Document:

EX-4.5

 

EXHIBIT 4.5

 

 

REGISTRATION RIGHTS AGREEMENT

Dated January 10, 2007

between

MAXCOM TELECOMUNICACIONES, S.A. DE C.V.,

THE GUARANTORS NAMED HEREIN

and

MORGAN STANLEY & CO. INCORPORATED

 

 

 

 

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) dated as of January 10, 2007 among Maxcom
Telecomunicaciones, S.A. de C.V., a sociedad anónima organized under the laws of Mexico (the
“Company”), the Guarantors (as defined herein) and Morgan Stanley & Co. Incorporated, as the
Initial Purchaser (as defined herein).

     This Agreement is made pursuant to the Purchase Agreement dated January 5, 2007, between the
Company, the Guarantors and the Initial Purchaser (the “Purchase Agreement”), which provides for
the sale by the Company to the Initial Purchaser of an aggregate of $25,000,000 principal amount of
the Company’s 11% Notes Due 2014 (together with the Guarantees, the “Securities”). In order to
induce the Initial Purchaser to enter into the Purchase Agreement, the Company and the Guarantors
have agreed to provide to the Initial Purchaser and its direct and indirect transferees the
registration rights set forth in this Agreement. The execution of this Agreement is a condition to
the closing under the Purchase Agreement.

In consideration of the foregoing, the parties hereto agree as follows:

     1. Definitions.

     As used in this Agreement, the following capitalized defined terms shall have the following
meanings:

     “1933 Act” shall mean the Securities Act of 1933, as amended from time to time.

     “1934 Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

     “Closing Date” shall mean the Closing Date as defined in the Purchase Agreement.

     “Company” shall have the meaning set forth in the preamble and shall also include the
Company’s successors.

     “Exchange Offer” shall mean the exchange offer by the Company of Exchange Securities for
Registrable Securities pursuant to Section 2(a) hereof.

 

 

     “Exchange Offer Registration” shall mean a registration under the 1933 Act effected pursuant
to Section 2(a) hereof.

     “Exchange Offer Registration Statement” shall mean an exchange offer registration statement on
Form F-4 (or, if applicable, on another appropriate form) and all amendments and supplements to
such registration statement, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein.

     “Exchange Securities” shall mean securities issued by the Company and guaranteed by the
Guarantors under the Indenture containing terms identical to the Securities (except that (i)
interest thereon shall accrue from the last date on which interest was paid on the Securities or,
if no such interest has been paid, from December 20, 2006 and (ii) the Exchange Securities will not
contain restrictions on transfer) and to be offered to Holders of Securities in exchange for
Securities pursuant to the Exchange Offer.

     “Guarantee” means the guarantee by each Guarantor of the Company’s obligations under the
Indenture and the Notes issued thereunder, executed pursuant to the provisions of the Indenture.

     “Guarantors” means each of: (1) Maxcom Servicios Administrativos, S.A. de C.V., (2)
Outsourcing Operadora de Personal, S.A. de C.V., (3) Técnicos Especializados en Telecomunicaciones,
S.A. de C.V., (4) Corporativo en Telecomunicaciones, S.A. de C.V., (5) Maxcom SF, S.A. de C.V., (6)
Maxcom TV, S.A. de C.V., (7) Maxcom USA, Inc., and (8) their respective successors.

     “Holders” shall mean the Initial Purchaser, for so long as it owns any Registrable Securities,
and each of its successors, assigns and direct and indirect transferees who become registered
owners of Registrable Securities under the Indenture; provided that for purposes of Sections 4 and
5 of this Agreement, the term “Holder” shall include Participating Broker-Dealers (as defined in
Section 4(a)).

     “Indenture” shall mean the Indenture relating to the Securities dated as of December 20, 2006
between the Company, the Guarantors and Deutsche Bank Trust Company Americas, as trustee, and as
the same may be amended from time to time in accordance with the terms thereof.

     “Initial Purchaser” shall mean Morgan Stanley & Co. Incorporated.

     “Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of
outstanding Registrable Securities; provided that whenever the consent or approval of Holders of a
specified percentage of Registrable Securities is required hereunder, Registrable Securities held
by the Company, the Guarantors or any of their respective affiliates (as such term is defined in
Rule 405 under the 1933 Act) (other than the Initial Purchaser or subsequent Holders of Registrable
Securities if such subsequent holders are deemed to be such affiliates

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solely by reason of their holding of such Registrable Securities) shall not be considered
outstanding or counted in determining whether such consent or approval was given by the Holders of
such required percentage or amount.

     “Person” shall mean an individual, partnership, limited liability company, corporation, trust
or unincorporated organization, or a government or agency or political subdivision thereof.

     “Prospectus” shall mean the prospectus included in a Registration Statement, including any
preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus
supplement, including a prospectus supplement with respect to the terms of the offering of any
portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other
amendments and supplements to such prospectus, and in each case including all material incorporated
by reference therein.

     “Purchase Agreement” shall have the meaning set forth in the preamble.

     “Registrable Securities” shall mean the Securities; provided, however, that the Securities
shall cease to be Registrable Securities (i) when a Registration Statement with respect to such
Securities shall have been declared effective under the 1933 Act and such Securities shall have
been disposed of pursuant to such Registration Statement, (ii) when such Securities have been sold
to the public pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A)
under the 1933 Act or (iii) when such Securities shall have ceased to be outstanding.

     “Registration Expenses” shall mean any and all expenses incident to performance of or
compliance by the Company and the Guarantors with this Agreement, including without limitation:
(i) all SEC, stock exchange or National Association of Securities Dealers, Inc. registration and
filing fees, (ii) all fees and expenses incurred in connection with compliance with state
securities or blue sky laws (including reasonable fees and disbursements of counsel for any
underwriters or Holders in connection with blue sky qualification of any of the Exchange Securities
or Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in
preparing, word processing, printing and distributing any Registration Statement, any Prospectus,
any amendments or supplements thereto, any underwriting agreements, securities sales agreements and
other documents relating to the performance of and compliance with this Agreement, (iv) all rating
agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under
applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii)
the fees and disbursements of counsel for the Company and the Guarantors and, in the case of a
Shelf Registration Statement, the fees and disbursements of one counsel for the Holders (which
counsel shall be selected by the Majority Holders and which counsel may also be counsel for the
Initial Purchaser) and (viii) the fees and disbursements of the independent public accountants of
the Company and the Guarantors, including the expenses of any

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special audits or “cold comfort” letters required by or incident to such performance and
compliance, but excluding fees and expenses of counsel to the underwriters (other than fees and
expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions
and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a
Holder.

     “Registration Statement” shall mean any registration statement of the Company and the
Guarantors that covers any of the Exchange Securities or Registrable Securities pursuant to the
provisions of this Agreement and all amendments and supplements to any such Registration Statement,
including post-effective amendments, in each case including the Prospectus contained therein, all
exhibits thereto and all material incorporated by reference therein.

     “SEC” shall mean the Securities and Exchange Commission.

     “Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof.

     “Shelf Registration Statement” shall mean a “shelf” registration statement of the Company and
the Guarantors pursuant to the provisions of Section 2(b) of this Agreement which covers all of the
Registrable Securities on an appropriate form under Rule 415 under the 1933 Act, or any similar
rule that may be adopted by the SEC, and all amendments and supplements to such registration
statement, including post-effective amendments, in each case including the Prospectus contained
therein, all exhibits thereto and all material incorporated by reference therein.

     “Trustee” shall mean the trustee with respect to the Securities under the Indenture.

     “Underwriter” shall have the meaning set forth in Section 3 hereof.

     “Underwritten Registration” or “Underwritten Offering” shall mean a registration in which
Registrable Securities are sold to an Underwriter for reoffering to the public.

     2. Registration Under the 1933 Act.

     (a) To the extent not prohibited by any applicable law or applicable interpretation
of the Staff of the SEC, each of the Company and the Guarantors shall use its reasonable
best efforts to cause to be filed an Exchange Offer Registration Statement covering the
offer by the Company and the Guarantors to the Holders to exchange all of the Registrable
Securities for Exchange Securities and to have such Registration Statement remain
effective until the closing of the Exchange Offer. The Company and the Guarantors shall
commence the Exchange Offer promptly after the Exchange Offer Registration Statement has
been declared effective by the SEC and each of the Company and the

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Guarantors shall use its reasonable best efforts to have the Exchange Offer
consummated not later than 60 days after such effective date. The Company and the
Guarantors shall commence the Exchange Offer by mailing the related exchange offer
Prospectus and accompanying documents to each Holder stating, in addition to such other
disclosures as are required by applicable law:

     (i) that the Exchange Offer is being made pursuant to this Registration
Rights Agreement and that all Registrable Securities validly tendered will be
accepted for exchange;

     (ii) the dates of acceptance for exchange (which shall be a period of at
least 20 business days from the date such notice is mailed) (the “Exchange
Dates”);

     (iii) that any Registrable Security not tendered will remain outstanding
and continue to accrue interest, but will not retain any rights under this
Registration Rights Agreement;

     (iv) that Holders electing to have a Registrable Security exchanged
pursuant to the Exchange Offer will be required to surrender such Registrable
Security, together with the enclosed letters of transmittal, to the institution
and at the address (located in the Borough of Manhattan, The City of New York)
specified in the notice prior to the close of business on the last Exchange
Date; and

     (v) that Holders will be entitled to withdraw their election, not later
than the close of business on the last Exchange Date, by sending to the
institution and at the address (located in the Borough of Manhattan, The City of
New York) specified in the notice a telegram, telex, facsimile transmission or
letter setting forth the name of such Holder, the principal amount of
Registrable Securities delivered for exchange and a statement that such Holder
is withdrawing his election to have such Securities exchanged.

     As soon as reasonably practicable after the last Exchange Date, the Company
and the Guarantors shall:

     (i) accept for exchange Registrable Securities or portions thereof tendered
and not validly withdrawn pursuant to the Exchange Offer; and

     (ii) deliver, or cause to be delivered, to the Trustee for cancellation all
Registrable Securities or portions thereof so accepted for exchange by the
Company and issue, and cause the Trustee to promptly authenticate and mail to
each Holder, an

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Exchange Security equal in principal amount to the principal amount of the
Registrable Securities surrendered by such Holder.

Each of the Company and the Guarantors shall use its reasonable best efforts to complete
the Exchange Offer as provided above and shall comply with the applicable requirements of
the 1933 Act, the 1934 Act and other applicable laws and regulations in connection with
the Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than
that the Exchange Offer does not violate applicable law or any applicable interpretation
of the Staff of the SEC. The Company and the Guarantors shall inform the Initial
Purchaser of the names and addresses of the Holders to whom the Exchange Offer is made,
and the Initial Purchaser shall have the right, subject to applicable law, to contact such
Holders and otherwise facilitate the tender of Registrable Securities in the Exchange
Offer.

If the Company and the Guarantors effect the Exchange Offer, the Company and the
Guarantors will be entitled to close the Exchange Offer 20 business days after such
commencement (provided that the Company and the Guarantors have accepted all the
Securities theretofore validly tendered in accordance with the terms of the Exchange
Offer).

Each Holder participating in the Exchange Offer shall be required to represent to the
Company and the Guarantors that at the time of the consummation of the Exchange Offer (i)
any Exchange Securities received by such Holder will be acquired in the ordinary course of
its business, (ii) such Holder will have no arrangements or understanding with any person
to participate in the distribution (within the meaning of the 1933 Act) of the Exchange
Securities, (iii) such Holder is not an “affiliate,” as defined in Rule 405 of the 1933
Act, of the Company or the Guarantors or if it is an affiliate, such Holder will comply
with the registration and prospectus delivery requirements of the 1933 Act to the extent
applicable, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and
does not intend to engage in, the distribution of the Exchange Securities and (v) if such
Holder is a broker-dealer, that it will receive Exchange Securities for its own account in
exchange for Securities that were acquired as a result of market-making activities or
other trading activities and that it will be required to acknowledge that it will deliver
a prospectus in connection with any resale of such Exchange Securities.

     (b) In the event that (i) the Company and the Guarantors jointly determine that the
Exchange Offer Registration provided for in Section 2(a) above is not available or may not
be consummated as soon as practicable after the last Exchange Date because it would
violate applicable law or the applicable interpretations of the Staff of the SEC, (ii) the
Exchange Offer is not for any other reason consummated by September 30, 2007 or (iii) the
Exchange Offer has been completed and in

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the opinion of counsel for the Initial Purchaser a Registration Statement must be
filed and a Prospectus must be delivered by the Initial Purchaser in connection with any
offering or sale of Registrable Securities due to the need for compliance with the
provisions of the SEC No-Action Letter for Exxon Capital Holding Corp. (available May 13,
1988); each of the Company and the Guarantors shall use its reasonable best efforts to
cause to be filed as soon as practicable after such determination, date or notice of such
opinion of counsel is given to the Company and the Guarantors, as the case may be, a Shelf
Registration Statement providing for the sale by the Holders of all of the Registrable
Securities and to have such Shelf Registration Statement declared effective by the SEC.
In the event the Company or the Guarantors is required to file a Shelf Registration
Statement solely as a result of the matters referred to in clause (iii) of the preceding
sentence, each of the Company and the Guarantors shall use its best efforts to file and
have declared effective by the SEC both an Exchange Offer Registration Statement pursuant
to Section 2(a) with respect to all Registrable Securities and a Shelf Registration
Statement (which may be a combined Registration Statement with the Exchange Offer
Registration Statement) with respect to offers and sales of Registrable Securities held by
the Initial Purchaser after completion of the Exchange Offer. Each of the Company and the
Guarantors agrees to use its reasonable best efforts to keep the Shelf Registration
Statement continuously effective until the expiration of the period referred to in Rule
144(k) with respect to the Registrable Securities or such shorter period that will
terminate when all of the Registrable Securities covered by the Shelf Registration
Statement have been sold pursuant to the Shelf Registration Statement. Each of the
Company and the Guarantors further agrees to supplement or amend the Shelf Registration
Statement if required by the rules, regulations or instructions applicable to the
registration form used by the Company and the Guarantors for such Shelf Registration
Statement or by the 1933 Act or by any other rules and regulations thereunder for shelf
registration or if reasonably requested by a Holder with respect to information relating
to such Holder, and to use its reasonable best efforts to cause any such amendment to
become effective and such Shelf Registration Statement to become usable as soon as
thereafter practicable. Each of the Company and the Guarantors agrees to furnish to the
Holders of Registrable Securities copies of any such supplement or amendment promptly
after its being used or filed with the SEC.

     (c) The Company and the Guarantors shall pay all Registration Expenses in connection
with the registration pursuant to Section 2(a) and Section 2(b). Each Holder shall pay
all underwriting discounts and commissions and transfer taxes, if any, relating to the
sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf
Registration Statement.

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     (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a
Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have
become effective unless it has been declared effective by the SEC; provided, however,
that, if, after it has been declared effective, the offering of Registrable Securities
pursuant to a Shelf Registration Statement is interfered with by any stop order,
injunction or other order or requirement of the SEC or any other governmental agency or
court, such Registration Statement will be deemed not to have become effective during the
period of such interference until the offering of Registrable Securities pursuant to such
Registration Statement may legally resume. In the event the Exchange Offer is not
consummated and the Shelf Registration Statement is not declared effective on or prior to
September 30, 2007, the interest rate on the Securities will be increased by 0.50% per
annum until the earlier of (i) completion of the Exchange Offer; (ii) the effectiveness of
the Shelf Registration Statement or (iii) the notes being freely tradable under the 1933
Act.

     (e) Without limiting the remedies available to the Initial Purchaser and the Holders,
each of the Company and the Guarantors acknowledges that any failure by the Company or any
Guarantor to comply with its obligations under Section 2(a) and Section 2(b) hereof may
result in material irreparable injury to the Initial Purchaser or the Holders for which
there is no adequate remedy at law, that it will not be possible to measure damages for
such injuries precisely and that, in the event of any such failure, the Initial Purchaser
or any Holder may obtain such relief as may be required to specifically enforce the
Company’s and the Guarantors’ obligations under Section 2(a) and Section 2(b) hereof.

     3. Registration Procedures.

     In connection with the obligations of the Company and the Guarantors with respect to the
Registration Statements pursuant to Section 2(a) and Section 2(b) hereof, the Company and the
Guarantors shall as expeditiously as possible:

     (a) prepare and file with the SEC a Registration Statement on the appropriate form
under the 1933 Act, which form (x) shall be jointly selected by the Company and the
Guarantors and (y) shall, in the case of a Shelf Registration, be available for the sale
of the Registrable Securities by the selling Holders thereof and (z) shall comply as to
form in all material respects with the requirements of the applicable form and include all
financial statements required by the SEC to be filed therewith, and use its best efforts
to cause such Registration Statement to become effective and remain effective in
accordance with Section 2 hereof;

     (b) prepare and file with the SEC such amendments and post-effective amendments to
each Registration Statement as may be necessary

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to keep such Registration Statement effective for the applicable period and cause
each Prospectus to be supplemented by any required prospectus supplement and, as so
supplemented, to be filed pursuant to Rule 424 under the 1933 Act; to keep each Prospectus
current during the period described under Section 4(3) and Rule 174 under the 1933 Act
that is applicable to transactions by brokers or dealers with respect to the Registrable
Securities or Exchange Securities;

     (c) in the case of a Shelf Registration, furnish to each Holder of Registrable
Securities, to counsel for the Initial Purchaser, to counsel for the Holders and to each
Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge,
as many copies of each Prospectus, including each preliminary Prospectus, and any
amendment or supplement thereto and such other documents as such Holder or Underwriter may
reasonably request other than exhibits to documents incorporated by reference or exhibits
thereto or documents available on the SEC’s Electronic Data Gathering, Analysis and
Retrieval system (“EDGAR”), in order to facilitate the public sale or other disposition of
the Registrable Securities; and the Company and the Guarantors consent to the use of such
Prospectus and any amendment or supplement thereto in accordance with applicable law by
each of the selling Holders of Registrable Securities and any such Underwriters in
connection with the offering and sale of the Registrable Securities covered by and in the
manner described in such Prospectus or any amendment or supplement thereto in accordance
with applicable law;

     (d) use its reasonable best efforts to register or qualify the Registrable Securities
under all applicable state securities or “blue sky” laws of such jurisdictions as any
Holder of Registrable Securities covered by a Registration Statement shall reasonably
request in writing by the time the applicable Registration Statement is declared effective
by the SEC, to cooperate with such Holders in connection with any filings required to be
made with the National Association of Securities Dealers, Inc. and do any and all other
acts and things which may be reasonably necessary or advisable to enable such Holder to
consummate the disposition in each such jurisdiction of such Registrable Securities owned
by such Holder; provided, however, that the neither the Company nor the Guarantors shall
be required to (i) qualify as a foreign corporation or as a dealer in securities in any
jurisdiction where it would not otherwise be required to qualify but for this Section
3(d), (ii) file any general consent to service of process or (iii) subject itself to
taxation in any such jurisdiction if it is not so subject;

     (e) in the case of a Shelf Registration, notify each Holder of Registrable
Securities, counsel for the Holders and counsel for the Initial Purchaser promptly and, if
requested by any such Holder or counsel, confirm such advice in writing (i) when a
Registration Statement has

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become effective and when any post-effective amendment thereto has been filed and
becomes effective, (ii) of any request by the SEC or any state securities authority for
amendments and supplements to a Registration Statement and Prospectus or for additional
information after the Registration Statement has become effective, (iii) of the issuance
by the SEC or any state securities authority of any stop order suspending the
effectiveness of a Registration Statement or the initiation of any proceedings for that
purpose, (iv) if, between the effective date of a Registration Statement and the closing
of any sale of Registrable Securities covered thereby, the representations and warranties
of the Company and the Guarantors contained in any underwriting agreement, securities
sales agreement or other similar agreement, if any, relating to the offering cease to be
true and correct in all material respects or if the Company or any Guarantor receives any
notification with respect to the suspension of the qualification of the Registrable
Securities for sale in any jurisdiction or the initiation of any proceeding for such
purpose, (v) of the happening of any event during the period a Shelf Registration
Statement is effective which makes any statement made in such Registration Statement or
the related Prospectus untrue in any material respect or which requires the making of any
changes in such Registration Statement or Prospectus in order to make the statements
therein not misleading and (vi) of any determination by the Company or any Guarantor that
a post-effective amendment to a Registration Statement would be appropriate;

     (f) use reasonable best effort to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement at the earliest possible moment and provide
immediate notice to each Holder of the withdrawal of any such order;

     (g) in the case of a Shelf Registration, furnish to each Holder of Registrable
Securities, without charge, at least one conformed copy of each Registration Statement and
any post-effective amendment thereto (without documents incorporated therein by reference
or exhibits thereto, unless requested);

     (h) in the case of a Shelf Registration, cooperate with the selling Holders of
Registrable Securities to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold and not bearing any restrictive legends and
enable such Registrable Securities to be in such denominations (consistent with the
provisions of the Indenture) and registered in such names as the selling Holders may
reasonably request at least one business day prior to the closing of any sale of
Registrable Securities;

     (i) in the case of a Shelf Registration, upon the occurrence of any event
contemplated by Section 3(e)(v) hereof, use its reasonable best efforts to prepare and
file with the SEC a supplement or post-effective

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amendment to a Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will
not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading. The Company and the Guarantors agree to notify the Holders to
suspend use of the Prospectus as promptly as practicable after the occurrence of such an
event, and the Holders hereby agree to suspend use of the Prospectus until the Company or
the Guarantors have amended or supplemented the Prospectus to correct such misstatement or
omission;

     (j) a reasonable time prior to the filing of any Registration Statement, any
Prospectus, any amendment to a Registration Statement or amendment or supplement to a
Prospectus or any document which is to be incorporated by reference into a Registration
Statement or a Prospectus after initial filing of a Registration Statement, provide copies
of such document to the Initial Purchaser and its counsel (and, in the case of a Shelf
Registration Statement, the Holders and their counsel) and make such of the
representatives of the Company and the Guarantors as shall be reasonably requested by the
Initial Purchaser or its counsel (and, in the case of a Shelf Registration Statement, the
Holders or their counsel) available for discussion of such document, and shall not at any
time file or make any amendment to the Registration Statement, any Prospectus or any
amendment of or supplement to a Registration Statement or a Prospectus or any document
which is to be incorporated by reference into a Registration Statement or a Prospectus, of
which the Initial Purchaser and its counsel (and, in the case of a Shelf Registration
Statement, the Holders and their counsel) shall not have previously been advised and
furnished a copy or to which the Initial Purchaser or its counsel (and, in the case of a
Shelf Registration Statement, the Holders or their counsel) shall reasonably object except
for any amendment or supplement or document (a copy of which has previously been furnished
to the Placement Agents and their counsel (and, in the case of a Shelf Registration
Statement, counsel to the Holders)) which counsel to the Company shall advise the Company
in writing is required in order to comply with applicable law;

     (k) obtain a CUSIP number for all Exchange Securities or Registrable Securities, as
the case may be, not later than the effective date of a Registration Statement;

     (l) cause the Indenture to be qualified under the Trust Indenture Act of 1939, as
amended (the “TIA”), in connection with the registration of the Exchange Securities or
Registrable Securities, as the case may be, cooperate with the Trustee and the Holders to
effect such changes to the Indenture as may be required for the Indenture to be so

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qualified in accordance with the terms of the TIA and execute, and use its best
efforts to cause the Trustee to execute, all documents as may be required to effect such
changes and all other forms and documents required to be filed with the SEC to enable the
Indenture to be so qualified in a timely manner;

     (m) in the case of a Shelf Registration, make available for inspection by a
representative of the Holders of the Registrable Securities, any Underwriter participating
in any disposition pursuant to such Shelf Registration Statement, and attorneys and
accountants designated by the Holders, at reasonable times and in a reasonable manner, all
financial and other records, pertinent documents and properties of the Company and each
Guarantor, and cause the respective officers, directors and employees of the Company and
the Guarantors to supply all information reasonably requested by any such representative,
Underwriter, attorney or accountant in connection with a Shelf Registration Statement;
provided that (1) the foregoing inspection and information gathering shall be coordinated
on behalf of the selling Holders, underwriters and representatives thereof by one counsel
for the Holders and one counsel for the underwriters, who shall be such counsel as may be
chosen by the Holders of a majority in principal amount of the Securities or by the
underwriters, as the case may be, and (2) if any such information is identified by the
Company or any Guarantor as being confidential or proprietary, each person receiving such
information shall take such actions as are reasonably necessary to protect the
confidentiality of such information, including, with respect to Holders, entering into
customary confidentiality agreements;

     (n) use its best efforts to cause the Exchange Securities or Registrable Securities,
as the case may be, to be rated by two nationally recognized statistical rating
organizations (as such term is defined in Rule 436(g)(2) under the 1933 Act);

     (o) if reasonably requested by any Holder of Registrable Securities covered by a
Registration Statement, (i) promptly incorporate in a Prospectus supplement or
post-effective amendment such information with respect to such Holder as such Holder
reasonably requests to be included therein and (ii) make all required filings of such
Prospectus supplement or such post-effective amendment as soon as the Company or any
Guarantor has received notification of the matters to be incorporated in such filing; and

     (p) in the case of a Shelf Registration, enter into such customary agreements and
take all such other actions in connection therewith (including those requested by the
Holders of a majority of the Registrable Securities being sold) in order to expedite or
facilitate the disposition of such Registrable Securities including, but not limited to,
an Underwritten Offering and in such connection, (i) to the extent possible,

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make such representations and warranties to the Holders and any Underwriters of such
Registrable Securities with respect to the business of the Company, the Guarantors and
their subsidiaries, the Registration Statement, Prospectus and documents incorporated by
reference or deemed incorporated by reference, if any, in each case, in form, substance
and scope as are customarily made by issuers to underwriters in underwritten offerings and
confirm the same if and when requested, (ii) obtain opinions of counsel to the Company and
the Guarantors (which counsel and opinions, in form, scope and substance, shall be
reasonably satisfactory to the Holders and such Underwriters and their respective counsel)
addressed to each selling Holder and Underwriter of Registrable Securities, covering the
matters customarily covered in opinions requested in underwritten offerings, (iii) obtain
“cold comfort” letters from the independent certified public accountants of the Company
and the Guarantors (and, if necessary, any other certified public accountant of any
subsidiary of the Company or any Guarantor, or of any business acquired by the Company or
any Guarantor for which financial statements and financial data are or are required to be
included in the Registration Statement) addressed to each selling Holder and Underwriter
of Registrable Securities, such letters to be in customary form and covering matters of
the type customarily covered in “cold comfort” letters in connection with underwritten
offerings, and (iv) deliver such documents and certificates as may be reasonably requested
by the Holders of a majority in principal amount of the Registrable Securities being sold
or the Underwriters, and which are customarily delivered in underwritten offerings, to
evidence the continued validity of the representations and warranties of the Company and
the Guarantors made pursuant to clause (i) above and to evidence compliance with any
customary conditions contained in an underwriting agreement.

     In the case of a Shelf Registration Statement, the Company and the Guarantors may require each
Holder of Registrable Securities to furnish to the Company and the Guarantors such information
regarding the Holder and the proposed distribution by such Holder of such Registrable Securities as
the Company and the Guarantors may from time to time reasonably request in writing. In addition,
each selling Holder agrees to promptly furnish additional information required under Item 507 of
Regulation S-K. So long as any Holder fails to furnish such information in a reasonably timely
manner after receiving the request, the Company and the Guarantors shall (i) have no obligation
under this Agreement to provide for the disposition of such Holder’s Registrable Securities in the
Shelf Registration Statement in respect to which such information was requested, (ii) not be
required to provide for the disposition of such Holder’s Registrable Securities in any
post-effective amendment to such Shelf Registration Statement or any future Shelf Registration
Statement that is not otherwise required to be filed and (iii) not be required to pay any
Additional Amounts as provided in Section 2(d) hereof. Each Holder including Registrable
Securities in a Shelf Registration Statement shall agree to furnish promptly to the Company all

13

 

information regarding such Holder and the proposed distribution by the Holder of such
Registrable Securities required under Regulation S-K.

     In the case of a Shelf Registration Statement, each Holder agrees that, upon receipt of any
notice from the Company or the Guarantors of the happening of any event of the kind described in
Section 3(e)(v) hereof, such Holder will forthwith discontinue disposition of Registrable
Securities pursuant to a Registration Statement until such Holder’s receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 3(i) hereof, and, if so directed by the
Company and the Guarantors, such Holder will deliver to the Company and the Guarantors (at the
Company’s and the Guarantors’ expense) all copies in its possession, other than permanent file
copies then in such Holder’s possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice. If the Company or any Guarantor shall give any such
notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement,
the Company and the Guarantors shall extend the period during which the Registration Statement
shall be maintained effective pursuant to this Agreement by the number of days during the period
from and including the date of the giving of such notice to and including the date when the Holders
shall have received copies of the supplemented or amended Prospectus necessary to resume such
dispositions. The Company and the Guarantors may give any such notice only twice during any 365
day period and any such suspensions may not exceed 45 days for each suspension and there may not be
more than two suspensions in effect during any 365 day period.

     The Holders of Registrable Securities covered by a Shelf Registration Statement who desire to
do so may sell such Registrable Securities in an Underwritten Offering. In any such Underwritten
Offering, the investment banker or investment bankers and manager or managers (the “Underwriters”)
that will administer the offering will be selected by the Majority Holders of the Registrable
Securities included in such offering.

     4. Participation of Broker-Dealers in Exchange Offer.

     (a) The Staff of the SEC has taken the position that any broker-dealer that receives
Exchange Securities for its own account in the Exchange Offer in exchange for Securities
that were acquired by such broker-dealer as a result of market-making or other trading
activities (a “Participating Broker-Dealer”), may be deemed to be an “underwriter” within
the meaning of the 1933 Act and must deliver a prospectus meeting the requirements of the
1933 Act in connection with any resale of such Exchange Securities.

Each of the Company and the Guarantors understands that it is the Staff’s position that if
the Prospectus contained in the Exchange Offer Registration Statement includes a plan of
distribution containing a statement to the above effect and the means by which
Participating

14

 

Broker-Dealers may resell the Exchange Securities, without naming the Participating
Broker-Dealers or specifying the amount of Exchange Securities owned by them, such
Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus
delivery obligation under the 1933 Act in connection with resales of Exchange Securities
for their own accounts, so long as the Prospectus otherwise meets the requirements of the
1933 Act.

     (b) In light of the above, notwithstanding the other provisions of this Agreement,
each of the Company and the Guarantors agrees that the provisions of this Agreement as
they relate to a Shelf Registration shall also apply to an Exchange Offer Registration to
the extent, and with such reasonable modifications thereto as may be, reasonably requested
by the Initial Purchaser or by one or more Participating Broker-Dealers, in each case as
provided in clause (ii) below, in order to expedite or facilitate the disposition of any
Exchange Securities by Participating Broker-Dealers consistent with the positions of the
Staff recited in Section 4(a) above; provided that:

     (i) neither the Company nor the Guarantors shall be required to amend or
supplement the Prospectus contained in the Exchange Offer Registration
Statement, as would otherwise be contemplated by Section 3(i), for a period
exceeding 180 days after the last Exchange Date (as such period may be extended
pursuant to the penultimate paragraph of Section 3 of this Agreement) and
Participating Broker-Dealers shall not be authorized by the Company or any
Guarantor to deliver and shall not deliver such Prospectus after such period in
connection with the resales contemplated by this Section 4; and

     (ii) the application of the Shelf Registration procedures set forth in
Section 3 of this Agreement to an Exchange Offer Registration, to the extent not
required by the positions of the Staff of the SEC or the 1933 Act and the rules
and regulations thereunder, will be in conformity with the reasonable request to
the Company and the Guarantors by the Initial Purchaser or with the reasonable
request in writing to the Company and the Guarantors by one or more
broker-dealers who certify to the Initial Purchaser and the Company and the
Guarantors in writing that they anticipate that they will be Participating
Broker-Dealers; and provided further that, in connection with such application
of the Shelf Registration procedures set forth in Section 3 to an Exchange Offer
Registration, each of the Company and the Guarantors shall be obligated (x) to
deal only with one entity representing the Participating Broker-Dealers, which
shall be Morgan Stanley & Co. Incorporated unless it elects not to act as such
representative,

15

 

(y) to pay the fees and expenses of only one counsel representing the
Participating Broker-Dealers, which shall be counsel to the Initial Purchaser
unless such counsel elects not to so act and (z) to cause to be delivered only
one, if any, “cold comfort” letter with respect to the Prospectus in the form
existing on the last Exchange Date and with respect to each subsequent amendment
or supplement, if any, effected during the period specified in clause (i) above.

     (c) The Initial Purchaser shall have no liability to the Company, the Guarantors or
any Holder with respect to any request that it may make pursuant to Section 4(b) above.

     5. Indemnification and Contribution.

     (a) Each of the Company and the Guarantors agrees to indemnify and hold harmless the
Initial Purchaser, each Holder and each Person, if any, who controls any Initial Purchaser
or any Holder within the meaning of either Section 15 of the 1933 Act or Section 20 of the
1934 Act, or is under common control with, or is controlled by, any Initial Purchaser or
any Holder, from and against all losses, claims, damages and liabilities (including,
without limitation, any legal or other expenses reasonably incurred by the Initial
Purchaser, any Holder or any such controlling or affiliated Person in connection with
defending or investigating any such action or claim) caused by any untrue statement or
alleged untrue statement of a material fact contained in any Registration Statement (or
any amendment thereto) pursuant to which Exchange Securities or Registrable Securities
were registered under the 1933 Act, including all documents incorporated therein by
reference, or caused by any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein not misleading,
or caused by any untrue statement or alleged untrue statement of a material fact contained
in any Prospectus (as amended or supplemented if the Company and the Guarantors shall have
furnished any amendments or supplements thereto), or caused by any omission or alleged
omission to state therein a material fact necessary to make the statements therein in
light of the circumstances under which they were made not misleading, except insofar as
such losses, claims, damages or liabilities are caused by any such untrue statement or
omission or alleged untrue statement or omission based upon information relating to the
Initial Purchaser or any Holder furnished to the Company and the Guarantors in writing
through Morgan Stanley & Co. Incorporated or any selling Holder expressly for use therein.
In connection with any Underwritten Offering permitted by Section 3, the Company and the
Guarantors will also indemnify the Underwriters, if any, selling brokers, dealers and
similar securities industry professionals participating in the distribution, their
officers and directors and each Person who controls such Persons (within

16

 

the meaning of the 1933 Act and the 1934 Act) to the same extent as provided above
with respect to the indemnification of the Holders, if requested in connection with any
Registration Statement.

     (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the
Company, the Guarantors, the Initial Purchaser, the other selling Holders, and each of
their respective directors, officers who sign the Registration Statement and each Person,
if any, who controls the Company, the Guarantors, the Initial Purchaser and any other
selling Holder within the meaning of either Section 15 of the 1933 Act or Section 20 of
the 1934 Act to the same extent as the foregoing indemnity from the Company and the
Guarantors to the Initial Purchaser and the Holders, but only with reference to
information relating to such Holder furnished to the Company and the Guarantors in writing
by such Holder expressly for use in any Registration Statement (or any amendment thereto)
or any Prospectus (or any amendment or supplement thereto).

     (c) In case any proceeding (including any governmental investigation) shall be
instituted involving any Person in respect of which indemnity may be sought pursuant to
either paragraph (a) or paragraph (b) above, such Person (the “indemnified party”) shall
promptly notify the Person against whom such indemnity may be sought (the “indemnifying
party”) in writing and the indemnifying party, upon request of the indemnified party,
shall retain counsel reasonably satisfactory to the indemnified party to represent the
indemnified party and any others the indemnifying party may designate in such proceeding
and shall pay the fees and disbursements of such counsel related to such proceeding. In
any such proceeding, any indemnified party shall have the right to retain its own counsel,
but the fees and expenses of such counsel shall be at the expense of such indemnified
party unless (i) the indemnifying party and the indemnified party shall have mutually
agreed to the retention of such counsel or (ii) the named parties to any such proceeding
(including any impleaded parties) include both the indemnifying party and the indemnified
party and representation of both parties by the same counsel would be inappropriate due to
actual or potential differing interests between them. It is understood that the
indemnifying party shall not, in connection with any proceeding or related proceedings in
the same jurisdiction, be liable for (A) the fees and expenses of more than one separate
firm (in addition to any local counsel) for the Initial Purchaser and all Persons, if any,
who control any Initial Purchaser within the meaning of either Section 15 of the 1933 Act
or Section 20 of the 1934 Act, (B) the fees and expenses of more than one separate firm
(in addition to any local counsel) for the Company and the Guarantors and their respective
directors and officers who sign the Registration Statement and each Person, if any, who
controls the Company or any Guarantor within the meaning of either such Section and (c)
the fees and expenses of more than one separate firm (in addition to any local counsel)
for all Holders

17

 

and all Persons, if any, who control any Holders within the meaning of either such
Section, and that all such fees and expenses shall be reimbursed as they are incurred. In
such case involving the Initial Purchaser and Persons who control the Initial Purchaser,
such firm shall be designated in writing by Morgan Stanley & Co. Incorporated. In such
case involving the Holders and such Persons who control Holders, such firm shall be
designated in writing by the Majority Holders. In all other cases, such firm shall be
designated jointly by the Company and the Guarantors. The indemnifying party shall not be
liable for any settlement of any proceeding effected without its written consent but, if
settled with such consent or if there be a final judgment for the plaintiff, the
indemnifying party agrees to indemnify the indemnified party from and against any loss or
liability by reason of such settlement or judgment. Notwithstanding the foregoing
sentence, if at any time an indemnified party shall have requested an indemnifying party
to reimburse the indemnified party for fees and expenses of counsel as contemplated by the
second and third sentences of this paragraph, the indemnifying party agrees that it shall
be liable for any settlement of any proceeding effected without its written consent if (i)
such settlement is entered into more than 30 days after receipt by such indemnifying party
of the aforesaid request and (ii) such indemnifying party shall not have reimbursed the
indemnified party for such fees and expenses of counsel in accordance with such request
prior to the date of such settlement. No indemnifying party shall, without the prior
written consent of the indemnified party, effect any settlement of any pending or
threatened proceeding in respect of which such indemnified party is or could have been a
party and indemnity could have been sought hereunder by such indemnified party, unless
such settlement includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such proceeding.

     (d) If the indemnification provided for in paragraph (a) or paragraph (b) of this
Section 5 is unavailable to an indemnified party or insufficient in respect of any losses,
claims, damages or liabilities, then each indemnifying party under such paragraph, in lieu
of indemnifying such indemnified party thereunder, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, claims, damages or
liabilities in such proportion as is appropriate to reflect the relative fault of the
indemnifying party or parties on the one hand and of the indemnified party or parties on
the other hand in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative fault of the Company and the Guarantors, on the one hand,
and the Holders, on the other, shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the Company
or any Guarantor, on the one hand, or by the Holders, on the other, and the parties’
relative intent, knowledge,

18

 

access to information and opportunity to correct or prevent such statement or
omission. The Holders’ respective obligations to contribute pursuant to this Section 5(d)
are several in proportion to the respective principal amount of Registrable Securities of
such Holder that were registered pursuant to a Registration Statement.

     (e) The Company, the Guarantors and each Holder agree that it would not be just or
equitable if contribution pursuant to this Section 5 were determined by pro rata
allocation or by any other method of allocation that does not take account of the
equitable considerations referred to in paragraph (d) above. The amount paid or payable
by an indemnified party as a result of the losses, claims, damages and liabilities
referred to in paragraph (d) above shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses reasonably incurred by such indemnified party
in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Section 5, no Holder shall be required to indemnify or contribute
any amount in excess of the amount by which the total price at which Registrable
Securities were sold by such Holder exceeds the amount of any damages that such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No Person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the 1933 Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. The remedies provided for
in this Section 5 are not exclusive and shall not limit any rights or remedies which may
otherwise be available to any indemnified party at law or in equity.

     The indemnity and contribution provisions contained in this Section 5 shall remain operative
and in full force and effect regardless of (i) any termination of this Agreement, (ii) any
investigation made by or on behalf of the Initial Purchaser, any Holder or any Person controlling
the Initial Purchaser or any Holder, or by or on behalf of the Company and the Guarantors and their
respective officers or directors or any Person controlling the Company or any Guarantor, (iii)
acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant
to a Shelf Registration Statement.

     6. Miscellaneous.

     (a) No Inconsistent Agreements. Neither the Company nor any Guarantor has entered
into, and on or after the date of this Agreement will enter into, any agreement which is
inconsistent with the rights granted to the Holders of Registrable Securities in this
Agreement or otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with the rights
granted to the holders of the Company’s or any Guarantor’s other issued and outstanding
securities under any such agreements.

19

 

     (b) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or
consents to departures from the provisions hereof may not be given unless the Company and
the Guarantors has obtained the written consent of Holders of at least a majority in
aggregate principal amount of the outstanding Registrable Securities affected by such
amendment, modification, supplement, waiver or consent; provided, however, that no
amendment, modification, supplement, waiver or consent to any departure from the
provisions of Section 5 hereof shall be effective as against any Holder of Registrable
Securities unless consented to in writing by such Holder.

     (c) Notices. All notices and other communications provided for or permitted
hereunder shall be made in writing by hand-delivery, registered first-class mail, telex,
telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most
current address given by such Holder to the Company by means of a notice given in
accordance with the provisions of this Section 6(c), which address initially is, with
respect to the Initial Purchaser, the address set forth in the Purchase Agreement; and
(ii) if to the Company or any Guarantor, initially at the Company’s address set forth in
the Purchase Agreement and thereafter at such other address, notice of which is given in
accordance with the provisions of this Section 6(c).

     All such notices and communications shall be deemed to have been duly given: at the
time delivered by hand, if personally delivered; five business days after being deposited
in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt is
acknowledged, if telecopied; and on the next business day if timely delivered to an air
courier guaranteeing overnight delivery.

     Copies of all such notices, demands, or other communications shall be concurrently
delivered by the Person giving the same to the Trustee, at the address specified in the
Indenture.

     (d) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors, assigns and transferees of each of the parties, including,
without limitation and without the need for an express assignment, subsequent Holders;
provided that nothing herein shall be deemed to permit any assignment, transfer or other
disposition of Registrable Securities in violation of the terms of the Purchase Agreement.
If any transferee of any Holder shall acquire Registrable Securities, in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be held
subject to all of the terms of this Agreement, and by taking and holding such Registrable
Securities such Person shall be conclusively deemed to have agreed to be bound by and to
perform all of the terms and provisions of this Agreement and such Person shall be

20

 

entitled to receive the benefits hereof. The Initial Purchaser (in its capacity as
Initial Purchaser) shall have no liability or obligation to the Company or any Guarantor
with respect to any failure by a Holder to comply with, or any breach by any Holder of,
any of the obligations of such Holder under this Agreement.

     (e) During the period of two years after the Closing Date, the Company and the
Guarantors will not, and will use its reasonable best efforts to cause its affiliates (as
defined in Rule 144 under the Securities Act) to not resell any of the Securities which
constitute “restricted securities” under Rule 144 that have been reacquired by any of
them, provided, however, that the Company, the Guarantors and any of their affiliates
shall be permitted to resell any Securities which are not “restricted securities” as
defined in Rule 144 under the Securities Act, in compliance with Regulation S.

     (f) Third Party Beneficiary. The Holders shall be third party beneficiaries to the
agreements made hereunder between the Company and the Guarantors, on the one hand, and the
Initial Purchaser, on the other hand, and shall have the right to enforce such agreements
directly to the extent it deems such enforcement necessary or advisable to protect its
rights or the rights of Holders hereunder.

     (g) Counterparts. This Agreement may be executed in any number of counterparts and
by the parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same
agreement.

     (h) Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.

     (i) Severability. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions contained herein shall not be affected or
impaired thereby.

     (j) Obligations of the Company and the Guarantors. Each of the Company and the
Guarantors acknowledges and agrees that their obligations under this Agreement are joint
and several amongst themselves.

     (k) Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED
TO CONSTRUE THIS AGREEMENT WITHOUT GIVING EFFECT TO APPLICABLE

21

 

PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF
ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     (l) Consent to Jurisdiction and Service. The Company and each Guarantor has
appointed CT Corporation System, 111 Eighth Avenue, 13th Floor, New York, New York, 10011,
USA as its agent (the “Authorized Agent”) upon whom process may be served in any actions
arising out of, based on, or relating to this Agreement or the transactions contemplated
hereby or brought under U.S. Federal or state securities laws brought in any U.S. Federal
or state court located in the Borough of Manhattan in The City of New York, expressly
consent to the jurisdiction of any such court in respect of any such action, and waive any
other requirements of or objections to personal jurisdiction with respect thereto. Such
appointment shall be irrevocable. The Company and each Guarantor represents and warrants
that the Authorized Agent has agreed to act as such agent for service of process and
agrees to take any and all action, including the filing of any and all documents and
instruments, that may be necessary to continue such appointment in full force and effect
as aforesaid. Service of process upon the Authorized Agent and written notice of such
service to the Company and each of the Guarantors shall be deemed, in every respect,
effective service of process upon the Company and each of the Guarantors.

     The Company and each Guarantor irrevocably (i) agrees that any legal suit, action or
proceeding against the Company or any Guarantor arising out of, based on, or relating to
this Agreement or the transactions contemplated hereby may be instituted in any U.S.
Federal or state court in the Borough of Manhattan in The City of New York and (ii)
waives, to the fullest extent they may effectively do so, any objection which they may
have now or hereafter have to the laying of venue of any such proceeding.

22

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above.

	 	 	 	 	 
	 	MAXCOM TELECOMUNICACIONES, S.A. de C.V.

 	 
	 	By:  	/s/ José Antonio Solbes
 	 
	 	 	Name:  	José Antonio Solbes 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	MAXCOM SERVICIOS ADMINISTRATIVOS, S.A. de C.V.

 	 
	 	By:  	/s/ José Antonio Solbes
 	 
	 	 	Name:  	José Antonio Solbes 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	OUTSOURCING OPERADORA de PERSONAL, S.A. de C.V

 	 
	 	By:  	/s/ José Antonio Solbes
 	 
	 	 	Name:  	José Antonio Solbes 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	TÉCNICOS ESPECIALIZADOS en TELECOMUNICACIONES, S.A. de C.V.

 	 
	 	By:  	/s/ José Antonio Solbes
 	 
	 	 	Name:  	José Antonio Solbes 	 
	 	 	Title:  	Chief Financial Officer 	 

23

 

	 	 	 	 	 

	 	 	 	 	 
	 	CORPORATIVO en TELECOMUNICACIONES, S.A. de C.V.

 	 
	 	By:  	/s/ José Antonio Solbes
 	 
	 	 	Name:  	José Antonio Solbes 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	MAXCOM SF, S.A. de C.V.,

 	 
	 	By:  	/s/ José Antonio Solbes
 	 
	 	 	Name:  	José Antonio Solbes 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	MAXCOM TV, S.A. de C.V.

 	 
	 	By:  	/s/ José Antonio Solbes
 	 
	 	 	Name:  	José Antonio Solbes 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	MAXCOM USA, Inc.

 	 
	 	By:  	/s/ José Antonio Solbes
 	 
	 	 	Name:  	José Antonio Solbes 	 
	 	 	Title:  	Chief Financial Officer 	 

24

 

	 	 	 	 	 

	 	 	 	 	 
	 	Confirmed and accepted as of
the date first above written:

Accepted as of the date hereof

Morgan Stanley & Co. Incorporated

 	 
	 	By:  	/s/ Andrew Schwendiman
 	 
	 	 	Name:  Andrew Schwendiman 		 
	 	 	Title:    Managing Director 		 

25

 

	 	 	 	 	 

	 	 	 	 	 
	 	Confirmed and accepted as of the date first above written:

Accepted as of the date hereof

Morgan Stanley & Co. Incorporated

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

26EX-10.25

 

Exhibit 10.25

TRANSLATION

Instrument No. 8,000

In Mexico City, Federal District, on this 11 day of July, 2007, Banco Mercantil del Norte, S.A.,
Institución de Banca Múltiple, Grupo Financiero Banorte (the “Bank”), represented herein by
Messrs. Ricardo Reyes Hernández and Antonio Fernández Montero, acting in their capacity as joint
and several attorneys-in-fact, and Maxcom Telecomunicaciones, S.A. de C.V. (the
“Borrower”), represented herein by Messrs. Adrián Aguirre Gómez and Jorge Antonio Solbes
Alvarez, appeared before me, Francisco Castellanos Guzmán, Esq., Public Broker No. 20 in and for
the Federal District, duly authorized by the Ministry of Economy, in order to formalize a Credit
Line Agreement, in accordance with the following representations and clauses:

Representations

1. Borrower represents that it has requested a Credit Line to Bank, up to the amount referred to in
Clause 1 (Credit) hereof, in order to buy telecommunications equipment.

2. Borrower represents that it is a party, as settlor, to the Irrevocable Trust Agreement No.
207357, which was executed to be utilized as a payment means with HSBC México, S.A., Institución de
Banca Múltiple, Grupo Financiero HSBC, Trust Division, as Trustee, and pursuant to which Bank is
designated trust beneficiary in the first place (the “Trust”); and that this Trust shall be
utilized as an alternative source of payment for this credit.

Clauses

1. Credit.

Bank hereby opens to Borrower a Credit Line up to ten million US dollars ($10’000,000.00),
available in the equivalent amount thereof in pesos, lawful currency of the United Mexican States
on the corresponding disbursement date.

Interest, fees and other expenses to be paid by Borrower under this Agreement are not included in
the aforementioned credit line.

2. Disbursements.

Borrower shall disburse the credit hereby granted to it in one or more disbursements to be made in
Mexican pesos, by executing and delivering promissory notes in favor of Bank, provided that such
disbursements shall be made by Borrower no later than December 31, 2007.

The aforementioned disbursements shall be subject to: (i) completion of an amendment to the Trust
by Borrower in order to designate Bank as trust beneficiary in the first place, in form
satisfactory to Bank; and (ii) delivery to

 

 

Bank by the Trustee under the Trust of a certificate evidencing the designation of Bank as trust
beneficiary in the first place, in form satisfactory to Bank.

3. Purpose of the Credit.

Borrower agrees to invest the credit precisely for the purposes referred to in Representation 1 of
this Agreement.

4. Term.

The term of this Agreement is sixty (60) months from the date on which the first disbursement of
the credit is made.

5. Repayment.

The Credit shall be repaid by Borrower at the domicile of Bank in eight (8) semi-annual consecutive
and equal installments, each of them in an amount equivalent to one eighth (1/8) of the total
disbursed amount, payable on the last day of each six-month period, provided that the first payment
of principal shall be made on the eighteenth month following the date on which the first
disbursement of the credit is made.

6. Interest.

Borrower agrees to pay to Bank interest on the outstanding balance of disbursed principal, which
interest shall accrue on a monthly basis at a rate equal to the sum of two (2) basis points and the
28-Day Inter-bank Interest Rate of Equilibrium (“TIIE”), or any other TIIE replacing such
28-Day TIIE, as determined by the Central Bank of Mexico (Banco de México) and published in the
Official Gazette of the Federation on business days, as provided for in Ruling 2019/95 of such
central bank, as amended, corresponding to the average of the twenty eight (28) calendar days
immediately preceding the starting date of each of the periods in which interest is to be paid;
provided that regarding non-business days in which no TIIE is published, the rate published in the
immediately preceding business day shall be utilized, and that each disbursement shall be
documented by means of the promissory note(s) referred to in Clause 2 (Disbursements)
hereof.

The parties agree that the certification made by the Public Accountant of Bank shall be binding and
final, unless otherwise evidenced, as to the corresponding amounts related to the determination of
TIIE utilized as reference in obtaining the agreed rate; or the corresponding amounts related to
the yields of CETES or the calculation of CPP for liabilities denominated in Pesos referred to in
Clause 7 (Replacement Reference Rate) below if TIIE is no longer available.

Interest shall be calculated on the basis of a 360-day year and accrue on the outstanding balance

2

 

Interest shall be paid in monthly arrears, on the last day of each month, on the maturity dates set
forth in the respective promissory not or letter of credit, as agreed to by the parties when making
the disbursement.

The parties expressly agree that, if for any reason, Bank fails to apply the interest rate
established in this clause Bank shall be entitled to make the necessary adjustments or amendments,
which shall become retroactively effective as of such months in which the corresponding amendment
did not take place.

If Borrower becomes obliged to pay the Value Added Tax, in accordance with the Value Added Tax Act,
on any interest accrued under this clause, Borrower shall pay such tax to Bank together with the
aforementioned interest.

7. Replacement Reference Rate.

The parties agree that if the Central Bank of Mexico (Banco de México) suspends or cancels the
release of the aforementioned TIIE, the annual interest rate to be applied thereafter shall be any
of the following interest rates, in the order established herein below:

One: An annual rate equal to the sum of two (2) basis points and the CPP for liabilities
denominated in Pesos that the Central Bank of Mexico (Banco de México) deems representative for the
Commercial Banks and publishes on a monthly basis in the Official Gazette of the Federation, in
accordance with Ruling 2019/95, as amended, taking into account the CPP effective on the date on
which each of the periods in which interest is to be paid starts.

If CPP is not published in any of the months referred to in the preceding paragraph, CPP published
for the month preceding the month in which CPP is no longer published shall be taken into account.

If CPP is no longer published, the following interest rate shall apply:

Two: An annual rate equal to the sum of two basis points (2) and the arithmetical average of 28-Day
CETES, or any other CETES replacing such 28-Day CETES, in primary placement, regularly published in
the newspapers with the widest circulation in the country during the last four weeks preceding the
date on which such interest is to be paid.

If 28-Day CETES are not published in any of the weeks referred to in the preceding paragraph, CETES
published for the week preceding or succeeding the week in which CETES are no longer published
shall be taken into account, whichever is higher, at Bank’s discretion.

The applicable replacement interest rate shall be inserted in the promissory note(s) and the
Letter(s) of Credit referred to in Clause 2 (Disbursements) hereof.

3

 

The provisions of this clause shall further apply to the moratorium interest rate, provided that,
in such case, the moratorium interest rate shall be equal to the rate resulting from multiplying
(i) the sum of the basis points that Bank and Borrower agree at the time in which each disbursement
is made and the replacement rate obtained on the date on which the payment is made, by (ii) two (2).

8. Moratorium Interest.

If Borrower fails to timely pay any amount owed by it hereunder, moratorium interest shall accrue
on such outstanding and unpaid amount from the due date thereof until the date on which the same is
paid in full, at an annual interest rate equal to the rate resulting from multiplying the interest
rate to be applied in accordance with Clause 6 (Interest) above on the date on which
payment is made by two (2).

Borrower shall pay such moratorium interest to Bank at the domicile of Bank.

If Borrower becomes obliged to pay the Value Added Tax, in accordance with the Value Added Tax Act,
on any moratorium interest accrued under this clause, Borrower shall pay such tax to Bank together
with the aforementioned moratorium interest.

9. Prepayments.

Borrower may prepay the credit, in whole or in part, and interest thereon, provided that in both
cases Borrower shall pay to Bank an amount equal to zero percent (0%) of the prepaid amount. Such
amount shall be paid simultaneously with the prepaid amount. Any partial prepayment of the
disbursed credit shall be allocated in the following order of priority: interest accrued on the
corresponding disbursements of the credit; and principal; provided that if any amounts remain
outstanding, other than principal, the prepayment shall be allocated in the following order of
priority: expenses, fees, moratorium interest, interest and principal, in accordance with Article
364 of the Commercial Code.

If Borrower becomes obliged to pay the Value Added Tax, in accordance with the Value Added Tax Act,
on any of the aforementioned amounts, Borrower shall pay such tax to Bank together with the
aforementioned amounts.

10. Structuring Fee.

Borrower shall pay to Bank, at the domicile referred to in Clause 5 (Repayment) hereof, a
structuring fee equal to zero point seventy five percent (0.75%) of the total amount of the credit,
which shall be paid on the date on which the first disbursement of the credit is made.

If Borrower becomes obliged to pay the Value Added Tax, in accordance with the Value Added Tax Act,
on the aforementioned fee, Borrower shall pay such tax to Bank together with the aforementioned
fee.

4

 

11. Business Day Adjustment.

If the maturity date for any amount of principal, interest or any other amount owed under this
Agreement or the notes is not a banking business day, the corresponding payment shall be made on
the banking business day that immediately succeeds such original maturity date at the domicile of
Bank.

12. Checking Account.

Without prejudice to any other clauses of this Agreement relating to the obligation of Borrower to
make payments at the domicile of Bank, Borrower hereby authorizes Bank to debit any amounts of
principal, interest and other accessories, as well as any charge or legal or contractual
consideration due under this Agreement and in accordance with applicable laws from the Checking
Account No. 0192-174556 at Banco Mercantil del Norte, S.A., Institución de Banca Múltiple, Grupo
Financiero Banorte, Santa Fe Branch, provided that enough funds exist for such purpose. Bank shall
be entitled but not obliged to debit such amounts, and therefore, Borrower is not released from its
payment obligations in favor of Bank.

13. Inspectors.

Bank shall be at all times entitled to designate one or more inspectors to verify the exact
performance of the obligations of Borrower under this Agreement. Any compensation for the
inspectors and expenses arising from their activities shall be borne by Borrower, by reimbursing to
Bank any such amounts on the date on which Bank requests the same. Borrower further agrees to
assist inspectors, as necessary, to enable them to perform their duties and obligations. Any
discrepancy arising between inspectors and Borrower shall be finally settled by Bank.

14. Alternative Source of Payment.

Without prejudice to the payment obligations of Borrower derived from this Agreement, Borrower
shall take any actions necessary to designate Bank as Trust Beneficiary in the First Place under
the Trust referred to in Representation 2 hereof, within a thirty-day period from the execution
date of this Agreement, in form satisfactory to Bank. Such Trust is to be utilized as an
alternative source of payment with respect to this credit, provided that Bank shall become a Trust
Beneficiary in the First Place under the same.

Any cash flows forming part of the trust assets of the Trust shall be utilized as an alternative
source of payment for this credit, upon the terms established therein, and therefore, any payment
made by the Trust to Bank, in its capacity as Trust Beneficiary in the First Place, shall be
allocated for repaying the credit up to the total corresponding amount of principal and interest.

If Trustee makes no payment to Bank, in its capacity as Trust Beneficiary in the First Place, or
the payments made by Trustee are not enough to repay the outstanding balance of the principal
amount of the credit or interest accrued

5

 

thereon, Borrower shall continue obliged to pay the outstanding balance of the credit, plus
interest accrued thereon, and court expenses and fees, if any.

If the payments made by Trustee to Bank, in its capacity as Trust Beneficiary in the First Place,
are not enough to repay the corresponding due amounts, such amount shall be allocated in the
following order of priority: moratorium interest, if any, interest, and principal.

Consequently, Borrower may not transfer, sell or assign in any manner whatsoever the assets and
rights that form part of the trust assets of the Trust, without the prior written consent of Bank.

15. Affirmative Covenants of Borrower.

Unless otherwise authorized in writing by the legal representatives of Bank, Borrower shall:

a) Provide Bank with information and documentation relating to the operation of the company,
whenever Bank requests so, but in any case within a 15-calendar-day period from the date on which
such request is made. If Borrower is a publicly traded company, in Mexico or abroad, the requested
information and the period within which the same is to be provided shall comply with any laws
applicable to Borrower in its capacity as issuer, provided that, in any case the information shall
be provided within a 10-calendar-day period from the date on which such information must be
provided in accordance with applicable laws.

b) Provide Bank with annual financial statements audited for financial (not tax) purposes by an
authorized Public Accountant, if obliged to do so, within a 180-calendar-day period from the
closing of the fiscal year. If Borrower is a publicly traded company, in Mexico or abroad, the
financial statements and the period within which the same are to be provided shall comply with any
laws applicable to Borrower in its capacity as issuer, provided that, in any case the information
shall be provided within a 10-calendar-day period from the date on which such information must be
provided in accordance with applicable laws.

c) Provide Bank with internal financial statements and the respective analytical notes thereto,
including a breakdown of the liabilities (mentioning guarantees and bonds granted and any other
contingent liability) duly signed by Borrower, or, as applicable, its legal representative duly
vested with powers to administer property, within a 45-calendar-day period from the closing of each
quarter. If Borrower is a publicly traded company, in Mexico or abroad, the financial statements
and the period within which the same are to be provided shall comply with any laws applicable to
Borrower in its capacity as issuer, provided that, in any case the information shall be provided
within a 10-calendar-day period from the date on which such information must be provided in
accordance with applicable laws.

d) Maintain valid and effective any rights and franchises necessary to operate the company; and
keep accounting records in accordance with Mexican GAAP.

6

 

e) Obtain any licenses, authorizations or permits required by Borrower in order to perform its
obligations derived from this Agreement and comply with applicable laws and regulations whose
violation or breach may have a material adverse effect on the capability of Borrower to perform its
obligations derived from this Agreement. Borrower shall timely pay any taxes imposed or levied on
it and any quotas of the Mexican Social Security Institute, the Retirement Savings System and the
Workers Housing Savings Fund, excluding any tax contributions and/or quotas contested by Borrower
in good faith through applicable procedures.

f) Provide Bank with a Xerox copy of any public instrument containing amendments to its by-laws,
within a 15-calendar-day period from the date on which the same is formalized.

g) Obtain and maintain insurance for its insurable assets during the term of the credit, provided
that Borrower shall evidence the same by submitting copies of the corresponding insurance policies
and payment receipts for the respective insurance premiums. Borrower hereby authorizes Bank to
verify with the corresponding Insurance Company the existence of the insurance, the insured assets,
the sums insured and the paid premiums.

16. Negative Covenants of Borrower.

Unless otherwise authorized in writing by the legal representatives of Bank, Borrower shall not:

Modify any conditions agreed to with financial creditors of Borrower existing as of the execution
date of this Agreement in respect of the granting of guarantees, the granting of additional
guarantees and the financial conditions, in any manner that may increase the obligations of
Borrower.

17. Events of Default.

Bank shall be entitled to accelerate payment of the credit and interest thereon, without requiring
any prior action or procedure, upon failure of Borrower to perform any of its obligations derived
from this Agreement, or occurrence of any other event established in applicable laws, or should any
of the following events occur without the prior written consent of the legal representatives of
Bank:

a) If any representation made by Borrower under this Agreement or at any time thereafter turns to
be false or misleading, which representation shall have materially induced Bank, at Banks
discretion, to grant the credit, or if Borrower shall have failed to provide any data or
information to Bank that, if provided, would have resulted in the denial of the credit.

b) If Borrower fails to make, in whole or in part, any of the payments to be made by it under this
Agreement, whether in respect of principal, interest, fees, expenses or other accessories.

c) If Borrower is adjudged bankrupt or insolvent.

7

 

d) If (i) the current controlling shareholders of Borrower no longer hold title to the shares
issued by Borrower, or (ii) the current shareholding percentages are reduced, and as a result of
such reduction such shareholders lose control of Borrower, even in case Borrower becomes a publicly
traded company in Mexico or abroad (excluding testamentary or non-testamentary transfers upon
decease of the respective shareholders).

e) If Borrower is transformed, merged, spun-off, dissolved or liquidated, unless with the prior
written consent of Bank, which consent shall not be withheld by Bank without having a justified
cause.

f) If Borrower carries out any sale or transfer, or creates an interest in, or leases or grants in
commodatum, or encumbers through any legal means, ten percent (10%) or more of its fixed assets,
provided that such percentage shall not apply in respect of any assets acquired with the proceeds
of the credit that secure the repayment thereof; or if the fixed assets utilized for operating the
company of Borrower are seized, or subject to any lien or encumbrance created, by third parties.

g) If Borrower fails to comply with any of the affirmative or negative covenants derived from this
Agreement.

h) If Borrower fails to perform any of its obligations derived from any other credit or loan
granted by Bank or any other commercial bank, or in general, any other term obligation of Borrower
in favor of Bank or other Financial Institution is accelerated, in any amounts exceeding the sum of
five million pesos (MXP 5’000,000.00) in the aggregate.

i) If Borrower utilizes the credit for any purpose other than the purposes established herein.

j) If Borrower fails to follow any instructions, or in any other manner hampers the activities of,
or fails to pay the fees of, the inspectors that Bank is entitled to designated under this
Agreement.

k) If Borrower changes or suspends its corporate activities.

l) If Borrower reduces its capital stock.

m) If Borrower reduces its stockholders’ equity, excluding the payment of dividends up to an amount
equal to fifty percent (50%) of the profits obtained during the immediately preceding fiscal year.

n) If Borrower pays dividends to its shareholders in any amount equal to, or higher than, fifty
percent (50%) of the profits of the immediately preceding fiscal year.

o) If Borrower grants loans or credits, or creates guarantees or securities (including under trust
schemes), in favor of third parties or its subsidiaries,

8

 

affiliates, holding companies, related companies, or companies that form part of its own group,
unless if granted or created in the ordinary course of business.

p) If Borrower grants any guarantees, bonds or other guarantee or security in respect of its
industrial unit, machinery, equipment or otherwise assets in order to guarantee or secure
third-party obligations (excluding any guarantees, bonds or securities already existing as of the
date hereof), unless such assets are prior transferred or mortgaged in favor of Bank.

18. Acts of God and Force Majeure Events.

Borrower agrees to perform its obligations derived from this Agreement even upon occurrence of an
Act of God or force majeure event, in accordance with Article 2111 of the Federal Civil Code
(Código Civil Federal).

19. Credit Suspension and Cancellation; Early Termination.

Bank expressly reserves the right to suspend or cancel the credit or the disbursement period within
which Borrower may disburse the same, or both at once or earlier terminate this Agreement at any
time, by giving a written notice to Borrower.

20. Waiver.

No failure or delay of Bank to exercise its rights derived from this Agreement shall be construed
as a waiver thereof. No individual or partial exercise by Bank of its rights derived from this
Agreement shall preclude any other power or right.

21. Headings.

The headings of the clauses of this Agreement are only for reference purposes and do not define or
limit the content thereof. Any construction of the representations and clauses of this Agreement
shall be based upon the content thereof exclusively.

22. Assignment.

Bank shall be at all times entitled to assign, or grant participations in respect of, its rights
derived from this Agreement, in whole or in part.

23. Taxes and Expenses.

Any payments to be made by Borrower under this Agreement shall be made free from any deduction of
taxes and contributions of any type. If Borrower is obliged to withhold any amounts in accordance
with applicable laws on account of taxes, duties or contributions in respect of any amounts to be
paid to Bank, Borrower shall pay to Bank any additional amounts, as necessary, so that any amounts
received by Bank under this Agreement (which shall include but not be limited to fees and interest)
are equal, after making such withholdings, to the

9

 

amounts that Bank would have received had such payments been made subject to no withholding.

Any expenses, duties, taxes or contributions accrued in drafting, executing, delivering,
registering, changing, amending and managing this credit, including, without limitation, notary
public or broker fees involved therein, and fees of legal counsels for Bank, shall be borne by
Borrower.

If Banks needs to pay any such amounts, Borrower shall immediately reimburse the same to Bank, for
which purpose, Borrower hereby expressly authorizes Bank to debit such amounts from the checking
account opened by Borrower at Bank referred to in Clause 12 (Checking Account) above.

No charges, fees or expenses shall be collected by Bank other than those established in this
Agreement.

24. Notices.

Any notices and communications to be given by Bank and Borrower under this Agreement shall be given
at the following addresses:

If to Bank:

Torre Banorte Santa Fe

Avenida Prolongación Reforma No. 1230

Piso 6

Colonia Cruz Manca

05300 México, D.F.

If to Borrower:

Guillermo González Camarena No. 200

Colonia Centro Santa Fe

México, D.F.

Any notices and communications, whether judicial or not, given at the aforementioned address of
Borrower shall be deemed effectively and validly given, as long as Borrower notifies no change of
address to Bank in writing.

25. Payment Means and Dates.

Any payments made by Borrower shall be allocated as follows:

	 	 	 	 	 	 
	 	 	 	 	 	 
	 	Payment Means	 	 	Date on Which Payment is Credited	 
	 	 
	 	 	 	 
	 	 	 	 	 	 
	 	(i) Cash

	 	 	On the same day.	 
	 	 
	 	 	 	 
	 	 	 	 	 	 
	 	(ii) Check

	 	 	a) On the same day, if issued
against an account opened at Bank	 
	 	 
	 	 	 	 
	 	 	 	 	 	 

10

 

	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 

	 	 	b) No later than the next banking business day, if
issued against an account opened at other bank and
deposited no later than 4:00 p.m.; or no later than
the second banking business day following the
deposit, if issued against an account opened at
other bank and deposited after 4:00 p.m.	 
	 	 
	 	 	 	 
	 	 	 	 	 	 
	 	(iii) Automatic Charge

	 	 	a) On such dated agreed to with Borrower.	 
	 	 
	 	 	 	 
	 	 

	 	 	b) On the due payment date.	 
	 	 
	 	 	 	 
	 	 	 	 	 	 
	 	(iv) Wire Transfers

	 	 	a) On the same day, if made through any of the
SPEUA or SPEI systems.	 
	 	 
	 	 	 	 
	 	 

	 	 	b) On the same day, if the funds are transferred
within the same Bank.	 
	 	 
	 	 	 	 
	 	 

	 	 	c) No later than the next banking business day, if
the funds are transferred from other bank.	 
	 	 	 	 	 	 

26. Jurisdiction.

For everything relating to the construction, performance and enforcement of this Agreement, the
parties submit to the jurisdiction of the courts sitting in Mexico City, Federal District, or
Monterrey, Nuevo León, at the discretion of the plaintiff, hereby waiving any other jurisdiction
they may be entitled to by reason of their domicile.

CAPACITY AND AUTHORITY

The individuals appearing before me evidenced the legal capacity and authority of their principals
and the powers vested in them, by means of the certification of documents enclosed to this
instrument as Exhibit 1, whose originals were shown to me; and stated that the powers vested in
them by means of such documents have not been revoked or modified in any manner whatsoever.

CERTIFICATIONS

I, Francisco Castellanos Guzmán, Public Broker No. 20 in and for the Federal District, hereby
CERTIFY:

a) That all the documents referred to in this instrument were shown to me, and returned to the
individuals appearing before me.

b) That the individuals appearing before me, stated to be: Antonio Fernández Montero, a Mexican
citizen, born in Mexico City, Federal District, on the 17th day of November, 1957,
married, banking officer, addressed at Avenida Prolongación Reforma No. 1230, Piso 10, Colonia Cruz
Manca Santa Fe, Delegación Cuajimalpa, Mexico City, Federal District; Ricardo Reyes Hernández, a
Mexican citizen, born in Veracruz, Veracruz, on the 20th day of

11

 

April, 1965, married, banking officer, addressed at the same place referred to above; Adrián
Aguirre Gómez, a Mexican citizen, born in Mexico City, Federal District, on the 31st day
of December, 1950, married, public accountant, addressed at Guillermo González Camarena No. 2000,
Col. Centro de Ciudad Santa Fe, Mexico City, Federal District; and José Antonio Solbes Alvarez, a
Mexican citizen, born in Mexico City, Federal District, on the 28th day of March, 1966,
married, public accountant, addressed at Guillermo González Camarena No. 2000, Col. Centro de
Ciudad Santa Fe, Mexico City, Federal District; who stated that their principals have legal
capacity and authority, and that the powers vested in them have not been revoked or modified in any
manner whatsoever.

c) That I verified the identity of the individuals appearing before me, provided that I am
personally acquainted with Messrs. Ricardo Reyes Hernández and Antonio Fernández Montero, whom I
deem legally capable to execute this instrument; and provided further that I am not personally
acquainted with Messrs. José Antonio Solbes Alvarez and Adrián Aguirre Gómez, and therefore they
identified themselves by means of the documents enclosed to this instrument as Exhibit 2.

d) That Messrs. José Antonio Solbes Alvarez and Adrian Aguirre Gómez showed to me the certificate
that evidences the renovation of the registration of their principal with the National Foreign
Investment Registry, a copy of which is enclosed to this instrument as Exhibit 3.

e) That I read, explained and informed the legal value and consequences of this document to the
individuals appearing before, who stated to be in agreement with, and executed, the same on the
___day of July, 2007, date on which I permanently authorize the same since all the applicable
legal requirements were met. I ATTEST.

12

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