Document:

Registration Rights Agreement

 Exhibit 10.3 
  
 REGISTRATION RIGHTS AGREEMENT 
  

This Registration Rights Agreement (this “Agreement”) is made and entered into as of September 17, 2004, by and between Rentech, Inc., a
Colorado corporation (the “Company”), and Mitchell Technology Investments, a California general partnership (the “Mitchell”). 
  
 This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof, by and between Mitchell and the Company (the
“Securities Purchase Agreement”), and pursuant to the Note and the Warrants referred to therein. 
  
 The Company and Mitchell hereby agree as follows: 
  
 1. Definitions. Capitalized terms used and not otherwise defined herein that are defined in the Securities Purchase Agreement shall have the
meanings given such terms in the Securities Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings: 
  
 “Commission” means the Securities and Exchange Commission. 
  
 “Common Stock” means shares of the Company’s common stock, par value $0.01 per share. 
  
 “Effectiveness Date” means the 150th day following the date
hereof. 
  
 “Effectiveness Period” shall have the
meaning set forth in Section 2(a). 
  
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and any successor statute. 
  
 “Filing Date” means, with respect to the Registration Statement required to be filed hereunder, a date no later than ninety (90) days following the date hereof and with respect to shares of Common
Stock issuable to the Holder as a result of adjustments made pursuant to Section 4 of the Warrant or otherwise, sixty (60) days after the occurrence such event or the date of the adjustment. 
  
 “Holder” or “Holders” means Mitchell or any
of its affiliates or transferees to the extent any of them hold Registrable Securities. 
  
 “Indemnified Party” shall have the meaning set forth in Section 5(c). 
  
 “Indemnifying Party” shall have the meaning set forth in Section 5(c). 
  
 “Note” has the meaning set forth in the Securities Purchase Agreement. 
  
 “Proceeding” means an action, claim, suit, investigation or
proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or threatened. 

 “Prospectus” means the prospectus included in the Registration Statement (including,
without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by
any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments,
and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
  
 “Registrable Securities” means the shares of Common Stock and issuable upon exercise of the Warrants. 
  
 “Registration Statement” means each registration statement
required to be filed hereunder, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or
deemed to be incorporated by reference in such registration statement. 
  
 “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule. 
  
 “Rule
415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as
such Rule. 
  
 “Securities Act” means the
Securities Act of 1933, as amended, and any successor statute. 
  
 “Securities Purchase Agreement” means the agreement between the parties hereto calling for the issuance by the Company of a $2,000,000 Note plus Warrant. 
  
 “Trading Market” means any of the NASD OTC Bulletin Board, NASDAQ SmallCap Market, the Nasdaq National
Market, the American Stock Exchange or the New York Stock Exchange. 
  
 “Warrants” means the Common Stock purchase warrants issued pursuant to the Securities Purchase Agreement. 
  
 2. Registration. 
  
 (a) On or prior to the Filing Date the Company shall prepare and file with the Commission a Registration Statement covering the
Registrable Securities for an offering to be made on a continuous basis pursuant to Rule 415. The Registration Statement shall be on Form S-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3,
in which case such registration shall be on another appropriate form in accordance herewith). The Company shall cause the Registration Statement to become effective and remain effective as provided herein. The Company 
  

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 shall use its reasonable commercial efforts to cause the Registration Statement to be declared effective
under the Securities Act as promptly as possible after the filing thereof, but in any event no later than the Effectiveness Date. The Company shall use its reasonable commercial efforts to keep the Registration Statement continuously effective under
the Securities Act until the date which is the earlier date of when (i) all Registrable Securities have been sold or (ii) all Registrable Securities may be sold immediately without registration under the Securities Act and without volume
restrictions pursuant to Rule 144(k), as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and the affected Holders or (iii) the third (3rd)
anniversary of the expiration of the term of the Warrant, as it may be extended, provided Rule 144(k) or similar successor rule is then applicable to the Registrable Securities (the “Effectiveness Period”). 
  
 (b) If: (i) the Registration Statement is not filed on or
prior to the Filing Date; (ii) the Registration Statement is not declared effective by the Commission by the Effectiveness Date (which date shall be extended for each normal trading day the American Stock Exchange (or any principal exchange on which
the Common Stock is then trading) is closed); (iii) after the Registration Statement is filed with and declared effective by the Commission, the Registration Statement ceases to be effective (by suspension or otherwise) as to all Registrable
Securities to which it is required to relate at any time prior to the expiration of the Effectiveness Period (without being succeeded immediately by an additional registration statement filed and declared effective) for a period of time which shall
exceed 30 days in the aggregate per year or more than 20 consecutive calendar days (defined as a period of 365 days commencing on the date the Registration Statement is declared effective); or (iv) the Common Stock is not listed or quoted, or is
suspended from trading on any Trading Market for a period of three (3) consecutive Trading Days (provided the Company shall not have been able to cure such trading suspension within 30 days of the notice thereof or list the Common Stock on another
Trading Market); (any such failure or breach being referred to as an “Event,” and for purposes of clause (i) or (ii) the date on which such Event occurs, or for purposes of clause (iii) the date which such 30 day or 20 consecutive day
period (as the case may be) is exceeded, or for purposes of clause (iv) the date on which such three (3) Trading Day period is exceeded, being referred to as “Event Date”), then until the applicable Event is cured, the Company shall issue
to the Holders additional Warrants, as liquidated damages and not as a penalty, equal to 4% of the number of Warrants initially issued pursuant to the Securities Purchase Agreement for each thirty (30) day period (prorated for partial periods).
While such Event continues, such Warrants as liquidated damages shall be issued not less often than each thirty (30) days. Any unpaid liquidated damages as of the date when an Event has been cured by the Company shall be paid within three (3) days
following the date on which such Event has been cured by the Company. 
  
 (c) Within three business days of the Effectiveness Date, the Company shall cause its counsel to issue a blanket opinion in the form attached hereto as Exhibit A, to the transfer agent stating that the shares are
subject to an effective registration statement and can be reissued free of restrictive legend upon notice of a sale by Mitchell and confirmation by Mitchell that it has complied with the prospectus delivery requirements, provided that the Company
has not advised the transfer agent orally or in writing that the opinion has been withdrawn. Copies of the blanket opinion required by this Section 2(c) shall be delivered to Mitchell within the time frame set forth above. 
  

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 3. Registration Procedures. If and whenever the Company is required by the provisions hereof to
effect the registration of any Registrable Securities under the Securities Act, the Company will, as expeditiously as possible: 
  
 (a) prepare and file with the Commission the Registration Statement with respect to such Registrable Securities, respond as promptly as
possible to any comments received from the Commission, and use its best efforts to cause the Registration Statement to become and remain effective for the Effectiveness Period with respect thereto, and promptly provide to Mitchell copies of all
filings and Commission letters of comment relating thereto; 
  
 (b) prepare and file with the Commission such amendments and supplements to the Registration Statement and the Prospectus used in connection therewith as may be necessary to comply with the provisions of the
Securities Act with respect to the disposition of all Registrable Securities covered by the Registration Statement and to keep such Registration Statement effective until the expiration of the Effectiveness Period; 
  
 (c) furnish to Mitchell such number of copies of the
Registration Statement and the Prospectus included therein (including each preliminary Prospectus) as Mitchell reasonably may request to facilitate the public sale or disposition of the Registrable Securities covered by the Registration Statement;

  
 (d) use its commercially reasonable efforts
to register or qualify Mitchell’s Registrable Securities covered by the Registration Statement under the securities or “blue sky” laws of such jurisdictions within the United States as Mitchell may reasonably request, provided,
however, that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation in any jurisdiction where it is not so qualified or to consent to general service of process in any such
jurisdiction; 
  
 (e) list the Registrable
Securities covered by the Registration Statement with any securities exchange on which the Common Stock of the Company is then listed; 
  
 (f) immediately notify Mitchell at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of
the happening of any event of which the Company has knowledge as a result of which the Prospectus contained in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; and 
  
 (g) make available for inspection by Mitchell and any attorney, accountant or other agent retained by Mitchell, all publicly available,
non-confidential financial and other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors and employees to supply all publicly available, non confidential information reasonably
requested by the attorney, accountant or agent of Mitchell. 
  

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 4. Registration Expenses. All expenses relating to the Company’s compliance with Sections 2
and 3 hereof, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants for the Company, fees and expenses (including reasonable counsel fees) incurred in
connection with complying with state securities or “blue sky” laws, fees of the NASD, transfer taxes, fees of transfer agents and registrars, fees of, and disbursements incurred by, one counsel for the Holders (to the extent such counsel
is required due to Company’s failure to meet any of its obligations hereunder), are called “Registration Expenses”. All selling commissions applicable to the sale of Registrable Securities, including any fees and disbursements of any
special counsel to the Holders beyond those included in Registration Expenses, are called “Selling Expenses.” The Company shall only be responsible for all Registration Expenses. 
  
 5. Indemnification. 
  
 (a) In the event of a registration of any Registrable
Securities under the Securities Act pursuant to this Agreement, the Company will indemnify and hold harmless Mitchell, and its officers, directors and each other person, if any, who controls Mitchell within the meaning of the Securities Act, against
any losses, claims, damages or liabilities, joint or several, to which Mitchell, or such persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement under which such Registrable Securities were registered under the Securities Act pursuant to this Agreement, any
preliminary Prospectus or final Prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, and will reimburse Mitchell, and each such person for any reasonable legal or other expenses incurred by them in connection with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the Company will not be liable in any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission so made in conformity with information furnished by or on behalf of Mitchell or any such person in writing specifically for use in any such document. 
  

(b) In the event of a registration of the Registrable Securities under the Securities Act pursuant to this Agreement, Mitchell will
indemnify and hold harmless the Company, and its officers, directors and each other person, if any, who controls the Company within the meaning of the Securities Act, against all losses, claims, damages or liabilities, joint or several, to which the
Company or such persons may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact which was furnished in writing by Mitchell to the Company expressly for use in (and such information is contained in) 
  

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 the Registration Statement under which such Registrable Securities were registered under the Securities
Act pursuant to this Agreement, any preliminary Prospectus or final Prospectus contained therein, or any amendment or supplement thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading, and will reimburse the Company and each such person for any reasonable legal or other expenses incurred by them in connection with investigating or defending any such
loss, claim, damage, liability or action, provided, however, that Mitchell will be liable in any such case if and only to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with information furnished in writing to the Company by or on behalf of Mitchell specifically for use in any such document. Notwithstanding the provisions of this paragraph, Mitchell
shall not be required to indemnify any person or entity in excess of the amount of the aggregate net proceeds received by Mitchell in respect of Registrable Securities in connection with any such registration under the Securities Act. 
  
 (c) Promptly after receipt by a party entitled to claim
indemnification hereunder (an “Indemnified Party”) of notice of the commencement of any action, such Indemnified Party shall, if a claim for indemnification in respect thereof is to be made against a party hereto obligated to indemnify
such Indemnified Party (an “Indemnifying Party”), notify the Indemnifying Party in writing thereof, but the omission so to notify the Indemnifying Party shall not relieve it from any liability which it may have to such Indemnified Party
other than under this Section 5(c) and shall only relieve it from any liability which it may have to such Indemnified Party under this Section 5(c) if and to the extent the Indemnifying Party is prejudiced by such omission. In case any such action
shall be brought against any Indemnified Party and it shall notify the Indemnifying Party of the commencement thereof, the Indemnifying Party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense
thereof with counsel satisfactory to such Indemnified Party, and, after notice from the Indemnifying Party to such Indemnified Party of its election so to assume and undertake the defense thereof, the Indemnifying Party shall not be liable to such
Indemnified Party under this Section 5(c) for any legal expenses subsequently incurred by such Indemnified Party in connection with the defense thereof; if the Indemnified Party retains its own counsel, then the Indemnified Party shall pay all fees,
costs and expenses of such counsel, provided, however, that, if the defendants in any such action include both the indemnified party and the Indemnifying Party and the Indemnified Party shall have reasonably concluded that there may be reasonable
defenses available to it which are different from or additional to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying Party, the
Indemnified Party shall have the right to select one separate counsel and to assume such legal defenses and otherwise to participate in the defense of such action, with the reasonable expenses and fees of such separate counsel and other expenses
related to such participation to be reimbursed by the Indemnifying Party as incurred. 
  
 (d) In order to provide for just and equitable contribution in the event of joint liability under the Securities Act in any case in which
either (i) Mitchell, or any officer, 
  

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 director or controlling person of Mitchell, makes a claim for indemnification pursuant to this Section 5
but it is judicially determined (by the entry of a final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such
case notwithstanding the fact that this Section 5 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of Mitchell or such officer, director or controlling person of Mitchell in
circumstances for which indemnification is provided under this Section 5; then, and in each such case, the Company and Mitchell will contribute to the aggregate losses, claims, damages or liabilities to which they may be subject (after contribution
from others) in such proportion so that Mitchell is responsible only for the portion represented by the percentage that the public offering price of its securities offered by the Registration Statement bears to the public offering price of all
securities offered by such Registration Statement, provided, however, that, in any such case, (A) Mitchell will not be required to contribute any amount in excess of the public offering price of all such securities offered by it pursuant to such
Registration Statement; and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 10(f) of the Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent
misrepresentation. 
  
 6. Representations and Warranties.

  
 (a) The Common Stock of the Company is
registered pursuant to Section 12(b) or 12(g) of the Exchange Act and, except with respect to certain matters which the Company has disclosed to Mitchell on Schedule 4.21 to the Securities Purchase Agreement, the Company has timely filed all proxy
statements, reports, schedules, forms, statements and other documents required to be filed by it under the Exchange Act. The Company has filed (i) its Annual Report on Form 10-K for the fiscal year ended September 30, 2003 and (ii) its Quarterly
Report on Form 10-Q for the fiscal quarters ended December 31, 2003, March 31, 2004 and June 30, 2004 (collectively, the “SEC Reports”). Each SEC Report was, at the time of its filing, in substantial compliance with the requirements of its
respective form and none of the SEC Reports, nor the financial statements (and the notes thereto) included in the SEC Reports, as of their respective filing dates, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Reports comply as to form in all
material respects with applicable accounting requirements and the published rules and regulations of the Commission or other applicable rules and regulations with respect thereto. Such financial statements have been prepared in accordance with
generally accepted accounting principles (“GAAP”) applied on a consistent basis during the periods involved (except (i) as may be otherwise indicated in such financial statements or the notes thereto or (ii) in the case of unaudited
interim statements, to the extent they may not include footnotes or may be condensed) and fairly present in all material respects the financial condition, the results of operations and the cash flows of the Company and its subsidiaries, on a
consolidated basis, as of, and for, the periods presented in each such SEC Report. 
  

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 (b) The Common Stock is listed for trading on the American Stock Exchange
(“AMEX”) and satisfies all requirements for the continuation of such listing. The Company has not received any notice that its Common Stock will be delisted from the AMEX (except for prior notices which have been fully remedied) or that
the Common Stock does not meet all requirements for the continuation of such listing. 
  
 (c) The Warrants, the Note and the shares of Common Stock which Mitchell may acquire pursuant to the Warrants are all restricted
securities under the Securities Act as of the date of this Agreement. The Company will not issue any stop transfer order or other order impeding the sale and delivery of any of the Registrable Securities at such time as such Registrable Securities
are registered for public sale or an exemption from registration is available, except as required by federal or state securities laws. 
  
 (d) The Company understands the nature of the Registrable Securities issuable upon the exercise of the Warrant and recognizes that the
issuance of such Registrable Securities may have a potential dilutive effect. The Company specifically acknowledges that its obligation to issue the Registrable Securities is binding upon the Company and enforceable regardless of the dilution such
issuance may have on the ownership interests of other shareholders of the Company. 
  
 (e) Except for agreements made in the ordinary course of business, there is no agreement that has not been filed with the Commission as an
exhibit to a registration statement or to a form required to be filed by the Company under the Exchange Act, the breach of which could reasonably be expected to have a material and adverse effect on the Company and its subsidiaries, or would
prohibit or otherwise interfere with the ability of the Company to enter into and perform any of its obligations under this Agreement in any material respect. 
  

(f) The Company will at all times have authorized and reserved a sufficient number of shares of Common Stock for the full exercise of
the Warrants. 
  
 7. Cooperation Respecting Registration.
The Holder shall cooperate in connection with the preparation of the Registration Statement, including providing information necessary for inclusion in the Registration Statement, as requested by the Company or the Commission. 
  
 8. Miscellaneous. 
  
 (a) Remedies. In the event of a breach by the Company
or by a Holder, of any of their respective obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement. 
  
 (b) Compliance. Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities
pursuant to the Registration Statement. 
  

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 (c) Discontinued Disposition. Each Holder agrees by its acquisition of such
Registrable Securities that, upon receipt of a notice from the Company of the occurrence of a Discontinuation Event (as defined below), such Holder will forthwith discontinue disposition of such Registrable Securities under the applicable
Registration Statement until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended Registration Statement or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed,
and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. The Company may provide appropriate stop orders to
enforce the provisions of this paragraph. For purposes of this Section 7(d), a “Discontinuation Event” shall mean (i) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and
whenever the Commission comments in writing on such Registration Statement (the Company shall provide true and complete copies thereof and all written responses thereto to each of the Holders); (ii) any request by the Commission or any other Federal
or state governmental authority for amendments or supplements to such Registration Statement or Prospectus or for additional information; (iii) the issuance by the Commission of any stop order suspending the effectiveness of such Registration
Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and/or (v) the occurrence of any event or passage of time that makes the financial statements
included in such Registration Statement ineligible for inclusion therein or any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect
or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
  
 (d) Piggy-Back Registrations. If at any time during the Effectiveness Period there is not an
effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an offering for its own account or the account of others under
the Securities Act of any of its equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of
any entity or business or equity securities issuable in connection with stock option or other employee benefit plans, then the Company shall send to each Holder written notice of such determination and, if within fifteen days after receipt of such
notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such holder requests to be registered to the extent the Company may do so without violating
registration rights of others which exist as of the date of this Agreement, subject to customary underwriter cutbacks subject to obtaining any required the consent of any selling stockholder(s) to such inclusion under such registration statement.

  

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 (e) 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 same shall be in writing and signed by the Company and the Holders of the then
outstanding Registrable Securities. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders and that does not directly or indirectly
affect the rights of other Holders may be given by Holders of at least a majority of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified, or
supplemented except in accordance with the provisions of the immediately preceding sentence. 
  
 (f) Notices. Any notice or request hereunder may be given to the Company or Mitchell at the respective addresses set forth below or
as may hereafter be specified in a notice designated as a change of address under this Section 7(g). Any notice or request hereunder shall be given by registered or certified mail, return receipt requested, hand delivery, overnight mail, Federal
Express or other national overnight next day carrier (collectively, “Courier”) or telecopy (confirmed by mail). Notices and requests shall be, in the case of those by hand delivery, deemed to have been given when delivered to any party to
whom it is addressed, in the case of those by mail or overnight mail, deemed to have been given three (3) business days after the date when deposited in the mail or with the overnight mail carrier, in the case of a Courier, the next business day
following timely delivery of the package with the Courier, and, in the case of a telecopy, when confirmed. The address for such notices and communications shall be as follows: 
  

					
	If to the Company:	  	Rentech, Inc.
	 	  	 1331 17th Street, Suite 720
 Denver,
Colorado 80202

	 	  	Attention:         Dennis L. Yakobson
	 	  	Facsimile:         (303) 298-8010
		
	If to Mitchell:	  	To the address set forth under such Mitchell name on the signature pages hereto.
		
	If to any other Person who is then the registered Holder:	  	To the address of such Holder as it appears in the stock transfer books of the Company

  
 or such other address as may be
designated in writing hereafter in accordance with this Section 7(g) by such Person. 
  
 (g) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns
of each of the parties and shall inure to the benefit of each Holder. The Company may not assign its rights or obligations hereunder without the prior written consent of each Holder. Each Holder may assign their respective rights hereunder to such
persons who become Holders of Registrable Securities in accordance with the terms of the Warrant. 
  

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 (h) Execution and Counterparts. This Agreement may be executed in any number of
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. In the event that any signature is delivered by facsimile transmission, such signature shall
create a valid binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature were the original thereof. 
  
 (i) Governing Law. All questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Colorado, without regard to the principles of conflicts of law thereof.
Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement shall be commenced exclusively in the state and federal courts sitting in the City of Denver, State of
Colorado. Each party hereto hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of Denver, State of Colorado for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Proceeding is improper. Each
party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the
transactions contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of a Transaction Document, then the prevailing party in such Proceeding shall be reimbursed by the other party for its reasonable attorneys fees
and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding. 
  
 (j) Cumulative Remedies. The remedies provided herein are cumulative and not exclusive of any remedies provided by law. 

 
 (k) Severability. If any term, provision, covenant
or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect
and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term,
provision, covenant or restriction. It is hereby stipulated and 
  

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 declared to be the intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (l) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
  
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 SIGNATURE PAGE FOLLOWS] 
  

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

							
	Rentech, Inc., a Colorado corporation	 	Mitchell Technology Investments, a California general partnership
				
	By:	 	 /s/ Dennis L. Yakobson

	 	By:	 	Mitchell Equity Investments, a California general partnership, managing general partner
	Name:	 	Dennis L. Yakobson	 	 	 	 
	Title:	 	President and Chief Executive Officer	 	 	 	 
				
	By:	 	 /s/ Ronald C. Butz

	 	By:	 	 /s/ Jonathan E. Mitchell

	Name:	 	Ronald C. Butz	 	Name:	 	Jonathan E. Mitchell
	Title:	 	Secretary	 	Title:	 	General Partner
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

  
 Address for Notices: 
  
 11601
Wilshire Boulevard 
 Suite 2400 
 Los Angeles, California 90025 
 Attention:        Jonathan E. Mitchell 
 Facsimile:         (310) 473-0076 
  

 13Third Supplemental Indenture dated April 27, 2004

 Exhibit 4.2 
  

  
 América Móvil, S.A. de C.V., 
  
                              as Issuer 
  
 and 
  
 Radiomóvil Dipsa, S.A. de C.V., 
  
                                  as Guarantor 
  
 to 
  
 JPMorgan Chase Bank, 
  
                              as Trustee 
  
 _______________ 
  
 THIRD SUPPLEMENTAL INDENTURE 
  

Dated as of April 27, 2004 
 _______________ 
  
 U.S.$300,000,000 
  
 Floating Rate Senior Notes due 2007 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 	  	 	  	 
	 ARTICLE ONE

	 	  	 	  	 
	 DEFINITIONS

	 	  	 	  	 
	 Section 101.
	  	Provisions of the Base Indenture	  	2
	 Section 102.
	  	Definitions	  	2
	 	  	 	  	 
	 ARTICLE TWO

	 	  	 	  	 
	 GENERAL TERMS AND CONDITIONS OF THE NOTES

	 	  	 	  	 
	 Section 201.
	  	Designation and Principal Amount	  	6
	 Section 202.
	  	Forms Generally	  	7
	 Section 203.
	  	Transfers and Exchanges	  	19
	 Section 204.
	  	Form of Trustee’s Certificate of Authentification	  	22
	 Section 205.
	  	Maintenance of Office or Agency	  	22
	 Section 206.
	  	Luxembourg Listing	  	22
	 Section 207
	  	Determinations and Other Duties of the Calculation Agent	  	23
	 Section 208
	  	Appointment and Removal of, and Other Matters Relating to, the Calculation Agent	  	23
	 	  	 	  	 
	 ARTICLE THREE

	 	  	 	  	 
	 MISCELLANEOUS PROVISIONS

	 	  	 	  	 
	 Section 301.
	  	Separability of Invalid Provisions	  	25
	 Section 302.
	  	Execution in Counterparts	  	25
	 Section 303.
	  	Certain Matters	  	25

 THIRD SUPPLEMENTAL INDENTURE, dated as of April 27, 2004, among América Móvil, S.A. de
C.V., a sociedad anónima de capital variable organized and existing under the laws of the United Mexican States (“Mexico”) (herein called the “Company”), having its principal office at Lago Alberto 366, Edificio
Telcel I, Piso 2, Colonia Anáhuac, 11320, Mexico, D.F., Mexico, Radiomóvil Dipsa, S.A. de C.V., a sociedad anónima de capital variable organized and existing under the laws of Mexico (herein called the
“Guarantor”), having its principal office at Lago Alberto 366, Edificio Telcel I, Piso 2, Colonia Anáhuac, 11320, Mexico, D.F., Mexico, and JPMorgan Chase Bank, a banking corporation duly organized and existing under the laws of the
State of New York, as Trustee (herein called the “Trustee”) to the Indenture, dated as of March 9, 2004, among the Company, the Guarantor and the Trustee (as amended and supplemented, herein called the “Base Indenture”).

  
 W I T N E S S E T H: 
  
 WHEREAS, the Base Indenture provides for the issuance from time to time
thereunder, in series, of debt Securities of the Company, and Section 901 of the Base Indenture provides for the establishment of the form or terms of Securities issued thereunder through one or more supplemental indentures; 
  
 WHEREAS, the Company desires by this Third Supplemental Indenture to create a
series of Securities to be issuable under the Base Indenture, as supplemented by this Third Supplemental Indenture, and to be known as the Company’s “Floating Rate Senior Notes due 2007” (the “Notes”), which are to be
initially limited in aggregate principal amount as specified in this Third Supplemental Indenture and the terms and provisions of which are to be as specified in this Third Supplemental Indenture; 
  
 WHEREAS, the Company has duly authorized the execution and delivery of this
Third Supplemental Indenture to establish the Notes as a series of Securities under the Base Indenture and to provide for, among other things, the issuance of and the form and terms of the Notes and additional covenants for purposes of the Notes and
the Holders thereof; 
  
 WHEREAS, the Guarantor has duly
authorized the execution and delivery of this Third Supplemental Indenture to provide for the Guarantees of the Notes; and 
  
 WHEREAS, all things necessary to make this Third Supplemental Indenture a valid agreement of the Company and the Guarantor, in accordance with its terms,
have been done. 
  
 NOW, THEREFORE, for and in consideration of
the premises and the purchase and acceptance of the Notes by the Holders thereof and for the purpose of setting forth, as provided in the Base Indenture, the form of the Notes and the terms, provisions and conditions thereof, the Company and the
Guarantor covenant and agree with the Trustee as follows: 
  

 1 

 ARTICLE ONE 
  
 Definitions 
  
 Section 101. Provisions of the Base Indenture. 
  
 Except insofar as herein otherwise expressly provided, all the definitions, provisions, terms and conditions of the Base Indenture shall remain in full force and effect. The Base Indenture, as amended and supplemented
by the First Supplemental Indenture dated as of March 9, 2004 (the “First Supplemental Indenture”), as further amended and supplemented by the Second Supplemental Indenture dated as of March 9, 2004 (the “Second Supplemental
Indenture”) and as further amended and supplemented by this Third Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture and this Third
Supplemental Indenture shall be read, taken and considered as one and the same instrument for all purposes and every Holder of Notes of any series authenticated and delivered under the Base Indenture shall be bound hereby. 
  
 Section 102. Definitions. 
  
 For all purposes of this Third Supplemental Indenture and the Notes, except
as otherwise expressly provided or unless the subject matter or context otherwise requires: 
  
 (a) unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or
Section, as the case may be, of this Third Supplemental Indenture; 
  
 (b) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to this Third Supplemental Indenture as a whole and not to any particular Article, Section or
other subdivision; 
  
 (c) all terms used in this
Third Supplemental Indenture that are defined in the Base Indenture have the meanings assigned to them in the Base Indenture, except as otherwise provided in this Third Supplemental Indenture; 
  
 (d) the term “Securities” as defined in the Base
Indenture and as used in any definition therein, shall be deemed to include or refer to, as applicable, the Notes; and 
  
 (e) the following terms have the meanings given to them in this Section 102(e). 
  
 “Agent Member Transferee” has the meaning specified in Section
203(b) hereof. 
  
 “Agent Member Transferor” has the
meaning specified in Section 203(b) hereof. 
  
 “Applicable
Procedures” means, with respect to any transfer or transaction involving a Global Note or beneficial interest therein, the rules and procedures of the Depositary, Euroclear and Clearstream for such Global Note, in each case to the extent
applicable to such transaction and as in effect from time to time. 
  
 “Calculation Agent” has the meaning specified in Section 207 hereof. 
  

 2 

 “Exchange Notes” means the securities with terms substantially identical to the Original Notes
(except for the differences provided for herein) issued pursuant to the Exchange Offer. 
  
 “Exchange Offer” means an offer made pursuant to an effective registration statement under the Securities Act by the Company and the Guarantor to exchange the Exchange Notes for the Registrable Notes as
required by the Registration Rights Agreement. 
  
 “Exchange
Offer Registration Statement” means a registration statement of the Company and the Guarantor under the Securities Act, meeting the requirements of the Registration Rights Agreement and registering the Exchange Notes pursuant to the Exchange
Offer. 
  
 “First Supplemental Indenture” has the
meaning specified in Section 101 hereof. 
  
 “Global
Note” means a Note that evidences all or part of the Notes and is authenticated and delivered to, and registered in the name of, the Depositary for such Notes or a nominee thereof. Global Notes shall include Restricted Global Notes, Regulation
S Global Notes and Unrestricted Global Notes. 
  
 “Initial
Purchaser” means the initial purchaser of the Notes as defined to the Purchase Agreement. 
  
 “Interest Determination Date” means the second London Banking Day preceding each Interest Reset Date (it being understood that the initial Interest Determination Date shall be April 23, 2004). 
  
 “Interest Payment Date” means each January 27, April 27, July 27
and October 27, commencing on July 27, 2004. 
  
 “Interest
Period” means the period from and including the most recent Interest Payment Date to which interest has been paid or duly made available for payment (or April 27, 2004 if no interest has been paid or been duly made available for payment) to,
but excluding, the next succeeding Interest Payment Date or until the Stated Maturity of the Notes, as the case may be. 
  
 “Interest Reset Date” means April 27, 2004 and each Interest Payment Date. 
  
 “London Banking Day” means a day on which commercial banks are open for dealings in U.S. dollar deposits in the
London interbank market. 
  
 “Original Notes” means all
Notes other than Exchange Notes. 
  
 “Owner Transferee”
has the meaning specified in Section 203(b) hereof. 
  
 “Owner Transferor” has the meaning specified in Section 203(b) hereof. 
  
 “Permitted Holder” means, at any time, any Person who, at such time, is the Holder of at least U.S.$5,000,000 in aggregate principal amount of Notes. 
  
 “Predecessor Note” means, with respect to any particular Note,
every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 305 of the Base 
  

 3 

 
Indenture in exchange for or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Note. 
  
 “Purchase Agreement” means the
Purchase Agreement, dated April 20, 2004, by and among the Company, the Guarantor and the Initial Purchaser. 
  
 “Qualified Institutional Buyer” means a “qualified institutional buyer” as defined in Rule 144A. 
  
 “Registered Notes” means the Exchange Notes and all other Notes
sold or otherwise disposed of pursuant to an effective registration statement under the Securities Act. 
  
 “Registrable Notes” shall have the meaning assigned to it in the Registration Rights Agreement. 
  
 “Registration Default” means occurrence of any of the events set
forth in Section 2(d) of the Registration Rights Agreement which gives rise to an obligation on the part of the Company to pay additional interest on the Notes in accordance therewith. 
  
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of April 27, 2004, among the
Company, the Guarantor and the Initial Purchaser, as such agreement may be amended from time to time. 
  
 “Regulation S” means Regulation S under the Securities Act. 
  
 “Regulation S Global Note” has the meaning specified in Section 202 hereof. 
  
 “Resale Registration Statement” means a shelf registration
statement under the Securities Act filed by the Company, if required by, and meeting the requirements of, the Registration Rights Agreement, registering the Registrable Notes for resale. 
  
 “Restricted Global Note” has the meaning specified in Section 202 hereof. 
  
 “Restricted Global Transferred Amount” has the meaning specified in
Section 203(b) hereof. 
  
 “Restricted Notes” means
Notes offered and sold in their initial distribution in transactions exempt from the registration requirements of the Securities Act other than pursuant to Regulation S. 
  
 “Restricted Period” means the period of 40 consecutive days beginning on and including the later of (i) the day on
which the Original Notes are first offered to persons other than distributors (as defined in Regulation S) in reliance on Regulation S and (ii) the day on which the closing of the offering of the Original Notes pursuant to the Purchase Agreement
occurs. 
  
 “Restrictive Legends” has the meaning
specified in Section 203(a). 
  
 “Reuters Screen LIBO
Page” means the LIBO page of the Reuters Monitor Money Rates Service, or a replacement or successor page or service. 
  

 4 

 “Rule 144A” means Rule 144A under the Securities Act. 
  
 “Rule 144” means Rule 144 under the Securities Act. 
  
 “Second Supplemental Indenture” has the meaning specified in
Section 101 hereof. 
  
 “Stated Maturity of the Notes”
means April 27, 2007. 
  
 “Telerate Page” means the
display on page 3750 of Moneyline Telerate or a replacement or successor page on that service or a successor service for the purpose of displaying the London interbank rates of major banks for U.S. dollars. 
  
 “Three-Month LIBOR” means, with respect to any Interest Period and
as determined by the Calculation Agent: 
  
 (a) the offered rate
for three-month deposits in U.S. dollars beginning on the second London Banking Day after the Interest Determination Date as it appears on the Telerate Page at approximately 11:00 a.m., London time, on the Interest Determination Date; or 

 
 (b) if the rate described in clause (a) above does not appear on the
Telerate Page, or if that Telerate Page is unavailable, on the Interest Determination Date, the arithmetic mean of the offered rates for three-month deposits in U.S. dollars beginning on the second London Banking Day after the Interest Determination
Date as those rates appear on the Reuters Screen LIBO Page at approximately 11:00 a.m., London time, on the Interest Determination Date, but only if at least two offered rates appear on that page; or 
  
 (c) if both (i) the rate described in clause (a) above does not appear on the
Telerate Page, or if the Telerate Page is unavailable, and (ii) fewer than two offered rates appear on the Reuters Screen LIBO Page on the Interest Determination Date, then Three-Month LIBOR shall be determined by the Calculation Agent as follows:

  
 (A) the Calculation Agent shall select the principal London
offices of four major banks in the London interbank market. The Calculation Agent shall then request each bank to provide its offered quotation of its rate of interest for deposits in U.S. dollars with a three-month maturity beginning on the second
London Banking Day after the Interest Determination Date to prime banks in the London interbank market at approximately 11:00 a.m., London time, on the Interest Determination Date. These quotes will be for deposits of at least U.S.$1,000,000 and in
a principal amount that is representative of a single transaction in U.S. dollars in the market at that time. 
  
 (B) if at least two banks provide a quotation pursuant to clause (A) above, the Calculation Agent shall compute Three-Month LIBOR as the arithmetic mean
of the quotations provided. 
  
 (C) if fewer than two banks
provide a quotation pursuant to clause (A) above, the Calculation Agent shall then request from three major banks in New York City at approximately 11:00 a.m., New York time, on the Interest Determination Date, quotations of their rates of interest
for three-month loans in U.S. dollars to leading European banks, beginning on the second London Banking Day after the Interest Determination Date. These quotes shall be for loans of at 
  

 5 

 
least U.S.$1,000,000 and in a principal amount that is representative of a single transaction in U.S. dollars in the market at that time. If the Calculation
Agent receives at least three of these quotations, the Calculation Agent shall compute Three-Month LIBOR as the arithmetic mean of the quotations provided. 
  
 (D) if none of these banks provide a quotation as mentioned, Three-Month LIBOR shall continue to be the rate of Three-Month LIBOR in effect on the
Interest Determination Date. 
  
 “Unrestricted Global
Note” has the meaning specified in Section 202 hereof. 
  
 ARTICLE TWO 
  
 GENERAL TERMS AND CONDITIONS OF
THE NOTES 
  
 Section 201. Designation and Principal Amount.

  
 There is hereby authorized and established a series of
securities designated the “Floating Rate Senior Notes due 2007”, in an aggregate principal amount of U.S.$300,000,000 (which amount does not include Notes authenticated and delivered upon registration of transfer of, in exchange for, or in
lieu of, other securities of such series pursuant to Sections 304, 305, 306, 906 or 1205 of the Base Indenture), which amount shall be specified in the Company Order for the authentication and delivery of Notes pursuant to Section 303 of the Base
Indenture. The principal of the Notes shall be due and payable at their Stated Maturity. 
  
 The Company may, from time to time and without the consent of the Holders, issue additional notes, with Guarantees of the Guarantor duly annexed thereto or endorsed thereon, on terms and conditions identical to those
of the Notes, which additional notes, together with Guarantees of the Guarantor duly annexed thereto or endorsed thereon, shall increase the aggregate principal amount of, and shall be consolidated and form a single series with, the Notes.

  
 The Company may issue Exchange Notes (with Guarantees of the
Guarantor duly annexed thereto or endorsed thereon) from time to time pursuant to an Exchange Offer, in each case pursuant to a Board Resolution and subject to Section 303 of the Base Indenture, in authorized denominations in exchange for a like
principal amount of the Original Notes. Upon any such exchange of Original Notes, the Original Notes so exchanged shall be canceled in accordance with Section 308 of the Base Indenture and shall no longer be deemed Outstanding for any purpose.

  
 The Original Notes and any Exchange Notes shall vote and
consent together on all matters as one class and none of the Original Notes nor the Exchange Notes shall have the right to vote or consent as a class separate from one another on any matter. 
  
 The Notes shall bear interest at a floating rate equal to Three-Month LIBOR
determined for the relevant Interest Period plus 0.625% from April 27, 2004 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be. Interest shall be payable quarterly in arrears on
each Interest Payment Date, unless any such Interest Payment Date would not be a Business Day, in which case the Interest Payment Date will be postponed to the next succeeding Business Day (except that, if that Business Day falls in the next
succeeding calendar month, the Interest Payment Date, other than an Interest Payment Date at the 

  

 6 

 
Stated Maturity of the Notes, shall be the immediately preceding Business Day), until the principal thereof is paid or made available for payment on or prior
to the Stated Maturity of the Notes; provided, however, that, with respect to any Registrable Notes, if a Registration Default occurs on any day, such Registrable Notes shall bear additional interest as a result thereof (at an
incremental rate per annum of 0.50%), as liquidated damages and not as a penalty, from such day to but not including the first day thereafter until no Registration Default is continuing or such Registrable Notes become freely transferable under the
Securities Act, all in accordance with the provisions of the Registration Rights Agreement; and provided, further, that any amount of interest on any Note which is overdue shall bear interest (to the extent that payment thereof shall be
legally enforceable) at the rate per annum then borne by such Note from the date such amount is due to the day it is paid or made available for payment, and such overdue interest shall be paid as provided in Section 306 of the Base Indenture.
Accrued additional interest, if any, shall be paid in cash in arrears semi-annually on the Interest Payment Dates in each year, commencing on the first Interest Payment Date after the day on which the relevant Registration Default occurs.

  
 The interest rate payable on the Notes shall not be higher
than the maximum rate permitted by New York state law as that law may be modified by U.S. law of general application. 
  
 Section 202. Forms Generally. 
  
 The Notes and the Guarantees annexed thereto or endorsed thereon shall be in substantially the forms set forth in this Section 202, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Third Supplemental Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may
be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution thereof, with Guarantees duly annexed thereto or endorsed thereon.

  
 Upon their original issuance, Notes offered and sold to
Qualified Institutional Buyers in accordance with Rule 144A shall be issued in the form of one or more Global Notes in definitive, fully registered form, with Guarantees annexed thereto or endorsed thereon, without coupons, substantially in the form
set forth in this Section 202, with such applicable legends as provided herein (each, a “Restricted Global Note”). Such Restricted Global Notes shall be registered in the name of the Depositary, or its nominee, and deposited with the
Trustee, at its Corporate Trust Office, as custodian for the Depositary, duly executed by the Company, with Guarantees duly annexed thereto or endorsed thereon, and authenticated by the Trustee as hereinafter provided. The aggregate amount of any
Restricted Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, as provided in Section 203 hereof. 
  
 Upon their original issuance, Notes offered and sold in reliance on
Regulation S shall initially be issued in the form of one or more Global Notes in definitive, fully registered form, with Guarantees annexed thereto or endorsed thereon, without coupons, substantially in the form set forth in this Section 202, with
such applicable legends as provided herein (each, a “Regulation S Global Note”). Such Regulation S Global Notes shall be registered in the name of the Depositary, or its nominee, and deposited with the Trustee, at its Corporate Trustee
Office, as custodian for the Depositary, duly executed by the Company, with Guarantees duly annexed thereto or endorsed thereon, and authenticated by the Trustee as herein provided, for credit by the 

  

 7 

 
Depositary to the respective accounts of beneficial owners of such Notes (or to such other accounts as they may direct) at Euroclear or Clearstream. After
such time as the applicable Restricted Period shall have terminated, each such Regulation S Global Note shall be referred to herein as an “Unrestricted Global Note”. The aggregate principal amount of any Regulation S Global Note or any
Unrestricted Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, as provided in Section 203 hereof. 
  
 For all purposes of this Third Supplemental Indenture, the term
“Restricted Notes” shall include all Notes, together with Guarantees of the Guarantor annexed thereto or endorsed thereon, issued upon registration or transfer of, in exchange for or in lieu of, Restricted Notes except as otherwise
provided in Section 203 hereof. 
  
 (a) Form of Face of
Note. 
  
 [INCLUDE IF NOTE IS A GLOBAL NOTE — THIS
IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO, AS SUPPLEMENTED BY THE FIRST SUPPLEMENTAL INDENTURE, AS FURTHER SUPPLEMENTED BY THE SECOND SUPPLEMENTAL INDENTURE AND AS FURTHER SUPPLEMENTED BY THE THIRD SUPPLEMENTAL
INDENTURE, AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY AMÉRICA MÓVIL, S.A. DE C.V., THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES.]

  
 [INCLUDE IF NOTE IS A GLOBAL NOTE AND THE DEPOSITARY IS THE
DEPOSITORY TRUST COMPANY — UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO AMÉRICA MÓVIL, S.A. DE C.V. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE OR ANY PORTION HEREOF IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY
OR A NOMINEE THEREOF IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR REGISTERED NOTES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE
INDENTURE, AS SUPPLEMENTED BY THE FIRST SUPPLEMENTAL INDENTURE, AS FURTHER SUPPLEMENTED BY THE SECOND SUPPLEMENTAL INDENTURE AND AS FURTHER SUPPLEMENTED BY THE THIRD SUPPLEMENTAL INDENTURE, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH 

  

 8 

 
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 
  
 [INCLUDE IF NOTE IS A RESTRICTED GLOBAL NOTE (UNLESS, PURSUANT TO SECTION 203 OF THE THIRD SUPPLEMENTAL INDENTURE, THE
COMPANY DETERMINES AND CERTIFIES TO THE TRUSTEE THAT THE LEGEND MAY BE REMOVED) — NEITHER THIS GLOBAL NOTE, ANY BENEFICIAL INTEREST HEREIN NOR THE GUARANTEE HEREOF HAS BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). NEITHER THIS GLOBAL NOTE, ANY BENEFICIAL INTEREST HEREIN NOR THE GUARANTEE HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER OR BUYERS IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE
TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT (PROVIDED THAT AS A CONDITION TO REGISTRATION OF TRANSFER OF THIS GLOBAL NOTE OTHERWISE THAN AS SET FORTH ABOVE, AMÉRICA MÓVIL, S.A. DE C.V., OR THE TRUSTEE MAY REQUIRE DELIVERY OF
ANY DOCUMENTS OR OTHER EVIDENCE THAT IT, IN ITS DISCRETION, DEEMS NECESSARY OR APPROPRIATE TO EVIDENCE COMPLIANCE WITH THE EXEMPTION REFERRED TO IN CLAUSE (3) ABOVE), AND, IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES
OF THE UNITED STATES AND OTHER JURISDICTIONS. 
  
 [INCLUDE IF
NOTE IS A REGULATION S GLOBAL NOTE (UNLESS, PURSUANT TO SECTION 203 OF THE THIRD SUPPLEMENTAL INDENTURE, THE COMPANY DETERMINES AND CERTIFIES TO THE TRUSTEE THAT THE LEGEND MAY BE REMOVED) — THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED, (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD OR DELIVERED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON, UNLESS SUCH NOTES ARE REGISTERED UNDER THE SECURITIES ACT
OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF IS AVAILABLE. THE FOREGOING SHALL NOT APPLY FOLLOWING THE EXPIRATION OF 40 DAYS FROM THE LATER OF (i) THE DATE ON WHICH THESE NOTES WERE FIRST OFFERED AND (ii) THE DATE OF ISSUANCE OF THESE
NOTES.] 
  
 AMÉRICA MÓVIL, S.A. DE C.V. 

Floating Rate Senior Notes Due 2007 
  
 [If Restricted Global Note — CUSIP Number: 02364W AC 9 / ISIN Number: US02364WAC91] 
 [If Regulation S Global Note — CUSIP Number: P0280A AW 1 / ISIN Number: USP0280AAW10] 
  

 9 

										
	 No.
	  	 	  	 	  	 	  	U.S.$	                                

  
 América
Móvil, S.A. de C.V. (herein called the “Company”, which term includes any successor Person under the Indenture, as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as
further supplemented by the Third Supplemental Indenture hereinafter referred to), a sociedad anónima de capital variable organized and existing under the laws of the United Mexican States (“Mexico”), for value received,
hereby promises to pay to                      , or registered assigns, the principal sum of
                     Dollars [if the Note is a Global Note, then insert — or such other principal amount (which, when taken together with
the principal amounts of all other Outstanding Notes, shall initially equal U.S.$                     in the aggregate, provided, however,
that the Company may from time to time or at any time, without the consent of the Holders of the Notes, issue additional notes, with Guarantees of the Guarantor duly annexed thereto or endorsed thereon, with terms and conditions identical to those
of the Notes, which additional notes, together with Guarantees of the Guarantor duly annexed thereto or endorsed thereon, shall increase the aggregate principal amount of, and shall be consolidated and form a single series with, the Notes) as may be
set forth in the records of the Trustee hereinafter referred to in accordance with the Indenture, as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the
Third Supplemental Indenture,] on April 27, 2007 and to pay interest thereon from April 27, 2004 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be, quarterly in arrears on each
Interest Payment Date, unless any such Interest Payment Date would not be a Business Day, in which case the Interest Payment Date will be postponed to the next succeeding Business Day (except that, if that Business Day falls in the next succeeding
calendar month, the Interest Payment Date, other than an Interest Payment Date at the Stated Maturity of the Notes, shall be the immediately preceding Business Day), at a floating rate equal to Three-Month LIBOR determined for the relevant Interest
Period plus 0.625%, until the principal hereof is paid or made available for payment, provided [if the Note is a Registrable Note, then insert — that, upon the occurrence of a Registration Default in accordance with the
Registration Rights Agreement, the per annum interest rate borne by this Note shall increase by adding 0.50% thereto, as liquidated damages and not as a penalty, for the period from the first day on which such Registration Default occurs to but not
including the first day thereafter until no Registration Default is continuing or such Registrable Notes become freely transferable under the Securities Act, all in accordance with the provisions of the Registration Rights Agreement, and in which
case the Company shall provide notice to the Trustee of such increase in interest rate, and shall cause the Trustee to provide appropriate notice thereof to the Holder of this Note; and provided, further,] that any amount of interest on this
Note which is overdue shall bear interest (to the extent that payment thereof shall be legally enforceable) at the rate per annum then borne by this Note from the date such amount is due to but not including the day it is paid or made available for
payment, and such overdue interest shall be paid as provided in Section 306 of the Base Indenture. 
  
 The interest rate payable on the Notes shall not be higher than the maximum rate permitted by New York state law as that law may be modified by U.S. law
of general application. 
  
 The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date shall, as provided in such Indenture and Third Supplemental Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of
business on the Regular Record Date for such interest, which shall be the 15th day (whether or 

  

 10 

 
not a Business Day) next preceding such scheduled Interest Payment Date [if the Note is a Registrable Note, then insert —, provided that
any accrued and unpaid interest (including additional interest as a result of any Registration Default, if applicable) on this Note upon the issuance of an Exchange Note in exchange for this Note shall cease to be payable to the Holder hereof and
shall be payable instead on the next Interest Payment Date for such Exchange Note to the Holder thereof on the related Regular Record Date]. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on the relevant Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of the Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Note may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture or Third Supplemental Indenture. Interest on this Note shall be computed on the basis set forth in the
Indenture and Third Supplemental Indenture. 
  
 Payment of the
principal of and interest on this Note shall be made at the office of the Trustee or agency of the Company in the Borough of Manhattan, New York City, New York, maintained for such purpose and at any other office or agency maintained by the Company
for such purpose, 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 against surrender of this Note in the case of any payment due at the Maturity of the
principal thereof (other than any payment of interest that first becomes payable on a day other than an Interest Payment Date); provided, however, that at the option of the Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the Securities Register; and provided, further, that all payments of the principal of and interest on this Note, the Permitted Holders of which have given wire
transfer instructions to the Trustee, the Company, or its agent at least 10 Business Days prior to the applicable payment date, shall be required to be made by wire transfer of immediately available funds to the accounts specified by such Permitted
Holders in such instructions. [if the Note is a Global Note, then insert — Notwithstanding the foregoing, payment of any amount payable in respect of a Global Note shall be made in accordance with the Applicable Procedures of the
Depositary.] 
  
 Reference is hereby made to the further
provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
  
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall
not be entitled to any benefit under the Indenture and Third Supplemental Indenture or be valid or obligatory for any purpose. 
  

 11 

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

  
 Dated: 
  

			
	AMÉRICA MÓVIL, S.A. DE C.V. 
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  
 (b) Form of
Reverse of Note. 
  
 This Note is a duly authorized issue of
securities of the Company (herein called the “Notes”), issued under an Indenture, dated as of March 9, 2004 (herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), as supplemented by
a First Supplemental Indenture dated as of March 9, 2004 (herein called the “First Supplemental Indenture”), as further supplemented by a Second Supplemental Indenture dated as of March 9, 2004 (herein called the “Second Supplemental
Indenture”), and as further supplemented by a Third Supplemental Indenture dated as of April 27, 2004 (herein called the “Third Supplemental Indenture”), among the Company, Radiomóvil Dipsa, S.A. de C.V., a sociedad
anónima de capital variable organized and existing under the laws of Mexico (herein called the “Guarantor,” which term includes any successor Person under the Indenture) and JPMorgan Chase Bank, as Trustee (herein called the
“Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture, as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and
as further supplemented by the Third Supplemental Indenture, for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantor, 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. 
  
 Additional notes on terms and conditions identical to those of this Note may be issued by the Company without the consent of the Holders of the Notes. The
amount evidenced by such additional Notes shall increase the aggregate principal amount of, and shall be consolidated and form a single series with, the Notes. 
  

In the event of redemption of this Note in part only, a new Note of this series and of like tenor for the unredeemed portion hereof shall be issued in
the name of the Holder hereof upon the cancellation hereof. 
  

 12 

 If an Event of Default with respect to Notes shall occur and be continuing, the principal of all of the
Notes may be declared due and payable in the manner and with the effect provided in the Indenture, as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the
Third Supplemental Indenture. 
  
 All payments of principal and
interest in respect of the Notes shall be made after withholding or deduction for any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of Mexico
or any authority therein or thereof having power to tax (“Mexican Taxes”). In the event of any withholding or deduction for any Mexican Taxes, the Company shall pay such additional amounts (“Additional Amounts”) as will result in
receipt by the Holders of Notes on the respective due dates of such amounts as would have been received by them had no such withholding or deduction (including for any Mexican Taxes payable in respect of Additional Amounts) been required, except
that no such Additional Amounts shall be payable with respect to any payment on a Note to the extent: 
  
 (i) that any such taxes, duties, assessments or other governmental charges would not have been imposed but for (A) a connection between
the Holder and Mexico other than the ownership or holding of such Note and the mere receipt of payments with respect to such Note or (B) failure by the Holder or any other Person to comply with any certification, identification or other reporting
requirement concerning the nationality, residence, identity or connection with Mexico of the Holder or any beneficial owner of such Note if compliance is required by law, regulation or by an applicable income tax treaty to which Mexico is a party,
as a precondition to exemption from, or reduction in the rate of, the tax, assessment or other governmental charge and we have given the Holders at least 30 days’ notice prior to the first payment date with respect to which such certification,
identification or reporting requirement is required to the effect that Holders will be required to provide such information and identification; 
  
 (ii) of any such taxes, duties, assessments or other governmental charges with respect to a Note presented for payment 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 Note would have been
entitled to such Additional Amounts on presenting such Note for payment on any date during such 15-day period; 
  
 (iii) of estate, inheritance, gift or other similar taxes, assessments or other governmental charge imposed with respect to a Note;

  
 (iv) any tax, duty, assessment or other
governmental charge payable otherwise than by deduction or withholding from payments on any series of Notes; and 
  
 (v) any payment on a Note to a Holder who is a fiduciary or partnership or a person other than the sole beneficial owner of any such
payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership or the beneficial owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member
or beneficial owner been the Holder of such Note. 
  

 13 

 For purposes of the provisions described in Clause (i) above, the term “Holder” of any Note
means the direct nominee of any beneficial owner of such Note, which holds such beneficial owner’s interest in such Note. Notwithstanding the foregoing, the limitations on the Company’s obligation to pay Additional Amounts set forth in
Clause (i)(B) above shall not apply if (a) the provision of information, documentation or other evidence described in such Clause (i)(B) 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, regulation or administrative practice) than comparable information or other reporting requirements imposed under U.S. tax law (including
the United States—Mexico Income Tax Treaty), regulations (including proposed regulations) and administrative practice or (b) Rule 3.25.15 is in effect, unless the provision of the information, documentation or other evidence described in such
Clause (i)(B) is expressly required by statute, regulation, rule or administrative practice in order to apply Rule 3.25.15 and 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 3.25.15. In addition, such Clause (i)(B) shall not be construed to require that a non-Mexican pension or retirement fund or a non-Mexican financial institution or any other
Person 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. 
  
 The Company shall provide the Trustee with the constancia or other relevant documentation, if any, (which may consist
of certified copies of such documentation) satisfactory to the Trustee evidencing the payment of Mexican Taxes in respect of which the Company has paid any Additional Amounts. Copies of such documentation shall be made available to the Holders of
the Notes or the Paying Agent, as applicable, upon request therefor. 
  
 The Company shall pay all stamp, issue, registration, documentary or other similar duties, if any, which may be imposed by Mexico or any governmental entity or political subdivision therein or thereof, or any taxing authority of or in any
of the foregoing, with respect to the Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture or the issuance of the Notes. 
  
 All references herein, in the Indenture, in the First Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Notes or the Guarantees, to principal, premium, if any, or interest or any other amount payable in respect of any Note shall be deemed to include all Additional Amounts, if any, payable in respect of such principal,
premium, interest or other amount payable, unless the context otherwise requires, and express mention of the payment of Additional Amounts in any provision hereof shall not be construed as excluding reference to Additional Amounts in those
provisions hereof where such express mention is not made. 
  
 In
the event that Additional Amounts actually paid with respect to the Notes pursuant to the preceding paragraphs are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such
Notes, and, as a result thereof such Holder is entitled to make claim for a refund or credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Notes, be deemed to have assigned and transferred
all right, title, and interest to any such claim for a refund or credit of such excess to the Company. However, by making such assignment, the Holder makes no 

  

 14 

 
representation or warranty that the Company shall be entitled to receive such claim for a refund or credit and incurs no other obligation with respect
thereto. 
  
 All references in the Indenture, the First
Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Notes and the Guarantees to principal in respect of any Note shall be deemed to mean and include any Redemption Price or Repurchase Price payable in
respect of such Note pursuant to any redemption or repurchase right hereunder (and all such references to the Stated Maturity of the principal in respect of any Note shall be deemed to mean and include the Redemption Date with respect to any such
Redemption Price and the Repurchase Date with respect to any such Repurchase Price), and all such references to principal, premium, interest or Additional Amounts shall be deemed to mean and include any amount payable in respect hereof pursuant to
Section 1010 of the Indenture. 
  
 The Notes are subject to
redemption upon not less than 30 nor more than 60 days’ notice by mail, at any time, as a whole but not in part, at the election of the Company, at a cash price equal to the sum of (i) the principal amount of the Notes being redeemed, (ii)
accrued and unpaid current interest thereon to but not including the date fixed for redemption, and (iii) any Additional Amounts which would otherwise be payable up to but not including the date fixed for redemption, solely if, as a result of any
amendment to, or change in, the laws (or any laws, rules, or regulations thereunder) of Mexico or any political subdivision or taxing authority thereof or therein affecting taxation or any amendment to or change in an official interpretation,
administration or application of such laws, rules, or regulations (including a holding by a court of competent jurisdiction), which amendment or change of such laws, rules, or regulations becomes effective on or after the date of the Third
Supplemental Indenture, the Company would be obligated, after making reasonable endeavors to avoid such requirement, to pay Additional Amounts in excess of the Additional Amounts that the Company would be obligated to pay if payments made on the
Notes were subject to withholding or deduction of Mexican Taxes at the rate of 10%. 
  
 The Indenture, as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture, permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the Guarantor, on the one hand, and the rights of the Holders of the Notes of each series, on the other hand, to be affected
under the Indenture, as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture, at any time by the Company, the Guarantor and the
Trustee with the consent of the Holders of a majority in principal amount of the Notes at the time Outstanding all series to be affected (considered together as one class for this purpose). The Indenture also contains provisions (i) permitting the
Holders of a majority in principal amount of the Notes at the time Outstanding of all series to be affected under the Indenture as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as
further supplemented by the Third Supplemental Indenture (considered together as one class for this purpose), on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture as
supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture and (ii) permitting the Holders of a majority in principal amount of the
Notes at the time Outstanding of any series to be affected under the Indenture as supplemented (with each such series considered separately for this purpose), on 

  

 15 

 
behalf of the Holders of all Notes of such series, to waive certain past defaults under the Indenture as supplemented by the First Supplemental Indenture, as
further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental 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 Note 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. 
  
 As provided in and subject to the provisions of the Indenture, as
supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture, the Holder of this Note shall not have the right to institute any
proceeding with respect to the Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes, the Holders of not less than 25% in principal amount of the Notes at the time Outstanding shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Notes at
the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Note for the enforcement of any payment of principal hereof or any premium and interest hereon on or after the respective due dates expressed herein. 
  
 No reference herein to the Indenture, the First Supplemental Indenture, the Second Supplemental Indenture or the Third
Supplemental Indenture and no provision of this Note or of the Indenture, the First Supplemental Indenture, the Second Supplemental Indenture or the Third Supplemental Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
  
 As provided in the Indenture, the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental
Indenture and subject to certain limitations therein set forth (including, without limitation, the restrictions on transfer under Sections 202 and 203 of the Third Supplemental Indenture) the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office of the Trustee or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Company, the Guarantor and the Security Registrar duly executed by, the Holder thereof or 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, shall be issued to the designated transferee or transferees. 
  
 The Notes are issuable only in registered form without coupons in denominations of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof. As
provided in the Indenture, as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture, and subject to certain limitations therein
set forth, Notes are exchangeable for a like 

  

 16 

 
aggregate principal amount of Notes of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
  
 No service charge shall be made for any such registration of transfer or
exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
  

Prior to due presentment of this Note for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor
or of 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 is overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by
notice to the contrary. 
  
 [If the Note is a Global Note, then
insert — This Note is a Global Note and is subject to the provisions of the Indenture and the Third Supplemental Indenture relating to Global Notes, including the limitations in Section 203 of the Third Supplemental Indenture on transfers
and exchanges of Global Notes.] 
  
 This Note, the Guarantees, the
Indenture, the First Supplemental Indenture, the Second Supplemental Indenture and the Third Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 
  
 All terms used in this Note which are defined in the Indenture, as
supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture, shall have the meanings assigned to them in the Indenture, as
supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture. 
  

  
 ABBREVIATIONS 
  
 The following abbreviations,
when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	 TEN COM — as tenants in common
	  	 UNIF GIFT MIN ACT—______________
 (Cust)

	 TEN ENT — as tenants by the entireties
	  	 Custodian _____________ under Uniform
 (Minor)

	 JT TEN — as joint tenants with right
of
              survivorship and not as tenants in common
	  	 Gifts to Minors Act ________________
 (State)

  

 17 

 Additional abbreviations may also be 
 used though not in the above list. 
  

  
 (c) Form of Guarantee. 
  
 Radiomóvil Dipsa, S.A. de C.V., a sociedad anónima de
capital variable organized and existing under the laws of Mexico (the “Guarantor”), hereby fully and unconditionally guarantees (such guarantee being referred to herein as the “Guarantee”), in accordance with the terms of the
Indenture, dated as of March 9, 2004 (the “Indenture”), among América Móvil, S.A. de C.V., the Guarantor and JPMorgan Chase Bank, as Trustee, the full and punctual payment when due, whether at maturity, upon redemption, by
acceleration or otherwise, of the principal of, premium, if any, and interest on, and any other amounts due under the Notes and all other obligations of the Company under the Indenture, as supplemented by the First Supplemental Indenture, as further
supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture. Capitalized terms used but not defined herein shall have the respective meanings given to them in the Indenture, as supplemented by
the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture. 
  

The obligations of the Guarantor to the Holders and to the Trustee pursuant to the Guarantee and the Indenture, as supplemented by the First
Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture, shall be limited to the maximum amount as shall, after giving effect to all other liabilities
(fixed and contingent) of the Guarantor, result in the obligations of the Guarantor under the Guarantees not constituting a fraudulent conveyance or fraudulent transfer under applicable law. 
  
 The obligations of the Guarantor to the Holders and to the Trustee pursuant
to the Guarantee and the Indenture, as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture, are expressly set forth, to the
extent and in the manner provided, in Article Eleven of the Indenture, as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture,
and reference is hereby made to such Indenture, as supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture, for the precise terms
of the Guarantee therein made. 
  
 The Guarantee shall not be
valid or obligatory for any purpose until the certificate of authentication on the Notes upon which the Guarantee is noted shall have been executed by the Trustee under the Indenture, as supplemented by the First Supplemental Indenture, as further
supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture, by the manual signature of one of its authorized signatories. 
  
 The Guarantee shall be governed by, and construed in accordance with, the laws of the State of New York. 
  

 18 

 The Guarantee is subject to release upon the terms set forth in the Indenture as supplemented by the
First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture. 
  
 IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed. 
  

			
	RADIOMÓVIL DIPSA, S.A. de C.V.,
		
	By:	 	 
	 	 	 
	 	 	 Name:

	 	 	 Title:

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  
 Section 203. Transfers and
Exchanges 
  
 (a) Restricted Notes. Restricted Notes
shall be subject to the restrictions on transfer (the “Transfer Restrictions”) provided in the applicable legend(s) (the “Restrictive Legends”) required to be set forth on the face of each Restricted Note pursuant to Section 202,
unless compliance with the Transfer Restrictions shall be waived by the Company and the Guarantor in writing delivered to the Trustee. 
  
 The Transfer Restrictions shall cease and terminate with respect to any particular Restricted Note upon receipt by the Company and the Guarantor of
evidence satisfactory to them (which may include an opinion of independent counsel experienced in matters of U.S. federal securities law) that, as of the date of determination, such Restricted Note (a) has been transferred by the Holder thereof
pursuant to Rule 144, (b) has been sold pursuant to an effective registration statement under the Securities Act, or (c) has been transferred (i) in a transaction satisfying all the requirements of Rule 903 or 904 (as applicable) of Regulation S or
(ii) pursuant to Rule 144A, and receipt by the Trustee of an Officer’s Certificate certifying that the Company and the Guarantor have received such evidence which may include an opinion of counsel stating that the Transfer Restrictions have
ceased and terminated with respect to such Note. All references in the preceding sentence to any regulation, rule or provision thereof shall be deemed also to refer to any successor provisions thereof. In addition, the Company and the Guarantor may
terminate the Transfer Restrictions with respect to any particular Restricted Note in such other circumstances as they determine are appropriate for this purpose and shall deliver to the Trustee an opinion of counsel, if any, and Officer’s
Certificate certifying that the Transfer Restrictions have ceased and terminated with respect to such Note. 
  
 At the request of the Holder and upon the surrender of such Restricted Notes, together with Guarantees of the Guarantor annexed thereto or endorsed
thereon, to the Trustee or Security Registrar for exchange in accordance with the provisions of this Section 203, any Restricted Note as to which the Transfer Restrictions shall have terminated in accordance with the preceding paragraph shall be
exchanged for a new Note of like aggregate principal amount, but without the 

  

 19 

 
Restrictive Legends. Any Restricted Note as to which the Restrictive Legends shall have been removed pursuant to this paragraph (and any Note issued upon
registration of transfer of, exchange for or in lieu of such Restricted Note) shall thereupon cease to be a “Restricted Note” for all purposes of this Third Supplemental Indenture. 
  
 The Company shall notify the Trustee in writing of the effective date of any
registration statement registering any Restricted Notes under the Securities Act and shall ensure that any opinion of counsel received by it in connection with the removal of any Restrictive Legend is also addressed to the Trustee. The Trustee shall
not be liable for any action taken or omitted to be taken by it in good faith and without negligence on its part in accordance with such notice or any opinion of counsel. 
  
 As used in this Section 203(a), the term “transfer” encompasses any sale, pledge, transfer or other disposition of
any Notes referred to herein. 
  
 (b) Transfers Between Global
Notes 
  
 (i) Restricted Global Note to
Regulation S Global Note. If the owner of a beneficial interest (an “Owner Transferor”) in a Restricted Global Note wishes at any time to transfer such beneficial interest to a Person (an “Owner Transferee”) who wishes to
take delivery thereof in the form of a beneficial interest in a Regulation S Global Note, such transfer may be effected, subject to the Applicable Procedures, only in accordance with the provisions of this Section 203(b)(i). Upon receipt by the
Trustee, as Security Registrar, at the Corporate Trust Office of (l) written instructions given in accordance with the Applicable Procedures from the Agent Member, whose account is to be debited (an “Agent Member Transferor”) with respect
to the Restricted Global Note, directing the Trustee, as Security Registrar, to credit or cause to be credited to a specified account of another Agent Member (an “Agent Member Transferee”) (which shall be an account with Euroclear or
Clearstream or both) a beneficial interest in a Regulation S Global Note in a principal amount equal to the beneficial interest in the Restricted Global Note to be so transferred (the “Restricted Global Transferred Amount”), (2) a written
order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member Transferee to be credited with, and the Agent Member Transferor to be debited by, the Restricted Global Transferred Amount, and
(3) a certificate in substantially the form set forth in Annex A hereto given by the Owner Transferor, the Trustee, as Security Registrar, shall instruct the Depositary to reduce the principal amount of the Restricted Global Note, and to increase
the principal amount of the Regulation S Global Note, by the Restricted Global Transferred Amount, and to credit, or cause to be credited to, the account of the Agent Member Transferee a beneficial interest in the Regulation S Global Note, and to
debit, or cause to be debited to, the account of the Agent Member Transferor a beneficial interest in the Restricted Global Note, in each case having a principal amount equal to the Restricted Global Transferred Amount. 
  
 (ii) Restricted Global Note to Unrestricted Global
Note. If an Owner Transferor wishes at any time to transfer a beneficial interest in a Restricted Global Note to an Owner Transferee who wishes to take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, such
transfer may be effected, subject to the Applicable Procedures, only in accordance with this Section 203(b)(ii). Upon receipt by the Trustee, as Security Registrar, at the Corporate Trust Office of (l) written instructions 

  

 20 

 
given in accordance with the Applicable Procedures from the Agent Member Transferor directing the Trustee, as Security Registrar, to credit or cause to be
credited to a specified account of an Agent Member Transferee (which may but need not be an account with Euroclear or Clearstream) a beneficial interest in the Unrestricted Global Note in a principal amount equal to the Restricted Global Transferred
Amount, (2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member Transferee to be credited with, and the account of the Agent Member Transferor to be debited for, the
Restricted Global Transferred Amount, and (3) a certificate in substantially the form set forth in Annex B hereto given by the Owner Transferor, the Trustee, as Security Registrar, shall instruct the Depositary to reduce the principal amount of the
Restricted Global Note, and to increase the principal amount of the Unrestricted Global Note, by the Restricted Global Transferred Amount, and to credit, or cause to be credited to, the account of the Agent Member Transferee a beneficial interest in
the Unrestricted Global Note, and to debit, or cause to be debited to, the account of the Agent Member Transferor a beneficial interest in the Restricted Global Note, in each case having a principal amount equal to the Restricted Global Transferred
Amount. 
  
 (iii) Regulation S Global Note or
Unrestricted Global Note to Restricted Global Note. If an Owner Transferor wishes at any time to transfer a beneficial interest in a Regulation S Global Note or an Unrestricted Global Note to an Owner Transferee who wishes to take delivery
thereof in the form of a beneficial interest in a Restricted Global Note, such transfer may be effected, subject to the Applicable Procedures, only in accordance with this Section 203(b)(iii). Upon receipt by the Trustee, as Security Registrar, at
the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from the Agent Member Transferor, directing the Trustee, as Security Registrar, to credit, or cause to be credited to, a specified account of
an Agent Member Transferee a beneficial interest in the Restricted Global Note in a principal amount equal to that of the beneficial interest in the Regulation S Global Note or Unrestricted Global Note to be so transferred, (2) a written order given
in accordance with the Applicable Procedures containing information regarding the account of the Agent Member Transferee to be credited with, and the account of the Agent Member Transferor (which, in the case of beneficial interest in the Regulation
S Global Note, must be an account with Euroclear or Clearstream or both) to be debited for, such beneficial interest, and (3) with respect to a transfer of a beneficial interest in the Regulation S Global Note (but not the Unrestricted Global Note),
a certificate in substantially the form set forth in Annex C hereto given by the Owner Transferor, the Trustee, as Security Registrar, shall instruct the Depositary to reduce the principal amount of the Regulation S Global Note or Unrestricted
Global Note, as the case may be, and increase the principal amount of the Restricted Global Note, by the principal amount of the beneficial interest in the Regulation S Global Note or Unrestricted Global Note to be so transferred, and to credit, or
cause to be credited to, the account of the Agent Member Transferee such beneficial interest in the Restricted Global Note, and to debit, or cause to be debited to, the account of the Agent Member Transferor such beneficial interest in the
Regulation S Global Note or Unrestricted Global Note, as the case may be. 
  
 (c) In case of any transfer or exchange the procedures and requirements for which are not addressed in detail in this Section 203, such transfer or exchange shall be subject to such procedures and requirements as may
be reasonably prescribed by the Company, the Guarantor 

  

 21 

 
and the Trustee from time to time and, in the case of a transfer or exchange invoking a Global Note, the Applicable Procedures. 
  
 (d) Notwithstanding the foregoing, during the period of two years after the
Closing Date (as defined in the Purchase Agreement), the Company and the Guarantor shall not, and shall not permit any of their Affiliates that are Subsidiaries to, purchase or agree to purchase or otherwise acquire any Restricted Notes, whether as
beneficial owner or otherwise (except as agent on behalf of and for the account of customers in the ordinary course of business as a securities broker in unsolicited broker’s transactions) unless, immediately upon any such purchase, the
Company, the Guarantor or any such Affiliate shall submit such Restricted Notes to the Trustee for cancellation. The Company and the Guarantor further agree to ask their Affiliates that are not Subsidiaries to agree not to purchase or otherwise
acquire any Restricted Notes, whether as beneficial owner or otherwise, except as permitted in the preceding sentence. 
  
 Section 204. Form of Trustee’s Certificate of Authentification 
  
 The Trustee’s certificate of authentification shall be in substantially the following form: 
  
 This is one of the Notes referred to in the within mentioned Indenture, as
supplemented by the First Supplemental Indenture, as further supplemented by the Second Supplemental Indenture and as further supplemented by the Third Supplemental Indenture. 
  
 Dated: 
  

			
	JPMorgan Chase Bank,
          as Trustee
		
	By:	 	 
	 	 	 Authorized Officer

  
 Section 205. Maintenance of
Office or Agency 
  
 With respect to any Notes that are not in
the form of a Global Note, the Company shall maintain (i) in the Borough of Manhattan, New York City and (ii) in Luxembourg, so long as the Notes are listed on the Luxembourg Stock Exchange and the rules and regulations of the Luxembourg Stock
Exchange so require, an office or agency, in each case, in accordance with Section 1002 of the Base Indenture. 
  
 Section 206. Luxembourg Stock Exchange Listing 
  
 The Company shall use its best reasonable efforts to list the Notes, subject to official notice of issuance, on the Luxembourg Stock Exchange and shall from time to time take such other actions as shall be necessary
or advisable to maintain any listing of the Notes in accordance with the terms of this Section 206; provided that if such listing of the Notes shall be obtained and (i) it subsequently becomes impracticable or unduly burdensome, in the good
faith determination of the Company, to maintain, due to changes in listing requirements occurring subsequent to the date hereof or (ii) the Directive of the European Parliament and of the Council 2003/0045 (COD) 

  

 22 

 
is adopted and implemented in Luxembourg in a manner that would require the Company to publish financial information according to accounting principles or
standards that are materially different from those it applies in its financial reporting under the securities laws of Mexico and the United States, the Company may de-list the Notes from the Luxembourg Stock Exchange; and, in the event of any such
de-listing, the Company shall use its reasonable best efforts to obtain an alternative admission to listing, trading and/or quotation of the Notes by another listing authority, exchange or system within or outside the European Union as it may
reasonably decide, provided that if such alternative admission is not available or is, in the Company’s reasonable opinion, unduly burdensome, the Company shall have no further obligation in respect of any listing of the Notes.

  
 Section 207. Determinations and Other Duties of the Calculation Agent

  
 As long as any Notes are outstanding, the Company shall
maintain a calculation agent for calculating the interest rates applicable to the Notes (the “Calculation Agent”). The Calculation Agent shall calculate the interest rate applicable to the Notes for each Interest Period in accordance with
Section 201 hereof. The Calculation Agent shall reset the rate of interest on the Notes on each Interest Reset Date. The interest rate set for the Notes on a particular Interest Reset Date shall remain in effect during the Interest Period commencing
on that Interest Reset Date. The Calculation Agent shall determine the interest rate applicable to the Notes for each Interest Period on the Interest Determination Date immediately preceding the beginning of the relevant Interest Period. The
interest rate determined on an Interest Determination Date shall become effective on and as of the next Interest Reset Date. The Calculation Agent shall notify, in writing, the Company and the Trustee of such interest rate as soon as reasonably
practicable after the determination thereof, but in no event later than the last Business Day prior to the commencement of the relevant Interest Period. The Calculation Agent also shall notify, in writing, the Paying Agent and, for so long as the
Notes are listed on the Luxembourg Stock Exchange, the Luxembourg Stock Exchange of such interest rate, the relevant Interest Period, the relevant Interest Payment Date and the amount of interest to be paid on the Notes on such Interest Payment Date
as soon as reasonably practicable after the determination thereof but in no event later than the last Business Day prior to the commencement of the relevant Interest Period. In addition, the Calculation Agent shall provide or publish, promptly after
the Interest Determination Date in respect of each Interest Period, such interest rate, the relevant Interest Period, the relevant Interest Payment Date and the amount of interest to be paid on the Notes on such Interest Payment Date in the same
manner as for giving notice to Holders of the Notes pursuant to Section 106 of the Base Indenture and, for so long as any Notes are listed on the Luxembourg Stock Exchange, in a newspaper with general circulation in Luxembourg in accordance with the
rules and regulations of the Luxembourg Stock Exchange. The calculations of the Calculation Agent shall, in the absence of manifest error, be conclusive for all purposes and binding on the Company and on the Holders of the Notes. The Calculation
Agent shall perform such other actions and undertake such other duties of the Calculation Agent as are described in the Notes to be performed or undertaken by the Calculation Agent. 
  
 Section 208. Appointment and Removal of, and Other Matters Relating to, the Calculation Agent 
  
 (a) The Company hereby appoints JPMorgan Chase Bank as the initial
Calculation Agent of the Company with respect to the Notes, and JPMorgan Chase Bank hereby accepts such 

  

 23 

 
appointment in such capacity and its obligations as set forth in this Third Supplemental Indenture upon the terms and conditions set forth in this Third
Supplemental Indenture. 
  
 (b) The Company hereby agrees to pay
the Calculation Agent its fees and expenses as agreed upon separately in writing. 
  
 (c) The Calculation Agent accepts its obligations set forth herein upon the terms and conditions hereof, including the following terms and conditions (to all of which the Company agrees): 
  
 (i) in acting under this Third Supplemental Indenture and in
connection with the Notes, the Calculation Agent, acting as agent for the Company, does not assume any obligation toward, or any relationship of agency or trust for or with, any of the holders of such Notes; 
  
 (ii) unless herein otherwise specifically provided, any
order, certificate, notice, request or communication from the Company made or given under any provision of this Third Supplemental Indenture shall be sufficient if signed by any person whom the Calculation Agent reasonably believes to be a duly
authorized officer or attorney-in-fact of the Company; 
  
 (iii) the Calculation Agent shall be obligated to perform only such duties as are set forth specifically herein, in the Notes or in this Third Supplemental Indenture and any duties necessarily incidental thereto; 
  
 (iv) the Calculation Agent shall be protected and shall incur
no liability for or in respect of any action taken or omitted to be taken or anything suffered by it in reliance upon any provision contained in a Note, this Third Supplemental Indenture or any information supplied to it by an officer of the
Company; 
  
 (v) the Calculation Agent shall incur
no liability hereunder except for loss sustained by reason of its or its employees’ or agents’ gross negligence, willful misconduct or bad faith; 
  
 (vi) the Calculation Agent shall not be required to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its rights or powers; 
  
 (vii) the Calculation Agent may consult with counsel of its own choice and the advice of such counsel or any Opinion of Counsel shall be
full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and reliance thereon; 
  
 (viii) the Calculation Agent makes no representations as to the validity or sufficiency of this Third Supplemental Indenture; and

  
 (ix) the Calculation Agent shall in no event
be liable for special, indirect or consequential loss or damage of any kind whatsoever (including, without limitation, lost 

  

 24 

 
profits), even if the Calculation Agent has been advised of the likelihood of such loss or damage and regardless of the form of action. 
  
 (d) The Company shall have the right to remove the Calculation Agent from
such capacity at its discretion. The Company shall appoint a bank, trust company, investment banking firm or other financial institution to act as the successor Calculation Agent to JPMorgan Chase Bank or any of its successors in that capacity in
the event that: 
  
 (i) any acting Calculation
Agent is unable or unwilling to act; 
  
 (ii) any
acting Calculation Agent fails to comply with its obligations under this Third Supplemental Indenture; or 
  
 (iii) the Company proposes to remove the Calculation Agent. 
  
 ARTICLE THREE 
  
 MISCELLANEOUS PROVISIONS 
  
 Section 301. Separability of Invalid Provisions 
  
 In case any one or more of the provisions contained in this Third Supplemental Indenture should be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provisions contained in this Third Supplemental Indenture, and to the extent and only to the extent that any such provision is invalid, illegal or unenforceable, this Third
Supplemental Indenture shall be construed as if such provision had never been contained herein. 
  
 Section 302. Execution in Counterparts 
  
 This Third Supplemental Indenture may be simultaneously executed and delivered in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original, and such counterparts shall
together constitute but one and the same instrument. 
  
 Section 303. Certain
Matters 
  
 The Trustee and the Calculation Agent shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company and the Guarantor.

  

 25 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed
on their respective behalves, all as of the day and year first written above. 
  

			
	AMÉRICA MÓVIL, S.A. DE C.V.,
	        as Issuer
		
	By:	 	

	 	 	 Name: Carlos García Moreno

	 	 	 Title: Attorney-in-Fact

		
	By:	 	

	 	 	 Name: Alejandro Cantú Jiménez

	 	 	 Title: Attorney-in-Fact

	 	 	 
	 RADIOMÓVIL DIPSA, S.A. DE C.V.,

	         as Guarantor

		
	By:	 	

	 	 	 Name: Carlos García Moreno

	 	 	 Title: Attorney-in-Fact

		
	By:	 	

	 	 	 Name: Alejandro Cantú Jiménez

	 	 	 Title: Attorney-in-Fact

	 	 	 
	JPMORGAN CHASE BANK,
        as Trustee
		
	By:	 	  
 

	 	 	 Name: Karen Ferry

	 	 	 Title: Vice President

  

 26 

			
	JPMORGAN CHASE BANK,
        as Calculation Agent
		
	By:	 	

	 	 	 
	 	 	 Name: KAREN FERRY

	 	 	 Title: VICE PRESIDENT

  

 27 

 ANNEX A 
  
 FORM OF TRANSFER CERTIFICATE 
 FOR
TRANSFER FROM RESTRICTED GLOBAL 
 NOTE TO REGULATION S GLOBAL NOTE 
 (Transfers pursuant to § 203(b)(i) 
of the Supplemental Indenture) 
  
 JPMorgan Chase Bank, 
as Trustee 
  

	 	Re:	Floating Rate Senior Notes due 2007 of 
América Móvil, S.A. de C.V. (the “Notes”) 

  
 Reference is hereby made to the Third Supplemental Indenture, dated as of
April 27, 2004 (the “Supplemental Indenture”), among América Móvil, S.A. de C.V., as Issuer, Radiomóvil Dipsa, S.A. de C.V., as Guarantor, and JPMorgan Chase Bank, as Trustee and Calculation Agent. Capitalized terms
used but not defined herein shall have the meanings given to them in the Supplemental Indenture. 
  
 This letter relates to U.S.$                 principal amount of Notes
which are evidenced by one or more Restricted Global Notes (CUSIP No. 02364W AC 9) and held with the Depositary in the name of [INSERT NAME OF TRANSFEROR] (the “Transferor”). The Transferor has requested a transfer of such beneficial
interest in the Notes to a person who shall take delivery thereof in the form of an equal principal amount of Notes evidenced by one or more Regulation S Global Notes (CUSIP No. P0280A AW 1), which amount, immediately after such transfer, is to be
held with the Depositary through Euroclear or Clearstream or both (Common Code: 019146260; ISIN: USP0280AAW10). 
  
 In connection with such request and in respect of such Notes, the Transferor does hereby certify that such transfer has been effected pursuant to and in
accordance with Rule 903 or Rule 904 (as applicable) under the Securities Act or Rule 144, and accordingly the Transferor does hereby further certify that: 
  
 (i) If the transfer is being effected pursuant to Rule 903 and Rule 904: 
  
 (1) the offer of the Notes was not made to a person in the United States; 
  
 (2) either: 
  
 (A) at the time the buy order was originated, the transferee
was outside the United States or the Transferor and any person acting on its behalf reasonably believed that the transferee was outside the United States, or 
  
 (B) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States; 
  

 A-1 

 (3) no directed selling efforts have been made in contravention of the requirements of
Rule 903(b) or 904(b) of Regulations S, as applicable; 
  
 (4) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and 
  
 (5) upon completion of the transaction, the beneficial interest being transferred as described above is to be held with the Depositary
through Euroclear or Clearstream or both. 
  
 (ii) If the transfer is being effected pursuant to Rule 144, the Notes are being transferred in a transaction permitted by Rule 144. 
  
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company, the Guarantor and the underwriter or
initial purchaser, if any, of the initial offering of such Notes being transferred. Terms used in this certificate and not otherwise defined in the Supplemental Indenture have the meanings set forth in Regulation S or Rule 144. 
  

			
	[Insert Name of Transferor]
	 By:
	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:

  
 Dated: 
  
 cc: América
Móvil, S.A. de C.V. 
 Radiomóvil Dipsa, S.A. de C.V. 
  

 A-2 

 ANNEX B 
  
 FORM OF TRANSFER CERTIFICATE 
 FOR
TRANSFER FROM RESTRICTED GLOBAL 
 NOTE TO UNRESTRICTED GLOBAL NOTE 
 (Transfers Pursuant to § 203(b)(ii) 
 of the Supplemental Indenture)

  
 JPMorgan Chase Bank, 
as Trustee

  
 Re: Floating Rate Senior Notes due 2007 of 

 América Móvil, S.A. de C.V. (the “Notes”) 
  
 Reference is hereby made to the Third Supplemental Indenture, dated as of
April 27, 2004 (the “Supplemental Indenture”), among América Móvil, S.A. de C.V., as Issuer, Radiomóvil Dipsa, S.A. de C.V., as Guarantor, and JPMorgan Chase Bank, as Trustee and Calculation Agent. Capitalized terms
used but not defined herein shall have the meanings given to them in the Supplemental Indenture. 
  
 This letter relates to U.S.$             principal amount of Notes which are evidenced by one
or more Restricted Global Notes (CUSIP No. 02364W AC 9) and held with the Depositary in the name of [INSERT NAME OF TRANSFEROR] (the “Transferor”). The Transferor has requested a transfer of such beneficial interest in the Notes to a
person that shall take delivery thereof in the form of an equal principal amount of Notes evidenced by one or more Unrestricted Global Notes (CUSIP No. P0280A AW 1). 
  
 In connection with such request and in respect of such Notes, the Transferor does hereby certify that such transfer has been
effected pursuant to and in accordance with either (i) Rule 903 or Rule 904 (as applicable) under the Securities Act, or (ii) Rule 144, and accordingly the Transferor does hereby further certify that: 
  
 (i) If the transfer has been effected pursuant to Rule 903
and Rule 904: 
  
 (1) the offer of the Notes was
not made to a person in the United States; 
  
 (2) either: 
  
 (A) at the time the buy
order was originated, the transferee was outside the United States or the Transferor and any person acting on its behalf reasonably believed that the transferee was outside the United States, or 
  
 (B) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither the Transferor nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States; 
  

 B-1 

 (3) no directed selling efforts have been made in contravention of the requirements of
Rule 903(b) or 904(b) of Regulation S, as applicable; and 
  
 (4) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act. 
  
 (ii) If the transfer has been effected pursuant to Rule 144, the Notes have been transferred in a transaction permitted by Rule 144.

  
 This certificate and the statements contained herein are made
for your benefit and the benefit of the Company, the Guarantor and the underwriter or initial purchaser, if any, of the Notes being transferred. Terms used in this certificate and not otherwise defined in the Supplemental Indenture have the meanings
set forth in Regulation S under the Securities Act. 
  

			
	[Insert Name of Transferor]
	 By:
	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:

  
 Dated: 
 cc: América Móvil, S.A. de C.V. 
 Radiomóvil Dipsa, S.A. de C.V. 
  

 B-2 

 ANNEX C 
  
 FORM OF TRANSFER CERTIFICATES 
 FOR
TRANSFER FROM REGULATION S GLOBAL 
 NOTE OR UNRESTRICTED GLOBAL NOTE 
 TO RESTRICTED GLOBAL NOTE 
 (Transfers Pursuant to § 203(b)(iii)

 of the Supplemental Indenture) 
  
 [Transferor Certificate] 
  
 JPMorgan Chase Bank, 
    as Trustee 
  

	 	Re:	Floating Rate Senior Notes due 2007 of 
América Móvil, S.A. de C.V. (the “Notes”) 

  
 Reference is hereby made to the Third Supplemental Indenture, dated as of
April 27, 2004 (the “Supplemental Indenture”), among América Móvil, S.A. de C.V., as Issuer, Radiomóvil Dipsa, S.A. de C.V., as Guarantor, and JPMorgan Chase Bank, as Trustee and Calculation Agent. Capitalized terms
used but not defined herein shall have the meanings given to them in the Supplemental Indenture. 
  
 This letter relates to U.S.$                 principal amount of Notes
which are evidenced by one or more Regulation S Global Notes (CUSIP No. P0280A AW 1) and held with the Depositary through [Euroclear] [Clearstream] (Common Code: 019146260; ISIN: USP0280AAW10) in the name of [INSERT NAME OF TRANSFEROR] (the
“Transferor”). The Transferor has requested a transfer of such beneficial interest in the Notes to a person that shall take delivery thereof (the “Transferee”) in the form of an equal principal amount of Notes evidenced by one or
more Restricted Global Notes (CUSIP No. 02364W AC 9). 
  
 In
connection with such request and in respect of such Notes, the Transferor does hereby certify that: 
  
 (1) Such transfer is being effected in accordance with all applicable securities laws of any state of the United States or any other jurisdiction;

  
 (2) the Notes are being transferred in accordance with Rule
144A to a transferee whom the Transferor reasonably believes is a qualified institutional buyer within the meaning of Rule 144A and is purchasing the Notes for its own account or any account with respect to which the transferee exercises sole
investment discretion, in each case in a transaction meeting the requirements of Rule 144A; and 
  
 (3) it has notified the transferee that it has relied on Rule 144A as a basis for the exemption from the registration requirements of the Securities Act
used in connection with the transfer. 
  

 C-1 

 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company, the Guarantor and the underwriter and initial purchaser, if any, of the Notes being transferred. 
  

			
	[Insert Name of Transferor]
	 By:
	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:

  
 Dated: 
  
 cc: América
Móvil, S.A. de C.V. 
 Radiomóvil Dipsa, S.A. de C.V. 
  

 C-2

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