any integral multiples of €1,000
in excess thereof in exchange for cash. 
 (g) On the Asset Sale Offer Payment Date, the Issuer will, to the extent lawful: 

 

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

  

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

 

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

  
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 (h) To the extent Holders of Notes and holders of other Senior Indebtedness, if any, which are
the subject of an Asset Sale Offer properly tender and do not withdraw Notes or the other Senior Indebtedness in an aggregate amount exceeding the amount of unapplied Net Cash Proceeds, the Issuer shall purchase the Notes and the other Senior
Indebtedness on a pro rata basis (based on amounts tendered). If only a portion of a Note is purchased pursuant to an Asset Sale Offer, a new Note in a principal amount equal to the portion thereof not purchased shall be issued in the name of the
holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a global note shall be made, as appropriate). Notes (or portions thereof) purchased pursuant to an Asset Sale Offer shall be
canceled and cannot be reissued. 
 (i) The Issuer shall comply with the requirements of Rule 14e-1
under the Exchange Act and any other applicable securities laws in connection with the purchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with this
Section 3.12, the Issuer shall comply with these laws and regulations and shall not be deemed to have breached its obligations under the “Asset Sale” provisions of this Indenture by doing so. 

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

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

Section 3.13 [Reserved] 

Section 3.14 Limitation on Designation of Unrestricted Subsidiaries. 

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

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

  
 69 

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

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

 

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

  

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

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

 

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

  

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

  

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

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

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

  
 70 

	 	(ii)	this Indenture; 

  

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

  

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

  

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

  

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

 

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

  

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

  

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

  

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

  
 71 

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

  

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

 

	 	(xiii)	restrictions in Indebtedness Incurred by a Restricted Subsidiary in compliance with the covenant described under Section 3.9; provided, that (A) such restrictions are not materially
more restrictive with respect to such encumbrances and restrictions than those such Restricted Subsidiary was subject to in agreements related to obligations referenced in clause (iii) above as determined in good faith by the Issuer’s
senior management or (B) such Incurrence will not materially impair the Issuer’s ability to make payments under the Notes when due as determined in good faith by the Issuer’s senior management; and 

 

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

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

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

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

Section 3.18 Limitation on Transactions with Affiliates. 

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

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

  

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

  

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

  

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

  

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

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

  

	 	(vii)	loans made by the Issuer or any Restricted Subsidiary to employees or directors in an aggregate amount not to exceed U.S.$15.0 million (or its equivalent in another currency) at any time outstanding.

 Section 3.19 Conduct of Business. The Issuer and its Restricted Subsidiaries shall not engage in any business
other than a Permitted Business. 
 Section 3.20 Reports to Holders. 

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

	 	(i)	provide the Trustee and the Holders with: 

  

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

  

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

  

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

  

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

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

(c) Notwithstanding anything in this Indenture to the contrary, the Issuer shall not be deemed to have failed to comply with any of its
obligations hereunder for purposes of clause (iv) of Section 6.1(a) or for any other purpose hereunder until 75 days after the date any report hereunder is due. 

(d) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such reports shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officer’s Certificates). 
 Section 3.21 Payment of Additional Amounts. 

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

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

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

  

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

  
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	 	(iii)	any Taxes imposed solely because the Holder or any other person fails to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with a
Taxing Jurisdiction of the Holder or any beneficial owner of the Note if compliance is required by the applicable law of the Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of, the tax, assessment or other
governmental charge, and the Issuer has given the Holders at least 30 days’ notice that Holders shall be required to provide such information and identification, 

 

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

  

	 	(v)	[Reserved], 

  

	 	(vi)	any Taxes that would have been avoided by presenting for payment (where presentation is required) the relevant Note to another Paying Agent, 

 

	 	(vii)	any Taxes with respect to such Note presented for payment more than 30 days after the date on which the payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given
to Holders, whichever occurs later, except to the extent that the Holders of such Note would have been entitled to such Additional Amounts on presenting such Note for payment on any date during such 30 day period, or 

 

	 	(viii)	any payment on the Note to a Holder that is a fiduciary or partnership or a person other than the sole beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a
member of such a partnership or the beneficial owner of the payment would not have been entitled to the Additional Amounts had the beneficiary, settlor, member or beneficial owner been the Holder of the Note. 

(c) The obligations in Section 3.21(b) and Section 3.21(c) shall survive any
termination or discharge of this Indenture and shall apply mutatis mutandis to any Taxing Jurisdiction with respect to any successor to the Issuer or any Note Guarantor, as the case may be. The Issuer or such Note Guarantor, as applicable, shall
(i) make such withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant Taxing Jurisdiction in accordance with applicable law. The Issuer or such Note Guarantor, as applicable, shall use all reasonable
efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Taxing Jurisdiction imposing such Taxes and shall furnish such certified copies to the Trustee within 30 days after the date the
payment of any Taxes so deducted or so withheld is due pursuant to applicable law or, if such tax receipts are not reasonably available to the Issuer or such Note Guarantor, as applicable, furnish such other documentation that provides reasonable
evidence of such payment by the Issuer or such Note Guarantor, as applicable. 

  
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 (d) The exception to the Issuer’s obligations to pay Additional Amounts pursuant to clause
(iii) of Section 3.21(c) will not apply if (i) the provision of information, documentation or other evidence described in such clause would be materially more onerous, in form, in procedure or in the
substance of information disclosed, to a Holder or beneficial owner of a Note than comparable information or other reporting requirements imposed under U.S. tax law, regulation (including proposed regulations) and administrative practice, or
(ii) Article 166, Section II, paragraph (a), of the Mexican Income Tax Law (Ley del Impuesto Sobre la Renta) (or a substitute or equivalent provision) is in effect, unless (A) the provision of the
information, documentation or other evidence described in clause (iii) of Section 3.21(b) is expressly required by the applicable Mexican laws and regulations in order to apply Article 166, Section II, paragraph (a),
of the Mexican Income Tax Law (or substitute or equivalent provision), (B) the Issuer or any Note Guarantor cannot obtain the information, documentation or other evidence necessary to comply with the applicable Mexican laws and regulations on its
own through reasonable diligence and (C) the Issuer or any Note Guarantor would not otherwise meet the requirements for application of the applicable Mexican laws and regulations. 

(e) Clause (iii) of Section 3.21(c) does not require, and shall not be construed to require, that any
holder, including any non-Mexican pension fund, retirement fund, tax- exempt organization or financial institution, register with the Tax Management Service
(Servicio de Administración Tributaria) or the Mexican Ministry of Finance and Public Credit (Secretaría de Hacienda y
Crédito Público) to establish eligibility for an exemption from, or a reduction of, Mexican withholding taxes. 

(f) Any reference in this Indenture, any supplemental indenture or the Notes to principal, premium, interest or any other amount payable in
respect of the Notes by the Issuer shall be deemed also to refer to any Additional Amount that may be payable with respect to that amount under the obligations referred to in this subsection. Payment of any Additional Amounts with respect to
interest shall be considered as an interest payment under, or with respect to, the Notes. 
 (g) In the event that Additional Amounts
actually paid with respect to the Notes pursuant to this Section 3.21 are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Notes, and as a
result thereof such Holder is entitled to make a claim for a refund or credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Notes, and without any further action, be deemed to have
assigned and transferred all right, title and interest to any such claim for a refund or credit of such excess to the Issuer. However, by making such assignment, the Holder makes no representation or warranty that the Issuer shall be entitled to
receive such claim for a refund or credit and incurs no other obligation with respect thereto. 

  
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 Section 3.22 Suspension of Covenants. 

(a) During any period of time that the Notes do not have Investment Grade Ratings from two of the Rating Agencies and (i) the Consolidated
Leverage Ratio of the Issuer is less than 3.5:1 and (ii) no Default or Event of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a
“Partial Covenant Suspension Event”), the Issuer and its Restricted Subsidiaries shall not be subject to the provisions of this Indenture described under Sections 3.12, 3.14(b), 3.15, 3.18, 3.19,
and 4.1(a)(ii) (collectively, the “Partial Suspended Covenants”). 
 (b) During any period of time that
(i) the Notes have Investment Grade Ratings from two of the Rating Agencies and (ii) no Default or Event of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (i) and (ii) being
collectively referred to as a “Covenant Suspension Event”), the Issuer and its Restricted Subsidiaries shall not be subject to the provisions of this Indenture described under Sections 3.9, 3.11, 3.12,
3.14(b), 3.15, 3.16, 3.18, 3.19, and 4.1(a)(ii) (collectively, the “Suspended Covenants”). 

(c) In addition, (x) no Subsidiary that is a Restricted Subsidiary on the date of the occurrence of a Partial Covenant Suspension Event
(the “Partial Covenant Suspension Date”) or a Covenant Suspension Event (the “Suspension Date”) may be redesignated as an Unrestricted Subsidiary during the Partial Suspension Period or the Suspension Period, as
applicable and (y) each Additional Note Guarantor shall be released from its obligation to guarantee the Notes on the date of a Partial Covenant Suspension Event or a Covenant Suspension Event, as the case may be. 

(d) The Additional Note Guarantors shall be released from their obligation to guarantee the Notes upon the occurrence of a Partial Covenant
Suspension Event or a Covenant Suspension Event; provided, that upon the occurrence of a Partial Covenant Reversion Date or a Reversion Date, as applicable, the guarantee of the Notes by the Additional Note Guarantors shall be reinstated in
accordance with and subject to the conditions in Section 3.22(e). 
 (e) In the event that the Issuer and its
Restricted Subsidiaries are not subject to the Partial Suspended Covenants or the Suspended Covenants, as the case may be, for any period of time as a result of the foregoing, and on any subsequent date (in the case of Partial Suspended Covenants,
such subsequent date being the “Partial Covenant Reversion Date” and, in the case of Suspended Covenants, such subsequent date being the “Reversion Date”) (i) the Consolidated Leverage Ratio of the Issuer is not
less than 3.5:1 during the applicable Partial Suspension Period or (ii) the Notes do not have Investment Grade Ratings from at least two of the Rating Agencies during the applicable Suspension Period, then in each case in clauses (i) and
(ii), the Issuer and its Restricted Subsidiaries will thereafter again be subject to the Partial Suspended Covenants or the Suspended Covenants, as applicable, and the Notes will again be guaranteed by the Additional Note Guarantors (unless, solely
with respect to any Additional Note Guarantor, the conditions for release as described under Section 10.2 are otherwise satisfied during the Partial Suspension Period or the Suspension Period, as applicable). The Issuer
shall cause such Additional Note Guarantor to promptly execute and deliver to the Trustee a supplemental indenture hereto in form and substance reasonably satisfactory to the Trustee in accordance with

  
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the provisions of Article IX, evidencing that such Additional Note Guarantor’s guarantee on substantially the terms set forth in
Article X. The period of time between the Partial Covenant Suspension Date and the Partial Covenant Reversion Date is referred to as the “Partial Suspension Period” and the period of time between the
Suspension Date and the Reversion Date is referred to as the “Suspension Period.” Notwithstanding that the Partial Suspended Covenants, the Suspended Covenants and the guarantees by the Additional Note Guarantors may be reinstated,
no Default or Event of Default will be deemed to have occurred as a result of a failure to comply with the Partial Suspended Covenants during the Partial Suspension Period or the Suspended Covenants during the Suspension Period, as the case may be
(or upon termination of the applicable Partial Suspension Period or the Suspension Period or after that time based solely on events that occurred during the applicable Partial Suspension Period or the Suspension Period, as the case may be). 

(f) On the Reversion Date, all Indebtedness Incurred during the Suspension Period shall be deemed to have been outstanding on the Issue Date,
so that it is classified as permitted under clause (iii) of Section 3.9(b). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under
Section 3.11 shall be made as though Section 3.11 had been in effect prior to, but not during, the Suspension Period. The Issuer will give the Trustee written notice of any occurrence of a
Reversion Date not later than five (5) Business Days after such Reversion Date. After any such notice of the occurrence of a Reversion Date, the Trustee shall assume the Suspended Covenants apply and are in full force and effect. Accordingly,
Restricted Payments made during the Suspension Period will not reduce the amount available to be made as Restricted Payments under Section 3.11(a). 

(g) The Issuer will give the Trustee written notice of any Partial Covenant Suspension Event or any Covenant Suspension Event and in any case
no later than five (5) Business Days after such Partial Covenant Suspension Event or Covenant Suspension Event has occurred. In the absence of such notice, the Trustee shall assume that the Partial Suspended Covenants or the Suspended
Covenants, as applicable, apply and are in full force and effect. 
 ARTICLE IV 

SUCCESSOR ISSUER 

Section 4.1 Merger, Consolidation and Sale of Assets. 

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

	 	(i)	either: 

  

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

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

 

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

 

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

  

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

 

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

 

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

  

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

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

  

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

  

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

  

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

 

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

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

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

  

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

  

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

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

  
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 The Successor Issuer will succeed to, and be substituted for, the Issuer under this Indenture
and the Notes, as applicable. For the avoidance of doubt, compliance with this Section 4.1 will not affect the obligations of the Issuer (including a Successor Issuer, if applicable) under
Section 3.8 if applicable. 
 (b) Each Note Guarantor shall not, and the Issuer shall not cause or permit any such
Note Guarantor to, consolidate with or merge into, or sell or dispose of all or substantially all of its assets to, any Person (other than the Issuer) that is not a Note Guarantor unless: 

 

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

 

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

  

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

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

 

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

  

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

  

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

 ARTICLE V

 OPTIONAL REDEMPTION OF NOTES 

Section 5.1 Optional Redemption. The Issuer may redeem the Notes, at its option, in whole at any time or in part from time to
time, subject to the satisfaction of one or more conditions precedent and at the redemption prices specified in the Form of Note in Exhibit A hereto. 

  
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 Section 5.2 [Reserved]. 

Section 5.3 Notices to Trustee. If the Issuer elects to redeem the Notes pursuant to the optional redemption provisions of
Section 5.1 hereof, it shall furnish to the Trustee, at least 15 days but not more than 60 days before the Redemption Date, an Officer’s Certificate setting forth: (a) the Redemption Date, (b) the
principal amount of Notes to be redeemed, (c) the ISIN number of the Notes, (d) the redemption price and (e) the amount of interest to be paid with respect to each multiple of €1,000 principal amount of Notes to be redeemed. 

Section 5.4 Notice of Redemption. 

(a) The Issuer shall prepare and deliver electronically in the case of global notes or mail or cause to be mailed a notice of redemption, in
the manner provided for in Section 12.1, not less than 15 nor more than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed. 

(b) All notices of redemption shall state: 
  

	 	(i)	the Redemption Date, 

  

	 	(ii)	the redemption price and the amount of any accrued interest payable as provided in Section 5.8, 

  

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

  

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

  

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

  

	 	(vi)	that on the Redemption Date the redemption price and any accrued interest payable to the Redemption Date as provided in Section 5.8 will become due and payable in respect of each Note, or the
portion of each Note, to be redeemed, and, unless the Issuer defaults in making the redemption payment, that interest on each Note, or the portion of each Note, to be redeemed, will cease to accrue on and after the Redemption Date,

  

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

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

(c) In addition, if such redemption, purchase or notice is subject to satisfaction of one or more conditions precedent, as permitted by
Section 5.1, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be
satisfied, or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date, or by the Redemption Date as so delayed. 

(d) At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s names and at its expense;
provided, however, that the Issuer shall have delivered to the Trustee, at least 45 days prior to the Redemption Date, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated
in such notice as provided in the preceding Section 5.4(b). 
 Section 5.5 Selection of Notes to Be
Redeemed in Part. 
 (a) If the Issuer is not redeeming all Outstanding Notes, the Trustee shall select the Notes to be redeemed in
compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not then listed on a national securities exchange, on a pro rata basis, by lot or by any other method as the
Trustee shall deem fair and appropriate; provided, however, that if a partial redemption is made with the proceeds of an Equity Offering, selection of the Notes, or portions of the Notes, for redemption shall be made by the Trustee only on a pro
rata basis, or on as nearly a pro rata basis as is practicable (subject to the procedures of Euroclear or Clearstream), unless the method is otherwise prohibited. The Trustee shall make the selection from the then Outstanding Notes not previously
called for redemption. The Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount of the Notes to be redeemed. In the event of a
partial redemption by lot, the Trustee shall select the particular Notes to be redeemed not less than 15 nor more than 60 days prior to the relevant Redemption Date from the then Outstanding Notes not previously
called-for redemption. No Notes of €100,000 principal amount or less shall be redeemed in part. The Trustee may select for redemption portions with minimum denominations of €100,000 and in integral
multiples of €1,000 in excess thereof. 
 (b) For all purposes of this Indenture, unless the context otherwise requires, all provisions
relating to redemption of Notes shall relate, in the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of that Note which has been or is to be redeemed. 

Section 5.6 Effect of Notice of Redemption. Once a notice of redemption is sent in accordance with
Section 5.3 hereof, Notes called for redemption become irrevocably due and payable on the Redemption Date at the redemption price (assuming the satisfaction of any conditions precedent). 

  
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 Section 5.7 Deposit of Redemption Price. On or prior to 10:00 a.m. London time, on
the Business Day prior to the Redemption Date, the Issuer shall deposit with the Trustee or with a Paying Agent (or, if the Issuer or a Note Guarantor is acting as the Paying Agent, segregate and hold in trust as provided in
Section 2.4) an amount of money in immediately available funds sufficient to pay the redemption price of, and accrued interest on, all the Notes that the Issuer is redeeming on that date. 

Section 5.8 Notes Payable on Redemption Date. If the Issuer, or the Trustee on behalf of the Issuer, gives notice of redemption in
accordance with this Article V, the Notes, or the portions of Notes, called-for redemption, shall, on the Redemption Date, become due and payable at the redemption price specified in
the notice (together with accrued interest, if any, to the Redemption Date), and from and after the Redemption Date (unless the Issuer shall default in the payment of the redemption price and accrued interest) the Notes or the portions of Notes
shall cease to bear interest. Upon surrender of any Note for redemption in accordance with the notice, the Issuer shall pay the Notes at the redemption price, together with accrued interest, if any, to the Redemption Date (subject to the rights of
Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). If the Issuer shall fail to pay any Note called-for redemption upon its surrender for redemption,
the principal shall, until paid, bear interest from the Redemption Date at the rate borne by the Notes. 
 Section 5.9 Unredeemed
Portions of Partially Redeemed Note. Upon surrender of a Note that is to be redeemed in part, the Issuer shall execute, and the Trustee shall authenticate and make available for delivery to the Holder of the Note, at the expense of the Issuer, a
new Note or Notes, of any authorized denomination as requested by the Holder, in an aggregate principal amount equal to, and in exchange for, the unredeemed portion of the principal of the Note surrendered, provided, that each new Note will
be in a principal amount of €100,000 and in integral multiples of €1,000 in excess thereof. 
 ARTICLE VI 

DEFAULTS AND REMEDIES 

Section 6.1 Events of Default. 

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

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

  

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

  

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

  
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	 	(iv)	the failure by the Issuer or any Restricted Subsidiary to comply with, or in the case of Restricted Subsidiaries that are not Note Guarantors, to perform according to, any other covenant or agreement contained in this
Indenture or in the Notes for 45 days or more after written notice to the Issuer from the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes; 

 

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

  

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

  

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

 and the
principal or accreted amount of Indebtedness covered by clauses (v)(A) or (v)(B) of this (a) at the relevant time, aggregates U.S.$50.0 million or more; 
  

	 	(vi)	failure by the Issuer or any of its Restricted Subsidiaries to pay one or more final judgments against any of them, aggregating U.S.$100.0 million or more, which judgment(s) are not paid, discharged or stayed for a
period of 60 days or more; 

  

	 	(vii)	a Bankruptcy Event of Default; or 

  

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

 The
foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body. 
 (b) The Issuer shall deliver within 30 days to the Trustee written notice of any
event which would constitute a Default or Event of Default, their status and what action the Issuer is taking or proposes to take in respect thereof. 

  
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 Section 6.2 Acceleration. 

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

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

  

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

 

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

  

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

(c) The Trustee is not to be charged with knowledge of any Default or Event of Default or knowledge of any cure of any Default or Event of
Default unless written notice of such Default or Event of Default has been given to an authorized officer of the Trustee with direct responsibility for the administration of this Indenture by the Issuer or any Holder. 

Section 6.3 Other Remedies. 

(a) If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of and
interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 (b) The Trustee may maintain a
proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 

  
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 Section 6.4 Waiver of Past Defaults. Subject to
Section 6.2, the Holders of a majority in principal amount of the then Outstanding Notes may waive any existing Default or Event of Default, and its consequences, except a default in the payment of the principal of,
premium, if any, or interest on any Notes. 
 Section 6.5 Control by Majority. The Holders of a majority in principal amount of
the then Outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. Subject to Section 7.1 and
Section 7.2, however, the Trustee may refuse to follow any direction that conflicts with law or this Indenture; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction. 
 Section 6.6 Limitation on Suits. 

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

 

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

  

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

  

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

  

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

  

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

 provided, that a Holder of a Note may institute suit for enforcement of payment of the principal of and premium, if any, or interest
on such Note on or after the respective due dates expressed in such Note. 
 Section 6.7 Rights of Holders to Receive Payment.
Notwithstanding any other provision of this Indenture (including, without limitation, Section 6.6), the right of any Holder to receive payment of principal or interest on the Notes held by such Holder, on or after the
respective due dates, Redemption Dates or repurchase date expressed in this Indenture or the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of
such Holder. 
 Section 6.8 Collection Suit by Trustee. If an Event of Default specified in clause (i) and (ii) of
Section 6.1(a) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer and each Note Guarantor for the whole amount then due and owing (together with
applicable interest on any overdue principal and, to the extent lawful, interest on overdue interest) and the amounts provided for in Section 7.7. 

  
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 Section 6.9 Trustee May File Proofs of Claim, etc. 

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

 

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

 

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

Any receiver, trustee, liquidator, sequestrator (or other similar official) in any such proceeding is hereby authorized by each Holder to
make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, taxes, disbursements and
advances of the Trustee, its agent and counsel, and any other amounts due to the Trustee pursuant to Section 7.7. 

(b) Nothing in this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10 Priorities. If the Trustee collects any money or property pursuant to this Article VI, it
shall pay out the money or property in the following order: 
 FIRST: to the Trustee for amounts due under
Section 7.7; 
 SECOND: if the Holders proceed against the Issuer directly without the Trustee in accordance with
this Indenture, to Holders for their collection costs; 
 THIRD: to Holders for amounts due and unpaid on the Notes for principal and
interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 

FOURTH: to the Issuer or, to the extent the Trustee collects any amount pursuant to Article X hereof from any Note
Guarantor, to such Note Guarantor, or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may, upon notice to
the Issuer, fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

  
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 Section 6.11 Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and
the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.11 does not apply to a suit by the Trustee, a suit by the Issuer, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in principal amount of Outstanding
Notes. 
 ARTICLE VII 

TRUSTEE 
 Section 7.1
Duties of Trustee. 
 (a) If a Default or an Event of Default has occurred and is continuing, the Trustee shall exercise the rights
and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

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

 

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

  

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

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

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

  

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

 

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

  
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 (d) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuer. 
 (e) Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law. 
 (f) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability
is not reasonably assured to it. 
 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Article VII. 
 (h) Unless otherwise
specifically provided in this Indenture, any demand, request, direction or notice from the Issuer shall be sufficient if signed by an Officer of the Issuer. 

(i) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in
compliance with such request or direction. 
 Section 7.2 Rights of Trustee. 

Subject to Section 7.1: 

(a) The Trustee may rely on any document reasonably believed by it to be genuine and to have been signed or presented by the proper person. The
Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting at the
direction of the Issuer or any Note Guarantor, it may require an Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate
or Opinion of Counsel. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

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

  
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 (f) If the Trustee shall determine, it shall be entitled to examine the books, records and
premises of the Issuer, personally or by agent or attorney. 
 (g) The Trustee shall not be deemed to have notice of any Default or Event of
Default unless a Trust Officer of the Trustee has received written notice at the Corporate Trust Office of any event which is in fact such a default, and such notice references the Notes and this Indenture. 

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

(i) The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in
any such certificate previously delivered and not superseded. 
 (j) The permissive rights of the Trustee enumerated herein shall not be
construed as duties. 
 (k) In no event shall the Trustee be liable, directly or indirectly, for any special, indirect, punitive or
consequential damages, even if the Trustee has been advised of the possibility of such damages. 
 (l) The Trustee shall not be responsible
or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes;
fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots, interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military
authority or governmental actions; it being understood that the Trustee shall use its best efforts to resume performance as soon as practicable under the circumstances. 

(m) The Trustee shall at no time have any responsibility or liability for or in respect to the legality, validity or enforceability of any
Collateral or any arrangement or agreement between the Issuer and any other Person with respect thereto, or the perfection or priority of any security interest created in any of the Collateral or maintenance of any perfection and priority, or for or
with respect to the sufficiency of the Collateral following an Event of Default. 
 Section 7.3 Individual Rights of Trustee.
The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, the Note Guarantors or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. Any
Paying Agent, Transfer Agent, Registrar or co-Registrar may do the same with like rights. However, the Trustee must comply with Section 7.10. 

  
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 Section 7.4 Trustee’s Disclaimer. The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the
Issuer in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. 

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

Section 7.7 Compensation and Indemnity. 

(a) The Issuer shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder
as the Issuer and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee upon request for all
reasonable out-of-pocket expenses incurred or made by it, including costs of collection, costs of preparing and reviewing reports, certificates and other documents,
costs of preparation and mailing of notices to Holders and reasonable costs of counsel retained by the Trustee in connection with the review, negotiation, execution and delivery of this Indenture or otherwise, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. 

(b) The Issuer and each Note Guarantor shall jointly and severally indemnify the Trustee against any and all loss, liability or expense
(including reasonable attorneys’ fees and expenses) incurred by it without negligence, willful misconduct or bad faith on its part in connection with the acceptance and administration of this trust and the performance of its duties hereunder,
including the costs and expenses of enforcing this Indenture (including this Section 7.7) and of defending itself against any claims (whether asserted by any Holder, the Issuer, any Note Guarantor or otherwise). The Trustee
shall notify the Issuer and each Note Guarantor promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer or any Note Guarantor shall not relieve the Issuer or any Note Guarantor of its obligations
hereunder. The Issuer shall defend the claim and the Trustee may have separate counsel and the Issuer shall pay the fees and expenses of such counsel; provided, that the Issuer shall not be required to pay such fees and expenses if it assumes
the Trustee’s defense, and, in the reasonable judgment of outside counsel to the Trustee, there is no conflict of interest between the Issuer and the Trustee in connection with such defense. The Issuer need not reimburse any expense or
indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. 

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

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

Section 7.8 Replacement of Trustee. 

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

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

  

	 	(ii)	the Trustee is adjudged bankrupt or insolvent; 

  

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

  

	 	(iv)	the Trustee otherwise becomes incapable of acting. 

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

  
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 (e) If the Trustee fails to comply with Section 7.10, any Holder may
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f)
Notwithstanding the replacement of the Trustee pursuant to this Section 7.8, the Issuer’s obligations under Section 7.7 shall continue for the benefit of the retiring Trustee. 

Section 7.9 Successor Trustee by Merger. 

(a) If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to,
another Person, the resulting, surviving or transferee Person without any further act shall be the successor Trustee. 
 (b) In case at the
time such successor or successors to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication
of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases such certificates of authentication and such delivery shall be valid for purposes of this Indenture. 

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

Section 7.11 [Reserved]. 

Section 7.12 [Reserved]. 

Section 7.13 Authorization and Instruction of the Trustee With Respect to the Collateral. Each Holder and the Issuer
authorize and instruct the Trustee (a) to enter into (or cause an agent or grant such powers of attorney to enter into), on its own behalf and on behalf of the Holders of Notes, such documents (the “Security Documents”) as are
necessary or desirable (which shall be evidenced by a written instruction from the Issuer to the Trustee) in order to create and maintain the security interest of the Trustee and the Holders of Notes in the Collateral as may from time to time be
provided to equally and ratably secure the Notes, (b) to grant such powers of attorney and to do or cause to be done all such acts and things, on its own behalf and in the name and on behalf of the Holders of Notes, as are necessary or
desirable (which shall be evidenced by a written instruction from the Issuer to the Trustee) to create and maintain the security interest of the Trustee and the Holders of Notes in such Collateral, (c) to appoint the Security Agent to serve as
direct representative of the Trustee and the Holders of Notes in connection with the creation and maintenance of the security interest of the Trustee and the Holders of Notes in such Collateral, (d) to accept the security interest in the
Collateral on behalf of each Holder, and (e) to grant powers in favor of an attorney to execute an accession public 

  
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deed before a Spanish notary public accepting the security interest in the Collateral on behalf of the Holders of Notes. It is understood and acknowledged that, in certain circumstances, the
Security Documents may be amended, modified or waived without the consent of the Trustee or the Holders of Notes. It is understood and acknowledged that the Security Agent, in addition to being appointed by and acting on behalf of the Trustee and
the Holders of Notes, has also been appointed by and is acting on behalf of (and may in the future be appointed by and act on behalf of) other creditors of the Issuer and its Subsidiaries. The Trustee will not have the right to cause the Security
Agent to foreclose on the Collateral upon the occurrence of an Event of Default in respect of the Notes. The Trustee shall at no time have any responsibility or liability for or in respect to the legality, validity or enforceability of any
Collateral or any arrangement or agreement between the Issuer and any other Person with respect thereto, or the perfection or priority of any security interest created in any of the Collateral or maintenance of any perfection and priority, or for or
with respect to the sufficiency of the Collateral following an Event of Default. 
 ARTICLE VIII 

DEFEASANCE; DISCHARGE OF INDENTURE 

Section 8.1 Legal Defeasance and Covenant Defeasance. 

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

 

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

  

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

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

 

	 	(iv)	this Article VIII. 

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

(c) Upon the Issuer’s exercise under Section 8.1(a) hereof of the option applicable to this clause (c), the
Issuer shall, subject to the satisfaction of the applicable conditions set forth in Section 8.2, be released from its obligations under Sections 3.4, 3.5, 3.8,
3.9, 3.11, 3.12, 3.14, 3.15, 3.16, 3.17, 3.18, 3.19, 3.20, 3.21, 3.22, 4.1(a) and 4.1(b) hereof with respect to the then Outstanding Notes on and after
the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders (and
the consequences of any thereof) in connection with such covenants, but shall continue to be Outstanding for all other purposes hereunder (it being understood that such Notes shall not be deemed Outstanding for accounting purposes). For this
purpose, such Covenant Defeasance means that, with respect to the then Outstanding Notes, the Issuer may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly
or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or
an Event or Default under clause (iii) of Section 6.1(a) (solely with respect to any failure to perform under or comply with clause (ii) or (iii) of Section 4.1(a)), clause (iv) of
Section 6.1(a) or clause (v) of Section 6.1(a) hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. 

Section 8.2 Conditions to Defeasance. The Issuer may exercise its Legal Defeasance option or its Covenant Defeasance option only
if: 
 (a) the Issuer has irrevocably deposited with the Trustee, in trust, for the benefit of the Holders cash in euros or European
Government Obligations or a combination thereof, in such amounts as will be sufficient without reinvestment, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest
(including Additional Amounts) on the Notes on the stated date for payment thereof or on the applicable Redemption Date, as the case may be; provided that (x) upon any redemption that requires the payment of a Make-Whole Amount, the amount deposited will be sufficient for purposes of the Indenture to the extent that an amount is deposited with the Trustee equal to the Make-Whole
Amount calculated as of the date of the notice of redemption, with any deficit as of the date of redemption only required to be deposited with the Trustee on or prior to the date of redemption and (y) such deficit amount will be set forth in an
Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such deficit amount that confirms that such deficit amount will be applied toward such redemption; 

  
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 (b) in the case of Legal Defeasance, the Issuer has delivered to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee (subject to customary exceptions and exclusions) and independent of the Issuer to the effect that: 
  

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

  

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

 in either case to
the effect that, and based thereon such Opinion of Counsel shall state that, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax
on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (c)
in the case of Covenant Defeasance, the Issuer has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee (subject to customary exceptions and exclusions) to the effect that the Holders will not recognize income, gain or
loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance
had not occurred; 
 (d) no Default or Event of Default shall have occurred and be continuing on the date of the deposit pursuant to
Section 8.2(a) (except any Default or Event of Default resulting from the failure to comply with Section 3.9 as a result of the borrowing of the funds required to effect such deposit); 

(e) the Trustee has received an Officer’s Certificate stating that such Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under this Indenture or any other material agreement or instrument to which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is bound; 

(f) the Issuer has delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent
of preferring the Holders over any other creditors of the Issuer or any Subsidiary of the Issuer or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others; 

(g) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel from counsel reasonably acceptable to the
Trustee (subject to customary exceptions and exclusions) and independent of the Issuer, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and 

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

  
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 Section 8.3 Application of Trust Money. The Trustee shall hold in trust euros or
European Government Obligations deposited with it pursuant to this Article VIII. It shall apply the deposited euros or European Government Obligations through the Paying Agent and in accordance with this Indenture to the
payment of principal of and interest on the Notes. 
 Section 8.4 Repayment to Issuer. 

(a) The Trustee and the Paying Agent shall promptly turn over to the Issuer upon request any excess money or securities held by them upon
payment of all the obligations under this Indenture. 
 (b) Subject to any applicable abandoned property law, the Trustee and the Paying
Agent shall pay to the Issuer upon request any money held by them for the payment of principal of, premium or interest on the Notes that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Issuer for
payment as general creditors. 
 Section 8.5 Indemnity for European Government Obligations. The Issuer shall pay and shall
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited European Government Obligations or the principal and interest received on such European Government Obligations. 

Section 8.6 Reinstatement. If the Trustee or Paying Agent is unable to apply any euros or European Government Obligations in
accordance with this Article VIII 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
obligations of the Issuer under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent is permitted to
apply all such euros or European Government Obligations in accordance with this Article VIII; provided, however, that, if the Issuer has made any payment of principal of, premium or interest on any Notes because of
the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from euros or European Government Obligations held by the Trustee or Paying Agent. 

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

(a) either: 
  

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

  

	 	(ii)	 (x) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of
the making of one or more notices of redemption or otherwise (in the case that such Notes have become due 

  
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and payable as a result of the mailing or electronic delivery of a notice of redemption, after any conditions precedent to redemption have been satisfied or waived in writing by the Issuer), will
become due and payable within one year or may be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the
Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee, in trust, for the benefit of the holders, cash in Euros, European Government Obligations, or a combination thereof, in such amounts as will be sufficient
without reinvestment, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for
cancellation, for principal of, premium, if any, and interest (including Additional Amounts) on the Notes to the stated date of deposit thereof or on the applicable redemption date, as the case may; provided that (x) upon any redemption
that requires the payment of a Make-Whole Amount, the amount deposited will be sufficient for purposes of the Indenture to the extent that an amount is deposited with the Trustee equal to the Make-Whole Amount calculated as of the date of the notice of redemption, with any deficit as of the date of redemption only required to be deposited with the Trustee on or prior to the date of redemption and
(y) such deficit amount will be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such deficit amount that confirms that such deficit amount will be applied toward such redemption; and
(y) the Issuer has delivered irrevocable instructions directing the Trustee to apply such funds to the payment of the Notes at maturity or the redemption date, as the case may be; 

(b) the Issuer has paid all other sums payable under this Indenture and the Notes by it; and 

(c) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent under
this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 ARTICLE IX 

AMENDMENTS 
 Section 9.1
Without Consent of Holders. 
 (a) The Issuer, the Note Guarantors and the Trustee may amend or supplement this Indenture, the
Notes or the Note Guarantees without notice to or consent of any Holder: 
  

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

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

 

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

  

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

  

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

 

	 	(vi)	to make any change that does not, in the opinion of the Issuer, as conclusively evidenced by an Officer’s Certificate to such effect, adversely affect the rights of any Holder in any material respect;

  

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

  

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

  

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

 

	 	(x)	in order to effect and maintain the listing of the Notes on the Global Exchange Market of the Irish Stock Exchange. 

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

Section 9.2 With Consent of Holders. 

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

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

  

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

 

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

  

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

  

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

  

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

  

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

  

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

(b) It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular
form of any proposed amendment, supplement or waiver but it shall be sufficient if such consent approves the substance thereof. 
 (c) After
an amendment, supplement or waiver under this Section 9.2 becomes effective, the Issuer shall mail to Holders a notice briefly describing such amendment, supplement or waiver. The failure to give such notice to all Holders,
or any defect therein, shall not impair or affect the validity of an amendment, supplement or waiver under this Section 9.2. 

(d) The Notes issued on the Issue Date, and any Additional Notes part of the same series, will be treated as a single series for all purposes
under this Indenture, including with respect to waivers and amendments. For the purposes of calculating the aggregate principal amount of Notes that have consented to or voted in favor of any amendment, waiver, consent, modifications or other
similar action, the Issuer (acting reasonably and in good faith) shall be entitled to select a record date as of which the principal amount of any Notes shall be calculated in such consent or voting process. 

  
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 Section 9.3 [Reserved]. 

Section 9.4 Revocation and Effect of Consents and Waivers. 

(a) A consent to an amendment, supplement or waiver by a Holder of a Note shall bind the Holder and every subsequent Holder of that Note or
portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such
Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. After an amendment, supplement or waiver becomes effective, it shall bind every Holder,
except as otherwise provided in this Article IX. An amendment, supplement or waiver shall become effective upon receipt by the Trustee of the requisite number of written consents under Section 9.2.

 (b) The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their
consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such record date
(or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record date. No
such consent shall be valid or effective for more than 90 days after such record date. 
 Section 9.5 Notation on or Exchange of
Notes. If an amendment or supplement changes the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to
the Holder. Alternatively, if the Issuer or the Trustee so determines, the Issuer, in exchange for the Note, will execute and upon Issuer Order, the Trustee will authenticate and make available for delivery a new Note that reflects the changed
terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment or supplement. 

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

  
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 ARTICLE X 

NOTE GUARANTEES 

Section 10.1 Note Guarantees. 

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

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

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

  

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

  

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

 

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

  

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

  

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

 

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

  

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

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

  

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

 

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

  

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

  

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

  

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

  

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

  

	 	(xvi)	any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of each Note Guarantor or would otherwise operate as a discharge of such Note
Guarantor as a matter of law or equity. 

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

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

  

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

  

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

  
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	 	(iv)	To the extent applicable, the benefits of orden, excusión, división, quita and espera and any right specified in articles 2814,
2815, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2826, 2837, 2838, 2839, 2840, 2845, 2846, 2847 and any other related or applicable articles that are not explicitly set forth herein because of Note Guarantor’s knowledge thereof of the
Código Civil Federal of Mexico, and the Código Civil of each State of the Mexican Republic and the Federal District of Mexico. 

(e) The obligations assumed by each Note Guarantor hereunder shall not be affected by the absence of judicial request of payment by a Holder to
the Issuer or by whether any such person takes timely action pursuant to articles 2848 and 2849 of the Código Civil Federal of Mexico and the Código Civil of each State of the Mexican Republic and the Federal District of Mexico and
each Note Guarantor hereby expressly waives the provisions of such articles. 
 (f) The obligations of each Note Guarantor hereunder shall
not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any
defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Note
Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of
any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the
risk of such Note Guarantor or would otherwise operate as a discharge of such Note Guarantor as a matter of law or equity. 
 (g) Except as
provided in Section 10.2, the obligations of each Note Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason other than payment of the Obligations in full. 

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

(i) In furtherance of the foregoing and not in limitation of any other right which the Trustee or any Holder has at law or in equity against
each Note Guarantor by virtue hereof, upon the failure of the Issuer to pay any of the Obligations when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, each Note Guarantor hereby promises to and
will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of: 
  

	 	(i)	the unpaid amount of such Obligations then due and owing; and 

  
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	 	(ii)	accrued and unpaid interest on such Obligations then due and owing (but only to the extent not prohibited by law); 

provided, that any delay by the Trustee in giving such written demand shall in no event affect any Note Guarantor’s obligations under its Note
Guarantee. 
 (j) Each Note Guarantor further agrees that, as between such Note Guarantor, on the one hand, and the Holders, on the other
hand: 
  

	 	(i)	the maturity of the Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Note Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Obligations guaranteed hereby; and 

  

	 	(ii)	in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Note Guarantor for the purposes of this Note
Guarantee. 

 Section 10.2 Limitation on Liability; Termination, Release and Discharge. 

(a) Subject to the limitations set out in Section 10.5 and Section 10.6, the obligations of
each Note Guarantor hereunder will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Note Guarantor and after giving effect to any collections from or payments made by or on behalf of
any other Note Guarantor in respect of the obligations of such other Note Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Note Guarantor under its Note Guarantee
not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 
 (b) A Note Guarantor will be released and
relieved of its obligations under its Note Guarantee in the event that: 
  

	 	(i)	there is a Legal Defeasance of the Notes pursuant to Article VIII; 

  

	 	(ii)	there is a sale or other disposition of Capital Stock of such Note Guarantor following which such Note Guarantor is no longer a direct or indirect Subsidiary of the Issuer; 

 

	 	(iii)	such Note Guarantor is designated as an Unrestricted Subsidiary in accordance with Section 3.14; 

  

	 	(iv)	either (A) the Credit Agreement Indebtedness has been repaid in full and such Note Guarantor is not a guarantor of the Indebtedness Incurred to refinance such Credit Agreement Indebtedness or (B) at least 85%
of the outstanding Indebtedness of the Issuer and its Restricted Subsidiaries is not guaranteed by such Note Guarantor; or 

  
 107 

	 	(v)	solely with respect to an Additional Note Guarantor, upon the occurrence of a Partial Covenant Suspension Event or Covenant Suspension Event until the occurrence of a Partial Covenant Reversion Date or a Reversion Date,
as applicable, at which time the guarantee of the Notes by such Additional Note Guarantor shall be reinstated unless such Additional Note Guarantor would have been released at any time during the Partial Suspension Period or the Suspension Period,
as applicable, pursuant to clause (i), (ii), (iii) or (iv) of this Section 10.2(b). 

Section 10.3 Right of Contribution. Each Note Guarantor that makes a payment or distribution under a Note Guarantee will be
entitled to a contribution from each other Note Guarantor in a pro rata amount, based on the net assets of each Note Guarantor determined in accordance with GAAP. The provisions of this Section 10.3 shall in no
respect limit the obligations and liabilities of each Note Guarantor to the Trustee and the Holders and each Note Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by such Note Guarantor hereunder. 

Section 10.4 No Subrogation. Each Note Guarantor agrees that it shall not be entitled to any right of subrogation in respect of
any Guaranteed Obligations until payment in full in cash or Cash Equivalents of all Obligations. If any amount shall be paid to any Note Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid
in full in cash or Cash Equivalents, such amount shall be held by such Note Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Note Guarantor, and shall, forthwith upon receipt by such Note Guarantor, be turned
over to the Trustee in the exact form received by such Note Guarantor (duly endorsed by such Note Guarantor to the Trustee, if required), to be applied against the Obligations. 

Section 10.5 French Guarantee Limitation. 

(a) The obligations of any Note Guarantor incorporated in France (a “French Note Guarantor”) are subject to the
limitations set out in this Section 10.5. 
 (b) The obligations and liabilities of any French Note Guarantor under
the Indenture and the Notes, and in particular under this Article X, shall not include any obligation or liability which, if incurred, would constitute the provision of financial assistance within the meaning of article L.225-216 of the French Commercial Code and/or would constitute a misuse of corporate assets within the meaning of article(s) L. 241-3, L.
242-6 or L. 244-1 of the French Commercial Code or any other law or regulations having the same effect, as interpreted by French courts. 

(c) The obligations and liabilities of any French Note Guarantor under this Article X for the Issuer’s
obligations under the Indenture and the Notes shall be limited, at any time, to an amount equal to the aggregate of all amounts made available under the Notes and the Indenture to the Issuer to the extent directly or indirectly on-lent to such French Note Guarantor and/or its direct and indirect Subsidiaries under intercompany loan agreements (excluding, for the avoidance of doubt, any cash-pooling
arrangements or other cash management agreements, provided, that the proceeds of the Notes shall not be used, in whole or in part, to finance, directly or indirectly, such cash pooling arrangements or other cash management agreements) and

  
 108 

 
outstanding at the date a payment is to be made by such French Note Guarantor under this Article X, it being specified that any payment made by a French Note Guarantor
under this Article X in respect of the obligations of the Issuer shall reduce pro tanto the outstanding amount of the intercompany loans due by such French Note Guarantor or its relevant direct or indirect Subsidiary
under the intercompany loan agreements referred to above and that any repayment of the intercompany loans by the French Note Guarantor or its relevant direct or indirect Subsidiary shall reduce pro tanto the amount payable by the French Note
Guarantor under this Article X. 
 (d) It is acknowledged that no French Note Guarantor is acting jointly and
severally with the other Note Guarantors and no French Note Guarantor shall therefore be considered as “co-débiteur solidaire” as to its
obligations pursuant to the guarantee given pursuant to this Article X. 
 Section 10.6 Swiss Guarantee
Limitation. 
 (a) The obligations of any Note Guarantor incorporated in Switzerland (a “Swiss Note Guarantor”) are
subject to the limitations set out in this Section 10.6. 
 (b) The obligations and liabilities of a Swiss Note
Guarantor under the Indenture, the Notes or any other agreement, and in particular under this Article X, in relation to the obligations, undertakings, indemnities or liabilities of a Note Guarantor other than that Swiss
Note Guarantor or any of its fully owned and controlled subsidiaries (the “Restricted Obligations”) and the aggregate use of the proceeds from the enforcement of any security interest granted by a Swiss Note Guarantor shall
not include any obligation or liability which, if incurred, would constitute the provision of financial assistance not permitted under the laws of Switzerland then in force and/or would constitute a misuse of corporate assets under Swiss law as
interpreted by Swiss courts and shall be limited to the amount of that Swiss Note Guarantor’s Free Reserves Available for Distribution (as defined below) at the time payment is requested, provided, that such limitation is a requirement
under applicable law (including any case law) at that point in time and that such limitation shall not free the Swiss Note Guarantor from its obligations in excess thereof, but merely postpone the performance date therefor or the application of
proceeds from the realization of a security interest until such time as performance is permitted notwithstanding such limitation. 
 (c) For
the purpose of this clause, “Free Reserves Available for Distribution” means an amount equal to the maximal amount in which the Swiss Note Guarantor can make a dividend payment to its shareholder(s) (being the balance
sheet profit and any freely disposable equity available for this purpose, in each case, in accordance with applicable Swiss law). The freely disposable equity represents the total shareholder equity less the total of: (i) the aggregate share
capital, (ii) the statutory reserves (including reserves for own shares and revaluations), to the extent such reserves cannot be transferred into unrestricted, distributable reserves, and (iii) any freely disposable equity that has to be
blocked for any loans granted by the Swiss Note Guarantor to a direct or indirect shareholder or a direct or indirect subsidiary of such shareholder. 
 As
soon as reasonably practicable after having been requested to discharge a Restricted Obligation, the Swiss Note Guarantor shall, if it cannot discharge the full amount of the Restricted Obligations, provide the Trustee with an interim statutory
balance sheet audited by the statutory auditors of the Swiss Note Guarantor setting out the Free Reserves Available for Distribution and, promptly thereafter, pay the amount corresponding to the Free Reserves Available for Distribution to the
Trustee (save to the extent provided below). 

  
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 (d) In respect of the Restricted Obligations, the Swiss Note Guarantor shall: 

 

	 	(i)	if and to the extent required by applicable law in force at the relevant time: 

  

	 	(A)	procure that such payments can be made without deduction of Swiss withholding tax, or with deduction of Swiss withholding tax at a reduced rate, by discharging the liability to such tax by notification pursuant to
applicable law (including double tax treaties) rather than payment of the Tax; 

  

	 	(B)	if the notification procedure pursuant to paragraph (A) above does not apply and subject to any applicable double taxation treaties, deduct Swiss withholding tax at the rate of 35 percent (or such other rate
as is in force at that time), or if the notification procedure pursuant to paragraph (A) above applies for a part of the Swiss withholding tax only, deduct Swiss withholding tax at the reduced rate resulting after the discharge of part of such
Tax by notification under applicable law, from any payment made by it and promptly pay any such taxes to the Swiss Federal Tax Administration; and 

  

	 	(C)	notify the Trustee that such notification or, as the case may be, deduction has been made and provide evidence to the Trustee that such a notification of the Swiss Federal Tax Administration has been made, or, as the
case may be, that such Swiss withholding tax has been paid to the Swiss Federal Tax Administration; 

  

	 	(ii)	to the extent such deduction is made, not be required to make a gross- up, indemnify or otherwise hold harmless the Trustee or the Holders for the deduction of the Swiss
withholding tax notwithstanding anything to the contrary contained in the Indenture, the Notes or any other agreement, unless grossing up is permitted under the laws of Switzerland then in force and provided, that this should not in any way
limit any obligations of any non-Swiss Note Guarantors under the Indenture, the Notes or any other agreement to indemnify the Trustee or the Holders in respect of the deduction of the Swiss withholding tax.
The Swiss Note Guarantor shall use all reasonable efforts to procure that any person which is entitled to a full or partial refund of any Swiss withholding tax paid pursuant to paragraph (a) above will, as soon as possible after the deduction
of the Swiss withholding tax: 

  

	 	(y)	request a refund of the Swiss withholding tax under any applicable law (including double taxation treaties) and 

  

	 	(z)	pay to the Trustee upon receipt any amount so refunded. 

  
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 (e) The Swiss Note Guarantor will take, and cause to be taken, as soon as reasonably practicable,
all and any other action, including, without limitation, the passing of any shareholders’ resolutions to approve any payment or other performance under the Indenture and the Notes and the receipt of any confirmations from the Swiss Note
Guarantor’s auditors, whether following a request to discharge a Restricted Obligation or which may be required as a matter of mandatory Swiss law in force at the time it is required to make a payment or perform other obligations under the
Indenture, the Notes or any other agreement in order to allow a prompt payment or performance of other obligations under the Indenture or the Notes. 

(f) If the enforcement of the Restricted Obligations would be limited due to the effects referred to in this
Section 10.6 and if any asset of the Swiss Note Guarantor has a book value that is less than its market value (an “Undervalued Asset”), the Swiss Note Guarantor shall, to the extent permitted by applicable
law and its accounting standards (i) write up the book value of such Undervalued Asset such that its balance sheet reflects a book value that is equal to the market value of such Undervalued Asset, and (ii) make reasonable efforts to
realize the Undervalued Asset for a sum which is at least equal to the market value of such asset. Without prejudice to the rights of the Trustee and the Holders under the Indenture, the Notes or any other agreement, the Swiss Note Guarantor will
only be required to realize an Undervalued Asset if such asset is not necessary for the Swiss Note Guarantor’s business (nicht betriebsnotwendig). 

ARTICLE XI 
 COLLATERAL 

Section 11.1 The Collateral. Subject to Section 11.2, the Issuer and the Note Guarantors agree
that the Notes will be at all times secured by a first-priority security interest in the Collateral on at least an equal and ratable basis with the Permitted Secured Obligations. 

Section 11.2 Release of the Collateral. 

(a) The Notes will cease to be secured by a security interest in the Collateral in accordance with the provisions of the Intercreditor
Agreement. 
 (b) In addition to the Collateral release provisions set forth in the Intercreditor Agreement, the Notes will cease to be
secured by a security interest on the Collateral upon: 
  

	 	(i)	(A) payment in full of the principal of, any accrued and unpaid interest on, the Notes and all other amounts or Obligations that are due and payable at or prior to the time such principal, accrued and unpaid interest,
if any, are paid, (B) a satisfaction and discharge of this Indenture or (C) a Legal Defeasance or Covenant Defeasance pursuant to Article VIII; or 

 

	 	(ii)	a refinancing of the Credit Agreement Indebtedness in full as a result of which the Collateral does not secure Indebtedness Incurred to refinance such Credit Agreement Indebtedness. 

  
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 ARTICLE XII 

MISCELLANEOUS 
 Section 12.1
Notices. 
 (a) Any notice or communication shall be in writing and delivered in person or mailed by
first-class mail, postage prepaid, addressed as follows: 
 if to the Issuer and the Note
Guarantors: 
 c/o CEMEX, S.A.B. de C.V. 

Av. Ricardo Margáin Zozaya #325 

Colonia Valle del Campestre 

Garza García, Nuevo León 

México 66265 
 Attention:
Chief Financial Officer 
 Fax: +1 52 81 8888 4417 

if to the Trustee: 
 The Bank of
New York Mellon 
 101 Barclay Street – 7E 

New York, NY 10286 
 Attention:
International Corporate Trust 
 Fax: 724-540-6330 

The Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

(b) All notices to Holders of Notes will be validly given if mailed to them at their respective addresses in the register of the Holders of
such Notes, if any, maintained by the Registrar. For so long as any Notes are represented by Global Notes, all notices to Holders of the Notes will be delivered to Euroclear or Clearstream, delivery of which shall be deemed to satisfy the
requirements of this paragraph. 
 (c) Each such notice shall be deemed to have been given on the date of delivery or mailing. Any notice or
communication mailed to a Holder shall be mailed to such Person by first-class mail or other equivalent means and shall be sufficiently given to them if so mailed within the time prescribed. Failure to mail a
notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it.

 (d) Subject to Section 7.1(c) and Section 7.2(a), the Trustee shall accept electronic
transmissions; provided, that (i) the Trustee shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission
is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the 

  
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party purporting to send such electronic transmission; and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result
of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information and (ii) each other party agrees to assume all risks arising out of the use of electronic methods to submit
instructions, directions, reports, notices or other communications or information to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and
the risk of interception and misuse by third parties. 
 (e) Any notice or communication mailed to a registered Holder shall be mailed to the
Holder at the Holder’s address as it appears on the Note Register and shall be sufficiently given if so mailed within the time prescribed. 

(f) Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 (g) Any
notice or communication delivered to the Issuer under the provisions herein shall constitute notice to the Note Guarantors. 

Section 12.2 Communication by Holders with Other Holders. Holders may communicate with other Holders with respect to their rights
under this Indenture (including the Note Guarantees) or the Notes. 
 Section 12.3 Certificate and Opinion as to Conditions
Precedent. Upon any request or application by the Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee: 

(a) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion
of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

Section 12.4 Statements Required in Certificate or Opinion. Each certificate or opinion, including an Opinion of Counsel or
Officer’s Certificate, with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
 (a) a
statement that the individual making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as to the
nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

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

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

In giving an Opinion of Counsel, counsel may rely as to factual matters on an Officer’s Certificate or on certificates of public
officials. 
 Section 12.5 Rules by Trustee, Paying Agent, Transfer Agent and Registrar. The Trustee may make reasonable rules
for action by, or a meeting of, Holders. The Paying Agent, Transfer Agent and the Registrar may make reasonable rules for their functions. 

Section 12.6 Legal Holidays. A “Legal Holiday” is (i) a Saturday, a Sunday or other day on which commercial
banking institutions are authorized or required to be closed in New York City, Mexico, Madrid, Amsterdam, London, Paris or Zurich and (ii) any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer System (TARGET2) is closed for settlement of payments. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 

Section 12.7 Governing Law, etc. 

(a) THIS INDENTURE (INCLUDING EACH NOTE GUARANTEE) AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK. THE PARTIES HERETO EACH HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR EACH NOTE GUARANTEE OR ANY TRANSACTION RELATED HERETO OR THERETO TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW. 
 (b) Each of the parties hereto hereby: 

 

	 	(i)	agrees that any suit, action or proceeding against it arising out of or relating to this Indenture (including the Note Guarantees) or the Notes, as the case may be, may be instituted in any Federal or state court
sitting in the City of New York and County of New York and in the courts of its own corporate domicile, in respect of actions brought against it as a defendant, 

  

	 	(ii)	waives to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding, any claim that any suit, action or proceeding in
such a court has been brought in an inconvenient forum, and any right to which it may be entitled, on account of place of residence or domicile, 

  
 114 

	 	(iii)	irrevocably submits to the jurisdiction of such courts in any suit, action or proceeding, 

  

	 	(iv)	agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding may be enforced in the courts of the jurisdiction of which it is subject by a suit upon judgment,
and 

  

	 	(v)	agrees that service of process by mail to the addresses specified herein shall constitute personal service of such process on it in any such suit, action or proceeding. 

(c) The Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) have appointed CEMEX NY Corporation, 590 Madison Avenue,
27th Floor, New York, NY 10022, as its authorized agent (the “Authorized Agent”) upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon this Indenture or the Notes which may
be instituted in any state or federal court in the City of New York and County of New York. The Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) hereby represent and warrant that the Authorized Agent has accepted such
appointment and has agreed to act as said agent for service of process, and the Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) agree to take any and all action, including the filing of any and all documents, that may
be necessary to continue each such appointment in full force and effect as aforesaid so long as the Notes remain outstanding. The Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) agree that the appointment of the
Authorized Agent shall be irrevocable so long as any of the Notes remain outstanding or until the irrevocable appointment by the Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) of a successor agent in the City of New
York, New York as each of their authorized agent for such purpose and the acceptance of such appointment by such successor. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Issuer
and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC). 
 (d) To the extent that any of the Issuer and the Note Guarantors
have or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice,
attachment in aid or otherwise) with respect to itself or any of its property, the Issuer and the Note Guarantors hereby irrevocably waive and agree not to plead or claim such immunity in respect of their obligations under this Indenture or the
Notes. 
 (e) Nothing in this Section 12.7 shall affect the right of the Trustee or any Holder of the Notes to
serve process in any other manner permitted by law. 
 Section 12.8 [Reserved]. 

Section 12.9 No Recourse Against Others. An incorporator, director, officer, employee, stockholder or controlling
person, as such, of the Issuer or any Note Guarantor shall not have any liability for any obligations of the Issuer or any Note Guarantor under the Notes or this Indenture or for any claims based on, in respect of or by reason of such obligations or
their creation. By accepting a Note, each Holder shall waive and release all such liability. 

  
 115 

 Section 12.10 Successors. All agreements of the Issuer and any Note Guarantor in this
Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

Section 12.11 Duplicate and Counterpart Originals. The parties may sign any number of copies of this Indenture. One signed copy is
enough to prove this Indenture. This Indenture may be executed in any number of counterparts, each of which so executed shall be an original, but all of them together represent the same agreement. Signatures of the parties hereto transmitted by
facsimile or pdf shall be deemed to be their original signatures for all purposes. 
 Section 12.12 Severability. In case any
provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 12.13 [Reserved]. 

Section 12.14 Currency Indemnity; Payments in U.S. Dollars. 

(a) The euro is the sole currency of account and payment for all sums payable by the Issuer and any Note Guarantor under or in connection with
the Notes or this Indenture, including damages. Any amount received or recovered in currency other than euros in respect of the Notes (whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer, a Note Guarantor or any Subsidiary of the Issuer or otherwise) by any Holder of the Notes in respect of any sum expressed to be due to it from the Issuer or any Note
Guarantor shall only constitute a discharge of them under the Notes and this Indenture only to the extent of the euro amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that
receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). If that euro amount is less than the euro amount expressed to be due to the recipient under the Notes or
this Indenture, the Issuer and the Note Guarantors shall jointly and severally indemnify and hold harmless the recipient, to the greatest extent permitted by law, against any loss or cost sustained by it in making any such purchase. For the purposes
of this Section 12.14, it will be sufficient for the Holder of a Note to certify that it would have suffered a loss had an actual purchase of euro been made with the amount so received in that other currency on the date of
receipt or recovery (or, if a purchase of euro on such date had not been practicable, on the first date on which it would have been practicable). 

(b) The indemnities of the Issuer and the Note Guarantors contained in this Section 12.14, to the extent permitted by
law: (i) constitute a separate and independent obligation from the other obligations of the Issuer and the Note Guarantors under this Indenture and the Notes; (ii) shall give rise to a separate and independent cause of action against the
Issuer and the Note Guarantors; (iii) shall apply irrespective of any waiver granted by any Holder of the Notes or the Trustee from time to time; and (iv) shall continue in full force and effect notwithstanding any other judgment, order,
claim or proof of claim for a liquidated amount in respect of any sum due under the Notes or this Indenture or any other judgment or order. 

  
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 Notwithstanding Section 12.14(a) above or any provision herein
or in the Notes to the contrary, if the euro is unavailable to the Issuer due to the imposition of exchange controls or other circumstances beyond the control of the Issuer or if the euro is no longer being used by the then member states of the
European Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then the Issuer will be entitled, until the euro is again available to the
Issuer or so used, to satisfy its payment obligations in respect of the Notes and this Indenture by making such payments in U.S. dollars. The amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S.
Federal Reserve Board as of the close of business on the second New York Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S.
dollar/euro exchange rate published in The Wall Street Journal on or prior to the second New York Business Day prior to the relevant payment date. Any payment in respect of the Notes or this Indenture so made in U.S. dollars will not
constitute an Event of Default under the Notes or this Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion made pursuant to this Section 12.14(c). 

Section 12.15 Table of Contents; Headings. The table of contents and headings of the Articles and Sections of this Indenture have
been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 12.16 USA PATRIOT Act. The parties hereto acknowledge that, in accordance with Section 326 of the USA PATRIOT Act
(Title III of Pub. L. 107-56 (signed into law on October 26, 2001)) (as amended, modified or supplemented from time to time, the “USA PATRIOT Act”), the Trustee, like all financial institutions,
is required to obtain, verify, and record information that identifies each person or legal entity that opens an account. The parties to this Agreement agree that they will provide the Trustee with such information as the Trustee may request in order
for the Trustee to satisfy the requirements of the USA PATRIOT Act. 
 Section 12.17
Bail-In. Notwithstanding and to the exclusion of any other term of this Indenture or any other agreements, arrangements, or understanding among the parties, each counterparty to the BRRD Party under
this Indenture acknowledges and accepts that a BRRD Liability arising under this Indenture may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts, and
agrees to be bound by: 
  

	 	(i)	the effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of the BRRD Party to such counterparty under this Indenture,
that (without limitation) may include and result in any of the following, or some combination thereof: 

  

	 	(a)	the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon; 

  
 117 

	 	(b)	the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the BRRD Party or another person (and the issue to or conferral on such counterparty of such shares,
securities or obligations); 

  

	 	(c)	the cancellation of the BRRD Liability; 

  

	 	(d)	the amendment or alteration of the amounts due in relation to the BRRD Liability, including any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment
for a temporary period; and 

  

	 	(ii)	the variation of the terms of this Indenture, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise of Bail-in Powers by the Relevant Resolution
Authority. 

 [Signature page follows] 

  
 118 

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

			
	CEMEX, S.A.B de C.V.,
	as Issuer
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact
		
	By:	 	 /s/ Jaime Armando Chapa González

	Name:	 	Jaime Armando Chapa González
	Title:	 	Attorney-in-Fact
	
	EACH OF THE NOTE GUARANTORS LISTED BELOW
	
	CEMEX México, S.A. de C.V.
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact
		
	By:	 	 /s/ Jaime Armando Chapa González

	Name:	 	Jaime Armando Chapa González
	Title:	 	Attorney-in-Fact
	
	CEMEX Concretos, S.A. de C.V.
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact
		
	By:	 	 /s/ Jaime Armando Chapa González

	Name:	 	Jaime Armando Chapa González
	Title:	 	Attorney-in-Fact

  
 119 

 
			
	Empresas Tolteca de México, S.A. de C.V.
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact
		
	By:	 	 /s/ Jaime Armando Chapa González

	Name:	 	Jaime Armando Chapa González
	Title:	 	Attorney-in-Fact
	
	New Sunward Holding B.V.
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact
	
	CEMEX España, S.A.
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact t
	
	Cemex Asia B.V.
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact
	
	CEMEX Corp.
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact
	
	CEMEX Finance LLC
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact

  
 120 

 
			
	Cemex Egyptian Investments B.V.
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact
	
	CEMEX France Gestion (S.A.S.)
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact
	
	Cemex Research Group AG
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact
	
	CEMEX UK
		
	By:	 	 /s/ Francisco Javier García Ruiz de Morales

	Name:	 	Francisco Javier García Ruiz de Morales
	Title:	 	Attorney-in-Fact

  
 121 

 
			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	 /s/ Teresa Wyszomierski

	Name:	 	Teresa Wyszomierski
	Title:	 	Vice President

  
 122 

			
	Solely for the purposes of accepting the appointment of Paying Agent and Transfer Agent, together with the rights, protections and immunities granted to the Trustee under Article VII, which shall apply mutatis
mutandis to the Paying Agent,
	
	The Bank of New York Mellon, London Branch,
	as Paying Agent and Transfer Agent

			
		
	By:	 	/s/ Teresa Wyszomierski
	Name:	 	Teresa Wyszomierski
	Title:	 	Vice President

  
 123 

 SCHEDULE I 

NOTE GUARANTORS 
 1. CEMEX México,
S.A. de C.V. (Mexico) 
 2. CEMEX Concretos, S.A. de C.V. (Mexico) 

3. Empresas Tolteca de México, S.A. de C.V. (Mexico) 
 4.
New Sunward Holding B.V. (the Netherlands) 
 5. CEMEX España, S.A. (Spain) 

6. Cemex Asia B.V. (the Netherlands) 
 7. CEMEX Corp. (Delaware)

 8. CEMEX Finance LLC (Delaware) 
 9. Cemex Egyptian
Investments B.V. (the Netherlands) 
 10. CEMEX France Gestion (S.A.S.) (France) 

11. Cemex Research Group AG (Switzerland) 
 12. CEMEX UK (United
Kingdom) 

  
 124 

 EXHIBIT A 

FORM OF NOTE 
 [Include the following
legend for Global Notes only: 
 “THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AS DEFINED IN THE INDENTURE), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NOMINEE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS
MADE TO THE COMMON DEPOSITARY OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, THE COMMON DEPOSITARY, HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT
IN PART, TO NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF.”] 
 [Include the following legend on all Notes that are Restricted Notes: 

“THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND
[Include the following on all Regulation S Notes that are Restricted Notes: , PRIOR TO THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT),] MAY
NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO CEMEX, S.A.B. DE C.V., (2) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS MADE IN RELIANCE ON RULE 144A, (3) IN AN OFFSHORE
TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE), OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. THIS LEGEND CAN ONLY BE REMOVED AT THE OPTION OF THE ISSUER.”] 

  
 A-1 

 [Include the following on all Regulation S Notes that are Restricted Notes: PRIOR TO THE EXPIRATION OF THE
40-DAY DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT),] EACH PERSON ACQUIRING AN OWNERSHIP INTEREST IN THE NOTES (1) SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT
EITHER (A) IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IS NOT A U.S. PERSON (AS DEFINED IN REGULATION S) AND IS OUTSIDE THE UNITED STATES OR (C) IS ACQUIRING SUCH OWNERSHIP
INTEREST PURSUANT TO A VALID REGISTRATION STATEMENT OR IN ANOTHER TRANSACTION EXEMPT FROM SUCH REGISTRATION; (2) AGREES THAT [Include the following on all Regulation S Notes that are Restricted Notes: PRIOR TO THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT),] (X) IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT IN ACCORDANCE WITH THE FOREGOING RESTRICTIONS, AND IN ANY
CASE IN COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION; (Y) PRIOR TO SUCH TRANSFER, IT WILL FURNISH TO THE BANK OF NEW YORK MELLON, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS
APPLICABLE), SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE TRUSTEE MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND (Z) IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “UNITED STATES”, “U.S. PERSON” AND
“OFFSHORE TRANSACTION” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.”] 
 [Include the following legend on all
Notes as the Mexican law legend: 
 “THE NOTES EVIDENCED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE NATIONAL SECURITIES REGISTRY
(REGISTRO NACIONAL DE VALORES) MAINTAINED BY THE MEXICAN NATIONAL BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES), AND MAY NOT BE OFFERED OR SOLD PUBLICLY, OR OTHERWISE BE SUBJECT TO BROKERAGE ACTIVITIES, IN
MEXICO, EXCEPT THAT THE NOTES MAY BE OFFERED IN MEXICO TO QUALIFIED OR INSTITUTIONAL INVESTORS PURSUANT TO THE PRIVATE PLACEMENT EXEMPTION SET FORTH UNDER ARTICLE 8 OF THE MEXICAN SECURITIES MARKET LAW (LEY DEL MERCADO DE VALORES).] 

  
 A-2 

 FORM OF FACE OF NOTE 

2.750% Senior Secured Notes due 2024 
  

					
	No.                     	  		  	Principal Amount €                     

 [If the Note is a Global Note include the following two lines: as revised by the Schedule of Increases
and Decreases in Global Note attached hereto] 
  

			
	ISIN
NO.                                        
                           1
	
	COMMON
CODE                                        
            2

 CEMEX, S.A.B. de C.V., a publicly traded stock corporation with variable capital (sociedad
anónima bursátil de capital variable) organized under the laws of the United Mexican States (together with its successors and assigns, the “Issuer”), promises to pay to The Bank of New York Depositary (Nominees)
Limited, or registered assigns, as the nominee of The Bank of New York Mellon, London Branch, as common depositary for Clearstream Banking, société anonyme and Euroclear Bank S.A./N.V., the principal sum of [ ] euros [If the
Note is a Global Note, add the following, as revised by the Schedule of Increases and Decreases in Global Note attached hereto], on December 5, 2024. 

Interest Payment Dates: June 5 and December 5 of each year, commencing on June 5, 2018 

Record Dates: May 21 and November 20 

 

	1	ISIN No. for Rule 144A Note: XS1731106263; ISIN No. for Regulation S Note: XS1731106347. 

	2 	Common Code for Rule 144A Note: 173110626; Common Code for Regulation S Note: 173110634. 

  
 A-3 

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

 

			
	CEMEX, S.A.B. de C.V.
		
	By: 	 	  

 
			
	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 THE BANK OF NEW YORK MELLON 

as Trustee, certifies that this is one of the Notes 
 referred to
in the Indenture. 
  

					
	By:                                     
                                   	  		  	Date:
                                        
                                
	            Authorized Signatory	  		  	

  
 A-4 

 FORM OF REVERSE SIDE OF NOTE 

2.750% Senior Secured Notes due 2024 

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. Interest 
 CEMEX, S.A.B. de C.V., a
publicly traded stock corporation with variable capital (sociedad anónima bursátil de capital variable) organized under the laws of the United Mexican States (together with its successors and assigns, the
“Issuer”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. 
 The Issuer
will pay interest semiannually in arrears on each Interest Payment Date of each year commencing on June 5, 2018; provided, that if any such Interest Payment Date is not a Business Day, then such payment shall be made on the next
succeeding Business Day. Interest on the Notes will accrue from the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from December 5, 2017; provided, that if there is no existing Default or
Event of Default on the payment of interest, and if this Note is authenticated between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date (but after December 5, 2017), interest shall accrue from such next
succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from December 5, 2017. The Issuer shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest (“Defaulted Interest”), without regard to any applicable grace period, at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Each interest period shall end on (but not include) the relevant interest payment date. 

All payments made by the Issuer in respect of the Notes will be made free and clear of and without deduction or withholding for or on account
of any Taxes imposed or levied by or on behalf of any Taxing Jurisdiction, unless such withholding or deduction is required by law or by the interpretation or administration thereof. In that event, the Issuer will pay to each Holder of the Notes
Additional Amounts as provided in the Indenture subject to the limitations set forth in the Indenture. 
 2. Method of Payment 

By at least 1:00 p.m. London time on the Business Day prior to the date on which any principal of or interest on any Note is due and payable,
the Issuer shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal and/or interest. The Issuer will pay interest (except Defaulted Interest) on the applicable Interest Payment Date to the Persons who are
registered Holders of Notes at the close of business on the Record Date preceding the Interest Payment Date even if Notes are canceled, repurchased or redeemed after the Record Date and on or before the relevant Interest Payment Date, except as
provided in Section 2.13 of the Indenture with respect to Defaulted Interest. Holders must surrender Notes to a Paying Agent to collect principal payments. The Issuer will pay principal and interest in euros. 

  
 A-5 

 Payments in respect of Notes represented by a Global Note (including principal and interest)
will be made by the transfer of immediately available funds to the accounts specified by Euroclear or Clearstream. The Issuer will make all payments in respect of a Certificated Note (including principal and interest) by mailing a check to the
registered address of each registered Holder thereof as set forth in the Note Register; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least €10,000,000 aggregate principal amount of
Notes, by wire transfer to an account maintained by the payee if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 10 days immediately
preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
 3. Paying Agent and Registrar 

Initially, The Bank of New York Mellon, the Trustee under the Indenture, will act as Trustee and Registrar and The Bank of New York Mellon,
London Branch, will act as Paying Agent. The Issuer may appoint and change any Paying Agent, Registrar or co-Registrar without notice to any Holder. The Issuer, any Note Guarantor or any of their respective
Affiliates may act as Paying Agent, Registrar or co-Registrar. 
 4. Indenture 

The Issuer issued the Notes under an Indenture, dated as of December 5, 2017 (as it may be amended or supplemented from time to time in
accordance with the terms thereof, the “Indenture”), among the Issuer, the Note Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are
referred to the Indenture for a statement of those terms. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as amended or supplemented from time to time. 

The Notes are general senior obligations, which are secured by a first priority security interest in the Collateral on an equal and ratable
basis with the other Permitted Secured Obligations, subject to the Collateral release provisions set forth in the Intercreditor Agreement. €650,000,000 in aggregate principal amount of Notes will be issued on the Issue Date. Subject to the
conditions set forth in the Indenture and without the consent of the Holders, the Issuer may issue Additional Notes. All Notes will be treated as a single series of securities under the Indenture. The Indenture imposes certain limitations on, among
other things, the ability of the Issuer and its Restricted Subsidiaries to: Incur Indebtedness, make Restricted Payments, incur Liens, designate Unrestricted Subsidiaries, make Asset Sales, enter into transactions with Affiliates, or consolidate or
merge or transfer or convey all or substantially all of the Issuer’s assets. 

  
 A-6 

 To guarantee the due and punctual payment of the principal of (and premium, if any) and interest
on the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the
Note Guarantors have unconditionally guaranteed, jointly and severally, such obligations pursuant to the terms of the Indenture. Each Note Guarantee will be subject to release as provided in the Indenture. 

The obligations of each Note Guarantor in respect of its Note Guarantee will be limited to the maximum amount as will, after giving effect to
all other contingent and fixed liabilities of such Note Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Note Guarantor in respect of the obligations of such other Note Guarantor under its Note
Guarantee or pursuant to its contribution obligations under the Indenture, result in the obligations of such Note Guarantor under its Note Guarantee not constituting a fraudulent conveyance, fraudulent transfer, or similar illegal transfer under
federal or state law or the law of the jurisdiction or formation and incorporation of such Note Guarantors. 
 5. Optional Redemption 

Except as stated below, the Issuer may not redeem the Notes. Any redemption and notice may, in the Issuer’s discretion, be subject to the
satisfaction of one or more conditions precedent. The Issuer may redeem the Notes, at its option, in whole at any time or in part from time to time, on and after December 5, 2020, at the following redemption prices, expressed as percentages of
the principal amount thereof, if redeemed during the twelve-month period commencing on December 5 of any year set forth below, plus any accrued and unpaid interest on the principal amount of the Notes, if
any, to, but not including, the date of redemption: 
  

					
	 Year
	  	Percentage	 
	 2020
	  	 	101.375	% 
	 2021
	  	 	100.688	% 
	 2022 and thereafter
	  	 	100.000	% 

 provided, however, that the Issuer shall not have the right to exercise any such optional redemption at any time when
the Issuer is prohibited from having such an option under the Credit Agreement. 
 Prior to December 5, 2020, the Issuer will have the
right, at its option, to redeem any of the Notes, in whole or in part, at any time or from time to time prior to their maturity at a redemption price equal to the greater of (1) 100% of the principal amount of such Notes and (2) the sum of the
present value of the redemption price of the Notes to be redeemed at December 5, 2020 (such redemption price being set forth in the table appearing above, the “First Call Date”) plus each remaining scheduled payment of interest
thereon during the period between the redemption date and the First Call Date (exclusive of interest accrued to, but not including, the date of redemption), in each case, discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Bund Rate (as defined below) plus 50 basis
points (the “Make-Whole Amount”), plus, in each case any accrued and 

  
 A-7 

 
unpaid interest on the principal amount of the Notes, if any, to, but not including, the date of redemption, provided, however, that the Issuer shall not have the right to exercise any
such optional redemption at any time when the Issuer is prohibited from having such an option under the Credit Agreement. 
 “Bund
Rate” means, with respect to any Redemption Date, the yield to maturity as of such Redemption Date of the Comparable German Bund Issue (as defined below), assuming a price for the Comparable German Bund Issue (expressed as a percentage of its
principal amount) equal to the Comparable German Bund Price (as defined below) for such Redemption Date. 
 “Comparable German Bund
Issue” means the German Bundesanleihe security selected by any Reference German Bund Dealer (as defined below) as having a fixed maturity most nearly equal to the period from such Redemption Date to and that would be utilized at the time of
selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities in a principal amount approximately equal to the then outstanding principal
amount of the Notes and of a maturity most nearly equal to the First Call Date; provided, however, that, if the period from such Redemption Date to the First Call Date is not equal to the fixed maturity of the German Bundesanleihe security
selected by such Reference German Bund Dealer (as defined below), the Bund Rate shall be determined by linear interpolation (calculated to the nearest one-twelfth of a year) from the yields of German
Bundesanleihe securities for which such yields are given, except that if the period from such Redemption Date to the First Call Date is less than one year, a fixed maturity of one year shall be used. 

“Comparable German Bund Price” means, with respect to any Redemption Date, the average of all Reference German Bund Dealer
Quotations (as defined below) for such date (which, in any event, must include at least two such quotations), after excluding the highest and lowest such Reference German Bund Dealer Quotations, or if the Issuer obtains fewer than four such
Reference German Bund Dealer Quotations, the average of such quotations. 
 “Reference German Bund Dealer” means any dealer of
German Bundesanleihe securities appointed by the Issuer in good faith. 
 “Reference German Bund Dealer Quotations” means, with
respect to each Reference German Bund Dealer and any Redemption Date, the average as determined by the Issuer in good faith of the bid and asked prices for the Comparable German Bund Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Issuer by such Reference German Bund Dealer at 3:30 p.m. Frankfurt, Germany, time on the third Business Day preceding such Redemption Date. 

Optional Redemption upon Equity Offerings. At any time, or from time to time, on or prior to December 5, 2020, the Issuer may, at
its option, use the net cash proceeds of one or more Equity Offerings to redeem in the aggregate up to 35% of the aggregate principal amount of the Notes issued pursuant to the Indenture at a redemption price equal to 102.75% of the principal amount
thereof plus any accrued and unpaid interest on the principal amount of the Notes, if any, to, but not including, the date of redemption; provided, that: 

  
 A-8 

 (a) after giving effect to any such redemption at least 65% of the aggregate principal amount of
the Notes issued under the Indenture remains outstanding; and 
 (b) the Issuer shall make such redemption not more than 90 days after the
consummation of such Equity Offering; 
 provided, however, that the Issuer shall not have the right to exercise any such optional redemption at any
time when the Issuer is prohibited from exercising such an option under the Credit Agreement. 
 “Equity Offering” means any
public or private sale of Qualified Capital Stock after the Issue Date for cash other than issuances to any Subsidiary of the Issuer. 

Optional Redemption for Changes in Withholding Taxes. If, as a result of any amendment to, or change in, the laws (or any rules or
regulations thereunder) of a Taxing Jurisdiction affecting taxation, or any amendment to or change in an official interpretation or application of such laws, rules or regulations that has a general effect, which amendment to or change of such laws,
rules or regulations becomes effective on or after the Issue Date (which, in the case of a merger, consolidation or other transaction permitted and described under Article IV shall be treated for this purpose as the date of
such transaction), the Issuer or any Note Guarantor would be obligated, after taking all reasonable measures to avoid this requirement, to pay Additional Amounts in excess of those attributable to a withholding tax rate of 10% with respect to the
Notes (see “Additional Amounts”), then, at the Issuer’s option, all, but not less than all, of the Notes may be redeemed at any time on giving not less than 15 nor more than 60 days’ notice, at a redemption price equal to 100% of
the outstanding principal amount, plus any accrued and unpaid interest on the principal amount of the Notes, if any, to, but not including, the date of redemption; provided, however, that (1) no notice of redemption for tax
reasons may be given earlier than 90 days prior to the earliest date on which the Issuer or any note Guarantor would be obligated to pay these Additional Amounts if a payment on the Notes were then due, and (2) at the time such notice of
redemption is given such obligation to pay such Additional Amounts remains in effect; provided, further, however, that the Issuer shall not have the right to exercise any such optional redemption at any time when the Issuer is prohibited from
having such an option under the Credit Agreement. 
 Prior to the publication of any notice of redemption pursuant to this provision, the
Issuer will deliver to the Trustee: 
 (a) an Officer’s Certificate stating that the Issuer is entitled to effect the redemption and
setting forth a statement of facts showing that the conditions precedent to the Issuer’s right to redeem have occurred, and 
 (b) an
opinion of outside legal counsel of recognized standing in the affected Taxing Jurisdiction to the effect that the Issuer has or will become obligated to pay such Additional Amounts as a result of such change or amendment. 

This notice, once delivered by the Issuer to the Trustee, will be irrevocable. 

  
 A-9 

 In the case of any partial redemption, selection of the Notes for redemption will be made in
accordance with Article V of the Indenture. On and after the Redemption Date, interest will cease to accrue on Notes or portions thereof called-for redemption as long as the Issuer
has deposited with the Paying Agent funds in satisfaction of the applicable redemption price pursuant to the Indenture. 
 6. Mandatory Repurchase
Provisions 
 Change of Control Offer. If a Change of Control occurs, each Holder of Notes will have the right to require that
the Issuer purchase all or a portion (in integral multiples of €1,000) of the Holder’s Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon to, but not including, the date of
purchase, on the terms and conditions set forth in the Indenture. Within 30 days following the date upon which the Change of Control occurred, the Issuer shall make a Change of Control Offer pursuant to a Change of Control Notice. As more fully
described in the Indenture, the Change of Control Notice shall state, among other things, the Change of Control Payment Date, which must be no earlier than 30 days nor later than 60 days from the date the notice is electronically sent or mailed,
other than as may be required by applicable law. 
 Asset Sale Offer. The Indenture imposes certain limitations on the ability of
the Issuer and its Restricted Subsidiaries to make Asset Sales. In the event the proceeds from a permitted Asset Sale exceed certain amounts and are not applied as specified in the Indenture, the Issuer will be required to make an Asset Sale Offer
to purchase to the extent of such remaining proceeds each Holder’s Notes together with holders of certain other Indebtedness at 100% of the principal amount thereof, plus accrued interest (if any) to the Asset Sale Offer Payment Date, as more
fully set forth in the Indenture. 
 7. Denominations; Transfer; Exchange 

The Notes are in fully registered form without coupons, and only in denominations of principal amount of €100,000 and in integral
multiples of €1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any
taxes and fees required by law or permitted by the Indenture. The Registrar shall not be required to register the transfer or exchange of (x) any Note for a period beginning: (1) 15 days before the mailing of a notice of an offer to repurchase
or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date and (y) any Note selected for repurchase or redemption, except the
unrepurchased or unredeemed portion thereof, if any. 
 8. Persons Deemed Owners 

The registered holder of this Note may be treated as the owner of it for all purposes. 

  
 A-10 

 9. Unclaimed Money 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the
Issuer at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Issuer and not to the Trustee for payment. 

10. Discharge Prior to Redemption or Maturity 

Subject to certain conditions set forth in the Indenture, the Issuer at any time may terminate some or all of its obligations under the Notes
and the Indenture if the Issuer deposits with the Trustee euros or European Government Obligations for the payment of principal of and interest on the Notes to redemption or maturity, as the case may be. 

11. Amendment, Waiver 
 Subject to
certain exceptions set forth in the Indenture, (i) the Indenture or the Notes may be amended or supplemented with the written consent of the Holders of at least a majority in principal amount of the then Outstanding Notes and (ii) any
default (other than with respect to nonpayment or in respect of a provision that cannot be amended or supplemented without the written consent of each Holder affected) or noncompliance with any provision may be waived with the written consent of the
Holders of a majority in aggregate principal amount of the then Outstanding Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Issuer and the Trustee may amend or supplement the Indenture or the
Notes to, among other things, cure any ambiguity, omission, defect or inconsistency, or to comply with Article IV of the Indenture, or to provide for uncertificated Notes in addition to or in place of certificated Notes, or
to add guarantees with respect to the Notes or to secure the Notes, or to add additional covenants or surrender rights and powers conferred on the Issuer or the Note Guarantors, or to make any change that does not adversely affect the rights of any
Holder, or to provide for the issuance of Additional Notes. 
 12. Defaults and Remedies 

If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes may
declare all the Notes to be due and payable immediately. A Bankruptcy Event of Default will result in the Notes being due and payable immediately upon the occurrence of such Bankruptcy Event of Default. 

Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Notes unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in principal amount of the Outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold
from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it determines that withholding notice is in their interest. 

  
 A-11 

 13. Trustee Dealings with the Issuer and the Note Guarantors 

Subject to certain limitations set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may
become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer, any Note Guarantor or its Affiliates and may otherwise deal with the Issuer, any Note Guarantor or its Affiliates with the same rights
it would have if it were not Trustee. 
 14. No Recourse Against Others 

An incorporator, director, officer, employee, stockholder or controlling person, as such, of the Issuer or any Note Guarantor shall not have
any liability for any obligations of the Issuer or any Note Guarantor under the Notes or the Indenture or for any claims based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each holder waives and releases
all such liability. 
 15. Authentication 

Any Officer of the Issuer may sign the Notes for the Issuer by manual or facsimile signature. This Note shall not be valid until an authorized
signatory of the Trustee (or an Authenticating Agent) manually signs the certificate of authentication on the other side of this Note. 
 16.
Abbreviations 
 Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (= tenants in common),
TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (= Uniform Gift to Minors Act). 

17. ISIN Number 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures the Issuer has caused ISIN or other similar numbers to be printed on the Notes and has directed the Trustee to use ISIN number in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

18. Governing Law 
 This Note shall be
governed by, and construed in accordance with, the laws of the State of New York. 
 19. Currency of Account; Conversion of Currency. 

Euro is the sole currency of account and payment for all sums payable by the Issuer and the Note Guarantors under or in connection with the
Notes or the Indenture, including damages. The Issuer and the Note Guarantors will indemnify the Holders as provided in respect of the conversion of currency relating to the Notes and the Indenture. 

  
 A-12 

 Notwithstanding the foregoing or any provision of the Notes or the Indenture to the contrary, if
the euro is unavailable to the Issuer due to the imposition of exchange controls or other circumstances beyond the control of the Issuer or if the euro is no longer being used by the then member states of the European Union that have adopted the
euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then the Issuer will be entitled, until the euro is again available to the Issuer or so used, to satisfy its
payment obligations in respect of the Notes and the Indenture by making such payments in U.S. dollars. The amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close
of business on the second New York Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in The
Wall Street Journal on or prior to the second New York Business Day prior to the relevant payment date. Any payment in respect of the Notes or the Indenture so made in U.S. dollars will not constitute an Event of Default under the Notes or the
Indenture. 
 20. Agent for Service; Submission to Jurisdiction; Waiver of Immunities. 

The Issuer and the Note Guarantors have agreed that any suit, action or proceeding against the Issuer or any Note Guarantor brought by any
Holder or the Trustee arising out of or based upon the Indenture or the Notes may be instituted in any state or federal court in the City of New York and County of New York and in the courts of their respective corporate domiciles, in respect of
actions brought against them as defendants. The Issuer and the Note Guarantors have irrevocably submitted to the jurisdiction of such courts for such purpose and waived, to the fullest extent permitted by law, trial by jury and any objection it may
now or hereafter have to the laying of venue of any such proceeding, and any claim it may now or hereafter have that any proceeding in any such court is brought in an inconvenient forum. The Issuer and the Note Guarantors (other than CEMEX Corp. and
CEMEX Finance LLC) have appointed CEMEX NY Corporation, 590 Madison Avenue, 27th Floor, New York, NY 10022, as each of their authorized agent upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of
or based upon the Indenture or the Notes which may be instituted in any state or federal court in the City of New York and County of New York. To the extent that any of the Issuer and the Note Guarantors have or hereafter may acquire any immunity
(sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect
to itself or any of its property, the Issuer and the Note Guarantors have irrevocably waived and agreed not to plead or claim such immunity in respect of its obligations under the Indenture or the Notes. 

The Issuer will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the text
of this Note in larger type. Requests may be made to: 

  
 A-13 

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

Av. Ricardo Margáin Zozaya # 325 

Colonia Valle del Campestre 
 Garza
García, Nuevo León, México 66265 
 Tel:
+5281-8888-8888 

  
 A-14 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 
  

                       
                                         
                                
 

    (Print or type assignee’s name, address and zip code) 

 

                       
                                         
                     

        (Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint
                                         
                as agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

 

							
	Date:
                                         
                                         
          	  	Your Signature:
                                        
                                
	
	Signature Guarantee:
                                         
                                         
      
	                                  (Signature must 
be guaranteed)	  		  	

  
  

Sign exactly as your name appears on the other side of this Note. 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 A-15 

 To be attached to Global Notes only: 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of Exchange
	  	 Amount of decrease in
Principal Amount of this
Global
Note
	  	 Amount of increase in
Principal Amount of this
Global
Note
	  	 Principal Amount of this
Global Note following
such decrease
or increase
	  	 Signature of authorized
signatory of Trustee or
Note
Custodian

  
 A-16 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 3.8 or
Section 3.12 of the Indenture, check either box: 
  

							
		  	☐	  	☐	  	
		  	Section 3.8	  	Section 3.12	  	

 If you want to elect to have only part of this Note purchased by the Issuer pursuant to
Section 3.12 of the Indenture, state the principal amount (which must be in minimum denominations of €100,000 and in an integral multiple of €1,000): €
             
  

							
	Date:	  	  
	  	Your Signature	  	  

		  		  	(Sign exactly as your name appears on the other side of the Note)

  

							
	Signature Guarantee:	  	  
	  	
		  	(Signature must be guaranteed)	  	

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 A-17 

 EXHIBIT B 

FORM OF CERTIFCATION FOR TRANSFER PURSUANT TO REGULATION S 

[Date] 
 The Bank of New York Mellon 

101 Barclay Street – 7E 
 New York, NY 10286 

Attention: International Corporate Trust 
 Re:
2.750% Senior Secured Notes due 2024 (the “Notes”) of CEMEX, S.A.B. de C.V. (the “Issuer”) – ISIN: XS1731106347 

Ladies and Gentlemen: 
 Reference is hereby
made to the Indenture, dated as of December 5, 2017 (as amended and supplemented from time to time, the “Indenture”), among the Issuer, the Note Guarantors named therein and The Bank of New York Mellon, as Trustee. Capitalized terms
used but not defined herein shall have the meanings given them in the Indenture or Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), as the case may be. 

In connection with our proposed transfer of
€                             aggregate principal amount of the Notes, which represent an interest in a
Rule 144A Global Note beneficially owned by the undersigned (“Transferor”), we confirm that such transfer has been effected pursuant to and in accordance with Regulation S and, accordingly, we represent that: 

(a) the offer of the Notes was not made to a person in the United States; 

(b) either (i) at the time the buy order was originated, the transferee was outside the United States or we and any person acting on our
behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither
we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(c) no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S, as applicable; 
 (d) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities
Act; and 
 (e) we are the beneficial owner of the principal amount of Notes being transferred. 

In addition, if the transfer is made during a Distribution Compliance Period and the provisions of Rule 904(b)(1) or Rule 904(b)(2) of
Regulation S are applicable thereto, we confirm that such transfer has been made in accordance with the applicable provisions of Rule 904(b)(1) or Rule 904(b)(2), as the case may be. 

  
 B-1 

 You, the Issuer and the Note Guarantors are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

							
			
		  	Very truly yours,	  	

							
			
		  	[Name of Transferor]	  	

							
				
		  	By: 	  	  
	  	

							
			
		  	  
 Authorized
Signature
	  	
			
	Signature Guarantee: 	  	  
	  	
			
		  	(Signature must be guaranteed)	  	

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 B-2 

 EXHIBIT C 

FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144 

[Date]                 

The Bank of New York Mellon 
 101 Barclay Street – 7E 

New York, NY 10286 
 Attention: International Corporate Trust 

 

	 	Re:	    2.750% Senior Secured Notes due 2024 (the “Notes”) of CEMEX, S.A.B. de C.V. (the “Issuer”) – ISIN: XS1731106263 

Ladies and Gentlemen: 
 Reference is hereby made
to the Indenture, dated as of December 5, 2017 (as amended and supplemented from time to time, the “Indenture”), among the Issuer, the Note Guarantors named therein and The Bank of New York Mellon, as Trustee. Capitalized terms used
but not defined herein shall have the meanings given them in the Indenture. 
 In connection with our proposed transfer of
€                     aggregate principal amount of the Notes, which represent an interest in a Rule 144A Global Note beneficially owned by the
undersigned (“Transferor”), we confirm that such transfer has been effected pursuant to and in accordance with Rule 144 under the Securities Act. 

You, the Issuer and the Note Guarantors are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

							
		 	Very truly yours,	  	
			
		 	[Name of Transferor]	  	
				
		 	By:	  	  
	  	
			
		 	  
	  	
			
		 	Authorized Signature	  	

  
 C-1 

 Signature Guarantee:
                                        
                                         
        

                          
         (Signature must be guaranteed) 
 The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 C-2 

 EXHIBIT D 

FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144A 

[Date]                 

The Bank of New York Mellon 
 101 Barclay Street – 7E 

New York, NY 10286 
 Attention: International Corporate Trust

  

	 	Re:    	2.750% Senior Secured Notes due 2024 (the “Notes”) of CEMEX, S.A.B. de C.V. (the “Issuer”) – ISIN: XS1731106263 

Ladies and Gentlemen: 
 Reference is hereby made
to the Indenture, dated as of December 5, 2017 (as amended and supplemented from time to time, the “Indenture”), among the Issuer, the Note Guarantors named therein and The Bank of New York Mellon, as Trustee. Capitalized terms used
but not defined herein shall have the meanings given them in the Indenture. 
 In connection with our proposed transfer of
€                     aggregate principal amount of the Notes, which represent an interest in a Regulation S Global Note beneficially owned by
the undersigned (“Transferor”), we confirm that such transfer has been effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended, and, accordingly, we represent that the beneficial interest
will be transferred to a Person that we reasonably believe is purchasing the beneficial interest for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such
account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such transfer is in compliance with any applicable blue sky securities laws of any state of the United
States. 
 You, the Issuer and the Note Guarantors are entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

					
		 	 Very truly yours,

		
		 	 [Name of Transferor]

					
			
		 	 By:
	 	  

					
		
		 	  

		 	Authorized Signature

					
		
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)

  
 D-1 

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 D-2 

 EXHIBIT E 

“CONSOLIDATED LEVERAGE RATIO” AND RELATED DEFINITIONS 

The definition of “Consolidated Leverage Ratio” comes from the Credit Agreement, as in effect on the date hereof. 

“2017 Credit Agreement” means the facilities agreement, dated as of July 19, 2017, entered into among the Issuer and
certain of its Subsidiaries, the financial institutions party thereto as original lenders, Citibank Europe PLC, UK Branch, as agent, and the Security Agent, as such agreement, in whole or in part, in one or more instances, may be amended,
supplemented, waived or otherwise modified from time to time, and, if designated by the Issuer to be included in the definition of “Credit Agreement,” such agreement as renewed, extended, substituted, refinanced, restructured or replaced
(including, in each case, by means of one or more credit agreements, note purchase agreements or sales of debt securities to institutional investors whether with the original agents and lenders or otherwise and including, without limitation, any
successive renewals, extensions, substitutions, refinancings, restructurings, replacements, supplementations or other modifications of the foregoing) and including, without limitation, to increase the amount of available borrowing thereunder or to
add additional borrowers or guarantors or otherwise. 
 “2018 Subordinated Convertible Notes” means the $690,000,000 3.75%
subordinated optional convertible securities maturing on 15 March 2018 issued by the Borrower. 
 “2020 Subordinated
Convertible Notes” means: 
  

	 	(a)	the $200,000,000 3.72% subordinated optional convertible securities issued by the Borrower on 13 March 2015 maturing on 15 March 2020; and 

 

	 	(b)	the $321,114,000 3.72% subordinated optional convertible securities issued by the Borrower on 28 May 2015 maturing on 15 March 2020. 

“Acceptable Bank” means: 
  

	 	(a)	a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of BBB or higher by S&P, BBB or higher by Fitch or Baa2 or higher by Moody’s or a
comparable rating from an internationally recognised credit rating agency; 

  

	 	(b)	any other bank or financial institution in a jurisdiction in which a member of the Group conducts commercial operations where such member of the Group, in the ordinary course of trading, subscribes for certificates of
deposit issued by such bank or financial institution; or 

  

	 	(c)	any other bank or financial institution approved by the Agent. 

 “Accession
Letter” means a document substantially in the form set out in Schedule 7 (Form of Accession Letter) of the 2017 Credit Agreement. 

“Accordion Confirmation” means a confirmation substantially in the form set out in Schedule 16 (Form of Accordion
Confirmation) of the 2017 Credit Agreement. 
 “Accordion Lender” has the meaning given to that term in Clause 2.2
(Accordion) of the 2017 Credit Agreement. 
 “Additional Guarantor” means a company that becomes an Additional
Guarantor in accordance with Clause 28 (Changes to the Obligors) of the 2017 Credit Agreement. 

  
 E-1 

 “Additional Security Provider” means a company that becomes an Additional
Security Provider in accordance with Clause 28 (Changes to the Obligors) of the 2017 Credit Agreement. 

“Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other
Subsidiary of that Holding Company. 
 “Agent” means Citibank Europe PLC, UK Branch, as agent of the Finance Parties (other
than itself) under the 2017 Credit Agreement. 
 “Agent’s Spot Rate of Exchange” means the Agent’s spot rate of
exchange for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day. 

“Applicable GAAP” means: 
  

	 	(a)	in the case of the Borrower, IFRS; 

  

	 	(b)	in the case of CEMEX España, Spanish GAAP or, if adopted by CEMEX España in accordance with Clause 20.3 (Requirements as to financial statements) of the 2017 Credit Agreement, IFRS; and

  

	 	(c)	in the case of any other Obligor, the generally accepted accounting principles applying to it in the country of its incorporation or in a jurisdiction agreed to by the Agent or, if adopted by the relevant Obligor, IFRS.

 “Arranger” means the following entities, which are mandated as lend arrangers and bookrunners (whether
acting individually or together): Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo Financiero Banorte, Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander
México, BBVA Bancomer, S.A. Institución de Banca Múltiple Grupo Financiero BBVA Bancomer, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Crédit Agricole Corporate and Investment Bank, HSBC Securities (USA)
Inc., ING Capital LLC, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd. and Merrill Lynch, Pierce, Fenner & Smith Incorporated. 

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

“Base Currency” means US dollars. 

“Base Currency Amount” means, in relation to a Loan, the amount specified in the Utilisation Request delivered by the
Borrower for that Loan (or, in relation to several Loans, in relation to any of those Loans not denominated in the Base Currency, that amount converted into the Base Currency at the Agent’s Spot Rate of Exchange on the date which is three
Business Days before the conversion is applied for the purposes of the 2017 Credit Agreement or, if later, on the date the Agent receives the request requiring the conversion for the purpose of the 2017 Credit Agreement) and as adjusted in all cases
to reflect any repayment (other than, in relation to the Term Facilities, a repayment arising from a change of currency), prepayment, consolidation or division of a Loan. 

“Borrower” means CEMEX, S.A.B. de C.V. 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, New York
City and Mexico City (in the case of Mexico City, if applicable, as specified by applicable law or a Governmental Authority) and, in relation to any date for payment or purchase of euro, which is a TARGET Day. 

“Caliza” means CEMEX LATAM Holdings, S.A. 

  
 E-2 

 “Caliza Capital Expenditure” means Capital Expenditure permitted by
paragraph (d) of Clause 21.2 (Financial condition) of the 2017 Credit Agreement to be invested in the Caliza Group. 

“Caliza Expansion Capital” means (without double counting) any: 

 

	 	(a)	Caliza Capital Expenditure; 

  

	 	(b)	amount of any investment by a member of the Caliza Group to finance any Joint Venture entered into by a member of the Caliza Group; and 

 

	 	(c)	amount of the consideration for an acquisition made under paragraph (j) of the definition of Permitted Acquisition. 

“Caliza Expansion Capital Permitted Limit” means $500,000,000 (or its equivalent). 

“Caliza Group” means Caliza and its Subsidiaries for the time being. 

“Caliza Offering Option” has the meaning given to such term in paragraph (b) of the definition of Caliza Transaction.

 “Caliza Proceeds” means the cash proceeds received by any member of the Group from a Caliza Transaction. 

“Caliza Transaction” means: 
  

	 	(a)	a Disposal by a member of the Group of any shares in Caliza to a person who is not a member of the Group; or 

  

	 	(b)	an offering of shares in Caliza and including any put or other option (a “Caliza Offering Option”) entered into with one or more financial institutions in respect of any share lending, over-allotment or
other similar arrangement in connection with an offering of shares in Caliza provided that the exercise period for such put or other option shall be no longer than 30 days from the settlement date of the offering of shares in Caliza,

 (in either case) whether by way of a single transaction or a series of transactions and which does not breach Clause 22.21
(Disposals) or Clause 22.32 (Caliza and Centurion) of the 2017 Credit Agreement. 
 “Capital Lease” means, as
to any person, the obligations of such person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of the Borrower under Applicable GAAP of the Borrower (excluding any operating lease which is or becomes classified and accounted for as, or in an equivalent manner to, a capital lease on a balance
sheet of the Borrower pursuant to any change in Applicable GAAP after the date of this Agreement) and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalised amount thereof at such time determined in
accordance with Applicable GAAP of the Borrower. 
 “Cash Equivalent Investments” means at any time: 

 

	 	(a)	certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Bank; 

  

	 	(b)	 any investment in marketable debt obligations issued or expressly guaranteed by the government of Mexico, the
United States of America (or any state thereof (including any political subdivision of such state)), the United Kingdom, any member state of the European Economic Area or any Participating Member State or any member state of NAFTA (or any other
jurisdiction in which a member of the Group conducts commercial operations if that member of the 

  
 E-3 

	 	
Group makes investments in such debt obligations in the ordinary course of its trading) or by an instrumentality or agency of any of them having an equivalent credit rating, maturing within one
year after the relevant date of calculation and not convertible into or exchangeable for any other security; 

  

	 	(c)	commercial paper not convertible into or exchangeable for any other security: 

  

	 	(i)	for which a recognised trading market exists; 

  

	 	(ii)	issued by an issuer incorporated in Mexico, the United States of America (or any state thereof (including any political subdivision of such state)), the United Kingdom, any member state of the European Economic Area or
any Participating Member State or any member state of NAFTA (or any other jurisdiction in which a member of the Group makes investments in such debt obligations in the ordinary course of trading); 

 

	 	(iii)	which matures within one year after the relevant date of calculation; and 

  

	 	(iv)	which has a credit rating of either A-1 or higher by S&P or F 1 or higher by Fitch or P-1 or higher by Moody’s, or, if no rating
is available in respect of the commercial paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating; 

 

	 	(d)	sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an Acceptable Bank (or their dematerialised equivalent); 

 

	 	(e)	any investment in money market funds which (i) have a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch or P-1
or higher by Moody’s, (ii) which invest substantially all their assets in securities of the types described in paragraphs 

  

	 	(a)	to (d) above and (f) and (g) below and (iii) can be turned into cash on not more than 30 days’ notice; or 

  

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

  

	 	(g)	any other debt instrument rated “investment grade” (or the local equivalent thereof according to local criteria in a country in which any member of the Group conducts commercial operations and in which local
pensions are permitted by law to invest) with maturities of 12 months or less from the date of acquiring such investment; 

  

	 	(h)	investments in mutual funds, managed by banks or financial institutions, with a local currency credit rating of at least MxAA by S&P or equivalent by any other reputable local rating agency, that invest principally
in marketable direct obligations issued by the Mexican government, or issued by any agency or instrumentality thereof; and 

  

	 	(i)	any other debt security, certificate of deposit, commercial paper, bill of exchange, investment in money market funds or material funds approved by the Majority Lenders, 

  
 E-4 

 in each case, to which any member of the Group is alone (or together with other members of the Group)
beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security (other than Security arising under the Transaction Security Documents). 

“Centurion” means CEMEX Holdings Philippines, Inc. 

“Centurion Capital Expenditure” means Capital Expenditure permitted by paragraph (e) of Clause 21.2 (Financial
condition) of the 2017 Credit Agreement to be invested in the Centurion Group. 
 “Centurion Expansion Capital” means
(without double counting) any: 
  

	 	(a)	Centurion Capital Expenditure; 

  

	 	(b)	amount of any investment by a member of the Centurion Group to finance any Joint Venture entered into by a member of the Centurion Group; and 

 

	 	(c)	amount of the consideration for an acquisition made under paragraph (p) of the definition of Permitted Acquisition. 

“Centurion Expansion Capital Permitted Limit” means $500,000,000 (or its equivalent). 

“Centurion Group” means Centurion and its Subsidiaries for the time being. 

“Centurion Offering Option” has the meaning given to such term in paragraph (b) of the definition of Centurion
Transaction. 
 “Centurion Proceeds” means the cash proceeds received by any member of the Group from a Centurion
Transaction. 
 “Centurion Transaction” means: 
  

	 	(a)	a Disposal by a member of the Group of any shares in Centurion to a person who is not a member of the Group; or 

  

	 	(b)	an offering of shares in Centurion and including any put or other option (a “Centurion Offering Option”) entered into by any member of the Group with one or more financial institutions in respect of any
share lending, over-allotment or other similar arrangement in connection with an offering of shares in Centurion provided that the exercise period for such put or other option shall be no longer than 60 days from the settlement date of the offering
of shares in Centurion, (in either case) whether by way of a single transaction or a series of transactions and which does not breach Clause 22.21 (Disposals) or Clause 22.32 (Caliza and Centurion) of the 2017 Credit Agreement.

 “Change of Control” means that the beneficial ownership (within the meaning of Rule 13d-3 promulgated by the SEC under the Securities Exchange Act of 1934, as amended) of 20 per cent. or more in voting power of the outstanding voting stock of the Borrower is acquired by any person. 

“Charged Property” means all of the assets of the Security Providers which from time to time are, or are expressed to be, the
subject of the Transaction Security. 
 “Commitment” means a Facility A Commitment, Facility B Commitment, Facility C
Commitment, Facility D1 Commitment, or Facility D2 Commitment or a commitment under any new facility established pursuant to Clause 2.2 (Accordion) of the 2017 Credit Agreement. 

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 9 (Form of Compliance
Certificate) of the 2017 Credit Agreement. 

  
 E-5 

 “Consolidated Coverage Ratio” means, on any date of determination, the ratio of
(a) EBITDA for the one (1) year period ending on such date to (b) Consolidated Interest Expense for the one (1) year period ending on such date. 

“Consolidated Debt” means, at any date, the sum (without duplication) of (a) the aggregate amount of all Debt of the
Borrower and its Subsidiaries at such date, which shall include the amount of any recourse in respect of Inventory Financing permitted under paragraph (b)(iv) of the definition of Permitted Financial Indebtedness or any recourse in respect of
Inventory Financing incurred by an Obligor, plus (b) to the extent not included in Debt, the aggregate net mark-to-market amount of all derivative financing
in the form of equity swaps outstanding at such date (except to the extent such exposure is cash collateralised to the extent permitted under the Finance Documents). 

“Consolidated Funded Debt” means, for any period, Consolidated Debt less the sum (without duplication) of (a) all
obligations of such person to pay the deferred purchase price of property or services, (b) all obligations of such person as lessee under Capital Leases, and (c) all obligations of such person with respect to product invoices incurred in
connection with export financing. 
 “Consolidated Interest Expense” means, for any period, the sum of (a) the total
gross cash and non cash interest expense of the Borrower and its consolidated Subsidiaries relating to Consolidated Funded Debt of such persons, (b) any amortisation or accretion of debt discount or any interest paid on Consolidated Funded Debt
of the Borrower and its Subsidiaries in the form of additional Financial Indebtedness (but excluding any amortisation of deferred financing and debt issuance costs), (c) the net costs under Treasury Transactions in respect of interest rates (but
excluding amortisation of fees), (d) any amounts paid in cash on preferred stock, and (e) any interest paid or accrued in respect of Consolidated Funded Debt without a maturity date, regardless of whether considered interest expense under
Applicable GAAP of the Borrower. 
 “Consolidated Leverage Ratio” means, on any date of determination, the ratio of
(a) Consolidated Funded Debt on such date to (b) EBITDA for the one (1) year period ending on such date. 

“Contingent Instrument” means any documentary credit (including all forms of letter of credit) or performance bond advance
payment, bank guarantee or similar instrument. 
 “Covenant Reset Date” means the first date falling after the date of the
2017 Credit Agreement on which both of the following conditions are met: 
  

	 	(a)	either: 

  

	 	(i)	for the two most recently completed Reference Periods in respect of which Compliance Certificates have been (or are required to have been) delivered under this Agreement, the Consolidated Leverage Ratio was 3.75:1 or
lower; or 

  

	 	(ii)	for the three most recently completed Reference Periods in respect of which Compliance Certificates have been (or are required to have been) delivered under this Agreement, the Consolidated Leverage Ratio for the first
and third of those Reference Periods was 3.75:1 or lower and in the second Reference Period would have been 3.75:1 or lower but for the proceeds of any Permitted Financial Indebtedness standing to the credit of a Reserve being included in the
definition of Debt as described in paragraph (iv) of that definition; and 

  

	 	(b)	no Default is continuing. 

  
 E-6 

 “Debt” of any person means, without duplication, (a) all obligations of
such person for borrowed money, (b) all obligations of such person evidenced by bonds, debentures, notes or other similar instruments, including the perpetual bonds, (c) the aggregate net mark-to-market of Treasury Transactions (except to the extent such exposure is cash collateralised to the extent permitted under the Finance Documents) of such person but excluding Treasury Transactions
relating to the rate or price of energy or any commodity, (d) all obligations of such person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of trading, (e) all
obligations of such person as lessee under Capital Leases, (f) all Debt of others secured by Security on any asset of such person, up to the value of such asset, (g) all obligations of such person with respect to product invoices incurred
in connection with export financing, (h) all obligations of such person under repurchase agreements for the stock issued by such person or another person, (i) all obligations of such person in respect of Inventory Financing permitted under
paragraph (b)(iv) of the definition of Permitted Financial Indebtedness or any obligations of an Obligor in respect of any similar Inventory Financing; and (j) all guarantees of such person in respect of any of the foregoing; 

provided, however, that 
  

	 	(i)	for the purposes of calculating the Consolidated Funded Debt element of the Consolidated Leverage Ratio, Relevant Convertible/Exchangeable Obligations (and any other outstanding hybrid bonds or convertible securities)
shall be excluded from each of the foregoing paragraphs (a) to (j) inclusive (provided that, in the case of outstanding Financial Indebtedness under any Subordinated Optional Convertible Securities (1) only the principal amount
thereof shall be excluded and (2) such exclusion shall apply only for so long as such amounts remain subordinated in accordance with the terms of that definition); 

 

	 	(ii)	for the avoidance of doubt, a Permitted Securitisation shall not be deemed to be Debt except that any recourse required as a result of the Relevant Legislation and which is not recourse over the collection of
receivables and would, but for this provision, be treated as Debt will, to the extent of the required recourse under the Relevant Legislation, be counted as Debt; 

 

	 	(iii)	for the avoidance of doubt, all performance bonds, guarantees, bonding, documentary or stand-by letters of credit, banker’s acceptances or similar credit transactions,
including reimbursement obligations in respect thereof are not Debt until they are required to be funded; and 

  

	 	(iv)	the proceeds of any Permitted Financial Indebtedness shall, for the period of twelve Months from the date that such proceeds are credited to a Reserve in accordance with Clause 21.5 (Reserve) and for so long as such
proceeds stand to the credit of such Reserve during that period, be deducted from the aggregate calculation of Debt resulting from this definition, except where the calculation of Debt is for the purposes of calculating the Consolidated Leverage
Ratio to establish if: 

  

	 	(1)	the conditions for the Covenant Reset Date have been satisfied; or 

  

	 	(2)	the conditions set out in Clause 24.1 (Release of Mexican Security Trust Agreement) have been satisfied or Clause 24.2 (Release of Transaction Security—other jurisdictions) have been satisfied), 

and, for the avoidance of doubt, for the purposes set out in paragraphs (1) and (2) above, the Borrower shall prepare the
computations without the deduction specified in this paragraph (iv) and not be required to include it in that computation. 

“Delegate” means any delegate, agent,
attorney-in-fact, representative or co-trustee appointed by the Security Agent. 

  
 E-7 

 “Default” means an Event of Default or any event or circumstance specified in
Clause 25 (Events of Default) of the 2017 Credit Agreement which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be
an Event of Default. 
 “Discontinued EBITDA” means, for any period, the sum for Discontinued Operations of
(a) operating income, and (b) the depreciation and amortisation expense, in each case determined in accordance with Applicable GAAP of the Borrower consistently applied for such period. 

“Discontinued Operations” means operations that are accounted for as discontinued operations pursuant to Applicable GAAP of
the Borrower for which the Disposal of such assets has not yet occurred. 
 “Disposal” means a sale, lease, licence,
transfer, loan or other disposal by a person of any asset (including shares in any Subsidiary or other company), undertaking or business (whether by a voluntary or involuntary single transaction or series of transactions). 

“Disposal Proceeds” means the cash proceeds received by any member of the Group (including any amount received from a person
who is not a member of the Group in repayment of intercompany debt for any Disposal. 
 “EBITDA” means, for any period, the
sum for the Borrower and its Subsidiaries, determined on a consolidated basis of (a) operating income, and (b) depreciation and amortisation expense, in each case determined in accordance with Applicable GAAP of the Borrower, subject to
the adjustments herein, consistently applied for such period and adjusted for Discontinued EBITDA as follows: if the amount of Discontinued EBITDA is a positive amount, then EBITDA shall increase by such amount, and if the amount of Discontinued
EBITDA is a negative amount, then EBITDA shall decrease by the absolute value of such amount. For the purposes of calculating EBITDA for any applicable period pursuant to any determination of the Consolidated Leverage Ratio (but not the Consolidated
Coverage Ratio): (A) if at any time during such applicable period the Borrower or any of its Subsidiaries shall have made; (i) any Material Disposal, the EBITDA for such applicable period shall be reduced by an amount equal to the EBITDA (if
positive) attributable to the property that is the subject of such Material Disposal for such applicable period (but when the Material Disposal is by way of lease, income received by the Borrower or any of its Subsidiaries under such lease shall be
included in EBITDA) and (ii) any Material Acquisition, EBITDA for such applicable period shall be calculated after giving pro forma effect thereto as if such Material Acquisition had occurred on the first day of such applicable period,
and if since the beginning of such applicable period any person that subsequently shall have become a Subsidiary or was merged or consolidated with the Borrower or any of its Subsidiaries as a result of a Material Acquisition occurring during such
applicable period shall have made any Material Disposal or Material Acquisition of property that would have required an adjustment pursuant to sub-paragraph (i) or (ii) above if made by the Borrower or
any of its Subsidiaries during such applicable period, EBITDA for such period shall be calculated after giving pro forma effect thereto as if such Material Disposal or Material Acquisition had occurred on the first day of such applicable
period; and (B) EBITDA will be recalculated by multiplying each month’s EBITDA by the Ending Exchange Rate and dividing the amount obtained thereto by the exchange rate used by the Borrower in preparation of its monthly financial
statements in accordance with Applicable GAAP of the Borrower to convert USD into Mexican pesos. 
 “Ending Exchange Rate”
means the exchange rate at the end of a Reference Period for converting USD into Mexican pesos as used by the Borrower and its auditors in preparation of the Borrower’s financial statements in accordance with Applicable GAAP of the Borrower.

 “Event of Default” means any event or circumstance specified as such in Clause 25 (Events of Default) of the 2017
Credit Agreement. 

  
 E-8 

 “Executive Compensation Plan” means any stock option plan, restricted stock plan
or retirement plan which the Borrower or any of its Subsidiaries, any other Obligor or, as the case may be, Caliza, Centurion or Trinidad Cement, or any of its Subsidiaries, as the case may be, customarily provides to its employees, consultants and
directors. 
 “Existing Financial Indebtedness” means the Financial Indebtedness as at the date of the 2017 Credit
Agreement of members of the Group which are not Obligors and is described in Schedule 10 (Existing Financial Indebtedness) of the 2017 Credit Agreement provided that any amount of such indebtedness may be refinanced or replaced from time to
time but the aggregate principal amount of such Financial Indebtedness may not increase above the principal amount outstanding as at the date of the 2017 Credit Agreement (except as otherwise permitted or not restricted by the 2017 Credit Agreement
or by the amount of any capitalised interest under any facility or instrument that provided for capitalisation of interest on those terms as at the date of the 2017 Credit Agreement). 

“Existing Subordinated Convertible Notes” means the 2018 Subordinated Convertible Notes, the 2020 Subordinated Convertible
Notes and the Subordinated Convertible Notes described at paragraph (b)(i) of the definition of Subordinated Optional Convertible Securities. 

“Facility” means Facility A, Facility B, Facility C, Facility D1 or Facility D2 or any other facility established in
accordance with and pursuant to Clause 2.2 (Accordion) of the 2017 Credit Agreement. 
 “Facility A” means the term
loan facility made available under the 2017 Credit Agreement as described in paragraph (a) of Clause 2.1 (The Facilities) of the 2017 Credit Agreement. 

“Facility A Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading “Facility A Commitment” in Part II of Schedule 1 (The Original Parties) of the 2017 Credit
Agreement and the amount of any other Facility A Commitment transferred to it under the 2017 Credit Agreement or assumed by it in accordance with Clause 2.2 (Accordion) of the 2017 Credit Agreement; and 

 

	 	(b)	in relation to any other Lender, the amount in the Base Currency of any Facility A Commitment transferred to it under the 2017 Credit Agreement or assumed by it in accordance with Clause 2.2 (Accordion) of the
2017 Credit Agreement, 

 to the extent not cancelled, reduced or transferred by it under the 2017 Credit Agreement. 

“Facility A Loan” means a loan made or to be made under Facility A or the principal amount outstanding for the time being of
that loan. 
 “Facility B” means the term loan facility made available under the 2017 Credit Agreement as described in
paragraph (b) of Clause 2.1 (The Facilities) of the 2017 Credit Agreement. 
 “Facility B Commitment” means:

  

	 	(a)	in relation to an Original Lender, the amount in euro set opposite its name under the heading “Facility B Commitment” in Part II of Schedule 1 (The Original Parties) of the 2017 Credit Agreement and the
amount of any other Facility B Commitment transferred to it under the 2017 Credit Agreement or assumed by it in accordance with Clause 2.2 (Accordion) of the 2017 Credit Agreement; and 

 

	 	(b)	in relation to any other Lender, the amount in euro of any Facility B Commitment transferred to it under the 2017 Credit Agreement or assumed by it in accordance with Clause 2.2 (Accordion) of the 2017 Credit
Agreement, 

 to the extent not cancelled, reduced or transferred by it under the 2017 Credit Agreement. 

  
 E-9 

 “Facility B Loan” means a loan made or to be made under Facility B or the
principal amount outstanding for the time being of that loan. 
 “Facility C” means the term loan facility made available
under the 2017 Credit Agreement as described in paragraph (c) of Clause 2.1 (The Facilities) of the 2017 Credit Agreement. 

“Facility C Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount in sterling set opposite its name under the heading “Facility C Commitment” in Part II of Schedule 1 (The Original Parties) of the 2017 Credit Agreement and
the amount of any other Facility C Commitment transferred to it under the 2017 Credit Agreement or assumed by it in accordance with Clause 2.2 (Accordion) of the 2017 Credit Agreement; and 

 

	 	(b)	in relation to any other Lender, the amount in sterling of any Facility C Commitment transferred to it under the 2017 Credit Agreement or assumed by it in accordance with Clause 2.2 (Accordion) of the 2017 Credit
Agreement, 

 to the extent not cancelled, reduced or transferred by it under the 2017 Credit Agreement. 

“Facility C Loan” means a loan made or to be made under Facility C or the principal amount outstanding for the time being of
that loan. 
 “Facility D1” means the term loan facility made available under the 2017 Credit Agreement as described in
paragraph (a) of Clause 2.1 (The Facilities) of the 2017 Credit Agreement. 
 “Facility D1 Commitment” means:

  

	 	(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading “Facility D1 Commitment” in Part II of Schedule 1 (The Original Parties) of the 2017 Credit
Agreement and the amount of any other Facility D1 Commitment transferred to it under the 2017 Credit Agreement or assumed by it in accordance with Clause 2.2 (Accordion) of the 2017 Credit Agreement; and 

 

	 	(b)	in relation to any other Lender, the amount in the Base Currency of any Facility D1 Commitment transferred to it under the 2017 Credit Agreement or assumed by it in accordance with Clause 2.2 (Accordion) of the
2017 Credit Agreement, 

 to the extent not cancelled, reduced or transferred by it under the 2017 Credit Agreement. 

“Facility D1 Loan” means a loan made or to be made under Facility D1 or the principal amount outstanding for the time being
of that loan. 
 “Facility D2” means the term loan facility made available under the 2017 Credit Agreement as described in
paragraph (e) of Clause 2.1 (The Facilities) of the 2017 Credit Agreement. 
 “Facility D2 Commitment” means:

  

	 	(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading “Facility D2 Commitment” in Part II of Schedule 1 (The Original Parties) of the 2017 Credit
Agreement and the amount of any other Facility D2 Commitment transferred to it under the 2017 Credit Agreement or assumed by it in accordance with Clause 2.2 (Accordion) of the 2017 Credit Agreement; and 

 

	 	(b)	in relation to any other Lender, the amount in the Base Currency of any Facility D2 Commitment transferred to it under the 2017 Credit Agreement or assumed by it in accordance with Clause 2.2 (Accordion) of the
2017 Credit Agreement, 

  
 E-10 

 to the extent not cancelled, reduced or transferred by it under the 2017 Credit Agreement. 

“Facility D2 Loan” means a loan made or to be made under Facility D2 or the principal amount outstanding for the time being
of that loan. 
 “Fee Letter” means any letter or letters dated on or before the date of the 2017 Credit Agreement between
the Arranger (or any of them) and the Borrower, the Agent and the Borrower or the Security Agent and the Borrower, the Lenders (or any of them) and the Borrower setting out any of the fees payable by the Borrower to those Finance Parties in
connection with the 2017 Credit Agreement, and any fee letter between an Accordion Lender and the Borrower entered into in accordance with paragraph (f) of Clause 2.2 (Accordion) of the 2017 Credit Agreement. 

“Finance Document” means the 2017 Credit Agreement, any Accession Letter, any Accordion Confirmation, any Compliance
Certificate, any Reserve Certificate, any Fee Letter, the Intercreditor Agreement, any Promissory Note, any Resignation Letter, any Selection Notice, any Transaction Security Document, any Utilisation Request and any other document designated as a
“Finance Document” by the Agent and the Borrower. 
 “Finance Party” means the Agent, the Arranger, the Security
Agent or a Lender. 
 “Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	monies borrowed and debit balances at banks or other financial institutions; 

  

	 	(b)	any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent); 

  

	 	(c)	any amount raised pursuant to a note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument (including, without limitation, any perpetual bonds); 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would (in accordance with Applicable GAAP of the Borrower) be treated as a finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for
de-recognition under Applicable GAAP of the Borrower); 

  

	 	(f)	any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the negative mark-to-market value (or, if any
actual amount is due from any member of the Group as a result of the termination or close-out of that Treasury Transaction, that amount) shall be taken into account); 

 

	 	(g)	any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; 

 

	 	(h)	any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the Borrower) before the last Termination Date or are otherwise classified as borrowings under Applicable GAAP of the
Borrower; 

  
 E-11 

	 	(i)	any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of
the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than 60 days after the date of supply; 

 

	 	(j)	any arrangement pursuant to which an asset sold or otherwise disposed of by that person may be re-acquired by a member of the Group (whether following the exercise of an option or
otherwise) and any Inventory Financing; 

  

	 	(k)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as
borrowings under Applicable GAAP of the Borrower; and 

  

	 	(l)	the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs (a) to (k) above. 

“Financial Quarter” means the period commencing on the day after one Quarter Date and ending on the next Quarter Date. 

“Financial Year” means the annual accounting period of the Borrower ending on or about 31 December in each year. 

“Fitch” means Fitch Ratings Limited or any successor thereto from time to time. 

“Governmental Authority” means the government of any jurisdiction, or any political subdivision thereof, whether provincial,
state or local, and any department, ministry, agency, instrumentality, authority, body, court, central bank or other entity lawfully exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Group” means the Borrower and each of its Subsidiaries for the time being. 

“Guarantors” means the Original Guarantors and any Additional Guarantor other than any Original Guarantor or Additional
Guarantor which has ceased to be a Guarantor pursuant to Clause 28.3 (Resignation of a Guarantor) of the 2017 Credit Agreement and/or sub-paragraph (ii) of paragraph (c) of Clause 38.2
(Exceptions) of the 2017 Credit Agreement and has not subsequently become an Additional Guarantor pursuant to Clause 28.2 (Additional Guarantors and Additional Security Providers) of the 2017 Credit Agreement and
“Guarantor” means any of them. 
 “Holding Company” means, in relation to a company or corporation, any
other company or corporation in respect of which it is a Subsidiary. 
 “IFRS” means international accounting standards
within the meaning of IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements. 
 “Intellectual
Property” means: 
  

	 	(a)	any patents, trademarks, service marks, designs, business names, copyrights, design rights, database rights, inventions, knowhow and other intellectual property rights and interests, whether registered or unregistered;
and 

  
 E-12 

	 	(b)	the benefit of all applications and rights to use such assets of each member of the Group. 

“Intercreditor Agreement” means the intercreditor agreement, dated September 17, 2012 among the Borrower and certain of
its Subsidiaries named therein, Citibank Europe PLC, UK Branch (formerly Citibank International plc) as facility agent, the financial institutions, noteholders and other entities named therein and Wilmington Trust (London) Limited, as security
agent, as amended by an amendment agreement, dated October 31, 2014, and as amended and restated by an amendment and restatement agreement dated on or about July 23, 2015 and an amendment and restatement agreement dated July 19, 2017,
as such agreement may be amended, modified or waived from time to time. 
 “Inventory Financing” means a financing
arrangement pursuant to which a member of the Group sells inventory to a bank or other institution (or a special purpose vehicle or partnership incorporated or established by or on behalf of such bank or other institution or an Affiliate of such
bank or other institution) and has an obligation to repurchase such inventory to the extent that it is not sold to a third party within a specified period. 

“Joint Venture” means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint
venture or partnership or any other entity. 
 “Lender” means: 

 

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 2.2 (Accordion) or Clause 26 (Changes to the Lenders) of the 2017 Credit Agreement,

 which in each case has not ceased to be a Party in that capacity in accordance with the terms of the 2017 Credit Agreement. 

“Loan” means a Facility A Loan, Facility B Loan, Facility C Loan, Facility D1 Loan, Facility D2 Loan or any other Loan under
any Facility established pursuant to Clause 2.2 (Accordion) of the 2017 Credit Agreement. 
 “Majority Lenders”
means a Lender or Lenders whose Commitments aggregate 66 2/3% or more of the Total
Commitments (or, if the Total Commitments have been reduced to zero, aggregated
66 2/3% or more of the Total Commitments immediately prior to the reduction). 

“Material Acquisition” means any (a) acquisition of property or series of related acquisitions of property that
constitutes assets comprising all or substantially all of an operating unit, division or line of business or (b) acquisition of or other investment in the Capital Stock of any Subsidiary or any person which becomes a Subsidiary or is merged or
consolidated with the Borrower or any of its Subsidiaries, in each case, which involves the payment of consideration by the Borrower and its Subsidiaries in excess of $100,000,000 (or the equivalent in other currencies). 

“Material Disposal” means any Disposal of property or series of related Disposals of property that yields gross proceeds to
the Borrower or any of its Subsidiaries in excess of $100,000,000 (or the equivalent in other currencies). 
 “Material Adverse
Effect” means a material adverse effect on: 
  

	 	(a)	the business, property, assets, condition (financial or otherwise) or operations of the Group, taken as a whole; or 

  

	 	(b)	the rights or remedies of any Finance Party under the Finance Documents; or 

  
 E-13 

	 	(c)	the ability of any Obligor to perform its obligations under the Finance Documents or the validity or enforceability, effectiveness or ranking of any of the Transaction Security granted or purported to be granted under
or pursuant to any of the Finance Documents. 

 “Mexican pesos,” “Mex$,”
“MXN” and “pesos” means the lawful currency of Mexico. 
 “Mexico” means the United
Mexican States. 
 “Moody’s” means Moody’s Investors Services Limited or any successor to its ratings business.

 “NAFTA” means the North American Free Trade Agreement. 

“Obligors” means the Borrower, the Guarantors and the Security Providers and “Obligor” means any of them.

 “Original Lenders” means the financial institutions listed on Part II (The Original Lenders) of Schedule I
(The Original Parties) of the 2017 Credit Agreement as original lenders. 
 “Original Financial Statements” means
(a) in relation to the Borrower, its audited unconsolidated and consolidated financial statements for its Financial Year ended 31 December 2016 accompanied by an audit opinion of KPMG Cardenas Dosal, S.C.; (b) in relation to CEMEX
España, its audited consolidated financial statements for its financial year ended 31 December 2016; and (c) in relation to any other Guarantor, its most recent annual financial statements (audited, if available). 

“Participating Member State” means any member state of the European Union that has adopted the euro as its lawful currency in
accordance with legislation of the European Union relating to Economic and Monetary Union. 
 “Party” means a party to the
2017 Credit Agreement. 
 “Permitted Acquisition” means: 

 

	 	(a)	an acquisition by a member of the Group of an asset sold, leased, transferred or otherwise disposed of by another member of the Group in circumstances constituting a Permitted Disposal; 

 

	 	(b)	an acquisition of shares or securities pursuant to a Permitted Share Issue; 

  

	 	(c)	an acquisition of cash or securities which are Cash Equivalent Investments; 

  

	 	(d)	the incorporation of a company which on incorporation becomes a member of the Group or which is a special purpose vehicle, whether a member of the Group or not; 

 

	 	(e)	an acquisition that constitutes a Permitted Joint Venture; 

  

	 	(f)	an acquisition of assets and, if applicable, cash, in exchange for other assets and, if applicable, cash, of equal or higher value; 

  

	 	(g)	any acquisition of shares of the Borrower, any acquisition of shares of Caliza, any acquisition of shares of Centurion or any acquisition of shares of Trinidad Cement pursuant to (i) an obligation in respect of any
Executive Compensation Plan of the Borrower or any of its Subsidiaries or, as the case may be, of Caliza or any of its Subsidiaries, Centurion or any of its Subsidiaries or Trinidad Cement or any of its Subsidiaries as the case may be, or
(ii) a Treasury Transaction permitted in accordance with Clause 22.27 (Treasury Transactions) of the 2017 Credit Agreement; 

  
 E-14 

	 	(h)	any other acquisition consented to by the Agent acting on the instructions of the Majority Lenders; 

  

	 	(i)	an acquisition of shares in the Borrower or any other member of the Group to the extent that a member of the Group has, pursuant to the terms of convertible or exchangeable securities, an obligation to deliver such
shares to any holder(s) of convertible or exchangeable securities constituting Permitted Financial Indebtedness; 

  

	 	(j)	any acquisition by a member of the Caliza Group of assets or of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) provided that (except where the assets,
company, shares, securities, business or undertaking (or, in each case, any interest in any of them) acquired was disposed of by (A) a member of the Caliza Group or (B) a member of the Group which is not a member of the Caliza Group in
circumstances constituting a Permitted Disposal under the definition of Permitted Disposal) the aggregate amount of the consideration for such acquisitions does not at any time (when aggregated with all other amounts of Caliza Expansion Capital then
incurred) exceed the Caliza Expansion Capital Permitted Limit; 

  

	 	(k)	any acquisition constituting a Reconstruction permitted pursuant to Clause 22.8 (Merger) of the 2017 Credit Agreement; 

  

	 	(l)	any other acquisition of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) provided that the aggregate amount of the consideration for such acquisitions does
not exceed $400,000,000 (or its equivalent in any other currencies) in any Financial Year, and provided further that: 

  

	 	(i)	if an asset is acquired by a member of the Group pursuant to this paragraph (l); and 

  

	 	(ii)	such asset is the subject of a Disposal by the Group within 12 Months of the date of completion of its acquisition, 

the unutilised portion of the amount referred to above in respect of that Financial Year shall be increased by an amount equal to the lower of
(A) the amount of the consideration originally paid by the relevant member of the Group which acquired such asset and (B) the amount of the Disposal Proceeds received for such Disposal; 

 

	 	(m)	any acquisition by a member of the Centurion Group of assets or of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) provided that (except where the assets,
company, shares, securities, business or undertaking (or, in each case, any interest in any of them) acquired was disposed of by (A) a member of the Centurion Group or (B) a member of the Group which is not a member of the Centurion Group
in circumstances constituting a Permitted Disposal under the definition of Permitted Disposal) the aggregate amount of the consideration for such acquisitions does not at any time (when aggregated with all other amounts of Centurion Expansion
Capital then incurred) exceed the Centurion Expansion Capital Permitted Limit; 

  
 E-15 

	 	(n)	the acquisition or repurchase of any shares in a member of the Group which were the subject of any Caliza Offering Option, any Centurion Offering Option or any Trinidad Cement Offering Option (i) where those shares
were not taken up in full as part of such option or (ii) pursuant to a Treasury Transaction entered into in connection with that Caliza Offering Option, Centurion Offering Option or Trinidad Cement Offering Option and, for the avoidance of
doubt any repurchase under this paragraph (n) shall be a separate and independent right and shall not impact or utilise any other elements permitted under the 2017 Credit Agreement including, without limitation, paragraph (l) or
(p) of this definition, paragraph (c) of Clause 21.2 (Financial condition) of the 2017 Credit Agreement, the Caliza Expansion Capital Permitted Limit and the Centurion Expansion Capital Permitted Limit; 

 

	 	(o)	the acquisition or repurchase by the Borrower, Caliza, Centurion or Trinidad Cement of its own shares provided that, in the case of the acquisition or repurchase by the Borrower, (i) the aggregate nominal value of
any shares acquired or repurchased by it in any Financial Year pursuant to this paragraph (o) does not (when aggregated with the amount of all distributions made by it in that Financial Year pursuant to paragraph (a) of the definition of
“Permitted Distribution”) exceed $200,000,000 (or its equivalent) and (ii) the Borrower may only acquire or repurchase any of its shares pursuant to this paragraph (o) if it has delivered a Compliance Certificate in respect of
the most recent Reference Period for which a Compliance Certificate was required to have been delivered under the 2017 Credit Agreement showing a Consolidated Leverage Ratio in respect of that Reference Period of 4.00:1 or less; and

  

	 	(p)	any acquisition if: 

  

	 	(i)	the cash consideration for that acquisition (when aggregated with the cash consideration for any other acquisition made pursuant to this paragraph (p)(i) in the four Financial Quarters ending prior to the date of the
proposed acquisition) does not exceed the aggregate amount of free cash flow generated by the Group after deduction of total capital expenditure (as reported by the Borrower in its quarterly earnings report filed with the relevant authority) during
the same four Financial Quarter period; and/or 

  

	 	(ii)	the acquisition is funded from the proceeds of any disposals of assets received by the Group during the 12 months prior to the making of that acquisition and/or Financial Indebtedness which had been repaid using the
proceeds of any disposals of assets received by the Group during the 12 months prior to the making of that acquisition and which has been incurred in up to the same amount in order to fund that acquisition); and/or 

 

	 	(iii)	the acquisition is funded from the proceeds of any issuance of shares where such proceeds have been received during the 18 months prior to the making of that acquisition and/or Financial Indebtedness which had been
repaid using the proceeds of any issuances of shares received by the Group during the 18 months prior to the making of that acquisition and which has been incurred in up to the same amount in order to fund that acquisition. 

“Permitted Disposal” means any Disposal provided that: 

  
 E-16 

	 	(a)	except in the case of Disposals as between members of the Group, the Disposal is on arm’s length terms; 

  

	 	(b)	in the case of Disposals of any asset by a member of the Group (the “Disposing Company”) to another member of the Group (the “Acquiring Company”), if: 

 

	 	(i)	the Disposing Company had given Transaction Security over the asset, the Acquiring Company must give equivalent Transaction Security over that asset (and, if the Acquiring Company is not already a Security Provider, it
must accede to the 2017 Credit Agreement as an Additional Security Provider); and 

  

	 	(ii)	the Disposing Company is a Guarantor, the Acquiring Company must be a Guarantor guaranteeing at all times an amount no less than that guaranteed by the Disposing Company (subject to any applicable guarantee
limitations), 

 provided that the conditions set out in paragraphs (i) and (ii) above shall only apply (A) to a
Disposal of shares if such Disposal would result in the Acquiring Company becoming a Material Subsidiary, or (B) to a Disposal of other assets if all or substantially all of the assets of the Disposing Company are being disposed of; and 

 

	 	(c)	a Disposal of any shares in a member of the Group to a person who is not a member of the Group may only be made: 

  

	 	(i)	pursuant to an obligation in respect of any Executive Compensation Plan, any Caliza Transaction, any Centurion Transaction or any Trinidad Cement Transaction; or 

 

	 	(ii)	if all the shares in that entity owned by members of the Group are the subject of the Disposal. 

“Permitted Distribution” means the declaration, making or payment of a dividend, charge, fee or other distribution (or
interest on any unpaid dividend, charge, fee or other distribution): 
  

	 	(a)	on or in respect of the share capital of the Borrower or any Subsidiary of the Borrower provided that (i) the aggregate amount of all distributions made by the Borrower in any Financial Year does not (when
aggregated with the nominal value of all shares acquired or repurchased by it in any Financial Year pursuant to paragraph (o) of the definition of “Permitted Acquisition”) exceed $200,000,000 (or its equivalent) and (ii) the
Borrower may only make a distribution on or in respect of its share capital if it has delivered a Compliance Certificate in respect of the Reference Period closest to the date of the declaration of such distribution for which a Compliance
Certificate was required to have been delivered under the 2017 Credit Agreement showing a Consolidated Leverage Ratio in respect of that Reference Period of 4.00:1 or less; 

 

	 	(b)	that is: 

  

	 	(i)	a recapitalisation of earnings on or in respect of the share capital of the Borrower (or any class of its share capital) pursuant to which additional share capital of the Borrower or the right to subscribe for
additional share capital is issued to the existing shareholders of the Borrower on a pro rata basis; 

  
 E-17 

	 	(ii)	by way of the issuance of common equity securities of the Borrower or the right to subscribe for such common equity securities to the existing shareholders of the Borrower on a pro rata basis; 

 

	 	(iii)	by way of the issuance of common equity securities of Caliza or the right to subscribe for such common equity securities to the existing shareholders of Caliza on a pro rata basis; 

 

	 	(iv)	by way of the issuance of common equity securities of Centurion or the right to subscribe for such common equity securities to the existing shareholders of Centurion on a pro rata basis; or 

 

	 	(v)	by way of the issuance of common equity securities of Trinidad Cement or the right to subscribe for such common equity securities to the existing shareholders of Trinidad Cement on a pro rata basis, 

provided that, for the avoidance of doubt, no cash or other asset (other than the common equity securities referred to above) of any member of the Group (or
any interest in any such cash or asset) is paid or otherwise transferred or assigned to any person that is not a member of the Group in connection with such distribution or interest; or 

 

	 	(c)	that is a payment of interest (at a time at which no Default is continuing) on any perpetual debt securities issued by the Borrower or New Sunward Holding Financial Ventures B.V. or otherwise permitted by the 2017
Credit Agreement; or 

  

	 	(d)	to any minority shareholders of any Subsidiary of the Borrower; (i) pro rata to its holding in such Subsidiary and provided that all other shareholders of the relevant Subsidiary receive their equivalent pro rata
share in any such dividend, charge, fee, distribution or interest payment at the same time; or (ii) in the case of minority shareholders of Assiut Cement Company on any basis (whether pro rata to its holding in such Subsidiary or otherwise),
provided that the maximum aggregate amount distributed under this sub-paragraph (ii) must not exceed $25,000,000 (or its equivalent) from the date of the 2017 Credit Agreement to the last Termination
Date; or 

  

	 	(e)	that is pursuant to any obligation or undertaking entered into by Trinidad Cement prior to the date of the 2017 Credit Agreement relating to an agreement with the union of Trinidad Cement to provide shares in Trinidad
Cement to unionised employees of that company. 

 “Permitted Financial Indebtedness” means: 

 

	 	(a)	any Financial Indebtedness whatsoever incurred by an Obligor which Financial Indebtedness may, at the discretion of the Borrower, share in the Transaction Security; and 

 

	 	(b)	any Financial Indebtedness incurred by a member of the Group which is not an Obligor: 

  

	 	(i)	 that is Existing Financial Indebtedness including any such Existing Financial Indebtedness to the extent that it
is refinanced or replaced from time to time provided that the aggregate principal amount of such Financial Indebtedness does not increase above the principal amount outstanding as at the date of the 2017 Credit Agreement (except as

  
 E-18 

	 	
otherwise permitted or not restricted by the 2017 Credit Agreement or by the amount of any capitalised interest under any facility or instrument that provided for capitalisation of interest on
those terms as at the date of the 2017 Credit Agreement); 

  

	 	(ii)	that is owed to a member of the Group; 

  

	 	(iii)	that constitutes a Permitted Securitisation; 

  

	 	(iv)	arising under Capital Leases, factoring arrangements, Inventory Financing arrangements or export credit facilities or any similar arrangements for the purchase of equipment (provided that any Security granted in
relation to any such facility relates solely to equipment, the purchase of which was financed under such facility) or pursuant to sale and lease-back transactions provided that the maximum aggregate Financial Indebtedness of members of the Group
which are not Obligors under such transactions does not exceed $500,000,000 at any time (disregarding, for the purpose of such limit, any amount of Financial Indebtedness of such members of the Group arising under such arrangements permitted under
this paragraph (iv) and in place as at the date of the 2017 Credit Agreement including any amounts under such Financial Indebtedness which has been repaid and reborrowed whether pursuant to the terms of the arrangement constituting such
Financial Indebtedness when originally advanced or otherwise); 

  

	 	(v)	incurred for the purposes of refinancing Financial Indebtedness of any member of the Group which is not an Obligor; 

  

	 	(vi)	that becomes Financial Indebtedness solely as a result of any change in Applicable GAAP after the date of the 2017 Credit Agreement and that existed prior to the date of such change in Applicable GAAP (or that replaces,
and is on substantially the same terms as, such Financial Indebtedness); 

  

	 	(vii)	of any person acquired by a member of the Group pursuant to a Permitted Acquisition provided that: (i) such Financial Indebtedness existed prior to the date of the acquisition and was not incurred, increased or
extended in contemplation of, or since, the acquisition; and (ii) the aggregate amount of any such Financial Indebtedness of members of the Group which are not Obligors does not exceed $200,000,000 at any time; 

 

	 	(viii)	under Treasury Transactions entered into in accordance with Clause 22.27 (Treasury Transactions) of the 2017 Credit Agreement; 

 

	 	(ix)	incurred pursuant to or in connection with any cash pooling or other cash management agreements in place with a bank or financial institution, but only to the extent of offsetting credit balances of a member of the
Group which is not an Obligor pursuant to such cash pooling or other cash management arrangement; 

  

	 	(x)	constituting Financial Indebtedness for taxes levied, assessments due and other governmental charges required to be paid as a matter of law or regulation in the ordinary course of trading; 

 

	 	(xi)	that constitutes a Permitted Joint Venture; 

  
 E-19 

	 	(xii)	that constitutes a Permitted Working Capital Facility; 

  

	 	(xiii)	incurred by a member of the Caliza Group for the purposes of financing Caliza Expansion Capital in the amount of the Caliza Expansion Capital to be incurred (provided that the aggregate of all such Caliza Expansion
Capital (other than any such amount that is funded from Relevant Proceeds) may not exceed the Caliza Expansion Capital Permitted Limit at any time); 

  

	 	(xiv)	incurred by a member of the Centurion Group for the purposes of financing Centurion Expansion Capital in the amount of the Centurion Expansion Capital to be incurred (provided that the aggregate of all such Centurion
Expansion Capital (other than any such amount that is funded from Relevant Proceeds) may not exceed the Centurion Expansion Capital Permitted Limit at any time); 

  

	 	(xv)	not permitted by the preceding paragraphs or as a Permitted Transaction and the outstanding principal amount of which (when aggregated with the aggregate principal amount of any Financial Indebtedness of Obligors which
is guaranteed by members of the Group which are not Obligors) does not exceed $500,000,000 (or its equivalent) in aggregate; and 

  

	 	(xvi)	approved by the Agent acting on the instructions of the Majority Lenders, 

 provided that for the
purposes of sub-paragraph (b) only, such Financial Indebtedness of members of the Group which are not Obligors shall not benefit from the Transaction Security but may be secured to the extent that any
such Security or Quasi-Security put in place would constitute Permitted Security. 
 “Permitted Fundraising” means: 

 

	 	(a)	any issuance of equity securities by the Borrower paid for in full in cash on issue (and, for the avoidance of doubt, such securities may be issued with an original issue discount) and not redeemable on or prior to the
Termination Date and where such issue does not lead to a Change of Control; and 

  

	 	(b)	any issuance of equity-linked securities issued by any member of the Group that are linked solely to, and result only in the issuance of, equity securities of the Borrower otherwise entitled to be issued under this
definition (and that do not, for the avoidance of doubt, result in the issuance of any equity securities by such member of the Group) and that are paid for in full in cash on issue (and, for the avoidance of doubt, such securities may be issued with
an original issue discount) and where such issue does not lead to a Change of Control (provided that such securities do not provide for the payment of interest in cash and are not redeemable on or prior to the Termination Date).

 “Permitted Fundraising Proceeds” means the cash proceeds received by any member of the Group from a
Permitted Fundraising. 
 “Permitted Guarantee” means: 

 

	 	(a)	any guarantee or similar provided by an Obligor; and 

  

	 	(b)	in relation to any member of the Group which is not an Obligor: 

  

	 	(i)	any guarantee existing on the date of the 2017 Credit Agreement; 

  
 E-20 

	 	(ii)	the endorsement of negotiable instruments in the ordinary course of trade but excluding an aval; 

  

	 	(iii)	any performance guarantee or Contingent Instrument guaranteeing performance by a member of the Group under any contract entered into in the ordinary course of trade; 

 

	 	(iv)	any guarantee of a Joint Venture to the extent permitted by Clause 22.20 (Joint ventures) of the 2017 Credit Agreement; 

  

	 	(v)	any guarantee (including an aval) of Financial Indebtedness falling within the definition of Permitted Financial Indebtedness; 

 

	 	(vi)	any guarantee given in respect of the netting or set-off arrangements permitted pursuant to paragraph (B) of the definition of Permitted Security; 

 

	 	(vii)	any indemnity given in the ordinary course of business by any member of the Group which is not an Obligor in connection with its commercial or corporate activities, including but not limited to any Permitted Disposal,
Permitted Acquisition, or any indemnity given to professional advisers on customary terms as part of the terms of their engagement; 

  

	 	(viii)	any guarantee given by a member of the Group which is not an Obligor in respect of the obligations of another member of the Group which is not an Obligor; 

 

	 	(ix)	any guarantee consented to by the Agent acting on behalf of the Majority Lenders; 

  

	 	(x)	any guarantee given by a member of the Group in respect of obligations of a member of the Caliza Group or of the Centurion Group under Financial Indebtedness permitted to be incurred under paragraph (b)(xiii) or
(b)(xiv), as applicable of the definition of Permitted Financial Indebtedness; and 

  

	 	(xi)	any other guarantee that does not fall within paragraphs (i) to (x) above given by a member of the Group which is not an Obligor provided that at any time the aggregate principal amount guaranteed by all such
guarantees does not exceed $500,000,000 (or its equivalent) (and provided further that (i) any performance bonds, banker’s acceptances or guarantee, bonding, documentary or stand-by letter of credit
facilities shall only be counted towards such limit to the extent that such performance bond, banker’s acceptance, guarantee, bonding, documentary or stand-by letter of credit facility constitutes Debt
and (ii) where such guarantee is to be given by a member of the Group that is not an Obligor in relation to Financial Indebtedness of an Obligor, such guarantee shall be considered as Financial Indebtedness for the purposes of paragraph (b)(xv)
of the definition of Permitted Financial Indebtedness). 

 “Permitted Joint Venture” means any investment in
any Joint Venture (by way of a subscription for shares in, loan to, guarantee in respect of the liabilities of or transfer of assets to that Joint Venture) where: 
  

	 	(a)	such investment exists or a member of the Group is contractually committed to such investment at the date of the 2017 Credit Agreement; or 

  
 E-21 

	 	(b)	such investment is otherwise permitted under, or not restricted by, the 2017 Credit Agreement (other than pursuant to paragraph (e) of the definition of “Permitted Acquisition”, paragraph (b)(xi) of the
definition of “Permitted Financial Indebtedness”, paragraph (b)(iv) of the definition of “Permitted Guarantee”, paragraph (c) of the definition of “Permitted Loan” or paragraph (i) of the definition of
“Permitted Share Issue”). 

 “Permitted Loan” means: 

 

	 	(a)	any trade credit extended by any member of the Group to its customers on normal commercial terms and in the ordinary course of its trading activities; 

 

	 	(b)	Financial Indebtedness which is referred to in the definition of, or otherwise constitutes, Permitted Financial Indebtedness (except under paragraph (b)(iii) of that definition); 

 

	 	(c)	a loan made to a Joint Venture to the extent permitted under Clause 22.20 (Joint ventures); 

  

	 	(d)	a loan made by a member of the Group to another member of the Group; 

  

	 	(e)	deferred consideration in relation to Disposals falling within the definition of Permitted Disposal; 

  

	 	(f)	a loan made by a member of the Group to an employee or director of any member of the Group if the amount of that loan when aggregated with the amount of all loans to employees and directors by members of the Group does
not exceed $15,000,000 (or its equivalent) at any time; 

  

	 	(g)	any loan consented to by the Agent acting on the instructions of the Majority Lenders; 

  

	 	(h)	a loan arising as a result of an advance payment of Capital Expenditure made in the ordinary course of trading where such Capital Expenditure is permitted under the 2017 Credit Agreement; 

 

	 	(i)	any credit extended by way of receipt by a member of the Group of promissory notes in exchange for supplying materials or services for use in Mexican public works projects as long as the aggregate principal amount of
the Financial Indebtedness under such loan(s) does not exceed $100,000,000 (or its equivalent) at any time; and 

  

	 	(j)	any other loan(s) as long as the aggregate principal amount of the Financial Indebtedness under any such loan(s) does not exceed $250,000,000 (or its equivalent) at any time. 

“Permitted Put/Call Proceeds” means any cash or other assets arising out of or in connection with any Permitted Put/Call
Transaction, including, but not limited to, any settlement, disposal, transfer, assignment, close-out or other termination of such Permitted Put/Call Transaction. 

“Permitted Put/Call Transaction” means any call option, call spread, capped call transaction, put option, put spread, capped
put transaction or any combination of the foregoing and/or any other Treasury Transaction or transactions having a similar effect to any of the foregoing, in each case entered into, sold or purchased not for speculative purposes but for the purposes
of managing specific risks or exposures associated with any issuance of Relevant Convertible/Exchangeable Obligations. 
 “Permitted
Reorganisation” means, any intra-Group reorganisation (including any Reconstruction) provided that upon completion of each step in the Permitted Reorganisation the requirements of Clause 22.28 (Transaction Security) of the 2017
Credit Agreement are satisfied, where relevant. 

  
 E-22 

 “Permitted Securitisations” means a transaction or series of related
transactions providing for the securitisation of receivables and related assets by the Borrower or its Subsidiaries, including a sale at a discount, provided that (i) such receivables have been transferred, directly or indirectly, by the
originator thereof to a person that is not a member of the Group in a manner that satisfies the requirements for an absolute conveyance (or, where the originator is organised in Mexico, a true sale), and not merely a pledge, under the laws and
regulations of the jurisdiction in which such originator is organised; and (ii) except for customary representations, warranties, covenants and indemnities, such sale, transfer or other securitisation is carried out on a non-recourse basis or on a basis where recovery is limited solely to the collection of the relevant receivables (other than where such recourse or recovery is required pursuant to Article 122a of the Capital
Requirements Directive of the European Parliament and of the Council of the European Union (as introduced by Directive 2009/111/EC of 16 September 2009, amending Directives 2006/48/EC, 2006/49/EC and 2007/64/EC) (as further amended or replaced
from time to time, including, without limitation, by virtue of Articles 404 to 410 of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment
firms) and any relevant implementing legislation or pursuant to any analogous laws or regulations in any jurisdiction (the “Relevant Legislation”)). 

“Permitted Security” means the following Security and Quasi-Security: 

 

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

  

	 	(B)	Security granted pursuant to or in connection with any netting or set-off arrangements entered into in the ordinary course of trading (including, for the avoidance of doubt, any
cash pooling or cash management arrangements in place with a bank or financial institution falling within paragraph (b)(ix) of the definition of Permitted Financial Indebtedness or any similar Financial Indebtedness incurred by an Obligor);

  

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

 

	 	(D)	liens incurred or deposits made in the ordinary course of business in connection with (1) workers’ compensation, unemployment insurance and other types of social security, or (2) other insurance
maintained by the Group in accordance with Clause 22.10 (Insurance) of the 2017 Credit Agreement; 

  

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

  
 E-23 

	 	(F)	Security and Quasi-Security existing as at 30 June 2017 as described in Schedule 11 (Existing Security and Quasi-Security) of the 2017 Credit Agreement and any equivalent Security and Quasi-Security in
relation to any Financial Indebtedness that is refinancing or replacing any Financial Indebtedness over which Security or Quasi-Security is in place described in Schedule 11 (Existing Security and Quasi-Security) of the 2017 Credit Agreement
provided that the principal amount secured thereby is not increased (save that principal amounts secured by Security or Quasi-Security in respect of: 

  

	 	(1)	Treasury Transactions where there are fluctuations in the mark-to-market exposures of those Treasury Transactions; and 

 

	 	(2)	Financial Indebtedness where principal may increase by virtue of capitalisation of interest, may be increased by the amount of such fluctuations or capitalisations, as the case may be); 

 

	 	(G)	any Security or Quasi-Security permitted by the Agent, acting on the instructions of the Majority Lenders; 

  

	 	(H)	any Security created or deemed created pursuant to a Permitted Securitisation; 

  

	 	(I)	any Security or Quasi-Security granted in connection with any Treasury Transaction, excluding any Treasury Transaction described in Schedule 11 (Existing Security and Quasi-Security) of the 2017 Credit Agreement,
that constitutes Permitted Financial Indebtedness provided that the aggregate value of the assets that are the subject of such Security or Quasi-Security does not exceed $200,000,000 (or its equivalent in other currencies) at any time;

  

	 	(J)	Security or Quasi-Security granted or arising over receivables, inventory, plant or equipment that fall within paragraph (b)(iv) of the definition of Permitted Financial Indebtedness or any similar Financial
Indebtedness incurred by an Obligor; 

  

	 	(K)	the Transaction Security including, for the avoidance of doubt, any sharing in the Transaction Security referred to in paragraph (a) of the definition of Permitted Financial Indebtedness; 

 

	 	(L)	any Security or Quasi Security over bank accounts arising under clause 24 or clause 25 of the general terms and conditions (algemene bankvoorwaarden) of any member of the Dutch Bankers’ Association
(Nederlandse Vereniging van Banken); 

  

	 	(M)	any Security or Quasi-Security that is created or deemed created on shares of the Borrower or, as the case may be, Caliza, Centurion or, as applicable, Trinidad Cement, pursuant to an obligation in respect of an
Executive Compensation Plan by virtue of such shares being held on trust for the holders of the convertible securities pending exercise of any conversion option, where such Quasi-Security is customary for such transaction; 

  
 E-24 

	 	(N)	

  

	 	(1)	any Security or Quasi-Security granted over assets of the Caliza Group in connection with any Permitted Financial Indebtedness referred to in paragraph (b)(xiii) of that definition or any similar Financial Indebtedness
incurred by an Obligor; or 

  

	 	(2)	any Security or Quasi-Security granted over assets of the Centurion Group in connection with any Permitted Financial Indebtedness referred to in paragraph (b)(xiv) of that definition or any similar Financial
Indebtedness incurred by an Obligor; or 

  

	 	(O)	in addition to the Security and Quasi-Security permitted by the foregoing paragraphs (A) to (N), Security or Quasi-Security securing indebtedness of the Borrower and its Subsidiaries (taken as a whole) not in
excess of $500,000,000. 

 “Permitted Share Issue” means: 

 

	 	(a)	a Permitted Fundraising; 

  

	 	(b)	an issue of shares by a member of the Group which is a Subsidiary of the Borrower to another member of the Group (and, where the member of the Group has a minority shareholder, to that minority shareholder on a pro rata
basis) where (if the existing shares of the Subsidiary are the subject of the Transaction Security) the newly-issued shares also become subject to the Transaction Security on the same terms; 

 

	 	(c)	an issue of shares by the Borrower to comply with an obligation in respect of any Executive Compensation Plan of the Borrower; 

  

	 	(d)	an issue of common equity securities of the Borrower or other equity-like instruments of the Borrower or any other member of the Group either (i) by the Borrower or (ii) to any member of the Group where the
Borrower or that member of the Group has an obligation to deliver such shares or other equity-like instruments to a counterparty pursuant to the terms of any Permitted Put/Call Transaction or an obligation to deliver such shares or other equity-like
instruments to the holder(s) of convertible or exchangeable securities comprising Financial Indebtedness permitted pursuant to, or not restricted by, Clause 22.6 (Financial Indebtedness) of the 2017 Credit Agreement pursuant to the terms and
conditions of such convertible or exchangeable securities (as amended from time to time); 

  

	 	(e)	an issue of shares by Caliza, by Centurion or by Trinidad Cement to comply with an obligation in respect of any Executive Compensation Plan of Caliza, Centurion or Trinidad Cement, as applicable; 

 

	 	(f)	an issue of shares by Caliza pursuant to a Caliza Transaction, an issue of shares by Centurion pursuant to a Centurion Transaction or an issue of shares by Trinidad Cement pursuant to a Trinidad Cement Transaction;

  

	 	(g)	any issue of shares by the Borrower, Caliza, Centurion or Trinidad Cement which comprise the consideration for a Permitted Acquisition; 

 

	 	(h)	an issue of shares by Trinidad Cement pursuant to any commitments made by Trinidad Cement prior to the date of the 2017 Credit Agreement; 

 

	 	(i)	an issue of shares which constitutes a Permitted Joint Venture; and 

  
 E-25 

	 	(j)	any issue of shares consented to by the Agent acting on the instructions of the Majority Lenders. 

“Permitted Transaction” means: 
  

	 	(a)	any disposal required, Financial Indebtedness incurred, guarantee, indemnity or Security given, or other transaction arising, under the Finance Documents; 

 

	 	(b)	the solvent liquidation or reorganisation of any member of the Group which is not an Obligor so long as any payments or assets distributed as a result of such liquidation or reorganisation are distributed to other
members of the Group (and, where the member of the Group has a minority shareholder, to that minority shareholder on a pro rata basis); 

  

	 	(c)	any Permitted Reorganisation; and 

  

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

 “Permitted Working Capital Basket” has the
meaning given to that term in the definition of Permitted Working Capital Facility. 
 “Permitted Working Capital Facility”
means Financial Indebtedness of one or more members of the Group which are not Obligors under loan facilities, overdraft facilities, performance bonds, banker’s acceptances, guarantee, bonding, documentary or
stand-by letter of credit facilities, commercial paper, insurance premium financing and, in each case, other similar facilities or accommodation (in any case) for the financing of working capital of the Group
or such members of the Group in an aggregate amount of no more than $900,000,000 (or its equivalent) (the “Permitted Working Capital Basket”) provided that the Permitted Working Capital Basket shall only limit any such performance
bond, banker’s acceptance, guarantee, bonding, documentary or stand-by letter of credit facility to the extent that such performance bond, banker’s acceptance, guarantee, bonding, documentary or stand-by letter of credit facility constitutes Debt. 
 “Promissory Notes” means a dual
column English and Spanish non-negotiable promissory note issued or to be issued by the Borrower and executed por aval by each of the Guarantors, substantially in the form set out in Part I (Term Loans in
Dollars Pagaré No Negociable / Non-Negotiable Promissory Note) of the 2017 Credit Agreement for Term Loans in dollars, Part II (Loans in Dollars under the revolving loan Facility Pagaré No
Negociable / Non-Negotiable Promissory Note) of the 2017 Credit Agreement, for Loans in dollars under the revolving loan Facility, Part III (Term Loans in sterling Pagaré No Negociable / Non-Negotiable Promissory Note) of the 2017 Credit Agreement, for Term Loans in sterling and Part IV (Term Loans in euro Pagaré No Negociable / Non-Negotiable
Promissory Note) of the 2017 Credit Agreement for Term Loans in euro of Schedule 4 (Form of Promissory Note) of the 2017 Credit Agreement. 

“Quarter Date” means each of 31 March, 30 June, 30 September and 31 December. 

“Quasi Security” means an arrangement or transaction in which the Borrower or any Subsidiary: 

 

	 	(i)	sells, transfers or otherwise disposes of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group;

  

	 	(ii)	sells, transfers or otherwise disposes of any of its receivables on recourse terms; 

  
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	 	(iii)	enters into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enters into any other preferential arrangement having a similar effect, 

 in circumstances where
the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. 

“Receiver” means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged
Property. 
 “Reconstruction” means any amalgamation, demerger, merger, fusión, escisión or other
corporate reconstruction. 
 “Reference Period” means a period of four consecutive Financial Quarters. 

“Relevant Convertible/Exchangeable Obligations” means: (a) any Financial Indebtedness incurred by any person the terms
of which provide that satisfaction of the principal amount owing under such Financial Indebtedness (whether on or prior to its maturity and whether as a result of bankruptcy, liquidation or other default by such person or otherwise) shall occur
solely by delivery of shares or common equity securities in the Borrower or any other member of the Group; and (b) any Financial Indebtedness under any Subordinated Optional Convertible Securities. 

“Relevant Proceeds” means Caliza Proceeds, Centurion Proceeds, Disposal Proceeds, Permitted Fundraising Proceeds or Permitted
Put/Call Proceeds. 
 “Reserve” means a reserve created by the Borrower (and any of its Subsidiaries). 

“Reserve Certificate” means: 
  

	 	(a)	for the purposes of paragraph (d)(i) of Clause 21.5 (Reserve) of the 2017 Credit Agreement, a certificate signed by a Responsible Officer setting out the amount of proceeds from an incurrence of Permitted
Financial Indebtedness that the Borrower (or any of its Subsidiaries) wishes to be applied to a Reserve in accordance with this Clause 21.5 (Reserve) of the 2017 Credit Agreement and which has been actually credited to that Reserve; and

  

	 	(b)	for the purposes of paragraph (d)(ii) of Clause 21.5 (Reserve) of the 2017 Credit Agreement, a certificate signed by a Responsible Officer setting out the amount of proceeds from an incurrence of Permitted
Financial Indebtedness standing to the credit of a Reserve that the Borrower (or any of its Subsidiaries) wishes to be applied in repayment or prepayment of Financial Indebtedness as described in paragraph (a) above and which is so applied.

 “Resignation Letter” means a document substantially in the form set out in Schedule 8 (Form of
Resignation Letter) of the 2017 Credit Agreement. 
 “Responsible Officer” means the Chief Financial Officer and/or
Chief Controlling Officer of the Borrower or a person holding equivalent status (or higher). 
 “S&P” means
Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., or any successor thereto from time to time. 

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

“Secured Parties” means each Finance Party from time to time to the 2017 Credit Agreement and any Receiver or Delegate. 

  
 E-27 

 “Security” means a mortgage, charge, pledge, lien, security trust or
other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. 

“Security Agent” means Wilmington Trust (London) Limited as security agent of the Secured Parties. 

“Security Providers” means the Original Security Providers and any Additional Security Provider other than any Original
Security Provider or Additional Security Provider which has ceased to be a Security Provider pursuant to Clause 28.4 (Resignation of a Security Provider) of the 2017 Credit Agreement and has not subsequently become an Additional Security
Provider pursuant to Clause 28.2 (Additional Guarantors and Additional Security Providers) of the 2017 Credit Agreement, and “Security Provider” means any of them. 

“Selection Notice” means a notice substantially in the form set out in Part II of Schedule 3 (Requests and Notices) of
the 2017 Credit Agreement given in accordance with Clause 10 (Interest Periods) of the 2017 Credit Agreement. 
 “Spanish
GAAP” means the Spanish General Accounting Plan (Plan general de contabilidad) approved by Royal Decree 1514/2007 as in effect from time to time and consistent with those used in the preparation of the most recent audited financial
statements referred to in Clause 20.1 (Financial statements) of the 2017 Credit Agreement. 
 “Subordinated Optional
Convertible Securities” means: 
  

	 	(a)	The Existing Subordinated Convertible Notes; and 

  

	 	(b)	any Financial Indebtedness incurred by any member of the Group the terms of which provide that such indebtedness is capable of optional conversion into equity securities or other equity-like instruments of the Borrower
or any member of the Group and that repayment of principal and accrued but unpaid interest thereon is subordinated (under terms customary for an issuance of such Financial Indebtedness) to all senior Financial Indebtedness of the Borrower
(including, but not limited to, the Facilities) except for: (A) indebtedness that states, or is issued under a deed, indenture, agreement or other instrument that states, that it is subordinated to or ranks equally with any Subordinated
Optional Convertible Securities and (B) indebtedness between or among members of the Group provided that: 

  

	 	(i)	If such Financial Indebtedness is being issued to refinance Existing Subordinated Convertible Notes (only) then: 

  

	 	A.	principal repayments in cash of such Financial Indebtedness shall: 

  

	 	1.	not exceed in aggregate the amount of the fees, costs and expenses related to the refinancing of the Existing Subordinated Convertible Notes being refinanced plus the higher of (x) the nominal value of such
Existing Subordinated Convertible Notes and (y) the market value of such Existing Subordinated Convertible Notes; and 

  

	 	2.	if payable in cash in any instalments scheduled before (but excluding) the maturity date of the Existing Subordinated Convertible Notes being refinanced, such instalments are no greater in amount or sooner in time than
provided for by the Existing Subordinated Convertible Notes being refinanced; or 

  
 E-28 

	 	B.	such Financial Indebtedness shall not have any scheduled principal repayments in cash until after the last Termination Date under the 2017 Credit Agreement; and 

 

	 	(ii)	in all other circumstances, such Financial Indebtedness shall not have any scheduled principal repayments in cash until after the last Termination Date under the 2017 Credit Agreement. 

“Subsidiary” means in relation to any company, partnership or corporation, a company, partnership or corporation: 

 

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company, partnership or corporation; 

  

	 	(b)	in the case of a company or corporation, more than half the issued share capital of which is beneficially owned, directly or indirectly by the first mentioned company, partnership or corporation; or 

 

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company, partnership or corporation, 

 and
for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system, which utilises a
single shared platform and which was launched on 19 November 2007. 
 “TARGET Day” means any day on which TARGET2 is
open for the settlement of payments in euro. 
 “Tax” means any tax, levy, impost, duty or other charge, deduction or
withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same). 

“Termination Date” means, in each case subject to Clause 38.3 (Facility Change) of the 2017 Credit Agreement,
(i) in relation to the Facilities originally granted under of the 2017 Credit Agreement, the date falling 60 Months after the date of the 2017 Credit Agreement and (ii) in relation to any other Facility or Facilities granted pursuant to
Clause 2.2 (Accordion) of the 2017 Credit Agreement, the termination date in relation to that Facility or those Facilities (as applicable). 

“Transaction Security” means the Security created or expressed to be created in favour of the Security Agent pursuant to the
Transaction Security Documents. 
 “Transaction Security Documents” means the Mexican Security Trust Agreement, each of the
documents listed as being a Transaction Security Document in paragraph 3 (Transaction Security Documents) of Part I of Schedule 2 (Conditions Precedent) of the 2017 Credit Agreement and any document required to be delivered to the
Agent under paragraph 3 (Transaction Security Documents) of Part II of Schedule 2 (Conditions Precedent) of the 2017 Credit Agreement together with any other document entered into by any Obligor creating or expressed to create any
Security over all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance Documents (and any other “Debt Documents” as defined in the Intercreditor Agreement). 

“Treasury Transactions” means any derivatives, swap, forward, option or other similar transaction whatsoever. 

“Trinidad Cement” means Trinidad Cement Limited. 

  
 E-29 

 “Utilisation Request” means a notice substantially in the form set out in Part I
(Utilisation Request) of Schedule 3 (Requests and Notices) of the 2017 Credit Agreement. 

  
 E-30

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