Document:

Exhibit 10.27

 

 

 

DRUP/BERKM/9422514

 

40053180/5143227

 

DEED OF PLEDGE

 

(Laureate International B.V.)

 

This thirtieth day of September two thousand eleven, there appeared before me, Pieter Gerard van Druten, civil law notary at Amsterdam, the Netherlands: Sebastiaan van Dugteren, born in Oosterbeek, the Netherlands, on the twenty-fourth day of September nineteen hundred and seventy-four, employed at Fred. Roeskestraat 100, 1076 ED Amsterdam, the Netherlands, for the purposes hereof acting as attorney — whose authorization has been evidenced by three (3) written powers of attorney which will be attached to this deed (Annex) — of:

 

1.                                      LAUREATE I B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid)  under Dutch law, having its official seat in Amsterdam, the Netherlands, and its registered office address at Amsteldijk 166, 1079LH Amsterdam, the Netherlands, registered with the trade register of the Chambers of Commerce under number 30124190, hereinafter referred to as: the “Pledgor”;

 

2.                                      CITIBANK N.A., a national banking association under the laws of the United States of America, having its registered office address at 390 Greenwich Street, New York, New York 10013, United States of America, for the purposes hereof acting in its capacity as Collateral Agent for and on behalf of the Lenders under the Credit Agreement and/or in its capacity as sole creditor under each Parallel Debt in both capacities, hereinafter referred to as: the “Pledgee”; and

 

3.                                      LAUREATE INTERNATIONAL B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid)  under Dutch law, having its official seat in Amsterdam, the Netherlands, and its registered office address at Amsteldijk 166, 1079LH Amsterdam, the Netherlands, registered with the trade register of the Chambers of Commerce under number 27122275, hereinafter referred to as: the “Company”.

 

The person appearing has declared:

 

 

 

 

WHEREAS:

 

A.                                    Reference is made to the credit agreement dated as of the seventeenth day of August two thousand and seven and amended and restated on the sixteenth day of June two thousand and eleven (the Credit Agreement)  by and among Laureate Education, Inc. as Parent Borrower, lniciativas Culturales De España S.L. as Foreign Subsidiary Borrower, the Lenders party thereto from time to time, Goldman Sachs Credit Partners L.P. as Administrative Agent and Collateral Agent, Citigroup Global Markets Inc., Barclays Capital, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC as Joint Lead Arrangers and Bookrunners, and other parties identified therein.

 

B.                                    Pursuant to section 15 (Parallel debt) of the Credit Agreement, each Borrower has undertaken to pay to the Collateral Agent, acting in its own capacity and not as representative or agent of a Lender, each Parallel Debt.

 

C.                                    Pursuant to a notarial deed of pledge executed on the twenty-ninth day of January two thousand eight before a deputy of D.F.M.M. Zaman, civil law notary in Rotterdam, the Netherlands, among others first ranking security has been granted in favor of Goldman Sachs Credit Partners L.P. as Collateral Agent under the Credit Agreement by the Pledgor over all shares issued and outstanding in the capital of the Company as security for amongst others the obligations of the Borrowers under the Existing Credit Agreement as such agreement would be amended and restated from time to time (the Deed of First Ranking Share Pledge).

 

D.                                    Pursuant to a resignation and appointment agreement (the Resignation and Appointment Agreement) dated the thirtieth day of September two thousand and eleven by and among Laureate Education, Inc. and Iniciativas Culturales de España S.L. as Borrowers, Goldman Sachs Credit Partners L.P. as resigning administrative agent and resigning collateral agent and Citibank, N.A. as successor administrative agent and successor collateral agent, Goldman Sachs Credit Partners L.P. in its capacity as Collateral Agent under the Credit Agreement has been replaced by Citibank N.A. and the Parallel Debt has been assigned from Goldman Sachs Credit Partners L.P. to Citibank N.A.

 

E.                                     Notwithstanding the fact that, following the replacement of the Collateral Agent pursuant to the Resignation and Appointment Agreement, the Deed of First Ranking Share Pledge will continue to secure (amongst others) the obligations of the Borrowers under the Credit Agreement, the Pledgor has agreed to grant a second priority right of pledge (pandrecht tweede in rang)  over the Charged Assets (as defined in this Deed) in favor of the Pledgee as security for the Secured Obligations (as defined in this Deed).

 

IT IS AGREED as follows:

 

1                               DEFINITIONS AND INTERPRETATION

 

1.1                     Definitions

 

1.1.1           Capitalized terms used but not defined in this Deed (including its recitals) shall have the meaning as given thereto in the Credit Agreement.

 

1.1.2           In this Deed (including its recitals):

 

 

 

 

 

Articles of Association means the articles of association (statuten)  of the Company as they currently stand since their latest amendment, pursuant to a notarial deed of amendment to the articles of association, executed on the twenty-fifth day of May two thousand eleven before A.J. Wiggers, civil law notary in Amsterdam, the Netherlands.

 

Charged Assets means:

 

(a)                                 the Shares;

 

(b)                                 the Dividends; and

 

(c)                                the Related Assets.

 

Corresponding Debt means any amounts owing from time to time by the Borrowers to the Lenders under the Credit Agreement or any U.S. Obligations Secured Hedge Agreement or Foreign Obligations Secured Hedge Agreement.

 

Deed means this deed of pledge of shares.

 

Dividends means any and all cash dividends, distribution of reserves, repayments of capital, liquidation or dissolution proceeds and all other distributions and (re) payments in respect of the Shares.

 

Enforcement Event means a default by any Borrower in the performance of the Secured Obligations (whether in whole or in part) provided that such default constitutes an Event of Default which is continuing.

 

First Ranking Right of Pledge means the first priority right of pledge created pursuant to the Deed of First Ranking Share Pledge by and among the Pledgor as pledgor, the Company as company and, pursuant to the Resignation and Appointment Agreement and a deed of assumption of contract by and between among others the Pledgee, the Pledgor and the Company dated on or about the date hereof, the Pledgee as pledgee.

 

Party means a party to this Deed.

 

Related Assets means any and all shares, rights (other than Dividends) and other assets accruing, distributed, issued or offered at any time by way of redemption, repurchase, dividend, bonus, preference, pre-emption, conversion, capitalization of profits or reserves, substitution, exchange, warrant, claim or option right or otherwise in respect of the Shares.

 

Right of Pledge means a right of pledge created by this Deed in accordance with Clause 2 (Creation of security).

 

Shares means:

 

(a)                     the ordinary shares numbered from one (1) up to and including seven million and five hundred fifteen thousand (7,515,000), with a nominal value of four euro cent (EUR 0.04) each in the capital of the Company; and

 

(b)                     any and all shares in the capital of the Company which are acquired by the Pledgor after the date of this Deed.

 

Secured Obligations Secured Obligations means any and all obligations and liabilities consisting of monetary payment obligations (verbintenissen tot betaling van een geldsom)  of each Borrower to the Pledgee, whether present or future, whether actual or contingent, whether as primary obligor or as surety, whether for principal, interest, costs or otherwise under or in connection with the Parallel Debt (and if at the time of the creation of a Right of Pledge, or at any time thereafter, the Corresponding Debt owed to the Pledgee cannot be

 

 

 

 

validly secured through the Parallel Debt, any amount which each Borrower owes to a Secured Party under or in connection with the Credit Documents shall be the Secured Obligation).

 

Voting Transfer Event means the occurrence of an Event of Default which is continuing in conjunction with a written notice from the Pledgee to the Pledgor and the Company stating that the Pledgee shall exercise the Voting Rights.

 

Voting Rights means any and all voting rights, other consensual rights and similar rights and powers attached to the Shares.

 

1.2                     Interpretation

 

1.2.1           Unless a contrary indication appears, any reference in this Deed (including its recitals) to:

 

(a)                       a Clause shall, subject to any contrary indication, be construed as a reference to a clause of this Deed;

 

(b)                       this Deed, the Credit Agreement or any other agreement or instrument includes all amendments, supplements, novations, restatements or re-enactments (without prejudice to any prohibition thereto) however fundamental and of whatsoever nature to this Deed, the Credit Agreement, or other agreement or instrument and includes without limitation (i) any increase or reduction in any amount available under the Credit Agreement (as amended, supplemented, novated, restated or re-enacted) or any alteration of or addition to the purpose for which any such amount, or increased or reduced amount may be used, (ii) any facility provided in substitution of or in addition to the facilities originally made available thereunder, (iii) any rescheduling of the indebtedness incurred thereunder whether in isolation or in connection with any of the foregoing, and (iv) any combination of the foregoing and the Secured Obligations include such amendments, supplements, novations, restatements or re-enactments (whether or not anticipated);

 

(c)                        person includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, partnership or other entity (whether or not having separate legal personality) or two or more of the foregoing;

 

(d)                       the Pledgee, the Pledgor, the Company or any other person includes its successors in title, permitted assigns and permitted transferees; and

 

(e)                        a provision of law is a reference to that provision as amended or re-enacted.

 

1.2.2           Clause headings are for ease of reference only.

 

1.2.3           In this Deed (including its recitals), words and expressions importing the singular shall, where the context permits or requires, include the plural and vice versa and words and expressions importing the masculine shall, where the context permits or requires, include the feminine and neuter and vice versa.

 

1.2.4           An Enforcement Event shall constitute a verzuim (as meant in Section 3:248(1) of the Dutch Civil Code) in the performance of the Secured Obligations or any part thereof, without any dun (aanmaning),  summons (sommatie)  or notice of default (ingebrekestelling)  being sent or required.

 

 

 

 

2                               CREATION OF SECURITY

 

2.1                     Undertaking

 

The Pledgor agrees with the Pledgee and undertakes to create or, as the case may be, to create in advance (bij voorbaat)  a second priority right of pledge (pandrecht tweede in rang)  over each of its Charged Assets as security for the Secured Obligations.

 

2.2                    Right of Pledge

 

The Pledgor grants to the Pledgee:

 

(a)                       a second priority right of pledge (pandrecht tweede in rang)  over each of its Charged Assets; and

 

(b)                       to the extent the Charged Assets consist of future Charged Assets, a second priority right of pledge (pandrecht tweede in rang)  in advance (bij voorbaat)  over each of its future Charged Assets,

 

as security for the Secured Obligations.

 

2.3                    Perfection

 

2.3.1 The Company:

 

(a)                       acknowledges to be notified of each Right of Pledge;

 

(b)                       undertakes to register each Right of Pledge in its shareholders’ register;

 

(c)                        undertakes that promptly after the Pledgor has acquired shares in the capital of the Company it shall register each Right of Pledge in its shareholders’ register;

 

(d)                       acknowledges that, other than pursuant to the First Ranking Right of Pledge it has not received any notice of other rights of pledge, limited rights or encumbrances or transfers in respect of the Charged Assets; -

 

(e)                        undertakes to provide the Pledgee promptly after the execution of this Deed and promptly after each acquisition of shares in the capital of the Company by the Pledgor with a copy of the relevant entry in its shareholders’ register;

 

(f)                         to the extent possible under Dutch law and with the knowledge of the Pledgor, waives (and shall waive at the Pledgee’s first request) any right that may impede the exercise by the Pledgee of any Right of Pledge and the other rights conferred under this Deed; and

 

(g)                        undertakes not to propose or effect such acts as set forth in Clause 2.5.2 (Voting Rights).

 

2.3.2 The Pledgee is entitled:

 

(a)                       to present this Deed and any other document pursuant to this Deed for registration to any office, registrar or governmental body (including the Dutch tax authorities) in any jurisdiction; and

 

(b)                       subject to Clause 2.4.2 (Dividends) and Clause 2.5.1 (Voting Rights), to serve any notice to any person,

 

as the Pledgee deems necessary or desirable to protect its interests.

 

2.4                    Dividends

 

2.4.1          In accordance with Section 3:246 (1) of the Dutch Civil Code and subject to the First Ranking Right of Pledge, only the Pledgee is entitled to collect and receive payment of the Dividends and the Related Assets which are subject to a Right of Pledge and to exercise all rights of the Pledgor vis-à-vis the Company with respect to the Dividends and the Related Assets. Without prejudice to its entitlement to collect and receive payment and to exercise its rights in respect of the Dividends and the Related Assets, the Pledgee

 

 

 

 

authorizes the Pledgor to collect and receive payment from the Dividends and the Related Assets to the extent permitted under the Credit Agreement.

 

2.4.2          The authorization granted by the Pledgee to the Pledgor pursuant to Clause 2.4.1 may be terminated by the Pledgee upon the occurrence of an Event of Default which is continuing by giving notice thereof to the Pledgor.

 

2.5                    Voting rights

 

2.5.1          Subject to the First Ranking Right of Pledge, the Voting Rights are transferred by the Pledgor to the Pledgee under the condition precedent (opschortende voorwaarde) of the occurrence of a Voting Transfer Event. The general meeting of shareholders of the Company has resolved to approve such transfer of Voting Rights, as is evidenced by a written resolution of such meeting, dated on or about the date hereof, a copy of which is attached to this Deed (Annex).

 

2.5.2          Upon the occurrence of a Voting Transfer Event, the Pledgee shall have the sole and exclusive right and authority to exercise such Voting Rights and shall be entitled to exercise or refrain from exercising such rights in such manner as the Pledgee may in its absolute discretion deem fit. Until the occurrence of a Voting Transfer Event, the Pledgor shall have the right and authority to exercise such Voting Rights or refrain from exercising such Voting Rights, provided that:

 

(a)                       no such exercise (or such abstention) may violate or be inconsistent with the terms and conditions of this Deed or the Credit Agreement; and

 

(b)                       no such exercise may have the effect of impairing the position or interests of the Pledgee, including, for the avoidance of doubt, such exercise which without the prior written consent of the Pledgee results in a resolution to consent or to ratify:

 

(i)                           a filing of a request to declare the Company bankrupt (failliet) or a filing of a request for a similar proceeding in any jurisdiction;

 

(ii)                        a filing by the Company of a request to be granted a suspension of payments (surseance van betaling) or a filing by the Company of a request for a similar proceeding in any jurisdiction;

 

(iii)                     any conversion (omzetting), merger (fusie)  or division (splitsing)  of the Company;

 

(iv)                    an issuance or cancellation of shares in the capital of the Company or any reduction of any reserve of the Company;

 

(v)                       an acquisition by the Company of shares in the capital of the Company or depository receipts (certificaten van aandelen) thereof;

 

(vi)                    a transfer of the authority to issue shares in the capital of the Company and to limit or exclude pre-emptive rights of shareholders to any other corporate body other than the general meeting of shareholders;

 

(vii)                 a granting of rights to subscribe for shares in the capital of the Company or a limitation or exclusion of pre-emptive rights of shareholders upon issuance of shares in the capital of the Company;

 

 

 

 

(viii)              an issuance of depository receipts (certificaten van aandelen) in respect of shares in the capital of the Company with the co-operation of the Company;

 

(ix)                    a material change of the terms of the Charged Assets; or

 

(x)                       a material impairment of the value of the Charged Assets.

 

In the event of doubt, the Pledgor shall in time consult with the Pledgee on the resolution to be passed prior to exercising its Voting Rights and the Pledgor shall subsequently vote in accordance with the Pledgee’s instructions.

 

2.5.3          Subject to the First Ranking Right of Pledge and until the occurrence of a Voting Transfer Event, the Pledgee shall not have the rights which the law attributes to holders of depository receipts (certificaten van aandelen), issued with a company’s co-operation, of shares in the capital of the Company.

 

2.6                    General

 

2.6.1          Each Right of Pledge includes all accessory rights (afhankelijke rechten)  and all ancillary rights (nevenrechten)  attached to the Charged Assets.

 

2.6.2          To the extent that the Charged Assets are (or shall be) subject to a right of pledge (other than the First Ranking Right of Pledge) or other encumbrance taking priority over a Right of Pledge, nevertheless that Right of Pledge will have been (or will be) created with the highest possible rank available at that time.

 

2.6.3          Each Right of Pledge is in addition to, and shall not in any way be prejudiced by any other security (whether by contract or statute) now or subsequently held by the Pledgee. The rights of the Pledgee under this Deed are in addition to and not in lieu of those provided by law.

 

2.6.4          If at the time of the creation of a Right of Pledge, or at any time thereafter, the Corresponding Debt owed to the Pledgee cannot be validly secured through the Parallel Debt, such Corresponding Debt itself shall be the Secured Obligations.

 

3                              REPRESENTATIONS AND WARRANTIES

 

3.1                    General

 

3.1.1          The Pledgor makes the representations and warranties in this Clause 3 to the Pledgee on the date of this Deed, on each date a Pledgor acquires legal title to a Charged Asset and on each drawdown date under the Credit Agreement.

 

3.1.2          The representations and warranties in this Clause 3 in respect of the Charged Assets only refer to the Charged Assets existing on the date the representations or warranties are made.

 

3.2                    Status

 

It is a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid)  duly incorporated and validly existing under Dutch law and the Company is a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid)  duly incorporated and validly existing under Dutch law.

 

3.3                    Due authorization

 

All authorizations required (including all necessary corporate authorizations) in connection with the entry into, performance, validity and enforceability of, and the transactions contemplated by, this Deed have been obtained or effected (as appropriate) and are in full force and effect.

 

 

 

 

3.4                    No conflict

 

The execution, delivery and performance of this Deed and the granting of the Right of Pledge do not and will not contravene:

 

(a)                       any law, rule or regulation or any judgment, decree or order of any tribunal; or

 

(b)                       any provision of its articles of association  (statuten) or other constitutional document; or

 

(c)                        any agreement or instrument which is binding upon the Pledgor or to which any of its assets is bound or affected or constitute a default thereunder.

 

3.5                    No insolvency

 

It has taken any corporate action nor have any other steps been taken or legal proceedings been started or (to the best of its knowledge and belief) threatened against it for its winding-up, dissolution, administration or reorganization or for the appointment of a bankruptcy trustee, administrator or similar officer of it or of any or all of its assets or revenues in any jurisdiction and that the Company has not taken any corporate action nor have any other steps or legal proceedings been started or (to the best of its knowledge and belief) threatened against the Company for the Company’s winding-up, dissolution, administration or reorganization or for the appointment of a bankruptcy trustee (curator), administrator (bewindvoerder)  or similar officer of it or of any or all of its assets or revenues in any jurisdiction.

 

3.6                    Power and authority

 

It has the power (beschikkingsbevoegdheid) to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, this Deed and the transactions contemplated by this Deed and to create each Right of Pledge.

 

3.7                    Ranking

 

Each Right of Pledge is a second ranking right of pledge (pandrecht tweede in rang).

 

3.8                    Charged Assets

 

3.8.1          It is the sole legal and beneficial owner of its Charged Assets.

 

3.8.2          The Charged Assets:

 

(a)                       have, save for First Ranking Right of Pledge and the Right of Pledge, not been transferred, assigned, pledged, made subject to a limited right (beperkt recht) or otherwise encumbered (in advance (bij voorbaat)) to any person;

 

(b)                       are not subject to any attachment (beslag);

 

(c)                        are capable of being transferred, assigned and pledged; and

 

(d)                       are not subject to any option or similar right, 

 

and the Pledgor has not agreed to grant any right or to do such acts as set forth in this Clause 3.8.2.

 

3.8.3          The Shares:

 

(a)                       have been validly issued and have not been repurchased (ingekocht), cancelled (ingetrokken), reduced (afgestempeld), split or combined;

 

(b)                       constitute one hundred per cent. (100 %) of the issued share capital of the Company and are fully paid up; and

 

 

 

 

(c)                        issued and outstanding at the date of this Deed have been acquired pursuant to a notarial deed of transfer of shares, executed on the sixth day of May two thousand and four before M.D. van Waateringe, civil law notary, officiating in Amsterdam, the Netherlands.

 

3.8.4          There are no outstanding claims on the Company for the issue of any shares in the capital of the Company and no depository receipts (certificaten van aandelen)  have been issued in respect of shares in the capital of the Company.

 

3.8.5          It has not been deprived of the authority to alienate shares in the capital of the Company by virtue of Section 2:22a of the Dutch Civil Code.

 

3.8.6          It has not been served a writ in connection with the settlement of shareholders disputes within the meaning of Section 2:335 and further of the Dutch Civil Code, and is consequently not subject to the prohibition set out in Section 2:338 of the Dutch Civil Code.

 

3.8.7          The Company may only issue shares by virtue of a resolution of its general meeting of shareholders and this authority has not been transferred to any other corporate body of the Company.

 

3.9                    Information

 

It has provided the Pledgee with all information and documentation regarding the Charged Assets, which it understands or should be aware to be important to the Pledgee.

 

4                              UNDERTAKINGS

 

4.1                    General

 

The undertakings in this Clause 4 remain in force from the date of this Deed until each Right of Pledge is terminated in accordance with Clause 7 (Termination).

 

4.2                    Charged Assets

 

Unless permitted under the Credit Agreement, The Pledgor shall not:

 

(a)                       transfer, assign, pledge, make subject to limited right (beperkt recht) or otherwise encumber the Charged Assets (other than pursuant to the First Ranking Right of Pledge);

 

(b)                       release (kwijtschelden)  or waive (afstand doen van)  the Charged Assets;

 

(c)                        waive any accessory rights (afhankelijke rechten)  or ancillary rights  (nevenrechten)  attached to the Charged Assets;

 

(d)                       agree with a court composition or an out-of-court composition  (gerechtelijk of buitengerechtelijk akkoord)  or enter into any settlement agreement in respect of the Charged Assets; or

 

(e)                        perform any act which adversely affects or may adversely affect the Charged Assets or any Right of Pledge, 

 

without the prior written consent of the Pledgee.

 

4.3                    Information

 

4.3.1          The Pledgor shall promptly inform the Pledgee of an occurrence of an event that may be relevant to the Pledgee with respect to the Charged Assets or adversely affects or may adversely affect any Right of Pledge.

 

4.3.2          The Pledgor shall promptly notify in writing, at its own costs, the existence of this Deed and each Right of Pledge to any relevant person (including without limitation, the court process server (deurwaarder), the bankruptcy trustee (curator), the administrator (bewindvoerder)  or similar officer in any jurisdiction)

 

 

 

 

and shall promptly send to the Pledgee a copy of the relevant correspondence and the underlying documentation.

 

4.3.3          The Pledgor shall at the Pledgee’s first request provide the Pledgee with all information and with copies of all relevant documentation relating to the Charged Assets and allow the Pledgee to inspect its administrative records.

 

5                              ENFORCEMENT

 

5.1                    Enforcement

 

5.1.1          Subject to the First Ranking Right of Pledge, upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enforce any Right of Pledge, in accordance with Dutch law and any other applicable law and may take all (legal) steps and measures which it deems necessary or desirable and the Pledgor shall co-operate with the Pledgee in any way which the Pledgee deems necessary or desirable for the enforcement of that Right of Pledge.

 

5.1.2          Upon the occurrence of an Enforcement Event, the Pledgee shall have the right to enter into court compositions or out-of-court compositions (gerechtelijke of buitengerechtelijke akkoorden) and to cast a vote in connection with such compositions or to enter into any settlement agreement regarding the Charged Assets with any other person.

 

5.2                    Enforcement waivers

 

5.2.1          The Pledgee shall not be obliged to give notice of a sale of the Charged Assets to the Pledgor, debtors, holders of a limited right (beperkt recht)  or persons who have made an attachment (beslag)  on the Charged Assets, as required by Sections 3:249 and 3:252 of the Dutch Civil Code.

 

5.2.2          The Pledgor waives its rights to make a request to the court:

 

(a)                       as referred to in Section 3:251 (1) of the Dutch Civil Code to determine that the Charged Assets shall be sold in a manner deviating from the provisions of Section 3:250 of the Dutch Civil Code; and

 

(b)                       as referred to in Section 3:246 (4) of the Dutch Civil Code to collect and receive payment of the Charged Assets after such authorization has been terminated in accordance with Clause 2.4.2 (Perfection).

 

5.2.3          The Pledgor waives its rights to demand that the Pledgee:

 

(a)                       shall first enforce any security granted by any other person, pursuant to Section 3:234 of the Dutch Civil Code; or

 

(b)                       shall first proceed against or claim payment from any other person or enforce any guarantee, before enforcing any Right of Pledge.

 

The Pledgor waives its rights under Sections 3:233 (2) and 6:139 of the Dutch Civil Code.

 

5.2.4          The Pledgor waives its rights to set-off (verrekenen)  its claims (if any) against the Pledgee under or in connection with this Deed and/or the Credit Agreement against the Secured Obligations.

 

5.2.5          To the fullest extent permitted by Dutch law and the Articles of Association, the Pledgor irrevocably and unconditionally waives, renounces and agrees not to exercise any pre-emption rights or rights of first refusal upon a sale of shares in the capital of the Company and where applicable, the other Charged Assets. 

 

5.2.6          Subject to the First Ranking Right of Pledge, the Pledgee is irrevocably and unconditionally authorized (but without any obligation) in the event of a sale of the Shares:

 

 

 

 

(a)                       to offer the Shares (and, where applicable, the other Charged Assets) for sale in the manner prescribed by the Articles of Association or to seek the approval of the corporate body designated under the Articles of Association as empowered to approve all proposed transfers of shares, as the case may be, and to exercise the Pledgor’s rights in connection with the sale and transfer of the Shares as provided in Section 2:198 (5) of the Dutch Civil Code;

 

(b)                       to cause notice of such sale of the Shares (and, where applicable, the other Charged Assets) to be served, also on behalf of the Pledgor, upon the Company in accordance with Dutch law and the Articles of Association; and

 

(c)                        to cause the Shares (and, where applicable, other Charged Assets) to be registered in the name of the new owner(s) following the sale to the extent required on behalf of the Pledgor, to do all such acts and to sign all such documents as are necessary or desirable for that purpose pursuant to Dutch law or the provisions of the Articles of Association.

 

5.2.7          Subject to the First Ranking Right of Pledge, the Pledgee shall have the right to impose such limitations and restrictions on the sale of the Shares (and, where applicable, the other Charged Assets) as the Pledgee may deem necessary or desirable to comply with any law, rule or regulation applicable to the sale. The Pledgor shall co-operate with the Pledgee in obtaining any necessary permits, exemptions or consents of competent authorities and in ensuring that the sale of the Shares (and, where applicable, the Charged Assets) does not violate any applicable securities laws.

 

5.3                    Application of monies

 

Subject to the mandatory provisions of Dutch law on enforcement, all monies received or realised by the Pledgee in connection with the enforcement of any Right of Pledge shall be applied by the Pledgee in accordance with section 11.15 (Allocation of Payments) of the Credit Agreement.

 

6                              FURTHER ASSURANCES AND POWER OF ATTORNEY

 

6.1                    Further assurances

 

6.1.1          If no valid right of pledge is created pursuant to this Deed in respect of any Charged Asset, the Pledgor irrevocably and unconditionally undertakes to pledge to the Pledgee such Charged Asset as soon as it becomes available for pledging, by way of supplementary agreements, supplemental deeds or other instruments on the same (or similar) terms of this Deed.

 

6.1.2          The Pledgor further undertakes to execute any instrument, provide such assurances and do all acts and things as may be necessary or desirable for:

 

(a)                       perfecting or protecting the security created (or intended to be created) by this Deed;

 

(b)                       preserving or protecting any of the rights of the Pledgee under this Deed;

 

(c)                        preserving or protecting the Pledgee’s interest in the Charged Assets;

 

(d)                       ensuring that any Right of Pledge and the undertakings and obligations of the Pledgor under this Deed shall inure to the benefit of any successor, transferee or assignee of the Pledgee;

 

(e)                        facilitating the collection, appropriation or realization of the Charged Assets or any part thereof in the manner contemplated by this Deed; or

 

 

 

 

(f)                        exercise of any power, authority or discretion vested in the Pledgee under this Deed.

 

6.2                     Subordination of recourse or subrogation claims

 

6.2.1           The Pledgor subordinates (stelt achter)  in favor of the Pledgee any rights or claims which it may acquire by way of recourse or subrogation in connection with this Deed and the Pledgor shall not receive or collect payment and waives any right of payment in connection with such rights or claims until the Secured Obligations have been irrevocably and unconditionally been paid in full.

 

6.2.2           If the Pledgor receives any sum which pursuant to Clause 6.2.1 should not have been paid to it, the Pledgor shall promptly pay an amount equal to that receipt or recovery to the Pledgee for application towards the Secured Obligations in accordance with Clause 5 (Enforcement).

 

6.3                     Power of attorney

 

6.3.1           The Pledgor irrevocably and unconditionally appoints the Pledgee as its attorney (gevolmachtigde)  for as long as any of the Secured Obligations are outstanding for the purposes of:

 

(a)                      doing in its name all acts and executing, signing and (if required) registering in its name all documents which the Pledgor itself could do, execute, sign or register in relation to the Charged Assets; and

 

(b)                      executing, signing, perfecting, doing and (if required) registering every such further document, act or thing as is referred to in this Clause 6.

 

6.3.2          It is expressly agreed that the appointment under Clause 6.3.1 will only be exercised by the Pledgee in case of an Event of Default and is given with full power of substitution and also applies to any situation where the Pledgee acts as the Pledgor’s counterparty (Selbsteintritt)  within the meaning of Section 3:68 of the Dutch Civil Code or as a representative of the Pledgor’s counterparty.

 

7                               TERMINATION

 

7.1                     Continuing

 

7.1.1           Each Right of Pledge shall remain in full force and effect, until all Secured Obligations have been irrevocably and unconditionally paid in full (to the Pledgee’s satisfaction) and no new Secured Obligations will arise (to the Pledgee’s satisfaction) unless terminated by the Pledgee pursuant to Clause 7.2 (Termination by Pledgee).

 

7.1.2           In case a Right of Pledge is terminated the Pledgee shall at the request and expense of the Pledgor provide written evidence to the Pledgor to that effect.

 

7.2                     Termination by Pledgee

 

The Pledgee is entitled to:

 

(a) terminate by notice (opzeggen); or

 

(b) waive  (afstand doen),  

 

a Right of Pledge, in respect of all or part of the Charged Assets and all or part of the Secured Obligations. The Pledgor agrees in advance to any waiver  (afstand van recht)  granted by the Pledgee under this Clause 7.2.

 

8                               ASSIGNMENT

 

8.1                     No assignment – Pledgor

 

The Pledgor shall not assign or transfer any of its rights and obligations under this Deed without the prior written consent of the Pledgee.

 

 

 

 

8.2                     Assignment – Pledgee

 

The Pledgee may transfer, assign or pledge any of its rights and obligations under this Deed in accordance with the Credit Agreement and the Pledgor, to the extent legally required, irrevocably cooperates or consents in advance (verleent bij voorbaat medewerking of geeft bij voorbaat toestemming)  to such transfer, assignment or pledge. If the Pledgee transfers, assigns or pledges its rights under the Secured Obligations (or a part thereof), the Pledgor and the Pledgee agree that each Right of Pledge shall follow pro rata parte the transferred, assigned or pledged rights under the Secured Obligations (as an ancillary right (nevenrecht)  to the relevant transferee, assignee or pledgee).

 

9                               NOTICES

 

Any communication to be made under or in connection with this Deed shall be made in accordance with the relevant provisions of the Credit Agreement. For the purposes of notifications pursuant to this Clause, the address:

 

(a) of the Pledgor shall be

Laureate I B.V.

Amsteldijk 166

1079 LH Amsterdam

The Netherlands

(b) of the Company shall be:

Laureate International B.V.

Amsteldijk 166

1079 LH Amsterdam

The Netherlands

In respect of the Pledgor and the Company, always with a copy to:

Laureate Education, Inc.

650 South Exeter Street

Baltimore, Maryland 21202

United States of America

 

or to such other address or addresses as may from time to time be notified by the Pledgor or the Company for such purpose in writing.

 

10                        MISCELLANEOUS

 

10.1              Costs

 

All costs, charges, expenses and taxes in connection with this Deed shall be payable in accordance with the relevant provisions of the Credit Agreement.

 

10.2              Evidence of debt

 

As to the existence and composition of the Secured Obligations, a written statement by the Pledgee made in accordance with its books shall, save for manifest error, constitute conclusive evidence (dwingend bewijs), it being understood that in the event of a disagreement with respect thereto, the Pledgee shall be authorised to exercise its right of enforcement under this Deed, with due observance of the obligation of the Pledgee to transfer all

 

 

 

 

proceeds to the Pledgor which afterwards would appear to be received by it in excess of its rights.

 

10.3              No liability Pledgee

 

Except for its gross negligence (grove nalatigheid) or wilful misconduct (opzet), the Pledgee shall not be liable vis-à-vis the Pledgor for not (or not completely) collecting or recovering or selling the Charged Assets and/or any loss or damage resulting from any collecting or recovering or selling the Charged Assets or arising out of the exercise of or failure to exercise any of its powers under this Deed or for any other loss of any nature whatsoever in connection with the Charged Assets or this Deed.

 

10.4              Severability

 

10.4.1    If a provision of this Deed is or becomes illegal, invalid or unenforceable in any jurisdiction that shall not affect:

 

(a)                     the validity or enforceability in that jurisdiction of any other provision of this Deed; or

 

(b)                     the validity or enforceability in other jurisdictions of that or any other provision of this Deed.

 

10.4.2    The Pledgor and the Pledgee agree that they will negotiate in good faith to replace any provision of this Deed which may be held unenforceable with a provision which is enforceable and which is as similar as possible in substance to the unenforceable provision.

 

10.5              No rescission

 

The Pledgor waives, to the fullest extent permitted by law, its rights:

 

(a)                     to rescind (ontbinden)  this Deed in whole or in part pursuant to Section 6:265 of the Dutch Civil Code or on any other ground under Dutch law or under any other applicable law;

 

(b)                     to suspend (opschorten)  any of its obligations under this Deed pursuant to Section 6:52, 6:262 and 6:263 of the Dutch Civil Code or on any other ground under Dutch law or under any other applicable law; and

 

(c)                      to nullify (vernietigen)  this Deed pursuant to Section 6:228 of the Dutch Civil Code or on any other ground under Dutch law or under any other applicable law.

 

10.6              No waiver

 

No delay or omission by the Pledgee in the exercise of any power or right under this Deed will impair such power or right or be construed as a waiver thereof or of the event giving rise to such power of right and no waiver of any past event shall be construed to be a waiver of any power or right accruing to this Deed by reason of any future event.

 

10.7              Amendment and embodiment

 

This Deed shall only be amended, modified or rescinded by a notarial deed under Dutch law duly executed, before a civil law notary in the Netherlands, by the authorised signatories of the Pledgor and the Pledgee.

 

11                        ACCEPTANCE

 

The Pledgee accepts each Right of Pledge and all stipulations, covenants, undertakings, waivers, authorities and powers pursuant to this Deed.

 

 

 

 

12                        GOVERNING LAW AND JURISDICTION

 

12.1              Governing law

 

This Deed (including this Clause 12) shall be governed by Dutch law.

 

12.2              Jurisdiction

 

12.2.1    The court (rechtbank)  of Amsterdam, the Netherlands has exclusive jurisdiction to settle at first instance any dispute arising out of or in connection with this Deed (including a dispute regarding the existence, validity or termination of this Deed) (a Dispute).

 

12.2.2    Each Party agrees that the court (rechtbank)  of Amsterdam, the Netherlands is the most appropriate and convenient court to settle Disputes and accordingly no Party will argue to the contrary.

 

12.2.3    This Clause 12.2 is for the benefit of the Pledgee only. As a result, the Pledgee shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Pledgee may take concurrent proceedings in any number of jurisdictions.

 

12.3              Acceptance governing law power of attorney

 

If a Party is represented by an attorney in connection with the execution of this Deed or any agreement or document pursuant this Deed:

 

(a)                                 the existence and extent of the authority of; and

 

(b)                                 the effects of the exercise or purported exercise of that authority by,

 

that attorney is governed by the law designated in the power of attorney pursuant to which that attorney is appointed and such choice of law is accepted by the other Parties.

 

12.4              By law Royal Notarial Association

 

12.4.1    The Pledgor declares that it is aware that mr. P.G. van Druten, aforementioned, is a representative of the law firm Loyens & Loeff N.V. which acts as the external legal advisor of the Pledgee.

 

12.4.2    With reference to the provisions of the Code of Conduct (Verordening Beroepsen Gedragsregels)  as determined by the general meeting of the Royal Notarial Association  (Koninklijke Notariële Beroepsorganisatie), the Pledgor and the Pledgee explicitly declare that it consents to the fact that the Pledgee will be assisted by Loyens & Loeff N.V. in all cases connected with this Deed and all potential conflicts arising therefrom.

 

End

 

The person appearing is known to me, civil law notary.

 

This deed was executed in Amsterdam, the Netherlands, on the date stated in the first paragraph of this deed. 

 

The contents of the deed have been stated and clarified to the person appearing.

 

The person appearing has declared not to wish the deed to be fully read out, to have noted the contents of the deed timely before its execution and to agree with the contents.

 

After limited reading, this deed was signed first by the person appearing and thereafter by me, civil law notary.Exhibit 10.28

 

This is a translation of the original document.

 

DEED OF PLEDGE OVER CREDIT RIGHTS DERIVED FROM BANK ACCOUNT

 

In Madrid, on March 14, 2008.

 

Attested to by Mr. Pedro de Elizalde y Aymerich, registered Notary Public of the Madrid Notaries’ Association, having jurisdiction and official certifying authority in Madrid.

 

BY AND BETWEEN

 

On the one part,

 

Mr. David González Gálvez, of Spanish nationality, of legal age, with domicile and national identification document number currently in force.

 

And on the other part,

 

Mr. Rafael Echegoyen Lewin, of Spanish nationality, of legal age, with domicile and national identification document number currently in force.

 

APPEARING

 

Mr. David González Gálvez, in the name and on behalf of Iniciativas Culturales de España, S.L., an entity duly incorporated and validly existing under the laws of Spain with registered address at Tajo s/n, Urbanización El Bosque, Villaviciosa de Odón, Madrid and holding tax identification number.

 

 

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This is a translation of the original document.

 

Mr. David González Gálvez is empowered for the purpose herein by virtue of the power of attorney granted in his favor on December 19, 2007 by Mr. Robert Zentz, Sole Director of Iniciativas Culturales de España, S.L., before the Notary Public of Maryland Ms. Linda Palarino, whose signature is duly authenticated by an apostille according to The Hague Convention of October 5, 1961. A copy of such power of attorney is attached to this deed of First Priority Pledge Over Credit Rights (the “Deed”)  as Annex 1.

 

Iniciativas Culturales de España, S.L. will be hereinafter referred to as the “Pledgor”.

 

Mr. Rafael Echegoyen Lewin, in the name and on behalf of GOLDMAN SACHS CREDIT PARTNERS L.P. (hereinafter, the “Pledgee”),  a limited partnership organized under the laws of Bermuda with an office at 85 Broad Street Avenue, New York, NY 10004 (USA).

 

The Pledgee acts as Administrative Agent and Collateral Agent under the Credit Agreement, for the ratable benefit of the Secured Parties (as such term is defined in the Credit Agreement referred to in Recital I below).

 

Mr. Rafael Echegoyen Lewin is empowered for the purpose herein by virtue of the power of attorney granted in his favor on January 24, 2008 by Mr. Bruce H. Mendelsohn, representative of GOLDMAN SACHS CREDIT PARTNERS L.P., before the Notary Public of the State of New York, Ms. Beatrice A Viola, whose signature is duly authenticated by an apostille according to The Hague Convention of October 5, 1961. A copy of such power of attorney is attached to this Deed as Annex 2.

 

The Pledgor and the Pledgee shall hereinafter be jointly referred to as the “Parties”.

 

 

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This is a translation of the original document.

 

WHEREAS

 

I.                                        On August 17, 2007, Laureate Education, Inc. and Iniciativas Culturales de España, S.L., as Borrowers; the lenders from time to time, Goldman Sachs Credit Partners L.P. as Administrative Agent and Collateral Agent, Goldman Sachs Credit Partners L.P. as Swingline Lender, Citicorp North America, Inc. as Syndication Agent, Goldman Sachs Credit Partners L.P. and Citigroup Global Markets Inc. as Joint Lead Arrangers and Bookrunners, and the other parties thereto entered into a Credit Agreement (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”).

 

The Pledgor shall use the proceeds of the borrowings under the Credit Agreement for general corporate purposes, including any Permitted Acquisitions (as such term is defined in the Credit Agreement).

 

A copy of the Credit Agreement is attached hereto as Annex 3. The Pledgor hereby ratifies before the intervening Notary Public its obligations under the Credit Agreement and, together with the Pledgee, jointly, raise the Credit Agreement to the status of public document.

 

II.                                   Pursuant to the provisions of the Credit Agreement, the Pledgor undertook to grant a pledge over credit rights, as security for the payment and performance of the Secured Obligations (as defined below), pledge which has been granted before the Notary Public Mr. Pedro de Elizalde y Aymerich, right before the granting of this document.

 

III.                              For purposes of this pledge the term Secured Obligations shall mean the Foreign Obligations (as defined in the Credit Agreement)

 

 

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Notwithstanding this, the provisions herein shall be interpreted without prejudice to the regulations in relation to the prohibition of financial assistance set out in article 40.5 of the Spanish Limited Liability Companies Act (Ley de Sociedades de Responsabilidad Limitada),  which shall not be breached at any time and, therefore, the Secured Obligations shall not comprise any current or future payment obligations, outstanding or incurred by any obligor towards the Pledgee as a result of any utilization of funds in order to finance or repay the acquisition of the Pledgor shares or any company of its group shares.

 

IV.                               The Pledgor holds the bank account held in euros, number                 (the “Bank Account”),  held with                 (the “Bank”)  and, therefore, holds the corresponding credit rights (the “Credit Rights”)  against the Bank where such Bank Account is held, to obtain the refund of the amounts deposited from time to time in the Bank Account, stemming from stemming from the bank account opening                 (the “Bank Account Agreement”),  as evidenced in the certificate issued by that Bank on March 14, 2008, attached as Annex 4.

 

V.                                    That it is in the Bank Account where the credit rights pursuant to the pledge over the credit rights abovementioned under whereas II are deposited.

 

VI.                               That considering all the abovementioned, the Pledgor has agreed to grant a pledge over the Credit Rights derived from the Bank Account to

 

 

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secure compliance with the Secured Obligations, and by virtue of the credits deposited there, as a result of the deed over credit rights abovementioned, and the Parties therefore agree to enter into this agreement of pledge over credit rights derived from bank account (hereinafter the “Agreement” or the “Pledge”)  which they do subject to the following:

 

CLAUSES

 

1.                                      DEFINITIONS

 

For the purposes of this Agreement, and unless otherwise provided herein, capitalized terms shall have the meaning ascribed thereto in the Credit Agreement.

 

2.                                      CREATION OF FIRST RANKING PLEDGE

 

2.1                               As security of full and punctual fulfillment of all Secured Obligations, by means of this deed creates an in rem first ranking pledge right over all of the Credit Rights (the “Pledge”)  in favor of the Pledgee acting in the benefit of the Securities Parties, as Administrative Agent and Collateral Agent under the Credit Agreement, for the ratable benefit of the Secured Parties (as such term is defined in the Credit Agreement). The Pledgee accepts the Pledge.

 

2.2                               The Pledgor represents and warrants:

 

(a)                                 that it is the sole owner of the Bank Account;

 

(b)                                 that the Credit Rights are free and clear of any lien, encumbrance or other type of third party’s right other than this Pledge;

 

(c)                                  that it has full corporate power legal right and lawful authority to execute and

 

 

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perform this agreement and to pledge, assign and transfer the Credit Rights in the manner and form established hereunder; and

 

(d)                                 that it does not hold any bank accounts other than the Bank Account, with the exception of:

 

·                  the bank account held in US dollars, number                , held with                ; and

 

·                  the bank account held in US dollars, number                 held with                .

 

2.3                               The Pledge shall be extended automatically over and shall include any credit rights corresponding to the Pledge from the Bank Account, that is, any monies which may be deposited from time to time in the Bank Account in favor of the Pledgor, as well as any interest and proceeds arising in connection therewith which may accrue in favour of the Pledgor.

 

2.4                               The Pledgor undertakes not to open new bank accounts without the prior written consent of the Pledgee.

 

In the event that such consent is granted, the Pledgor undertakes to send to the Pledgee a copy of the corresponding agreement to open the bank account and to grant a pledge over the credit rights derivinf from the new bank accounts on the same terms as this Pledge if so requested by the Pledgee when granting their consent.

 

 

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This is a translation of the original document.

 

The execution of such pledge shall be carried out within the fifteen (15) calendar days following the date on which such accounts are opened.

 

2.5                               The Pledge will not be deemed cancelled solely because the Pledgor may dispose of the funds deposited in the Bank Account.

 

3.                                      SECURED OBLIGATIONS

 

3.1                               The Pledge guarantees the full and punctual payment of all the Secured Obligation in favor of the Pledgor.

 

3.2                               The Pledge and the exercise of the in rem pledge action attached to them are understood without prejudice to the general liability of the Pledgor that is not limited in any way by the creation of the Pledge.

 

3.3                               The Parties agree that this Agreement shall not modify, alter or affect the terms and conditions of the Credit Agreement or any other document, instrument or agreement contemplated therein.

 

3.4                               The parties agree that the terms and conditions of the Pledge shall prevail over the terms and conditions of the Bank Account Agreement in the event of discrepancy between such documents.

 

4.                                      INDIVISIBLE NATURE OF THE PLEDGE

 

4.1                               The Pledge hereby created is of an indivisible nature; as a result, each of the Credit Rights secures the full compliance of the Secured Obligations.

 

4.2                               The partial fulfillment of the Secured Obligations shall not proportionally discharge the Pledge, which may only be cancelled once all the Secured Obligations have been complied

 

 

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This is a translation of the original document.

 

with in full and discharged.

 

4.3                               The foregoing in no way affects or limits the Pledgee’s right to partial enforcement of the Pledge pursuant to clause 9 below.

 

5.                                      NOTIFICATION OF THE CREATION OF THE PLEDGE

 

5.1                               The Parties hereby request and instruct the Notary Public before which this Agreement is formalized, to notify, through official channels, the granting of the Pledge in the form attached hereto as Annex 5, which shall in turn include a copy of this agreement.

 

5.2                               The Parties agree that the requirement of delivery of possession established in article 1,863 of the Civil Code and/or of contribution mentioned in article 8.2(a) of Royal Decree 5/2005, 11 March 2005 (hereinafter, the “RDL on Financial Guarantees”)  shall be deemed to have taken place by the notifications to the Bank referred to in the preceding 5.1 paragraph.

 

6.                                      NON-TRANSFERABILITY OF THE CREDIT RIGHTS. OBLIGATIONS OF THE PLEDGOR

 

6.1                               The Pledgee shall not cause or allow to happen anything which may damage the Credit Rights.

 

6.2                               In particular, without limitation, during the term of this Pledge, the Pledgor shall not be entitled to sell, transfer, assign, encumber, charge or in other way dispose of the Credit Rights, except in accordance with the Credit Agreement.

 

6.3                               The Pledgor may use the funds deposited in the Bank Account during the term of this Pledge provided that such use is in compliance with the limitations set out in clauses 6.4 a) and 6.4 b) below and in the Credit Agreement until

 

 

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This is a translation of the original document.

 

all the Secured Obligations have been fully discharged and provided that the Pledgee does not notify to the Bank that an event of default set out in the Credit Agreement has occurred.

 

6.4                               Furthermore, during the term of the Pledge, the Pledgor unconditionally and irrevocably undertakes:

 

(a)                                 to keep at any time a minimum balance of one Euro in the Bank Account;

 

(b)                                 not to use the amount deposited in the Bank Account in a way which differs from the terms and limitations set out in the Credit Agreement;

 

(c)                                  not to open and/or use bank account other than the Bank Account, except with the prior written consent of the Pledgee pursuant to clause 2.4 above;

 

(d)                                 to notify the Pledgee by registered mail at least fifteen (15) calendar days prior to the formal presentation before the court of the Pledgor’s intention to request a voluntary bankruptcy declaration; and

 

(e)                                  to notify the Pledgee by registered mail, on the same date on which the judge notices the Pledgor that it has ordered its citation, of the admission to court of the necessary bankruptcy petition filed by any party entitled to do so, other than the Pledgor.

 

7.                                      CANCELLATION OF THE PLEDGE

 

7.1                               The Pledge shall terminate and be cancelled upon termination of the Credit Agreement and satisfaction in full of the Secured Obligations,

 

 

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This is a translation of the original document.

 

as acknowledged in a written instrument executed by the Pledgee, unless the Pledgee exercises the right conferred by Article 1,866 of the Spanish Civil Code. Accordingly, upon termination of the Pledge, the Pledgee shall, within a fifteen (15) day term from receipt of the Pledgor’s request, at Pledgor’s request and at Pledgor’s sole cost and expense, execute and deliver to the Pledgor such documents as the Pledgor shall reasonably request to evidence such termination and its notification to the Bank.

 

8.                                      ENFORCEMENT OF THE PLEDGE

 

8.1                               This Pledge shall become enforceable upon the occurrence of an Event of Default (as defined in the Credit Agreement).

 

The Parties hereby expressly agree that the communication by the Pledgee to the Pledgor stating that an Event of Default (as defined in the Credit Agreement) has taken place shall be sufficient to enforce the Pledge by the Pledgee.

 

Without prejudice to the non-divisible nature of the Pledge, the Pledgor shall enforce the Pledge, totally or partially, in one or several acts, in which case the Pledge hereby established will remain in force for the non-enforced balance.

 

8.2                               For purposes of the enforcement of the Pledge, and notwithstanding (i) Pledgor’s liability in relation to the complete fulfillment of the Secured Obligations; and (ii) any other security interest held by the Pledgee, the Pledgee may, at its discretion, use any of the available judicial proceedings, either the ordinary judicial proceedings, or the non judicial proceeding

 

 

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This is a translation of the original document.

 

provided for under Article 1,872 of the Spanish Civil Code. The use of one enforcement method shall not preclude the possibility of resorting to any of the others, insofar as the Secured Obligations have not been fully paid.

 

8.3                               For purposes of the enforcement of the Pledge under any of the procedures referred to in this clause, the Parties agree and expressly acknowledge that:

 

(a)                                 In case of enforcement of the Pledge, the amount liquid, due and payable will be the amount specified in the certificate issued by the Pledgee. Such certificate shall include the balance resulting from the calculation made by the Pledgee, and a statement of the debit and credit entries and those relating to the application of expenses, commissions and interest (if any) which determine the specific balance of the amount owed (the “Certificate”).

 

(b)                                 The determination of the amount that may be claimed by executive proceedings will be made by the Pledgee. Therefore, the presentation of the following documents will be sufficient to initiate the enforcement of the Pledge: (i) the original of this Deed; (ii) together with a certificate issued by the Notary attesting this Deed by which it is stated that the Deed conforms to its files and their date; (iii) the notarial deed incorporating the Certificate issued by the Pledgee referred to above and the statement of the debit and credit entries and those relating to the application of expenses, commissions and interest which determine the specific balance of the amount owed for which enforcement is requested, evidencing that the liquidation of the debt has been executed in the form agreed under the Credit Agreement; and (iv) a notarial deed evidencing that the Pledgor has been served notice of the amount due and payable.

 

 

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(c)                                 The amounts obtained through the enforcement of the Pledge shall be applied to the payment of the Secured Obligations as set forth in Section 11.15 of the Credit Agreement.

 

8.4                               Without prejudice, provided the Credit Rights pledged by virtue of this Pledge have a cash nature, the Parties hereby agree that, for the enforcement of this Pledge, it shall not be necessary to carry out any public auction of such Credit Rights. The Pledgee will be entitled to enforce the Pledge over such Credit Rights, with prior notification thereof to the Pledgor, by means of collecting the amounts due and payable under the Secured Obligations from the Pledgor’s debtors under the Credit Rights.

 

For such purposes, the Pledgee shall request in writing to the Bank to pay any amounts due and payable under the Credits Rights up to the maximum amounts due and payable by the Pledgor, for the account of the Secured Obligations. Such request shall include a written statement by the Pledgee stating: (i) that there has been a breach of the Secured Obligations; (ii) the amount due and payable as a result of such breach; and (iii) that the Pledgor has failed to pay, after a demand to do so.

 

Any amount in excess of the amounts necessary to cover all the outstanding Secured Obligations, shall remain deposited in the relevant bank account, which shall remain pledged in favour of the Pledgor in guarantee of the outstanding Secured Obligations. Should there not be outstanding Secured Obligations, the excess, if applicable, shall be delivered to the Pledgee, within the ten (10) business days following the date when the Pledgor has actually received the wire transfer of the

 

 

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This is a translation of the original document.

 

relevant debtors and with effective date such day.

 

8.5                               The Pledgee expressly reserves any and all of its rights and legal actions against the Pledgor for any portion of the Secured Obligations assumed that have not been satisfied with the proceeds arising from the enforcement of the Pledge.

 

In particular, the Pledgee will retain all rights and claims against the Pledgor for that part of the Secured Obligations which is not fully discharged or which remains unsatisfied after the enforcement of the Pledge, even if the Pledgee has acquired the Credit Rights. In this case, only the part of the debt equivalent to the price offered by the Pledgee for the Credit Rights shall be deemed to have been set off, maintaining the enforceability and the ranking of the remaining Secured Obligations.

 

The omission or delay of any Party in exercising any rights, powers and proceedings set out in the Pledge or in the legislation in force, shall not be considered a waive of said rights, powers and proceedings, a sole or partial waive of any rights excludes the subsequent exercise of such rights, or the exercise of any other right.

 

9.                                     NOTICES

 

9.1                               All notices or communications between the Parties referred to in this Agreement or made by any of the Parties to this agreement to one another as regards the execution, interpretation or termination of the agreement shall be served in writing and shall, at the sender’s choice, either be delivered to the other party in person (either by the sender personally or through official channels) or sent by fax, electronic mail or certified post with delivery confirmation, (of

 

 

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choice of the sender) to the following addresses:

 

(a)                                 For the Pledgor:

 

Attention: María Luisa de Landecho

 

Calle Tajo s/n
 Urbanización El Bosque
 Villaviciosa de Odón, Madrid.

 

With copy to:

 

Laureate Education, Inc.
 1001 Fleet Street, Baltimore, MD 21202
 Attention: 

 

Fax: 

 

(b)                                 For the Pledgee:

 

To the attention of SBD Operations and Pedro Ramirez

 

Goldman Sachs Credit Partners L.P.

 

Telecopier: 

 

With copy to:

 

Goldman Sachs Credit Partners L.P.

Attention: 
 Telecopier: 

 

9.2                               The Parties shall notify each other, in the manner set out in this clause, of any changes in their address, fax numbers, email addresses, name of the recipient and any other relevant details in accordance with the clause.

 

10.                               IRREVOCABLE POWER

 

10.1                        In this act and in order to give the greatest

 

 

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effectiveness to the compliance with the undertakings set out herein, the Pledgor hereby grants an irrevocable power of attorney in favour of the Pledgee, which shall include as many powers as necessary or convenient, including that of substitution, delegation, sub­empowering and, expressly, self-contracting, in the event that the Pledgor does not carry out (upon the Pledgee’s request) any of the acts set out in this Agreement within the required deadlines, it shall do any acts to execute and enter into any instruments or documents necessary or convenient to fulfill the terms of this Agreement.

 

10.2                        Such faculties shall include the following:

 

(a)                                 to appear before the Bank in the name and on behalf of the Pledgor and give orders to transfer funds, require extracts of accounts and carry out any other necessary acts for the purposes of the complete enforcement of the Pledge;

 

(b)                                 to enter into, on behalf of the Pledgor, any private and/or public document necessary to formalize, extend modify, supplement or clarify this Pledge or any other public or private document formalized in relation thereto;

 

(c)                                  to settle and pay, on behalf of the Pledgor, any costs, duties and charges resulting from the execution of the documents formalized in accordance with this Agreement, and

 

 

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(d)                                 to do any actions necessary or convenient to fulfil the terms of this Agreement.

 

10.3                        As this power is granted in the interests of all Parties and is necessary for the fulfilment of the obligations assumed by them in this Agreement, this power of attorney is irrevocable and shall remain in full force and effect as long as payment or fulfilment of any obligation under the Credit Agreement or this Agreement remains outstanding. Therefore, the unilateral revocation of this power by the Pledgor shall not have any effect while this Agreement is in force.

 

10.4                        In the event that the Pledgee should resign or be removed from its office as Administrative Agent or Collateral Agent in accordance with the terms of the Credit Agreement or would not be able to act as Administrative Agent or Security Agent for any reason, the new Administrative Agent or Security Agent appointed in accordance with the terms of the Credit Agreement shall be automatically vested with these powers and faculties on the same terms and conditions as the Security Agent originally appointed.

 

10.5                        Notwithstanding the foregoing, in case it becomes necessary (or convenient, at the Pledgee’s discretion) to carry out any act or execute any private or public document for the purposes of documenting or evidencing the change of Security Agent, the Pledgor hereby irrevocably authorises the Pledgee to carry out, on the terms set out in this clause and in clause 13.3, any such acts and to execute any such necessary or convenient documents in the name and on behalf of the Pledgor (including substitution, delegation sub-empowering and, expressly and self-contracting).

 

 

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10.6                        The Pledgor acknowledges and accepts that the exercise by the Pledgee of the authority received by virtue this power of attorney may include self-contracting, which is accepted with by it. Self-contracting is also expressly permitted with respect to those to whom the Pledgee may have delegated or substituted its power of attorney.

 

11.                               SYNDICATION AND ASSIGNMENT OF THE PLEDGE

 

11.1                        The Pledgor hereby acknowledges and agrees that the Pledgee and the rest of the finance parties may syndicate totally or partially the Credit Agreement or any rights arising therefrom by means of credit transfers, assignments or subrogation on contractual position or equivalent methods, all in accordance with the terms of the Credit Agreement.

 

11.2                        The Pledgor hereby expressly acknowledges and agrees that, in accordance with article 1,528 of the Spanish Civil Code, any assignment or transfer carried out by the Pledgee or by the rest of the finance parties (or any subsequent assignee or transferee thereof) under the provisions of the Credit Agreement shall automatically entail without the need of any further agreement of the Pledgor the constitution of the transferee or assignee as the beneficiary of the Pledge created in this Agreement.

 

11.3                        The Pledgor hereby waves any right to require any formality other than those set out in the Credit Agreement in order to evidence the transfers, assignments or subrogation mentioned in this clause and it hereby acknowledges and agrees that the Pledgee may enforce the rights arising out of this Agreement and the Credit Agreement on its behalf and on behalf of the entities that are finance parties at

 

 

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the time of such enforcement.

 

11.4                        Notwithstanding the above, the Pledgor undertakes that, upon the Pledgee’s request, it will grant as many public or private documents as may be necessary or convenient to evidence such transfers, assignments or subrogation provided that any costs arising from the execution of any such private or public document shall not be payable by the Pledgor.

 

11.5                        Consequently, references in this Agreement to the finance parties of the Credit Agreement shall be deemed to be made to the entities which from time to time act as finance Parties under the Credit Agreement and any references to the Security Agent shall be deemed to be made to the entity holding such position from time to time under the Credit Agreement.

 

12.                               PLEDGEE

 

12.l                          All rights and powers conferred on the Pledgee hereunder have been granted thereto in the representative capacity in which it acts, that is, they shall be deemed to have been conferred on the finance parties of the Credit Agreement, that is both those who are Parties to this Agreement and those which will become parties to the Credit Agreement a later date, pursuant to Clause 12 above.

 

12.2                        The Parties accept that the role of Pledgee will be held at all times by any entity that has been appointed Security Agent in accordance with the terms of the Credit Agreement.

 

12.3                        The Pledgor hereby undertakes, upon request by the Pledgee, to appear before the Madrid notary designated by the Pledgee, within the time frame reasonably set by the Pledgee, and execute a public document of supplement to or ratification of the Pledge set out herein, so that

 

 

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the identity of the new Pledgee is fully evidenced for all purposes. In the event that the Pledgor does not comply with the Pledgee’s demand, the Pledgee may execute such document in the name and on behalf of the Pledgor under the irrevocable power of attorney contained in Clause 11. The costs deriving from the execution of such document shall be borne by the Pledgor.

 

13.                               COSTS AND EXPENSES

 

The Pledgor shall pay all notary’s fees, taxes, duties and, if applicable, notification costs, which may accrue and any other expenses related to the drafting, execution, raising to a public deed and fulfillment of this Agreement and its amendment, extension, cancellation or ratification, as well as all judicial costs and enforcement costs, by any procedural means, relating to the Pledge, including the reasonable fees and expenses of the notary public, any public registry, lawyers and court representatives (“procuradores”)  (even when their intervention is not compulsory), except in the event that the Credit Agreement provide that these expenses must be borne by other person.

 

14.                               AMENDMENTS TO THE CREDIT AGREEMENT

 

14.1                        The Parties agree that this Agreement will not modify, alter or affect the terms and conditions set forth in the Credit Agreement.

 

14.2                        The Pledgor as a party thereto, acknowledges and accepts the terms of the Credit Agreement as well as the rights and obligations resulting therein.

 

 

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15.                               CORRECTIONS OR ADDITIONS TO THIS AGREEMENT

 

If so required by the Pledgee, the Pledgor undertakes to appear and grant, within ten (10) calendar days as of the date of such request, as many public or private documents as may be necessary or convenient for the correction, addition or clarification of this Agreement.

 

16.                               LANGUAGE

 

This Agreement is executed in the Spanish and English languages. In the event of any conflict in interpretation between the English version and Spanish version, the Spanish version shall prevail.

 

17.                               APPLICABLE LAW AND JURISDICTION

 

17.1                        This Agreement shall be governed by Spanish law.

 

17.2                        The Parties expressly submit any litigation which may derive from the interpretation and/or enforcement of the terms and conditions of this Deed, to the jurisdiction and competence of the Courts of the city of Madrid, waiving any other forum to which by law they may be entitled.

 

 

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THE PLEDGOR
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Iniciativas Culturales de   España, S.L.
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Mr. David González   Gálvez
    	
 
    	
 
    
	
Mr. David González Gálvez
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
THE ADMINISTRATIVE AGENT AND   COLLATERAL AGENT
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
GOLDMAN SACHS CREDIT PARTNERS   L.P.
    	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Rafael Echegoyen Lewin
    	
 
    	
 
    
	
Mr. Rafael Echegoyen Lewin
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	

    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Illegible
    	
 
    
						

 

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EXECUTION VERSION
    

 

AMENDMENT AGREEMENT IN RESPECT OF PLEDGE OVER CREDIT RIGHTS DERIVED FROM BANK ACCOUNT

 

In Madrid, on October 5,  2011.

 

Before me, Mr. Andrés Domínguez Nafria, registered Notary Public of the Madrid Notaries’ Association, having jurisdiction and official certifying authority in Madrid,

 

BY AND BETWEEN

 

On the one part.

 

Mr. David González Gálvez, of Spanish nationality, of legal age, with domicile at Madrid,                            and national identification number               , currently in force.

 

And on the other part,

 

Ms. Macarena Ruiz-Jarabo Valdés, of Spanish nationality, of legal age, with domicile at Madrid,                            and national identification number               , currently in force.

 

APPEAR

 

Mr. David González Gálvez, in the name and on behalf of lNICIATIVAS CULTURALES DE ESPAÑA, S.L.U., an entity duly incorporated and validly existing under the laws of Spain with registered address at Tajo s/n, Urbanización E1 Bosque, Villaviciosa de Odón, Madrid and holding tax identification number               .

 

Mr. David González Gálvez is empowered for the purpose herein by virtue of the power of attorney granted in his favor on 10 June 2011 by Mr. Robert W. Zentz, Sole Administrator of INICIATIVAS CULTURALES DE ESPAÑA, S.L., before the Notary Public of Baltimore (Maryland - USA), Mrs.

 

1

 

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Nora Dietrich, original of which written in two columns, in Spanish and English, language that I understand and duly apostilled, which I have seen, and from which it is evidenced that he have powers to formalize the pledge object of this deed. A copy of such power of attorney is attached to this deed of Pledge of Credit Rights (the “Deed”) as Annex 1.

 

lNICIATIVAS CULTURALES DE ESPAÑA. S.L. will be hereinafter referred to as the “Pledger”.

 

Ms. Macarena Ruiz-Jarabo Valdés, in the name and on behalf of GOLDMAN SACHS CREDIT PARTNERS L.P., (hereinafter, the “Prior Pledgee”) a limited partnership organized under the laws of Bermuda with an office at 85 Broad Street, New York, NY 10004, USA.

 

Ms. Macarena Ruiz-Jarabo Valdés, in the name and on behalf of CITIBANK, N.A. (hereinafter, the “Pledgee”), a company duly organized and existing under the Laws of the United States and having its principal place of business at the State of New York.

 

The Pledgee acts as Administrative Agent and Collateral Agent under the Credit Agreement, on behalf and for the benefit of the Secured Parties (as such term is defined in the Credit Agreement).

 

Ms. Macarena Ruiz-Jarabo Valdés, is empowered for the purpose herein by virtue of the power of attorney of 24 August 2011 granted by the notary public of New York, United States, Ms. Kimberly J. Contini and power of attorney of 10 of August 2011 granted by the notary public of Nueva York, Ms. Cynthia Tolentino, originals of which written in

 

 

 

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two columns, in Spanish and English language that I understand and duly apostilled, which I have seen, and from which it is evidenced that she has all powers necessary to formalize the pledge object of this deed. A copy of such power of attorney is attached to this Deed as Annex 2.

 

The Pledgor and the Pledgee shall hereinafter be jointly referred to as the “Parties”.

 

WHEREAS

 

I                             On August 17, 2007, LAUREATE EDUCATION INC. and INICIATIVAS CULTURALES DE ESPAÑA, S.L., as Borrowers; the lenders from time to time. GOLDMAN SACHS CREDIT PARTNERS L.P. as Administrative Agent and Collateral Agent, GOLDMAN SACHS CREDIT PARTNERS L.P. as Swingline Lender. CITICORP NORTH AMERICA, INC. as Syndication Agent, GOLDMAN SACHS CREDIT PARTNERS L.P. AND CITIGROUP GLOBAL MARKETS INC. as Joint Lead Arrangers and Bookrunners, and the other parties thereto entered into a credit agreement (as amended, supplemented or otherwise modified from time to time. the “Initial Credit Agreement”).

 

II                        That, on 14 March 2008, before Notary Public of Madrid Mr. Pedro de Elizalde y Aymerich, the Pledgor created in favor of the Prior Pledgee, acting as Administrative Agent and Collateral Agent on behalf and for the benefit of the Secured Parties, as such term is defined in the Pledge over Credit Rights and the Initial Credit Agreement, a first priority ranking pledge over the credit rights held by the Pledgor against entities within the group of companies of the Pledgor, as security for

 

 

 

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the payment and performance of the Secured Obligations under the Initial Credit Agreement (the “Pledge over Credit Rights”), pledge that has been amended by virtue of a deed intervened by the Notary Mr. Andrés Dominguez Nafria immediately before the granting of this document.

 

III                   The Pledgor holds the bank account held in euros, number                (the “Bank Account”), held with               (the “Bank”) and, therefore, holds the corresponding credit rights (the “Credit Rights”) against the Bank where such Bank Account is held, to obtain the refund of the amounts deposited from time to time in the Bank Account, stemming from the bank account opening agreement dated                (the “Bank Account Agreement”). A copy of the Bank Account Agreement is attached to this Deed as Annex 3.

 

IV                    That it is in the Bank Account where the credit rights pursuant to the Pledge over Credit Rights abovementioned under whereas II are deposited.

 

V                         That, on 14 March 2008, before Notary Public of Madrid Mr. Pedro de Elizalde y Aymerich, the Pledgor created in favor of the Prior Pledgee, acting as Administrative Agent and Collateral Agent on behalf and for the benefit of the Secured Parties, as such term is defined in the Pledge over Credit Rights and the Initial Credit Agreement, a pledge over the credit rights derived from the bank account, 

 

 

 

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by virtue of the credits deposited, as a result of the Pledge over Credit Rights, as a security for the payment and performance of the Secured Obligations under the Initial Credit Agreement (the “Pledge over Credit Rights derived from Bank Account”).

 

VI                    On 16, June 2011 LAUREATE EDUCATION INC. and INICIATIVAS CULTURALES DE ESPAÑA. S.L., as Borrowers; the lenders from time to time. GOLDMAN SACHS CREDIT PARTNERS L.P. as Administrative Agent and Collateral Agent, CITIGROUP GLOBAL MARKETS INC., CREDIT SUISSE SECURITIES (USA) LLC and KKR CAPITAL MARKETS LLC as Co-Syndication Agents, CITIGROUP GLOBAL MARKETS INC., BARCLAYS CAPITAL, CREDIT SUISSE SECURITIES (USA) LLC and J.P. MORGAN SECURITIES LLC as Joint Lead Arrangers and Bookrunners, amongst other parties, entered into an amended version of the Credit Agreement mainly based on a term loan maturity date extension. The Initial Credit Agreement has been modified and reads in the terms and conditions provided by the public deed granted on the date hereof before Notary public of Madrid, Mr. Andrés Dominguez (hereinafter, as amended, supplemented or otherwise modified from time to time, the “Amended and Restated Credit Agreement” or the “Credit Agreement”).

 

Moreover, on 30 September 2011, GOLDMAN SACHS CREDIT PARTNERS L.P. and CITIBANK, N.A., amongst other, entered into a resignation and appointment

 

 

 

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agreement by means of which the entity acting as Collateral Agent (as defined in the Credit Agreement) was replaced from GOLDMAN SACHS CREDIT PARTNERS L.P. to CITIBANK, N.A.

 

VIl                As consequence of the above mentioned amendments, the Pledge over Credit Rights derived from Bank Account shall be modified accordingly and as set forth in section 14.21(d) of the Amended and Restated Credit Agreement, each Party to this agreement acknowledges, renews and extends their obligations under the security documents and the Pledgor hereby ratifies before the intervening Notary Public its obligations under the Credit Agreement.

 

VIII          Moreover, the Parties hereby irrevocably and unconditionally instruct the Notary to give notice by means of certified letter with acknowledgement receipt to the Bank, of the granting of this Amendment Agreement (as defined below) using the communications attached as Annex 4.

 

Pursuant to the aforementioned, the Parties wish to grant this amendment to the Pledge over Credit Rights derived from Bank Account (hereinafter, the “Amendment Agreement”) which shall be governed by the following:

 

CLAUSES

 

1.                        DEFINED TERMS

 

1.1                 Terms defined in this Amendment Agreement shall have the meaning in the Pledge over Credit Rights derived from Bank Account

 

 

 

 

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unless otherwise defined herein.

 

Reference in the Pledge over Credit Rights derived from Bank Account (including references to the Pledge over Credit Rights derived from Bank Account as amended hereby) to “this deed” or “this Pledge” (and indirect references such as “hereunder”, “Hereby”, “herein” and “hereof” or any other referring to the Pledge over Credit Rights derived from Bank Account) shall be deemed to be references to the Pledge over Credit Rights derived from Bank Account as amended and supplemented hereby.

 

2.                        AMENDMENT OF THE PLEDGE OVER CREDIT RIGHTS DERIVED FROM BANK ACCOUNTS

 

Effective on the date hereof, the Pledge over Credit Rights derived from Bank Account will guarantee the full compliance of the Secured Obligations (as this defined term has been modified by the Amended and Restated Credit Agreement), and therefore amending the terms and conditions of the Pledge over Credit Rights derived from Bank Account as follows:

 

2.1                 Any express reference in the Pledge over Credit Rights derived from Bank Account to the Public Limited Companies Act “Ley de Sociedades Anónimas” or Limited Liability Companies Act “Ley de Sociedades de Responsabilidad Limitada” will be substituted

 

 

 

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by the applicable provisions set forth in the new Companies Act “Ley 1/2010 de 2 de Julio de Sociedades de Capital”.

 

2.2                 Any express reference in the Pledge over Credit Rights derived from Bank Account made to the Pledgee, Administrative Agent and Collateral Agent, will be referred to, thereafter made to CITIBANK, N.A. instead of GOLDMAN SACHS CREDIT PARTNERS L.P.

 

2.3                 The Secured Obligations for the Pledge over Credit Rights derived from Bank Account shall be the Foreign Obligations corresponding to the Pledgor, as this term is defined in the Amended and Restated Credit Agreement Likewise, the repayment date set forth in the Initial Credit Agreement will be deemed extended in accordance with the terms and conditions set forth the Amended and Restated Credit Agreement.

 

2.4                 Clause 9.2 is hereby replaced with the text that reads as follows:

 

For purposes of this Deed, the address of the Parties for such notices, summons and other required formalities shall be the following:

 

For the Pledgor:

 

Calle Tajo s/n

Urbanización El Bosque

Villaviciosa de Odón, Madrid.

 

With a copy to:

 

Laureate Education, Inc.

650 South Exeter Street,

Baltimore, MD 21202

Attention: 

 

 

 

 

This is a translation of the original document.

 

Telecopy No.

 

For the Pledgee:

 

Citibank, N.A

390 Greenwich Street

New York, new York

Attention: 

 

3.                        EFFECT ON THE AGREEMENT

 

3.1                 The Parties expressly acknowledge that this Amendment Agreement, is an amendment without extinctive nature (novaciόn modificativa no extintiva)  of the Pledge over Credit Rights derived from Bank Account, and it will be a part of it for all purposes.

 

3.2                 Except to the extent specifically set forth herein, the provisions of the Pledge over Credit Rights derived from Bank Account shall not be amended, modified, waived, impaired or otherwise affected hereby. Furthermore, the Pledge over Credit Rights derived from Bank Accounts and the obligations thereunder are hereby ratified and confirmed and remain unchanged and in full force and effect.

 

3.3                 This Amendment Agreement shall be limited solely to the matters expressly set forth herein and shall not (i) constitute an amendment or waiver of any other term or condition of the Pledge over Credit Rights derived from Bank Account, (ii) prejudice any right or rights of any party under or in connection with the Pledge over Credit Rights derived from Bank Account or (iii) create any right herein to another person or other beneficiary or otherwise, except to the extent specifically provided herein.

 

 

 

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4.                        REPRESENTATIONS AND UNDERTAKINGS

 

The Pledgor ratifies the representations and warranties set forth in Clause 2.2 of the Pledge over Credit Rights derived from Bank Account, with the sole exception of that contained in the paragraph (d) of such Clause 2.2. which from now on shall be drafted as follows :

 

“(d) that it does not hold any bank accounts other than the Bank Account, with the exception of the bank account held in US dollars,              , held with               .

 

5.                        GOVERNING LAW AND JURISDICTION

 

5.1                 This Amendment Agreement shall be governed by Spanish law.

 

5.2                 The Parties, expressly waiving their right to their own forum, expressly and irrevocably submit to the courts of the city of Madrid for purposes of any dispute which may arise in connection with the validity, interpretation or enforceability of this Deed.

 

 

10

 

 

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In witness hereof, the Parties sign this contract in three*original counterparts with the intervention of the Notary Public. * óne

 

	
INICIATIVAS   CULTURALES DE ESPAÑA. S.L.
    	
 
    
	
By:
    	
 
    
	
 
    	
 
    
	
/s/ David González Gálvez
    	
 
    
	
Mr. David   González Gálvez
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
CITIBANK,   N.A
    	
 
    
	
By:
    	
 
    
	
 
    	
 
    
	
/s/ Macarena Ruiz-Jarabo Valdés
    	
 
    
	
Ms.   Macarena Ruiz-Jarabo Valdés
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
GOLDMAN   SACHS CREDIT PARTNERS L.P.
    	
 
    
	
By:
    	
 
    
	
 
    	
 
    
	
/s/ Macarena Ruiz-Jarabo Valdés
    	
 
    
	
Ms. Macarena   Ruiz-Jarabo Valdés
    	
 
    
	
 
    	
 
    
	
With my   intervention
    	
 
    
	
 
    	
 
    
	
/s/ Andrés Domínguez Nafría
    	
 
    
	
Mr. Andrés   Domínguez Nafría

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