Document:

acer-ex1027_794.htm

Exhibit 10.27

ACER THERAPEUTICS INC.

$50,000,000

Common Stock

($0.0001 par value per share)

Amended and Restated Sales Agreement

March 18, 2020

 

Roth Capital Partners, LLC

888 San Clemente Drive, Suite 400

Newport Beach, CA 92660

 

JonesTrading Institutional Services LLC

757 Third Avenue, 23rd Floor

New York, NY 10017

Ladies and Gentlemen:

Acer Therapeutics Inc., a Delaware corporation (the “Company”) and Roth Capital Partners, LLC (“Roth”) are parties to that certain Sales Agreement dated November 9, 2018 (the “Original Sales Agreement”). The Company and Roth, together with JonesTrading Institutional Services LLC (“JonesTrading” and together with Roth, the “Agents”) desire to amend and restate the Original Sales Agreement with this agreement (the “Agreement”), and hereby agree as follows:

 

1.Issuance and Sale of Shares. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through or to the Agents, shares (the “Placement Shares”) of common stock of the Company, $0.0001 par value per share (the “Common Stock”), having an aggregate offering price of up to $50,000,000, provided, however, that in no event shall the Company issue or sell through or to the Agents such number of Placement Shares that (a) exceeds the number of shares or dollar amount of shares of Common Stock that may be sold pursuant to the Registration Statement (as defined below), or (b) exceeds the number of authorized but unissued shares of Common Stock of the Company (the “Maximum Amount”). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this Section 1 on the amount of Placement Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that Agents shall have no obligation in connection with such compliance. The issuance and sale of Placement Shares through or to the Agents will be effected pursuant to the Registration Statement (as defined below) filed by the Company and declared effective by the Securities and Exchange Commission (the “Commission”), although nothing in this Agreement shall be construed as requiring the Company to use the Registration Statement to issue any Placement Shares.

 

 

The Company has filed or will file, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (the “Securities Act”), with the Commission a registration statement on Form S-3, including a base prospectus relating to certain securities, including the Common Stock, to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the “Exchange Act”). The Company has prepared a prospectus supplement specifically relating to the Placement Shares (the “Prospectus Supplement”) to the base prospectus included as part of such registration statement. The Company will furnish to the Agents, for use by the Agents, copies of the base prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, if any, relating to the Placement Shares. Except where the context otherwise requires, such registration statement, and any post-effective amendment thereto, including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b) under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430B of the Securities Act, or any subsequent registration statement on Form S-3 filed pursuant to Rule 415(a)(6) under the Securities Act by the Company to cover any Placement Shares, is herein called the “Registration Statement.” The base prospectus, including all documents incorporated therein by reference, included in the Registration Statement, as it may be supplemented by the Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities Act, together with any then issued Issuer Free Writing Prospectus (defined below), is herein called the “Prospectus.” Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto, shall be deemed to refer to and include the documents incorporated or deemed to be incorporated by reference therein, and any reference herein to the terms “amend,” “amendment” or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein (the “Incorporated Documents”). For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic Application system when used by the Commission (collectively, “EDGAR”).

2.Placements. Each time that the Company wishes to issue and sell Placement Shares hereunder (each, a “Placement”), it will notify an Agent (the “Designated Agent”) by email notice (or other method mutually agreed to in writing by the Parties) of the number or dollar value of Placement Shares, the time period during which sales are requested to be made, any limitation on the number of Placement Shares that may be sold in any one day and any minimum price below which sales may not be made (a “Placement Notice”), the form of which is attached hereto as Schedule 1. The Placement Notice shall originate from any of the individuals from the Company set forth on Schedule 3 (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the individuals from the Designated Agent set forth on Schedule 3, as such Schedule 3 may be amended from time to time. The Placement Notice shall be effective unless and until (i) the Designated Agent declines to accept the terms contained therein for any reason, in its sole 

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discretion, (ii) the entire amount of the Placement Shares thereunder have been sold, (iii) the Company suspends or terminates the Placement Notice or (iv) the Agreement has been terminated under the provisions of Section 12. The amount of any discount, commission or other compensation to be paid by the Company to the Designated Agent in connection with the sale of the Placement Shares shall be calculated in accordance with the terms set forth in Schedule 2. It is expressly acknowledged and agreed that neither the Company nor the Designated Agent will have any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Company delivers a Placement Notice to the Designated Agent and the Designated Agent does not decline such Placement Notice pursuant to the terms set forth above, and then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control.

3.Sale of Placement Shares by the Agents. Subject to the terms and conditions of this Agreement, the Designated Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of the Nasdaq Capital Market (the “Exchange”), to sell the Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement Notice. The Designated Agent will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation payable by the Company to the Designated Agent pursuant to Section 2 with respect to such sales, and the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by the Designated Agent (as set forth in Section 5(b)) from the gross proceeds that it receives from such sales. Subject to the terms of the Placement Notice, the Designated Agent may sell Placement Shares by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act. 

4.Suspension of Sales. 

(a)The Company or the Designated Agent may, upon notice to the other party in writing (including by email correspondence to each of the individuals of the other party set forth on Schedule 3, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on Schedule 3), suspend any sale of Placement Shares; provided, however, that such suspension shall not affect or impair any party’s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each party agrees that no such notice under this Section 4 shall be effective against any other party unless it is made to one of the individuals named on Schedule 3 hereto, as such Schedule may be amended from time to time.

(b)Notwithstanding any other provision of this Agreement, during any period in which the Company is in possession of material non-public information, the Company and the Agents agree that (i) no sale of Placement Shares will take place, (ii) the Company shall not 

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request the sale of any Placement Shares, and (iii) the Agents shall not be obligated to sell or offer to sell any Placement Shares.

5.Sale and Delivery to the Designated Agent; Settlement.

(a)Sale of Placement Shares. On the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, upon the Designated Agent’s acceptance of the terms of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Designated Agent, for the period specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations and the rules of the Exchange to sell such Placement Shares up to the amount specified in such Placement Notice, and otherwise in accordance with the terms of such Placement Notice. The Company acknowledges and agrees that (i) there can be no assurance that the Designated Agent will be successful in selling Placement Shares, (ii) the Designated Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Placement Shares for any reason other than a failure by the Designated Agent to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations and the rules of the Exchange to sell such Placement Shares as required under this Agreement and (iii) the Designated Agent shall be under no obligation to purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by the Designated Agent and the Company.

(b)Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement Shares will occur on the second (2nd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each, a “Settlement Date”). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal to the aggregate sales price received by the Designated Agent for the Placement Shares, after deduction for (i) the Designated Agent’s commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof, and (ii) any transaction fees imposed by any governmental or self-regulatory organization in respect of such sales.

(c)Delivery of Placement Shares. On each Settlement Date, in return for payment of the Net Proceeds by the Designated Agent, the Company will, or will cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting the Designated Agent’s or its designee’s account (provided the Designated Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the Company and the Designated Agent which in all cases shall be freely tradable, transferable, registered shares in good deliverable form. On each Settlement Date, the Designated Agent will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date, the Company agrees that in 

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addition to and in no way limiting the rights and obligations set forth in Section 10(a) hereto, it will (i) hold the Designated Agent harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal fees and expenses), as incurred, arising out of or in connection with such default by the Company or its transfer agent (if applicable) and (ii) pay to the Designated Agent any commission, discount, or other compensation to which it would otherwise have been entitled absent such default.

(d)Limitations on Offering Size. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate number or aggregate gross sales proceeds of Placement Shares sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Placement Shares under this Agreement, the Maximum Amount, (B) the amount available for offer and sale under the Registration Statement and (C) the amount authorized from time to time to be issued and sold under this Agreement by the Company’s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Designated Agent in writing. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price lower than the minimum price authorized from time to time by the Company’s board of directors, duly authorized committee thereof or a duly authorized executive committee, and notified to the Designated Agent in writing. Further, under no circumstances shall the Company cause or permit the aggregate offering amount of Placement Shares sold pursuant to this Agreement to exceed the Maximum Amount.

(e)Sales Through Agents. The Company agrees that any offer to sell, any solicitation of an offer to buy, or any sales of Placement Shares shall only be effected by or through an Agent, and only a single Agent, on any single given date, and in no event shall the Company request that more than one Agent sell Securities on the same day; provided however that, for the avoidance of doubt, (i) the foregoing limitation shall not apply to (A) exercise of any option, warrant, right or any conversion privilege set forth in the instruction governing such securities, (B) sales solely to employees, directors or security holders of the Company or its subsidiaries, or to a trustee or other person acquiring such securities for the accounts of such person and (ii) such limitation shall not apply (A) on any day during which no sales are made pursuant to this Agreement or (B) during a period in which the Company has notified the Agents that it will not sell Common Stock under this Agreement and (1) no Placement Notice is pending or (2) after a Placement Notice has been withdrawn.

6.Representations and Warranties of the Company. Except as disclosed in the Registration Statement or Prospectus (including the Incorporated Documents), the Company represents and warrants to, and agrees with each of the Agents that as of the date of this Agreement and as of each Applicable Time (as defined below), unless such representation, warranty or agreement specifies a different date or time:

(a)Registration Statement and Prospectus. The Company and, assuming no act or omission on the part of an Agent that would make such statement untrue, the transactions contemplated by this Agreement meet the requirements for and comply with the conditions for the use of Form S-3 under the Securities Act. The Registration Statement has been or will be filed with the Commission and has been or will be declared effective under the Securities Act 

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prior to the delivery of any Placement Notice by the Company. The Prospectus Supplement will name Roth and JonesTrading as the agents in the section entitled “Plan of Distribution.” The Company has not received, and has no notice of, any order of the Commission preventing or suspending the use of the Registration Statement, or threatening or instituting proceedings for that purpose. The Registration Statement and the offer and sale of Placement Shares as contemplated hereby meet the requirements of Rule 415 under the Securities Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to the Registration Statement have been so described or filed. Copies of the Registration Statement, the Prospectus, and any such amendments or supplements and all documents incorporated by reference therein that were filed with the Commission on or prior to the date of this Agreement have been delivered, or are available through EDGAR, to Agents and their counsel. The Company has not distributed and, prior to the later to occur of each Settlement Date and completion of the distribution of the Placement Shares, will not distribute any offering material in connection with the offering or sale of the Placement Shares other than the Registration Statement and the Prospectus and any Issuer Free Writing Prospectus to which the Agents have consented, such consent not to be unreasonably withheld, conditioned or delayed. The Company has not, in the 12 months preceding the date hereof, received notice from the Exchange to the effect that the Company is not in compliance with the listing or maintenance requirements. The Company has no reason to believe that it will not in the foreseeable future continue to be in compliance with all such listing and maintenance requirements. 

(b)No Misstatement or Omission. The Registration Statement, when it became or becomes effective, and the Prospectus, and any amendment or supplement thereto, on the date of such Prospectus or amendment or supplement, conformed and will conform in all material respects with the requirements of the Securities Act. At each Settlement Date, the Registration Statement and the Prospectus, as of such date, will conform in all material respects with the requirements of the Securities Act. The Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus and any amendment or supplement thereto, on the date thereof and at each Applicable Time (defined below), did not and will not include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Incorporated Documents did not, and any further documents filed and incorporated by reference therein will not, when filed with the Commission, contain an untrue statement of a material fact or omit to state a material fact required to be stated in such document or necessary to make the statements in such document, in light of the circumstances under which they were made, not misleading. The foregoing shall not apply to statements in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished to the Company by an Agent specifically for use in the preparation thereof. 

(c)Conformity with Securities Act and Exchange Act. The Registration Statement, the Prospectus, any Issuer Free Writing Prospectus or any amendment or supplement thereto, and the Incorporated Documents, when such documents were or are filed with the Commission under the Securities Act or the Exchange Act or became or become effective under 

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the Securities Act, as the case may be, conformed and will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable.

(d)Financial Information. The financial statements of the Company included or incorporated by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, together with the related notes and schedules, present fairly, in all material respects, the financial position of the Company as of the dates indicated and the results of operations, cash flows and changes in stockholders’ equity of the Company for the periods specified and have been prepared in compliance with the requirements of the Securities Act and Exchange Act and in conformity with generally accepted accounting principles in the United States (“GAAP”) applied on a consistent basis (except for (i) such adjustments to accounting standards and practices as are noted therein, (ii) in the case of unaudited interim financial statements, to the extent such financial statements may not include footnotes required by GAAP or may be condensed or summary statements and (iii) such adjustments which will not be material, either individually or in the aggregate) during the periods involved; the other financial and statistical data with respect to the Company contained or incorporated by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, are accurately and fairly presented in all material respects and prepared on a basis consistent with the financial statements and books and records of the Company; there are no financial statements (historical or pro forma) that are required to be included or incorporated by reference in the Registration Statement, or the Prospectus that are not included or incorporated by reference as required; the Company does not have any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations), not described in the Registration Statement (excluding the exhibits thereto), and the Prospectus; and all disclosures contained or incorporated by reference in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any, regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the Commission) comply in all material respects with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable.

(e)Conformity with EDGAR Filing. The Prospectus delivered to the Agents for use in connection with the sale of the Placement Shares pursuant to this Agreement after the date hereof will be identical to the versions of the Prospectus created to be transmitted to the Commission for filing via EDGAR, except to the extent permitted by Regulation S-T.

(f)Organization. The Company is duly organized, validly existing as a corporation and in good standing under the laws of its jurisdiction of organization. The Company is, and will be, duly licensed or qualified as a foreign corporation for transaction of business and in good standing under the laws of each other jurisdiction in which its ownership or lease of property or the conduct of its business requires such license or qualification, and has all corporate power and authority necessary to own or hold its properties and to conduct its business as described in the Registration Statement and the Prospectus, except where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect on or affecting the assets, business, operations, earnings, properties, condition (financial or otherwise), prospects, stockholders’ equity or results of operations of the Company or prevent or materially interfere with consummation of the transactions contemplated hereby (a “Material Adverse Effect”).

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(g)Subsidiaries. As of the date hereof, the Company has no subsidiaries. The Company does not own or control, directly or indirectly, any corporation, association or other entity other than the subsidiaries listed in Exhibit 21.1 to the Company’s most recent Annual Report on Form 10-K, if any. The Company owns directly or indirectly, all of the equity interests of its subsidiaries, if any, free and clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction, and all the equity interests of its subsidiaries, if any, are validly issued and are fully paid, non-assessable and free of preemptive and similar rights.

(h)No Violation or Default. The Company is not (i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company is a party or by which the Company is bound or to which any of the property or assets of the Company is subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of each of clauses (ii) and (iii) above, for any such violation or default that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To the Company’s knowledge, no other party under any material contract or other agreement to which it is a party is in default in any respect thereunder where such default would reasonably be expected to have a Material Adverse Effect.

(i)No Material Adverse Effect. Subsequent to the respective dates as of which information is given in the Registration Statement, the Prospectus and the Issuer Free Writing Prospectuses, if any (including any document deemed incorporated by reference therein), there has not been (i) any Material Adverse Effect, (ii) any transaction which is material to the Company, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company which is material to the Company, (iv) any material change in the capital stock or outstanding long-term indebtedness (other than (A) the grant of additional awards under equity incentive plans, (B) changes in the number of outstanding Common Stock due to the issuance of shares upon exercise or conversion of securities exercisable for or convertible into Common Stock outstanding on the date hereof, (C) any repurchase of capital stock of the Company, (D) as a result of the sale of Placement Shares, or (E) other than as publicly reported or announced), or (v) any dividend or distribution of any kind declared, paid or made on the capital stock of the Company other than in each case above in the ordinary course of business or as otherwise disclosed in the Registration Statement or Prospectus (including any document deemed incorporated by reference therein).

(j)Capitalization. The issued and outstanding shares of capital stock of the Company have been validly issued, are fully paid and non-assessable and, other than as disclosed in the Registration Statement or the Prospectus, are not subject to any preemptive rights, rights of first refusal or similar rights. The Company has an authorized, issued and outstanding capitalization as set forth in the Registration Statement and the Prospectus as of the dates referred to therein (other than the grant of additional options and restricted stock units under the Company’s existing stock option plans, or changes in the number of outstanding shares of Common Stock of the Company due to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, Common Stock outstanding on the date hereof) and 

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such authorized capital stock conforms to the description thereof set forth in the Registration Statement and the Prospectus. The description of the securities of the Company in the Registration Statement and the Prospectus is complete and accurate in all material respects. As of the date referred to therein, the Company does not have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock or other securities.

(k)Authorization; Enforceability. The Company has full legal right, power and authority to enter into this Agreement and perform the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable against the Company in accordance with its terms, except (i) to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles and (ii) the indemnification and contribution provisions of Section 10 hereof may be limited by federal or state securities laws and public policy considered in respect thereof.

(l)Authorization of Placement Shares. The Placement Shares, when issued and delivered pursuant to the terms approved by the board of directors of the Company or a duly authorized committee thereof, against payment therefor as provided herein, will be duly and validly authorized and issued and fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, including any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act. The Placement Shares, when issued, will conform in all material respects to the description thereof set forth in or incorporated into the Prospectus.

(m)No Consents Required. No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority having jurisdiction over the Company is required for the execution, delivery and performance by the Company this Agreement, the issuance and sale by the Company of the Placement Shares, except for such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable state securities laws or by the by-laws and rules of the Financial Industry Regulatory Authority (“FINRA”) or the Exchange, including any notices that may be required by the Exchange, in connection with the sale of the Placement Shares by the Agents.

(n)No Preferential Rights. (i) No person, as such term is defined in Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a “Person”), has the right, contractual or otherwise, to cause the Company to issue or sell to such Person any Common Stock or shares of any other capital stock or other securities of the Company (other than upon the exercise of outstanding options, warrants or other rights to purchase Common Stock, or upon the exercise of equity awards that may be granted from time to time under the Company’s employee or director stock option or benefits plans, in each case as disclosed in the Registration Statement or Prospectus), (ii) no Person has any preemptive rights, resale rights, rights of first refusal, or any other rights (whether pursuant to a “poison pill” provision or otherwise) to purchase any 

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Common Stock or shares of any other capital stock or other securities of the Company, (iii) no Person has the right to act as an underwriter or as a financial advisor to the Company in connection with the offer and sale of Common Stock, and (iv) no Person has the right, contractual or otherwise, to require the Company to register under the Securities Act any Common Stock or shares of any other capital stock or other securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Placement Shares as contemplated thereby or otherwise.

(o)Independent Public Accountant. The Company’s independent accountants, whose report on the financial statements of the Company is filed with the Commission as part of the Company’s most recent Annual Report on Form 10-K filed with the Commission and incorporated into the Registration Statement and the Prospectus, are and, during the periods covered by their report, were an independent registered public accounting firm with respect to the Company within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). To the Company’s knowledge, the Company’s independent accountants are not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) with respect to the Company.

(p)Enforceability of Agreements. All agreements between the Company and third parties expressly referenced in the Prospectus are legal, valid and binding obligations of the Company enforceable against the Company in accordance with their respective terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles and (ii) the indemnification provisions of certain agreements may be limited by federal or state securities laws or public policy considerations in respect thereof, and except for any unenforceability that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

(q)No Litigation. There are no legal, governmental or regulatory actions, suits or proceedings pending, nor, to the Company’s knowledge, any legal, governmental or regulatory investigations, to which the Company is a party or to which any property of the Company is the subject that, individually or in the aggregate, if determined adversely to the Company would reasonably be expected to have a Material Adverse Effect or materially and adversely affect the ability of the Company to perform its obligations under this Agreement; to the Company’s knowledge, no such actions, suits or proceedings are threatened or contemplated by any governmental or regulatory authority or threatened by others that, individually or in the aggregate, if determined adversely to the Company, would reasonably be expected to have a Material Adverse Effect; and (i) there are no current or pending legal, governmental or regulatory investigations, actions, suits or proceedings that are required under the Securities Act to be described in the Prospectus that are not so described; and (ii) there are no contracts or other documents that are required under the Securities Act to be filed as exhibits to the Registration Statement that are not so filed.

(r)Licenses and Permits. The Company possesses or has obtained, all licenses, certificates, consents, orders, approvals, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign 

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governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described in the Registration Statement and the Prospectus (the “Permits”), except where the failure to possess, obtain or make the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has not received written notice of any proceeding relating to revocation or modification of any such Permit or has any reason to believe that such Permit will not be renewed in the ordinary course, except where the failure to obtain any such renewal would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(s)No Material Defaults. The Company has not defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form 10-K, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

(t)S-3 Eligibility. (i) At the time of filing the Registration Statement and (ii) at the time of the most recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or form of prospectus), the Company met the then applicable requirements for use of Form S-3 under the Securities Act, including compliance with General Instruction I.B.6 of Form S-3. The aggregate market value of the outstanding voting and non-voting common equity (as defined in Securities Act Rule 405) of the Company held by persons other than affiliates of the Company (pursuant to Securities Act Rule 144, those that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the Company)  (the “Non-Affiliate Shares”), was equal to $32,364,839 (calculated by multiplying (x) the highest price at which the common equity of the Company closed on the Exchange on February 20, 2020 times (y) the number of Non-Affiliate Shares). The Company is not a shell company (as defined in Rule 405 under the Securities Act) and has not been a shell company for at least 12 calendar months previously and if it has been a shell company at any time previously, has filed current Form 10 information (as defined in Instruction I.B.6 of Form S-3) with the Commission at least 12 calendar months previously reflecting its status as an entity that is not a shell company.

(u)Certain Market Activities. Neither the Company nor, to the Company’s knowledge, any of its directors, officers or controlling persons has taken, directly or indirectly, any action designed, or that has constituted or would reasonably be expected to cause or result in, under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares.

(v)Broker/Dealer Relationships. Neither the Company nor any related entities (i) is required to register as a “broker” or “dealer” in accordance with the provisions of the 

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Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a “person associated with a member” or “associated person of a member” (within the meaning set forth in the FINRA Manual).

(w)No Reliance. The Company has not relied upon the Agents or legal counsel for the Agents for any legal, tax or accounting advice in connection with the offering and sale of the Placement Shares.

(x)Taxes. The Company has filed all federal, state, local and foreign tax returns which have been required to be filed and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become due and are not being contested in good faith, except where failure to do so would not reasonably be expected to have a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Registration Statement or the Prospectus, no tax deficiency has been determined adversely to the Company which has had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state or other governmental tax deficiency, penalty or assessment which has been or might be asserted or threatened against it which would reasonably be expected to have a Material Adverse Effect.

(y)Title to Real and Personal Property. The Company has good and valid title in fee simple to all items of real property and good and valid title to all personal property described in the Registration Statement or Prospectus as being owned by it that are material to the business of the Company, in each case free and clear of all liens, encumbrances and claims, except those that (i) do not materially interfere with the use made and proposed to be made of such property by the Company or (ii) would not reasonably expected, individually or in the aggregate, to have a Material Adverse Effect. Any real property described in the Registration Statement or Prospectus as being leased by the Company is held by it under valid, existing and enforceable leases, except those that (A) do not materially interfere with the use made or proposed to be made of such property by the Company or (B) would not be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect.

(z)Intellectual Property. The Company owns or possesses adequate enforceable rights to use all patents, patent applications, trademarks (both registered and unregistered), service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) (collectively, the “Intellectual Property”), necessary for the conduct of its business as conducted as of the date hereof, except to the extent that the failure to own or possess adequate rights to use such Intellectual Property would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; the Company has not received any written notice of any claim of infringement or conflict which asserted Intellectual Property rights of others, which infringement or conflict, if the subject of an unfavorable decision, would reasonably be expected to result in a Material Adverse Effect; there are no pending, or to the Company’s knowledge, threatened judicial proceedings or interference proceedings against the Company challenging the Company’s rights in or to or the validity of the scope of any of the Company’s patents, patent applications or proprietary information, except for such right or claim that would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

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(aa)Environmental Laws. The Company (i) is in compliance with any and all applicable federal, state, local and foreign laws, rules, regulations, decisions and orders relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”); (ii) has received and is in compliance with all permits, licenses or other approvals required of it under applicable Environmental Laws to conduct its businesses as described in the Registration Statement and the Prospectus; and (iii) has not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case of any of clauses (i), (ii) or (iii) above, for any such failure to comply or failure to receive required permits, licenses, other approvals or liability as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(bb)Disclosure Controls. The Company maintains systems of internal controls designed to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company is not aware of any material weaknesses in its internal control over financial reporting (other than as set forth in the Prospectus). Since the date of the latest audited financial statements of the Company included in the Prospectus, there has been no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting (other than as set forth in the Prospectus). The Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) for the Company and designed such disclosure controls and procedures to ensure that material information relating to the Company is made known to the certifying officers. The Company’s certifying officers have evaluated the effectiveness of the Company’s controls and procedures as of a date within 90 days prior to the filing date of the Form 10-K for the fiscal year most recently ended (such date, the “Evaluation Date”). The Company presented in its Form 10-K for the fiscal year most recently ended the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date there have been no significant changes in the Company’s internal controls (as such term is defined in Item 307(b) of Regulation S-K under the Securities Act) or, to the Company’s knowledge, in other factors that could significantly adversely affect the Company’s internal controls. To the knowledge of the Company, the Company’s “internal controls over financial reporting” and “disclosure controls and procedures” are effective.

(cc)Sarbanes-Oxley. The Company is not aware of any failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply with any applicable provisions of the Sarbanes-Oxley Act and the applicable rules and regulations promulgated thereunder in all material respects. Each of the principal executive officer and the principal financial officer of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of the Sarbanes-Oxley 

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Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission during the past 12 months. For purposes of the preceding sentence, “principal executive officer” and “principal financial officer” shall have the meanings given to such terms in the Sarbanes-Oxley Act.

(dd)Finder’s Fees. The Company has not incurred any liability for any finder’s fees, brokerage commissions or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to the Agents pursuant to this Agreement.

(ee)Labor Disputes. No labor disturbance by or dispute with employees of the Company exists or, to the knowledge of the Company, is threatened which would be reasonably be expected to have a Material Adverse Effect

(ff)Investment Company Act. The Company is not or after giving effect to the offering and sale of the Placement Shares, will not be an “investment company” or an entity “controlled” by an “investment company,” as such terms are defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”).

(gg)Operations. The operations of the Company are and have been conducted at all times in compliance with applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions to which the Company is subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency having authority over the Company (collectively, the “Money Laundering Laws”), except as would not reasonably be expected to result in a Material Adverse Effect; and no action, suit or proceeding by or before any court or governmental agency, authority or body having authority over the Company or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

(hh)Off-Balance Sheet Arrangements. There are no transactions, arrangements and other relationships between and/or among the Company, and/or, to the knowledge of the Company, any of its affiliates and any unconsolidated entity, including, but not limited to, any structural finance, special purpose or limited purpose entity (each, an “Off Balance Sheet Transaction”) that would reasonably be expected to affect materially the Company’s liquidity or the availability of or requirements for its capital resources, including those Off Balance Sheet Transactions described in the Commission’s Statement about Management’s Discussion and Analysis of Financial Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), required to be described in the Prospectus which have not been described as required.

(ii)Underwriter Agreements. Other than with respect to this Agreement, the Company is not a party to any agreement with an agent or underwriter for any other “at the market” or continuous equity transaction.

(jj)ERISA. To the knowledge of the Company, each material employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security 

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Act of 1974, as amended (“ERISA”), that is maintained, administered or contributed to by the Company or any of its affiliates for employees or former employees of the Company has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as amended (the “Code”); no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in a material liability to the Company with respect to any such plan excluding transactions effected pursuant to a statutory or administrative exemption; and for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated funding deficiency” as defined in Section 412 of the Code has been incurred, whether or not waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions) exceeds the present value of all benefits accrued under such plan determined using reasonable actuarial assumptions, other than, in each case, as would not reasonably be expected to have a Material Adverse Effect.

(kk)Forward Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) (a “Forward Looking Statement”) contained in the Registration Statement and the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. The Forward Looking Statements incorporated by reference in the Registration Statement and the Prospectus from the Company’s Annual Report on Form 10-K for the fiscal year most recently ended (i) except for any Forward Looking Statement included in any financial statements and notes thereto, are within the coverage of the safe harbor for forward looking statements set forth in Section 27A of the Securities Act, Rule 175(b) under the Securities Act or Rule 3b-6 under the Exchange Act, as applicable, (ii) were made by the Company with a reasonable basis and in good faith and reflect the Company’s good faith commercially reasonable best estimate of the matters described therein as of the respective dates on which such statements were made, and (iii) have been prepared in accordance with Item 10 of Regulation S-K under the Securities Act.

(ll)Agent Purchases. The Company acknowledges and agrees that the Agents have informed the Company that each Agent may, to the extent permitted under the Securities Act and the Exchange Act, purchase and sell Common Stock for its own account while this Agreement is in effect, provided, that (i) no such purchase or sales shall take place while a Placement Notice is in effect (except to the extent each Agent may engage in sales of Placement Shares purchased or deemed purchased from the Company as a “riskless principal” or in a similar capacity) and (ii) the Company shall not be deemed to have authorized or consented to any such purchases or sales by such Agent.

(mm)Margin Rules. Neither the issuance, sale and delivery of the Placement Shares nor the application of the proceeds thereof by the Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System.

(nn)Insurance. The Company carries, or is covered by, insurance in such amounts and covering such risks as the Company reasonably believes is adequate for the conduct of its business and as is customary for companies of similar size engaged in similar businesses in similar industries.

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(oo)No Improper Practices. (i) Neither the Company, nor to the Company’s knowledge, any of its executive officers has, in the past five years, made any unlawful contributions to any candidate for any political office (or failed fully to disclose any contribution in violation of law) or made any contribution or other payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with similar public or quasi-public duty in violation of any law or of the character required to be disclosed in the Prospectus; (ii) no relationship, direct or indirect, exists between or among the Company or, to the Company’s knowledge, any affiliate of the Company, on the one hand, and the directors, officers and stockholders of the Company, that is required by the Securities Act to be described in the Registration Statement and the Prospectus that is not so described; (iii) no relationship, direct or indirect, exists between or among the Company, or any affiliate of the Company, on the one hand, and the directors, officers, stockholders or directors of the Company that is required by the rules of FINRA to be described in the Registration Statement and the Prospectus that is not so described; (iv) there are no material outstanding loans or advances or material guarantees of indebtedness by the Company to or for the benefit of any of its officers or directors or any of the members of the families of any of them; (v) the Company has not offered, or caused any placement agent to offer, Common Stock to any person with the intent to influence unlawfully (A) a customer or supplier of the Company to alter the customer’s or supplier’s level or type of business with the Company or (B) a trade journalist or publication to write or publish favorable information about the Company or any of its products or services, and, (vi) neither the Company nor, to the Company’s knowledge, any employee or agent of the Company has made any payment of funds of the Company or received or retained any funds in violation of any law, rule or regulation (including, without limitation, the Foreign Corrupt Practices Act of 1977), which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement or the Prospectus.

(pp)Compliance with Applicable Laws. The Company (A) to its knowledge, is and at all times has been in material compliance with all statutes, rules and regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage, import, export or disposal of any product under development, manufactured or distributed by the Company (“Applicable Laws”), (B) has not received any Form 483 from the U.S. Food and Drug Administration (“FDA”), notice of adverse finding, warning letter, or other written correspondence or notice from the FDA or any other federal, state, local or foreign governmental or regulatory authority alleging or asserting material noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”), which would, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect; (C) possesses all material Authorizations and such Authorizations are valid and in full force and effect and the Company is not in material violation of any term of any such Authorizations; (D) has not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from the FDA or any other federal, state, local or foreign governmental or regulatory authority or third party alleging that any Company product, operation or activity is in material violation of any Applicable Laws or Authorizations and has no knowledge that the FDA or any other federal, state, local or foreign governmental or regulatory authority or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding against the Company; (E) has not received notice that the FDA or any other federal, state, local 

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or foreign governmental or regulatory authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any material Authorizations and has no knowledge that the FDA or any other federal, state, local or foreign governmental or regulatory authority is considering such action; and (F) to its knowledge, has filed, obtained, maintained or submitted all reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations except where the failure to file such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments would not result in a Material Adverse Effect, and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were materially complete and correct on the date filed (or were corrected or supplemented by a subsequent submission).

(qq)Clinical Studies. All clinical trials conducted by the Company or on behalf of the Company were, and, if still pending are, to the Company’s knowledge, being conducted in all material respects in compliance with all Applicable Laws and in accordance with experimental protocols, procedures and controls generally used by qualified experts in the clinical trials of new drugs and biologics as applied to comparable products to those being developed by the Company, except where such noncompliance would not reasonably be expected to have a Material Adverse Effect; the descriptions of the results of such clinical trials contained in the Registration Statement and the Prospectus are accurate in all material respects, and the Company has no knowledge of any other clinical trials, the results of which reasonably call into question the clinical trial results described or referred to in the Registration Statement and the Prospectus when viewed in the context in which such results are described; and the Company has not received any written notices or correspondence from the FDA or any other domestic or foreign governmental agency requiring the termination or suspension of any clinical trials conducted by or on behalf of the Company that are described in the Registration Statement and the Prospectus or the results of which are referred to in the Registration Statement and the Prospectus.

(rr)Status Under the Securities Act. The Company was not and is not an ineligible issuer as defined in Rule 405 under the Securities Act at the times specified in Rules 164 and 433 under the Securities Act in connection with the offering of the Placement Shares.

(ss)No Misstatement or Omission in an Issuer Free Writing Prospectus. Each Issuer Free Writing Prospectus, as of its issue date and as of each Applicable Time (as defined in Section 24 below), did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the Prospectus, including any incorporated document deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does not apply to statements in or omissions from any Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Company by an Agent specifically for use therein.

(tt)No Conflicts. Neither the execution of this Agreement, nor the issuance, offering or sale of the Placement Shares, nor the consummation of any of the transactions contemplated herein and therein, nor the compliance by the Company with the terms and provisions hereof and thereof will conflict with, or will result in a breach of, any of the terms and provisions of, or has constituted or will constitute a default under, or has resulted in or will result 

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in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any contract or other agreement to which the Company may be bound or to which any of the property or assets of the Company is subject, except (i) such conflicts, breaches or defaults as may have been waived and (ii) such conflicts, breaches and defaults that would not reasonably be expected to have a Material Adverse Effect; nor will such action result (x) in any violation of the provisions of the organizational or governing documents of the Company, or (y) in any material violation of the provisions of any statute or any order, rule or regulation applicable to the Company or of any court or of any federal, state or other regulatory authority or other government body having jurisdiction over the Company.

(uu)OFAC. Neither the Company nor any director or officer, or, to the knowledge of the Company, after due inquiry, any agent, employee, affiliate or representative of the Company, is a government, individual or entity (in this paragraph (uu), “Person”) that is, or is owned or controlled by a Person that is, currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”), the United Nations Security Council (“UNSC”), the European Union (“EU”), Her Majesty’s Treasury (“HMT”), or other relevant sanctions authority (collectively, “Sanctions”), nor located, organized or resident in a country or territory that is the subject of Sanctions; provided however, that for the purposes of this paragraph (uu), no person shall be an affiliate of the Company solely by reason of owning less than a majority of any class of voting securities of the Company. The Company will not directly or indirectly, use the proceeds of the offering of the Placement Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. The Company represents and covenants that, except as detailed in the Prospectus, for the past five years, the Company has not knowingly engaged in, is not now knowingly engaged in, and will not knowingly engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions.

(vv)Stock Transfer Taxes. On each Settlement Date, all stock transfer or other taxes (other than income taxes) which are required to be paid in connection with the sale and transfer of the Placement Shares to be sold hereunder will be, or will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have been fully complied with by the Company in all material respects.

Any certificate signed by an officer of the Company and delivered to the Agents or to counsel for the Agents pursuant to or in connection with this Agreement shall be deemed to be a representation and warranty by the Company, as applicable, to the Agents as to the matters set forth therein.

7.Covenants of the Company. The Company covenants and agrees with the Agents that:

(a)Registration Statement Amendments. After the date of this Agreement and during any period in which a Prospectus relating to any Placement Shares is required to be delivered by the Agents under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act) (the “Prospectus 

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Delivery Period”) (i) the Company will notify the Agents promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference, has been filed with the Commission and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or Prospectus or for additional information, (ii) the Company will prepare and file with the Commission, promptly upon the Agents’ request, any amendments or supplements to the Registration Statement or Prospectus that, in such Agents’ reasonable opinion, may be necessary or advisable in connection with the distribution of the Placement Shares by the Agents (provided, however, that the failure of the Agents to make such request shall not relieve the Company of any obligation or liability hereunder, or affect the Agents’ right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that the only remedy the Agents shall have with respect to the failure to make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the Registration Statement or Prospectus, other than documents incorporated by reference, relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted to Agents within a reasonable period of time before the filing and the Agents have not reasonably and in good faith objected thereto (provided, however, that (A) the failure of the Agents to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect the Agents’ right to rely on the representations and warranties made by the Company in this Agreement and (B) the Company has no obligation to provide the Agents any advance copy of such filing or to provide the Agents an opportunity to object to such filing if the filing does not name the Agents or does not relate to the transaction herein provided; and provided, further, that the only remedy Agents shall have with respect to the failure to by the Company to obtain such consent shall be to cease making sales under this Agreement) and the Company will furnish to the Agents at the time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause each amendment or supplement to the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document to be incorporated therein by reference, to be filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed (the determination to file or not file any amendment or supplement with the Commission under this Section 7(a), based on the Company’s reasonable opinion or reasonable objections, shall be made exclusively by the Company).

(b)Notice of Commission Stop Orders. The Company will advise the Agents, promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent the issuance of any stop order or to obtain its withdrawal if such a stop order should be issued. The Company will advise the Agents promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment or supplements to the Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering of the Placement Shares 

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or for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus.

(c)Delivery of Prospectus; Subsequent Changes. During the Prospectus Delivery Period, the Company will use its commercially reasonable efforts to comply with all requirements imposed upon it by the Securities Act, as from time to time in force, and to file on or before their respective due dates all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any other provision of or under the Exchange Act. If the Company has omitted any information from the Registration Statement pursuant to Rule 430A under the Securities Act, it will use its commercially reasonable efforts to comply with the provisions of and make all requisite filings with the Commission pursuant to said Rule 430A and to notify the Agents promptly of all such filings. If during the Prospectus Delivery Period any event occurs as a result of which the Prospectus as then amended or supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during the Prospectus Delivery Period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify Agents to suspend the offering of Placement Shares during such period and the Company will promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance; provided, however, that the Company may delay the filing of any amendment or supplement, if in the judgment of the Company, it is in the best interests of the Company.

(d)Listing of Placement Shares. During the Prospectus Delivery Period, the Company will use its commercially reasonable efforts to cause the Placement Shares to be listed on the Exchange and to qualify the Placement Shares for sale under the securities laws of such jurisdictions as the Agents reasonably designate and to continue such qualifications in effect so long as required for the distribution of the Placement Shares; provided, however, that the Company shall not be required in connection therewith to qualify as a foreign corporation or dealer in securities or file a general consent to service of process in any jurisdiction.

(e)Delivery of Registration Statement and Prospectus. The Company will furnish to the Agents and their counsel (at the reasonable expense of the Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during the Prospectus Delivery Period (including all documents filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities as the Agents may from time to time reasonably request and, at the Agents’ request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; provided, however, that the Company shall not be required to furnish any document (other than the Prospectus) to the Agents to the extent such document is available on EDGAR.

(f)Earnings Statement. The Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after the end of 

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the Company’s current fiscal quarter, an earnings statement covering a 12-month period that satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act.

(g)Use of Proceeds. The Company will use the Net Proceeds as described in the Prospectus in the section entitled “Use of Proceeds.”

(h)Notice of Other Sales. Without prior written notice to the Agents, the Company will not, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire, Common Stock during the period beginning on the date on which any Placement Notice is delivered to an Agent hereunder and ending on the second (2nd) Trading Day immediately following the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such suspension or termination); and will not directly or indirectly in any other “at the market” or continuous equity transaction offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or acquire, Common Stock prior to the termination of this Agreement; provided, however, that such restrictions will not be required in connection with the Company’s issuance or sale of (i) Common Stock, restricted stock units, options to purchase Common Stock or Common Stock issuable upon the exercise of options, pursuant to any employee or director stock option or benefits plan, stock ownership plan or dividend reinvestment plan (but not Common Stock subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether now in effect or hereafter implemented, (ii) Common Stock issuable upon conversion of securities or the exercise of warrants, options or other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise in writing to the Agents, and (iii) Common Stock, or securities convertible into or exercisable for Common Stock, offered and sold in a negotiated transaction to vendors, customers, strategic partners or potential strategic partners, acquisition candidates or other investors conducted in a manner so as not to be integrated with the offering of Common Stock hereby.

(i)Change of Circumstances. The Company will, at any time during the pendency of a Placement Notice advise the Agents promptly after it shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document required to be provided to the Agents pursuant to this Agreement.

(j)Due Diligence Cooperation. During the term of this Agreement, the Company will cooperate with any reasonable due diligence review conducted by the Agents or their respective representatives in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, during regular business hours and at the Company’s principal offices, as the Agents may reasonably request.

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(k)Required Filings Relating to Placement of Placement Shares. The Company agrees that on such dates as the Securities Act shall require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act (each and every filing under Rule 424(b), a “Filing Date”), which prospectus supplement will set forth, within the relevant period, the amount of Placement Shares sold through the Agents, the Net Proceeds to the Company and the compensation payable by the Company to the Agents with respect to such Placement Shares, and (ii) deliver such number of copies of each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market.

(l)Representation Dates; Certificate. Prior to the submission of the first Placement Notice and within five (5) trading days of each time the Company:

(i)files the Prospectus relating to the Placement Shares or amends or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement Shares), the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Placement Shares;

(ii)files an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A containing amended financial information or a material amendment to the previously filed Form 10-K);

(iii)files a quarterly report on Form 10-Q under the Exchange Act; or

(iv)files a current report on Form 8-K containing amended financial information (other than information “furnished” pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassification of certain properties as discontinued operations in accordance with Statement of Financial Accounting Standards No. 144) under the Exchange Act; (Each date of filing of one or more of the documents referred to in clauses (i) through (iv) shall be a “Representation Date”),

the Company shall furnish the Agents (but in the case of clause (iv) above only if the Agents reasonably determine that the information contained in such Form 8-K is material) with a certificate, in the form attached hereto as Exhibit 7(l) (the “Representation Date Certificate”); provided however, if no Placement Notice is pending at such Representation Date, then before the Company delivers a Placement Notice or the Agents sells any Placement Shares, the Company shall provide the Agents with a Representation Date Certificate. The requirement to provide a Representation Date Certificate shall be waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date; provided, however, that such waiver shall not apply for any Representation Date on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing, if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide the Agents 

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with a Representation Date Certificate, then before the Company delivers the Placement Notice or the Agents sell any Placement Shares, the Company shall provide the Agents with a Representation Date Certificate, dated the date of the Placement Notice.

(m)Legal Opinion. Prior to the submission of the first Placement Notice, the Company shall cause to be furnished to the Agents a written opinion and negative assurance letter of Pillsbury Winthrop Shaw Pittman LLP (“Company Counsel”), or other counsel reasonably satisfactory to the Agents, in form and substance satisfactory to the Agents and their counsel, and a written opinion of Clark+Elbing LLP (“Company IP Counsel”), or other counsel reasonably satisfactory to the Agents, in form and substance satisfactory to the Agents and their counsel. Thereafter, within five (5) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a Representation Date Certificate for which no waiver is applicable, the Company shall cause to be furnished to the Agents a negative assurance letter of Company Counsel in form and substance satisfactory to the Agents and their counsel; provided however, if no Placement Notice is pending at such Representation Date, then before the Company delivers a Placement Notice or the Agents sell any Placement Shares, the Company shall provide the Agents with such negative assurance letter; provided, further, that in lieu of such negative assurance letter for subsequent periodic filings under the Exchange Act, counsel may furnish the Agents with a letter (a “Reliance Letter”) to the effect that the Agents may rely on a prior negative assurance letter delivered under this Section 7(m) to the same extent as if it were dated the date of such letter (except that statements in such prior negative assurance letter shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date of the Reliance Letter).

(n)Comfort Letter. (1) Prior to the submission of the first Placement Notice and (2) within five (5) Trading Days of each Representation Date, with respect to which the Company is obligated to deliver a Representation Date Certificate for which no waiver is applicable, the Company shall cause its independent accountants to furnish the Agents letters (the “Comfort Letters”), dated the date the Comfort Letter is delivered, which shall meet the requirements set forth in this Section 7(n); provided however, if no Placement Notice is pending at such Representation Date, then before the Company delivers a Placement Notice or the Agents sell any Placement Shares, the Company shall provide the Agents with the Comfort Letter; provided, further, that if requested by the Agents, the Company shall cause a Comfort Letter to be furnished to the Agents within ten (10) Trading Days of the date of occurrence of any material transaction or event, including the restatement of the Company’s financial statements. The Comfort Letter from the Company’s independent accountants shall be in a form and substance reasonably satisfactory to the Agents, (i) confirming that they are an independent public accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (the “PCAOB”), (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants’ “comfort letters” to underwriters in connection with registered public offerings (the first such letter, the “Initial Comfort Letter”) and (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter.

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(o)Market Activities. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that constitutes or would reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of Common Stock or (ii) sell, bid for, or purchase Common Stock in violation of Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other than the Agents.

(p)Investment Company Act. The Company will conduct its affairs in such a manner so as to reasonably ensure that it will not become, at any time prior to the termination of this Agreement, an “investment company,” as such term is defined in the Investment Company Act.

(q)No Offer to Sell. Other than an Issuer Free Writing Prospectus approved in advance by the Company and the Agents in their capacity as agents hereunder, neither the Agents nor the Company (including its agents and representatives, other than the Agents in their capacity as such) will make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder.

(r)Sarbanes-Oxley Act. The Company will maintain and keep accurate books and records reflecting its assets and maintain internal accounting controls in a manner designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and including those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit the preparation of the Company’s consolidated financial statements in accordance with GAAP, (iii) that receipts and expenditures of the Company are being made only in accordance with management’s and the Company’s directors’ authorization, and (iv) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on its financial statements. The Company will use commercially reasonable efforts to comply with all other effective applicable provisions of the Sarbanes-Oxley Act and the applicable regulations thereunder that are designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. 

8.Payment of Expenses. The Company will pay all expenses incident to the performance of its obligations under this Agreement, including (i) the preparation, filing, including any fees required by the Commission, and printing of the Registration Statement (including financial statements and exhibits) as originally filed and of each amendment and supplement thereto, in such number as the Agents shall deem reasonably necessary, (ii) the printing and delivery to the Agents of this Agreement and such other documents as may be required in connection with the offering, purchase, sale, issuance or delivery of the Placement Shares, (iii) the preparation, issuance and delivery of the certificates, if any, for the Placement Shares to the Agents, including any stock or other transfer taxes and any capital duties, stamp 

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duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to the Agents, (iv) the fees and disbursements of the counsel, accountants and other advisors to the Company, (v) the reasonable out-of-pocket expenses of Agents, including fees and disbursements of counsel to the Agents, up to an aggregate of $60,000 (which amount shall include all fees and disbursements of such counsel described in clause (ix) below), (vi) the printing and delivery to the Agents of copies of any Permitted Issuer Free Writing Prospectus (defined below) and the Prospectus and any amendments or supplements thereto in such number as the Agents shall deem necessary, (vii) the preparation, printing and delivery to the Agents of copies of the blue sky survey and any Canadian “wrapper” and any supplements thereto, in such number as the Agents shall deem necessary, (viii) the fees and expenses of the transfer agent and registrar for the Common Stock, (ix) the fees and expenses incident to any review by FINRA of the terms of the sale of the Placement Shares, including fees and expenses of counsel to the Agents, and (x) the fees and expenses incurred in connection with the listing of the Placement Shares on the Exchange.

9.Conditions to Agents’ Obligations. The obligations of the Agents hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the Company of its obligations hereunder, to the completion by the Agents of a due diligence review satisfactory to it in its reasonable judgment, and to the continuing satisfaction (or waiver by the Agents in their sole discretion) of the following additional conditions:

(a)Registration Statement Effective. The Registration Statement shall have become effective and shall be available for the sale of all Placement Shares contemplated to be issued by any Placement Notice.

(b)No Material Notices. None of the following events shall have occurred and be continuing: (i) receipt by the Company of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration Statement or the Prospectus or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus or documents so that, in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and, that in the case of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

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(c)No Misstatement or Material Omission. Agents shall not have advised the Company that the Registration Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in the Agents’ reasonable opinion is material, or omits to state a fact that in the Agents’ reasonable opinion is material and is required to be stated therein or is necessary to make the statements therein not misleading.

(d)Material Changes. Except as contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there shall not have been any material adverse change, on a consolidated basis, in the authorized capital stock of the Company or any Material Adverse Effect, or any development that could reasonably be expected to cause a Material Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Company’s securities (other than asset backed securities) by any rating organization or a public announcement by any rating organization that it has under surveillance or review its rating of any of the Company’s securities (other than asset backed securities), the effect of which, in the case of any such action by a rating organization described above, in the reasonable judgment of the Agents (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus.

(e)Legal Opinion. The Agents shall have received the opinion of Company Counsel required to be delivered pursuant Section 7(m) on or before the date on which such delivery of such opinion is required pursuant to Section 7(m).

(f)IP Opinion. The Agents shall have received the opinion of Company IP Counsel required to be delivered pursuant Section 7(m) on or before the date on which such delivery of such opinion is required pursuant to Section 7(m).

(g)Comfort Letter. The Agents shall have received the Comfort Letter required to be delivered pursuant Section 7(n) on or before the date on which such delivery of such Comfort Letter is required pursuant to Section 7(n).

(h)Representation Certificate. The Agents shall have received the certificate required to be delivered pursuant to Section 7(l) on or before the date on which delivery of such certificate is required pursuant to Section 7(l).

(i)Secretary’s Certificate. On the date of this Agreement, the Agents shall have received a certificate, signed on behalf of the Company by its corporate Secretary, in form and substance satisfactory to the Agents and their counsel.

(j)No Suspension. Trading in the Common Stock shall not have been suspended on the Exchange, and the Common Stock shall not have been delisted from the Exchange.

(k)Other Materials. On each date on which the Company is required to deliver a certificate pursuant to Section 7(l), the Company shall have furnished to the Agents such appropriate further information, certificates and documents as the Agents may reasonably request. All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof. 

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(l)Securities Act Filings Made. All filings with the Commission required by Rule 424 under the Securities Act to have been filed prior to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424.

(m)Approval for Listing. The Placement Shares shall either have been approved for listing on the Exchange, subject only to notice of issuance, or the Company shall have filed an application for listing of the Placement Shares on the Exchange at, or prior to, the issuance of any Placement Notice.

(n)No Termination Event. There shall not have occurred any event that would permit the Agents to terminate this Agreement pursuant to Section 12(a).

10.Indemnification and Contribution.

(a)Company Indemnification. The Company agrees to indemnify and hold harmless the Agents, their partners, members, directors, officers, employees and agents and each person, if any, who controls the Agents within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows:

(i)against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;

(ii)against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission; provided that (subject to Section 10(d) below) any such settlement is effected with the written consent of the Agents, which consent shall not unreasonably be delayed or withheld; and

(iii)against any and all expense whatsoever, as incurred (including the reasonable fees and disbursements of counsel), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above, provided, however, that this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with written information furnished to the Company by any 

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Agent expressly for use in the Registration Statement (or any amendment thereto), or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).

(b)Agent Indemnification. Each Agent agrees to indemnify and hold harmless the Company and its directors and each officer of the Company who signed the Registration Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or (ii) is controlled by or is under common control with the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 10(a), as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto) or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with information relating to an Agent and furnished to the Company in writing by such Agent or its agents and counsel expressly for use therein.

(c)Procedure. Any party that proposes to assert the right to be indemnified under this Section 10 will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section 10, notify each such indemnifying party of the commencement of such action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this Section 10 and (ii) any liability that it may have to any indemnified party under the foregoing provision of this Section 10 unless, and only to the extent that, such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party for any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the indemnifying party, (2) the indemnified party has reasonably concluded (based on written advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, (3) a conflict or potential conflict exists (based on written advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is 

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understood that the indemnifying party or parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly after the indemnifying party receives a written invoice relating to fees, disbursements and other charges in reasonable detail. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this Section 10 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (1) includes an unconditional release of each indemnified party from all liability arising out of such litigation, investigation, proceeding or claim and (2) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

(d)Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in the foregoing paragraphs of this Section 10 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or an Agent, the Company and such Agent will contribute to the total losses, claims, liabilities, expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution received by the Company from persons other than the Agents, such as persons who control the Company within the meaning of the Securities Act, officers of the Company who signed the Registration Statement and directors of the Company, who also may be liable for contribution) to which the Company and the Agents may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and the Agents on the other hand. The relative benefits received by the Company on the one hand and the Agents on the other hand shall be deemed to be in the same proportion as the total net proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company bear to the total compensation received by the Agents (before deducting expenses) from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and such Agent, on the other hand, with respect to the statements or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or such Agent, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and each Agent agree that it would not be just and equitable if contributions pursuant to this Section 10(d) were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability, expense, or damage, or 

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action in respect thereof, referred to above in this Section 10(d) shall be deemed to include, for the purpose of this Section 10(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with Section 10(c) hereof. Notwithstanding the foregoing provisions of this Section 10(d), an Agent shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 10(d), any person who controls a party to this Agreement within the meaning of the Securities Act, and any officers, directors, partners, employees or agents of an Agent, will have the same rights to contribution as that party, and each officer of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 10(d), will notify any such party or parties from whom contribution may be sought, but the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 10(d) except to the extent that the failure to so notify such other party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of Section 10(c) hereof, no party will be liable for contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to Section 10(c) hereof.

11.Additional Representations and Covenants.

(a)Representations and Covenants of the Agents. Each Agent represents and warrants that it is duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states in which such Agent is exempt from registration or such registration is not otherwise required. Each Agent shall continue, for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states in which such Agent is exempt from registration or such registration is not otherwise required, during the term of this Agreement. Each Agent shall comply with all applicable law and regulations in connection with the transactions contemplated by this Agreement, including the issuance and sale through such Agent of the Placement Shares.

(b)Representations and Agreements to Survive Delivery. The indemnity and contribution agreements contained in Section 10 of this Agreement and all representations and warranties of the Company and the Agents herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made by or on behalf of the Agents, any controlling persons, or the Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement.

12.Termination.

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(a)An Agent may terminate this Agreement with respect to itself, by notice to the Company, as hereinafter specified at any time (1) if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any Material Adverse Effect, or any development that is reasonably likely to have a Material Adverse Effect or, in the sole judgment of such Agent, is material and adverse and makes it impractical or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (2) if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of such Agent, impracticable or inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (3) if trading in the Common Stock has been suspended or limited by the Commission or the Exchange, or if trading generally on the Exchange has been suspended or limited, or minimum prices for trading have been fixed on the Exchange, (4) if any suspension of trading of any securities of the Company on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance services in the United States shall have occurred and be continuing, or (6) if a banking moratorium has been declared by either U.S. Federal or New York authorities. Any such termination shall be without liability of any party to any other party except that the provisions of Section 8 (Expenses), Section 10 (Indemnification), Section 11 (Survival of Representations), Section 17 (Governing Law; Consent to Jurisdiction) and Section 18 (Waiver of Jury Trial) hereof shall remain in full force and effect notwithstanding such termination. If an Agent elects to terminate this Agreement as provided in this Section 12(a) with respect to itself, such Agent shall provide the required notice as specified in Section 13 (Notices).

(b)The Company shall have the right, by giving written notice as hereinafter specified, to (i) terminate this Agreement or (ii) reduce the amount of Common Stock permitted to be issued and sold under this Agreement and offered by the Prospectus Supplement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of Section 8, Section 10, Section 11, Section 17 and Section 18 hereof shall remain in full force and effect notwithstanding such termination.

(c)Each Agent shall have the right, by giving written notice as hereinafter specified, to terminate this Agreement with respect to itself in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of Section 8, Section 10, Section 11, Section 17 and Section 18 hereof shall remain in full force and effect notwithstanding such termination.

(d)Unless earlier terminated pursuant to this Section 12, this Agreement shall automatically terminate upon the issuance and sale of all of the Placement Shares through the Agents on the terms and subject to the conditions set forth herein; provided that the provisions of Section 8, Section 10, Section 11, Section 17 and Section 18 hereof shall remain in full force and effect notwithstanding such termination.

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(e)This Agreement shall remain in full force and effect unless terminated pursuant to Sections 12(a), (b), (c), or (d) above or otherwise by mutual agreement of the parties; provided, however, that any such termination by mutual agreement shall in all cases be deemed to provide that Section 8, Section 10, Section 11, Section 17 and Section 18 shall remain in full force and effect; provided further that, for the avoidance of doubt, to the extent this Agreement is terminated by one Agent pursuant to Sections 12(a) or (c) above, this Agreement shall terminate only with respect to such Agent and shall remain in full force and effect with respect to the Company and the other Agent, unless and until terminated pursuant to Sections 12(a), (b), (c), or (d) above.

(f)Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided, however, that such termination shall not be effective until the close of business on the date of receipt of such notice by an Agent or the Company, as the case may be. Upon termination of this Agreement, the Company shall not have any liability to such Agent for any discount, commission or other compensation with respect to any Placement Shares not otherwise sold by such Agent under this Agreement; provided, however, if such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement.

13.Notices. All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified, and if sent to the Agents, shall be delivered to:

Roth Capital Partners, LLC

888 San Clemente

Newport Beach, CA 92660

Fax No.: (949) 720-7227

Attention: Equity Capital Markets

 

JonesTrading Institutional Services LLC

900 Island Park Drive, Suite 160

Daniel Island, SC 29492

Attn: Burke Cook

E-mail: 

 

with a copy (which shall not constitute notice) to:

Duane Morris LLP

1540 Broadway

New York, NY 10036

Attn: James T. Seery

E-mail: 

and if to the Company, shall be delivered to:

 

Acer Therapeutics Inc.

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One Gateway Center, Suite 351

300 Washington Street

Newton, MA 02458

Attn: Chris Schelling

     President and Chief Executive Officer

with a copy (which shall not constitute notice) to:

 

Pillsbury Winthrop Shaw Pittman LLP

12255 El Camino Real, Suite 300

San Diego, CA 92130 

Attn: Mike Hird

    Gabriella A. Lombardi

 

Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally, by email, or by verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid).

An electronic communication (“Electronic Notice”) shall be deemed written notice for purposes of this Section 13 if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives verification of receipt by the receiving party. Any party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (“Nonelectronic Notice”) which shall be sent to the requesting party within ten (10) days of receipt of the written request for Nonelectronic Notice.

14.Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the Company and each Agent and their respective successors and the affiliates, controlling persons, officers and directors referred to in Section 10 hereof. References to any of the parties contained in this Agreement shall be deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party.

15.Adjustments for Stock Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Placement Shares.

16.Entire Agreement; Amendment; Severability. The Sales Agreement dated November 9, 2019 between the Company and Roth is hereby amended in its entirety and restated 

33

 

herein. This Agreement (including all schedules and exhibits attached hereto and Placement Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof, including, without limitation, engagement letter dated September 28, 2018 between the Company and Roth. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Agents. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement.

17.GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

18.CONSENT TO JURISDICTION. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW.

19.Use of Information. The Agents may not use any information gained in connection with this Agreement and the transactions contemplated by this Agreement, including 

34

 

due diligence, to advise any party with respect to transactions not expressly approved by the Company.

20.Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile transmission.

21.Effect of Headings. The section and Exhibit headings herein are for convenience only and shall not affect the construction hereof.

22.Permitted Free Writing Prospectuses. The Company represents, warrants and agrees that, unless it obtains the prior consent of each Agent, which consent shall not be unreasonably withheld, conditioned or delayed, and each Agent represents, warrants and agrees that, unless it obtains the prior consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed, it has not made and will not make any offer relating to the Placement Shares that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405, required to be filed with the Commission. Any such free writing prospectus consented to by the Agents or by the Company, as the case may be, is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company represents and warrants that it has treated and agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping.

23.Absence of Fiduciary Relationship. The Company acknowledges and agrees that:

(a)Each Agent is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each transaction contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any other party, on the one hand, and the Agents, on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not any Agent has advised or is advising the Company on other matters, and the Agents have no obligation to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement;

(b)it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions contemplated by this Agreement;

(c)the Agents have not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate;

(d)it is aware that the Agents and their respective affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company 

35

 

and the Agents have no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and

(e)it waives, to the fullest extent permitted by law, any claims it may have against the Agents for breach of fiduciary duty or alleged breach of fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that the Agents shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, employees or creditors of Company, other than in respect of the Agents’ obligations under this Agreement and to keep information provided by the Company to the Agents and the Agents’ counsel confidential to the extent not otherwise publicly-available.

24.Miscellaneous; Definitions. 

As used in this Agreement, the following terms have the respective meanings set forth below:

“Applicable Time” means (i) each Representation Date and (ii) the time of each sale of any Placement Shares pursuant to this Agreement.

“Business Day” shall mean any day on which the Exchange and commercial banks in the City of New York are open for business.

“Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433, relating to the Placement Shares that (1) is required to be filed with the Commission by the Company, (2) is a “road show” that is a “written communication” within the meaning of Rule 433(d)(8)(i) whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Placement Shares or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g) under the Securities Act.

“Rule 172,” “Rule 405,” “Rule 415,” “Rule 424,” “Rule 424(b),” “Rule 430B,” and “Rule 433” refer to such rules under the Securities Act.

“Trading Day” means any day on which shares of Common Stock are purchased and sold on the Exchange.

All references in this Agreement to financial statements and schedules and other information that is “contained,” “included” or “stated” in the Registration Statement or the Prospectus (and all other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated by reference in the Registration Statement or the Prospectus, as the case may be.

All references in this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing 

36

 

Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to “supplements” to the Prospectus shall include, without limitation, any supplements, “wrappers” or similar materials prepared in connection with any offering, sale or private placement of any Placement Shares by the Agents outside of the United States.

 

37

 

If the foregoing correctly sets forth the understanding among the Company and the Agents, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among the Company and the Agents.

 

Very truly yours,

 

ACER THERAPEUTICS INC.

 

			
	
By:
	
 
	
/s/ Chris Schelling

	
Name:
	
 
	
Chris Schelling

	
Title:
	
 
	
President and Chief Executive Officer

 

ACCEPTED as of the date first-above written:

 

ROTH CAPITAL PARTNERS, LLC 

 

			
	
By:
	
 
	
/s/ Eric B. Cheng

	
Name:
	
 
	
Eric B. Cheng

	
Title:
	
 
	
Managing Director, Co-Head of Healthcare Investment Banking

 

JONESTRADING INSTITUTIONAL SERVICES LLC

 

			
	
By:
	
 
	
/s/ Burke Cook

	
Name:
	
 
	
Burke Cook

	
Title:
	
 
	
General Counsel

 

 

[Signature page to Amended and Restated Sales Agreement]

 

SCHEDULE 1

 

________________________

FORM OF PLACEMENT NOTICE

__________________________

 

From: ACER THERAPEUTICS INC.

To: [ROTH CAPITAL PARTNERS, LLC][JONESTRADING INSTITUTIONAL SERVICES LLC]

Attention: _____________________

Subject: Placement Notice

Date:

Ladies and Gentlemen:

Pursuant to the terms and subject to the conditions contained in the Amended and Restated Sales Agreement among Acer Therapeutics Inc. (the “Company”) and Roth Capital Partners, LLC and JonesTrading Institutional Services LLC (together, the “Agents”), dated March 18, 2020, the Company hereby requests that [identify Designated Agent] sell up to ____________ of the Company’s Common Stock, $0.0001 par value per share, at a minimum market price of $_______ per share, during the time period beginning [month, day, time] and ending [month, day, time].

 

 

SCHEDULE 2

 

__________________________

Compensation

__________________________

The Company shall pay to the Designated Agent in cash, upon each sale of Placement Shares pursuant to this Agreement, an amount equal to 3.5% of the gross proceeds from each sale of Placement Shares.

 

 

SCHEDULE 3

 

__________________________

Notice Parties

__________________________

 

The Company

 

Harry S. Palmin

Don Joseph

Jason S. Kneeland

 

Roth

 

Eric Cheng

Lou Ellis

Nazan Akdeniz
Phil DiNapoli 

with a copy to 

 

JonesTrading

Moe Cohen 

Bryan Turley 

John D’Agostini 

Ryan Gerety 

Burke Cook 

 

with a copy to 

 

 

EXHIBIT 7(l)

 

Form of Representation Date Certificate

 

____________________, 20__

 

This Representation Date Certificate (this “Certificate”) is executed and delivered in connection with Section 7(l) of the Amended and Restated Sales Agreement (the “Agreement”), dated March 18, 2020, and entered into among Acer Therapeutics Inc. (the “Company”) and Roth Capital Partners, LLC and JonesTrading Institutional Services LLC. All capitalized terms used but not defined herein shall have the meanings given to such terms in the Agreement

 

The undersigned, a duly appointed and authorized officer of the Company, hereby certifies as follows in such capacity on behalf of the Company:

	
 
	
1.
	
As of the date of this Certificate, (i) the Registration Statement does not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading and (ii) neither the Registration Statement nor the Prospectus contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading and (iii) no event has occurred as a result of which it is necessary to amend or supplement the Prospectus in order to make the statements therein not untrue or misleading.

	
 
	
2.
	
Each of the representations and warranties of the Company contained in the Agreement were, when originally made, and are, as of the date of this Certificate, true and correct in all material respects.

	
 
	
3.
	
Except as waived by the Agents in writing, each of the covenants required to be performed by the Company in the Agreement on or prior to the date of the Agreement, this Representation Date, and each such other date as set forth in the Agreement, has been duly, timely and fully performed in all material respects and each condition required to be complied with by the Company on or prior to the date of the Agreement, this Representation Date, and each such other date as set forth in the Agreement has been duly, timely and fully complied with in all material respects.

	
 
	
4.
	
Subsequent to the date of the most recent financial statements in the Prospectus, except as described in the Prospectus, including the Incorporated Documents, there has been no Material Adverse Effect.

	
 
	
5.
	
No stop order suspending the effectiveness of the Registration Statement or of any part thereof has been issued, and no proceedings for that purpose have been instituted or are pending or threatened by any securities or other governmental authority (including, without limitation, the Commission).

 

 

The undersigned has executed this Representation Date Certificate as of the date first written above.

 

 

ACER THERAPEUTICS INC.

 

 

By:_________________________________

Name:  

Title:Exhibit
4.9

 

Execution
Version

 

AMENDED
AND RESTATED COMMON TERMS AGREEMENT OFFER LETTER

 

City of Buenos
Aires February 4, 2020

 

Messrs.

 

INTER-AMERICAN INVESTMENT
CORPORATION

 

Attention: Portfolio Management
Division, Investment Operations Department

 

Ref.: Offer
Letter No. CTA 1/20

 

The
undersigned, TELECOM ARGENTINA S.A., a corporation duly organized and existing under the laws of the Republic of Argentina,
and whose principal activity is the provision of telecommunications services in the Republic of Argentina (the “Borrower”)
is pleased to submit this irrevocable offer No. CTA 1/20 (the “Offer”) to INTER-AMERICAN INVESTMENT
CORPORATION, an international organization established by the Agreement Establishing the Inter-American Investment Corporation
among its member countries (“IDB Invest” and together with the Borrower the “Parties”),
acting in its own capacity and as agent acting on behalf of the INTER-AMERICAN DEVELOPMENT BANK, an international organization
established by the Agreement Establishing the Inter-American Development Bank among its member countries (“IDB”),
to enter into an amended and restated common terms agreement on the Terms and Conditions attached hereto as Annex I (including
all schedules thereto) (the “Amended and Restated Common Terms Agreement”) for the provision of the loans described
in Annex I to finance its working capital and its other financial needs in support of the Borrower’s capital expenditures
plan for the year 2019 in Argentina, including the continued rollout of its 4G mobile network and further expansion of its fixed
broadband service.

 

This
Offer shall be open for acceptance in writing by IDB Invest in the form of Schedule 12 hereto, until 11:59 pm New York time on
February 4, 2020 unless extended in writing for and additional period of time by the Borrower (the “Expiration Date”);
forthwith after the Expiration Date, this Offer shall automatically lose all force and effect.

 

Any
term, condition, statement, representation or guarantee expressed in this Offer which may indicate an assertion, abstention, commitment
and/or general right or obligation – whatever the grammatical form may be, shall only be enforceable and valid for the Parties
if this Offer is accepted pursuant to the terms hereof. If this Offer is not accepted, such term, condition, statement, representation
and/or guarantee shall not be valid or enforceable nor shall cause any legal commitment since they shall be deemed as if they
had not been written.

 

Upon
written acceptance of the Offer on or before the Expiration Date by IDB Invest, the Amended and Restated Common Terms Agreement
(the “Agreement”) shall become in full force and effect subject to the Terms and Conditions set forth in Annex
I, and shall be legally binding upon, and enforceable against, each and all of the Parties. The Agreement shall be deemed entered
into as of the date of acceptance of this Offer by IDB Invest.

 

This
Offer shall be governed by and construed in accordance with the laws of the State of New York, United States of America.

 

Offer Letter
No. CTA 1/20

 

     

     

    

 

Sincerely,

 

 

TELECOM AGRENTINA S.A.,

 

	By:	/s/ Gabriel
    Pablo Blasi	 	 
	Name: Gabriel Pablo Blasi	 	 
	Title: Chief Financial Officer	 	 
	 	 	 
	 	 	 
	By:	/s/
    Mariano J. Piñero	 	 
	Name: Mariano J. Piñero	 	 
	Title: Treasury Manager	 	 

 

Offer Letter
No. CTA 1/20

 

     

     

    

 

Annex
I

 

Terms
and Conditions of the Amended and Restated Common Terms Agreement

 

TABLE
OF CONTENTS

 

	Article/Section	Item	Page No.
	 	 
	ARTICLE I	1
	 	 
	Definitions
    and Interpretation	1
	 	 
	Section 1.01	Definitions	1
	Section 1.02	Financial
    Calculations	18
	Section 1.03	Interpretation	18
	Section 1.04	Business
    Day Adjustment	18
	Section 1.05	Loan
    Agreements	19
	Section 1.06	Rights
    and Obligations of Lenders	19
	 	 	 
	ARTICLE II	20
	 	 
	Common
    Funding Provisions, Payments, Prepayments	20
	 	 
	Section 2.01	The
    Loans	20
	Section 2.02	Disbursement
    Procedure	20
	Section 2.03	Interest	20
	Section 2.04	Default
    Rate Interest	20
	Section 2.05	Repayment	21
	Section 2.06	Prepayment	21
	Section 2.07	Fees	23
	Section 2.08	Currency
    and Place of Payments	23
	Section 2.09	Allocation
    of Partial Payments	24
	Section 2.10	Increased
    Costs	24
	Section 2.11	Unwinding
    Costs	24
	Section 2.12	Suspension
    or Cancellation by Lenders	25
	Section 2.13	Cancellation
    by the Borrower	26
	Section 2.14	Taxes	26
	Section 2.15	Expenses	27
	Section 2.16	Illegality	27
	 	 	 
	ARTICLE III	28
	 	 
	Representations
    and Warranties	28
	 	 
	Section 3.01	Representations
    and Warranties	28
	Section 3.02	Lender
    Reliance	33
	 	 	 
	ARTICLE IV	33
	 	 
	Conditions
    of the Disbursement	33
	 	 
	Section 4.01	Conditions
    of the Disbursement	33
	Section 4.02	Borrower’s
    Certification	36
	Section 4.03	Conditions
    for Lender’s Benefit	36
	 	 	 	 	 

 

Offer Letter
No. CTA 1/20

 

     

     

    

	Article/

    Section	 	Item	 	Page No.
	 	 
	ARTICLE V	36
	 	 
	Particular
    Covenants	36
	 	 
	Section 5.01	Affirmative
    Covenants	36
	Section 5.02	Negative
    Covenants	39
	Section 5.03	Reporting
    Requirements	47
	Section 5.04	Insurance	50
	 	 	 
	ARTICLE VI	51
	 	 
	Events
    of Default	51
	 	 
	Section 6.01	Acceleration
    after Default	51
	Section 6.02	Events
    of Default	51
	Section 6.03	Bankruptcy	54
	 	 	 
	ARTICLE VII	54
	 	 
	Miscellaneous	54
	 	 
	Section 7.01	Saving
    of Rights	54
	Section 7.02	Notices	54
	Section 7.03	English
    Language	55
	Section 7.04	Term
    of Agreement	55
	Section 7.05	Enforcement	55
	Section 7.06	Disclosure
    of Information	57
	Section 7.07	Indemnification;
    No Consequential Damages	58
	Section 7.08	Successors
    and Assignees	58
	Section 7.09	Amendments,
    Waivers and Consents	58
	Section 7.10	Counterparts	58
	Section 7.11	Drafting	58
	Section 7.12	Most
    Favored Nation	59
	 	 	 
	ANNEX
    A	60
	 	 
	FINANCIAL
    PLAN	60
	 	 
	ANNEX
    B	61
	 	 
	BORROWER/TRANSACTION
    AUTHORIZATIONS	61
	 	 
	ANNEX
    C	68
	 	 
	INVESTMENTS	68
	 	 
	ANNEX
    D	69
	 	 
	FINANCIAL
    DEBT	69
	 	 
	ANNEX
    E	70
	 	 
	SUBSIDIARIES	70
	 	 	 	 	 

Offer Letter
No. CTA 1/20

    - ii -

     

    

 

	Article/

    Section	Item	Page No.
	 	 
	ANNEX
    F	72
	 	 
	INSURANCE
    REQUIREMENTS	72
	 	 
	ANNEX
    G	73
	 	 
	EXISTING
    LIENS	73
	 	 
	ANNEX
    H	74
	 	 
	EXISTING
    AFFILIATE TRANSACTIONS	74
	 	 
	ANNEX
    I	75
	 	 
	PERMITTED
    HOLDERS	75
	 	 
	ANNEX
    J	76
	 	 
	PROHIBITED
    ACTIVITIES	76
	 	 
	SCHEDULE
    1	78
	 	 
	FORM OF
    CERTIFICATE OF INCUMBENCY AND AUTHORITY	78
	 	 
	SCHEDULE
    2	81
	 	 
	FORM OF
    REQUEST FOR DISBURSEMENT	81
	 	 
	SCHEDULE
    3	84
	 	 
	FORM OF
    DISBURSEMENT RECEIPT	84
	 	 
	SCHEDULE
    4(A)	85
	 	 
	MATTERS
    TO BE COVERED IN LEGAL OPINION OF LENDERS’ COUNSEL IN THE COUNTRY	85
	 	 
	SCHEDULE
    4(B)	86
	 	 
	MATTERS
    TO BE COVERED IN LEGAL OPINION OF LENDERS’ COUNSEL IN NEW YORK	86
	 	 
	SCHEDULE
    5	87
	 	 
	FORM OF
    SOLVENCY CERTIFICATE	87
	 	 
	SCHEDULE
    6	89
	 	 
	FORM OF
    SERVICE OF PROCESS LETTER	89
	 	 
	SCHEDULE
    7	91
	 	 
	FORM OF
    LETTER TO BORROWER’S AUDITORS	91
	 	 
	SCHEDULE
    8	93
	 	 
	INFORMATION
    TO BE INCLUDED IN ANNUAL REVIEW OF OPERATIONS	93
	 	 	 

 

Offer Letter
No. CTA 1/20

 

    - iii -

     

    

 

	Article/

    Section	Item	Page No.
	 	 
	 	 
	SCHEDULE
    9	95
	 	 
	FORM OF
    ENVIRONMENTAL AND SOCIAL COMPLIANCE REPORT	95
	 	 
	SCHEDULE
    10	98
	 	 
	ENVIRONMENTAL
    AND SOCIAL ACTION PLAN	98
	 	 
	SCHEDULE
    11	99
	 	 
	FORM OF
    ACCESSION OFFER LETTER	99
	 	 
	SCHEDULE
    12	105
	 	 
	FORM OF
    ACCEPTANCE LETTER	105
	 	 	 	 

 

Offer Letter
No. CTA 1/20

 

    - iv -

     

    

 

W I
T N E S S E T H:

 

WHEREAS,
the Borrower’s principal activity is the provision of telecommunications services in the Republic of Argentina and the Borrower
has requested the Lenders (as defined below) to provide the loans described in this Agreement and the Loan Agreements to finance
its working capital and its other financial needs in support of the Borrower’s capital expenditures plan for the year 2019
in Argentina, including the continued rollout of its 4G mobile network and further expansion of its fixed broadband service; and

 

WHEREAS,
the Lenders have agreed to lend, and the Borrower has agreed to borrow, loans subject to the terms and conditions set forth in
this Agreement and the Loan Agreements; and

 

WHEREAS,
the Parties entered into that certain Common Terms Agreement dated May 29, 2019 (such agreement, as in effect on the date
thereof, without any amendments or modifications thereto, the “Original Common Terms Agreement”), and now wish
to amend and restate the Original Common Terms Agreement in its entirety as set forth herein.

 

NOW,
THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties hereto agree as follows:

 

ARTICLE I

 

Definitions
and Interpretation

 

Section 1.01
Definitions. Wherever used in the Offer and/or in the subsequent Agreement, if the Offer is accepted, the following
terms have the following meanings:

 

“A&O
Retainer Agreement” means the retainer agreement effective as of April 26, 2019, entered into in connection with
this Agreement by and among the Borrower, IDB Invest, Société de Promotion et de Participation pour la Coopération
Economique S.A. and Allen & Overy LLP;

 

“Accession
Agreement” means the accession agreement to be entered into by and among a new Co-Lender, the Borrower and
the other Lenders by acceptance of the Accession Offer Letter by the new Co-Lender;

 

“Accession
Offer Letter” means the offer letter to be sent by the Borrower and the other Lenders to a new Co-Lender to enter into
an Accession Agreement, in the form attached hereto as Schedule 11;

 

“Accounting
Standards” means the International Financial Reporting Standards promulgated by the International Accounting Standards
Board (“IASB”) (which include standards and interpretations approved by the IASB and international accounting
standards issued under previous constitutions), together with its pronouncements thereon from time to time, as adopted by the
Argentine Comisión Nacional de Valores in its capacity as corporate supervisory authority over the Borrower and
applied on a consistent basis;

 

“Affected
Country” has the meaning specified in the definition of “Inconvertibility Event”;

 

“Affected
Currency” means the currency of the Affected Country;

 

“Affected
Lender” has the meaning specified in Section 2.08(d) ( Currency and Place of Payments);

 

Offer Letter
No. CTA 1/20

 

    - 1 -

     

    

 

“Affiliate”
means, in relation to any Person: (i) a Subsidiary of that Person or a Holding Company of that Person or any other Subsidiary
of that Holding Company and (ii) solely for purposes of the definition of “Restricted Payment” and Section 5.02(h) (
Arm’s Length Transactions), any other Person that Controls, is Controlled by or is under common Control with, that
Person;

 

“Agreement”
has the meaning set forth in the body of the Offer;

 

“Amended
and Restated IDB Invest Fee Letter” means the amended and restated fee letter entered into on or around the date hereof
between the Borrower and IDB Invest by acceptance of the offer letter sent by Borrower to IDB Invest;

 

“Amended
and Restated IDB Invest Loan Agreement” means the amended and restated loan agreement entered into on or around the
date hereof between IDB Invest and the Borrower by acceptance of the offer letter sent by the Borrower to IDB Invest;

 

“Anti-Money
Laundering Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction
regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including
the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act;

 

“Argentine
Government Obligations” means obligations issued or directly and fully guaranteed or insured by the Country or by any
agency or instrumentality thereof; provided, that the full faith and credit of the Country is pledged in support thereof;

 

“Auditors”
means Price Waterhouse & Co. S.R.L. or such other firm that the Borrower appoints from time to time as its auditors pursuant
to Section 5.01(e)  (Affirmative Covenants);

 

“Authority”
means any national, supranational, regional or local government or governmental, administrative, fiscal, judicial, or government-owned
body, department, commission, authority, tribunal, agency or entity, or central bank (or any Person, whether or not government
owned and howsoever constituted or called, that exercises the functions of a central bank);

 

“Authorization”
means any consent, registration, filing, agreement, notarization, certificate, licenses (including cellular mobile telecommunication
licenses), approval, authorization, easement, right of way, permit, authority or exemption from, by or with any Authority, whether
given by express action or deemed given by failure to act within any specified time period and all corporate, creditors’
and shareholders’ approvals or consents;

 

“Authorized
Representative” means any natural person who is duly authorized by the Borrower, to act on its behalf for the purposes
specified in, and whose name and a specimen of whose signature appear on, the Certificate of Incumbency and Authority most recently
delivered by such Person to the Lenders;

 

“B
Loan Supplement” means each agreement entered into from time to time between IDB Invest and the Borrower substantially
in the form of Schedule 1 to the Amended and Restated IDB Invest Loan Agreement providing certain terms for the IDB Invest B Loans
in which IDB Invest has issued, or may issue, Participations.

 

“Borrower”
has the meaning set forth in the body of the Offer;

 

Offer Letter
No. CTA 1/20

 

    - 2 -

     

    

 

“Buenos
Aires Business Day” means a day when banks are open for business in the city of Buenos Aires, Argentina;

 

“Business
Day” means a day when banks are open for business in (i) the City of New York, New York and (ii) solely for
the purpose of determining the applicable Interest Rate other than pursuant to Section 2.03(d) (Interest) of
the Amended and Restated IDB Invest Loan Agreement, London, England;

 

“Calculation
Period” means, for any calculation, a period of four consecutive quarters most recently ended prior to the event requiring
the calculation for which financial statements should have been delivered to the Lenders pursuant to this Agreement;

 

“Cash
Equivalents” means:

 

		(1)	Dollars,
                                         Euro, Pesos, the other official currencies of any member of the European Union or money
                                         in other currencies received or acquired in the ordinary course of business;

 

		(2)	U.S.
                                         Government Obligations or certificates representing an ownership interest in U.S. Government
                                         Obligations, or securities issued directly and fully guaranteed or insured by any member
                                         of the European Union, or any agency or instrumentality thereof (provided, that
                                         the full faith and credit of such member is pledged in support of those securities or
                                         other sovereign debt obligations (other than those of the Country) rated “A”
                                         or higher or such similar equivalent or higher rating by at least one nationally recognized
                                         statistical rating organization);

 

		(3)	National
                                         or provincial obligations, or Argentine Government Obligations (including those of the
                                         central bank of the Country) or certificates representing an ownership interest in Argentine
                                         Government Obligations (including those of the central bank of the Country) acquired
                                         in the ordinary course of business or which obligations can be applied in payment of
                                         taxes or other obligations under Argentine law;

 

		(4)	(i) demand
                                         deposits; (ii) time deposits and certificates of deposit with maturities of one
                                         year or less from the date of acquisition; (iii) bankers ́ acceptance with
                                         maturities not exceeding one year from the date of acquisition; and (iv) overnight
                                         bank deposits, in each case with any bank or trust company organized or licensed under
                                         the laws of Argentina or any state thereof;

 

		(5)	(i) demand
                                         deposits; (ii) time deposits and certificates of deposit with maturities of one
                                         year or less from the date of acquisition; (iii) bankers ́ acceptance with
                                         maturities not exceeding one year from the date of acquisition; and (iv) overnight
                                         bank deposits, in each case with any bank or trust company organized or licensed under
                                         the laws of the United States of America or any state thereof or under the laws of any
                                         member state of the European Union, in each case whose short-term debt is rated “A-2”
                                         or higher or such similar equivalent or higher rating by at least one nationally recognized
                                         statistical rating organization;

 

		(6)	repurchase
                                         obligations with a term of not more than 7 days for underlying securities of the type
                                         described in clauses (2) and (5) above entered into with any financial institution
                                         meeting the qualifications specified in clause (5) above;

 

Offer Letter
No. CTA 1/20

 

    - 3 -

     

    

 

		(7)	Commercial
                                         paper rated “A-2” or higher rating by at least one nationally recognized
                                         statistical rating organization and maturing within six months after the date of acquisition;

 

		(8)	Money
                                         market and mutual funds; and

 

		(9)	Substantially
                                         similar investments, of comparable credit quality, denominated in Dollars or in the currency
                                         of any jurisdiction in which the Borrower conducts business;

 

“Certificate
of Incumbency and Authority” means a certificate provided to the relevant Disbursing Lender in the form of Schedule
1;

 

“Change
of Control” means any of the following:

 

		(i)	the
                                         Permitted Holders, at any time and for any reason, cease to Control the Borrower;

 

		(ii)	any
                                         person or group other than the Permitted Holders shall have obtained the power (whether
                                         or not exercised) to elect a majority of the board of directors of the Borrower; or

 

		(iii)	a
                                         “change of control” or similar event shall occur as provided in any other
                                         loan or preferred stock documentation relating to the Borrower;

 

“Charter”
means with respect to any Person, the memorandum and articles of association, by laws (estatutos sociales) and/or such
other constitutive document, howsoever called, of such Person;

 

“Co-Lender”
means any Person that satisfies the Co-Lender Accession Requirements;

 

“Co-Lender
Accession Requirements” means, with respect to any Person:

 

		(i)	such
                                         Person is satisfactory to the Borrower and each Lender;

 

		(ii)	such
                                         Person, the Borrower and each Lender enter into an Accession Agreement;

 

		(iii)	such
                                         Person and the Borrower enter into a loan agreement in form and substance satisfactory
                                         to each Lender; and

 

		(iv)	such
                                         Person and each Lender enter into the Intercreditor Agreement, or such Person accedes
                                         to the Intercreditor Agreement, in each case, in form and substance satisfactory to each
                                         Lender.

 

“Co-Loan”
means a loan made or to be made by a Co-Lender under its Co-Loan Agreement or, as the context may require, its principal amount
from time to time outstanding;

 

“Co-Loan
Agreement” means a loan agreement entered into by and between the Borrower and any Co-Lender;

 

“Co-Loan
Interest Rate” means, for any Interest Period and with respect to each Co-Loan, the rate at which interest is payable
on such Co-Loan during that Interest Period, determined in accordance with the relevant Co-Loan Agreement;

 

Offer Letter
No. CTA 1/20

 

    - 4 -

     

    

 

“Commitment”
means, with respect to each Loan, at any time, the aggregate principal amount (either disbursed or available for disbursement)
of such Loan as specified in the relevant Loan Agreement;

 

“Consolidated”
or “Consolidated Basis” means (with respect to any financial statements to be provided, or any financial
calculation to be made, under or for the purposes of this Agreement and any other Financing Document) the method referred to in
Section 1.02(c) (Financial Calculations); and the entities whose accounts are to be consolidated with the accounts
of the Borrower are all the Subsidiaries of the Borrower;

 

“Control”
or “Controlled” means, with respect to any Person, the power (whether directly or indirectly and whether through
the ownership of shares or other securities, by contract or otherwise) to (i) appoint and/or remove all or a majority of
the members of the board of directors or other governing body of such Person, (ii) direct or cause the direction of the management
or policies of such Person, or (iii) obtain the necessary majority voting interests for making decisions at the equity holders
meetings of such Person;

 

“Convertible
Currency” means any freely convertible and transferable currency;

 

“Country”
means the Republic of Argentina;

 

“Designated
Jurisdiction” means any country or territory to the extent that such country or territory is itself the subject of any
comprehensive, country-wide or territory-wide Sanctions (including, as of the date hereof, the Crimea region, Cuba, Iran,
North Korea, and Syria);

 

“Disbursement”
means any disbursement of any Loan;

 

“Disbursement
Long-Stop Date” with respect to each Loan, has the meaning specified in the relevant Loan Agreement.

 

“Disbursing
Lender” has the meaning specified in Section 4.01 (Conditions of the Disbursement);

 

“Dollars”
and “$” means the lawful currency of the United States of America;

 

“EBITDA”
means, for the relevant Calculation Period for any Person or specified group of Persons, Net Income for such period (without giving
effect to (x) any extraordinary gains and losses, (y) any non-cash income and losses, and (z) any gains or losses
from sales of assets other than inventory sold in the ordinary course of business) adjusted by adding thereto (in each case to
the extent deducted in determining Net Income for such period), without duplication, the amount of (i) total interest expense
(inclusive of amortization of deferred financing fees and other original issue discount and banking fees, charges and commissions
(e.g., letter of credit fees and commitment fees)) of such Person or specified group of Persons determined on a Consolidated Basis
for such period (or on both an unconsolidated basis and a Consolidated Basis if applicable under this Agreement), (ii) tax
expense based on income and foreign withholding taxes for such Person or specified group of Persons determined on a Consolidated
Basis for such period (or on both an unconsolidated basis and a Consolidated Basis if applicable under this Agreement), and (iii) all
depreciation and amortization expense of such Person or specified group of Persons determined on a Consolidated Basis for such
period (or on both an unconsolidated basis and a Consolidated Basis if applicable under this Agreement);

 

“Environmental
and Social Action Plan” means the plan attached hereto as Schedule 10;

 

Offer Letter
No. CTA 1/20

 

    - 5 -

     

    

 

“Environmental
and Social Issues” means issues related to: (i) emissions, spills, or discharges to the air, water, ground, or
subsoil; (ii) management of waste and hazardous or toxic substances; (iii) noise, traffic, odors, as well as other activities
or circumstances that are harmful to third parties; (iv) occupational health and safety; (v) preservation or management
of habitats and ecosystems, whether natural or artificial, as well as the protection of living organisms present therein; (vi) acquisition
of rights of way, relocation of individuals or populations, and expropriation and compensation; (vii) indigenous and Afro-descendant
communities, and other vulnerable groups identified in the area of influence of the company; (viii) workers’ rights,
collective rights, and human rights; (ix) any affectation to the cultural heritage; or (x) any substantial issue related
to human health, the environment, social issues, or occupational health and safety;

 

“Environmental
and Social Legislation” means all applicable statutes, laws, regulations, decrees, resolutions, codes, orders, plans,
court decrees, and applicable judicial or administrative decisions or interpretations issued at the international, national, subnational,
municipal, or sector level that govern or make reference to Environmental and Social Issues;

 

“Environmental
and Social Compliance Report” means the true, accurate and complete report on compliance with the Sustainability Policy;

 

“Environmental
and Social Standards and Guidelines” means IFC sector-specific guidelines and IFC performance standards that contain
best international environmental and social practices to be implemented by the Borrower and its Subsidiaries in the design, construction,
installation, operation, and maintenance of all its facilities, plants, and equipment, pursuant to the Sustainability Policy and
other guiding regulations and documents;

 

“Euro”
and “EUR” mean the single, unified, lawful currency of those member states of the European Union participating
in the Economic and Monetary Union;

 

“Event
of Default” means any one of the events or circumstances specified in Section 6.02 (Events of Default);

 

“Fee
Letter” means the Amended and Restated IDB Invest Fee Letter, each fee letter entered into by and between the Borrower
and any Co-Lender by acceptance of the offer letter sent by the Borrower to such Co-Lender, and each fee letter entered into by
and between IDB Invest and any Participant;

 

“Final
Maturity Date” means (i) with respect to the IDB Invest A Loan, the IDB A Loan, and each Co-Loan, May 15,
2026; and (ii) with respect to the IDB Invest B Loans, the date specified as such in the relevant B Loan Supplement;

 

“Financial
Debt” means as to any Person:

 

		(i)	any
                                         indebtedness of such Person for or in respect of borrowed money;

 

		(ii)	the
                                         outstanding principal amount of any bonds, debentures, notes, loan stock, commercial
                                         paper, acceptance credits, bills or promissory notes drawn, accepted, endorsed or issued
                                         by such Person, except indebtedness in respect of any bid, performance, surety bond,
                                         caución or fianza in the ordinary course of business for the account
                                         of any Person;

 

		(iii)	any
                                         indebtedness of such Person for or in respect of the deferred purchase price of assets
                                         or services (except trade accounts incurred and payable in the ordinary course of business

 

Offer Letter
No. CTA 1/20

 

    - 6 -

     

    

 

to
trade creditors of such Person within 180 days of the date they are incurred and which are not overdue);

 

		(iv)	non-contingent
                                         obligations of such Person to reimburse any other Person for amounts payable by that
                                         Person under a letter of credit or similar instrument (excluding any letter of credit
                                         or similar instrument issued for the account of such Person with respect to trade accounts
                                         incurred and payable in the ordinary course of business to trade creditors of such Person
                                         within 365 days of the date they are incurred and which are not overdue);

 

		(v)	the
                                         amount of any obligation of such Person in respect of any Financial Lease;

 

		(vi)	amounts
                                         raised by such Person under any other transaction having the financial effect of a borrowing
                                         and which would be classified as a borrowing (and not as an off-balance sheet financing)
                                         under the Accounting Standards;

 

		(vii)	the
                                         amount of the obligations of such Person under Hedging Contracts entered into in connection
                                         with the protection against or benefit from fluctuation in any rate or price (but only
                                         the net amount owing by such Person after marking the relevant Hedging Contracts to market);

 

		(viii)	all
                                         indebtedness of the types described in the foregoing items secured by a Lien on any property
                                         owned by such Person, whether or not such indebtedness has been assumed by such Person;

 

		(ix)	all
                                         obligations of such Person to pay a specified purchase price for goods and services,
                                         whether or not delivered or accepted (i.e., take or pay or similar obligations);

 

		(x)	any
                                         repurchase obligation or liability of such Person with respect to accounts or notes receivable
                                         sold by such Person, any liability of such Person under any sale and leaseback transactions
                                         that do not create a liability on the balance sheet of such Person, any obligation under
                                         a “synthetic lease” or any obligation arising with respect to any other transaction
                                         which is the functional equivalent of or takes the place of borrowing but which does
                                         not constitute a liability on the balance sheet of such Person;

 

		(xi)	the
                                         amount of any obligation in respect of any guarantee or indemnity incurred by such Person
                                         for any of the foregoing items incurred by any other Person; and

 

		(xii)	any
                                         premium payable by such Person on a mandatory redemption or replacement of any of the
                                         foregoing items;

 

“Financial
Lease” means any lease or hire purchase contract which would, under the Accounting Standards, be treated as a finance
or capital lease;

 

“Financial
Plan” means the proposed sources of financing for the Transaction as set out in Annex A;

 

“Financial
Year” means with respect to the Borrower and each of its Subsidiaries, the accounting year commencing each year on January 1st
and ending on the following December 31st, or such other period as such Person, with the Lenders’ consent, from time
to time designates as its accounting year;

 

Offer Letter
No. CTA 1/20

 

    - 7 -

     

    

 

“Financing
Documents” means:

 

		(i)	this
                                         Agreement;

 

		(ii)	each
                                         Loan Agreement;

 

		(iii)	each
                                         Fee Letter;

 

		(iv)	each
                                         Participation Agreement;

 

		(v)	each
                                         B Loan Supplement;

 

		(vi)	each
                                         Accession Agreement; and

 

		(vii)	the
                                         Intercreditor Agreement;

 

“First
Principal Repayment Date” means, (a) with respect to the IDB A Loan, the IDB Invest A Loan and the IDB Invest B1
Loan, November 15, 2021, and (b) with respect to the IDB Invest B2 Loan and the IDB Invest B3 Loan, the first principal
repayment date set specified in the relevant B Loan Supplement;

 

“Foreign
Exchange Regulations” means any foreign exchange regulation issued by the Congress, the Presidency, the Ministry of
Treasury, the Ministry of Finance, the central bank or any other applicable Authority of the Country related to payments in foreign
currency, dealings in foreign exchange and the purchase and sale, import and export of currency, currency control and/or foreign
indebtedness and, in each case, applicable to the Financing Documents;

 

“Grace
Period” has the meaning specified in Section 6.02(c) (Failure to Comply with Obligations);

 

“Hedging
Contract” means (i) any interest rate swap agreement, interest rate cap agreement or other agreement designed to
protect against fluctuations in interest rates or (ii) any foreign exchange forward contract, currency swap agreement or
other agreement designed to protect against fluctuations in foreign exchange rates, in each case entered into in the ordinary
course of business;

 

“Holding
Company” means, in relation to a Person, any other Person in respect of which it is a Subsidiary;

 

“IASB”
has the meaning set forth in the definition of “Accounting Standards”;

 

“ICE”
has the meaning set forth in the definition of “LIBOR”;

 

“IDB”
has the meaning set forth in the body of the Offer;

 

“IDB
A Loan” means the loan specified in Section 2.01(b) (The IDB Group Loans) of the Amended and Restated
IDB Invest Loan Agreement or, as the context requires, its principal amount from time to time outstanding;

 

“IDB
A Loan Interest Rate” means, for any Interest Period, the rate at which interest is payable on the IDB A Loan during
that Interest Period, determined in accordance with Section 2.03 (Interest) of the Amended and Restated IDB Invest
Loan Agreement;

 

Offer Letter
No. CTA 1/20

 

    - 8 -

     

    

 

“IDB
Group Loans” means collectively, the IDB Invest A Loan, the IDB Invest B Loans and the IDB A Loan, and “IDB
Group Loan” means, as the context may require, any of them;

 

“IDB
Group List of Sanctioned Firms and Individuals” means the list of firms and individuals listed in, and accessible at:
http://www.iadb.org/en/topics/transparency/integrity-at-the-idb- group/sanctioned-firms-and-individuals,1293.html or any successor
website or location;

 

“IDB
Invest” has the meaning set forth in the body of the Offer;

 

“IDB
Invest A Loan” means the loan specified in Section 2.01(a) (The IDB Group Loans) of the Amended and
Restated IDB Invest Loan Agreement or, as the context requires, its principal amount from time to time outstanding;

 

“IDB
Invest A Loan Interest Rate” means, for any Interest Period, the rate at which interest is payable on the IDB Invest
A Loan during that Interest Period, determined in accordance with Section 2.03 (Interest) of the Amended and Restated
IDB Invest Loan Agreement;

 

“IDB
Invest B Loans” means collectively, the IDB Invest B1 Loan, the IDB Invest B2 Loan and the IDB Invest B3 Loan;

 

“IDB
Invest B1 Loan” means the loan specified in Section 2.01(c) (The IDB Group Loans) of the Amended and
Restated IDB Invest Loan Agreement or, as the context requires, its principal amount from time to time outstanding;

 

“IDB
Invest B2 Loan” means the loan specified in Section 2.01(d) (The IDB Group Loans) of the Amended and
Restated IDB Invest Loan Agreement or, as the context requires, its principal amount from time to time outstanding;

 

“IDB
Invest B3 Loan” means the loan specified in Section 2.01(e) (The IDB Group Loans) of the Amended and
Restated IDB Invest Loan Agreement or, as the context requires, its principal amount from time to time outstanding;

 

“IDB
Invest B1 Loan Interest Rate” means, for any Interest Period, the rate at which
interest is payable on the IDB Invest B1 Loan during that Interest Period, determined in accordance with Section 2.03 (Interest)
of the Amended and Restated IDB Invest Loan Agreement;

 

“IDB
Invest B2 Loan Interest Rate” means, for any Interest Period, the rate at which
interest is payable on the IDB Invest B2 Loan during that Interest Period, determined in accordance with Section 2.03 (Interest)
of the Amended and Restated IDB Invest Loan Agreement;

 

“IDB
Invest B3 Loan Interest Rate” means, for any Interest Period, the rate at which
interest is payable on the IDB Invest B3 Loan during that Interest Period, determined in accordance with Section 2.03 (Interest)
of the Amended and Restated IDB Invest Loan Agreement;

 

“Inconvertibility
Event” means circumstances where there is an unavailability or shortage of foreign exchange in Argentina or in the country
through which a payment is to be made (each, an “Affected Country”) or there has occurred a general moratorium
or general debt rescheduling with respect to indebtedness of entities in any Affected Country;

 

“Increased
Costs” means the amount certified in an Increased Costs Certificate to be the net incremental costs of, or reduction
in return to, any Lender (or Participant thereof) derived from any net

 

Offer Letter
No. CTA 1/20

 

    - 9 -

     

    

 

incremental
cost, or reduction in return to, any Lender (or Participant thereof) in connection with the making or maintaining of its Loan
(or its Participation, as the case may be) that result from:

 

		(i)	any
                                         change in any applicable law or regulation or directive (whether or not having the force
                                         of law) or in its interpretation or application by any Authority charged with its administration;
                                         or

 

		(ii)	compliance
                                         with any request from, or requirement of, any central bank or other monetary or other
                                         Authority;

 

which,
in either case, after the date of the Original Common Terms Agreement:

 

		(A)	imposes,
                                         modifies or makes applicable any reserve (except for reserve requirements reflected in
                                         LIBOR), special deposit or similar requirements against assets held by, or deposits with
                                         or for the account of, or loans made by, that Lender (or that Participant);

 

		(B)	imposes
                                         a cost on that Lender as a result of that Lender having made its Loan (or on that Participant
                                         as a result of that Participant having acquired its Participation) or reduces the rate
                                         of return on the overall capital of that Lender (or that Participant) that it would have
                                         achieved, had that Lender not made its Loan (or that Participant had not acquired its
                                         Participation);

 

		(C)	changes
                                         the basis of taxation on payments received by that Lender in respect of its Loan (or
                                         by that Participant in respect of its Participation) (otherwise than by a change in taxation
                                         of the overall net income of that Lender or that Participant imposed by the jurisdiction
                                         of its incorporation or in which it books its Participation or in any political subdivision
                                         of any such jurisdiction, as applicable); or

 

		(D)	imposes
                                         on that Lender (or that Participant) any other condition regarding the making or maintaining
                                         of its Loan (or Participation);

 

but
excluding any incremental costs of making or maintaining a Participation that are a direct result of that Participant having its
principal office in the Country or having or maintaining a permanent office or establishment in the Country, if and to the extent
that permanent office or establishment acquires that Participation;

 

“Increased
Costs Certificate” means a certificate provided from time to time by a Lender certifying:

 

		(i)	the
                                         circumstances giving rise to the Increased Costs;

 

		(ii)	that
                                         the costs of that Lender (or Participant thereof, as the case may be) have increased
                                         or its rate of return has been reduced;

 

		(iii)	that
                                         Lender (or Participant thereof, as the case may be) has, in its opinion, exercised reasonable
                                         efforts to minimize or eliminate the relevant increase or reduction, as the case may
                                         be; and

 

		(iv)	the
                                         amount of Increased Costs;

 

Offer Letter
No. CTA 1/20

 

    - 10 -

     

    

 

“Independent
Loan Agreement Default” means each event of default under any Loan Agreement that (i) is set forth in such Loan
Agreement, (ii) is not separately set forth in Section 6.02 (Events of Default) (excluding, for the avoidance
of doubt, Section 6.02(n) (Independent Loan Agreement Default)), (iii) does not substantially restate or
incorporate by reference any Event of Default set forth in Section 6.02 (Events of Default) and (iv) that has
not been waived in accordance with the terms of such Loan Agreement;

 

“Intercreditor
Agreement” means the agreement to be entered into by each Lender relating to intercreditor arrangements;

 

“Interest
Coverage Ratio” means, for the relevant Calculation Period, the ratio obtained by dividing:

 

		(i)	the
                                         aggregate EBITDA of the Borrower for the four consecutive fiscal quarters most recently
                                         ended prior to the relevant date of calculation;

 

by:

 

		(ii)	the
                                         aggregate Net Interest of the Borrower for the four consecutive fiscal quarters most
                                         recently ended prior to the relevant date of calculation;

 

“Interest
Payment Date” means May 15 and November 15 in each year in any year;

 

“Interest
Period” means each period of 6 months in each case beginning on an Interest Payment Date and ending on the day immediately
before the next following Interest Payment Date, except in the case of the first period applicable to the Disbursement when it
means the period beginning on the date on which the Disbursement is made and ending on the day immediately before the next following
Interest Payment Date;

 

“Interest
Rate” means (i) with respect to the IDB Invest A Loan, the IDB Invest A Loan Interest Rate, (ii) with respect
to the IDB Invest B1 Loan, the IDB Invest B1 Loan Interest Rate, (iii) with respect to the IDB Invest B2 Loan, the IDB Invest
B2 Loan Interest Rate, (iv) with respect to the IDB Invest B3 Loan, the IDB Invest B3 Loan Interest Rate, (v) with respect
to the IDB A Loan, the IDB A Loan Interest Rate and (vi) with respect to a Co-Loan, the relevant Co-Loan Interest Rate, as
the context requires;

 

“Investment”
has the meaning specified in Section 5.02(k)  (Negative Covenants);

 

“Lender”
means each of (i) IDB Invest and (ii) upon the satisfaction of the Co-Lender Accession Requirements, each Co-Lender
party hereto;

 

“Liabilities”
means the aggregate of all liabilities or obligations (actual or contingent) of any Person to pay or repay money, including, without
limitation:

 

		(i)	Financial
                                         Debt of such Person;

 

		(ii)	the
                                         amount of all liabilities of such Person under any conditional sale or a transfer with
                                         recourse or obligation to repurchase, including, without limitation, by way of discount
                                         or factoring of book debts or receivables;

 

		(iii)	taxes
                                         (including deferred taxes) of such Person;

 

Offer Letter
No. CTA 1/20

 

    - 11 -

     

    

 

		(iv)	trade
                                         accounts that are payable in the ordinary course of business to trade creditors of such
                                         Person within 180 days of the date they are incurred and which are not overdue (including
                                         letters of credit or similar instruments issued for the account of such Person with respect
                                         to such trade accounts);

 

		(v)	accrued
                                         expenses of such Person, including wages and other amounts due to employees and other
                                         services providers;

 

		(vi)	the
                                         amount of all liabilities of such Person howsoever arising to redeem any of its shares;
                                         and

 

		(vii)	to
                                         the extent (if any) not included in the definition of Financial Debt, the amount of all
                                         liabilities of any other Person to the extent such Person guarantees them or otherwise
                                         obligates itself to pay them;

 

“LIBOR”
means the interbank offered rates for deposits in Dollars by the ICE Benchmark Administration Limited (“ICE”)
(or NYSE Euronext or any applicable successor entity) which appear on the relevant page of the Reuters Service (currently
page LIBOR01) or, if not available, on the relevant pages of any other service (such as Bloomberg Financial Markets
Service) that displays such rates; provided, that if the ICE (or NYSE Euronext, or any applicable successor entity) for
any reason ceases (whether permanently or temporarily) to publish interbank offered rates for deposits in Dollars for the relevant
Interest Period, “LIBOR” shall mean the rate determined in accordance with the relevant Loan Agreement;

 

“Lien”
means any mortgage, pledge, charge, assignment, hypothecation, security interest, title retention, preferential right, trust arrangement,
right of set-off, counterclaim or banker’s lien, privilege or priority of any kind having the effect of security, any designation
of loss payees or beneficiaries or any similar arrangement under or with respect to any insurance policy;

 

“Loan
Agreements” means collectively, the Amended and Restated IDB Invest Loan Agreement and each Co-Loan Agreement, and “Loan
Agreement” means, as the context may require, any of them;

 

“Loans”
means collectively, each IDB Group Loan and each Co-Loan, and “Loan” means, as the context may require, any
of them;

 

“Marval
Retainer Agreement” means the retainer agreement effective as of April 26, 2019, entered into in connection with
this Agreement by and among the Borrower, IDB Invest, Société de Promotion et de Participation pour la Coopération
Economique S.A. and Marval, O’Farrell & Mairal;

 

“Material
Adverse Effect” means a material adverse effect on:

 

		(i)	the
                                         Borrower and its Subsidiaries’ business, operations, property, liabilities, condition
                                         (financial or otherwise), prospects or the carrying on of the Borrower and its Subsidiaries’
                                         business or operations;

 

		(ii)	the
                                         implementation of the Transaction or the Financial Plan; or

 

		(iii)	the
                                         ability of the Borrower and its Subsidiaries to comply with their respective obligations
                                         under this Agreement or under any other Financing Document to which any of them is a
                                         party;

 

Offer Letter
No. CTA 1/20

 

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“MICI”
means the independent consultation and investigation mechanism of IDB Invest that impartially responds to environmental and social
concerns of affected communities and aims to enhance outcomes;

 

“Net
Debt to EBITDA Ratio” means, for the relevant Calculation Period, the ratio determined either on a Consolidated Basis
or on both an unconsolidated basis and a Consolidated Basis, as applicable, in accordance with Section 5.01(l) (Financial
Ratios) and obtained by dividing:

 

		(i)	the
                                         Financial Debt of the Borrower at the time of the calculation less the Borrower’s
                                         cash and Cash Equivalents at such time,

 

by:

 

		(ii)	the
                                         aggregate EBITDA of the Borrower for the four consecutive fiscal quarters most recently
                                         ended prior to the relevant date of calculation;

 

“Net
Income” means for any period, the excess (if any) of gross income over total expenses (provided that income taxes
shall be treated as part of total expenses) during such period for any Person or specified group of Persons;

 

“Net
Interest” means, for any period, any interest accrued by the Borrower in connection with liabilities of such Borrower
minus any interest received from assets belonging to the Borrower, in each case determined in accordance with the Accounting Standards;

 

“Non-Recourse
Pledges” means pledges of shares of an entity, which entity primarily engages in business ancillary to the business
of the Borrower and which entity’s capital stock is owned by the Borrower in accordance with all applicable provisions of
this Agreement, which pledges are without further recourse to the Borrower to guarantee debt incurred by such entity and are not
otherwise guaranteed by the Borrower;

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury;

 

“Offer”
has the meaning set forth in the body of the Offer;

 

“Operations”
means the operations, activities and facilities of any Person (including the design, construction, operation, maintenance, management
and monitoring thereof, as applicable) in the Country;

 

“Original
Common Terms Agreement” has the meaning set forth in the recitals hereto;

 

“Participant”
means any Person that acquires a Participation;

 

“Participation”
means a participation interest acquired in an IDB Invest B Loan pursuant to a Participation Agreement;

 

“Participation
Agreement” means each participation agreement entered into between IDB Invest and a Participant in IDB
Invest’s customary form, pursuant to which a Participant acquires a Participation;

 

“Paying
Agent” has the meaning set forth in Section 7.01(a) (Appointment) of the Amended and Restated IDB Invest
Loan Agreement;

 

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No. CTA 1/20

 

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“Permitted
Acquisition” means the acquisition by the Borrower or a Subsidiary of the Borrower of a Person or business (including
by way of merger of such Person or business with and into the Borrower or a Subsidiary (so long as the Borrower or such Subsidiary
is the surviving corporation)); provided, that (in each case) (A) the consideration paid or to be paid by the Borrower
or such Subsidiary consists solely of cash, common stock of the Borrower, the issuance or incurrence of Financial Debt otherwise
permitted by the Financing Documents and/or the assumption or acquisition of any Financial Debt (calculated at face value) of
such acquired Person or business which is permitted to remain outstanding in accordance with the requirements of the Financing
Documents, (B) the acquired Person or business is in a business permitted by the Financing Documents, and (C) all other
requirements of Section  5.02(k)(vii)  (Negative Covenants) are satisfied;

 

“Permitted
Holders” means any of the following Persons as long as they do not appear on any Sanctions Lists:

 

		(i)	Cablevisión
                                         Holding S.A., VLG S.A.U., Fintech Holdings Inc., Fintech Telecom LLC and any of their
                                         respective successors;

 

		(ii)	any
                                         of (A) the Persons listed in Annex I (as updated from time to time), (B) any
                                         Privileged Relatives of such Persons, and (C) any Person (other than an individual)
                                         directly or indirectly majority owned and controlled by one or more Persons set forth
                                         in subclause (A) or (B) of this definition; or

 

		(iii)	an
                                         internationally recognized, investment grade telecommunications company listed on a major
                                         stock exchange (or any Subsidiary thereof, provided, that in the case of a Subsidiary
                                         that is not a wholly owned Subsidiary, no other shareholder of such Subsidiary appears
                                         on any Sanctions List) if it obtains the power to Control the Borrower; provided, that,
                                         any such internationally recognized, investment grade telecommunications company listed
                                         on a major stock exchange shall not be considered a Permitted Holder for the purposes
                                         of this Agreement, if a Change of Control takes place and as a result of such transaction
                                         or series of transactions the Borrower no longer holds a credit rating equal to or higher
                                         than its credit rating as determined immediately before such transaction or series of
                                         transactions;

 

“Permitted
Leases” means leases incurred in the ordinary course of business operation;

 

“Permitted
Lien” has the meaning specified in Section 5.02(g) (Permitted Liens);

 

“Permitted
Refinancing Debt” means Financial Debt used exclusively to refinance, refund, renew or extend other Financial Debt,
provided, that: (i) the principal amount of such Financial Debt is not increased; (ii) any Liens securing such
Financial Debt are not extended to any additional property; (iii) such refinancing, refunding, renewal or extension does
not result in a shortening of the average weighted maturity of the Financial Debt so refinanced, refunded, renewed or extended;
and (iv) the terms of any such refinancing, refunding, renewal or extension are no less favorable to the Borrower than (x) the
Financial Debt being refinanced, refunded, renewed or extended or (y) the terms generally available in the market for an
arm’s length transaction in respect of Financial Debt containing the terms of such Permitted Refinancing Debt;

 

“Person”
means any natural person, corporation, company, partnership, firm, voluntary association, joint venture, trust, unincorporated
organization, Authority or any other entity whether acting in an individual, fiduciary or other capacity;

 

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No. CTA 1/20

 

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“Peso”
means the lawful currency of the Republic of Argentina;

 

“Potential
Event of Default” means any event or circumstance which would, with notice, lapse of time, the making of a determination
or any combination thereof, become an Event of Default;

 

“Privileged
Relatives” means, in relation to an individual, his or her spouse and any relative of such individual with a common
ancestor up to the fourth degree (including adopted children who have been adopted during their minority and step-children who
have acquired that relationship with such individual or with any such relative during their minority) and any spouse of any such
relative;

 

“Pro
Forma Basis” means, in connection with any calculation of compliance with any financial covenant or financial term,
the calculation thereof after giving effect on a pro forma basis to (x) the incurrence of any Financial Debt,
(y) the permanent repayment of any Financial Debt after the first day of the relevant Calculation Period, and
(z) any Permitted Acquisition, the making of a Restricted Payment or any other transaction subject to pro forma
financial covenant compliance hereunder consummated during the relevant Calculation Period, with the following rules to
apply in connection therewith:

 

		(i)	all
                                         Financial Debt (x) incurred or issued after the first day of the relevant Calculation
                                         Period shall be deemed to have been incurred or issued (and the proceeds thereof applied)
                                         on the first day of such Calculation Period and remain outstanding through the date of
                                         determination and (y) permanently retired or redeemed after the first day of the
                                         relevant Calculation Period shall be deemed to have been retired or redeemed on the first
                                         day of such Calculation Period and remain retired through the date of determination;

 

		(ii)	all
                                         Financial Debt assumed to be outstanding pursuant to the preceding clause (i) shall
                                         be deemed to have borne interest at (x) in the case of fixed rate Financial Debt,
                                         the rate applicable thereto, or (y) in the case of floating rate Financial Debt,
                                         the rates which would have been applicable thereto during the respective period when
                                         the same was deemed outstanding;

 

		(iii)	in
                                         making any determination of EBITDA on a Pro Forma Basis, pro forma effect shall
                                         be given to any Permitted Acquisition or any other transaction subject to pro forma
                                         financial covenant compliance hereunder if effected during the respective Calculation
                                         Period as if the same had occurred on the first day of the respective Calculation Period;
                                         and

 

		(iv)	such
                                         calculation shall exclude all cash derived from the incurrence or projected incurrence
                                         of new Financial Debt (other than an amount of such cash equal to the installments of
                                         Financial Debt coming due within 6 months of such incurrence which are intended to be
                                         repaid with the proceeds of such incurrence of Financial Debt);

 

“Prohibited
Activities” means the activities specified in Annex J;

 

“Prohibited
Practice” means:

 

		(i)	impairing
                                         or harming, or threatening to impair or harm, directly or indirectly, any Person or its
                                         property to improperly influence the actions of such Person;

 

		(ii)	an
                                         arrangement between two or more Persons designed to achieve an improper purpose, including
                                         influencing improperly the actions of another Person;

 

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No. CTA 1/20

 

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		(iii)	offering,
                                         giving, receiving, or soliciting, directly or indirectly, anything of value to influence
                                         improperly the actions of another Person;

 

		(iv)	any
                                         action or omission, including a misrepresentation, that knowingly or recklessly misleads,
                                         or attempts to mislead, a Person in order to obtain a financial benefit or avoid an obligation;
                                         and

 

		(v)	in
                                         connection with any investigation by the any Lender into allegations of any practice
                                         described in clauses (i) above to (iv) above, (a) deliberately destroying,
                                         falsifying, altering or concealing evidence material to such investigation or making
                                         false statements to investigators in order to materially impede such investigation, (b) threatening,
                                         harassing or intimidating any Person to prevent such Person from disclosing knowledge
                                         of matters relevant to such investigation or from pursuing such investigation, or (c) taking
                                         any action intended to materially impede the exercise of the rights to access, information
                                         and inspection provided any Lender under this Agreement or any other Financing Document
                                         to which such Lender is a party;

 

“Required
Lenders” (i) means, initially, IDB Invest and (ii) from and after the date that any Person satisfies
the Co-Lender Accession Requirements, has the meaning specified in the Intercreditor Agreement; provided however that the
Borrower shall have received (a) in the case of the initial Co-Lender, a copy of the proposed execution version of the Intercreditor
Agreement prior to the execution of the relevant Accession Agreement and a copy of the executed Intercreditor Agreement promptly
after the execution thereof, (b) in the case of any other Co-Lender, a copy of the proposed amendment to the definition of
 “Required Lenders” set forth in the Intercreditor Agreement (if any) prior to the execution of the relevant Accession
Agreement and a copy of the executed amendment (if any) promptly after the execution thereof and (c) without limiting sub-clause
(a) or (b) above, a copy of any material amendment to the definition of “Required Lenders” set forth in
the Intercreditor Agreement;

 

“Restricted
Party” means, a Person that is (i) designated on any Sanctions List, directly or by operation of law; or (ii) otherwise
a Person with whom dealings are restricted or prohibited by any Sanctions, including by reason of any direct or indirect relationship
of ownership or control (as those terms are defined by the relevant Sanctions Authority) with a Person described in (i);

 

“Restricted
Payment” means, with respect to any Person, the (i) declaration or payment of a dividend, distribution or
return of any equity capital to its stockholders, partners or members or authorization or making of any other distribution,
payment or delivery of property (other than common stock of such Person) or cash to its stockholders, partners or members in
their capacity as such, or (ii) redemption, retirement, purchase or other acquisition of, or permitting of any
Subsidiary to redeem, retire, purchase or otherwise acquire, directly or indirectly, any shares of any class of its capital
stock outstanding on or after the date of this Agreement (or any options or warrants issued by such Person with respect to
its capital stock), or setting aside of any funds for any of the foregoing purposes, or (iii) making of any payment of
any kind on or in respect of subordinated Financial Debt held by any Affiliate of such Person. Without limiting the
foregoing, “Restricted Payments” with respect to any Person shall also include all payments made or required to
be made by such Person with respect to any stock appreciation rights, plans, equity incentive or achievement plans or any
similar plans or setting aside of any funds for the foregoing purposes;

 

“Sanctions”
means any economic, financial, or trade sanctions laws, regulations, embargoes or restrictive measures administered, enacted or
enforced by any of the Sanctions Authorities;

 

“Sanctions
Authorities” has the meaning specified in the definition of “Sanctions Lists”;

 

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No. CTA 1/20

 

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“Sanctions
Lists” means (i) lists promulgated by the United Nations Security Council or its committees pursuant to resolutions
issued under Chapter VII of the United Nations Charter or any other sanctions or debarment list promulgated pursuant to law by
the United Nations, (ii) the World Bank Listing of Ineligible Firms or any other sanctions or debarment list published by
the World Bank, (iii) the IDB Group List of Sanctioned Firms and Individuals or any other sanctions or debarment list published
by the IDB, (iv) the Specially Designated Nationals and Blocked Persons List published by the Office of Foreign Assets Control
of the U.S. Department of the Treasury or (v) any other sanctions or debarment list promulgated pursuant to law by the United
States, the European Union, the United Kingdom, or any agency, instrumentality, or entity of any of the foregoing (each of the
preceding entities, a “Sanctions Authority”);

 

“Subsidiary”
means any Person (referred to as the “first Person”) in respect of which another Person (referred to as the
 “second Person”):

 

		(i)	has
                                         the power (whether by way of ownership of shares, proxy, contract, agency or otherwise)
                                         to: (a) cast, or control the casting of, more than 50% of the maximum number of
                                         votes that might be cast at a general meeting of the first Person; (b) appoint or
                                         remove all, or the majority, of the directors or other equivalent officers of the first
                                         Person; or (c) give directions with respect to the operating and financial policies
                                         of the first Person with which the directors or other equivalent officers of the first
                                         Person are obliged to comply; or

 

		(ii)	holds
                                         beneficially (directly or indirectly) more than 50% of the issued share capital of the
                                         first Person (excluding any part of that issued share capital that carries no right to
                                         participate beyond a specified amount in a distribution of either profits or capital);

 

“Sustainability
Policy” means the IIC Environmental and Social Sustainability Policy (document CII/GP-16-7), available at: http://www.iic.org/environmental-and-social-sustainability-policy.pdf;

 

“Taxes”
means any present or future taxes, withholding obligations, duties and other charges of whatever nature levied by any Authority;

 

“Total
Commitment” means the aggregate amount of the Commitments of all the Loans;

 

“Transaction”
means the financing of the Borrower’s capital expenditures plan for the year 2019 in Argentina, including the continued
rollout of its 4G mobile network and further expansion of its fixed broadband services;

 

“U.S.
Government Obligations” means (i) direct obligations issued by the United States of America and (ii) obligations
fully guaranteed by the full faith and credit of the United States of America or any agency thereof;

 

“World
Bank” means the International Bank for Reconstruction and Development, an international organization established by
Articles of Agreement among its member countries; and

 

“World
Bank Listing of Ineligible Firms” means the list, as updated from time to time, of Persons or entities ineligible to
be awarded a World Bank Group-financed contract or otherwise sanctioned by the World Bank Group sanctions board for the periods
indicated on the list because they were found to have violated the fraud and corruption provisions of the World Bank Group anticorruption
guidelines and policies (the list may be found at http://www.worldbank.org/debarr or any successor website or location).

 

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No. CTA 1/20

 

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Section 1.02      Financial
Calculations.

 

(a)        All
financial calculations to be made under, or for the purposes of, this Agreement and any other Financing Document shall be made
in accordance with the Accounting Standards and, except as otherwise required in this Agreement (or any other Financing Document)
or to conform to any provision of this Agreement (or any other Financing Document), shall be calculated from the then most recently
issued quarterly financial statements which the Borrower is obligated to furnish to the Lenders under Section 5.03(a) (Reporting
Requirements).

 

(b)        If
a financial calculation is to be made based on information from the last quarter of any given Financial Year, then the Lenders
shall base those calculations instead on the audited financial statements for such Financial Year.

 

(c)        If
a financial calculation is to be made under or for the purposes of this Agreement or any other Financing Document on a Consolidated
Basis, that calculation shall be made by reference to the sum of all amounts of similar nature reported in the relevant financial
statements of each of the entities whose accounts are to be consolidated with the accounts of the Borrower plus or minus the consolidation
adjustments customarily applied to avoid double counting of transactions among any of those entities, including the Borrower.

 

Section 1.03      Interpretation.
In this Agreement, unless the context otherwise requires:

 

		(a)	headings
                                         are for convenience only and do not affect the interpretation of this Agreement;

 

		(b)	words
                                         importing the singular include the plural and vice versa;

 

(c)        a
reference to an Annex, Article, party, Schedule or Section is a reference to that Article or Section of, or that
Annex, party or Schedule to, this Agreement;

 

(d)        a
reference to a document includes an amendment or supplement to, or replacement or novation of, that document but disregarding
any amendment, supplement, replacement or novation made in breach of this Agreement;

 

		(e)	a
                                         reference to a party to any document includes that party’s successors and permitted assigns;

 

(f)        a
reference to any “Participant” means that Person solely in its capacity as a Participant pursuant to a Participation
Agreement and not in any other capacity (whether as provider of services to the Borrower or otherwise);

 

(g)        a
reference to “IDB Invest” means IDB Invest acting in its own capacity and as agent acting on behalf of IDB, lender
of the IDB A Loan; and

 

(h)        a
reference to “law” means any law (including common law), statute, directive, regulation, rule, ordinance, code, requirement,
binding agreement, statutory guidance, interpretation, regulatory code of practice, resolution, judgment, order, decree, injunction,
decision, determination, plan or permit issued, entered into or promulgated by or with an Authority.

 

Offer Letter
No. CTA 1/20

 

Section 1.04      Business
Day Adjustment.

 

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(a)        When
an Interest Payment Date is not a Buenos Aires Business Day or a Business Day, then such Interest Payment Date shall be automatically
changed to the next date that is a Buenos Aires Business Day and a Business Day, as applicable, in that calendar month (if there
is one) or the preceding date that is a Buenos Aires Business Day and a Business Day, as applicable, (if there is not).

 

(b)       When
the day on or by which a payment (other than a payment of principal or interest) is due to be made is not a Buenos Aires Business
Day or not a Business Day, that payment shall be made on or by the next Buenos Aires Business Day or the next Business Day, as
applicable, in that calendar month (if there is one) or the preceding Buenos Aires Business Day or the preceding Business Day,
as applicable, (if there is not).

 

Section 1.05      Loan
Agreements.

 

(a)        This
Agreement, including its definitions, conditions of disbursement, representations and warranties, covenants, events of default,
principles of construction, rules of interpretation and its jurisdiction, governing law and notice provisions, is made a
part of each Loan Agreement.

 

		(b)	Subject
                                         to subsection (c) below:

 

		(i)	with
                                         respect to the Borrower and IDB Invest, this Agreement and the Amended and Restated IDB
                                         Invest Loan Agreement shall be read and construed together as one agreement;

 

		(ii)	with
                                         respect to the Borrower and any Co-Lender, this Agreement and such Co-Lender’s
                                         Co-Loan Agreement shall be read and construed together as one agreement.

 

(c)        If
any provision of this Agreement conflicts with any provision of any Loan Agreement, then the provisions of such Loan Agreement
shall prevail.

 

Section 1.06      Rights
and Obligations of Lenders.

 

(a)        The
obligations of each Lender under the Financing Documents are several. Failure by a Lender to perform its obligations under the
Financing Documents does not affect the obligations of any other party under the Financing Documents. No Lender is responsible
for the obligations of any other Lender under the Financing Documents.

 

(b)        The
rights of each Lender under or in connection with the Financing Documents are separate and independent rights and any debt arising
under the Financing Documents to each Lender from the Borrower shall be a separate and independent debt.

 

(c)         A
Lender may, except as otherwise stated in the Financing Documents, separately enforce its rights under the Financing Documents.

 

(d)         Notwithstanding
any term of any Financing Document, the consent of any Person who is not a party hereto is not required to rescind or vary this
Agreement at any time.

 

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No. CTA 1/20

 

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ARTICLE II

 

Common
Funding Provisions, Payments, Prepayments

 

Section 2.01      The
Loans.

 

(a)        Subject
to the provisions of this Agreement and the Amended and Restated IDB Invest Loan Agreement, IDB Invest agrees to lend to
the Borrower, and the Borrower agrees to borrow from IDB Invest, the IDB Group Loans; and

 

(b)        Subject
to the provisions of this Agreement and each Co-Loan Agreement, each Co-Lender agrees to lend to the Borrower, and the Borrower
agrees to borrow from such Co-Lender, the relevant Co-Loan;

 

provided,
that each Loan shall rank pari passu with each other Loan.

 

Section 2.02      Disbursement
Procedure.

 

(a)        Subject
to the provisions of the relevant Loan Agreement and this Section 2.02, the Borrower may request the Disbursement of a Loan
by delivering to the relevant Lender (with a copy to each other Lender), at least 10 Business Days prior to the proposed date
of Disbursement (or such shorter period as the relevant Lender may agree), an irrevocable request for Disbursement substantially
in the form of Schedule 2.

 

(b)        Each
Loan shall be disbursed in a single Disbursement for the full amount of the relevant Loan, as contemplated in the relevant Loan
Agreement.

 

(c)        To
the extent any of the Loans are to be disbursed concurrently, the Disbursement of such Loans shall be made pro rata among
such Loans, in proportion to their respective available Commitment to the Total Commitment.

 

(d)        The
Disbursement shall be made by the relevant Lender to the Borrower’s account at Citibank N.A., New York Branch, 111 Wall
Street, New York, USA 10043, SWIFT: CITIUS33, ABA: 0210-0008-9, Account No.: 36326336, Account Name: Telecom Argentina S.A. –
Alicia Moreau de Justo 50 – Buenos Aires – Argentina, or at a bank in New York, New York for further credit to the
Borrower’s account at a bank in the Country, or any other place acceptable to such Lender, all as specified by the Borrower
in the relevant request for disbursement.

 

(e)        The
Borrower shall deliver to the relevant Lender (with a copy to each other Lender) a receipt, substantially in the form of Schedule
3, within 5 Business Days following the Disbursement.

 

Section 2.03      Interest.
Subject to the provisions of Section 2.04 ( Default Rate Interest), the Borrower shall pay interest on each Loan on
the Interest Payment Dates in accordance with the relevant Loan Agreement.

 

Section 2.04      Default
Rate Interest.

 

(a)        Without
limiting the remedies available to any Lender under this Agreement, any other Financing Document or otherwise (and to the maximum
extent permitted by applicable law), if the Borrower fails to make any payment of principal or interest (including interest payable
pursuant to this Section that has become due) or any other payment provided for under this Agreement or any other

 

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No. CTA 1/20

 

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Financing
Document when due as specified in this Agreement or the relevant Financing Document (whether at stated maturity or upon acceleration),
the Borrower shall pay interest on the amount of that payment due and unpaid to the relevant Lender at the rate which shall be
the sum of 2% per annum and the relevant Interest Rate in effect from time to time.

 

(b)        Interest
at the rate referred to in Section 2.04(a) shall accrue from the date on which payment of the relevant overdue amount
became due until the date of actual payment of that amount (as well after as before judgment), and shall be payable by the Borrower
on demand by the relevant Lender or, if not demanded, on each Interest Payment Date falling after any such overdue amount became
due.

 

Section 2.05      Repayment.

 

(a)        Subject
to Section 1.04 ( Business Day Adjustment), the Borrower shall repay each Loan (i) on each Interest Payment Date commencing
on the First Principal Repayment Date and ending on the relevant Final Maturity Date; and (ii) in the amounts and as otherwise
set forth in the relevant Loan Agreement.

 

(b)        The
Borrower shall repay the Loans in Dollars in equal semi-annual installments of principal to be applied pro rata to each
Loan on each Interest Payment Date commencing on the First Principal Repayment Date and ending on the relevant Final Maturity
Date, on which date the entire outstanding principal amount of the relevant Loan shall be due and payable.

 

(c)        Any
principal amount of any Loan repaid under this Agreement or the relevant Loan Agreement may not be re-borrowed.

 

Section 2.06      Prepayment.
Without prejudice to Sections 2.03 ( Interest), 2.14(e)  (Taxes) and 2.16 (Illegality):

 

(a)        Voluntary
Repayment. The Borrower may prepay on any Interest Payment Date all or any part of the Loans but only if:

 

		(i)	at
                                         least 30 days prior thereto the Borrower delivers a non-binding notice of such prepayment
                                         to the Lenders, and confirms such prepayment by delivery of a binding supplemental notice
                                         to the Lenders at least 5 Business Days prior to such prepayment;

 

		(ii)	the
                                         Borrower simultaneously pays all accrued interest and Increased Costs (if any) on the
                                         amount of the Loans to be prepaid, together with any prepayment premium specified in
                                         the Loan Agreements and all other amounts then due and payable under this Agreement and
                                         the other Financing Documents, including the amount payable under Section 2.11 (Unwinding Costs), if the prepayment is not made on an Interest Payment Date;

 

		(iii)	for
                                         a partial prepayment, that prepayment is an amount not less than $20,000,000 and in whole
                                         multiples of $1,000,000 in excess thereof; and

 

		(iv)	if
                                         requested by any Lender 5 Business Days in advance, the Borrower delivers to such Lender,
                                         prior to the date of prepayment, evidence reasonably satisfactory to such Lender that
                                         all necessary Authorizations with respect to the prepayment, if any, have been obtained.

 

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No. CTA 1/20

 

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(b)       Mandatory
Prepayment. Unless otherwise agreed in writing by a Lender with respect to its Loan, the Borrower shall prepay the outstanding
principal amount of the Loans:

 

		(i)	within
                                         60 days of receipt of a prepayment notice from the relevant Lenders after the occurrence
                                         of any one of the following events:

 

		(A)	a
                                         Change of Control; or

 

		(B)	a
                                         merger, consolidation, reorganization, winding up, liquidation or dissolution of the
                                         Borrower or the Borrower’s affairs, except that (x) any Subsidiary of the
                                         Borrower may merge into or consolidate with or dissolve into or liquidate into the Borrower
                                         or a wholly-owned Subsidiary of the Borrower, so long as the Borrower is the surviving
                                         entity or continuing entity, and no Potential Event of Default or Event of Default has
                                         occurred and is continuing; and (y) any such transaction is made in accordance with
                                         a Permitted Acquisition; and

 

		(ii)	as
                                         provided in Section 2.16 (Illegality).

 

(c)        At
the time of any prepayment pursuant to subsection (b) above (including any prepayment pursuant to Section 2.16 (Illegality)):

 

		(i)	the
                                         Borrower simultaneously shall pay all accrued interest and Increased Costs (if any) on
                                         the amount of the Loans to be prepaid, together with all other amounts then due and payable
                                         under this Agreement and the other Financing Documents, including the amount payable
                                         under Section 2.11 (Unwinding Costs) if the prepayment is not made on an
                                         Interest Payment Date; and

 

		(ii)	if
                                         requested by any Lender 5 Business Days in advance, the Borrower shall deliver to such
                                         Lender, prior to the date of prepayment, evidence reasonably satisfactory to such Lender
                                         that all necessary Authorizations with respect to the prepayment, if any, have been obtained.

 

		(d)	Amounts
                                         of principal to be prepaid under this Section shall:

 

		(i)	first
                                         be allocated and paid by the Borrower to each Lender pro rata among the Loans
                                         in proportion to their respective principal amounts outstanding; and

 

		(ii)	then
                                         be applied by each Lender pro rata to all the respective outstanding installments
                                         of principal under its Loan.

 

(e)        Upon
delivery of an initial and supplemental prepayment notice in accordance with Section 2.06(a), the Borrower shall make the
prepayment in accordance with the terms of such notices.

 

		(f)	Any
                                         principal amount of the Loans prepaid under this Agreement may not be re-borrowed.

 

(g)        The
Borrower shall not prepay all or any part of any Loan unless the Borrower simultaneously prepays the other Loans on a pro rata
basis in accordance with the provisions of this Section 2.06.

 

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Section 2.07      Fees.
The Borrower shall pay all fees payable to each Lender in accordance with the relevant Loan Agreement and Fee Letter.

 

Section 2.08      Currency
and Place of Payments.

 

(a)        The
Borrower shall make all payments of principal, interest, fees, and any other amount due to each Lender under this Agreement and
the other Financing Documents in Dollars on a pro rata basis and otherwise in accordance with the relevant Loan Agreement.

 

(b)        The
Borrower hereby expressly, unconditionally and irrevocably waives any right it may have in any jurisdiction (including without
limitation any right under Section 765 of the Argentine Civil and Commercial Code (if applicable)) to pay any amount under
the Financing Documents in a currency other than Dollars.

 

(c)        The
Borrower hereby expressly, unconditionally and irrevocably waives the right to invoke any defense in relation to its obligations
of paying any amounts due under the Financing Documents, including, without limitation, defenses of impossibility, impracticability
or frustration of purpose set forth in Section 1091 of the Argentine Civil and Commercial Code (if applicable), force majeure
or act of God set forth in Sections 955, 1031, 1032 or 1730 of the Argentine Civil and Commercial Code (if applicable), impossibility
to comply with the obligations set forth in Section 1732 of the Argentine Civil and Commercial Code (if applicable), or “onerosidad
sobreviniente”, “lesión enorme” or “abuso del derecho” set forth in Section 10
of the Argentine Civil and Commercial Code (if applicable).

 

(d)        Subject
to Section 2.08(a) above and the Intercreditor Agreement, during any Inconvertibility Event the Borrower shall pay all
amounts due hereunder or under any other Financing Document to or for the joint and exclusive benefit of each Lender which is
not able to receive or obtain in the contractual place of payment Convertible Currencies in respect of Dollars denominated payment
obligations of the Borrower hereunder or under any other Financing Document (each such Lender, an “Affected Lender”)
at the direction of the Affected Lender into one (1) or more escrow accounts in the relevant Affected Country in the name
of, or in trust for, or otherwise for the joint and exclusive benefit of, all Affected Lenders (and on terms satisfactory to all
such Affected Lenders) in the Affected Currency or, if permitted, in Dollars, to be held in such escrow account until the Inconvertibility
Event no longer exists, at which time all amounts held in such escrow accounts shall be converted (at the spot rate of the relevant
escrow account bank on the date of conversion) into Dollars and paid to the Affected Lenders and applied against amounts due hereunder
or any other Financing Document and not paid by virtue of such Inconvertibility Event based on their pro rata share of
such amounts. If, following conversion into Dollars (i) the amount is greater than that required to pay all such amounts
owing to the Affected Lenders in respect of which such funds were originally credited to the escrow account, the balance shall
be paid to the Borrower, and (ii) the amount is less than required, then the unpaid balance shall be promptly paid by the
Borrower, provided that, in the case of sub-clause (i) only, all payments due to the non-Affected Lenders pursuant
to Section 2.08(a) above have already been made.

 

(e)        To
the extent that on any date when payments are due under this Agreement or any other Financing Document there is an Inconvertibility
Event, payment by the Borrower of amounts contemplated under Section 2.08(a) above to the non-Affected Lenders shall
only be made contemporaneously with the payment to the escrow accounts referred to in Section 2.08(d) above in the Affected
Currency or, if permitted, in Dollars of the amount that cannot be paid to the Affected Lenders on that date by virtue of the
Inconvertibility Event (applying in relation to any payment in the Affected Currency to an escrow account an exchange rate equal
to the spot rate of the relevant escrow account bank on the date of conversion) and, in the event that the Borrower has insufficient
funds to make

 

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payment
in full in accordance with Section 2.08(a) above and to the escrow accounts under Section  2.08(d) above in
accordance with the foregoing provisions of this Section 2.08(e), payments shall be made pro rata to such amounts
owing to all Lenders. For the avoidance of doubt, for the purposes of this Section 2.08(e), references to amounts “due”
or “owing” on any date shall exclude amounts that fell due on an earlier date and cannot be paid by virtue of an Inconvertibility
Event but in respect of which the Borrower has previously already paid the required amount into an escrow account as contemplated
by Section 2.08(d) above, regardless of any intermediate exchange rate variation.

 

		(f)	For
                                         the avoidance of doubt:

 

		(i)	subject
                                         to the proviso of Section 2.08(d) above, the Affected Lenders shall not be
                                         bound to share any amounts held in escrow accounts in the name of, in trust for, or otherwise
                                         for the joint benefit of, such Affected Lenders with any Lender which received payments
                                         for its account in freely convertible and transferable currencies in accordance with
                                         Section 2.08(d) above;

 

		(ii)	neither
                                         the existence of an Inconvertibility Event nor any provision of this Section 2.08
                                         shall in any way modify, vary or constitute a defense to, the obligations of the Borrower
                                         to make payments in Dollars in full when due and payable under the Financing Documents
                                         in the required place of payment whether or not the Borrower is subject to any Inconvertibility
                                         Event and payment to the escrow account(s) shall not constitute payment for these
                                         purposes; and

 

		(iii)	if
                                         while an Inconvertibility Event is continuing, any Authority of any Affected Country
                                         having the power to regulate foreign exchange permits an Affected Lender holding funds
                                         in an escrow account in accordance with Section 2.08(e)  above to convert the
                                         Affected Currency into, and/or transfer, Convertible Currencies outside such Affected
                                         Country then such Affected Lender shall be entitled to receive and convert and/or transfer
                                         its pro rata share of funds held in escrow accounts and the provisions of Section 2.08(d) above
                                         shall apply thereto and, for the avoidance of doubt, any shortfall remaining after transfer
                                         and/or conversion shall remain due and owing from the Borrower.

 

Section 2.09      Allocation
of Partial Payments. If at any time a Lender receives less than the full amount then due and payable to it under any of
the Financing Documents, that Lender may allocate and apply the amount received in any way or manner and for such purpose or purposes
under the Financing Documents as that Lender in its sole discretion determines, notwithstanding any instruction that the Borrower
may give to the contrary.

 

Section 2.10      Increased
Costs. On each Interest Payment Date, the Borrower shall pay, in addition to interest, the amount which any Lender from
time to time notifies to the Borrower (with a copy to each other Lender) in an Increased Costs Certificate as being the aggregate
Increased Costs of such Lender, and each Participant thereof, if applicable, accrued and unpaid prior to that Interest Payment
Date.

 

Section 2.11      Unwinding
Costs.

 

(a)        If
any Lender or any Participant incurs any cost, expense or loss as a result of the Borrower:

 

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		(i)	failing
                                         to borrow in accordance with a request for Disbursement made pursuant to Section 2.02
                                         (Disbursement Procedure);

 

		(ii)	failing
                                         to prepay in accordance with a notice of prepayment;

 

		(iii)	prepaying
                                         all or any portion of a Loan on a date other than an Interest Payment Date; or

 

		(iv)	after
                                         acceleration of a Loan, paying all or a portion of that Loan on a date other than an
                                         Interest Payment Date;

 

then the
Borrower shall immediately pay to the relevant Lender the amount that such Lender from time to time notifies to the Borrower in
writing (with a copy to each other Lender) as being the amount of those costs, expenses and losses incurred, which shall be binding
(unless the Borrower shows to such Lender’s reasonable satisfaction that the determination involves manifest error).

 

(b)        For
the purposes of this Section, “costs, expenses or losses” include any premium, penalty or expense incurred to liquidate
or obtain third party deposits, borrowings, hedges or swaps in order to make, maintain, fund or hedge all or any part of the Disbursement
or prepayment of any Loan, or any payment of all or part of any Loan upon acceleration (but, in each case, excluding lost profits);
provided, that all hedges and swaps referred to in this Section 2.11(b) shall be limited to hedges and swaps
entered into in connection with the LIBOR-based funding contemplated hereby.

 

Section 2.12      Suspension
or Cancellation by Lenders.

 

(a)        Each
Lender may, by notice to the Borrower (with a copy to each other Lender), suspend the right of the Borrower to the Disbursements
or cancel the undisbursed portion of its Loan in whole or in part:

 

		(i)	if
                                         the Disbursement of such Loan has not been made by the applicable Disbursement Long-Stop
                                         Date, or such other date as the Borrower and such Lender may agree;

 

		(ii)	if
                                         any Event of Default has occurred and is continuing or if the Event of Default specified
                                         in Section 6.02(e) ( Events of Default) is, in the reasonable opinion
                                         of such Lender, imminent; or

 

		(iii)	if
                                         any event or condition has occurred which has or can be reasonably expected to have a
                                         Material Adverse Effect.

 

(b)        Upon
the giving of any such notice by any Lender, the right of the Borrower to any Disbursement from such Lender shall be suspended
or canceled, as the case may be. The exercise by any Lender of its right of suspension shall not preclude such Lender or any other
Lender from exercising its right of cancellation, either for the same or any other reason specified in Section 2.12(a) and
shall not limit any other provision of this Agreement or any other Financing Document. Upon any cancellation by a Lender, the
Borrower shall, subject to paragraph (c) of this Section 2.12, pay to such Lender all fees and other amounts accrued
(whether or not then due and payable) under this Agreement and the relevant Loan Agreement up to the date of that cancellation.
A suspension shall not limit any other provision of this Agreement or any other Financing Document.

 

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(c)        In
the case of partial cancellation of any Loan pursuant to paragraph (a) of this Section  2.12, or Section 2.13(a) (
Cancellation by the Borrower), interest on the amount then outstanding of the that Loan remains payable as provided in Section 2.03
(Interest).

 

Section 2.13      Cancellation
by the Borrower.

 

(a)        The
Borrower may, by notice to a Lender, irrevocably request such Lender to cancel the undisbursed portion of its Loan on the date
specified in that notice (which shall be a date not earlier than thirty (30) days after the date of that notice); provided,
that in the case of a partial cancellation of the Total Commitment, such cancellation shall be applied pro rata among the
Loans, in proportion to their respective available Commitment to the Total Commitment.

 

(b)        The
relevant Lender(s) shall, by notice to the Borrower (with a copy to each other Lender), cancel the undisbursed portion of
its Loan (or such portion as determined in accordance with the proviso in clause (a) above), effective as of that specified
date if, subject to Section 2.12(c) ( Suspension or Cancellation by Lenders), such Lender has received all fees
and other amounts accrued (whether or not then due and payable) under this Agreement and the relevant Loan Agreement up to such
specified date.

 

		(c)	Any portion of the Loans that is cancelled under this Section 2.13 may
                                                                                                                                                                                  not be reinstated or disbursed.

 

Section 2.14     Taxes.

 

(a)        The
Borrower shall pay or cause to be paid all Taxes (other than taxes, if any, payable on the overall income of a Lender) on or in
connection with the payment of any and all amounts due under this Agreement or any other Financing Document that are now or in
the future levied or imposed by any Authority of the Country or by any organization of which the Country is a member or any jurisdiction
through or out of which a payment is made.

 

(b)        Except
to the extent otherwise expressly provided in any Loan Agreement, all payments of principal, interest, fees and other amounts due
under this Agreement or any other Financing Document shall be made without deduction for or on account of any Taxes levied or imposed
by any Authority of the Country or any jurisdiction through or out of which a payment is made by the Borrower.

 

(c)        If
the Borrower is prevented by operation of law or otherwise from making or causing to be made those payments without deduction,
the principal or (as the case may be) interest, fees or other amounts due under this Agreement or, as the case may be, the relevant
Financing Document, shall be increased to such amount as may be necessary so that the relevant Lender receives the full amount
it would have received (taking into account any Taxes payable on amounts payable by the Borrower under this subsection) had those
payments been made without that deduction, except to the extent otherwise expressly provided in any Loan Agreement.

 

(d)        If
Section 2.14(c) applies and any Lender so requests, the Borrower shall deliver to the requesting Lender (with a copy
to all other Lenders) official tax receipts evidencing payment (or certified copies of them) within 30 days of the date of that
request.

 

(e)        If
the Borrower is required to (i) pay any additional amounts pursuant to Section 2.14(c) on account of any present
or future Taxes imposed by any Authority of the Country or any jurisdiction through or out of which a payment is made in connection
with the Loans or (ii) pay any amounts pursuant to Section 2.10 ( Increased Costs), and in each case such obligation
cannot be avoided by the Borrower, acting reasonably, the Borrower may prepay that part of the Loans with respect to which the
Taxes or

 

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Increased Costs are being incurred. Such prepayment shall be
made in accordance with Section 2.06(a)  (Prepayment), except that the prepayment premium specified in Section 2.06(a)(ii) shall
not apply.

 

Section 2.15      Expenses.

 

(a)        The
Borrower shall pay or, as the case may be, reimburse each Lender or its assignees any amount paid by them on account of, all taxes,
duties, fees or other charges payable on or in connection with the execution, issue, delivery, registration or notarization of
the Financing Documents and any other documents related to this Agreement or any other Financing Document.

 

		(b)	The Borrower shall pay to the relevant Lender or as such Lender may direct:

 

		(i)	the documented fees and expenses of Lenders’ counsel in the Country and New York incurred
in connection with:

 

		(A)	the preparation of the investment by the Lenders provided for under this Agreement and any other
Financing Document;

 

		(B)	the preparation and/or review, execution and, where appropriate, translation and registration of
the Financing Documents and any other documents related to them;

 

		(C)	the giving of any legal opinions required by any Lender under this Agreement and any other Financing
Document;

 

		(D)	the administration by each Lender of the investment provided for in this Agreement and the other
Financing Documents or otherwise in connection with any amendment, supplement or modification to, or waiver under, any of the Financing
Documents;

 

		(E)	the registration (where appropriate) and the delivery of the evidences of indebtedness relating
to the Loans and their disbursement; and

 

		(F)	the occurrence of any Event of Default or Potential Event of Default;

 

provided,
that such fees and expenses shall be subject to (x) the provisions of the Marval Retainer Agreement, in the case of fees and
expenses of Lenders’ counsel in the Country and (y) the provisions of the A&O Retainer Agreement, in the case of
fees and expenses of Lenders’ counsel in New York.

 

		(ii)	the costs and expenses incurred by any Lender in relation to efforts to enforce or protect its
rights under any Financing Document, or the exercise of its rights or powers consequent upon or arising out of the occurrence of
any Event of Default or Potential Event of Default, including legal and other professional consultants’ fees.

 

Section 2.16      Illegality.
If, after the date of the Original Common Terms Agreement, any change made in any applicable law or regulation or official
directive (or its interpretation or application by any Authority charged with its administration) (herein the
 “Relevant Change”) makes it unlawful, in any Lender’s reasonable determination, for such Lender (or
any Participant thereof) to continue to maintain or to fund its Loan (or its Participation), or any portion thereof:

 

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(a)        the
Borrower shall, upon request by the relevant Lender, with a copy to all other Lenders (but subject to any applicable Authorization
having been obtained), on the earlier of (x) the next Interest Payment Date and (y) the date that such Lender advises
the Borrower is the latest day permitted by the Relevant Change, prepay in full that part of its Loan that such Lender advises
is so affected; provided, that (for the avoidance of doubt) any prepayment premium specified in the relevant Loan Agreement
and referred to in Section 2.06(a)(ii) (Prepayment) shall not apply;

 

(b)        concurrently
with the prepayment of the part of the Loans that is affected by the Relevant Change, the Borrower shall pay all accrued interest, Increased
Costs (if any) on that part of the Loans (and, if that prepayment is not made on an Interest Payment Date, any amount payable in
respect of the prepayment under Section 2.11 (Unwinding Costs));

 

(c)        the
Borrower agrees to take all reasonable steps to obtain, as quickly as possible after receipt of any Lender’s request for
prepayment, the Authorization referred to in Section 2.16(a) if any such Authorization is then required; provided,
that each Lender agrees to take all reasonable steps to the extent permitted under applicable law to permit the Borrower to make
any prepayment required under this Section 2.16 on an Interest Payment Date; and

 

(d)        the
Borrower shall have no further right to disbursement of the undisbursed portion of the Loans corresponding to the part affected
by the Relevant Change after it has received the relevant Lender’s request for prepayment under this Section.

 

ARTICLE III

 

Representations and Warranties

 

Section 3.01      Representations
and Warranties. The Borrower represents and warrants to each Lender as of the date hereof, except as to those representations
and warranties that, by their express terms, are stated below to be made as of any specific date (including those that relate to
an earlier date), that:

 

(a)        Organization
and Authority. Each of the Borrower and each of its Subsidiaries is a company duly incorporated and validly existing under
the laws of the jurisdiction of its organization and has the corporate power and has obtained all required material Authorizations
to own its assets, conduct its business as presently conducted and to enter into, and comply with its obligations under, the Financing
Documents to which it is a party or will, in the case of any Financing Document not executed as at the date of this Agreement,
when that Financing Document is executed, have the corporate power to enter into, and comply with its obligations under, that
Financing Document (notwithstanding the Borrower’s compliance with the periodic information regime pursuant to Communication
 “A” 6401 of the central bank of the Country, as amended and supplemented from time to time);

 

(b)        Validity.
Each Financing Document to which the Borrower or any Subsidiary is a party has been, or will be, duly authorized and executed by
such Person and constitutes, or will, when executed constitute, a valid and legally binding obligation of such Person, enforceable
in accordance with its terms, and none of the agreements listed in Section 4.01(a) ( Conditions of the Disbursement)
has been, or will be, amended or modified except as permitted under this Agreement;

 

(c)        No
Conflict. Neither the making of any Financing Document to which the Borrower or any Subsidiary is a party nor (when all the
Authorizations referred to in Section 4.01(c) ( Conditions of the Disbursement) have been obtained) the compliance
with its terms will conflict with or result in a breach of any of the material terms, conditions or provisions of, or constitute
a default or require any consent

 

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under, any material indenture, mortgage,
agreement or other instrument or arrangement to which such Person is a party or by which it is bound, or violate any of the material
terms or provisions of such Person’s Charter or any Authorization, judgment, decree or order or any statute, rule or
regulation applicable to such Person;

 

		(d)	Status of Authorizations.

 

		(i)	To the best of the Borrower’s knowledge after due inquiry, (A) all material Authorizations
necessary for conducting the business, Operations, trade and ordinary activities of the Borrower and each of its Subsidiaries and
(B) all Authorizations necessary for the Borrower entering into and complying with its obligations under this Agreement and
each of the other Financing Documents, have been obtained and are in full force and effect;

 

		(ii)	All of the Authorizations referenced in subclause (i)(B)  above are specified in Part I
of Annex B;

 

		(iii)	The Authorizations specified in Part II of Annex B are all of the material Authorizations
needed by the Borrower or any of its Subsidiaries comprising licenses to provide its cellular mobile telephony services and to
operate the broadband and Community Antenna Television (CATV) and each of those Authorizations: (A) has been obtained and
is in full force and effect, (B) is lawfully held by the Borrower (for the avoidance of doubt, none of the Authorizations
in Part II of Annex B is held by a Subsidiary of the Borrower, except as specified therein), and (C) is free from any
encumbrance or restriction (other than restrictions imposed by the Authorization itself or the relevant Authority);

 

		(iv)	None of the Borrower nor its Subsidiaries is in violation of the terms of any Authorization which
could reasonably be expected to result in a Material Adverse Effect; and

 

		(v)	None of the Authorizations indicated in Annex B will be terminated or adversely affected as a result
of the consummation of the Transaction;

 

(e)        No
Amendments to Charter. The Charter of the Borrower or any Subsidiary has not been amended since August 31, 2017;

 

(f)         No
Immunity. Neither the Borrower nor any of its Subsidiaries nor any of their respective property enjoys any right of immunity
from set off, suit or execution with respect to their respective assets or their respective obligations under any Financing Document;
provided, however, that, pursuant to Section 243 of the Argentine Civil and Commercial Code, if there are any rights
of any creditor of the Borrower or its Subsidiaries with respect to those assets of the Borrower or its Subsidiaries which are
deemed to be directly assigned to the rendering of a public service, such rights may not in any manner jeopardize the rendering
of a public service, if any, by the Borrower or its Subsidiaries;

 

(g)        Disclosure.
All written information provided directly or indirectly by the Borrower to any Lender was, on the date provided, and continues
to be, true and accurate in all material respects and not misleading in any material respect nor is any information omitted from
such information that makes the information provided misleading in any material respect (except to the extent that the Borrower
has

 

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provided
written updates or amendments to such previously furnished information reflecting changes in circumstance subsequent to the provision
of such information);

 

		(h)	Financial
                                         Condition. Since December 31, 2018, neither the Borrower nor any of its

 

Subsidiaries:

 

		(i)	has
                                         suffered any change that has a Material Adverse Effect or incurred any substantial loss
                                         or liability, except for the losses disclosed in the financial statements of the Borrower
                                         for the period ending on September 30, 2019 and the additional losses incurred after
                                         such financial statements, which in neither case result in a Material Adverse Effect;

 

		(ii)	has
                                         undertaken or agreed to undertake any substantial obligation that would have a Material
                                         Adverse Effect;

 

(i)         Financial
Statements. The Consolidated and unconsolidated financial statements of the Borrower and its Subsidiaries for the period ending
on December 31, 2018;

 

		(i)	have
                                         been prepared in accordance with the Accounting Standards, and give a true and fair view
                                         of the financial condition of the Borrower and its Subsidiaries as of the date as of
                                         which they were prepared and the results of the operations of the Borrower and its Subsidiaries
                                         during the period then ended in all material respects;

 

		(ii)	disclose
                                         all material liabilities (contingent or otherwise) of the Borrower and its Subsidiaries,
                                         and the reserves, if any, for such liabilities and all unrealized or anticipated liabilities
                                         and losses arising from commitments entered into by the Borrower or any of its Subsidiaries
                                         (whether or not such commitments have been disclosed in such financial statements);

 

(j)         Employee
Benefit Plans. Each of the Borrower and its Subsidiaries is in compliance in all material respects with its respective obligations
relating to all employee benefit plans established, maintained or contributed to by it and does not have outstanding any material
liabilities with respect to any such employee benefit plans;

 

		(k)	Title
                                         to Assets and Permitted Liens.

 

		(i)	each
                                         of the Borrower and its Subsidiaries has good and marketable title to all of the assets
                                         purported to be owned by it (except such minor defects that are not reasonably expected
                                         to have a Material Adverse Effect) and possesses a valid leasehold interest in all assets
                                         which it purports to lease, in all cases free and clear of all Liens, other than Permitted
                                         Liens, and no contracts or arrangements, conditional or unconditional, exist for the
                                         creation by the Borrower or any of its Subsidiaries of any Lien; and

 

		(ii)	Annex
                                         C sets forth each Investment of the Borrower and its Subsidiaries in excess of $20,000,000
                                         that exists as of April 30, 2019;

 

(l)         Financial
Debt. Annex D sets forth all Financial Debt of the Borrower and its Subsidiaries, as of April 30, 2019, in excess of
$10,000,000, and there exists no outstanding default thereunder;

 

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(m)       Taxes.
All tax returns and reports of the Borrower and its Subsidiaries that are, to the best of the Borrower’s knowledge, after
due inquiry, required by law to be filed have been duly filed and all Taxes, obligations, fees and other governmental charges
upon the Borrower or any of its Subsidiaries, or their respective properties, income or assets, which, to the knowledge of the
Borrower, are due and payable or to be withheld, have been paid or withheld, other than those presently payable without penalty
or interest or that are being contested in good faith by appropriate proceedings, and in each case in respect of which proper
reserves have been recorded in accordance with the Accounting Standards;

 

(n)        Litigation.
Neither the Borrower nor any of its Subsidiaries is engaged in nor, to the best of its knowledge, after due inquiry, threatened
by, any litigation, arbitration or administrative proceedings, the outcome of which, if adversely determined, could reasonably
be expected to have a Material Adverse Effect;

 

		(o)	Compliance
                                         with Law.

 

		(i)	To
                                         the best of its knowledge and belief, after due inquiry, neither the Borrower nor any
                                         of its Subsidiaries is in violation of any material statute or regulation of any Authority
                                         (including, without limitation, any Environmental and Social Legislation) in connection
                                         with the conduct of its respective business or ownership of its respective property;

 

		(ii)	No
                                         judgment or order has been issued which has or may reasonably be expected to have a Material
                                         Adverse Effect; and

 

		(iii)	To
                                         the best of its knowledge and belief, after due inquiry, the Borrower and its Subsidiaries
                                         are materially in compliance with the Foreign Exchange Regulations, and no filings (other
                                         than the periodic information regimes pursuant to Communications “A” 6401
                                         and “A” 6815 of the central bank of the Country) are necessary for the payments
                                         set forth in the Financing Documents;

 

		(p)	Environmental
                                         Matters.

 

		(i)	To
                                         the best of its knowledge and belief, after due inquiry, there are no material social
                                         or environmental risks or issues in respect of its or any of its Subsidiaries’
                                         business and Operations;

 

		(ii)	Neither
                                         it nor any of its Subsidiaries has received nor is it nor any of its Subsidiaries aware
                                         of (A) any existing or threatened in writing complaint, order, directive, claim,
                                         citation or notice from any Authority or (B) any material written communication
                                         from any Person, in either case, concerning its business’ or its Operations’
                                         failure to comply with any matter covered by the Environmental and Social Standards and
                                         Guidelines which has, or could reasonably be expected to have, a Material Adverse Effect
                                         or any material impact on the implementation or operation of its business and Operations
                                         in accordance with the Environmental and Social Standards and Guidelines;

 

(q)        Labor
Matters. There are no ongoing or, to the best knowledge of the Borrower after due inquiry, threatened, strikes or material
slowdowns or work stoppages by employees of the Borrower or any of its Subsidiaries;

 

		(r)	Use
                                         of Proceeds. The proceeds of the Loans shall be utilized for the Transaction;

 

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(s)        Subsidiaries.
The entities listed on Annex E are the only Subsidiaries of the Borrower, and Annex E correctly sets forth, as of the date hereof,
(i) the percentage ownership (direct and indirect) of the Borrower in each class of capital stock of each of its Subsidiaries,
and the direct owner thereof and (ii) the percentage ownership (direct and indirect) of each holder in each class of capital stock
of the Borrower, and the direct owner thereof;

 

(t)         Prohibited
Practices. Neither the Borrower, nor any of its Subsidiaries, nor any of their respective Affiliates, nor any Person acting
on its or any of their behalf, has committed or engaged in, with respect to any of their respective business or Operations or any
transaction contemplated by this Agreement, any Prohibited Practice;

 

(u)        Permitted
Holders. Annex I includes all the information about beneficial ownership required to be disclosed to the relevant Authority
in the Country pursuant to Resolution No. 7/2015 of the Superintendence of Companies of the City of Buenos Aires (Inspección
General de Justicia) and the ownership reporting requirements of the Argentine Comisión Nacional de Valores;

 

(v)        Pari
Passu Ranking. The Borrower’s payment obligations under the Financing Documents rank at least pari passu in priority
of payment with all its other unsecured and unsubordinated creditors, except for any obligations mandatorily preferred by the laws
of the Country, as applicable to the Borrower;

 

(w)       UN
Security Council Resolutions. The Borrower has neither entered into any transaction nor engaged in any activity prohibited
by any resolution of the United Nations Security Council under Chapter VII of the United Nations Charter;

 

(x)        Merger
with Cablevisión S.A.All necessary corporate action and approvals to authorize the merger of Cablevisión S.A.
with and into the Borrower have been taken and all regulatory approvals and registrations required for the effectiveness of such
merger have been obtained, and all of the foregoing are in full force and effect;

 

(y)        Legal
Form. This Agreement is in proper legal form for its enforcement against the Borrower under the laws of the Country; provided,
that such enforcement shall be subject to: (i) compliance with the requirements of Sections 517 and 519 of Law No. 17,454,
as amended and supplemented (Argentine Civil and Commercial Procedures Code) relating to the execution of foreign judgments; (ii) limitations
arising from bankruptcy, insolvency, reorganization (including quiebra, concurso preventivo and acuerdo preventivo extrajudicial),
fraudulent conveyance, moratorium or similar laws relating to, or affecting, enforcement of creditors’ rights; (iii) general
principles of law, including reasonableness, good faith, fair dealing and regular exercise of rights; (iv) pursuant to Laws
No. 24,573 and 26,589, the regulatory Decree No. 1,467/2011 (as amended and supplemented) and other ancillary regulations
(as amended and supplemented), certain mediation procedures must be exhausted prior to the initiation of lawsuits in the Country,
with the exception, among others, of bankruptcy and summarized foreclosure proceedings (which include the enforcement of foreign
judgments), in which cases mediation remains optional for the plaintiff; (v) the limitations to foreclosure of property which
is determined by law or the courts of the Country for the validity and enforceability of each of the Financing Documents (including
any necessary registration, recording or filing with any court or other authority in the Country) have been accomplished, and no
other Taxes are required to be paid to the Country, or to any of its political subdivisions (other than any applicable court tax
(tasa de justicia), if necessary); and (vi) a translation by a public translator into the Spanish language of any document
written in a different language shall be required, for the admissibility in evidence in court of the Country of any such document;

 

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(z)        Choice
of Law; Consent to Jurisdiction. Under the applicable law of the Country, the choice of the law of New York to govern this
Agreement and the other Financing Documents subject to New York law is valid and binding. The Borrower’s consent to the
jurisdiction of the courts of the United States of America located in the Southern District of New York and the courts of the
State of New York located in the Borough of Manhattan as provided in Section 7.05 (Enforcement) is valid, binding
and irrevocable, and service of process effected in the manner provided in Sections 7.05(e), (f) and (g)  (Enforcement)
will be effective to confer personal jurisdiction over the Borrower in such courts.

 

(aa)      Sanctions.
Neither the Borrower nor any of its Subsidiaries, directors, officers, or employees (i) is a Restricted Party,
(ii) has violated or is violating any Sanctions, (ii) is engaged in any activities that could result in its
becoming a Restricted Party, or (iii) or, to the knowledge of the Borrower, any director, officer or Controlled
Affiliate of the Borrower or any of its Subsidiaries or Cablevisión Holding S.A., Fintech Holdings Inc. or Fintech
Telecom LLC, has been notified by any relevant Sanctions Authority or is otherwise aware that it or any of its Subsidiaries
is currently the subject of any claim, action, suit, proceeding, investigation or other inquiry with respect to compliance
with or potential liability with respect to any Sanctions or Anti-Money Laundering Laws (iv) knows, nor has reason to
believe any of its Subsidiaries is or may become the subject of any Sanctions-related investigation or judicial
proceeding;

 

(bb)      Sanctions
List Engagement. None of the Borrower, any of its Subsidiaries or, to the knowledge of the Borrower, any director, officer
or Controlled Affiliate of the Borrower or any of its Subsidiaries or Cablevisión Holding S.A., Fintech Holdings Inc. or
Fintech Telecom LLC, is currently, or has engaged in the last five years, in any business (directly or knowingly indirectly) with
a Restricted Party, except as described in the Form 20-F; and

 

(cc)      No Material
Omissions. None of the representations and warranties in this Section 3.01 omits any matter the omission of which makes
any of such representations and warranties misleading in any material respect; provided, that notwithstanding the foregoing,
the Borrower shall not be deemed to make any representation or warranty except as expressly set forth in this Agreement.

 

Section 3.02      Lender
Reliance. The Borrower acknowledges that it makes the representations and warranties in Section 3.01 with the intention
of inducing the Lenders to enter into this Agreement and the other Financing Documents (and each Participant to enter into a Participation
Agreement) and that each Lender enters into this Agreement and the other Financing Documents (and each Participant has entered
or will enter, as the case may be, into a Participation Agreement) on the basis of, and in full reliance on, each of such representations
and warranties.

 

ARTICLE IV

 

Conditions of the Disbursement

 

Section 4.01      Conditions
of the Disbursement. The obligation of each Lender to make the Disbursement of its Loan (such Lender, a “Disbursing
Lender”) is subject to the fulfillment prior to or concurrently with the making of such Disbursement of the following
conditions:

 

(a)        Financing
Documents. Each of the Financing Documents to which the Disbursing Lender is a party is in form and substance satisfactory
to such Lender, has been entered into by all parties to it, as applicable, and has become (or, as the case may be, remains) unconditional
and fully effective in accordance with its respective terms (except for this Agreement having become unconditional and fully effective,
if that is a condition of any of those agreements), and the Disbursing Lender has received a copy of each of the Loan Agreements
to which it is not a party:

 

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(b)        Certificate
of Incumbency and Authority. The Disbursing Lender has received a Certificate of Incumbency and Authority from the Borrower,
dated the date of the Disbursement, together with copies of the Charter, by-laws, resolutions and powers of attorney referred to
in the Certificate of Incumbency and Authority, and all of the foregoing shall be in form and substance satisfactory to the Disbursing
Lender;

 

(c)         Authorizations.
The Borrower has obtained, and provided to the Disbursing Lender copies of, all Authorizations listed in Annex B, which Authorizations
are the only Authorizations that are necessary for:

 

		(i)	the Loans;

 

		(ii)	the carrying out of the business and Operations of the Borrower and its Subsidiaries;

 

		(iii)	the due execution, delivery, validity and enforceability of, and performance by the Borrower of
its respective obligations under, this Agreement and the other Financing Documents, and any other documents necessary or desirable
to the implementation of any of those agreements or documents; and

 

		(iv)	the remittance to each of the Lenders or their respective assigns in Dollars of all monies payable
with respect to the Financing Documents;

 

or that are material to the Borrower’s Operations,
and all those Authorizations are in full force and effect;

 

		(d)	Legal Opinions on the Law of the Country.

 

		(i)	If requested by the Disbursing Lender, such Lender has received a legal opinion from Marval, O’Farrell &
Mairal covering the laws of the Country and the matters listed in Schedule 4(A);

 

		(ii)	The Disbursing Lender has received a legal opinion from Borrower’s counsel in the Country
concurring with the legal opinion in the foregoing clause (i) and covering such other matters relating to the transactions
contemplated by this Agreement as such Lender may reasonably request;

 

(e)         Legal
Opinions on the Law of New York. If requested by the Disbursing Lender, such Lender has received a legal opinion addressed
from Allen & Overy LLP covering New York law and the matters set forth in Schedule 4(B);

 

(f)        Insurance
. The Disbursing Lender has received copies of all insurance policies required to be obtained pursuant to Section 5.04
(Insurance) and Annex F prior to the date of the Disbursement, and a certification of the Borrower’s and its Subsidiaries’
insurers or insurance agents confirming that such policies are in full force and effect and all premiums then due and payable
under those policies have been paid;

 

(g)        Fees.
The Disbursing Lender has received the fees which Section 2.07 (Fees) requires to be paid before the date of the Disbursement;

 

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(h)        Legal
Fees and Expenses. The Disbursing Lender has received the reimbursement of all invoiced fees and expenses of legal counsel
as provided in Section 2.15(b)(i) (Expenses) or confirmation that those fees and expenses have been paid
directly to that counsel;

 

(i)         Authorization
of Auditors. The Disbursing Lender has received a copy of the authorization to the Auditors referred to in Section 5.01(f) 
(Affirmative Covenants);

 

(j)         Solvency.
The Disbursing Lender has received a solvency certificate in the form of Schedule 5 from the chief financial officer of the Borrower;

 

(k)        Appointment
of Agent. The Borrower has delivered to the Disbursing Lender evidence, substantially in the form of Schedule 6, of appointment
of an agent for service of process pursuant to Section 7.05 (Enforcement), and the corresponding provision of the
relevant Loan Agreement;

 

(l)         Environmental
Matters. All actions required to be completed prior to or on the proposed date of the Disbursement pursuant to the Environmental
and Social Action Plan have been completed to the satisfaction of the Disbursing Lender;

 

		(m)	No
                                         Default. No Event of Default and no Potential Event of Default has occurred and is
                                         continuing;

 

(n)        Use
of Proceeds. The proceeds of that Disbursement are, at the date of the relevant request, needed by the Borrower for the purposes
described in Section 3.01(r) ( Representations and Warranties), or will be needed for that purpose within 6 months
of that date;

 

(o)        No
Material Adverse Effect. Since the date of this Agreement, nothing has occurred which has or could reasonably be expected
to have a Material Adverse Effect;

 

(p)        No
Material Loss or Liability. Since March 31, 2019, the Borrower and its Subsidiaries have not incurred any material loss
or liability (except such liabilities as may be incurred in accordance with Section 5.02 (Negative Covenants);

 

(q)        Representations
and Warranties. The representations and warranties made in Article III are true and correct in all material respects
on and as of the date of the Disbursement with the same effect as if those representations and warranties had been made on and
as of the date of the Disbursement (but in the case of Section 3.01(c) (Representations and Warranties), without
the words in parentheses);

 

(r)         No
Violations. After giving effect to the Disbursement, the Borrower and any of its Subsidiaries would not be in violation of:

 

		(i)	its
                                         Charter;

 

		(ii)	any
                                         provision contained in any document to which it is a party (including this Agreement)
                                         or by which it is bound; or

 

		(iii)	any
                                         law, rule, regulation, Authorization in the Country directly or indirectly limiting or
                                         otherwise restricting its borrowing or guarantee power or authority or its ability to
                                         borrow or guarantee;

 

(s)        Financial
Ratios. Without limiting the generality of Section 4.01(r) (Conditions of the Disbursement), after taking
into account the amount of the Disbursement and any other Financial Debt

 

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incurred
by the Borrower after the date of the latest financial statements of the Borrower delivered to the Disbursing Lender pursuant
to Section 5.03(a) (Reporting Requirements), the Net Debt to EBITDA Ratio would not exceed 2.5 and the Interest
Coverage Ratio would not be less than 3.0, in each case, calculated in accordance with Section 5.01(l) (Financial
Ratios);

 

(t)         Pro
Rata Disbursement. The Disbursement of that Loan is made pro rata with the Disbursement of each other Loan that is
being disbursed concurrently with that Loan, in proportion to its available Commitment to the Total Commitment.

 

(u)        Other
Conditions. Each other condition specified in the Disbursing Lender’s Loan Agreement has been fulfilled.

 

Section 4.02      Borrower’s
Certification. The Borrower shall deliver to the Disbursing Lender, with respect to the request for Disbursement, certifications
in the form included in Schedule 2, relating to the conditions specified in Section 4.01(m) through (u) inclusive
(Conditions of the Disbursement) expressed to be effective as of the date of the Disbursement.

 

Section 4.03     Conditions
for Lender’s Benefit. The conditions in Section 4.01 (Conditions of the Disbursement) through
Section 4.02 (Borrower’s Certification) are for the benefit of the Disbursing Lender and may be waived only
by the Disbursing Lender in its sole discretion

 

ARTICLE V

 

Particular
Covenants

 

Section 5.01     Affirmative
Covenants. Unless the Required Lenders otherwise agree in writing, the Borrower shall, and shall cause each of its Subsidiaries
to:

 

(a)        Corporate
Existence; Conduct of Business. Do all things necessary to maintain its existence and keep in full force and effect its material
rights, franchises, licenses, permits, copyrights, trademarks and patents, comply with its charter, conduct its Operations with
due diligence and in accordance with sound industry, financial and business practices (in all material respects); provided,
that nothing in this clause (a) prevents the Borrower from discontinuing the use, operation or maintenance of any of such
properties or disposing of any of them, if such discontinuance or disposal is (i) in the reasonable judgment of the Borrower
and consistent with its past practices, desirable in the conduct of the business of the Borrower and (ii) in the case of
any disposal, permitted under Section 5.02(n) (Asset Sales);

 

(b)        Use
of Proceeds; Compliance with Law. Apply the proceeds of the Loans exclusively as set forth in Section 3.01(r) (Representations
and Warranties), comply in all material respects (or, in the case of Environmental and Social Legislation, in all respects)
with all applicable law, statutes, regulations and orders of, and all applicable restrictions imposed by, all Authorities in respect
of its business and Operations and the ownership of its property (including applicable law, statutes, regulations, orders and
restrictions relating to Sanctions and environmental standards and controls, such as any Environmental and Social Legislation);

 

(c)        Accounting
and Financial Management. Maintain an accounting and control system, management information system and books of account and
other records, which together adequately reflect truly and fairly (in all material respects) the financial condition of the Borrower
and its Subsidiaries and the results of their respective operations in conformity with the Accounting Standards;

 

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(d)        Taxes.
Pay when due, all Taxes, assessments, levies or claims due and payable by it; provided, that neither the Borrower nor any
of its Subsidiaries shall be required to pay any such Tax, assessment, levy, or claim which is being contested in good faith and
by proper proceedings if it has maintained adequate reserves with respect thereto in accordance with, and to the extent required
by, the Accounting Standards;

 

(e)        Auditors.
Maintain at all times a firm of internationally recognized independent public accountants acceptable to the Lenders as auditors
of the Borrower and its Subsidiaries; provided, that PricewaterhouseCoopers, Deloitte & Touche, KPMG and Ernst &
Young shall be deemed acceptable to the Lenders;

 

(f)        Authorization
to Auditors. Irrevocably authorize, in the form of Schedule 7, the Auditors (whose fees and expenses shall be for the account
of the Borrower) to communicate directly with the Lenders at any time regarding the Borrower’s or any of its Subsidiary’s
accounts and operations, and provide to the Lenders a copy of that authorization, and, no later than 30 days after any change
in Auditors, issue a similar authorization to the new Auditors and provide a copy thereof to the Lenders; provided, that
the Lenders shall notify the Borrower before communicating with the Auditors;

 

(g)       Access.
Upon any Lender’s request and with reasonable prior notice to the Borrower, permit representatives of such Lender (including,
in the case of IDB Invest, MICI), during normal office hours, to:

 

		(i)	visit
                                         any of the sites and premises where the business of the Borrower or any of its Subsidiaries
                                         is conducted;

 

		(ii)	inspect
                                         any sites, facilities, plants and equipment of the Borrower and any of its Subsidiaries;

 

		(iii)	have
                                         access to the books of account and all records and any of its Subsidiaries;

 

		(iv)	with
                                         prior notice to the Borrower, have access to those employees, agents and contractors
                                         of the Borrower who have or may have knowledge of matters with respect to which such
                                         Lender seeks information; and

 

		(v)	conduct
                                         appraisals, inspect documents, plans, procedures, and audit the state of Borrower’s
                                         compliance with the requirements pertaining to the Environmental and Social Issues, Environmental
                                         and Social Standards and Guidelines;

 

provided,
that (A) such access shall not include information that is or contains trade secrets or information that is protected by
attorney-client privilege, (B) no such reasonable prior notice shall be necessary if an Event of Default or Potential Event
of Default is continuing or if special circumstances so require and (C) in the case of the MICI, such access shall be for
the purpose of carrying out the MICI’s role;

 

(h)        Environmental
Matters. Undertake its respective business and Operations in compliance with the applicable requirements of the Environmental
and Social Standards and Guidelines and the Environmental and Social Action Plan;

 

(i)         Review
of Environmental and Social Compliance Report. Periodically review the form of the Environmental and Social Compliance Report
and advise the Lenders as to whether revision of the form is necessary or appropriate in light of changes to the Borrower’s
or its Subsidiaries’ business or

 

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Operations, or in light of environmental
or social risks identified by the Borrower; and revise the form as agreed with the Required Lenders;

 

(j)         Authorizations.
(i) Obtain and maintain in force (and where appropriate, renew in a timely manner) all material Authorizations, including
without limitation the Authorizations specified in Annex B, which are necessary for the implementation of the Transaction, the
carrying out of the business and Operations of the Borrower and its Subsidiaries generally and the compliance by the Borrower
and its Subsidiaries with all their respective obligations under the Financing Documents; and (ii) comply with all the conditions
and restrictions contained in, or imposed on the Borrower or any of its Subsidiaries by, those Authorizations; provided,
that nothing in this clause (j) shall prevent the Borrower from terminating or relinquishing any Authorization (or any portion
thereof) if such Authorization (or such portion) is no longer necessary, under applicable law, for the Operations of the Borrower.

 

(k)        Pension
Plans. Comply with all material requirements relating to any pension or employee benefit plans;

 

(l)         Financial
Ratios. With respect to the Borrower and its Subsidiaries, maintain at all times the following ratios on a Consolidated Basis:

 

		(i)	an
                                         Interest Coverage Ratio of not less than 3.0; and

 

		(ii)	a
                                         Net Debt to EBITDA Ratio of not more than 3.0;

 

which shall
be determined as follows: (A) only on a Consolidated Basis in respect to the Borrower and its Subsidiaries, so long as the
Borrower’s revenues and EBITDA, as shown in the latest unaudited financial statements of the Borrower, account for 80% or
more of the consolidated revenues and EBITDA of the Borrower and its Subsidiaries; and (B) both on an unconsolidated basis
and on a Consolidated Basis for the Borrower and its Subsidiaries, in each case when the Borrower’s revenues and/or EBITDA,
as shown in the latest unaudited financial statements of the Borrower, account for less than 80% of the consolidated revenues
and/or EBITDA of the Borrower and its Subsidiaries;

 

(m)       Pari
Passu Obligations. Take such action as may be necessary to ensure that, at all times, the obligations owing to each Lender
under the Financing Documents to which such Lender is a party are direct, general, unconditional and unsubordinated obligations
of the Borrower that rank at least pari passu in priority of payment to all unsecured obligations of the Borrower, except for
any obligations given mandatory priority by operation of applicable law.

 

(n)        Sanctions.
Remain in, and will cause its subsidiaries to remain in, (i) compliance in all respects with OFAC rules and regulations
and any other Sanctions (ii) implement internal controls to ensure that no portion of the proceeds of the Loans are being
made available, directly or knowingly indirectly, to any Restricted Party, (iii) promptly notify the Lenders in writing if
the Borrower or any of its Subsidiaries or a Permitted Holder becomes a Restricted Party, has violated any Sanctions or is convicted
on, pleads nolo contendere to, is indicted on or is arraigned and held over on charges involving, money laundering or predicate
crimes to money laundering.

 

(o)        Compliance
with Foreign Exchange Regulations. (i) Ensure that all proceeds of the Loans are transferred to a bank account in the
Country, and (ii) without limiting the foregoing, comply with all applicable Foreign Exchange Regulations for the repayment
of each of the Loans in accordance with Section 2.05 (Repayment), including without limitation, compliance with any
requirements necessary to permit the Borrower to have access to the foreign exchange market in Argentina for the purpose of servicing
principal and interest payments under the Loans.

 

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Section 5.02      Negative
Covenants. Unless the Required Lenders otherwise agree in writing, the Borrower shall not, and shall cause each of its
Subsidiaries not to:

 

		(a)	Restricted
                                         Payments. Declare or pay any Restricted Payment, except that:

 

		(i)	any
                                         Subsidiary of the Borrower may declare and pay Restricted Payments in cash to the Borrower
                                         or to any wholly-owned Subsidiary of the Borrower;

 

		(ii)	any
                                         non-wholly-owned Subsidiary of the Borrower may declare and pay cash dividends to its
                                         stockholders; provided, that the Borrower and its Subsidiaries must receive at
                                         least their proportionate share of any cash dividends paid by such non-wholly-owned Subsidiary;

 

		(iii)	the
                                         Borrower and its Subsidiaries may declare and pay Restricted Payments required to be
                                         paid under Law No. 19,550 (as amended and supplemented) or Law No. 26,831 amended
                                         by Law No. 27,440 (as amended and supplemented) and regulations thereunder; and

 

		(iv)	the
                                         Borrower may declare and pay dividends in cash or in bonds or other securities issued
                                         by the Borrower, and may redeem, retire or purchase to the extent permitted by applicable
                                         law any of the Borrower’s outstanding capital stock, if in each case all of the
                                         following conditions are satisfied before and after giving effect to such dividend, redemption,
                                         retirement or purchase: (A) no Potential Event of Default or Event of Default shall
                                         have occurred or is continuing or would result therefrom and (B) the Borrower is
                                         in compliance with all financial covenants set forth in Section 5.01(l) ( Affirmative
                                         Covenants) on a Pro Forma Basis;

 

(b)        Capital
Expenditures. Incur expenditures or commitments for expenditures for fixed or other non-current assets, other than (i) those
required or requested to be made by any Authority, and (ii) those incurred by the Borrower and its Subsidiaries if, after
giving effect thereto, the Borrower is in compliance with all financial covenants set forth in Section 5.01(l) ( Affirmative
Covenants) on a Pro Forma Basis;

 

		(c)	Permitted
                                         Financial Debt. Incur or assume any Financial Debt except:

 

		(i)	the
                                         Loans;

 

		(ii)	existing
                                         Financial Debt listed on Annex D;

 

		(iii)	short
                                         term (with a maturity of not more than 12 months) unsecured Financial Debt if, immediately
                                         after giving effect to the incurrence or assumption thereof, the Borrower and its Subsidiaries
                                         comply with the following ratios, calculated pursuant to 5.01(l)  (Affirmative
                                         Covenants) on a Pro Forma Basis

 

		(A)	an
                                         Interest Coverage Ratio of not less than 3.0; and

 

		(B)	a
                                         Net Debt to EBITDA Ratio of not more than 2.5;

 

provided,
that the amount of such short term unsecured Financial Debt denominated in Dollars in the aggregate outstanding at any time shall
not exceed

 

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an
amount equal to the greater of 10% of the total Financial Debt and $250,000,000; provided further, that the cap set forth
in the preceding proviso shall not apply to any such short term unsecured Financial Debt that is incurred or assumed in Pesos
(for the avoidance of doubt, compliance with the foregoing ratios calculated in accordance with 5.01(m) on a Pro Forma Basis
shall apply with respect to all short term unsecured Financial Debt regardless that it is denominated in Dollars or Pesos);

 

		(iv)	other
                                         Financial Debt of the Borrower and its Subsidiaries incurred or assumed after the date
                                         hereof if, immediately after giving effect to the incurrence or assumption thereof, the
                                         Borrower and its Subsidiaries comply with the following ratios, calculated in accordance
                                         with Section 5.01(l) (Financial Ratios) on a Pro Forma Basis:

 

		(A)	an
                                         Interest Coverage Ratio of not less than 3.0; and

 

		(B)	a
                                         Net Debt to EBITDA Ratio of not more than 2.5; and

 

		(v)	Permitted
                                         Refinancing Debt in respect of Financial Debt otherwise permitted under this Section 5.02(c);

 

(d)        Leases.
Enter into any agreement or arrangement to lease any property or equipment of any kind (other than Financial Leases), except for
(i) Permitted Leases and (ii) leases with respect to which the aggregate lease payments do not exceed the equivalent
of $40,000,000 in any Financial Year, in each case, as long as the Borrower remains in compliance with all financial covenants
set forth in Section 5.01(l) (Financial Ratios) on a Pro Forma Basis;

 

(e)        Hedging
Contracts. Enter into any Hedging Contract or assume the obligations of any party to any Hedging Contract, except for interest
rate protection agreements and currency protection agreements incurred for non-speculative purposes in the ordinary course of
business on commercially reasonable terms;

 

(f)         Guarantees
and Other Obligations. Enter into any agreement or arrangement to guarantee or, in any way or under any condition, assume
or become obligated for all or any part of any financial or other obligation of another Person, except:

 

		(i)	Non-Recourse
                                         Pledges;

 

		(ii)	guarantees
                                         or indemnities in respect of a portfolio of credit receivables originated by the Borrower
                                         and being subject of a sale, securitization or “synthetic” securitization
                                         as long as they exclusively relate to factoring or similar transactions with respect
                                         to the Borrower’s receivables in the ordinary course of business;

 

provided,
that after giving effect to the incurrence of any such obligations pursuant to items (i) and (ii), the Borrower and its Subsidiaries
are in compliance with the following ratios, calculated in accordance with Section 5.01(l) (Financial Ratios)
on a Pro Forma Basis:

 

		(A)	an
                                         Interest Coverage Ratio of not less than 3.0; and

 

		(B)	Net
                                         Debt to EBITDA Ratio of not more than 2.5;

 

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(g)        Permitted
Liens. Create or permit to exist any Lien on any property, revenues or other assets, present or future, of the Borrower or
any of its Subsidiaries, except for the following (collectively, “Permitted Liens”):

 

		(i)	Liens
                                         in existence on the date hereof which are listed, and the property subject thereto described,
                                         in Annex G and any Lien granted as a replacement or substitute therefor; provided,
                                         that any such Liens are no less favorable to the Lenders and are not more favorable to
                                         the lienholders with respect to such Liens than the Liens in respect of the debt being
                                         refinanced;

 

		(ii)	any
                                         Lien arising from any Tax or other Lien arising by operation of law, in each case if
                                         the obligation underlying any such Lien is not yet due or, if due, is being contested
                                         in good faith by appropriate proceedings so long as the Borrower has set aside adequate
                                         reserves in accordance with the Accounting Standards;

 

		(iii)	Liens
                                         created or deposits made in the ordinary course of business (i) in connection with
                                         workers’ compensation, unemployment insurance and other types of social security,
                                         including any Lien securing letters of credit issued in the ordinary course of business
                                         consistent with past practice in connection therewith, or (ii) to secure the performance
                                         of tenders, statutory obligations, surety and appeal bonds, bids, purchase, construction
                                         or sales contracts, leases, government performance and return-of-money bonds and other
                                         similar obligations (other than obligations for the payment of borrowed money), so long
                                         as the Lien does not interfere with the implementation of the Transaction or the carrying
                                         on of the business or Operations of the Borrower or any of its Subsidiaries;

 

		(iv)	Liens
                                         created in the ordinary course of business upon specific items of inventory or other
                                         goods and proceeds of any Person securing such Person’s obligations in respect
                                         of bankers’ acceptances issued or created for the account of such Person to facilitate
                                         the purchase, shipment or storage of such inventory or other goods, so long as the Lien
                                         does not interfere in any material respect with the implementation of the Transaction
                                         or the carrying on of the business or Operations of the Borrower or any of its Subsidiaries;

 

		(v)	Liens
                                         arising from judgments, decrees, awards or attachments in circumstances not constituting
                                         an Event of Default under this Agreement;

 

		(vi)	Liens
                                         on the property or assets of any corporation which becomes a Subsidiary of the Borrower
                                         after the date hereof in connection with a Permitted Acquisition, which Liens secure
                                         Financial Debt permitted by Section 5.02(k)(vii); provided, that (A) such
                                         Liens existed at the time such corporation became a Subsidiary and were not created in
                                         anticipation of the acquisition, (B) any such Lien by its terms covers only property
                                         or assets of such corporation which were covered immediately prior to the time it became
                                         a Subsidiary and (C) any such Lien does not by its terms secure any Financial Debt
                                         other than the Financial Debt existing immediately prior to the time such corporation
                                         becomes a Subsidiary;

 

		(vii)	easements,
                                         rights-of-way, restrictions, encroachments and other similar charges or encumbrances,
                                         and minor title deficiencies, in each case not securing Financial Debt and not interfering
                                         in any material respect with the conduct of the business and Operations of the Borrower
                                         or any of its Subsidiaries;

 

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		(viii)	additional
                                         Liens of the Borrower or any Subsidiary of the Borrower not otherwise permitted by this
                                         Section 5.02(g) that do not secure obligations in excess of the equivalent
                                         of $25,000,000 in the aggregate for all such Liens at any time;

 

		(ix)	Liens
placed upon property acquired or improved after the date hereof and used in the ordinary course of business of any Borrower or
any of its Subsidiaries and placed at the time of the acquisition thereof by such Borrower or such Subsidiary, or within 90 days
thereafter, to secure indebtedness incurred to acquire such equipment or improvements; provided, that (x) such Liens
do not at any time encumber any property of the Borrower other than the property financed by such indebtedness incurred to acquire
such equipment or improvements, (y) the debt secured thereby does not exceed the cost or fair market value, whichever is
lower, of the property being acquired on the date of acquisition, and (z) the Lien does not interfere in any material respect
with the implementation of the Transaction or the carrying on of the business or Operations of the Borrower or any of its Subsidiaries;
provided further, that if after giving effect to the incurrence of any such Lien either the Interest Coverage
Ratio decreases or the Net Debt to EBITDA Ratio increases from what it was prior to such incurrence calculated both on an unconsolidated
basis and on a Consolidated Basis (for the avoidance of doubt, regardless of the calculation method otherwise called for by Section 5.01(l) (Financial
Ratios)) and on a Pro Forma Basis, the aggregate amount of all Liens permitted pursuant to this paragraph (ix) shall
not exceed at any time 10% of the Borrower’s total unconsolidated Financial Debt; and

 

		(x)	the
                                         designation of lessors, construction companies and other counterparties as loss payees
                                         under insurance policies in the ordinary course of business as required by customary
                                         contractual requirements, other than in connection with or in anticipation of the incurrence
                                         of Financial Debt.

 

(h)        Arm’s
Length Transactions. Enter into any transaction with the Borrower’s Affiliates except for (i) transactions in the
ordinary course of business on the basis of arm’s length arrangements (including, without limitation, transactions whereby
the Borrower or a Subsidiary might pay more than the ordinary commercial price for any purchase or might receive less than the
full ex-works commercial price (subject to normal trade discounts) for its products), (ii) transactions in existence as of
the date of the Original Common Terms Agreement that are included in the financial statements of the Borrower for the period ending
on March 31, 2019 and in Annex H for any transaction subsequent to such date, and (iii) transactions permitted under
Section 5.02(k)(iv) or (k)(v), or otherwise permitted under this Agreement;

 

(i)         Profit
Sharing Arrangements. Enter into any partnership, profit sharing or royalty agreement or other similar arrangement whereby
the Borrower’s income or profits are, or might be, shared with any other Person, except for customary and standard industry
agreements as are reasonable and prudent and provided that they are entered into on an arm’s length basis and in
the ordinary course of business;

 

(j)         Management
Contracts. Enter into any management contract or similar arrangement whereby its business or operations are managed by any
other Person, except for such arrangements with third parties in the ordinary course of business and on an arm’s length
basis;

 

(k)        Permitted
Investments. Make or permit to exist loans or advances to, or deposits (except commercial bank deposits in cash in the ordinary
course of business) with, other Persons or investments

 

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in any Person or enterprise (each
of the foregoing are an “Investment” and, collectively, “Investments”) other than the following:

 

		(i)	the
                                         Borrower and its Subsidiaries may acquire and hold Cash Equivalents;

 

		(ii)	the
                                         Borrower and its Subsidiaries may hold the Investments held by them on the date hereof
                                         including those described on Annex C; provided, that any additional Investments made
                                         with respect thereto shall be permitted only if (x) committed as of the date hereof
                                         or (y) is permitted under the other provisions of this Section 5.02(k);

 

		(iii)	the
                                         Borrower may enter into a Hedging Contract or assume the obligations of any party to
                                         a Hedging Contract to the extent permitted by Section 5.02(e);

 

		(iv)	the
                                         Borrower and its Subsidiaries may make intercompany loans and advances to any Subsidiary
                                         related to management and brand fees (excluding interconnection, connectivity, and corporate
                                         services) for up to $20,000,000; provided, that (A) the terms and conditions
                                         agreed with the relevant parent company are typical and reasonable in commercial terms,
                                         (B) such transactions are on an arm’s length basis, and (C) no Event
                                         of Default or Potential Event of Default shall have occurred and be continuing or would
                                         result therefrom;;

 

		(v)	the
                                         Borrower may make capital contributions to, or acquire equity interests of, any of its
                                         Subsidiaries and/or provide intercompany loans to one or more of its Subsidiaries; provided,
                                         that (A) the aggregate amount of contributions made, together with the amount of
                                         any intercompany loans provided, pursuant to this clause (v), when added to the aggregate
                                         outstanding principal amount of intercompany loans and advances made to all of its Subsidiaries
                                         (determined without regard to any write-downs or write-offs thereof and net of any returns
                                         on any such Investment in the form of a principal repayment, distribution, dividend or
                                         redemption, as applicable), shall not exceed an amount equivalent to $200,000,000 per
                                         Financial Year, including any amount necessary to avoid being diluted by third parties
                                         in any capital increase of such Subsidiary, (B) no contribution may be made or loan
                                         provided pursuant to this clause (v) at any time that an Event of Default or Potential
                                         Event of Default has occurred and its continuing, (C) after giving effect to any
                                         Investment made in or to any Subsidiary pursuant to this clause (v) the Borrower
                                         remains, both on an unconsolidated basis and on Consolidated Basis (for the avoidance
                                         of doubt, regardless of the calculation method otherwise called for by Section 5.01(l) (
                                         Financial Ratios)), in compliance with Section 5.01(l) (Financial
                                         Ratios) on a Pro Forma Basis and (D) notwithstanding anything to the contrary
                                         in this clause (v), if the capital contribution and/or intercompany loan is made to a
                                         non-wholly owned Subsidiary, then, either: (x) the investment made by the Borrower
                                         in such Subsidiary is made pro rata with respect to the investments made by the other
                                         shareholders of such non-wholly-owned Subsidiary; or (y) the Borrower’s interest
                                         in such non-wholly-owned Subsidiary increases commensurate with such Investment;

 

		(vi)	the
                                         Borrower and its Subsidiaries may own the equity interests of its respective Subsidiaries
                                         created or acquired after the date hereof in accordance with the terms of this Agreement
                                         (so long as all amounts invested in such Subsidiaries are

 

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independently justified
under another provision of this Section 5.02(k)) so long as such Subsidiary is in compliance with Section 5.02(s);

 

		(vii)	the
                                         Borrower and its Subsidiaries may make a Permitted Acquisition so long as:

 

		(A)	no
                                         Event of Default or Potential Event of Default shall have occurred and be continuing
                                         at the time of, or shall occur as a result of and after giving effect to, such Permitted
                                         Acquisition;

 

		(B)	calculations
                                         made by the Borrower with respect to all financial covenants for the respective Calculation
                                         Period on a Pro Forma Basis show that all financial covenants would have been complied
                                         with as if such Permitted Acquisition had occurred on the first day of such Calculation
                                         Period;

 

		(C)	all
                                         representations and warranties contained in the Financing Documents have been updated
                                         as appropriate and restated by the Borrower, to the Required Lenders’ reasonable
                                         satisfaction, as of the date of such Permitted Acquisition;

 

		(D)	the
                                         Borrower shall have given 10 days’ prior written notice of such Permitted Acquisition,
                                         together with a certificate from its chief financial officer containing the relevant
                                         calculations and certifying compliance with the foregoing; and

 

		(E)	the
                                         acquisition is in compliance with Section 5.02(s); and

 

		(viii)	investments
                                         in the ordinary course of the Borrower’s business; provided, that both before
                                         and after giving effect to such investment no Event of Default or Potential Event of
                                         Default shall have occurred and be continuing;

 

(l)         Fundamental
Changes. Change (i) its Charter in any manner which would be inconsistent with the provisions of any Financing Document;
or (ii) change its Financial Year;

 

(m)       Nature
of Business. Engage directly or indirectly in any business other than the businesses engaged in by the Borrower and its Subsidiaries
as of the date hereof and reasonable extensions thereof and businesses ancillary or complementary thereto (including, without
limitation, information technology services, distribution of content, mobile wallet and other mobile or fixed services or developments
and other services and business permitted under the applicable licenses and regulations), or engage directly or indirectly in
any business related to any Prohibited Activity;

 

(n)        Asset
Sales. Sell, transfer, lease (including a sale-leaseback) or otherwise dispose of all or any material part of its property
or assets (other than sales of inventory in the ordinary course of business), whether in a single transaction or in a series of
transactions, related or otherwise, voluntarily or involuntarily, except that:

 

		(i)	the
                                         Borrower and its Subsidiaries may liquidate or otherwise dispose of property or equipment
                                         that has become worn out, obsolete, damaged or otherwise unsuitable for use in connection
                                         with the business and operations of the Borrower;

 

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		(ii)	the
Borrower and its Subsidiaries may liquidate or otherwise dispose of assets, if such transaction or series of transactions (A) have
proceeds which only are cash or Cash Equivalents, (B) are made on arm’s length terms in the ordinary course of business,
in each case at fair market value, (C) would not reasonably be expected to have a Material Adverse Effect, (D) if the
consideration received at closing is not cash, the Cash Equivalents received shall remain free of any pledge over them, (E) no
Event of Default or Potential Event of Default shall have occurred and be continuing or result therefrom, (F) the Borrower
is in compliance with a Net Debt to EBITDA Ratio of not more than 2.5 and an Interest Coverage Ratio of not less than 3.0, calculated
in accordance with Section 5.01(l) (Financial Ratios) on a Pro Forma Basis, and (G) such transaction would
not affect the ability of the Borrower to comply with its payment obligations under this Agreement; and

 

		(iii)	without
                                         limiting paragraph (ii) above, the Borrower and its Subsidiaries may liquidate,
                                         sell or otherwise dispose of its infrastructure in cellular phone towers and directly
                                         related equipment and real estate property, leases, contracts and administrative permits
                                         and Authorizations (including personnel and intellectual property affected to such infrastructure),
                                         in one or more series of transactions, through either a corporate restructuring involving
                                         a spin-off or split-off (escisión), in kind capital contributions, bulk
                                         asset transfer in kind or in cash (transferencia de fondo de comercio), or a combination
                                         thereof, or a direct or indirect sale of such assets or of the business unit comprising
                                         them; provided, that, in case any such transaction or series of transactions involves
                                         a sale to a third party buyer, it shall be permitted only if such transaction or series
                                         of transactions with a third party buyer (A) have proceeds which are in cash, Cash
                                         Equivalents or equity ownership interests in the buyer of the cellular phone towers,
                                         (B) are made on arm’s length terms in the ordinary course of business, in
                                         each case at fair market value, (C) would not reasonably be expected to have a Material
                                         Adverse Effect, (D) if the consideration received at closing is not cash, the Cash
                                         Equivalents received shall remain free of any pledge over them, (E) no Event of
                                         Default or Potential Event of Default shall have occurred and be continuing or result
                                         therefrom, (F) the Borrower is in compliance, both on an unconsolidated basis and
                                         on a Consolidated Basis (for the avoidance of doubt, regardless of the calculation method
                                         otherwise called for by Section 5.01(l)), with a Net Debt to EBITDA Ratio of not
                                         more than 2.5 and an Interest Coverage Ratio of not less than 3.0, calculated on a Pro
                                         Forma Basis, and (G) such transaction would not affect the ability of the Borrower
                                         to comply with its payment obligations under this Agreement;

 

(o)        Use
of Proceeds. Make the proceeds of the Loans available, directly or knowingly indirectly, to any Restricted Party;

 

(p)        Distributions
from Subsidiaries. Directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance
or restriction on the ability of any Subsidiary of the Borrower to (i) pay dividends or make any other distributions on its
capital stock or any other equity interest or participation in its profits owned by the Borrower or any of its Subsidiaries, or
to pay any Financial Debt owed to the Borrower or any of its Subsidiaries, (ii) make loans or advances to the Borrower or
any of its Subsidiaries or (iii) transfer any of its properties or assets to the Borrower or any of its Subsidiaries, except
for such encumbrances or restrictions existing under or by reason of (A) applicable law, (B) the Financing Documents,
(C) customary provisions restricting subletting or

 

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assignment
of any lease governing any leasehold interest of any of the Borrower’s Subsidiaries, (D) customary provisions restricting
assignment of any licensing agreement (in which any of the Borrower’s Subsidiaries is the licensee) or other contract entered
into by any of the Borrower’s Subsidiaries in the ordinary course of business, (E) restrictions on the transfer of
any asset pending the closing of the sale of such asset, and (F) restrictions on the transfer of any asset subject to a Permitted
Lien; except for restrictions contained in any Financial Debt permitted pursuant to Section 5.02(c) (Negative Covenants)
and as are reasonable or customary for such financing arrangements contained therein;

 

(q)        UN
Security Council Resolutions. Enter into any transaction or engage in any activity prohibited by any resolution of the United
Nations Security Council under Chapter VII of the United Nations Charter;

 

(r)         Prohibited
Practices; Prohibited Activities. Engage in (and neither the Borrower nor any Subsidiary shall authorize or permit any Affiliate
or any other Person acting on its behalf to engage in) with respect to its Operations or any transaction contemplated by this
Agreement, any Prohibited Practices or any Prohibited Activities. The Borrower further covenants that should a Lender notify the
Borrower of its concerns that there has been a violation of the provisions of this Section or of Section  3.01(t) (Representations
and Warranties) of this Agreement, it shall cooperate and it shall cause each relevant Subsidiary to cooperate, in good faith
with that Lender and its representatives in determining whether such a violation has occurred, and shall respond promptly and
in reasonable detail to any notice from that Lender, and shall furnish documentary support for such response upon that Lender’s
request; or

 

(s)        New
Subsidiaries. Form or have any new Subsidiary unless (i) such Subsidiary’s business is ancillary or complementary
to the Borrower, (ii) the Borrower or such Subsidiary provides within 10 Business Days of a written request from any Lender,
other documentation requested by such Lender that is in line with applicable “know your customer” requirements, and
(iii) such Subsidiary is permitted pursuant to Section 5.02(k) of this Agreement.

 

		(t)	Sanctions.

 

		(i)	become
                                         a Restricted Party;

 

		(ii)	directly
                                         or knowingly indirectly fund all or part of any repayment or prepayment of the Loans
                                         or discharge any obligation due or owing to a Party under this Agreement out of proceeds
                                         derived from: (i) any activity or dealing, direct or indirect, with a Restricted
                                         Party; or (ii) any other action or status, in each case as would cause any Party
                                         or any of the Borrower’s Subsidiaries to be in breach of any Sanctions or to become
                                         a Restricted Party; or

 

		(iii)	directly
                                         or knowingly indirectly use the Loan proceeds, or lend, contribute or otherwise make
                                         available such proceeds to any Subsidiary, Affiliate, joint venture partner or other
                                         Person (i) funding any activities or business of or with any Restricted Party or
                                         in any Designated Jurisdiction in violation of Sanctions; (ii) funding any activities
                                         of or business in any Designated Jurisdiction in violation of Sanctions; or (iii) in
                                         any other manner that would in each case result in violation of any Sanctions (including
                                         by any Person participating in the transactions contemplated hereby, whether as advisor,
                                         investor or otherwise) or in any Person becoming a Restricted Party;

 

(u)        Environmental
and Social Action Plan. Amend the Environmental and Social Action Plan in any material respect.

 

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Section 5.03      Reporting
Requirements. Unless the Required Lenders otherwise agree, the Borrower shall:

 

(a)        Quarterly
Financial Statements and Reports. Except to the extent the following quarterly financial statements and reports are available
on the Borrower’s website, deliver to the Lenders:

 

		(i)	as
                                         soon as available but in any event within 45 days after the end of each of the first
                                         three calendar quarters of each Financial Year:

 

		(A)	2
                                         copies of the Borrower’s and each of its Subsidiaries’ complete unaudited
                                         financial statements for such quarter prepared, on both a Consolidated Basis and an unconsolidated
                                         basis, in accordance with the Accounting Standards and on a basis consistent with the
                                         Borrower’s audited financial statements, in each case, certified by the Borrower’s
                                         chief financial officer (or in his or her absence, by an Authorized Representative of
                                         the Borrower); and

 

		(B)	the
                                         quarterly reports disclosed by the Borrower to the market; and

 

		(ii)	as
                                         soon as available but in any event within 60 days after the end of the first three calendar
                                         quarters of each Financial Year, a report (in a form pre-agreed by the Required Lenders),
                                         signed by the Borrower’s chief financial officer (or in his or her absence, by
                                         an Authorized Representative of the Borrower), concerning compliance with the financial
                                         covenants in this Agreement;

 

provided,
that, for the avoidance of doubt, if any of the financial statements and reports under this Section 5.03(a) are no longer
available on the Borrower’s website or if the Borrower is delisted or otherwise no longer required by applicable law to
publish on its website any such financial statements or reports, the Borrower shall furnish such financial statements or reports,
as the case may be, directly to the Lenders, at the Lenders’ satisfaction.

 

		(b)	Annual
                                         Financial Statements and Reports.

 

		(i)	Except
                                         to the extent the following annual financial statements and reports are available on
                                         the Borrower’s website, deliver to the Lenders, as soon as available but in any
                                         event within 90 days after the end of each Financial Year:

 

		(A)	2
                                         copies of its and each of its Subsidiaries’ complete and audited financial statements
                                         for that Financial Year which are in agreement with its books of account and prepared,
                                         on both a Consolidated Basis and an unconsolidated basis, in accordance with the Accounting
                                         Standards, together with an unqualified audit report on them from the Auditors, all in
                                         form satisfactory to the Required Lenders;

 

		(B)	a
                                         report (in a form pre-agreed by the Required Lenders) signed by the Borrower’s
                                         chief financial officer (or in his or her absence, by an Authorized Representative of
                                         the Borrower) certifying (x) compliance with the Net Debt to EBITDA Ratio and the
                                         Interest Coverage Ratio pursuant to Section 5.01(l) ( Affirmative Covenants)
                                         (specifying whether for such period such ratios were calculated only on a Consolidated
                                         Basis or both on an unconsolidated basis and on a Consolidated Basis pursuant

 

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to
Section 5.01(l) (Affirmative Covenants)), (y) that such officer or Authorized Representative is not aware
of any non-compliance by the Borrower with the covenants in Section 5.02 (Negative Covenants) of this Agreement, and,
where applicable, detailing any non-compliance, and (z) that all transactions between the Borrower and its Subsidiaries and
each of their respective Affiliates, if any, during that Financial Year, complied with the covenant in Section 5.02(h) 
(Negative Covenants); and

 

		(C)	a
                                         report, signed by the Borrower’s chief financial officer (or in his or her absence,
                                         by an Authorized Representative of the Borrower) updating the identity of each of the
                                         Permitted Holders disclosed in Annex I, based on information submitted to the relevant
                                         Authority in the Country;

 

provided,
that, for the avoidance of doubt, if any of the financial statements and reports under this Section 5.03(b)(i) are no
longer available on the Borrower’s website or if the Borrower is delisted or otherwise no longer required by applicable
law to publish on its website any such financial statements or reports, the Borrower shall furnish such financial statements or
reports, as the case may be, directly to the Lenders, at the Lender’s satisfaction;

 

		(ii)	With
                                         respect to the Borrower’s Operations and except to the extent available on the
                                         Borrower’s website:

 

		(A)	if
                                         the filing of Form 20-F by Telecom Argentina S.A. with the United States Securities
                                         and Exchange Commission (“SEC”) is required by applicable law, as
                                         soon as available but in any event no later than May 1st of each Financial Year,
                                         deliver to the Lenders a copy of the Form 20-F for that Financial Year filed by
                                         Telecom Argentina S.A. with the SEC or,

 

		(B)	if
                                         the filing of Form 20-F by Telecom Argentina S.A. with the SEC is no longer required
                                         by applicable law, as soon as available but in any event no later than May 1st of
                                         each Financial Year, deliver to the Lenders a report by the Borrower on its Operations
                                         during that Financial Year, in the form of, and addressing the topics listed in, Schedule
                                         8; and

 

		(C)	if
                                         the filing of Form 6-K by Telecom Argentina S.A. with the SEC is required by applicable
                                         law, as soon as available but in any event no later than 6 months after the Borrower’s
                                         second fiscal quarter of each Financial year, deliver to the Lenders a copy of the Form 6-K
                                         for that Financial Year filed by Telecom Argentina S.A. with the SEC; or

 

		(D)	if
                                         the filing of Form 6-K by Telecom Argentina S.A. with the SEC is no longer required
                                         by applicable law, as soon as available but in any event no later than 6 months after
                                         the Borrower’s second fiscal quarter of each Financial Year, deliver to the Lenders
                                         (x) an unaudited interim balance sheet as of the end of the Borrower’s second
                                         fiscal quarter of such Financial Year and (y) an unaudited semi-annual income statement
                                         covering the first two fiscal quarters of such Financial Year;

 

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provided,
that, for the avoidance of doubt, if any of the filings and reports under this Section 5.03(b)(ii) are no longer available
on the Borrower’s website or if the Borrower is delisted or otherwise no longer required by applicable law to publish on
its website any such filings or reports, the Borrower shall furnish such filings or reports, as the case may be, directly to the
Lenders, at the Lender’s satisfaction;

 

(c)        Management
Letters. Deliver to the Lenders, promptly following receipt, a copy of any management letter or other communication sent by
the Auditors (or any other accountants retained by the Borrower) to the Borrower or its management in relation to the Borrower’s
financial, accounting and other systems, management or accounts;

 

(d)        Environmental
and Social Compliance Report. Within 90 days after the end of each Financial Year, deliver to the Lenders the Environmental
and Social Compliance Report (i) confirming compliance by the Borrower and/or the relevant Subsidiary with the social and
environmental covenants set forth in Sections 5.02 (Negative Covenants) and 5.01 (Affirmative Covenants) and Environmental
and Social Legislation, as the case may be, identifying any non-compliance or failure, and the actions being taken to remedy any
such deficiency; and (ii) including such information as the Required Lenders shall reasonably require in order to measure
the ongoing development results of the relevant business and Operations of the Borrower and any Subsidiary against the indicators
specified in Schedule 9 hereto;

 

(e)        Notice
of Accidents, Etc. Within 30 days after its occurrence, notify the Lenders of any social, labor, health and safety, security
or environmental incident, accident or circumstance (including, without limitation, any death, spillage of hazardous substances,
explosions, fire, environmental or social claims or suits, significant complaints from the public or environmental authorities,
or significant personal injury) having, or which could reasonably be expected to have, a Material Adverse Effect or material adverse
impact on the implementation of the Transaction or on the carrying on of Operations by the Borrower and/or any Subsidiary in accordance
with the Environmental and Social Standards and Guidelines, specifying in each case the nature of the incident, accident, or circumstance
and any effect resulting or likely to result therefrom, and the measures the Borrower and/or the relevant Subsidiary is taking
or plans to take to address them and to prevent any future similar event; and keep the Lenders informed of the on-going implementation
of those measures and plans;

 

(f)         Changes
to Business; Material Adverse Effect. Promptly notify the Lenders of any proposed change in the business or operations of
the Borrower or any of its Subsidiaries and of any event or condition that has had or could reasonably be expected to have a Material
Adverse Effect;

 

(g)        Litigation,
Etc. Promptly upon becoming aware of any litigation or administrative proceedings before any Authority or arbitral body which
has had or, if determined adversely, could reasonably be expected to have, a Material Adverse Effect, notify the Lenders by facsimile
of that event specifying the nature of that litigation or those proceedings and the steps the Borrower and/or the relevant Subsidiary
is taking or proposes to take with respect thereto;

 

(h)        Default.
Promptly upon the occurrence of an Event of Default or Potential Event of Default, notify the Lenders by facsimile specifying
the nature of that Event of Default or Potential Event of Default and any steps the Borrower is taking to remedy it;

 

(i)         Insurance.
Provide to the Lenders, in a timely manner, the insurance certificates and other information referred to in Section 5.04(b) 
(Insurance);

 

(j)         Authorizations.
Within 5 Business Days after its occurrence, notify the Lenders of (i) the issuance of any new material Authorizations that
would be specified in Part II of Annex B necessary for

 

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the implementation
of the Transaction, the carrying out of the business and Operations of the Borrower and its Subsidiaries generally and the compliance
by the Borrower and its Subsidiaries with all their respective obligations under the Financing Documents and (ii) any modification
to any of the material Authorizations specified in Part II of Annex B or any of the new material Authorizations specified
in the foregoing subclause (i) (for the avoidance of doubt, the foregoing subclause (ii) applies to amendments, supplements,
restatements, renewals, or replacements of any such Authorizations);

 

(k)        Other
Information.   Promptly provide to any Lender such other publicly available information as such Lender from
time to time reasonably requests about the Borrower, any of its Subsidiaries, their respective assets and Operations and the Transaction,
in order to satisfy requirements under applicable laws and regulations, including those concerning anti-money laundering and combatting
the financing of terrorism (AML/CFT);

 

(l)         Permitted
Liens.   If, after the incurrence of a Permitted Lien pursuant to Section  5.02(g)(ix) (Negative
Covenants), either the Interest Coverage Ratio decreases or the Net Debt to EBITDA Ratio increases from what it was prior
to such incurrence calculated both on an unconsolidated basis and on a Consolidated Basis (for the avoidance of doubt, regardless
of the calculation method otherwise called for by Section 5.01(l) (Affirmative Covenants)) and on a Pro Forma
Basis, the Borrower shall promptly provide the Lenders a report, signed by the Borrower’s chief financial officer (or in
his or her absence, by an Authorized Representative of the Borrower) informing the Lenders of the foregoing along with a certification
that (i) the Borrower and its Subsidiaries remain in compliance with the financial ratios set forth in Section 5.01(l) calculated
both on an unconsolidated basis and on a Consolidated Basis (for the avoidance of doubt, regardless of the calculation method
otherwise called for by Section 5.01(l)), and on a Pro Forma Basis, and (ii) the aggregate amount of Permitted Liens
(including such Permitted Lien) pursuant to Section 5.02(g)(ix) does not exceed 10% of the Borrower’s total unconsolidated
Financial Debt; and

 

(m)        Change
of Control.   Promptly notify the Lenders after the occurrence of a Change of Control.

 

Section 5.04      Insurance.

 

(a)        Insurance
Requirements and Borrower’s Undertakings.   Unless the Required Lenders otherwise agree, the Borrower
shall:

 

		(i)	insure
                                         and keep insured, with financially sound and reputable insurers, all their respective
                                         assets and businesses in a manner and with amounts and deductibles as set forth in Annex
                                         F and otherwise as required by law;

 

		(ii)	punctually
                                         pay any premium, commission and any other amounts necessary for effecting and maintaining
                                         in force each insurance policy;

 

		(iii)	promptly
                                         notify the relevant insurer of any claim by the Borrower under any policy written by
                                         that insurer and diligently pursue that claim, except for immaterial claims where, in
                                         the reasonable judgment of the Borrower, the cost to pursue such claim would exceed the
                                         amount of such claim;

 

		(iv)	not
                                         do or omit to do, or permit to be done or not done, anything which might materially prejudice
                                         the Borrower’s right to claim or recover under any insurance policy; and

 

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		(v)	not
                                         vary in any material respect, rescind, terminate, cancel or cause a material change to
                                         any insurance policy, except if an insurance policy or the insurer in connection with
                                         such policy has been replaced by another policy or insurer, as the case may be, with
                                         substantially similar characteristics; provided, that nothing in this clause (v) shall
                                         prevent the Borrower from varying, rescinding, terminating, cancelling or changing any
                                         insurance policy if, in the reasonable judgment of the Borrower, such insurance policy
                                         is no longer necessary (or, in the case of variances or changes, such insurance policy
                                         as then in effect is no longer appropriate) for the Operations of the Borrower or consistent
                                         with industry practice, or such insurance policy is promptly replaced with a substantially
                                         equivalent insurance policy, or such variance or change increases the coverage under
                                         such insurance policy, or such policy was maintained solely to comply with a requirement
                                         of applicable law and such applicable law no longer requires such insurance policy.

 

(b)        Reporting
Requirements.   Unless the Required Lenders otherwise agree, the Borrower shall provide to the Lenders the
following:

 

		(i)	as
                                         soon as possible after its occurrence, notice of any event which entitles the Borrower
                                         to claim for an aggregate amount exceeding the equivalent of $5,000,000 under any one
                                         or more insurance policies; and

 

		(ii)	within
                                         45 days of the written request of any Lender, copies of every insurance policy relating
                                         to the Borrower’s assets, as set forth in Annex F, and any other information or
                                         documents on each insurance policy as any Lender requires from time to time, except to
                                         the extent that any such other information or documents are subject to confidentiality
                                         restrictions in favor of third parties, the waiver of which it would not be reasonably
                                         possible for the Borrower to obtain.

 

ARTICLE VI

 

Events
of Default

 

Section 6.01     Acceleration
after Default.   If any Event of Default occurs and is continuing (whether it is voluntary or involuntary,
or results from operation of law or otherwise), each Lender may, by notice to the Borrower (with a copy to each other Lender),
require the Borrower to repay its Loan or such part of its Loan as is specified in that notice. On receipt of any such notice,
the Borrower shall immediately repay such Loan (or that part of such Loan specified in that notice) and pay all interest accrued
on it and any other amounts then payable under this Agreement and the other Financing Documents. The Borrower waives any right
it might have to further notice, presentment, demand or protest with respect to that demand for immediate payment.

 

Section 6.02      Events
of Default.   It shall be an Event of Default if:

 

(a)        Failure
to Pay Principal or Interest.   The Borrower fails to pay any part of the principal of, or interest on, any
Loan when due or, only if the failure to pay is caused by an administrative or technical error (including, for the avoidance of
doubt, any such error on the part of any correspondent or intermediary bank), if such failure to pay continues for a period of
5 days thereafter;

 

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(b)        Failure
to Pay Other Loans.   The Borrower or any of its Affiliates fails to pay when due any part of the principal
of, or interest on, any loan from any Lender other than its Loan and any such failure continues for the relevant period of grace
provided for in the agreement providing for that loan;

 

(c)        Failure
to Comply with Obligations.   The Borrower or any of its Subsidiaries fails to comply with any of its obligations
under this Agreement or any other Financing Document to which it is a party or any other agreement between such Person and any
Lender (other than those referred to in clauses (a) or (b) of this Section 6.02),
and any such failure continues for a period of 30 days after the date of that failure (such period, a “Grace Period”);
provided, that no Grace Period shall apply with respect to a failure to comply with Sections 5.01(b) (Use of Proceeds;
Compliance with Law), 5.01(n) (Sanctions), 5.02(o) (Use of Proceeds), 5.02(q) (UN Security
Council Resolutions), 5.02(r) (Prohibited Practices; Prohibited Activities), 5.02(t) (Sanctions) or
5.03(h) (Default) (other than, for the avoidance of doubt, in the case of Sections 5.01(b) (Use of Proceeds;
Compliance with Law), 5.01(n) (Sanctions), 5.02(o) (Use of Proceeds), 5.02(q) (UN Security
Council Resolutions), 5.02(r) (Prohibited Practices; Prohibited Activities) and 5.02(t) (Sanctions), any
applicable grace period expressly provided by applicable law);

 

(d)        Misrepresentation.   Any
representation or warranty made in (i)  Article III or in connection with the execution of, or any request (including
a request for Disbursement) under, this Agreement or (ii) any other Financing Document is incorrect in any material respect;

 

(e)        Expropriation,
Nationalization, Etc.   Any Authority condemns, nationalizes, seizes, or otherwise expropriates all or any
substantial part of the property or other assets of the Borrower or any of its Subsidiaries or of any of their respective share
capital, or assumes custody or control of that property or other assets or of the business or operations of the Borrower or any
of its Subsidiaries or of any of their respective share capital, or takes any action for the dissolution or disestablishment of
the Borrower or any of its Subsidiaries or any action that would prevent the Borrower or any of its Subsidiaries or their respective
officers from carrying on all or a substantial part of their respective business or operations;

 

(f)         Involuntary
Proceedings.   A decree or order by a court is entered against the Borrower or any of its Subsidiaries:

 

		(i)	adjudging
                                         the Borrower or any of its Subsidiaries bankrupt or insolvent;

 

		(ii)	approving
                                         as properly filed a petition seeking reorganization, arrangement, adjustment or composition
                                         of, or with respect to, the Borrower or any of its Subsidiaries under any applicable
                                         law;

 

		(iii)	appointing
                                         a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of
                                         the Borrower or any of its Subsidiaries or of any substantial part of any of their respective
                                         property or other assets; or

 

		(iv)	ordering
                                         the winding up or liquidation of its affairs;

 

or any petition is filed
seeking any of the above and is not dismissed within 30 days;

 

		(g)	Voluntary
                                         Proceedings. The Borrower or any of its Subsidiaries:

 

		(i)	requests
                                         a moratorium or suspension of payment of Liabilities from any court;

 

		(ii)	institutes
                                         proceedings or takes any form of corporate action to be liquidated, adjudicated bankrupt
                                         or insolvent;

 

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		(iii)	consents
                                         to the institution of bankruptcy or insolvency proceedings against it;

 

		(iv)	files
                                         a petition or answer (other than an answer contesting a reorganization or relief) or
                                         consent seeking reorganization or relief under any applicable law (including, without
                                         limitation, the filing for a concurso preventivo or an acuerdo preventivo extrajudicial),
                                         or consents to the filing of any such petition or to the appointment of a receiver, liquidator,
                                         assignee, trustee, sequestrator (or other similar official) of the Borrower or any of
                                         its Subsidiaries or of any substantial part of any of their respective property;

 

		(v)	makes
                                         a general assignment for the benefit of creditors; or

 

		(vi)	admits
                                         in writing its inability to pay its Liabilities generally as they become due or otherwise
                                         becomes insolvent;

 

(h)        Analogous
Events to Bankruptcy. Any other event occurs which under any applicable law would have an effect analogous to any of those
events listed in Section 6.02(f) and 6.02(g);

 

(i)         Cross-Default.
The Borrower or any of its Subsidiaries fails to pay any of its Liabilities (other than those referred to in clauses (a) or
(b) of this Section 6.02) or to perform any of its obligations under any agreement pursuant to which there is outstanding
Financial Debt in excess of $60,000,000, and any such failure continues for more than any applicable period of grace or any such
Liability becomes prematurely due and payable or is placed on demand;

 

(j)         Failure
to Maintain Authorizations. Any Authorization necessary for the Borrower or any of its Subsidiaries to perform and observe
its obligations under any Financing Document, or to carry out the Transaction or its Operations, is not obtained when required
or is rescinded, terminated, lapses or otherwise ceases to be in full force and effect, including with respect to the remittance
to the Lenders or their respective assignees, in Dollars, of any amounts payable under any Financing Document, and is not restored
or reinstated, or the effect of such termination or rescission is not stayed or suspended, within 90 days of notice by any Lender
to the Borrower requiring that restoration or reinstatement (for the avoidance of doubt, if the termination or rescission of an
Authorization is stayed or suspended, and such stay or suspension is rescinded, terminated, lapses or otherwise ceases to be in
full force and effect, such 90-day period shall, from the date of such rescission, termination, lapse or ineffectiveness, continue
to count down from the day where counting was suspended);

 

		(k)	Revocation,
                                         Etc. of Financing Documents. Any Financing Document or any of its provisions:

 

		(i)	is
                                         revoked, terminated or ceases to be in full force and effect without, in each case, the
                                         prior consent of the Required Lenders, and that event, if capable of being remedied,
                                         is not remedied to the satisfaction of the Required Lenders within 30 days of any Lender’s
                                         notice to the Borrower; or

 

		(ii)	becomes
                                         unlawful or is declared void; or

 

		(iii)	is
                                         repudiated or the validity or enforceability of any of its provisions at any time is
                                         challenged by any Person and such repudiation or challenge is not withdrawn within 30
                                         days of any Lender’s notice to the Borrower requiring that withdrawal; provided,
                                         that no such notice shall be required or, as the case may be, the notice

 

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period shall terminate
if and when such repudiation or challenge becomes effective;

 

(l)         Judgments.
A final judgment, order or arbitral award for the payment of money in excess of the equivalent of $60,000,000 is rendered against
the Borrower, any of its Subsidiaries or any of their respective properties and that judgment, order or arbitral award is not
paid, vacated, discharged, stayed or bonded within 60 days from the proper notification of such judgment, order or arbitral award;

 

(m)       Employee
Benefit Plans. Any employee benefit plan of the Borrower or its Subsidiaries shall at any time fail to satisfy the minimum
funding requirement established by applicable law and such failure is not cured within 90 days; and

 

		(n)	Independent
                                         Loan Agreement Default. Any Independent Loan Agreement Default occurs.

 

Section 6.03      Bankruptcy.
If the Borrower is liquidated or declared bankrupt, the Loans, all interest accrued thereon and any other amounts payable under
this Agreement or any other Financing Document will become immediately due and payable without any presentment, demand, protest
or notice of any kind, all of which the Borrower waives.

 

ARTICLE VII

 

Miscellaneous

 

Section 7.01      Saving
of Rights.

 

(a)        The
rights and remedies of the Lenders in relation to any misrepresentation or breach of warranty on the part of the Borrower or any
other Person shall not be prejudiced by any investigation by or on behalf of any Lender or any Participant into the affairs of
the Borrower or any other Person, by the execution or the performance of this Agreement, any other Financing Document or by any
other act or thing which may be done by or on behalf of any Lender or any Participant in connection with this Agreement, any other
Financing Document and which might prejudice such rights or remedies.

 

(b)        No
course of dealing or waiver by any Lender in connection with any condition of any Disbursement of the Loans under this Agreement
or any other Financing Document shall impair any right, power or remedy of such Lender with respect to any other condition of
such Disbursement, or be construed to be a waiver thereof.

 

(c)        No
course of dealing and no failure or delay by any Lender in exercising, in whole or in part, any power, remedy, discretion, authority
or other right under this Agreement, any other Financing Document or any other agreement shall waive or impair, or be construed
to be a waiver of, such or any other power, remedy, discretion, authority or right hereunder or thereunder, or in any manner preclude
its additional or future exercise; nor shall the action of any Lender with respect to any default, or any acquiescence by it therein,
affect or impair any right, power or remedy of that Lender with respect to any other default.

 

Section 7.02      Notices.
Any notice, request or other communication to be given or made under this Agreement shall be in writing. Subject to Section 5.03(g) and
Section 5.03(h) ( Reporting Requirements) and Section 7.05 ( Enforcement), any such communication
may be delivered by hand, airmail, facsimile or established courier service to the party’s address specified below or at
such other address as such party notifies to the other party from time to time, and will be effective upon receipt.

 

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For the Borrower:

 

Telecom Argentina S.A.

Alicia Moreau de Justo
50, 10th Floor,

C1107AAB,

Buenos Aires, Argentina

Attention: Mr. Juan
Martin Vico, Mr. Leonardo Franceschini

 

For IDB Invest:

 

Inter-American Investment
Corporation

1350 New York Avenue,
N.W.

Washington D.C. 20577

U.S.A.

Attention: Portfolio
Management Division, Investment Operations Department

 

E-mail: loanservices@iadb.org.

 

Section 7.03      English
Language.

 

(a)       All
documents to be provided or communications to be given or made under this Agreement or any other Financing Document (with
the exception of any financial statements) shall be in the English language.

 

(b)       To
the extent that the original version of any document to be provided, or communication to be given or made, to any Lender under
this Agreement or any other Financing Document is in a language other than English, the relevant Lender may either request that
the Borrower obtain, or obtain itself at the Borrower’s cost and expense, an English translation of any document or communication
received in a language other than English at the cost and expense of the Borrower. Such Lender may deem any such English translation
to be the governing version between the Borrower and that Lender.

 

Section 7.04      Term
of Agreement. This Agreement shall be deemed entered into force as of the date of acceptance of the Offer by IDB Invest
and continue in force until all monies payable under it have been fully paid in accordance with its provisions.

 

Section 7.05      Enforcement.

 

(a)       This
Agreement shall be governed by and construed in accordance with the laws of the State of New York, United States of America.

 

(b)       For
the exclusive benefit of the Lenders, the Borrower irrevocably agrees to venue being laid in the courts of the United States of
America located in the Southern District of New York or in the courts of the State of New York located in the Borough of Manhattan,
in any legal action, suit or proceeding arising out of or relating to this Agreement, and waives any objections to venue based
on grounds of forum non conveniens or inconvenient forum.

 

(c)       For
the exclusive benefit of the Lenders, the Borrower irrevocably also submits to personal jurisdiction of any such court in any
such action, suit or proceeding. Final judgment against the Borrower in any such action, suit or proceeding shall be conclusive
and may be enforced in any other jurisdiction, including the Country, by suit on the judgment, a certified or exemplified copy
of which shall be conclusive evidence of the judgment, or in any other manner provided by law.

 

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(d)       The
parties acknowledge and agree that no provision of this Agreement, in any way constitutes or implies a waiver, termination or
modification by IDB Invest or by IDB of any privilege, immunity or exemption of IDB Invest or IDB in the Articles of Agreement
Establishing the Inter-American Investment Corporation (in the case of IDB Invest), the Agreement Establishing the Inter-American
Development Bank (in the case of IDB), international conventions or applicable law.

 

(e)       The
Borrower hereby irrevocably designates, appoints and empowers Cogency Global In., with offices currently located at 10 E. 40th
Street, 10th Floor, New York, NY, 10016 United States of America, as its authorized agent solely to receive for and on its behalf
service of any summons, complaint or other legal process in any action, suit or proceeding a Lender may bring in the State of
New York in respect of this Agreement.

 

(f)       As
long as this Agreement remains in force, the Borrower shall maintain a duly appointed and authorized agent to receive for and
on its behalf service of any summons, complaint or other legal process in any action, suit or proceeding a Lender may bring in
New York, New York, United States of America, with respect to this Agreement. The Borrower shall keep the Lenders advised of the
identity and location of such agent.

 

(g)       The
Borrower also irrevocably consents, if for any reason its authorized agent for service of process of summons, complaint and other
legal process in any action, suit or proceeding is not present in New York, New York, to the service of such papers being made
out of the courts of the United States of America located in the Southern District of New York and the courts of the State of
New York located in the Borough of Manhattan by mailing copies of the papers by registered United States air mail, postage prepaid,
to the Borrower, at its address specified pursuant to Section 7.02 ( Notices). In such a case, a Lender shall also
send by facsimile, or have sent by facsimile, a copy of the papers to the Borrower.

 

(h)       Service
in the manner provided in Sections 7.05(e), (f) and (g) in any action, suit or proceeding will be deemed personal
service, will be accepted by the Borrower as such and will be valid and binding upon the Borrower for all purposes of any such
action, suit or proceeding.

 

		(i)	The
                                         Borrower irrevocably waives to the fullest extent permitted by applicable law:

 

		(i)	its
                                         right of removal of any matter commenced by any Lender in the courts of the State of
                                         New York to any court of the United States of America; and

 

		(ii)	any
                                         and all rights to demand a trial by jury in any such action, suit or proceeding brought
                                         against such party by any Lender.

 

(j)       To
the extent that the Borrower may be entitled in any jurisdiction to claim for itself or its assets immunity in respect of its
obligations under this Agreement or any other Financing Document to which it is a party, from any suit, execution, attachment
(whether provisional or final, in aid of execution, before judgment or otherwise) or other legal process or to the extent that
in any jurisdiction that immunity (whether or not claimed) may be attributed to it or its assets, the Borrower irrevocably agrees
not to claim and irrevocably waives such immunity to the fullest extent permitted now or in the future by the laws of such jurisdiction.

 

(k)       The
Borrower hereby acknowledges that IDB Invest and IDB shall be entitled under applicable law, including the provisions of the International
Organizations Immunities Act, to immunity from a trial by jury in any action, suit or proceeding arising out of or relating to
this Agreement or the transactions contemplated hereby brought against IDB Invest or IDB in any court of the United States of
America. The Borrower hereby waives any and all rights to demand a trial by jury in any action, suit or

 

Offer
Letter No. CTA 1/20

 

    - 56 -

     

    

 

proceeding
arising out of or relating to this Agreement or the transactions contemplated by this Agreement, brought against any Lender in
any forum in which such Lender is not entitled to immunity from a trial by jury.

 

(l)       To
the extent that the Borrower may, in any action, suit or proceeding brought in any of the courts referred to in Section 7.05(b) or
a court of the Country arising out of or in connection with this Agreement or any other Financing Document to which the Borrower
is a party, be entitled to the benefit of any provision of law requiring any Lender in such action, suit or proceeding to post
security for the costs of the Borrower, or to post a bond or to take similar action, the Borrower hereby irrevocably waives such
benefit, in each case to the fullest extent now or in the future permitted under the laws of the Country or, as the case may be,
the jurisdiction in which such court is located.

 

(m)       Nothing
in this Agreement shall affect the right of a Lender to commence legal proceedings or otherwise sue the Borrower in the Country
or any other appropriate jurisdiction, or concurrently in more than one jurisdiction, or to serve process, pleadings and other
legal papers upon the Borrower in any manner authorized by the laws of any such jurisdiction; provided, that nothing in
this Agreement shall constitute or imply an agreement or consent by the Borrower to submit to or accept process, pleadings or
other legal papers in any jurisdiction of any court other than to the courts referred to in Section 7.05(b) or the courts
of the Country.

 

Section 7.06      Disclosure
of Information.

 

(a)       The
Lenders may disclose any documents or records of, or information about, this Agreement or any other Financing Document, or the
assets, business, Operations or affairs of the Borrower to:

 

		(i)	the
                                         directors, officers, employees, attorneys, outside counsel, consultants, rating agencies,
                                         independent auditors and advisors of each of the Lenders, or the Multilateral Investment
                                         Fund, and the respective Affiliates of each Lender, and the Multilateral Investment Fund;

 

		(ii)	any
                                         Person with a participation in or who intends to purchase a participation in a portion
                                         of the IDB Invest B Loans;

 

		(iii)	any
                                         bona fide prospective buyer, transferee, assignee or other recipient of a disposition
                                         and their external advisors as a Lender may deem appropriate in connection with any proposed
                                         sale, transfer, assignment or other disposition of such Lender’s rights under this
                                         Agreement or any Financing Document or otherwise for the purpose of exercising any power,
                                         remedy, right, authority, or discretion relevant to this Agreement or any other Financing
                                         Document; and

 

		(iv)	the
                                         Paying Agent.

 

(b)       The
Borrower acknowledges and agrees that, notwithstanding the terms of any other agreement between the Borrower and any Lender, a
disclosure of information by that Lender in the circumstances contemplated by Section 7.06(a) does not violate any duty
owed to the Borrower under this Agreement or under any such other agreement.

 

Offer
Letter No. CTA 1/20

 

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Section 7.07      Indemnification;
No Consequential Damages.

 

(a)       The
Borrower shall indemnify each Lender and their respective directors, officers, employees, agents, representatives, and Affiliates
(each, an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities, and expenses (including fees, charges and disbursements of counsel) incurred by or asserted against any Indemnitee
arising out of, in connection with, or related to (i) the execution, delivery or performance of any Financing Document or
any other agreement or instrument contemplated thereby or the consummation of the Transaction or any other transactions contemplated
hereby, (ii) the relevant Loan or the use of proceeds thereof, (iii) non-compliance with any law or regulation, including
any Environmental and Social Legislation or any other environmental law or regulation, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other
theory and regardless of whether any Indemnitee is party thereto; provided, that such indemnity will not be available to
any Indemnitee to the extent that such losses, claims, damages, liabilities or expenses resulted directly from such Indemnitee’s
gross negligence or willful misconduct as determined by a final and non-appealable judgment of a court of competent jurisdiction.

 

(b)       To
the maximum extent permitted by applicable law, the Borrower shall not assert, and hereby agrees to waive, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages arising out of, in connection
with, or relating to, this Agreement or any agreement or instrument contemplated hereby, the Loans or the use of the proceeds
thereof.

 

Section 7.08      Successors
and Assignees.

 

(a)       This
Agreement and the other Financing Documents bind and benefit the respective successors and assignees of the parties hereto and
thereto. However, the Borrower may not assign or delegate any of its rights or obligations under this Agreement or any other Financing
Document without the prior written consent of the Lenders. Any assignment or delegation in violation of this subsection shall
be void.

 

(b)       Each
Lender may sell, transfer, assign, novate or otherwise dispose of all or part of its rights or obligations under this Agreement
and any other Financing Document (including by granting of Participations) in accordance with the provisions of the relevant Loan
Agreement, and shall promptly provide written notice thereof to the other Lenders.

 

Section 7.09      
Amendments, Waivers and Consents. Any amendment or waiver of, or any consent given under, any provision of this
Agreement shall be in writing and, in the case of an amendment, signed by the Borrower and the Required Lenders.

 

Section 7.10      Counterparts.
This Agreement may be executed in several counterparts, each of which is an original, but all of which together constitute one
and the same agreement. Delivery of an executed counterpart signature page by facsimile or other electronic means shall constitute
effective execution and delivery of this Agreement.

 

Section 7.11      Drafting. Each party to this Agreement represents and warrants to each other party that such party has had an opportunity
to review, negotiate and propose modifications to this Agreement with a legal counsel, and has executed this Agreement based upon
such party’s own judgment and advice of a legal counsel. Each party to this Agreement acknowledges that it has had the opportunity
to be represented by counsel of its choice in deciding whether to enter into this Agreement on the terms and conditions set forth
in it. The parties agree that the contra proferentem principle of contract interpretation is not to be applied to this Agreement;
that is, any ambiguity or inconsistency in the

 

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Agreement is to be resolved in
accordance with the most reasonable construction and not strictly for or against either party by virtue of that party’s
authorship of a relevant provision of the Agreement or of any of its interim drafts.

 

Section 7.12      Most
Favored Nation.

 

(a)       If
at any time any Financial Debt incurred by the Borrower pursuant to any Loan Agreement has the benefit of any provision that,
in the discretion of any Lender, is more favorable to the holders or lenders of such Financial Debt than the terms of this Agreement
and the other Financing Documents (except in respect of any assignment or tax gross up provision set forth in any such Loan Agreement),
then if any Lender so requests, the relevant Financing Document shall be amended or supplemented to incorporate such more favorable
provision.

 

(b)       If
there is any amendment, supplement, waiver or other modification of any Loan Agreement or any other Financing Document, then the
Borrower shall promptly provide notice thereof to each Lender.

 

*      *      *

 

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ANNEX A

Page 1
of 1

 

FINANCIAL
PLAN

 

The Loans
aim to support the Borrower’s capital expenditures plan for the year 2019, including the continued rollout of its 4G mobile
network and further expansion of its fixed broadband service in Argentina.

 

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No. CTA 1/20

 

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ANNEX B

Page 1
of 2

 

BORROWER/TRANSACTION
AUTHORIZATIONS

 

(See
Sections 3.01(d) (Representations and Warranties) and 4.01(c) (Conditions of Disbursement) of the Terms
and Conditions of the Amended and Restated Common Terms Agreement)

 

I)       Corporate
Authorizations:

 

Board Meeting held on May 27,
2019.

Banking Powers of Attorney issued
by the Company dated March 27, 2018.

 

II)       Universal
Technology of Information Services License and Registered Services:

 

A continuación,
se aporta un detalle de las licencias, registros y autorizaciones de espectro que actualmente se concentran bajo la titularidad
de Telecom Argentina S.A. (en adelante “Telecom”) y sus empresas vinculadas (Telecom Argentina USA INC., Núcleo
S.A., Cable Insignia S.A., Latin American Nautilus Argentina S.A. y Adesol S.A.).

 

Téngase
presente que Telecom es titular de las licencias, registros y autorizaciones que en el presente se detallan, como consecuencia
de haber resultado adjudicataria de las mismas en los casos que así se especifica y como resultado de diversos procesos
de reorganización societaria que involucraran distintas sociedades licenciatarias.

 

Efectivamente,
Telecom resultó continuadora de Telecom Personal S.A. (en adelante “Personal”) y de Cablevisión
S.A. (en adelante “Cablevisión”), como así también de las sociedades absorbidas por esta última,
en virtud de los procesos de reorganización societaria que se detallan a continuación:

 

(a)  Proceso
de fusión por absorción en virtud del cual Telecom absorbió a Personal, Nortel Inversiones S.A. y Sofora
Telecomunicaciones S.A. Dicha fusión se inscribió ante la Inspección General de Justicia (“IGJ”)
con fecha 21 de marzo de 2018 bajo el N° 5099 del Libro 88, tomo – de sociedades por acciones;

 

(b)  Proceso
de fusión por absorción en virtud del cual Telecom absorbió por fusión a Cablevisión. Dicha
fusión se inscribió ante la IGJ con fecha 30 de agosto de 2018 bajo el N° 16345 del libro 91, tomo – de
sociedades por acciones.

 

(c)  Previamente,
Cablevisión absorbió a través de diversos procesos de fusión por absorción a las licenciatarias
de Servicios TIC que se detallan a continuación: (i) Fibertel S.A. fue absorbida por Cablevisión conforme fusión
inscripta ante la IGJ con fecha 15 de enero de 2009, bajo el no 937 del libro 43, tomo - de sociedades por acciones; (ii) Primera
Red Interactiva de Medios Argentinos (PRIMA) S.A. fue absorbida por Cablevisión conforme fusión inscripta ante la
IGJ con fecha 20 de abril de 2017 bajo el N° 7281 del Libro 83, tomo – de sociedades por acciones; y (iii) las
compañías Nextel Communications Argentina S.R.L. (en adelante “Nextel”), Greenmax Telecommunications
S.A.U., WX Telecommunications S.A.U., Gridley Investments S.A., Trixco S.A., Fibercomm S.A., Netizen S.A., Eritown Corporation
Argentina S.A., Skyonline de Argentina S.A. Infotel Argentina S.A., Nextwave Argentina S.A., Callbi S.A. conforme fusión
inscripta ante la IGJ con fecha 23 de febrero de 2018 bajo el N° 3469 del Libro 88, tomo – de sociedades por acciones.

 

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En razón
de las distintas fusiones implementadas, y de los desistimientos autorizados, en la actualidad Telecom cuenta con los siguientes
registros bajo su Licencia Única Argentina Digital: Servicio de Telefonía Local, Servicio de Telefonía Pública,
Servicio de Telefonía de Larga Distancia Internacional, Servicio de Telefonía de Larga Distancia Nacional, Servicio
de Telefonía Móvil, Servicio de Comunicaciones Móviles Avanzadas, Servicio de Comunicaciones Personales,
Servicio de Telex, Servicio de transporte de Señales de Radiodifusión, Servicio de Valor Agregado, Servicio de Videoconferencia,
Servicio de Transmisión de Datos, Servicio Radioeléctrico de Concentración de Enlaces y Servicio de Radiodifusión
por Suscripción.

 

A continuación,
se detallan las licencias, registros y autorizaciones adjudicadas a cada una de las licenciatarias, que luego de diversos procesos
de reorganización societaria, confluyen en Telecom.

 

		1.	Telecom Argentina STET-France
Telecom S.A. (hoy Telecom)

 

		·	Decreto
                                         2347/90: Telefonía local y larga distancia nacional, provisión de enlaces
                                         fijos y telefonía pública en la Región Norte.

 

		·	Resolución
                                         SC 2627/98: Telefonía Pública Región Sur.

 

		·	Resolución
                                         SC 8357/99: Telefonía de larga distancia internacional, datos internacional, télex
                                         internacional y enlaces punto a punto internacional en la Región Norte.

 

		·	Resolución
                                         SC 91/99: Telefonía local, larga distancia nacional e Internacional, Transmisión
                                         de Datos y Télex Internacional en la Región Sur.

 

		·	Resolución
                                         SC 1995/99: Télex Nacional en todo el país.

 

		·	Resolución
                                         SC 429/00: Servicios de valor agregado, trasmisión de datos, videoconferencia,
                                         transporte de señales de radiodifusión y repetidor comunitario en todo
                                         el país (esta último cuyo desistimiento se autorizó mediante Resolución
                                         ENACOM N° 5644/17).

 

		·	Resolución
                                         SC 495/01: Licencia única de servicios de telecomunicaciones con registro del
                                         servicio de acceso a Internet en todo el país.

 

		·	Resolución
                                         SC N° 191/96: autoriza el uso de las frecuencias de 899-905/944-950 MHz, para el
                                         Servicio Fijo en las siguientes localidades:

 

		o	8
                                         RB’s en el Delta del Tigre (Tecnología GSM-900).

 

		o	70
                                         Localidades del Interior, originalmente. Hoy, quedan 39 localidades (Tecnología
                                         Krone).

 

		·	Resolución
                                         SC N° 191/96: autoriza el uso de la banda de 1.910-1.930 MHz. para el Servicio Fijo.

 

		·	Resolución
                                         SC N°2.879/97, modificada por Res SC N° 869/98: autoriza el uso de 50 MHz de
                                         la banda de 3,5 GHz.: para el Servicio Fijo de Datos y Valor Agregado.

 

		·	Resolución
                                         SC 11/03: Autorizar el cambio de denominación TELECOM ARGENTINA STET - FRANCE
                                         TELECOM SOCIEDAD ANONIMA a “TELECOM ARGENTINA SOCIEDAD ANONIMA” y autorizar
                                         el cambio de control accionario de Telecom Argentina S.A. a favor de TELECOM ITALIA S.P.A
                                         y TELECOM ITALIA INTERNACIONAL NV (en conjunto “TI Group”), FRANCE CABLES
                                         ET RADIO y Atlas COMUNNICATIONS SOCIEDAD

 

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			ANONIMA
                                         (en conjunto “FT Group”) y W. DE ARGENTINA - INVERSIONES SL, siendo TI Group
                                         el operador exclusivo de Telecom.

 

		·	Resolución
                                         MPFIPS 136/10: Autoriza el cambio de control social de Telecom y Personal, a favor de
                                         TI Group.

 

		·	Resolución
                                         ENACOM 277/16: Autorizar el cambio de composición accionaria de Telecom y Personal,
                                         a Fintech Telecom LLC.

 

		·	Resolución
                                         ENACOM 4545/17: Autoriza la transferencia de los registros, recursos y frecuencias autorizadas
                                         a Personal a favor de Telecom.

 

		·	Resolución
                                         ENACOM 5644/17: Autoriza la transferencia de los registros, recursos y frecuencias autorizadas
                                         a Cablevisión a favor de Telecom; y, autoriza el cambio de control de Telecom
                                         a favor de Cablevisión Holding S.A.

 

		2.	Personal

 

		·	Resolución
                                         SETyC 11/95: Servicio de Telefonía Móvil (STM) en el Área I.

 

		·	Resolución
                                         SC 18/96: Transmisión de Datos y Servicios de Valor Agregado en todo el país.

 

		·	Resolución
                                         SC 537/96: Autoriza el uso de 25 MHz de la banda de 850 MHz.

 

		·	Resolución
                                         SC 18324/99: PCS en AMBA y Área II.

 

		·	Resolución
                                         SC 18328/99: PCS en Área III.

 

		·	Resolución
                                         SC 18925/99: PCS en Área I.

 

		·	Resolución
                                         SC 18952/99: SRMC en AMBA y autoriza el uso de 12.5 MHz de la banda de 850 MHz.

 

		·	Resolución
                                         SC 502/01: Registra el servicio de Telefonía de larga distancia nacional e internacional
                                         en todo el país.

 

		·	Resolución
                                         SC 79: Registra el Servicio de Comunicaciones Móviles Avanzadas.

 

		·	Mediante
                                         las Resoluciones de la SC N° 80/2014, 81/2014, 82/2014 y 83/2014, se adjudicaron
                                         las siguientes frecuencias:

 

		o	para
                                         el Servicio de PCS, Bandas de Frecuencia: 1890-1892,5 Mhz y 1970-1972,5 Mhz para el Área
                                         de Explotación I (Lote Número 5);

		o	para
                                         el Servicio de SRMC, Bandas de Frecuencia: 830,25-834 Mhz y 875,25-879 Mhz para el Área
                                         de Explotación II (Lote Número 2);

		o	para
                                         el Servicio de PCS, Bandas de Frecuencia: 1862,5-1867,5 Mhz y 1942,5-1947,5 Mhz para
                                         el Área de Explotación III (Lote Número 6);

		o	para
                                         los Servicios de SCMA, Bandas de Frecuencia: 1730-1745 Mhz y 2130-2145 Mhz para el Área
                                         de Explotación Nacional (Lote Número 8, adjudicación parcial).

 

		·	Resolución
                                         SC N° 25/2015: autoriza el uso de 20 MHz de la banda de 700 MHz.

 

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		·	Mediante
                                         Resolución 5478 E/2017 se asignó a Personal el Lote C del proceso de asignación
                                         a demanda ordenado por Resolución ENACOM N° 3687 E /2017 (40 MHz de la frecuencia
                                         de 2600 MHz en todas las localidades del país). Luego, mediante Resolución
                                         N° 3838/2019 el ENACOM, haciendo lugar a la presentación ingresada por la
                                         Sociedad en el marco del proceso de adecuación al límite de espectro ordenado
                                         por el artículo 3° de la Resolución ENACOM 5644/2017, dejó sin
                                         efecto la asignación conferida originalmente a Personal.

 

		3.	Cablevisión

 

		·	Resolución
                                         ENACOM 1359/16: autoriza la transferencia de la licencia y registros de Fibertel a Cablevisión.

 

		·	Resolución
                                         ENACOM 339/17: autoriza trasferencia de registros, recursos de numeración y señalización
                                         y frecuencias y autorizaciones radioeléctricas de PRIMA a Cablevisión.

 

		·	Resolución
                                         ENACOM 1734/17: autoriza trasferencia de registros, recursos de numeración y señalización
                                         y frecuencias y autorizaciones radioeléctricas de Nextel a Cablevisión.

 

		·	Resolución
                                         ENACOM 1663/17: El Anexo de dicha Resolución detalla las áreas de cobertura
                                         del Servicio de Radiodifusión por Suscripción (por vínculo físico
                                         y/o radioeléctrico) en las que operaba a dicha fecha Cablevisión como continuadora
                                         de las distintas licenciatarias absorbidas, así como las frecuencias radioeléctricas
                                         de los servicios de radiodifusión por suscripción por vínculo radioeléctrico
                                         detallados en el mencionado anexo.

 

		4.	Fibertel S.A.

 

		·	Resolución
                                         100SC/96: Servicio de Transmisión de Datos.

 

		·	Resolución
                                         2375SC/97: Servicio de Avisos a Personas.

 

		·	Resolución
                                         2375SC/97: Servicio de Video Conferencia.

 

		·	Resolución
                                         2375SC/97: Servicio de Repetidor Comunitario.

 

		·	Resolución
                                         2375SC/97: Servicio de Transporte de Señales de Radiodifusión.

 

		·	Resolución
                                         2375SC/97: Servicios de Valor Agregado.

 

		·	Resolución
                                         2375SC/97: Servicio Radioeléctrico de Concentración de Enlace.

 

		·	Resolución
                                         168/02: Servicio de Telefonía Local y Telefonía Pública.

 

		·	Resolución
                                         167/03: Asignación de numeración AMBA – Benavides – Pilar –Tortuguitas.

 

		·	Resolución
                                         52/2005: Asignación Código de Señalización Nacional (CPSN)
                                         5600 (en numeración decimal).

 

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		5.	PRIMA S.A.

 

		·	Resolución
                                         SC 62/1996: Licencia para la prestación de Servicios de Valor Agregado en el Ámbito
                                         Nacional e Internacional y de Transmisión de Datos, en el ámbito Nacional.

 

		·	Resolución
                                         SC 1459/1998: Licencia para la prestación de Servicios de Videoconferencia.

 

		·	Resolución
                                         SC Nro. 12296/99: autoriza uso de la Banda D del cuadro 2.1. del Anexo 1 de la Resolución
                                         SC 869/98 en las áreas de AMBA, Ciudades de Córdoba (Pcia. de Córdoba)
                                         Rosario y Santa Fe (Pcia. de Santa Fe), La Plata, Mar del Plata y Bahía Blanca
                                         Pcia de Buenos Aires), Paraná (Pcia de Entre Ríos), Mendoza (Pcia de Mendoza),
                                         Neuquén (Pcia de Neuquén) y San Miguel de Tucumán (Pcia de Tucumán).

 

		·	Resolución
                                         SC 19/2002: Licencia para la prestación de Servicios de Telefonía Local
                                         y Larga Distancia Nacional e Internacional.

 

		6.	Nextel

 

		·	Resolución
                                         SOPyC N° 646/94, Resoluciones SC N° 38/98, N° 4038/99, N° 88/01 y N°
                                         201/02, y Resolución ENACOM N° 1299/17: Licencia de telecomunicaciones y registros
                                         para la prestación del Servicio Radioeléctrico de Concentración
                                         de Enlaces, Servicio de Avisos a Personas, Servicio de Localización de Vehículos,
                                         Servicio de Alarma por Vínculo Radioeléctrico, Servicio de Transmisión
                                         de Datos, Servicio de Valor Agregado, Servicio de Telefonía de Larga Distancia
                                         Nacional e Internacional, Servicio de Telefonía Local y Servicio de Comunicaciones
                                         Móviles Avanzada.

 

		·	Resolución
                                         SC 1085/98: Transfiere las licencias de Mc CAW ARGENTINA SA a Nextel SA para la prestación
                                         de los servicios de: Radioeléctrico de Concentración de Enlaces (SRCE),
                                         Transmisión de Datos (STD), Avisos a Personas (SAP), Alarma por Vínculo
                                         Radioeléctrico (SAVR), Localización de Vehículos (SLV).

 

		·	Resolución
                                         SC 4038/99: Licencia para la prestación del Servicio de Valor Agregado (SVA).

 

		·	Resolución
                                         SC 482/01: Prestación del Servicio de Telefonía Local (STL).

 

		·	Resolución
                                         ENACOM 111/17: autorizó las transferencias accionarias directas e indirectas que
                                         involucraron a las firmas TRIXCO S.A., CALLBI S.A., INFOTEL ARGENTINA S.A., SKYONLINE
                                         DE ARGENTINA S.A., NETIZEN S.A y ERITOWN CORPORATION ARGENTINA S.A. a favor de NEXTEL.

 

		·	Se
                                         adjunta en Anexo I, una tabla que contiene un detalle de las frecuencias, los actos administrativos
                                         de asignación y las respectivas fechas de vencimiento de cada una de las asignaciones.

 

		·	Resolución
                                         ENACOM 1299-E/2017 (Refarming): Prestación del servicio de SCMA y autoriza uso
                                         de las frecuencias comprendidas entre 905 a 915 MHz y 950 a 960 MHz y la banda de frecuencias
                                         comprendida entre 2530 a 2560 MHz y 2650 a 2680 MHz.

 

		7.	Fibercomm S.A.

 

		·	Resolución
                                         SC N° 151/95: Licencia de telecomunicaciones y registro para la prestación
                                         del Servicio de Transmisión de Datos en el ámbito nacional.

 

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		8.	Eritown Corporation
Argentina S.A.

 

		·	Resolución
                                         SC 2827/97: licencia para la prestación de los Servicios de Transmisión
                                         de Datos y Servicio de Valor Agregado a la empresa ERITOWN CORPORATION ARGENTINA SOCIEDAD
                                         ANÓNIMA.

 

		9.	Callbi S.A.

 

		·	Resolución
                                         SC 2267/97: Licencia para la prestación de los Servicios de Aviso a Personas,
                                         Servicio de Transmisión de Datos, Servicio de Valor Agregado, Servicio de Transporte
                                         de Señales de Radiodifusión y Servicio de Videoconferencia.

 

		·	Resoluciones
                                         SC 4439/99 y SC 362/01: autoriza uso de la banda “8-8” del cuadro 1.4 del
                                         Anexo I de la Resolución SC 869/98 (2584-2596/2680-2686) en AMBA.

 

		·	Resolución
                                         SC 191/03: Servicios de Telefonía Local, Larga Distancia Nacional e Internacional.

 

		10.	Trixco S.A.

 

		·	Resolución
                                         SC 1335/99: Autoriza uso de la banda 905-915 MHz y 950-960 MHz en las áreas de
                                         CABA, Moreno, Merlo, Gonzales Catán, José C. Paz, Pilar, J. M. Gutiérrez,
                                         Glew y La Plata de la Provincia de Buenos Aires; Córdoba y Mendoza de las provincias
                                         homónimas; y, Rosario provincia de Santa Fe.

 

		·	Resolución
                                         SC 1/2002: Licencia de Reventa para Servicio de Telecomunicaciones y Servicio de Telefonía
                                         Local.

 

		·	Resolución
                                         115/2012: Registro para la prestación del Servicios de Telefonía de Larga
                                         Distancia Nacional, Internacional, Servicio de Valor Agregado y Servicio de Telefonía
                                         Pública.

 

		·	Resolución
                                         SC 116/12: extiende área de prestación a CABA y AMBA.

 

		11.	Infotel Argentina S.A.

 

		·	Resolución
                                         N° 3357/99: licencia para la prestación de los Servicios de Valor Agregado
                                         y Transmisión de Datos.

 

		·	Resolución
                                         SC 95/02 autoriza uso de la “4-4” (2536-2548/2608-2620) del cuadro 1.4 del
                                         Anexo I de la Resolución SC N° 869/98 en la Ciudad de Buenos Aires y un radio
                                         de 180 km.

 

		·	Resolución
                                         SC N° 263/03: licencia de Reventa de Servicios de Telecomunicaciones.

 

		12.	Skyonline de Argentina
S.A.

 

		·	Resolución
                                         SC N° 4508/99: autoriza uso de las bandas “F” del cuadro 2.1 del anexo
                                         II de la Resolución
SC N° 869/99 en las localidades de Santa Fe, provincia homónima y Posadas, provincia de Misiones.

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		·	Resolución
                                         SC N° 4539/99: autoriza uso de las bandas “I” del cuadro 2.2 del anexo
                                         II de la Resolución N° 869/98, para el área de la ciudad de Mendoza,
                                         provincia homónima.

 

		·	Resolución
                                         SC N° 4506/99: autoriza uso de las bandas “3-3” del cuadro 1.4 del Anexo
                                         I de la Resolución SC N°869/98, en el área de prestación correspondiente
                                         al AMBA.

 

		·	Resolución
                                         SC 4432/99: Licencia para la prestación de los Servicios de Transmisión
                                         de Datos y Valor Agregado.

 

		13.	Netizen
                                         S.A.

 

		·	Resoluciones
                                         SC 72/2002, N° 49/1998 y N° 2.521/1999: licencia para Reventa de Servicios de
                                         Telecomunicaciones, Servicio de Valor Agregado, y Servicios de Transmisión de
                                         Datos y Videoconferencia.

 

Subsidiarias
Licenciatarias TIC

 

		1.	Telecom Argentina USA
INC.

 

	 	·	Autorización
                                         de la FCC según Sección 214 de la Communications Act, del 22/02/01 : Licencia
                                         Global para la prestación del servicio internacional de telecomunicaciones en
                                         los Estados Unidos de América.

 

		2.	Núcleo S.A. y
Cable Insignia S.A.:

 

	 	·	Resolución
                                         CONATEL 278/97: Servicio de telefonía celular en Paraguay.

 

	 	·	Resoluciones
                                         CONATEL 15/97 y 1118/98: PCS en Asunción (Paraguay).

 

		3.	Latin American Nautilus
Argentina S.A. (participación indirecta)

 

	 	·	Resolución
                                         SC 7/2002: Licencia Única de servicios de telecomunicaciones con registro del
                                         servicio de provisión de facilidades de telecomunicaciones en todo el país.

 

		4.	Adesol S.A.: (Es
una Subsidiaria de Telecom que no es licenciataria, pero presta servicios a diversas permisionarias en la República Oriental
del Uruguay).

 

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ANNEX C

Page 1
of 1

 

INVESTMENTS

 

Unaudited Investments in excess
of US$ 20,000,000 as of December 31, 2019, in millions of Argentine pesos (AR$) / Dollars equivalents:

 

		·	Mutual Funds in Dollars
AR$ 23.295,7 mm / US$ 388,9 mm

 

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ANNEX D

Page 1
of 1

 

FINANCIAL
DEBT

 

Unaudited Financial Debt (Principal)
as of December 31, 2019 – in millions of Argentine Pesos (AR$)

 

	TELECOM ARGENTINA S.A.	 	 
	 	 	 
	·    Bonds	 	 
	■ International
    Bond 2021 (USD 465 MM)	AR$	27,849 MM
	■ International
    Bond 2026 (USD 400 MM)	AR$	23,956 MM
	 	 	 
	·    Loans	 	 
	■ IFC
    I (USD 300 MM)	AR$	17,967 MM
	■ IIC
    (USD 75 MM)	AR$	4,492 MM
	■ Deutsche
    Bank (USD 225 MM)	AR$	13,475 MM
	■ Syndicated
    Loan (USD 250 MM)	AR$	14,973 MM
	■ IFC
    II (USD 310 MM)	AR$	18,566 MM
	■ IDB
    Loan (USD 100 MM)	AR$	5,989 MM
	·    Overdrafts	AR$	10,361 MM
	·    Vendor
    Financing (USD 91,0 MM)	AR$	5,454 MM
	·    FEC
    – Finnvera Export Credit Facility	AR$	3,432MM
	 	 	 
	NÚCLEO S.A.	 	 
	·    Bank
    Loans & Bond in Guaraníes	AR$	3,953 MM

 

Offer Letter
No. CTA 1/20

 

    - 69 -

     

    

 

ANNEX E

Page 1
of 1

 

SUBSIDIARIES

 

(i)       Subsidiaries
of the Borrower:

 

	Name	Owner	Ownership
	Inter
    Radios S.A.U.	Telecom
    Argentina S.A.	100.00%
	Cable
    Imagen S.R.L.	Telecom
    Argentina S.A.	100.00%
	Micro
    Sistemas S.A.U.	Telecom
    Argentina S.A.	100.00%
	Telecom
    Argentina USA Inc.	Telecom
    Argentina S.A.	100.00%
	Televisión
    Dirigida S.A.	Telecom
    Argentina S.A.	99.992%
	Televisión
    Dirigida S.A.	PEM
    S.A.U.	0.008%
	Última
    Milla S.A. (en proceso de fusión con Telecom Argentina)	Telecom
    Argentina S.A.	95.00%
	Última
    Milla S.A.	PEM
    S.A.U.	5.00%
	PEM
    S.A.U.. (en proceso de fusión de parte de su patrimonio escindido con Telecom Argentina)	Telecom
    Argentina S.A.	100%
	Núcleo
    S.A.	Telecom
    Argentina S.A.	67.50%
	Personal
    Envíos S.A.	Núcleo
    S.A.	97.00%
	Personal
    Envíos S.A.	Telecom
    Argentina S.A.	2.00%
	Tuves
    Paraguay S.A.	Núcleo
    S.A.	99.99958%
	Tuves
    Paraguay S.A.	Telecom
    Argentina S.A.	0.00028%
	CV
    Berazategui S.A. . (en proceso de fusión con Telecom Argentina)	Telecom
    Argentina S.A.	30.00%
	CV
    Berazategui S.A.	PEM
    S.A.U.	70.00%
	AVC
    Continente Audiovisual S.A.	PEM
    S.A.U.	40.00%
	AVC
    Continente Audiovisual S.A.	Inter
    Radios S.A.U.	20.00%
	Teledifusora
    San Miguel Arcángel S.A.	Telecom
    Argentina S.A.	49.10%
	Teledifusora
    San Miguel Arcángel S.A.	Inter
    Radios S.A.U.	1.00%
	La
    Capital Cable S.A.	Telecom
    Argentina S.A.	49.00%
	La
    Capital Cable S.A.	Inter
    Radios S.A.U.	1.00%

 

Offer Letter
No. CTA 1/20

 

    - 70 -

     

    

 

	Otamendi
    Cable Color S.A.	La
    Capital Cable S.A.	97.00%
	Otamendi
    Cable Color S.A.	PEM
    S.A.U.	1.5%

 

(ii)       Capital
Stock in the Borrower:

 

	Name	Owner	Ownership
    of total capital stock
	Telecom
    Argentina S.A.	Cablevisión
    Holding S.A.	18.89%
    (Class D)
	Telecom
    Argentina S.A.	VLG
    S.A.U.	9.27%
    (Class D)
	Telecom
    Argentina S.A.	Fintech
    Telecom LLC	20.83%
    (Class A)
	Telecom
    Argentina S.A.	Trust
    created on April 15, 2019	21.84%
    (Class A and D)
	Telecom
    Argentina S.A.	Free
    Float	29.16%
    (Class B)
	Telecom
    Argentina S.A.	Class C
    Shares	0.01%
    (Class C)
	Cablevisión
    Holding S.A.	GC
    Dominio S.A.	26.44%
    (which represents 64.25%

    of the voting stock)
	VLG
    S.A.U.	Cablevisión
    Holding S.A.	100%
	Fintech
    Telecom LLC	Fintech
    Holdings, Inc.	100%
	Fintech
    Holdings, Inc.	David
    Manuel Martínez Guzmán	100%

 

Offer Letter
No. CTA 1/20

 

    - 71 -

     

    

 

ANNEX F

Page 1
of 1

 

INSURANCE REQUIREMENTS

 

(See Section 5.04(a) (Insurance)
of the Terms and Conditions of the Amended and Restated Common

Terms Agreement)

 

		1.	CONSTRUCTION
                                         WORKS

 

Construction
All Risks, based on full contract value (including in All Risk policy) and including Third Party Liability (included in General
Liability policy).

 

		2.	ONGOING
                                         AND FUTURE OPERATIONS

 

		a)	Fire
                                         and named perils (including natural perils, and Strike, Riot & Civil Commotion)
                                         or Property All Risks, based on new replacement cost of assets

 

		b)	Electronic
                                         Equipment All Risk and Machinery Breakdown

 

		c)	Public
                                         and Product Liability with a minimum limit of USD 2,000,000 per occurrence

 

		3.	AT ALL TIMES

 

		a)	All insurances required
by applicable laws and regulations.

 

Offer Letter
No. CTA 1/20

 

    - 72 -

     

    

 

ANNEX G

Page 1
of 1

 

EXISTING
LIENS

 

None.

 

Offer Letter
No. CTA 1/20

 

    - 73 -

     

    

 

 

ANNEX H

Page 1
of 1

 

EXISTING AFFILIATE
TRANSACTIONS

 

All matters disclosed in Note
27 of the Borrower ́s consolidated financial statements dated as of December 31, 2018.

 

Offer Letter
No. CTA 1/20

 

    - 74 -

     

    

 

ANNEX I

Page 1
of 1

 

PERMITTED
HOLDERS

 

		·	GC
                                         Dominio S.A.

 

		·	Blue
                                         Media Inc.

 

		·	GS
                                         Unidos LLC

 

		·	Fintech
                                         Holdings Inc.

 

		·	Fintech
                                         Telecom LLC

 

		·	Fintech
                                         Advisory Inc.

 

		·	ELHN-Grupo
                                         Clarín New York Trust

 

		·	1999
                                         Ernestina Laura Herrera de Noble New York Trust

 

		·	HHM-Grupo
                                         Clarín New York Trust

 

		·	HHM-Media
                                         New York Trust

 

		·	LRP
                                         - Grupo Clarín New York Trust

 

		·	LRP
                                         New York Trust

 

		·	Mr. José
                                         Antonio Aranda

 

		·	Mr. Héctor
                                         Horacio Magnetto

 

		·	Mr. Lucio
                                         Rafael Pagliaro

 

		·	Mr. David
                                         Manuel Martínez Guzmán

 

		·	Mrs. Marcela
                                         Noble Herrera

 

		·	Mr. Felipe
                                         Noble Herrera

 

		·	Mrs. Marcia
                                         Ludmila Magnetto

 

		·	Mr. Horacio
                                         Ezequiel Magnetto

 

		·	Mr. Lucio
                                         Andrés Pagliaro

 

		·	Mr. Francisco
                                         Pagliaro

 

		·	Mrs. María
                                         Florencia Pagliaro

 

Offer Letter
No. CTA 1/20

 

    - 75 -

     

    

 

ANNEX J

Page 1
of 1

 

PROHIBITED
ACTIVITIES

 

The Lenders do not finance projects
or companies involved in the production, trade, or use of the products, substances or activities listed below:

 

		1.	Those
                                         that are illegal under host country laws, regulations or ratified international conventions
                                         and agreements

 

		2.	Weapons
                                         and ammunitions

 

		3.	Tobacco1

 

		4.	Gambling,
                                         casinos and equivalent enterprises2

 

		5.	Wildlife
                                         or wildlife products regulated under Convention on International Trade in Endangered
                                         Species of Wild Fauna and Flora (CITES)3

 

		6.	Radioactive
                                         materials4

 

		7.	Unbonded
                                         asbestos fibers5

 

		8.	Forestry
                                         projects or operations that are not consistent with the Bank’s Environment and
                                         Safeguards Compliance Policy6

 

		9.	Polychlorinated
                                         biphenyl compounds (PCBs)

 

		10.	Pharmaceuticals
                                         subject to international phase outs or bans7

 

		11.	Pesticides/herbicides
                                         subject to international phase outs or bans8

 

		12.	Ozone
                                         depleting substances subject to international phase out9

 

 

1  This
does not apply to project sponsors who are not substantially involved in these activities. “Not substantially involved”
means that the activity concerned is ancillary to a project sponsor’s primary operations.

2  This
does not apply to project sponsors who are not substantially involved in these activities. “Not substantially involved”
means that the activity concerned is ancillary to a project sponsor’s primary operations.

3
  www.cites.org.

4  This
does not apply to the purchase of medical equipment, quality control (measurement) equipment and any equipment where it can be
demonstrated that the radioactive source is to be trivial and/or adequately shielded.

5
  This does not apply to the purchase and use of bonded asbestos cement sheeting where
the asbestos content is <20%.

6
  GN-2208-20, Environmental and Safeguards Compliance Policy, dated 19 January 2006,
approved by the Board of Executive Directors on 19 January 2006.

7
  Pharmaceutical products subject to phase outs or bans in United Nations, Banned Products:
Consolidated List of Products Whose Consumption and/or Sale Have Been Banned, Withdrawn, Severely Restricted or not Approved by
Governments. (Last version 2001, www.who.int/medicines/library/qsm/edm-qsm-2001-3/edm-qsm-2001_3.pdf)

8
  Pesticides and herbicides subject to phase outs or bans included in both the Rotterdam
Convention (www.pic.int) and the Stockholm Convention (www.pops.int).

9
  Ozone Depleting Substances (ODSs) are chemical compounds which react with
and deplete stratospheric ozone, resulting in the widely publicized ‘ozone holes’. The Montreal Protocol lists ODSs
and their target reduction and phase out dates. The chemical compounds regulated by the Montreal Protocol include aerosols, refrigerants,
foam blowing agents, solvents, and fire protection agents. (www.unep.org/ozone/montreal.shtml).

 

Offer Letter
No. CTA 1/20

 

    - 76 -

     

    

 

		13.	Drift
                                         net fishing in the marine environment using nets in excess of 2.5 km. in length

 

		14.	Transboundary
                                         trade in waste or waste products10, except
                                         for non-hazardous waste destined for recycling

 

		15.	Persistent
                                         Organic Pollutants (POPs)11

 

		16.	Non-compliance
                                         with workers fundamental principles and rights at work12

 

10
 Defined by the Basel Convention (www.basel.int). 

11
 Defined by the International Convention on the reduction and elimination of persistent
organic pollutants (POPs) (September 1999) and presently include the pesticides aldrin, chlordane, dieldrin, endrin, heptachlor,
mirex, and toxaphene, as well as the industrial chemical chlorobenzene (www.pops.int). 

12
 Fundamental Principles and Rights at Work means (i) freedom of association
and the effective recognition of the right to collective bargaining; (ii) prohibition
of all forms of forced or compulsory labor; (iii) prohibition of child labor, including without limitation the prohibition
of persons under 18 from working in hazardous conditions (which includes construction activities), persons under 18 from working
at night, and that persons under 18 be found fit to work via medical examination; (iv) elimination of discrimination in respect
of employment and occupation, where discrimination is defined as any distinction, exclusion or preference based on race, color,
sex, religion, political opinion, national extraction, or social origin. (International Labor Organization: www.ilo.org)

 

Offer Letter
No. CTA 1/20

 

    - 77 -

     

    

 

SCHEDULE
1

Page 1
of 2

 

FORM OF
CERTIFICATE OF INCUMBENCY AND AUTHORITY

 

(See
Section 1.01 (Definitions and Interpretation) and Section 4.01(b) (Conditions of the Disbursement)
of the Terms and Conditions of the Amended and Restated Common Terms Agreement)

 

[Borrower
Letterhead]

 

[Date]

 

[Inter-American Investment Corporation

1350 New York Avenue, N.W.

Washington, D.C. 20577

United States of America

 

Attention:
Portfolio Management Division, Investment Operations Department]13

 

[INSERT
ADDRESS OF RELEVANT CO-LENDER]14

 

Ladies and Gentlemen:

 

Certificate of Authorized
Representative

 

With
reference to the Amended and Restated Common Terms Agreement entered into on [l],
2020 (the “Amended and Restated Common Terms Agreement”) among Telecom Argentina S.A. (the “Borrower”), Inter-American
Investment Corporation (“IDB Invest”), acting in its own capacity and as agent acting on behalf of the Inter-American
Development Bank, and each Co-Lender, as defined therein and from time to time party thereto, I, the undersigned [Chairman/Director]
of the Borrower, duly authorized to do so, hereby certify that:

 

1.       The persons named below have been duly elected, have duly qualified as and at all times since [__________,____] (to and including
the date hereof) have been officers of the Borrower, holding the respective offices below set opposite their names, and the signatures
below set opposite their names are their genuine signatures.

 

	Name	 	Office	 	Signature
	 	 	 	 	 
	_______________	 	_______________	 	_______________
	 	 	 	 	 
	_______________	 	_______________	 	_______________
	 	 	 	 	 

 

13
Include in the case of delivery to IDB Invest. 

14
Include in the case of delivery to a Co-Lender.

 

Offer Letter
No. CTA 1/20

 

    - 78 -

     

    

 

	_______________	 	_______________	 	_______________

 

Each such
person is authorized to sign the Financing Documents and any other request, notice, certification or other document provided for
thereunder and to take any other action required or permitted to be taken thereunder.

 

2.       Attached
hereto as Exhibit A is a copy of the by-laws of the Borrower, as filed with the Public Registry (Registro Público)
of the Superintendence of Companies of the City of Buenos Aires (Inspección General de Justicia) on July 13,
1990, together with all amendments thereto adopted through the date hereof.

 

3.       Attached hereto as Exhibit B is a true and correct copy of [resolutions/powers of attorney] duly adopted by the Board of
Directors of the Borrower (certified by a public notary of the Country) at a meeting on [__________,____], at which a quorum was
present and acting throughout, which [resolutions/powers of attorney] have not been revoked, modified, amended or rescinded and
are still in full force and effect. Except as attached hereto as Exhibit B, no [resolutions/powers of attorney] have been
adopted by the Board of Directors of the Borrower which deal with the execution, delivery or performance of any of the Financing
Documents.

 

IN WITNESS WHEREOF, I
have hereunto set my hand this [__] day of [__________,____].

 

Telecom Argentina S.A.

 

_____________________________ 

Name:

Title:

 

I,
the undersigned, [Secretary/Assistant Secretary] of Telecom Argentina l S.A., DO HEREBY CERTIFY that [Insert name of Person making
the above certifications] is the duly elected and qualified [Chief Executive Officer/Chief Financial Officer] of Telecom Argentina
S.A. and the signature above is his genuine signature.

 

IN WITNESS WHEREOF, I
have hereunto set my hand this [__] day of [_________,____].

 

Telecom Argentina S.A.

 

 

_____________________________

Name:

 

Offer Letter
No. CTA 1/20 

 

    - 79 -

     

    

 

Title:

 

Offer Letter
No. CTA 1/20 

 

    - 80 -

     

    

 

  

SCHEDULE 2

Page 1 of 3

 

FORM OF REQUEST FOR DISBURSEMENT

 

(See Section 2.02 and Section 4.02
of the Terms and Conditions of the Amended and Restated Common

Terms Agreement)

 

[Borrower’s Letterhead]

 

[Date]

 

[Inter-American Investment Corporation

1350 New York Avenue, N.W.

Washington, D.C. 20577

United States of America

 

Attention:
Portfolio Management Division, Investment Operations Department]15

 

[INSERT
ADDRESS OF RELEVANT CO-LENDER]16

 

Ladies and Gentlemen:

 

Investment No. [          ]

Request for Disbursement

 

1.         Please
refer to the Amended and Restated Common Terms Agreement entered into on [·],
2020 (the “Amended and Restated Common Terms Agreement”) among Telecom Argentina S.A. (the “Borrower”), Inter-American
Investment Corporation (“IDB Invest”), acting in its own capacity and as agent acting on behalf of the Inter-American
Development Bank, and each Co-Lender, as defined therein and from time to time party thereto. Terms defined in the Amended and
Restated Common Terms Agreement have their defined meanings whenever used in this request.

 

2.         The
Borrower irrevocably requests the disbursement on [                   ,
       ] (or as soon as practicable thereafter) of the amount of [                 ]
under the [IDB Invest A Loan] [IDB A Loan] [IDB Invest B1 Loan] [IDB Invest B2 Loan] [IDB Invest B3 Loan] [Co-Loan] (the “Disbursement”)
in accordance with the provisions of Section 2.02 (Disbursement Procedure) of the Amended and Restated Common Terms
Agreement and [INSERT RELEVANT LOAN AGREEMENT]. You are requested to pay such amount to the account in New York of Telecom
Argentina S.A. at [INSERT ACCOUNT DETAILS].

 

3.         The
Borrower certifies that all conditions set forth in Section 4.01 (Conditions of the Disbursement) have been satisfied,
or will have been satisfied by the relevant time required as provided in such Section 4.01 (Conditions of the Disbursement)
..

 

4.         For
the purpose of Section 4.01 (Conditions of the Disbursement), the Borrower further certifies as follows:

 

(a)        no Event
of Default and no Potential Event of Default has occurred and is continuing;

 

 

15  Include
in the case of delivery to IDB Invest.

16  Include
in the case of delivery to a Co-Lender.

 

Offer Letter No. CTA 1/20

 

    - 81 -

     

    

 

(b)        the
proceeds of the Disbursement are at the date of this request needed by the Borrower for the purpose of the Transaction, or will
be needed for such purpose within 6 months of such date;

 

(c)        since
the date of the Amended and Restated Common Terms Agreement, nothing has occurred which has or could reasonably be expected to
have a Material Adverse Effect;

 

(d)        since
March 31, 2019, neither the Borrower nor its Subsidiaries has incurred any material loss or liability (except such liabilities
as may be incurred by the Borrower in accordance with Section 5.02 (Negative Covenants) of the Amended and Restated
Common Terms Agreement);

 

(e)        the
representations and warranties made in Article III of the Amended and Restated Common Terms Agreement are true on the date
of this request and will be true on the date of Disbursement with the same effect as if such representations and warranties had
been made on and as of each such date (but in the case of Section 3.01(c) (Representations and Warranties), without
the words in parentheses);

 

(f)        after
giving effect to the Disbursement, neither the Borrower nor any of its Subsidiaries will be in violation of:

 

		(i)	its respective Charter;

 

		(ii)	any provision contained in any document to which the Borrower or any Subsidiary is a party (including
the Amended and Restated Common Terms Agreement) or by which the Borrower or any Subsidiary is bound; or

 

		(iii)	any law, rule, regulation, Authorization in the Country directly or indirectly limiting or otherwise
restricting its borrowing or guarantee power or authority or its ability to borrow or guarantee;

 

(g)        after
taking into account the amount of the Disbursement and any other Financial Debt incurred by the Borrower after the date of the
latest financial statements of the Borrower delivered to the Lenders pursuant to Section 5.03(a) (Reporting Requirements)
of the Amended and Restated Common Terms Agreement, the Net Debt to EBITDA Ratio would not exceed 2.5 and the Interest Coverage
Ratio would not be less than 3.0, in each case, calculated in accordance with Section 5.01(l) (Financial Ratios);
and

 

 (h)        [proceeds of the Disbursement
are not intended to be used in the territories of any country that
is not a member country of IDB Invest or IDB, or for reimbursements of expenditures in those territories or for goods
produced in or services supplied from any such country.]17

 

5.         Each
of the above certifications is effective as of the date of this Request for Disbursement and shall continue to be effective as
of the date of the Disbursement. If any of these certifications is no longer valid as of or prior to the date of the requested
Disbursement, the Borrower undertakes to immediately notify the Disbursing Lender.

 

 

17 Include
in the case of IDB Invest.

 

Offer Letter No. CTA 1/20

 

    - 82 -

     

    

 

	 	Yours truly,
	 	 

 

	 	TELECOM ARGENTINA S.A.
	 	 
	 	 
	 	 
	 	By	 	 
	 	 	Authorized Representative	 

 

Offer Letter No. CTA 1/20

 

    - 83 -

     

    

 

SCHEDULE 3

Page 1 of 1

 

FORM OF DISBURSEMENT RECEIPT

 

(See Section 2.02 (Disbursement
Procedure) of the Terms and Conditions of the Amended and Restated

Common Terms Agreement)

 

[Borrower’s Letterhead]

 

[Inter-American Investment Corporation

1350 New York Avenue, N.W.

Washington, D.C. 20577

United States of America

 

Attention:
Portfolio Management Division, Investment Operations Department]18

 

[INSERT
ADDRESS OF RELEVANT CO-LENDER]19

 

Ladies and Gentlemen:

 

Investment No. [             ]

Disbursement Receipt

 

We,
Telecom Argentina S.A., hereby acknowledge receipt on the date hereof, of the sum of [                  ]
disbursed to us by [INSERT DISBURSING LENDER] under the [IDB Invest A Loan] [IDB A Loan] [IDB Invest B1 Loan] [IDB Invest
B2 Loan] [IDB Invest B3 Loan] [Co-Loan] of [                  ] provided for in
the Amended and Restated Common Terms Agreement entered into on [·], 2020
(the “Amended and Restated Common Terms Agreement”) by and among Telecom Argentina S.A. (the “Borrower”), Inter-American
Investment Corporation (“IDB Invest”), acting in its own capacity and as agent acting on behalf of the Inter-American
Development Bank, and each Co-Lender, as defined therein and from time to time party thereto.**

 

	 	Yours truly,
	 	 
	 	TELECOM ARGENTINA S.A.
	 	 
	 	 
	 	 
	 	By	 	 
	 	 	Authorized Representative***	 

 

 

18 Include
in the case of delivery to IDB Invest.

19 Include
in the case of delivery to a Co-Lender.

	**	Please note that in some jurisdictions one has to be able to prove amounts disbursed.

	***	As named in the Borrower’s Certificate of Authorized Representative (see Schedule 1).

 

Offer Letter No. CTA 1/20

 

    - 84 -

     

    

 

SCHEDULE
4(A)

Page 1 of 1

 

MATTERS
TO BE COVERED IN LEGAL OPINION OF LENDERS’ COUNSEL IN THE COUNTRY

 

(See Section 4.01(e)(i) (Conditions
of the Disbursement) of the Terms and Conditions of the Amended

and Restated Common Terms Agreement)

 

The legal opinion of Lenders’ counsel in the Country should
cover the following matters:

 

		(a)	the organization, existence and Operations of the Borrower and its authorized and subscribed share capital;

 

		(b)	the matters referred to in subsections (a), (b), and (c) of Section 4.01 (Conditions
of the Disbursement) of the Amended and Restated Common Terms Agreement;

 

		(c)	the authorization, execution, validity and enforceability of this Agreement and each of the other
Financing Documents and any other documents necessary or desirable to the implementation of any of those agreements or documents;

 

		(d)	non-contravention of Charter, law or material agreements;

 

		(e)	enforceability of foreign judgments;

 

		(f)	the priorities or privileges, if any, that creditors of the Borrower, other than the Lenders, may
have by reason of law;

 

		(g)	the Lender’s repatriation rights in respect of its Loan; and

 

		(h)	such other matters relating to the transactions contemplated by this Agreement as the Disbursing
Lender reasonably requests.

 

Offer Letter No. CTA 1/20

 

    - 85 -

     

    

 

SCHEDULE 4(B)

Page 1 of 1

 

MATTERS TO BE COVERED IN LEGAL OPINION
OF LENDERS’ COUNSEL IN NEW YORK

 

(See Section 4.01(f)(i) (Conditions
of the Disbursement) of the Terms and Conditions of the Amended

and Restated Common Terms Agreement)

 

Subject to special counsel’s standard qualifications,
limitations, and assumptions:

 

	(i)	the validity and enforceability under New York law of each Financing Document governed by New York
law; and

 

	(ii)	any other relevant matters of New York law that the Disbursing Lender requests.

 

Offer Letter No. CTA 1/20

 

    - 86 -

     

    

 

SCHEDULE 5

Page 1 of 2

 

FORM OF SOLVENCY CERTIFICATE

 

This
Solvency Certificate (the “Certificate”) of [entity] a [   ] organized and existing under the laws of
[   ] (the “Borrower/”Subsidiary”), is delivered pursuant to Section 4.01(j) (Conditions
of the Disbursement) of the Terms and Conditions of the Amended and Restated Common Terms Agreement entered into on [·],
2020 (the “Amended and Restated Common Terms Agreement”) by and among Telecom Argentina S.A. (the “Borrower”), Inter-American
Investment Corporation (“IDB Invest”), acting in its own capacity and as agent acting on behalf of the Inter-American
Development Bank, and each Co-Lender, as defined therein and from time to time party thereto. Unless otherwise defined herein,
capitalized terms used in this Certificate shall have the meanings set forth in the Amended and Restated Common Terms Agreement.

 

I, [NAME], the duly
elected, qualified and acting [TITLE] of the [Borrower], DO HEREBY CERTIFY as follows:

 

1.         I
have carefully reviewed the Amended and Restated Common Terms Agreement and the other Financing Documents and such other documents
as I have deemed relevant and the contents of this Certificate and, in connection herewith, have made such investigation, as I
have deemed necessary therefor. I further certify that the financial information and assumptions which underlie and form the basis
for the representations made in this Certificate were reasonable when made and were made in good faith and continue to be reasonable
as of the date hereof.

 

2.         I
have reviewed all financial information delivered to the Lenders pursuant to Articles III and IV of the Terms and Conditions of
the Amended and Restated Common Terms Agreement (the “Information”). I am familiar with the financial performance and
prospects of [the Borrower] and hereby confirm that the Information was prepared in good faith and fairly presents [the Borrower’s]
consolidated financial condition, based on the information available to the [Borrower] at the time so furnished.

 

3.         As
of the date hereof, after giving effect to the transactions contemplated by the Financing Documents, the fair value (as defined
herein) and the present fair salable value (as defined herein) of any and all property of the [Borrower] is greater than the probable
liability on existing debts (as defined herein) of the [Borrower] as they become absolute and matured.

 

4.         As
of the date hereof, after giving effect to the transactions contemplated by the Financing Documents, the [Borrower] is able to
pay its debts (including, without limitation, contingent and subordinated liabilities) as they become absolute and mature (as defined
herein).

 

Offer Letter No. CTA 1/20

 

    - 87 -

     

    

 

SCHEDULE 5

Page 2 of 2

 

5.         The
[Borrower] does not intend to, nor believes that it will, incur debts that would be beyond its ability to pay as such debts mature.

 

6.         As
of the date hereof, after giving effect to the transactions contemplated by the Financing Documents, the [Borrower] is not engaged
in businesses or transactions, nor about to engage in businesses or transactions, for which any property remaining would constitute
unreasonably small capital after giving due consideration to the prevailing practice in the industry in which it is engaged.

 

7.         The
[Borrower] does not intend, in consummating the transactions contemplated by the Financing Documents, to hinder, delay or defraud
either present or future lenders or any other Person to which the [Borrower] is or will become, on or after the date hereof, indebted.

 

8.         For
purposes of this Certificate, “fair value” means the amount at which the aggregate assets of the [Borrower] would change
hands between a willing buyer and a willing seller within a commercially reasonable period of time, each having reasonable knowledge
of the relevant facts, neither being under any compulsion to act, with equity to both. “Present fair salable value”
means the amount that may be realized if the aggregate assets of the [Borrower] are sold with reasonable promptness in an arm’s
length transaction under present conditions for the sale of assets of comparable business enterprises. The term “debt”
means any legal liability, including, without limitation, any contingent, subordinated, absolute, fixed, matured or unmatured,
disputed or undisputed, secured or unsecured and liquidated or unliquidated liability. Being “able to pay its debts as they
become absolute and mature” means that, assuming transactions contemplated by the Financing Documents have been consummated
as proposed and based only upon the [Borrower’s] financial forecasts, the [Borrower] would have positive cash flow for the
period covered by such forecasts after paying its scheduled anticipated indebtedness and current liabilities, including (and after
giving effect to) the scheduled principal payments with respect to the A Loan under the Amended and Restated Common Terms Agreement
as in effect on the date hereof.

 

IN WITNESS WHEREOF, I have executed this Certificate
this [DATE]

 

	 	By:	 	 
	 	Name:
	 	Title:

 

Offer Letter No. CTA 1/20

 

    - 88 -

     

    

 

SCHEDULE 6

Page 1 of 2

 

FORM OF SERVICE OF PROCESS LETTER

 

[Letterhead of Agent for Service of Process]

 

(See
Section 4.01(k) (Conditions of the Disbursement) of the Terms and Conditions of the Amended and

Restated Common Terms Agreement)20

 

[Date]

 

[Inter-American Investment Corporation

1350 New York Avenue, N.W.

Washington, D.C. 20577

United States of America

 

Attention:
Portfolio Management Division, Investment Operations Department]21

 

[INSERT
ADDRESS OF RELEVANT CO-LENDER]22

 

 

 

Re: Argentina / Telecom Argentina S.A.

 

Dear Sirs:

 

Reference
is made to Section 4.01(k) (Conditions of the Disbursement) of the Terms and Conditions of the Amended and Restated
Common Terms Agreement entered into [·], 2020 (the “Amended and Restated
Common Terms Agreement”) among Telecom Argentina S.A. (the “Borrower”), Inter-American Investment
Corporation (“IDB Invest”), acting in its own capacity and as agent acting on behalf of the Inter-American Development
Bank, and each Co-Lender, as defined therein and from time to time party thereto. Capitalized terms used herein shall have the
meaning specified in the Amended and Restated Common Terms Agreement.

 

Pursuant
to Section 7.05(e) (Enforcement) of the Terms and Conditions of the Amended and Restated Common Terms Agreement,
the Borrower has irrevocably designated and appointed the under-signed, [·],
with offices currently located at [·], as its authorized agent to receive for and
on its behalf service of process in any legal action or proceeding with respect to the Amended and Restated Common Terms Agreement
in the courts of the United States of America for the Southern District of New York or in the courts of the State of New York located
in the Borough of Manhattan.

 

The undersigned hereby
informs you that it has irrevocably accepted that appointment as process agent as set forth in Section 7.05(e) (Enforcement)
of the Terms and Conditions of the Amended and Restated Common Terms Agreement, from            
until                      [at least 6 months after final maturity date]
and agrees with you that the undersigned (i) shall inform the Lenders promptly in writing of any change of its address in
New York, (ii) shall perform its obligations as such process agent in accordance with the relevant provisions of Section 7.05
(Enforcement) of the Terms and Conditions of the

 

 

		20	To be updated to include references to the corresponding provisions of the relevant Loan Agreement.

		21	Include in the case of delivery to IDB Invest.

		22	Include in the case of delivery to a Co-Lender.

 

Offer Letter No. CTA 1/20

 

    - 89 -

     

    

 

Amended and Restated Common Terms Agreement,
and (iii) shall forward promptly to the Borrower any legal process received by the undersigned in its capacity as process
agent.

 

As process agent, the
undersigned and its successor or successors agree to discharge the above-mentioned obligations and will not refuse fulfillment
of such obligations as provided under Section 7.05 (Enforcement) of the Terms and Conditions of the Amended and Restated
Common Terms Agreement.

 

	 	Very truly yours,
	 	 
	 	[·]
	 	 
	 	By	 	 
	 	 	Title:

 

cc: [Borrower]

 

Offer Letter No. CTA 1/20

 

    - 90 -

     

    

 

SCHEDULE 7

Page 1 of 2

 

FORM OF LETTER TO BORROWER’S
AUDITORS

 

(See Section 4.01(i) (Conditions
of the Disbursement) and Section 5.01(f) (Affirmative Covenants) of the

Terms and Conditions of

the Amended and Restated Common Terms Agreement)

 

[Borrower’s Letterhead]

 

[Date]

 

[NAME OF AUDITORS]

[ADDRESS OF AUDITORS]

 

Ladies and Gentlemen:

 

We
hereby authorize and request you to give to [INSERT DETAILS OF RELEVANT LENDER] (the “Lender”), all such information
as the Lender may reasonably request with regard to the financial statements of the undersigned companies, both audited and unaudited.
We have agreed to supply that information and those statements under the terms of the Amended and Restated Common Terms Agreement
entered into on [·], 2020 (the “Amended and Restated Common Terms
Agreement”) by and among Telecom Argentina S.A. (the “Borrower”), Inter-American Investment Corporation
(“IDB Invest”), acting in its own capacity and as agent acting on behalf of the Inter-American Development Bank, and
each Co-Lender, as defined therein and from time to time party thereto. For your information we enclose a copy of the Amended and
Restated Common Terms Agreement.

 

We authorize and request
you to send two copies of the audited financial statements of the undersigned companies to the Lender to enable us to satisfy our
obligation to the Lender under Section 5.03(b)(i) of the Amended and Restated Common Terms Agreement. When submitting
the same to the Lender, please also send, at the same time, a copy of your full report on such financial statements in a form reasonably
acceptable to the Lender.

 

Please note that under
Section 5.03(c) of the Amended and Restated Common Terms Agreement, we are obliged to provide the Lender with a copy
of any management letter or other communication sent by you to us or our management in relation to our financial, accounting and
other systems, management or accounts. Please provide to the Lender any such management letter or other communication.

 

For our records, please
ensure that you send to us a copy of every letter that you receive from the Lender immediately upon receipt and a copy of each
reply made by you immediately upon the issue of that reply.

 

	 	Yours truly,
	 	 
	 	TELECOM ARGENTINA S.A.
		 
	 	By		
	 	 	Authorized Representative	 
	 	 
	 	[Insert names of Subsidiaries]

 

Offer Letter No. CTA 1/20

 

    - 91 -

     

    

 

Enclosure

 

	cc:	[Lender]

 

Offer Letter No. CTA 1/20

 

    - 92 -

     

    

 

SCHEDULE 8

Page 1 of 2

 

INFORMATION TO BE INCLUDED IN ANNUAL
REVIEW OF OPERATIONS

 

(See Sections 5.03(b)(ii) of the Terms and Conditions of
the Amended and Restated Common Terms Agreement)

 

A.            Quarterly
Operating Data

Quarter Ended _______, 20___

 

	Key
    Operating Indicators	Measurement

    Unit
	 	 
	Breakout
    between prepaid and post-paid for subscriber related indicators	 
	Subscribers	#
	Closing
    balance	#
	Avg.
    during quarter	#
	Churn
    rate	 
	 	 
	Population
    covered	 
	Mobile
    penetration	 
	Estimated
    subscriber market share	 
	 	 
	Voice
    minutes of use	 
	 	 
	 	 

 

Offer Letter No. CTA 1/20

 

    - 93 -

     

    

 

SCHEDULE 8

Page 2 of 2

 

	ARPU (in Argentine Pesos)	$
	 	 
	Number of direct employees	#
	 	 
	Number of female direct employees	#
	Number of Towers	 

 

Notes:

 

		1.	The
above is a suggested format only. The measurement units chosen above are for illustration purposes only.

 

		2.	The
purpose of this report is to provide regular updates on the company's operating cost structure and operating performance.

 

		3.	The
requested operating data should be agreed with the industry specialist to reflect the key industry-specific indicators and should
be based on the company's existing operating reports. If the company's existing operating reports provide the necessary information,
those reports may be submitted as the [Quarterly Operations Review].

 

		B.	Supplemental Annual Operating Information

 

		(1)	Macroeconomic
Conditions. Brief description of any material changes that affect the Borrower directly. For example, changes in corporate taxation,
import duties, foreign exchange availability, price controls, other areas of regulation.

 

		(2)	Markets.
Brief description of changes in the Borrower's market conditions (both domestic and export), with emphasis on changes in market
share and its competitors' market shares.

 

		(3)	Sponsors
and Shareholdings. Information on significant changes in the ownership of the Borrower, including reasons for changes and the
new shareholding structure.

 

		(4)	Management
and Technology. Summary of significant changes in the Borrower's (i) senior management or organizational structure, and (ii) technology,
including technical assistance arrangements.

 

		(5)	Corporate
Strategy. Description of any changes to the Borrower's corporate or operational strategy, including changes in products, degree
of integration, or business emphasis.

 

		(6)	Operating
Performance. Discussion of major factors affecting the year's results, including key operating indicators (e.g.: sales - by volume,
value and market, operating costs, margins, capacity utilization).

 

		(7)	Material
Adverse Effect. Discuss any circumstance that has had or could reasonably be expected to have a Material Adverse Effect.

 

Offer Letter No. CTA 1/20

 

    - 94 -

     

    

 

SCHEDULE 9

Page 1 of 2

 

FORM OF ENVIRONMENTAL AND SOCIAL
COMPLIANCE REPORT

 

The Environmental and Social Compliance
Report is intended to provide the necessary information in order to: (i) assess the environmental and social performance of
the Borrower with respect to compliance with the ‘Environmental and Social Standards and Guidelines and the Sustainability
Policy; (ii) propose any corrective actions, if and to the extent necessary; and (iii) facilitate monitoring by the Lenders
and serve as evidence of compliance with the ‘Environmental and Social Standards and Guidelines’. The boxes below are
indicative of the types of information being sought. Please feel free to add additional narrative text, figures, graphs and pictures
accordingly.

  

	General Information
	Contact:	 
	Position:	 
	Telephone:	 
	Email:	 

 

	Report Information
	Reporting period:	 
	Preparation date:	 
	Prepared by:	 

 

	Environmental, Social and Health and Safety (ESHS) Information
	Environmental, Social and Health and Safety (ESHS) Policy – please include a reference/copy	 
	ESHS Organizational structure – To include an organogram	 
	List names and approval dates of new environmental, social, or health and safety policy(ies), procedure(s), code(s), norms, etc. (if any) developed by Telecom Argentina.	 
	Comment on the evolution of key ESHS performance indicators.	 
	Describe any significant ESHS event during the	 

 

Offer Letter No. CTA 1/20

 

    - 95 -

     

    

 

	Environmental, Social and Health and Safety (ESHS) Information
	period under evaluation, covering both operation and construction phases.	 
	Describe all relevant legal issues during the period under evaluation, including non-compliances, fines, court sentences, permits, certificates, etc.	 
	Indicate, for the period under evaluation, the accidentality rates evolution (Gravity Index, Frequency Index, Incidence Index) both for own staff and contractors, and both for operation and construction. To describe any death and/or serious accident suffered by staff, contractor or third party.	 
	Indicate, for the period under evaluation, for each new constructed facility how external communication has been managed, and on the eventual existence of any public claims related to a new mobile antenna or other new facility of the company. Describe how the company has managed such grievances, as appropriate. Provide key statistics on your grievance and complaints mechanism (number and type of complaints, time to resolution, etc). type	 
	Describe, for the period under evaluation, the amount, type, and management of all type of wastes generated by the company. Include implementation of waste classification and recycling activities. To describe the amount and management of hazardous substances generated by the company.	 
	Describe ESHS training undergone by Borrower's employees. Please provide copy of the Annual Training Program, and proof of attendance.	 
	Inform about the existence and composition of fire brigades and numbers and location of performed fire drills.	 
	List/details of actions implemented by the company in regarding observations and recommendations performed by IDB Invest's ESHS personnel/consultant during previous ESHS	 

 

Offer Letter No. CTA 1/20

 

    - 96 -

     

    

 

	Environmental, Social and Health and Safety (ESHS) Information
	supervision visits.	 

 

Offer Letter No. CTA 1/20

 

    - 97 -

     

    

 

SCHEDULE 10

Page 1 of 1

 

ENVIRONMENTAL AND SOCIAL ACTION
PLAN

 

	Item	 	Action	Deliverable
	PS 1: Assessment and Management of Environmental and Social Risks and Impacts	 
	1	Telecom will update the corporate management system so that, through its implementation, the company complies with the IFC Performance Standards and the relevant and applicable Environmental, Health and Safety Guidelines of the World Bank Group, in addition to applicable social and environmental laws and regulations.	Comprehensive Environmental and Social Management System acceptable to the Required Lenders	September 30, 2020
	2	Telecom will update the procedures of its comprehensive system to assess and manage the environmental and social risks of future acquisitions of companies and assets, as well as mergers with other companies, ensuring compliance at all times with the applicable IFC Performance Standards. Telecom will prepare and implement a specific procedure, containing risk criteria based on the IFC's Performance Standards, to decide on whether or not to finalize an acquisition/merger proposal.	Procedure for assessing environmental and social risks from the potential acquisition of companies and assets or mergers with other companies, acceptable to the Required Lenders	December 31, 2020
	3	Telecom will ensure that all policies, procedures, and environmental and social plans that are applicable within the group, are fully integrated into Telecom’s comprehensive management system. All policies and procedures will ensure compliance with the IFC’s compliance standards.	Environmental and social policies, procedures and plans that are acceptable to the Required Lenders	March 30, 2021

 

Offer Letter No. CTA 1/20

 

    - 98 -

     

    

 

SCHEDULE 11

 

FORM OF ACCESSION OFFER LETTER

 

OFFER LETTER

 

[l],
2020

 

Messrs.

 

[INSERT NAME OF PROSPECTIVE CO-LENDER]

 

Attention:
[l]

 

Ref.: Offer Letter No. AO 1/19

 

The undersigned, TELECOM ARGENTINA S.A.,
a corporation duly organized and existing under the laws of the Republic of Argentina (“Borrower”), Inter-American
Investment Corporation (“IDB Invest”), acting in its own capacity and as agent acting on behalf of the Inter-American
Development Bank, and [INSERT EACH EXISTING CO-LENDER] (the “Offerors”) are pleased to submit this irrevocable
offer No. AO 1/19 to [INSERT NAME OF PROSPECTIVE CO-LENDER] (the “Prospective Co-Lender” and together
with the Offerors, the “Parties”), to enter into an accession agreement in the terms and conditions attached
hereto as Annex I (including all schedules thereto) (the “Offer”)

 

This
Offer shall be open for acceptance in writing by [INSERT NAME OF PROSPECTIVE CO-LENDER] in the form of Annex II, until 11:59
pm New York time on [l], 2020 unless extended in writing for an additional period
of time by the Offerors (the “Expiration Date”); forthwith after the Expiration Date, this Offer shall automatically
lose all force and effect.

 

Any term, condition, statement, representation
or guarantee expressed in this Offer which may indicate an assertion, abstention, commitment and/or general right or obligation
 – whatever the grammatical form may be, shall only be enforceable and valid for the Parties if this Offer is accepted pursuant
to the terms hereof. If this Offer is not accepted, such term, condition, statement, representation and/or guarantee shall not
be valid or enforceable nor shall cause any legal commitment since they shall be deemed as if they had not been written.

 

Upon written acceptance of the Offer on
or before the Expiration Date by [INSERT NAME OF PROSPECTIVE CO-LENDER], this Offer shall become in full force and effect
subject to the terms and conditions set forth in Annex I, and shall be legally binding upon, and enforceable against, each and
all of the Parties (the “Accession Agreement”). The Accession Agreement shall be deemed entered into as of the
date of acceptance of this Offer by [INSERT NAME OF PROSPECTIVE CO-LENDER].

 

This Offer shall be governed by and construed
in accordance with the laws of the State of New York, United States of America.

 

Offer Letter No. CTA 1/20

 

    - 99 -

     

    

 

	Sincerely,	 
	 	 
	TELECOM ARGENTINA S.A.	 
	 	 
	By      :                                             	 
	 	 
	Name :	 
	 	 
	Title	 

 

Offer Letter No. CTA 1/20

 

    - 100 -

     

    

 

	INTER-AMERICAN INVESTMENT CORPORATION	 
	 	 
	 	 
	By      :                                             	 
	 	 
	Name :	 
	 	 
	Title	 

 

Offer Letter No. CTA 1/20

 

    - 101 -

     

    

 

	[EXISTING CO-LENDER]	 
	 	 
	 	 
	By      :                                            	 
	 	 
	Name :	 
	 	 
	Title	 

 

Offer Letter No. CTA 1/20

 

    - 102 -

     

    

 

Annex I

Terms and Conditions of the Accession
Agreement

 

1.         Amended
and Restated Common Terms Agreement. Reference is made to the Amended and Restated Common Terms Agreement entered into on [l],
2020 (the “Amended and Restated Common Terms Agreement”) among the Borrower, IDB Invest, acting in its
own capacity and as agent acting on behalf of the Inter-American Development Bank, and each Co-Lender from time to time party thereto.

 

2.         Defined
Terms. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the
Amended and Restated Common Terms Agreement.

 

3.         Accession
to the Amended and Restated Common Terms Agreement. Upon acceptance of this Offer, the Prospective Co-Lender, hereby (a) accedes
to the Amended and Restated Common Terms Agreement and (b) agrees to be subject to all obligations of a Co-Lender thereunder.

 

4.         Notices.
For the purpose of Section 7.02 (Notices) of the Amended and Restated Common Terms Agreement, the Prospective Co-Lender hereby
notifies each other party thereto that its address is as follows:

 

Address:      [l]

Attention:     [l]

Facsimile:     [l]

E-mail:         [l].

 

5.         Counterparts.
This Offer may be executed in multiple counterparts, each of which shall constitute an original, but all of which, when taken together,
upon acceptance of the Offer, shall constitute but one contract.

 

6.         Governing
Law. The Terms and Conditions of this Accession Agreement shall be construed in accordance with and governed by the laws of
the State of New York.

 

Offer Letter No. CTA 1/20

 

    - 103 -

     

    

 

Annex II

Form of Acceptance of Accession
Offer Letter

 

[Place], [Date]

 

To:

 

TELECOM ARGENTINA S.A.

 

[EXISTING CO-LENDER]

 

INTER-AMERICAN INVESTMENT CORPORATION

 

Attention: [●]

 

Re:
Acceptance to the Offer Letter No. AO 1/19

 

Dear Sirs,

 

On behalf of [INSERT NAME OF PROSPECTIVE
CO-LENDER], we hereby fully and irrevocably accept the Offer Letter No. AO 1/19, dated [•].

 

	Sincerely,	 
	 	 
	 	 
	                                                           	 
	[INSERT NAME OF PROSPECTIVE CO-LENDER]	 
	 	 
	Name: [•].	 
	 	 
	Title: [•].	 

 

Offer Letter No. CTA 1/20

 

    - 104 -

     

    

 

SCHEDULE 12

 

FORM OF ACCEPTANCE LETTER

 

ACCEPTANCE LETTER

 

Washington, D.C. February 4, 2020

 

To:

 

TELECOM ARGENTINA S.A.

 

Attention: Mr. Juan Martin Vico, Mr. Leonardo Franceschini

 

Re: Acceptance to the Offer Letter No. CTA
1/20

 

Dear Sirs,

 

On behalf of INTER-AMERICAN
INVESTMENT CORPORATION, acting in its own capacity and as agent acting on behalf of the INTER-AMERICAN DEVELOPMENT
BANK (“IDB”), we hereby fully and irrevocably accept the Offer Letter No. CTA 1/20, dated February 4,
2020.

 

	Sincerely,	 
	 	 
		 
	                                                           	 
	INTER-AMERICAN INVESTMENT CORPORATION	 
	 	 
	Name:	 
	 	 
	Title:	 

 

Offer Letter No. CTA 1/20

 

    - 105 -

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