Document:

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                     [Form of Ninth Supplemental Indenture]

                                                                    EXHIBIT 4.10

                              GRUPO TELEVISA, S.A.,

                                   as Issuer,

                              THE BANK OF NEW YORK,

                       as Trustee, Registrar, Paying Agent

                               and Transfer Agent

                                       and

                          DEXIA BANQUE INTERNATIONALE A

                           LUXEMBOURG, SOCIETE ANONYME

                           as Luxembourg Paying Agent

                               and Transfer Agent

                                -----------------

                          NINTH SUPPLEMENTAL INDENTURE

                              Dated as of  , 2005

                               ------------------

                        Supplementing the Trust Indenture

                           Dated as of August 8, 2000

                               -------------------
               $600,000,000 6.625% Senior Exchange Notes due 2025.

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      NINTH SUPPLEMENTAL INDENTURE, dated as of the  day of  , 2005, between
GRUPO TELEVISA, S.A., a limited liability company (sociedad anonima) organized
under the laws of the United Mexican States (the "Issuer" or the "Company"), THE
BANK OF NEW YORK, a New York banking corporation, having its Corporate Trust
Office located at 101 Barclay Street, New York, New York 10286, as trustee (the
"Trustee"), registrar ("Registrar"), paying agent ("Paying Agent") and transfer
agent ("Transfer Agent"), and DEXIA BANQUE INTERNATIONALE A LUXEMBOURG, SOCIETE
ANONYME a bank duly incorporated and existing under the laws of Luxembourg, as
paying agent and transfer agent (a "Paying Agent" and a "Transfer Agent," as the
case may be);

      WHEREAS, the Company has heretofore executed and delivered to the Trustee
an Indenture dated as of August 8, 2000 (the "Original Indenture" and, together
with the First Supplemental Indenture, dated August 8, 2000, the Second
Supplemental Indenture, dated January 19, 2001, the Third Supplemental
Indenture, dated September 13, 2001, the Fourth Supplemental Indenture, dated
March 11, 2002, the Fifth Supplemental Indenture, dated March 8, 2002, the Sixth
Supplemental Indenture, dated July 31, 2002, the Seventh Supplemental Indenture,
dated March 18, 2005 and the Eighth Supplemental Indenture, dated May 26, 2005
between the Company, The Bank of New York, as Trustee, Registrar, Paying Agent
and Transfer Agent and Dexia Banque Internationale a Luxembourg, Societe Anonyme
as Luxembourg Paying Agent and Transfer Agent, and this Ninth Supplemental
Indenture, the "Indenture") providing for the issuance by the Company from time
to time of its senior debt securities to be issued in one or more series (in the
Original Indenture and herein called the "Securities");

      WHEREAS, the Company, in the exercise of the power and authority conferred
upon and reserved to it under the provisions of the Original Indenture and
pursuant to appropriate resolutions of the Board of Directors, has duly
determined to make, execute and deliver to the Trustee, on  , 2005, this Ninth
Supplemental Indenture to the Original Indenture in order to establish the form
and terms of, and to provide for the creation and issue of, one series of
Securities to be designated as the "6.625% Senior Exchange Notes due 2025" under
the Original Indenture in the aggregate principal amount of $600,000,000 subject
to Section 202 hereof;

      WHEREAS, Section 901 of the Original Indenture provides, among other
things, that the Company, when authorized by a Board Resolution, and the
Trustee, at any time and from time to time, without the consent of any Holders,
may enter into an indenture supplemental to the Original Indenture to establish
the terms of Securities of any series as permitted by Sections 201 and 301 of
the Original Indenture; and

      WHEREAS, all things necessary to make the Securities, when executed by the
Company and authenticated and delivered by the Trustee or any Authenticating
Agent and issued upon the terms and subject to the conditions set forth
hereinafter and in the Indenture against payment therefor, the valid, binding
and legal obligations of the Company and to make this Ninth Supplemental
Indenture a valid, binding and legal agreement of the Company, have been done;

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      NOW, THEREFORE, This NINTH SUPPLEMENTAL INDENTURE WITNESSETH that, in
order to establish the terms of the series of Securities designated as the
"6.625% Senior Exchange Notes due 2025" and for and in consideration of the
premises and of the covenants contained in the Original Indenture and in this
Ninth Supplemental Indenture and for other good and valuable consideration the
receipt and sufficiency of which are hereby acknowledged, it is mutually
covenanted and agreed as follows:

                                   ARTICLE I

                              DEFINITIONS AND OTHER
                        PROVISIONS OF GENERAL APPLICATION

            Section 101. Definitions.

      Each capitalized term that is used herein and is defined in the Original
Indenture shall have the meaning specified in the Original Indenture unless such
term is otherwise defined herein.

      "Applicable Procedures" means, with respect to any transfer or exchange of
or for beneficial interests in any Global Note, the rules and procedures of DTC,
Euroclear or Clearstream Banking, as the case may be, that apply to such
transfer or exchange.

      "Clearstream Banking" shall mean Clearstream Banking, societe anonyme
(formerly Cedelbank) or any successor.

      "Depositary" shall mean DTC or its nominee, or any other depositary
appointed by the Company; provided, however, that such depositary shall have an
address in the Borough of Manhattan, in the City of New York.

      "DTC" shall mean The Depository Trust Company.

      "Euroclear" shall mean the Euroclear System or any successor.

      "Global Securities" or "Global Security" shall have the meaning assigned
to it in Section 203 hereof.

      "Initial Purchasers" shall mean Credit Suisse First Boston LLC ("CSFB")
and Citigroup Global Markets Inc. ("Citigroup").

      "Interest Payment Date" shall have the meaning assigned to it in Section
206 hereof.

      "Notes" shall mean the Company's 6.625% Senior Exchange Notes due 2025.

      "Remaining Scheduled Payments" shall mean, with respect to the Notes, the
remaining scheduled payments of principal thereof and interest thereon that
would be due after the related Redemption Date but for such redemption.

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      "Securities" shall mean the Notes.

      "Securities Act" shall mean the United States Securities Act of 1933, as
amended.

            Section 102. Section References.

      Each reference to a particular Section set forth in this Ninth
Supplemental Indenture shall, unless the context otherwise requires, refer to
this Ninth Supplemental Indenture.

                                   ARTICLE II

                        TITLE AND TERMS OF THE SECURITIES

            Section 201. Title of the Securities.

      The title of the Securities of the series established hereby is the
"6.625% Senior Exchange Notes due 2025".

            Section 202. Amount and Denominations.

      The aggregate principal amount of the Notes which may be authenticated and
delivered under this Ninth Supplemental Indenture is limited to $600,000,000,
except for Securities of such series authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities
of the same series pursuant to Section 305, 306, 904 or 1107 of the Original
Indenture; provided, however, that the Notes may be reopened, without the
consent of the Holders thereof, for issuance of additional Securities of the
same series.

            Section 203. Registered Securities.

      The certificates for the Notes shall be Registered Securities in global
form and shall be in substantially the form attached hereto as Exhibits A
(collectively, the "Global Securities," each a "Global Security").

            Section 204. Issuance and Pricing.

      The Notes shall be issued under the Indenture.

            Section 205. Stated Maturity.

      The Stated Maturity of the Notes on which the principal thereof is due and
payable shall be March 18, 2025.

            Section 206. Interest.

      The principal of the Notes shall bear interest from the later of March 18,
2005 or from the most recent Interest Payment Date to which interest has been
paid or provided for, payable semiannually on March 18 and September 18 of each
year, commencing

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September 18, 2005 to the Persons in whose names the Notes (or one or more
Predecessor Securities) are registered at the close of business on the fifteenth
calendar day preceding such Interest Payment Date. Interest payable at maturity
will be payable to the person to whom principal is payable on that date.
Interest on the Notes shall be computed on the basis of a 360-day year of twelve
30-day months. If any Interest Payment Date or Maturity would otherwise be a day
that is not a Business Day, the related payment of principal, interest, premium
and Additional Amounts will be made on the next succeeding Business Day as if it
were made on the date the payment was due, and no interest will accrue on the
amounts so payable for the period from and after the Interest Payment Date or
the Maturity, as the case may be, to the next succeeding Business Day.

      Interest on the Notes will accrue at the rate of 6.625% per annum, until
the principal thereof is paid or made available for payment.

            Section 207. Registration, Transfer and Exchange.

      The principal of, interest, premium and Additional Amounts on the Notes
shall be payable and the Notes may be surrendered or presented for payment, the
Notes may be surrendered for registration of transfer or exchange, and notices
and demands to or upon the Company in respect of the Notes and the Indenture may
be served, at the office or agency of the Company maintained for such purposes
in The City of New York, State of New York, and so long as any Notes are listed
on the Luxembourg Stock Exchange and the rules of the Luxembourg Stock Exchange
so require, a Paying Agent and a Transfer Agent with a specified office in
Luxembourg, from time to time; provided, however, that at the option of the
Company payment of interest on either series may be made by check mailed to the
address of the Persons entitled thereto, as such addresses shall appear in the
Security Register.

      The Company hereby initially appoints the Trustee at its office in the
City of New York as the Registrar, a Paying Agent and a Transfer Agent under the
Indenture and the Trustee, by its execution hereof, accepts such appointment;
provided, however, that (subject to Section 1002 of the Indenture) the Company
may at any time remove the Trustee at its office or agency in The City of New
York designated for the foregoing purposes and may from time to time designate
one or more other offices or agencies for the foregoing purposes and may from
time to time rescind such designations. The Company hereby initially appoints
Dexia Banque Internationale a Luxembourg, Societe Anonyme at its office at 69
route d'Esch, L-2953 Luxembourg, to act as a Paying Agent and Transfer Agent
under the Indenture and Dexia Banque Internationale a Luxembourg, Societe
Anonyme by its execution hereof, hereby accepts such appointment. The Trustee,
the Registrar, each Paying Agent and Transfer Agent shall keep copies of the
Indenture available for inspection and copying by holders of the Notes during
normal business hours at their respective offices.

      Notwithstanding the foregoing, a Holder of $10 million or more in
aggregate principal amount of certificated Notes on a Regular Record Date shall
be entitled to receive interest payments, if any, on any Interest

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Payment Date, other than an Interest Payment Date that is also the date of
Maturity, by wire transfer of immediately available funds if appropriate wire
transfer instructions have been received in writing by the Trustee not less than
15 calendar days prior to the applicable Interest Payment Date. Any wire
transfer instructions received by the Trustee will remain in effect until
revoked by the Holder. Any interest not punctually paid or duly provided for on
a certificated note on any interest payment date other than the maturity date
will cease to be payable to the Holder of the Note as of the close of business
on the related record date and may either be paid (1) to the person in whose
name the certificated note is registered at the close of business on a special
record date for the payment of the defaulted interest that is fixed by the
Company, written notice of which will be given to the holders of the notes not
less than 30 calendar days prior to the special record date, or (2) at any time
in any other lawful manner.

            Section 208. Redemption of the Securities.

      The Notes are redeemable by the Company pursuant to Sections 1008 and 1009
of the Original Indenture in accordance with Article Eleven thereof.

            Section 209. Denominations.

      Interests in the Notes shall be in minimum denominations of $100,000 and
integral multiples of $1,000 in excess thereof.

            Section 210. Currency.

      The interest, premium, if any, Additional Amounts, if any, and principal
on the Notes shall be payable only in Dollars.

            Section 211. Applicability of Certain Indenture Provisions.

      All Sections of the Original Indenture shall apply to the Notes, except
for Articles Twelve, Thirteen and Fourteen.

            Section 212. Security Registrar and Paying Agent.

      The Trustee shall be Security Registrar and the initial Paying Agent and
initial Transfer Agent for the Notes (subject to the Company's right (subject to
Section 1002 of the Indenture) to remove the Trustee as such Paying Agent and/or
Transfer Agent with respect to each series and/or, from time to time, to
designate one or more co-registrars and one or more other Paying Agents and
Transfer Agents and to rescind from time to time any such designations), and The
City of New York is designated as a Place of Payment for the Notes. The Company
shall maintain a Paying Agent and Transfer Agent in Luxembourg for so long as
any Notes are listed on the Luxembourg Stock Exchange.

            Section 213. Global Securities.

         (a) Form of Securities. The Notes may be issued in whole or in part in
      the form of one or more Global Securities in fully registered form. No
      Notes will be

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      issued in bearer form. The initial Depositary for the Global Securities of
      each series shall be DTC, and the depositary arrangements shall be those
      employed by whoever shall be the Depositary with respect to the Notes from
      time to time.

      Each Global Security authenticated under this Indenture shall be
registered in the name of the Depositary or a nominee thereof and delivered to
such Depositary or a nominee thereof or custodian therefor, and each such Global
Security shall constitute a single Security for all purposes of this Indenture.

      Notwithstanding any other provision in this Indenture or the Securities,
no Global Security may be exchanged, in whole or in part for certificated Notes,
and no transfer of a Global Security in whole or in part may be registered, in
the name of any Person, other than the Depositary or a nominee thereof unless
(A) the Depositary has notified the Company that it is unwilling or unable to
continue as Depositary for such Global Security or (B) the Depositary has ceased
to be a clearing agency registered under the Exchange Act, or (C) there shall
have occurred and be continuing an Event of Default with respect to such Global
Security or (D) the Company in its sole discretion determines that the Global
Securities (in whole not in part) should be exchanged for certificated Notes and
delivers a written notice to such effect to the Trustee. Any Global Security
exchanged pursuant to Clause (A) or (B) above shall be so exchanged in whole and
not in part and any Global Security exchanged pursuant to Clause (C) above may
be exchanged in whole or from time to time in part in the manner directed by the
Depositary. In the event of the occurrence of any of the events specified in
this paragraph, the Company will promptly make available to the Trustee a
reasonable supply of certificated Notes in definitive, fully registered form,
without interest coupons.

      Upon any exchange, the certificated Notes shall be issued in definitive,
fully-registered form, without interest coupons, shall have an aggregate
principal amount equal to that of such Global Security or portion thereof to be
so exchanged, shall be registered in such names and be in such denominations as
the Depositary shall designate and shall bear any legends required hereunder.
Any Global Security to be exchanged in whole shall be surrendered by the
Depositary to the Trustee, as Security Registrar. With regard to any Global
Security to be exchanged in part, either such Global Security shall be so
surrendered for exchange or, if the Trustee is acting as custodian for the
Depositary or its nominee with respect to such Global Security, the principal
thereof shall be reduced, by an amount equal to the portion thereof to be so
exchanged, by means of any appropriate adjustment made on the records of the
Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate
and deliver the Security issuable on such exchange to or upon the order of the
Depositary or an authorized representative thereof.

      The provisions of the "Operating Procedures of the Euroclear System" and
the "Terms and Conditions Governing Use of Euroclear" and the "Management
Regulations" and "Instructions to Participants" of Clearstream Banking,
respectively, shall be applicable to any Global Security insofar as interests in
such Global Security are held by the agent members of Euroclear or Clearstream
Banking. Account holders or participants in Euroclear and Clearstream Banking
shall have no rights under the Indenture with

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respect to such Global Security, and the Depositary or its nominee may be
treated by the Company, the Trustee, and any agent of the Company or the Trustee
as the owner of such Global Security for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the
Trustee, or any agent of the Company or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depositary
or impair, as between DTC and its agent members, the operation of customary
practices governing the exercise of the rights of a holder of any Security.

            Section 214. Sinking Fund.

      The Notes shall not be subject to any sinking fund or similar provision
and shall not be redeemable at the option of the holder thereof.

            Section 215. Conversion; Exchange.

      The Notes shall not be convertible into Common Stock.

            Section 216. Amendments.

      This Supplemental Indenture may be amended by the Company without the
consent of any holder of the Notes in order for the restrictions on transfer
contained herein to be in compliance with applicable law or the Applicable
Procedures.

            Section 217. Applicable Procedures.

      Notwithstanding anything else herein, the Company shall not be required to
permit a transfer to a Global Note that is not permitted by the Applicable
Procedures.

            Section 218. Paying and Transfer Agent.

      Dexia Banque Internationale a Luxembourg, Societe Anonyme agrees that the
provisions of Section 1003 of the Original Indenture shall be binding on it as
Paying Agent and Transfer Agent.

            Section 219. Execution of the Notes

      The Exchange Notes shall be executed on behalf of the Company by its
Chairman of the Board, its Chief Accounting Officer, its Chief Financial
Officer, its President or one of its Vice Presidents attested by its Secretary
of the Board of Directors, its Treasurer or Assistant Treasurer or one of its
Assistant Secretaries. The signature of any of the officers on the Notes may be
manual or facsimile.

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                                  ARTICLE III

                            MISCELLANEOUS PROVISIONS

      The Trustee makes no undertaking or representations in respect of, and
shall not be responsible in any manner whatsoever for and in respect of, the
validity or sufficiency of this Ninth Supplemental Indenture or the proper
authorization or the due execution hereof by the Company or for or in respect of
the recitals and statements contained herein, all of which recitals and
statements are made solely by the Company.

      Except as expressly amended hereby, the Original Indenture shall continue
in full force and effect in accordance with the provisions thereof and the
Original Indenture is in all respects hereby ratified and confirmed.

      This Ninth Supplemental Indenture and all its provisions shall be deemed a
part of the Original Indenture in the manner and to the extent herein and
therein provided. This Ninth Supplemental Indenture shall be governed by, and
construed in accordance with, the laws of the State of New York, without regard
to conflicts of laws principles thereof other than Section 5-1401 of the New
York General Obligations Law.

      This Ninth Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.

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      IN WITNESS WHEREOF, the parties hereto have caused this Ninth Supplemental
Indenture to be duly executed as of the day and year first above written.

                                                 GRUPO TELEVISA, S.A.,
                                                 as Issuer

                                                 By: _______________________
                                                     Name:
                                                     Title:

                                                 By: _______________________
                                                     Name:
                                                     Title:

                                       9
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                                             THE BANK OF NEW YORK,
                                             as Trustee, Registrar, Paying Agent
                                             and Transfer Agent

                                             BY: ____________________________
                                                 Name:
                                                 Title:

                                       10
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                                         DEXIA BANQUE INTERNATIONALE
                                         A LUXEMBOURG, SOCIETE
                                         ANONYME
                                         as Luxembourg Paying Agent and Transfer
                                         Agent

                                         BY: ____________________________
                                             Name:
                                             Title:

                                       11
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                                   Exhibit A-1

No. 1                                                                 $
CUSIP No.

                              GRUPO TELEVISA, S. A.

                      6.625% Senior Exchange Notes due 2025

      Grupo Televisa, S.A., a limited liability company (sociedad anonima),
organized under the laws of the United Mexican States (hereinafter called the
"Company", which term includes any successor corporation under the Indenture
referred to below), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of       dollars ($        ) on March 18,
2025 and to pay interest thereon from March 18, 2005 or from the most recent
date to which interest has been paid or provided for, semi-annually on March 18
and September 18 in each year (each, an "Interest Payment Date"), commencing
September 18, 2005 at the rate of 6.625 % per annum, until the principal hereof
is paid or made available for payment. Interest on this Note shall be calculated
on the basis of a 360-day year consisting of twelve 30-day months. The interest
so payable and paid or provided for on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the fifteenth
calendar day (whether or not a Business Day) preceding such Interest Payment
Date. Any such interest which is payable, but is not paid or provided for, on
any Interest Payment Date shall forthwith cease to be payable to the registered
Holder hereof on the relevant Regular Record Date by virtue of having been such
Holder, and may be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Company, notice whereof shall be given to the Holders of Notes of this Series
not less than 10 days prior to such Special Record Date, or may be paid at any
time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in such Indenture.

      Payment of the principal of and the interest on this Note will be made at
the office or agency of the Company maintained for that purpose in The Borough
of Manhattan, The City of New York, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that, at the option of the Company,
interest may be paid by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register; provided,
further, that payment to DTC or any successor Depositary may be made by wire
transfer to the account designated by DTC or such successor Depositary in
writing.

      This Security is a global Security issued on the date hereof which
represents $ of the principal amount of the Company's 6.625 % Senior Exchange
Notes due 2025.

<PAGE>

This Note is one of a duly authorized issue of securities of the Company (herein
called the "Notes") issued and to be issued in one series under an Indenture
dated as of August 8, 2000, as supplemented by the first supplemental indenture
dated as of August 8, 2000, the second supplemental indenture dated as of
January 19, 2001, the third supplemental indenture dated as of September 13,
2001, the fourth supplemental indenture dated as of March 11, 2002, the fifth
supplemental indenture dated as of March 8, 2002, the sixth supplemental
indenture dated as of July 31, 2002, the seventh supplemental indenture dated
March 18, 2005 and the eighth supplemental indenture dated May 26, 2005 (herein
called, together with the Ninth Supplemental Indenture referred to below and all
other indentures supplemental thereto, the "Indenture") between the Company and
The Bank of New York, as Trustee (herein called the "Trustee", which term
includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Notes, and of the terms upon
which the Notes are, and are to be, authenticated and delivered. This Note is
one of the series designated on the face hereof, initially limited (subject to
exceptions provided in the Indenture) to the aggregate principal amount
specified in the Ninth Supplemental Indenture between the Company, The Bank of
New York, as Trustee, Registrar, Paying Agent and Transfer Agent and Dexia
Banque Internationale a Luxembourg, Societe Anonyme, as Luxembourg Paying Agent
and Transfer Agent, dated as of        2005, establishing the terms of the Notes
pursuant to the Indenture (the "Ninth Supplemental Indenture").

      If an Event of Default with respect to the Notes shall occur and be
continuing, the principal of the Notes may be declared due and payable in the
manner and with the effect provided in the Indenture.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series issued
under the Indenture at any time by the Company and the Trustee with the consent
of the Holders of not less than a majority in aggregate principal amount of the
Securities at the time Outstanding of each series affected thereby. For all
purposes of the Indenture, holders of the Notes issued under the Ninth
Supplemental Indenture will vote together with holders of the Notes issued
pursuant to the Seventh Supplemental Indenture and the Eighth Supplemental
Indenture who do not exchange such Notes for new Notes pursuant to the exchange
offer being consummated pursuant to the terms of the Registration Rights
Agreements that were attached as Exhibit F to the Seventh Supplemental Indenture
and Exhibit A to the Eighth Supplemental Indenture, as a single series of
Securities. The Indenture also contains provisions permitting the Holders of
specified percentages in aggregate principal amount of the Securities of any
series at the time Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any
Notes issued upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon
this Note or such Notes.

<PAGE>

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note,
at the times, place and rate, and in the coin or currency, herein and in the
Indenture prescribed.

      As provided in the Indenture and subject to certain limitations set forth
therein and in this Note, the transfer of this Note may be registered on the
Security Register upon surrender of this Note for registration of transfer at
the office or agency of the Company maintained for the purpose in any place
where the principal of and interest on this Note are payable, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or by his
attorney duly authorized in writing, and thereupon one or more new Notes of this
series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

      The Notes are issuable in book-entry fully registered form without coupons
in minimum denominations of $100,000, and integral multiples of $1,000 as
specified in the Ninth Supplemental Indenture establishing the terms of the
Notes and as more fully provided in the Original Indenture. As provided in the
Original Indenture, and subject to certain limitations set forth in the Original
Indenture and in this Note, the Notes are exchangeable for a like aggregate
principal amount of Notes of this Series in different authorized denominations,
as requested by the Holders surrendering the same.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith, other than in
certain cases provided in the Indenture.

      Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

      The Indenture contains provisions whereby (i) the Company may be
discharged from its obligations with respect to the Notes (subject to certain
exceptions) or (ii) the Company may be released from its obligation under
specified covenants and agreements in the Indenture, in each case if the Company
irrevocably deposits with the Trustee money or U.S. Government Obligations
sufficient to pay and discharge the entire indebtedness on all Notes of this
series, and satisfies certain other conditions, all as more fully provided in
the Indenture.

      This Note shall be governed by and construed in accordance with the laws
of the State of New York without giving effect to any provisions relating to
conflicts of laws other than Section 5-1401 of the New York General Obligations
Law.

<PAGE>

      All terms used in this Note which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.

      Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee under the Indenture by the manual signature of one of its
authorized signatories, this Note shall not be entitled to any benefits under
the Indenture or be valid or obligatory for any purpose.

<PAGE>

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

                                                GRUPO TELEVISA, S.A.

Attest:_______________________________          By:_______________________
       Name: Ricardo Maldonad Yanez               Name: Salvi Folch Viadero
       Title: Secretary of the Board of           Title: Chief Financial Officer
              Directors of Grupo Televisa S.A.

                                                By:_______________________
                                                   Name: Juan Sebastian Mijares
                                                   Title: Vice President General
                                                          Counsel

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

      This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

Dated:        , 2005                            The Bank of New York,
                                                as Trustee

                                                By:___________________________

<PAGE>

                           FORM OF REVERSE OF SECURITY

      This Security is one of a duly authorized issue of Securities of the
Company designated as its 6.625% Senior Exchange Notes due 2025 (hereinafter
called the "Notes"), limited in aggregate principal amount to U.S.$600,000,000
issued and to be issued under a Ninth Supplemental Indenture, dated as of     ,
2005 (hereinafter called the "Ninth Supplemental Indenture"), among the Company,
The Bank of New York, as Trustee, Registrar, Paying Agent and Transfer Agent and
Dexia Banque Internationale a Luxembourg, Societe Anonyme, as Luxembourg Paying
Agent and Transfer Agent.

      Additional Amounts. All payments of amounts due in respect of the
Securities by the Company will be made without withholding or reduction for or
on account of any present or future taxes or duties of whatever nature imposed
or levied by or on behalf of Mexico any political subdivision thereof or any
agency or authority in or of Mexico ("Taxes") unless the withholding or
deduction of such Taxes is required by law or by the interpretation or
administration thereof. In that event, the Company will pay such additional
amounts ("Additional Amounts") as may be necessary in order that the net amounts
receivable by the Holders after such withholding or deduction shall equal the
respective amounts which would have been receivable in respect of the
Securities, in the absence of such withholding or deduction, which Additional
Amounts shall be due and payable when the amount to which such Additional
Amounts relate are due and payable; except that no such Additional Amounts shall
be payable with respect to:

            (i) any Taxes which are imposed on, or deducted or withheld from,
      payments made to the Holder or beneficial owner of the Securities by
      reason of the existence of any present or former connection between the
      Holder or beneficial owner of the Securities (or between a fiduciary,
      settlor, beneficiary, member or shareholder of, or possessor of a power
      over, such Holder or beneficial owner, if such Holder or beneficial owner
      is an estate, trust, corporation or partnership) and Mexico (or any
      political subdivision or territory or possession thereof or area subject
      to its jurisdiction) (including, without limitation, such Holder or
      beneficial owner (or such fiduciary, settlor, beneficiary, member,
      shareholder or possessor) (x) being or having been a citizen or resident
      thereof, (y) maintaining or having maintained an office, permanent
      establishment, fixed base or branch therein, or (z) being or having been
      present or engaged in trade or business therein) other than the mere
      holding of such Securities or the receipt of amounts due in respect
      thereof;

            (ii) any estate, inheritance, gift, sales, stamp, transfer or
      personal property Tax;

            (iii) any Taxes that are imposed on, or withheld or deducted from,
      payments made to the Holder or beneficial owner of the Securities to the
      extent such Taxes would not have been so imposed, deducted or withheld but
      for the failure by such Holder or beneficial owner of such Securities to
      comply with any certification, identification, information, documentation
      or other reporting
<PAGE>

      requirement concerning the nationality, residence, identity or connection
      with Mexico (or any political subdivision or territory or possession
      thereof or area subject to its jurisdiction) of the Holder or beneficial
      owner of such Securities if (x) such compliance is required or imposed by
      a statute, treaty, regulation, rule, ruling or administrative practice in
      order to make any claim for exemption from, or reduction in the rate of,
      the imposition, withholding or deduction of any Taxes, and (y) at least 60
      days prior to the first payment date with respect to which the Company
      shall apply this clause (iii), the Company shall have notified all the
      Holders of Securities, in writing, that such Holders or beneficial owners
      of the Securities will be required to provide such information or
      documentation;

            (iv) any Taxes imposed on, or withheld or deducted from, payments
      made to a Holder or beneficial owner of the Securities at a rate in excess
      of the 4.9% rate of Tax in effect on the date hereof and uniformly
      applicable in respect of payments made by the Company to all Holders or
      beneficial owners eligible for the benefits of a treaty for the avoidance
      of double taxation to which Mexico is a party without regard to the
      particular circumstances of such Holders or beneficial owners (provided
      that, upon any subsequent increase in the rate of Tax that would be
      applicable to payments to all such Holders or beneficial owners without
      regard to their particular circumstances, such increased rate shall be
      substituted for the 4.9% rate for purposes of this clause (iv)), but only
      to the extent that (x) such Holder or beneficial owner has failed to
      provide on a timely basis, at the reasonable request of the Company
      (subject to the conditions set forth below), information, documentation or
      other evidence concerning whether such Holder or beneficial owner is
      eligible for benefits under a treaty for the avoidance of double taxation
      to which Mexico is a party if necessary to determine the appropriate rate
      of deduction or withholding of Taxes under such treaty or under any
      statute, regulation, rule, ruling or administrative practice, and (y) at
      least 60 days prior to the first payment date with respect to which the
      Company shall make such reasonable request, the Company shall have
      notified the Holders of the Securities, in writing, that such Holders or
      beneficial owners of the Securities will be required to provide such
      information, documentation or other evidence;

            (v) to or on behalf of a Holder of the Securities in respect of
      Taxes that would not have been imposed but for the presentation by such
      Holder for payment on a date more than 15 days after the date on which
      such payment became due and payable or the date on which payment thereof
      is duly provided for and notice thereof given to Holders, whichever occurs
      later, except to the extent that the Holder of such Securities would have
      been entitled to Additional Amounts in respect of such Taxes on presenting
      such Securities for payment on any date during such 15-day period; or

            (vi) any combination of (i), (ii), (iii), (iv) or (v) above (the
      Taxes described in clauses (i) through (vi), for which no Additional
      Amounts are payable, are hereinafter referred to as "Excluded Taxes").

<PAGE>

      Notwithstanding the foregoing, the limitations on the Company's obligation
to pay Additional Amounts set forth in clauses (iii) and (iv) above shall not
apply if (a) the provision of information, documentation or other evidence
described in such clauses (iii) and (iv) would be materially more onerous, in
form, in procedure or in the substance of information disclosed, to a Holder or
beneficial owner of a Note (taking into account any relevant differences between
U.S. and Mexican law, rules, regulations or administrative practice) than
comparable information or other reporting requirements imposed under U.S. tax
law, regulations and administrative practice (such as IRS Forms W-8BEN and W-9)
or (b) Rule 3.23.8 issued by the Secretaria de Hacienda y Credito Publico
(Ministry of Finance and Public Credit), or a substantially similar successor of
such rule is in effect, unless the provision of the information, documentation
or other evidence described in clauses (iii) and (iv) is expressly required by
statute, regulation, rule, ruling or administrative practice in order to apply
Rule 3.23.8 (or a substantially similar successor of such rule), the Company
cannot obtain such information, documentation or other evidence on its own
through reasonable diligence and the Company otherwise would meet the
requirements for application of Rule 3.23.8 (or such other successor of such
rule). In addition, such clauses (iii) and (iv) shall not be construed to
require that a non-Mexican pension or retirement fund or a non-Mexican financial
institution or any other Holder register with the Ministry of Finance and Public
Credit for the purpose of establishing eligibility for an exemption from or
reduction of Mexican withholding tax or to require that a Holder or beneficial
owner certify or provide information concerning whether it is or is not a
tax-exempt pension or retirement fund.

      At least 30 days prior to each date on which any payment under or with
respect to the Securities is due and payable, if the Company will be obligated
to pay Additional Amounts with respect to such payment (other than Additional
Amounts payable on the date of the Indenture or Supplemental Indenture relating
to such Securities), the Company will deliver to the relevant Trustee an
Officers' Certificate stating the fact that such Additional Amounts will be
payable and the amounts so payable and will set forth such other information
necessary to enable the relevant Trustee to pay such Additional Amounts to
Holders on the payment date. Whenever either in the Indenture or such
Supplemental Indenture there is mentioned, in any context, the payment of
principal (and premium, if any), Redemption Price, interest or any other amount
payable under or with respect to any Securities, such mention shall be deemed to
include mention of the payment of Additional Amounts to the extent that, in such
context, Additional Amounts are, were or would be payable in respect thereof.

      Optional Redemption. The Company may redeem any of the Notes (the
"Optional Redemption") in whole or in part, at any time or from time to time
prior to their maturity, upon not less than 30 nor more than 60 days prior
notice of the date for such redemption (the "Redemption Date") mailed by
first-class mail to each Holder's registered address, at a redemption price
equal to the greater of (1) 100% of the principal amount of such Notes redeemed
and (2) the sum of the present values of each remaining scheduled payment of
principal and interest thereon (exclusive of interest accrued to the Redemption
Date) discounted to the Redemption Date on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40
basis points (the

<PAGE>

"Make-Whole Amount"), plus in each case accrued and unpaid interest on the
principal amount of the Notes to the Redemption Date.

      "Treasury Rate" means, with respect to any redemption date, the rate per
annum equal to the semiannual equivalent yield to maturity or interpolated
maturity (on a day count basis) of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption
date.

      "Comparable Treasury Issue" means the United States Treasury security or
securities selected by an Independent Investment Banker as having an actual or
interpolated maturity comparable to the remaining term of the notes to be
redeemed that would be utilized, at the time of the selection and in accordance
with customary financial practice, in pricing new issues of corporate debt
securities of a comparable maturity to the remaining term of the notes.

      "Independent Investment Banker" means one of the Reference Treasury
Dealers appointed by the Company.

      "Comparable Treasury Price" means, with respect to any redemption date (1)
the average of the Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest such Reference Treasury Dealer
Quotation or (2) if the Trustee obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations.

      "Reference Treasury Dealer" means Credit Suisse First Boston LLC or its
affiliates with are primary United States government securities dealers and two
other leading primary United States government securities dealers in New York
City reasonably designated by the Company; provided, however, that if any of the
foregoing shall cease to be a primary United States government securities dealer
in New York City (a "Primary Treasury Dealer"), the Company will substitute
therefor another Primary Treasury Dealer.

      "Reference Treasury Dealer Quotation" means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by
the Trustee, of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) quoted in
writing to the Trustee by such Reference Treasury Dealer at 3:30 pm New York
time on the third business day preceding such redemption date.

      On an after the Redemption Date, interest will cease to accrue on the
Notes or any portion of the Notes called for redemption (unless the Company
defaults in the payment of the redemption price and accrued interest). On or
before the Redemption Date, the Company will deposit with the Trustee money
sufficient to pay the Make-Whole Amount and (unless the redemption date shall be
an interest payment date) accrued interest to the redemption date on the Notes
to be redeemed on such date. If less than all of the Notes

<PAGE>

are to be redeemed, the notes to be redeemed shall be selected by the Trustee by
such method as the Trustee shall deem appropriate.

      The election of the Company to redeem the Notes shall be evidenced by a
certificate (a "Make-Whole Redemption Certificate") of an officer of the
Company, which certificate shall be delivered to the Trustee. The Company shall,
not less than 45 days nor more than 60 days prior to the Redemption Date, notify
the Trustee in writing of such Redemption Date and of all other information
necessary to the giving by the Trustee of notices of the Optional Redemption.
The Trustee shall be entitled to rely conclusively upon the information so
furnished by the Company in the Make-Whole Redemption Certificate and shall be
under no duty to check the accuracy or completeness thereof. Such notice shall
be irrevocable and upon its delivery the Company shall be obligated to make the
payment or payments to the Trustee referred to therein at least two Business
Days prior to such Redemption Date.

      Notice of the Optional Redemption shall be given by the Trustee to the
holders, in accordance with the provisions of Section 106 of the Original
Indenture, upon the mailing by first-class postage prepaid to each holder at the
address of such holder as it appears in the Register not less than 30 days nor
more than 60 days prior to the Redemption Date.

      The notice of Optional Redemption shall state:

            (i) the Redemption Date;

            (ii) the Make-Whole Amount;

            (iii) the sum of all other amounts due to the holders under the
      Notes and this Indenture;

            (iv) that on the Redemption Date the Make-Whole Amount will become
      due and payable upon each such Notes so to be redeemed; and

            (v) the place or places, including the offices of our Paying Agent
      in Luxembourg, where such Securities so to be redeemed are to be
      surrendered for payment of the Make-Whole Amount.

      Notice of the Optional Redemption having been given as aforesaid, the
Notes so to be redeemed shall, on the Redemption Date, become due and payable at
the Make-Whole Amount therein specified. Upon surrender of any such Notes for
redemption in accordance with such notice, such Notes shall be paid by the
Paying Agent on behalf of the Company on the Redemption Date; provided that
moneys sufficient therefor have been deposited with the Trustee for the holders.

      Notwithstanding anything to the contrary in this Indenture or in the
Notes, if a Make-Whole Redemption Certificate has been delivered to the Trustee
and the Company shall have paid to the Trustee for the benefit of the holders
(i) the Make-Whole Amount and (ii) all other amounts due to the holders and the
Trustee under the Notes and this Indenture, then neither the holders nor the
Trustee on their behalf shall any longer be

<PAGE>

entitled to exercise any of the rights of the holders under the Notes other than
the rights of the holders to receive payment of such amounts from the Paying
Agent and the occurrence of an Event of Default whether before or after such
payment by the Company to the Trustee for the benefit of the holders shall not
entitle either the holders or the Trustee on their behalf after such payment to
declare the principal of any Notes then outstanding to be due and payable on any
date prior to the Redemption Date. The funds paid to the Trustee shall be used
to redeem the Securities on the Redemption Date.

      Repurchase of Securities upon a Change of Control. The Company must
commence, within 30 days of the occurrence of a Change of Control, and
consummate an Offer to Purchase for all Securities then outstanding, at a
purchase price equal to 101% of the principal amount of the Securities on the
date of repurchase, plus accrued interest (if any) to the date of purchase. The
Company is not required to make an Offer to Purchase following a Change of
Control if a third party makes an Offer to Purchase that would be in compliance
with the provisions described in this Section if it were made by the Company and
such third party purchases (for the consideration referred to in the immediately
preceding sentence) the Securities validly tendered and not withdrawn. Prior to
the mailing of the notice to Holders and publishing such notice to holders in a
daily newspaper of general circulation in Luxembourg commencing such Offer to
Purchase, but in any event within 30 days following any Change of Control, the
Company, covenants to (i) repay in full all indebtedness of the Company that
would prohibit the repurchase of the Securities pursuant to such Offer to
Purchase or (ii) obtain any requisite consents under instruments governing any
such indebtedness of the Company to permit the repurchase of the Securities. The
Company shall first comply with the covenant in the preceding sentence before it
shall be required to repurchase Securities pursuant to this covenant.

      Withholding Tax Redemption. The Securities are subject to redemption
("Withholding Tax Redemption") at any time (a "Withholding Tax Redemption
Date"), as a whole but not in part, at the election of the Company, at a
redemption price equal to 100% of the unpaid principal amount thereof plus
accrued and unpaid interest, if any, to and including the Withholding Tax
Redemption Date (the "Withholding Tax Redemption Price") if, as a result of (i)
any change in or amendment to the laws, rules or regulations of Mexico, or any
political subdivision or taxing authority or other instrumentality thereof or
therein, or (ii) any amendment to or change in the rulings or interpretations
relating to such laws, rules or regulations made by any legislative body, court
or governmental or regulatory agency or authority (including the enactment of
any legislation and the publication of any judicial decision or regulatory
determination) of Mexico, or any political subdivision or taxing authority or
other instrumentality thereof or therein, or (iii) any official interpretation,
application or pronouncement by any legislative body, court or governmental or
regulatory agency or authority that provides for a position with respect to such
laws, rules or regulations that differs from the theretofore generally accepted
position, which amendment or change is enacted, promulgated, issued or announced
or which interpretation, application or pronouncement is issued or announced, in
each case, after the Closing Date, the Company has become or would become
required to pay any Additional Amounts in excess of those attributable to

<PAGE>

Taxes that are imposed, deducted or withheld at a rate of 10% on or from any
payments under the Securities.

      The election of the Company to redeem the Securities shall be evidenced by
a certificate (a "Withholding Tax Redemption Certificate") of a financial
officer of the Company, which certificate shall be delivered to the Trustee. The
Company shall, not less than 30 days nor more than 45 days prior to the
Withholding Tax Redemption Date, notify the Trustee in writing of such
Withholding Tax Redemption Date and of all other information necessary to the
giving by the Trustee of notices of such Withholding Tax Redemption. The Trustee
shall be entitled to rely conclusively upon the information so furnished by the
Company in the Withholding Tax Redemption Certificate and shall be under no duty
to check the accuracy or completeness thereof. Such notice shall be irrevocable
and upon its delivery the Company shall be obligated to make the payment or
payments to the Trustee referred to therein at least two Business Days prior to
such Withholding Tax Redemption Date.

      Notice of Withholding Tax Redemption shall be given by the Trustee to the
holders, in accordance with the provisions of Section 106 of the Original
Indenture, upon the mailing by first-class postage prepaid to each holder at the
address of such holder as it appears in the Register not less than 15 days nor
more than 30 days prior to the Withholding Tax Redemption Date.

      The notice of Withholding Tax Redemption shall state:

            (i) the Withholding Tax Redemption Date;

            (ii) the Withholding Tax Redemption Price;

            (iii) the sum of all other amounts due to the holders under the
      Securities and this Indenture;

            (iv) that on the Withholding Tax Redemption Date the Withholding Tax
      Redemption Price will become due and payable upon each such Security so to
      be redeemed; and

            (v) the place or places, including the offices of our Paying Agent
      in Luxembourg, where such Securities so to be redeemed are to be
      surrendered for payment of the Withholding Tax Redemption Price.

      Notice of Withholding Tax Redemption having been given as aforesaid, the
Securities so to be redeemed shall, on the Withholding Tax Redemption Date,
become due and payable at the Withholding Tax Redemption Price therein
specified. Upon surrender of any such Securities for redemption in accordance
with such notice, such Securities shall be paid by the Paying Agent on behalf of
the Company on the Withholding Tax Redemption Date; provided that moneys
sufficient therefor have been deposited with the Trustee for the holders.

<PAGE>

      Notwithstanding anything to the contrary in this Indenture or in the
Securities, if a Withholding Tax Redemption Certificate has been delivered to
the Trustee and the Company shall have paid to the Trustee for the benefit of
the holders (i) the Withholding Tax Redemption Price and (ii) all other amounts
due to the holders and the Trustee under the Securities and this Indenture, then
neither the holders nor the Trustee on their behalf shall any longer be entitled
to exercise any of the rights of the holders under the Securities other than the
rights of the holders to receive payment of such amounts from the Paying Agent
and the occurrence of an Event of Default whether before or after such payment
by the Company to the Trustee for the benefit of the holders shall not entitle
either the holders or the Trustee on their behalf after such payment to declare
the principal of any Securities then outstanding to be due and payable on any
date prior to the Withholding Tax Redemption Date. The funds paid to the Trustee
shall be used to redeem the Securities on the Withholding Tax Redemption Date.

      All terms used in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

      THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY
PROVISIONS RELATING TO CONFLICTS OF LAWS OTHER THAN SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW.<PAGE>

                                                                    EXHIBIT 4.13

                                                                  EXECUTION COPY

                            -------------------------

                          REGISTRATION RIGHTS AGREEMENT

                           DATED AS OF MARCH 18, 2005

                                      AMONG

                              GRUPO TELEVISA, S.A.

                                       AND

                         CREDIT SUISSE FIRST BOSTON LLC

                          CITIGROUP GLOBAL MARKETS INC.

                            -------------------------

<PAGE>

                          REGISTRATION RIGHTS AGREEMENT

      This Registration Rights Agreement (this "Agreement") is made and entered
into this 18th day of March, 2005, among Grupo Televisa, S.A., a limited
liability stock corporation (sociedad anonima) organized under the laws of the
United Mexican States (the "Company"), Credit Suisse First Boston LLC ("CSFB")
and Citigroup Global Markets Inc. ("Citigroup") (collectively, the "Initial
Purchasers").

      This Agreement is made pursuant to the Purchase Agreement, dated March 15,
2005, among the Company and the Initial Purchasers (the "Purchase Agreement"),
which provides for the sale by the Company to the Initial Purchasers of an
aggregate of $400,000,000 principal amount of the Company's 6.625% Senior Notes
due 2025 (the "Securities"). In order to induce the Initial Purchasers to enter
into the Purchase Agreement, the Company has agreed to provide to the Initial
Purchasers and their 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.

      "Business Day" shall mean a day that is not a Saturday, a Sunday, or a day
on which banking institutions in New York, New York or Luxembourg are authorized
or required to be closed.

      "Closing Date" shall mean the Closing Time as defined in the Purchase
Agreement.

      "Company" shall have the meaning set forth in the preamble and shall also
include the Company's successors.

      "Depositary" shall mean The Depository Trust Company, or any other
depositary appointed by the Company, provided, however, that such depositary
must have an address in the Borough of Manhattan, in The City of New York.

      "Exchange Offer" shall mean the exchange offer by the Company of Exchange
Securities for Registrable Securities pursuant to Section 2.1 hereof.

      "Exchange Offer Registration" shall mean a registration under the 1933 Act
effected pursuant to Section 2.1 hereof.

<PAGE>

      "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,
including the Prospectus contained therein, all exhibits thereto and all
documents incorporated by reference therein.

      "Exchange Period" shall have the meaning set forth in Section 2.1 hereof.

      "Exchange Securities" shall mean the 8.625% Senior Notes due 2025 issued
by the Company under the Indenture containing terms identical to the Securities
in all material respects (except for references to certain interest rate
provisions, restrictions on transfers and restrictive legends), to be offered to
Holders of Securities in exchange for Registrable Securities pursuant to the
Exchange Offer.

      "Holder" shall mean an 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 and each Participating Broker- Dealer that holds Exchange
Securities for so long as such Participating Broker-Dealer is required to
deliver a prospectus meeting the requirements of the 1933 Act in connection with
any resale of such Exchange Securities.

      "Indenture" shall mean the Indenture relating to the Securities dated as
of August 8, 2000, between the Company and The Bank of New York, as Trustee, as
supplemented by the first supplemental indenture dated as of August 8, 2000, the
second supplemental indenture dated as of January 19, 2001, the third
supplemental indenture dated as of September 13, 2001, the fifth supplemental
indenture dated as of March 8, 2002, the fourth supplemental indenture dated as
of March 11, 2002, the sixth supplemental indenture dated as of July 31, 2002
and the seventh supplemental indenture dated of the date hereof in each case,
among the Company, The Bank of New York, as Trustee, Registrar, Paying Agent and
Transfer Agent and Dexia Banque Internationale a Luxembourg S.A., as Luxembourg
Paying Agent and Transfer Agent as the same may be amended, supplemented, waived
or otherwise modified from time to time in accordance with the terms thereof.

      "Initial Purchaser" or "Initial Purchasers" shall have the meaning set
forth in the preamble.

      "Majority Holders" shall mean the Holders of a majority of the aggregate
principal amount of Outstanding (as defined in the Indenture) 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 and other obligors on the Securities
or any (as defined in the Indenture) of the Company shall be disregarded in
determining whether such consent or approval was given by the Holders of such
required percentage amount.

      "Participating Broker-Dealer" shall mean any of CSFB, Citigroup and any
other broker-dealer which makes a market in the Securities and exchanges
Registrable Securities in the Exchange Offer for Exchange Securities.

                                        2

<PAGE>

      "Person" shall mean an individual, partnership (general or limited),
corporation, limited liability company, trust or unincorporated organization, or
a government or agency or political subdivision thereof.

      "Private Exchange" shall have the meaning set forth in Section 2.1 hereof.

      "Private Exchange Securities" shall have the meaning set forth in Section
2.1 hereof.

      "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 any such
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 a prospectus, including post-effective
amendments, 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 and, if issued, the
Private Exchange Securities; provided, however, that Securities and, if issued,
the Private Exchange Securities, shall cease to be Registrable Securities when
(i) 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) 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, (iii) such Securities shall have
ceased to be outstanding or (iv) the Exchange Offer is consummated (except in
the case of Securities purchased from the Company and continued to be held by
the Initial Purchasers).

      "Registration Expenses" shall mean any and all expenses incident to
performance of or compliance by the Company with this Agreement, including
without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. (the "NASD") registration and filing fees, including,
if applicable, the fees and expenses of any "qualified independent underwriter"
(and its counsel) that is required to be retained by any holder of Registrable
Securities in accordance with the rules and regulations of the NASD, (ii) all
fees and expenses incurred in connection with compliance with state securities
or blue sky laws and compliance with the rules of the NASD (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 and any filings with the NASD), (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 fees and expenses incurred in connection with the listing, if any, of
any of the Registrable Securities on any securities exchange or exchanges, (v)
all rating agency fees, (vi) the fees and disbursements of counsel for the
Company and of the independent public accountants of the Company, including the
expenses of any special audits or "cold comfort" letters required by or incident
to such performance and compliance, (vii) the fees and expenses of the Trustee,
and any escrow agent or custodian, (viii) the reasonable expenses of the Initial
Purchasers in connection with the Exchange Offer,

                                        3

<PAGE>

including the reasonable fees and expenses of counsel to the Initial Purchasers
in connection therewith, (ix) the reasonable fees and disbursements of Milbank,
Tweed, Hadley & McCloy LLP, counsel representing the Holders of Shelf
Registrable Securities or Special Counsel and (x) the reasonable fees and
disbursements of the underwriters customarily required to be paid by issuers or
sellers of securities and the fees and expenses of any special experts retained
by the Company in connection with any Registration Statement, but excluding
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 which 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.

      "SAS 72" shall mean Statement on Auditing Standards No. 72.

      "SEC" shall mean the United States Securities and Exchange Commission or
any successor agency or government body performing the functions currently
performed by the United States Securities and Exchange Commission.

      "Shelf Registrable Securities" shall have the meaning set forth in Section
2.5.

      "Shelf Registration" shall mean a registration effected pursuant to
Section 2.2 hereof.

      "Shelf Registration Statement" shall mean a "shelf" registration statement
of the Company pursuant to the provisions of Section 2.2 of this Agreement which
covers all of the Registrable Securities or all of the Private Exchange
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.

      "Special Counsel" shall have the meaning set forth in Section 3(g)(i).

      "TIA" shall have the meaning set forth in Section 2.1.

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

      2. Registration Under the 1933 Act.

      2.1 Exchange Offer. The Company shall, for the benefit of the Holders, at
the Company's cost, (A) use its best efforts to file with the SEC an Exchange
Offer Registration Statement within 90 days on an appropriate form under the
1933 Act with respect to a proposed Exchange Offer and the issuance and delivery
to the Holders, in exchange for the Registrable Securities (other than Private
Exchange Securities), of a like principal amount of Exchange Securities, (B) use
its reasonable best efforts to cause the Exchange Offer Registration Statement
to be declared effective under the 1933 Act within 150 days of the Closing Date,
(C) use its best

                                        4

<PAGE>

efforts to keep the Exchange Offer Registration Statement effective until the
closing of the Exchange Offer, (D) use its best efforts to cause the Exchange
Offer to be consummated not later than 180 days following the Closing Date and
(E) for a period of 90 days following the consummation of the exchange offer, to
make available a prospectus meeting the requirements of the Securities Act to
any such participating broker-dealer for use in connection with any resale of
any exchange notes acquired in the exchange offer. The Exchange Securities will
be issued under the Indenture. Upon the effectiveness of the Exchange Offer
Registration Statement, the Company shall promptly commence the Exchange Offer,
it being the objective of such Exchange Offer to enable each Holder eligible and
electing to exchange Registrable Securities for Exchange Securities (assuming
that such Holder (a) is not an affiliate of the Company within the meaning of
Rule 405 under the 1933 Act, (b) is not a broker-dealer tendering Registrable
Securities acquired directly from the Company for its own account, (c) acquired
the Exchange Securities in the ordinary course of such Holder's business and (d)
has no arrangements or understandings with any Person to participate in the
Exchange Offer for the purpose of distributing the Exchange Securities) to
transfer such Exchange Securities from and after their receipt without any
limitations or restrictions under the 1933 Act and under state securities or
blue sky laws.

      In connection with the Exchange Offer, the Company shall:

            (a) mail as promptly as practicable to each Holder a copy of the
Prospectus forming part of the Exchange Offer Registration Statement, together
with an appropriate letter of transmittal and related documents;

            (b) keep the Exchange Offer open for acceptance for a period of not
less than 20 Business Days after the date notice thereof is mailed to the
Holders (or longer if required by applicable law) (such period referred to
herein as the "Exchange Period");

            (c) utilize the services of the Depositary for the Exchange Offer;

            (d) permit Holders to withdraw tendered Registrable Securities at
any time prior to the close of business, New York City time, on the last
Business Day of the Exchange Period, by sending to the institution 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 such
Holder's election to have such Securities exchanged;

            (e) notice each Holder that any Registrable Security not tendered
will remain outstanding and continue to accrue interest, but will not retain any
rights under this Agreement (except in the case of the Initial Purchasers and
Participating Broker-Dealers as provided herein); and

            (f) otherwise comply in all material respects with all applicable
laws relating to the Exchange Offer.

      If, prior to consummation of the Exchange Offer, the Initial Purchasers
hold any Securities acquired by them and having the status of an unsold
allotment in the initial distribution, the Company upon the request of any
Initial Purchaser shall, simultaneously with

                                        5

<PAGE>

the delivery of the Exchange Securities in the Exchange Offer, issue and deliver
to such Initial Purchaser in exchange (the "Private Exchange") for the
Securities held by such Initial Purchaser, a like principal amount of debt
securities of the Company on a senior basis, that are identical (except that
such securities shall bear appropriate transfer restrictions) to the Exchange
Securities (the "Private Exchange Securities").

      The Exchange Securities and the Private Exchange Securities shall be
issued under (i) the Indenture or (ii) an indenture identical in all material
respects to the Indenture and which, in either case, has been qualified under
the TIA, or is exempt from such qualification and shall provide that the
Exchange Securities shall not be subject to the transfer restrictions set forth
in the Indenture but that the Private Exchange Securities shall be subject to
such transfer restrictions. The Indenture or such indenture shall provide that
the Exchange Securities, the Private Exchange Securities and the Securities
shall vote and consent together on all matters as one class and that none of the
Exchange Securities, the Private Exchange Securities or the Securities will have
the right to vote or consent as a separate class on any matter. The Private
Exchange Securities shall be of the same series as the Exchange Securities.

      As soon as practicable after the close of the Exchange Offer and/or the
Private Exchange, as the case may be, the Company shall:

            (i) accept for exchange all Registrable Securities duly tendered and
      not validly withdrawn pursuant to the Exchange Offer in accordance with
      the terms of the Exchange Offer Registration Statement and the letter of
      transmittal which shall be an exhibit thereto;

            (ii) accept for exchange all Securities properly tendered and not
      validly withdrawn pursuant to the Private Exchange;

            (iii) deliver, or cause to be delivered, to the Trustee for
      cancellation all Registrable Securities so accepted for exchange; and

            (iv) cause the Trustee promptly to authenticate and deliver Exchange
      Securities or Private Exchange Securities, as the case may be, to each
      Holder of Registrable Securities so accepted for exchange in a principal
      amount equal to the principal amount of the Registrable Securities of such
      Holder so accepted for exchange.

      Interest on each Exchange Security and Private Exchange Security will
accrue from the last date on which interest was paid on the Registrable
Securities surrendered in exchange therefor or, if no interest has been paid on
the Registrable Securities, from the date of original issuance. The Exchange
Offer and the Private Exchange shall not be subject to any conditions, other
than (i) that the Exchange Offer or the Private Exchange, or the making of any
exchange by a Holder, does not violate applicable law or any applicable
interpretation of the staff of the SEC, (ii) the valid tendering of Registrable
Securities in accordance with the Exchange Offer and the Private Exchange, (iii)
that each Holder of Registrable Securities exchanged in the Exchange Offer shall
have represented that all Exchange Securities to be received by it shall be
acquired in the ordinary course of its business and that at the time of the
consummation of the Exchange Offer it shall have no arrangement or understanding
with any person to participate in the

                                        6

<PAGE>

distribution (within the meaning of the 1933 Act) of the Exchange Securities and
shall have made such other representations as may be reasonably necessary under
applicable SEC rules, regulations or interpretations to render the use of Form
F-4 or other appropriate form under the 1933 Act available and (iv) that no
action or proceeding shall have been instituted or threatened in any court or by
or before any governmental agency with respect to the Exchange Offer or the
Private Exchange which, in the Company's judgment, would reasonably be expected
to impair the ability of the Company to proceed with the Exchange Offer or the
Private Exchange. The Company shall inform the Initial Purchasers of the names
and addresses of the Holders to whom the Exchange Offer is made, and the Initial
Purchasers shall have the right, subject to applicable law, to contact such
Holders and otherwise facilitate the tender of Registrable Securities in the
Exchange Offer.

      Upon consummation of the Exchange Offer in accordance with this Agreement,
the Company shall have no further obligation to register the Registrable
Securities pursuant to Section 2.2 of this Agreement.

      2.2 Shelf Registration. (i) If, because of any changes in law, SEC rules
or regulations or applicable interpretations thereof by the staff of the SEC,
the Company determines after consultation with its outside counsel that it is
not permitted to effect the Exchange Offer as contemplated by Section 2.1
hereof, (ii) if for any other reason (A) the Exchange Offer Registration
Statement is not declared effective within 150 days following the original issue
of the Registrable Securities or (B) the Exchange Offer is not consummated
within 180 days after the original issue of the Registrable Securities, (iii)
upon the request of any of the Initial Purchasers holding Private Exchange
Securities with respect to Registrable Securities that are not eligible for
Exchange Securities in the Exchange Offer or if the Initial Purchasers do not
receive freely tradable Exchange Securities in the Exchange Offer or (iv) upon
notice of any Holder (other than an Initial Purchaser) given to the Company in
writing within 30 days after the commencement of the Exchange Offer that (A) due
to a change in law or SEC policy it is not entitled to participate in the
Exchange Offer, (B) due to a change in law or SEC policy it may not resell the
Exchange Securities acquired by it in the Exchange Offer to the public without
delivering a prospectus and the prospectus contained in the Exchange Offer
Registration Statement is not appropriate or available for such resales by such
Holder or (C) it is a brokerdealer and owns Registrable Securities acquired
directly from the Company or an affiliate of the Company, then in case of each
of clauses (i) through (iv) the Company shall, at its cost:

            (a) As promptly as practicable, file with the SEC, and thereafter
shall use its reasonable best efforts to cause to be declared effective as
promptly as practicable but no later than 180 days after the original issue of
the Registrable Securities, a Shelf Registration Statement relating to the offer
and sale of the Registrable Securities by the Holders from time to time in
accordance with the methods of distribution elected by the Majority Holders
participating in the Shelf Registration and set forth in such Shelf Registration
Statement.

            (b) Use its reasonable best efforts to keep the Shelf Registration
Statement continuously effective in order to permit the Prospectus forming part
thereof to be usable by Holders for a period of two years from the original
issue of the Registrable Securities, or for such shorter period that will
terminate when all Registrable Securities covered by the Shelf Registration
Statement have been sold pursuant to the Shelf Registration Statement or cease
to be

                                        7

<PAGE>

outstanding or otherwise to be Registrable Securities (the "Effectiveness
Period"); provided, however, that the Effectiveness Period in respect of the
Shelf Registration Statement shall be extended up to a maximum of 90 days if
necessary to permit dealers to comply with the applicable prospectus delivery
requirements of Rule 174 under the 1933 Act and as otherwise provided herein.

            (c) Notwithstanding any other provisions hereof, use its reasonable
best efforts to ensure that (i) any Shelf Registration Statement and any
amendment thereto and any Prospectus forming part thereof and any supplement
thereto complies in all material respects with the 1933 Act and the rules and
regulations thereunder, (ii) any Shelf Registration Statement and any amendment
thereto does not, when it becomes effective, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading and (iii) any Prospectus
forming part of any Shelf Registration Statement, and any supplement to such
Prospectus (as amended or supplemented from time to time), does not include an
untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements, in light of the circumstances under which they
were made, not misleading.

      The Company shall not permit any securities other than Registrable
Securities to be included in the Shelf Registration Statement. The Company
further agrees, if necessary, to supplement or amend the Shelf Registration
Statement, as required by Section 3(b) below, and to furnish to the Holders of
Registrable Securities copies of any such supplement or amendment promptly as
reasonably practicable after its being used or filed with the SEC.

      2.3 Expenses. The Company shall pay all Registration Expenses in
connection with the registration pursuant to Section 2.1 or 2.2. 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.

      2.4 Effectiveness.

            (a) The Company will be deemed not to have used its reasonable best
efforts to cause the Exchange Offer Registration Statement or the Shelf
Registration Statement, as the case may be, to become, or to remain, effective
during the requisite period if the Company voluntarily takes any action that
would, or omits to take any action which omission would, result in any such
Registration Statement not being declared effective or in the Holders of
Registrable Securities covered thereby not being able to exchange or offer and
sell such Registrable Securities during that period as and to the extent
contemplated hereby, unless (i) such action is required by applicable law, or
(ii) such action is taken by the Company in good faith and for valid business
reasons (not including avoidance of the Company's obligations hereunder),
including the acquisition or divestiture of assets, so long as the Company
promptly thereafter complies with the requirements of Section 3(k) hereof, if
applicable.

            (b) An Exchange Offer Registration Statement pursuant to Section 2.1
hereof or a Shelf Registration Statement pursuant to Section 2.2 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 an Exchange Offer

                                        8

<PAGE>

Registration Statement or 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.

      2.5 Interest. The Indenture executed in connection with the Securities
will provide that in the event that either (a) the Exchange Offer Registration
Statement is not filed with the Commission on or prior to the 90 calendar day
following the date of original issue of the Securities, (b) the Exchange Offer
Registration Statement has not been declared effective on or prior to the 150
calendar day following the date of original issue of the Securities or (c) the
Exchange Offer is not consummated or, if required, a Shelf Registration
Statement is not declared effective, in either case, on or prior to the 180th
calendar day following the date of original issue of the Securities (each such
event referred to in clauses (a) through (c) above, a "Registration Default"),
the interest rate borne by the Securities shall be increased ("Additional
Interest") by one-quarter of one percent (0.25%) per annum upon the occurrence
of each Registration Default, which rate will increase by one quarter of one
percent (0.25%) at the beginning of each 90-day period (or portion thereof) that
such Additional Interest continues to accrue under any such circumstance,
provided that the maximum aggregate increase in the interest rate will in no
event exceed one percent (1%) per annum provided, however, that no Additional
Interest shall be payable if the Exchange Offer Registration Statement is not
filed or declared effective or the Exchange Offer is not consummated on account
of the reasons set forth in clause (i) of the first paragraph of this Section
2.2 (it being understood, however, that in any such case the Company shall be
obligated to file a Shelf Registration Statement and Additional Interest shall
be payable if the Shelf Registration Statement is not declared effective in
accordance with clause (c)), that no Additional Interest shall be payable if the
Shelf Registration Statement is not declared effective as set forth above
because the request under clause (iii) of Section 2.2 or notice under clause
(iv) of such paragraph was not made on a timely basis; and provided, further,
that Additional Interest shall only be payable in case the Shelf Registration
Statement is not declared effective as aforesaid. Immediately following the cure
of a Registration Default, the accrual of Additional Interest with respect to
that particular Registration Default will cease. Immediately following the cure
of all Registration Defaults or the date on which the Exchange Securities are
saleable pursuant to Rule 144(k) under the 1933 Act or any successor provision,
the accrual of Additional Interest will cease and the interest rate will revert
to the original rate.

      If the Shelf Registration Statement is declared effective but becomes
unusable by the Holders of Registrable Securities covered by such Shelf
Registration Statement ("Shelf Registrable Securities") for any reason, and the
aggregate number of days in any consecutive twelve-month period for which the
Shelf Registration Statement shall not be usable exceeds 30 days in the
aggregate, then the interest rate borne by the Shelf Registrable Securities will
be increased by 0.25% per annum of the principal amount of the Securities for
the first 90-day period (or portion thereof) beginning on the 31st such day that
such Shelf Registration Statement ceases to be usable, which rate shall be
increased by an additional 0.25% per annum of the principal amount of the
Securities at the beginning of each subsequent 90-day period; provided that the
maximum aggregate increase in the interest rate as a result of a Shelf
Registration Statement being unusable (inclusive of any interest that accrues on
such Shelf Registrable

                                       9

<PAGE>

Securities pursuant to the first paragraph of this Section 2.5) will in no event
exceed one percent (1%) per annum. Upon the Shelf Registration Statement once
again becoming usable, the interest rate borne by the Shelf Registrable
Securities will be reduced to the original interest rate. Additional Interest
shall be computed based on the actual number of days elapsed in each 90-day
period in which the Shelf Registration Statement is unusable.

      The Company shall notify the Trustee within five business days after each
and every date on which an event occurs in respect of which Additional Interest
is required to be paid (an "Event Date"). Additional Interest shall be paid by
depositing with the Trustee, in trust, for the benefit of the Holders of
Registrable Securities entitled to receive the interest payment, on or before
the applicable semiannual interest payment date, immediately available funds in
sums sufficient to pay the Additional Interest then due. The Additional Interest
due shall be payable on each interest payment date to the record Holder of
Securities entitled to receive the interest payment to be paid on such date as
set forth in the Indenture. Each obligation to pay Additional Interest shall be
deemed to accrue from and including the day following the applicable Event Date.

      2.6 Luxembourg Stock Exchange. The Company shall, for the benefit of the
Holders, use its best efforts to (A) file an application to list the Exchange
Securities and the Shelf Registrable Securities, if any, on the Luxembourg Stock
Exchange; (B) inform the Luxembourg Stock Exchange and cause notice to be
published in a daily newspaper of general circulation in Luxembourg prior to
commencing the Exchange Offer or the Shelf Registration; (C) provide to the
Luxembourg Stock Exchange documents relating to the Exchange Offer or Shelf
Registration and consummate the exchange at the office of Dexia Banque
Internationale a Luxembourg S.A., the paying and transfer agent in Luxembourg,
at 69 route d'Esch, L-2953 Luxembourg, and (D) provide the results of the
Exchange Offer or the Shelf Registration, including any increase in the interest
rate, to the Luxembourg Stock Exchange and cause such results to be published in
a daily newspaper of general circulation in Luxembourg.

      3. Registration Procedures.

      In connection with the obligations of the Company with respect to
Registration Statements pursuant to Sections 2.1 and 2.2 hereof, the Company
shall:

            (a) prepare and file with the SEC a Registration Statement, within
the relevant time period specified in Section 2, on the appropriate form under
the 1933 Act, which form (i) shall be selected by the Company, (ii) shall, in
the case of a Shelf Registration, be available for the sale of the Shelf
Registrable Securities by the selling Holders thereof, and (iii) shall comply as
to form in all material respects with the requirements of the applicable form
and include or incorporate by reference all financial statements required by the
SEC to be filed therewith or incorporated by reference therein;

            (b) prepare and file with the SEC such amendments and post-effective
amendments to each Registration Statement as may be necessary under applicable
law 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 (or any similar
provision then in force) under the 1933 Act and comply

                                       10

<PAGE>

with the provisions of the 1933 Act, the 1934 Act and the rules and regulations
thereunder applicable to them with respect to the disposition of all securities
covered by each Registration Statement during the applicable period in
accordance in the case of a Shelf Registration with the intended method or
methods of distribution by the selling Holders thereof (including sales by any
Participating Broker-Dealer);

            (c) in the case of a Shelf Registration, (i) notify each Holder of
Registrable Securities, at least five business days prior to filing, that a
Shelf Registration Statement with respect to the Registrable Securities is being
filed and advising such Holders that the distribution of Registrable Securities
will be made in accordance with the method selected by the Majority Holders
participating in the Shelf Registration; (ii) furnish to each Holder of
Registrable Securities 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, including financial statements and schedules and, if the
Holder so requests, all exhibits in order to facilitate the public sale or other
disposition of the Registrable Securities; and (iii) hereby consent to the use
of the Prospectus or any amendment or supplement thereto by each of the selling
Holders of Registrable Securities, in accordance with applicable law, in
connection with the offering and sale of the Registrable Securities covered by
the Prospectus or any amendment or supplement thereto;

            (d) use its 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 and each underwriter of an underwritten offering of Registrable
Securities shall reasonably request by the time the applicable Registration
Statement is declared effective by the SEC, and do any and all other acts and
things which may be reasonably necessary or advisable to enable each such Holder
and underwriter to consummate the disposition in each such jurisdiction of such
Registrable Securities owned by such Holder; provided, however, that the Company
shall not 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) take any action which would subject it
to general service of process or taxation in any such jurisdiction where it is
not then so subject, or (iii) conform its capitalization or the composition of
its assets at the time to the securities or blue sky laws of such jurisdiction;

            (e) notify promptly each Holder of Registrable Securities under a
Shelf Registration or any Participating Broker-Dealer who has notified the
Company that it is utilizing the Exchange Offer Registration Statement as
provided in paragraph (f) below and, if requested by such Holder or
Participating Broker-Dealer, confirm such advice in writing promptly (i) when a
Registration Statement has become effective and when any post-effective
amendments and supplements thereto become effective, (ii) of any request by the
SEC or any state securities authority for post-effective 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) in the case of a Shelf Registration, if,
between the effective date of a Registration Statement and the closing of any
sale of Registrable Securities covered thereby, the representations and

                                       11

<PAGE>

warranties of the Company 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, (v) of the happening of
any event or the discovery of any facts 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, (vi) of the receipt by
the Company of any notification with respect to the suspension of the
qualification of the Registrable Securities or the Exchange Securities, as the
case may be, for sale in any jurisdiction or the initiation or threatening of
any proceeding for such purpose and (vii) of any determination by the Company
that a post-effective amendment to such Registration Statement would be
appropriate;

            (f) (A) in the case of the Exchange Offer Registration Statement (i)
include in the Exchange Offer Registration Statement a section entitled "Plan of
Distribution" which section shall be reasonably acceptable to CSFB and Citigroup
on behalf of the Participating Broker-Dealers, and which shall contain a summary
statement of the positions taken or policies made by the staff of the SEC with
respect to the potential "underwriter" status of any broker-dealer that holds
Registrable Securities acquired for its own account as a result of market-making
activities or other trading activities and that will be the beneficial owner (as
defined in Rule 13d-3 under the Exchange Act) of Exchange Securities to be
received by such broker-dealer in the Exchange Offer, whether such positions or
policies have been publicly disseminated by the staff of the SEC or such
positions or policies, in the reasonable judgment of CSFB and Citigroup on
behalf of the Participating Broker-Dealers and its counsel, represent the
prevailing views of the staff of the SEC, including a statement that any such
broker-dealer who receives Exchange Securities for Registrable Securities
pursuant to the Exchange Offer may be deemed a statutory underwriter and must
deliver a prospectus meeting the requirements of the 1933 Act in connection with
any resale of such Exchange Securities, (ii) furnish to each Participating
Broker-Dealer who has delivered to the Company the notice referred to in Section
3(e), without charge, as many copies of each Prospectus included in the Exchange
Offer Registration Statement, including any preliminary prospectus, and any
amendment or supplement thereto, as such Participating Broker-Dealer may
reasonably request, (iii) hereby consent to the use of the Prospectus forming
part of the Exchange Offer Registration Statement or any amendment or supplement
thereto, by any Person subject to the prospectus delivery requirements of the
SEC, including all Participating Broker-Dealers, in connection with the sale or
transfer of the Exchange Securities covered by the Prospectus or any amendment
or supplement thereto, and (iv) include in the transmittal letter or similar
documentation to be executed by an exchange offeree in order to participate in
the Exchange Offer (x) the following provision:

            "If the exchange offeree is a broker-dealer holding Registrable
            Securities acquired for its own account as a result of market-making
            activities or other trading activities, it will deliver a prospectus
            meeting the requirements of the 1933 Act in connection with any
            resale of Exchange Securities received in respect of such
            Registrable Securities pursuant to the Exchange Offer";

and (y) a statement to the effect that by a broker-dealer making the
acknowledgment described in clause (x) and by delivering a Prospectus in
connection with the exchange of Registrable

                                       12

<PAGE>

Securities, the broker-dealer will not be deemed to admit that it is an
underwriter within the meaning of the 1933 Act; and

                  (B) in the case of any Exchange Offer Registration Statement,
the Company agrees to deliver to CSFB and Citigroup on behalf of the
Participating Broker-Dealers upon the effectiveness of the Exchange Offer
Registration Statement officers' certificates substantially in the form
customarily delivered in a public offering of debt securities and (iii) a
comfort letter or comfort letters in customary form to the extent permitted by
SAS 72 (or if such a comfort letter is not permitted by SAS 72, an agreed upon
procedures letter in customary form) from the Company's independent certified
public accountants (and, if necessary, any other independent certified public
accountants of any subsidiary of the Company or of any business acquired by the
Company for which financial statements are, or are required to be, included in
the Registration Statement) at least as broad in scope and coverage as the
comfort letter or comfort letters delivered to the Initial Purchasers in
connection with the initial sale of the Securities to the Initial Purchasers;

            (g) (i) in the case of an Exchange Offer, furnish counsel for the
Initial Purchasers and (ii) in the case of a Shelf Registration, furnish
Milbank, Tweed, Hadley & McCloy LLP, as special counsel for the Holders of Shelf
Registrable Securities (or, if Milbank, Tweed, Hadley & McCloy LLP is unable or
unwilling to serve, such other special counsel (but not more than one) as may be
selected by the Holders of a majority in principal amount of such Shelf
Registrable Securities ("Special Counsel")), copies of comment letters received
from the SEC or any other request by the SEC or any state securities authority
for amendments or supplements to a Registration Statement and Prospectus or for
additional information;

            (h) make every reasonable effort to obtain the withdrawal of any
order suspending the effectiveness of a Registration Statement at the earliest
possible moment;

            (i) in the case of a Shelf Registration, furnish to each Holder of
Registrable Securities, and each underwriter, if any, without charge, at least
one conformed copy of each Registration Statement and any post-effective
amendment thereto, including financial statements and schedules (without
documents incorporated therein by reference and all exhibits thereto, unless
requested in writing);

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

            (k) in the case of a Shelf Registration, upon the occurrence of any
event or the discovery of any facts, each as contemplated by Sections 3(e)(v)
and 3(e)(vi) hereof, as promptly as practicable after the occurrence of such an
event, use its best efforts to prepare a supplement or post-effective amendment
to the Registration Statement or the related Prospectus or any document
incorporated therein by reference or file any other required document so that,
as

                                       13

<PAGE>

thereafter delivered to the purchasers of the Shelf Registrable Securities or
Participating Broker- Dealers, such Prospectus will not contain at the time of
such delivery 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. At such time as such
public disclosure is otherwise made or the Company determines that such
disclosure is not necessary, in each case to correct any misstatement of a
material fact or to include any omitted material fact, the Company agrees
promptly to notify each Holder of such determination and to finish each Holder
such number of copies of the Prospectus as amended or supplemented, as such
Holder may reasonably request and the Initial Purchasers, on their own behalf
and on behalf of subsequent holders, hereby agree to suspend use of the
Prospectus until the Company has amended or supplemented to correct such
misstatement or omission;

            (l) obtain a CUSIP number for all Exchange Securities, Private
Exchange Securities or Registrable Securities, as the case may be, not later
than the effective date of a Registration Statement, and provide the Trustee
with printed certificates for the Exchange Securities, Private Exchange
Securities or the Registrable Securities, as the case may be, in a form eligible
for deposit with the Depositary;

            (m) (i) cause the Indenture to be qualified under the TIA in
connection with the registration of the Exchange Securities or Registrable
Securities, as the case may be, (ii) cooperate with the Trustee and the Holders
to effect such changes to the Indenture as may be required for the Indenture to
be so qualified in accordance with the terms of the TIA and (iii) 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;

            (n) in the case of a Shelf Registration, enter into customary
agreements (including underwriting agreements) and take all other customary and
appropriate actions in order to expedite or facilitate the disposition of such
Shelf Registrable Securities and in such connection whether or not an
underwriting agreement is entered into and whether or not the registration is an
underwritten registration:

            (i) make such representations and warranties to the Holders of such
      Shelf Registrable Securities and the underwriters, if any, in form,
      substance and scope as are customarily made by issuers to underwriters in
      similar underwritten offerings as may be reasonably requested by them;

            (ii) obtain opinions of United States and Mexican counsel to the
      Company and updates thereof (which counsel and opinions (in form, scope
      and substance) shall be reasonably satisfactory to the managing
      underwriters, if any, and the holders of a majority in principal amount of
      the Shelf Registrable Securities being sold) addressed to each selling
      Holder and the underwriters, if any, covering the matters set forth in
      Exhibit A with such customary exceptions and qualifications as contained
      in the opinions delivered pursuant to the Purchase Agreement and such
      other matters customarily covered in opinions requested in sales of
      securities or underwritten offerings and such other matters as may be
      reasonably requested by such Holders and underwriters;

                                       14

<PAGE>

            (iii) obtain "cold comfort" letters and updates thereof from the
      Company's independent certified public accountants (and, if necessary, any
      other independent certified public accountants of any subsidiary of the
      Company or of any business acquired by the Company for which financial
      statements are, or are required to be, included in the Registration
      Statement) addressed to the underwriters, if any, and, if there are no
      underwriters, use reasonable efforts to have such letter addressed to the
      selling Holders of Shelf Registrable Securities (to the extent consistent
      with SAS 72), such letters to be in customary form and covering matters of
      the type customarily covered in "cold comfort" letters to underwriters in
      connection with similar underwritten offerings;

            (iv) if so requested by the Majority Holders, enter into a
      securities sales agreement with the Holders and an agent of the Holders
      providing for, among other things, the appointment of such agent for the
      selling Holders for the purpose of soliciting purchases of Shelf
      Registrable Securities, which agreement shall be in form, substance and
      scope customary for similar offerings;

            (v) if an underwriting agreement is entered into, cause the same to
      set forth indemnification provisions and procedures substantially
      equivalent to the indemnification provisions and procedures set forth in
      Section 4 hereof with respect to the underwriters and all other parties to
      be indemnified pursuant to said Section or, at the request of any
      underwriters, in the form customarily provided to such underwriters in
      similar types of transactions; provided that such underwriting agreement
      shall contain customary provisions regarding indemnification of the
      Company with respect to information provided by the underwriter; and

            (vi) deliver such documents and certificates as may be reasonably
      requested and as are customarily delivered in similar offerings to the
      Holders of a majority in principal amount of the Shelf Registrable
      Securities being sold and the managing underwriters, if any.

The above shall be done at (i) the effectiveness of such Registration Statement
(and each post-effective amendment thereto) and (ii) each closing under any
underwriting or similar agreement as and to the extent required thereunder;

            (o) in the case of a Shelf Registration or if a Prospectus is
required to be delivered by any Participating Broker-Dealer in the case of an
Exchange Offer, make available for inspection by representatives of the Holders
of the Registrable Securities, any underwriters participating in any disposition
pursuant to a Shelf Registration Statement, any Participating Broker-Dealer, any
Special Counsel or any accountant retained by any of the foregoing, all
financial and other records, pertinent corporate documents and properties of the
Company reasonably requested by any such persons, and cause the respective
officers, directors, employees, and any other agents of the Company to supply
all information reasonably requested by any such representative, underwriter,
Special Counsel or accountant in connection with a Registration Statement, and
make such representatives of the Company available for discussion of such
documents as shall be reasonably requested by the Initial Purchasers, provided,
however that such records, documents or information which the Company identifies
as being confidential shall not be disclosed by the representative, Holder,
attorney or accountant unless (i) the

                                       15

<PAGE>

disclosure of such records, documents or information is necessary to avoid or
correct a misstatement or omission in a Registration Statement, (ii) the release
of such records, documents or information is ordered pursuant to a subpoena or
other order from a court of competent jurisdiction or as part of the evidentiary
procedures of a court of competent jurisdiction; or (iii) such records,
documents or information have previously been generally made available to the
public.

            (p) (i) in the case of an Exchange Offer Registration Statement, a
reasonable time prior to the filing of any Exchange Offer Registration
Statement, any Prospectus forming a part thereof, any amendment to an Exchange
Offer Registration Statement or amendment or supplement to such Prospectus,
provide copies of such document to the Initial Purchasers and to Milbank, Tweed,
Hadley & McCloy LLP, as counsel to the Holders of Registrable Securities, and
make such changes in any such document prior to the filing thereof as the
Initial Purchasers or such counsel to the Holders of Registrable Securities may
reasonably request and, except as otherwise required by applicable law, not file
any such document in a form to which the Initial Purchasers on behalf of the
Holders of Registrable Securities and such counsel to the Holders of Registrable
Securities shall not have previously been advised and furnished a copy of or to
which the Initial Purchasers on behalf of the Holders of Registrable Securities
or such counsel to the Holders of Registrable Securities shall reasonably
object, and make the representatives of the Company available for discussion of
such documents as shall be reasonably requested by the Initial Purchasers; and

                  (ii) in the case of a Shelf Registration, a reasonable time
prior to filing any Shelf Registration Statement, any Prospectus forming a part
thereof, any amendment to such Shelf Registration Statement or amendment or
supplement to such Prospectus, provide copies of such document to the Holders of
Shelf Registrable Securities, to the Initial Purchasers, to Special Counsel and
to the underwriter or underwriters of an underwritten offering of Shelf
Registrable Securities, if any, make such changes in any such document prior to
the filing thereof as the Initial Purchasers, Special Counsel or the underwriter
or underwriters reasonably request and not file any such document in a form to
which the Majority Holders of Shelf Registrable Securities, the Initial
Purchasers on behalf of the Holders of Registrable Securities, Special Counsel
or any underwriter shall not have previously been advised and furnished a copy
of or to which such Majority Holders, the Initial Purchasers of behalf of the
Holders of Registrable Securities, Special Counsel or any underwriter shall
reasonably object, and make the representatives of the Company available for
discussion of such document as shall be reasonably requested by the Holders of
Registrable Securities, the Initial Purchasers on behalf of such Holders,
Special Counsel or any underwriter.

            (q) in the case of a Shelf Registration, use its best efforts to
cause all Exchange Securities and Shelf Registrable Securities to be listed on
any securities exchange on which similar debt securities issued by the Company
are then listed if requested by the Majority Holders or if requested by the
underwriter or underwriters of an underwritten offering of Registrable
Securities, if any;

            (r) in the case of a Shelf Registration, use its reasonable best
efforts to cause the Shelf Registrable Securities to be rated by two nationally
recognized statistical rating agencies, if

                                       16

<PAGE>

so requested by the Majority Holders, or if requested by the underwriter or
underwriters of an underwritten offering of Registrable Securities, if any;

            (s) otherwise comply with all applicable rules and regulations of
the SEC and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering at least 12 months which shall
satisfy the provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder;

            (t) cooperate and assist in any filings required to be made with the
NASD and, in the case of a Shelf Registration, in the performance of any due
diligence investigation by any underwriter and its counsel (including any
"qualified independent underwriter" that is required to be retained in
accordance with the rules and regulations of the NASD); and

            (u) upon consummation of an Exchange Offer or a Private Exchange,
obtain a customary opinion of counsel to the Company addressed to the Trustee
for the benefit of all Holders of Registrable Securities participating in the
Exchange Offer or Private Exchange, and which includes an opinion that (i) the
Company has duly authorized, executed and delivered the Exchange Securities
and/or Private Exchange Securities, as applicable, and the related indenture,
and (ii) each of the Exchange Securities and related indenture constitute a
legal, valid and binding obligation of the Company, enforceable against the
Company in accordance with its respective terms (with customary exceptions).

      In the case of a Shelf Registration Statement, the Company may (as a
condition to such Holder's participation in the Shelf Registration) require each
Holder of Shelf Registrable Securities to furnish to the Company such
information regarding the Holder and the proposed distribution by such Holder of
such Shelf Registrable Securities as the Company may from time to time
reasonably request in writing for use in connection with any Shelf Registration
Statement or Prospectus included therein, including without limitation,
information specified in Item 507 of Regulation S-K under the 1933 Act.

      In the case of a Shelf Registration Statement, each Holder agrees that,
upon receipt of any notice from the Company of the happening of any event or the
discovery of any facts, each 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(k) hereof,
and, if so directed by the Company, such Holder will deliver to the Company (at
its expense) all copies in such Holder's possession, other than permanent file
copies then in such Holder's possession, of the Prospectus covering such Shelf
Registrable Securities current at the time of receipt of such notice.

      During any 365-day period, the Company, upon notice to the Holders, may
suspend the availability of such Registration Statement for up to two periods of
up to 45 consecutive days (except for the consecutive 45-day period immediately
prior to the maturity of the Securities), but not more than an aggregate of 60
days during any 365-day period, if the Company's Board of Directors determines
in good faith that there is a valid purpose for the suspension.

                                       17

<PAGE>

      If any of the Registrable Securities covered by any Shelf Registration
Statement are to be sold in an underwritten offering, the underwriter or
underwriters and manager or managers that will manage such offering will be
selected by the Majority Holders of such Registrable Securities included in such
offering, provided such selection is acceptable to the Company. No Holder of
Registrable Securities may participate in any underwritten registration
hereunder unless such Holder (a) agrees to sell such Holder's Registrable
Securities on the basis provided in any underwriting arrangements approved by
the persons entitled hereunder to approve such arrangements and (b) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting
arrangements.

      4. Indemnification; Contribution.

            (a) The Company agrees to indemnify and hold harmless the Initial
Purchasers, each Holder, each Participating Broker-Dealer, each Person who
participates as an underwriter (any such Person being an "Underwriter") and each
Person, if any, who controls any Holder or Underwriter within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:

            (i) against any and all loss, liability, claim, damage and expense,
      as incurred, arising out of any untrue statement or alleged untrue
      statement of a material fact contained in any Registration Statement (or
      any amendment or supplement thereto) pursuant to which Exchange Securities
      or Registrable Securities were registered under the 1933 Act, including
      all documents incorporated therein by reference, or the omission or
      alleged omission therefrom of a material fact required to be stated
      therein or necessary to make the statements therein not misleading, or
      arising out of any untrue statement or alleged untrue statement of a
      material fact contained in any Prospectus (or any amendment or supplement
      thereto) or the omission or alleged omission therefrom of a material fact
      necessary in order to make the statements therein, in the light of the
      circumstances under which they were made, not misleading;

            (ii) against any and all loss, liability, claim, damage and expense,
      as incurred, to the extent of the aggregate amount paid in settlement of
      any litigation, or any investigation or proceeding by any governmental
      agency or body, commenced or threatened, or of any claim based upon any
      such untrue statement or omission, or any such alleged untrue statement or
      omission; provided that (subject to Section 4(d) below) any such
      settlement is effected with the written consent of the Company; and

            (iii) against any and all expense, as incurred (including the fees
      and disbursements of counsel chosen by any indemnified party as provided
      therein), reasonably incurred in investigating or defending against any
      litigation, or any investigation or proceeding by any governmental agency
      or body, commenced or threatened, or any claim based upon any such untrue
      statement or omission, or any such alleged untrue statement or omission,
      to the extent that any such expense is not paid under subparagraph (i) or
      (ii) above;

                                       18

<PAGE>

provided, however, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Company by the
Holder or Underwriter expressly for use in a Registration Statement (or any
amendment thereto) or any Prospectus (or any amendment or supplement thereto),
and provided further, that the Company shall not indemnify any Underwriter or
any person who controls such Underwriter from any loss, liability, claim or
damage (or expense incurred in connection therewith) alleged by any person who
purchased Exchange Securities or Registrable Securities from such Underwriter if
the untrue statement, omission or allegation thereof upon which such loss,
liability, claim or damage is based was made in (i) any preliminary prospectus,
if a copy of the Prospectus (as then amended or supplemented if the Company
shall have furnished any amendments or supplements thereto) was not sent or
given by or on behalf of such Underwriter to such person at or prior to the
written confirmation of the sale of Exchange Securities or Registrable
Securities to such person, and if the Prospectus (as so amended or supplemented)
corrected the untrue statement or omission giving rise to such loss, claim,
damage or liability; (ii) any Prospectus used by such Underwriter or any person
who controls such Underwriter, after such time as the Company advised the
Underwriters that the filing of a post-effective amendment or supplement thereto
was required, except the Prospectus as so amended or supplemented, if the
Prospectus as amended or supplemented by such post-effective amendment or
supplement would not have given rise to such loss, liability, claim or damage;
or (iii) any Prospectus used after such time as the obligation of the Company to
keep the same current and effective has expired.

            (b) Each Holder severally, but not jointly, agrees to indemnify and
hold harmless the Company, the Initial Purchasers, each Underwriter and the
other selling Holders, and each of their respective directors and officers, and
each Person, if any, who controls the Company, the Initial Purchasers, any
Underwriter or any other selling Holder within the meaning of Section 15 of the
1933 Act or Section 20 of the 1934 Act, against any and all loss, liability,
claim, damage and expense described in the indemnity contained in Section 4(a)
hereof, as incurred, but only with respect to untrue statements or omissions, or
alleged untrue statements or omissions, made in the Shelf Registration Statement
(or any amendment thereto) or any Prospectus included therein (or any amendment
or supplement thereto) in reliance upon and in conformity with written
information with respect to such Holder furnished to the Company by such Holder
expressly for use in the Shelf Registration Statement (or any amendment thereto)
or such Prospectus (or any amendment or supplement thereto); provided, however,
that no such Holder shall be liable for any claims hereunder in excess of the
amount of net proceeds received by such Holder from the sale of Registrable
Securities pursuant to such Shelf Registration Statement.

            (c) Each indemnified party shall give written notice as promptly as
reasonably practicable to each indemnifying party of any action or proceeding
commenced against it in respect of which indemnity may be sought hereunder, and
the indemnifying party shall assume the defense thereof, including the
employment of counsel satisfactory to the indemnified party, and the payment of
all expenses. Any omission to so notify an indemnifying party shall not relieve
such indemnifying party from any liability hereunder to the extent it is not
materially prejudiced as a result thereof and in any event shall not relieve it
from any liability which it may have otherwise than on account of this indemnity
agreement. Any such indemnified party shall

                                       19

<PAGE>

have the right to employ separate counsel in any such action or proceeding and
to participate in the defense thereof, but the fees and expenses of such
separate counsel shall be paid by such indemnified party unless (a) the
indemnifying party has agreed to pay such fees and expenses or (b) the
indemnifying party shall have failed to assume the defense of such action or
proceeding and employ counsel reasonably satisfactory to the indemnified party
in any such action or proceeding within a reasonable time or (c) the named
parties to any such action or proceeding (including any impleaded parties)
include both such indemnified party and indemnifying party, and the indemnified
party shall have been advised by its counsel that there may be a conflict of
interest between such indemnified party and indemnifying party in the conduct of
the defense of such action (in which case, if such indemnified party notifies
the indemnifying party in writing that it elects to employ separate counsel at
the expense of the indemnifying party, the indemnifying party shall not have the
right to assume the defense of such action or proceeding on behalf of such
indemnified party), it being understood, however, that the indemnifying party
shall not, in connection with any one such action or proceeding or separate but
substantially similar or related actions or proceedings arising out of the same
general allegations or circumstances, be liable for the reasonable fees and
expenses of more than one separate firm of attorneys (unless the members of such
firm are not admitted to practice in a jurisdiction where an action is pending,
in which case the indemnifying party shall pay the reasonable fees and expenses
of one additional firm of attorneys to act as local counsel in such
jurisdiction, provided the services of such counsel are substantially limited to
that of appearing as attorneys of record) at any time for all indemnified
parties, which firm shall be designated in writing by the indemnified party. No
indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with
respect to any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever in
respect of which indemnification or contribution could be sought under this
Section 4 (whether or not the indemnified parties are actual or potential
parties thereto), unless such settlement, compromise or consent (i) includes an
unconditional release of each indemnified party from all liability arising out
of such litigation, investigation, proceeding or claim and (ii) does not include
a statement as to or an admission of fault, culpability or a failure to act by
or on behalf of any indemnified party.

            (d) If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 4(a)(ii) effected without its
written consent if (i) such settlement is entered into more than 45 days after
receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement at
least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement unless the
indemnifying party in good faith shall be contesting the reasonableness of such
fees and expenses (but only to the extent so contested) or the entitlement of
the indemnified party to indemnification under the terms of this Section 4.

            (e) If the indemnification provided for in this Section 4 is for any
reason unavailable to hold harmless an indemnified party (other than by reason
of the first sentence of Section 4(c)) in respect of any losses, liabilities,

                                       20

<PAGE>

claims, damages or expenses referred to therein, then each indemnifying party
shall contribute to the aggregate amount of such losses, liabilities, claims,
damages and expenses incurred by such indemnified party, as incurred, in such
proportion as is appropriate to reflect the relative fault of the Company on the
one hand and the Holders and the Initial Purchasers on the other hand in
connection with the statements or omissions which resulted in such losses,
liabilities, claims, damages or expenses, as well as any other relevant
equitable considerations.

      The relative fault of the Company on the one hand and the Holders and the
Initial Purchasers on the other hand shall be determined by reference to, among
other things, whether any such untrue or alleged untrue statement of a material
fact or omission or alleged omission to state a material fact relates to
information supplied by the Company, the Holders or the Initial Purchasers and
the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

      The Company, the Holders and the Initial Purchasers agree that it would
not be just and equitable if contribution pursuant to this Section 4 were
determined by pro rata allocation (even if the Initial Purchasers were treated
as one entity for such purpose) or by any other method of allocation which does
not take account of the equitable considerations referred to above in this
Section 4. The aggregate amount of losses, liabilities, claims, damages and
expenses incurred by an indemnified party and referred to above in this Section
4 shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue or alleged untrue statement or omission or alleged omission.

      Notwithstanding the provisions of this Section 4, no Initial Purchaser
shall be required to contribute any amount in excess of the amount by which the
total price at which the Securities purchased and sold by it were offered
exceeds the amount of any damages which such Initial Purchaser 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.

      For purposes of this Section 4, each Person, if any, who controls an
Initial Purchaser or Holder within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act shall have the same rights to contribution as such
Initial Purchaser or Holder, and each Person, if any, who controls the Company
within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
shall have the same rights to contribution as the Company. The Initial
Purchasers' respective obligations to contribute pursuant to this Section 4 are
several in proportion to the principal amount of Securities set forth opposite
their respective names in Schedule A to the Purchase Agreement and not joint.

      5. Miscellaneous.

      5.1 Rule 144 and Rule 144A. For so long as the Company is subject to the
reporting requirements of Section 13 or 15 of the 1934 Act, the Company
covenants that it will file the

                                       21

<PAGE>

reports required to be filed by it under the 1933 Act and Section 13(a) or 15(d)
of the 1934 Act and the rules and regulations adopted by the SEC thereunder. If
the Company ceases to be so required to file such reports, the Company covenants
that it will upon the request of any Holder of Registrable Securities (a) make
publicly available such information as is necessary to permit sales pursuant to
Rule 144 under the 1933 Act, (b) deliver such information to a prospective
purchaser as is necessary under applicable rules and regulations to permit sales
pursuant to Rule 144A under the 1933 Act and it will take such further action as
any Holder of Registrable Securities may reasonably request, and (c) take such
further action that is reasonable in the circumstances, in each case, to the
extent required from time to time to enable such Holder to sell its Registrable
Securities without registration under the 1933 Act within the limitation of the
exemptions provided by (i) Rule 144 under the 1933 Act, as such Rule may be
amended from time to time, (ii) Rule 144A under the 1933 Act, as such Rule may
be amended from time to time, or (iii) any similar rules or regulations
hereafter adopted by the SEC. Upon the request of any Holder of Registrable
Securities, the Company will deliver to such Holder a written statement as to
whether it has complied with such requirements. The Company's obligations under
this Section 5.1 shall terminate upon the later of the consummation of the
Exchange Offer and the Effectiveness Period.

      5.2 No Inconsistent Agreements. The Company has not entered into and the
Company will not after the date of this Agreement 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 and will not for the term of this
Agreement in any way conflict with the rights granted to the holders of the
Company's other issued and outstanding securities under any such agreements.

      5.3 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 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
departure.

      5.4 Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, registered
first-class mail, telecopier, or any courier guaranteeing overnight delivery (a)
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
5.4, which address initially is the address set forth in the Purchase Agreement
with respect to the Initial Purchasers; and (b) if to the Company, initially at
the Company's address set forth in the Purchase Agreement, and thereafter at
such other address of which notice is given in accordance with the provisions of
this Section 5.4.

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

                                       22

<PAGE>

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

      5.5 Successor 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 or the Indenture. 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, including the restrictions on resale set forth in this Agreement and,
if applicable, the Purchase Agreement, and such person shall be entitled to
receive the benefits hereof.

      5.6 Third Party Beneficiaries. The Initial Purchasers (even if the Initial
Purchasers are not Holders of Registrable Securities) shall be third party
beneficiaries to the agreements made hereunder between the Company, on the one
hand, and the Holders, on the other hand, and shall have the right to enforce
such agreements directly to the extent they deem such enforcement necessary or
advisable to protect their rights or the rights of Holders hereunder. Each
Holder of Registrable Securities shall be a third party beneficiary to the
agreements made hereunder between the Company, on the one hand, and the Initial
Purchasers, 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 hereunder.

      5.7 Specific Enforcement. Without limiting the remedies available to the
Initial Purchasers and the Holders, the Company acknowledges that any failure by
the Company to comply with its obligations under Sections 2.1 through 2.4 hereof
may result in material irreparable injury to the Initial Purchasers or the
Holders for which there is no adequate remedy at law, that it would not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Initial Purchasers or any Holder may obtain such relief
as may be required to specifically enforce the Company's obligations under
Sections 2.1 through 2.4 hereof.

      5.8 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.

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

                                       23

<PAGE>

      5.10 GOVERNING LAW; CONSENT TO JURISDICTION; APPOINTMENT OF AGENT FOR
SERVICE OF PROCESS.

            (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICT OF LAWS THEREOF.

            (b) Each of the Initial Purchasers and the Company irrevocably
consents and agrees that any legal action, suit or proceeding against it with
respect to its obligations, liabilities or any other matter arising out of or
based on this Agreement may be brought in any United States federal or state
court in the State of New York, County of New York.

            (c) The Company designates, appoints, and empowers CT Corporation
System with offices currently at 111 Eighth Avenue, New York, New York 10011, as
its designee, appointee and agent to receive and accept for and on its behalf,
and its properties, assets and revenues, service of any and all legal process,
summons, notices and documents that may be served in any action, suit or
proceeding brought against the Company in any such United States federal or
state court with respect to its obligations, liabilities or any other matter
arising out of or in connection with this Agreement, the Purchase Agreement and
the Indenture and that may be made on such designee, appointee and agent in
accordance with legal procedures prescribed for such courts. If for any reason
such designee, appointee and agent hereunder shall cease to be available to act
as such, the Company agrees to designate a new designee, appointee and agent in
The City of New York on the terms and for the purposes of this Section 5
reasonably satisfactory to the Majority Holders. The Company further hereby
irrevocably consents and agrees to the service of any and all legal process,
summons, notices and documents in any such action, suit or proceeding against
the Company by serving a copy thereof upon the relevant agent for service of
process referred to in this Section 5.10 (whether or not the appointment of such
agent shall for any reason prove to be ineffective or such agent shall accept or
acknowledge such service). The Company agrees that the failure of any such
designee, appointee and agent to give any notice of such service to them shall
not impair or affect in any way the validity of such service or any judgment
rendered in any action or proceeding based thereon. Each of the parties
irrevocably and unconditionally waives, to the fullest extent permitted by law,
any objection that they may now or hereafter have to the laying of venue of any
of the aforesaid actions, suits or proceedings arising out of or in connection
with this Agreement, the Purchase Agreement and the Indenture brought in the
federal courts located in The City of New York or the courts of the State of New
York located in The County of New York and hereby further irrevocably and
unconditionally waives and agrees, to the fullest extent permitted by law, not
to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum.

      5.11 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.

                                       24

<PAGE>

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

                                          GRUPO TELEVISA, S.A.

                                          By: /s/ Alfonso de Angoitia Noriega
                                              ----------------------------------
                                              Name: Alfonso de Angoitia Noriega
                                              Title: Executive Vice President

                                          By: /s/ Salvi Folch Viadero
                                              ----------------------------------
                                              Name: Salvi Folch Viadero
                                              Title: Chief Financial Officer

<PAGE>

CONFIRMED AND ACCEPTED
as of the date first above written:

CREDIT SUISSE FIRST BOSTON LLC

By: /s/ Michael Cummings
    ----------------------
    Authorized Signatory

CITIGROUP GLOBAL MARKETS INC.

By: /s/ D. Blake Haider
    ----------------------
    Authorized Signatory

For itself and the other Initial Purchasers set forth above.

                                      S-2

                Signature Page to Registration Rights Agreement
<PAGE>

                                                                       Exhibit A

      The Exchange Offer Registration Statement, as of its effective date, and
the Prospectus, as of the date hereof (except as to (x) the financial
statements, notes and schedules thereto and other financial data contained or
incorporated by reference therein, and (y) the Form T-1, as to which such
counsel need express no opinion), comply as to form in all material respects
with the requirements of the 1933 Act and the applicable rules and regulations
promulgated under the 1933 Act*. In passing upon the form of such documents, we
have necessarily assumed the correctness and completeness of the statements made
or included therein by the Company and take no responsibility for the accuracy,
completeness or fairness of the statements contained therein except insofar as
such statements related to the description of the Exchange Securities and the
Indenture or relate to us. However, in connection with our examination of the
Registration Statement and the Prospectus, we have had conferences with certain
officers and other representatives of the Company, and our examination of the
Registration Statement and the Prospectus and our discussions in such
conferences did not disclose to us any information which gave us reason to
believe that either the Registration Statement, as of its effective date, or the
Prospectus, as of the date hereof (except as to (x) the financial statements,
notes and schedules thereto and other financial data contained or incorporated
by reference therein, as to which such counsel need express no opinion),
contains any untrue statement of a material fact or omits any material fact
required to be stated therein or necessary to make the statements therein (in
the case of the Prospectus, in light of the circumstances under which they were
made) not misleading.

----------
*     To be provided only by United States counsel.

                                       A-1

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