Document:

Forms of Subscription Agreements for Core Support Group members

Exhibit 10.1 
[SHAREHOLDER VERSION] 
 
FORM OF SUBSCRIPTION AGREEMENT 
 
May     , 2003 
 
[Name of Purchaser] 
[Address] 
 
Ladies and Gentlemen: 
 
Banco Latinoamericano de Exportaciones, S.A., a limited liability company organized under the laws of the Republic of Panama (the “Company”), proposes to sell to
             (the “Purchaser”) up to $             (the “Commitment Amount”) of shares of the Company’s
Class              Common Stock, no par value. 
 
The Purchaser’s agreement to purchase such shares is being entered into in connection with an offering by the Company to its existing
shareholders (the “Rights Offering”) of 22,000,000 shares of the Company’s Common Stock, no par value (“Common Stock”), which is scheduled to expire on June 20, 2003 (the “Expiration Date”). In the Rights Offering,
the Company’s shareholders are being offered the opportunity to subscribe for shares of Common Stock at a per share subscription price (the “Subscription Price”) equal to the lowest of the three averages of the last reported sales
price of a share of the Company’s Class E Common Stock on the New York Stock Exchange for three periods consisting of 90, 30 and 10 trading days, respectively, each ending on June 18, 2003. 
 
The Purchaser and a group of other existing Class A and Class
B shareholders of the Company and a small number of other institutions including multilateral organizations and development banks (together with the Purchaser, the “Core Support Group”) have agreed (or are expected to agree) pursuant to
this Agreement and similar subscription agreements (together, the “Subscription Agreements”) between the Company and each member of the Core Support Group (each a “CSG Member”) to purchase shares of Common Stock from the Company
to the extent that the Company’s shareholders do not subscribe for all of the shares offered in the Rights Offering. The Purchaser’s Commitment Amount represents its aggregate commitment to purchase shares in the Rights Offering (as
provided below) and outside the Rights Offering as a CSG Member. The aggregate amount of commitments by CSG Members to purchase shares of Common Stock pursuant to executed and binding Subscription Agreements (reduced by the commitments certain of
CSG Members which are Company shareholders to purchase shares in the Rights Offering) is referred to as the “Aggregate Adjusted Commitment Amount.” 
 
Following the Expiration Date, the Company will determine the number of shares of Common Stock available for purchase by CSG Members and
will allocate those shares (up to the Aggregate Adjusted Commitment Amount) among the CSG Members on a pro rata basis based on the respective Commitment Amounts (reduced by the respective commitments of certain CSG Members which are

Company shareholders to purchase shares in the Rights Offering) of the CSG Members set forth in their respective Subscription Agreements. The
number of shares so allocated to each CSG Member (the “Allocated Number”) will be the number of shares to be purchased at the Subscription Price by such CSG Member under its Subscription Agreement outside the Rights Offering as a GSG
Member; provided that, the Company may separately agree with any CSG Member to increase or decrease the Allocated Number of that CSG Member. In the case of the Purchaser, it’s Allocated Number of shares together with the shares it is agreeing
to purchase in the Rights Offering is referred to as the “Shares.” The Purchaser agrees that it will exercise its Primary Subscription right and purchase shares in the Rights Offering, but that it will not purchase any shares pursuant to
the Over-Subscription Privilege, as described in the Prospectus (as defined below). The sale of shares of Common Stock pursuant to the Rights Offering and the Subscription Agreements is referred to as the “Capital Increase”. 
 
This is to confirm the agreement concerning the purchase of
the Shares from the Company by the Purchaser. 
 
1.
Sale and Purchase of the Shares. On the basis of the representations, warranties and agreements contained in, and subject to the terms and conditions of, this Agreement, the Company agrees to issue and sell to the Purchaser the Shares and the
Purchaser agrees to purchase, at the Subscription Price, the Shares. 
 
2. Delivery and Payment. Delivery of a certificate or certificates for the Shares registered in the name of the Purchaser shall be made by the Company to the Purchaser, and payment of the purchase price by certified
or official bank check or checks payable in New York Clearing House (next day) funds to the order of the Company shall take place at the offices of             , at 10:00 a.m., New York
City time, on the              business day after the Expiration Date, or at such time on such other date, not later than
             business days after the Expiration Date, as shall be designated in writing by the Company to the Purchaser (such time and date of delivery and payment are called the
“Closing Date”). 
 
3. Regulation S;
Registration Statement and Prospectus. The Common Stock being sold to the Purchaser and the other CSG Members pursuant to the Subscription Agreements is being offered and sold pursuant to an exemption from registration under the United States
Securities Act of 1933, as amended (the “Securities Act”), provided by Regulation S thereunder (“Regulation S”). The shares of Common Stock offered in the Rights Offering, and the resale of the Shares (the “Resale”),
have been registered under the Securities Act, and the Company has prepared in conformity with the requirements of the Securities Act, and the published rules and regulations thereunder (the “Rules”) adopted by the United States Securities
and Exchange Commission (the “Commission”), a Registration Statement (as defined below) on Form F-2 (No. 33-101901), relating to the Rights Offering and the Resale, and has filed the Registration Statement and such amendments thereof as
may have been required to the date of this Agreement with the Commission. Such Registration Statement has been declared effective by the Commission, and no further amendments thereto or supplements thereof have been filed by the Company with the
Commission. Copies of such Registration Statement (including all amendments thereof) have heretofore been delivered by the Company to the Purchaser. The Registration Statement as amended at the time and on the date it became effective on May 20,
2003 (the “Effective Date”), including all exhibits and information, if any, deemed to be part of the Registration Statement, is called the “Registration Statement.” The term “Prospectus” means the prospectus in the
form used to solicit subscriptions in the Rights Offering. 
 
4. Representations and Warranties of the Company. The Company hereby represents and warrants to and agrees with the Purchaser as follows: 
 

2 

 
(a) On the
Effective Date the Registration Statement complied (and on the date of the Prospectus, on the date any post-effective amendment to the Registration Statement shall become effective, when any supplement or amendment to the Prospectus is filed with
the Commission and at the Closing Date, the Registration Statement and the Prospectus and any amendment thereof or supplement thereto will comply) in all material respects with the applicable provisions of the Securities Act and the Rules; the
conditions for the use of Form F-2 by the Company, as set forth in the General Instructions thereto, have been satisfied; the Registration Statement did not, as of the Effective Date, contain any untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary in order to make the statements therein not misleading; and on the other dates referred to above, neither the Registration Statement nor the Prospectus, nor any amendment thereof or
supplement thereto, will contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made,
not misleading; provided, however, that no representation or warranty is made as to information contained in or omitted from the Registration Statement or Prospectus in reliance upon and in conformity with written information furnished
to the Company by the Purchaser specifically for inclusion therein. 
 
(b) The documents incorporated by reference in the Prospectus, when they were filed with the Commission, conformed in all material respects to the requirements of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and the rules and regulations of the Commission thereunder, and none of such documents, when they were filed with the Commission, contained an untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements made therein not misleading. 
 
(c) The consolidated financial statements of the Company and its subsidiaries (including all notes and schedules thereto) included or incorporated by reference in the Registration Statement and
Prospectus present fairly on a consolidated basis the financial position, results of operations, changes in stockholders equity and cash flows and the other information purported to be shown therein of the Company and its subsidiaries at the
respective dates and for the respective periods shown thereby; and such financial statements have been prepared in conformity with United States generally accepted accounting principles (“US GAAP”), consistently applied throughout the
periods involved, and, in the case of the financial statements for any interim periods, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial information for such periods.

 
(d) KPMG Peat Marwick, whose reports have been
filed with the Commission and are incorporated by reference in the Registration Statement, are and, during the periods covered by their reports, were independent public accountants as required by the Securities Act and the Rules. 
 
(e) The Company has been duly organized and is
validly existing as a limited liability company in good standing under the laws of the Republic of Panama (“Panama”). Banco Latinoamericano de Exportaciones, Limited (BLADEX) (“Bladex Cayman”) has been duly organized and is
validly existing as a corporation in good standing under the laws of the Cayman Islands, B.W.I. (the “Cayman Islands”). Bladex Representacao Ltda. (“Bladex Brazil”) has been duly organized and is validly existing as a corporation
in good standing under the laws of Brazil. Bladex Cayman and Bladex Brazil are each referred to herein as a “Subsidiary” and together the “Subsidiaries”. Each of the Company and each Subsidiary is duly qualified to do business
and is in good standing in each jurisdiction in which the character or location of its assets or properties (owned, leased or licensed) or the nature of its business makes such qualification necessary. 

 

3 

Except for the Subsidiaries, the Company has no significant direct or indirect subsidiaries and does not control, directly or indirectly, any
significant corporation, partnership, joint venture, association or other business organization. Except for the Company’s New York agency (the “New York Agency”), the Company’s representative offices in Buenos Aires, Argentina
and Mexico City, Mexico (the “Representative Offices”) and the Subsidiaries, the Company has no offices, operations, agencies or branches outside Panama. The New York Agency is duly licensed under the laws of the State of New York to carry
on the business of an agency. Each of the Representative Offices in the Republic of Argentina and Mexico is duly licensed under the laws of the Republic of Argentina and Mexico, respectively, to carry on the business of a representative office.

 
(f) Each of the Company and each Subsidiary has
all necessary corporate power and authority and owns, possesses or has obtained all governmental licenses, permits, certificates, consents, orders, approvals and other authorizations required under the laws of the Republic of Panama, the Cayman
Islands, Brazil, the United States and any other jurisdiction in which the Company or the Subsidiaries transact business in order to own or lease, as the case may be, and to operate its properties and to conduct its business as presently conducted
and as described in the Prospectus (including, without limitation, with respect to the operation of the New York Agency, the Representative Offices and the Subsidiaries); all of such licenses, permits, certificates, consents, orders, approvals and
authorizations are in full force and effect and neither the Company nor either Subsidiary has received any notice of proceedings relating to any revocation or modification thereof. 
 
(g) The Company and each Subsidiary each have good and marketable title in fee simple to all real property
and good and marketable title to all personal property owned by it, in each case free and clear of all liens, encumbrances and defects except such as do not materially affect the value of such property or do not materially interfere with the use
made of such property by the Company or a Subsidiary; and all real property and buildings held under lease by the Company or either Subsidiary are held by them under valid, subsisting and enforceable leases, with such exceptions as are not material
and do not interfere with the use made of such property and buildings by the Company or the Subsidiaries. 
 
(h) There is no action, suit, investigation or proceeding, governmental or otherwise, pending or, to the Company’s best knowledge,
threatened or contemplated (and the Company does not know of any basis therefor) to which the Company or either Subsidiary is or may be a party or of which the business or property of the Company or either Subsidiary is or may be subject that is
material to the Company and the Subsidiaries, taken as a whole, or which is required to be disclosed in the Prospectus. 
 
(i) Except as disclosed in or contemplated by the Registration Statement and the Prospectus, subsequent to the respective
dates as of which information is given in the Registration Statement and the Prospectus, there has not been any material adverse change in the business, prospects, financial condition or results of operations of the Company and the Subsidiaries
whether or not arising from transactions in the ordinary course of business, and neither the Company nor either Subsidiary has sustained any material loss or interference with its assets, businesses or properties from fire, explosion, earthquake,
flood or other calamity, whether or not covered by insurance, or from any labor dispute or any court or legislative or other governmental action, order or decree, or due to any political or military event. Reference in this Agreement to events or
circumstances that may affect the “prospects” of the Company or the Subsidiaries refer to events or circumstances that the applicable person or, in the case of the Company, management 

 

4 

knows with a reasonable degree of certainty are likely to have a material adverse effect on the Company’s future business, financial
condition or results of operations. 
 
(j) Except
as may be disclosed in the Prospectus, the business of the Company and the Subsidiaries has been conducted in all material respects in compliance with all applicable laws, rules and regulations of the Republic of Panama, the Cayman Islands, Brazil,
the United States and any other jurisdiction in which the Company or the Subsidiaries transact business, and of any regulatory agency or authority therein. Neither the Company nor either Subsidiary is in violation of any term or provision of its
charter or by-laws or other governing documents or of any franchise, license, permit, judgment, decree, order, statute, rule or regulation, foreign or domestic, where the consequences of such violation could have a material adverse effect on the
business, prospects, financial condition or results of operations of the Company and the Subsidiaries, taken as a whole. 
 
(k) No default exists, and no event has occurred which with notice or lapse of time or both would constitute a default, in the due
performance and observance of any term, covenant or condition by the Company or either Subsidiary of any agreement, indenture, mortgage, deed of trust, note or any other agreement or instrument to which the Company or either Subsidiary is a party or
by which any of them or their respective properties or businesses may be bound which default or event, individually or in the aggregate with all such other defaults or events, could have a material adverse effect on the business, prospects,
financial condition or results of operations of the Company and the Subsidiaries, taken as a whole. 
 
(l) Neither the execution, delivery and performance of this Agreement or any of the other Subscription Agreements by the Company nor the
consummation of any of the transactions contemplated hereby or thereby (including, without limitation, the offering, issuance and sale by the Company of shares of Common Stock in the Rights Offering) will conflict with or result in the breach of any
term or provision of, or constitute a default (or an event which with notice or lapse of time or both would constitute a default) under, or require any consent or waiver under, or result in the creation or imposition of any lien, charge, claim,
encumbrance or security interest on any properties or assets of the Company or either Subsidiary pursuant to the terms of, any agreement, indenture, or other instrument to which the Company or either Subsidiary is a party or by which the Company or
either Subsidiary is bound or to which any of the property or assets of the Company or either Subsidiary is subject, nor will such actions violate the charter or by-laws or other governing document of the Company or either Subsidiary or any
applicable law, rule, administrative regulation or decree of any court or governmental agency or governmental authority having jurisdiction over the Company or either Subsidiary or any of their properties, except for such conflicts, breaches,
defaults, violations and other events or liens as would not, individually or in the aggregate, have a material adverse effect on the business, prospects, financial condition or results of operations of the Company and the Subsidiaries, taken as a
whole. 
 
(m) No consent, approval, authorization
or order of, or filing, registration, or qualification with, any governmental agency or authority is required in connection with the execution and delivery by the Company of this Agreement and the other Subscription Agreements or the consummation of
the transactions contemplated hereby and thereby (including without limitation the offering, issuance and sale by the Company of shares of Common Stock in the Rights Offering), except as may be required under the Securities Act and the Rules, the
Exchange Act, the Blue Sky laws of the various states of the United States, or the securities laws of jurisdictions other than the United States in connection with any sales of shares of Common Stock therein. 
 

5 

(n) There is no document or contract of a character required to be described in the
Registration Statement or Prospectus or to be filed as an exhibit to the Registration Statement which is not described or filed as required. 
 
(o) The Company’s capitalization is as set forth in the Prospectus, and all of the issued shares of capital stock of the Company
have been duly and validly authorized and issued, are fully paid and non-assessable and conform to the description thereof contained in the Prospectus; and all of the issued shares of capital stock of the Subsidiaries have been duly and validly
authorized and issued and are fully paid and non-assessable and are owned by the Company, free and clear of all liens, encumbrances, equities or claims of any third parties. 
 
(p) The Shares have been duly and validly authorized and, when issued and delivered against payment therefor
as provided herein, will be duly and validly issued, fully paid and non-assessable and not subject to the pre-emptive rights of any other shareholder of the Company; and the Shares will conform to the description thereof contained in the Prospectus.

 
(q) Subsequent to December 31, 2002, except as
otherwise disclosed in the Registration Statement and the Prospectus, neither the Company nor either Subsidiary has (i) issued any securities or incurred any material liability or obligation, whether fixed or contingent, except for liabilities or
obligations incurred in the ordinary course of its banking business, (ii) entered into any transaction not in the ordinary course of its banking business, or (iii) declared or paid any dividend or made any distribution on any shares of its capital
stock or redeemed, purchased or otherwise acquired or agreed to redeem, purchase or otherwise acquire any shares of its capital stock. 
 
(r) All necessary corporate action has been duly and validly taken by the Company to authorize the execution, delivery and performance of
this Agreement the other Subscription Agreements and the issuance and sale of the Shares. This Agreement and the other Subscription Agreements have been duly and validly authorized, executed and delivered by the Company. 
 
(s) Each of the Company and each Subsidiary has duly filed
with the appropriate taxing authorities all Tax Returns (as defined below) required to be filed by any of them and such Tax Returns are each correct and complete in all material respects, and there is no tax deficiency that has been asserted against
the Company or either Subsidiary by any taxing authority with jurisdiction over the Company or either Subsidiary that could have a material adverse effect on the business, prospects, financial condition or results of operations of the Company and
the Subsidiaries, taken as a whole. The term “Tax Return” means any report, return, application or other information supplied or required to be supplied by the Company or either Subsidiary to a taxing authority in the Republic of Panama,
the United States, the Cayman Islands, Brazil or elsewhere. 
 
(t) No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other taxes are payable by or on behalf of the Purchaser to the Republic of Panama or to any political subdivision or taxing
authority thereof or therein in connection with the purchase by the Purchaser of the Shares or the resale thereof; and all dividends and other distributions paid on or in respect of the Shares to all persons whether residents or non-residents of the
Republic of Panama will not be subject to Panamanian income, withholding or other taxes. 
 
(u) The Shares have been duly authorized for listing on the New York Stock Exchange, subject to official notice of issuance. 
 

6 

(v) The Company is not an “investment company” or a company
“controlled” by an “investment company” within the meaning of the United States Investment Company Act of 1940, as amended (the “Investment Company Act”). 
 
(w) The agreement between the Republic of Panama and the Company, approved by Ley Numero 38 dated July 25,
1978, is in full force and effect and the Company is in compliance with all conditions and requirements thereof and with all other laws and regulations relating thereto. 
 
(x) The Company maintains anti-money laundering and “know your customer” policies and guidelines,
descriptions of which have been delivered or made available to the Purchaser, and such policies remain in full force and effect and have not been modified in any significant way from the descriptions of such policies provided or made available to
the Purchaser. 
 
(y) Schedule I contains a list
of the Company’s Board of Directors and members of its senior management group. 
 
(z) The Company has insured its properties and assets with financially sound and reputable insurers. 
 
5. Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to and agrees with the Company as
follows: 
 
(a) The Purchaser is not a U.S. Person
(as defined in Regulation S) and is acquiring the Shares for the Purchaser’s own account for investment purposes only and not with a view to resale or distribution. No offer to sell or buy the Shares was made to or by a representative of the
Purchaser while such representative was in the United States and the decision by the Purchaser to buy the Shares was made outside of the United States. 
 
(b) To the full satisfaction of the Purchaser, the Purchaser has been furnished any materials the Purchaser has requested relating to the
Company and the purchase of the Shares, and the Purchaser has been afforded the opportunity to ask questions of representatives of the Company concerning the terms and conditions of this Agreement and to obtain any additional information necessary
to verify the accuracy of any representations or warranties set forth in this Agreement. 
 
6. Conditions of the Purchaser’s Obligations. The obligations of the Purchaser under this Agreement to purchase the Shares are subject to each of the following terms and conditions:

 
(a) On the Closing Date, the Company shall
receive subscription proceeds for shares of Common Stock sold pursuant to the Rights Offering and the Subscription Agreements equal to at least $100 million. 
 
(b) The representations and warranties of the Company contained in this Agreement and in the certificate delivered pursuant to Section
6(c) shall be true and correct when made and on and as of the Closing Date as if made on such date and the Company shall have performed all covenants and agreements and satisfied all the conditions contained in this Agreement required to be
performed or satisfied by it at or before such Closing Date. 
 
(c) The Purchaser shall have received on the Closing Date a certificate, addressed to it and dated the Closing Date, of the chief executive or chief operating officer and the chief financial officer or
chief accounting officer of the Company, to the effect that the signers of such 

 

7 

certificate have carefully examined this Agreement and that the representations and warranties of the Company contained in this Agreement are
true and correct as if made on and as of the Closing Date, with the same effect as if made on the Closing Date, and the Company has performed all covenants and agreements and satisfied all conditions contained in this Agreement required to be
performed or satisfied by it at or prior to such Closing Date. 
 
(d) No order preventing or suspending the use of the Prospectus shall have been or shall be in effect and no order suspending the effectiveness of the Registration Statement shall be in effect and no proceedings for such purpose
shall be pending before or threatened by the Commission, and any requests by the Commission for additional information (to be included in the Registration Statement or the Prospectus or otherwise) shall have been complied with. 
 
(e) On the Closing Date there shall have been furnished to
the Purchaser the opinion of Arias, Fábrega & Fábrega, Panamanian counsel for the Company, dated the Closing Date and in form and substance satisfactory to counsel for the Purchaser, to the effect that: 
 
(i) The Company has been duly organized and
is validly existing as a limited liability company in good standing under the laws of the Republic of Panama and is duly qualified to do business and is in good standing in the Republic of Panama and, to the best knowledge of such counsel, but
without inquiry, in each other jurisdiction in which the character or location of its assets or properties (owned, leased or licensed) or the nature of its business makes such qualification necessary. To the best knowledge of such counsel, no
proceeding has been instituted by any relevant regulatory authority in the Republic of Panama for the dissolution or termination of the corporate existence of the Company. 
 
(ii) The Company has all necessary corporate power and authority and owns, possesses or has
obtained all governmental licenses, permits, certificates, consents, orders, approvals and other authorizations required under the laws of the Republic of Panama in order to own or lease, as the case may be, and to operate its properties and to
conduct its business as presently conducted and as described in the Prospectus (including, without limitation, with respect to the operation of the New York Agency, the Representative Offices and the Subsidiaries); and to the best knowledge of such
counsel, all of such licenses, permits, certificates, consents, orders, approvals or authorizations are in full force and effect and neither the Company nor either Subsidiary has received any notice of proceedings relating to any revocation or
modification thereof. 
 
(iii) The
Company’s capitalization is as set forth in the Prospectus, and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and conform to the description thereof
contained in the Prospectus. 
 
(iv) To the best knowledge of such counsel, the Company is not in violation of or conflict with any term or provision of its charter or by-laws or other governing documents and neither the Company nor either Subsidiary is in
violation of any franchise, license, permit, judgment, decree, order, statute, rule or regulation of the Republic of Panama where the consequences of such violation could have a material adverse effect on the business, financial condition or results
of operations of the Company and the Subsidiaries, taken as a whole. 
 

8 

(v) To the best knowledge of such counsel, no default exists, and no
event has occurred which with notice or lapse of time or both would constitute a default, in the due performance and observance of any term, covenant or condition by the Company of any agreement, indenture, mortgage, deed of trust, note or any other
agreement or instrument to which the Company is a party or by which it or its properties or businesses may be bound which default or event, individually or in the aggregate with all such other defaults or events, could have a material adverse effect
on the business, financial condition or results of operations of the Company. 
 
(vi) The Shares to be issued and sold by the Company to the Purchaser hereunder have been duly and validly authorized and, when issued and delivered against payment therefor as provided herein will be
duly and validly issued, fully paid and non-assessable and not subject to the pre-emptive rights of any shareholder of the Company. 
 
(vii) The execution, delivery and performance of this Agreement and the other Subscription Agreements by the Company and
the consummation of the transactions contemplated hereby and thereby (including, without limitation, the offering, issuance and sale by the Company of shares of Common Stock in the Rights Offering) will not conflict with or result in the breach of
any term or provision of, or constitute a default (or an event which with notice or lapse of time or both would constitute a default) under, or require any consent or waiver under, or result in the creation or imposition of any lien, charge, claim,
encumbrance or security interest on any properties or assets of the Company pursuant to the terms of, any material agreement, indenture, or other instrument known to such counsel to which the Company is a party or by which the Company is bound or to
which any of the property or assets of the Company is subject, nor will such actions violate the charter or by-laws or other governing document of the Company or any applicable law, rule or administrative regulation of or in the Republic of Panama,
or any decree known to such counsel of any court or governmental agency or governmental authority of or in the Republic of Panama having jurisdiction over the Company or the Subsidiaries or any of their properties, except for such conflicts,
breaches, defaults and other events as would not, individually or in the aggregate, have a material adverse effect on the business, financial condition or results of operations of the Company and the Subsidiaries, taken as a whole. 
 
(viii) No consent, approval, authorization or
order of or filing, registration, or qualification with any governmental agency or authority of or within the Republic of Panama is required in connection with the execution and delivery by the Company of this Agreement and the consummation of the
transactions contemplated hereby and thereby (including without limitation the offering, issuance and sale by the Company of shares of Common Stock in the Rights Offering). 
 
(ix) All necessary corporate action has been duly and validly taken by the Company to
authorize the execution, delivery and performance of this Agreement and the issuance and sale of the Shares. This Agreement has been duly and validly executed and delivered by the Company. 
 
(x) The certificates for the Shares to be sold by the Company and delivered to the Purchaser
on the Closing Date are in due and proper form under Panamanian law. 
 
(xi) No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other taxes are payable by or on behalf of the Purchaser to 
 

9 

the Republic of Panama or to any political subdivision or taxing authority thereof or therein in connection with the purchase by the
Purchaser of the Shares; and all dividends and other distributions paid on or in respect of the Shares to all persons whether residents or non-residents of the Republic of Panama will not be subject to Panamanian income, withholding or other taxes.

 
(xii) To the best knowledge of
such counsel, there is no action, suit, investigation or proceeding, governmental or otherwise, pending, threatened or contemplated to which the Company is or may be a party or of which the business or property of the Company is or may be subject
that is material to the Company. 
 
(xiii) The courts of the Republic of Panama will observe and give effect to the choice of New York law as the governing law of this Agreement. 
 
(f) On the Closing Date there shall have been furnished to the Purchaser the opinion of Clifford Chance US LLP, United States counsel for
the Company, dated the Closing Date and in form and substance satisfactory to counsel for the Purchaser, to the effect that: 
 
(i) To the best knowledge of such counsel there is no action, suit, investigation or proceeding, governmental or
otherwise, pending, threatened or contemplated to which the Company or either Subsidiary is or may be a party or of which the business or property of the Company or either Subsidiary is or may be subject that is material to the Company and the
Subsidiaries, taken as a whole, or which is required to be disclosed in the Registration Statement and the Prospectus. 
 
(ii) The execution and delivery by the Company of this Agreement and the consummation of the transactions contemplated
hereby and thereby (including without limitation the offering, issuance and sale by the Company of shares of Common Stock in the Rights Offering) will not violate or contravene any United States federal or New York law, rule or administrative
regulation or any decree or order known to such counsel of any United States federal or New York court or governmental agency or body having jurisdiction over the Company or either Subsidiary or any of their respective properties, and except as
required by the Securities Act, the Exchange Act and applicable state securities or Blue Sky laws, no consent, approval, authorization or order of any United States federal or New York court, governmental agency or body is required in connection
with the issuance of the Shares by the Company and the consummation of the other transactions contemplated by this Agreement. 
 
(iii) The Company is not an “investment company” or a company “controlled” by an “investment
company” as defined in the Investment Company Act. 
 
(iv) The Registration Statement was declared effective under the Securities Act on the Effective Date and, to such counsel’s knowledge, no stop order suspending the effectiveness of the Registration Statement has been
issued and no proceedings for that purpose are pending before the Commission under the Securities Act. 
 
7. Conditions of the Company’s Obligations. The obligations of the Company under this Agreement to sell the Shares are subject
to each of the following terms and conditions: 
 

10 

(a) On the Closing Date, the Company shall receive subscription proceeds for shares of
Common Stock sold pursuant to the Rights Offering and the Subscription Agreements equal to at least $100 million. 
 
(b) The representations and warranties of the Purchaser contained in this Agreement shall be true and correct when made and on and as of
the Closing Date as if made on such date. 
 
8.
Covenants of the Company. The Company covenants and agrees with the Purchaser that, for as long as the Purchaser is a shareholder of the Company, the Company shall: 
 
(a) exercise due diligence in conducting its business in accordance with sound financial and banking
standards and practices; 
 
(b) comply with all
relevant laws and regulations; 
 
(c) keep its
properties and business insured, as applicable for financial institutions of its size and business scope, with financially sound and reputable insurers; 
 
(d) maintain an accounting system in conformity with US GAAP and an adequate management information system; 
 
(e) maintain appropriate auditors, which would include
Deloitte Touche Tohmatsu, Ernst & Young, PriceWaterhouseCoopers or KPMG (or a successor to any of such firms); 
 
(f) obtain and maintain in force all licenses, approvals or consents necessary for the carrying out of its business and operations and
perform and observe all the conditions and restrictions contained in, or imposed on the Company or any of its subsidiaries by, any such licenses, approvals or consents; 
 
(g) carry out promptly the recommendations made by the Company’s independent auditors in their
management letter on administrative, control and accounting systems and procedures; and 
 
(h) make provisions for its operations and/or assets and liabilities, and/or memorandum accounts at all times at least in accordance with the levels recommended or required by any authority with
supervisory or regulatory jurisdiction over the Company and, in the event that the recommendation or requirement of two or more such authorities are divergent, the most conservative recommendation shall apply. 
 
9. Termination. This Agreement may be terminated with
respect to the Shares to be purchased on the Closing Date (i) by the Purchaser by notifying the Company in writing at any time at or before the Closing Date if any of the conditions specified in Section 6 shall not have been fulfilled when and as
required by this Agreement or if the Closing Date shall not have occurred by             , 2003 as a result of the failure to fulfill any such condition; or (ii) by the Company by notifying
the Purchaser in writing at any time at or before the Closing Date if any of the conditions specified in Section 7 shall not have been fulfilled when and as required by this Agreement or if the Closing Date shall not have occurred by
            , 2003 as a result of the failure to fulfill any such condition. 
 
10. Miscellaneous. The respective agreements, representations and warranties, indemnities and other statements of the Company or
its directors or officers and of the Purchaser set forth in or made 

 

11 

pursuant to this Agreement shall remain in full force and effect, regardless of any investigation made by or on behalf of the Purchaser or
the Company and shall survive delivery of and payment for the Shares. 
 
Except as otherwise provided in this Agreement, all notices and communications hereunder shall be in writing and mailed or delivered or by telephone or telegraph if subsequently confirmed in writing, or by telecopy with
written confirmation of transmission and receipt: 
 
(a) if to the Purchaser,
                                        
                        , telephone: (      )
            , telecopy: (      )                 , Attention:
                . 
 
(b) if to the Company, to Banco Latinoamericano de Exportaciones, S.A., Calle 50 y Aquilino de la Guardia, Apartado 6-1497, El Dorado,
Panama City, Republic of Panama, telephone: ###-##-####, telecopy: ###-##-####, Attention: José Castañeda. 
 
11. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 
 
12. Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 

12 

Please confirm that the foregoing correctly sets forth the agreement among us.

 
Very truly yours,

 

	 BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

	
	 By:
	 	

	 	 	 Name:
 Title:

 

	 [PURCHASER]

	
	 By:
	 	

	 	 	 Name:
 Title:

 

13 

SCHEDULE I 
 
BLADEX BOARD OF DIRECTORS 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BLADEX SENIOR MANAGEMENT
GROUP 
 

14 

 
[MULTILATERAL VERSION] 
 
FORM OF SUBSCRIPTION AGREEMENT 
 
May     , 2003 
 
[Name of Purchaser] 
[Address] 
 
Ladies and Gentlemen: 
 
Banco Latinoamericano de Exportaciones, S.A., a limited
liability company organized under the laws of the Republic of Panama (the “Company”), proposes to sell to             
             (the “Purchaser”) up to $             (the “Commitment Amount”) of shares of the Company’s
Class      Common Stock, no par value. 
 
The Purchaser’s agreement to purchase such shares is being entered into in connection with an offering by the Company to its existing shareholders (the “Rights Offering”) of 22,000,000 shares of the Company’s
Common Stock, no par value (“Common Stock”), which is scheduled to expire on June 20, 2003 (the “Expiration Date”). In the Rights Offering, the Company’s shareholders are being offered the opportunity to subscribe for shares
of Common Stock at a per share subscription price (the “Subscription Price”) equal to the lowest of the three averages of the last reported sales price of a share of the Company’s Class E Common Stock on the New York Stock Exchange
for three periods consisting of 90, 30 and 10 trading days, respectively, each ending on June 18, 2003. 
 
The Purchaser and a group of other institutions, including other multilateral organizations and development banks, and existing Class A
and Class B shareholders of the Company (together with the Purchaser, the “Core Support Group”) have agreed (or are expected to agree) pursuant to this Agreement and similar subscription agreements (together, the “Subscription
Agreements”) between the Company and each member of the Core Support Group (each a “CSG Member”) to purchase shares of Common Stock from the Company to the extent that the Company’s shareholders do not subscribe for all of the
shares offered in the Rights Offering. The aggregate amount of commitments by CSG Members to purchase shares of Common Stock pursuant to executed and binding Subscription Agreements (reduced by the commitments of certain CSG Members which are
Company shareholders to purchase shares in the Rights Offering) is referred to as the “Aggregate Adjusted Commitment Amount.” 
 
Following the Expiration Date, the Company will determine the number of shares of Common Stock available for purchase by CSG Members and
will allocate those shares (up to the Aggregate Adjusted Commitment Amount) among the CSG Members on a pro rata basis based on the respective Commitment Amounts (reduced by the respective commitments of certain CSG Members which are
Company shareholders to purchase shares in the Rights Offering) of the CSG Members set forth in their respective Subscription Agreements. The number of shares so allocated to each CSG Member (the 

“Allocated Number”) will be the number of shares to be purchased at the Subscription Price by such CSG Member (and in the case of
the Purchaser this number of shares is referred to as the “Shares”) under its Subscription Agreement outside of the Rights Offering as a CSG Member; provided that, the Company may separately agree with any CSG Member to increase or
decrease the Allocated Number of that CSG Member. The sale of shares of Common Stock pursuant to the Rights Offering and the Subscription Agreements is referred to as the “Capital Increase.” 
 
This is to confirm the agreement concerning the purchase of
the Shares from the Company by the Purchaser. 
 
1.
Sale and Purchase of the Shares. On the basis of the representations, warranties and agreements contained in, and subject to the terms and conditions of, this Agreement, the Company agrees to issue and sell to the Purchaser the Shares and the
Purchaser agrees to purchase, at the Subscription Price, the Shares. 
 
2. Delivery and Payment. Delivery of a certificate or certificates for the Shares registered in the name of the Purchaser shall be made by the Company to the Purchaser, and payment of the purchase price by certified
or official bank check or checks payable in New York Clearing House (next day) funds to the order of the Company shall take place at the offices of
                                , at 10:00 a.m., New York City time, on the
             business day after the Expiration Date, or at such time on such other date, not later than              business
days after the Expiration Date, as shall be designated in writing by the Company to the Purchaser (such time and date of delivery and payment are called the “Closing Date”). 
 
3. Regulation S; Registration Statement and Prospectus. The Common Stock being sold to the Purchaser
and the other CSG Members pursuant to the Subscription Agreements is being offered and sold pursuant to an exemption from registration under the United States Securities Act of 1933, as amended (the “Securities Act”), provided by
Regulation S thereunder (“Regulation S”). The shares of Common Stock offered in the Rights Offering, and the resale of the Shares (the “Resale”), have been registered under the Securities Act, and the Company has prepared in
conformity with the requirements of the Securities Act, and the published rules and regulations thereunder (the “Rules”) adopted by the United States Securities and Exchange Commission (the “Commission”), a Registration Statement
(as defined below) on Form F-2 (No. 33-101901), relating to the Rights Offering and the Resale, and has filed the Registration Statement and such amendments thereof as may have been required to the date of this Agreement with the Commission. Such
Registration Statement has been declared effective by the Commission, and no further amendments thereto or supplements thereof have been filed by the Company with the Commission. Copies of such Registration Statement (including all amendments
thereof) have heretofore been delivered by the Company to the Purchaser. The Registration Statement as amended at the time and on the date it became effective on May 20, 2003 (the “Effective Date”), including all exhibits and information,
if any, deemed to be part of the Registration Statement, is called the “Registration Statement.” The term “Prospectus” means the prospectus in the form used to solicit subscriptions in the Rights Offering. 
 
4. Representations and Warranties of the Company. The
Company hereby represents and warrants to and agrees with the Purchaser as follows: 
 
(a) On the Effective Date the Registration Statement complied (and on the date of the Prospectus, on the date any post-effective amendment to the Registration Statement shall become effective, when any
supplement or amendment to the Prospectus is filed with the Commission and at the Closing Date, the Registration Statement and the Prospectus and any amendment thereof or supplement thereto will comply) in all material respects with the applicable
provisions 
 

2 

of the Securities Act and the Rules; the conditions for the use of Form F-2 by the Company, as set forth in the General Instructions thereto,
have been satisfied; the Registration Statement did not, as of the Effective Date, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein
not misleading; and on the other dates referred to above neither the Registration Statement nor the Prospectus, nor any amendment thereof or supplement thereto, will contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that no representation or warranty is made as to
information contained in or omitted from the Registration Statement or Prospectus in reliance upon and in conformity with written information furnished to the Company by the Purchaser specifically for inclusion therein. 
 
(b) The documents incorporated by reference in the
Prospectus, when they were filed with the Commission, conformed in all material respects to the requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the Commission
thereunder, and none of such documents, when they were filed with the Commission, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements made therein not
misleading. 
 
(c) The consolidated financial
statements of the Company and its subsidiaries (including all notes and schedules thereto) included or incorporated by reference in the Registration Statement and Prospectus present fairly on a consolidated basis the financial position, results of
operations, changes in stockholders equity and cash flows and the other information purported to be shown therein of the Company and its subsidiaries at the respective dates and for the respective periods shown thereby; and such financial statements
have been prepared in conformity with United States generally accepted accounting principles (“US GAAP”), consistently applied throughout the periods involved, and, in the case of the financial statements for any interim periods, include
all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the financial information for such periods. 
 
(d) KPMG Peat Marwick, whose reports have been filed with the Commission and are incorporated by reference in the Registration Statement,
are and, during the periods covered by their reports, were independent public accountants as required by the Securities Act and the Rules. 
 
(e) The Company has been duly organized and is validly existing as a limited liability company in good standing under the
laws of the Republic of Panama (“Panama”). Banco Latinoamericano de Exportaciones, Limited (BLADEX) (“Bladex Cayman”) has been duly organized and is validly existing as a corporation in good standing under the laws of the Cayman
Islands, B.W.I. (the “Cayman Islands”). Bladex Representacao Ltda. (“Bladex Brazil”) has been duly organized and is validly existing as a corporation in good standing under the laws of Brazil. Bladex Cayman and Bladex Brazil are
each referred to herein as a “Subsidiary” and together the “Subsidiaries.” Each of the Company and each Subsidiary is duly qualified to do business and is in good standing in each jurisdiction in which the character or location
of its assets or properties (owned, leased or licensed) or the nature of its business makes such qualification necessary. Except for the Subsidiaries, the Company has no significant direct or indirect subsidiaries and does not control, directly or
indirectly, any significant corporation, partnership, joint venture, association or other business organization. Except for the Company’s New York agency (the “New York Agency”), the Company’s representative offices in Buenos
Aires, Argentina and Mexico City, Mexico (the “Representative Offices”) and the Subsidiaries, the Company has no 

 

3 

offices, operations, agencies or branches outside Panama. The New York Agency is duly licensed under the laws of the State of New York to
carry on the business of an agency. Each of the Representative Offices in the Republic of Argentina and Mexico is duly licensed under the laws of the Republic of Argentina and Mexico, respectively, to carry on the business of a representative
office. 
 
(f) Each of the Company and each
Subsidiary has all necessary corporate power and authority and owns, possesses or has obtained all governmental licenses, permits, certificates, consents, orders, approvals and other authorizations required under the laws of the Republic of Panama,
the Cayman Islands, Brazil, the United States and any other jurisdiction in which the Company or the Subsidiaries transact business in order to own or lease, as the case may be, and to operate its properties and to conduct its business as presently
conducted and as described in the Prospectus (including, without limitation, with respect to the operation of the New York Agency, the Representative Offices and the Subsidiaries); all of such licenses, permits, certificates, consents, orders,
approvals and authorizations are in full force and effect and neither the Company nor either Subsidiary has received any notice of proceedings relating to any revocation or modification thereof. 
 
(g) The Company and each Subsidiary each have good and
marketable title in fee simple to all real property and good and marketable title to all personal property owned by it, in each case free and clear of all liens, encumbrances and defects except such as do not materially affect the value of such
property or do not materially interfere with the use made of such property by the Company or a Subsidiary; and all real property and buildings held under lease by the Company or either Subsidiary are held by them under valid, subsisting and
enforceable leases, with such exceptions as are not material and do not interfere with the use made of such property and buildings by the Company or the Subsidiaries. 
 
(h) There is no action, suit, investigation or proceeding, governmental or otherwise, pending or, to the
Company’s best knowledge, threatened or contemplated (and the Company does not know of any basis therefor) to which the Company or either Subsidiary is or may be a party or of which the business or property of the Company or either Subsidiary
is or may be subject that is material to the Company and the Subsidiaries, taken as a whole, or which is required to be disclosed in the Prospectus. 
 
(i) Except as disclosed in or contemplated by the Registration Statement and the Prospectus, subsequent to the respective dates as of
which information is given in the Registration Statement and the Prospectus, there has not been any material adverse change in the business, prospects, financial condition or results of operations of the Company and the Subsidiaries whether or not
arising from transactions in the ordinary course of business, and neither the Company nor either Subsidiary has sustained any material loss or interference with its assets, businesses or properties from fire, explosion, earthquake, flood or other
calamity, whether or not covered by insurance, or from any labor dispute or any court or legislative or other governmental action, order or decree, or due to any political or military event. Reference in this Agreement to events or circumstances
that may affect the “prospects” of the Company or the Subsidiaries refer to events or circumstances that the applicable person or, in the case of the Company, management knows with a reasonable degree of certainty are likely to have a
material adverse effect on the Company’s future business, financial condition or results of operations. 
 
(j) Except as may be disclosed in the Prospectus, the business of the Company and the Subsidiaries has been conducted in
all material respects in compliance with all applicable laws, rules and regulations of the Republic of Panama, the Cayman Islands, Brazil, the United States 

 

4 

and any other jurisdiction in which the Company or the Subsidiaries transact business, and of any regulatory agency or authority therein.
Neither the Company nor either Subsidiary is in violation of any term or provision of its charter or by-laws or other governing documents or of any franchise, license, permit, judgment, decree, order, statute, rule or regulation, foreign or
domestic, where the consequences of such violation could have a material adverse effect on the business, prospects, financial condition or results of operations of the Company and the Subsidiaries, taken as a whole. 
 
(k) No default exists, and no event has occurred which with
notice or lapse of time or both would constitute a default, in the due performance and observance of any term, covenant or condition by the Company or either Subsidiary of any agreement, indenture, mortgage, deed of trust, note or any other
agreement or instrument to which the Company or either Subsidiary is a party or by which any of them or their respective properties or businesses may be bound which default or event, individually or in the aggregate with all such other defaults or
events, could have a material adverse effect on the business, prospects, financial condition or results of operations of the Company and the Subsidiaries, taken as a whole. 
 
(l) Neither the execution, delivery and performance of this Agreement or any of the other Subscription
Agreements by the Company nor the consummation of any of the transactions contemplated hereby or thereby (including, without limitation, the offering, issuance and sale by the Company of shares of Common Stock in the Rights Offering) will conflict
with or result in the breach of any term or provision of, or constitute a default (or an event which with notice or lapse of time or both would constitute a default) under, or require any consent or waiver under, or result in the creation or
imposition of any lien, charge, claim, encumbrance or security interest on any properties or assets of the Company or either Subsidiary pursuant to the terms of, any agreement, indenture, or other instrument to which the Company or either Subsidiary
is a party or by which the Company or either Subsidiary is bound or to which any of the property or assets of the Company or either Subsidiary is subject, nor will such actions violate the charter or by-laws or other governing document of the
Company or either Subsidiary or any applicable law, rule, administrative regulation or decree of any court or governmental agency or governmental authority having jurisdiction over the Company or either Subsidiary or any of their properties, except
for such conflicts, breaches, defaults, violations and other events or liens as would not, individually or in the aggregate, have a material adverse effect on the business, prospects, financial condition or results of operations of the Company and
the Subsidiaries, taken as a whole. 
 
(m) No
consent, approval, authorization or order of, or filing, registration, or qualification with, any governmental agency or authority is required in connection with the execution and delivery by the Company of this Agreement and the other Subscription
Agreements or the consummation of the transactions contemplated hereby and thereby (including without limitation the offering, issuance and sale by the Company of shares of Common Stock in the Rights Offering), except as may be required under the
Securities Act and the Rules, the Exchange Act, the Blue Sky laws of the various states of the United States, or the securities laws of jurisdictions other than the United States in connection with any sales of shares of Common Stock therein.

 
(n) There is no document or contract of a
character required to be described in the Registration Statement or Prospectus or to be filed as an exhibit to the Registration Statement which is not described or filed as required. 
 
(o) The Company’s capitalization is as set forth in the Prospectus, and all of the issued shares of
capital stock of the Company have been duly and validly authorized and issued, are 
 

5 

fully paid and non-assessable and conform to the description thereof contained in the Prospectus; and all of the issued shares of capital
stock of the Subsidiaries have been duly and validly authorized and issued and are fully paid and non-assessable and are owned by the Company, free and clear of all liens, encumbrances, equities or claims of any third parties. 
 
(p) The Shares have been duly and validly authorized and,
when issued and delivered against payment therefor as provided herein, will be duly and validly issued, fully paid and non-assessable and not subject to the pre-emptive rights of any other shareholder of the Company; and the Shares will conform to
the description thereof contained in the Prospectus. 
 
(q) Subsequent to December 31, 2002, except as otherwise disclosed in the Registration Statement and the Prospectus, neither the Company nor either Subsidiary has (i) issued any securities or incurred any material liability or
obligation, whether fixed or contingent, except for liabilities or obligations incurred in the ordinary course of its banking business, (ii) entered into any transaction not in the ordinary course of its banking business, or (iii) declared or paid
any dividend or made any distribution on any shares of its capital stock or redeemed, purchased or otherwise acquired or agreed to redeem, purchase or otherwise acquire any shares of its capital stock. 
 
(r) All necessary corporate action has been duly and validly
taken by the Company to authorize the execution, delivery and performance of this Agreement the other Subscription Agreements and the issuance and sale of the Shares. This Agreement and the other Subscription Agreements have been duly and validly
authorized, executed and delivered by the Company. 
 
(s) Each of the Company and each Subsidiary has duly filed with the appropriate taxing authorities all Tax Returns (as defined below) required to be filed by any of them and such Tax Returns are each correct and complete in all
material respects, and there is no tax deficiency that has been asserted against the Company or either Subsidiary by any taxing authority with jurisdiction over the Company or either Subsidiary that could have a material adverse effect on the
business, prospects, financial condition or results of operations of the Company and the Subsidiaries, taken as a whole. The term “Tax Return” means any report, return, application or other information supplied or required to be supplied
by the Company or either Subsidiary to a taxing authority in the Republic of Panama, the United States, the Cayman Islands, Brazil or elsewhere. 
 
(t) No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other taxes are payable by or on
behalf of the Purchaser to the Republic of Panama or to any political subdivision or taxing authority thereof or therein in connection with the purchase by the Purchaser of the Shares or the resale thereof; and all dividends and other distributions
paid on or in respect of the Shares to all persons whether residents or non-residents of the Republic of Panama will not be subject to Panamanian income, withholding or other taxes. 
 
(u) The Shares have been duly authorized for listing on the New York Stock Exchange, subject to official
notice of issuance. 
 
(v) The Company is not an
“investment company” or a company “controlled” by an “investment company” within the meaning of the United States Investment Company Act of 1940, as amended (the “Investment Company Act”). 
 

6 

 
(w) The
agreement between the Republic of Panama and the Company, approved by Ley Numero 38 dated July 25, 1978, is in full force and effect and the Company is in compliance with all conditions and requirements thereof and with all other laws and
regulations relating thereto. 
 
(x) The Company
maintains anti-money laundering and “know your customer” policies and guidelines, descriptions of which have been delivered or made available to the Purchaser, and such policies remain in full force and effect and have not been modified in
any significant way from the descriptions of such policies provided or made available to the Purchaser. 
 
(y) Schedule I contains a list of the Company’s Board of Directors and members of its senior management group. 
 
(z) The Company has insured its properties and assets with
financially sound and reputable insurers. 
 
5.
Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to and agrees with the Company as follows: 
 
(a) The Purchaser is not a U.S. Person (as defined in Regulation S) and is acquiring the Shares for the Purchaser’s own account for
investment purposes only and not with a view to resale or distribution. No offer to sell or buy the Shares was made to or by a representative of the Purchaser while such representative was in the United States and the decision by the Purchaser to
buy the Shares was made outside of the United States. 
 
(b) To the full satisfaction of the Purchaser, the Purchaser has been furnished any materials the Purchaser has requested relating to the Company and the purchase of the Shares, and the Purchaser has been afforded the opportunity to
ask questions of representatives of the Company concerning the terms and conditions of this Agreement and to obtain any additional information necessary to verify the accuracy of any representations or warranties set forth in this Agreement.

 
6. Conditions of the Purchaser’s
Obligations. The obligations of the Purchaser under this Agreement to purchase the Shares are subject to each of the following terms and conditions: 
 
(a) On the Closing Date, the Company shall receive subscription proceeds for shares of Common Stock sold pursuant to the Rights Offering
and the Subscription Agreements equal to at least $100 million. 
 
(b) The representations and warranties of the Company contained in this Agreement and in the certificate delivered pursuant to Section 6(c) shall be true and correct when made and on and as of the Closing Date as if made on such date
and the Company shall have performed all covenants and agreements and satisfied all the conditions contained in this Agreement required to be performed or satisfied by it at or before such Closing Date. 
 
(c) The Purchaser shall have received on the
Closing Date a certificate, addressed to it and dated the Closing Date, of the chief executive or chief operating officer and the chief financial officer or chief accounting officer of the Company, to the effect that the signers of such certificate
have carefully examined this Agreement and that the representations and warranties of the Company contained in this Agreement are true and correct as if made on and as of the Closing Date, with the same effect as if made on the Closing Date, and the
Company has performed all 

 

7 

covenants and agreements and satisfied all conditions contained in this Agreement required to be performed or satisfied by it at or prior to
such Closing Date. 
 
(d) No order preventing or
suspending the use of the Prospectus shall have been or shall be in effect and no order suspending the effectiveness of the Registration Statement shall be in effect and no proceedings for such purpose shall be pending before or threatened by the
Commission, and any requests by the Commission for additional information (to be included in the Registration Statement or the Prospectus or otherwise) shall have been complied with. 
 
(e) On the Closing Date there shall have been furnished to the Purchaser the opinion of Arias,
Fábrega & Fábrega, Panamanian counsel for the Company, dated the Closing Date and in form and substance satisfactory to counsel for the Purchaser, to the effect that: 
 
(i) The Company has been duly organized and is validly existing as a limited liability
company in good standing under the laws of the Republic of Panama and is duly qualified to do business and is in good standing in the Republic of Panama and, to the best knowledge of such counsel, but without inquiry, in each other jurisdiction in
which the character or location of its assets or properties (owned, leased or licensed) or the nature of its business makes such qualification necessary. To the best knowledge of such counsel, no proceeding has been instituted by any relevant
regulatory authority in the Republic of Panama for the dissolution or termination of the corporate existence of the Company. 
 
(ii) The Company has all necessary corporate power and authority and owns, possesses or has obtained all governmental
licenses, permits, certificates, consents, orders, approvals and other authorizations required under the laws of the Republic of Panama in order to own or lease, as the case may be, and to operate its properties and to conduct its business as
presently conducted and as described in the Prospectus (including, without limitation, with respect to the operation of the New York Agency, the Representative Offices and the Subsidiaries); and to the best knowledge of such counsel, all of such
licenses, permits, certificates, consents, orders, approvals or authorizations are in full force and effect and neither the Company nor either Subsidiary has received any notice of proceedings relating to any revocation or modification thereof.

 
(iii) The Company’s
capitalization is as set forth in the Prospectus, and all of the issued shares of capital stock of the Company have been duly and validly authorized and issued, are fully paid and non-assessable and conform to the description thereof contained in
the Prospectus. 
 
(iv) To the
best knowledge of such counsel, the Company is not in violation of or conflict with any term or provision of its charter or by-laws or other governing documents and neither the Company nor either Subsidiary is in violation of any franchise, license,
permit, judgment, decree, order, statute, rule or regulation of the Republic of Panama where the consequences of such violation could have a material adverse effect on the business, financial condition or results of operations of the Company and the
Subsidiaries, taken as a whole. 
 
(v) To the best knowledge of such counsel, no default exists, and no event has occurred which with notice or lapse of time or both would constitute a default, in the due performance and observance of any term, covenant or condition
by the Company of any agreement, indenture, mortgage, deed of trust, note or any other agreement or 
 

8 

instrument to which the Company is a party or by which it or its properties or businesses may be bound which default or event, individually
or in the aggregate with all such other defaults or events, could have a material adverse effect on the business, financial condition or results of operations of the Company. 
 
(vi) The Shares to be issued and sold by the Company to the Purchaser hereunder have been
duly and validly authorized and, when issued and delivered against payment therefor as provided herein will be duly and validly issued, fully paid and non-assessable and not subject to the pre-emptive rights of any shareholder of the Company.

 
(vii) The execution, delivery
and performance of this Agreement and the other Subscription Agreements by the Company and the consummation of the transactions contemplated hereby and thereby (including, without limitation, the offering, issuance and sale by the Company of shares
of Common Stock in the Rights Offering) will not conflict with or result in the breach of any term or provision of, or constitute a default (or an event which with notice or lapse of time or both would constitute a default) under, or require any
consent or waiver under, or result in the creation or imposition of any lien, charge, claim, encumbrance or security interest on any properties or assets of the Company pursuant to the terms of, any material agreement, indenture, or other instrument
known to such counsel to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject, nor will such actions violate the charter or by-laws or other governing document of the
Company or any applicable law, rule or administrative regulation of or in the Republic of Panama, or any decree known to such counsel of any court or governmental agency or governmental authority of or in the Republic of Panama having jurisdiction
over the Company or the Subsidiaries or any of their properties, except for such conflicts, breaches, defaults and other events as would not, individually or in the aggregate, have a material adverse effect on the business, financial condition or
results of operations of the Company and the Subsidiaries, taken as a whole. 
 
(viii) No consent, approval, authorization or order of or filing, registration, or qualification with any governmental agency or authority of or within the Republic of Panama is required in connection
with the execution and delivery by the Company of this Agreement and the consummation of the transactions contemplated hereby and thereby (including without limitation the offering, issuance and sale by the Company of shares of Common Stock in the
Rights Offering). 
 
(ix) All
necessary corporate action has been duly and validly taken by the Company to authorize the execution, delivery and performance of this Agreement and the issuance and sale of the Shares. This Agreement has been duly and validly executed and delivered
by the Company. 
 
(x) The
certificates for the Shares to be sold by the Company and delivered to the Purchaser on the Closing Date are in due and proper form under Panamanian law. 
 
(xi) No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other taxes are
payable by or on behalf of the Purchaser to the Republic of Panama or to any political subdivision or taxing authority thereof or therein in connection with the purchase by the Purchaser of the Shares; and all dividends and other distributions paid
on or in respect of the Shares to all persons whether residents 
 

9 

or non-residents of the Republic of Panama will not be subject to Panamanian income, withholding or other taxes. 
 
(xii) To the best knowledge of such counsel,
there is no action, suit, investigation or proceeding, governmental or otherwise, pending, threatened or contemplated to which the Company is or may be a party or of which the business or property of the Company is or may be subject that is material
to the Company. 
 
(xiii) The
courts of the Republic of Panama will observe and give effect to the choice of New York law as the governing law of this Agreement. 
 
(f) On the Closing Date there shall have been furnished to the Purchaser the opinion of Clifford Chance US LLP, United States counsel for
the Company, dated the Closing Date and in form and substance satisfactory to counsel for the Purchaser, to the effect that: 
 
(i) To the best knowledge of such counsel there is no action, suit, investigation or proceeding, governmental or
otherwise, pending, threatened or contemplated to which the Company or either Subsidiary is or may be a party or of which the business or property of the Company or either Subsidiary is or may be subject that is material to the Company and the
Subsidiaries, taken as a whole, or which is required to be disclosed in the Registration Statement and the Prospectus. 
 
(ii) The execution and delivery by the Company of this Agreement and the consummation of the transactions contemplated
hereby and thereby (including without limitation the offering, issuance and sale by the Company of shares of Common Stock in the Rights Offering) will not violate or contravene any United States federal or New York law, rule or administrative
regulation or any decree or order known to such counsel of any United States federal or New York court or governmental agency or body having jurisdiction over the Company or either Subsidiary or any of their respective properties, and except as
required by the Securities Act, the Exchange Act and applicable state securities or Blue Sky laws, no consent, approval, authorization or order of any United States federal or New York court, governmental agency or body is required in connection
with the issuance of the Shares by the Company and the consummation of the other transactions contemplated by this Agreement. 
 
(iii) The Company is not an “investment company” or a company “controlled” by an “investment
company” as defined in the Investment Company Act. 
 
(iv) The Registration Statement was declared effective under the Securities Act on the Effective Date and, to such counsel’s knowledge, no stop order suspending the effectiveness of the Registration Statement has been
issued and no proceedings for that purpose are pending before the Commission under the Securities Act. 
 
7. Conditions of the Company’s Obligations. The obligations of the Company under this Agreement to sell the Shares are subject
to each of the following terms and conditions: 
 
(a) On the Closing Date, the Company shall receive subscription proceeds for shares of Common Stock sold pursuant to the Rights Offering and the Subscription Agreements equal to at least $100 million. 
 

10 

(b) The representations and warranties of the Purchaser contained in this Agreement shall
be true and correct when made and on and as of the Closing Date as if made on such date. 
 
8. Covenants of the Company. The Company covenants and agrees with the Purchaser that, for as long as the Purchaser is a shareholder of the Company, the Company shall: 
 
(a) exercise due diligence in conducting its business in
accordance with sound financial and banking standards and practices; 
 
(b) comply with all relevant laws and regulations; 
 
(c) keep its properties and business insured, as applicable for financial institutions of its size and business scope, with financially sound and reputable insurers; 
 
(d) maintain an accounting system in conformity with US GAAP
and an adequate management information system; 
 
(e) maintain appropriate auditors, which would include Deloitte Touche Tohmatsu, Ernst & Young, PricewaterhouseCoopers or KPMG (or a successor to any of such firms); 
 
(f) obtain and maintain in force all licenses, approvals or consents necessary for the carrying out of its
business and operations and perform and observe all the conditions and restrictions contained in, or imposed on the Company or any of its subsidiaries by, any such licenses, approvals or consents; 
 
(g) carry out promptly the recommendations made by the
Company’s independent auditors in their management letter on administrative, control and accounting systems and procedures; and 
 
(h) make provisions for its operations and/or assets and liabilities, and/or memorandum accounts at all times at least in accordance with
the levels recommended or required by any authority with supervisory or regulatory jurisdiction over the Company and, in the event that the recommendation or requirement of two or more such authorities are divergent, the most conservative
recommendation shall apply. 
 
9.
Termination. This Agreement may be terminated with respect to the Shares to be purchased on the Closing Date (i) by the Purchaser by notifying the Company in writing at any time at or before the Closing Date if any of the conditions specified
in Section 6 shall not have been fulfilled when and as required by this Agreement or if the Closing Date shall not have occurred by
                    , 2003 as a result of the failure to fulfill any such condition; or (ii) by the Company by notifying the Purchaser in writing at
any time at or before the Closing Date if any of the conditions specified in Section 7 shall not have been fulfilled when and as required by this Agreement or if the Closing Date shall not have occurred by
                    , 2003 as a result of the failure to fulfill any such condition. 
 
10. Miscellaneous. The respective agreements, representations and warranties, indemnities and other
statements of the Company or its directors or officers and of the Purchaser set forth in or made pursuant to this Agreement shall remain in full force and effect, regardless of any investigation made by or on behalf of the Purchaser or the Company
and shall survive delivery of and payment for the Shares. 
 

11 

Except as otherwise provided in this Agreement, all notices and communications hereunder
shall be in writing and mailed or delivered or by telephone or telegraph if subsequently confirmed in writing, or by telecopy with written confirmation of transmission and receipt: 
 
(a) if to the Purchaser, to
                                ,
                                , telephone: (      )
                , telecopy: (      )
                            , Attention:
                . 
 
(b) if to the Company, to Banco Latinoamericano de Exportaciones, S.A., Calle 50 y Aquilino de la Guardia, Apartado 6-1497, El Dorado,
Panama City, Republic of Panama, telephone: ###-##-####, telecopy: ###-##-####, Attention: José Castañeda. 
 
11. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. 
 
12. Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 

12 

 
Please confirm
that the foregoing correctly sets forth the agreement among us. 
 
Very truly yours, 
 

	 BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.

	
	 By:
	 	

	 	 	 Name:
 Title:

 

	 [PURCHASER] 

	
	 By:
	 	

	 	 	 Name:
 Title:

 

 
SCHEDULE
I 
 
BLADEX BOARD OF DIRECTORS

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BLADEX SENIOR MANAGEMENT GROUP 
 

SI-1<PAGE>

                                                                    EXHIBIT 10.1

                              [Hanover Letterhead]

                                 August 22, 2000

Mr. Peter Schreck
8800 Stonewall Court
Richland Hills, TX 76180

Dear Peter:

As a follow up to our conversation yesterday, this letter summarizes Hanover
Compressor Company's offer of employment to you to serve as the Company's Vice
President - Treasury and Planning based in Hanover's corporate office in
Houston, Texas. I am confident that your inclusion in Hanover's executive
management team will prove to be mutually rewarding and offer you the career
opportunity that you seek.

A job description describing the essential responsibilities of the Vice
President - Treasury and Planning position is attached. In this position you
will be responsible for all traditional treasury, cash management, credit and
collections, foreign exchange and risk management activities of the Company.
This position will also entail your direct involvement in the Company's
commercial and investment banking relationships, corporate capital structure,
external financing and financial relations with Wall Street, ratings agencies
and other parties essential to the Company's capital formation. Additionally, as
a critical member of the Company's executive management team you will be
involved with and responsible for the budgeting and planning activities of the
Company, working with other Hanover senior managers to accomplish the business
development and operating objectives of the Company.

The compensation for this position is as follows.

Base Salary:            $5,192.31 per pay period (26 pay periods per year).

Profit Sharing
Opportunity:            20-40% of annual base salary to be paid annually based
                        upon Company performance and personal performance
                        compared with agreed upon objectives and subjective
                        measures. A minimum profit sharing payment for
                        performance during 2000 will be $25,000.

<PAGE>

Page 2
Mr. Peter Schreck
August 22, 2000

Equity Program:         Participation in the Company's "Management Equity
                        Program" whereby at employment commencement or the plan
                        next offering you will be invited to make a direct
                        personal investment in the Company's common stock
                        financed with your own funds to be matched (i) on a
                        two-for-one basis by your purchase of Company common
                        stock financed by a secured four year note provided by
                        the Company and (ii) on a one-for-one basis by a grant
                        by the Company of a non-qualified stock option to
                        purchase one share of Company common stock at the price
                        per share approximating that of your above-mentioned
                        direct personal investment in the Company's common
                        stock. In addition, further stock options grants may be
                        made to you depending upon your performance and
                        participating in the above-referenced Management Equity
                        Program.

Relocation
Allowance:              The Company will assume financial responsibility for the
                        specific relocation costs listed below with the
                        objective of covering all such documented costs subject
                        to a cap described below. As part of this program, the
                        Company will coordinate the movement of your household
                        goods and personal belongings on a direct bill basis
                        under its agreement with one of its national moving
                        companies. The Company will also reimburse you for
                        reasonable and customary closing costs and make a
                        one-time payment to you of $7,500 to cover incidental
                        expenses when related to your move. The Company will not
                        reimburse you for property, school and personal taxes,
                        related to the sale of your existing primary residence.
                        Additionally, under this program, the Company agrees to
                        (i) assume financial responsibility for third party
                        brokerage commissions related to the sale of your
                        current residence of up to 6 percent of the sale price
                        of your home or (ii) pay you a "sales incentive" of up
                        to 3 percent of the value of your home in the event that
                        you sell your home yourself without a third party
                        broker. The Company will also assume financial
                        responsibility for loan application, origination and
                        title insurance costs and miscellaneous warranty,
                        appraisal and related fees related to your purchase of a
                        new residence in Houston. Additionally, to help
                        facilitate your family's relocation to Houston, the
                        Company will reimburse you for reasonable out-of-pocket
                        travel expenses for a period of up to six months
                        following your start date. The Company will provide an
                        income tax gross up to you on taxes that may be owed
                        resulting from taxable relocation-related expenses.

<PAGE>

Page 3
Mr. Peter Schreck
August 22, 2000

                        Based on the cost estimate attached, total Company
                        reimbursement for the above-referenced relocation and
                        related costs, excluding transitional, temporary living
                        and related travel expense or any "tax gross-up" (see
                        below) incurred within twelve months of your employment
                        start date shall be capped at $45,000. Whenever possible
                        these costs will be billed directly to the Company. To
                        the extent that payment of these costs result in taxable
                        relocation expense to you, the Company agrees to provide
                        an income tax gross up to you for such personal taxes
                        paid by you. Note that the Company may reclaim this
                        amount if you terminate your employment with the Company
                        without "good reason" within 12 months of your
                        employment start date.

Auto Allowance:         Either $500 per month or company furnished vehicle
                        (TBD).

Vacation:               Up to three weeks per year.

Employment
Agreement:              An agreement obligating the Company to make a severance
                        payment to you equal to one and one-half times your then
                        current annualized current salary and bonus compensation
                        in the event that you involuntarily terminate your
                        employment with the Company within the first twelve
                        months following a "Change of Control" of the Company.
                        This agreement will not obligate the Company to make a
                        severance payment to you in the event that you
                        voluntarily terminate your employment with the Company
                        without "Good Reason" or involuntarily terminate your
                        employment with the Company due to your death,
                        disability, or termination for "Cause". The agreement
                        will be paired with a non-competition agreement, which
                        shall preclude you from employment in Hanover's
                        principal lines of business for a period one year after
                        you terminate your employment with the Company
                        employment and shall terminate the above-referenced
                        severance payment to you in the event that you violate
                        this non-compete agreement.

<PAGE>

Page 4
Mr. Peter Schreck
August 22, 2000

                        For purposes of this letter, voluntary termination of
                        employment for "Good Reason" shall be defined as any
                        situation in which your termination of employment with
                        the Company (i) promptly follows a material reduction of
                        your duties and responsibilities or a permanent change
                        in your duties and responsibilities which are materially
                        inconsistent with the type of duties and
                        responsibilities then in effect, (ii) promptly follows a
                        material reduction in your annual base salary (without
                        regard to bonus compensation, if any), (iii) promptly
                        follows a material reduction in your employee benefits
                        (without regard to bonus compensation, if any) if such
                        reduction results in your receiving benefits which are,
                        in the aggregate, materially less than the benefits
                        received by other comparable employees of the Company
                        generally or (iv) in the event continuation of
                        employment with the successor company requires
                        relocating to a different work location or the
                        incurrance of commuting hardship and you choose not to
                        relocate or incur the commuting hardship or (v) the
                        Board otherwise determines that a voluntary termination
                        by you is for "Good Reason" under the circumstances then
                        prevailing.

Additionally, as a full time employee, you will also be eligible to participate
in the various benefit programs offered by the Company. Enclosed please find a
summary of those programs. During the initial three-month eligibility waiting
period for health benefits, the Company will reimburse you for your actual cost
of continuing your current employer's health coverage under the Consolidated
Omnibus Reconciliation Act (COBRA) option. Pursuant to Company and ERISA
guidelines, your eligibility for participating in the Company's 401(k) plan will
occur on the 1st of the month following six months of service with the Company.

Peter, this offer is contingent upon providing Hanover with the required
documentation to complete the INS I-9 Form and the successful completion of a
drug screen. These activities, along with a full discussion of benefits and
completing the related forms, can be accomplished by calling me or Errol
Robinson, Director of Human Resources in the Hanover's corporate office at
281/447-8787.

Again, I'm confident that if your decision is to accept this offer, it will
prove to be mutually rewarding. Your inclusion in Hanover's senior management
group represents a very significant addition to the Company step and an
excellent career opportunity for both you and the Company.

<PAGE>

Page 5
Mr. Peter Schreck
August 22, 2000

Any legal costs incurred by you to enforce the terms of this agreement will be
borne by Hanover Compressor Company or its successor company.

Your acceptance of this offer can be confirmed by signing the acceptance below
and returning a copy to my attention.

Sincerely,

/S/ WILLIAM S. GOLDBERG

William S. Goldberg

cc:  Mike McGhan

Accepted:  /S/ PETER G. SCHRECK         Date: 9/6/00
         ----------------------------         ------------------
                  Peter Schreck

Start Date:    9/1/00
            ----------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]