Document:

U.S.$437,500,000 and Ps$4,773,282,950 Credit Agreement

 EXHIBIT 4.28 
 U.S.$437,500,000 
 MXP4,773,282,950 
 CREDIT AGREEMENT 
 among 
 CEMEX, S.A.B. de C.V., 
 as Borrower 
 and 
 CEMEX MÉXICO, S.A. de C.V.,

 as Guarantor 
 and 

CEMEX CONCRETOS, S.A. de C.V., 
 as
Guarantor 
 and 
 The Several
Lenders Party Hereto, 
 as Lenders 
 and 
 BBVA BANCOMER, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BBVA 
 BANCOMER, 
 as Administrative Agent 

and 
 BBVA BANCOMER, S.A.,
INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BBVA 
 BANCOMER, 
 CITIGROUP GLOBAL MARKETS INC., 
 HSBC SECURITIES (USA) INC., 
 SANTANDER INVESTMENT SECURITIES INC., AND 
 THE ROYAL BANK OF SCOTLAND PLC 
 as Joint Arrangers and Joint Bookrunners 
 Dated as of January 27, 2009 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I
	  	DEFINITIONS	  	1
			
	 1.01.
	  	Certain Definitions	  	1
	 1.02.
	  	Other Definitional Provisions	  	19
	 1.03.
	  	Accounting Terms and Determinations	  	19
			
	 ARTICLE II
	  	THE LOAN FACILITIES	  	19
			
	 2.01.
	  	Loans	  	19
	 2.02.
	  	Interest	  	24
			
	 ARTICLE III
	  	TERMINATION AND REDUCTION OF COMMITMENTS; FEES, TAXES, PAYMENT PROVISIONS	  	25
			
	 3.01.
	  	Termination or Reduction of Commitments	  	25
	 3.02.
	  	Fees	  	25
	 3.03.
	  	Computation of Fees	  	25
	 3.04.
	  	Taxes	  	25
	 3.05.
	  	General Provisions as to Payments	  	28
	 3.06.
	  	Funding Losses	  	29
	 3.07.
	  	Basis for Determining Interest Rate Inadequate or Unfair	  	29
	 3.08.
	  	Capital Adequacy	  	31
	 3.09.
	  	Illegality	  	31
	 3.10.
	  	Requirements of Law	  	32
	 3.11.
	  	Substitute Lenders	  	33
	 3.12.
	  	Sharing of Payments, Etc.	  	33
	 3.13.
	  	Extension of Termination Date	  	34
			
	 ARTICLE IV
	  	CONDITIONS PRECEDENT	  	35
			
	 4.01.
	  	Conditions to Effectiveness	  	35
	 4.02.
	  	Conditions Precedent to Borrowing	  	36
			
	 ARTICLE V
	  	REPRESENTATIONS AND WARRANTIES OF THE BORROWER	  	37
			
	 5.01.
	  	Corporate Existence and Power	  	37
	 5.02.
	  	Power and Authority; Enforceable Obligations	  	37
	 5.03.
	  	Compliance with Law and Other Instruments	  	38
	 5.04.
	  	Consents/Approvals	  	38
	 5.05.
	  	Financial Information	  	38
	 5.06.
	  	Litigation	  	38
	 5.07.
	  	No Immunity	  	38
	 5.08.
	  	Governmental Regulations	  	38
	 5.09.
	  	Direct Obligations; Pari Passu; Liens	  	39
	 5.10.
	  	Subsidiaries	  	39
	 5.11.
	  	Ownership of Property	  	39
	 5.12.
	  	No Recordation Necessary	  	39
	 5.13.
	  	Taxes	  	39
	 5.14.
	  	Compliance with Laws	  	40
	 5.15.
	  	Absence of Default	  	40
	 5.16.
	  	Full Disclosure	  	40
	 5.17.
	  	Choice of Law; Submission to Jurisdiction and Waiver of Sovereign Immunity	  	40

  

 - i - 

 TABLE OF CONTENTS 
 Continued 
  

					
	 5.18.
	  	Aggregate Exposure	  	40
	 5.19.
	  	Pension and Welfare Plans	  	40
	 5.20.
	  	Environmental Matters	  	41
	 5.21.
	  	Margin Regulations	  	42
	 5.22.
	  	No Material Adverse Change	  	42
	 5.23.
	  	Solvency	  	42
			
	 ARTICLE VI
	  	REPRESENTATIONS AND WARRANTIES OF THE GUARANTORS	  	42
			
	 6.01.
	  	Corporate Existence and Power	  	42
	 6.02.
	  	Power and Authority; Enforceable Obligations	  	42
	 6.03.
	  	Compliance with Law and Other Instruments	  	43
	 6.04.
	  	Consents/Approvals	  	43
	 6.05.
	  	Litigation; Material Adverse Effect	  	43
	 6.06.
	  	No Immunity	  	43
	 6.07.
	  	Governmental Regulations	  	43
	 6.08.
	  	Direct Obligations; Pari Passu	  	43
	 6.09.
	  	No Recordation Necessary	  	44
	 6.10.
	  	Choice of Law; Submission to Jurisdiction and Waiver of Sovereign Immunity	  	44
			
	 ARTICLE VII
	  	AFFIRMATIVE COVENANTS	  	44
			
	 7.01.
	  	Financial Reports and Other Information	  	44
	 7.02.
	  	Notice of Default and Litigation	  	45
	 7.03.
	  	Compliance with Laws and Contractual Obligations, Etc.	  	45
	 7.04.
	  	Payment of Obligations	  	45
	 7.05.
	  	Maintenance of Insurance	  	46
	 7.06.
	  	Conduct of Business and Preservation of Corporate Existence	  	46
	 7.07.
	  	Books and Records	  	46
	 7.08.
	  	Maintenance of Properties, Etc	  	46
	 7.09.
	  	Use of Proceeds	  	46
	 7.10.
	  	Pari Passu Ranking	  	46
	 7.11.
	  	Transactions with Affiliates	  	47
	 7.12.
	  	Maintenance of Governmental Approvals	  	47
	 7.13.
	  	Inspection of Property	  	47
			
	 ARTICLE VIII
	  	NEGATIVE COVENANTS	  	47
			
	 8.01.
	  	Financial Conditions	  	47
	 8.02.
	  	Liens	  	48
	 8.03.
	  	Consolidations and Mergers	  	50
	 8.04.
	  	Sales of Assets, Etc	  	50
	 8.05.
	  	Change in Nature of Business	  	51
	 8.06.
	  	Margin Regulations	  	51
	 8.07.
	  	Limitation on Indebtedness	  	51
			
	 ARTICLE IX
	  	OBLIGATIONS OF GUARANTORS	  	52
			
	 9.01.
	  	The Guaranty	  	52
	 9.02.
	  	Nature of Liability	  	52
	 9.03.
	  	Unconditional Obligations	  	52
	 9.04.
	  	Independent Obligation	  	52
	 9.05.
	  	Waiver of Notices	  	53
	 9.06.
	  	Waiver of Defenses	  	53
	 9.07.
	  	Bankruptcy and Related Matters	  	54

  

 - ii - 

 TABLE OF CONTENTS 
 Continued 
  

					
	 9.08.
	  	No Subrogation	  	55
	 9.09.
	  	Right of Contribution	  	55
	 9.10.
	  	General Limitation on Guaranty	  	55
	 9.11.
	  	Covenants of the Guarantors	  	55
			
	 ARTICLE X
	  	EVENTS OF DEFAULT	  	56
			
	 10.01.
	  	Events of Default	  	56
	 10.02.
	  	Remedies	  	58
	 10.03.
	  	Notice of Default	  	58
	 10.04.
	  	Default Interest	  	58
	 10.05.
	  	Remedies Independent	  	58
			
	 ARTICLE XI
	  	THE ADMINISTRATIVE AGENT	  	58
			
	 11.01.
	  	Appointment and Authorization	  	58
	 11.02.
	  	Delegation of Duties	  	59
	 11.03.
	  	Liability of Administrative Agent	  	59
	 11.04.
	  	Reliance by Administrative Agent	  	59
	 11.05.
	  	Notice of Default	  	60
	 11.06.
	  	Credit Decision	  	60
	 11.07.
	  	Indemnification	  	60
	 11.08.
	  	Administrative Agent in Individual Capacity	  	61
	 11.09.
	  	Successor Administrative Agent	  	61
			
	 ARTICLE XII
	  	THE JOINT ARRANGERS	  	62
			
	 12.01.
	  	The Joint Arrangers	  	62
	 12.02.
	  	Liability of Joint Arrangers	  	62
	 12.03.
	  	Joint Arrangers in their respective Individual Capacities	  	62
	 12.04.
	  	Credit Decision	  	62
			
	 ARTICLE XIII
	  	MISCELLANEOUS	  	63
			
	 13.01.
	  	Notices	  	63
	 13.02.
	  	Amendments and Waivers	  	63
	 13.03.
	  	No Waiver; Cumulative Remedies	  	64
	 13.04.
	  	Payment of Expenses, Etc.	  	64
	 13.05.
	  	Indemnification	  	64
	 13.06.
	  	Successors and Assigns	  	65
	 13.07.
	  	Right of Set-off	  	67
	 13.08.
	  	Confidentiality	  	67
	 13.09.
	  	Use of English Language	  	67
	 13.10.
	  	GOVERNING LAW	  	67
	 13.11.
	  	Submission to Jurisdiction	  	67
	 13.12.
	  	Appointment of Agent for Service of Process.	  	68
	 13.13.
	  	Waiver of Sovereign Immunity	  	69
	 13.14.
	  	Judgment Currency	  	69
	 13.15.
	  	Counterparts	  	69
	 13.16.
	  	USA PATRIOT Act	  	69
	 13.17.
	  	Severability	  	70
	 13.18.
	  	Survival of Agreements and Representations	  	70

  

 - iii - 

 TABLE OF CONTENTS 
 Continued 
  

					
	 SCHEDULES

			
	Schedule 1.01(a)	  	—  	  	Commitments
			
	Schedule 1.01(b)	  	—  	  	Lending Offices
			
	Schedule 1.01(c)	  	—  	  	Notice Details
			
	Schedule 1.01(d)	  	—  	  	Existing Qualified Receivables Transactions
			
	Schedule 1.01(e)	  	—  	  	Existing Bilateral Facilities
			
	Schedule 2.01(h)(i)	  	—  	  	Specified Financings
			
	Schedule 4.01(l)	  	—  	  	Derivatives Agreements
			
	Schedule 5.06	  	—  	  	Litigation
			
	Schedule 5.10	  	—  	  	Material Subsidiaries
			
	Schedule 8.02(e)	  	—  	  	Liens
	
	 EXHIBITS

			
	Exhibit A1	  	—  	  	Form of Tranche A Note
			
	Exhibit A2	  	—  	  	Form of Tranche B Note
			
	Exhibit B	  	—  	  	Notice of Borrowing
			
	Exhibit C	  	—  	  	Form of Notice of Extension/Conversion
			
	Exhibit D	  	—  	  	Form of Assignment and Assumption Agreement
			
	Exhibit E	  	—  	  	Form of Opinion of New York Counsel to the Borrower and the Guarantors
			
	Exhibit F	  	—  	  	Form of Opinion of Mexican Counsel to the Borrower and the Guarantors

  

 - iv - 

 CREDIT AGREEMENT 
 CREDIT AGREEMENT, dated as of January 27, 2009 among CEMEX, S.A.B. de C.V., a sociedad anónima bursátil de capital variable
organized and existing pursuant to the laws of the United Mexican States (the “Borrower”), CEMEX MÉXICO, S.A. de C.V., a sociedad anónima de capital variable organized and existing pursuant to the
laws of the United Mexican States, CEMEX CONCRETOS, S.A. de C.V., a sociedad anónima de capital variable organized and existing pursuant to the laws of the United Mexican States (each a “Guarantor” and together,
the “Guarantors”), the several Lenders party hereto, BBVA BANCOMER, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BBVA BANCOMER, as Administrative Agent, and BBVA BANCOMER, S.A., INSTITUCIÓN DE
BANCA MÚLTIPLE, GRUPO FINANCIERO BBVA BANCOMER, CITIGROUP GLOBAL MARKETS INC., HSBC SECURITIES (USA) INC., SANTANDER INVESTMENT SECURITIES INC., AND THE ROYAL BANK OF SCOTLAND PLC, each a Joint Arranger and Joint Bookrunner. 

RECITALS 
 WHEREAS, the Borrower
desires that the Lenders extend an unsecured multi-currency term loan facility to the Borrower to fund the repayment of certain indebtedness of the Borrower with the Lenders; 
 WHEREAS, the Guarantors are willing to guaranty all of the Obligations of the Borrower. 
 NOW, THEREFORE, each of the Parties hereto hereby agrees as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.01. Certain Definitions. As used in this Agreement, the following terms shall have the following meanings: 
 “2009 Amortization” has the meaning specified in Section 2.01(f)(i). 
 “2010 Amortization” has the meaning specified in Section 2.01(f)(i). 
 “Acquired Debt” means, with respect to any specified Person, Debt of any other Person existing at the time such Person
becomes a Subsidiary of such specified Person or assumed in connection with the acquisition of assets from such Person. 
 “Acquired Subsidiary” means any Subsidiary acquired by the Borrower or any other Subsidiary after the date hereof in an Acquisition, and any Subsidiaries of such Acquired Subsidiary on the date of such Acquisition.

 “Acquiring Subsidiary” means any Subsidiary of the Borrower or any one of its Subsidiaries solely for the
purpose of participating as the acquiring party in any Acquisition, and any Subsidiaries of such Acquiring Subsidiary acquired in such Acquisition. 
 “Acquisition” means any merger, consolidation, acquisition or lease of assets, acquisition of securities or business combination or acquisition, or any two or more of such transactions, if upon the
completion of such transaction or transactions, the Borrower or any Subsidiary thereof has acquired an interest in assets comprising all or substantially all of an operating unit, division or line of business or in any Person who is deemed to be a
Subsidiary under this Agreement and was not a Subsidiary prior thereto. 
  

 - 1 - 

 “Adjusted Consolidated Net Tangible Assets” means, with respect to any
Person, the total assets of such Person and its Subsidiaries (less applicable depreciation, amortization and other valuation reserves), including any write-ups or restatements required under Mexican FRS (other than with respect to items referred to
in clause (ii) below), after deducting therefrom (i) all current liabilities of such Person and its Subsidiaries (excluding the current portion of long-term debt) and (ii) all goodwill, trade names, trademarks, licenses, concessions,
patents, unamortized debt discount and expense and other intangibles, all as determined on a consolidated basis in accordance with Mexican FRS. 
 “Administrative Agency Fee Letter” means the fee letter entered into by the Administrative Agent and the Borrower dated December 17, 2008. 
 “Administrative Agent” means BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA
Bancomer, in its capacity as administrative agent for the Lenders, and its successors in such capacity. 
 “Administrative Agent’s Mexico Account” means account number: 2277-00007-9, held with Banco de México, with BBVA Bancomer, S.A. as beneficiary, or such other account as the Administrative Agent may designate.

 “Administrative Agent’s New York Account” means account number: 400001942, account name: BBVA
Bancomer, S.A. Mexico D.F., ABA number: 021 000 021, held with JP Morgan Chase, New York, 270 Park Avenue, New York 10017, USA, Attn: Concepción Zúñiga, or such other account as the Administrative Agent may designate.

 “Affected Lender” has the meaning specified in Section 3.09(a). 
 “Affiliate” means, in relation to any Person, a Subsidiary of that Person or a Holding Company of that Person or any
other Subsidiary of that Holding Company. 
 “Aggregate Committed Amount” means the Aggregate Tranche A
Committed Amount, and the Aggregate Tranche B Committed Amount. 
 “Aggregate Exposure” means the
Tranche A Aggregate Exposure and the Tranche B Aggregate Exposure. 
 “Aggregate Tranche A Committed
Amount” means the aggregate amount of all of the Tranche A Commitments. 
 “Aggregate Tranche B
Committed Amount” means the aggregate amount of all of the Tranche B Commitments. 
 “Agreement”
means this Credit Agreement, as the same may hereafter be amended, supplemented or otherwise modified from time to time. 
 “Applicable GAAP” means, with respect to any Person, Mexican FRS or other generally accepted accounting principles required to be applied to such Person in the jurisdiction of its incorporation or organization, and used in
preparing such Person’s financial statements. 
  

 - 2 - 

 “Applicable Margin” means at any date, the applicable margin set forth
below: 
  

					
	 Applicable Margin

	 Base Rate Loans
	  	 LIBOR Loans
	  	 Mexican-Rate Loans

	 3.00%
	  	3.00%	  	2.50%

 “Asset Sales” means the Disposition by the Borrower or any of its
Subsidiaries of any asset or property of the Borrower or any Subsidiary. 
 “Asset Swap Transaction” means a
Disposition by the Borrower or any of its Subsidiaries of any asset, property or cash consideration in exchange for assets, property or cash consideration which relate to the business of the CEMEX Group. 
 “Assignee” has the meaning specified in Section 13.06(b). 
 “Assignment and Assumption Agreement” means an assignment and assumption agreement in substantially the form of Exhibit
D. 
 “Base Rate” means, for any day, the higher of (a) the Prime Rate or (b) the Federal Funds
Rate plus 1/2% per annum, in each case as in effect for such day. Any change in the Prime Rate announced by the Reference Banks shall take effect at the opening of business on the day specified in the public announcement of such change.

 “Base Rate Loan” means any Loan made or maintained at a rate of interest calculated with reference to the
Base Rate. 
 “Borrower” has the meaning specified in the preamble hereto. 
 “Borrowing” means the aggregate amount of Loans hereunder to be made to the Borrower pursuant to Article II on the
Disbursement Date by the Lenders. 
 “Borrowing Request” means a Notice of Borrowing. 
 “Business Day” means any day other than a Saturday or Sunday or other day on which commercial banks in New York City or
Mexico City are authorized or required by law to close and, if such day relates to any LIBOR Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in the London interbank market, and, if such day relates to
any Mexican-Rate Loan or the Exchange Rate, means any such day on which dealings in Pesos deposits are conducted by and between banks in the Mexican interbank market. 
 “Capital Expenditure” means, for any period, (a) the additions to property, plant and equipment and other capital
expenditures of the Borrower and its Subsidiaries that are (or should be) set forth in a consolidated statement of cash flows of the Borrower for such period prepared in accordance with Mexican FRS and (b) any Capital Leases incurred by the
Borrower and its Subsidiaries during such period. 
 “Capital Lease” means, as to any Person, the obligations
of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and 

  

 - 3 - 

 
accounted for as capital leases on a balance sheet of such Person under Mexican FRS and, for the purposes of this Agreement, the amount of such obligations
at any time shall be the capitalized amount thereof at such time determined in accordance with Mexican FRS. 
 “Capital Stock” means any and all shares, interests, participations or other equivalents (however designed) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a
corporation) and any and all warrants, rights or options to purchase any of the foregoing. 
 “CCP” has the
meaning specified in Section 3.07(b). 
 “CEMEX España 2009 Facility” means that certain loan
facility to be dated on or about the date of this Agreement, among CEMEX España S.A. as borrower, CEMEX Inc. and CEMEX Australia Holdings Pty Ltd. as guarantors, the several lenders party thereto and The Royal Bank of Scotland plc as
administrative agent. 
 “CEMEX España Tranche B Extension” means that on or before January 31,
2009, lenders under the CEMEX España Tranche B Facility agree to extend, to a maturity date on or after December 5, 2010, the loans outstanding under such facility. 
 “CEMEX España Tranche B Facility” means tranche B of that certain U.S.$9,000,000,000 acquisition facilities
agreement dated 6 December 2006, as amended from time to time, between CEMEX España, S.A., as borrower, Citigroup Global Markets Limited, The Royal Bank of Scotland PLC and Banco Bilbao Vizcaya Argentaria, S.A. as mandated lead arrangers
and joint bookrunners, the lenders party thereto and The Royal Bank of Scotland PLC as agent. 
 “CEMEX España
Group” means CEMEX España, S.A. and its consolidated subsidiaries. 
 “CEMEX Group” means the
Borrower and its consolidated Subsidiaries. 
 “Cetes Rate” has the meaning specified in
Section 3.07(b). 
 “Commitment” means a Tranche A Commitment and, as the case may be, a
Tranche B Commitment. 
 “Commitment Percentage” means a Tranche A Commitment Percentage and, as
the case may be, a Tranche B Commitment Percentage. 
 “Commitment Period” means the period from and
including the Effective Date to but excluding the earlier of (i) January 31, 2009, or (ii) the date on which the Commitments terminate in accordance with the provisions of this Agreement. 
 “Confidential Information” means information that the Borrower or a Guarantor furnishes to the Administrative Agent, the
Joint Arrangers or any Lender in a writing designated as confidential, but does not include any such information that is or becomes generally available to the public or that is or becomes available to the Administrative Agent or the Joint Arrangers
or such Lender from a source other than the Borrower or a Guarantor that is not, to the best of the Administrative Agent’s, the Joint Arrangers’ or such Lender’s knowledge, acting in violation of a confidentiality agreement with the
Borrower or Guarantor or any other Person. 
  

 - 4 - 

 “Consolidated” refers to the consolidation of accounts in accordance
with Mexican FRS. 
 “Consolidated Fixed Charges” means, for any period, the sum (without duplication) of
(a) Consolidated Interest Expense for such period and (b) to the extent not included in (a) above, payments during such period in respect of the financing costs of financial derivatives in the form of equity swaps. 
 “Consolidated Fixed Charge Coverage Ratio” means, for any Reference Period, the ratio of (a) EBITDA for such period
to (b) Consolidated Fixed Charges for such period. 
 “Consolidated Interest Expense” means, for any
period, the total gross interest expense of the Borrower and its consolidated Subsidiaries allocable to such period in accordance with Mexican FRS. 
 “Consolidated Net Debt” means, at any date, the sum (without duplication) of (a) the aggregate amount of all Debt of the Borrower and its Subsidiaries at such date, plus (b) to the
extent not included in Debt, the aggregate amount of all derivative financing in the form of equity swaps outstanding at such date (except to the extent such exposure is cash collateralized) minus (c) all Temporary Investments (for the
avoidance of doubt, net of any amounts pledged as cash collateral) of the Borrower and its Subsidiaries at such date. 
 “Consolidated Net Debt / EBITDA Ratio” means, on any date of determination, the ratio of (a) Consolidated Net Debt on such date to (b) EBITDA for the one (1) year period ending on such date (subject to
adjustment as set forth in the definition of “EBITDA”). 
 “Contractual Obligation” means, as to
any Person, any provision of any security issued by such Person or of any indenture, mortgage, deed of trust, loan agreement or other agreement to which such Person is a party or by which it or any of its property or assets is bound. 
 “Credit Party” means any of the Borrower or the Guarantors. 
 “Debt” of any Person means, without duplication, (i) all obligations of such Person for borrowed money,
(ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising
in the ordinary course of business, (iv) all obligations of such Person as lessee under Capital Leases, (v) all Debt of others secured by a Lien on any asset of such Person, up to the value of such asset, as recorded in such Person’s
most recent balance sheet, (vi) all obligations of such Person with respect to product invoices incurred in connection with export financing, (vii) all obligations of such Person under repurchase agreements for the stock issued by such
Person or another Person and (viii) all Guarantees of such Person in respect of any of the foregoing. For the avoidance of doubt, Debt does not include Derivatives or Qualified Receivables Transactions. With respect to the Borrower and its
Subsidiaries, the aggregate amount of Debt outstanding shall be adjusted by the Value of Debt Currency Derivatives solely for the purposes of calculating the Consolidated Net Debt / EBITDA Ratio. If the Value of Debt Currency Derivatives is a
positive mark-to-market valuation for the Borrower and its Subsidiaries, then Debt shall decrease accordingly, and if the Value of Debt Currency Derivatives is a negative mark-to-market valuation for the Borrower and its Subsidiaries, then Debt
shall increase by the absolute value thereof. 
 “Debt Currency Derivatives” means derivatives of the
Borrower and its subsidiaries related to currency entered into for the purposes of hedging exposures under outstanding Debt of the Borrower and its subsidiaries, including but not limited to cross-currency swaps and currency forwards. 
  

 - 5 - 

 “Default” means any condition, event or circumstance which, with the
giving of notice or lapse of time or both, would, unless cured or waived, become an Event of Default. 
 “Defaulting
Lender” has the meaning specified in Section 2.01(d). 
 “Derivatives” means any type of
derivative obligations, including but not limited to equity forwards, capital hedges, cross-currency swaps, currency forwards, interest rate swaps and swaptions. 
 “Disbursement Date” means a single Business Day during the Commitment Period on which the Loans are made by the Lenders
pursuant to Section 2.01(a). 
 “Discontinued EBITDA” means, for any period, the sum for Discontinued
Operations of (a) operating income (utilidad de operación), (b) cash interest income and (c) depreciation and amortization expense, in each case determined in accordance with Mexican FRS consistently applied for such
period. 
 “Discontinued Operations” means operations that are accounted for as discontinued operations
pursuant to Mexican FRS for which the Disposition of such assets has not yet occurred. 
 “Disposition”
means, with respect to any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings.

 “Dollar Amount” shall mean, at any time with respect to any Loan, (a) with respect to Dollars or an
amount denominated in Dollars, such amount and (b) with respect to an amount of Pesos or an amount denominated in Pesos, the equivalent amount thereof in Dollars as determined by the Administrative Agent on the basis of the Exchange Rate as of
the most recent Revaluation Date for the purchase of Dollars with Pesos. 
 “Dollars”, “$”
and “U.S.$” each means the lawful currency of the United States. 
 “EBITDA” means, for any
period, the sum for the Borrower and its Subsidiaries, determined on a consolidated basis of (a) operating income (utilidad de operación), (b) cash interest income and (c) depreciation and amortization expense, in each
case determined in accordance with Mexican FRS, subject to the adjustments herein, consistently applied for such period and adjusted for Discontinued EBITDA as follows: if the amount of Discontinued EBITDA is a positive amount, then EBITDA shall
increase by such amount, and if the amount of Discontinued EBITDA is a negative amount, then EBITDA shall decrease by the absolute value of such amount. For the purposes of calculating EBITDA for any applicable period pursuant to any determination
of the Consolidated Net Debt / EBITDA Ratio (but not the Consolidated Fixed Charge Coverage Ratio): (A) (i) if at any time during such applicable period the Borrower or any of its Subsidiaries shall have made any Material Disposition, the
EBITDA for such applicable period shall be reduced by an amount equal to the EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such applicable period (but when the Material Disposition is by way
of lease, income received by the Borrower or any of its Subsidiaries under such lease shall be included in EBITDA) and (ii) if at any time during such 

  

 - 6 - 

 
applicable period the Borrower or any of its Subsidiaries shall have made any Material Acquisition, EBITDA for such applicable period shall be calculated
after giving pro forma effect thereto (including the incurrence or assumption of any Debt) as if such Material Acquisition had occurred on the first day of such applicable period. Additionally, if since the beginning of such applicable period any
Person that subsequently shall have become a Subsidiary or was merged or consolidated with the Borrower or any of its Subsidiaries as a result of a Material Acquisition occurring during such applicable period shall have made any Disposition or
Acquisition of property that would have required an adjustment pursuant to clause (i) or (ii) above if made by the Borrower or any of its Subsidiaries during such applicable period, EBITDA for such period shall be calculated after giving
pro forma effect thereto as if such Disposition or Acquisition had occurred on the first day of such applicable period; and (B) all EBITDA for each applicable period ending on or after December 31, 2008 will be recalculated by multiplying
each month’s EBITDA by the Ending Exchange Rate and dividing the amount obtained thereto by the exchange rate used by the Borrower in preparation of its monthly financial statements in accordance with Mexican FRS to convert U.S.$ into Pesos
(such recalculated EBITDA being the “Recalculated EBITDA”), provided that, the Required Lenders shall have the option, with respect to any Reference Period ending after December 31, 2009, to discontinue the incorporation
of Recalculated EBITDA into the Consolidated Net Debt/EBITDA Ratio (the “Discontinue Option”). The Required Lenders may exercise the Discontinue Option upon notice to the Administrative Agent, who shall, acting upon the instructions
of the Required Lenders, notify the Borrower of such exercise in writing (the “Notice of Discontinuance”) at least thirty (30) days prior to the end of the Reference Period. Subject to the foregoing notice requirements, such
Discontinue Option shall be effective for each Reference Period ending after the date of such Notice of Discontinuance to the Borrower as set forth herein. 
 “Effective Date” has the meaning specified in Section 4.01. 
 “Ending Exchange Rate” means the exchange rate at the end of a Reference Period for converting U.S.$ into Pesos, used by the Borrower and its auditors in preparation of the Borrower’s financial statements in accordance
with Mexican FRS. 
 “Environmental Action” means any audit procedure, action, suit, demand, demand letter,
claim, notice of non-compliance or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law, Environmental Permit or Hazardous Materials or
arising from alleged injury or threat of injury to health, safety or the environment, including (a) by any Governmental Authority for enforcement, cleanup, removal, response, remedial or other actions or damages and (b) by any Governmental
Authority or any third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief. 
 “Environmental Law” means any federal, state, local or foreign statute, law, ordinance, rule, regulation, technical standard (norma técnica or norma oficial Mexicana), code, order, judgment, decree or
judicial agency interpretation, policy or guidance relating to pollution or protection of the environment, health, safety or natural resources, including those relating to the use, handling, transportation, treatment, storage, disposal, release or
discharge of Hazardous Materials. 
 “Environmental Permit” means any permit, approval, identification
number, license or other authorization required under any Environmental Law. 
  

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 “ERISA” means the U.S. Employee Retirement Income Security Act of 1974,
as amended, and any successor statute thereto, as interpreted by the rules and regulations thereunder, all as the same may be in effect from time to time. References to sections of ERISA shall be construed also to refer to any successor sections.

 “ERISA Affiliate” means an entity, whether or not incorporated, that is under common control with the
Borrower within the meaning of Section 4001(a)(14) of ERISA, or is a member of a group that includes the Borrower and that is treated as a single employer under Sections 414(b) or (c) of the U.S. Internal Revenue Code. 
 “Event of Default” has the meaning specified in Section 10.01. 
 “Exchange Rate” shall mean as of any date, the Peso/Dollar exchange rate published by Banco de México in
the Diario Oficial de la Federación as the rate “para solventar obligaciones denominadas en moneda extranjera pagaderas en la República Mexicana” on the Business Day immediately prior to the relevant calculation
date to be in effect on such calculation date; provided that if Banco de México ceases to publish such exchange rate, the Exchange Rate shall equal the Peso/Dollar average exchange rates published by Banco Nacional de
México, S.A., BBVA Bancomer, S.A., and Banco Santander (México), S.A. at the close of business on the Business Day immediately prior to the relevant calculation date (i.e., twenty-four (24) hours forward), to be in effect on
such calculation date. 
 “Excluded Asset Sales” means, the Disposition of (a) inventory, trade
receivables and assets no longer required for the business of the relevant CEMEX Group company; (b) assets in the ordinary course of trading (including, but not limited to, the Disposition of cash equivalents, Dispositions resulting from
lawsuits or similar proceedings, Disposition of leases in the ordinary course of business and the Disposition of inventory); (c) assets located in Hungary or Austria or owned or operated by companies within the CEMEX España Group who are
located in Hungary or Austria; (d) any assets pursuant to a Qualified Receivables Transaction up to an aggregate amount equal to the aggregate amount, in U.S.$, set forth in Schedule 1.01(d); (e) assets of one CEMEX Group company to
another CEMEX Group company; (f) assets by way of an Asset Swap Transaction or other similar arrangement, provided that, if any Asset Swap Transaction is made for partial cash consideration, the amount of such cash consideration shall
not form part of the Excluded Asset Sales, and shall be applied as cash proceeds in prepayment of the Loans in accordance with Section 2.01(h); (g) marketable securities; and (h) any assets or shares where the proceeds from such
Disposition are equal to or less than an aggregate principal amount of US$20,000,000 (or the equivalent in other currencies) in any fiscal year. 
 “Existing Bilateral Facilities” means those certain bilateral facilities entered into with the Borrower as set forth in Schedule 1.01(e). 
 “Extended Termination Date” has the meaning specified in Section 3.13. 
 “Extension Consent” has the meaning specified in Section 3.13. 
 “Extension Consent Date” has the meaning specified in Section 3.13. 
 “Extension Request Date” has the meaning specified in Section 3.13. 
 “Federal Funds Rate” means, for any relevant day, the overnight Federal funds rate as published for such day in the
Federal Reserve Statistical Release H.15 (519) or any successor 

  

 - 8 - 

 
publication, or, if such rate is not published for any day, the rate for such day will be the rate set forth in the daily statistical release designated as
the Composite 3:30 p.m. Quotation for U.S. Government Securities, or any successor publication, published by the Federal Reserve Bank of New York (including any such successor, the “Composite 3:30 p.m. Quotation” for such day under the
caption “Federal Funds Effective Rate”). If on any relevant day the appropriate rate for such previous day is not yet published in either H.15 (519) or the Composite 3:30 p.m. Quotations, the rate for such day will be the arithmetic
mean as determined by the Administrative Agent of the rates for the last transaction in overnight Federal funds arranged prior to 9:00 a.m. (New York City time) on that day by each of three leading brokers of recognized standing of Federal funds
transactions in New York City selected by the Administrative Agent. 
 “Federal Reserve Board” means the
Board of Governors of the Federal Reserve System of the United States. 
 “Fee Letters” means the
Administrative Agency Fee Letter and the mandate letter dated December 23, 2008 by and between the Borrower and the Joint Arrangers. 
 “Foreign Financial Institution” means an institution registered as a foreign financial institution with the Ministry of Finance in the Mexican Banking and Financial Institutions, Pensions, Retirement
and Foreign Investment Funds Registry for purposes of Article 195, Section I of the Mexican Income Tax Law. 
 “Funding Default” means a default by a Lender pursuant to Section 2.01(d). 
 “Funding
Losses” has the meaning specified in Section 3.06. 
 “Governmental Authority” means any branch
of power or government or any state, department or other political subdivision thereof, or any governmental body, agency, authority (including any central bank or taxing or environmental authority), any entity or instrumentality (including any court
or tribunal) exercising executive, legislative, judicial, regulatory, administrative or investigative functions of or pertaining to government. 
 “Guarantee” means, as applied to any Debt of another Person, (i) a guarantee, direct or indirect, in any manner, of any part or all of such Debt and (ii) any direct or indirect obligation,
contingent or otherwise, of a Person guaranteeing or having the effect of guaranteeing the Debt of any other Person in any manner (and “Guaranteed” and “Guaranteeing” shall have meanings that correspond to the foregoing).

 “Guarantor” has the meaning specified in the preamble hereto. 
 “Hazardous Materials” means (a) radioactive materials, asbestos-containing materials, polychlorinated biphenyls,
radon gas and (b) any other chemicals, materials or substances designated, classified or regulated as hazardous or toxic or as a pollutant or contaminant under any applicable Environmental Law. 
 “Holding Company” means, in relation to a company or a corporation, any other company or corporation in respect of which
it is a Subsidiary. 
 “IFRS” means international accounting standards within the meaning of IAS Regulation
1606/2002 to the extent applicable to the relevant financial statements. 
  

 - 9 - 

 “Incur” means, with respect to any Debt of any Person, to create, issue,
incur (by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Debt or the recording, as required pursuant to Mexican FRS or otherwise, of any such Debt on the balance sheet of such Person. Debt
otherwise Incurred by a Person before it becomes a Subsidiary of the Borrower shall be deemed to be Incurred at the time at which such Person becomes a Subsidiary of the Borrower. “Incurrence,” “Incurred,” “Incurrable”
and “Incurring” shall have meanings that correspond to the foregoing. 
 “Indemnified Party” has
the meaning specified in Section 13.05. 
 “Interest Payment Date” means (i) with respect to a Base
Rate Loan or a LIBOR Loan, the last Business Day of each February, May, August and November, the date of repayment of such Loan, in the case of a conversion of a Base Rate Loan into a LIBOR Loan, or vice versa, the date of such conversion and
the Termination Date and (ii) with respect to a Mexican-Rate Loan, the last Business Day of each month, the date of repayment of such Loan and the Termination Date, provided that the first Interest Payment Date for Mexican-Rate Loans
shall be the last Business Day in February 2009. 
 “Interest Period” means, with respect to a LIBOR Loan or
Mexican-Rate Loan, (i) the period commencing on the date such Loan is made (or, in the case of a conversion of a Base Rate Loan into a LIBOR Loan, the date of conversion) and ending on the next succeeding Interest Payment Date for such Loan and
(ii) each successive period thereafter commencing on the immediately preceding Interest Payment Date for such Loan and ending on the next succeeding Interest Payment Date for such Loan. 
 “Investment” by the Borrower or its Subsidiaries means, any direct or indirect capital contribution (by means of any
transfer of cash) to another Person which is not the Borrower or its Subsidiaries, not constituting an Acquisition. 
 “Joint Arrangers” means each of BBVA Bancomer, S.A. Institucíon de Banca Múltiple, Grupo Financiero BBVA Bancomer, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Santander Investment Securities
Inc., and The Royal Bank of Scotland PLC, in their capacity as joint arrangers hereunder, and each of their successors in such capacity. 
 “Lender” means each Tranche A Lender and/or, as the case may be, each Tranche B Lender. 
 “Lending Office” means, with respect to any Lender, (a) the office or offices of such Lender specified as its “Lending Office” or “Lending Offices” in
Schedule 1.01(b) or (b) such other office or offices of such Lender as it may designate as its Lending Office by notice to the Borrower and the Administrative Agent. 
 “LIBOR” means, in relation to any Loan denominated in Dollars: 
 (a) the applicable Screen Rate; or 
 (b) (if no Screen Rate is available for the currency or Interest Period of that Loan) the arithmetic mean of the rates (rounded upwards to four (4) decimal places) as supplied to the Administrative Agent at its
request quoted by the Reference Banks to leading banks in the London interbank market, 
  

 - 10 - 

 as of approximately 11:00 a.m. (New York City time) on the Quotation Day for the
offering of deposits in the currency of that Loan and for a period comparable to the Interest Period for that Loan. 
 “LIBOR Loan” means any Loan made or maintained at a rate of interest calculated with reference to LIBOR. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset. The Borrower or any Subsidiary of the Borrower shall be deemed to own,
subject to a Lien, any asset that it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease or other title retention lease relating to such asset, or any account receivable transferred
by it with recourse (including any such transfer subject to a holdback or similar arrangement that effectively imposes the risk of collectability on the transferor). 
 “Loans” means Tranche A Loans and Tranche B Loans. 
 “Material Acquisition” any (a) acquisition of property or series of related acquisitions of property that
constitutes assets comprising all or substantially all of an operating unit, division or line of business or (b) acquisition of or other investment in the Capital Stock of any Subsidiary or any Person which becomes a Subsidiary or is merged or
consolidated with the Borrower or any of its Subsidiaries, in each case, which involves the payment of consideration by the Borrower and its Subsidiaries in excess of U.S.$25,000,000 (or the equivalent in other currencies). 
 “Material Adverse Effect” means a material adverse effect on (a) the business, condition (financial or otherwise),
operations, performance, properties or prospects of the Borrower and its Subsidiaries taken as a whole, (b) the validity or enforceability of this Agreement or any of the Notes or the rights and remedies of the Administrative Agent or any
Lender under this Agreement or any of the Notes or (c) the ability of the Borrower and/or the Guarantors to perform their Obligations under this Agreement, the Notes, the Fee Letters, any Notice of Borrowings, any certificates, waivers, or any
other agreement delivered pursuant to this Agreement. 
 “Material Debt” means Debt (other than the Loans) of
the Borrower and/or one or more of its Subsidiaries, arising in one or more related or unrelated transactions, in an aggregate principal amount outstanding exceeding U.S.$50,000,000 (or the equivalent thereof in other currencies). 
 “Material Disposition” means any Disposition of property or series of related Dispositions of property that yields gross
proceeds to the Borrower or any of its Subsidiaries in excess of U.S.$25,000,000 (or the equivalent in other currencies). 
 “Material Subsidiary” means, at any date, (a) each Subsidiary of the Borrower (if any) (i) the assets of which, together with those of its Subsidiaries, on a consolidated basis, without duplication, constitute
five percent (5%) or more of the consolidated assets of the Borrower and its Subsidiaries as of the end of the then most recently ended Quarterly Period for which quarterly financial statements have been prepared or (ii) the operating
profit of which, together with that of its Subsidiaries, on a consolidated basis, without duplication, constitutes five percent (5%) or more of the consolidated operating profit of the Borrower and its Subsidiaries for the then most recently
ended Quarterly Period for which quarterly financial statements have been prepared and (b) each Guarantor. 
  

 - 11 - 

 “Mexican FRS” means, Mexican Financial Reporting Standards (Normas de
Información Financiera) as in effect from time to time and consistent with those used in the preparation of the most recent audited financial statements referred to in Section 7.01; provided, however that for purposes
of Section 8.01, Mexican FRS means Mexican Financial Reporting Standards as in effect on December 31, 2008. In the event that any change in Mexican FRS shall occur, or the Borrower shall decide to or be required to change to IFRS, and such
change results in a change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement
so as to equitably reflect such change in Mexican FRS with the desired result that the criteria for evaluating the Borrower’s financial condition shall be the same after such change as if such change had not been made. Until such time as such
an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such change in
Mexican FRS had not occurred. 
 “Mexican-Rate Loan” means any Loan made or maintained at a rate of interest
calculated with reference to TIIE. 
 “Mexico” means the United Mexican States. 
 “Ministry of Finance” means the Ministry of Finance and Public Credit of Mexico. 
 “Net Cash Proceeds” means, (a) with respect to any Asset Sale, the cash proceeds received by the Borrower or any
Subsidiary (including cash proceeds subsequently received (as and when received) in respect of non-cash consideration initially received), net of (i) the direct costs relating to such Asset Sale (including, without limitation, broker’s
fees or commissions, legal fees, accounting and investment banking fees, relocation expenses and transfer and similar taxes), (ii) income taxes paid, and the Borrower’s good faith estimate of income taxes payable in connection with such
sale, (iii) any deduction of appropriate amounts to be provided by the Borrower or a Subsidiary as a reserve in accordance with Applicable GAAP against liabilities associated with the asset disposed of and retained by the Borrower or such
Subsidiary after such sale, and (iv) reasonable holdbacks with respect to indemnification obligations or purchase price adjustments pending receipt thereof; and (b) with respect to any Securities Issuance, the cash proceeds thereof, net of
the direct costs of such Securities Issuance, including without limitation, all customary accounting, legal and investment banking fees, commissions, costs and other expenses incurred in connection therewith. 
 “Note” means a promissory note of the Borrower in substantially the form of Exhibit A-1 or A-2, as applicable,
evidencing the obligation of the Borrower to repay the Loans made by a Lender. 
 “Notice of Borrowing” has
the meaning specified in Section 2.01(c). 
 “Notice of Extension/Conversion” has the meaning specified
in Section 2.01(e). 
 “Obligations” means, (a) with respect to the Borrower, all of its
indebtedness, obligations and liabilities to the Lenders, the Joint Arrangers and the Administrative Agent now or in the future existing under or in connection with the Transaction Documents, whether direct or indirect, absolute or contingent, due
or to become due, and (b) with respect to each Guarantor, all of its indebtedness, obligations and liabilities to the Lenders, the Joint Arrangers and the Administrative Agent now or in the future existing under or in connection with the
Transaction Documents, in each case whether direct or indirect, absolute or contingent, due or to become due. 
  

 - 12 - 

 “Obligors” means the Borrower and each Guarantor. 
 “Ordinary Course Loans” means a loan or advance: (i) made by the Borrower or any of its Subsidiaries to a supplier,
vendor, customer or other similar counterparty; (ii) which is due and payable not more than eighteen (18) months after being made (and where the Debt being Incurred to fund such loan or advance has a weighted average life to maturity that
is greater than such loan or advance); (iii) made on terms and under circumstances consistent with past practices of the Borrower or such Subsidiary; and (iv) the aggregate principal amount of which, when added to all other such loans and
advances, does not exceed at any time $75,000,000 (or the equivalent in other currencies). 
 “Other Taxes”
means any present or future stamp or documentary taxes or any other excise or property taxes, charges, imposts, duties, fees, or similar levies which arise from any payment made hereunder or under the Notes or from the execution, delivery,
registration, performance or enforcement of, or otherwise with respect to, this Agreement or any other Transaction Document and which are imposed, levied, collected or withheld by any Governmental Authority. 
 “Participant” has the meaning specified in Section 13.06(d). 
 “Pension Plan” means a “pension plan”, as such term is defined in Section 3(2) of ERISA, which is subject
to Title IV of ERISA (other than a multiemployer plan as defined in Section 4001(a)(3) of ERISA), and to which any Credit Party or any of its ERISA Affiliates has any liability. 
 “Permitted Debt” means, any Debt: 
 (a) the net proceeds of which are applied to repay, prepay or discharge the Loans or other Debt existing as at the date of such Incurrence
and associated costs and expenses, so long as either: (i) the weighted average life to maturity of such new Debt is not less than the remaining weighted average life to maturity of the Debt being repaid, prepaid or otherwise discharged and the
proceeds of such new Debt are applied towards such repayment, prepayment or other discharge within fifteen (15) days of such Incurrence; or (ii) such new Debt is incurred under a liquidity facility or facilities in an aggregate principal
amount not exceeding U.S.$600,000,000 outstanding at any time, provided that the proceeds of such new Debt are used to repay, prepay or otherwise discharge Debt outstanding on the Effective Date (including any such Debt that has been
refinanced) within fifteen (15) days of the Incurrence of such new Debt; 
 (b) the net proceeds of which are applied to
pay obligations of the Borrower and/or its Subsidiaries arising under written agreements existing on the Effective Date, excluding obligations in respect of Capital Expenditures, Restricted Payments and Investments; 
 (c) the net proceeds of which are applied for Capital Expenditures (i)(A) made from January 1, 2009 until December 31, 2009 in
an aggregate amount per annum not to exceed U.S.$60,000,000 (or the equivalent in other currencies) if such Permitted Debt is Incurred in an export credit financing and (B) U.S.$40,000,000 (or the equivalent in other currencies) in all other
cases; and (ii)(A) made from January 1, 2010 until December 31, 2010 and from January 1, 2011 until December 31, 2011, in each case in an aggregate amount per annum not to exceed 

  

 - 13 - 

 
U.S.$40,000,000 (or the equivalent in other currencies) if such Permitted Debt is Incurred in an export credit financing and (B) U.S.$60,000,000 (or the
equivalent in other currencies) in all other cases; provided that any Debt Incurred pursuant to this clause has a weighted average life to maturity that is greater than the remaining weighted average life to maturity of the Debt under this
Agreement; 
 (d) the net proceeds of which are applied to satisfy obligations of the Borrower or any of its Subsidiaries
arising in the ordinary course of business of such Person, excluding obligations in respect of (i) Capital Expenditures, (ii) Restricted Payments, (iii) Acquisitions, (iv) Investments, and (v) loans and advances made or to
be made by such Person, other than Ordinary Course Loans; 
 (e) owed to the Borrower or any of its consolidated Subsidiaries;

 (f) which has become Debt solely due to a change in Mexican FRS; 
 (g) to the extent resulting from the closing of, or funding under the CEMEX España 2009 Facility, in an aggregate amount of up to
U.S.$2,000,000,000 (or the equivalent thereof in other currencies) so long as the net proceeds of which are applied to repay, repay or discharge existing Debt arising under bilateral loan agreements; or 
 (h) any Guarantee Incurred by the Borrower or any of its Subsidiaries for any of the Debt referred to in paragraphs (a) to
(g) above. 
 “Permitted Liens” has the meaning specified in Section 8.02. 
 “Person” means an individual, partnership, corporation, business trust, joint stock company, limited liability company,
trust, unincorporated association, joint venture or other business entity or Governmental Authority, whether or not having a separate legal personality. 
 “Pesos” or “MXP” means the lawful money of Mexico. 
 “Prime Rate” means the average of the rate of interest publicly announced by each of the Reference Banks from time to time as its Prime Rate in New York City, the Prime Rate to change as and when such designated rate
changes. The Prime Rate is not intended to be the lowest rate of interest charged by the Administrative Agent or any Lender in connection with extensions of credit to debtors of any class, or generally. 
 “Process Agent” has the meaning specified in Section 13.12(a). 
 “Qualified Receivables Transaction” means a sale, transfer, or securitization of receivables and related assets by the
Borrower or its Subsidiaries, including a sale at a discount, provided that (i) such receivables have been sold, transferred or otherwise conveyed, directly or indirectly, by the originator thereof in a manner that satisfies the requirements
for a sale, transfer or other conveyance under the laws and regulations of the jurisdiction in which such originator is organized; (ii) at the time of the sale, transfer or securitization of receivables is put in place, the receivables are
derecognized from the balance sheet of the Borrower or its Subsidiary in accordance with the generally accepted accounting principles applicable to such Person in effect as at the date of such sale, transfer or securitization; and (iii) except
for customary representations, warranties, covenants and indemnities, such sale, transfer or securitization is carried out on a non-recourse basis or on a basis where recovery is limited to the collection of receivables. 
  

 - 14 - 

 “Quarterly Period” means a fiscal quarter of each year, as follows:
January 1 through March 31, April 1 through June 30, July 1 through September 30 and October 1 through December 31. 
 “Quotation Day” means, in relation to any period in which an interest rate for Dollars is to be determined, two (2) Business Days before the first day of that period. 
 “Reference Banks” means two banks in the London interbank market, initially Citibank, N.A., and JPMorgan Chase Bank.

 “Reference Period” means a period of four consecutive Quarterly Periods. 
 “Regulation T, U, or X” means Regulation T, U, or X, respectively, of the Board of Governors of the Federal Reserve
System as from time to time in effect and any successor to all or a portion thereof. 
 “Required Lenders”
means, at any time, Lenders (other than Defaulting Lenders) whose Aggregate Exposures, when aggregated, equal or exceed 50.01% of the Aggregate Committed Amount (or, if the Commitments shall have terminated, the Aggregate Exposures of all Lenders)
minus the Aggregate Exposure of any Defaulting Lender at such time. 
 “Requirement of Law” means, as to any
Person, any law, ordinance, rule, regulation or requirement of any Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 
 “Responsible Officer” of any Person means the Chief Financial Officer, the Corporate Planning and Finance Director, the
Corporate Financing Director or the Comptroller of such Person. 
 “Restricted Payment” means any cash
dividend or other cash distribution with respect to any Capital Stock of the Borrower, or any cash payment, including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination
of any such Capital Stock, or on account of any return of capital to the Borrower’s stockholders. 
 “Revaluation
Date” means each of the following: (a) in connection with the making of any Loan, the Business Day which is the earliest of the date such Loan is made or the date the rate is set, as applicable; (b) in connection with any
extension or conversion or continuation of an existing Loan, the Business Day that is the earlier of the date such Loan is extended, converted or continued, or the date the rate is set, as applicable, in connection with any extension, conversion or
continuation; (c) the date of any reduction of the Aggregate Committed Amount; and (d) such additional dates as the Administrative Agent or the Required Lenders shall deem necessary. 
 “Screen Rate” means in relation to LIBOR, the British Bankers Association Interest Settlement Rate for the relevant
currency and period, displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Administrative Agent may specify another page or service displaying the appropriate rate after
consultation with the Borrower and the Lenders. 
  

 - 15 - 

 “Securities Issuance” means any issuance or sale by the Borrower or any
of its subsidiaries of unsecured long-term debt securities of the Borrower or any such Subsidiary. 
 “Solvent” means, with respect to any Person, that such Person (a) owns and will own assets the fair saleable value of which are (i) greater than the total amount of its debts and liabilities, subordinated,
contingent or otherwise; and (ii) greater than the amount that will be required to pay the probable liabilities of its then existing debts, as such debts become absolute and matured and considering all financing alternatives and potential asset
sales reasonably available to it; (b) has capital that is not unreasonably small in relation to its business as presently conducted and as proposed to be conducted following the Effective Date; (c) does not intend to incur and does not
believe that it will incur debts beyond its ability to pay such debts as they become due; and (d) is not, or is not deemed to be, in general default of its obligations pursuant to the Mexican Ley de Concursos Mercantiles. In computing the
amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become
an actual or matured liability. For the purposes of this definition “fair saleable value” means the aggregate amount of net consideration (giving effect to reasonable and customary costs of sale and taxes) that could be expected to
be realized if the aggregate assets of the applicable entity are sold with reasonable promptness in an arm’s length transaction under present conditions for the sale of assets of comparable business enterprises. 
 “Subsidiary” means with respect to any Person, any corporation, partnership, joint venture, limited liability company,
trust, estate or other entity of which (or in which) more than fifty percent (50%) of (a) in the case of a corporation, the issued and outstanding capital stock having ordinary voting power to elect a majority of the board of directors of
such corporation (irrespective of whether at the time capital stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency not in the control of such Person), (b) in the case of
a limited liability company, partnership or joint venture, the interest in the capital or profits of such limited liability company, partnership or joint venture or (c) in the case of a trust or estate, the beneficial interest in such trust or
estate, is at the time directly or indirectly owned or controlled by (X) such Person, (Y) such Person and one or more of its other Subsidiaries or (Z) one or more of such Person’s other Subsidiaries. 
 “Substitute Lender” means a commercial bank or other financial institution, acceptable to the Borrower, the Lenders and
the Administrative Agent, each in its sole discretion, and approved by the Joint Arrangers (including such a bank or financial institution that is already a Lender hereunder), which assumes all or a portion of the Commitment of a Lender pursuant to
the terms of this Agreement. 
 “Taxes” means any and all present or future income, stamp, sales or other
taxes, levies, imposts, duties, deductions, fees, charges or withholdings, and all liabilities with respect thereto collected, withheld or assessed by any Governmental Authority, excluding, (a) in the case of each Lender the Administrative
Agent, and any Tax Related Persons, such taxes (including income taxes or franchise taxes) as are imposed on or measured by its net income or capital by the jurisdiction (or any political subdivision thereof) under the laws of which it is organized
or maintains a Lending Office or its principal office or performs its functions as Administrative Agent or as are imposed on such Lender or the Administrative Agent or any of their Tax Related Persons (as the case may be) as a result of a present or
former connection between the Lender, the Administrative Agent, or such Tax Related Person and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such
connection arising solely from the Lender or such Administrative Agent 

  

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having executed, delivered or performed its obligations or received a payment under, or enforced, the Transaction Documents) and (b) any taxes, levies,
imposts, deductions, charges or withholdings to the extent imposed by reason of any Lender’s or Administrative Agent’s failure to (i) register as a Foreign Financial Institution with the Ministry of Finance and (ii) be a resident
(or have a principal office which is a resident, if such Lender lends through a branch or agency) for tax purposes of a jurisdiction with which Mexico has in effect a treaty for the avoidance of double taxation (but only in respect of those taxes
payable in excess of taxes that would have been payable had such Lender complied with those conditions). 
 “Tax
Related Person” means any Person whose income is realized through, or determined by reference to, the Administrative Agent or a Lender; provided that no Lender shall be deemed a Tax Related Person of the Administrative Agent, and the
Administrative Agent shall not be deemed a Tax Related Person of any Lender. 
 “Temporary Investments”
means, at any date, all amounts that would, in conformity with Mexican FRS consistently applied, be set forth opposite the caption “cash and cash equivalent” (“efectivo y equivalentes de efectivo”) or “temporary
investments” (“inversiones temporales”) on a consolidated balance sheet of the Borrower at such date. 
 “Tender Offer” means any offer made by the Borrower or any of its Subsidiaries to acquire at least 50.1% of the issued and outstanding shares of a target company or a controlling interest in such target company. 

“Termination Date” means the earlier of (a) February 28, 2011 (or, if the Termination Date has been extended
pursuant to Section 3.13, the “Extended Termination Date”) and (b) if no Loans are outstanding, the date the Commitments are terminated in accordance with this Agreement. 
 “TIIE” means, in relation to any Mexican-Rate Loan, a periodic rate equal to the Mexican Benchmark Interbank Rate
(Tasa de Interés Interbancaria de Equilibrio) (TIIE) for a period of 28 days, as quoted by the Mexican Central Bank (Banco de México) and published in the Federal Official Gazette (Diario Oficial de la
Federación) on the first day of the applicable 28-day Interest Period or if such day is not a Business Day, on the immediately preceding Business Day. Interest shall be calculated on the basis of a year of 360 days for actual days
elapsed. 
 “Tranche A Aggregate Exposure” means the Dollar Amount of the aggregate principal amount of all
Tranche A Loans outstanding. 
 “Tranche A Commitment” means, with respect to each Tranche A Lender, the
commitment of such Tranche A Lender to make a Tranche A Loan hereunder as set forth under the heading “Tranche A Commitment” in Schedule 1.01(a) or in any Assignment and Assumption Agreement, as such amount may be reduced or
increased from time to time in accordance with the provisions hereof. 
 “Tranche A Commitment Percentage”
means, with respect to each Tranche A Lender, a fraction (expressed as a decimal) the numerator of which is the Tranche A Commitment of such Tranche A Lender at such time and the denominator of which is the Aggregate Tranche A Committed Amount at
such time or, if the Tranche A Commitments have terminated, the numerator of which is such Tranche A Lender’s portion of the Tranche A Aggregate Exposure at such time and the denominator of which is the Tranche A Aggregate Exposure at such
time. 
  

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 “Tranche A Lender” means each financial institution designated as a
Tranche A Lender on the signature pages hereof, each Assignee which becomes a Tranche A Lender pursuant to Section 13.06(b), each Substitute Lender and each of their respective successors or assigns. 
 “Tranche A Loans” shall mean Base Rate Loans or LIBOR Loans made by the Tranche A Lenders to the Borrower pursuant
to Section 2.01(a). 
 “Tranche B Aggregate Exposure” means the Dollar Amount of the aggregate
principal amount of all Tranche B Loans outstanding. 
 “Tranche B Commitment” means, with respect
to each Tranche B Lender, the commitment of such Tranche B Lender to make a Tranche B Loan hereunder, as set forth under the heading “Tranche B Commitment” in Schedule 1.01(a) or in any Assignment and Assumption Agreement, as such
amount may be reduced or increased from time to time in accordance with the provisions hereof. 
 “Tranche B
Commitment Percentage” means, with respect to each Tranche B Lender, a fraction (expressed as a decimal) the numerator of which is the Tranche B Commitment of such Tranche B Lender at such time and the denominator of which is the Aggregate
Tranche B Committed Amount at such time or, if the Tranche B Commitments have terminated, the numerator of which is such Tranche B Lender’s portion of the Tranche B Aggregate Exposure at such time and the denominator of which is the
Tranche B Aggregate Exposure at such time. 
 “Tranche B Lender” means each financial institution designated
as a Tranche B Lender on the signature pages hereof, each Assignee which becomes a Tranche B Lender pursuant to Section 13.06(b), each Substitute Lender and each of their respective successors or assigns. 
 “Tranche B Loans” shall mean Mexican-Rate Loans made by the Tranche B Lenders to the Borrower pursuant to
Section 2.01(a). 
 “Transaction Documents” means a collective reference to this Credit Agreement, the
Notes, any Assignment and Assumption Agreement, the Fee Letters and all other related agreements and documents issued or delivered hereunder or thereunder or pursuant hereto or thereto. 
 “United States” means the United States of America, including the States and the District of Columbia, but excluding its
territories and possessions. 
 “Value of Debt Currency Derivatives” means, on any given date, the aggregate
mark-to-market value of Debt Currency Derivatives, expressed as a positive number (if, on a mark-to-market basis, such aggregate amount reflects a net amount owed to the Borrower and its Subsidiaries) or as a negative number (if, on a mark-to-market
basis, such aggregate amount reflects a net amount owed by the Borrower and its Subsidiaries). For the avoidance of doubt, Value of Debt Currency Derivatives is net of any amounts pledged as cash collateral. 
 “Welfare Plan” means a “welfare plan”, as such term is defined in Section 3(1) of ERISA. 
  

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 1.02. Other Definitional Provisions. 
 (a) The terms “including” and “include” are not limiting and mean “including but not limited to” and
“include but are not limited to”. 
 (b) The words “hereof”, “herein” and “hereunder”
and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article, Section, paragraph, Schedule and Exhibit references are to this Agreement unless otherwise
specified. 
 (c) The meanings given to terms defined herein are equally applicable to both the singular and plural forms of
such terms. 
 (d) In this Agreement, in the computation of periods of time from a specified date to a later specified date,
the word “from” means “from and including” and the words “to” and “until” each means “to but excluding”. Periods of days referred to in this Agreement shall be counted in calendar days unless
Business Days are expressly prescribed. 
 (e) Unless the context requires otherwise, or as otherwise set forth herein,
(i) any definition of or reference to any agreement, instrument or other document shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified and (ii) any
reference to any law shall refer to such law as amended, modified or supplemented from time to time. 
 (f) The captions and
headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement. 
 1.03.
Accounting Terms and Determinations. 
 (a) All accounting and financing terms not specifically defined herein shall be
construed in accordance with Mexican FRS or, if the context shall require, Applicable GAAP. 
 (b) Calculations with respect
to the Consolidated Net Debt/EBITDA Ratio and the Adjusted Consolidated Net Tangible Assets and the defined terms used in such calculations, when made in relation to dates other than the last day of a Quarterly Period, shall be made by the Borrower
acting in good faith by reference to (i) the most recently available financial statements of the Borrower and its Subsidiaries (including, to the extent available, unaudited monthly financial information) as of such date and (ii) events,
conditions and circumstances occurring or existing subsequent to such financial statements. 
 ARTICLE II 
 THE LOAN FACILITIES 
 2.01.
Loans. 
 (a) Commitment. On the terms and subject to the conditions hereof, (i) each Tranche A Lender,
severally and not jointly with any other Tranche A Lender, agrees to make a Tranche A Loan to the Borrower on a single date during the Commitment Period (the “Disbursement Date”) in Dollars in a principal Dollar Amount not to exceed
such Tranche A Lender’s Tranche A Commitment; and (ii) each Tranche B Lender, severally and not jointly with any other Tranche B Lender, agrees to make a Tranche B Loan to the Borrower on the 

  

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Disbursement Date in Pesos in a principal amount not to exceed such Tranche B Lender’s Tranche B Commitment. Tranche A Loans shall consist of
Base Rate Loans or LIBOR Loans or a combination thereof and Tranche B Loans shall consist of Mexican-Rate Loans. 
 (b)
Loans and Borrowings. Each Tranche A Loan shall be made ratably in accordance with the Tranche A Commitment Percentage of each Tranche A Lender. Each Tranche B Loan shall be made ratably in accordance with the
Tranche B Commitment Percentage of each Tranche B Lender. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the
Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
 (c)
Request for Borrowings. 
 (i) To request the Borrowing, the Borrower shall notify the Administrative Agent of such
request by telephone, not later than 11:00 a.m., New York City time, two (2) Business Days prior to the day the Borrower designates as the Disbursement Date. The telephonic Borrowing request shall be irrevocable and shall be confirmed
promptly, on the same day as the making of the telephonic Borrowing Request, by hand delivery or facsimile to the Administrative Agent of a written notice (the “Notice of Borrowing”) in the form attached as Exhibit B approved by the
Administrative Agent and signed by a duly authorized representative of the Borrower. The telephonic request and written Notice of Borrowing shall specify the following information in compliance with this Section 2.01: 
 (A) that the Loans are requested; 
 (B) the requested Disbursement Date, which shall be a Business Day; 
 (C) the currency and
the aggregate principal amount to be borrowed; and 
 (D) whether the Borrowing shall be composed of Base Rate Loans, LIBOR
Loans, Mexican-Rate Loans, or a combination thereof. 
 (ii) Not later than 12:00 p.m. New York City time on the Business
Day on which the Notice of Borrowing is received, the Administrative Agent shall promptly advise each Lender of the details thereof and shall advise each Lender of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

 (d) Funding of Borrowing. Each Lender shall make each Loan to be made by it hereunder on the Disbursement Date by
11:00 a.m., New York City time, (x) in the case of Tranche A Loans, in Federal or other funds immediately available in New York City to the Administrative Agent at the Agent’s New York Account, and (y) in the case of Tranche B
Loans, in funds immediately available in Mexico City to the Administrative Agent at the Administrative Agent’s Mexico Account. The Administrative Agent shall use such funds on behalf of the Borrower to prepay the Existing Bilateral Facilities.
Unless the Administrative Agent shall have received notice from a Lender, prior to the time of the Borrowing, that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent
may, but shall not be required to, assume that such Lender has made such share available on such date in accordance with Section 2.01(c) and may in its sole discretion, but shall not be required to, in reliance upon such assumption, make
available to the Borrower a corresponding amount. If any Lender either does not make its share of the Borrowing available to the Administrative Agent or delays in doing so past 4:00 p.m., New York City time, on the Disbursement Date (such
Lender (until it makes such share available) hereinafter referred to as a “Defaulting Lender”), then the Administrative Agent shall immediately notify the Borrower of 

  

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such default. If the Administrative Agent has, in its sole discretion, made available to the Borrower an amount corresponding to such Defaulting
Lender’s share of the Borrowing, then the Defaulting Lender and the Borrower jointly and severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, on each day from and including the
date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent at: 
 (i)
in the case of the Defaulting Lender, (A) for a Tranche A Loan, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation and (B) for a
Tranche B Loan, TIIE; or 
 (ii) in the case of the Borrower, (A) for a Tranche A Loan, the interest rate applicable to
Base Rate Loans and (B) for a Tranche B Loan, TIIE times plus the Applicable Margin. 
 If, with respect to the immediately preceding
sentence, the Borrower pays such amount to the Administrative Agent, then the Defaulting Lender shall indemnify and hold harmless the Borrower from and against such amount, and if such Defaulting Lender pays such amount to the Administrative Agent,
then such amount shall constitute such Defaulting Lender’s Loan included in such Borrowing. If the Administrative Agent, in its discretion, does not make available to the Borrower an amount corresponding to the Defaulting Lender’s share of
the Borrowing then the Defaulting Lender shall indemnify and hold harmless the Borrower from and against such amount as well as any and all losses, liabilities (including liabilities for penalties), actions, suits, judgments, demands, costs, and
expenses (including reasonable fees and disbursements for counsel including allocated cost of internal counsel) resulting from any failure on the part of the Defaulting Lender to provide, or from any delay in providing, the Administrative Agent with
such Defaulting Lender’s pro rata share of the Borrowing, but no Lender shall be so liable for any such failure on the part of or caused by any other Lender or the Administrative Agent or the Borrower. 
 (e) Extension and Conversion. The Borrower shall have the option, on any Business Day, to extend existing LIBOR Loans into a
subsequent permissible Interest Period or to convert LIBOR Loans into Base Rate Loans or to convert Base Rate Loans into LIBOR Loans; provided, however, that (i) except as provided in Section 3.06, LIBOR Loans may only be
converted into Base Rate Loans on the last day of the Interest Period applicable thereto unless the Borrower agrees to pay all Funding Losses; (ii) Loans extended as LIBOR Loans, or converted into LIBOR Loans, shall be subject to the terms of
the definition of “Interest Period” set forth in Section 1.01; and (iii) Base Rate Loans may not be converted into, and LIBOR Loans may not be continued as, LIBOR Loans, if a Default or Event of Default has occurred and is
continuing. Each such extension or conversion shall be effected by the Borrower by giving a written notice (or telephone notice promptly confirmed in writing) (a “Notice of Extension/Conversion”) to the Administrative Agent prior to
10:00 a.m., New York City time, on the Business Day of, in the case of the conversion of a LIBOR Loan into a Base Rate Loan, and on the third Business Day prior to, in the case of the extension of a LIBOR Loan as, or conversion of a Base Rate
Loan into, a LIBOR Loan, the date of the proposed extension or conversion, substantially in the form of Exhibit C hereto, specifying (A) the date of the proposed extension or conversion and (B) the Loans to be so extended or
converted. Each Notice of Extension/Conversion shall be irrevocable. If the Borrower does not request extension or conversion of any LIBOR Loan in accordance with this Section, then such LIBOR Loan shall be continued as a Base Rate Loan at the end
of the Interest Period applicable thereto, until the Borrower converts such Loan to a LIBOR Loan. In the event any LIBOR Loans are not permitted to be continued as a LIBOR Loan hereunder, such LIBOR Loans shall automatically be converted to Base
Rate Loans at the end of the applicable Interest Period with respect thereto. The Administrative Agent shall give each Lender notice as 

  

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promptly as practicable of any such proposed extension or conversion affecting any Loan. The Borrower agrees that, if so requested by the Administrative
Agent or any Lender, it will exchange and deliver to the Administrative Agent or Lender, as the case may be, any Notes outstanding for new Notes signed by the Credit Parties (through their duly empowered representatives) that reflect any election
made by the Borrower under this Section 2.01(e) any change in the applicable interest rate, and prepayment or any other circumstance as may be necessary to accurately reflect the terms of each outstanding loan promptly after such request and
upon its receipt of the Notes to be exchanged. 
 (f) Amortization; Repayment. The Borrower shall repay the Loans in
such amounts as follows: 
 (i) Subject to any adjustment pursuant to subsection (ii) below and Section 2.01(g), the
Borrower shall repay the Loans: (1) on or prior to November 13, 2009, in an aggregate principal amount equal to U.S.$225,000,000 (the “2009 Amortization”); and (2) on the last Business Day of each of February, May,
August and November 2010, in a principal amount equal to U.S.$50,000,000 (collectively referred to as the “2010 Amortization”); provided that the 2010 Amortization installments shall be ratably reduced by the amount of Loans
prepaid in excess of the 2009 Amortization and on or before December 31, 2009. 
 (ii) Notwithstanding the provision in
paragraph (i)(2) above, if the CEMEX España Tranche B Extension occurs, in an amount greater than U.S.$1,500,000,000, the Borrower shall, on or prior to December 31, 2009, repay Loans in an aggregate principal amount equal to the
lesser of (A) one-third of the amount of loans, in excess of U.S.$1,500,000,000, for which the CEMEX España Tranche B Extension has occurred and (B) U.S.$200,000,000; provided that, such amount shall be applied to
ratably reduce the 2010 Amortization installments. 
 (iii) Notwithstanding any other provision herein, the Borrower shall
repay the outstanding principal amount of the Loans on the Termination Date. 
 (g) Voluntary Prepayment. Loans may be
prepaid in whole or in part, without premium or penalty, provided that any partial prepayment of Loans shall be in a principal Dollar Amount of U.S.$5,000,000 in the case of Tranche A Loans and MXN50,000,000 in the case of Tranche B
Loans or, if less, the entire principal amount thereof then outstanding. Any prepayment of the Loans under this paragraph (g) will be applied, if made on or prior to November 13, 2009, to reduce the amount of the 2009 Amortization, and if
made after November 13, 2009, firstly, to ratably reduce the 2010 Amortization installments, and secondly, to ratably reduce the Loans then outstanding. 
 (h) Mandatory Prepayment. 
 (i) Until the earlier of November 13, 2009 and the repayment in full of the 2009 Amortization, the Borrower and its Subsidiaries shall apply one hundred percent (100%) of the Net Cash Proceeds in respect of
any Asset Sale (but excluding Excluded Asset Sales) as follows: (1) with respect to the initial U.S.$1,500,000,000 of aggregate Net Cash Proceeds, a portion of up to U.S.$450,000,000 may be applied to prepay principal amounts outstanding
(including interest) under the CEMEX España 2009 Facility, in accordance with the terms thereof; (2) the total or a portion of any Net Cash Proceeds may be applied towards the payment or voluntary prepayment of principal amounts
outstanding, together with any mandatory make-whole or similar payments and, to the extent required, payment of interest, under those certain Debt facilities, notes, bonds, other Debt instruments and derivative agreements listed on 

  

 - 22 - 

 
Schedule 2.01(h)(i) hereto and/or to the repurchase of receivables transferred in a Qualified Receivables Transaction listed on Schedule 2.01(h)(i)
hereto; (3) any Net Cash Proceeds remaining after the payments, prepayments or repurchases contemplated by clauses (1) and (2) above shall be applied to prepay the Loans outstanding under this Agreement in an aggregate amount equal to
the lesser of (A) U.S.$225,000,000 and (B) the then unpaid amount of the 2009 Amortization; and (4) any Net Cash Proceeds remaining after the payments or prepayments contemplated by clauses (1), (2) and (3) above may be
applied as the Borrower may select (subject to Section 8.04). 
 (ii) If the aggregate Net Cash Proceeds from Asset Sales
used to prepay Loans pursuant to clause (h)(i) above on or before June 30, 2009 equal less than U.S.$1,000,000,000, the Borrower shall, or shall procure that a Subsidiary shall, subject to the conditions below, use commercially reasonable
efforts to complete a Securities Issuance as soon as practicable and in any event on or before November 13, 2009, the Net Cash Proceeds of which shall be sufficient to repay the Loans in a principal amount equal to the lesser of
(A) U.S.$225,000,000 and (B) the then unpaid amount of the 2009 Amortization. The Borrower shall apply such portion of the Net Cash Proceeds of a Securities Issuance as is sufficient to prepay outstanding Loans in accordance with the
preceding sentence. Any Securities Issuance shall be subject to the following conditions: (1) such Securities Issuance (after application of the Net Cash Proceeds therefrom) shall be consistent with the Borrower’s or the relevant
Subsidiary’s contractual obligations (including its obligations hereunder) and the fiduciary duties of its board of directors or similar governing body; (2) such issuance if in the U.S. markets shall be structured so as to be exempt from
registration under United States federal and state securities laws or otherwise comply with such laws; (3) the economic terms and conditions of the securities issued shall be reasonably acceptable to the Borrower or the relevant Subsidiary,
including being on similar terms to securities issued in the period of ninety (90) days prior to the date of issuance by corporate issuers that are comparable in the sector and which have a comparable rating to that of the Borrower or the
relevant Subsidiary (or if no such securities have been issued, on similar terms to securities issued by US corporate issuers with a comparable rating to the Borrower or the relevant Subsidiary); and (4) the covenant terms, as to the Borrower
or the relevant Subsidiary, shall be substantially similar to the terms of the Borrower’s or the relevant Subsidiary’s (as the case may be) other outstanding long term debt securities and shall not conflict with, or be more onerous than,
the terms of the Borrower’s or such Subsidiary’s other bank financing arrangements at that time. 
 (i) Payments
Generally. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of each prepayment or repayment of Loans not later than 11:00 a.m. New York City time, three (3) Business Days before the scheduled date
of such repayment, which notice shall specify the Section of this Agreement pursuant to which such payment is being made and include reasonable detail as to the determination of the amount to be paid. Each repayment of Loans contemplated by
Section 2.01(f) above shall be made on the dates specified therein. Each payment, prepayment or repurchase of Loans or other Debt required pursuant to Sections 2.01(h)(i) and (ii) above shall be made no later than: (i) where the
next occurring date required for payment or, in the case of the Loans, Interest Payment Date falls more than thirty (30) days from the date of receipt of the relevant Net Cash Proceeds by the relevant member of the CEMEX Group, such next
occurring date required for payment or, in the case of the Loans, Interest Payment Date; and (ii) where such next occurring date required for payment or, in the case of the Loans, Interest Payment Date falls fewer than thirty (30) days
from the date of receipt of the relevant Net Cash Proceeds by the relevant member of the CEMEX Group, the date falling not later than thirty (30) days after such next occurring date required for payment or, in the case of the Loans, Interest
Payment Date (or, in the case of the Loans, if earlier, 

  

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November 13, 2009). Each prepayment and repayment of Loans shall: (i) be applied ratably to each Lender in accordance with the Dollar Amount each
Lender’s Loan constitutes of the Aggregate Exposure on such date; (ii) be accompanied by the payment of all accrued interest thereon, together with, if such prepayment is made on any date other than a scheduled Interest Payment Date, any
Funding Losses required pursuant to Section 3.06; (iii) be made in the same currency denomination as the Loan being prepaid or repaid; and (iv) be made without penalty or premium (but without limitation of Section 3.06). Amounts
prepaid or repaid may not be reborrowed. 
 (j) Notes. Subject to Section 2.01(e), the Tranche A Loans of
each Tranche A Lender shall be evidenced by a duly executed note in favor of such Tranche A Lender in the form of Exhibit A-1 attached hereto, and the Tranche B Loans of each Tranche B Lender shall be evidenced by a duly
executed note in favor of such Tranche B Lender in the form of Exhibit A-2 attached hereto. Each Note shall be executed by the Borrower, be guaranteed (por aval) by the Guarantors and, in the case of the Tranche B Loans, qualify as
a pagaré, and specify the Applicable Margin applicable to such Loans. 
 2.02. Interest. 
 (a) Base Rate Loans. Each Base Rate Loan shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin.

 (b) LIBOR Loans. Each LIBOR Loan shall bear interest for each Interest Period at a rate per annum equal to LIBOR for
such Interest Period plus the Applicable Margin. 
 (c) Mexican-Rate Loans. Each Mexican-Rate Loan shall bear interest
for each Interest Period at a rate per annum equal to TIIE for such Interest Period plus the Applicable Margin. 
 (d)
Default Interest. Notwithstanding the foregoing, if any principal of, or interest on, any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration, by mandatory
prepayment or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, two percent (2.00%) plus the rate otherwise applicable to
such Loan as provided above or (ii) in the case of any other amount, two percent (2.00%) plus the rate applicable to Base Rate Loans as provided in Section 2.02(a). 
 (e) Payment of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan;
provided that (i) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (ii) in the event of any
conversion of any LIBOR Loan prior to the end of the Interest Period therefore, accrued interest on such Loan shall be payable on the effective date of such conversion. Interest with respect to each Loan shall be paid in the currency in which such
Loan is denominated. 
 (f) Computation. All interest hereunder shall be computed on the basis of a year of 360 days,
except that interest computed by reference to the Base Rate at times when the Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). The applicable Base Rate, LIBOR or Mexican-Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 
  

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 ARTICLE III 
 TERMINATION AND REDUCTION OF 
 COMMITMENTS; FEES, TAXES, PAYMENT PROVISIONS

 3.01. Termination or Reduction of Commitments. 
 (a) Mandatory Termination. The Commitments shall terminate on the last day of the Commitment Period. 
 (b) Voluntary Termination. Upon at least three (3) Business Days’ notice to the Administrative Agent and the Joint
Arrangers, the Borrower may terminate the existing Commitments. 
 3.02. Fees. 
 (a) Facility Fee. The Borrower agrees to pay to the Administrative Agent, one (1) Business Day after the Effective Date, for
the account of the Lenders ratably in accordance with their Commitment Percentage, a facility fee in an amount equal to 0.5% of the Aggregate Committed Amount on such date; 
 (b) The Borrower agrees to pay to the Administrative Agent, one (1) Business Day after the first anniversary of the Effective Date,
for the account of the Lenders on such date ratably in accordance with the Dollar Amount each Lender’s Loans constitute of the Aggregate Exposure on such date, an additional facility fee in an amount equal to 0.5% of the Aggregate Exposures of
all the Lenders on such date (after all amortizations and prepayments prior to such date); and 
 (c) Administrative
Agent’s Fees. The Borrower will pay to the Administrative Agent for the sole account of the Administrative Agent, an agency fee in an amount and at the times agreed to by the Administrative Agent and the Borrower in the Administrative
Agency Fee Letter. 
 3.03. Computation of Fees. All fees calculated on a per annum basis shall be computed on the basis of a year of
360 days and paid for the actual number of days elapsed. 
 3.04. Taxes. 
 (a) Any and all payments by the Borrower or a Guarantor, as the case may be, to any Lender, the Joint Arrangers or the Administrative
Agent under this Agreement and the other Transaction Documents shall be made free and clear of, and without deduction or withholding for or on account of, any Taxes unless required by law. In addition, the Borrower shall promptly pay all Other
Taxes. 
 (b) Except as otherwise provided in Section 3.04(c), the Borrower and the Guarantors jointly and severally
agree to indemnify and hold harmless each Lender and the Administrative Agent for the full amount of Taxes or Other Taxes (without duplication) excluding in each case United States backup withholding Taxes imposed because of payee underreporting
(including any Taxes or Other Taxes (without duplication) imposed by any 

  

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jurisdiction on amounts payable under this Section 3.04) paid by or assessed against any Lender or the Administrative Agent in respect of any sum
payable hereunder and any liability (including penalties, interest, additions to tax and expenses) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted, except to the extent that such
penalties, interest, additions to tax or expenses are incurred solely as a result of any gross negligence or willful misconduct of such Lender or Administrative Agent, as the case may be. Payment under this indemnification shall be made within
thirty (30) days after the date any Lender or the Administrative Agent makes written demand therefor, setting forth in reasonable detail the basis and calculation of such amounts (such written demand shall be presumed correct, absent
significant error). 
 (c) If the Borrower or the Guarantors, as the case may be, shall be required by law to deduct or
withhold any Taxes or Other Taxes from or in respect of any sum payable hereunder to any Lender or the Administrative Agent, then: 
 (i) the sum payable shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholdings applicable to additional sums payable under this Section 3.04, but excluding in
each case United States backup withholding Taxes imposed because of payee underreporting) such Lender or the Administrative Agent receives an amount equal to the sum it would have received had no such deductions or withholdings been made;
provided that, the Borrower shall not be required to increase any amounts payable to such Lender or the Administrative Agent to the extent such increased amounts would be in excess of the amounts that would have been payable to such Lender or
the Administrative Agent had such Lender or Administrative Agent complied with the requirements of Section 3.04(f) or to the extent provided in Section 3.04(g); 
 (ii) the Borrower or the Guarantors, as the case may be, shall make such deductions and withholdings; and 
 (iii) the Borrower or the Guarantors, as the case may be, shall pay the full amount deducted or withheld to the relevant taxing authority
or other authority in accordance with applicable law. 
 (d) Within thirty (30) days after the date of any payment by the
Borrower or the Guarantors, as the case may be, of Taxes or Other Taxes, the Borrower or the Guarantors, as the case may be, shall furnish to the Administrative Agent the original or a certified copy of a receipt evidencing payment thereof or other
evidence of payment reasonably satisfactory to the Administrative Agent or the relevant Lender. 
 (e) If the Borrower or the
Guarantors, as the case may be, is required to pay additional amounts to the Administrative Agent or any Lender pursuant to Section 3.04(c) other than amounts related to the withholding of Mexican tax at the rate applicable to interest payments
received by foreign financial institutions registered with the Secretaría de Hacienda y Crédito Público as a Foreign Financial Institution for the purposes of Article 195, Section I of the Mexican Income Tax law, then the
Administrative Agent or such Lender shall, upon reasonable request by the Borrower or the Guarantors, use reasonable efforts (consistent with legal and regulatory restrictions) to change the jurisdiction of its Lending Office, issuing office, or
office for receipt of payments by the Borrower and Guarantors hereunder, as the case may be, so as to eliminate or reduce the obligation of the Borrower or the Guarantors, as the case may be, to pay any such additional amounts which may thereafter
accrue or to indemnify the Administrative Agent or such Lender in the future, if such change in the reasonable judgment of the Administrative Agent or such Lender is not otherwise disadvantageous to such Lender. 
  

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 (f) Each Lender and the Administrative Agent shall, from time to time at the request of
the Borrower or the Administrative Agent (as the case may be), promptly furnish to the Borrower and the Administrative Agent (as the case may be), such forms, documents or other information (which shall be accurate and complete) as may be required
by law or regulation to establish any available exemption from, or reduction in the amount of, applicable Taxes, including, but not limited to, evidence of tax residence of each Lender given by the applicable tax authority within one year from the
date of the deduction or withholding by the Borrower of any Taxes or Other Taxes; provided, however, that none of any Lender or the Administrative Agent shall be obliged to disclose information regarding its tax affairs or computations
to the Borrower in connection with this paragraph (f), it being understood that the identity of any Person shall not be considered for these purposes as information regarding its tax affairs or computations. Each of the Borrower and the
Administrative Agent shall be entitled to rely on the accuracy of any such forms, documents or other information furnished to it by any Person and shall have no obligation to make any additional payment or indemnify any Person for any Taxes,
interest or penalties that would not have became payable by such Person had such documentation been accurate. 
 (g) In the
case of an assignment, transfer, grant of a participation, designation of a new Lending Office or Administrative Agent’s New York Account or Administrative Agent’s Mexico Account or appointment of a successor Administrative Agent, the
Borrower and Guarantors shall not be required to pay or increase any amounts, pursuant to this Section 3.04 following such event, in excess of the amounts the Borrower and Guarantors were required to pay or increase immediately prior to such an
event, except to the extent such event occurs pursuant to Section 3.11 or to the extent of increases in such amounts resulting from a change in applicable law occurring after such event. 
 (h) If the Administrative Agent or any Lender receives a refund or credit in respect of Taxes or Other Taxes as to which it has been
indemnified by the Borrower or a Guarantor, as the case may be, pursuant to Section 3.04(b) and such refund or credit is directly and clearly attributable to this Agreement, it shall notify the Borrower or such Guarantor, as the case may be, of
the amount of such refund or credit and shall return to the Borrower or such Guarantor, as the case may be, such refund or the benefit of such credit; provided, however, that (A) the Administrative Agent or such Lender, as the
case may be, shall not be obligated to make any effort to obtain such refund or credit or to provide the Borrower or the Guarantors with any information on or justification for the arrangement of its tax affairs or otherwise disclose to the
Borrower, the Guarantors or any other Person any information that it considers to be proprietary or confidential, and (B) the Borrower or such Guarantor, as the case may be, upon the request of the Administrative Agent or such Lender, as the
case may be, shall return the amount of such refund or the benefit of such credit (together with any interest or such other amounts (actualizaciones) accrued thereon) to the Administrative Agent or such Lender, as the case may be, if the
Administrative Agent or such Lender, as the case may be, is required to repay the amount of such refund or the benefit of such credit to the relevant authorities within six (6) years of the date the Borrower or such Guarantor, as the case may
be, is paid such amount by the Administrative Agent or such Lender, as the case may be. 
 (i) The agreements in this
Section 3.04 shall survive the termination of this Credit Agreement and the payment of the Borrower’s Obligations. 
  

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 3.05. General Provisions as to Payments. 
 (a) All payments to be made by the Borrower or the Guarantors, as the case may be, shall be made without set-off, counterclaim or other
defense. Except as otherwise expressly provided herein, all payments by the Borrower shall be made to the Administrative Agent for the account of the Lenders at the Administrative Agent’s New York Account, in the case of Tranche A Loans, or the
Administrative Agent’s Mexico Account, in the case of Tranche B Loans, and shall be made in Dollars for Tranche A Loans and Pesos for Tranche B Loans and in immediately available funds, no later than 3:30 p.m. (New York City
time) on the dates specified herein. The Administrative Agent will promptly distribute to each Lender its Commitment Percentage (or other applicable share as expressly provided herein) of each payment in like funds as received. Any payment received
by the Administrative Agent later than 3:30 p.m. (New York City time) shall be deemed to have been received on the following Business Day and any applicable interest or fee shall continue to accrue until such following Business Day. 
 (b) Except and to the extent otherwise specifically provided herein, whenever any payment to be made hereunder is due on a day which is
not a Business Day, the date for payment thereof shall be extended to the immediately following Business Day and, if interest is stated to be payable in respect thereof, interest shall continue to accrue to such immediately following Business Day.

 (c) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is
due to the Lenders hereunder that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent may (but
shall not be so required), in reliance upon such assumption, cause to be distributed to each Lender, as the case may be, on such due date an amount equal to the amount then due to such Lender. If and to the extent that the Borrower shall not have
made such payment, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender together with accrued interest thereon, for each day from the date such amount is distributed to such Lender until the
date such Lender repays such amount to the Administrative Agent, at the Federal Funds Rate; provided, however, that if any amount remains unpaid by any Lender for more than five (5) Business Days after the Administrative Agent has
made a demand for such amount, such Lender shall, commencing on the day next following such fifth Business Day, pay interest to the Administrative Agent at a rate per annum equal to the Federal Funds Rate plus one percent (1.00%), and, provided
further, that if any such amount remains unpaid by any Lender for more than ten (10) Business Days, such Lender shall, commencing on the day next following such tenth Business Day, pay interest to the Administrative Agent at a rate per
annum equal to the Federal Funds Rate plus two percent (2.00%). 
 (d) Currency of account. 
 (i) Subject to paragraphs (ii) through (v) below, Dollars are the currency of account and payment for any sum due from parties
under any Transaction Document. 
 (ii) A repayment of an Obligation or a part of an Obligation shall be made in the currency
in which that Obligation is denominated on its due date. 
 (iii) Each payment of interest shall be made in the currency in
which the sum in respect of which the interest is payable was denominated when that interest accrued. 
  

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 (iv) Each payment in respect of costs, expenses or Taxes shall be made in the currency in
which the costs, expenses or Taxes are incurred. 
 (v) Any amount expressed to be payable in a currency other than Dollars
shall be paid in that other currency. 
 (e) Change of currency. 
 Unless otherwise prohibited by law or regulation, if more than one currency or currency unit are at the same time recognized by the
central bank of any country as the lawful currency of that country, then: 
  

	 	(A)	any reference in the Transaction Documents to, and any Obligations arising under the Transaction Documents in, the currency of that country shall be translated into, or paid in, the
currency or currency unit of that country as agreed by the Administrative Agent and the Borrower; and 

  

	 	(B)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognized by the central bank for the conversion of that currency or
currency unit into the other, rounded up or down by the Administrative Agent (acting reasonably). 

 If a change in any
currency of a country occurs, this Agreement will, to the extent the Administrative Agent and the Borrower deem necessary, be amended to comply with any generally accepted conventions and market practice in the relevant interbank market and
otherwise to reflect the change in currency. 
 3.06. Funding Losses. If the Borrower makes any payment of principal with respect to
any LIBOR Loan or Mexican-Rate Loan on any day other than the last day of the Interest Period applicable thereto, or if the Borrower fails to borrow any LIBOR Loans or Mexican-Rate Loans after notice has been given to any Lender in accordance with
Section 2.01 or to convert a Base Rate Loan to a LIBOR Loan or to continue a Loan as a LIBOR Loan after a Notice of Extension/Conversion has been delivered by the Borrower pursuant to Section 2.01(e), or if the Borrower fails to prepay any
LIBOR Loans or Mexican-Rate Loans after notice has been given pursuant to Section 2.01, the Borrower shall reimburse each Lender within fifteen (15) days after demand for any resulting loss or expense incurred by it, including any loss
incurred in obtaining, liquidating or reemploying deposits bearing interest by reference to LIBOR or TIIE from third parties (“Funding Losses”), provided such Lender shall have delivered to the Borrower a certificate setting
forth in reasonable detail the computations for the amount of such loss or expense, which certificate shall be conclusive in the absence of manifest error. 
 3.07. Basis for Determining Interest Rate Inadequate or Unfair. (a) If on or prior to the first day of any Interest Period for any LIBOR Loan: 
 (i) the Administrative Agent determines that by reason of circumstances affecting the London interbank market reasonably adequate means do
not exist for ascertaining LIBOR applicable to such Interest Period or that deposits in the relevant currency (in the applicable amounts) are not being offered in the London interbank market for such Interest Period, or 
  

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 (ii) the Required Lenders advise the Administrative Agent that LIBOR as determined by the
Administrative Agent will not adequately and fairly reflect the cost to any Lender of making or maintaining its LIBOR Loan for such Interest Period, 
 then
the Administrative Agent shall forthwith give notice thereof to the Borrower and the Lenders. In the event of any such determination or advice, with respect to LIBOR Loans, until the Administrative Agent shall have notified the Borrower and the
Lenders that the circumstances giving rise to such notice no longer exist, any request by the Borrower for a Loan of the affected amount or Interest Period, or a conversion to or continuation of a Loan of the affected amount or Interest Period shall
be deemed rescinded and such request shall instead be considered a request for a Base Rate Loan (and each determination by the Administrative Agent hereunder shall be conclusive absent manifest error). 
 (b) In the event TIIE shall cease to be published, the Applicable Margin with respect to Mexican Rate Loans shall be (i) the rate
specified by Banco de México as the substitute rate of TIIE, or (ii) in case Banco de México does not specify such substitute rate, (A) the rate for 28-day Certificados de la Tesorería de la
Federación published by the Secretaría de Hacienda y Crédito Público through Banco de México by any electronic means, including internet, on the first day of each applicable Interest Period or if
such day is not a Business Day on the immediately preceding Business Day (the “Cetes Rate”) plus the spread between the average of the last twenty (20) published TIIE rates and such Cetes Rate, if any, or (B) in
case the Cetes Rate is not published, the Costo de Captación de Pasivos a Plazo (the “CCP”) most recently published by Banco de México prior to the first day of each applicable Interest Period plus
the spread between the average of the last twenty (20) published TIIE rates and such CCP, if any. 
 (c) In the event
Banco de México does not publish an alternate rate for TIIE, the Cetes Rate and CCP, the Administrative Agent and the Borrower shall negotiate in good faith to determine the interest rate to which the Applicable Margin with respect to
Mexican Rate Loans shall be added; provided that: (i) as of the date on which TIIE, the Cetes Rate and CCP cease to be published and until the date on which one of such rates is republished or the interest rate is otherwise agreed, the
interest rate to which the Applicable Margin with respect to Mexican Rate Loans shall be added shall be the interest rate most recently in effect; (ii) in the event TIIE is not published during a term of thirty (30) or more days and,
during such period Banco de México does not publish the Cetes Rate or CCP and the Borrower and the Administrative Agent have not agreed on an alternate interest rate, the interest rate to which the Applicable Margin with respect to
Mexican Rate Loans shall be added shall be the market rate determined by the Administrative Agent having a financial cost similar to that of TIIE (and the Administrative Agent shall promptly notify the Borrower of such rate); and (iii) any
interest rate determined pursuant to subparagraphs (i) or (ii) above shall cease to apply as soon as Banco de México republishes TIIE, the Cetes Rate or CCP. 
 (d) If on or prior to the first day of any Mexican Rate Loan, the Required Lenders notify the Administrative Agent that TIIE (or any
alternate rate established pursuant to clause (b) above) will not adequately and fairly reflect the cost to any Lender of making or maintaining its Mexican Rate Loan for such Interest Period, the Administrative Agent shall forthwith give notice
thereof to the Borrower and the Lenders. In the event of any such notice, the interest rate to which the Applicable Margin with respect to Mexican Rate Loans shall be added shall be the Alternate Peso Rate until the Administrative Agent shall have
notified the Borrower and the Lenders that the circumstance giving rise to such notice no longer exist. 
 For purposes of
this paragraph (d), “Alternate Peso Rate” means the average of the rates per annum offered by the Mexican Reference Banks to banks for inter-bank loans for periods 

  

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similar to the relevant Interest Period on the first day of the relevant Interest Period or if such day is not a Business Day on the immediately preceding
Business Day, which the Administrative Agent shall obtain and notify in writing to the Borrower on the first day of each Interest Period. “Mexican Reference Banks” shall mean Banco Nacional de México, S.A., BBVA Bancomer,
S.A., and Banco Santander (México), S.A.. 
 3.08. Capital Adequacy. 
 If any Lender has determined, after the date hereof, that the adoption or the becoming effective of, or any change in, or any change by any Governmental
Authority, central bank, or comparable agency charged with the interpretation or administration thereof in the interpretation or administration of, any applicable law, rule, or regulation regarding capital adequacy, or compliance by such Lender with
any request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank, or comparable agency, has or would have the effect of increasing such Lender’s cost of maintaining its Commitment
or making or maintaining any Loans or reducing the rate of return on such Lender’s capital or assets as a consequence of its commitments or obligations hereunder to a level below that which such Lender could have achieved but for such adoption,
effectiveness, change, or compliance (taking into consideration such Lender’s policies with respect to capital adequacy), then, upon notice from such Lender to the Borrower, the Borrower shall be obligated to pay to such Lender such additional
amount or amounts as will compensate such Lender for such increased cost or reduction in amount received. Each determination by any such Lender of amounts owing under this Section shall, absent manifest error, be conclusive and binding on the
parties hereto. The relevant Lender will, upon request, provide a certificate in reasonable detail as to the amount of such increased cost or reduction in amount received and method of calculation. 
 Upon any Lender’s making a claim for compensation under this Section 3.08 (i) such Lender shall use commercially reasonable efforts
(consistent with legal and regulatory restrictions) to change the jurisdiction of its Lending Office or assign its rights and obligations hereunder to another of its offices, branches or affiliates so as to eliminate or reduce any such additional
payment by the Borrower which may thereafter accrue, if such change is not otherwise disadvantageous to such Lender, and (ii) the Borrower may replace such Lender in accordance with Section 3.11. 
 3.09. Illegality. 
 (a) Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof occurring after the Effective Date shall make it unlawful for any Lender to make or
maintain any Commitment or any Loan as contemplated by this Agreement, then such Lender, together with Lenders giving notice under Section 3.07, shall be an “Affected Lender” and by written notice to the Borrower and to the
Administrative Agent: 
 (i) such Lender may declare that such Loans will not thereafter (for the duration of such
unlawfulness or impossibility) be made by such Lender hereunder, whereupon, in the case of any request for a LIBOR Loan, as to such Lender, such request shall only be deemed a request for a Base Rate Loan (unless it should also be illegal for the
Affected Lender to provide a Base Rate Loan, in which case such Loan shall bear interest at a commensurate rate to be agreed upon by the Administrative Agent and the Affected Lender, and so long as no Event of Default shall have occurred and be
continuing, the Borrower), unless such declaration shall be subsequently withdrawn; 
  

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 (ii) such Lender may require that all outstanding LIBOR Loans, made by it be converted to
Base Rate Loans, in which event all such LIBOR Loans shall be automatically converted to Base Rate Loans as of the effective date of such notice as provided in paragraph (b) below; and 
 (iii) if it is also illegal for the Affected Lender to make Base Rate Loans, and in any case with respect to Mexican-Rate Loans, such
Lender may declare all amounts owed to them by the Borrower to the extent of such illegality to be due and payable; provided, however, the Borrower has the right, with the consent of the Administrative Agent to find an additional
Lender to purchase the Affected Lenders’ rights and obligations. 
 In the event any Lender shall exercise its rights under (i) or (ii) above
with respect to any Loans, all payments and prepayments of principal that would otherwise have been applied to repay the LIBOR Loans that would have been made by such Lender or the converted LIBOR Loans of such Lender shall instead be applied to
repay the Base Rate Loans made by such Lender in lieu of, or resulting from the conversion, of such LIBOR Loans. 
 (b) For
purposes of this Section 3.09, a notice to the Borrower by any Lender shall be effective as to each such Loan, if lawful, on the last day of the Interest Period currently applicable to such Loan; in all other cases such notice shall be
effective on the date of receipt by the Borrower. 
 3.10. Requirements of Law. 
 If, after the date hereof, the adoption of or any change in any Requirement of Law or in the interpretation or application thereof applicable to any
Lender, or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority, in each case made subsequent to the Effective Date (or, if later, the date on which
such Lender becomes a Lender): 
 (a) shall impose, modify, or hold applicable any reserve, special deposit, compulsory loan,
or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans, or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included
in the determination of LIBOR or TIIE hereunder; or 
 (b) shall impose on such Lender any other condition (excluding any tax
of any kind whatsoever); 
 and the result of any of the foregoing is to increase the cost to such Lender, by an amount that such Lender reasonably deems to
be material, of making, converting into, continuing, or maintaining, as applicable, LIBOR Loans or Mexican-Rate Loans or to reduce any amount receivable hereunder in respect thereof, then, in any such case, upon notice delivered to the Borrower from
such Lender, through the Administrative Agent, in accordance herewith, the Borrower shall be obligated to promptly pay such Lender, upon its demand, any additional amounts necessary to compensate such Lender for such increased cost or reduced amount
receivable; provided that, in any such case, the Borrower may elect to convert the LIBOR Loans made by such Lender hereunder to Base Rate Loans by giving the Administrative Agent at least one (1) Business Day’s notice of such
election. If any Lender becomes entitled to claim any additional amounts pursuant to this Section, it shall provide notice thereof to the Borrower, promptly upon occurrence of such event, but in any case within three (3) days from the date of
such event, through the Administrative Agent, certifying (x) that one of the events described in this 

  

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paragraph (a) has occurred and describing in reasonable detail the nature of such event, (y) as to the increased cost or reduced amount resulting
from such event and (z) as to the additional amount demanded by such Lender and a reasonably detailed explanation of the calculation thereof. Such a certificate as to any additional amounts payable pursuant to this subsection submitted by such
Lender, through the Administrative Agent, to the Borrower shall be conclusive and binding on the parties hereto in the absence of manifest error. This covenant shall survive the termination of this Agreement and the payment of the Loans and all
other amounts payable hereunder. If any Lender becomes aware of a proposed change in any Requirement of Law that would entitle it to claim any additional amounts pursuant to this Section it shall promptly, upon the Lender becoming aware of such
event, provide notice to the Borrower through the Administrative Agent. 
 3.11. Substitute Lenders. If any Lender has demanded
compensation (or if the Borrower is required to increase amounts payable hereunder) pursuant to Sections 3.04, 3.08 or 3.10 or has exercised its rights pursuant to Section 3.09(a)(iii), and such Lender does not waive its right to future
additional compensation pursuant to Sections 3.04, 3.08 or 3.10, the Borrower shall have the right (i) to replace such Lender with a Substitute Lender or Substitute Lenders that shall succeed to the rights of such Lender under this
Agreement upon execution of an Assignment and Assumption Agreement and payment by the Borrower of the related processing fee of U.S.$3,500 to the Administrative Agent; or (ii) to remove such Lender, reduce the Commitments by the amount of the
Commitment of such Lender, and adjust the Commitment Percentage of each Lender such that the percentage of each other Lender shall be increased to equal the percentage equivalent of a fraction. The numerator of which is the Commitment of such other
Lender and the denominator of which is the Commitments of the Lenders minus the Commitments of the Lender who demanded payment pursuant to Sections 3.04, 3.08 or 3.10 or exercised its rights pursuant to Section 3.09(a)(iii);
provided, however, that such Lender shall not be replaced or removed hereunder until such Lender has been repaid in full all amounts owed to it pursuant to this Agreement and the other Transaction Documents (including
Sections 3.06 and 3.08) unless any such amount is being contested by the Borrower in good faith. 
 3.12. Sharing of Payments,
Etc. 
 (a) If, other than as expressly provided elsewhere herein, any Lender shall obtain on account of the Obligations
owing to it any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) in excess of its Commitment Percentage of payments on account of the Obligations obtained by all the Lenders (an “excess
payment”), such Lender shall forthwith (i) notify the Administrative Agent of such fact, and (ii) purchase from the other Lenders such participations in such Obligations owing to them as shall be necessary to cause such purchasing
Lender to share the excess payment ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender, such purchase shall to that extent be rescinded and
each other Lender shall repay to the purchasing Lender the purchase price paid therefor, together with an amount equal to such paying Lender’s Commitment Percentage (according to the proportion of (A) the amount of such paying
Lender’s required repayment to (B) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. The Administrative Agent
will keep records (which shall be conclusive and binding in the absence of demonstrable error) of participations purchased pursuant to this Section 3.12 and will in each case notify the Lenders following any such purchases. 
 (b) If any Lender shall commence any action or proceeding in any court to enforce its rights hereunder after consultation with the other
Lenders and, as a result thereof or in connection therewith, it shall receive any excess payment, then such Lender shall not be required 

  

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to share any portion of such excess payment with any Lender which has the legal right to, but does not, join in any such action or proceeding or commence and
diligently prosecute a separate action or proceeding to enforce its rights in another court. 
 (c) The Borrower agrees that
any Lender so purchasing a participation from another Lender pursuant to this Section 3.12 may exercise all its rights of set-off with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the
amount of such participation. 
 3.13. Extension of Termination Date. 
 (a) The Borrower may, within ninety (90) days, but not less than sixty (60) days prior to February 28, 2011 (the
“Extension Request Date”), by notice to the Administrative Agent (the “Extension Notice”), make written request of the Lenders to extend the Termination Date for an additional period of 364 days (the
“Extended Termination Date”). The terms and conditions of the requested extension shall be included in the Extension Notice, including a summary of any changes to the terms of this Agreement proposed by the Borrower. The
Administrative Agent will give prompt notice to each of the Lenders of its receipt of any such Extension Notice. Each Lender shall make a determination not later than thirty (30) days prior to the Extension Request Date (the “Extension
Consent Date”) as to whether or not it will agree to extend the Termination Date as requested (such approval of extension shall be an “Extension Consent”); provided, however, that failure by any Lender to make
a timely response to the Borrower’s request for extension of the Termination Date shall be deemed to constitute a refusal by such Lender to extension of the Termination Date. 
 (b) If by any Extension Consent Date, the Borrower and the Administrative Agent have not received an Extension Consent from any Lender,
the Termination Date, as it relates to such Lender, shall not be extended and any Loans made by such Lender and all accrued and unpaid interest thereon shall be due and payable on such Termination Date. 
 (c) No refusal by any one Lender to consent to any extension of the Termination Date shall affect the extension of the Termination Date as
it may relate to the Loans of any Lender that consents to such extension as provided in Section 3.13(a), and one or more Lenders may consent to the extension of the Termination Date as it relates to them not withstanding any refusal by any
other Lenders so to consent. For the avoidance of doubt, approval of all Lenders shall not be required for any Lender to accept the extension request. 
 (d) If any Lender does not deliver an Extension Consent as provided in Section 3.13(a), upon the repayment of the Loans of such Lender pursuant to Section 3.13(b), the Borrower may with the approval of the
Administrative Agent amend this Agreement as provided in Section 13.02 and 13.06 to add one or more other Lenders as parties, with such Loans as may be agreed to by the Administrative Agent and such other Lender or Lenders. 
 (e) The Administrative Agent shall promptly advise each Lender of any change in the Aggregate Exposure and shall promptly provide each of
the Lenders with a copy of any amendment made pursuant to Section 3.13(d). 
 (f) If pursuant to this Section, any Lender
agrees to extend its Termination Date, then, effective as of the Termination Date, the Termination Date with respect to such Lenders shall be extended to the Extended Termination Date (except that, if such date is not a Business Day, such
Termination Date as so extended shall be the next preceding Business Day). 
  

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 ARTICLE IV 
 CONDITIONS PRECEDENT 
 4.01. Conditions to Effectiveness. The obligations of the
Lenders under this Agreement are subject to the satisfaction or waiver of the following conditions precedent (the date on which all such conditions precedent are satisfied or waived being the “Effective Date”): 
 (a) Agreement. The Administrative Agent shall have received counterparts of this Agreement duly executed by each party hereto.

 (b) Opinions of Borrower’s and each Guarantor’s Counsel. The Administrative Agent shall have received
(i) the opinion of Skadden, Arps, Slate, Meagher & Flom LLP, New York counsel to the Borrower and the Guarantors, in substantially the form of Exhibit E, and (ii) the opinion of Lic. Ramiro G. Villareal Morales, Mexican counsel to
the Borrower, in substantially the form of Exhibit F. 
 (c) Opinion of Counsel to the Administrative Agent. The
Administrative Agent shall have received (i) a favorable opinion of Ritch Mueller, S.C., special Mexican counsel to the Administrative Agent and the Lenders, and (ii) the opinion of Clifford Chance US LLP, New York counsel to the Lenders.

 (d) Governmental Approvals. The Administrative Agent shall have received certified copies of any and all necessary
approvals, authorizations, or consents of, or notices to, or registrations with any Governmental Authority required for the Borrower and each Guarantor to enter into, or perform its obligations under, the Transaction Documents. 
 (e) Organizational Documents of the Borrower and the Guarantors. The Administrative Agent shall have received certified copies of
(i) the acta constitutiva and estatutos sociales in effect on the Effective Date of the Borrower and each Guarantor, (ii) the powers-of-attorney of each Person executing any Transaction Document on behalf of the Borrower and
each Guarantor, together with specimen signatures of such Person, and (iii) all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to the authorization for the execution, delivery and
performance of each such Transaction Document and the transactions contemplated hereby and thereby. All certificates shall state that the resolutions or other information referred to in such certificates have not been amended, modified, revoked or
rescinded as of the date of such certificates (which shall not be earlier than five (5) Business Days before the Effective Date). 
 (f) Agent for Service of Process. The Administrative Agent shall have received a power of attorney, notarized under Mexican law, granted by the Borrower and each Guarantor to the Process Agent in respect of the
Transaction Documents together with evidence that the Process Agent has accepted its appointment as Process Agent pursuant to Section 13.12. 
 (g) Fees and Expenses. The Borrower shall have paid all applicable and duly substantiated reasonable fees and expenses owing to the Lenders and the Administrative Agent to the extent of and payable on or before
the Effective Date of the Agreement, and all other fees and expenses owing hereunder and under the Fee Letters to the extent due and payable on or before the Effective Date of the Agreement. 
 (h) No Default. No Default or Event of Default shall have occurred and be continuing either prior to or after giving effect to the
transactions contemplated on the Effective Date, and the Borrower and each Guarantor shall have provided a certificate from a Responsible Officer of the Borrower to such effect to the Administrative Agent. 
  

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 (i) Representations and Warranties. The representations and warranties of the
Borrower and of each Guarantor contained in this Agreement and each other Transaction Document shall be true on and as of the Effective Date, and the Borrower and each Guarantor shall have provided a certificate to such effect to the Administrative
Agent. 
 (j) No Material Adverse Effect. No Material Adverse Effect shall have occurred since December 31, 2007
(excluding the financial condition and events specifically disclosed in (i) the Borrower’s filings made with the US Securities and Exchange Commission or the Bolsa Mexicana de Valores, S.A.B. de C.V. after December 31, 2007,
(ii) in the Borrower’s unaudited financial statements for each of the first three Quarterly Periods of 2008) or (iii) in the guidance relating to the fourth financial quarter of 2008 published by the Borrower on December 15, 2008
on its web page, and there shall have occurred no circumstance and/or event of a financial, political or economic nature in Mexico that has a reasonable likelihood of having a material adverse effect on the ability of the Borrower or the Guarantors
to perform their obligations under this Agreement and the other Transaction Documents. 
 (k) No Litigation. Except as
set forth in Schedule 5.06, there is no pending or threatened action, suit, investigation, litigation or proceeding, affecting the Borrower or any of its Subsidiaries before any court, Governmental Authority or arbitrator that (a) would be
reasonably likely to have a Material Adverse Effect or (b) purports to affect the legality, validity or enforceability of any Transaction Document or the consummation of the transactions contemplated thereby, and the Borrower shall have
provided a certificate from a Responsible Officer of the Borrower to such effect to the Administrative Agent. 
 (l)
Derivatives Agreements. The Administrative Agent shall have received a schedule, in the form of Schedule 4.01(l), evidencing the outstanding Derivatives agreements to which the Borrower or any Subsidiary is a party showing the aggregate
marked-to-market position in respect of each such Derivatives agreement by the category (i.e. interest rate derivatives, currency derivatives, capital hedges and equity derivatives), as of the date falling four (4) Business Days prior to the
Effective Date. 
 (m) Other Documents. The Administrative Agent shall have received such other certificates, powers of
attorney and other documents and undertakings relating to the authority for, and the execution, delivery and validity of, the Transaction Documents, as may be reasonably requested by the Administrative Agent or any Lender through the Administrative
Agent. 
 4.02. Conditions Precedent to Borrowing. The obligation of any Lender to make a Loan on the Disbursement Date is subject to
the satisfaction of the following conditions: 
 (a) Notes. There shall have been delivered to the Administrative
Agent, for the account of such Lender, a Note executed by the Borrower and the Guarantors through their duly empowered representatives; 
 (b) Notices. The Administrative Agent shall have received the Notice of Borrowing; 
 (c) No Default. Immediately before and after giving effect to the Borrowing, no Default or Event of Default shall have occurred and be continuing and the Borrowing will not cause or result in a Default or Event of Default;

  

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 (d) Representations and Warranties. The representations and warranties of the
Borrower contained in this Agreement and in each other Transaction Document and of each Guarantor contained in this Agreement shall be true and correct in all material respects on and as of the date of the Borrowing; 
 (e) Existing Bilateral Facilities. Arrangements (satisfactory to the Joint Arrangers) shall be in place providing for the
simultaneous prepayment of outstanding indebtedness under each of the Existing Bilateral Facilities that is expected to be prepaid from the proceeds of the Loans; and 
 (f) CEMEX España 2009 Facility and CEMEX España Tranche B Facility. The Administrative Agent shall have received
evidence reasonably satisfactory to the Joint Arrangers that (i) all conditions of the CEMEX España Facility shall have been satisfied or waived and the deemed funding thereunder has occurred or will simultaneously occur with the funding
of the Loans and (ii) the CEMEX España Tranche B Extension, in an amount greater than U.S.$1,500,000,000 has become effective or will simultaneously become effective with the funding of the Loans. 
 ARTICLE V 
 REPRESENTATIONS AND
WARRANTIES OF THE BORROWER 
 The Borrower represents and warrants that: 
 5.01. Corporate Existence and Power. 
 (a) The Borrower is a corporation (sociedad anónima bursátil de capital variable) duly incorporated, validly existing and in good standing under the laws of Mexico and has all requisite corporate
power and authority (including all governmental licenses, permits and other approvals except for such licenses, permits and approvals the absence of which will not have a Material Adverse Effect) to own its assets and carry on its business as now
conducted and as proposed to be conducted. 
 (b) All of the outstanding stock of the Borrower has been validly issued and is
fully paid and non-assessable. 
 5.02. Power and Authority; Enforceable Obligations. 
 (a) The execution, delivery and performance by the Borrower of each Transaction Document to which it is or will be a party, and the
consummation of the transactions contemplated hereby and thereby, are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate action pursuant to the estatutos sociales of the Borrower. 

(b) This Agreement and the other Transaction Documents to which the Borrower is a party have been (or, in the case of the Notes, when
executed and delivered, will have been) duly executed and delivered by the Borrower and constitute (or, in the case of the Notes, when executed and delivered, will constitute) the legal, valid and binding obligations of the Borrower enforceable in
accordance with their respective terms, except as enforceability may be limited by applicable concurso mercantil, bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or general equity
principles. 
  

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 5.03. Compliance with Law and Other Instruments. The execution, delivery of and performance under
this Agreement and each of the other Transaction Documents to which the Borrower is a party and the consummation of the transactions herein or therein contemplated, and compliance with the terms and provisions hereof and thereof, do not and will not
(a) conflict with, or result in a breach or violation of, or constitute a default under, or result in the creation or imposition of any Lien upon the assets of the Borrower pursuant to, any Contractual Obligation of the Borrower or
(b) result in any violation of the estatutos sociales of the Borrower or any provision of any Requirement of Law applicable to the Borrower. 
 5.04. Consents/Approvals. No order, permission, consent, approval, license, authorization, registration or validation of, or notice to or filing with, or exemption by, any Governmental Authority or third party is required to
authorize, or is required in connection with, the execution, delivery and performance by the Borrower of this Agreement and the other Transaction Documents to which the Borrower is a party or the taking of any action contemplated hereby or by any
other Transaction Document. 
 5.05. Financial Information. The consolidated balance sheet of the Borrower and its Subsidiaries as at
December 31, 2007, and the related consolidated statements of income and cash flows of the Borrower and its Subsidiaries for the fiscal year then ended, accompanied by an opinion of KPMG Cardenas Dosal, S.C., independent public accountants, and
the consolidated balance sheet of the Borrower and its Subsidiaries as at September 30, 2008, and the related consolidated statements of income and cash flows of the Borrower and its Subsidiaries for the three months then ended, duly certified
by a Responsible Officer of the Borrower, copies of which have been furnished to each Lender, fairly present, subject, in the case of said balance sheet as at September 30, 2008, and said statements of income and cash flows for the three months
then ended, to year-end audit adjustments, the consolidated financial condition of the Borrower and its Subsidiaries as at such dates and the consolidated results of the operations of the Borrower and its Subsidiaries for the periods ended on such
dates, all in accordance with Mexican FRS, consistently applied. 
 5.06. Litigation. Except as set forth in Schedule 5.06, as of
the Effective Date, there is no pending or threatened action, suit, investigation, litigation or proceeding, including any Environmental Action, affecting the Borrower or any of its Subsidiaries before any court, Governmental Authority or arbitrator
that (a) would be reasonably likely to have a Material Adverse Effect or (b) purports to affect the legality, validity or enforceability of any Transaction Document or the consummation of the transactions contemplated thereby, and there
has been no adverse change in the status, or financial effect on the Borrower or any of its Subsidiaries, of the litigation described in Schedule 5.06. 
 5.07. No Immunity. The Borrower is subject to civil and commercial law with respect to its obligations under this Agreement and each other Transaction Document to which it is a party and the execution, delivery
and performance of this Agreement or any such other Transaction Document by the Borrower constitute private and commercial acts rather than public or governmental acts. Under the laws of Mexico neither the Borrower nor any of its property has any
immunity from jurisdiction of any court or any legal process (whether through service or notice, attachment prior to judgment or attachment in aid of execution). 
 5.08. Governmental Regulations. The Borrower is not, and is not controlled by, an “investment company” within the meaning of the United States Investment Company Act of 1940, as amended. 

 

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 5.09. Direct Obligations; Pari Passu; Liens. 
 (a) (i) This Agreement constitutes a direct, unconditional unsubordinated and unsecured obligation of the Borrower, and (ii) the
Loans, when made, will constitute direct, unconditional unsubordinated and unsecured obligations of the Borrower. 
 (b) The
obligations of the Borrower under this Agreement and the Loans rank and will rank in priority of payment at least pari passu with all other senior unsecured Debt of the Borrower. 
 (c) There are no Liens on the property of the Borrower or any of its Subsidiaries other than Permitted Liens. 
 5.10. Subsidiaries. All Material Subsidiaries of the Borrower as of September 30, 2008 are listed on Schedule 5.10. 
 5.11. Ownership of Property. (a) Except as, in the aggregate, could not reasonably be expected to have a Material Adverse Effect, each of the
Borrower and its Subsidiaries has title in fee simple to, or a valid leasehold interest in, all its real property, and good title to, or a valid leasehold interest in, all its other property, and none of such property is subject to any Lien except
Permitted Liens, except as set forth in the Risk Factors in the Borrower’s Form 20-F for the year ended December 31, 2007 filed with the U.S. Securities and Exchange Commission (the “SEC”) and updated in the
Borrower’s Form 6-K filed on August 19, 2008 with the SEC, in each case, with respect to Capital Stock in and assets of CEMEX Venezuela S.A.C.A., and (b) each Credit Party maintains insurance as required by Section 7.05.

 5.12. No Recordation Necessary. 
 (a) This Agreement is, and when executed the Notes will be, in proper legal form under the law of Mexico for the enforcement thereof against the Borrower under the law of Mexico. To ensure the legality, validity,
enforceability or admissibility in evidence of this Agreement and each other Transaction Document in Mexico, it is not necessary that this Agreement or any other Transaction Document be filed or recorded with any Governmental Authority in Mexico or
that any stamp or similar tax be paid on or in respect of this Agreement or any other document to be furnished under this Agreement, unless such stamp or similar taxes have been paid by the Borrower; provided, however, that in the
event any legal proceedings are brought in the courts of Mexico, an official Spanish translation of the documents required in such proceedings, including this Agreement, would have to be approved by the court after the defendant is given an
opportunity to be heard with respect to the accuracy of the translation, and proceedings would thereafter be based upon the translated documents. 
 (b) It is not necessary (i) in order for the Administrative Agent or any Lender to enforce any rights or remedies under the Transaction Documents, or (ii) solely by reason of the execution, delivery and
performance of this Agreement by the Administrative Agent or any Lender, that the Administrative Agent or such Lender be licensed or qualified with any Mexican Governmental Authority or be entitled to carry on business in Mexico. 
 5.13. Taxes. 
 (a)
Each Obligor has filed all material tax returns which are required to be filed by it and has paid all taxes due pursuant to such returns or pursuant to any material assessment 

  

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received by the Borrower, except where the same may be contested in good faith by appropriate proceedings and as to which such Obligor maintains reserves to
the extent it is required to do so by law or pursuant to Mexican FRS. The charges, accruals and reserves on the books of each Obligor in respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate. 
 (b) Except for taxes imposed by way of withholding on interest, fees and commissions paid to non-Mexican residents, there is no tax (other
than taxes on, or measured by, income or profits), levy, impost, deduction, charge or withholding imposed, levied, charged, assessed or made by or in Mexico or any political subdivision or taxing authority thereof or therein either (i) on or by
virtue of the execution or delivery of this Agreement or any of the other Transaction Documents or (ii) on any payment to be made by the Borrower pursuant to this Agreement or any of the other Transaction Documents. The Borrower and each
Guarantor is permitted to pay any additional amounts payable pursuant to Section 3.04. 
 5.14. Compliance with Laws. The
Borrower and its Subsidiaries are in compliance in all material respects with all applicable Requirements of Law (including with respect to the licenses, certificates, permits, franchises, and other governmental authorizations necessary to the
ownership of their respective properties or to the conduct of their respective businesses, antitrust laws or Environmental Laws and the rules and regulations and laws with respect to social security, workers’ housing funds, and pension funds
obligations), except where the failure to so comply would not have a Material Adverse Effect. 
 5.15. Absence of Default. No Default
or Event of Default has occurred and is continuing. 
 5.16. Full Disclosure. All information heretofore furnished by the Borrower to
the Administrative Agent, the Joint Arrangers or any Lender for purposes of or in connection with this Agreement or any transaction contemplated hereby (other than projections and other “forward-looking” information that have been prepared
on a reasonable basis and in good faith by the Borrower) is, and all such information hereafter furnished by the Borrower to the Administrative Agent, the Joint Arrangers or any Lender will be, true and accurate in all material respects on the date
as of which such information is stated or certified and does not omit to state any material fact necessary in order to make the statements contained herein or therein, taken as a whole, not misleading. The Borrower has disclosed to the Lenders in
writing any and all facts which may have a Material Adverse Effect. 
 5.17. Choice of Law; Submission to Jurisdiction and Waiver of
Sovereign Immunity. In any action or proceeding involving the Borrower arising out of or relating to this Agreement in any Mexican court or tribunal, any Lender, the Joint Arrangers and the Administrative Agent would be entitled to the
recognition and effectiveness of the choice of law, submission to jurisdiction and waiver of sovereign immunity provisions of Sections 13.10, 13.11 and 13.13. 
 5.18. Aggregate Exposure. The Aggregate Exposure does not exceed the Aggregate Committed Amount. 
 5.19. Pension and Welfare Plans. During the consecutive twelve-month period prior to the date of the execution and delivery of this Agreement and prior to the date of any Borrowing hereunder, no steps have been taken to terminate any
Pension Plan, and no contribution failure has occurred with respect to any Pension Plan sufficient to give rise to a Lien under Section 303(k) of ERISA. No condition exists or event or transaction has occurred with respect to any Pension Plan
which would reasonably be expected to result in the incurrence by any Credit Party, any of its Subsidiaries, or any its 

  

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ERISA Affiliates of any material liability (other than liabilities incurred in the ordinary course of maintaining the Pension Plan), fine or penalty. No
Credit Party, nor any of its Subsidiaries, has any contingent liability with respect to any post-retirement benefit under a Welfare Plan subject to ERISA which would reasonably be expected to have a Material Adverse Effect, other than liability for
continuation coverage described in Part 6 of Title I of ERISA. 
 5.20. Environmental Matters. 
 Except as would not have or be reasonably expected to have a Material Adverse Effect: 
 (a) Each of the properties owned or leased by a Credit Party or any of its Subsidiaries (the “Real Properties”) and all
operations at the Real Properties are in compliance with all applicable Environmental Laws, and there is no violation of any Environmental Law with respect to the Real Properties or the businesses operated by the Credit Parties or any of their
Subsidiaries (the “Businesses”), and there are no conditions relating to the Businesses or Real Properties that would reasonably be expected to give rise to liability under any applicable Environmental Laws. 
 (b) No Credit Party has received any written notice of, or inquiry from any Governmental Authority regarding, any violation, alleged
violation, non-compliance or liability regarding Hazardous Materials or compliance with Environmental Laws with regard to any of the Real Properties or the Businesses, nor, to the knowledge of a Credit Party or any of its Subsidiaries, is any such
notice being threatened. 
 (c) Hazardous Materials have not been transported or disposed of from the Real Properties, or
generated, treated, stored or disposed of at, on or under any of the Real Properties or any other location, in each case by, or on behalf or with the permission of, a Credit Party or any of its Subsidiaries in a manner that would give rise to
liability under any applicable Environmental Laws. 
 (d) No judicial proceeding or governmental or administrative action is
pending or, to the knowledge of a Credit Party or any of its Subsidiaries, threatened, under any Environmental Law to which a Credit Party or any of its Subsidiaries is or will be named as a party, nor are there any consent decrees or other decrees,
consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to a Credit Party or any of its Subsidiaries, the Real Properties or the Businesses.

 (e) There has been no release (including disposal) or to the Borrower’s knowledge, threat of release of Hazardous
Materials at or from the Real Properties, or arising from or related to the operations of a Credit Party or any of its Subsidiaries in connection with the Real Properties or otherwise in connection with the Businesses where such release constituted
a violation of, or would give rise to liability under, any applicable Environmental Laws. 
 (f) None of the Real Properties
contains any Hazardous Materials at, on or under the Real Properties in amounts or concentrations that, if released, constitute a violation of, or could give rise to liability under, Environmental Laws. 
 (g) No Credit Party, nor any of its Subsidiaries, has assumed any liability of any Person (other than another Credit Party or one of its
Subsidiaries) under any Environmental Law. 
  

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 (h) This Section 5.20 constitutes the only representations and warranties of the
Credit Parties with respect to any Environmental Law or Hazardous Substance. 
 5.21. Margin Regulations. No part of the proceeds of
the Loans hereunder will be used, directly or indirectly, for the purpose of purchasing or carrying any “margin stock” within the meaning of Regulation U, or for the purpose of purchasing or carrying or trading in any securities. If
requested by any Lender or Participant or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender or Participant a statement to the foregoing effect in conformity with the requirements of FR Form U-1 referred
to in said Regulation U. No indebtedness being reduced or retired out of the proceeds of the Loans hereunder was or will be incurred for the purpose of purchasing or carrying any margin stock within the meaning of Regulation U, except in compliance
with Regulation U or any “margin security” within the meaning of Regulation T, except in compliance with Regulation T. Neither the execution and delivery hereof by the Borrower, nor the performance by it of any of the transactions
contemplated by this Agreement (including the direct or indirect use of the proceeds of the Loans) will violate or result in a violation of the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or regulations
issued pursuant thereto, or Regulation T, U, or X. 
 5.22. No Material Adverse Change. No Material Adverse Effect has occurred
since December 31, 2007 (excluding the financial condition and events previously disclosed in (i) the Borrower’s filings made with the US Securities and Exchange Commission or the Bolsa Mexicana de Valores, S.A.B de C.V. after
December 31, 2007; or (ii) in the Borrower’s unaudited financial statements for each of the first three Quarterly Periods of 2008). 
 5.23. Solvency. The Borrower and each Guarantor is, and after giving effect to the Loans and each of the transactions contemplated by this Agreement and the Transaction Documents will be, Solvent. 
 ARTICLE VI 
 REPRESENTATIONS AND
WARRANTIES OF THE GUARANTORS 
 Each of the Guarantors separately represents and warrants that: 
 6.01. Corporate Existence and Power. 
 (a) Such Guarantor is a corporation (sociedad anónima de capital variable) duly incorporated, validly existing and in good standing under the laws of Mexico and has all requisite corporate power and
authority (including all governmental licenses, permits and other approvals except for such licenses, permits and approvals the absence of which will not have a Material Adverse Effect) to own its assets and carry on its business as now conducted
and as proposed to be conducted. 
 (b) All of the outstanding stock of such Guarantor has been validly issued and is fully
paid and non-accessible. 
 6.02. Power and Authority; Enforceable Obligations. 
 (a) The execution, delivery and performance by such Guarantor of each Transaction Document to which it is or will be a party, and the
consummation of the transactions contemplated hereby and thereby, are within such Guarantor’s corporate powers and have been duly authorized by all necessary corporate action pursuant to the estatutos sociales of such Guarantor.

  

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 (b) This Agreement and the other Transaction Documents to which such Guarantor is a party
have been duly executed and delivered by such Guarantor and constitute legal, valid and binding obligations of such Guarantor enforceable in accordance with their respective terms, except as enforceability may be limited by applicable concurso
mercantil, bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally or general equity principals. 
 6.03. Compliance with Law and Other Instruments. The execution, delivery and performance of this Agreement and any of the other Transaction Documents to which such Guarantor is a party and the consummation of
the transactions herein or therein contemplated, and compliance with the terms and provisions hereof and thereof, do not and will not (a) conflict with, or result in a breach or violation of, or constitute a default under, or result in the
creation or imposition of any Lien upon the assets of such Guarantor pursuant to, any Contractual Obligation of such Guarantor or (b) result in any violation of the estatutos sociales of such Guarantor or any provision of any Requirement
of Law applicable to such Guarantor. 
 6.04. Consents/Approvals. No order, permission, consent, approval, license, authorization,
registration or validation of, or notice to or filing with, or exemption by, any Governmental Authority or third party is required to authorize, or is required in connection with, the execution, delivery and performance by such Guarantor of this
Agreement and the other Transaction Documents to which such Guarantor is a party or the taking of any action contemplated hereby or by any other Transaction Document. 
 6.05. Litigation; Material Adverse Effect. Except as set forth in Schedule 5.06, there is no pending or threatened action, suit, investigation, litigation or proceeding, including any Environmental Action,
affecting the Borrower or any of its Subsidiaries before any court, Governmental Authority or arbitrator that (i) would be reasonably likely to have a Material Adverse Effect or (ii) purports to affect the legality, validity or
enforceability of any Transaction Document or the consummation of the transactions contemplated thereby, and there has been no adverse change in the status, or financial effect on the Borrower or any of its Subsidiaries, of the litigation described
in Schedule 5.06. 
 6.06. No Immunity. Such Guarantor is subject to civil and commercial law with respect to its obligations
under this Agreement and each other Transaction Document to which it is a party and the execution, delivery and performance of this Agreement or any such other Transaction Document by such Guarantor constitute private and commercial acts rather than
public or governmental acts. Under the laws of Mexico neither such Guarantor nor any of its property has any immunity from jurisdiction of any court or any legal process (whether through service or notice, attachment prior to judgment or attachment
in aid of execution). 
 6.07. Governmental Regulations. Such Guarantor is not, and is not controlled by, an “investment
company” within the meaning of the United States Investment Company Act of 1940, as amended. 
 6.08. Direct Obligations; Pari
Passu. 
 (a) This Agreement constitutes a direct, unconditional unsubordinated and unsecured obligation of such
Guarantor. 
  

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 (b) The obligations of such Guarantor under this Agreement rank and will rank in priority
of payment at least pari passu with all other senior unsecured Debt of such Guarantor. 
 6.09. No Recordation Necessary. This
Agreement is, and when executed the Notes will be, in proper legal form under the law of Mexico for the enforcement thereof against such Guarantor under the law of Mexico. To ensure the legality, validity, enforceability or admissibility in evidence
of this Agreement and each other Transaction Document in Mexico, it is not necessary that this Agreement or any other Transaction Document be filed or recorded with any Governmental Authority in Mexico or that any stamp or similar tax be paid on or
in respect of this Agreement or any other document to be furnished under this Agreement unless such stamp or similar taxes have been paid by the Borrower or the Guarantors; provided, however, that in the event any legal proceedings are
brought in the courts of Mexico, an official Spanish translation of the documents required in such proceedings, including this Agreement, would have to be approved by the court after the defendant is given an opportunity to be heard with respect to
the accuracy of the translation, and proceedings would thereafter be based upon the translated documents. 
 6.10. Choice of Law;
Submission to Jurisdiction and Waiver of Sovereign Immunity. In any action or proceeding involving such Guarantor arising out of or relating to this Agreement in any Mexican court or tribunal, the Lenders, the Joint Arrangers and the
Administrative Agent would be entitled to the recognition and effectiveness of the choice of law, submission to jurisdiction and waiver of sovereign immunity provisions of Sections 13.10, 13.11 and 13.13. 
 ARTICLE VII 
 AFFIRMATIVE
COVENANTS 
 The Borrower covenants and agrees that for so long as any Obligation under this Agreement or any other Transaction
Document remains unpaid or any Lender has any Commitment hereunder: 
 7.01. Financial Reports and Other Information. The Borrower will
deliver to the Administrative Agent (with a copy for each Lender): 
 (a) as soon as available and in any event within one
hundred and twenty (120) days after the end of each fiscal year of the Borrower, a copy of the annual audit report for such year for the Borrower and its Subsidiaries containing consolidated and consolidating balance sheets of the Borrower and
its Subsidiaries, as of the end of such fiscal year and consolidated statements of income and cash flows of the Borrower and its Subsidiaries, for such fiscal year, in each case accompanied by an opinion acceptable to the Required Lenders by KPMG
Cardenas Dosal, S.C. or other independent public accountants of recognized standing acceptable to the Required Lenders, together with (i) a certificate of such accounting firm to the Lenders stating that in the course of the regular audit of
the business of the Borrower and its Subsidiaries, which audit was conducted by such accounting firm in accordance with Mexican FRS, such accounting firm has obtained no knowledge that a Default or Event of Default has occurred and is continuing, or
if, in the opinion of such accounting firm a Default or Event of Default has occurred and is continuing, a statement as to the nature thereof and (ii) a certificate of a Responsible Officer of the Borrower, stating that no Default or Event of
Default has occurred and is continuing or, if a Default or Event of Default has occurred and is continuing, a statement as to the nature thereof and the action that the Borrower has taken and proposes to take with respect thereto; provided
that, in the event of any change in the Mexican FRS used in the preparation of such financial statements, the Borrower shall also provide, for informational purposes only, a statement of reconciliation conforming such financial statements to
Mexican FRS consistent with those applied in the preparation of the financial statements referred to in Section 5.05 and provided further that, all such documents will be prepared in English; and 
  

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 (b) as soon as available and in any event within sixty (60) days after the end of
each of the first three quarters of each fiscal year of the Borrower, consolidated balance sheets of the Borrower and its Subsidiaries, as of the end of such quarter and consolidated statements of income and cash flows of the Borrower and its
Subsidiaries for the period commencing at the end of the previous fiscal year and ending with the end of such quarter, duly certified (subject to year-end audit adjustments) by a Responsible Officer of the Borrower as having been prepared in
accordance with Mexican FRS and together with a certificate of a Responsible Officer of the Borrower, as to compliance with the terms of this Agreement and stating that no Default or Event of Default has occurred and is continuing or, if a Default
or Event of Default has occurred and is continuing, a statement as to the nature thereof and the action that the Borrower has taken and proposes to take with respect thereto; provided that, in the event of any change in the Mexican FRS used
in the preparation of such financial statements, the Borrower shall also provide, for informational purposes only, a statement of reconciliation conforming such financial statements to Mexican FRS consistent with those applied in the preparation of
the financial statements referred to in Section 5.05 and provided further that all such documents will be prepared in English. 
 7.02. Notice of Default and Litigation. The Borrower will furnish to the Administrative Agent (and the Administrative Agent will notify each Lender): 
 (a) as soon as practicable and in any event within five (5) days after the occurrence of each Default or Event of Default continuing
on the date of such statement, a statement of a Responsible Officer of the Borrower setting forth details of such Default or Event of Default and the action that the Borrower has taken and proposes to take with respect thereto; and 
 (b) promptly after the commencement thereof, notice of all litigation, actions, investigations and proceedings before any court,
Governmental Authority or arbitrator affecting the Borrower or any of its Subsidiaries of the type described in Section 5.06 or the receipt of written notice by the Borrower or any of its subsidiaries of potential liability or responsibility
for violation, or alleged violation of any federal, state or local law, rule or regulation (including Environmental Laws) the violation of which could reasonably be expected to have a Material Adverse Effect. 
 7.03. Compliance with Laws and Contractual Obligations, Etc. The Borrower will comply, and cause each of its Subsidiaries to comply, in all
material respects, with all applicable Requirements of Law (including with respect to the licenses, approvals, certificates, permits, franchises, notices, registrations and other governmental authorizations necessary to the ownership of its
respective properties or to the conduct of its respective business, antitrust laws or Environmental Laws and laws with respect to social security and pension funds obligations) and all material Contractual Obligations, except where the failure to so
comply could not reasonably be expected to have a Material Adverse Effect. 
 7.04. Payment of Obligations. The Borrower will pay and
discharge, and cause each of its Subsidiaries to pay and discharge, before the same shall become delinquent, (a) all taxes, assessments and governmental charges or levies assessed, charged or imposed upon it or upon its property and
(b) all lawful claims that, if unpaid, might by law become a Lien upon its property, except where the failure to make such payments or effect such discharges could not reasonably be expected to have a Material Adverse Effect; provided,
however, that neither the Borrower nor any of its Subsidiaries shall be 

  

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required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim that is being contested in good faith and by proper
proceedings and as to which appropriate reserves are being maintained, unless and until any Lien resulting therefrom attaches to its property and becomes enforceable against its other creditors. 
 7.05. Maintenance of Insurance. The Borrower will maintain, and cause each of its Subsidiaries to maintain, insurance with reputable insurance
companies or associations in such amounts and covering such risks as is usually carried by companies of established reputation engaged in similar businesses and owning similar properties in the same general areas in which the Borrower or such
Subsidiary operates. 
 7.06. Conduct of Business and Preservation of Corporate Existence. The Borrower will continue to engage in
business of the same general type as now conducted by the Borrower and will preserve and maintain, and cause each of its Material Subsidiaries to preserve and maintain, its corporate existence, rights (charter and statutory), licenses, consents,
permits, notices or approvals and franchises deemed material to its business; provided that neither the Borrower nor any of its Subsidiaries shall be required to maintain its corporate existence in connection with a merger or consolidation in
compliance with Section 8.03; and provided, further that neither the Borrower nor any of its Subsidiaries shall be required to preserve any right or franchise if the Borrower or any such Subsidiary shall in its good faith
judgment, determine that the preservation thereof is no longer in the best interests of the Borrower or such Subsidiary, as the case may be, and that the loss thereof could not reasonably be expected to have a Material Adverse Effect. 
 7.07. Books and Records. The Borrower will keep, and cause each of its Subsidiaries to keep, proper books of record and account, in which full and
correct entries shall be made of all financial transactions and the assets and business of the Borrower and each such Subsidiary in accordance with Mexican FRS, consistently applied. 
 7.08. Maintenance of Properties, Etc. The Borrower will: 
 (a) maintain and preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties that are used or useful in
the conduct of its business in good working order and condition, ordinary wear and tear excepted, and 
 (b) maintain,
preserve and protect all intellectual property and all necessary governmental and third party approvals, franchises, licenses and permits, material to the business of the Borrower or its Subsidiaries, provided neither paragraph (a) nor
this paragraph (b) shall prevent the Borrower or any of its Subsidiaries from discontinuing the operation and maintenance of any of its properties or allowing to lapse certain approvals, licenses or permits which discontinuance is desirable in
the conduct of its business and which discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 7.09. Use of Proceeds. The Borrower will use the proceeds of all Loans made hereunder solely to make repayments or prepayments of the Existing Bilateral Facilities, together with related interest, fees, costs
and expenses incurred in connection therewith and related to this Agreement. 
 7.10. Pari Passu Ranking. The Borrower will ensure
that at all times the Obligations of the Borrower and each of the Guarantors under the Transaction Documents constitute unconditional general obligations of such Obligor ranking in priority of payment at least pari passu with all other senior
unsecured, unsubordinated Debt of such Obligor. 
  

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 7.11. Transactions with Affiliates. The Borrower will conduct, and cause each of its Subsidiaries
to conduct, all transactions otherwise permitted under this Agreement with any of its Affiliates on terms that are commercially reasonable and no less favorable to the Borrower or such Subsidiary than it would obtain in a comparable
arm’s-length transaction with a Person not an Affiliate. 
 7.12. Maintenance of Governmental Approvals. The Borrower will
maintain in full force and effect at all times all approvals of and filings with any Governmental Authority or third party required under applicable law for the conduct of its business (including, without limitation, antitrust laws or Environmental
Laws) and the performance of the Obligors’ obligations hereunder and under the other Transaction Documents by the Borrower and/or the Guarantors, as applicable, and for the validity or enforceability hereof and thereof, except where failure to
maintain any such approvals or filings could not reasonably be expected to have a Material Adverse Effect. 
 7.13. Inspection of
Property. At any reasonable time during normal business hours and from time to time with at least ten (10) Business Days prior notice, or at any time if a Default or Event of Default shall have occurred and be continuing, permit the
Administrative Agent or any of the Lenders or any agents or representatives thereof to examine and make abstracts from the records and books of account of, and visit the properties of, each of the Borrower or the Guarantors, and to discuss the
affairs, finances and accounts of the Borrower or such Guarantor with any of its officers or directors and with its independent certified public accountants. All expenses associated with such inspection shall be borne by the inspecting Lenders;
provided that if a Default or an Event of Default shall have occurred and be continuing, any expenses associated with such inspection shall be borne jointly and severally by the Borrower and the Guarantors. 
 7.14. Asset Sales. The Borrower shall, and shall procure that its Subsidiaries shall, use commercially reasonable efforts to make Asset Sales on
or before June 30, 2009, the aggregate Net Cash Proceeds of which shall be no less than U.S.$1,000,000,000; provided that, each such Asset Sale shall be on terms reasonably acceptable to the Borrower; provided further that, if
Asset Sales in such amount are not made by such date, the Borrower shall, or shall procure that a Subsidiary shall, use commercially reasonable efforts to complete a Securities Issuance pursuant to Section 2.01(h)(ii). 
 ARTICLE VIII 
 NEGATIVE
COVENANTS 
 The Borrower covenants and agrees that for so long as any Obligation under this Agreement or any other Transaction
Document remains unpaid or any Lender has any Commitment hereunder: 
 8.01. Financial Conditions. 
 (a) The Borrower shall not permit the Consolidated Net Debt / EBITDA Ratio at any time to exceed: 
 (i) 4.50 to 1.0 during the Reference Period ending on March 31, 2009; 
 (ii) 4.75 to 1.0 during the Reference Period ending on June 30, 2009; 
 (iii) 4.50 to 1.0 during the Reference Period ending on each of September 30, 2009 and December 31, 2009; 
  

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 (iv) 4.25 to 1.0 during the Reference Period ending on each of March 31, 2010 and
June 30, 2010; 
 (v) 4.00 to 1.0 during the Reference Period ending September 30, 2010; 
 (vi) 3.75 to 1.0 during the Reference Period ending on each of December 31, 2010, March 31, 2011 and June 30, 2011;
and 
 (vii) 3.50 to 1.0 during the Reference Period ending September 30, 2011 and during each Reference Period ending
thereafter. 
 (b) The Borrower shall not permit the Consolidated Fixed Charge Coverage Ratio for any Reference Period to be
less than 2.50 to 1.0. 
 (c) Concurrently with the delivery by the Borrower of any financial statements pursuant to
Section 7.01, the Borrower shall deliver to the Administrative Agent (with a copy to each Lender) a certificate from a Responsible Officer containing all information and calculations necessary for determining compliance by the Borrower with
Sections 8.01(a) and (b) above. 
 (d) For the purposes of calculating the Consolidated Net Debt to EBITDA Ratio in
Section 8.01(a) above only, “Consolidated Net Debt” shall not include any Debt which notwithstanding falling within the definition of Debt, is not required to be recorded as a liability by the Borrower on its consolidated balance
sheet in accordance with Mexican FRS. 
 8.02. Liens. The Borrower shall not, and shall not permit any of its Subsidiaries to,
directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or asset of the Borrower or any Subsidiary, whether now owned or held or hereafter acquired, other than the following Liens
(“Permitted Liens”): 
 (a) Liens for taxes, assessments and other governmental charges the payment of which
is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which adequate reserves or other appropriate provision, if any, as shall be required by Mexican FRS shall have been made; 
 (b) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of
business for sums not yet due or the payment of which is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserves or other appropriate provision, if any, as shall be required by
Mexican FRS shall have been made; 
 (c) Liens incurred or deposits made in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other types of social security; 
 (d) any attachment or judgment Lien,
unless the judgment it secures shall not, within sixty (60) days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged within sixty (60) days after the expiration of any
such stay; 
 (e) Liens that are described in Schedule 8.02(e) hereto; 
  

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 (f) any Lien on property acquired by the Borrower after the date hereof that was existing
on the date of acquisition of such property; provided that such Lien was not incurred in anticipation of such acquisition, and any Lien created to secure all or any part of the purchase price, or to secure Debt incurred or assumed to pay all
or any part of the purchase price, of property acquired by the Borrower or any of its Subsidiaries after the date hereof; provided, further, that (A) any such Lien permitted pursuant to this clause (f) shall be confined
solely to the item or items of property so acquired (including, in the case of any Acquisition of a corporation through the acquisition of fifty one percent (51%) or more of the voting stock of such corporation, the stock and assets of any
Acquired Subsidiary or Acquiring Subsidiary) and, if required by the terms of the instrument originally creating such Lien, other property which is an improvement to, or is acquired for specific use with, such acquired property; and (B) if
applicable, any such Lien shall be created within nine (9) months after, in the case of property, its acquisition, or, in the case of improvements, their completion; 
 (g) any Lien renewing, extending or refunding any Lien permitted by clause (f) above; provided that the principal amount of
Debt secured by such Lien immediately prior thereto is not increased or the maturity thereof reduced and such Lien is not extended to other property; 
 (h) any Liens created on shares of capital stock of any of the Borrower’s Subsidiaries solely as a result of the deposit or transfer of such shares into a trust or a special purpose vehicle (including any entity
with legal personality) of which such shares constitute the sole assets; provided that (A) any shares of Subsidiary stock held in such trust, corporation or entity could be sold by the Borrower; and (B) proceeds from the deposit or
transfer of such shares into such trust, corporation or entity and from any transfer of or distributions in respect of the Borrower’s or any Subsidiary’s interest in such trust, corporation or entity are applied as provided under
Section 8.04; and provided, further that such Liens may not secure Debt of the Borrower or any Subsidiary (unless permitted under another clause of this Section 8.02); 
 (i) any Liens on securities securing repurchase obligations in respect of such securities; 
 (j) any Liens in respect of any Qualified Receivables Transaction; 
 (k) in addition to the Liens permitted by the foregoing clauses (a) through (j), Liens securing Debt of the Borrower and its
Subsidiaries (taken as a whole) not in excess of five percent (5%) of the Adjusted Consolidated Net Tangible Assets of the Borrower and its Subsidiaries; and 
 (l) any Liens on “margin stock” purchased with the proceeds of the Loans within the meaning of Regulation U, if and to the
extent the value of all “margin stock” of the Borrower and its Subsidiaries exceeds twenty five percent (25%) of the value of the total assets of the Borrower and its Subsidiaries; 
 unless, in each case, the Borrower has made or caused to be made effective provision whereby the Obligations hereunder are secured equally and ratably with, or prior to,
the Debt secured by such Liens (other than Permitted Liens) for so long as such Debt is secured. 
  

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 8.03. Consolidations and Mergers. None of the Guarantors nor the Borrower shall, in one or more
related transactions, (x) consolidate with or merge into any other Person or permit any other Person to merge into it or (y), directly or indirectly, transfer, convey, sell, lease or otherwise dispose of all or substantially all of its
properties or assets to any Person, unless, with respect to any transaction described in clause (x) or (y), immediately after giving effect to such transaction: 
 (a) the Person formed by any such consolidation or merger, if it is not the Borrower or such Guarantor, or the Person that acquires by
transfer, conveyance, sale, lease or other disposition all or substantially all of the properties and assets of the Borrower or such Guarantor (any such Person, a “Successor”) (i) shall be a corporation organized and validly
existing under the laws of its place of incorporation, which in the case of a Successor to the Borrower shall be Mexico, the United States, Canada, France, Belgium, Germany, Italy, Luxembourg, the Netherlands, Portugal, Spain, Switzerland or the
United Kingdom, or any political subdivision thereof, (ii) in the case of a Successor to the Borrower, shall expressly assume, pursuant to a written agreement in form and substance satisfactory to the Required Lenders, the Obligations of the
Borrower pursuant to this Agreement and the performance of every covenant on part of the Borrower to be performed and observed, and (iii) in the case of a Successor to any Guarantor, shall expressly assume, pursuant to a written agreement in
form and substance satisfactory to the Required Lenders, the performance of every covenant of this Agreement on part of such Guarantor to be performed and observed; 
 (b) in the case of any such transaction involving the Borrower or any Guarantor, the Borrower or such Guarantor, or the Successor of any
thereof, as the case may be, shall expressly agree to indemnify each Lender and the Administrative Agent against any tax, levy, assessment or governmental charge payable by withholding or deduction thereafter imposed on such Lender and/or the
Administrative Agent solely as a consequence of such transaction with respect to payments under the Transaction Documents; 
 (c) immediately after giving effect to such transaction, including for purposes of this clause (c) the substitution of any Successor to the Borrower for the Borrower or the substitution of any Successor to a Guarantor for such
Guarantor and treating any Debt or Lien incurred by the Borrower or any Successor to the Borrower, or by a Guarantor of the Borrower or any Successor to such Guarantor, as a result of such transactions as having been incurred at the time of such
transaction (and Incurred for purposes of Section 8.07), no Default or Event of Default shall have occurred and be continuing; and 
 (d) the Borrower shall have delivered to the Administrative Agent an officer’s certificate and an opinion of counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a written
agreement is required in connection with such transaction, such written agreement comply with the relevant provisions of this Article VIII and that all conditions precedent provided for in this Agreement relating to such transaction have been
complied with. 
 8.04. Sales of Assets, Etc. Without limitation of Section 2.01(h)(i), the Borrower will not, and will not
permit any of its Material Subsidiaries to, sell, lease or otherwise dispose of any of its assets (including the capital stock of any Subsidiary), other than (a) inventory, trade receivables and assets surplus to the needs of the business of
the Borrower or any Subsidiary sold in the ordinary course of business, (b) assets not used, usable or held for use in connection with cement operations and related operations, and (c) any “margin stock” within the meaning of
Regulation U acquired by the Borrower through a Tender Offer, unless the proceeds of the sale of such assets are retained by the Borrower or such Subsidiary, as the case may be, and, as promptly as practicable after such sale (but in any event
within one hundred and eighty (180) days of such sale), the proceeds are applied to (i) expenditures for property, plant and equipment usable in the cement industry or related industries; (ii) the repayment of senior Debt of the
Borrower or any of its Subsidiaries, whether secured or unsecured; or (iii) investments in companies engaged in the cement industry or related industries; provided however, that the net 

  

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proceeds from Qualified Receivables Transactions to the extent exceeding, in the aggregate, the aggregate U.S.$ amount set forth in Schedule 1.01(d)
shall be applied to the repayment of senior Debt of the Borrower or any of its Subsidiaries, whether secured or unsecured; and provided that, nothing in this Section 8.04 shall prevent any sale, lease or other disposal of assets from any
Subsidiary to another Subsidiary. 
 8.05. Change in Nature of Business. The Borrower shall not make, or permit any of its Material
Subsidiaries to make, any material change in the nature of its business as carried on at the date hereof. 
 8.06. Margin Regulations.
The Borrower shall not use any part of the proceeds of the Loans for any purpose which would result in any violation (whether by the Borrower, the Administrative Agent or the Lenders) of Regulation T, U or X of the Federal Reserve Board or to extend
credit to others for any such purpose. The Borrower shall not engage in, or maintain as one of its important activities, the business of extending credit for the purpose of purchasing or carrying any margin stock (as defined in such regulations).

 8.07. Limitation on Indebtedness. The Borrower shall not, and shall not permit any of its Subsidiaries to, Incur any Debt
(including Acquired Debt), provided that, the Borrower or any Subsidiary may Incur Debt if on the date of such Incurrence and after giving effect thereto on a pro forma basis (as if such Debt had been Incurred on the first day of the relevant
Reference Period): (a) the Consolidated Net Debt / EBITDA Ratio is less than 3.5 to 1.0 and (b) no Event of Default has occurred and is continuing or would result from the Incurrence of such Debt. Notwithstanding the foregoing, the
Borrower and its Subsidiaries may Incur Permitted Debt. 
 (a) Upon each Incurrence of Debt, the Borrower or Subsidiary, as
the case may be, may designate (and later re-designate) in its sole discretion pursuant to which category of Permitted Debt any Debt is being Incurred and may subdivide an amount of Debt and designate (and later redesignate) more than one such
category pursuant to which such amount of Debt is being Incurred and such Permitted Debt shall not be deemed to have been Incurred or outstanding under any other category of Permitted Debt. For the avoidance of doubt, the inability of the Borrower
or its Subsidiary to Incur Debt under one category shall not limit the ability of the Borrower or its Subsidiary to Incur Debt under another category. 
 (b) Accrual of interest shall not be deemed to be an Incurrence of Debt for purposes of this Section 8.07. Notwithstanding any other provision of this covenant, the maximum amount of Debt that the Borrower and
its Subsidiaries may Incur pursuant to this covenant shall not be deemed to be exceeded, with respect to any outstanding Debt, solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Debt Incurred to
refinance other Debt, if Incurred in a different currency from the Debt being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Debt is denominated that is in effect on the date
of such refinancing. 
 (c) For purposes of determining compliance with any U.S. dollar-denominated restriction on the
Incurrence of Debt, the U.S. dollar equivalent principal amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Debt was Incurred. 
  

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 ARTICLE IX 
 OBLIGATIONS OF GUARANTORS 
 9.01. The Guaranty. Each of the Guarantors jointly and
severally hereby unconditionally and irrevocably guarantees (as a primary obligor and not merely as surety) payment in full as provided herein of all Obligations payable by the Borrower to each Lender, the Administrative Agent and the Joint
Arrangers under this Agreement and the other Transaction Documents and the Fee Letters, as and when such amounts become payable (whether at stated maturity, by acceleration or otherwise). 
 9.02. Nature of Liability. The obligations of the Guarantors hereunder are guarantees of payment and shall remain in full force and effect until
all Obligations of the Borrower have been validly, finally and irrevocably paid in full and all Commitments have been terminated, and shall not be affected in any way by the absence of any action to obtain such amounts from the Borrower or by any
variation, extension, waiver, compromise or release of any or all Obligations from time to time therefor. Each Guarantor waives all requirements as to promptness, diligence, presentment, demand for payment, protest and notice of any kind with
respect to this Agreement and the other Transaction Documents. 
 9.03. Unconditional Obligations. Notwithstanding any contrary
principles under the laws of any jurisdiction other than the State of New York, the obligations of each of the Guarantors hereunder shall be unconditional, irrevocable and absolute and, without limiting the generality of the foregoing, shall not be
impaired, terminated, released, discharged or otherwise affected by the following: 
 (a) the existence of any claim, set-off
or other right which either of the Guarantors may have at any time against the Borrower, the Administrative Agent, any Lenders or any other Person, whether in connection with this transaction or with any unrelated transaction; 
 (b) any invalidity or unenforceability of this Agreement or any other Transaction Document relating to or against the Borrower or either
of the Guarantors for any reason; 
 (c) any provision of applicable law or regulation purporting to prohibit the payment by
the Borrower of any amount payable by the Borrower under this Agreement or any of the other Transaction Documents or the payment, observance, fulfillment or performance of any other Obligations; 
 (d) any change in the name, purposes, business, capital stock (including the ownership thereof) or constitution of the Borrower;

 (e) any amendment, waiver or modification of any Transaction Document in accordance with the terms hereof and thereof; or

 (f) any other act or omission to act or delay of any kind by the Borrower, the Administrative Agent, the Lenders or any
other Person or any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge of or defense to either of the Guarantors’ obligations hereunder. 
 9.04. Independent Obligation. The obligations of each of the Guarantors hereunder are independent of the Borrower’s obligations under the
Transaction Documents and of any guaranty or security that may be obtained for the Obligations. The Administrative Agent and the Lenders may neglect or forbear to enforce payment hereunder, under any Transaction Document or under any guaranty or
security, without in any way affecting or impairing the liability of each Guarantor hereunder. The 

  

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Administrative Agent or the Lenders shall not be obligated to exhaust recourse or take any other action against the Borrower or under any agreement to
purchase or security which the Administrative Agent or the Lenders may hold before being entitled to payment from the Guarantors of the obligations hereunder or proceed against or have resort to any balance of any deposit account or credit on the
books of the Administrative Agent or the Lenders in favor of the Borrower or each of the Guarantors. Without limiting the generality of the foregoing, the Administrative Agent or the Lenders shall have the right to bring suit directly against either
of the Guarantors, either prior or subsequent to or concurrently with any lawsuit against, or without bringing suit against, the Borrower and/or the other Guarantor. 
 9.05. Waiver of Notices. Each of the Guarantors hereby waives notice of acceptance of this ARTICLE IX and notice of any liability to which it may apply, and waives presentment, demand for payment, protest,
notice of dishonor or nonpayment of any such liability, suit or the taking of other action by the Administrative Agent or the Lenders against, and any other notice, to the Guarantors. 
 9.06. Waiver of Defenses. To the extent permitted by New York law and notwithstanding any contrary principles under the laws of any other
jurisdiction, each of the Guarantors hereby waives any and all defenses to which it may be entitled, whether at common law, in equity or by statute which limits the liability of, or exonerates, guarantors or which may conflict with the terms of this
ARTICLE IX, including failure of consideration, breach of warranty, statute of frauds, merger or consolidation of the Borrower, statute of limitations, accord and satisfaction and usury. Without limiting the generality of the foregoing, each of
the Guarantors consents that, without notice to such Guarantor and without the necessity for any additional endorsement or consent by such Guarantor, and without impairing or affecting in any way the liability of such Guarantor hereunder, the
Administrative Agent and the Lenders may at any time and from time to time, upon or without any terms or conditions and in whole or in part, (a) change the manner, place or terms of payment of, and/or change or extend the time or payment of,
renew or alter, any of the Obligations, any security therefor, or any liability incurred directly or indirectly in respect thereof, and this ARTICLE IX shall apply to the Obligations as so changed, extended, renewed or altered;
(b) exercise or refrain from exercising any right against the Borrower or others (including the Guarantors) or otherwise act or refrain from acting; (c) settle or compromise any of the Obligations, any security therefor or any liability
(including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any such liability (whether due or not) of the Borrower to creditors of the
Borrower other than the Administrative Agent and the Lenders and the Guarantors; (d) apply any sums by whomsoever paid or howsoever realized, other than payments of the Guarantors of the Obligations, to any liability or liabilities of the
Borrower under the Transaction Documents or any instruments or agreements referred to herein or therein, to the Administrative Agent and the Lenders regardless of which of such liability or liabilities of the Borrower under the Transaction Documents
or any instruments or agreements referred to herein or therein remain unpaid; (e) consent to or waive any breach of, or any act, omission or default under the Obligations or any of the instruments or agreements referred to in this Agreement and
the other Transaction Documents, or otherwise amend, modify or supplement the Obligations or any of such instruments or agreements, including the Transaction Documents; and/or (f) request or accept other support of the Obligations or take and
hold any security for the payment of the Obligations or the obligations of the Guarantors under this ARTICLE IX, or allow the release, impairment, surrender, exchange, substitution, compromise, settlement, rescission or subordination thereof.
Furthermore, each of the Guarantors hereby waives to the extent permitted by law any right to which it may be entitled to under Articles 2830, 2836, 2842, 2845, 2846, 2848 and 2849 of the Mexican Federal Civil Code and related Articles contained in
the Civil Codes of the States in Mexico. The Guarantors further expressly waive the benefits of order, excusión y division contained in Articles 2814, 2815, 2817, 2818, 2820, 2821, 2822, 2823, 2837, 2838, 2840, 2841 and other related Articles
of the Mexican Federal Civil Code and related Articles contained in other Civil Codes of the States of Mexico. The Guarantors hereby represent that the terms of each such provision of each such civil code are known in form and substance to each such
Guarantor. 
  

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 9.07. Bankruptcy and Related Matters. 
 (a) So long as any of the Obligations remain outstanding, each of the Guarantors shall not, without the prior written consent of the
Administrative Agent (acting with the consent of the Required Lenders), commence or join with any other Person in commencing any bankruptcy, liquidation, reorganization, concurso mercantil or insolvency proceedings of, or against, the
Borrower. 
 (b) If acceleration of the time for payment of any amount payable by the Borrower under this Agreement or the
Notes is stayed upon the insolvency, bankruptcy, reorganization, concurso mercantil or any similar event of the Borrower or otherwise, all such amounts otherwise subject to acceleration under the terms of this Agreement shall nonetheless be
payable by the Guarantors hereunder forthwith on demand by the Administrative Agent made at the request of the Lenders. 
 (c)
The obligations of each of the Guarantors under this ARTICLE IX shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated by any proceeding or action, voluntary or involuntary, involving the bankruptcy, insolvency,
concurso mercantil, receivership, reorganization, marshalling of assets, assignment for the benefit of creditors, readjustment, liquidation or arrangement of the Borrower or similar proceedings or actions or by any defense which the Borrower
may have by reason of the order, decree or decision of any court or administrative body resulting from any such proceeding or action. Without limiting the generality of the foregoing, the Guarantors’ liability shall extend to all amounts and
obligations that constitute the Obligations and would be owed by the Borrower but for the fact that they are unenforceable or not allowable due to the existence of any such proceeding or action. 
 (d) Each of the Guarantors acknowledges and agrees that any interest on any portion of the Obligations which accrues after the
commencement of any proceeding or action referred to above in Section 9.07(c) (or, if interest on any portion of the Obligations ceases to accrue by operation of law by reason of the commencement of said proceeding or action, such interest as
would have accrued on such portion of the Obligations if said proceedings or actions had not been commenced) shall be included in the Obligations, it being the intention of the Guarantors, the Administrative Agent, and the Lenders that the
Obligations which are to be guaranteed by the Guarantors pursuant to this ARTICLE IX shall be determined without regard to any rule of law or order which may relieve the Borrower of any portion of such Obligations. The Guarantors will take no
action to prevent any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar person from paying the Administrative Agent, or allowing the claim of the Administrative Agent, for the benefit of the
Administrative Agent, and the Lenders, in respect of any such interest accruing after the date of which such proceeding is commenced, except to the extent any such interest shall already have been paid by the Guarantors. 
 (e) Notwithstanding anything to the contrary contained herein, if all or any portion of the Obligations are paid by or on behalf of the
Borrower, the obligations of the Guarantors hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or recovered, directly or indirectly,
from the Administrative Agent and/or the Lenders as a preference, preferential transfer, fraudulent transfer or otherwise, and any such payments which are so rescinded or recovered shall constitute Obligations for all purposes under this
ARTICLE IX, to the extent permitted by applicable law. 
  

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 9.08. No Subrogation. Notwithstanding any payment or payments made by any of the Guarantors
hereunder or any set-off or application of funds of any of the Guarantors by the Administrative Agent or any Lender, no Guarantor shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against the Borrower
or any other Guarantor or any collateral security or guarantee or right of offset held by the Administrative Agent or any Lender for the payment of the Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or
reimbursement from the Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Administrative Agent and the Lenders by the Borrower on account of the Obligations shall have been
indefeasibly paid in full in cash. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been indefeasibly paid in full in cash, such amount shall be held by such
Guarantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such
Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine. 
 9.09. Right of Contribution. Subject to Section 9.08, each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more
than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder who has not paid its proportionate share of such payment. The provisions of
this Section 9.09 shall in no respect limit the obligations and liabilities of any Guarantor to the Administrative Agent, the Joint Arrangers and the Lenders, and each Guarantor shall remain liable to the Administrative Agent, the Joint
Arrangers and the Lenders for the full amount guaranteed by such Guarantor hereunder. 
 9.10. General Limitation on Guaranty. In any
action or proceeding involving any applicable corporate law, or any applicable bankruptcy, insolvency, reorganization, concurso mercantil or other law affecting the rights of creditors generally, if the obligations of any Guarantor under this
Section 9.10 would otherwise, taking into account the provisions of Section 9.09, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability
under Section 9.01, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Guarantor, any Lender, the Administrative Agent or any other Person, be automatically
limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 
 9.11. Covenants of the Guarantors. Each Guarantor hereby covenants and agrees that, so long as any Obligations under this Agreement and any other Transaction Document remains unpaid or any Lender has any
Commitment hereunder, it shall comply with the covenants contained or incorporated by reference in this Agreement to the extent applicable to it as a Subsidiary of the Borrower. 
  

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 ARTICLE X 
 EVENTS OF DEFAULT 
 10.01. Events of Default. The following specified events shall
constitute “Events of Default” for the purposes of this Agreement: 
 (a) Payment Defaults. The Borrower
shall (i) fail to pay any principal of any Loan when due in accordance with the terms hereof, or (ii) fail to pay any interest on any Loan, any fee or any other amount payable under this Agreement or any Note (without duplication) within
three (3) Business Days after the same becomes due and payable; or 
 (b) Representation and Warranties. Any
representation or warranty made by the Borrower herein or in any other Transaction Document or made by either Guarantor herein or which is contained in any certificate, document or financial or other statement furnished at any time under or in
connection with this Agreement or any other Transaction Document, as applicable, shall prove to have been incorrect in any material respect on or as of the date made if such failure shall remain unremedied for thirty (30) days after the earlier
of the date on which (i) the chief financial officer of the Borrower or such Guarantor, as the case may be, becomes aware of such incorrectness, or (ii) written notice thereof shall have been given to the Borrower by the Administrative
Agent; or 
 (c) Specific Defaults. The Borrower or a Guarantor, as applicable, shall fail to perform or observe any
term, covenant or agreement contained in Section 7.01, 7.02(a), 7.06 (with respect to the Borrower’s and each Guarantor’s existence only), 7.10 or 7.13 or ARTICLE VIII; or 
 (d) Other Defaults. The Borrower or a Guarantor, as applicable, shall fail to perform or observe any term, covenant or agreement
contained in this Agreement, the Notes, the Fee Letters, any Notice of Borrowings, any certificates, waivers, or any other agreement delivered pursuant to this Agreement (other than as provided in paragraphs (a) and (c) above) and such
failure shall continue unremedied for a period of thirty (30) days after the earlier of the date on which (i) a Responsible Officer of the Borrower becomes aware of such failure, or (ii) written notice thereof shall have been given to
the Borrower by the Administrative Agent at the request of any Lender; or 
 (e) Defaults under Other Agreements. The
occurrence of a default or event of default under any indenture, agreement or instrument relating to any Material Debt of the Borrower or any of its Subsidiaries, and such default or event of default results in the acceleration of the maturity of
any principal amount of such Material Debt prior to the date on which it would otherwise become due and payable; or any principal amount of Material Debt of the Borrower or any of its Subsidiaries shall not be paid upon the scheduled maturity
thereof (after giving effect to any applicable grace period); or 
 (f) Voluntary Bankruptcy. The Borrower or any
Material Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization, concurso mercantil or other relief with respect to itself or its debts under any bankruptcy, insolvency, reorganization or other
similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or
taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any
corporate action to authorize any of the foregoing or the equivalent thereof under Mexican law (including the Ley de Concursos Mercantiles); or 
  

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 (g) Involuntary Bankruptcy. An involuntary case or other proceeding shall be
commenced against the Borrower or any Material Subsidiary seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency, concurso mercantil or other similar law now or hereafter in effect
(including but not limited to the Ley de Concursos Mercantiles) or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or
other proceeding shall remain undismissed and unstayed for a period of sixty (60) consecutive days; or an order for relief shall be entered against the Borrower or any Material Subsidiaries under any bankruptcy, insolvency suspensión de
pagos or other similar law as now or hereafter in effect; or 
 (h) Monetary Judgment. A final judgment or judgments or
order or orders not subject to further appeal for the payment of money in an aggregate amount in excess of U.S.$50,000,000 shall be rendered against the Borrower and/or any of its one or more Subsidiaries of the Borrower that are neither discharged
nor bonded in full within thirty (30) days thereafter; or 
 (i) Pari Passu. The Obligations of the Borrower under
this Agreement or of any Guarantor under this Agreement shall fail to rank at least pari passu with all other senior unsecured Debt of the Borrower or such Guarantor, as the case may be; or 
 (j) Validity of Agreement. The Borrower shall contest the validity or enforceability of any Transaction Document or shall deny
generally the liability of the Borrower under any Transaction Documents or either Guarantor shall contest the validity of or the enforceability of their guarantee hereunder or any obligation of either Guarantor under ARTICLE IX hereof shall not
be (or is claimed by either Guarantor not to be) in full force and effect; 
 (k) Governmental Authority. Any
governmental or other consent, license, approval, permit or authorization which is now or may in the future be necessary or appropriate under any applicable Requirement of Law for the execution, delivery, or performance by the Borrower or either
Guarantor of any Transaction Document to which it is a party or to make such Transaction Document legal, valid, enforceable and admissible in evidence shall not be obtained or shall be withdrawn, revoked or modified or shall cease to be in full
force and effect or shall be modified in any manner that would have an adverse effect on the rights or remedies of the Administrative Agent or the Lenders; or 
 (l) Expropriation, Etc. Any Governmental Authority shall condemn, nationalize, seize or otherwise expropriate all or any
substantial portion of the property of, or capital stock issued or owned by, the Borrower or either Guarantor or take any action that would prevent the Borrower or either Guarantor from performing its obligations under this Agreement, the Notes, the
Fee Letters, any Notice of Borrowings, any certificates, waivers, or any other agreement delivered pursuant to this Agreement; or 
 (m) Moratorium; Availability of Foreign Exchange. A moratorium shall be agreed or declared in respect of any Debt of the Borrower or either Guarantor or any restriction or requirement not in effect on the date hereof shall be
imposed, whether by legislative enactment, decree, regulation, order or otherwise, which limits the availability or the transfer of foreign exchange by the Borrower or either Guarantor for the purpose of performing any material obligation under this
Agreement, the Notes, the Fee Letters, any Notice of Borrowings, any certificates, waivers, or any other agreement delivered pursuant to this Agreement; or 
  

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 (n) Change of Ownership or Control. The beneficial ownership (within the meaning
of Rule 13d-3 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended) of twenty percent (20%) or more in voting power of the outstanding voting stock of the Borrower or either Guarantor is
acquired by any Person; provided that the acquisition of beneficial ownership of capital stock of the Borrower or either Guarantor by Lorenzo H. Zambrano or any member of his immediate family shall not constitute an Event of Default.

 10.02. Remedies. If any Event of Default has occurred and is continuing, the Administrative Agent shall, at the request of, or may,
with the consent of, the Required Lenders: 
 terminate the Commitments and/or declare by notice to the Borrower the principal amount of all
outstanding Loans to be forthwith due and payable, whereupon such principal amount, together with accrued interest thereon and any fees and all other Obligations accrued hereunder, shall become immediately due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly waived; provided, however, that in the case of any Event of Default specified in Section 10.01(f) or (g), without notice or any other act by the
Lenders, the Commitments shall be automatically terminated and the Loans (together with accrued interest thereon) and all other Obligations of the Borrower hereunder shall become immediately due and payable without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by the Borrower; 
 10.03. Notice of Default. The Administrative Agent shall
give notice to the Borrower of any event occurring under Section 10.01(a), (b), (c) or (d) promptly upon being requested to do so by any Lender and shall thereupon notify all the Lenders thereof. 
 10.04. Default Interest. In the event of default by the Borrower in the payment on the due date of any sum due under this Agreement, the Borrower
shall pay interest on demand on such sum from the date of such default to the day of actual receipt of such sum by the Administrative Agent (as well after as before judgment) at the rate specified in Section 2.02(d). So long as the default
continues, the default interest rate shall be recalculated on the same basis at intervals of such duration as the Administrative Agent may select, provided that the amount of unpaid interest at the above rate accruing during the preceding
period (or such longer period as may be the shortest period permitted by applicable law for the capitalization of interest) shall be added to the amount in respect of which the Borrower is in default. 
 10.05. Remedies Independent. Any debt owing to a Lender under the Transaction Documents shall be a separate and independent debt. Except as
otherwise stated in the Transaction Documents, (i) any right of a Lender under the Transaction Documents shall be a separate and independent right and (ii) a Lender may separately enforce its rights under the Transaction Documents.

 ARTICLE XI 
 THE
ADMINISTRATIVE AGENT 
 11.01. Appointment and Authorization. Each Lender hereby irrevocably designates and appoints BBVA
Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer as the Administrative Agent of such Lender under this Agreement, and each Lender hereby irrevocably authorizes the Administrative Agent to take such action on
its behalf under the provisions of this 

  

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Agreement and each other Transaction Document and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by
the terms of this Agreement or any other Transaction Document, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Transaction
Document, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Transaction Document or otherwise exist against the Administrative Agent. 
 11.02. Delegation of Duties. The Administrative Agent may execute any of its duties under this Agreement or any other Transaction Document by or
through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or
attorney-in-fact that it selects with reasonable care. 
 11.03. Liability of Administrative Agent. Neither the Administrative Agent
nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable for any action taken or omitted to be taken by it or any such Person under or in connection with this Agreement or any other Transaction
Document or the transactions contemplated hereby (except for its or such Person’s own gross negligence or willful misconduct), or (b) responsible in any manner to any of the Lenders for any recital, statement, representation or warranty
made by the Borrower, the Guarantors or any officer thereof contained in this Agreement or in any other Transaction Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the
Administrative Agent under or in connection with, this Agreement or any other Transaction Document, or for the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Transaction Document, or for any
failure of the Borrower, the Guarantors or any other party to any Transaction Document to perform its obligations hereunder or thereunder. Except as otherwise expressly stated herein, the Administrative Agent shall not be under any obligation to any
Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Transaction Document, or to inspect the properties, books or records of the Borrower or the
Guarantors. 
 11.04. Reliance by Administrative Agent. 
 (a) The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice,
consent, certificate, affidavit, letter, telegram, facsimile, telex or teletype message, statement, order or other document or telephone conversation believed by it in good faith to be genuine and correct and to have been signed, sent or made by the
proper Person or Persons, and upon advice and statements of legal counsel, independent accountants and other experts selected by the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action
under this Agreement or any other Transaction Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders
against any and all liability and expense which may be incurred by it by reason of failing to take, taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting,
under this Agreement or any other Transaction Document in accordance with a request or consent of the Required Lenders (or when expressly required hereby, all the Lenders) and such request and any action taken or failure to act pursuant thereto
shall be binding upon all the Lenders. 
  

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 (b) For purposes of determining compliance with the conditions specified in
Section 4.01, each Lender that has executed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter sent by the Administrative Agent to such Lender for consent, approval,
acceptance or satisfaction on or before the Effective Date. 
 11.05. Notice of Default. The Administrative Agent shall not be deemed
to have knowledge or notice of the occurrence of any Default or Event of Default (except with respect to defaults in the payment of principal, interest and fees required to be paid to the Administrative Agent for the account of the Lenders) unless
the Administrative Agent shall have received written notice from a Lender or the Borrower referring to this Agreement and describing such Default or Event of Default and stating that such notice is a “Notice of Default”. The Administrative
Agent shall promptly notify the Lenders of its receipt of any such notice. The Administrative Agent shall take such action with respect to such Default or Event of Default as may be requested by the Required Lenders; provided, however,
that unless and until the Administrative Agent has received any such request, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it
shall deem advisable or in the best interest of the Lenders. 
 11.06. Credit Decision. Each Lender expressly acknowledges that
neither the Administrative Agent nor any of its Affiliates, officers, directors, employees, agents or attorneys-in-fact has made any representation or warranty to it, and that no act by the Administrative Agent hereafter taken, including any review
of the affairs of the Borrower, the Guarantors, or any of their Affiliates, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender acknowledges to the Administrative Agent that it has,
independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations,
property, financial and other condition and creditworthiness of the Borrower, the Guarantors, and their Affiliates and all applicable Lender regulatory laws relating to the transactions contemplated hereby, and made its own decision to enter into
this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make
its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Transaction Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects,
operations, property, financial and other condition and creditworthiness of the Borrower or the Guarantors. Except for notices, reports and other documents expressly herein required to be furnished to the Lenders by the Administrative Agent, the
Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Borrower or
the Guarantors which may come into the possession of the Administrative Agent or any of its Affiliates, officers, directors, employees, agents or attorneys-in-fact. 
 11.07. Indemnification. Whether or not the transactions contemplated hereby are consummated, the Lenders agree to indemnify upon demand the Administrative Agent and its Affiliates, directors, officers, agents
and employees (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to the respective amounts of their Commitment Percentages in effect on the date the cause for
indemnification arose, from and against any and all claims, liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including at any time
following the payment of the Obligations or the Termination Date) be imposed on, incurred by or asserted against the Administrative Agent (or any of its Affiliates, directors, officers, agents and employees) in any way relating to or arising out of
this Agreement or any other Transaction Document, or any documents 

  

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contemplated by or referred to herein or the transactions contemplated hereby or any action taken or omitted by the Administrative Agent under or in
connection with any of the foregoing; provided, however, that no Lender shall be liable for the payment of any portion of such claims, liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements to the extent determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of the Administrative Agent or its Affiliates, directors, officers,
agents or employees. Without limitation of the foregoing, each Lender shall reimburse the Administrative Agent upon demand for its ratable share of any reasonable and documented costs or out-of-pocket expenses (including legal fees) incurred by the
Administrative Agent in connection with the preparation, execution, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this
Agreement, any other Transaction Document, or any document contemplated by or referred to herein, to the extent that the Administrative Agent is not reimbursed for such expenses by or on behalf of the Borrower. 
 11.08. Administrative Agent in Individual Capacity. BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA
Bancomer may make loans to, issue letters of credit for the account of, accept deposits from and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Borrower, the Guarantors or any of their
Affiliates as though BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer were not the Administrative Agent hereunder and without notice to or consent of the Lenders. The Lenders acknowledge that, pursuant
to such activities, BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer or its Affiliates may receive information regarding the Borrower, the Guarantors and their Affiliates (including information that may
be subject to confidentiality obligations in favor of the Borrower or the Guarantors) and acknowledge that the Administrative Agent shall be under no obligation to provide such information to them. With respect to the Obligations, BBVA Bancomer,
S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not the Administrative Agent, and the terms
“Lender” and “Lenders” include BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer in its individual capacity. 
 11.09. Successor Administrative Agent. The Administrative Agent may, and at the request of the Required Lenders shall, resign as Administrative
Agent upon thirty (30) days’ notice to the Lenders and the Borrower. If the Administrative Agent resigns under this Agreement, the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which appointment
shall be subject to the approval of the Borrower, such approval not to be unreasonably withheld (unless a Default or Event of Default shall have occurred and be continuing, in which case such approval shall not be required). If no successor agent is
appointed prior to the effective date of the resignation of the Administrative Agent, the Administrative Agent may appoint, after consulting with the Lenders and the Borrower, a successor agent from among the Lenders. Upon the acceptance of its
appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the retiring Administrative Agent and the term “Administrative Agent” shall mean such successor agent effective upon its
appointment, and the retiring Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act on the part of such retiring Administrative Agent. After any retiring Administrative
Agent’s resignation hereunder as Administrative Agent, the provisions of this ARTICLE XI and Sections 13.04 and 13.05 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent
under this Agreement. If no successor Administrative Agent has accepted the appointment as Administrative Agent by the date which is thirty (30) days following a retiring Administrative Agent’s notice of resignation, the retiring
Administrative Agent’s resignation shall nevertheless thereupon become effective and either the Borrower or the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a commercial
bank organized or licensed under the laws of the United States or of any State thereof and having a combined capital and surplus of at least U.S.$400,000,000. 
  

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 ARTICLE XII 
 THE JOINT ARRANGERS 
 12.01. The Joint Arrangers. The Borrower hereby confirms the
designation of each of BBVA Bancomer, S.A. Institucíon de Banca Múltiple, Grupo Financiero BBVA Bancomer, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Santander Investment Securities Inc., and The Royal Bank of Scotland
PLC, as Joint Arrangers for this credit facility. The Joint Arrangers assume no responsibility or obligation hereunder for servicing, enforcement or collection of the Obligations, or any duties as agent for the Lenders. The title “Joint
Arranger” or “Arranger” implies no fiduciary responsibility on the part of the Joint Arrangers to the Administrative Agent, or the Lenders and the use of either such title does not impose on the Joint Arrangers any duties or
obligations under this Agreement except as may be expressly set forth herein. 
 12.02. Liability of Joint Arrangers. Neither the
Joint Arrangers nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by them or any such Person under or in connection with
this Agreement or any other Transaction Document (except for such Joint Arranger’s own gross negligence or willful misconduct), or (b) responsible in any manner to any Lender for any recital, statement, representation or warranty made by
the Borrower or any officer thereof, contained in this Agreement or in any other Transaction Document, or in any certificate, report, statement or other document referred to or provided for in, or received by the Joint Arrangers under or in
connection with, this Agreement or any other Transaction Document or for the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Transaction Document or for any failure of the Borrower or any other
party to any other Transaction Document to perform its obligations hereunder or thereunder. Except as otherwise expressly stated herein, the Joint Arrangers shall not be under any obligation to any Lender to ascertain or to inquire as to the
observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Transaction Document, or to inspect the properties, books or records of the Borrower. 
 12.03. Joint Arrangers in their respective Individual Capacities. Each of BBVA Bancomer, S.A. Institucíon de Banca Múltiple, Grupo
Financiero BBVA Bancomer, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Santander Investment Securities Inc., and The Royal Bank of Scotland PLC, and their respective Affiliates may make loans to, accept deposits from and generally
engage in any kind of business with the Borrower or any of its Affiliates as though they were not the Joint Arrangers hereunder. 
 12.04.
Credit Decision. Each Lender expressly acknowledges that neither the Joint Arrangers nor any of their respective Affiliates, officers, directors, employees, agents or attorneys-in-fact have made any representation or warranty to it, and that
no act by the Joint Arrangers hereafter taken, including any review of the affairs of the Borrower or the Guarantors, shall be deemed to constitute any representation or warranty by the Joint Arrangers to any Lender. Each Lender acknowledges to the
Joint Arrangers that it has, independently and without reliance upon the Joint Arrangers, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations,
property, financial and other condition and creditworthiness of the Borrower or the Guarantors and their Affiliates and made its own decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without
reliance upon the Joint Arrangers, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and

  

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the other Transaction Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property,
financial and other condition and creditworthiness of the Borrower or the Guarantors. The Joint Arrangers shall not have any duty or responsibility to provide any Lender with any information concerning the business, prospects, operations, property,
financial and other condition or creditworthiness of the Borrower which may come into the possession of the Joint Arrangers or any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates. 
 ARTICLE XIII 
 MISCELLANEOUS

 13.01. Notices. 
 (a) Except as otherwise expressly provided herein, all notices, requests, demands or other communications to or upon any party hereunder shall be in writing (including facsimile transmission) and shall be sent by an
overnight courier service, transmitted by facsimile or delivered by hand to such party: (i) in the case of the Borrower, the Guarantors, the Joint Arrangers or the Administrative Agent, at its address or facsimile number set forth on
Schedule 1.01(c) or at such other address or facsimile number as such party may designate by notice to the other parties hereto, and (ii) in the case of any Lender, at its address or facsimile number set forth in Schedule 1.01(b) or
at such other address or facsimile number as such Lender may designate by notice to the Borrower, the Joint Arrangers and the Administrative Agent. 
 (b) Unless otherwise expressly provided for herein, each such notice, request, demand or other communication shall be effective (i) if sent by overnight courier service or delivered by hand, upon delivery,
(ii) if given by facsimile, when transmitted to the facsimile number specified pursuant to paragraph (a) above and confirmation of receipt of a legible copy thereof is received, or (iii) if given by any other means, when delivered at
the address specified pursuant to paragraph (a) above; provided, however, that notices to the Administrative Agent under ARTICLE II, III, IV or XI shall not be effective until received. 
 13.02. Amendments and Waivers. No amendment or waiver of any provision of this Agreement, and no consent to any departure by the Borrower or any
Guarantor from the terms of this Agreement, shall in any event be effective unless the same shall be in writing, consented to by the Borrower or the applicable Guarantors, as the case may be, and acknowledged by the Administrative Agent (which shall
be a purely ministerial action), and signed or consented to by the Required Lenders, and then such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided,
however, that no amendment, waiver or consent shall: 
 (a) (i) except as specifically provided herein, increase or
decrease the Commitment of any Lender; 
 (i) except as set forth in Section 3.13, extend the maturity of any of the
Obligations, extend the time of payment of interest thereon, or extend the Termination Date; or 
 (ii) forgive any
Obligation, reduce the principal amount of the Obligations, reduce the rate of interest thereon, reduce the amount or change the method of calculation of any Fee hereunder, or change the provisions of Section 3.05(a); 
 in each case without the consent of the Borrower and each Lender directly affected thereby; 
  

 - 63 - 

 (b) (i) amend, modify or waive any provision of this Section 13.02; 
 (i) change the percentage specified in the definition of Required Lenders or the number of Lenders which shall be required for the Lenders
or any of them to take any action under this Agreement; 
 (ii) amend, modify or waive any provision of Section 4.01;

 (iii) amend, modify or waive any provision of ARTICLE IX or release any Guarantor from its obligations hereunder; or

 (iv) amend, modify or waive any provision of Section 13.06; 
 in each case without the consent of the Borrower and all the Lenders; 
 (c) amend, modify or waive any provision of ARTICLE XI without the written consent of the Administrative Agent; and 
 (d) amend, modify or waive any provision of ARTICLE XII without the consent of the Joint Arrangers. 
 13.03.
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under any other Transaction Document shall operate as
a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or thereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights and
remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law. 
 13.04. Payment of Expenses,
Etc. The Borrower agrees to pay on demand 
 (a) all reasonable and documented out-of-pocket costs and expenses (including
reasonable legal fees and disbursements of Mexican and New York counsel to the Administrative Agent), travel, telephone and duplication expenses and other reasonable and documented costs and out of- pocket expenses in connection with the
arrangement, documentation, negotiation and closing of the Transactions Documents; 
 (b) all reasonable and documented
out-of-pocket costs and expenses incurred by the Administrative Agent in connection with any amendment to, waiver of, or consent to any Transaction Document or the transactions contemplated hereby, including the reasonable fees and reasonable and
documented out-of-pocket expenses of Mexican and New York counsel to the Administrative Agent; and 
 (c) all reasonable and
documented, out-of-pocket costs and expenses incurred by the Administrative Agent or any Lender in connection with the enforcement of and/or preservation of any rights under this Agreement or any other Transaction Document (whether through
negotiations, legal proceedings or otherwise), including the reasonable fees and reasonable and documented out-of-pocket expenses of Mexican and New York counsel to the Administrative Agent and such Lender. 
 13.05. Indemnification. The Borrower agrees to indemnify and hold harmless the Joint Arrangers, the Administrative Agent and each Lender and each
of their Affiliates and their officers, 

  

 - 64 - 

 
directors, employees, agents and advisors (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities
and expenses (including reasonable fees and expenses of counsel and the allocated cost of in-house counsel), but excluding taxes that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in
connection with or by reason of (including in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) (a) the Transaction Documents, any of the transactions contemplated herein or the
actual or proposed use of the proceeds of the Loans or (b) or any Environmental Action relating in any way to the Borrower or any of its Subsidiaries, except to the extent such claim, damage, loss, liability or expense is found in a final,
non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this
Section 13.05 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by the Borrower, its directors, shareholders or creditors or an Indemnified Party or any other Person or any
Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated hereby are consummated. The Borrower and each Guarantor also agrees not to assert any claim against the Joint Arrangers, the Administrative Agent, any
Lender, any of their Affiliates, or any of their respective directors, officers, employees, attorneys and agents, on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to the
Transaction Documents, any of the transactions contemplated herein or the actual or proposed use of the proceeds of the Transaction Documents. Neither the Joint Arranger, the Administrative Agent, nor any Lender shall be deemed to have any fiduciary
relationship with the Borrower or any Guarantor. 
 13.06. Successors and Assigns. 
 (a) The provisions of this Agreement shall be binding upon the Borrower, the Guarantors, their successors and assigns and shall inure to
the benefit of the Joint Arrangers, the Administrative Agent and the Lenders and their respective successors and assigns, except that the Borrower and the Guarantors may not assign or otherwise transfer any of their rights or obligations under this
Agreement without the prior written consent of all Lenders except pursuant to the terms of this Agreement. 
 (b) Any Lender
may at any time, and any Lender, if demanded by the Borrower pursuant to Section 2.01(d) or Section 3.09 upon at least five (5) Business Days’ notice to such Lender and the Administrative Agent, shall, assign to one or more
commercial banks either (i) registered as a Foreign Financial Institution and a resident (or having its principal office as a resident, if lending through a branch or agency) for tax purposes in a jurisdiction that is a party to an income tax
treaty to avoid double taxation with Mexico on the date of such assignment, qualified to receive the benefits of said treaty or (ii) organized and existing under the laws of Mexico on the date of such assignment (each an
“Assignee”) all, or a proportionate part of all, of its Commitment or Loan and its rights and obligations under this Agreement and the Notes, and such Assignee shall assume such rights and obligations, pursuant to an Assignment and
Assumption Agreement executed by such Assignee and such transferor Lender, with (and subject to) the subscribed consent of the Borrower and the Administrative Agent (which consents shall not be unreasonably withheld or delayed, and if a Default or
Event of Default has occurred and is continuing, the consent of the Borrower shall not be required); provided, however, that if an Assignee is an Existing Lender or an Affiliate of such transferor Lender, which Affiliate is registered
as a Foreign Financial Institution and meets the tax residence and qualification requirements of clause (ii) above and, at the time of such assignment, the additional amounts payable with respect to Taxes to such Assignee will not exceed such
amounts payable to the transferor Lender, no such consent shall be required; and provided further that, in the case of an assignment of only part of such rights and obligations, the Assignee shall acquire a Commitment 

  

 - 65 - 

 
or Loan of not less than U.S.$3,000,000 and integral multiples of U.S.$1,000,000 in excess thereof. Upon execution and delivery of an Assignment and
Assumption Agreement and payment by the Assignee to the transferor Lender of an amount equal to the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be a Lender party to this Agreement and shall have all
the rights and obligations of a Lender with a Commitment or Loan as set forth in such instrument of assumption (in addition to any Commitment or Loan previously held by it), and the transferor Lender shall be released from its obligations hereunder
to a corresponding extent (except to the extent the same arose prior to the assignment), and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this paragraph (b), the transferor Lender,
the Administrative Agent and the Borrower shall make appropriate arrangements so that a new Note is issued to the Assignee at the expense of the Assignee. In connection with any such assignment (other than a transfer by a Lender to one of its
Affiliates), the transferor Lender (or in the case of Section 3.10, the Borrower), without prejudice to any claims the Borrower may have against any Defaulting Lender, shall pay to the Administrative Agent an administrative fee for processing
such assignment in the amount of U.S.$3,500. 
 (c) Nothing herein shall prohibit any Lender from pledging or assigning any
Note to any Federal Reserve Bank of the United States in accordance with applicable law and without compliance with the foregoing provisions of this Section 13.06; provided, however, that such pledge or assignment shall not
release such Lender from its obligations hereunder. 
 (d) Any Lender may, without any consent of the Borrower, the
Administrative Agent or any other third party at any time grant to one or more banks or other institutions (i) registered as a Foreign Financial Institution and (ii) resident (or having its principal office as a resident, if lending
through a branch or agency) for tax purposes in a jurisdiction that is a party to an income tax treaty to avoid double taxation with Mexico on the date of such assignment and qualified to receive the benefits of said treaty and having (at the time
such Lender or financial institution becomes a Participant) a withholding tax rate under such treaty applicable to payments hereunder no higher than that applicable to payments to such Lender (each a “Participant”) participating
interests in its Commitment or any or all of its Loans. In the event of any such grant by a Lender of a participating interest to a Participant, whether or not upon notice to the Borrower and the Administrative Agent, such Lender shall remain
responsible for the performance of its obligations hereunder, and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement. Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrower hereunder, including the right to
approve any amendment, modification or waiver of any provision of this Agreement; provided, however, that such participation agreement may provide that such Lender will not agree to any modification, amendment or waiver of this
Agreement extending the maturity of any Obligation in respect of which the participation was granted, or reducing the rate or extending the time for payment of interest thereon or reducing the principal thereof, or reducing the amount or basis of
calculation of any fees to accrue in respect of the participation, without the consent of the Participant. The Borrower agrees that each Participant shall, to the extent provided in its participation agreement, be entitled to the benefits of
Sections 3.04, 3.06 and 3.10 with respect to its participating interest as if it were a Lender named herein; provided, however, that the Borrower shall not be required to pay any greater amounts pursuant to such Sections than it
would have been required to pay but for the sale to such Participant of such Participant’s participation interest. An assignment or other transfer which is not permitted by paragraph (b) or (c) above shall be given effect for purposes
of this Agreement only to the extent of a participating interest granted in accordance with this paragraph (d). 
  

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 (e) Any Lender may, in connection with any assignment or participation or proposed
assignment or participation pursuant to this Section 13.06, disclose to the Assignee or Participant or proposed Assignee or Participant, any information relating to the Borrower furnished to such Lender by or on behalf of the Borrower;
provided that, prior to any such disclosure, the Assignee or Participant or proposed Assignee or Participant shall agree to preserve the confidentiality of any Confidential Information relating to the Borrower received by it from such Lender.

 13.07. Right of Set-off. In addition to any rights and remedies of the Lenders provided by law, each such Lender shall have the
right, without prior notice to the Borrower or the Guarantors, any such notice being expressly waived by the Borrower and the Guarantors to the extent permitted by applicable law, upon any amount becoming due and payable by the Borrower or the
Guarantors hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any
other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, or any branch or agency thereof to or for the credit or the
account of the Borrower or the Guarantors. Each Lender agrees promptly to notify the Borrower, or such Guarantor, as the case may be, and the Administrative Agent after any such set-off and application made by such Lender, provided that the
failure to give such notice shall not affect the validity of such set-off and application. 
 13.08. Confidentiality. Neither the
Administrative Agent nor any Lender shall disclose any Confidential Information to any other Person without the prior written consent of the Borrower, other than (a) to the Administrative Agent’s, or such Lender’s Affiliates and their
officers, directors, employees, agents and advisors and, as contemplated by Section 13.06(e), to actual or prospective Assignees and Participants, and then only on a confidential basis, (b) as required by any law, rule or regulation
(including as may be required in connection with an audit by the Administrative Agent’s, or such Lender’s independent auditors, and as may be required by any self-regulating organizations) or as may be required by or necessary in
connection with any judicial process and (c) as requested by any state, federal or foreign authority or examiner regulating banks or banking. 
 13.09. Use of English Language. All certificates, reports, notices and other documents and communications given or delivered pursuant to this Agreement shall be in the English language (other than the documents required to be
provided pursuant to Section 4.01(e)(iii), Section 7.01 and Section 7.02 which shall be in the English language or in the Spanish language accompanied by an English translation or summary). Except in the case of the laws of, or
official communications of, Mexico, the English language version of any such document shall control the meaning of the matters set forth therein. 
 13.10. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 
 13.11. Submission to Jurisdiction. 
 (a) Each of the parties hereto hereby irrevocably
and unconditionally submits to the non-exclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State court located in the Borough of Manhattan in New York City and any appellate court
thereof for purposes of any suit, legal action or proceeding arising out of or relating to this Agreement, any other Transaction Document or the transactions contemplated 

  

 - 67 - 

 
hereby, and each of the parties hereto hereby irrevocably agrees that all claims in respect of such suit, action or proceeding may be heard and determined in
such federal or New York State court and, with respect to the Borrower and the Guarantors, as well as in the competent court of their own corporate domicile, expressly waiving the right to the jurisdiction of any other courts pursuant to applicable
law. 
 (b) Each of the parties hereto hereby irrevocably waives, to the fullest extent it may effectively do so, any
objection that it may now or hereafter have to the laying of venue of any such suit, action or proceeding in any such federal or New York State court and irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of any such suit, action or proceeding. 
 (c) Each of the parties hereto irrevocably waives the
right to object, with respect to such claim, suit, action or proceeding brought in any such court, that such court does not have jurisdiction over it. 
 (d) Each of the parties hereto agrees, to the fullest extent it may effectively do so under applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in paragraph (a) above
brought in any such court shall be conclusive and binding upon such party and may be enforced in other jurisdictions by suit on the judgment or in any manner provided by law. 
 (e) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR THE ACTIONS OF ANY ARRANGER, THE ADMINISTRATIVE AGENT OR ANY LENDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

 13.12. Appointment of Agent for Service of Process. 
 (a) The Borrower and each Guarantor hereby irrevocably appoints CT Corporation System, with an office on the date hereof at 111 Eighth
Avenue, 13th Floor, New York, New York 10011, as its agent (the “Process Agent”) to receive on behalf of itself and its property, service of copies of the summons and complaint and any other process which may be served in any such
action or proceeding brought in any New York State or federal court sitting in New York City. The Borrower and each Guarantor hereby appoints as its conventional domicile exclusively to receive any of the notices and service of process, the domicile
of the Process Agent mentioned above or any other domicile notified in writing by the Process Agent to the Borrower, the Administrative Agent or any Lender. Such service may be made by delivering a copy of such process to the Borrower or any
Guarantor, as the case may be, in care of the Process Agent at its address specified above, and the Borrower and each Guarantor, as the case may be, hereby authorizes and directs the Process Agent to accept such service on its behalf. The
appointment of the Process Agent shall be irrevocable until the appointment of a successor Process Agent. The Borrower and each Guarantor, further agrees to promptly appoint a successor Process Agent in New York City prior to the termination for any
reason of the appointment of the initial Process Agent. 
 (b) Nothing in Section 13.11 or in this Section 13.12
shall affect the right of any party hereto to serve process in any manner permitted by law or limit any right that any party hereto may have to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

  

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 13.13. Waiver of Sovereign Immunity. To the extent that the Borrower or a Guarantor has or
hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, or otherwise) with respect to itself or its property, the
Borrower or the Guarantor, as the case may be, hereby irrevocably waives such immunity in respect of its obligations hereunder to the extent permitted by applicable law. Without limiting the generality of the foregoing, the Borrower and each
Guarantor agrees that the waivers set forth in this Section 13.13 shall have force and effect to the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable for
purposes of such Act. 
 13.14. Judgment Currency. 
 (a) All payments made under this Agreement and the other Transaction Documents shall be made in Dollars unless specified otherwise herein.
If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the Borrower in one currency (“Currency X”) into another currency (“Currency Y”), the parties hereto agree to the
fullest extent that they may legally and effectively do so that the rate of exchange used shall be that at which in accordance with normal banking procedures (based on quotations from four major dealers in the relevant market) the Administrative
Agent or each Lender, as the case may be, could purchase Currency X with Currency Y at or about 11:00 a.m. (New York City time) on the Business Day preceding that on which final judgment is given. 
 (b) The Obligations in respect of any sum due to any Lender or the Administrative Agent hereunder or under any other Transaction Document
shall, to the extent permitted by applicable law notwithstanding any judgment expressed in a currency other than the applicable Currency X, be discharged only to the extent that on the Business Day following receipt by such Lender or the
Administrative Agent of any sum adjudged to be so due in Currency Y such Lender or the Administrative Agent may in accordance with normal banking procedures purchase Currency X with Currency Y. If the amount of Currency X so purchased is less than
the sum originally due to such Lender or the Administrative Agent, the Borrower and each of the Guarantors agree, to the fullest extent it may legally do so, as a separate obligation and notwithstanding any such judgment, to indemnify such Lender or
the Administrative Agent against such resulting loss. 
 13.15. Counterparts. This Agreement may be executed in any number of
counterparts and by the different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. 
 13.16. USA PATRIOT Act. The Lenders, to the extent that they are subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), hereby notify the
Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the
Lenders to identify the Borrower in accordance with the Act. 
  

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 13.17. Severability. Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provision in any other
jurisdiction, and the remaining portion of such provision and all other remaining provisions hereof will be construed to render them enforceable to the fullest extent permitted by law. 
 13.18. Survival of Agreements and Representations. 
 (a) All representations and warranties made herein or in any other Transaction Document shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby.

 (b) The covenants and agreements contained in Sections 3.04, 3.05, 3.06, 3.07, 3.08, 13.04, 13.05, 13.08, 13.09,
13.11, 13.12 and 13.14, and the obligations of the Lenders under Section 11.07, shall survive the termination of the Commitments and the payment of all Obligations and, in the case of any Lender that may assign any interest in its Commitment or
obligations hereunder, with respect to matters occurring before such assignment, shall survive the making of such assignment to the extent any claim arising thereunder relates to any period prior to such assignment, notwithstanding that such
assigning Lender may cease to be a “Lender” hereunder. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the date first written above. 
  

			
	 CEMEX, S.A.B. de C.V.

	 as Borrower

		
	 By:
	 	 /s/ [illegible]

	Name	 	
	Title:	 	
	
	 CEMEX MÉXICO, S.A. de C.V.

	 as Guarantor

		
	 By:
	 	 /s/ [illegible]

	Name:	 	
	Title:	 	
	
	 CEMEX CONCRETOS, S.A. de C.V.

	 as Guarantor

		
	 By:
	 	 /s/ [illegible]

	Name:	 	
	Title:	 	

 Signature Page to Credit Agreement 
  

			
	 BBVA BANCOMER, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BBVA BANCOMER

	 as Administrative Agent

		
	 By:
	 	 /s/ [illegible]

	 Name:
	 	/s/ [illegible]
	 Title:
	 	Legal Representative
		
	 By:
	 	 /s/ Ricardo Cano Swain

	 Name:
	 	Ricardo Cano Swain
	 Title:
	 	Legal Representative

 Signature Page to Credit Agreement 

			
	 BBVA BANCOMER, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BBVA BANCOMER

	 as a Lender

		
	 By
	 	 /s/ Alejandro Cardenas

	 Name:
	 	Alejandro Cardenas
	Title:	 	
		
	 By
	 	 /s/ [illegible]

	 Name:
	 	[illegible]
	Title:	 	

 Signature Page to Credit Agreement 

			
	 BANCO NACIONAL DE COMERCIO EXTERIOR, S.N.C

	 as a Lender

		
	 By
	 	 /s/ Jorge Tovar Castro

	 Name:
	 	Jorge Tovar Castro
	 Title:
	 	Attorney in fact
		
	 By
	 	 /s/ Leone Vásquez Gómez

	 Name:
	 	Leone Vásquez Gómez
	 Title:
	 	Attorney in fact

 Signature Page to Credit Agreement 

			
	 BANCO NACIONAL DE MÉXICO, S.A.
 INTEGRANTE DEL GRUPO FINANCIERO
 BANAMEX

	as a Lender
		
	By	 	 /s/ Julio Alvarez González

	Name:	 	Julio Alvarez González
	Title:	 	 Director de Banca
 Corporativa y de
Inversion
 213-53

		
	By	 	 /s/ Leopoldo Amaya González

	Name:	 	Leopoldo Amaya González
	Title:	 	 Director de Finanzes Corporativas
 59-10

  

 Signature Page to Credit Agreement 

			
	BANCO SANTANDER (MÉXICO), S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO SANTANDER
	as a Lender
		
	By	 	 /s/ Wade A. Kit

	Name:	 	Wade A. Kit
	Title:	 	Director Loan Syndications
		
	By	 	 /s/ Octavano Còuttolene Mestre

	Name:	 	Octavano Còuttolene Mestre
	Title:	 	Managing Director

  

 Signature Page to Credit Agreement 

			
	CITIBANK, N.A., NASSAU BAHAMAS BRANCH
	as a Lender
		
	By	 	 /s/ Leslie Munroe

	Name:	 	Leslie Munroe
	Title:	 	Attorney-in-Fact
		 	Citibank N.A.
		 	Nassau, Bahamas Branch
		
	By	 	  

	Name:	 	
	Title:	 	

  

 Signature Page to Credit Agreement 

			
	CITIBANK (BANAMEX USA)
	as a Lender
		
	By	 	 /s/ Jeff Healy

	Name:	 	Jeff Healy
	Title:	 	Senior Vice President
		
	By	 	 /s/ Jorge Figueroa

	Name:	 	Jorge Figueroa
	Title:	 	Executive Vice President

  

 Signature Page to Credit Agreement 

			
	 HSBC MÉXICO, S.A. INSTITUCIÓN DE
 BANCA MÚLTIPLE, GRUPO
 FINANCIERO HSBC

	as a Lender
		
	By	 	 /s/ Juancarlos Chavez Sevilla

	Name:	 	Juancarlos Chavez Sevilla
	Title:	 	Attorney in Fact
		
	By	 	  

	Name:	 	
	Title:	 	

  

 Signature Page to Credit Agreement 

			
	 BBVA BANCOMER, S.A., INSTITUCIÓN
 DE BANCA MÚLTIPLE, GRUPO
 FINANCIERO BBVA BANCOMER

	as Joint Arranger
		
	By	 	 /s/ [illegible]

	Name:	 	
	Title:	 	
		
	By	 	 /s/ [illegible]

	Name:	 	
	Title:	 	

  

 Signature Page to Credit Agreement 

			
	CITIGROUP GLOBAL MARKETS INC.
	as Joint Arranger
		
	By	 	 /s/ Adrian Guzzoni

	Name:	 	Adrian Guzzoni
	Title:	 	Authorized Signatory
		
	By	 	
	Name:	 	
	Title:	 	

  

 Signature Page to Credit Agreement 

			
	HSBC SECURITIES (USA) INC.
	as Joint Arranger
		
	By	 	 /s/ Katia Bouazza

	Name:	 	Katia Bouazza
	Title:	 	Managing Director
		
	By	 	  

	Name:	 	
	Title:	 	

  

 Signature Page to Credit Agreement 

			
	SANTANDER INVESTMENT SECURITIES INC.
	as Joint Arranger
		
	By	 	 /s/ Marcelo Castro

	Name:	 	Marcelo Castro
	Title:	 	Managing Director
		
	By	 	 /s/ Andres Barbosa

	Name:	 	Andres Barbosa
	Title:	 	Vice President

  

 Signature Page to Credit Agreement 

			
	THE ROYAL BANK OF SCOTLAND PLC
	as Joint Arranger
		
	By	 	 /s/ [illegible]

	Name:	 	/s/ [illegible]
	Title:	 	MD
		
	By	 	 /s/ Juan Gortazan

	Name:	 	Juan Gortazan
	Title:	 	

  

 Signature Page to Credit Agreement 

 Schedule 1.01(a) 
 COMMITMENTS 
  

						
	 Name of Lender
	  	Tranche A
Commitment
(Dollars $)	  	Tranche B
Commitment
(Pesos MXN)
	 Banco Nacional de Comercio Exterior, S.N.C.
	  	 	80,000,000	  	
	 Banco Nacional de México, S.A. Integrante del Grupo Financiero Banamex
	  			  	979,076,250
	 Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander
	  	 	55,000,000	  	742,747,500
	 BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer
	  	 	230,000,000	  	2,266,359,200
	 Citibank, N.A., Nassau Bahamas Branch
	  	 	47,500,000	  	
	 Citibank (Banamex USA)
	  	 	25,000,000	  	
	 HSBC México, S.A. Institución de Banca Múltiple Grupo Financiero HSBC
	  			  	785,100,000
		  	 	 	  	 
	 Total
	  	$	437,500,000	  	MXN4,773,282,950

  

 Schedule 1.01(a) 

 Schedule 1.01(b) 
 LENDING OFFICES 
  

			
	Banco Nacional de Comercio Exterior, S.N.C.
	Address:	  	Av. Gómez Morín # 350
		  	Condominio Torre AON, 4th Floor, Local 42
		  	Col. Valle del Campestre
		  	San Pedro Garza García, N.L.
		  	México 66265
	Attention:	  	Horacio Vaquera / Adriana Pérez
	Phone:	  	(5281) 8369-2122 / (5281) 8369-2139
	Fax:	  	(5281) 8369-2155
	E-mail:	  	hvaquera@bancomext.gob.mx / aperez@bancomext.gob.mx)
	
	Banco Nacional de México, S.A.
	Address:	  	Ave. Batallón de San Patricio 109 Sur
		  	Piso 5, Col Valle Oriente
		  	CP 66269 San Pedro Garza García, NL, México
	Attention:	  	Ana Cecilia Ruiz Martinez
	Phone:	  	+52 81 1226 8509
	Fax:	  	+52 81 1226 8538
	E-mail:	  	anaruizma@banamex.com
	
	Banco Santander (México), S.A., Institucion de Banca Multiple, Grupo Financiero Santander
	Address:	  	Paseo de la Reforma #500 Piso 1 Mod 110
		  	Col. Santa Fe
		  	Mexico City, Mexico
	Attention:	  	Aldo Miranda Ortiz
	Phone:	  	(5255) 5261 5164
	Fax:	  	(5255) 5269 1834
	E-mail:	  	almiranda@santander.com.mx
		
	Attention:	  	Pablo Casarrubias López
	Phone:	  	(5255) 5269 1832
	Fax:	  	(5255) 5269 1834
	E-mail:	  	pcasarrubias@santander.com.mx
	
	BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer
	Address:	  	Av. Vasconcelos 101 Ote. 1er Piso
		  	Col. Residencial San Agustín
		  	San Pedro Garza García, NL
		  	México 66260
	Attention:	  	Lorenzo Valdes Elizondo
	Phone:	  	+(52) 81 8368 6965
	Fax:	  	+(52) 81 8368 6980
	E-mail:	  	l.valdes@bbva.bancomer.com

  

 Schedule 1.01(b) 

			
	Citibank, N.A., Nassau Bahamas Branch
	Address:	  	Av. Batallón de San Patricio No. 109
		  	5to piso, Col. Valle Oriente,
		  	Garza García, NL, México
	Attention:	  	Tony Zertuche
	Phone:	  	52 (81) 1226 8526
	Fax:	  	52 (81) 1226 8560
	E-mail:	  	mzertucheiz@banamex.com
		
	Attention:	  	Jesús Cantú
	Phone:	  	52 (81) 1226 8505
	Fax:	  	52 (81) 1226 8560
	E-mail:	  	jcantu@banamex.com
	
	Citibank (Banamex USA)
	Address:	  	2029 Century Park East
		  	42nd FLR Loan Admin. & Ops Unit
		  	Los Angeles, 90067
	Attention:	  	Rosa Verdin, Vice Pres.
	Phone:	  	(310) 203-3442
	Fax:	  	(310) 203-3719
	E-mail:	  	Rosa.verdin@citigroup.com
		
	Attention:	  	Rory Lee
	Phone:	  	(310) 203-3450
	Fax:	  	(310) 203-3722
	E-mail:	  	Rory.lee@citi.com
	
	HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero HSBC
	Address:	  	Blvd. Díaz Ordaz #123 Pte. Torre Sur,
		  	Piso 5, Col Santa María
		  	C.P. 64650, Monterrey, N.L.Mexico
	Attention:	  	Cordelia Gonzalez
	Phone:	  	52 81 8319 2229
	Fax:	  	52 81 8319 2349
	E-mail:	  	Cordelia.GONZALEZ@hsbc.com.mx

  

 Schedule 1.01(b) 

 Schedule 1.01(c) 
 NOTICE DETAILS 
  

			
	BORROWER:
		
	Address:	  	Ave. Ricardo Margáin Zozaya # 325
		  	Col. Valle del Campestre
		  	Garza García, N.L. 66265 México
	Attention:	  	Agustín Blanco – Corporate Financing
	Phone:	  	(5281) 8888 4586
	Fax:	  	(5281) 8888 4465
	E-mail:	  	agustin.blanco@cemex.com
		
	Attention:	  	Francisco Contreras – Back office
	Phone:	  	(5281) 8888 4093
	Fax:	  	(5281) 8888 4019
	E-mail:	  	franciscojavier.contreras@cemex.com
	
	GUARANTORS:
		
	Address:	  	Ave. Ricardo Margáin Zozaya # 325
		  	Col. Valle del Campestre
		  	Garza García, N.L. 66265 México
	Attention:	  	Agustín Blanco – Corporate Financing
	Phone:	  	(5281) 8888 4586
	Fax:	  	(5281) 8888 4465
	E-mail:	  	agustin.blanco@cemex.com
		
	Attention:	  	Francisco Contreras – Back office
	Phone:	  	(5281) 8888 4093
	Fax:	  	(5281) 8888 4019
	E-mail:	  	franciscojavier.contreras@cemex.com
	
	JOINT ARRANGERS:
	
	BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer
	Attention:	  	Montes Urales 620 piso 2
		  	Col. Lomas de Chapultepec
		  	México D.F., México 11000
	Attention:	  	Gonzalo Mañón
	Phone:	  	(5255) 5201 2070
	Fax:	  	(5255) 5201 2054
	E-mail:	  	g.manon@bbva.bancomer.com
	
	Citigroup Global Markets Inc.
	Address:	  	390 Greenwich St, 1st floor
		  	New York, NY 10012
		  	U.S.A.
	Attention:	  	Adrian Guzzoni
	Phone	  	(212) 723 6810
	Fax:	  	(646) 862 8167
	E-mail:	  	adrian.guzzoni@citi.com

  

 Schedule 1.01(c) 

			
	 HSBC Securities (USA) Inc.

	Address:	  	Blvd. Díaz Ordaz #123 Pte. Torre Sur, Piso 5, Col. Santa María, C.P. 64650, Monterrey,
		  	Mexico
	Attention:	  	Cordelia Gonzalez
	Phone:	  	(5281) 8319 2229
	Fax:	  	(5281) 8319 2349
	E-mail:	  	Cordelia.Gonzalez@hsbc.com.mx
	
	 Santander Investment Securities Inc.

	Address:	  	45 East 53rd Street
		  	New York
		  	NY 10022
	Attention:	  	Andres Barbosa – Structured Finance
	Phone:	  	+1 (212) 407-0993
	Fax:	  	+1 (212) 407-4580
	E-mail:	  	abarbosa@santander.us
	
	The Royal Bank of Scotland plc
	Address:	  	Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid
	Attention:	  	Antonio Casteleiro
	Phone:	  	+34 91 438 5135
	Fax:	  	+34 91 438 5307
	E-mail:	  	Antonio.Casteleiro@rbs.com
	
	ADMINISTRATIVE AGENT:
	
	BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer
	Address:	  	C/o Montes Urales No. 620; Col. Lomas de Chapultepec 1000 México,
		  	Distrito Federal
	Attention:	  	Concepción Zúñigo / Josué De León
	Phone:	  	(5255) 5201-2063 / (5255) 5201-2630
	Fax:	  	(5255) 5201-2054
	Email:	  	c.zuniga@bbva.bancomer.com / j.jair@bbva.bancomer.com

  

 Schedule 1.01(c) 

 Schedule 1.01(d) 
 EXISTING QUALIFIED RECEIVABLES TRANSACTIONS 
  

															
	 	  	 Description
	  	 Counterparty
	  	 Origin
	  	 Currency
	  	Amount	  	Amount in USD	  	 Maturity

	 CEMEX France S.A.S.
	  	Amendment and Restated Receivables Assignment Agreement (as amended)	  	ING Bank (France) S.A.	  	May 31, 2006	  	EURO	  	160,000,000	  	224,720,000	  	May 31, 2009
	 Cemex Inc.
	  	Amended and Restated Receivables Purchase Agreement (as amended)	  	JP Morgan Chase Bank, N.A./ Lloyds TSB Bank plc	  	March 20, 2008	  	USD	  	500,000,000	  	500,000,000	  	March 20, 2009
	 Cemex Mexico, S.A. de C.V.
	  	Agreement for the Sale and Transfer of Ownership of Designated Receivables	  	WLB Funding, S.A. de C.V., SOFOM, E.N.R.	  	January 9, 2008	  	MXN	  	2,298,000,000	  	174,426,548	  	January 9, 2009
	 Cemex España, S.A.
	  	Amended and Restated Receivables Purchase Agreement (as amended)	  	WestLB AG	  	May 9, 2006	  	EURO	  	300,000,000	  	421,350,000	  	May 9, 2011
		  		  		  		  		  		  	 	  	
	 TOTAL
	  		  		  		  		  		  	1,320,496,548	  	
							
	Exchange rates as of January 1, 2009	  		  		  		  		  		  	
	US$/Euro	  	1.4045	  		  		  		  		  		  	
	US$/MXN	  	0.0759	  		  		  		  		  		  	

  

 Schedule 1.01(d) 

 Schedule 1.01(e) 
 EXISTING BILATERAL FACILITIES 
  

									
	 INSTITUTION
	  	CURRENCY	  	STATED
MATURITY
DATE	  	OUTSTANDING
PRINCIPAL
AMOUNT MXN	  	OUTSTANDING
PRINCIPAL
AMOUNT USD
	 HSBC México, S.A. Institución de Banca Múltiple Grupo Financiero HSBC
	  	MXN	  	January 30,
2009	  	785,100,000.00	  	
	 BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer
	  	MXN	  	January 30,
2009	  	1,285,555,200.00	  	
	 BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer
	  	MXN	  	January 30,
2009	  	980,804,000.00	  	
	 BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer
	  	USD	  	January 30,
2009	  		  	75,000,000.00
	 BBVA Bancomer, S.A. Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer
	  	USD	  	January 30,
2009	  		  	155,000,000.00
	 Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander
	  	MXN	  	January 30,
2009	  	742,747,500.00	  	
	 Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander
	  	USD	  	January 30,
2009	  		  	55,000,000.00
	 CITIBANK, N.A. , NASSAU BAHAMAS BRANCH
	  	USD	  	January 30,
2009	  		  	47,500,000.00
	 Banco Nacional de México, S.A. Integrante del Grupo Financiero Banamex
	  	MXN	  	January 30,
2009	  	979,076,250.00	  	
	 CITIBANK (BANAMEX USA)
	  	USD	  	January 30,
2009	  		  	25,000,000.00
	 Banco Nacional de Comercio Exterior, S.N.C.
	  	USD	  	February 13,
2009	  		  	20,000,000.00
	 Banco Nacional de Comercio Exterior, S.N.C.
	  	USD	  	March 24,
2009	  		  	60,000,000.00
		  		  		  	 	  	 
	 TOTAL
	  		  		  	4,773,282,950.00	  	437,500,000.00
		  		  		  	 	  	 

  

 Schedule 1.01(e) 

 Schedule 2.01(h)(i) 
 SPECIFIED FINANCINGS 
  

									
	 Debt Facilities, Notes, Bonds, Debt Instruments, Derivatives Agreements
 and Qualified Receivables Transactions
	  	Currency	  	Stated Maturity Date	  	Outstanding
Principal Amount	  	Outstanding
in USD
					
	 Debt Facilities, Notes, Bonds, Debt Instruments
	  		  		  		  	
	 Cemex España Syndicated Agreement (RMC) dated September 24, 2004
	  	USD	  	March 24, 2009	  	262,500,000	  	262,500,000
	 Cemex España Syndicated Agreement (RMC) dated September 24, 2004
	  	USD	  	September 24, 2009	  	262,500,000	  	262,500,000
	 Cemex España Syndicated JPY 19308 dated June 13, 2003
	  	JPY	  	March 30, 2009	  	19,308,000,000	  	212,783,778
	 Cemex SAB de CV Certificado Bursátil issued on January 8, 2008
	  	MXN	  	February 5, 2009	  	454,784,000	  	34,519,758
	 Cemex SAB de CV Certificado Bursátil issued on January 15, 2008
	  	MXN	  	February 12, 2009	  	429,600,000	  	32,608,201
	 Cemex SAB de CV Certificado Bursátil issued on January 22, 2008
	  	MXN	  	February 19, 2009	  	484,640,000	  	36,785,937
	 Cemex SAB de CV Certificado Bursátil issued on April 15, 2005
	  	MXN	  	April 10, 2009	  	1,895,930,900	  	143,908,043
	 Cemex SAB de CV 144-A Bond 09 issued on October 1, 1999
	  	USD	  	October 1, 2009	  	61,516,000	  	61,516,000
	 Cemex SAB de CV US$700MM RCF (Dresdner not extended portion) dated June 23, 2004
	  	USD	  	July 25, 2009	  	20,000,000	  	20,000,000
	 Cemex SAB de CV RCF Commerce Bank September 08, 2008
	  	USD	  	March 6, 2009	  	25,000,000	  	25,000,000
	 Cemex SAB de CV RCF Commerce Bank December 22, 2008
	  	USD	  	March 6, 2009	  	4,000,000	  	4,000,000
	 Cemex SAB de CV RCF Standard Chartered December 18, 2008
	  	USD	  	March 26, 2009	  	30,000,000	  	30,000,000
	 Cemex SAB de CV RCF Bancomext October 14, 2008
	  	USD	  	July 14, 2009	  	41,666,667	  	41,666,667
	 Cemex SAB de CV RCF Bancomext October 14, 2008
	  	USD	  	October 14, 2009	  	41,666,667	  	41,666,667
	 Cemex España Póliza BNP dated January 25, 2008
	  	USD	  	January 26, 2009	  	53,000,000	  	53,000,000
	 Cemex España Póliza Banca di Roma dated July 31, 2006
	  	EUR	  	January 28, 2009	  	8,948,275	  	12,567,852
	 Cemex España Póliza JP Morgan dated January 14, 2004
	  	EUR	  	February 13, 2009	  	2,062,414	  	2,896,660
	 Cemex España Póliza Bankinter dated December 21, 2004
	  	EUR	  	March 6, 2009	  	381	  	535
	 Cemex España Póliza Bankinter dated December 21, 2004
	  	USD	  	March 6, 2009	  	7,560,000	  	7,560,000
	 Cemex España Póliza Caja Asturias dated April 1, 2008
	  	EUR	  	March 31, 2009	  	19,946,349	  	28,014,647
	 Cemex España Póliza Sabadell dated June 24, 2008
	  	EUR	  	June 24, 2009	  	2,701,495	  	3,794,250
	 Cemex España Póliza Sabadell dated June 24, 2008
	  	USD	  	June 24, 2009	  	38,980,442	  	38,980,442
	 Cemex España Póliza Fortis dated August 28, 2006
	  	EUR	  	August 28, 2009	  	11,634,311	  	16,340,390
	 Cemex España Póliza Fortis dated August 28, 2006
	  	JPY	  	August 28, 2009	  	1,854,931	  	20,442
	 Cemex España Póliza Fortis dated August 28, 2006
	  	USD	  	August 28, 2009	  	7,735,803	  	7,735,803
	 Cemex España Póliza Fortis dated August 28, 2006
	  	EUR	  	August 28, 2009	  	62,499	  	87,780
	 Cemex España Póliza Fortis dated August 28, 2006
	  	USD	  	August 28, 2009	  	7,466,295	  	7,466,295
	 Environmental Bond dated December 4, 1997
	  	USD	  	July 16, 2009	  	21,500,000	  	21,500,000
	 Environmental Bond dated February 15, 1983
	  	USD	  	August 5, 2009	  	17,800,000	  	17,800,000
	 Cemex Materials LLC—ANZ dated February 21, 2003
	  	USD	  	April 1, 2009	  	150,000,000	  	150,000,000
	 Cemex Materials LLC—BNP dated February 21, 2003
	  	USD	  	April 1, 2009	  	37,500,000	  	37,500,000
	 Cemex Materials LLC—JP Morgan dated October 1, 2007
	  	USD	  	March 23, 2009	  	50,000,000	  	50,000,000
	 Cemex Materials LLC—JP Morgan dated October 1, 2008
	  	USD	  	April 1, 2009	  	40,000,000	  	40,000,000
	 Cemex Investments Ltd Bilateral RBS dated October 2008
	  	GBP	  	January 31, 2009	  	31,716,666	  	46,553,723
	 Cemex Investments Ltd Bilateral RBS dated October 2008
	  	USD	  	January 31, 2009	  	10,766,798	  	10,766,798
	 Cemex France Service Loan BNP dated January 15, 2009
	  	EUR	  	February 13, 2009	  	20,000,000	  	28,090,000
	 Cemex France Service France Loan SocGen dated December 29, 2008
	  	EUR	  	January 29, 2009	  	16,000,000	  	22,472,000
	 Cemex Puerto Rico Loan BBVA dated August 31, 2005
	  	USD	  	August 31, 2009	  	30,000,000	  	30,000,000
	 Cemex Philippines loan with Banco de Oro dated January 19, 2009
	  	USD	  	April 20, 2009	  	8,000,000	  	8,000,000
	 Cemex Colombia loan with Banco Credito dated October 29, 2008
	  	COP	  	January 27, 2009	  	11,500,000,000	  	5,114,339

  

 Schedule 2.01(h)(i) 

									
	 Debt Facilities, Notes, Bonds, Debt Instruments, Derivatives Agreements
 and Qualified Receivables Transactions
	  	Currency	  	Stated Maturity Date	  	Outstanding
Principal Amount	  	Outstanding
in USD
	 Cemex Colombia loan with Banco Credito dated October 30, 2008
	  	COP	  	January 29, 2009	  	11,500,000,000	  	5,114,339
	 Cemex Colombia loan with Banco Occidente dated October 31, 2008
	  	COP	  	January 29, 2009	  	15,000,000,000	  	6,670,877
	 Cemex Colombia loan with Banco Bogota dated November 5, 2008
	  	COP	  	February 2, 2009	  	20,000,000,000	  	8,894,502
	 Cemex Colombia loan with Banco Ganadero dated November 4, 2008
	  	COP	  	February 5, 2009	  	25,000,000,000	  	11,118,128
	 Cemex Colombia loan with Banco Occidente dated January 21, 2009
	  	COP	  	April 21, 2009	  	15,000,000,000	  	6,670,877
	 Cemex Dominicana loan with BHQ dated November 6, 2008
	  	DOP	  	February 6, 2009	  	100,000,000	  	2,828,854
	 Cemex Dominicana loan with BHQ dated November 7, 2008
	  	DOP	  	February 9, 2009	  	100,000,000	  	2,828,854
	 Cemex Dominicana loan with BHQ dated November 12, 2008
	  	DOP	  	February 12, 2009	  	50,000,000	  	1,414,427
	 Cemex Dominicana loan with BM Leon dated November 12, 2008
	  	DOP	  	May 12, 2009	  	45,000,000	  	1,272,984
	 Cemex Dominicana loan with BM Leon dated November 13, 2008
	  	DOP	  	May 13, 2009	  	100,000,000	  	2,828,854
	 Cemex Dominicana loan with BM Leon dated November 14, 2008
	  	DOP	  	May 14, 2009	  	100,000,000	  	2,828,854
	 Cemex Dominicana loan with Banco Popular dated December 18, 2008
	  	DOP	  	May 15, 2009	  	150,000,000	  	4,243,281
	 Cemex Dominicana loan with Banco Popular dated December 19, 2008
	  	DOP	  	May 15, 2009	  	150,000,000	  	4,243,281
	 Cemex SAB de CV Facility with SCB dated August 04, 2008
	  	USD	  	August 31, 2009	  	60,000,000	  	60,000,000
	 Cemex SAB de CV Facility with BNPP dated March 24, 2008
	  	USD	  	March 24, 2009	  	32,000,000	  	32,000,000
	 Cemex España Syndicated Agreement (Rinker) dated December 05, 2006
	  	USD	  	December 6, 2009	  	1,301,000,000	  	1,301,000,000
	 Cemex España JBF Agreement dated January 27, 2009—Facility A (US$)
	  	USD	  	November 13, 2009	  	154,375,000	  	154,375,000
	 Cemex España JBF Agreement dated January 27, 2009—Facility B (EUR)
	  	EUR	  	November 13, 2009	  	144,203,875	  	202,534,342
	 Cemex España JBF Agreement dated January 27, 2009—Facility A (US$)
	  	USD	  	Diciembre 31, 2009	  	57,382,686	  	57,382,686
	 Cemex España JBF Agreement dated January 27, 2009—Facility B (EUR)
	  	EUR	  	Diciembre 31, 2009	  	53,601,980	  	75,283,981
		  	 	  	 	  	 	  	 
					
	 Derivatives Agreements
	  		  		  		  	
	 Cemex SAB de CV Capital Hedge Amounts due January 2009
	  	USD	  	January, 2009	  	11,760,782	  	11,760,782
	 Cemex SAB de CV Capital Hedge Amounts due February 2009
	  	USD	  	February, 2009	  	93,323,891	  	93,323,891
	 Cemex SAB de CV Capital Hedge Amounts due March 2009
	  	USD	  	March, 2009	  	7,141,746	  	7,141,746
	 Cemex SAB de CV Capital Hedge Amounts due April 2009
	  	USD	  	Apri1, 2009	  	48,327,439	  	48,327,439
	 Cemex SAB de CV Capital Hedge Amounts due July 2009
	  	USD	  	July, 2009	  	21,871,303	  	21,871,303
	 Cemex SAB de CV Capital Hedge Amounts due August 2009
	  	USD	  	August, 2009	  	11,648,578	  	11,648,578
	 Cemex SAB de CV Capital Hedge Amounts due September 2009
	  	USD	  	September, 2009	  	42,202,287	  	42,202,287
		  	 	  	 	  	 	  	 
					
	 Qualified Receivables Transactions
	  		  		  		  	
	 CEMEX France Finance S.A.S.- ING, Amendment and Restatement Agreement dated 11 December 2006 amending and restating the receivables the
Receivables Assignment Agreement dated 31 May 2006 and as from time to time amended
	  	EURO	  	May 1, 2009	  	160,000,000	  	224,720,000
					
	 Grol Enterprises, LLC / Cemex, Inc—JP Morgan / Loyds, Amended & Restated Receivables Purchase Agreement dated as of
March 20, 2008, amending and restating the Receivables Purchase Agreement dated as of September 21, 2001 and as from time to time amended
	  	USD	  	March 1, 2009	  	500,000,000	  	500,000,000
					
	 Cemex Mexico, S.A. de C.V. and Cemex Concreto, S.A. de C.V.- WLB Funding, Agreement for the Sale and Transfer of Ownership of Designated
Receivables dated Jan 9, 2008 and as from time to time amended
	  	MXN	  	Apr-2009	  	2,298,000,000	  	174,426,548
		  	 	  	 	  	 	  	 
		  		  		  		  	899,146,548
		  		  		  		  	 
		  		  		  	TOTAL	  	4,934,673,704

  

			
	 Exchange Rates as of Jan 1, 2009
	  	
	 USD/EURO
	  	1.4045
	 USD/JPY
	  	0.0110
	 USD/GBP
	  	1.4678
	 USD/MXP
	  	0.0759

  

 Schedule 2.01(h)(i) 

									
	 Debt Facilities, Notes, Bonds, Debt Instruments, Derivatives Agreements
 and Qualified Receivables Transactions
	  	Currency	  	Stated Maturity Date	  	Outstanding
Principal
Amount	  	Outstanding
in USD
	 Mexican Unidades de Inversión (UDIs)
	  	4.1855	  		  		  	

  

 Schedule 2.01(h)(i) 

 Schedule 4.01(l) 
 Derivatives Agreements 
  

					
	 FX and Interest Rate Derivatives
	  	Notional
(million USD)	  	Mark-to-Market
(million USD)(1)
	 Interest Rate Derivatives
	  	$15,594	  	-$4
	 Currency Derivatives
	  	$2,424	  	$2
	 -CCSs Pesos
	  	$528	  	-$87
	 -CCSs Others
	  	$1,896	  	$89
	 Capital Hedge
	  	—  	  	—  
	 Equity Derivatives(2)

	  	798	  	$47
	 Total
	  	$18,616	  	-$49
	 Dual Currency Perpetual
	  	$2,953	  	$229
	 Total
	  	$21,569	  	$180

  

	(1)	As of closing of January 21, 2009 

  

 Schedule 4.01(l) 

 Schedule 5.06 
 Litigation Matters 
 A description of material actions, suits, investigations, litigations or proceedings, including
Environmental Actions, affecting Borrower or any of its Subsidiaries before any court, Governmental Authority or arbitrator is provided below. 
 Environmental Matters 
 United States 
 As of
December 31, 2008, CEMEX, Inc. and its subsidiaries had accrued liabilities specifically relating to environmental matters in the aggregate amount of approximately U.S.$43.0 million. The environmental matters relate to (i) the disposal of
various materials, in accordance with past industry practice, which might be categorized as hazardous substances or wastes, and (ii) the cleanup of sites used or operated by CEMEX, Inc., including discontinued operations, regarding the disposal
of hazardous substances or wastes, either individually or jointly with other parties. Most of the proceedings are in the preliminary stage, and a final resolution might take several years. For purposes of recording the provision, CEMEX, Inc.
considers that it is probable that a liability has been incurred and the amount of the liability is reasonably estimable, whether or not claims have been asserted, and without giving effect to any possible future recoveries. The ultimate cost that
might be incurred to resolve these environmental issues cannot be assured until all environmental studies, investigations, remediation work, and negotiations with or litigation against potential sources of recovery have been completed. 

CEMEX Construction Materials Florida, LLC f/k/a Rinker Materials of Florida, Inc., a subsidiary of CEMEX, Inc., holds one federal quarry permit and is the beneficiary
of one of 10 other federal quarrying permits granted for the Lake Belt area in South Florida. The permit held by CEMEX Florida covers CEMEX Florida’s SCL and FEC quarries. CEMEX Florida’s Krome quarry is operated under one of the other
federal quarry permits. The FEC quarry is the largest of CEMEX Floridas’ quarries measured by volume of aggregates mined and sold. CEMEX Florida’s Miami cement mill is located at the SCL quarry and is supplied by that quarry. A ruling was
issued on March 22, 2006 by a judge of the U.S. District Court for the Southern District of Florida in connection with litigation brought by environmental groups concerning the manner in which the permits were granted. Although not named as a
defendant, CEMEX Florida has intervened in the proceedings to protect its interests. The judge ruled that there were deficiencies in the procedures and analysis undertaken by the relevant governmental agencies in connection with the issuance of the
permits. The judge remanded the permits to the relevant governmental agencies for further review, which review the governmental agencies have indicated in a recent announcement should take until mid February 2009 to conclude. The judge also
conducted further proceedings to determine the activities to be conducted during the remand period. In July 2007, the judge issued a ruling that halted certain quarrying operations at three non-CEMEX Florida quarries. The judge left in place CEMEX
Florida’s Lake Belt permits until the relevant government agencies complete their review. In a May 2008 ruling, the federal appellate court determined that the district court judge did not apply the proper standard of review to the permit
issuance decision of the governmental agency, vacated the district court’s prior order, and remanded the proceeding to the district court to apply the proper standard of review; this review remains pending before the district court judge. If
the Lake Belt permits are ultimately set aside or quarrying operations under them restricted, CEMEX Florida will need to source aggregates, to the extent available, from other locations in Florida or import aggregates. This would likely affect
profits from our Florida operations. Any adverse impacts on the Florida economy arising from the cessation or significant restriction of quarrying operations in the Lake Belt could also have a material adverse effect on our financial results.

  

 Schedule 5.06 

 Europe 
 In Great Britain,
future expenditure on closed and current landfill sites has been assessed and quantified over the period in which the sites are considered to have the potential to cause environmental harm, generally consistent with the regulator view of up to 60
years from the date of closure. The assessed expenditure relates to the costs of monitoring the sites and the installation, repair and renewal of environmental infrastructure. The costs have been quantified on a net present value basis in the amount
of approximately £122 million, and an accounting provision for this sum has been made at December 31, 2007. 
 In 2003, the European Union
adopted a directive implementing the Kyoto Protocol on climate change and establishing a greenhouse gas emissions allowance trading scheme within the European Union. The directive requires Member States to impose binding caps on carbon dioxide
emissions from installations involved in energy activities, the production and processing of ferrous metals, the mineral industry (including cement production) and the pulp, paper or board production business. Under this scheme, companies with
operations in these sectors receive from the relevant Member States allowances that set limitations on the levels of greenhouse gas emissions from their installations. These allowances are tradable so as to enable companies that manage to reduce
their emissions to sell their excess allowances to companies that are not reaching their emissions objectives. Companies can also use credits issued from the use of the flexibility mechanisms under the Kyoto protocol to fulfill their European
obligations. These flexibility mechanisms provide that credits (equivalent to allowances) can be obtained by companies for projects that reduce greenhouse gas emissions in emerging markets. These projects are referred to as Clean Development
Mechanism (“CDM”) or joint implementation projects depending on the countries where they take place. Failure to meet the emissions caps is subject to heavy penalties. 
 Companies can also use, up to a certain level, credits issued under the flexible mechanisms of the Kyoto protocol to fulfill their European obligations. Credits for Emission Reduction projects obtained under these
mechanisms are recognized, up to a certain level, under the European emission trading scheme as allowances. To obtain these emission reduction credits, companies must comply with very specific and restrictive requirements from the United Nations
Convention on Climate Change (UNFCC). 
 As required by directive, each of the Member States established a National Allocations Plan, or NAP, setting out the
allowance allocations for each industrial facility for Phase I, from 2005 to 2007. Based on the NAPs established by the Member States of the European Union for the 2005 to 2007 period and our actual production, on a consolidated basis after trading
allowances between our operations in countries with a deficit of allowances and our operations in countries with an excess of allowances, and after some external operations, Borrower’s Subsidiaries had a surplus of allowances of approximately
1,050,054 tons of carbon dioxide in this Phase I. 
 For Phase II, comprising 2008 through 2012, however, there has been a reduction in the allowances
granted by the Member States that have already approved their NAP, which may result in a consolidated deficit in our carbon dioxide allowances during the period. We believe we may be able to reduce the impact of any deficit by either reducing carbon
dioxide emissions in our facilities or by obtaining additional emission credits through the implementation of CDM projects. If we are not successful in implementing emission reductions in our facilities or obtaining credits from CDM projects, we may
have to purchase a significant amount of emission credits in the market, because CEMEX has already sold a substantial amount of allowances for Phase II, the cost of which may have an impact on our operating results. As of December 1, 2008, the
market value of carbon dioxide allowances for Phase II was approximately €15.45 per ton. CEMEX is taking appropriate measures to minimize our exposure to this market while assuring the supply of our products to our clients. 
  

 Schedule 5.06 

 The Spanish NAP has been finally approved by the Spanish Government, reflecting the conditions that were set forth by the
European Commission. The allocations made to our installations allow us to foresee certain availability of allowances, nevertheless, there remains the uncertainty regarding the allocations that, against the reserve for new entrants, shall be
requested for the new CEMEX cement plant in Andorra (Teruel), currently under construction, and that it is scheduled to start operating in 2010. 
 On
May 29, 2007, the Polish government filed an appeal before the Court of First Instance in Luxemburg regarding the European Commission’s rejection of the initial version of the Polish NAP. The Court has denied Poland’s request for a
quick path verdict in the case, keeping the case in the regular proceeding path, therefore, the Polish government has started to prepare Polish internal rules on division of allowance at the level already accepted by the European Commission. Seven
major Polish cement producers, representing 98% of Polish cement production (including CEMEX Polska), have also filed seven separate appeals before the Court of First Instance regarding the European Commission’s rejection. On September 29,
2008 the Court of the First Instance issued an order rejecting CEMEX Polska’s appeal without going into the merit of the case. As of December 4, 2008 the final version of the Polish NAP has not been cleared by the Commission; CEMEX’s
has not determined the impact this may have on CEMEX ̈s position in the country. 
 Tax Matters 
 Pursuant to amendments to the Mexican income tax law (Ley del Impuesto sobre la Renta), which became effective on January 1, 2005, Mexican companies with direct or
indirect investments in entities incorporated in foreign countries whose income tax liability in those countries is less than 75% of the income tax that would be payable in Mexico will be required to pay taxes in Mexico on passive income such as
dividends, royalties, interest, capital gains and rental fees obtained by such foreign entities, provided that the income is not derived from entrepreneurial activities in such countries (income derived from entrepreneurial activities is not subject
to tax under these amendments). We filed two motions in the Mexican federal courts challenging the constitutionality of the amendments. On June 29, 2006, we obtained a favorable ruling from the Mexican federal court stating that the amendments
were unconstitutional. The Mexican tax authority appealed the ruling, and the proceeding was attracted by the Mexican Supreme Court of Justice. On September 9, 2008, the Mexican Supreme Court ruled against CEMEX’s constitutional challenge
of the controlled foreign corporation tax rules in effect in Mexico for tax years 2005 to 2007. Since the Supreme Court’s decision does not pertain to an amount of taxes due or other tax obligations, CEMEX will self-assess any taxes due through
the submission of amended tax returns. CEMEX has not yet determined the amount of tax or the periods affected. Based on a preliminary estimate, CEMEX believes this amount will not be material, but no assurance can be given that additional analysis
will not lead to a different conclusion. If the tax authorities do not agree with CEMEX’s self-assessment of the taxes due for past periods, they may assess additional amounts of taxes past due, which may be material and may impact CEMEX cash
flows. 
 The Mexican Congress approved several amendments to the Mexican Asset Tax Law (Ley del Impuesto al Activo) that came into effect on January 1,
2007. As a result of such amendments, all Mexican corporations, including us, are no longer allowed to deduct their liabilities from the calculation of the asset tax. We believe that the Asset Tax Law, as amended, is against the Mexican
constitution. We have challenged the Asset Tax Law through appropriate judicial action (juicio de amparo). 
 The asset tax was imposed at a rate of 1.25% on
the value of most of the assets of a Mexican corporation. The asset tax was “complementary” to the corporate income tax (impuesto sobre la renta) and, therefore, was payable only to the extent it exceeded payable income tax. 
  

 Schedule 5.06 

 Philippines 
 As of
December 31, 2008, the Philippine Bureau of Internal Revenue (BIR), had assessed APO, Solid, IQAC, ALQC and CSPI, our operating subsidiaries in the Philippines, for deficiency taxes covering taxable years 1998-2005 amounting to a total of
approximately 1,994 million Philippine Pesos (approximately U.S.$41.96 million as of December 31, 2008, based on an exchange rate of Philippine Pesos 47.52 to U.S.$1.00, which was the Philippine Peso/Dollar exchange rate on
December 31, 2008 as published by the Bangko Sentral ng Pilipinas, the central bank of the Republic of the Philippines). 
 The majority of the tax
assessments result primarily from the disallowance of APO’s income tax holiday incentives for taxable years 1999 to 2001 (approximately Philippine Pesos 1,078 million or U.S.$22.68 million as of December 31, 2008, based on an exchange
rate of Philippine Pesos 47.52 to U.S.$1.00). We have contested the BIR’s assessment, arising from the disallowance of the ITH incentive, with the Court of Tax Appeals (CTA). The initial Division ruling of the CTA was unfavorable, but is
subject to further appeal with the CTA as a whole. The assessment is now currently on appeal with the CTA En Banc. A motion was filed with the CTA, requesting the court to hold APO totally not liable for alleged income tax liabilities for all the
years covered and to this end cancel and withdraw APO’s deficiency income tax assessments for taxable years 1999, 2000 and 2001 on the basis of APO’s availment of the tax amnesty described below. As of December 31, 2008, resolution on
the aforementioned motion is still pending. 
 CEMEX Venezuelan Nationalization 
 In furtherance of Venezuela’s announced policy to nationalize certain sectors of the economy, on June 18, 2008, the Nationalization Decree was promulgated, mandating that the cement production industry in
Venezuela be reserved for the Government of Venezuela and ordering the conversion of foreign-owned cement companies, including CEMEX Venezuela, into state-controlled companies with Venezuela holding an equity interest of at least 60%. The
Nationalization Decree provided for the formation of a transition committee to be integrated with the board of directors of the relevant cement company to guaranty the transfer of control over all activities of the relevant cement company to
Venezuela by December 31, 2008. The Nationalization Decree further established a deadline of August 17, 2008 for the shareholders of foreign-owned cement companies, including CEMEX Venezuela, to reach an agreement with the Government of
Venezuela on the compensation for the nationalization of their assets. The Nationalization Decree also provided that this deadline may be extended by mutual agreement of the Government of Venezuela and the relevant shareholder. The transition
committee, which was to be coordinated by the Ministry of Basic Industries (MIBAN), was never formally instituted and MIBAN never acted in the process, but instead Petroleos de Venezuela (PDVSA) conducted all the conversations. 
 CEMEX Venezuela and the Government did not reach agreement by the August 17 deadline, and on August 18 the Expropriation Decree was issued by the President of
Venezuela, with PDVSA appointed to conduct the expropriation proceedings. Although these proceedings had not yet commenced, PDVSA officials headed a group of PDVSA workers, with the support of the public force, to take over all the facilities of
CEMEX Venezuela on August 17. Since no agreement has been reached with the Venezuelan Government as to the compensation to be paid, the Dutch companies that control CEMEX Venezuela filed an arbitration request before the International Center
for the Settlement of Investment Disputes against the Government of Venezuela, which request has been registered and the tribunal is in the process of being formed. 
 As of December 31, 2007, CEMEX Venezuela, S.A.C.A. was the holding entity of several of CEMEX’s investments in the region, including CEMEX’s operations in the Dominican Republic and Panama, as well as
CEMEX’s minority investment in Trinidad. In the wake of statements by the Government of Venezuela about the nationalization of assets in Venezuela, in April 2008, CEMEX concluded the transfer of all material non-Venezuelan investments to CEMEX
España for approximately U.S.$355 million plus U.S.$112 million of net debt, having distributed all accrued profits from the non-Venezuelan investments 

  

 Schedule 5.06 

 
to the stockholders of CEMEX Venezuela amounting to approximately U.S.$132 million. At this time, the net impact or the outcome of the nationalization on
CEMEX’s consolidated financial results cannot be reasonably estimated. As of December 31, 2008 the net assets of CEMEX’s Venezuelan operations under Mexican FRS were approximately U.S.$451.7 million. Since August 2008, CEMEX no longer
consolidates the financial results of CEMEX Venezuela. 
 On June 13, 2008, the Venezuelan securities authority initiated an administrative proceeding
against CEMEX Venezuela, claiming that the company did not sufficiently inform its shareholders and the securities authority in connection with the transfer of the non-Venezuelan assets described above. The Venezuelan authority determined that CEMEX
Venezuela did not comply with its disclosure obligations and imposed fines on the company, which we do not consider material, and requested the attorney general’s office to review the case to determine if such non-disclosure also constituted
criminal infringement. 
 Other Legal Proceedings 
 On
August 5, 2005, a lawsuit was filed against a subsidiary of CEMEX Colombia, claiming that it was liable along with the other members of the Asociación Colombiana de Productores de Concreto, or ASOCRETO, a union formed by all the
ready-mix concrete producers in Colombia, for the premature distress of the roads built for the mass public transportation system of Bogotá using ready-mix concrete supplied by CEMEX Colombia and other ASOCRETO members. The plaintiffs allege
that the base material supplied for the road construction failed to meet the quality standards offered by CEMEX Colombia and the other ASOCRETO members and/or that they provided insufficient or inaccurate information in connection with the product.
The plaintiffs seek the repair of the roads in a manner which guarantees their service during the 20-year period for which they were originally designed, and estimate that the cost of such repair will be approximately U.S.$45 million. The lawsuit
was filed within the context of a criminal investigation of two ASOCRETO officers and other individuals, alleging that the ready-mix concrete producers were liable for damages if the ASOCRETO officers were criminally responsible. The court completed
the evidentiary stage, and on August 17, 2006 dismissed the charges against the members of ASOCRETO. The other defendants (one ex-director of the Distrital Institute of Development, the legal representative of the constructor and the legal
representative of the contract auditor) were formally accused. The decision was appealed, and on December 11, 2006, the decision was reversed and the two ASOCRETO officers were formally accused as participants (determiners) in the execution of
a state contract without fulfilling all legal requirements thereof. The first public hearing took place on November 20, 2007. In this hearing the judge dismissed an annulment petition filed by the ASOCRETO officers. The petition was based on
the fact that the officers were formally accused of a different crime than the one they were being investigated for. This decision was appealed, but the decision was confirmed by the Superior Court of Bogota. On January 21, 2008, CEMEX Colombia
was subject to a judicial order, issued by the court, sequestering a quarry called El Tujuelo, as security for a possible future money judgment to be rendered against CEMEX Colombia in these proceedings. The court determined that in order to lift
this attachment and prevent further attachments, CEMEX Colombia was required within a period of 10 days to deposit with the Court in cash CoP$337,800 million (approximately U.S.$195 million as of June 4, 2008, based on an exchange rate of
CoP1730 to U.S.$1.00, which was the Colombian Peso/Dollar exchange rate on June 4, 2008, as published by the Banco de la República de Colombia, the central bank of Colombia), instead of being allowed to post an insurance policy to secure
such recovery. CEMEX Colombia asked for reconsideration, and the court allowed CEMEX to present an insurance policy. Nevertheless, CEMEX appealed this decision, in order to reduce the amount of the insurance policy, and also requested that the
guarantee be covered by all defendants in the case. The measure does not affect the normal activity of the quarry. At this stage, we are not able to assess the likelihood of an adverse result or the potential damages which could be borne by CEMEX
Colombia. 
  

 Schedule 5.06 

 On August 5, 2005, Cartel Damages Claims, SA, or CDC, filed a lawsuit in the District Court in Düsseldorf,
Germany against CEMEX Deutschland AG and other German cement companies. CDC is seeking €102 million in respect of damage claims by 28 entities relating to alleged price and quota fixing by German cement companies between 1993 and 2002,
which entities had assigned their claims to CDC. CDC is a Belgian company established by two lawyers in the aftermath of the German cement cartel investigation that took place from July 2002 to April 2003 by Germany’s Federal Cartel Office with
the express purpose of purchasing potential damages claims from cement consumers and pursuing those claims against the cartel participants. In January 2006, another entity assigned alleged claims to CDC, and the amount of damages being sought by CDC
increased to €113.5 million plus interest. On February 21, 2007, the District Court of Düsseldorf decided to allow this lawsuit to proceed without going into the merits of this case by issuing an interlocutory judgment. All
defendants appealed. The appeal hearing took place on April 22, 2008, and the appeal was dismissed on May 14, 2008. The lawsuit will proceed at the level of court of first instance. As of September 30, 2008 only one defendant has
decided to file a complaint before the Federal High Court; this will delay the case from proceeding at the level of first instance to an extent we cannot assess today. In the meantime, CDC had acquired new assigners and announced an increase in the
claim to €131 million. As of November 30, 2008, we had accrued liabilities regarding this matter for a total amount of approximately €20 million. 
 During November 4, 5 and 6, 2008, officers of the European Commission, assisted by local officials, conducted an unannounced inspection at CEMEX offices in the United Kingdom and in Germany. It is understood that Commission officials
carried out unannounced inspections at the premises of other companies active in the cement and related products industry in several member states. The Commission alleges that CEMEX may have participated in anti competitive agreements and/or
concerted practices in breach of Article 81of the EC Treaty and/or Article 53 of the EEA Agreement and abusive conduct in breach of Article 82 of the EC Treaty and/or Article 54 of the EEA Agreement. The allegations extend to several markets
worldwide, including in particular the European Economic Area; if those allegations are substantiated, significant penalties may be imposed on the subsidiaries of CEMEX operating in such markets. CEMEX fully co-operated and will continue to
co-operate with the Commission officials in connection with the inspection. 
 After an extended consultation period, in April 2006, the cities of
Kaštela and Solin in Croatia published their respective Master (physical) Plans defining the development zones within their respective municipalities, adversely impacting the mining concession granted to Dalmacijacement, our subsidiary in
Croatia, by the Government of Croatia in September 2005. During the consultation period, Dalmacijacement submitted comments and suggestions to the Master Plans, but these were not taken into account or incorporated into the Master Plan by
Kaštela and Solin. Most of these comments and suggestions were intended to protect and preserve the rights of Dalmacijacement ́s mining concession granted by the Government of Croatia in September 2005. Immediately after publication of the
Master Plans, Dalmacijacement filed a series of lawsuits and legal actions before the local and federal courts to protect its acquired rights under the mining concessions. The legal actions taken and filed by Dalmacijacement were as follows:
(i) on May 17, 2006, a constitutional appeal before the constitutional court in Zagreb, seeking a declaration by the court concerning Dalmacijacement’s constitutional claim for decrease and obstruction of rights earned by investment,
and seeking prohibition of implementation of the Master Plans, the appeal is currently under review by the constitutional court in Croatia, and it is expected that this proceeding will continue for several years before resolution; (ii) on
May 17, 2006, a possessory action against the cities of Kaštela and Solin seeking the enactment of interim measures prohibiting implementation of the Master Plans and including a request to implead the Republic of Croatia into the
proceeding on our side. The municipal court in Solin issued a first instance judgment dismissing our possessory action. We filed an appeal against that judgment. The appeal has been resolved by the Solin County Court, affirming the judgment and
rendering it final. The Municipal Court in Kaštela has issued a first instance judgment dismissing our possessory action. We filed an appeal against said judgment, which 

  

 Schedule 5.06 

 
has since been resolved by the Kaštela Country Court, affirming the judgment and rendering it final; (iii) on May 17, 2006, an administrative
proceeding before the State Lawyer, seeking a declaration from the Government of Croatia confirming that Dalmacijacement acquired rights under the mining concessions. Dalmacijacement received State Lawyer’s opinion which confirms the
Dalmacijacement’s acquired rights according to the previous decisions (“old concession”). The Administrative Court in Croatia has ruled in favor of Dalmacijacement, validating the legality of the mining concession granted to
Dalmacijacement by the Government of Croatia. This decision is final. Currently it is difficult for Dalmacijacement to ascertain the approximate economic impact of these measures by Kaštela and Solin. 
 Club of Environmental Protection, a Latvian environmental protection organization (hereinafter the “Applicant”), has initiated a court administrative
proceeding against the decision made by the Environment State Bureau (hereinafter the “Defendant) in order to amend the environmental pollution permit (the “Permit”) for the Broceni Cement Plant in Latvia, owned by CEMEX SIA (the
“Disputed Decision”). CEMEX SIA was invited to participate in the court proceedings as a third party, whose rights and legal interest may be infringed by the relevant administrative act. On June 5, 2008 the Court rendered its
judgment, where it satisfied the Claimant’s claim and revoked the Disputed Decision stating that it is illegal because Defendant failed to perform public inquiry in accordance with legal regulations. The judgment has been appealed by both the
Defendant and CEMEX SIA before the Court of Appeal and the court will hear the case in February 24, 2009. The appellate procedure will not suspend the operation of the Permit which will remain valid throughout the court proceedings, hence CEMEX
SIA is allowed to continue to perform its activities. The Permit subject to this proceeding was issued for the existing cement line, which will be fully substituted in the first half of 2009 by a new cement line currently under construction.

  

 Schedule 5.06 

 Schedule 5.10 
 Material Subsidiaries 
 CEMEX MEXICO, S.A. DE C.V. 
 CEMEX MATERIALS LLC (f/k/a Rinker Materials LLC f/k/a Rinker Material Corp.) 
 CEMEX EGYPTIAN INVESTMENTS B.V. 
 CEMEX COLOMBIA, S.A. 
 CEMEX ESPAÑA, S.A. 
 CEMEX CONCRETOS, S.A. DE C.V. 
 CEMEX AUSTRALIA HOLDINGS PTY LIMITED

  

 Schedule 5.10 

 SCHEDULE 8.02(e) 
 LIEN 
 (Figures In Millions, USD) 
  

										
	 Name of Cemex
Subsidiary
	 	 Counterparty
	 	 Lien Concept
	 	January-2008	 	 Agreement Type

	CEMEX, Inc.	 	Hampton	 	Land related with a Promissory Note	 	$	0.004	 	Promissory Note between Mr. Paul E. Hampton, Jr. and wife and Comex, Inc., dated October 31, 1985.
	RMC Beton Śląsk Sp. z o.o.	 	SG Equipment Leasing Polska Sp. z o.o.	 	Plant Equipment Lien	 	$	1.776	 	Equipment Leasing Agreement by and between SG Equipment Leasing Polska Sp. z o.o. RMC Beton Śląsk Sp. z o.o. and dated June 23rd, 2006.
	CEMEX BETONS CENTRE et BRETAGNE	 	CITICAPITAL	 	Plant Equipment Lien	 	$	0.006	 	Leasing Agreement CITICAPITAL - BETON DE FRANCE CENTRE ET BRETAGNE dated June 30, 2002.
	CEMEX GRANULATS RHONE-MEDITERRANEE	 	SLIBAIL IMMOBILIER	 	Plant Equipment Lien	 	$	0.738	 	Leasing Agreement by and between “SLIBAIL IMMOBILIER” and “MORRILLON CORVOL RHONE MEDITERRANEE dated July 24, 2000.
	CEMEX BETONS NORD QUEST	 	SLIBAIL IMMOBILIER	 	Plant Equipment Lien	 	$	0.130	 	Leasing Agreement by and between SLIBAIL IMMOBILIER – SAS BETON DE FRANCE NORMANDIE dated June 03 2002.
	ETABLISSEMENT CHARROY	 	BAIL ACTEA	 	Plant Equipment Lien	 	$	0.028	 	Leasing Agreement by and between BAIL ACTEA - SA Ets CHARROY dated August 28, 2003.
	Cemex Sands, s.r.o.	 	Impuls Leasing Austria, s.r.o.	 	Machinery and Equipment for Operations	 	$	0.079	 	Financial Leasing between Comex Sand, s.r.o. and Impulse Leasing Austria dated March 2008.
	Transbeton Lieferbeton Gesellschaft m.b.H.	 	Raiffeisenbank Bruck an der Mur eg. Gen.	 	Plant Equipment Lien	 	$	3.392	 	Leasing agreement on movables entered by and between Reiffeisen-Leasing Mobilien und KFZ GmbH and Trans-Beton Ges.m.b.H. dated March 31, 2004.
	CEMEX Klas Hamburg GmbH & Co. KG	 	Kreissparkasse Herzogfum Lauenburg	 	Land Lien	 	$	0.253	 	Leasing Agreement Kreissparkasse Herzogfum Lauenburg – Wunder GmbH, Wunder Kiestransporte GmbH undGünter Wunder Baustoffhandel dated March 22, 1994.
	Cemex UK Operations Limited	 	ING Lease (UK) Limited	 	Plant Equipment Lien	 	$	14.879	 	Leasing Master Agreement by and between Kleinworth Benson Fleet Finance Limited and Rombus Materials Limited dated December 31, 1997. Assignment and Continuation Schedule dated September 30,
2005 between ING Lease Fleet Finance Limited and Cemex UK Operations Ltd.
	Cemex UK Operations Limited	 	Lloyds TSB Asset Finance	 	Plant Equipment Lien	 	$	2.792	 	Lease Agreement by and between The Rugby Group PLC and UDT Budget Leasing Limited dated 21 of December 1998.
	RMC Beton Śląsk Sp. z o.o.	 	Bankowy Fundusz Leasingowy S.A.	 	Plant Equipment Lien	 	$	0.016	 	Leasing Agreement by and between Bankowy Fundusz Leasingowy, S.A. and RMC Beton Śląsk, Sp. z o.o. dated March 11th, 2008.
	Cemex S.A.B. de C.V. and Subsidiaries	 	Different Banks	 	Cash Collateral	 	$	486.904	 	ISDA Agreements Different Banks Regarding Margin Calls in Derivatives Instruments.
	Cemex S.A.B. de C.V. and Subsidiaries	 	Banco Nacional de Comercio Exterior	 	Cemex, S.A.B. de C.V. and Cementos Chihuahua, S.A.B. de C.V. shares	 	$	250.000	 	Credit Agreement entered on October 14, 2009 Secured with a Stock Pledge.
	Cemex S.A.B. de C.V. and Cemex México, S.A. de C.V.	 	National Financiera S.N.C.,	 	Cemex México’s headquarters Edificio Constitución # 444 in Monterrey, N.L.	 	$	50.462	 	Credit Agreement to issue the government guaranty (aval) on Cemex’ short term Certificados Bursàtiles entered on October 22, 2008.
		 		 		 	 	 	 	
		 		 	TOTAL	 	$	811.460	 	

  

 SCHEDULE 8.02(e) 

 EXHIBIT A1 
 FORM OF TRANCHE A NOTE 
 LIBOR 
  

			
	 PROMISSORY NOTE
 NON
NEGOTIABLE
  
 US$[            ]
  
 FOR VALUE RECEIVED, the undersigned, CEMEX, S.A.B. de C.V. (the “Borrower”), by this Promissory Note unconditionally promises to pay to the order of
[                    ] (the “Lender”), the principal sum of
US$[                    ] ([                    ]
Dollars  00/100, lawful currency of the United States of America), payable on each of the dates (each a “Principal
Payment Date” and the last of such dates the “Final Payment Date”) and in the amounts set forth below:
	 	 PAGARÉ
 NO
NEGOCIABLE
  
 EUA$[            ]
  
 POR VALOR RECIBIDO, la suscrita, CEMEX, S.A.B. de C.V., (el “Deudor”), por este Pagaré promete incondicionalmente pagar a la orden de
[                    ] (el “Acreedor”), la suma principal de
EUA$[                    ]
([                    ] de Dólares  00/100, moneda de curso legal de los Estados Unidos de América), pagadera en las fechas (cada una, una “Fecha de Pago de Principal” y la ultima de las mismas, la “Fecha de Pago
Final” ) y en las cantidades abajo señaladas:

  

					
	 Principal Payment Date
	  	Amount	 
	 November 13, 2009
	  	US$	[            	] 
	 February 26, 2010
	  	US$	[            	] 
	 May 28, 2010
	  	US$	[            	] 
	 August 31, 2010
	  	US$	[            	] 
	 November 30, 2010
	  	US$	[            	] 
	 February 28, 2011
	  	US$	[            	] 

					
	 Fecha de Pago de Principal
	  	Monto	 
	 13 de noviembre de 2009
	  	EUA$	[            	] 
	 26 de febrero de 2010
	  	EUA$	[            	] 
	 28 de mayo de 2010
	  	EUA$	[            	] 
	 31 de agosto de 2010
	  	EUA$	[            	] 
	 30 de noviembre de 2010
	  	EUA$	[            	] 
	 28 de febrero de 2011
	  	EUA$	[            	] 

  

			
	The Borrower also promises to pay interest on the unpaid principal amount of this Promissory Note, from the date hereof until the Final Payment Date, for each day during each Interest Period (as
defined below), at the Interest Rate (as defined below) applicable during each Interest Period. Interest shall be payable in arrears, on the Interest Payment Date (as defined below) and on the date of payment hereof in full.	 	El Deudor promete, asimismo, pagar intereses sobre el saldo insoluto de principal de este Pagaré, desde la fecha del presente hasta la Fecha de Pago Final, por cada día durante
cada Período de Intereses (según se define más adelante), a la Tasa de Interés (según se define más adelante), aplicable durante cada Período de Intereses. Los intereses se pagarán en forma
vencida, en la Fecha de Pago de Intereses (según dicho término se define más adelante) y en la fecha de pago del monto total conforme al presente.
		
	Any principal amount and (to the extent permitted by applicable law) interest not paid when due under this Promissory Note, shall bear default interest for each day until paid, payable on
demand, at a rate per annum equal to the sum of the Interest Rate applicable during each Interest Period on which the default occurs and is continuing plus 2.00%.	 	Cualquier monto de principal y (en la medida permitida por legislación aplicable) de intereses que no sea pagado cuando sea debido conforme a este Pagaré, devengará
intereses moratorios por cada día hasta que sean pagados, pagaderos a la vista, a una tasa anual igual a la suma de la Tasa de Interés aplicable durante cada Período de Intereses en que ocurra y continúe el incumplimiento
más 2.00%.
		
	Interest hereunder shall be calculated on the basis of the actual number of days elapsed (including the first day but excluding the last day), divided by 360.	 	Los intereses conforme al presente serán calculados sobre la base del número de días efectivamente transcurridos (incluyendo el primer día pero excluyendo el
último), divididos entre 360.
		
	For purposes of this Promissory Note, the following terms shall have the following meanings:	 	Para efectos de éste Pagaré, los siguientes términos tendrán los siguientes significados:
		
	“Administrative Agent” means BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, in its capacity as administrative agent for the
lenders, and its successors in such capacity.	 	“Agente Administrativo” significa BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, en su función como agente
administrativo en representación de los acreedores, y sus sucesores en tal carácter.
		
	“Applicable Margin” means 3.00% per annum.	 	“Margen Aplicable” significa 3.00% anual.
		
	“Business Day” means any day other than a Saturday or Sunday or other day on which commercial banks in New York City or Mexico City are authorized or required by law to close
and on which dealings in Dollars deposits are conducted by and between banks in the London interbank market.	 	“Día Hábil” significa cualquier día distinto de un Sábado o Domingo o a cualquier día en que los bancos comerciales estén autorizados u
obligados a cerrar en la Ciudad de Nueva York o en la Ciudad de México y, en que se conduzcan operaciones de depósito en Dólares entre los bancos en el mercado interbancario de Londres.

  

 EXHIBIT A1 

			
	“Interest Payment Date” means the last Business Day of each February, May, August, November and the Final Payment Date.	 	“Fecha de Pago de Intereses” significa el último Día Hábil de cada febrero, mayo, agosto, noviembre y la Fecha de Pago Final.
		
	“Interest Period” means, in the case of the initial Interest Period hereunder, the period commencing on the date hereof and ending on the next succeeding Interest Payment Date
and in the case of each subsequent Interest Period hereunder, the period commencing on the immediately preceding Interest Payment Date and ending on the next succeeding Interest Payment Date, provided, however, that any Interest Period which would
otherwise end after the Final Payment Date shall end on the Final Payment Date.	 	“Período de Intereses” significa, respecto del primer Periodo de Intereses, el periodo que comienza en la fecha del presente y termina en la siguiente Fecha de Pago de
Intereses, y en el caso de cada Periodo de Intereses subsecuente conforme a este Pagaré, el periodo que comienza en la Fecha de Pago de Intereses inmediata anterior y termina en la Fecha de Pago de Intereses inmediata siguiente, en el
entendido que cualquier Periodo de Intereses que terminaría después de la Fecha de Pago Final terminará en la Fecha de Pago Final.
		
	“Interest Rate” means, with respect to each Interest Period, the sum of the LIBOR applicable during such Interest Period plus the Applicable Margin.	 	“Tasa de Interés” significa, respecto de cada Período de Intereses, la suma de la LIBOR aplicable durante dicho Período de Intereses más el
Margen Aplicable.
		
	“LIBOR” means (a) the applicable Screen Rate; or (b) (if no Screen Rate is available) the arithmetic mean of the rates (rounded upwards to four (4) decimal
places) as supplied to the Administrative Agent at its request quoted by the Reference Banks to leading banks in the London interbank market, as of approximately 11:00 a.m. ( New York City time) on the Quotation Day for the offering of deposits in
Dollars of the United States of America and for a period comparable to the Interest Period hereunder.	 	“LIBOR” significa, (a) la Tasa de Pantalla o (b) (si la Tasa de Pantalla no esta disponible), el promedio aritmético de las tasas (redondeado hacia arriba a cuatro (4)
puntos decimales) reportadas al Agente Administrativo, a su solicitud, por los Bancos de Referencia como las tasas ofrecidas a los bancos lideres en el mercado interbancario de Londres, aproximadamente a las 11:00 a.m. (hora de Nueva York) en el
Día de la Publicación, para depósitos en Dólares de los Estados Unidos de América, por un periodo comparable a los Periodos de Intereses conforme al presente.
		
	“Quotation Day” means, in relation to Interest Period, two (2) Business Days before the first day of such Interest Period.	 	“Día de Publicación” significa, respecto de cualquier Período de Intereses, dos (2) Días Hábiles antes del primer día de dicho
Período de Intereses.
		
	“Reference Banks” means Citibank, N.A., and JPMorgan Chase Bank.	 	“Banco de Referencia” significa Citibank, N.A. y JPMorgan Chase Bank.
		
	“Screen Rate” means in relation to LIBOR, the British Bankers Association Interest Settlement Rate for deposits in Dollars of the United States of America for a 3 month period,
displayed on the appropriate page of the Reuters screen. If such page is replaced or service ceases to be available, the Administrative Agent may specify another page or service displaying the appropriate rate after consultation with the Borrower
and the Lender.	 	“Tasa de Pantalla” significa, respecto de LIBOR, la Tasa de Interés de la Asociación Británica de Banqueros (British Bankers Association Interest
Settlement Rate), publicada en la página apropiada de la pantalla de Reuters. Si dicha página es remplazada o el servicio deja de estar disponible, el Agente Administrativo podrá especificar otra página o servicio en
el que se publique la tasa de interés apropiada, una vez que lo haya consultado con el Deudor y el Acreedor.
		
	All payments to be made by the Borrower hereunder shall be made without setoff, deduction or counterclaim not later than 3:30 P.M. (New York City time), on the date due, in U.S. Dollars, in
immediately available funds, to the account maintained by the Administrative Agent at [            ], and with payment instructions of
[            ], Reference: [            ]. The Borrower agrees to reimburse upon demand, in like manner and funds, all
out-of-pocket costs and expenses of the holder hereof, incurred in connection with the enforcement of this Promissory Note (including, without limitation, all legal fees and expenses).	 	Todos los pagos que el Deudor deba hacer conforme a este Pagaré serán efectuados sin compensación, deducción o defensa, antes de las 3:30 P.M. (hora de la Ciudad de
Nueva York), en la fecha en que venzan en Dólares de los Estados Unidos de América, en fondos disponibles inmediatamente, a la cuenta que mantiene el Agente Administrativo en
[                    ], y con instrucciones de pago de
[                    ],
Referencia:[                    ]. El Deudor conviene en rembolsar a la vista, en la misma forma y fondos, todos los costos y gastos incurridos en
relación con el procedimiento de cobro del presente Pagaré (incluyendo, sin limitación, todos los costos y gastos legales).

  

 EXHIBIT A1 

			
	All payments of principal and interest by the Borrower hereunder, shall be made free and clear of and without deduction for any present or future income, excise, stamp or franchise taxes and
other taxes, fees, duties, withholdings or other charges of any nature whatsoever imposed by the United Mexican States or any other jurisdiction from which any amount payable hereunder is made, or any taxing authority thereof or therein, unless
required by law, excluding, (a) such taxes (including income taxes or franchise taxes) imposed on or measured by the net income or capital of the Lender by the jurisdiction (or any political subdivision thereof) under the laws of which it is
organized or maintains a lending office or its principal office or as are imposed on the Lender as a result of a present or former connection between the Lender and the jurisdiction of the governmental authority imposing such tax or any political
subdivision or taxing authority thereof or therein (other than any such connection arising solely from the Lender having received a payment hereunder, or enforced, this Promissory Note) and (b) any taxes, levies, imposts, deductions, charges or
withholdings to the extent imposed by reason of the Lender’s failure to (i) register as a foreign financial institution with the Mexican Ministry of Finance and Public Credit and (ii) be a resident (or have a principal office which is a
resident) for tax purposes of a jurisdiction with which Mexico has in effect a treaty for the avoidance of double taxation (but only in respect of those taxes payable in excess of taxes that would have been payable had the Lender complied with those
conditions). In the event that the Borrower shall be compelled by law to make any such deduction or withholding in respect of payments hereunder, then the Borrower shall pay such additional amounts as may be necessary so that the holder hereof
receives the full amounts it would have received if such deductions or withholdings would not have been made.	 	Todos los pagos de principal e intereses que se efectúen por el Deudor al amparo del presente, se harán libres de y sin deducción por cualquier impuesto sobre la renta, del
timbre o impuesto sobre franquicias y otros impuestos, contribuciones, derechos, retenciones u otras cargas, presentes o futuros, de cualquier naturaleza establecidos por los Estados Unidos Mexicanos o cualquier otra jurisdicción desde la que
cualquier suma pagadera conforme al presente sea pagada, o por cualquier autoridad fiscal de los mismos, a menos que la ley requiera lo contrario, excluyendo (a) impuestos (incluyendo impuestos sobre la renta o de franquicia) impuestos o
calculados respecto de los ingresos netos o el capital del Acreedor por el país (o subdivisión política del mismo) conforme a las leyes de su constitución o del lugar donde mantenga una oficina de préstamos u
oficina principal o que se impongan al Acreedor como resultado de una relación actual o pasada entre el Acreedor y el país de la autoridad gubernamental que imponga dicho impuesto o cualquier subdivisión o autoridad fiscal del
mismo (salvo que dicha relación derive exclusivamente de los pagos que el Acreedor reciba al amparo de este Pagaré o de la exigibilidad del mismo) y (b) cualesquier impuestos, cargas, deducciones, cargas o retenciones que se impongan
como resultado de que el Acreedor (i) no esté registrado como una institución financiera extranjera ante la Secretaría de Hacienda y Crédito Público y (ii) no sea un residente (o tenga una oficina principal que sea
residente) para efectos fiscales de un país con el que México tenga en vigor un tratado para evitar la doble tributación (pero solo con respecto a aquellos impuestos en exceso a los impuestos que hubieran sido pagaderos si el
Acreedor hubiera cumplido con dichas condiciones). En caso que el Deudor esté legalmente obligado a llevar a cabo cualquier retención o deducción respecto de pagos conforme al presente, el Deudor pagará las sumas
adicionales que sean necesarias para asegurar que las sumas recibidas por el tenedor del presente sean iguales a la suma que hubiera recibido si tales retenciones o deducciones no se hubieren llevado a cabo.
		
	Solely to the extent that the law of the Unites States of Mexico applies, for purposes of Article 128 of the General Law of Negotiable Instruments and Credit Transactions of the United Mexican
States, the term of presentment of this Promissory Note is hereby irrevocably extended until June 30, 2011, provided that such extension shall not be deemed to prevent presentment of this Promissory Note prior to such date.	 	Únicamente en los casos en que la ley de los Estados Unidos Mexicanos aplique, para los efectos del Artículo 128 de la Ley General de Títulos y Operaciones de Crédito
de los Estados Unidos Mexicanos, el plazo de presentación de este Pagaré en este acto se amplía irrevocablemente hasta el 30 de junio de 2011, en el entendido que dicha extensión no impedirá la presentación
de este Pagaré con anterioridad a dicha fecha.
		
	This Promissory Note shall be governed by, and construed in accordance with, the laws of the State of New York, United States of America, provided, however, that if any action or
proceeding in connection with this Promissory Note were brought to any courts in the United Mexican States, this Promissory Note shall be deemed governed by the laws of the United Mexican States.	 	Este Pagaré se regirá e interpretará de acuerdo con las leyes del Estado de Nueva York, Estados Unidos de América; en el entendido, sin embargo, que si cualquier
acción o procedimiento relacionado con este Pagaré se iniciare en los tribunales de los Estados Unidos Mexicanos, este Pagaré se considerará regido por las leyes de los Estados Unidos Mexicanos.
		
	Any legal action or proceeding arising out of or relating to this Promissory Note may be brought to the jurisdiction of the United States District Court for the Southern District of
New	 	Cualquier acción o procedimiento legal que derive o se relacione con este Pagaré podrá ser instituido en el tribunal de distrito de los Estados Unidos para el Distrito Sur
del Estado de Nueva York, y

  

 EXHIBIT A1 

			
	York and of any New York State court located in the Borough of Manhattan in New York City and any appellate court thereof, or any federal court sitting in Mexico City, Federal District, United
Mexican States, or in the courts of the Borrower’s domicile. The Borrower waives the right to jurisdiction of any other courts.	 	cualquier tribunal estatal ubicado en distrito municipal de Manhattan en la Ciudad de Nueva York y cualquier tribunal de apelación de cualesquiera de los mismos, o en cualquier
tribunal federal localizado en la Ciudad de México, Distrito Federal, Estados Unidos Mexicanos, o los tribunales localizados en el domicilio del Deudor. El Deudor renuncia a la jurisdicción de cualesquiera otros
tribunales.
		
	The Borrower hereby waives diligence, demand, protest, presentment, notice of dishonor or any other notice or demand whatsoever.	 	El Deudor en este acto renuncia a diligencia, demanda, protesto, presentación, notificación de no aceptación y a cualquier notificación o demanda de cualquier
naturaleza.
		
	This Promissory Note is executed in both English and Spanish versions. In the case of any conflict or doubt as to the proper construction of this Promissory Note, the English version shall
govern, provided, however, that in any action or proceeding brought in any court in the United Mexican States, the Spanish version shall prevail.	 	El presente Pagaré se suscribe en versiones en inglés y español. En caso de conflicto o duda en relación con la debida interpretación de este Pagaré,
la versión en inglés prevalecerá, en el entendido, sin embargo, que en cualquier procedimiento iniciado en los Estados Unidos Mexicanos, prevalecerá la versión en español.
		
	IN WITNESS WHEREOF, the Borrower has duly executed this Promissory Note on the date mentioned below.	 	EN VIRTUD DE LO CUAL, el Deudor ha firmado este Pagaré en la fecha abajo mencionada.
		
	San Pedro Garza García, Nuevo León, Mexico, on January [    ], 2009.	 	San Pedro Garza García, Nuevo León, México, el [    ] de enero de 2009.

 The Borrower / El Deudor 
  

	
	 CEMEX, S.A.B. de C.V.
  
 By / Por:
[                                         
       ]
 Name / Nombre:
[                                        
]
 Title / Cargo:
[                                         
   ]
 Address / Dirección:
 [                                        
    ]
 [                                    ]
 [                        ]

 Guaranteed / Por Aval 
  

			
	 CEMEX MÉXICO, S.A. de C.V.
  

By / Por:
[                                        
]
 Name / Nombre:
[                                    ]
 Title / Cargo:
[                                         
   ]
	 	 CEMEX CONCRETOS, S.A. de C.V.
  

By / Por:
[                                    ]
 Name / Nombre:
[                                    ]
 Title / Cargo:
[                                    ]

  

 EXHIBIT A1 

 EXHIBIT A2 
 FORM OF TRANCHE B NOTE 
  

			
	 PROMISSORY NOTE
 NON
NEGOTIABLE
  
 MXN$[                    ]
  
 FOR VALUE RECEIVED, the undersigned, CEMEX, S.A.B. de C.V. (the “Borrower”), by this Promissory Note unconditionally promises to pay to the order of
[                    ] (the “Lender”), the principal sum of
MXN$[                    ]
([                    ] currency of the United Mexican States) payable on each of the dates (each a “Principal Payment Date”, and
the last of such dates the “Final Payment Date”) and in the amounts set forth below:
	 	 PAGARÉ
 NO
NEGOCIABLE
  
 $[                    ] M.N.
  
 POR VALOR RECIBIDO, la suscrita, CEMEX, S.A.B. de C.V. (el “Deudor”), por este Pagaré promete incondicionalmente pagar a la orden de
[                    ] (el “Acreedor”), la suma principal de
MXN$[                    ]
([                    ] Pesos 00/100, moneda de curso legal de los Estados Unidos Mexicanos), pagadera en las fechas (cada una, una “Fecha de
Pago de Principal” y la ultima de las mismas, la “Fecha de Pago Final” ) y en las cantidades abajo señaladas:

  

					
	 Principal Payment Date
	  	Amount	 
	 November 13, 2009
	  	MXN$	[            	] 
	 February 26, 2010
	  	MXN$	[            	] 
	 May 28, 2010
	  	MXN$	[            	] 
	 August 31, 2010
	  	MXN$	[            	] 
	 November 30, 2010
	  	MXN$	[            	] 
	 February 28, 2011
	  	MXN$	[            	] 

					
	 Fecha de Pago de Principal
	  	Monto	 
	 13 de noviembre de 2009
	  	M.N.$	[            	] 
	 26 de febrero de 2010
	  	M.N.$	[            	] 
	 28 de mayo de 2010
	  	M.N.$	[            	] 
	 31 de agosto de 2010
	  	M.N.$	[            	] 
	 30 de noviembre de 2010
	  	M.N.$	[            	] 
	 28 de febrero de 2011
	  	M.N.$	[            	] 

  

			
	The Borrower also promises to pay interest on the unpaid principal amount of this Promissory Note, from the date hereof until the Final Payment Date, for each day during each Interest Period (as
defined below), at the Interest Rate (as defined below) applicable during each Interest Period. Interest shall be payable in arrears, on the Interest Payment Date (as defined below) and on the date of payment hereof in full.	 	El Deudor promete, asimismo, pagar intereses sobre el saldo insoluto de principal de este Pagaré, desde la fecha del presente hasta la Fecha de Pago Final, por cada día durante
cada Período de Intereses (según se define más adelante), a la Tasa de Interés (según se define más adelante), aplicable durante cada Período de Intereses. Los intereses se pagarán en forma
vencida, en la Fecha de Pago de Intereses (según dicho término se define más adelante) y en la fecha de pago del monto total conforme al presente.
		
	Any principal amount and (to the extent permitted by applicable law) interest not paid when due under this Promissory Note, shall bear default interest for each day until paid, payable on
demand, at a rate per annum equal to the sum of the Interest Rate applicable during each Interest Period on which the default occurs and is continuing plus 2.00%.	 	Cualquier monto de principal y (en la medida permitida por legislación aplicable) de intereses que no sea pagado cuando sea debido conforme a este Pagaré, devengará
intereses moratorios por cada día hasta que sean pagados, pagaderos a la vista, a una tasa anual igual a la suma de la Tasa de Interés aplicable durante cada Período de Intereses en que ocurra y continúe el incumplimiento
más 2.00%.
		
	Interest hereunder shall be calculated on the basis of the actual number of days elapsed (including the first day but excluding the last day), divided by 360.	 	Los intereses conforme al presente serán calculados sobre la base del número de días efectivamente transcurridos (incluyendo el primer día pero excluyendo el
último), divididos entre 360.
		
	For purposes of this Promissory Note, the following terms shall have the following meanings:	 	Para efectos de éste Pagaré, los siguientes términos tendrán los siguientes significados:
		
	“Administrative Agent” means BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, in its capacity as administrative agent for the
lenders, and its successors in such capacity.	 	“Agente Administrativo” significa BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, en su función como agente
administrativo en representación de los acreedores, y sus sucesores en tal carácter.

  

 EXHIBIT A2 

			
	“Applicable Margin” means 2.50% per annum.	 	“Margen Aplicable” significa 2.50% anual.
		
	“Business Day” means any day other than a Saturday or Sunday or other day on which commercial banks in New York City or Mexico City are authorized or required by law to close
and, any such day on which dealings in Pesos deposits are conducted by and between banks in the Mexican interbank market.	 	“Día Hábil” significa cualquier día distinto de un Sábado o Domingo, o distinto a cualquier día en que los bancos comerciales sean
requeridos o estén autorizados a cerrar en la Ciudad de Nueva York o en la Ciudad de México y, cualquier día en que se conduzcan operaciones de depósito en Pesos entre los bancos en el mercado interbancario
mexicano.
		
	“Interest Payment Date” means the last Business Day of each month and the Final Payment Date, provided that the first Interest Payment Date shall be the last Business Day in
February 2009.	 	“Fecha de Pago de Intereses” significa el último Día Hábil de cada mes y la Fecha de Pago Final, en el entendido que la primer Fecha de Pago de Intereses
será el último Día Hábil en febrero de 2009.
		
	“Interest Period” means, in the case of the initial Interest Period hereunder, the period commencing on the date hereof and ending on the next succeeding Interest Payment Date
and in case of each subsequent Interest Period hereunder, the period commencing on the immediately preceding Interest Payment Date and ending on the next succeeding Interest Payment Date, provided, however, that any Interest Period which would
otherwise end after the Final Payment Date shall end on the Final Payment Date.	 	“Período de Intereses” significa, respecto del primer Periodo de Intereses, el periodo que comienza en la fecha del presente y termina en la siguiente Fecha de Pago de
Intereses, y en el caso de cada Periodo de Intereses subsecuente conforme a este Pagaré, el periodo que comienza en la Fecha de Pago de Intereses inmediata anterior y termina en la Fecha de Pago de Intereses inmediata siguiente, en el
entendido que cualquier Periodo de Intereses que terminaría después de la Fecha de Pago Final terminará en la Fecha de Pago Final.
		
	“Interest Rate” means, with respect to each Interest Period, the sum of the TIIE applicable during such Interest Period plus the Applicable Margin.	 	“Tasa de Interés” significa, respecto de cada Período de Intereses, la suma de la TIIE aplicable durante dicho Período de Intereses más el
Margen Aplicable.
		
	“TIIE” means, a periodic rate equal to the Mexican Benchmark Interbank Rate (Tasa de Interés Interbancaria de Equilibrio) (TIIE) for a period of 28 days, as
quoted by the Mexican Central Bank (Banco de México) and published in the Federal Official Gazette (Diario Oficial de la Federación) on the first day of the applicable Interest Period or if such day is not a Business Day,
on the immediately preceding Business Day. Interest shall be calculated on the basis of a year of 360 days for actual days elapsed.	 	“Tasa TIIE” significa, la tasa periódica equivalente a la Tasa de Interés Interbancaria de Equilibrio (TIIE) para un periodo de 28 días, según sea
publicada por el Banco de México en el Diario Oficial de la Federación el primer día del Período de Intereses aplicable, o si dicho día no es un Día Hábil, en el Día Hábil inmediatamente
siguiente. Los Intereses serán calculados por los días efectivamente transcurridos en base a un año de 360 días.
		
	 All payments to be made by the Borrower hereunder shall be made without setoff, deduction or counterclaim not later than 3:30 P.M. (Mexico City
time), on the date due, in Pesos of the United Mexican States, in immediately available funds, to the account maintained by the Administrative Agent at [            ] CLABE:
[            ], Attention: [            ].
 The Borrower agrees to reimburse upon demand, in like manner and funds, all out-of-pocket costs and expenses of the holder hereof, incurred in connection with the enforcement of this Promissory Note (including, without limitation, all legal
fees and expenses).
	 	Todos los pagos que el Deudor deba hacer conforme a este Pagaré serán efectuados sin compensación, deducción o defensa, antes de las 3:30 P. M. (hora de la Ciudad
de México), en la fecha en que venzan en Pesos de los Estados Unidos de Mexicanos, en fondos disponibles inmediatamente, a la cuenta que mantiene el Agente Administrativo en
[                            ], CLABE:
[                    ], Attention:
[                                         
       ]. El Deudor conviene en rembolsar a la vista, en la misma forma y fondos, todos los costos y gastos incurridos en relación con el procedimiento de cobro del presente Pagaré (incluyendo, sin
limitación, todos los costos y gastos legales).

  

 EXHIBIT A2 

			
	All payments of principal and interest by the Borrower hereunder, shall be made free and clear of and without deduction for any present or future income, excise, stamp or franchise taxes and
other taxes, fees, duties, withholdings or other charges of any nature whatsoever imposed by the United Mexican States or any other jurisdiction from which any amount payable hereunder is made, or any taxing authority thereof or therein, unless
required by law, excluding, (a) such taxes (including income taxes or franchise taxes) imposed on or measured by the net income or capital of the Lender by the jurisdiction (or any political subdivision thereof) under the laws of which it is
organized or maintains a lending office or its principal office or as are imposed on the Lender as a result of a present or former connection between the Lender and the jurisdiction of the governmental authority imposing such tax or any political
subdivision or taxing authority thereof or therein (other than any such connection arising solely from the Lender having received a payment hereunder, or enforced, this Promissory Note) and (b) any taxes, levies, imposts, deductions, charges or
withholdings to the extent imposed by reason of the Lender’s failure to (i) register as a foreign financial institution with the Mexican Ministry of Finance and Public Credit and (ii) be a resident (or have a principal office which is a
resident) for tax purposes of a jurisdiction with which Mexico has in effect a treaty for the avoidance of double taxation (but only in respect of those taxes payable in excess of taxes that would have been payable had the Lender complied with those
conditions). In the event that the Borrower shall be compelled by law to make any such deduction or withholding in respect of payments hereunder, then the Borrower shall pay such additional amounts as may be necessary so that the holder hereof
receives the full amounts it would have received if such deductions or withholdings would not have been made.	 	Todos los pagos de principal e intereses que se efectúen por el Deudor al amparo del presente, se harán libres de y sin deducción por cualquier impuesto sobre la renta,
del timbre o impuesto sobre franquicias y otros impuestos, contribuciones, derechos, retenciones u otras cargas, presentes o futuros, de cualquier naturaleza establecidos por los Estados Unidos Mexicanos o cualquier otra jurisdicción desde la
que cualquier suma pagadera conforme al presente sea pagada, o por cualquier autoridad fiscal de los mismos, a menos que la ley requiera lo contrario, excluyendo (a) impuestos (incluyendo impuestos sobre la renta o de franquicia) impuestos o
calculados respecto de los ingresos netos o el capital del Acreedor por el país (o subdivisión política del mismo) conforme a las leyes de su constitución o del lugar donde mantenga una oficina de préstamos u
oficina principal o que se impongan al Acreedor como resultado de una relación actual o pasada entre el Acreedor y el país de la autoridad gubernamental que imponga dicho impuesto o cualquier subdivisión o autoridad fiscal del
mismo (salvo que dicha relación derive exclusivamente de los pagos que el Acreedor reciba al amparo de este Pagaré o de la exigibilidad del mismo) y (b) cualesquier impuestos, cargas, deducciones, cargas o retenciones que se impongan
como resultado de que el Acreedor (i) no esté registrado como una institución financiera extranjera ante la Secretaría de Hacienda y Crédito Público y (ii) no sea un residente (o tenga una oficina principal que sea
residente) para efectos fiscales de un país con el que México tenga en vigor un tratado para evitar la doble tributación (pero solo con respecto a aquellos impuestos en exceso a los impuestos que hubieran sido pagaderos si el
Acreedor hubiera cumplido con dichas condiciones). En caso que el Deudor esté legalmente obligado a llevar a cabo cualquier retención o deducción respecto de pagos conforme al presente, el Deudor pagará las sumas
adicionales que sean necesarias para asegurar que las sumas recibidas por el tenedor del presente sean iguales a la suma que hubiera recibido si tales retenciones o deducciones no se hubieren llevado a cabo.
		
	Solely to the extent that the law of the Unites States of Mexico applies, for purposes of Article 128 of the General Law of Negotiable Instruments and Credit Transactions of the United Mexican
States, the term of presentment of this Promissory Note is hereby irrevocably extended until June 30, 2011, provided that such extension shall not be deemed to prevent presentment of this Promissory Note prior to such date.	 	Únicamente en los casos en que la ley de los Estados Unidos Mexicanos aplique, para los efectos del Artículo 128 de la Ley General de Títulos y Operaciones de
Crédito de los Estados Unidos Mexicanos, el plazo de presentación de este Pagaré en este acto se amplía irrevocablemente hasta el 30 de junio de 2011, en el entendido que dicha extensión no impedirá la
presentación de este Pagaré con anterioridad a dicha fecha.
		
	This Promissory Note shall be governed by, and construed in accordance with, the laws of the United Mexican States.	 	Este Pagaré se regirá e interpretará de acuerdo con las leyes los Estados Unidos Mexicanos.
		
	Any legal action or proceeding arising out of or relating to this Promissory Note may be brought to the jurisdiction of any federal court sitting in Mexico City, Federal District, United Mexican
States, or in the courts of the Borrower’s domicile. The Borrower waives the right to jurisdiction of any other courts.	 	Cualquier acción o procedimiento legal que derive o se relacione con este Pagaré podrá ser instituido en los tribunales en cualquier tribunal federal localizado en la
Ciudad de México, Distrito Federal, Estados Unidos Mexicanos, o los tribunales localizados en el domicilio del Deudor. El Deudor renuncia a la jurisdicción de cualesquiera otros tribunales.

  

 EXHIBIT A2 

			
	The Borrower hereby waives diligence, demand, protest, presentment, notice of dishonor or any other notice or demand whatsoever.	 	El Deudor en este acto renuncia a diligencia, demanda, protesto, presentación, notificación de no aceptación y a cualquier notificación o demanda de cualquier
naturaleza.
		
	This Promissory Note is executed in both English and Spanish versions. In the case of any conflict or doubt as to the proper construction of this Promissory Note, the English version shall
govern, provided, however, that in any action or proceeding brought in any court in the United Mexican States, the Spanish version shall prevail.	 	El presente Pagaré se suscribe en versiones en inglés y español. En caso de conflicto o duda en relación con la debida interpretación de este Pagaré,
la versión en inglés prevalecerá, en el entendido, sin embargo, que en cualquier procedimiento iniciado en los Estados Unidos Mexicanos, prevalecerá la versión en español.
		
	IN WITNESS WHEREOF, the Borrower has duly executed this Promissory Note on the date mentioned below.	 	EN VIRTUD DE LO CUAL, el Deudor ha firmado este Pagaré en la fecha abajo mencionada.
		
	San Pedro Garza García, Nuevo León, Mexico, on January [    ], 2009.	 	San Pedro Garza García, Nuevo León, México, el [    ] de enero de 2009.

 The Borrower / El Deudor 
  

	
	 CEMEX, S.A.B. de C.V.
  
 By / Por:
[                                         
       ]
 Name / Nombre:
[                                        
]
 Title / Cargo:
[                                         
   ]
 Address / Dirección:
 [                                        
    ]
 [                                    ]
 [                        ]

 Guaranteed / Por Aval 
  

			
	 CEMEX MÉXICO, S.A. de C.V.
  

By / Por:
[                                        
]
 Name / Nombre:
[                                    ]
 Title / Cargo:
[                                         
   ]
	 	 CEMEX CONCRETOS, S.A. de C.V.
  

By / Por:
[                                    ]
 Name / Nombre:
[                                    ]
 Title / Cargo:
[                                    ]

  

 EXHIBIT A2 

 EXHIBIT B 
 FORM OF NOTICE OF BORROWING 
 BBVA BANCOMER, S.A. 
 INSTITUCIÓN DE BANCA MÚLTIPLE, 
 GRUPO FINANCIERO BBVA BANCOMER

     as Administrative Agent 
 [            ] 
 [            ] 
 Attention:
[            ] 
 Facsimile number:
[            ] 
 Reference is made to the Credit Agreement, dated
as of January [            ], 2009, among CEMEX, S.A.B. de C.V., as Borrower (the “Borrower”), CEMEX México, S.A. de C.V., as Guarantor, CEMEX Concretos, S.A. de
C.V., as Guarantor, the several Lenders party thereto, BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Santander Investment Securities Inc.,
and the Royal Bank of Scotland PLC as Joint Lead Arrangers and Joint Bookrunners, and BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, as Administrative Agent (as the same may be amended, supplemented
or otherwise modified from time to time, the “Credit Agreement”). Terms used but not otherwise defined herein shall have the meanings provided in the Credit Agreement. To confirm the telephonic Borrowing Request made today pursuant
to Section 2.01(c) of the Credit Agreement, the undersigned hereby gives notice pursuant to Section 2.01 of the Credit Agreement of its request for Loans with the following terms: 
  

					
	(A)	 	Requested Disbursement Date                        
		 	(which is a Business Day)
		
	(B)	 	Principal amount of
		 	Tranche A Borrowing                      
		 	(in
Dollars)                        
			
		 	Interest rate basis	  	[LIBOR] [Base Rate]
			
	(C)	 	Principal amount of	  	
		 	Tranche B Borrowing                      
		 	(in Pesos)                        
			
		 	Interest rate basis:	  	Mexican-Rate

 EXHIBIT B 

 The disbursement shall be paid to the following accounts: [Details of payments to be
provided by Cemex and the Lenders] 
  

							
	 Name of Lender
	  	Amount	  	Currency	  	Account
Information
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

 The Borrower hereby represents and warrants that each condition specified in
Section 4.02 of the Credit Agreement has been satisfied or waived. 
  

 EXHIBIT B 

 IN WITNESS WHEREOF, the undersigned has hereto set his name on this
             day of             ,             . 
  

			
	 CEMEX, S.A.B. de C.V.,
 as Borrower

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 EXHIBIT B 

 EXHIBIT C 
 FORM OF NOTICE OF EXTENSION/CONVERSION 
 BBVA BANCOMER, 
 S.A. INSTITUCIÓN DE BANCA MÚLTIPLE, 
 GRUPO FINANCIERO BBVA
BANCOMER 
     as Administrative Agent 
 [            ] 
 [            ] 
 Attention:
[            ] 
 Facsimile number:
[            ] 
 Reference is made to the Credit Agreement, dated
as of January [            ], 2009, among CEMEX, S.A.B. de C.V., as Borrower (the “Borrower”), CEMEX México, S.A. de C.V., as Guarantor, CEMEX Concretos, S.A. de
C.V., as Guarantor, the several Lenders party thereto, BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Santander Investment Securities Inc.,
and the Royal Bank of Scotland PLC as Joint Lead Arrangers and Joint Bookrunners, and BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, as Administrative Agent (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”). Terms used but not otherwise defined herein shall have the meanings provided in the Credit Agreement. The undersigned hereby gives notice pursuant to Section 2.01(e) of the
Credit Agreement that it requests an extension or conversion of [a] Tranche A Loan[s] outstanding under the Credit Agreement, and in connection therewith sets forth below the terms on which such extension or conversion is requested to be made:

  

							
	(A)	  	Date of [Extension]/	 		  	
		  	[Conversion]	 		  	
		  	of [LIBOR Loan[s]/Base	  	
		  	Rate Loan[s]]	 	  
	  	
				
	(B)	  	The [LIBOR Loan[s]/	 		  	
		  	Base Rate Loan [s]]	 		  	
		  	[Extended]/[Converted]	 		  	
		  	and the principal	 		  	
		  	amount thereof	 	  
	  	
				
	(C)	  	Interest rate basis	 	[LIBOR] [Base Rate]	  	
				
	(D)	  	Currency	 	Dollars	  	

 The Borrower hereby represents and warrants that the elections made above are made
in compliance with Section 2.01(e) of the Credit Agreement. 
 EXHIBIT C 

 IN WITNESS WHEREOF, the undersigned has hereto set his name on this
            day of             ,             . 
  

			
	 CEMEX, S.A.B. de C.V.,
 as Borrower

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 EXHIBIT C 

 EXHIBIT D 
 Assignment and Assumption 
 This Assignment and Assumption (the “Assignment and
Assumption”) is dated as of the Effective Date set forth below and is entered into by and between [the][each]1 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]2 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is
understood and agreed that the rights and obligations of [the Assignors][the Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not
defined herein shall have the meanings given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and
Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and [the][each] Assignee hereby
irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as
contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments
delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor][the respective Assignors] under the respective tranches identified below
(including without limitation any guarantees) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors
(in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed
thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold
and assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as [the][an]
“Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the][any] Assignor.

  

							
	1.	  	Assignor[s]:	 	  
	  	
		  		 	  
	  	
				
	2.	  	Assignee[s]:	 	  
	  	
		  		 	  
	  	
		  	[for each Assignee, indicate [Affiliate] of [identify Lender]	  	
				
	3.	  	Borrower(s):	 	CEMEX, S.A.B, de C.V.	  	
			
	4.	  	Administrative Agent:	 	 BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero
 BBVA Bancomer, as the administrative agent under the Credit Agreement

			
	5.	  	Credit Agreement:	 	The credit agreement dated as of                     , 2009 among CEMEX, S.A.B.
de C.V., as Borrower (the “Borrower”), CEMEX México, S.A. de C.V., as Guarantor, CEMEX Concretos, S.A. de C.V., as Guarantor, the several Lenders party thereto, [Banks], as [Titles] and the Administrative
Agent.

  

	1
	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If the
assignment is from multiple Assignors, choose the second bracketed language. 

	2
	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the assignment
is to multiple Assignees, choose the second bracketed language. 

	3
	Select as appropriate. 

	4
	Include bracketed language if there are either multiple Assignors or multiple Assignees. 

  

 EXHIBIT D 

							
	6.	  	Assigned Interest[s]

  

											
	 Assignor[s]5
	  	 Assignee[s]6
	  	 Tranche
Assigned7
	  	 Aggregate Amount of
[Tranche A/Tranche
B-1/Tranche
B-2]
Commitment/Loans
for all Lenders8
	  	 Amount of
[Tranche
 A/Tranche
B-1/Tranche B-2]
Commitment/
Loans Assigned8
	  	 Percentage Assigned of
[Tranche A/Tranche
B-1/Tranche
B-2]
Commitment/Loans9

		  		  		  	$	  	$	  	%
		  		  		  	$	  	$	  	%
		  		  		  	$	  	$	  	%

  

					
	[7.	  	Trade Date:	  	                                ]10

 Effective Date:             ,
20       [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
  

	5
	List each Assignor, as appropriate. 

	6
	List each Assignee, as appropriate. 

	7
	Fill in the appropriate terminology for the types of tranches under the Credit Agreement that are being assigned under this Assignment (e.g. “Tranche A Commitment/Loan,”
“Tranche B-1 Commitment/Loan,” “Tranche B-2 Commitment/Loan” etc.) 

	8
	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

	9
	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	10	To be completed if the Assignor(s) and the Assignee(s) intend
that the minimum assignment amount is to be determined as of the Trade Date. 

  

 EXHIBIT D 

 The terms set forth in this Assignment and Assumption are hereby agreed to: 
  

			
	 ASSIGNOR[S]11

 [NAME OF ASSIGNOR]

		
	By:	 	  

	Title:	 	
	
	[NAME OF ASSIGNOR]
	By:	 	  

	Title:	 	
	
	 ASSIGNEE[S]12

 [NAME OF ASSIGNEE]

	By:	 	  

	Title:	 	
	
	[NAME OF ASSIGNEE]
	By:	 	  

	Title:	 	

  

			
	[Consented to and]13Accepted:
	
	 BBVA BANCOMER, S.A.
 INSTITUCIÓN DE
BANCA MÚLTIPLE,
 GRUPO FINANCIERO BBVA BANCOMER,
 as
Administrative Agent

		
	By:	 	  

	Title:	 	
	
	[Consented to:]14

	
	CEMEX, S.A.B. de C.V.
		
	By:	 	  

	Title:	 	

  

	11	Add additional signature blocks as needed.

	12	Add additional signature blocks as needed.

	13	To be added only if the consent of the Administrative Agent
is required by the terms of the Credit Agreement. 

	14	To be added only if the consent of the Borrower is required
by the terms of the Credit Agreement. 

  

 EXHIBIT D 

 ANNEX 1 
 Credit agreement dated as of             , 2008 among CEMEX, S.A.B. de C.V., as Borrower, CEMEX Mexico, S.A. de C.V., as Guarantor, CEMEX Concretos, S.A.
de C.V., as Guarantor, the several Lenders party thereto, [Banks], as [Titles] and BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, as the Administrative Agent 
 STANDARD TERMS AND CONDITIONS FOR 
 ASSIGNMENT
AND ASSUMPTION 
  

	1.	Representations and Warranties. 

  

	 	1.1	Assignor[sl. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of [the][the relevant] Assigned Interest,
(ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and
to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Transaction Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Transaction Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or
any other Person obligated in respect of any Transaction Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Transaction
Document. 

  

	 	1.2.	 Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to
execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to be an assignee under Section 13.06(b)of the
Credit Agreement (subject to such consents, if any, as may be required under Section 13.06(b)of the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender
thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and
either it, or the person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded
the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 7.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision
to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Financial Institution, attached to the Assignment and
Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and 

  

 EXHIBIT D – Annex 1 

	 	 
executed by [the][such] Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any]
Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Transaction Documents, and (ii) it will
perform in accordance with their terms all of the obligations which by the terms of the Transaction Documents are required to be performed by it as a Lender. 

  

	2.	 Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including payments
of principal, interest, fees and other amounts) to [the][the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date.
15 

  

	3.	General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as
delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

  

	15	The Administrative Agent should consider whether this method
conforms to its systems. In some circumstances, the following alternative language may be appropriate: “From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest (including
payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the Effective Date. The Assignor[s] and the Assignee[s] shall make all appropriate adjustments in
payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves.” 

  

 EXHIBIT D – Annex 1 

 Exhibit E 
 January 27, 2009 
 To the parties listed on Schedule I hereto 
  

	 	Re:	CEMEX, S.A.B. de C.V. US$ 437,500,000 and MXP4,773,282,950 Credit Agreement 

 Ladies and Gentlemen: 
 We have acted as New York counsel to CEMEX, S.A.B. de C.V., a sociedad
anónima bursátil de capital variable organized and existing pursuant to the laws of the United Mexican States (the “Borrower”), CEMEX México, S.A. de C.V., a sociedad anónima de capital variable
organized and existing pursuant to the laws of the United Mexican States and CEMEX Concretos, S.A. de C.V., a sociedad anónima de capital variable organized and existing pursuant to the laws of the United Mexican States (each, a
“Guarantor” and together, the “Guarantors”), in connection with the preparation, execution and delivery of the Credit Agreement, dated as of January 27, 2009 (the “Credit Agreement”), by and
among the Borrower, each Guarantor, BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, as administrative agent, BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA
Bancomer, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Santander Investment Securities Inc. and The Royal Bank of Scotland PLC as Joint Arrangers and Joint Bookrunners and the several Lenders party thereto, and certain other
agreements, instruments and documents related to the Credit Agreement. This opinion is being delivered pursuant to Section 4.01(b)(i) of the Credit Agreement. For purposes of this opinion, the Borrower and the Guarantors are also
referred to individually as a “Credit Party” and collectively as the “Credit Parties.” 
 In rendering the
opinions set forth herein, we have examined originals or copies of the following: 
 (a) the Credit Agreement; 
 (b) the forms of Tranche A Note attached as Exhibit A1 to the Credit Agreement (the “Tranche A Notes”); 
  

 Exhibit E 

 January 27, 2009 
 Page
2 
  

 (c) the certificates of Humberto Francisco Lozano Vargas, Corporate Financing Director of the
Borrower and principal financial officer of each Guarantor, attached as Exhibit A hereto, and Lic. Ramiro G. Villarreal Morales, General Counsel to each Credit Party, attached as Exhibit B hereto (together, the “CEMEX
Certificates”); and 
 (d) such other documents as we have deemed necessary or appropriate as a basis for the opinions set
forth below. 
 In our examination, we have assumed the genuineness of all signatures including endorsements, the legal capacity and
competency of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photostatic copies, and the authenticity
of the originals of such copies. As to any facts relevant to this opinion which we did not independently establish or verify, we have relied upon statements and representations of the Credit Parties and their officers and other representatives and
of public officials, including the facts and factual conclusions set forth in the CEMEX Certificates. 
 We do not express any opinion as to
the laws of any jurisdiction other than (i) the Applicable Laws of the State of New York, (ii) the Applicable Laws of the United States of America (including, without limitation, Regulations T, U and X of the Federal Reserve Board), and
(iii) solely, for purposes of our opinion in paragraph 6 herein, the Investment Company Act of 1940, as amended. Insofar as the opinions expressed herein relate to matters governed by laws other than those set forth in the preceding sentence,
we do not express any opinion as to the effect of such laws or as to the effect thereof on the opinions herein stated. 
 Capitalized terms
used herein and not otherwise defined herein shall have the same meanings herein as ascribed thereto in the Credit Agreement. The Credit Agreement and the Tranche A Notes shall hereinafter be referred to collectively as the “Transaction
Agreements.” “Applicable Laws” shall mean those laws, rules and regulations which, in our experience, are normally applicable to transactions of the type contemplated by the Credit Agreement (other than the United States
federal securities laws, state securities or blue sky laws, antifraud laws and the rules and regulations of the Financial Industry Regulatory Authority), without our having made any special investigation as to the applicability of any specific law,
rule or regulation, and which are not the subject of a specific opinion herein referring expressly to a particular law or laws. “Governmental Approval” means any consent, approval, license, authorization or validation of, or filing,
recording or registration with, any governmental authority pursuant to the Applicable Laws of the State of New York or the Applicable Laws of the United States of America. “Applicable Orders” means those orders or decrees of
governmental authorities identified in the certificate attached as Exhibit B hereto. “Applicable Contracts” mean those agreements or instruments listed on Schedule II hereto. “Uniform Commercial Code”
means the Uniform Commercial Code as in effect on the date hereof in the State of New York (without regard to laws referenced in Section 9-201 thereof). 
  

 Exhibit E 

 January 27, 2009 
 Page
3 
  

 Based upon the foregoing and subject to the limitations, qualifications, exceptions and assumptions
set forth herein, we are of the opinion that: 
 1. The Credit Agreement constitutes the valid and binding obligation of each Credit
Party enforceable against such Credit Party in accordance with its terms under the Applicable Laws of the State of New York and the Applicable Laws of the United States of America. 
 2. The Tranche A Notes, when duly executed and delivered, will constitute the valid and binding obligations of each Credit Party enforceable against
each Credit Party in accordance with their terms under the Applicable Laws of the State of New York and the Applicable Laws of the United States of America. 
 3. The execution and delivery by each Credit Party of each Transaction Agreement and the performance by each Credit Party of its respective obligations thereunder, in accordance with its terms, do not
(i) constitute a violation of, or a default under, any Applicable Contract or (ii) cause or require the creation of any security interest upon any property of the Credit Parties pursuant to the Applicable Contracts. We do not express any
opinion, however, as to whether the execution, delivery or performance by the Credit Parties of the Transaction Agreements will constitute a violation of, or a default under, any covenant, restriction or provision with respect to financial ratios or
tests or any aspect of the financial condition or results of operations of the respective Credit Party. We call to your attention that certain of the Applicable Contracts are governed by laws other than those as to which we express our opinion. We
do not express any opinion as to the effect of such other laws on the opinions herein stated. 
 4. Neither the execution, delivery nor
performance by a Credit Party of the Transaction Agreements nor the compliance by such Credit Party with the terms and provisions thereof will contravene any provision of any Applicable Law of the State of New York or any Applicable Law of the
United States of America. 
 5. No Governmental Approval, which has not been obtained or taken and is not in full force and effect, is
required to authorize, or is required in connection with, the execution, delivery or performance of any Transaction Agreement by each Credit Party or the enforceability of any Transaction Agreement against the Credit Party. 
 6. Neither the execution, delivery nor performance by each Credit Party of its respective obligations under the Transaction Agreements nor
compliance by such Credit Party with the terms thereof will contravene any Applicable Order to which such Credit Party is subject. 
 7. Each Credit Party is not, and solely after giving effect to the loans made pursuant to the Transaction Agreement and the application of the loan proceeds thereof will not be, an “investment company” as such term is defined
in the Investment Company Act of 1940, as amended. 
  

 Exhibit E 

 January 27, 2009 
 Page
4 
  

 Our opinions are subject to the following assumptions and qualifications: 
 (a) the Tranche A Notes will be executed in the form attached as Exhibit A1 to the Credit Agreement; 
 (b) we do not express any opinion with respect to the enforceability of any provision of the Tranche A Notes governed by the laws of the United
Mexican States or of the enforceability of paragraph 16 of each Tranche A Note (relating to Article 128 of the General Law of Negotiable Instruments and Credit Transactions of the United Mexican States) or the effect thereof on the opinions
contained herein; 
 (c) we do not express any opinion with respect to the enforceability of the form of Tranche B Note attached as
Exhibit A2 to the Credit Agreement (the “Tranche B Notes”), nor as to whether the Tranche B Notes will constitute the valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their respective
terms; 
 (d) enforcement may be limited by the effect of any applicable bankruptcy, insolvency, reorganization, moratorium,
receivership, conservatorship, or other laws, regulations and administrative orders affecting the rights of creditors of the Credit Parties and by general principles of equity (regardless of whether enforcement is sought in equity or at law);

 (e) we have assumed that each Transaction Agreement constitutes the valid and binding obligation of each party to such Transaction
Agreement (other than the Credit Parties to the extent expressly set forth herein) enforceable against such other party in accordance with its terms; 
 (f) we do not express any opinion as to the effect on the opinions expressed herein of (i) the compliance or non-compliance of any party (other than the Credit Parties to the extent expressly set forth
herein) to the Transaction Agreements with any state, federal or other laws or regulations applicable to it or (ii) the legal or regulatory status or the nature of the business of any party (other than the Credit Parties to the extent expressly
set forth herein); 
 (g) our opinion is subject to possible judicial action giving effect to governmental actions or foreign laws
affecting creditors’ rights; 
 (h) we do not express any opinion as to the enforceability of any rights to contribution or
indemnification provided for in the Transaction Agreements which are violative of the public policy underlying any law, rule or regulation (including any federal or state securities law, rule or regulation); 
 (i) we do not express any opinion with respect to any provision of the Transaction Agreements to the extent it authorizes or permits any purchaser
of a participation interest or any branch or agency of a Lender to set-off or apply any deposit, property or indebtedness or the effect thereof on the opinions contained herein; 
  

 Exhibit E 

 January 27, 2009 
 Page
5 
  

 (j) we do not express any opinion on the enforceability of any provision in the Transaction
Agreements purporting to prohibit, restrict or condition the assignment of rights under such Transaction Agreement to the extent such restriction on assignability is ineffective pursuant to the Uniform Commercial Code; 
 (k) in the case of the guaranty contained in Article IX of the Credit Agreement (the “Guaranty”), certain of the provisions,
including waivers, with respect to the Guaranty are or may be unenforceable in whole or in part, but the inclusion of such provisions does not affect the validity of the Guaranty, taken as a whole; 
 (l) we do not express any opinion as to the enforceability of Section 9.03(b) of the Credit Agreement to the extent that the same
provides that the obligations of a Guarantor are absolute and unconditional irrespective of the invalidity or enforceability of the Credit Agreement against such Guarantor, but the existence of such provisions does not affect the validity of the
Guaranty; 
 (m) with respect to the enforceability of all obligations under the Transaction Agreements, we note that a U.S. federal
court would award a judgment only in U.S. dollars and that a judgment of a court in the State of New York rendered in a currency other than the U.S. dollar would be converted into U.S. dollars at the rate of exchange prevailing on the date of entry
of such judgment; further, we do not express any opinion as to the enforceability of the provisions of the Transaction Agreements providing for indemnity by any party thereto against any loss in obtaining the currency due to such party under the
Transaction Agreements from a court judgment in a currency other than the U.S. dollar; 
 (n) we do not express any opinion as to the
enforceability of any section of the Transaction Agreements to the extent it purports to waive any objection a person may have that a suit, action or proceeding has been brought in an inconvenient forum or a forum lacking subject matter
jurisdiction; 
 (o) to the extent that any opinion relates to the enforceability of the choice of New York law and choice of New York
forum provisions of the Transaction Agreements, our opinion is rendered in reliance upon N.Y. Gen. Oblig. Law §§ 5-1401, 5-1402 (McKinney 2001) and N.Y. CPLR 327(b) (McKinney 2001) and is subject to the qualifications that such
enforceability may be limited by public policy considerations of any jurisdiction, other than the courts of the State of New York, in which enforcement of such provisions, or of a judgment upon an agreement containing such provisions, is sought;

 (p) in rendering the opinions expressed above we have also assumed, without independent investigation or verification of any kind,
that the choice of New York law to govern the Transaction Agreements, which is stated therein to be governed thereby, is legal and valid under the laws of other applicable jurisdictions and that insofar as any obligation under the Transaction
Agreements is to be performed in any jurisdiction outside the United States of America its performance will not be illegal or ineffective by virtue of the law of that jurisdiction; 
  

 Exhibit E 

 January 27, 2009 
 Page
6 
  

 (q) we call to your attention that federal courts of the United States of America located in New
York could decline to hear a case on grounds of forum non-conveniens or any other doctrine limiting the availability of such courts in New York as a forum for the resolution of disputes not having a sufficient nexus to New York,
irrespective of any agreement between the parties; 
 (r) we do not express any opinion as to the subject matter jurisdiction of the
federal courts of the United States of America in any action arising out of or relating to the Transaction Agreements; 
 (s) in
rendering the opinions expressed above, we note that the various obligations of the Credit Parties in respect of the Transaction Agreements implicate the laws of the United Mexican States and, accordingly, such obligations may be affected by such
laws, as to which we do not express any opinion; and 
 (t) in rendering the opinion expressed in paragraph 4 herein, we assume that any
issuance and resale of securities in satisfaction of the obligation set forth in Section 2.01(h)(ii) of the Credit Agreement will be structured so as to be exempt from registration under United States federal and state securities law.

 In rendering the foregoing opinions, we have assumed, with your consent, that: 
 (a) the Borrower is validly existing and in good standing as a sociedad anónima bursátil de capital variable under the laws of
the United Mexican States; and each Guarantor is validly existing and in good standing as a sociedad anónima de capital variable under the laws of the United Mexican States; 
 (b) each Credit Party has the power and authority to execute, deliver and perform all obligations under each Transaction Agreement, and the
execution and delivery of each Transaction Agreement and the consummation by such Credit Party of the transactions contemplated thereby have been duly authorized by all requisite action on the part of such Credit Party, and each Transaction
Agreement has been duly executed and delivered by each Credit Party party thereto; 
 (c) the execution, delivery and performance by
each Credit Party of any such Credit Party’s obligations under each Transaction Agreement do not and will not conflict with, contravene, violate or constitute a default under (i) the organizational documents of such Credit Party,
(ii) any lease, indenture, instrument or other agreement to which such Credit Party or such Credit Party’s property is subject (other than the Applicable Contracts as to which we express our opinion in paragraph 3 herein),
(iii) any rule, law or regulation to which such Credit Party is subject (other than Applicable Laws of the State of New York and Applicable Laws of the United States of America as to which we express our opinion in paragraph 4 herein) or
(iv) any judicial or administrative order or decree of any governmental authority (other than Applicable Orders as to which we express our opinion in paragraph 6 herein); and 
  

 Exhibit E 

 January 27, 2009 
 Page
7 
  

 (d) no authorization, consent or other approval of, notice to or filing with any court,
governmental authority or regulatory body (other than Governmental Approvals as to which we express our opinion in paragraph 5 herein) is required to authorize or is required in connection with the execution and delivery by or enforceability
against each Credit Party of any Transaction Agreement or the transactions contemplated thereby. 
 We understand that you are separately
receiving opinions, with respect to certain of the foregoing assumptions from Lic. Ramiro G. Villarreal Morales, General Counsel of each Credit Party, and we are advised that such opinions contain qualifications. Our opinions herein stated are based
on the assumptions specified above, and we do not express any opinion as to the effect on the opinions herein stated of the qualifications contained in such other opinions. 
 This opinion is being furnished only to you in connection with the Transaction Agreements and is solely for your benefit and is not to be used,
circulated, quoted or otherwise referred to for any other purpose or relied upon by any other person or entity for any purpose without our prior written consent; provided that (i) Lic. Ramiro G. Villarreal Morales may rely upon this
opinion as to matters of the laws of the State of New York and of the United States of America and in rendering his opinions in connection with the Transaction Agreements; (ii) any Person who becomes a Lender under Section 13.06(b)
of the Credit Agreement after the date hereof may rely on this opinion as if it were originally addressed to such Lender and delivered on the date hereof; and (iii) this opinion may be disclosed by a Lender to any Person that is a potential
transferee or assignee of such Lender, but such Person shall not rely upon this opinion unless and until it becomes a Lender under Section 13.06(b) of the Credit Agreement and in such case clause (ii) above shall apply. We do not
assume any obligation to revise or supplement this opinion letter should any factual matters change or other transactions occur or should any laws or regulations be changed by legislative or regulatory action, judicial decision or otherwise.

 Very truly yours, 
  

 Exhibit E 

 Schedule I to the 
 Opinion of Special Counsel 
 The following parties: 
 BBVA BANCOMER, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO 
 BBVA BANCOMER, as Administrative Agent; 
 BBVA BANCOMER, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO 
 FINANCIERO BBVA BANCOMER, as Joint Arranger and Joint
Bookrunner; 
 CITIGROUP GLOBAL MARKETS INC., as Joint Arranger and Joint Bookrunner; 
 HSBC SECURITIES (USA) INC., as Joint Arranger and Joint Bookrunner; 
 SANTANDER INVESTMENT SECURITIES INC., as Joint Arranger and Joint Bookrunner; 
 THE ROYAL BANK OF SCOTLAND
PLC, as Joint Arranger and Joint Bookrunner; and 
 EACH LENDER as of the date hereof. 
  

 Exhibit E - Sched. I-1 

 Schedule II to the 
 Opinion of Special Counsel 
 Applicable Contracts 
  

	(1)	Indenture, dated as of October 1, 1999, among CEMEX, S.A.B. de C.V. (formerly, CEMEX, S.A. de C.V.) (“CEMEX”), as issuer, CEMEX México, S.A. de C.V.
(formerly, Serto Construcciones, S.A. de C.V. and successor guarantor to TOLMEX, S.A. de C.V., Cemento Portland Nacional, S.A. de C.V., and Cementos Mexicanos, S.A. de C.V.) (“CEMEX México”) and Empresas Tolteca de
México, S.A. de C.V. (“Empresas Tolteca”), as guarantors, and U.S. Bank Trust National Association, as trustee, relating to U.S.$200,000,000 original aggregate principal amount of 9.625% Notes due 2009 of CEMEX, as amended by
the First Supplemental Indenture, dated as of April 17, 2002, the Second Supplemental Indenture, dated as of October 4, 2004, and the Third Supplemental Indenture, dated as of October 20, 2006. 

  

	(2)	Credit Agreement, dated as of May 31, 2005, by and among CEMEX, as borrower, CEMEX México and Empresas Tolteca, as guarantors, the several lenders party thereto,
Barclays Bank PLC, New York Branch, as administrative agent, Barclays Capital, The Investment Banking Division of Barclays Bank PLC, as joint lead arranger and joint bookrunner, and Citigroup Global Markets Inc., as documentation agent, joint lead
arranger and joint bookrunner, for an aggregate principal amount of U.S.$1,200,000,000, as amended by Amendment No. 1 thereto, dated as of June 19, 2006, the Amendment and Waiver Agreement, dated as of November 30, 2006, the Third
Amendment to Credit Agreement, dated as of May 9, 2007, the Limited Waiver Agreement, dated as of November 30, 2007, the Fourth Amendment to Credit Agreement, dated as of December 19, 2008 and the Fifth Amendment to Credit Agreement,
dated as of January 22, 2009. 

  

	(3)	Amended and Restated Credit Agreement, dated as of June 6, 2005, by and among CEMEX, as borrower, CEMEX México and Empresas Tolteca, as guarantors, Barclays Bank PLC,
New York Branch, as issuing bank and documentation agent, ING Bank N.V., as issuing bank, the several lenders party thereto, and Barclays Capital, The Investment Banking Division of Barclays Bank PLC, as joint bookrunner, Citigroup Global Markets
Inc., as joint bookrunner and syndication agent, and ING Capital LLC, as joint bookrunner and administrative agent, for an aggregate principal amount of U.S.$700,000,000, as amended by Amendment No. 1. dated as of June 21, 2006, the
Amendment and Waiver Agreement, dated as of December 1, 2006, the Third Amendment to Credit Agreement, dated as of May 9, 2007, the Waiver Agreement, dated as of November 30, 2007, the Fourth Amendment to Credit Agreement, dated as of
December 19, 2008 and the Fifth Amendment to Credit Agreement, dated as of January 22, 2009. 

  

	(4)	U.S.$700,000,000 Amended and Restated Facilities Agreement, dated as of December 19, 2008, for New Sunward Holding B.V. (“NSH”) as borrower, CEMEX, CEMEX
Mexico and Empresas Tolteca as guarantors and Citibank, N.A. as agent, and the Amendment dated as of January 23, 2009. 

  

	(5)	Note Indenture, dated as of December 18, 2006, among New Sunward Holding Financial Ventures B.V. and CEMEX, CEMEX México and NSH with respect to the issuance of U.S.
$900,000,000 Callable Perpetual Dual-Currency Notes, with The Bank of New York as Trustee. 

  

 A-1 

 January 27, 2009 
 Page
2 
  

	(6)	Note Indenture, dated as of December 18, 2006, among New Sunward Holding Financial Ventures B.V. and CEMEX, CEMEX México and NSH with respect to the issuance of U.S.
$350,000,000 Callable Perpetual Dual-Currency Notes, with The Bank of New York as Trustee. 

  

	(7)	Note Indenture, dated as of February 12, 2007, among New Sunward Holding Financial Ventures B.V. and CEMEX, CEMEX México and NSH with respect to the issuance of U.S.
$750,000,000 Callable Perpetual Dual-Currency Notes, with The Bank of New York as Trustee. 

  

	(8)	Note Indenture, dated as of May 9, 2007, among New Sunward Holding Financial Ventures B.V. and CEMEX, CEMEX México and NSH with respect to the issuance of
€730,000,000 Callable Perpetual Dual-Currency Notes, with The Bank of New York as Trustee. 

  

	(9)	Senior Unsecured Maturity Loan “A” Agreement, dated as of December 19, 2008, by and among NSH, CEMEX, CEMEX México, HSBC Securities (USA) Inc., as sole
structuring agent, HSBC Securities (USA) Inc., Banco Santander, S.A., and The Royal Bank of Scotland Plc, each as joint lead arranger and joint bookrunner, ING Capital LLC, as administrative agent, and the several lenders party thereto for an
aggregate principal amount of U.S. $525,000,000, and the First Amendment to Maturity Loan “A” Agreement, dated as of January 22, 2009. 

  

	(10)	Senior Unsecured Maturity Loan “B” Agreement, dated as of December 19, 2008, by and among NSH, CEMEX, CEMEX México, HSBC Securities (USA) Inc., as sole
structuring agent, HSBC Securities (USA) Inc., Banco Santander, S.A., and The Royal Bank of Scotland Plc, each as joint lead arranger and joint bookrunner, ING Capital LLC, as administrative agent, and the several lenders party thereto for an
aggregate principal amount of U.S. $525,000,000, and the First Amendment to Maturity Loan “B” Agreement, dated as of January 22, 2009. 

  

	(11)	Credit Agreement, dated as of June 25, 2008, among CEMEX, as borrower, CEMEX México, as guarantor, and Banco Bilbao Vizcaya Argentaria, S.A. New York Branch as lender
for an aggregate principal amount of US $500,000,000 as amended by First Amendment to Credit Agreement, dated as of December 19, 2008 and Second Amendment to Credit Agreement, dated as of January 22, 2009. 

  

 Sched. II - 2 

 Exhibit A to the 
 Opinion of New York Counsel 
 [ATTACHED SEPARATELY] 
  

 A-1 

 Exhibit B to the 
 Opinion of New York Counsel 
 [ATTACHED SEPARATELY] 
  

 B-1 

 Exhibit F to the 
 Opinion of Special Counsel 
 CEMEX, S.A.B. de C.V. 
 Officer’s Certificate 
 January 27,
2009 
 I, Humberto Francisco Lozano Vargas, am the duly elected, qualified and acting Corporate Financing Director of CEMEX, S.A.B. de C.V.
(“CEMEX”), a sociedad anónima bursátil de capital variable organized and existing pursuant to the laws of the United Mexican States (“Mexico”), and the principal financial officer (referred to
herein as the “Chief Financial Officer”) of its subsidiaries CEMEX México, S.A. de C.V. (“CEMEX México”), a sociedad anonima de capital variable organized and existing pursuant to the laws of
Mexico and CEMEX Concretos S.A. de C.V. (“CEMEX Concretos”), a sociedad anonima de capital variable organized and existing pursuant to the laws of Mexico. I understand that pursuant to Section 4.01(b)(i) of the Credit
Agreement, dated as of the date hereof (the “Credit Agreement”), by and among CEMEX as borrower, CEMEX Mexico and CEMEX Concretos, as guarantors, the several Lenders party thereto, as lenders, BBVA Bancomer, S.A., Institución
de Banca Múltiple, Grupo Financiero BBVA Bancomer, as administrative agent, and BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, as administrative agent, BBVA Bancomer, S.A., Institución
de Banca Múltiple, Grupo Financiero BBVA Bancomer, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Santander Investment Securities Inc. and The Royal Bank of Scotland PLC as Joint Arrangers and Joint Bookrunners, that Skadden,
Arps, Slate, Meagher & Flom LLP (“SASM&F”) is rendering an opinion (the “Opinion”) to the Administrative Agent and the Lenders listed on Schedule I to the Opinion. Capitalized terms used herein and not
otherwise defined herein shall have the respective meanings assigned to those terms in the Opinion. I further understand that SASM&F is relying on this officer’s certificate and the statements made herein in rendering such Opinion.

 With regard to the foregoing, on behalf of the Credit Parties, I hereby certify that: 
 (a) I am familiar with the business of the Credit Parties and their subsidiaries, and due inquiry has been made of all persons, including persons in the
office of the General Counsel, deemed necessary or appropriate to verify or confirm the statements contained herein. 
 (b) SASM&F may
rely on the respective representations and warranties that the Credit Parties have made in the Credit Agreement, each other Transaction Document and each of the certificates delivered pursuant thereto. I have made a careful review of each of such
representations and warranties and hereby confirm, to the best of my knowledge and belief, that such representations and warranties are true, correct and complete on and as of the date of this certificate. 
 (c) The execution and delivery by each Credit Party of the Transaction Documents to which it is a party and the performance by each Credit Party of their
respective obligations thereunder, each in accordance with its terms, do not (i) constitute a violation of, or a default under, any agreement or instrument to which any Credit Party is a party or by which any Credit Party is bound or
(ii) cause the creation of any security interest upon any property of the Credit Parties pursuant to any agreement or instrument to which any Credit Party is a party or by which any Credit Party is bound. 
  

 Exhibit F 

 (d) Less than twenty-five percent (25%) of the assets of each Credit Party and its subsidiaries on a
consolidated basis and on an unconsolidated basis consist of Margin Stock. 
 (e) Each Credit Party is primarily engaged directly, or
indirectly through Majority-Owned Subsidiaries, in the business of producing, distributing, marketing and selling cement, ready-mix concrete and/or clinker; and each Credit Party (i) is not and does not hold itself out as being engaged
primarily, nor does it propose to engage primarily, in the business of investing, reinvesting or trading in Securities, (ii) has not and is not engaged in, and does not propose to engage in, the business of issuing Face-Amount Certificates of
the Installment Type and has no such certificate outstanding and (iii) does not own or propose to acquire Investment Securities having a Value exceeding forty percent (40%) of the Value of the total assets of the respective Credit Party
(exclusive of Government Securities and cash items) on an unconsolidated basis. 
 (f) Each Credit Party does not own or operate facilities
used for the generation, transmission, or distribution of electric energy for sale (“Electric Utility Facilities”). 
 (g)
Each Credit Party does not own or operate facilities used for the distribution of natural or manufactured gas for heat, light, or power (“Gas Utility Facilities”). 
 (h) None of the Credit Parties or any of their subsidiaries, directly or indirectly, or through one or more intermediary Companies, owns, controls, or
holds with power to vote (a) ten percent (10%) or more of the outstanding Voting Securities of any Company that owns or operates any Electric Utility Facilities or Gas Utility Facilities, or (b) any other interest, directly or
indirectly, or through one or more intermediary entities, in (i) any Company that owns or operates any Electric Utility Facilities or Gas Utility Facilities, or (ii) any of the foregoing types of entities that have received notice of the
sort described in paragraph 9 below. 
 (i) As used in paragraph (d) of this certificate, the following terms shall have the following
meanings: 
 “Margin Stock” means: (i) any equity security registered or having unlisted trading privileges on a
national securities exchange; (ii) any OTC security designated as qualified for trading in the National Market System under a designation plan approved by the Securities and Exchange Commission; (iii) any debt security convertible into a
margin stock or carrying a warrant or right to subscribe to or purchase a margin stock; (iv) any warrant or right to subscribe to or purchase a margin stock; or (v) any security issued by an investment company registered under
Section 8 of the Investment Company Act of 1940. 
  

 Exhibit F 

 (j) As used in paragraphs (e) and (j) of this certificate, the following term shall have the
following meaning: 
 “Exempt Fund” means a company that is excluded from treatment as an investment company solely by
section 3(c)(1) or 3(c)(7) of the Investment Company Act of 1940 (applicable to certain privately offered investment funds). 
 “Face-Amount Certificate of the Installment Type” means any certificate, investment contract, or other Security that represents an obligation on the part of its issuer to pay a stated or determinable sum or sums at a fixed
or determinable date or dates more than 24 months after the date of issuance, in consideration of the payment of periodic installments of a stated or determinable amount. 
 “Government Securities” means all Securities issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the
government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. 
 “Investment Securities” includes all Securities except (A) Government Securities, (B) Securities issued by companies the only shareholders in which are employees and former employees of a
company and its subsidiaries, members of the families of such persons and the company and its subsidiaries and (C) Securities issued by Majority-Owned Subsidiaries of the respective Credit Party which are not engaged and do not propose to be
engaged in activities within the scope of clause (i), (ii) or (iii) of paragraph (e) of this Certificate or which are exempted or excepted from treatment as an investment company by statute, rule or governmental order (other than
Exempt Funds). 
 “Majority-Owned Subsidiary” of a person means a company 50% or more of the outstanding Voting Securities
of which are owned by such person, or by a company which, within the meaning of this paragraph, is a Majority-Owned Subsidiary of such person. 
 “Security” or “Securities” means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement,
collateral-trust certificate, preorganization certificate or subscription, transferrable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights,
any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or
privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a “security,” or any certificate of interest or participation in, temporary or interim
certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. 
 “Value” means (i) with respect to Securities owned at the end of the last preceding fiscal quarter for which market quotations are readily available, the market value at the end of such quarter; (ii) with respect
to other Securities and assets owned at the end of the last preceding fiscal quarter, fair value at the end of such quarter, as determined in good faith by or under the direction of the board of directors; and (iii) with respect to securities
and other assets acquired after the end of the last preceding fiscal quarter, the cost thereof. 
  

 Exhibit F 

 “Voting Security” means any security presently entitling the owner or holder thereof to
vote for the election of directors of a company (or its equivalent, e.g., general partner, manager of a limited liability company, etc.). 
 (k) As used in paragraphs (h) and (k) of this certificate, the following terms shall have the following meanings: 
 “Company” or “Companies” means a corporation, limited liability company, partnership, association, joint-stock company, joint venture, trust, or any receiver, trustee, or other liquidating agent of any of
the foregoing in its capacity as such. 
 “Security” or “Securities” means any note, draft, stock, treasury
stock, bond, debenture, limited liability company interest, certificate of interest or participation in any profit-sharing agreement or in any oil, gas, other mineral royalty or lease, any collateral-trust certificate, reorganization certificate or
subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, receiver’s or trustee’s certificate, or, in general, any instrument commonly known as a “security”; or any
certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, assumption of liability on, or warrant or right to subscribe to or purchase, any of the foregoing. 
 “Voting Security” or “Voting Securities” means any Security presently entitling the owner or holder thereof to vote in
the direction or management of the affairs of a Company, or any Security issued under or pursuant to any trust, agreement, or arrangement whereby a trustee or trustees or agent or agents for the owner or holder of such Security are presently
entitled to vote in the direction or management of the affairs of a Company; and a specified per centum of the outstanding Voting Securities of a Company means such amount of the outstanding Voting Securities of such Company as entitles the holder
or holders thereof to cast said specified per centum of the aggregate votes which the holders of all the outstanding Voting Securities of such Company are entitled to cast in the direction or management of the affairs of such Company. 
 (l) No Credit Party is organized and existing under the laws of the United States of America. 
 (m) Reference is hereby made to Section 8.07 of the U.S.$ 1,200,000,000 Credit Agreement, Section 9.07 of the U.S.$ 700,000,000
Credit Agreement, Section 21.26(a) of the NSH U.S.$ 700,000,000 Credit Agreement, Section 8.07 of each of the Maturity Loan “A” Agreement and the Maturity Loan “B” Agreement and Section 8.07 of
the BBVA (PEZ) Agreement. The weighted average life to maturity of the Loans under the Credit Agreement will not be less than the remaining weighted average life to maturity of the Debt under the Existing Bilateral Facilities (as defined in the
Credit Agreement) and the Borrower will apply the proceeds of the Loans to the repayment, prepayment or other discharge of the Existing Bilateral Facilities within fifteen days of the Incurrence of the Debt constituting the Loans. 
  

 Exhibit F 

 IN WITNESS THEREOF, I have executed this certificate on the date first mentioned above. 
  

			
	By:	 	  

	Name:	 	Humberto Francisco Lozano Vargas
	Title:	 	Corporate Financing Director

 [SIGNATURE PAGE – CFD OPINION CERTIFICATE TO 
 SASMF OPINION TO JOINT BILATERAL FACILITY AGREEMENT] 

 Exhibit B to the 
 Opinion of Special Counsel 
 CEMEX, S.A.B. de C.V. 
 Officer’s Certificate 
 January 27,
2009 
 I, Ramiro G. Villarreal Morales, am the duly elected, qualified and acting General Counsel of CEMEX, S.A.B. de C.V.
(“CEMEX”), a sociedad anónima bursátil de capital variable organized and existing pursuant to the laws of the United Mexican States (“Mexico”), and of its subsidiaries CEMEX México, S.A.
de C.V. (“CEMEX México”), a sociedad anonima de capital variable organized and existing pursuant to the laws of Mexico and CEMEX Concretos S.A. de C.V. (“CEMEX Concretos”), a sociedad anonima de
capital variable organized and existing pursuant to the laws of Mexico. I understand that pursuant to Section 4.01(b)(i) of the Credit Agreement, dated as of the date hereof (the “Credit Agreement”), by and among CEMEX as
borrower, CEMEX Mexico and CEMEX Concretos as guarantors, the several Lenders party thereto, as lenders, BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, as administrative agent, and BBVA Bancomer,
S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, as administrative agent, BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer, Citigroup Global Markets Inc., HSBC
Securities (USA) Inc., Santander Investment Securities Inc. and The Royal Bank of Scotland PLC as Joint Arrangers and Joint Bookrunners, that Skadden, Arps, Slate, Meagher & Flom LLP (“SASM&F”) is rendering an opinion
(the “Opinion”) to the Administrative Agent and the Lenders listed on Schedule I to the Opinion. Capitalized terms used herein and not otherwise defined herein shall have the respective meanings assigned to those terms in the
Opinion. I further understand that SASM&F is relying on this officer’s certificate and the statements made herein in rendering such Opinion. 
 With regard to the foregoing, on behalf of the Credit Parties, I hereby certify that: 
 (a) There is no order
of any court or governmental agency or body of the United States of America or the State of New York, in any such case, having jurisdiction over any Credit Party, any of its Subsidiaries or any of its properties that is material to the business or
financial condition of such Credit Party and its Subsidiaries, taken as a whole, or that is relevant to the transactions contemplated by the Transaction Documents. 
 (b) No Governmental Approvals are applicable to any Credit Party that are material to the business or financial condition of the Credit Parties, taken as a whole, or that are relevant to the transactions contemplated
by the Transaction Documents. 
 (c) The agreements listed on Schedule I hereto constitute, on and as of the date of this Certificate,
all the material agreements to which the Borrower or either Guarantor is a party or which are binding on the Borrower or either Guarantor that are applicable to transactions of the type contemplated by the Credit Agreement. Except as set forth on
Schedule I, such agreements have not been amended, supplemented, or otherwise modified as of the date of this Certificate, except for amendments, supplements or other modifications that are not material. In those cases where an execution
version or an agreement has not been provided to you, the version listed is in exactly the same format as the execution version. 

 IN WITNESS THEREOF, I have executed this certificate on the date first mentioned above. 
  

			
	By:	 	  

	Name:	 	Ramiro G. Villarreal Morales
	Title:	 	General Counsel

 [SIGNATURE PAGE – GENERAL COUNSEL OPINION CERTIFICATE TO 
 SASMF OPINION TO JOINT BILATERAL FACILITY AGREEMENT] 

 Applicable Contracts 
  

	(12)	Indenture, dated as of October 1, 1999, among CEMEX, S.A.B. de C.V. (formerly, CEMEX, S.A. de C.V.) (“CEMEX”), as issuer, CEMEX México, S.A. de C.V.
(formerly, Serto Construcciones, S.A. de C.V. and successor guarantor to TOLMEX, S.A. de C.V., Cemento Portland Nacional, S.A. de C.V., and Cementos Mexicanos, S.A. de C.V.) (“CEMEX México”) and Empresas Tolteca de
México, S.A. de C.V. (“Empresas Tolteca”), as guarantors, and U.S. Bank Trust National Association, as trustee, relating to U.S.$200,000,000 original aggregate principal amount of 9.625% Notes due 2009 of CEMEX, as amended by
the First Supplemental Indenture, dated as of April 17, 2002, the Second Supplemental Indenture, dated as of October 4, 2004, and the Third Supplemental Indenture, dated as of October 20, 2006. 

  

	(13)	Credit Agreement, dated as of May 31, 2005, by and among CEMEX, as borrower, CEMEX México and Empresas Tolteca, as guarantors, the several lenders party thereto,
Barclays Bank PLC, New York Branch, as administrative agent, Barclays Capital, The Investment Banking Division of Barclays Bank PLC, as joint lead arranger and joint bookrunner, and Citigroup Global Markets Inc., as documentation agent, joint lead
arranger and joint bookrunner, for an aggregate principal amount of U.S.$1,200,000,000, as amended by Amendment No. 1 thereto, dated as of June 19, 2006, the Amendment and Waiver Agreement, dated as of November 30, 2006, the Third
Amendment to Credit Agreement, dated as of May 9, 2007, the Limited Waiver Agreement, dated as of November 30, 2007, the Fourth Amendment to Credit Agreement, dated as of December 19, 2008 and the Fifth Amendment to Credit Agreement,
dated as of January 22, 2009 (as so amended, the “U.S.$ 1,200,000,000 Credit Agreement”). 

  

	(14)	Amended and Restated Credit Agreement, dated as of June 6, 2005, by and among CEMEX, as borrower, CEMEX México and Empresas Tolteca, as guarantors, Barclays Bank PLC,
New York Branch, as issuing bank and documentation agent, ING Bank N.V., as issuing bank, the several lenders party thereto, and Barclays Capital, The Investment Banking Division of Barclays Bank PLC, as joint bookrunner, Citigroup Global Markets
Inc., as joint bookrunner and syndication agent, and ING Capital LLC, as joint bookrunner and administrative agent, for an aggregate principal amount of U.S.$700,000,000, as amended by Amendment No. 1 thereto, dated as of June 21, 2006,
the Amendment and Waiver Agreement, dated as of December 1, 2006, the Third Amendment to Credit Agreement, dated as of May 9, 2007, the Waiver Agreement, dated as of November 30, 2007, the Fourth Amendment to Credit Agreement, dated
as of December 19, 2008 and the Fifth Amendment to Credit Agreement, dated as of January 22, 2009 (as so amended, the “U.S.$ 700,000,000 Credit Agreement”). 

  

	(15)	U.S.$700,000,000 Amended and Restated Facilities Agreement*, dated as of December 19, 2008, for New Sunward Holding B.V. (“NSH”) as borrower, CEMEX, CEMEX
Mexico and Empresas Tolteca as guarantors and Citibank, N.A. as agent, and the Amendment Agreement dated as of January 23, 2009 (as so amended, the “NSH U.S.$ 700,000,000 Credit Agreement”). 

  

	(16)	Note Indenture, dated as of December 18, 2006, among New Sunward Holding Financial Ventures B.V. and CEMEX, CEMEX México and NSH with respect to the issuance of U.S.
$900,000,000 Callable Perpetual Dual-Currency Notes, with The Bank of New York as Trustee. 

 [SIGNATURE PAGE – GENERAL
COUNSEL OPINION CERTIFICATE TO 
 SASMF OPINION TO JOINT BILATERAL FACILITY AGREEMENT] 

	(17)	Note Indenture, dated as of December 18, 2006, among New Sunward Holding Financial Ventures B.V. and CEMEX, CEMEX México and NSH with respect to the issuance of U.S.
$350,000,000 Callable Perpetual Dual-Currency Notes, with The Bank of New York as Trustee. 

  

	(18)	Note Indenture, dated as of February 12, 2007, among New Sunward Holding Financial Ventures B.V. and CEMEX, CEMEX México and NSH with respect to the issuance of U.S.
$750,000,000 Callable Perpetual Dual-Currency Notes, with The Bank of New York as Trustee. 

  

	(19)	Note Indenture, dated as of May 9, 2007, among New Sunward Holding Financial Ventures B.V. and CEMEX, CEMEX México and NSH with respect to the issuance of
€730,000,000 Callable Perpetual Dual-Currency Notes, with The Bank of New York as Trustee. 

  

	(20)	Senior Unsecured Maturity Loan “A” Agreement, dated as of December 19, 2008, by and among NSH, CEMEX, CEMEX México, HSBC Securities (USA) Inc., as sole
structuring agent, HSBC Securities (USA) Inc., Banco Santander, S.A., and The Royal Bank of Scotland Plc, each as joint lead arranger and joint bookrunner, ING Capital LLC, as administrative agent, and the several lenders party thereto for an
aggregate principal amount of U.S. $525,000,000, and the First Amendment to Maturity Loan “A” Agreement, dated as of January 22, 2009 (as so amended, the “Maturity Loan “A” Agreement”).

  

	(21)	Senior Unsecured Maturity Loan “B” Agreement, dated as of December 19, 2008, by and among NSH, CEMEX, CEMEX México, HSBC Securities (USA) Inc., as sole
structuring agent, HSBC Securities (USA) Inc., Banco Santander, S.A., and The Royal Bank of Scotland Plc, each as joint lead arranger and joint bookrunner, ING Capital LLC, as administrative agent, and the several lenders party thereto for an
aggregate principal amount of U.S. $525,000,000, and the First Amendment to Maturity Loan “B” Agreement, dated as of January 22, 2009 (as so amended, the “Maturity Loan “B” Agreement”).

  

	(22)	Credit Agreement, dated as of June 25, 2008, among CEMEX, as borrower, CEMEX México, as guarantor, and Banco Bilbao Vizcaya Argentaria, S.A. New York Branch as lender
for an aggregate principal amount of US $500,000,000 as amended by First Amendment to Credit Agreement, dated as of December 19, 2008 and Second Amendment to Credit Agreement, dated as of January 22, 2009 (as so amended, the “BBVA
(PEZ) Agreement”). 

  

	*	The Facilities Agreement referred to in Item 4 is governed by English law. 

  

 2U.S.$617,500,000 and EUR$587,500,000 Facilities Agreement

 EXHIBIT 4.29 
 CONFORMED COPY 
 US$617,500,000 AND €587,500,000 
 FACILITIES AGREEMENT 
 dated 27 JANUARY 2009

 for 
 CEMEX ESPAÑA, S.A.

 as Borrower 
 with 

CEMEX AUSTRALIA HOLDINGS PTY LIMITED 
 and

 CEMEX, INC 
 as Original
Guarantors 
 BANCO SANTANDER, S.A. 
 and 
 THE ROYAL BANK OF SCOTLAND PLC 
 as Documentation Agents 
 with 
 THE ROYAL BANK OF SCOTLAND PLC 
 acting as Facility Agent 
  
  
 FACILITIES AGREEMENT 
  
  

 TABLE OF CONTENTS 
  

					
	 1.
	  	DEFINITIONS AND INTERPRETATION	  	2
			
	 2.
	  	THE FACILITIES	  	18
			
	 3.
	  	PURPOSE	  	19
			
	 4.
	  	CONDITIONS OF UTILISATION	  	19
			
	 5.
	  	UTILISATION	  	20
			
	 6.
	  	REPAYMENT	  	22
			
	 7.
	  	EXTENSION OPTION	  	25
			
	 8.
	  	PREPAYMENT AND CANCELLATION	  	26
			
	 9.
	  	INTEREST	  	34
			
	 10.
	  	INTEREST PERIODS	  	35
			
	 11.
	  	CHANGES TO THE CALCULATION OF INTEREST	  	35
			
	 12.
	  	FEES	  	37
			
	 13.
	  	TAX GROSS-UP AND INDEMNITIES	  	38
			
	 14.
	  	INCREASED COSTS	  	41
			
	 15.
	  	OTHER INDEMNITIES	  	43
			
	 16.
	  	MITIGATION BY THE LENDERS	  	44
			
	 17.
	  	COSTS AND EXPENSES	  	44
			
	 18.
	  	GUARANTEE AND INDEMNITY	  	46
			
	 19.
	  	REPRESENTATIONS	  	49
			
	 20.
	  	INFORMATION UNDERTAKINGS	  	52
			
	 21.
	  	FINANCIAL COVENANTS	  	56
			
	 22.
	  	GENERAL UNDERTAKINGS	  	60
			
	 23.
	  	EVENTS OF DEFAULT	  	71
			
	 24.
	  	CHANGES TO THE LENDERS	  	74
			
	 25.
	  	CHANGES TO THE OBLIGORS	  	78
			
	 26.
	  	ROLE OF THE FACILITY AGENT AND The Documentation Agent	  	81
			
	 27.
	  	CONDUCT OF BUSINESS BY THE FINANCE PARTIES	  	86
			
	 28.
	  	SHARING AMONG THE FINANCE PARTIES	  	86
			
	 29.
	  	PAYMENT MECHANICS	  	89
			
	 30.
	  	SET-OFF	  	91
			
	 31.
	  	NOTICES	  	91
			
	 32.
	  	CALCULATIONS AND CERTIFICATES	  	95
			
	 33.
	  	PARTIAL INVALIDITY	  	96
			
	 34.
	  	REMEDIES AND WAIVERS	  	96
			
	 35.
	  	AMENDMENTS AND WAIVERS	  	96
			
	 36.
	  	COUNTERPARTS	  	98
			
	 37.
	  	GOVERNING LAW	  	99
			
	 38.
	  	ENFORCEMENT	  	99
		
	 SCHEDULE 1 The Original Parties
	  	100
		
	 SCHEDULE 2 Conditions precedent
	  	102
		
	 SCHEDULE 3 Requests
	  	108
		
	 SCHEDULE 4 Mandatory Cost Formulae
	  	111
		
	 SCHEDULE 5 Form Of Transfer Certificate
	  	114
		
	 SCHEDULE 6 Form Of Accession Letter
	  	116
		
	 SCHEDULE 7 Form Of Compliance Certificate
	  	117
		
	 SCHEDULE 8 Timetables
	  	119
		
	 SCHEDULE 9 Form of Confidentiality Undertaking
	  	120
		
	 SCHEDULE 10 Existing Security
	  	126
		
	 SCHEDULE 11 Material Subsidiaries
	  	127
		
	 SCHEDULE 12 Existing Bilateral Debt
	  	128
		
	 SCHEDULE 13 Existing Financial Indebtedness
	  	129
		
	 SCHEDULE 14 Proceedings Pending or Threatened
	  	130

  

 1 

 THIS FACILITIES AGREEMENT (the “Agreement”) is dated 27 January 2009 and made 
 BETWEEN: 
  

	(1)	CEMEX ESPAÑA, S.A. as referred to in Part I of Schedule 1 (The Obligors) (the “Original Borrower” or the “Company”);

  

	(2)	THE COMPANIES referred to in Part I of Schedule 1 (The Obligors) as Original Guarantors (the “Original Guarantors”); 

  

	(3)	BANCO SANTANDER, S.A. and THE ROYAL BANK OF SCOTLAND PLC as co-ordinators (acting whether individually or together the “Documentation Agent”);

  

	(4)	THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Original Lenders) as lenders (the “Original Lenders”); and 

 

	(5)	THE ROYAL BANK OF SCOTLAND PLC as agent of the other Finance Parties (the “Facility Agent”). 

 IT IS AGREED as follows: 
 SECTION 1

 INTERPRETATION 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 
 “2009 Facility A Repayment Instalment” has the meaning given to such term in Clause 6.2 (Repayment of Facility B Loans).

 “2009 Facility B Repayment Instalment” has the meaning given to such term in Clause 6.2 (Repayment of Facility B
Loans). 
 “2009 Repayment Instalments” means the 2009 Facility A Repayment Instalment and the 2009 Facility B Repayment
Instalment. 
 “2010 Facility A Repayment Instalments” has the meaning given to such term in Clause 6.2 (Repayment of
Facility B Loans). 
 “2010 Facility B Repayment Instalments” has the meaning given to such term in Clause 6.2
(Repayment of Facility B Loans). 
 “2010 Repayment Instalments” means the 2010 Facility A Repayment Instalments and
the 2010 Facility B Repayment Instalments. 
 “Accession Letter” means a document substantially in the form set out in
Schedule 6 (Form of Accession Letter). 
 “Additional Cost Rate” has the meaning given to it in paragraph 2 of
Schedule 4 (Mandatory Cost Formulae). 
  

 - 2 - 

 “Additional Borrower” means a company which becomes an Additional Borrower in accordance
with Clause 25 (Changes to the Obligors). 
 “Additional Guarantor” means a company which becomes an Additional
Guarantor in accordance with Clause 25 (Changes to the Obligors). 
 “Additional Obligor” means an Additional Borrower
or an Additional Guarantor. 
 “Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company
of that person or any other Subsidiary of that Holding Company. 
 “Agent’s Spot Rate of Exchange” means the Facility
Agent’s spot rate of exchange for the purchase of one currency with the relevant other currency in the London foreign exchange market as of 11:00 a.m. on a particular day. 
 “Assignment Agreement” means an assignment agreement in the form agreed between the relevant assignor and assignee and approved by the
Facility Agent. 
 “Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing,
notarisation or registration. 
 “Authorised Signatory” means, in relation to any Obligor, any person who is duly authorised
and in respect of whom the Facility Agent has received a certificate signed by a director or another Authorised Signatory of such Obligor setting out the name and signature of such person and confirming such person’s authority to act.

 “Availability Period” means the period from and including the Effective Date to and including the date falling 30 Business
Days thereafter. 
 “Available Commitment” means, in relation to a Facility, a Lender’s Commitment under that Facility
minus: 
  

	 	(a)	the amount of its participation in any outstanding Utilisations under that Facility; and 

  

	 	(b)	in relation to any proposed Utilisation, the amount of its participation in any other Utilisations that are due to be made under that Facility on or before the proposed Utilisation
Date. 

 “Available Facility” means, in relation to a Facility, the aggregate for the time being of each
Lender’s Available Commitment in respect of that Facility. 
 “Borrowers” means the Original Borrower and any Additional
Borrower unless, in each case, such entity has ceased to be a Borrower in accordance with Clause 25 (Changes to the Obligors) and “Borrower” means any of them. 
 “Break Costs” means the amount (if any) by which: 
  

	 	(a)	the interest (excluding the applicable Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or
Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

  

 - 3 - 

 exceeds: 
  

	 	(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant
Interbank Market for a period starting on the day of receipt or recovery if a Business Day and if received or recovered before 2 p.m. London time on that day (or, if not, on the Business Day following receipt or recovery) and ending on the last day
of the current Interest Period. 

 “Business Day” means a day (other than a Saturday or Sunday) on which banks
are open for general business in London, Madrid and New York, and: 
  

	 	(a)	(in relation to any date for payment or lending or purchase of, or the determination of an interest rate or rate of exchange in relation to, a currency other than euro) the
principal financial centre of the country of that currency; or 

  

	 	(b)	(in relation to any date for payment or lending or purchase of, or the determination of an interest rate or rate of exchange in relation to, euro) any TARGET Day.

 “Capital Lease” means any lease that is capitalised on the balance sheet of the Company prepared in
accordance with Spanish GAAP. 
 “CEMEX Australia” means CEMEX Australia Holdings Pty Limited, a company incorporated under
the laws of Australia with ABN 46 122 401 405. 
 “CEMEX Group” means CEMEX Parent and each of its Subsidiaries from time to
time. 
 “CEMEX Parent” means CEMEX, S.A.B. de C.V., a company (sociedad anónima bursátil de capital
variable) incorporated in Mexico. 
 “CEMEX UK” means CEMEX UK, a Subsidiary of the Company incorporated in England and
Wales with company number 05196131 and having its registered office at CEMEX House, Coldharbour Lane, Thorpe, Egham, Surrey TW20 8TD. 
 “CO2 Emission Rights” means any emission rights or allowance allocated to a member of the Group to emit one tonne of carbon dioxide equivalent (as defined in the Directive) during a specified period which is valid and/or
transferable under the Directive and any other type of allowance recognised by the Directive in connection with the Kyoto Protocol on climate change. 
 “Commitment” means a Facility A Commitment and/or a Facility B Commitment. 
 “Compliance Certificate” means a certificate substantially in the form set out in Schedule 7 (Form of Compliance Certificate). 
 “Confidentiality Undertaking” means a confidentiality undertaking substantially in the form set out in Schedule 9 (Form of Confidentiality Undertaking) or in any other form agreed between the
Company and the Facility Agent. 
  

 - 4 - 

 “Default” means an Event of Default or any event or circumstance specified in Clause 23
(Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. 
 “Directive” means Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for
greenhouse gas emission allowance trading within the European Community (as amended by Directive 2004/101/EC of the European Parliament and of the Council of 27 October 2004 and as further amended from time to time). 
 “Discharged Rights and Obligations” has the meaning given to such term in Clause 24.5 (Procedure for transfer). 
 “Domestic Lender” means any Spanish resident credit entity registered in the Special Registries of The Bank of Spain as defined in
article 8 of Royal Legislative Decree 4/2004 of 5 March and mentioned in paragraph (c) of Article 59 of Corporate Income Tax Regulations approved by Royal Decree 1777/2004 of 30 July (Real Decreto 1777/2004 de 30 de julio) or a
permanent establishment of a non-Spanish resident financial entity as defined in article 13.1.a of Royal Legislative Decree 5/2004 of 5 March and mentioned in the second paragraph of Article 8.1 of Non-Resident Income Tax Regulations approved
by Royal Decree 1776/2004 of 30 July (Real Decreto 1776/2004 de 30 julio). 
 “Effective Date” means the date on which
the Facility Agent notifies the Company and the Lenders that it has received all of the documents and the evidence listed in Part I of Schedule 2 (Conditions Precedent) in accordance with Clause 4.1 (Initial Conditions Precedent).

 “Environmental Claim” means any claim, proceeding or investigation by any person in respect of any Environmental Law.

 “Environmental Law” means any applicable law or regulation in any jurisdiction in which any member of the Group conducts
business which relates to the pollution or protection of the environment or harm to or the protection of human health or the health of animals or plants. 
 “Environmental Permits” means any permit, licence, consent, approval and other authorisation and the filing of any notification, report or assessment required under any Environmental Law for the
operation of the business of any member of the Group conducted on or from the properties owned or used by the relevant member of the Group. 
 “ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings issued thereunder. 
 “EURIBOR” means, in relation to any Loan in euro: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for the Interest Period of that Loan) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Facility Agent at
its request quoted by the Reference Banks to leading banks in the European interbank market, as of the Specified Time on the Quotation Day for the offering of deposits in euro for a period comparable to the Interest Period of the relevant Loan.

  

 - 5 - 

 “Event of Default” means any event or circumstance specified as such in Clause 23
(Events of Default). 
 “Existing Bilateral Debt” means the bilateral facilities and other debt listed in Schedule 12
(Existing Bilateral Debt). 
 “Extended Termination Date” has the meaning given to such term in Clause 7.2
(Acceptance of Extension Request). 
 “Extension Option” means the extension option described in Clause 7
(Extension Option). 
 “Facility” means Facility A or Facility B. 
 “Facility A” means the US Dollar denominated term loan facility made available under this Agreement as described in paragraph (a) of
Clause 2.1 (The Facilities). 
 “Facility A Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount set opposite its name under the heading “Facility A Commitment” in Part II of Schedule 1 (The Original Parties)
and the amount of any other Facility A Commitment transferred to it under this Agreement; and 

  

	 	(b)	in relation to any other Lender, the amount of any Facility A Commitment transferred to it under this Agreement, 

 to the extent not cancelled, reduced or transferred by it under this Agreement. 
 “Facility A Loan” means a loan made or to be made under Facility A or the principal amount outstanding for the time being of that loan.

 “Facility B” means the euro denominated term loan facility made available under this Agreement as described in paragraph
(b) of Clause 2.1 (The Facilities). 
 “Facility B Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount set opposite its name under the heading “Facility B Commitment” in Part II of Schedule 1 (The Original Parties)
and the amount of any other Facility B Commitment transferred to it under this Agreement; and 

  

	 	(b)	in relation to any other Lender, the amount of any Facility B Commitment transferred to it under this Agreement, 

 to the extent not cancelled, reduced or transferred by it under this Agreement. 
 “Facility B Loan” means a loan made or to be made under Facility B or the principal amount outstanding for the time being of that loan.

  

 - 6 - 

 “Facility Office” means: 
  

	 	(a)	in respect of a Lender, the office or offices notified by that Lender to the Facility Agent in writing on or before the date it becomes a Lender (or, following that date, by not
less than five Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement; or 

  

	 	(b)	in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes. 

 “Fee Letter” means any letter or letters dated on or about the date of this Agreement between the Documentation Agent (or any one of
them) and the Company, (or the Facility Agent and the Company) setting out the level of fees payable in respect of the Facilities. 
 “Finance Document” means this Agreement, any Accession Letter, each Fee Letter, any Selection Notice, any mandate letter between the Documentation Agent (or any one of them) and the Company, and any other document
designated in writing as a “Finance Document” by the Facility Agent and the Company. 
 “Finance Party”
means the Facility Agent, the Documentation Agent or a Lender. 
 “Financial Indebtedness” means any indebtedness for or in
respect of, and without double counting: 
  

	 	(a)	moneys borrowed (including, but not limited to, any amount raised by acceptance under any acceptance credit facility and receivables sold or discounted on a recourse basis (it being
understood that Permitted Securitisations shall be deemed not to be on a recourse basis and shall not constitute Financial Indebtedness)); 

  

	 	(b)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 

  

	 	(c)	the amount of any liability in respect of any lease or hire purchase contract that would, in accordance with Spanish GAAP, be treated as a Capital Lease; 

 

	 	(d)	the deferred purchase price of assets or the deferred payment of services, except trade accounts payable in the ordinary course of business; 

  

	 	(e)	obligations of a person under repurchase agreements for the stock issued by such person or another person; 

  

	 	(f)	obligations of a person with respect to product invoices incurred in connection with exporting financing; 

  

	 	(g)	all Financial Indebtedness of others secured by Security on any asset of a person, regardless of whether such Financial Indebtedness is assumed by such person in an amount equal to
the lower of (i) the net book value of such asset and (ii) the amount secured thereby; and 

  

	 	(h)	the amount of any potential liability in respect of guarantees of Financial Indebtedness referred to in paragraphs (a) to (g) above. 

  

 - 7 - 

 “Financial Period” means any annual or semi-annual accounting period of the Company.

 “First Utilisation Date” means the date on which the first Utilisation is made under this Agreement. 
 “Fitch” means Fitch Ratings Limited or any successor thereto from time to time. 
 “GAAP” means, in relation to an Obligor, the generally accepted accounting principles applying to it (i) in the country of its
incorporation; (ii) in a jurisdiction specified as applicable to it in this Agreement; or (iii) in a jurisdiction agreed to by the Facility Agent which may, in each case, include International Accounting Standards. 
 “Group” means the Company and each of its Subsidiaries from time to time. 
 “Guarantors” means any Original Guarantor and any Additional Guarantor other than any Original Guarantor and any Additional Guarantor
which has ceased to be a Guarantor pursuant to Clause 25.4 (Resignation of Guarantor) and has not subsequently again become an Additional Guarantor pursuant to Clause 25.3 (Additional Guarantors) and “Guarantor” means
any of them. 
 “Holding Company” means, in relation to a company or corporation, any other company or corporation in respect
of which it is a Subsidiary. 
 “Initial Termination Date” means 28 February 2011. 
 “Intellectual Property” means: 
  

	 	(a)	any patents, trade marks, service marks, designs, business names, copyrights, design rights, data-base rights, inventions, knowhow and other intellectual property rights and
interests, whether registered or unregistered; and 

  

	 	(b)	the benefit of all applications and rights to use such assets of each member of the Group. 

 “Interest Period” means, in relation to a Loan, each period determined in accordance with Clause 10 (Interest Periods) and, in
relation to an Unpaid Sum, each period determined in accordance with Clause 9.3 (Default interest). 
 “International
Accounting Standards” means the accounting standards approved by the International Accounting Standards Board from time to time. 
 “Kyoto Protocol” means the Kyoto Protocol to the United Nations Framework Convention on Climate Change adopted by consensus at the Third Session of the Conference of the Parties in December 1997. 
 “Legal Opinions” means the legal opinions delivered to the Facility Agent pursuant to Clause 4.1 (Initial Conditions Precedent) or
in relation to any Additional Obligors. 
 “Lender” means: 
  

	 	(a)	any Original Lender; and 

  

 - 8 - 

	 	(b)	any bank, financial institution, trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or
other financial assets which, in each case, has become a Party in accordance with Clause 24 (Changes to the Lenders), 

 which in each case has not ceased to be a Party in accordance with the terms of this Agreement. 
 “LIBOR” means, in
relation to any Loan in US Dollars: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for the currency or Interest Period of that Loan) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the
Facility Agent at its request quoted by the Reference Banks to leading banks in the London interbank market, 

 as of the
Specified Time on the Quotation Day for the offering of deposits in the currency of that Loan and for a period comparable to the Interest Period for that Loan. 
 “LMA” means the Loan Market Association. 
 “Loan” means a Facility A Loan
or a Facility B Loan. 
 “Majority Lenders” means a Lender or Lenders whose undrawn Commitments and participations in the
Loans then outstanding aggregate more than 51 per cent. of all the undrawn Commitments and Loans then outstanding. 
 “Mandatory
Cost” means the percentage rate per annum calculated in accordance with Schedule 4 (Mandatory Cost Formulae). 
 “Margin” means: 
  

	 	(a)	in relation to any Facility A Loan 2.50 per cent. per annum; 

  

	 	(b)	in relation to any Facility B Loan 2.25 per cent. per annum; and 

  

	 	(c)	in relation to any Unpaid Sum the percentage rate per annum specified in paragraph (a) or (b) above applicable to, as appropriate, Facility A or Facility B in relation to
which the Unpaid Sum arises, or if such Unpaid Sum does not arise in relation to a particular Facility, the rate per annum specified above applicable to the Facility to which the Facility Agent reasonably determines the Unpaid Sum most closely
relates, or if none, the highest rate per annum specified above. 

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

	 	(a)	the business, condition (financial or otherwise) or operations of the Group, taken as a whole; 

  

	 	(b)	the rights or remedies of any Finance Party under the Finance Documents; or 

  

	 	(c)	the ability of any Obligor to perform its payment obligations under the Finance Documents. 

  

 - 9 - 

 “Material Subsidiary” means any Subsidiary of the Company which at any time: 

 

	 	(a)	has total assets representing 5 per cent. or more of the total consolidated assets of the Group; and/or 

  

	 	(b)	has revenues representing 5 per cent. or more of the consolidated turnover of the Group, 

 in each case calculated on a consolidated basis. 
 The Material Subsidiaries as at 30 September 2008 are set out in Schedule 11 (Material Subsidiaries) (and compliance with the conditions set out in paragraphs (a) and (b) shall be determined by reference to such
Schedule 11 until delivery of the first Compliance Certificate required to be delivered hereunder). 
 Following delivery of the first
Compliance Certificate required to be delivered hereunder, compliance with the conditions set out in paragraphs (a) and (b) shall be determined by reference to the most recent Compliance Certificate supplied by the Company and/or the
latest audited financial statements of that Subsidiary (consolidated in the case of a Subsidiary which itself has Subsidiaries) and the latest audited consolidated financial statements of the Group, but if a Subsidiary has been acquired since the
date as at which the latest audited consolidated financial statements of the Group were prepared, the figures contained in the most recent Compliance Certificate and/or the financial statements shall be adjusted in order to take into account the
acquisition of that Subsidiary (that adjustment being certified by the Group’s auditors or any other internationally recognised accounting firm that is approved by the Facility Agent as representing an accurate reflection of each of the
respective revised total assets and turnover of the Group). 
 A report by the auditors of the Company (or, as the case may be, any other
internationally recognised accounting firm that is approved by the Facility Agent) that a Subsidiary is a Material Subsidiary shall, in the absence of manifest error, be conclusive and binding on all Parties. 
 “Month” means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar
month, except that: 
  

	 	(a)	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or
if there is not, on the immediately preceding Business Day; 

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and

  

	 	(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest
Period is to end. 

 The above rules will only apply to the last Month of any period. “Monthly” shall be
construed accordingly. 
  

 - 10 - 

 “New Lender” means a New Lender as specified in a Transfer Certificate. 
 “New Spanish GAAP” means the generally accepted accounting principles in Spain which were enacted for periods commencing on or after
1 January 2008 (Spanish GAAP 2007). 
 “NOF” has the meaning ascribed to such term in paragraph 4(d) of Part I of
Schedule 2 (Conditions Precedent). 
 “Notarisation” has the meaning ascribed to such term in Clause 22.5
(Notarisation). 
 “Obligors” means the Borrowers and the Guarantors and “Obligor” means any of them.

 “Optional Securities Issuance” has the meaning given to such term in paragraph (e) of Clause 6.3 (Rescheduling of
Repayments). 
 “Original Financial Statements” means: 
  

	 	(a)	in relation to the Company, its audited unconsolidated and consolidated financial statements for its financial year ended 31 December 2007; and 

  

	 	(b)	in relation to any other Obligor, its most recent audited annual financial statements. 

 “Original Obligors” means the Original Borrower and the Original Guarantors. 
 “Outlook” means a rating outlook of the Company with regard to the Company’s economic and/or fundamental business condition, as assigned by a Rating Agency. 
 “Parallel Facility” has the meaning given to such term in paragraph (a) of Clause 6.3 (Rescheduling of Repayments).

 “Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its
lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. 
 “Party”
means a party to this Agreement. 
 “Permitted Notarisations” has the meaning ascribed to such term in Clause 22.5
(Notarisation). 
 “Permitted Securitisation” means a sale, transfer or other securitisation of receivables and
related assets by the Company or its Subsidiaries, including a sale at a discount, provided that (i) such receivables have been transferred, directly or indirectly, by the originator thereof to a person in a manner that satisfies the
requirements for an absolute conveyance under the laws and regulations of the jurisdiction in which such originator is organised and (ii) except for customary representations, warranties, covenants and indemnities, such sale, transfer or other
securitisation is carried out on a non-recourse basis or on a basis where recovery is limited solely to the collection of the relevant receivables. 
 “Permitted Securitisation Proceeds” means the cash consideration received by any member of the Group (including any amount received in repayment of intercompany debt) in each case after the date of this Agreement from any
Permitted Securitisation (other than a Permitted 

  

 - 11 - 

 
Securitisation under a programme which exists on the date of this Agreement or a rollover or extension of such a Permitted Securitisation or any Permitted
Securitisation between members of the Group) after deducting: 
  

	 	(a)	any expenses which are incurred by the relevant member(s) of the Group with respect to that Permitted Securitisation owing to persons who are not members of the Group; and

  

	 	(b)	any Tax incurred and required to be paid by the relevant member(s) of the Group with respect to that Permitted Securitisation (as reasonably determined by the relevant member(s) of
the Group on the basis of rates existing at the time and taking account of any available credit, deduction or allowance). 

 “Process Agent” means CEMEX UK at its registered address (being, as at the date of this Agreement, CEMEX House, Coldharbour Lane, Thorpe, Egham, Surrey TW20 8TD) and with fax number (+44) 01932 568933, attn: The
Secretary. 
 “Qualifying Lender” has the meaning given to that term in Clause 13 (Tax Gross-up and Indemnities).

 “Quotation Day” means, in relation to any period for which an interest rate is to be determined: 
  

	 	(a)	(if the currency is euro) two TARGET Days before the first day of that period; or 

  

	 	(b)	(if the currency is US Dollars) two Business Days before the first day of that period, 

 unless market practice differs in the Relevant Interbank Market for a currency, in which case the Quotation Day for that currency will be determined by the Facility Agent in accordance with market practice in the
Relevant Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days). 
 “Rating” means at any time the solicited long term credit rating or the senior implied rating of the Company or an issue of securities of
or guaranteed by the Company, where the rating is based primarily on the senior unsecured credit risk of the Company and/or, in the case of the senior implied rating, on the characteristics of any particular issue, assigned by a Rating Agency.

 “Rating Agency” means Fitch or S&P. 
 “Reasonable Endeavours Securities Issuance” has the meaning given to such term in Clause 22.20 (Reasonable Endeavours Securities Issuance). 
 “Reference Banks” means the principal London offices of Citibank International plc, The Royal Bank of Scotland plc, Banco Bilbao Vizcaya
Argentaria, S.A. and such other banks as may be appointed by the Facility Agent in consultation with the Company. 
 “Relevant
Interbank Market” means, in relation to euro, the European interbank market, and, in relation to any other currency, the London interbank market. 
  

 - 12 - 

 “Relevant Jurisdiction” means in relation to an Obligor: 
  

	 	(a)	its jurisdiction of incorporation; and 

  

	 	(b)	any jurisdiction where it conducts its business. 

 “Relevant Period” has the meaning given to that term in Clause 21 (Financial Covenants). 
 “Repeating Representations” means each of the representations set out in Clauses 19.1 (Status) to Clause 19.6 (Governing law and enforcement), Clause 19.9 (No Default), Clause 19.11 (Financial
statements), Clause 19.12 (Pari passu ranking), Clause 19.13 (No proceedings pending or threatened) and Clause 19.14 (No winding-up). 
 “Rinker” means Rinker Group Pty Ltd (ABN 53 003 433 118) a company incorporated under the laws of Australia. 
 “Rinker Extension” has the meaning given to such term in paragraph (a) of Clause 6.3 (Rescheduling of Repayments). 
 “Rinker Facility Agreement” means the US$9,000,000,000 (now US$6,000,000,000) acquisition facilities agreement dated 6 December 2006
as amended from time to time between the Company as borrower, The Royal Bank of Scotland plc as agent and others. 
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., or any successor thereto from time to time. 
 “Screen Rate” means: 
  

	 	(a)	in relation to LIBOR, the British Bankers’ Association Interest Settlement Rate for the relevant currency and period; and 

  

	 	(b)	in relation to EURIBOR, the percentage rate per annum determined by the Banking Federation of the European Union for the relevant period, 

 displayed on the appropriate page of the Reuters screen. If the agreed page is replaced or the service ceases to be available, the Facility Agent may
specify another page or service displaying the appropriate rate after consultation with the Company and the Lenders. 
 “Securities
Issuance” means a Reasonable Endeavours Securities Issuance or an Optional Securities Issuance. 
 “Security” means
a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. 
 “Selection Notice” means a notice substantially in the form set out in Part II of Schedule 3 (Requests) given in accordance with Clause 10 (Interest Periods) in relation to Facility A or
Facility B. 
 “Spain” means the Kingdom of Spain. 
 “Spanish Public Document” means any obligation in an Escritura Pública or documento intervenido. 
  

 - 13 - 

 “Specified Time” means a time determined in accordance with Schedule 8
(Timetables). 
 “Stake” means a number of shares in any Group member held by another Group member the disposal of
which would cause the first Group member to cease to be a Subsidiary of the second Group member. 
 “Subsidiary” means in
relation to any company or corporation, a company or corporation: 
  

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company or corporation; 

  

	 	(b)	more than half the issued share capital of which is beneficially owned, directly or indirectly (by one or more companies or corporations) by the first mentioned company or
corporation; or 

  

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation, 

 and for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able (directly or
indirectly) to direct its affairs and/or to control the composition of its board of directors or equivalent body. 
 “TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilises a single shared platform and which was launched on 19 November 2007. 
 “TARGET Day” means any day on which TARGET2 is open for the settlement of payments in euro. 
 “Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in
connection with any failure to pay or any delay in paying any of the same). 
 “Term Loan” means a Facility A Loan or a
Facility B Loan. 
 “Termination Date” means subject to Clause 7 (Extension Option), the Initial Termination Date, or
if such day would not be a Business Day, the immediately preceding Business Day. 
 “Total Commitments” means the aggregate
of the Total Facility A Commitments and the Total Facility B Commitments. 
 “Total Facility A Commitments” means the
aggregate of the Facility A Commitments, being US$617,500,000 at the date of this Agreement. 
 “Total Facility B
Commitments” means the aggregate of the Facility B Commitments, being €587,500,000 at the date of this Agreement. 
 “Transfer Certificate” means a certificate substantially in the form set out in Schedule 5 (Form of Transfer Certificate) or any other form agreed between the Facility Agent and the Company. 
  

 - 14 - 

 “Transfer Date” means, in relation to a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

	 	(b)	the date on which the Facility Agent executes the Transfer Certificate. 

 “Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents. 
 “U.S.”, “US” or “United States” means the United States of America. 
 “U.S. Guarantor” means a Guarantor whose jurisdiction of organisation is a state of the United States of America or the District of Columbia. 
 “U.S. Lender” means (i) any bank or other financial institution that is organised under the laws of the United States (but does not include any branch of a bank organised under the laws of the
United States where such branch is located outside the United States) or (ii) any agency or branch of a foreign bank located within the United States. A financial institution that is not a bank and is controlled, directly or indirectly, by a
person or entity located in or organised under the laws of the United States will be deemed to be a U.S. Lender, unless that financial institution is organised under the laws of a jurisdiction outside the United States and has its principal office
(and any different office directly administering any Loans or participations therein) outside the United States. Any proposed Lender or participant that is not a bank will be deemed to be a financial institution for purposes of this definition.

 “Utilisation” means a utilisation of a Facility. 
 “Utilisation Date” means the date of a Utilisation, being the date on which the relevant Loan is to be made. 
 “Utilisation Request” means a notice substantially in the form set out in Part I of Schedule 3 (Requests). 
 “VAT” means value added tax as provided for in the Sixth Council Directive of 17 May 1977 on the harmonization of the laws of the
member states of the European Union relating to turnover taxes - Common system of value added tax: uniform basis of assessment (77/388/EEC) and the relevant implementing legislation in member states of the European Union and any other Tax of a
similar nature. 
  

	1.2	Construction 

  

	 	(a)	Unless a contrary indication appears a reference in this Agreement to: 

  

	 	(i)	the “Agent”, the “Documentation Agent”, any “Finance Party”, any “Lender”, any “Obligor”, any
“Party” or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

  

	 	(ii)	a document in “agreed form” is a document which is initialled by or on behalf of the Company and the Facility Agent or the Documentation Agent;

  

	 	(iii)	“assets” includes present and future properties, revenues and rights of every description; 

  

 - 15 - 

	 	(iv)	the “European interbank market” means the interbank market for euro operating in Participating Member States; 

  

	 	(v)	a “Finance Document” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated,
supplemented, extended or restated (in each case, however fundamentally); 

  

	 	(vi)	“indebtedness” includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or
contingent; 

  

	 	(vii)	a “participation” of a Lender in a Loan, means the amount of such Loan which such Lender has made or is to make available and thereafter that part of the Loan which
is owed to such Lender; 

  

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

  

	 	(ix)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law,
with which persons who are subject thereto are accustomed to comply) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

  

	 	(x)	the “winding-up”, “dissolution”, “administration” or “reorganisation” of a company or corporation shall be
construed so as to include any equivalent or analogous proceedings (such as, in Spain, concurso, liquidación forzasa, intervención or nombramiento de un administrator judicial) under the laws and regulations
of the jurisdiction in which such company or corporation is incorporated or any jurisdiction in which such company or corporation carries on business including the seeking of liquidation, winding-up, reorganisation, bankruptcy, dissolution,
administration, arrangement, adjustment, protection or relief of debtors; 

  

	 	(xi)	a provision of law is a reference to that provision as amended or re-enacted without material modification; 

  

	 	(xii)	a time of day is a reference to London time; and 

  

	 	(xiii)	a reference to a clause, paragraph or schedule, unless the context otherwise requires, is a reference to a clause of, a paragraph of or a schedule to this Agreement.

  

	 	(b)	Section, Clause and Schedule headings are for ease of reference only. 

  

	 	(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that
Finance Document or notice as in this Agreement. 

  

 - 16 - 

	 	(d)	A Default (including an Event of Default) is “continuing” if it has not been remedied or waived but, for the avoidance of doubt, no breach of any of the financial
covenants set out in Clause 21 (Financial Covenants) shall be capable of being or be deemed to be remedied by virtue of the fact that upon any subsequent testing of such covenants pursuant to Clause 21 (Financial Covenants), there is
no breach thereof. 

  

	1.3	Currency Symbols and Definitions 

 “€”, “EUR” and “euro” means the single currency unit of the Participating Member States and “US$”, “$” and “US Dollars” denote
lawful currency of the United States of America. 
  

	1.4	Third party rights 

  

	 	(a)	Unless expressly provided to the contrary in a Finance Document a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third
Parties Act”) to enforce or enjoy the benefit of any term of any Finance Document. 

  

	 	(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary any Finance Document at any time.

  

 - 17 - 

 SECTION 2 
 THE FACILITIES 
  

	2.	THE FACILITIES 

  

	2.1	The Facilities 

 Subject to the terms of this
Agreement, the Lenders make available: 
  

	 	(a)	a US Dollar term loan facility in an aggregate amount equal to the Total Facility A Commitments; and 

  

	 	(b)	a euro term loan facility in an aggregate amount equal to the Total Facility B Commitments. 

  

	2.2	Finance Parties’ rights and obligations 

  

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

  

	 	(b)	Except as otherwise stated in the Finance Documents, the rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any
debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate and independent debt. 

  

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

  

	2.3	Affiliate Facility Offices 

  

	 	(a)	A Lender may designate an Affiliate of that Lender as its Facility Office for the purpose of participating in or making Loans to Borrowers in particular countries.

  

	 	(b)	An Affiliate of a Lender may be designated for the purposes of paragraph (a): 

  

	 	(i)	by appearing under the name of the Lender in Part II (The Original Lenders) of Schedule 1 (The Original Parties) and executing this Agreement; or

  

	 	(ii)	by being referred to in and executing a Transfer Certificate by which the Lender becomes a Party. 

  

	 	(c)	An Affiliate of a Lender referred to in this Clause 2.3 shall not have any Commitment, but shall be entitled to all rights and benefits under the Finance Documents relating to its
participation in Loans, and shall have the corresponding duties of a Lender in relation thereto, and is a Party to this Agreement and each other relevant Finance Document for those purposes. 

  

	 	(d)	 A Lender which has an Affiliate appearing under its name in Part II (The Original Lenders) of Schedule 1 (The Original Parties) or, as the case may
be, in a Transfer Certificate, will procure, subject to the terms of this Agreement, that the Affiliate 

  

 - 18 - 

	 	 
participates in Loans to the relevant Borrower(s) in place of that Lender. However, if as a result of the Affiliate’s participation, an Obligor would be
obliged to make a payment to the Affiliate under Clause 13 (Tax Gross-up and indemnities) or Clause 14 (Increased Costs), then the Affiliate is only entitled to receive payment under those clauses to the same extent as the Lender
(designating such Affiliate) would have been if the Lender had not designated such Affiliate for the purposes of paragraph (a) above. 

  

	3.	PURPOSE 

  

	3.1	Purpose 

 The Borrower shall (directly or
indirectly) apply all amounts borrowed by it under the Facilities towards the refinancing in full of the Existing Bilateral Debt and (subject to a maximum limit of €20,000,000 (or equivalent in other currencies)) towards its general corporate
purposes. 
  

	3.2	Monitoring 

 No Finance Party is bound to monitor or
verify the application of any amount borrowed pursuant to this Agreement. 
  

	4.	CONDITIONS OF UTILISATION 

  

	4.1	Initial Conditions Precedent 

 The Company may not
deliver the first Utilisation Request unless the Facility Agent has received all of the documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent to Initial Utilisation) in form and substance satisfactory to the
Facility Agent, acting reasonably. The Facility Agent shall promptly notify the Company and the Lenders that it is so satisfied. 
  

	4.2	Further Conditions Precedent 

 The Lenders will only
be obliged to comply with Clause 5.4 (Lenders’ participation) if on the date of the Utilisation Request and on the proposed Utilisation Date: 
  

	 	(a)	no Default is continuing or would result from the proposed Utilisation; and 

  

	 	(b)	the Repeating Representations which are or which are deemed to be made or repeated by each Obligor on such date pursuant to Clause 19.20 (Times on which representations are
made) are true in all material respects. 

  

	4.3	Maximum number of Loans 

  

	 	(a)	The Company may not deliver a Utilisation Request if as a result of the proposed Utilisation: 

  

	 	(i)	two or more Facility A Loans would be outstanding; or 

  

	 	(ii)	two or more Facility B Loans would be outstanding. 

  

	 	(b)	The Borrower may not request that a Loan be divided if as a result of the proposed division five or more Loans under the same Facility would be outstanding.

  

 - 19 - 

 SECTION 3 
 UTILISATION 
  

	5.	UTILISATION 

  

	5.1	Delivery of a Utilisation Request 

 The Company may
utilise a Facility by delivery to the Facility Agent of a duly completed Utilisation Request not later than the Specified Time. 
  

	5.2	Completion of a Utilisation Request 

  

	 	(a)	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

  

	 	(i)	it identifies the Facility to be utilised; 

  

	 	(ii)	the proposed Utilisation Date is a Business Day within the Availability Period applicable to that Facility; 

  

	 	(iii)	the amount of the Loan complies with Clause 5.3 (Amount); and 

  

	 	(iv)	the proposed Interest Period complies with Clause 10 (Interest Periods). 

  

	 	(b)	A single Utilisation Request may be given in respect of a maximum of two Loans being one Loan under each Facility. 

  

	5.3	Amount 

 The amount of the proposed Utilisation must
be an amount, in the case of Facility A, in US Dollars, and in the case of Facility B, in euro, which is an amount equal to the Total Facility A Commitments and, in the case of Facility B, the Total Facility B Commitments. 
  

	5.4	Lenders’ participation 

  

	 	(a)	If the conditions set out in this Agreement have been met, each Lender shall (subject to Clause 5.5 (Deemed Utilisation)) make its participation in each Loan available by the
Utilisation Date through its Facility Office. 

  

	 	(b)	The amount of each Lender’s participation in each Loan will be equal to the proportion borne by its Available Commitment to the relevant Available Facility immediately prior to
making the Loan. 

  

	5.5	Deemed Utilisation 

  

	 	(a)	In respect of the first Utilisation of each Facility (and subject to the conditions of this Agreement), each Original Lender which is (or which has an Affiliate which is), on the
date of this Agreement, a lender of Existing Bilateral Debt, shall be deemed to make its participation in each Loan available by the Utilisation Date through its Facility Office (each such Original Lender, an “Existing Bilateral
Lender”). 

  

	 	(b)	 Each Existing Bilateral Lender (for itself and, to the extent applicable, on behalf of any of its Affiliates which is a lender of Existing Bilateral Debt) and the
Company (for itself and, to the extent applicable, on behalf of any Subsidiaries which are borrowers of Existing Bilateral Debt) confirm that the outstanding amounts owed to that Existing Bilateral Lender or its Affiliate, as applicable, under the
Existing Bilateral Debt set out 

  

 - 20 - 

	 	 
against that Existing Bilateral Lender’s or its Affiliate’s, as applicable, name in Schedule 12 (Existing Bilateral Debt) shall,
contemporaneously with the first Utilisation under this Agreement as contemplated by paragraph (a) above (but no earlier), be irrevocably cancelled and deemed repaid in full, and each other Obligor and Finance Party acknowledges and agrees to
the above. 

  

	 	(c)	Each Existing Bilateral Lender (for itself and, to the extent applicable, on behalf of any Affiliate which is a lender of Existing Bilateral Debt) confirms that any notice of
prepayment or cancellation requirement under the Existing Bilateral Debt owed to it or that Affiliate, is irrevocably waived in relation to the deemed prepayment and cancellation on the first Utilisation Date as contemplated by paragraph
(b) above. 

  

	 	(d)	The Company represents, warrants and undertakes for itself and, to the extent applicable, on behalf of any Subsidiary which is a borrower of Existing Bilateral Debt, that it has the
power, capacity and authority to give the confirmations referred to in this Clause 5.5 and that the repayment and cancellation of Existing Bilateral Debt referred to in this Clause 5.5 will be effective against, and binding on, it and such
Subsidiaries. 

  

	 	(e)	Each Existing Bilateral Lender represents, warrants and undertakes for itself and, to the extent applicable, on behalf of any of its Affiliates which is a lender of Existing
Bilateral Debt, that it has the power, capacity and authority to give the confirmations referred to in this Clause 5.5 and that the repayment and cancellation of Existing Bilateral Debt referred to in this Clause 5.5 will be effective against, and
binding on, it and such Affiliates. 

  

	 	(f)	Each Existing Bilateral Lender agrees to provide (and to procure that each Affiliate of it which is a lender of Existing Bilateral Debt provides) following request by the Company,
confirmation to the Company that the Existing Bilateral Debt owed to it or, as the case may be, such Affiliate, has been cancelled and repaid in full. 

  

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 SECTION 4 
 REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	6.	REPAYMENT 

  

	6.1	Repayment of Facility A Loans 

 The Borrower shall
repay the aggregate Facility A Loans in instalments by repaying on each Repayment Date an amount which reduces the amount of outstanding aggregate Facility A Loans by the amount equal to the relevant percentage of all the Facility A Loans borrowed
by the Borrower as at the close of business in London on the last day of the Availability Period in relation to Facility A as set out in the table set out beneath Clause 6.2 (Repayment of Facility B Loans) below. 
  

	6.2	Repayment of Facility B Loans 

 The Borrower shall
repay the aggregate Facility B Loans in instalments by repaying on each Repayment Date an amount which reduces the amount of the outstanding aggregate Facility B Loans by the amount equal to the relevant percentage of all the Facility B Loans
borrowed by the Borrower as at the close of Business in London on the last day of the Availability Period in relation to Facility B set out in the table set out below, subject to any prepayment or adjustment of such Repayment Instalment in
accordance with the provisions of this Agreement. 
  

					
	 Repayment Date
	  	Repayment Instalment
	 	  	Facility A (%)	  	Facility B (%)
	 13 November 2009
	  	25.0	  	25.0
	 26 February 2010
	  	5.5	  	5.5
	 31 May 2010
	  	5.5	  	5.5
	 31 August 2010
	  	5.5	  	5.5
	 30 November 2010
	  	5.5	  	5.5
	 Initial Termination Date (or, subject to Clause 7 (Extension Option), the Extended Termination Date)
	  	53.0	  	53.0

 The Repayment Instalments due in respect of Facility A and Facility B on 13 November 2009 as
set out above shall be referred to respectively as the “2009 Facility A Repayment Instalment” and the “2009 Facility B Repayment Instalment”. The Repayment Instalments due in respect of Facility A in 2010 as set out
above shall be referred to collectively as the “2010 Facility A Repayment Instalments” and the Repayment Instalments due in respect of Facility B in 2010 as set out above shall be referred to collectively as the “2010
Facility B Repayment Instalments”. 
  

	6.3	Rescheduling of Repayments 

  

	 	(a)	If the Company has, on or before the Effective Date: 

  

	 	(i)	obtained the required consent of the lenders under the Rinker Facility Agreement to extend the maturity of all or a part of Facility B (as defined in the Rinker Facility Agreement,
and which would otherwise mature on 6 December 2009) in respect of US$1,500,000,000 or more until no earlier than 6 December 2010 (the “Rinker Extension”); or 

  

 - 22 - 

	 	(ii)	the Company has entered into a new committed parallel facility agreement which will provide at least US$1,500,000,000 to be drawn down on or about 31 December 2009 in order to
repay an amount of outstanding loans under Facility B (as defined in the Rinker Facility Agreement) at least equal to US$1,500,000,000 (the “Parallel Facility”), 

 then in addition to the Repayment Instalments set out in Clauses 6.1 (Repayment of Facility A Loans) and 6.2 (Repayment of Facility B
Loans), the Company will make an additional Repayment Instalment in respect of each Facility on 31 December 2009 (the “Additional Facility A Repayment Instalment” and the “Additional Facility B Repayment
Instalment” respectively, and together, the “Additional Repayment Instalments”). The Company shall confirm to the Facility Agent on or prior to the Effective Date whether it has received such consents to the Rinker
Extension or, as the case may be, entered into the Parallel Facility. 
  

	 	(b)	The amount of the Additional Repayment Instalments, taken together, will be an amount in US$ equal to: 

  

	 	(i)	the amount of commitments pursuant to the Rinker Extension or, as the case may be, under the Parallel Facility, less US$1,500,000,000, subject in each case to a maximum
amount of US$600,000,000; multiplied by 

  

	 	(ii)	66.66/100, 

 and such amount shall be applied pro
rata to the outstanding principal amount of each of Facility A and Facility B (based on the US Dollar equivalent of the amount outstanding under all Facility B Loans on a fixing date applicable to the time of the calculation of such payment as
calculated by the Facility Agent at its spot rate of exchange). 
  

	 	(c)	The aggregate amount of the Additional Repayment Instalments shall in no circumstances exceed US$600,000,000 multiplied by 66.66/100. 

  

	 	(d)	In the event that the Additional Repayment Instalments are payable in accordance with paragraph (a) above, the 2010 Repayment Instalments shall each be proportionately reduced
to reflect the amount of the relevant Additional Repayment Instalment. 

  

	 	(e)	 If and to the extent that the Company does not (i) receive the required consents to the Rinker Extension in an amount equal to or in excess of US$2,100,000,000
or (ii) enter into a Parallel Facility for an amount equal to or in excess of US$2,100,000,000, the Company or any Subsidiary of the Company may (but shall not be obliged to) use reasonable efforts to issue securities in the capital markets (an
“Optional Securities Issuance”) and, if such securities are issued, the proceeds thereof will be applied in 

  

 - 23 - 

	 	 
prepayment of the Facilities as set out in Clause 6.4 (Effect of cancellation and prepayment on scheduled repayments) and Clause 8.7 (Mandatory
Prepayment from Securities Issuance Proceeds). 

  

	6.4	Effect of cancellation and prepayment on scheduled repayments 

  

	 	(a)	If the Company cancels the whole or any part of the Facility A Commitments or the Facility B Commitments in accordance with Clause 8.5 (Right of cancellation and repayment in
relation to a single Lender) or if the Facility A Commitment or the Facility B Commitment of any Lender is cancelled under Clause 8.1 (Illegality of a Lender) then: 

  

	 	(i)	in the case of the Facility A Commitments, the amount of the Repayment Instalment in relation to Facility A for each Repayment Date falling after that cancellation will reduce
pro rata by the amount cancelled; and 

  

	 	(ii)	in the case of the Facility B Commitments, the amount of the Repayment Instalment in relation to Facility B for each Repayment Date falling after that cancellation will reduce
pro rata by the amount cancelled. 

  

	 	(b)	If any of the Facility A Loans or the Facility B Loans are prepaid in accordance with Clause 8.5 (Right of cancellation and repayment in relation to a single Lender) or
Clause 8.1 (Illegality of a Lender) then the amount of the Repayment Instalment for the relevant Facility for each Repayment Date falling after that prepayment will reduce pro rata by the amount of the Facility A Loan or, as the case
may be, Facility B Loan prepaid. 

  

	 	(c)	If any of the Facility A Loans or Facility B Loans are prepaid in accordance with Clause 8.4 (Voluntary prepayment of Loans) then: 

  

	 	(i)	in the case of Facility A, the amount of the Facility A Loan prepaid shall reduce the amount of the Repayment Instalments for the Repayment Dates falling after that prepayment and,
as between such Repayment Instalments, shall be applied at the option of the Company; and 

  

	 	(ii)	in the case of Facility B, the amount of the Facility B Loan prepaid shall reduce the amount of the Repayment Instalments for the Repayment Dates falling after that prepayment and,
as between such Repayment Instalments, shall be applied at the option of the Company. 

  

	 	(d)	If any of the Facility A Loans or Facility B Loans are prepaid in accordance with Clause 8.6 (Mandatory prepayment from Disposal Proceeds) or, with respect to a Reasonable
Endeavours Securities Issuance, Clause 8.7 (Mandatory Prepayment from Securities Issuance Proceeds) then: 

  

	 	(i)	in the case of Facility A, the amount of the Facility A Loan prepaid shall reduce the amount of the 2009 Facility A Repayment Instalment; and 

  

	 	(ii)	in the case of Facility B, the amount of the Facility B Loan prepaid shall reduce the amount of the 2009 Facility B Repayment Instalment. 

  

 - 24 - 

	 	(e)	If any of the Facility A Loans or Facility B Loans are prepaid in accordance with, with respect to an Optional Securities Issuance, Clause 8.7 (Mandatory Prepayment from
Securities Issuance Proceeds) then: 

  

	 	(i)	in the case of Facility A, the amount of the Facility A Loan prepaid shall reduce the amount of the 2010 Facility A Repayment Instalments on a pro rata basis; and

  

	 	(ii)	in the case of Facility B, the amount of the Facility B Loan prepaid shall reduce the amount of the 2010 Facility B Repayment Instalments on a pro rata basis.

  

	7.	EXTENSION OPTION 

  

	7.1	Request for Extension 

  

	 	(a)	The Company may request, by notifying the Facility Agent in writing (the “Extension Request”) not earlier than 60 days and not later than 45 days before the Initial
Termination Date, the extension of the Initial Termination Date in respect of the whole or a part of Facility A and/or Facility B by an additional 364 day period in each case and the Company shall specify: 

  

	 	(i)	(where such requested extension is for a part of Facility A and/or Facility B) the amount of Facility A Commitments and/or Facility B Commitments which are the subject of that
Extension Request; and 

  

	 	(ii)	any terms and conditions applicable to the requested extension. 

  

	 	(b)	Upon notification by the Facility Agent that it has received an Extension Request from the Company, each Lender shall freely determine whether or not it shall extend its Facility A
Commitments and/or, as the case may be, its Facility B Commitments (or, in each case, any part thereof) in accordance with the relevant Extension Request and shall, within 10 Business Days of receipt of such notification from the Facility Agent,
notify the Facility Agent of its own decision to accept or decline the request set out in the Extension Request. 

  

	 	(c)	In the event that any Lender does not notify the Facility Agent of its decision with respect to the Extension Request in the timeframe required by paragraph (b) above, that
Lender shall be deemed to have declined the request set out in the Extension Request. 

  

	 	(d)	The Facility Agent shall, as soon as reasonably practicable after it has received all the Lenders’ respective decisions in accordance with paragraph (b) above, notify the
Company and the Lenders of the level of acceptances. 

  

	 	(e)	The refusal by any Lender to extend any Commitment shall not result in any other Lender being obliged to increase its Commitment. 

  

	7.2	Acceptance of Extension Request 

 Any agreement by a
Lender to an Extension Request shall extend that Lender’s Facility A Commitments and/or, as the case may be, Facility B Commitments by an additional 364 day period only (such extended date, the “Extended Termination Date”) and
shall be binding on each such Lender only. 
  

 - 25 - 

	7.3	Reduced Commitments 

 In the event that a Lender
declines (or, as contemplated by paragraph (c) of Clause 7.1 above, is deemed to decline) to extend its Facility A Commitments and/or, as the case may be, Facility B Commitments pursuant to the Extension Request, the amount of the Total
Facility A Commitments and/or, as the case may be, the Total Facility B Commitments, shall, following the Initial Termination Date, reduce by the amount of that declining Lender’s Facility A Commitments and/or, as the case may be, Facility B
Commitments, accordingly. 
  

	7.4	Consents of Lenders 

 In the event that a Lender
agrees to extend its Facility A Commitments and/or, as the case may be, Facility B Commitments pursuant to the Extension Request, it shall, by its execution of this Agreement (or, if applicable, a Transfer Certificate), be deemed to consent to:

  

	 	(a)	the repayment on the Initial Termination Date of any Lender which has declined to extend its Facility A Commitments and/or, as the case may be, Facility B Commitments pursuant to
the Extension Request; and 

  

	 	(b)	the extension of the Facility A Commitments and/or as the case may be, Facility B Commitments of each other Lender which has accepted the Extension Request.

  

	7.5	Extension Requests and Interest 

  

	 	(a)	Each Extension Request shall, once delivered, be unconditional and irrevocable. 

  

	 	(b)	The Facility Agent shall forward a copy of any Extension Request to each Lender as soon as practicable after receipt. 

  

	8.	PREPAYMENT AND CANCELLATION 

  

	8.1	Illegality of a Lender 

 If, at any time, it is or
will become unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in any Utilisation: 
  

	 	(a)	that Lender shall promptly notify the Facility Agent upon becoming aware of that event (specifying the reason for such unlawfulness and the date on which such unlawfulness occurred
or will occur, being no earlier than the last day of any applicable grace period permitted by law (the “Relevant Date”)) and, in any event, at a time which permits the Company to repay that Lender’s participation on the date
such repayment is required to be made; 

  

	 	(b)	upon the Facility Agent notifying the Company, the Commitment of that Lender will be immediately cancelled; and 

  

	 	(c)	the Company shall, on the last day of the Interest Period for each Loan ending immediately prior to the Relevant Date and occurring after the Facility Agent has notified the Company
or, if earlier, the Relevant Date, repay that Lender’s participation in the Loans together with accrued interest and all other amounts owing to that Lender under the Finance Documents. 

  

 - 26 - 

	8.2	Change of Control 

  

	 	(a)	In this Clause 8.2 a “Change of Control” occurs if CEMEX Parent ceases to: 

  

	 	(i)	be entitled to (whether by way of ownership of shares (directly or indirectly), proxy, contract, agency or otherwise): 

  

	 	(A)	cast, or control the casting of, at least 51 per cent. of the maximum number of votes that might be cast at a general meeting of the Company; 

  

	 	(B)	appoint or remove all, or the majority, of the directors or other equivalent officers of the Company; or 

  

	 	(C)	give directions with respect to the operating and financial policies of the Company which the directors or other equivalent officers of the Company are obliged to comply with; or

  

	 	(ii)	hold (directly or indirectly) at least 51 per cent. of the common shares in the Company. 

  

	 	(b)	Upon the occurrence of a Change of Control (and notwithstanding any other term of this Agreement) each Lender: 

  

	 	(i)	shall be under no obligation to fund its share of any proposed Utilisation after such date; 

  

	 	(ii)	may by three Business Days’ notice to the Facility Agent, cancel all of its Available Commitments (in which case they shall be so cancelled); and 

  

	 	(iii)	may by three Business Days’ notice to the Facility Agent, require that its share of all outstanding Loans, together with accrued interest, and all other amounts accrued under
the Finance Documents, shall become immediately due and payable (in which case it shall so become). 

  

	8.3	Automatic Cancellation 

 At the close of business on
the last day of the Availability Period in respect of each Facility, the Available Commitment of each Lender under such Facility shall be (if it has not already been) cancelled and reduced to zero. 
  

	8.4	Voluntary prepayment of Loans 

  

	 	(a)	A Borrower may, if the Company gives the Facility Agent not less than three Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the
whole or any part of: 

  

	 	(i)	a Facility A Loan, provided that, at the same time, a prepayment in an amount proportionate to the amount of that prepayment (when compared to the aggregate of Facility A
Loans outstanding immediately prior to such prepayment taking place) is applied in prepayment in whole or part of a Facility B Loan; 

  

 - 27 - 

	 	(ii)	a Facility B Loan, provided that, at the same time, a prepayment in an amount proportionate to the amount of that prepayment (when compared to the aggregate of Facility B
Loans outstanding immediately prior to such prepayment taking place) is applied in prepayment in whole or part of a Facility A Loan, 

 but, in each case, if in part, being an amount that reduces the amount of that Loan by a minimum amount, in the case of Facility A, of US$10,000,000 or, in the case of Facility B, €10,000,000. 
  

	 	(b)	A Loan may be voluntarily prepaid at any time. 

  

	8.5	Right of repayment and cancellation in relation to a single Lender 

  

	 	(a)	If: 

  

	 	(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 13.2 (Tax gross-up); or 

  

	 	(ii)	any Lender claims indemnification from an Obligor under Clause 13.3 (Tax indemnity) or Clause 14.1 (Increased costs), 

 the Company may, whilst the circumstance giving rise to the requirement or indemnification continues, give the Facility Agent notice of cancellation of
the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loans. 
  

	 	(b)	On receipt of a notice referred to in paragraph (a) above, the relevant Commitment of that Lender shall immediately be reduced to zero. 

  

	 	(c)	On the last day of each Interest Period which ends after the Company has given notice under paragraph (a) above (or, if earlier, the date specified by the Company in that
notice), each Borrower shall repay that Lender’s participation in the Loans to which such Interest Period relates. 

  

	8.6	Mandatory Prepayment from Disposal Proceeds 

  

	 	(a)	In this Clause 8.6: 

 “Disposal Proceeds”
means the cash consideration received after the date of this Agreement by any member of the Group (including any amount received in repayment of intercompany debt) for any Disposal (except in respect of any Excluded Disposal Proceeds) after
deducting: 
  

	 	(i)	any expenses which are incurred by the disposing party of such assets with respect to that disposing party of such assets with respect to that Disposal owing to persons who are not
members of the relevant Group; and 

  

	 	(ii)	any Tax incurred and required to be paid by the disposing party in connection with that Disposal (as reasonably determined by the disposal party on the basis of rates existing at
the time of the disposal and taking account of any available credit, deduction or allowance). 

  

 - 28 - 

 “Disposal” means a sale, lease, licence, transfer, loan or other disposal by a person
of any asset or shares in any Subsidiary or other company whose principal purpose or one of whose principal purposes is the ownership of assets which are to be the subject of a Disposal (whether by a voluntary or involuntary single transaction or
series of transactions). 
 “Excluded Disposal Proceeds” means the proceeds of any Disposal of: 
  

	 	(i)	inventory or trade receivables; 

  

	 	(ii)	assets which are redundant or no longer required with respect to the business of the disposing entity; 

  

	 	(iii)	assets in the ordinary course of trading of the disposing entity; 

  

	 	(iv)	assets which are located in Hungary or Austria, or which are owned or operated by members of the Group which are incorporated and/or have their place of business in Hungary or
Austria; 

  

	 	(v)	assets pursuant to a Permitted Securitisation programme existing as at the Effective Date (or any rollover or extension of such a Permitted Securitisation);

  

	 	(vi)	any asset from any member of the Group (the “Transferor”) to another member of the Group (the “Transferee”) on arm’s length terms and for fair
market or book value, provided that the proceeds relating thereto shall not constitute Excluded Disposal Proceeds unless: 

  

	 	(A)	in the case of any Disposal by a Guarantor of all or substantially all of its assets (whether by a single transaction or a series of transactions) where the Transferee is not an
Obligor, the Transferee becomes a Guarantor; or 

  

	 	(B)	in the case of any Disposal by any Material Subsidiary to another member of the Group which is not a Material Subsidiary, the person making such Disposal does not cease to be a
Material Subsidiary or, if it ceases to be a Material Subsidiary, any Transferee shall be deemed to be a Material Subsidiary; 

  

	 	(vii)	assets in exchange for other assets comparable or superior as to value and relating to the business of the Group, or any similar arrangement, including Disposals of assets in
exchange for consideration comprising a combination of other assets and cash (but provided that the amount of any partial cash consideration so received shall not be Excluded Disposal Proceeds and shall be treated as Disposal Proceeds in
accordance with this Clause 8.6); 

  

	 	(viii)	assets leased or licensed to any director, officer or employee of any member of the Group in connection with and as part of the ordinary course of the service or employment
arrangements of the Group; 

  

	 	(ix)	marketable securities (being securities (whether equity, debt or other securities) which are listed on a stock exchange or for which a trading market exists (whether on market or
over the counter) and which are short term investments held as current assets and excluding shares in Subsidiaries of the Company; and 

  

 - 29 - 

	 	(x)	any assets or shares where the proceeds from that Disposal are an amount equal to or less than or US$50,000,000 (or equivalent in other currencies) when aggregated with the proceeds
of all other Disposals made since the date of this Agreement. 

 “Specified Amount” means, where the aggregate
amount of Disposal Proceeds received by the Group (on a cumulative basis) is: 
  

	 	(i)	less than or equal to US$500,000,000 (or equivalent in other currencies), 20 per cent. of such Disposal Proceeds (up to a maximum aggregate amount of US$100,000,000 (or
equivalent in other currencies)); 

  

	 	(ii)	greater than US$500,000,000 (or equivalent in other currencies) but less than or equal to US$1,000,000,000 (or equivalent in other currencies), 30 per cent. of such Disposal
Proceeds as exceed US$500,000,000 (up to a maximum aggregate amount of US$150,000,000 (or equivalent in other currencies)); and 

  

	 	(iii)	greater than US$1,000,000,000 (or equivalent in other currencies) but less than or equal to US$1,500,000,000 (or equivalent in other currencies), 40 per cent of such Disposal
Proceeds as exceed US$1,000,000,000 (or equivalent in other currencies) (up to a maximum aggregate amount of US$200,000,000 (or equivalent in other currencies)), 

 and provided that the aggregate amount of Disposal Proceeds applied in prepayment in accordance with this Clause 8.6 shall not exceed the
aggregate amount of the 2009 Repayment Instalments. 
 For the purposes of determining the amount in US$ actually received by the relevant
Group member, the currency received shall be converted at the Facility Agent’s Spot Rate of Exchange then applicable. 
  

	 	(b)	Up to and including the date for payment of the 2009 Repayment Instalments the Company shall prepay any outstanding Loans with the Specified Amount of any Disposal Proceeds (unless,
prior to such date, each 2009 Repayment Instalment has already been repaid or prepaid in full). 

  

	 	(c)	The Company shall, if requested to do so by the Facility Agent, promptly deliver a certificate to the Facility Agent confirming any Disposal that has given rise to any Excluded
Disposal Proceeds and setting out reasonable details of the relevant Disposal. 

  

	 	(d)	Any prepayment made under this Clause 8.6 shall occur (subject to paragraph (e) below) either: 

  

	 	(i)	where the last day of the current Interest Period falls more than 30 days from the date of receipt of the relevant Disposal Proceeds by the disposing member of the Group, on the
last day of that Interest Period; and 

  

 - 30 - 

	 	(ii)	where the last day of the current Interest Period falls fewer than 30 days from the date of receipt of the relevant Disposal Proceeds by the disposing member of the Group, the date
falling not later than 30 days after the last day of that Interest Period (or, if earlier, the date for payment of the 2009 Repayment Instalments). 

  

	 	(e)	If the amount of any prepayment under this Clause 8.6 would not reduce the Facility A Loans and Facility B Loans in aggregate by a minimum amount of US$10,000,000 (or equivalent in
other currencies), the Company shall not be required to make that prepayment until the amount required to be prepaid under this Clause 8.6 is equal to or greater than US$10,000,000 (whereupon such amount will be applied in prepayment in accordance
with this Clause 8.6). 

  

	 	(f)	A prepayment made under this Clause 8.6 shall be applied between Facility A and Facility B in equal proportions (when compared to, respectively, the aggregate of the Facility A
Loans outstanding immediately prior to such prepayment and the aggregate of the Facility B Loans outstanding immediately prior to such prepayment) and shall reduce the Repayment Instalments in the manner contemplated by paragraph (d) of Clause
6.4 (Effect of cancellation and prepayment on scheduled repayments). 

  

	8.7	Mandatory Prepayment from Securities Issuance Proceeds 

  

	 	(a)	In this Clause 8.7: 

 “Securities Issuance
Proceeds” means the cash proceeds received by any member of the Group from a Reasonable Endeavours Securities Issuance or an Optional Securities Issuance after deducting: 
  

	 	(i)	any expenses which are incurred by any member of the Group with respect to that Securities Issuance owing to persons who are not members of the Group; and 

 

	 	(ii)	any Tax incurred and required to be paid by any member of the Group in connection with that Securities Issuance (as reasonably determined by the issuer on the basis of rates
existing at the time of the Securities Issuance and taking account of any available credit, deduction or allowance, 

 provided
that, in the case of a Reasonable Endeavours Securities Issuance, the amount of Securities Issuance Proceeds to which this Clause 8.7 applies shall not exceed (i) the amount equal to the amount by which the aggregate amount of Disposal Proceeds
received by the Group (on a cumulative basis) in the period from the date of this Agreement to the date of such issuance is less than US$1,000,000,000 or (ii) if less, the Securities Issuance Proceeds resulting from the Reasonable Endeavours
Securities Issuance (the applicable amount being the “Securities Issuance Disposal Shortfall Amount”). 
  

	 	(b)	     

  

	 	(i)	 If there has been a Reasonable Endeavours Securities Issuance, the Company shall prepay the outstanding Loans in an amount equal to the lesser of (A) the
aggregate of the amounts which would be payable pursuant to the definition of 

  

 - 31 - 

	 	 
“Specified Amount”, provided that each reference therein to “Disposal Proceeds” shall be deemed to be a reference to “Disposal
Proceeds and the Securities Issuance Disposal Shortfall Amount”; and (B) the amount of the aggregate of the 2009 Repayment Instalments then outstanding and such amount shall be applied in accordance with paragraph (d) of Clause 6.4
(Effect of cancellation and prepayment on scheduled repayments). 

  

	 	(ii)	If there has been an Optional Securities Issuance, the Company shall prepay the outstanding Loans in the amount of any Securities Issuance Proceeds resulting from such Optional
Securities Issuance, in an amount equal to the lesser of (A) such Securities Issuance Proceeds (provided that the amount to be applied pursuant to this subparagraph (b)(ii)(a) shall not in any circumstances exceed an amount equal to
US$2,100,000,000 minus the amount of the commitments pursuant to the Rinker Extension (or, as applicable, the amount of the commitments pursuant to the Parallel Facility) multiplied by 66.66/100); and (B) the amount of the aggregate of the 2010
Repayment Instalments then outstanding and such amount shall be applied in accordance with paragraph (e) of Clause 6.4 (Effect of cancellation and prepayment on scheduled repayments). 

  

	 	(c)	Any prepayment made under this Clause 8.7 shall occur either: 

  

	 	(i)	where the last day of the current Interest Period falls more than 30 days from the date of receipt of the relevant Securities Issuance Proceeds, on the last day of the Interest
Period; and 

  

	 	(ii)	where the last day of the current Interest Period falls fewer than 30 days from the date of receipt of the relevant Securities Issuance Proceeds, the date falling not later than 30
days after the last day of that Interest Period. 

  

	 	(d)	A prepayment made under this Clause 8.7 shall be applied between Facility A and Facility B in equal proportions (when compared to, respectively, the aggregate of the Facility A
Loans outstanding immediately prior to such prepayment and the aggregate of the Facility B Loans outstanding immediately prior to such prepayment) and shall reduce the Repayment Instalments in the manner contemplated by, in the case of a Reasonable
Endeavours Securities Issuance, paragraph (d) and in the case of an Optional Securities Issuance, paragraph (e) of Clause 6.4 (Effect of cancellation and prepayment on scheduled repayments). 

  

	8.8	Restrictions 

  

	 	(a)	Any notice of cancellation or prepayment given by any Party under this Clause 8 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the
date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  

	 	(b)	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs (if any), without premium or penalty.

  

 - 32 - 

	 	(c)	Unless a contrary indication appears in this Agreement, any part of Facility A or Facility B which is prepaid may not be re-borrowed in accordance with the terms of this Agreement.

  

	 	(d)	No Borrower shall repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this
Agreement. 

  

	 	(e)	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

  

	 	(f)	If the Facility Agent receives a notice under this Clause 8 it shall promptly forward a copy of that notice to either the relevant Borrower or the affected Lenders, as appropriate.

  

	 	(g)	On the prepayment or repayment of any principal amount to a Lender in accordance with the terms of this Agreement, the Commitment of that Lender will be automatically cancelled by a
corresponding amount as a result of that prepayment or repayment. 

  

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 SECTION 5 
 COSTS OF UTILISATION 
  

	9.	INTEREST 

  

	9.1	Calculation of interest 

 The rate of interest on
each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable: 
  

	 	(a)	Margin; 

  

	 	(b)	LIBOR or, in relation to any Loan in euro, EURIBOR; and 

  

	 	(c)	Mandatory Cost, if any. 

  

	9.2	Payment of interest 

 On the last day of each
Interest Period relating to a Loan each Borrower shall pay accrued interest on the Loan to which that Interest Period relates (and, if the Interest Period is longer than six Months, on the dates falling at six Monthly intervals after the first day
of that Interest Period). 
  

	9.3	Default interest 

  

	 	(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual
payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is two per cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the
currency of the overdue amount for successive Interest Periods, each of a duration of one Month. Any interest accruing under this Clause 9.3 shall be immediately payable by the Obligor on demand by the Facility Agent. 

  

	 	(b)	If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: 

 

	 	(i)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and

  

	 	(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be two per cent. higher than the rate which would have applied if the overdue amount had
not become due. 

  

	 	(c)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will
remain immediately due and payable. 

  

	9.4	Notification of rates of interest 

 The Facility
Agent shall promptly notify the Lenders and the relevant Borrower of the determination of a rate of interest under this Agreement. 
  

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	10.	INTEREST PERIODS 

  

	10.1	Selection of Interest Periods 

  

	 	(a)	The Company may select an Interest Period for a Loan in the Utilisation Request for that Loan or (if the Loan has already been borrowed) in a Selection Notice.

  

	 	(b)	Each Selection Notice for a Loan is irrevocable and must be delivered to the Facility Agent by the Borrower not later than the Specified Time. 

  

	 	(c)	If the Borrower fails to deliver a Selection Notice to the Facility Agent in accordance with paragraph (b) above, the relevant Interest Period will be one Month.

  

	 	(d)	Subject to this Clause 10, the Company may select an Interest Period of one, two, three or six Months, or any other period agreed between the Company and the Facility Agent (acting
on the instructions of all the Lenders participating in the relevant Facility). 

  

	 	(e)	An Interest Period for a Loan shall not extend beyond the Termination Date applicable to the Facility under which the Loan was made. 

  

	 	(f)	Each Interest Period for a Loan shall start on the Utilisation Date or (if already made) on the last day of its preceding Interest Period. 

  

	10.2	Non-Business Days 

 If an Interest Period would
otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	10.3	Consolidation and division of Loans 

  

	 	(a)	Subject to paragraph (b) below, if two or more Interest Periods: 

  

	 	(i)	relate to either Facility A Loans or Facility B Loans; and 

  

	 	(ii)	end on the same date; 

 those Facility A Loans or, as the
case may be, Facility B Loans will, unless the Borrower specifies to the contrary in the Selection Notice for the next Interest Period, be consolidated into, and treated as, a single Facility A Loan or, as the case may be, Facility B Loan on the
last day of the Interest Period. 
  

	 	(b)	Subject to Clause 4.3 (Maximum number of Loans) and Clause 5.3 (Amount), if the Borrower requests in a Selection Notice that a Loan be divided into two or more Loans,
that Loan will, on the last day of its Interest Period, be so divided into the amounts specified in that Selection Notice, being an aggregate amount equal to the amount of the Loan immediately before its division. 

  

	11.	CHANGES TO THE CALCULATION OF INTEREST 

  

	11.1	Absence of quotations 

 Subject to Clause 11.2
(Market disruption), if LIBOR or, if applicable, EURIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR or EURIBOR
shall be determined on the basis of the quotations of the remaining Reference Banks. 
  

 - 35 - 

	11.2	Market disruption 

  

	 	(a)	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lender’s share of that Loan for the Interest Period shall
be the rate per annum which is the sum of: 

  

	 	(i)	the Margin; 

  

	 	(ii)	the rate notified to the Facility Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which
expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select; and 

  

	 	(iii)	the Mandatory Cost, if any, applicable to that Lender’s participation in that Loan. 

  

	 	(b)	In this Agreement “Market Disruption Event” means: 

  

	 	(i)	at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate not being available and none or only one of the Reference Banks supplying a rate to the
Facility Agent to determine LIBOR or, if applicable, EURIBOR for the relevant currency and Interest Period; or 

  

	 	(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Facility Agent receiving notifications from a Lender or Lenders (in either case whose
participations in a Loan exceed 50 per cent. of that Loan) that the cost to it or them of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR or, if applicable, EURIBOR. 

  

	11.3	Alternative basis of interest or funding 

  

	 	(a)	If a Market Disruption Event occurs and the Facility Agent or the Company so requires, the Facility Agent and the Company shall enter into negotiations (for a period of not more
than thirty days) with a view to agreeing a substitute basis for determining the rate of interest in respect of the relevant Loan. 

  

	 	(b)	Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders participating in the relevant Loan and the Company, be binding on
all Parties. 

  

	11.4	Break Costs 

  

	 	(a)	Each Borrower shall, within three Business Days of demand by a Lender, pay to that Lender its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by that
Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum. 

  

	 	(b)	Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a certificate confirming in reasonable detail the amount of its Break Costs for
any Interest Period in which they accrue. 

  

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	12.	FEES 

  

	12.1	Up-front Fee 

 The Company shall pay to the relevant
Finance Parties an up-front fee in the amount and at the times agreed in the relevant Fee Letter. 
  

	12.2	Agency fee 

 The Company shall pay to (or procure
payment to) the Facility Agent (for its own account) an agency fee in the amount and at the times agreed in the relevant Fee Letter. 
  

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 SECTION 6 
 ADDITIONAL PAYMENT OBLIGATIONS 
  

	13.	TAX GROSS-UP AND INDEMNITIES 

  

	13.1	Definitions 

  

	 	(a)	In this Clause 13: 

 “Protected Party”
means a Finance Party which is or will be subject to any liability or required to make any payment, for or on account of Tax, in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under
a Finance Document. 
 “Qualifying Lender” means a Lender which is beneficially entitled to interest payable to that Lender
in respect of an advance under a Finance Document and is: 
  

	 	(i)	a legal person or entity (including, for the avoidance of doubt, any securitisation trust or fund) habitually resident for taxation purposes in a Qualifying State which is not
acting through a territory considered as a tax haven pursuant to Spanish laws and regulations or through a permanent establishment in Spain; or 

  

	 	(ii)	a legal person or entity (including, for the avoidance of doubt, any securitisation trust or fund) which, as a result of any applicable double taxation treaty, is entitled to
receive any payments made by a Borrower to such legal person or entity hereunder without any deduction or withholding for or on account of Tax; or 

  

	 	(iii)	a Domestic Lender. 

 “Qualifying State”
means a member state of the European Union (other than Spain). 
 “Tax Credit” means a credit against, relief or remission
from, or repayment of, any Tax. 
 “Tax Deduction” means a deduction or withholding for or on account of Tax from a payment
made under a Finance Document. 
 “Tax Payment” means either the increase in a payment made by an Obligor to a Finance Party
under Clause 13.2 (Tax gross-up) or a payment under Clause 13.3 (Tax indemnity). 
  

	 	(b)	Unless a contrary indication appears, in this Clause 13 a reference to “determines” or “determined” means a determination made in the absolute good
faith discretion of the person making the determination. 

  

	13.2	Tax gross-up 

  

	 	(a)	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law or regulation. 

  

	 	(b)	The Company or a Lender shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify
the Facility Agent accordingly. If the Facility Agent receives such notification from a Lender it shall notify the Company and that Obligor. 

  

 - 38 - 

	 	(c)	If a Tax Deduction is required by law or regulation to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any
Tax Deduction) leaves an amount equal to the payment which would have been due and payable if no Tax Deduction had been required. 

  

	 	(d)	An Obligor is not required to make an increased payment to a Lender under paragraph (c) above for a Tax Deduction in respect of Tax imposed by Spain from a payment of interest
on a Loan, if on the date on which the payment falls due: 

  

	 	(i)	the payment could have been made to the relevant Lender without a Tax Deduction if it was a Qualifying Lender, but on that date that Lender is not or has ceased to be a Qualifying
Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or treaty, or any published practice or concession of any relevant taxing
authority; or 

  

	 	(ii)	the relevant Lender is a Qualifying Lender under paragraph (ii) of the definition of “Qualifying Lender” and the Obligor making the payment is able to demonstrate
that the payment could have been made to the Lender without any Tax Deduction if the Lender had complied with its obligations under paragraph (g) below. 

  

	 	(e)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed
and in the minimum amount required by law or regulation. 

  

	 	(f)	Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the
Facility Agent for the Finance Party entitled to the payment an original receipt (or certified copy thereof) or if unavailable such other evidence as is reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as
applicable) any appropriate payment paid to the relevant taxing authority. 

  

	 	(g)	A Lender that is a Qualifying Lender under paragraph (ii) of the definition of “Qualifying Lender” and each Obligor which is required to make a payment to which that
Treaty Lender is entitled shall co-operate in completing any procedural formalities necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction. 

  

	 	(h)	Each Original Lender confirms that it is a Qualifying Lender. 

  

	13.3	Tax indemnity 

  

	 	(a)	The Company shall (within five Business Days of demand by the Facility Agent) pay to a Protected Party an amount equal to the amount of any Tax assessed on that Protected Party
(together with any interest, costs or expenses payable, directly or indirectly, or incurred in connection therewith) in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance
Document. 

  

 - 39 - 

	 	(b)	Paragraph (a) of this Clause 13.3 shall not apply: 

  

	 	(i)	with respect to any Tax assessed on a Finance Party: 

  

	 	(A)	under the laws and regulations of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is
treated as resident for Tax purposes; or 

  

	 	(B)	under the laws and regulations of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction,

 if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be
received or receivable) by that Finance Party; or 
  

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by an increased payment under Clause 13.2 (Tax gross-up); or 

  

	 	(B)	would have been compensated for by an increased payment under Clause 13.2 (Tax gross-up) but was not so compensated solely because one of the exclusions in paragraph
(d) of Clause 13.2 (Tax gross-up) applied. 

  

	 	(c)	A Protected Party making, or intending to make a claim pursuant to paragraph (a) of this Clause 13.3 shall promptly notify the Facility Agent of the event which will give, or
has given, rise to the claim, following which the Facility Agent shall notify the Company. 

  

	 	(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 13.3, notify the Facility Agent. 

  

	13.4	Tax Certificates 

  

	 	(a)	Without prejudice to the other provisions of this Clause 13, in relation to any exemption from or application of a rate lower than that of general application pursuant to any
legislation in Spain or any double taxation treaty, or pursuant to any other cause relating to residence status, any Lender which is not a Domestic Lender shall supply the Company, through the Facility Agent, prior to the interest payment date with
a certificate of residence issued by the pertinent fiscal administration, in the case of a Qualifying Lender which is not a Domestic Lender, accrediting such Qualifying Lender as resident for Tax purposes in a Qualifying State or, as the case may
be, accrediting such Lender as resident for Tax purposes in a State which has signed and ratified a double taxation treaty with Spain. 

  

	 	(b)	As such certificates referred to in paragraph (a) of this Clause 13.4 are, at the date hereof, valid only for a period of one year, each such Lender will be required to so
supply a further such certificate upon expiry of the previous certificate in relation to any further payment of interest. 

  

 - 40 - 

	 	(c)	If any Lender which has supplied a certificate under paragraph (a) of this Clause 13.4 becomes aware that any information contained in that certificate is not correct in all
material respects throughout the period for which that certificate is valid, it shall, as soon as practicable, supply the Facility Agent with details of that matter, following which the Facility Agent shall supply those details to the Company, and,
if appropriate, that Lender shall promptly supply a new certificate pursuant to paragraph (a) of this Clause 13.4. 

  

	13.5	Tax Credit 

 If an Obligor makes a Tax Payment and
the relevant Finance Party determines that: 
  

	 	(a)	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment; and 

  

	 	(b)	that Finance Party has obtained, utilised and retained that Tax Credit, 

 the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required
to be made by the Obligor. 
  

	13.6	Stamp Taxes 

 The Company shall pay and, within five
Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document except for any such
Tax payable in connection with the entering into of a Transfer Certificate. 
  

	13.7	Value Added Tax 

  

	 	(a)	All consideration expressed to be payable under a Finance Document by any Party to a Finance Party shall be deemed to be exclusive of any amount in respect of VAT. If VAT is
chargeable on any supply made by any Finance Party to any Party in connection with a Finance Document, that Party shall pay to the Finance Party (in addition to and at the same time as paying the consideration) an amount equal to the amount of the
VAT and such Finance Party shall promptly provide an appropriate VAT invoice to such Party. 

  

	 	(b)	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party shall also at the same time pay and indemnify that Finance Party
against all amounts in respect of VAT incurred by the Finance Party in respect of the costs or expenses to the extent that the Finance Party reasonably determines that it is not entitled to credit or repayment of the VAT. 

 

	14.	INCREASED COSTS 

  

	14.1	Increased costs 

  

	 	(a)	Subject to Clause 14.2 (Increased cost claims) and Clause 14.3 (Exceptions) the Company shall, within three Business Days of a demand by the Facility Agent, pay for
the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or 

  

 - 41 - 

	 	(ii)	compliance with any law or regulation, 

 in each case made
after the date of this Agreement. 
  

	 	(b)	In this Agreement “Increased Costs” means, without duplication: 

  

	 	(i)	a reduction in the rate of return from a Facility or on a Finance Party’s (or its Affiliate’s) overall capital; 

  

	 	(ii)	an additional or increased cost; or 

  

	 	(iii)	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitments or funding or performing its obligations under
any Finance Document. 
  

	14.2	Increased cost claims 

  

	 	(a)	A Finance Party intending to make a claim pursuant to Clause 14.1 (Increased costs) shall notify the Facility Agent of the event giving rise to the claim and a calculation
evidencing in reasonable detail the amount of such Increased Costs to be claimed by such Finance Party, following which the Facility Agent shall promptly notify the Company and provide the Company with such calculations. 

  

	 	(b)	Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Costs. 

 

	14.3	Exceptions 

  

	 	(a)	Clause 14.1 (Increased costs) does not apply to the extent any Increased Cost is: 

  

	 	(i)	attributable to a Tax Deduction required by law or regulation to be made by an Obligor; 

  

	 	(ii)	compensated for by Clause 13.3 (Tax indemnity) (or would have been compensated for under Clause 13.3 (Tax indemnity) but was not so compensated solely because any of
the exclusions in paragraph (b) of Clause 13.3 (Tax indemnity) applied); 

  

	 	(iii)	compensated for by the payment of the Mandatory Cost; or 

  

	 	(iv)	attributable to the breach by the relevant Finance Party or its Affiliates of any law or regulation; or 

  

	 	(v)	 attributable to the implementation of or compliance with the “International Convergence of Capital Measurements and Capital Standards - a Revised 

  

 - 42 - 

	 	 
Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (“Basel
II”) or any other law or regulation that implements Basel II (whether such implementation or compliance is by a government, governmental regulator, Finance Party or an Affiliate thereof). 

  

	 	(b)	In this Clause 14.3, a reference to a “Tax Deduction” has the same meaning given to the term in Clause 13.1 (Definitions). 

  

	15.	OTHER INDEMNITIES 

  

	15.1	Currency indemnity 

  

	 	(a)	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from
the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 

  

	 	(i)	making or filing a claim or proof against that Obligor; or 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

 that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Finance Party to whom that Sum is due against any
cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of
exchange available to that person at the time of its receipt of that Sum. 
  

	 	(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed
to be payable. 

  

	15.2	Other indemnities 

  

	 	(a)	Each Obligor shall, within five Business Days of demand, indemnify each Finance Party against any cost, loss or liability not otherwise compensated under the provisions of this
Agreement and excluding any lost profits, consequential or indirect damages (other than interest or default interest) incurred by that Finance Party as a result of its Commitment or the making of any Loan under the Finance Documents as a result of:

  

	 	(i)	the occurrence of any Event of Default; 

  

	 	(ii)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 28
(Sharing among the Finance Parties); 

  

	 	(iii)	funding, or making arrangements to fund, its participation in a Loan requested by the Company in a Utilisation Request but not made by reason of the operation of any one or more of
the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or 

  

 - 43 - 

	 	(iv)	a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by the Company. 

  

	15.3	Indemnity to the Facility Agent 

 The Company shall
(or shall procure that another Obligor will) promptly indemnify the Facility Agent against any cost, loss or liability directly related to this Agreement incurred by the Facility Agent (acting reasonably and otherwise than by reason of the Facility
Agent’s gross negligence or wilful misconduct) as a result of: 
  

	 	(a)	investigating any event which it reasonably believes (acting prudently and, if possible, following consultation with the Company) is a Default; or 

  

	 	(b)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised. 

  

	16.	MITIGATION BY THE LENDERS 

  

	16.1	Mitigation 

  

	 	(a)	Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise after the date of this Agreement and which would
result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 8.1 (Illegality of a Lender), Clause 13 (Tax Gross-up and Indemnities) or Clause 14 (Increased Costs) or Schedule 4
(Mandatory Cost Formulae) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. 

  

	 	(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 

  

	16.2	Limitation of liability 

  

	 	(a)	The Company shall (or shall procure that another Obligor will) indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps
taken by it under Clause 16.1 (Mitigation). 

  

	 	(b)	A Finance Party is not obliged to take any steps under Clause 16.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to
it. 

  

	17.	COSTS AND EXPENSES 

  

	17.1	Transaction expenses 

  

	 	(a)	The Company shall within 15 days of receipt of a demand (and delivery of the relevant receipts, invoices or other documentary evidence), pay the Facility Agent and each
Documentation Agent the amount of all costs and expenses (including reasonable legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing and execution of the Finance Documents. 

 

 - 44 - 

	 	(b)	The Company shall within 15 days of receipt of demand, pay the Facility Agent and each Documentation Agent the amount of all documented costs and expenses (including reasonable
legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing and execution of any Finance Documents executed after the date of this Agreement. 

  

	17.2	Amendment costs 

 If (a) an Obligor requests an
amendment, waiver or consent or (b) an amendment is required pursuant to Clause 29.9 (Change of currency), the Company shall, within five Business Days of demand, reimburse the Facility Agent, the Documentation Agent and each Lender for
the amount of all costs and expenses (including legal fees, but in this case, only the reasonable legal fees of one law firm in each relevant jurisdiction acting on behalf of all the Lenders) reasonably incurred by such parties in responding to,
evaluating, negotiating or complying with that request or requirement. 
  

	17.3	Enforcement costs 

 The Company shall, within three
Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document.

  

 - 45 - 

 SECTION 7 
 GUARANTEE 
  

	18.	GUARANTEE AND INDEMNITY 

  

	18.1	Guarantee and indemnity 

 Each Guarantor irrevocably
and unconditionally jointly and severally: 
  

	 	(a)	guarantees to each Finance Party punctual performance by each Borrower of that Borrower’s obligations under the Finance Documents; 

  

	 	(b)	undertakes with each Finance Party that whenever a Borrower does not pay any amount when due under or in connection with any Finance Document, it shall immediately on demand pay
that amount as if it was the principal obligor; and 

  

	 	(c)	indemnifies each Finance Party immediately on demand against any cost, loss or liability suffered by that Finance Party if any obligation guaranteed by it is or becomes
unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been entitled to recover. 

  

	18.2	Continuing Guarantee 

 This guarantee is a
continuing guarantee and will extend to the ultimate balance of sums payable by each Borrower under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part. Except as permitted by Clause 25 (Changes to the
Obligors) or Clause 35.2 (Exceptions), each Guarantor hereby further agrees that its guarantee may not be revoked in whole or in part. 
  

	18.3	Reinstatement 

 If any payment by any Borrower or
any discharge given by a Finance Party (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event: 
  

	 	(a)	the liability of each Obligor shall continue as if the payment, discharge, avoidance or reduction had not occurred; and 

  

	 	(b)	each Finance Party shall be entitled to recover the value or amount of that security or payment from each Obligor, as if the payment, discharge, avoidance or reduction had not
occurred. 

  

	18.4	Waiver of defences 

 The obligations of each
Guarantor under this Clause 18 will not be affected by an act, omission, matter or thing which, but for this Clause 18, would reduce, release or prejudice any of its obligations under this Clause 18 (without limitation and whether or not known to it
or any Finance Party) including: 
  

	 	(a)	any time, waiver or consent granted to, or composition with, any Borrower or other person; 

  

 - 46 - 

	 	(b)	the release of any Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

  

	 	(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor
or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security; 

  

	 	(d)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person; 

  

	 	(e)	any amendment (however fundamental) or replacement of a Finance Document or any other document or security; 

  

	 	(f)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or 

  

	 	(g)	any insolvency or similar proceedings. 

  

	18.5	Immediate recourse 

 Each Guarantor waives any right
it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from a Guarantor under this Clause 18.5. This waiver
applies irrespective of any law or regulation or any provision of a Finance Document to the contrary. 
 Each Guarantor also waives any right
to be sued jointly with other Guarantors. 
  

	18.6	Appropriations 

 Until all amounts which may be or
become payable by a Borrower under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	refrain from applying or enforcing any other monies, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts,
or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and 

  

	 	(b)	hold in an interest-bearing suspense account any monies received from a Guarantor or on account of such Guarantor’s liability under this Clause 18.6, 

provided that the operation of this Clause 18.6 shall not be deemed to create any Security. 
  

	18.7	Deferral of Guarantors’ rights 

 Until all
amounts which may be or become payable by a Borrower under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility Agent (acting on the instructions of the Majority Lenders) otherwise directs, no
Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents: 
  

	 	(a)	to be indemnified by a Borrower; 

  

 - 47 - 

	 	(b)	to claim any contribution from any other guarantor of any Borrower’s obligations under the Finance Documents; and/or 

  

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee
or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party. 

  

	18.8	Additional security 

 This guarantee is in addition
to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party. 
  

	18.9	Limitation on U.S. Guarantors 

 Any term or
provision of this Clause 18 or any other term in this Agreement or any Finance Document notwithstanding, the maximum aggregate amount of the obligations for which any U.S. Guarantor shall be liable under this Agreement shall in no event exceed an
amount equal to the largest amount that would not render such U.S. Guarantor’s obligations under this Agreement, subject to avoidance under applicable United States federal or state fraudulent conveyance laws. 
  

 - 48 - 

 SECTION 8 
 REPRESENTATION, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	19.	REPRESENTATIONS 

 Each Obligor makes the
representations and warranties set out in this Clause 19 to each Finance Party. 
  

	19.1	Status 

  

	 	(a)	It is a corporation, duly organised and validly existing under the laws and regulations of its jurisdiction of incorporation. 

  

	 	(b)	It has the power to own its assets and carry on its business as it is being conducted. 

  

	19.2	Binding obligations 

 The obligations expressed to
be assumed by it in each Finance Document are, subject to any reservations which are specifically referred to in any Legal Opinion, legal, valid, binding and enforceable obligations. 
  

	19.3	Non-conflict with other obligations 

 The entry into
and performance by it of, and the transactions contemplated by, the Finance Documents do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	its constitutional documents; or 

  

	 	(c)	any agreement or instrument binding upon it or any of its assets. 

 Assuming that no Lender (or any person with whom a Lender has entered into a sub-participation agreement) is a U.S. Lender, no part of the proceeds of any Loans will be used in a manner that would cause the Loans to be in violation of
Regulation U or X of the Board of Governors of the Federal Reserve System of the United States. 
  

	19.4	Power and authority 

 It has the power to enter
into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents. 
  

	19.5	Validity and admissibility in evidence 

 All
Authorisations required or desirable: 
  

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a party; and 

  

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, 

 have been obtained or effected and are in full force and effect or will be obtained in accordance with the provisions of this Agreement. 
  

 - 49 - 

	19.6	Governing law and enforcement 

  

	 	(a)	The choice of English law as the governing law of the Finance Documents will be recognised and enforced in its jurisdiction of incorporation subject to any reservations which are
specifically referred to in any Legal Opinion. 

  

	 	(b)	Any judgment obtained in England in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation, subject to any reservations which are
specifically referred to in any Legal Opinion. 

  

	19.7	Deduction of Tax 

 Subject to the completion of any
procedural formality and any reservations contained in any legal opinion provided to the Agent under Clause 4.1 (Initial Conditions Precedent) or Clause 25 (Changes to the Obligors), it is not required under the laws and regulations of
its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment it may make under any Finance Document to any Qualifying Lender. 
  

	19.8	No filing or stamp taxes 

 Under the laws and
regulations of its jurisdiction of incorporation it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar Tax be paid on or in
relation to the Finance Documents or the transactions contemplated by the Finance Documents. 
  

	19.9	No default 

  

	 	(a)	No Default is continuing or might reasonably be expected to result from the making of any Utilisation. 

  

	 	(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its
(or its Subsidiaries’) assets are subject which has or is reasonably likely to have a Material Adverse Effect. 

  

	19.10	No misleading information 

 All material written
information supplied by any member of the Group in relation to the Finance Documents is true, complete and accurate in all material respects as at the date it was given or stated to be given and is not misleading in any material respect. 

 

	19.11	Financial statements 

  

	 	(a)	Its Original Financial Statements were prepared in accordance with GAAP consistently applied and are complete and accurate in all material respects. 

  

	 	(b)	Its Original Financial Statements fairly represent in all material respects its financial condition and operations during the relevant financial year. 

  

	 	(c)	For the purposes of any repetition of the representation contained in paragraphs (a) and (b) of this Clause 19.11 (pursuant to Clause 19.20 (Times on which
representations are made)) the representations will be made in respect of the latest available audited consolidated annual financial statements of each Obligor, instead of the Original Financial Statements. 

  

 - 50 - 

	19.12	Pari passu ranking 

 Its payment obligations under
the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law or regulation applying to companies generally. 
  

	19.13	No proceedings pending or threatened 

 Except as
disclosed in Schedule 14 (Proceedings pending or threatened), no litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which (i) are likely to be adversely determined and which, if so
determined, would be reasonably likely to have a Material Adverse Effect or (ii) (where not of a frivolous or vexatious nature or where not dismissed within 30 days of commencement) purport to affect the legality, validity or enforceability of
any of the obligations under the Finance Documents, have been started or threatened against any Obligor or any Material Subsidiary. 
  

	19.14	No winding-up 

 No legal proceedings or other
procedures or steps have been taken or, to the Company’s knowledge after reasonable enquiry, are being threatened, in relation to the winding-up, dissolution, administration or reorganisation of any Obligor or Material Subsidiary (other than a
solvent liquidation or reorganisation of any Material Subsidiary which is not an Obligor). 
  

	19.15	Material Adverse Change 

 Except as disclosed in the
bank presentations made by the Company to Lenders in New York on 13 November 2008 and in Madrid on 14 November 2008, and the guidance relating to the fourth financial quarter of 2008 published by CEMEX Parent on 15 December 2008 on
its web page, there has been no material adverse change in the Company’s business, condition (financial or otherwise), operations, performance or assets taken as a whole (or the business, consolidated condition (financial or otherwise)
operations, performance or the assets generally of the Group taken as a whole) since the date of the Company’s semi annual consolidated financial statements for the half year ended 30 June 2008. 
  

	19.16	Environmental compliance 

 Each member of the Group
has performed and observed in all material respects all Environmental Law, Environmental Permits and all other material covenants, conditions, restrictions or agreements directly or indirectly concerned with any contamination, pollution or waste or
the release or discharge of any toxic or hazardous substance in connection with any real property which is or was at any time owned, leased or occupied by any member of the Group or on which any member of the Group has conducted any activity where
failure to do so might reasonably be expected to have a Material Adverse Effect. 
  

	19.17	Environmental Claims 

 No Environmental Claim has
been commenced or (to the best of its knowledge and belief) is threatened against any member of the Group where that claim would be reasonably likely, if finally determined against that member of the Group, to have a Material Adverse Effect.

  

	19.18	No Immunity 

 In any proceedings taken in its
jurisdiction of incorporation in relation to this Agreement, it will not be entitled to claim for itself or any of its assets immunity from suit, execution, attachment or other legal process. 
  

 - 51 - 

	19.19	Private and commercial acts 

 Its execution of the
Finance Documents constitutes, and its exercise of its rights and performance of its obligations hereunder will constitute, private and commercial acts done and performed for private and commercial purposes. 
  

	19.20	Times on which representations are made 

  

	 	(a)	All the representations and warranties in this Clause 19 are made to each Finance Party on the date of this Agreement. 

  

	 	(b)	The Repeating Representations are deemed to be made by each Obligor to each Finance Party on the date of each Utilisation Request and on the first day of each Interest Period.

  

	 	(c)	The Repeating Representations and each of the representations and warranties set out in Clause 19.5 (Validity and admissibility in evidence), Clause 19.6 (Governing law
and enforcement), Clause 19.9 (No default) and Clause 19.10 (No misleading information) (in respect only of information given by it) are deemed to be made by each Additional Guarantor to each Finance Party on the day on which it
becomes an Additional Guarantor. 

  

	 	(d)	Each representation or warranty deemed to be made after the date of this Agreement shall be made by reference to the facts and circumstances existing at the date the representation
or warranty is made. 

  

	20.	INFORMATION UNDERTAKINGS 

 The undertakings in this
Clause 20 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	20.1	Financial statements 

 The Company shall supply to
the Facility Agent: 
  

	 	(a)	(subject as below) as soon as the same become available, but in any event within 180 days after the end of its or, as the case may be, the relevant Obligor’s respective
financial years: 

  

	 	(i)	the Company’s audited consolidated and unconsolidated financial statements for that financial year; and 

  

	 	(ii)	each other Obligor’s (if any) respective audited consolidated and unconsolidated financial statements for that financial year (except that, with respect to the financial year
ended 31 December 2008 only, CEMEX Australia may provide annual audited unconsolidated financial statements for itself and Rinker); and 

  

	 	(b)	as soon as the same become available, but in any event within 90 days after the end of the first half of each of its financial years, its unaudited consolidated financial statements
for that period. 

  

 - 52 - 

	20.2	Compliance Certificate 

  

	 	(a)	The Company shall supply to the Facility Agent, with each set of consolidated financial statements delivered pursuant to paragraphs (a)(i) and (b) of Clause 20.1 (Financial
statements), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 21 (Financial Covenants) as at the date as at which those financial statements were drawn up. 

  

	 	(b)	Each Compliance Certificate shall be signed by an Authorised Signatory of the Company and, if required to be delivered with the consolidated financial statements delivered pursuant
to paragraph (a)(i) of Clause 20.1 (Financial statements), the Company shall provide to the Facility Agent, by no later than 180 days after the end of the relevant financial year, a letter from the Company’s auditors or any other
internationally recognised accounting firm that is approved by the Facility Agent confirming that the numbers used in the Compliance Certificate calculations have been correctly extracted from the consolidated financial statements of the Company.

  

	20.3	Requirements as to financial statements 

  

	 	(a)	Each set of financial statements delivered by the Company pursuant to Clause 20.1 (Financial statements) shall be certified by an Authorised Signatory of the relevant company
as fairly representing in all material respects its financial condition as at the date as at which those financial statements were drawn up. 

  

	 	(b)	The Company will prepare its audited and consolidated financial statements for Financial Periods ending on or after 31 December 2008 in accordance with the New Spanish GAAP
(notwithstanding that the Original Financial Statements were prepared on the basis of other accounting practices) and (without prejudice to the requirements relating to the signature of a Compliance Certificate contained in paragraph (b) of
Clause 20.2 (Compliance Certificate)): 

  

	 	(i)	in respect of the Financial Period ending 31st December 2008, the Company shall, in order to test compliance with the financial covenants in Clause 21 (Financial
Covenants): 

  

	 	(A)	prepare, in relation to the relevant components which are used in the definitions contained in Clause 21.1 (Financial definitions) for the relevant Financial Period, a
reconciliation of those components with the corresponding components that were prepared in accordance with GAAP and accounting practices applicable for the Financial Period ending 31 December 2007; 

  

	 	(B)	request an Affiliate of its auditors to concur with the procedure adopted for the above reconciliation; and 

  

	 	(C)	request the auditors to provide a negative assurance on the figures on which the reconciliation has been based being, for these purposes, a confirmation that those figures have been
extracted from the consolidated financial statements or from the accounting records of the Company; and 

  

 - 53 - 

	 	(ii)	subject to paragraph (d) below, in respect of any Financial Periods beginning on or after 1 January 2009, the Company shall, in order to test compliance with the financial
covenants in Clause 21 (Financial Covenants): 

  

	 	(A)	prepare, in relation to the relevant components which are used in the definitions contained in Clause 21.1 (Financial definitions) for the relevant Financial Period, a
reconciliation of those components with the corresponding components that were prepared in accordance with GAAP and accounting practices applicable for the period ending 31 December, 2007; and 

  

	 	(B)	have an international finance director of the Company or CEMEX Parent deliver to the Facility Agent a description of necessary changes and reasonably sufficient information to
enable the Lenders to determine whether the financial covenants in Clause 21 (Financial Covenants) have been complied with, 

 and the Company will then use the relevant components in paragraphs (b)(i)(A) or (b)(ii)(A) above (as the case may be), for the calculations of EBITDA, Adjusted EBITDA, Net Borrowings and Finance Charges to test the financial covenant
ratios contained in Clause 21.2 (Financial condition) and the calculation of Subsidiary Financial Indebtedness under Clause 22.17 (Subsidiary Financial Indebtedness incurrence). 
  

	 	(c)	The Company shall procure that each set of financial statements delivered pursuant to Clause 20.1 (Financial statements) is prepared on the basis set out in paragraph
(b) above unless, in relation to any set of financial statements, it notifies the Facility Agent that there has been a change in GAAP, or the accounting practices or reference periods and, unless amendments are agreed in accordance with
paragraph (d) of this Clause 20.3, its auditors or any other internationally recognised accounting firm that is approved by the Facility Agent (or, if appropriate, the auditors of the relevant Obligor or any other internationally recognised
accounting firm in respect of the Obligor that is approved by the Facility Agent) or, in the case of any financial statements referring to a period after 31 December, 2008, an international finance director of it or CEMEX Parent (or, if
appropriate, a vice president or treasurer of the relevant Obligor) deliver to the Facility Agent: 

  

	 	(i)	a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference periods upon which that Obligor’s Original
Financial Statements were prepared; and 

  

	 	(ii)	sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether Clause 21 (Financial covenants)
has been complied with and make an accurate comparison between the financial position indicated in those financial statements and that Obligor’s Original Financial Statements. 

  

 - 54 - 

	 	(d)	If the Company adopts International Accounting Standards or, unless the procedure in paragraph (c) above is utilised, there are changes to GAAP, or the accounting practices or
reference periods or, in respect of any Financial Periods beginning on or after 1 January 2009, the Company and the Facility Agent shall, at the Company’s request, negotiate in good faith with a view to agreeing such amendments to the
financial covenants in Clause 21 (Financial Covenants) and the ratios used to calculate the Margin and, in each case, the definitions used therein as may be necessary to ensure that the criteria for evaluating the Group’s financial
condition grant to the Lenders protection equivalent to that which would have been enjoyed by them had the Company not adopted International Accounting Standards or had there not been a change in GAAP, or the accounting practices or reference
periods (subject to compliance with paragraph (b) above). Any amendments agreed will take effect on the date agreed between the Facility Agent and the Company subject to the consent of the Majority Lenders. If no such agreement is reached
within 90 days of the Company’s request, the Company will remain subject to the obligation to deliver the information specified in paragraph (b) of this Clause 20.3 and the financial covenants in Clause 21 (Financial Covenants) and
the ratios used to calculate the Margin shall be based on the information delivered. 

  

	20.4	Information: miscellaneous 

 The Company shall
supply to the Facility Agent: 
  

	 	(a)	all documents dispatched by the Company to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched; 

  

	 	(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, or which, to the Company’s knowledge after
reasonable enquiry, are being threatened or are pending and are likely to be adversely determined against any member of the Group which, in the reasonable opinion of the Company, are not spurious or vexatious, and which might, if adversely
determined, have a Material Adverse Effect; and 

  

	 	(c)	promptly, such further information regarding the financial condition, assets and business of any Obligor or member of the Group as the Facility Agent (or any Lender through the
Facility Agent) may reasonably request other than any information the disclosure of which would result in a breach of any applicable law or regulation or confidentiality agreement entered into in good faith by any member of the Group provided
that the Company shall use reasonable efforts to be released from any such confidentiality agreement. 

  

	20.5	Notification of default 

  

	 	(a)	Each Obligor shall notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is
aware that a notification has already been provided by another Obligor). 

  

	 	(b)	Promptly upon a request by the Facility Agent, the Company shall supply to the Facility Agent a certificate signed by an Authorised Signatory on its behalf certifying that no
Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 

  

 - 55 - 

	20.6	“Know your client” checks 

  

	 	(a)	Each Obligor shall promptly upon the request of the Facility Agent or any Lender and each Lender shall promptly upon the request of the Facility Agent supply, or procure the supply
of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective New Lender) in order for the Facility Agent, such Lender or
any prospective New Lender to carry out and be satisfied with the results of all necessary “know your client” or other checks in relation to the identity of any person that it is required by law to carry out in relation to the
transactions contemplated in the Finance Documents. For the avoidance of doubt, a Lender will have no obligation towards the Facility Agent to evidence that it has complied with any “know your client” or similar checks in relation
to the Obligors. 

  

	 	(b)	The Company shall, by not less than five Business Days’ written notice to the Facility Agent, notify the Facility Agent (which shall promptly notify the Lenders) of its
intention to request that one of its Subsidiaries becomes an Additional Obligor pursuant to Clause 25 (Changes to the Obligors). 

  

	 	(c)	Following the giving of any notice pursuant to paragraph (b) above, the Company shall promptly upon the request of the Facility Agent or any Lender supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective New Lender) in order for the Facility Agent, such
Lender or any prospective New Lender to carry out and be satisfied with the results of all necessary “know your client” or other checks in relation to the identity of any person that it is required by law to carry out in relation to
the accession of such Additional Obligor to this Agreement. 

  

	21.	FINANCIAL COVENANTS 

  

	21.1	Financial definitions 

 In this Clause 21:

 “Adjusted EBITDA” means, for any Relevant Period, the sum of (a) EBITDA and (b) with respect to any business
acquired during such period, the sum of (i) the operating income and (ii) depreciation and amortization expense for such business, as determined in accordance with GAAP for such Relevant Period (the “Acquired Business
Amount”), provided that the Company need only make the adjustments contemplated by “(b)” above if the operating income and depreciation and amortization expense of the acquired business in the 12 Months prior to its
acquisition amount to US$10,000,000 or more. 
 “CEMEX Capital Contributions” means (i) contributions in cash or
Contributions in Kind to the capital of the Company or any Subsidiary of the Company or (ii) amounts made available to the Company or any Subsidiary of the Company in a form which satisfies the Spanish law requirements of préstamos
participativos or which fall within the definition of Subordinated 

  

 - 56 - 

 
Debt. Any such contributions in cash or Contributions in Kind or amounts made available as préstamos participativos or Subordinated Debt are to
be made by CEMEX Parent or any of its Subsidiaries which are not at the time of such contribution or the making available of such amounts a wholly-owned Subsidiary of the Company or a Subsidiary of the Company. 
 “Contributions in Kind” means a contribution that constitutes delivery of shares of any directly or indirectly owned Subsidiary of CEMEX
Parent which at the time immediately prior to the contribution (i) is not a wholly-owned Subsidiary of the Company or (ii) is not a Subsidiary of the Company, provided that: 
  

	 	(a)	in each case in relation to such Subsidiary: 

  

	 	(i)	substantially all of its assets are in the form of cash or cash equivalents; 

  

	 	(ii)	it has no Financial Indebtedness in place; and 

  

	 	(iii)	after the making of any such contribution in kind, the Company has the ability to control directly or indirectly the affairs of such Subsidiary; and 

  

	 	(b)	such Contribution in Kind shall be limited to the amount of any cash or cash equivalents transferred directly or indirectly as part of that contribution. 

“EBITDA” means, for the Relevant Period immediately preceding the date on which it is to be calculated, operating
profit plus annual depreciation for fixed assets plus annual amortisation of intangible assets plus annual amortisation of start-up costs of the Group plus dividends received from non-consolidated companies and from companies consolidated by the
equity method plus an amount equal to the amount of CEMEX Capital Contributions made during the period immediately preceding the date on which it is to be calculated (up to an amount equal to the amount of Royalty Expenses made in such period) plus
the income recorded during such period for the use of CO2 Emission Rights (to the
extent not already included in the calculation of operating profit). Such calculation shall be made in accordance with GAAP. 
 “Finance Charges” means for any Relevant Period, the sum (without duplication) of (a) all interest expense in respect of Financial Indebtedness (including imputed interest on Capital Leases) for such period plus
(b) all debt discount and expense (including, without limitation, expenses relating to the issuance of instruments representing Financial Indebtedness) amortized during such period plus (c) amortization of discounts on sales of receivables
during such period plus (d) all factoring charges for such period plus (e) all guarantee charges for such period, all determined on a consolidated basis in respect of the Group and in accordance with GAAP. 
 “Guarantees” means any guarantee or indemnity of Financial Indebtedness of another person (in the case of any indemnity for any specified
amount or otherwise in the amount specified in or for which provision has been made in the accounts of the indemnifier) in any form made other than in the ordinary course of business of the guarantor. 
 “Intellectual Property Rights” means all copyrights (including rights in computer software), trade marks, service marks, business names,
patents, rights in inventions, registered designs, design rights, database rights and similar rights, rights in trade secrets or other confidential information and any other intellectual property rights and any interests (including by way of
licence) in any of the foregoing (in each case whether registered or not and including all applications for the same) which may subsist in any given jurisdiction. 
  

 - 57 - 

 “Net Borrowings” means, at any time, the remainder of (a) Total Borrowings of the
Group at such time less (b) the aggregate amount of the following items held by the Company and its Subsidiaries at such time: cash on hand, marketable securities, investments in money market funds, banker’s acceptances, short-term
deposits and other liquid investments. 
 “Relevant Period” means each period of twelve Months ending on the last day of each
half of the Company’s financial year. 
 “Rolling Basis” means the calculation of a ratio or an amount made at the end
of a financial half year in respect of that financial half year and the immediately preceding financial half year. 
 “Royalty
Expenses” means expenses incurred by the Company or any of its Subsidiaries to CEMEX Parent or Subsidiary of CEMEX Parent which is not also a member of the Group as (a) consideration for the granting to the Company or any Subsidiary of
a licence to use, exploit and enjoy Intellectual Property Rights and any other intangible assets such as, but not limited to, know-how, formulae, process technology and other forms of intellectual and industrial property, whether or not registered,
held by CEMEX Parent or any of its Subsidiaries not being a Subsidiary of the Company; or (b) fees, commissions or other amounts accrued in respect of any management contract, services contract, overhead expenses allocation arrangement or any
other similar transaction; provided that in paragraphs (a) and (b) such amounts shall have been taken into consideration in the calculation of operating profit under Spanish GAAP. 
 “Subordinated Debt” means debt granted on terms that are fair and reasonable and no less favourable than would be obtained in a
comparable arms’ length transaction by CEMEX Parent or any Subsidiary of CEMEX Parent which is not also a member of the Group to the Company or any of its Subsidiaries on terms such that no payments of principal may be made thereunder
(including but not limited to following any winding up, concurso de acreedores or other like event of the Company) unless either: 
  

	 	(i)	the Facility Agent has confirmed in writing that all amounts outstanding hereunder have been paid in full; or 

  

	 	(ii)	the ratio of Net Borrowings to Adjusted EBITDA (calculated in accordance with Clause 21.3 (Financial testing)) prior to such repayment is equal to or lower than 2.7:1 and
will remain equal to or lower than 2.7:1 after such repayment and no Event of Default under this Agreement has occurred and is continuing or will occur as a result of the repayment of such debt. 

 “Total Borrowings” means without duplication, in respect of any person all Guarantees granted by such person plus all such person’s
Financial Indebtedness, but excluding (i) any Guarantee or Financial Indebtedness which, notwithstanding falling within the definition of Guarantee or Financial Indebtedness, is not required to be recorded as a liability by that person on its
balance sheet (whether consolidated or otherwise) in accordance with generally accepted accounting principles applicable to that person which are in effect as at the time that such Guarantee or Financial Indebtedness is entered into, issued or
incurred, (ii) any Subordinated Debt and (iii) any amounts which are made available in a form which satisfies the Spanish law requirements of préstamos participativos. 
  

 - 58 - 

	21.2	Financial condition 

 The Company shall ensure that:

  

	 	(a)	in respect of any Relevant Period specified in column 1 below, the ratio of Net Borrowings to Adjusted EBITDA calculated on a Rolling Basis shall be less than or equal to the
ratio set out in column 2 below opposite that Relevant Period: 

  

			
	 Relevant Period ending on
	  	Ratio
	 31 December 2008
	  	4.5:1
		
	 30 June 2009
	  	4.5:1
		
	 31 December 2009
	  	4.5:1
		
	 30 June 2010
	  	4.25:1
		
	 31 December 2010
	  	3.75:1
		
	 30 June 2011*

	  	3.75:1
		
	 31 December 2011*

	  	3.5:1
	  

	(* if the
Extension Option has been exercised); and

  

	 	(b)	in respect of any Relevant Period the ratio of EBITDA to Finance Charges calculated on a Rolling Basis shall be greater than or equal to 3.0:1. 

  

	21.3	Financial testing 

 The financial covenants set out
in Clause 21.2 (Financial condition) shall be tested semi-annually by reference to the Company’s consolidated financial statements delivered pursuant to Clause 20.1 (Financial statements) and/or each Compliance Certificate
delivered pursuant to Clause 20.2 (Compliance Certificate). 
  

	21.4	Accounting terms 

 All accounting expressions which
are not otherwise defined herein shall have the meaning ascribed thereto in GAAP. 
  

	21.5	Correction of FX distortion 

  

	 	(a)	 As a result of the market volatility and the depreciation of the Euro against the US Dollar, the Company will, for each Relevant Period ending on or after
31 December 2008 (subject to the proviso below), recalculate any portion of the EBITDA and, if applicable, the Acquired Business Amount, for a particular Relevant Period which is (in each case) denominated in US Dollars, by converting each
month’s EBITDA amount and, if applicable, Acquired Business Amount, denominated in US Dollars into Euro by applying the Ending Exchange Rate applicable to that Relevant Period for the conversion of US Dollars into Euro, provided that the
Majority Lenders shall have the option, in respect of any Relevant Period ending after 31 December 2009 (but 

  

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not any Relevant Period ending before that date) to decide that the currency volatility recalculations set out in this paragraph (a) are no longer to
apply and, if they so decide, the Facility Agent (acting on the instructions of the Majority Lenders) shall notify the Company in writing and from the date of such notice, the currency volatility recalculations set out in this Clause 21.5 shall no
longer apply. 

  

	 	(b)	The “Ending Exchange Rate” means, in respect of a Relevant Period, the exchange rate at the end of that Relevant Period used to calculate any portion of Financial
Indebtedness from US Dollars into Euro for the purposes of the calculations of the financial covenants contained in Clause 21 (Financial Covenants). 

  

	 	(c)	For the avoidance of doubt, that portion of each month’s EBITDA and, if applicable, Acquired Business Amount, (of the twelve month period) in Euros which has been converted
from US Dollars shall be divided by the exchange rate (the exchange rate from US Dollars to Euro) which has been used by the Company in determining that month’s EBITDA and, if applicable, Acquired Business Amount, and then multiplied by the
Ending Exchange Rate. The resulting recalculated EBITDA and, if applicable, Acquired Business Amount, will be the sum of each month’s recalculated EBITDA and, if applicable, Acquired Business Amount, during the Relevant Period and will be used
for the purposes of the testing of the financial covenants in this Clause 21. 

  

	21.6	Conversion or Replacement of Préstamos Participativos 

 The Company or any of its Subsidiaries may convert or replace préstamos participativos into or with (as the case may be) Subordinated Debt or shares issued by the Company or any of its Subsidiaries.

  

	22.	GENERAL UNDERTAKINGS 

 The undertakings in this
Clause 22 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	22.1	Authorisations 

 Each Obligor shall promptly:

  

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	supply certified copies to the Facility Agent of, 

 any
Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its
jurisdiction of incorporation of any Finance Document. 
  

	22.2	Preservation of corporate existence 

 Subject to
Clause 22.10 (Merger), each Obligor shall (and the Company shall ensure that each of its Material Subsidiaries shall), preserve and maintain its corporate existence and rights. 
  

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	22.3	Preservation of properties 

 Each Obligor shall (and
the Company shall ensure that each of its Material Subsidiaries shall) maintain and preserve all of its properties that are used in the conduct of its business in good working order and condition (ordinary wear and tear excepted). 
  

	22.4	Compliance with laws and regulations 

  

	 	(a)	Each Obligor shall (and shall procure that each of its Subsidiaries shall) comply in all respects with all laws and regulations to which it may be subject, if failure to so comply
would be likely to have a Material Adverse Effect. 

  

	 	(b)	The Company shall (and shall procure that each of its Subsidiaries shall) ensure that the levels of contribution to pension schemes are and continue to be sufficient to comply with
all its and their material obligations under such schemes and generally under applicable laws (including ERISA) and regulations, except where failure to make such contributions would not reasonably be expected to have a Material Adverse Effect.

  

	22.5	Notarisation 

  

	 	(a)	Subject to paragraph (b) of this Clause 22.5, the Company shall not (and shall procure that none of its Subsidiaries shall) permit any of its unsecured indebtedness to be
notarised as a Spanish Public Document (any such notarisation, a “Notarisation”), other than the following permitted Notarisations (“Permitted Notarisations”): 

  

	 	(i)	Notarisations which are required by applicable law or regulation or which arise by operation of law other than pursuant to any issue of debt securities in accordance with Article
285 of the Spanish Corporations Law (Ley de Sociedades Anónimas); 

  

	 	(ii)	Notarisations with the prior written consent of the Majority Lenders; 

  

	 	(iii)	any Notarisations securing indebtedness the principal amount of which (when aggregated with the principal amount of any other Notarisations other than any Permitted Notarisations
under paragraphs (i) or (iii) above) do not exceed US$100,000,000 (or its equivalent in another currency or currencies); and 

  

	 	(iv)	any Notarisations relating to indebtedness in respect of any sale and purchase agreement customarily registered in a public register in Spain and payment of which indebtedness is
made within seven days of the date of such agreement. 

  

	 	(b)	Paragraph (a) of this Clause 22.5 shall not apply if the Company, concurrently with any such Notarisation (not being a Permitted Notarisation) referred to in paragraph
(a) of this Clause 22.5 and at its own cost and expense, causes this Agreement to be the subject of a Notarisation. 

  

	22.6	Negative pledge 

 The Company shall not (and shall
not permit any of its Subsidiaries to), directly or indirectly, create, incur, assume or permit to exist any Security on or with respect to any of its property or assets or those of any Subsidiary, whether now owned or held or hereafter acquired,
other than the following Security (“Permitted Security”) and provided that paragraphs (f), (g) and (h) below shall not apply to any Guarantor. 
  

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	 	(a)	Security for taxes, assessments and other governmental charges the payment of which is being contested in good faith by appropriate proceedings promptly initiated and diligently
conducted and for which such reserves or other appropriate provision, if any, as shall be required by GAAP shall have been made; 

  

	 	(b)	statutory liens of landlords and liens of carriers, warehousemen, mechanics and materialment incurred in the ordinary course of business for sums not yet due or the payment of which
is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserves or other appropriate provision, if any, as shall be required by GAAP shall have been made; 

 

	 	(c)	liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security and any
deposits of CEMEX Australia required by law or order of a competent authority in relation to the offer process through which it acquired Rinker; 

  

	 	(d)	any attachment or judgment lien, unless the judgment it secures shall not, within 60 days after the entry thereof, have been discharged or execution thereof stayed pending appeal,
or shall not have been discharged within 60 days after the expiration of any such stay; 

  

	 	(e)	Security existing on the date of this Agreement as described in Schedule 10 (Existing Security) provided that the principal amount secured thereby is not increased
without the consent of the Facility Agent (acting on the instructions of the Majority Lenders); 

  

	 	(f)	any Security on property acquired by the Company or any of its Subsidiaries after the date of this Agreement that was existing on the date of acquisition of such property
provided that such Security was not incurred in anticipation of such acquisition; and any Security created to secure all or any part of the payment of the purchase price, or to secure indebtedness incurred or assumed to pay all or any part of
the payment of the purchase price, of property acquired by the Company or any of its Subsidiaries after the date of this Agreement, provided, further, that (i) any such Security permitted pursuant to this paragraph
(f) shall be confined solely to the item or items of property so acquired (including, in the case of any acquisition of a corporation through the acquisition of more than 50 per cent. of the voting stock of such corporation, the stock and
assets of any acquired Subsidiary or acquiring Subsidiary by which the acquired Subsidiary shall be directly or indirectly controlled) and, if required by the terms of the instrument originally creating such Security, other property which is an
improvement to, or is acquired for specific use with, such acquired property; (ii) if applicable, any such Security shall be created within nine Months after, in the case of property, its acquisition, or, in the case of improvements, their
Completion; and (iii) no such Security shall be made in respect of any indebtedness in relation to repayment of which recourse may be had to any member of the Group (in the form of Security) other than in relation to the item or items as
referred to in (i) above; 

  

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	 	(g)	any Security renewing, extending or refinancing the indebtedness to which any Security permitted by paragraph (f) above relates; provided that the principal amount of
indebtedness secured by such Security immediately prior thereto is not increased and such Security is not extended to other property; 

  

	 	(h)	any Security created on shares representing no more than a Stake in the capital stock of any of the Company’s Subsidiaries solely as a result of the deposit or transfer of such
shares into a trust or a special purpose corporation (including any entity with legal personality) of which such shares constitute the sole assets provided that such Security may not secure Financial Indebtedness of the Company or any
Subsidiary unless otherwise permitted under this Clause 22.6 and that the economic and voting rights in such capital stock is maintained by the Company in its Subsidiaries; 

  

	 	(i)	any Security permitted by the Facility Agent, acting on the instructions of the Majority Lenders; 

  

	 	(j)	any Security created pursuant to or in respect of a Permitted Securitisation; 

  

	 	(k)	in addition to the Security permitted by the foregoing paragraphs (a) to (j), Security securing indebtedness of the Company and its Subsidiaries (taken as a whole but not
including the Guarantors) not in excess of an amount equal to 5 per cent. of the Adjusted Consolidated Tangible Net Assets of the Group, as determined in accordance with GAAP; or 

  

	 	(l)	in addition to the Security permitted by the foregoing paragraphs (a) to (e), (i) and (j), Security securing indebtedness of the Guarantors (taken together) not in excess
of an amount of US$200,000,000 (or equivalent in other currencies), 

 unless, in each case, the Obligors have made or caused to
be made effective provision whereby the obligations hereunder are secured equally and rateably with, or prior to, the indebtedness secured by such Security (other than Permitted Security) for so long as such indebtedness is so secured. 

For the purposes of paragraph (k) of this Clause 22.6, “Adjusted Consolidated Net Tangible Assets” means, with respect to any
person, the total assets of such person and its Subsidiaries (less applicable depreciation, amortisation and other valuation reserves), including any write-ups or restatements required under GAAP (other than with respect to items referred to in
(ii) below), minus (i) all current liabilities of such person and its Subsidiaries (excluding the current portion of long-term debt) and (ii) all goodwill, trade names, trademarks, licences, concessions, patents, un-amortised debt
discount and expense and other intangibles, all as determined on a consolidated basis in accordance with GAAP and by reference to the latest consolidated financial statements of the Company delivered pursuant to Clause 20.1 (Financial
statements). 
  

	22.7	Disposal Proceeds 

 The Company shall use any
amounts of Disposal Proceeds (having first complied with its obligations to prepay the Facilities as required by Clause 8.6 (Mandatory Prepayment from Disposal Proceeds)) and any amounts of Permitted Securitisation Proceeds (together,
“Relevant Disposal Proceeds”) to: 
  

	 	(a)	otherwise repay or prepay the Facilities in accordance with Clause 6 (Repayment) or Clause 8.4 (Voluntary prepayment of Loans) respectively or otherwise pursuant to
the terms of this Agreement; 

  

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	 	(b)	repay or prepay any Financial Indebtedness of the CEMEX Group (including any scheduled amortisation payments) where the tenor of such Financial Indebtedness is less than one year
from the date of such repayment or prepayment, unless a member of the CEMEX Group is required to prepay or repay any indebtedness with such proceeds (in which case they shall be so used and this tenor requirement shall not apply);

  

	 	(c)	if, having used its reasonable endeavours to procure an amendment to any capital markets indebtedness of the Group outstanding on the Effective Date to reflect the terms of the
financial covenants contained in Clause 21 (Financial covenants), it has been unable to do so and is therefore required to prepay such indebtedness, make such prepayment; or 

  

	 	(d)	if, during any financial year of the Company in which Relevant Disposal Proceeds are received, the Company determines that it will require funds during that financial year to meet
its obligations falling due in the ordinary course of its business (after taking into account any cash available to the Group or to be received by the Group during such period and not required to meet any specific obligations during such period)
retain such Relevant Disposal Proceeds and apply them towards such obligations, provided that: 

  

	 	(i)	the maximum amount of Relevant Disposal Proceeds that may be retained in this way in any financial year of the Company, when aggregated with all Relevant Disposal Proceeds retained
in this way in such financial year shall not exceed the lower of (1) US$200 million (or its equivalent in other currencies) and (2) 20 per cent. of the aggregate Relevant Disposal Proceeds which have been received by the Company or
any member of the Group in that financial year of the Company; and 

  

	 	(ii)	if any Relevant Disposal Proceeds are retained in this way and not in fact used to meet obligations falling due in the ordinary course of its business referred to above in the
financial year of the Company in which such Relevant Disposal Proceeds are received, the amount which has not been so applied shall be applied promptly by the Company for one or more of the purposes set out in sub-paragraphs (a) to
(c) (inclusive) above, 

 and further provided that the Company shall notify the Agent of any amounts which it
intends to retain from Relevant Disposal Proceed pursuant to this paragraph (d) promptly after receipt of the same. 
  

	22.8	Financial Indebtedness 

  

	 	(a)	Except as permitted under paragraph (b) below, the Company shall not (and shall procure that none of its Subsidiaries will) incur any Financial Indebtedness in respect of any
new loan facility (whether syndicated or bilateral) or any new issue of debt securities (“Relevant Financial Indebtedness”) after the date of this Agreement where such Relevant Financial Indebtedness is to be used to finance:

  

	 	(i)	any acquisition (other than acquisitions in the ordinary course of trading); 

  

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	 	(ii)	payment of any dividends or other distribution or payment to (directly or indirectly) the shareholders of CEMEX Parent (including any payment in connection with any redemption,
repurchase, defeasance, retirement or repayment of the share capital of CEMEX Parent); 

  

	 	(iii)	Capital Expenditure incurred by CEMEX Parent or its Subsidiaries exceeding an aggregate amount of: 

  

	 	(A)	US$40,000,000 (or its equivalent in other currencies) for the financial year ending 31 December 2009; 

  

	 	(B)	US$60,000,000 (or its equivalent in other currencies) for the financial year ending 31 December 2010; and 

  

	 	(C)	US$60,000,000 (or its equivalent in other currencies) for the financial year ending 31 December 2011, 

 (and for these purposes “Capital Expenditure” means Maintenance Capital Expenditure and Expansion Capital Expenditure taken together
(where “Maintenance Capital Expenditure” means expenses or investments made for the maintenance or replacement of existing plant and equipment used for the business of CEMEX Parent or its Subsidiaries and “Expansion Capital
Expenditure” means expenses or investments which is not Maintenance Capital Expenditure and is made for the expansion of any production or distribution facilities of CEMEX Parent or its Subsidiaries)) and provided that this Clause
22.8 (Financial Indebtedness) shall only apply if: 
  

	 	(i)	on the date of any incurrence of Relevant Financial Indebtedness and, for these purposes only, after giving effect thereto on a pro forma basis (as if such Relevant Financial
Indebtedness had been incurred on the first day of the Relevant Period for which the ratio of Net Borrowings to Adjusted EBITDA has then been most recently tested pursuant to Clause 21.3 (Financial testing)), the ratio of Net Borrowings to
Adjusted EBITDA is greater than or equal to 3.5 to 1.0; or 

  

	 	(ii)	an Event of Default has occurred and is continuing or would result from the incurrence of such Relevant Financial Indebtedness. 

  

	 	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	any Subordinated Debt or other amounts which are made available in a form which satisfies the Spanish law requirements of préstamos participativos;

  

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	 	(ii)	other Financial Indebtedness subordinated on terms satisfactory to the Majority Lenders which is used to repay or prepay CEMEX Capital Contributions or pay Royalty Expenses; or

  

	 	(iii)	Financial Indebtedness owed to another member of the Group. 

  

	22.9	Permitted Securitisations and leasing transactions 

 The Company shall use its reasonable endeavours to procure that any leasing transactions in respect of material plant and machinery required for the business of the Group or Permitted Securitisations which have been entered into as at the
Effective Date continue. 
  

	22.10	Merger 

  

	 	(a)	Subject to paragraphs (b) and (c) of this Clause 22.10, unless it has obtained the prior written approval of the Majority Lenders, no Obligor shall (and the Company shall
ensure that none of its Subsidiaries shall) enter into any amalgamation, demerger, merger or other corporate reconstruction (a “Reconstruction”), other than (i) a Reconstruction relating only to CEMEX Parent’s Subsidiaries
inter se; (ii) a Reconstruction between the Company and any of its Subsidiaries; or (iii) a solvent reorganisation or liquidation of any of the Subsidiaries of the Company which are not Obligors, provided that in any case no
Default shall have occurred and be continuing at the time of such transaction or would result therefrom and provided further that (a) none of the Security (if any) granted to the Lenders nor the guarantees granted by the Guarantors
hereunder is or are adversely affected as a result, and (b) the resulting entity, if it is not an Obligor, assumes the obligations of the Obligor the subject of the merger. 

  

	 	(b)	Subject to paragraph (c) of this Clause 22.10, the Obligors may merge with any other person if the book value of such person’s assets prior to the merger does not exceed
3 per cent. of the book value of the Group’s assets taken as a whole considered on a consolidated basis. 

  

	 	(c)	No merger otherwise permitted by paragraphs (a) and (b) of this Clause 22.10 shall be so permitted if as a result the then existing Ratings of the Company would be
downgraded whether at the time of, or within 3 Months of, the date of announcement of a Reconstruction, directly as a result of any merger involving the Company. Furthermore the resulting entity of any merger otherwise permitted by paragraphs
(a) and (b) of this Clause 22.10, if it is not an Obligor, shall assume the obligations of any Obligor which is the subject of the merger. 

  

	22.11	Change of business 

  

	 	(a)	None of the Obligors shall make a substantial change to the general nature of its business from that carried on at the date of this Agreement. 

  

	 	(b)	None of the Obligors shall cease to carry on its business (save (except in the case of the Company which shall in no event cease or substantially change its business) unless another
Obligor continues to operate any such business). 

  

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	 	(c)	The Company shall procure that no substantial change is made to the general nature of the business of any of its Material Subsidiaries from that carried on at the date of this
Agreement and that there shall be no cessation of such business. 

  

	22.12	Insurance 

 The Obligors shall (and the Company
shall ensure that each of its Material Subsidiaries (other than the Obligors) shall) maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those risks and to the extent as is
usual for companies carrying on the same or substantially similar business where such insurance is available on reasonable commercial terms. 
  

	22.13	Environmental Compliance 

 The Company shall (and
the Company shall ensure that each of its Subsidiaries shall) comply in all material respects with all Environmental Law and obtain and maintain any Environmental Permits and take all reasonable steps in anticipation of known or expected future
changes to or obligations under the same, in each case where failure to do so might reasonably be expected to have a Material Adverse Effect. 
  

	22.14	Environmental Claims 

 The Company shall inform the
Facility Agent in writing as soon as reasonably practicable upon becoming aware of the same: 
  

	 	(a)	if any Environmental Claim has been commenced or (to the best of the Company’s knowledge and belief) is threatened against any member of the Group which is likely to be
determined adversely to the member of the Group; or 

  

	 	(b)	of any facts or circumstances which will or are reasonably likely to result in any Environmental Claim being commenced or threatened against any member of the Group,

 where the claim would be reasonably likely, if finally determined against that member of the Group, to have a Material
Adverse Effect. 
  

	22.15	Transactions with Affiliates 

 Each Obligor shall
(and the Company shall ensure that its Subsidiaries shall) ensure that any transactions with its respective Affiliates are on terms that are fair and reasonable and no less favourable to such Obligor or such Subsidiary than it would obtain in a
comparable arm’s-length transaction with a person who is not an Affiliate. 
  

	22.16	Pari passu ranking 

 Each Obligor shall ensure that
at all times its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law or regulation applying to
companies generally from time to time. 
  

	22.17	Subsidiary Financial Indebtedness incurrence 

 If,
at any time, the aggregate outstanding principal amount of Subsidiary Financial Indebtedness exceeds 15 per cent. of the Consolidated Total Assets, then for so long as such remains the case, no Subsidiary of the Company (except Subsidiaries
described in paragraph (f)

  

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of the definition of “Subsidiary Financial Indebtedness” below) may, directly or indirectly, create, incur, assume or otherwise become
liable with respect to any other Financial Indebtedness. 
 “Subsidiary Financial Indebtedness” means Financial Indebtedness
of a Subsidiary of the Company other than: 
  

	 	(a)	Financial Indebtedness of a Subsidiary of the Company that is an Excluded Subsidiary Guarantor; 

  

	 	(b)	Financial Indebtedness of a Subsidiary of the Company as disclosed in Schedule 13 (Existing Financial Indebtedness) provided that: 

  

	 	(i)	the principal amount of such Financial Indebtedness shall not be increased above the principal amount thereof outstanding immediately prior to any extension, refunding or
refinancing; and 

  

	 	(ii)	the aggregate amount of all Financial Indebtedness that has been extended, refunded or refinanced under this paragraph (b) shall not exceed US$250,000,000 (or the equivalent
thereof if denominated in another currency), 

 for the avoidance of doubt, it is understood that: 
  

	 	(X)	if any such Financial Indebtedness is successively extended, refinanced or refunded, only the Financial Indebtedness outstanding after giving effect to all such successive
extensions, refinancing and refundings shall be counted against the foregoing amount; and 

  

	 	(Y)	any Financial Indebtedness incurred in a currency other than US Dollars pursuant to this paragraph (b) shall continue to be permitted under this paragraph (b), notwithstanding
any fluctuation in currency values, as long as the outstanding principal amount of such Financial Indebtedness (denominated in its original currency) does not exceed the maximum amount of such Financial Indebtedness (denominated in such currency)
permitted to be outstanding on the date such Financial Indebtedness was incurred); 

  

	 	(c)	Financial Indebtedness of a Subsidiary of the Company owed to the Company or another Subsidiary of the Company; 

  

	 	(d)	Financial Indebtedness of a Subsidiary of the Company that was: 

  

	 	(i)	outstanding at the time such Subsidiary became a Subsidiary of the Company; or 

  

	 	(ii)	contractually required to be incurred by such Subsidiary at such time, 

 provided that such Financial Indebtedness shall not have been incurred in contemplation of such Subsidiary becoming a Subsidiary of the Company and provided that there is no recourse to any member of the
Group other than such Subsidiary following the date falling 60 days after such Subsidiary became a Subsidiary of the Company; 
  

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	 	(e)	any Financial Indebtedness extending the maturity of the Financial Indebtedness referred to in paragraph (d) above, or any refunding or refinancing of the same, provided
that the principal amount of such Financial Indebtedness shall not be increased above the principal amount thereof outstanding immediately prior to such extension, refunding or refinancing; 

  

	 	(f)	Financial Indebtedness of a Subsidiary of the Company which: 

  

	 	(i)	has been formed for the purpose of, and whose primary activities are, the issuance or other incurrence of debt obligations to Persons other than Affiliates of the Company and the
lending or other advance of the net proceeds of such debt obligations (whether directly or indirectly) to the Company or any Guarantor which is a Holding Company (as defined in sub-Clause 25.3 (Additional Guarantors)); and

  

	 	(ii)	has no significant assets other than debt obligations, promissory notes and other contract rights in respect of funds advanced to the Company or such Guarantors; and

  

	 	(g)	Financial Indebtedness of a Subsidiary of the Company incurred pursuant to or in connection with any pooling agreements in place within a bank or financial institution, but only to
the extent of offsetting credit balances of the Company or its Subsidiaries pursuant to such pooling arrangement. 

 For the
purposes of this Clause 22.17 (Subsidiary Financial Indebtedness incurrence): 
 “Consolidated Total Assets” means, at
any time, the total assets of the Company and its Subsidiaries, as determined in accordance with Spanish GAAP by reference to the most recent financial statements supplied by the Company pursuant to Clause 20.1 (Financial Statements) or any
Compliance Certificate provided pursuant to Clause 20.2 (Compliance Certificate), provided that such financial statements or Compliance Certificate, as the case may be, shall be adjusted to reflect the acquisition of any Subsidiary.

 “Excluded Subsidiary Guarantor” means any Subsidiary of the Company that is an Original Guarantor or that becomes a
Guarantor (pursuant to Clause 25.3 (Additional Guarantors)) if, in the case of any Additional Guarantor only, legal opinions and other evidence are delivered to the Facility Agent sufficient to establish to the reasonable satisfaction of the
Facility Agent and its legal adviser that the obligations of such Guarantor under this Agreement rank and will continue to rank at least pari passu with all other unsecured and unsubordinated Financial Indebtedness of such Guarantor,
including in a bankruptcy or insolvency proceeding. 
  

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	22.18	Payment restrictions affecting Subsidiaries 

 The
Company shall not enter into or suffer to exist, or permit any of its Subsidiaries to enter into or suffer to exist, any agreement or arrangement (other than any Finance Document) directly limiting the ability of any of its Subsidiaries to:

  

	 	(a)	declare or pay dividends or other distributions in respect of its or their respective equity interests in a Subsidiary, except any agreement or arrangement entered into by a person
prior to such person becoming a Subsidiary, in which case the Company shall use its reasonable endeavours to remove such limitations. If however, such limitations are reasonably likely to affect the ability of the Company to satisfy its payment
obligations under this Agreement, the Company shall use its best endeavours to remove such limitations as soon as possible; or 

  

	 	(b)	repay or capitalise any intercompany indebtedness owed by any Subsidiary to any Obligor and, for the avoidance of doubt, subordination provisions shall not be considered a
limitation for the purpose of this Clause 22.18. 

 The provisions of paragraphs (a) and (b) above shall not restrict:

  

	 	(i)	any agreements or arrangements that are binding upon any person in connection with a Permitted Securitisation and any agreement or arrangement that limits the ability of any
Subsidiary of the Company that transfers receivables and related assets pursuant to a Permitted Securitisation to distribute or transfer receivables and related assets provided that, in each case, all such agreements and arrangements are
customarily required by the institutional sponsor or arranger of such Permitted Securitisation in similar types of documents relating to the purchase of receivables and related assets in connection with the financing thereof;

  

	 	(ii)	customary provisions in joint venture agreements relating to dividends or other distributions in respect of such joint venture or the securities, assets and revenues of such joint
venture; and 

  

	 	(iii)	restrictions on distributions applicable to Subsidiaries of the Company that are the subject of agreements to sell or otherwise dispose of the stock or assets of such Subsidiaries
pending such sale or other disposition. 

  

	22.19	Notification of adverse change in Ratings 

 The
Company shall promptly notify the Facility Agent of any change in its Ratings or Outlook. 
  

	22.20	Reasonable Endeavours Securities Issuance 

 If by
30 June 2009 the aggregate amount of Disposal Proceeds received by the Group (on a cumulative basis) is less than US$1,000,000,000, the Company shall use (or shall procure that one of its Subsidiaries will use) reasonable endeavours to issue
unsecured long term debt securities on the capital markets (a “Reasonable Endeavours Securities Issuance”), provided that such a Securities Issuance shall meet the following conditions: 
  

	 	(a)	such issuance shall be consistent with the Company’s or the relevant Subsidiary’s contractual obligations (including its obligations under the Finance Documents) and the
fiduciary duties of its board of directors; 

  

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	 	(b)	such issuance shall be structured so as to be exempt from registration under applicable US securities laws; 

  

	 	(c)	the economic terms and conditions of such securities shall be reasonably acceptable to the Company or the relevant Subsidiary, including being on similar terms to securities issued
in the period of 90 days prior to the date of issuance by corporate issuers that are comparable in the sector and which have a comparable rating to that of the Company or the relevant Subsidiary (or, if no such securities have been issued, on
similar terms to securities issued by US corporate issuers with a comparable rating to the Company or the relevant Subsidiary); and 

  

	 	(d)	the covenant terms, as to the Company or the relevant Subsidiary, shall be substantially similar to the terms of the Company’s or the relevant Subsidiary’s (as the case
may be) other outstanding similar long term debt securities and shall not conflict with, or be more onerous than, the terms of the Company’s or its Subsidiaries’ other bank financing arrangements at that time. 

  

	23.	EVENTS OF DEFAULT 

 Each of the events or
circumstances set out in this Clause 23 is an Event of Default. 
  

	23.1	Non-payment 

 An Obligor does not pay on the due
date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless such failure to pay is caused by an administrative error or technical difficulties within the banking system in
relation to the transmission of funds and payment is made within three Business Days of its due date. 
  

	23.2	Financial Covenants 

 Any requirement of Clause 21
(Financial Covenants) is not satisfied. 
  

	23.3	Other obligations 

  

	 	(a)	An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 23.1 (Non-payment) and Clause 21 (Financial covenants)).

  

	 	(b)	No Event of Default under paragraph (a) of this Clause 23.3 above will occur if the failure to comply is capable of remedy and is remedied within fifteen Business Days of the
Facility Agent giving written notice to the Company or the Company becoming aware of the failure to comply, whichever is the earlier. 

  

	23.4	Misrepresentation 

 Any representation or statement
made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material
respect when made or deemed to be made. 
  

	23.5	Cross acceleration 

  

	 	(a)	Any Financial Indebtedness of any Obligor or member of the Group is not paid when due nor within any originally applicable grace period. 

  

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	 	(b)	Any Financial Indebtedness of any Obligor or member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of
default (however described). 

  

	 	(c)	No Event of Default will occur under this Clause 23.5 if the aggregate amount of Financial Indebtedness falling within paragraphs (a) and (b) of this Clause 23.5 above is
less than US$75,000,000 (or its equivalent in any other currency or currencies). 

  

	23.6	Insolvency 

  

	 	(a)	Any of the Obligors or Material Subsidiaries is unable or admits inability to pay its debts as they fall due or, by reason of actual or anticipated financial difficulties, suspends
making payments on any of its debts or commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness. 

  

	 	(b)	The value of the assets of any of the Obligors or Material Subsidiaries is less than its liabilities (taking into account contingent and prospective liabilities).

  

	 	(c)	A moratorium is declared in respect of any indebtedness of any of the Obligors or Material Subsidiaries. 

  

	23.7	Insolvency proceedings 

 Any corporate action, legal
proceedings or other procedure or step is taken in relation to: 
  

	 	(a)	a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any of the
Obligors or Material Subsidiaries, other than a solvent liquidation or reorganisation of any of the Material Subsidiaries which are not Obligors; 

  

	 	(b)	a composition, assignment or arrangement with any class of creditor of any of the Obligors or Material Subsidiaries; 

  

	 	(c)	the appointment of a liquidator (other than in respect of a solvent liquidation of any of the Material Subsidiaries which are not Obligors), receiver, administrator, administrative
receiver, compulsory manager or other similar officer in respect of any of the Obligors or Material Subsidiaries or any of their assets; 

 or any analogous procedure or step is taken in any jurisdiction. 
 This paragraph shall not apply to any
winding-up petition (or equivalent procedure in any jurisdiction) which is frivolous or vexatious and is discharged, stayed or dismissed within 60 days of commencement. 
  

	23.8	Expropriation and sequestration 

 Any expropriation
or sequestration affects any asset or assets of any Obligor or any Material Subsidiary and has a Material Adverse Effect. 
  

	23.9	Creditors’ process and enforcement of Security 

  

	 	(a)	Any Security is enforced against any Obligor or any Material Subsidiary. 

  

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	 	(b)	Any attachment, distress or execution affects any asset or assets of any Obligor or any Material Subsidiary which is reasonably likely to cause a Material Adverse Effect.

  

	 	(c)	No Event of Default under paragraphs (a) or (b) of this Clause 23.9 above will occur if: 

  

	 	(i)	the action is being contested in good faith by appropriate proceedings; 

  

	 	(ii)	the principal amount of the indebtedness secured by such Security or in respect of which such attachment, distress or execution is carried out represents less than US$75,000,000 (or
its equivalent in any other currency or currencies); and 

  

	 	(iii)	the enforcement proceedings, attachment, distress or execution is or are discharged within 60 days of commencement. 

  

	23.10	Ownership of Obligors 

 Any Obligor (other than the
Company) ceases to be a Subsidiary of the Company. 
  

	23.11	Failure to comply with judgment 

 Any Obligor or any
Material Subsidiary fails to comply with or pay any sum due from it under any judgment or any order made or given by any court of competent jurisdiction, unless payment of any such sum is suspended pending an appeal. 
  

	23.12	Unlawfulness 

 It is or becomes unlawful for an
Obligor to perform any of its obligations under the Finance Documents where non-performance is reasonably likely to cause a Material Adverse Effect. 
  

	23.13	Repudiation 

 An Obligor repudiates a Finance
Document or evidences an intention to repudiate a Finance Document. 
  

	23.14	Material adverse change 

 Any material adverse
change arises in the financial condition of the Group taken as a whole, which the Majority Lenders reasonably determine would result in the failure by any Obligor to perform its payment obligations under any of the Finance Documents. 
  

	23.15	Acceleration 

 On and at any time after the
occurrence of an Event of Default which is continuing the Facility Agent may, while such Event of Default is continuing and shall if so directed by the Majority Lenders, by notice to the Company: 
  

	 	(a)	cancel the Total Commitments whereupon they shall immediately be cancelled; 

  

	 	(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued under the Finance Documents be immediately due and payable, whereupon they shall
become immediately due and payable; and/or 

  

	 	(c)	declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on demand by the Facility Agent on the instructions of the Majority
Lenders. 

  

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 SECTION 9 
 CHANGES TO PARTIES 
  

	24.	CHANGES TO THE LENDERS 

  

	24.1	Assignments and transfers by the Lenders 

 Subject
to this Clause 24, a Lender (the “Existing Lender”) may: 
  

	 	(a)	assign any of its rights and benefits in respect of any Utilisation; or 

  

	 	(b)	transfer by novation any of its rights, benefits and obligations in respect of any Commitment or any Utilisation, 

 to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making,
purchasing or investing in loans, securities or other financial assets (the “New Lender”), provided that no Lender may transfer or assign any of its rights, benefits or obligations under the Finance Documents to any U.S.
Lender or enter into a sub-participation agreement in respect of such rights, benefits or obligations with a U.S. Lender. 
  

	24.2	Conditions of assignment or transfer 

  

	 	(a)	The Borrower must be notified no later than one Business Day prior to the proposed date of any assignment or transfer pursuant to this Clause 24.1 (Assignments and transfers by
the Lenders). 

  

	 	(b)	An assignment will be effective only on: 

  

	 	(i)	receipt by the Facility Agent of written confirmation from the New Lender that the New Lender will assume the same obligations to the other Finance Parties as it would have been
under if it was an Original Lender; and 

  

	 	(ii)	the satisfaction of the Facility Agent with the results of all “know your client” or other checks relating to the identity of any person that it is required by law
to carry out in relation to such assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	(c)	A transfer will be effective only if the procedure set out in Clause 24.5 (Procedure for transfer) is complied with. 

  

	 	(d)	If: 

  

	 	(i)	a Lender assigns or transfers any of its rights, benefits or obligations under the Finance Documents or changes its Facility Office; and 

  

	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through
its new Facility Office under Clause 13 (Tax Gross-up and Indemnities) or Clause 14 (Increased Costs), 

  

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 then the New Lender or Lender acting through its new Facility Office is entitled to receive payment
under those Clauses only to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. 
  

	 	(e)	In addition to the other assignment rights provided in this Clause 24, each Lender may assign, as collateral or otherwise, any of its rights under this Agreement (including rights
to payments of principal or interest on the Loans) to any trustee for the benefit of the holders of such Lender’s securities provided that no such assignment shall release the assigning Lender from any of its obligations under this
Agreement. 

  

	24.3	Assignment or transfer fee 

 The New Lender shall,
on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of US$2,000, except no such fee shall be payable in connection with an assignment or transfer to a New Lender upon primary
syndication of the Facilities. 
  

	24.4	Limitation of responsibility of Existing Lenders 

  

	 	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

  

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

 and any representations or warranties implied by law or regulation are excluded. 
  

	 	(b)	Each New Lender confirms to the Existing Lender, and the other Finance Parties that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection
with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 

  

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance
Documents or any Commitment is in force. 

  

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	 	(c)	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 24; or 

  

	 	(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.

  

	24.5	Procedure for transfer 

  

	 	(a)	Subject to the conditions set out in Clause 24.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (b) below when the Facility
Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate
appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate and send a copy to the Company. 

  

	 	(b)	On the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights, and obligations under the Finance Documents each of the Obligors and the
Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the “Discharged Rights and
Obligations”); 

  

	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and
Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Facility Agent, the Documentation Agent, the New Lender and the other Lenders, shall acquire the same rights and assume the same obligations between themselves as they would
have acquired and assumed had the New Lender been an Original Lender with the rights, and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent, the Documentation Agent and the Existing Lender
shall each be released from further obligations to each other under the Finance Documents; and 

  

	 	(iv)	the New Lender shall become a Party as a “Lender”. 

  

	24.6	Procedure for assignment 

  

	 	(a)	 Subject to the conditions set out in Clause 24.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with paragraph
(c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, 

  

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subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to
comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement. 

  

	 	(b)	The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender upon its completion of all “know your
customer” or other checks relating to any person that it is required to carry out in relation to the assignment to such New Lender. 

  

	 	(c)	On the Transfer Date: 

  

	 	(i)	the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents; 

  

	 	(ii)	the Existing Lender will be released from the obligations (the “Relevant Obligations”) expressed to be the subject of the release in the Assignment Agreement; and

  

	 	(iii)	the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations. 

  

	 	(d)	Lenders may utilise procedures other than those set out in this Clause 24.6 to assign their rights under the Finance Documents provided that they comply with the conditions
set out in Clause 24.2 (Conditions of assignment or transfer). 

  

	24.7	Copy of Transfer Certificate to Borrower 

 The
Facility Agent shall, as soon as reasonably practicable after it has received a Transfer Certificate, send to the Company a copy of that Transfer Certificate. 
  

	24.8	Disclosure of information 

  

	 	(a)	Any Lender may disclose to any of its Affiliates and any other person: 

  

	 	(i)	to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under the Finance Documents;

  

	 	(ii)	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by
reference to, the Finance Documents; or 

  

	 	(iii)	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

 any information about any Obligor, the Group and the Finance Documents as that Lender shall consider appropriate provided that (in the case of
paragraphs (i) and (ii) only) the person to whom the information is to be given has entered into a Confidentiality Undertaking. 
  

	 	(b)	 Any Lender may also disclose the size and term of the Facilities and the name of each of the Obligors to any investor or a potential investor in a securitisation
(or similar 

  

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transaction of broadly equivalent economic effect) of that Lender’s rights or obligations under the Finance Documents provided that the person to
whom the information is to be given has entered into a Confidentiality Undertaking. 

  

	24.9	Interest 

 All interest accrued in the Interest
Period in which a transfer is effective shall be paid to the Existing Lender. 
  

	24.10	Security over Lenders’ rights 

 In addition to
the other rights provided to Lenders under this Clause 24, each Lender may without consulting with or obtaining consent from any Obligor, at any time create Security in or over (whether by way of collateral or otherwise) all or any of its rights
under any Finance Document to secure obligations of that Lender including, without limitation: 
  

	 	(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and 

  

	 	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or
securities issued, by that Lender as security for those obligations or securities, 

 except that no such charge, assignment or
other Security shall: 
  

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or other Security for the Lender as a party
to any of the Finance Documents; or 

  

	 	(ii)	require any payments to be made by an Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance
Documents. 

  

	25.	CHANGES TO THE OBLIGORS 

  

	25.1	Assignment and Transfers by Obligors 

 No Obligor
may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 
  

	25.2	Additional Borrowers 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (b) and (c) of Clause 20.6 (“Know your client” checks), the Company may request that any of
its wholly owned Subsidiaries which is not a dormant Subsidiary becomes an Additional Borrower. That Subsidiary shall become an Additional Borrower if: 

  

	 	(i)	either: 

  

	 	(A)	(if at the time the Company is a Guarantor hereunder) the Majority Lenders approve the addition of that Subsidiary; or 

  

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	 	(B)	(if at the time the Company is not a Guarantor hereunder) the Lenders approve the addition of that Subsidiary: 

  

	 	(ii)	the Company and that Subsidiary deliver to the Facility Agent a duly completed and executed Accession Letter; 

  

	 	(iii)	the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and 

  

	 	(iv)	the Facility Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions precedent required to be delivered by an Additional
Obligor) in relation to that Additional Borrower, each in form and substance satisfactory to the Facility Agent. 

  

	 	(b)	The Facility Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other
evidence listed in Part II of Schedule 2 (Conditions precedent required to be delivered by an Additional Obligor). 

  

	25.3	Additional Guarantors 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (b) and (c) of Clause 20.6 (“Know your client” checks), the Company may request that it or any of
its wholly owned Subsidiaries become an Additional Guarantor. 

  

	 	(b)	The Company may request that it or any of its Subsidiaries becomes an Additional Guarantor by: 

  

	 	(A)	the Company delivering to the Facility Agent a duly-completed and executed Accession Letter; and 

  

	 	(B)	the Facility Agent receiving from the Company all of the documents and other evidence referred to in Part II of Schedule 2 (Conditions Precedent required to be delivered by an
Additional Obligor) in relation to that Additional Guarantor. 

  

	 	(c)	The Facility Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received all the documents and other evidence listed in Part II of Schedule 2
(Conditions Precedent required to be delivered by an Additional Obligor). 

  

	25.4	Resignation of Guarantor 

 A Guarantor (a
“Resigning Guarantor”) will cease to be a Guarantor if: 
  

	 	(a)	it makes a sale, lease, transfer or other disposal of all or substantially all (but not a part only) of its assets to another member of the Group which is or becomes a Guarantor in
accordance with Clause 25.3 (Additional Guarantors); or 

  

	 	(b)	it notifies the Facility Agent that it has no assets and provides the Facility Agent with a certificate signed by a director of the Company confirming that it has no assets,

  

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 provided that: 
  

	 	(i)	such Resigning Guarantor also, if applicable, ceases concurrently to be a guarantor in respect of any other indebtedness of the Group or of any member of the Group;

  

	 	(ii)	such Resigning Guarantor notifies the Facility Agent of any sale, lease, transfer or other disposal in accordance with paragraph (a) of this Clause 25.4; and

  

	 	(iii)	the Company may not resign as a Guarantor without the consent of all Lenders. 

  

	25.5	Resignation of a Borrower 

  

	 	(a)	The Company may request that a Borrower (other than the Company) ceases to be a Borrower by delivering to the Facility Agent a letter of resignation signed by an Authorised
Signatory of the Company and the relevant Borrower, which confirms that the requirements of paragraph (b) below are met. 

  

	 	(b)	The Facility Agent shall accept such a resignation and promptly notify the Company and the Lenders of its acceptance if: 

  

	 	(i)	no Default is continuing or would result from the acceptance of the resignation (and the Company has confirmed this is the case); and 

  

	 	(ii)	the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, 

 whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents. 
  

	25.6	Repetition of Representations 

 Delivery of an
Accession Letter constitutes confirmation by the relevant Affiliate that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.

  

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 SECTION 10 
 THE FINANCE PARTIES 
  

	26.	ROLE OF THE FACILITY AGENT AND THE DOCUMENTATION AGENT 

  

	26.1	Appointment of the Facility Agent 

  

	 	(a)	Each of the Documentation Agent and the Lenders appoints the Facility Agent to act as its agent under and in connection with the Finance Documents. 

  

	 	(b)	Each of the Documentation Agent and the Lenders, authorises the Facility Agent to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent
under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. 

  

	26.2	Duties of the Facility Agent 

  

	 	(a)	The Facility Agent shall promptly forward to a Party the original or a copy of any document (including, but not limited to, the Company’s annual financial statements) which is
delivered to the Facility Agent for that Party by any other Party. 

  

	 	(b)	The Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. 

  

	 	(c)	If the Facility Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly
notify the other Finance Parties. 

  

	 	(d)	If the Facility Agent is aware of the non-payment of any principal, interest or fee payable to a Finance Party (other than the Facility Agent or the Documentation Agent) under this
Agreement it shall promptly notify the other Finance Parties. 

  

	 	(e)	The Facility Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

  

	26.3	Role of the Documentation Agent 

 Except as
specifically provided in the Finance Documents, the Documentation Agent has no obligations of any kind to any other Party under or in connection with any Finance Document. 
  

	26.4	No fiduciary duties 

  

	 	(a)	Nothing in this Agreement constitutes the Facility Agent and/or the Documentation Agent, as a trustee or fiduciary of any other person. 

  

	 	(b)	Neither the Facility Agent nor the Documentation Agent shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.

  

	26.5	Business with the Group 

 The Facility Agent and the
Documentation Agent may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group. 
  

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	26.6	Rights and discretions 

  

	 	(a)	The Facility Agent may rely on: 

  

	 	(i)	any representation, notice or document (including, for the avoidance of doubt, any representation, notice or document communicating the consent of the Majority Lenders pursuant to
Clause 35.1 (Required consents)) believed by it to be genuine, correct and appropriately authorised; and 

  

	 	(ii)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power
to verify. 

  

	 	(b)	The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: 

  

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 23.1 (Non-payment)); 

  

	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and 

  

	 	(iii)	any notice or request made by the Company (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors. 

 

	 	(c)	The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

  

	 	(d)	The Facility Agent may act in relation to the Finance Documents through its personnel and agents. 

  

	 	(e)	The Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

  

	 	(f)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the Documentation Agent, is obliged to do or omit to do anything if it
would or might in its reasonable opinion constitute a breach of any law and regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	26.7	Majority Lenders’ instructions 

  

	 	(a)	Unless a contrary indication appears in a Finance Document, the Facility Agent shall (i) exercise any right, power, authority or discretion vested in it as Agent in accordance
with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Agent) and (ii) not be liable for any act (or omission)
if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders. 

  

	 	(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties. 

  

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	 	(c)	The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it
may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions. 

  

	 	(d)	In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Facility Agent may act (or refrain from taking action) as it considers to be in the
best interest of the Lenders. 

  

	 	(e)	The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any
Finance Document. 

  

	26.8	Responsibility for documentation 

 Neither the
Facility Agent nor the Documentation Agent: 
  

	 	(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Facility Agent, the Documentation Agent, an Obligor or any
other person given in or in connection with any Finance Document or the Information Memorandum; or 

  

	 	(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered into, made or
executed in anticipation of or in connection with any Finance Document. 

  

	26.9	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) below, neither the Facility Agent nor the Documentation Agent will be liable for any action taken by it under or in connection with any Finance
Document, unless directly caused by its gross negligence or wilful misconduct or wilful breach of any Finance Document. 

  

	 	(b)	No Party (other than the Facility Agent) may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the
Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Facility Agent may rely on this Clause 26 subject to Clause 1.4
(Third party rights) and the provisions of the Third Parties Act. 

  

	 	(c)	The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the
Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Facility Agent for that purpose.

  

	 	(d)	Nothing in this Agreement shall oblige the Facility Agent or the Documentation Agent to carry out any checks pursuant to any laws or regulations relating to money laundering in
relation to any person on behalf of any Lender and each Lender confirms to the Facility Agent and the Documentation Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in
relation to such checks made by the Facility Agent or the Documentation Agent. 

  

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	26.10	Lenders’ indemnity to the Facility Agent 

 Each
Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Facility Agent, within three Business
Days of demand, against any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent’s gross negligence or wilful misconduct) in acting as Facility Agent under the Finance Documents (unless the
Facility Agent has been reimbursed by an Obligor pursuant to a Finance Document). 
  

	26.11	Resignation of the Facility Agent 

  

	 	(a)	The Facility Agent may resign and appoint one of its Affiliates acting through an office in the European Union as successor by giving notice to the other Finance Parties and the
Company. 

  

	 	(b)	Alternatively the Facility Agent may resign by giving notice to the other Finance Parties and the Company, in which case the Majority Lenders (after consultation with the Company)
may appoint a successor Facility Agent. 

  

	 	(c)	If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the Facility
Agent (after consultation with the Company) may appoint a successor Facility Agent (acting through an office in the European Union). 

  

	 	(d)	The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility
Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. 

  

	 	(e)	The Facility Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	 	(f)	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the
benefit of this Clause 26.11. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

  

	 	(g)	After consultation with the Company, the Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) above. In this event, the
Facility Agent shall resign in accordance with paragraph (b) above. 

  

	26.12	Confidentiality 

  

	 	(a)	In acting as agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of
its divisions or departments. 

  

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	 	(b)	If information is received by another division or department of the Facility Agent, it may be treated as confidential to that division or department and the Facility Agent shall not
be deemed to have notice of it. 

  

	 	(c)	Notwithstanding any other provision of any Finance Document to the contrary, none of the Facility Agent and the Documentation Agent are obliged to disclose to any other person
(i) any confidential information or (ii) any other information if the disclosure would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty. 

  

	26.13	Relationship with the Lenders 

  

	 	(a)	The Facility Agent may treat each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received not less than five
Business Days prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 

  

	 	(b)	Each Lender shall supply the Facility Agent with any information required by the Facility Agent in order to calculate the Mandatory Cost in accordance with Schedule 4 (Mandatory
Cost Formulae). 

  

	26.14	Credit appraisal by the Finance Parties 

 Without
affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Finance Party confirms to the Facility Agent that it has been, and will continue to be, solely responsible for
making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document; 

  

	 	(c)	whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance
Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and 

  

	 	(d)	the adequacy, accuracy and/or completeness of the Information Memorandum, and any other information provided by the Facility Agent, any Party or by any other person under or in
connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document.

  

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	26.15	Reference Banks 

 If a Reference Bank (or, if a
Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Facility Agent shall (in consultation with the Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 

 

	26.16	Agent’s Management Time 

 Any amount payable to
the Facility Agent under Clause 15.3 (Indemnity to the Facility Agent) and Clause 26.10 (Lenders’ indemnity to the Facility Agent) shall include the cost of utilising the Facility Agent’s management time or other resources
and will be calculated on the basis of such reasonable daily or hourly rates as the Facility Agent may notify to the Company and the Lenders, and is in addition to any fee paid or payable to the Facility Agent under Clause 12 (Fees).

  

	26.17	Deduction from amounts payable by the Facility Agent 

 If any Party owes an amount to the Facility Agent under the Finance Documents the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Facility Agent
would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so
deducted. 
  

	27.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

 No
provision of this Agreement will: 
  

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

  

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax (but without prejudice to the terms of Clause
13.3 (Tax indemnity)). 

  

	28.	SHARING AMONG THE FINANCE PARTIES 

  

	28.1	Payments to Finance Parties 

 If a Finance Party (a
“Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 29 (Payment Mechanics) (whether by way of set-off or otherwise) and applies that amount to a payment due under
the Finance Documents then: 
  

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Facility Agent; 

  

	 	(b)	the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been
received or made by the Facility Agent and distributed in accordance with Clause 29 (Payment Mechanics), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and

  

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	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the “Sharing Payment”) equal to
such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 29.5 (Partial payments). 

 

	28.2	Redistribution of payments 

 The Facility Agent
shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance with Clause 29.5 (Partial payments). 
  

	28.3	Recovering Finance Party’s rights 

  

	 	(a)	On a distribution by the Facility Agent under Clause 28.2 (Redistribution of payments), the Recovering Finance Party will be subrogated to the rights of the Finance Parties
which have shared in the redistribution. 

  

	 	(b)	If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph (a) above, the relevant Obligor shall be liable to the Recovering
Finance Party for a debt equal to the Sharing Payment which is immediately due and payable. 

  

	28.4	Reversal of redistribution 

 If any part of the
Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: 
  

	 	(a)	each Finance Party which has received a share of the relevant Sharing Payment pursuant to Clause 28.2 (Redistribution of payments) shall, upon request of the Facility Agent,
pay to the Facility Agent for account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion
of any interest on the Sharing Payment which that Recovering Finance Party is required to pay); and 

  

	 	(b)	that Recovering Finance Party’s rights of subrogation in respect of any reimbursement shall be cancelled and the relevant Obligor will be liable to the reimbursing Finance
Party for the amount so reimbursed. 

  

	28.5	Exceptions 

  

	 	(a)	This Clause 28 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause 28, have a valid and enforceable claim
against the relevant Obligor. 

  

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	 	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal
or arbitration proceedings, if: 

  

	 	(i)	it notified that other Finance Party of the legal or arbitration proceedings; and 

  

	 	(ii)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and
did not take separate legal or arbitration proceedings. 

  

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 SECTION 11 
 ADMINISTRATION 
  

	29.	PAYMENT MECHANICS 

  

	29.1	Payments to the Facility Agent 

  

	 	(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Facility Agent
(unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place
of payment. 

  

	 	(b)	Payments by Obligors or Lenders shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial
centre in a Participating Member State or London) with such bank as the Facility Agent specifies. 

  

	29.2	Distributions by the Facility Agent 

 Each payment
received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 29.3 (Distributions to an Obligor), Clause 29.4 (Clawback) and Clause 26.17 (Deduction from amounts payable by the Facility
Agent) be made available by the Facility Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as
that Party may notify to the Facility Agent by not less than five Business Days’ notice with a bank in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in a Participating
Member State or London). 
  

	29.3	Distributions to an Obligor 

 The Facility Agent may
(with the consent of the Obligor or in accordance with Clause 30 (Set-Off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor
under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 
  

	29.4	Clawback 

  

	 	(a)	Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter
into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

  

	 	(b)	If the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount
(or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent,
calculated by the Facility Agent to reflect its cost of funds. 

  

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	29.5	Partial payments 

  

	 	(a)	If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Facility Agent shall
apply that payment towards the obligations of that Obligor under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Facility Agent and the Documentation Agent under the Finance Documents;

  

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	(b)	The Facility Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above. 

  

	 	(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 

  

	 	(d)	The Lenders hereby expressly agree that the Facility Agent shall not apply any amount received in accordance with paragraph (a) above to discharge the obligations of an Obligor
owed to a Lender if such partial payment received by the Facility Agent is as a result of that Lender being considered as a subordinated creditor by operation of any insolvency law. 

  

	29.6	No set-off by Obligors 

 All payments to be made by
an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	29.7	Business Days 

  

	 	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business
Day (if there is not). 

  

	 	(b)	During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the
original due date. 

  

	29.8	Currency of account 

  

	 	(a)	Subject to paragraphs (b) to (f) below, US Dollars is the currency of account and currency of payment for any sum due from an Obligor under any Finance Document.

  

	 	(b)	A repayment of a Utilisation or Unpaid Sum or a part of a Utilisation or Unpaid Sum shall be made in the currency in which that Utilisation or Unpaid Sum is denominated on its due
date. 

  

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	 	(c)	Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued.

  

	 	(d)	Unless otherwise provided in this Agreement or any other Finance Document, any amount (including fees) payable in respect of (i) Facility A shall be paid in US Dollars and
(ii) Facility B shall be paid in Euro. 

  

	 	(e)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

  

	 	(f)	Any amount expressed to be payable in a currency other than US Dollars shall be paid in that other currency. 

  

	29.9	Change of currency 

  

	 	(a)	Unless otherwise prohibited by law or regulation, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful
currency of that country, then: 

  

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the
currency or currency unit of that country designated by the Facility Agent (after consultation with the Company); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or
currency unit into the other rounded up or down by the Facility Agent (acting reasonably). 

  

	 	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting reasonably and after consultation with the Company) specifies to be
necessary be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency. 

  

	30.	SET-OFF 

 A Finance Party may set off any matured
obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or
currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 
  

	31.	NOTICES 

  

	31.1	Communications in writing 

 Any communication to be
made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter or (in accordance with Clause 31.5 (Electronic communication)) by email. 
  

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	31.2	Addresses 

 The address and fax number (and the
department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	in the case of the Company, that identified with its name below; 

  

	 	(b)	in the case of each Lender, or any other Obligor, that notified in writing to the Facility Agent on or prior to the date on which it becomes a Party; and 

 

	 	(c)	in the case of the Facility Agent, that identified with its name below, 

 or any substitute address or fax number or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change is made by the Facility Agent) by not
less than five Business Days’ notice. 
  

	31.3	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: 

  

	 	(i)	if by way of fax, when received in legible form; or 

  

	 	(ii)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that
address, 

  

	 	(iii)	and, if a particular department or officer is specified as part of its address details provided under Clause 31.2 (Addresses), if addressed to that department or officer.

  

	 	(b)	Any communication or document to be made or delivered to the Facility Agent will be effective only when actually received by the Facility Agent and then only if it is expressly
marked for the attention of the department or officer identified with the Facility Agent’s signature below (or any substitute department or officer as the Facility Agent shall specify for this purpose). 

  

	 	(c)	All notices from or to an Obligor shall be sent through the Facility Agent. The Company may make and/or deliver as agent of each Obligor notices and/or requests on behalf of each
Obligor. 

  

	 	(d)	Any communication or document made or delivered to the Company in accordance with this Clause 31 will be deemed to have been made or delivered to each of the Obligors.

  

	 	(e)	Any notice delivered in accordance with this Clause 31 after 4 p.m. local time in the place of delivery on a given day shall be deemed to have been received on the next Business Day
after such day. 

  

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	31.4	Notification of address and fax number 

 Promptly
upon receipt of notification of an address or fax number or change of address or fax number pursuant to Clause 31.2 (Addresses) or changing its own address or fax number, the Facility Agent shall notify the other Parties. 
  

	31.5	Electronic communication 

  

	 	(a)	Any communication to be made between the Facility Agent and a Lender and/or any member of the Group under or in connection with the Finance Documents may be made by electronic mail
or other electronic means, if the Facility Agent and the relevant Lender and/or member of the Group: 

  

	 	(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	(ii)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

  

	 	(iii)	notify each other of any change to their address or any other such information supplied by them. 

  

	 	(b)	Any electronic communication made between the Facility Agent and a Lender and/or any member of the Group will be effective only when actually received in readable form and in the
case of any electronic communication made by a Lender and/or any member of the Group to the Facility Agent only if it is addressed in such a manner as the Facility Agent shall specify for this purpose. 

  

	31.6	English language 

  

	 	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  

	 	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English or Spanish; or 

  

	 	(ii)	if not in English or Spanish, and if so required by the Facility Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless
the document is a constitutional, statutory or other official document. 

  

	31.7	Obligor Agent 

  

	 	(a)	 Each Obligor (other than the Company) by its execution of this Agreement or an Accession Letter (as the case may be) irrevocably appoints the Company to act on its
behalf as its agent in relation to the Finance Documents and irrevocably authorises (i) the Company on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and
instructions (including, in the case of a Borrower, Utilisation Requests or Conversion Requests), to execute on its behalf any documents required hereunder and to make such agreements 

  

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capable of being given or made by any Obligor notwithstanding that they may affect such Obligor, without further reference to or consent of such Obligor; and
(ii) each Finance Party to give any notice, demand or other communication to such Obligor pursuant to the Finance Documents to the Company on its behalf, and in each case such Obligor shall be bound thereby as though such Obligor itself had
given such notices and instructions (including, without limitation, any Utilisation Requests or Conversion Requests) or executed or made such agreements or received any notice, demand or other communication. 

  

	 	(b)	Every act, agreement, undertaking, settlement, waiver, notice or other communication given or made by the Company, or given to the Company, in its capacity as agent in accordance
with paragraph (a) of this Clause 31.7, in connection with this Agreement shall be binding for all purposes on such Obligors as if the other Obligors had expressly made, given or concurred with the same. In the event of any conflict between any
notices or other communications of the Company and any other Obligor, those of the Company shall prevail. 

  

	31.8	Use of Websites 

  

	 	(a)	The Company may satisfy its obligation under this Agreement to deliver any information in relation to those Lenders (the “Website Lenders”) who accept this method
of communication by posting this information onto an electronic website designated by the Company and the Facility Agent (the “Designated Website”) if: 

  

	 	(i)	the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method; 

  

	 	(ii)	both the Company and the Facility Agent are aware of the address of and any relevant password specifications for the Designated Website; and 

  

	 	(iii)	the information is in a format previously agreed between the Company and the Facility Agent. 

 If any Lender (a “Paper Form Lender”) does not agree to the delivery of information electronically then the Facility Agent shall notify
the Company accordingly and the Company shall supply the information to the Facility Agent in paper form. In any event the Company shall supply the Facility Agent with at least one copy in paper form of any information required to be provided by it.

  

	 	(b)	The Facility Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by
the Company and the Facility Agent. 

  

	 	(c)	The Company shall promptly upon becoming aware of its occurrence notify the Facility Agent if: 

  

	 	(i)	the Designated Website cannot be accessed due to technical failure; 

  

	 	(ii)	the password specifications for the Designated Website change; 

  

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	 	(iii)	any new information which is required to be provided under this Agreement is posted onto the Designated Website; 

  

	 	(iv)	any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or 

  

	 	(v)	the Company becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software.

 If the Company notifies the Facility Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided
by the Company under this Agreement after the date of that notice shall be supplied in paper form unless and until the Facility Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer
continuing. 
  

	 	(d)	Any Website Lender may request, through the Facility Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the Designated
Website. The Company shall comply with any such request within ten Business Days. 

  

	32.	CALCULATIONS AND CERTIFICATES 

  

	32.1	Accounts 

 In any litigation or arbitration
proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	32.2	Certificates and Determinations 

 Any certification
or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	32.3	Day count convention 

 Any interest, commission or
fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days, or where the interest, commission or fee is to accrue in respect of any amount denominated
in sterling, 365 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice. 
  

	32.4	Spanish Civil Procedure 

 In the event that this
Agreement is raised to a Spanish Public Document, for the purposes of Article 572.2 of the Spanish Civil Procedure Law (Ley de Enjuiciamiento Civil), all parties expressly agree that the exact amount due at any time by the Obligors to the
Lenders will be the amount specified in a certificate issued by the Facility Agent (and/or any Lender) in accordance with Clause 32.2 (Certificates and Determinations) as representative of the Lenders reflecting the balance of the accounts
referred to in Clause 32.1 (Accounts). 
  

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	32.5	No personal liability 

 If an individual signs a
certificate on behalf of any member of the Group and the certificate proves to be incorrect, the individual will incur no personal liability as a result, unless the individual acted fraudulently in giving the certificate. In this case any liability
of the individual will be determined in accordance with applicable law. 
  

	33.	PARTIAL INVALIDITY 

 If, at any time, any provision
of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law or regulation of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or
enforceability of such provision under the laws or regulations of any other jurisdiction will in any way be affected or impaired. 
  

	34.	REMEDIES AND WAIVERS 

 No failure to exercise, nor
any delay in exercising, on the part of any Finance Party or Finance Party, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other
exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law or regulation. 
  

	35.	AMENDMENTS AND WAIVERS 

  

	35.1	Required consents 

  

	 	(a)	Subject to Clause 35.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Company and any such
amendment or waiver will be binding on all Parties. 

  

	 	(b)	The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 35. 

  

	 	(c)	The Company may effect, as agent of each Obligor, any amendment or waiver permitted by this Clause 35. 

  

	35.2	Exceptions 

  

	 	(a)	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(i)	the definition of “Majority Lenders” in Clause 1.1 (Definitions); 

  

	 	(ii)	an extension to the Availability Period or to the date of any scheduled payment of any amount under the Finance Documents; 

  

	 	(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; 

  

	 	(iv)	a change in currency of payment of any amount under the Finance Documents; 

  

	 	(v)	an increase in or an extension of any Commitment; 

  

 - 96 - 

	 	(vi)	a change to the Borrowers or any of the Guarantors other than in accordance with Clause 25 (Changes to the Obligors); 

  

	 	(vii)	any provision which expressly requires the consent of all the Lenders; or 

  

	 	(viii)	Clause 2.2 (Finance Parties’ rights and obligations), Clause 18 (Guarantee and Indemnity), Clause 24 (Changes to the Lenders), Clause 25 (Changes to the
Obligors) (save to the extent a provision of Clause 25 refers only to requiring the approval of the Majority Lenders) or this Clause 35, 

 shall not be made without the prior consent of all the Lenders. 
  

	 	(b)	An amendment or waiver which relates to the rights or obligations of the Facility Agent or the Documentation Agent, may not be effected without the consent of the Facility Agent or
the Documentation Agent at such time. 

  

	 	(c)	If any Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any of the terms of any Finance Document or other vote of Lenders under the terms
of this Agreement within 15 Business Days (unless the Company and the Facility Agent agree to a longer time period in relation to any request) of that request being made (and Lenders whose Commitments aggregate more than 50 per cent. of the
Total Commitments have responded (whether to accept or decline such request)), its Commitment and/or participation shall not be included for the purpose of calculating the Total Commitments or participations under the relevant Facility(ies) when
ascertaining whether any relevant percentage of Total Commitments and/or participations has been obtained to approve that request. 

  

	35.3	Replacement of Lender 

  

	 	(a)	If at any time any Lender becomes a Non-Consenting Lender (as defined in paragraph (c) below), then the Company may, on five Business Days’ prior written notice to the
Facility Agent and such Lender, replace such Lender by requiring such Lender to (and such Lender shall) transfer pursuant to Clause 24 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a
Lender or other bank, financial institution, trust, fund or other entity (a “Replacement Lender”) selected by the Company, and which is acceptable to the Facility Agent (acting reasonably) which confirms its willingness to assume
and does assume all the obligations of the transferring Lender (including the assumption of the transferring Lender’s participations on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer
equal to the outstanding principal amount of such Lender’s participation in the outstanding Loans and all accrued interest and/or Break Costs and other amounts payable in relation thereto under the Finance Documents. 

 

	 	(b)	The replacement of a Lender pursuant to this Clause shall be subject to the following conditions: 

  

	 	(i)	the Company shall have no right to replace the Facility Agent; 

  

 - 97 - 

	 	(ii)	neither the Facility Agent nor the Lender shall have any obligation to the Company to find a Replacement Lender; 

  

	 	(iii)	in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than 90 days after the date the Non-Consenting Lender notifies the Company and the
Facility Agent of its failure or refusal to give a consent in relation to, or agree to any waiver or amendment to the Finance Documents requested by the Company; and 

  

	 	(iv)	in no event shall the Lender replaced under this paragraph (b) be required to pay or surrender to such Replacement Lender any of the fees already received by such Lender
pursuant to the Finance Documents. 

  

	 	(c)	In the event that: 

  

	 	(i)	the Company or the Facility Agent (at the request of the Company) has requested the Lenders to give a consent in relation to, or to agree to a waiver or amendment of, any provisions
of the Finance Documents; 

  

	 	(ii)	the consent, waiver or amendment in question requires the approval of all the Lenders; and 

  

	 	(iii)	Lenders whose Commitments aggregate more than 80 per cent. of the Total Commitments have consented or agreed to such waiver or amendment, 

 then any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a “Non-Consenting
Lender”. 
  

	36.	COUNTERPARTS 

 Each Finance Document may be executed
in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 
  

 - 98 - 

 SECTION 12 
 GOVERNING LAW AND ENFORCEMENT 
  

	37.	GOVERNING LAW 

 This Agreement and all
non-contractual obligations arising from or connected with it are governed by English law. 
  

	38.	ENFORCEMENT 

  

	38.1	Jurisdiction of English Courts 

  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to non-contractual
obligations arising from or in connection with this Agreement or a dispute regarding the existence, validity or termination of this Agreement) (a “Dispute”). 

  

	 	(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

  

	 	(c)	This Clause 38.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts
with jurisdiction. To the extent allowed by law or regulation, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

  

	38.2	Service of process 

 Without prejudice to any other
mode of service allowed under any relevant law or regulation, each Obligor (other than an Obligor incorporated in England and Wales): 
  

	 	(a)	shall irrevocably appoint the Process Agent as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document and
shall procure that the Process Agent confirms its acceptance of that appointment in writing on or before the date of this Agreement; and 

  

	 	(b)	agrees that failure by the Process Agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned. 

 This Agreement has been entered into on the date stated at the beginning of this Agreement. 
  

 - 99 - 

 SCHEDULE 1 
 THE ORIGINAL PARTIES 
 Part I 
 The Obligors 
  

			
	 Name of Original Borrower
	  	 Registration number (or equivalent, if any)

	 CEMEX España, S.A.
	  	 No Hoja-Registro Mercantil, Madrid: M- 156542
  
 NIF: A46/004214

  

			
	 Name of Original Guarantor
	  	 Registration number (or equivalent, if any)

	 CEMEX, Inc.
	  	72-0296500
		
	 CEMEX Australia Holdings Pty Limited
	  	ABN 46 122 401 405

  

 - 100 - 

 Part II 
 The Original Lenders 
  

					
	 Lender
	  	Facility A Commitment
(US$)	  	Facility B
Commitment
(€)
	 Banco Bilbao Vizcaya Argentaria, S.A.
	  	zero	  	48,000,000.00
			
	 Banco Español de Crédito, S.A.
	  	zero	  	40,000,000.00
			
	 Banco Santander, S.A.
	  	105,000,000.00	  	307,000,000.00
			
	 Bank of America, N.A.
	  	150,000,000.00	  	zero
			
	 Caixa d’Estalvis I Pensions de Barcelona
	  	zero	  	70,000,000.00
			
	 Banco Caixa Geral, S.A.
	  	zero	  	50,000,000.00
			
	 Caja de Ahorros y Monte de Piedad de Madrid
	  	zero	  	20,000,000.00
			
	 HSBC Bank, Plc Sucursal en España
	  	zero	  	30,000,000.00
			
	 Lloyds TSB Bank plc
	  	zero	  	22,500,000.00
			
	 The Royal Bank of Scotland plc
	  	362,500,000.00	  	zero
		  	 	  	 
	 TOTAL
	  	617,500,000.00	  	587,500,000.00

  

 - 101 - 

 SCHEDULE 2 
 CONDITIONS PRECEDENT 
 Part I 
 Conditions Precedent to Initial Utilisation 
  

	1.	The Original Obligors 

  

	 	(a)	A copy of the current constitutional documents of each Original Obligor or, in the case of the Company, a certificate or an excerpt from the relevant Mercantile Registry including
its updated bylaws. 

  

	 	(b)	A copy of a good standing certificate (including verification of tax status) with respect to each U.S. Guarantor, issued as of a recent date by the Secretary of State or other
appropriate official of such U.S. Guarantor’s jurisdiction of incorporation or organisation. 

  

	 	(c)	A power of attorney granting a specific individual or individuals sufficient power to sign the Finance Documents on behalf of each Original Obligor (if applicable) and a copy of a
resolution of the board of directors of the Original Obligor or, in the case of the Company, a certificate of such resolution issued by the secretary to the board of directors with the approval of the president raised to public document status:

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a
party; 

  

	 	(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf including, in the case of the Company, the authority to irrevocably
appoint a process agent (“madatario ad litem”) (unless such appointment has been authorised by other means by a duly authorised representative of the Company); and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or
despatched by it under or in connection with the Finance Documents to which it is a party. 

  

	 	(d)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above in relation to the Finance Documents. 

  

	 	(e)	A certificate of each Original Obligor (signed by an Authorised Signatory or, in the case of the Company, signed by the secretary to the board of directors) confirming that
borrowing or, as the case may be, guaranteeing, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded. 

  

	 	(f)	A certificate of an Authorised Signatory of each Original Obligor or, in the case of the Company, of the secretary to the board of directors, certifying that each copy document
relating to it specified in this Part I of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement. 

  

 - 102 - 

	 	(g)	A certificate of an Authorised Signatory of the Company confirming that none of the amounts borrowed by the Company under the Facilities will be used to, and none of the Existing
Bilateral Debt was used to, subscribe for equity in CEMEX Australia or any Holding Company of CEMEX Australia, and that it has been advised that CEMEX Australia’s entry into this Agreement will not contravene Chapter 2J of the Corporations Act
2001 (Cth). 

  

	2.	Finance Documents 

  

	 	(a)	This Agreement executed by the parties hereto. 

  

	 	(b)	Any Fee Letter. 

  

	3.	Legal Opinions 

  

	 	(a)	A legal opinion as to English law from Clifford Chance, substantially in the form distributed to the Original Lenders prior to signing this Agreement. 

  

	 	(b)	A legal opinion with respect to the laws and regulations of the Kingdom of Spain from Clifford Chance SL, substantially in the form distributed to the Original Lenders prior to
signing this Agreement. 

  

	 	(c)	A legal opinion as to Australian law from Minter Ellison substantially in the form distributed to the Original Lenders prior to signing this Agreement. 

  

	 	(d)	A legal opinion as to Louisiana law from Liskow & Lewis substantially in the form distributed to the Original Lenders prior to signing this Agreement.

  

	 	(e)	An opinion from in-house counsel of the Company, substantially in the form distributed to the Original Lenders prior to signing this Agreement. 

  

	4.	Other Documents and Evidence 

  

	 	(a)	Evidence that the fees, costs and expenses then due from the Company pursuant to Clause 12 (Fees) have been paid or will be paid on the First Utilisation Date.

  

	 	(b)	The Original Financial Statements of the each Obligor and the semi annual consolidated financial statements of the Company for the half year ended 30 June 2008.

  

	 	(c)	Evidence that the process agent referred to in Clause 38.2 (Service of process) has accepted its appointment. 

  

	 	(d)	In relation to the Company, a copy of form PE-1 stamped by the Bank of Spain (Banco de España), whereby it assigns a Financial Operation Number (“NOF”) in
relation to this Agreement if legally necessary. 

  

 - 103 - 

	 	(e)	A certificate of an Authorised Signatory from the finance department of each U.S. Guarantor stating that the respective company is Solvent after giving effect to the initial Loans,
the application of the proceeds of the Loans in accordance with Clause 3 (Purpose) and the payment of all estimated legal, accounting and other fees related to this Agreement and the consummation of the other transactions contemplated by this
Agreement. For purposes of this certificate, “Solvent” means, with respect to any Person, that such Person (a) owns and will own assets the fair saleable value of which are (i) greater than the total amount of its debts
and liabilities, subordinated, contingent or otherwise; and (ii) greater than the amount that will be required to pay the probable liabilities of its then existing debts, as such debts become absolute and matured and considering all financing
alternatives and potential asset sales reasonably available to it; (b) has capital that is not unreasonably small in relation to its business as presently conducted and as proposed to be conducted following the Effective Date; (c) does not
intend to incur and does not believe that it will incur debts beyond its ability to pay such debts as they become due; and (d) is not, or is not deemed to be, in general default of its obligations pursuant to the Mexican Ley de Concursos
Mercantiles. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can
reasonably be expected to become an actual or matured liability. For the purposes of this definition “fair saleable value” means the aggregate amount of net consideration (giving effect to reasonable and customary costs of sale and
taxes) that could be expected to be realized if the aggregate assets of the applicable entity are sold with reasonable promptness in an arm’s length transaction under present conditions for the sale of assets of comparable business enterprises.

  

 - 104 - 

 Part II 
 Conditions Precedent Required to be delivered by an Additional Obligor 
 Obligors: 
  

	1.	An Accession Letter, duly executed by the Additional Obligor and the Company. 

  

	 	(a)	A copy of the constitutional documents of the Additional Obligor or, in the case of an Additional Obligor incorporated in Spain, a certificate from the relevant Mercantile Registry
including its updated bylaws. 

  

	 	(b)	A copy of a good standing certificate (including verification of tax status) with respect to that Additional Obligor if it is a U.S. Guarantor, issued as of a recent date by the
Secretary of State or other appropriate official of such U.S. Guarantor’s jurisdiction of incorporation or organisation. 

  

	 	(c)	A copy of a resolution of the board of directors of the Additional Obligor or, in the case of an Additional Obligor incorporated in Spain, a certificate of such resolution issued by
the secretary to the board of directors with the approval of the president raised to public document status: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter;

  

	 	(ii)	authorising a specified person or persons to execute the Accession Letter and other Finance Documents on its behalf including, in the case of an Additional Obligor incorporated in
Spain, the authority to irrecovably appoint a process agent (“madatario ad litem”); and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or
despatched by it under or in connection with the Finance Documents to which it is a party. 

  

	 	(d)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above. 

  

	 	(e)	Should the legal advisers of the Lenders consider it advisable, a copy of a resolution signed by all the holders of the issued shares of the Additional Obligor, approving the terms
of, and the transactions contemplated by, the Finance Documents to which the Additional Obligor is a party. 

  

	 	(f)	A certificate of the Additional Obligor (signed by an Authorised Signatory) confirming that guaranteeing the Total Commitments would not cause any guaranteeing or similar limit
binding on it to be exceeded. 

  

 - 105 - 

	 	(g)	A certificate of an Authorised Signatory of the Additional Obligor certifying that each copy document listed in this Part II of Schedule 2 is correct, complete and in full force and
effect as at a date no earlier than the date of the Accession Letter. 

  

	2.	Legal opinions 

  

	 	(a)	A legal opinion of the legal advisers to the Additional Obligor in form and substance reasonably satisfactory to the legal advisers of the Lenders. 

  

	 	(b)	A legal opinion of Clifford Chance, or other firm that can opine for the Additional Obligor if not Clifford Chance, legal advisers to the Lenders. 

  

	3.	Other documents and evidence 

  

	 	(a)	Evidence that any process agent referred to in Clause 38.2 (Service of process) has accepted its appointment. 

  

	 	(b)	In relation to any Additional Borrower incorporated in Spain, a copy of form PE-1 stamped by the Bank of Spain (Banco de España), whereby it assigns a Financial Operation
Number (“NOF”) to the accession of such Additional Borrower. 

  

	 	(c)	A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers (after having taken appropriate legal advice) to be necessary or
desirable (if it has notified the Additional Obligor and the Company accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance
Document. 

  

	 	(d)	The Original Financial Statements of the Additional Guarantor. 

  

	 	(e)	 A certificate of an Authorised Signatory from the finance department of that Additional Obligor if it is a U.S. Guarantor stating that the respective company is
Solvent after giving effect to the initial Loans, the application of the proceeds of the Loans in accordance with Clause 3 (Purpose) and the payment of all estimated legal, accounting and other fees related to this Agreement and the
consummation of the other transactions contemplated by this Agreement. For purposes of this certificate, “Solvent” means, with respect to any Person, that such Person (a) owns and will own assets the fair saleable value of
which are (i) greater than the total amount of its debts and liabilities, subordinated, contingent or otherwise; and (ii) greater than the amount that will be required to pay the probable liabilities of its then existing debts, as such
debts become absolute and matured and considering all financing alternatives and potential asset sales reasonably available to it; (b) has capital that is not unreasonably small in relation to its business as presently conducted and as proposed
to be conducted following the Effective Date; (c) does not intend to incur and does not believe that it will incur debts beyond its ability to pay such debts as they become due; and (d) is not, or is not deemed to be, in general default of
its obligations pursuant to the Mexican Ley de Concursos Mercantiles. In computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that, in light of all the facts and circumstances
existing at such time, represents the 

  

 - 106 - 

	 	 
amount that can reasonably be expected to become an actual or matured liability. For the purposes of this definition “fair saleable value”
means the aggregate amount of net consideration (giving effect to reasonable and customary costs of sale and taxes) that could be expected to be realized if the aggregate assets of the applicable entity are sold with reasonable promptness in an
arm’s length transaction under present conditions for the sale of assets of comparable business enterprises. 

  

 - 107 - 

 SCHEDULE 3 
 REQUESTS 
 Part I 
 Utilisation Request 
  

	From:	[Each relevant Borrower] 

  

	To:	[Agent] 

 Dated: 
 Dear Sirs 
 CEMEX – US$[    ] and
€[    ] Facilities Agreement 
 dated [—] (the “Facilities
Agreement”) 
  

	1.	We refer to the Facilities Agreement. This is a Utilisation Request. Terms defined in the Facilities Agreement have the same meaning in this Utilisation Request unless given a
different meaning in this Utilisation Request. 

  

	2.	We wish to borrow a Loan under each Facility on the following terms: 

  

					
	 	 	 Facility A
	 	 Facility B

			
	 (a)         Proposed Utilisation Date:
	 	[—] (or, if that is not a Business Day, the next Business Day)	 	[—] (or, if that is not a Business Day, the next Business Day)
			
	 (b)         Borrower:
	 	[—]	 	[—]
			
	 (c)         Facility to be utilised:
	 	Facility A	 	Facility B
			
	 (d)         Currency of Loan:
	 	USD	 	EUR
			
	 (e)         Amount:
	 	[—] or, if less, the relevant Available Facility	 	[—] or, if less, the relevant Available Facility
			
	 (f)         Interest Period:
	 	[—]	 	[—]

  

	3.	We confirm that, to the extent applicable, each condition specified in Clause 4.2 (Further conditions precedent) is satisfied or waived on the date of this Utilisation
Request. 

  

	4.	The proceeds of each Loan should be credited to the relevant accounts as follows: 

 Facility A Loan: [    ]. 
 Facility B Loan: [    ]. 
  

	5.	This Utilisation Request is irrevocable. 

  

 - 108 - 

	6.	Terms used in this Utilisation Request which are not defined in this Utilisation Request but are defined in the Facilities Agreement shall have the meaning given to those terms in
the Facilities Agreement. 

 Yours faithfully 
  
  
 authorised signatory for 
 [each relevant Borrower] 
  

 - 109 - 

 Part II 
 Selection Notice 
  

	From:	[Borrower] [Company]* 

  

	To:	[Agent] 

 Dated: 
 Dear Sirs 
 CEMEX – US$[    ] and
€[    ] Facilities Agreement 
 dated [—] (the “Facilities
Agreement”) 
  

	1.	We refer to the Facilities Agreement. This is a Selection Notice. Terms defined in the Facilities Agreement have the same meaning in this Selection Notice unless given a different
meaning in this Selection Notice. 

  

	2.	We refer to the following Facility [A]/[B] Loan[s] with an Interest Period ending on [            ]**.

  

	3.	[We request that the above Facility [A]/[B] Loan[s] be divided into [            ] Facility [A]/[B] Loan[s] with the
following amounts and Interest Periods:]*** 

 or 
 [We request that the next Interest Period for the above Facility [A]/[B] Loan[s] is
[            ]].**** 
  

	4.	This Selection Notice is irrevocable. 

 Yours faithfully

  
  
 authorised signatory for 
 [the Company on
behalf of] [insert name of Relevant Borrower] * 
  
 NOTES: 

	*	Amend as appropriate. The Selection Notice can be given by the Borrower or the Company. 

	**	Insert details of all Term Loans for the relevant Facility which have an Interest Period ending on the same date. 

	***	Use this option if division of Loans is requested. 

	****	Use this option if sub-division is not required. 

  

 - 110 - 

 SCHEDULE 4 
 MANDATORY COST FORMULAE 
  

	1.	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial
Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 

  

	2.	On the first day of each Interest Period (or as soon as possible thereafter) the Facility Agent shall calculate, as a percentage rate, a rate (the “Additional Cost
Rate”) for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Facility Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage
participation of each Lender in the relevant Loan) and will be expressed as a percentage rate per annum. 

  

	3.	The Additional Cost Rate for any Lender lending from a Facility Office in a Participating Member State will be the percentage notified by that Lender to the Facility Agent. This
percentage will be certified by that Lender in its notice to the Facility Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Loans made from that Facility Office) of complying
with the minimum reserve requirements of the European Central Bank in respect of loans made from that Facility Office. 

  

	4.	The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom will be calculated by the Facility Agent as follows: 

  

	 	(a)	in relation to a sterling Loan: 

  

			
	 

	 	 per cent. per annum

  

	 	(b)	in relation to a Loan in any currency other than sterling: 

  

			
	 

	 	 per cent. per annum

 Where: 
  

	 	A	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an interest free cash
ratio deposit with the Bank of England to comply with cash ratio requirements. 

  

	 	B	is the percentage rate of interest (excluding the Margin and the Mandatory Cost and, if the Loan is an Unpaid Sum, the additional rate of interest specified in paragraph (a) of
Clause 9.3 (Default interest)) payable for the relevant Interest Period on the Loan. 

  

 - 111 - 

	 	C	is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of England.

  

	 	D	is the percentage rate per annum payable by the Bank of England to the Facility Agent on interest bearing Special Deposits. 

  

	 	E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Facility Agent as being the average of the most recent rates of charge supplied
by the Reference Banks to the Facility Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. 

  

	5.	For the purposes of this Schedule: 

  

	 	(a)	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998
or (as may be appropriate) by the Bank of England; 

  

	 	(b)	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in
respect of the payment of fees for the acceptance of deposits; 

  

	 	(c)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required
pursuant to the Fees Rules but taking into account any applicable discount rate); and 

  

	 	(d)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

  

	6.	In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5 per cent. will be included in the formula as 5 and not as 0.05). A
negative result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. 

  

	7.	If requested by the Facility Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the Facility Agent, the rate
of charge payable by that Reference Bank to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that Reference Bank as being the
average of the Fee Tariffs applicable to that Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank. 

  

	8.	Each Lender shall supply any information required by the Facility Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each Lender
shall supply the following information on or prior to the date on which it becomes a Lender: 

  

	 	(a)	the jurisdiction of its Facility Office; and 

  

	 	(b)	any other information that the Facility Agent may reasonably require for such purpose. 

  

 - 112 - 

 Each Lender shall promptly notify the Facility Agent of any change to the information provided by it
pursuant to this paragraph. 
  

	9.	The percentages of each Lender for the purpose of A and C above and the rates of charge of each Reference Bank for the purpose of E above shall be determined by the Facility Agent
based upon the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies the Facility Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and Special
Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a Facility Office in the same jurisdiction as its Facility Office. 

  

	10.	The Facility Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to
assume that the information provided by any Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. 

  

	11.	The Facility Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based
on the information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 7 and 8 above. 

  

	12.	Any determination by the Facility Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in
the absence of manifest error, be conclusive and binding on all Parties. 

  

	13.	The Facility Agent may from time to time, after consultation with the Company and the Lenders, determine and notify to all Parties any amendments which are required to be made to
this Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any other authority which
replaces all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all Parties. 

  

 - 113 - 

 SCHEDULE 5 
 FORM OF TRANSFER CERTIFICATE 
  

	To:	[Agent] 

 CEMEX España, S.A. 
  

	From:	[The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New Lender”) 

 Dated: 
 CEMEX – US$[    ] and
€[    ] Facilities Agreement 
 dated [—] (the “Facilities
Agreement”) 

	1.	We refer to the Facilities Agreement. This is a Transfer Certificate. Terms defined in the Facilities Agreement have the same meaning in this Transfer Certificate unless given a
different meaning in this Transfer Certificate. 

  

	2.	We refer to Clause 24.5 (Procedure for transfer): 

  

	 	(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender’s Commitment, rights and
obligations referred to in the schedule to this certificate in accordance with Clause 24.5 (Procedure for transfer). 

  

	 	(b)	The proposed Transfer Date is [—]. 

  

	 	(c)	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 31.2 (Addresses) are set out in the schedule to
this certificate. 

  

	3.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 24.4 (Limitation of responsibility of
Existing Lenders). 

  

	4.	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer
Certificate. 

  

	5.	We confirm that we have carried out and are satisfied with the results of all compliance checks we consider necessary in relation to our participation in the Facilities.

  

	6.	The New Lender confirms that it is not a U.S. Lender (and has not entered into a sub-participation agreement with a U.S. Lender in respect of the Commitment to be transferred
pursuant hereto). 

  

	7.	The New Lender confirms, for the benefit of the Facility Agent and the Company, that it is: 

  

	 	(a)	[a Qualifying Lender;] 

  

	 	(b)	[not a Qualifying Lender]. 

  

	8.	This Transfer Certificate is governed by English law. 

  

 - 114 - 

 THE SCHEDULE 
 Commitment/rights and obligations to be transferred 
 [insert relevant details] 
 [Facility Office address, email, fax number and attention details for notices and account details for payments,] 
  

					
	[Existing Lender]	  	[New Lender]	  	
			
	By:	  	By:	  	
	
	This Transfer Certificate is accepted by the Facility Agent and the Transfer Date is confirmed as [•].
			
	[Agent]	  		  	
			
	By:	  		  	

  

 - 115 - 

 SCHEDULE 6 
 FORM OF ACCESSION LETTER 
  

			
	To:	  	[Agent]
		
	From:	  	[Subsidiary] and [Company]

 Dated: 
 Dear Sirs

 CEMEX – US$[ ] and €[ ] Facilities Agreement 
 dated [—] (the “Facilities Agreement”) 
  

	1.	[Subsidiary] agrees to become an [Additional Guarantor/Additional Borrower]* and to be bound by the terms of the Facilities Agreement and the other Finance Documents
as an [Additional Guarantor/Additional Borrower]* pursuant to [Clause 25.3 (Additional Guarantors) / Clause 25.2 (Additional Borrowers)]* of the Facilities Agreement. [Subsidiary] is a limited liability company duly
incorporated under the laws of [name of relevant jurisdiction] with registered number [—]. 

  

	2.	[Subsidiary’s] administrative details are as follows: 

 Address: 
 Fax No.: 
 Attention: 
  

	3.	This letter is governed by English law. 

  

	4.	Terms which are used in this Accession Letter which are not defined in this Accession Letter but are defined in the Facilities Agreement shall have the meaning given to those terms
in the Facilities Agreement. 

 [This Accession Letter is entered into and delivered as a deed.]** 
  

									
	Signed by:	 	  
	  		  	  
	  	
				
	[Company]	  		  	[Subsidiary]	  	

  
 NOTES: 

	*	Delete as appropriate. 

	**	If the Facilities are fully drawn there may be an issue in relation to past consideration for a proposed Additional Obligor. This can be overcome by acceding by way of deed.

  

 - 116 - 

 SCHEDULE 7 
 FORM OF COMPLIANCE CERTIFICATE 
  

			
	 To:
	 	[—] as Agent
		
	 From:
	 	[Company]
		
	Dated:	 	
		
	Dear Sirs	 	

 CEMEX – US$[—] and €[—] Facilities Agreement 
 dated [—] (the
“Facilities Agreement”) 
  

	1.	We refer to the Facilities Agreement. This is a Compliance Certificate. Terms defined in the Facilities Agreement have the same meaning when used in this Compliance Certificate
unless given a different meaning in this Compliance Certificate. 

  

	2.	We confirm that: 

  

	 	(a)	Pursuant to Clause 21.2 (Financial condition) the financial condition of the Group as of [            ] evidenced
by the consolidated financial statements for the financial year/two financial half years then ended comply with the following conditions: 

  

							
	 (i)	  	 Net Borrowings
	  	EUR             (“A”)
			
		  	 comprising
	  	EUR [Total Borrowings]
				
		  		  		  	EUR [Liquid Investments]

  

	 	(ii)	Adjusted EBITDA 

 comprising: 
 EUR [operating profit] 
 EUR [annual
depreciation for fixed assets] 
 EUR [annual amortisation of intangible assets] 
 EUR [annual amortisation of start-up costs of the Group] 
 EUR [dividends received from non-consolidated companies] 
 EUR [dividends received from companies
consolidated by the equity method] 
 EUR [CEMEX Capital Contributions] 
 EUR [Income for use of CO2 Emission Rights (if not already included in operating profit)] 
 EUR [acquired business (i) operating income and (ii) depreciation and amortisation expense] 
  

 - 117 - 

							
		  		  		  	EUR                      (“B”)
				
		  	A:B is	  		  	[—]
				
	(iii)	  	EBITDA	  		  	EUR                      (“B”)
				
		  	Finance Charges	  		  	
				
		  	comprising	  	EUR [interest expenses]	  	
				
		  		  	EUR [other expenses]	  	
				
		  		  		  	EUR                      (“C”)
		
		  	B:C to be greater than or equal to 3:1

  

	 	(b)	As at the date of this Certificate the following Subsidiaries of the Group fall within the definition of Material Subsidiaries as set out in Clause 1.1 (Definitions):

  

	 	(c)	As of [end of Relevant Period] the Consolidated Total Assets is: EUR [    ]. 

  

	3.	We confirm that no Default is continuing. 

  

			
	Signed:	 	  

		 	Authorised Signatory
		 	of
		 	Company
	
	[insert applicable certification language]
	
	  

	For and on behalf of
	[name of auditors of the Company]

  

 - 118 - 

 SCHEDULE 8 
 TIMETABLES 
  

			
	 	  	 Loans in euro or US Dollars

	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request)) or Selection Notice (Clause 10 (Interest Periods))	  	 U-3
  
 11.00 a.m.

		
	Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders’ participation)	  	 U-3
  
 3.00 p.m.

		
	LIBOR or EURIBOR is fixed	  	Quotation Day as of 11:00 a.m. London time in respect of LIBOR and as of 11.00 a.m. Brussels time in respect of EURIBOR

  

					
	“U”	 	=	  	date of utilisation
			
	“U - X”	 	=	  	X Business Days prior to date of utilisation

  

 - 119 - 

 SCHEDULE 9 
 FORM OF CONFIDENTIALITY UNDERTAKING 
 [Letterhead of Existing Bank] 
 To: 
  

			
		 	[insert name of Potential Lender]

  

	Re:	The Facilities 

  

	
	 Company: CEMEX España, S.A. (the “Company”)
 Date:
 Amount: US$[—] and €[—]
 Agent: The Royal Bank of Scotland plc

 Dear Sirs 
 We
understand that you are considering participating in the Facilities. In consideration of us agreeing to make available to you certain information, by your signature of a copy of this letter you agree as follows: 
  

	1.	Confidentiality Undertaking: You undertake: 

  

	 	(a)	to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph 2 below and to ensure that all Confidential Information
is protected with security measures and a degree of care that would apply to your own confidential information; 

  

	 	(b)	to keep confidential and not disclose to anyone except as provided for by paragraph 2 below the fact that the Confidential Information has been made available or that discussions or
negotiations are taking place or have taken place between us in connection with the Facilities; 

  

	 	(c)	to use the Confidential Information only for the Permitted Purpose; 

  

	 	(d)	to use all reasonable endeavours to ensure that any person to whom you pass any Confidential Information (unless disclosed under paragraph 2(b) below) acknowledges and complies with
the provisions of this letter as if that person were also a party to it; and 

  

	 	(e)	not to make enquiries of any member of the Group or any of their officers, directors, employees or professional advisers relating directly or indirectly to the Facilities.

  

 - 120 - 

	2.	Permitted Disclosure: We agree that you may disclose such Confidential Information and such of those matters referred to in paragraph 1(b) above to the extent necessary for
the Permitted Purpose: 

  

	 	(a)	to members of the Participant Group and their officers, directors, employees, professional advisers and auditors if any person to whom the Confidential Information is to be given
pursuant to this paragraph 2(a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information, except that there shall be no such requirement to so inform if the recipient
is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 

  

	 	(b)	in the event that you become a Lender under the Facility Agreement, in accordance with and subject to the terms of clause 24.8 of the Facility Agreement; 

 

	 	(c)	to any person to whom information is required or requested to be disclosed by any governmental, banking, taxation or other regulatory authority or similar body, the rules of any
relevant stock exchange or pursuant to any applicable law or regulation; or 

  

	 	(d)	with the prior written consent of us and the Company. 

  

	3.	Notification of Disclosure: You agree (to the extent permitted by law and regulation) to inform us: 

  

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph 2(c) above except where such disclosure is made to any of the persons referred to in
that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this letter. 

  

	4.	Return of Copies: If we so request in writing, you shall return all Confidential Information supplied to you by us and destroy or permanently erase (to the extent technically
practicable) all copies of Confidential Information made by you and use all reasonable endeavours to ensure that anyone to whom you have supplied any Confidential Information destroys or permanently erases (to the extent technically practicable)
such Confidential Information and any copies made by them, in each case save to the extent that you or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial,
governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has been disclosed under paragraph 2(c) above. 

  

	5.	 Continuing Obligations: The obligations in this letter are continuing and, in particular, shall survive the termination of any discussions or negotiations
between you and us. Notwithstanding the previous sentence, the obligations in this letter shall cease on the earlier of (a) the date on which you become a party to the Facility Agreement or (b) twelve months after 

  

 - 121 - 

	 	 
the date at which you have returned all Confidential Information supplied by us to you and destroyed or permanently erased (to the extent technically
practicable) all copies of Confidential Information made by you (other than any such Confidential Information or copies which have been disclosed under paragraph 2 above (other than paragraph 2(a)) or which, pursuant to paragraph 4 above, are not
required to be returned or destroyed. 

  

	6.	No Representation; Consequences of Breach, etc: You acknowledge and agree that: 

  

	 	(a)	neither we nor any member of the Group nor any of our or their respective officers, employees or advisers (each a “Relevant Person”) (i) make any
representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by us or any member of the Group or the
assumptions on which it is based or (ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by us or any member of the Group or be otherwise liable to you or any
other person in respect of the Confidential Information or any such information; and 

  

	 	(b)	we or members of the Group may be irreparably harmed by the breach of the terms of this letter and damages may not be an adequate remedy; each Relevant Person or member of the Group
may be granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you. 

  

	7.	Entire Agreement: This letter constitutes the entire agreement between us in relation to your obligations regarding Confidential Information and supersedes any previous
agreement, whether express or implied, regarding Confidential Information. 

  

	8.	No Waiver: No failure or delay in exercising any right or remedy under this letter will operate as a waiver thereof nor will any single or partial exercise of any right or
remedy preclude any further exercise thereof or the exercise of any other right or remedy under this letter. 

  

	9.	Amendments, etc: The terms of this letter and your obligations under this letter may only be amended or modified by written agreement between us. 

  

	10.	Inside Information: You acknowledge that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be
regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and you undertake not to use any Confidential Information for any unlawful purpose. 

  

	11.	Nature of Undertakings: The undertakings given by you under this letter are given to us and (without implying any fiduciary obligations on our part) are also given for the
benefit of the Company and each other member of the Group. 

  

	12.	Third party rights: Subject to this paragraph 12 and to paragraphs 6 and 9, a person who is not a party to this letter has no right under the Contracts (Rights of Third
Parties) Act 1999 (the “Third Parties Act”) to enforce or to enjoy the benefit of any term of this letter. 

  

 - 122 - 

	 	(a)	The Relevant Persons and each member of the Group may enjoy the benefit of the terms of paragraphs 6 and 9 subject to and in accordance with this paragraph 12 and the provisions of
the Third Parties Act. 

  

	 	(b)	Notwithstanding any provisions of this letter, the parties to this letter do not require the consent of any Relevant Person or any member of the Group to rescind or vary this letter
at any time. 

  

	13.	Governing Law and Jurisdiction: 

  

	 	(a)	This letter (including the agreement constituted by your acknowledgement of its terms) and all non-contractual obligations arising from or connected with it are governed by and
shall be construed in accordance with English law. 

  

	 	(b)	The parties submit to the non-exclusive jurisdiction of the English courts. 

  

	14.	Definitions: In this letter (including the acknowledgement set out below): 

 “Confidential Information” means all information relating to the Company, any Obligor, the Group, the Finance Documents and/or the Facilities which is provided to you in relation to the Finance
Documents or Facilities by us or any of our affiliates or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or
copied from such information but excludes information that: 
  

	 	(a)	is or becomes public information other than as a direct or indirect result of any breach of this letter; 

  

	 	(b)	is identified in writing at the time of delivery as non-confidential by us or our advisers; or 

  

	 	(c)	is known by you before the date the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you after that date, from a source which
is, as far as you are aware, unconnected with the Group and which, in either case, as far as you are aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality. 

 “Facility Agreement” means the facility agreement entered into or to be entered into in relation to the Facilities. 
 “Finance Documents” means the documents defined in the Facility Agreement as Finance Documents. 
 “Group” means the Company, each of its holding companies and its subsidiaries and each of the subsidiaries of each of its holding
companies for the time being (as each such term is defined in the Companies Act 2006). 
 “Obligor” means a borrower or a
guarantor under the Facility Agreement. 
  

 - 123 - 

 “Participant Group” means you, each of your holding companies and subsidiaries and each
subsidiary of each of your holding companies (as each such term is defined in the Companies Act 2006). 
 “Permitted Purpose”
means considering and evaluating whether to enter into the Facilities. 
 Please acknowledge your agreement to the above by signing and returning the
enclosed copy. 
  

	
	 Yours faithfully

	
	  

	 For and on behalf of

	 [Existing Bank]

  

 - 124 - 

			
	To:	 	[Existing Bank]
		 	The Company and each other member of the Group
	
	We acknowledge and agree to the above:
	
	  

	For and on behalf of
	[Potential Lender]

  

 - 125 - 

 SCHEDULE 10 
 EXISTING SECURITY 
  

							
	 Company
	  	 Lender
	  	 Security
	  	Total Principal Amount
of Indebtedness Secured
as of 30 September 2008
(millions of euro based on
exchange rate of
€1/US$1.433)
	 CEMEX, Inc.
	  	Hampton	  	Land related with the Promissory Note	  	0.03
				
	 RMC Beton Šląsk Sp. z o.o.
	  	SG Equipment Leasing Polska Sp. z.o.o.	  	Plant Equipment	  	1.61
				
	 CEMEX BETONS CENTRE et BRETAGNE
	  	CITICAPITAL	  	Equipment related with the credit	  	0.01
				
	 CEMEX GRANULATS RHONE-MEDITERRANEE
	  	SLIBAIL IMMOBILIER	  	Equipment related with the credit	  	0.56
				
	 CEMEX BETONS NORD QUEST
	  	SLIBAIL IMMOBILIER	  	Equipment related with the credit	  	0.10
				
	 ETABLISSEMENT CHARROY
	  	BAIL ACTEA	  	Equipment related with the credit	  	0.04
				
	 Cemex SIA
	  	Disko Leasing GmbH	  	Truck finance lease	  	0.00
				
	 Transbeton Lieferbeton Gesellschaft m.b.H.
	  	Raiffeisenbank Bruck an der Mur eg. Gen.	  	Equipment related with the credit	  	2.29
				
	 Quarzsandwerk Wellmersdorf GmbH & Co. KG
	  	Raiffeisenbank Obermain Nord eG	  	Land related with the credit	  	0.03
				
	 CEMEX Kies Hamburg GmbH & Co. KG
	  	Kreissparkasse Herzogfum Lauenburg	  	Land related with the credit	  	0.21
				
	 Cemex UK Operations Limited
	  	ING Lease (UK) Limited	  	Equipment related with the credit	  	14.89
				
	 Cemex UK Operations Limited
	  	Lloyds TSB Asset Finance	  	Equipment related with the credit	  	2.77
				
	 RMC Beton Šląsk Sp. z o.o.
	  	Bankowy Fundusz Leasingowy S.A.	  	Plant Equipment	  	0.01
				
	 Denis Tarrant & Sons Limited
	  	National Irish Asset Finance Limited	  	Plant Equipment	  	0.98
				
	 TOTAL
	  		  		  	23.50

  

 - 126 - 

 SCHEDULE 11 
 MATERIAL SUBSIDIARIES 
 As of September 30, 2008 
 CEMEX, Inc 
 CEMEX Construction Materials Pacific LLC 
 CEMEX Materials, LLC 
 CEMEX UK Operations Limited 
 CEMEX Deutschland AG 
 CEMEX Investment Limited 
 CEMEX France Gestion 
  

 - 127 - 

 SCHEDULE 12 
 EXISTING BILATERAL DEBT 
  

							
	 Borrower
	  	 Lender
	  	Amount to be refinanced with
First Utilisation
	  	  	Facility A
(USD)	  	Facility B
(EUR)
	 Cemex España, S.A.
	  	 Lloyds TSB Bank plc
	  		  	22,500,000.00
				
	 Cemex España, S.A.
	  	 The Royal Bank of Scotland plc
	  	250,000,000.00	  	
				
	 Construction Funding Corporation
	  	 Banco Santander, S.A.
	  	100,000,000.00	  	
				
	 Cemex España, S.A.
	  	 Banco Santander, S.A.
	  		  	227,000,000.00
				
	 Cemex Trading Europe S.A. Unipersonal
	  	 Banco Santander, S.A.
	  	5,000,000.00	  	
				
	 Cemex España, S.A.
	  	 Banco Santander, S.A.
	  		  	80,000,000.00
				
	 Cemex España, S.A. & Cemex Trading Europe S.A.
	  	 Banco Bilbao Vizcaya Argentaria, S.A.
	  		  	48,000,000.00
				
	 Cemex España, S.A.
	  	 Caixa d’Estalvis I Pensions de Barcelona
	  		  	50,000,000.00
				
	 Cemex España, S.A.
	  	 Banco Caixa Geral, S.A.
	  		  	50,000,000.00
				
	 Cemex España, S.A.
	  	 Banco Español de Crédito, S.A.
	  		  	40,000,000.00
				
	 Cemex España, S.A.
	  	 HSBC Bank, Plc Sucursal en España
	  		  	30,000,000.00
				
	 Cemex España, S.A.
	  	 Caja de Ahorros y Monte de Piedad de Madrid
	  		  	20,000,000.00
				
	 Cemex Materials, LLC
	  	 Bank of America, N.A.
	  	37,500,000.00	  	
				
	 Cemex Materials, LLC
	  	 Bank of America, N.A.
	  	112,500,000.00	  	
				
	 Cemex Materials, LLC
	  	 The Royal Bank of Scotland plc (ABN-AMRO Bank NV)
	  	112,500,000.00	  	
				
	 TOTAL
	  		  	617,500,000.00	  	567,500,000.00

  

 - 128 - 

 SCHEDULE 13 
 EXISTING FINANCIAL INDEBTEDNESS 
 As of 30 September 2008

  

							
	 € millions
 FX rate $/€: 1.4075
	  	 	  	 
	 BORROWER
	  	 INSTRUMENT
	  	OUTSTANDING
AMOUNT
(€ million)	  	 FINAL MATURITY

	 CEMEX UK
	  	 Loan Notes
	  	9.85	  	Dec’ 2009
		  	 SUBTOTAL
	  	9.85	  	
	 CEMEX, INC.
	  	 Bond Issues
	  	121.02	  	Jul’ 2025
		  	 SBLC T.E. Bonds*
	  	30.82	  	Feb’ 2013 to Mar’ 2025
		  	 LT debt with credit entities
	  	139.43	  	Mar’ 2010 & Apr’ 2011
		  	 ST debt with credit entities
	  	312.37	  	Dec’ 2008 to Apr’ 2009
		  	 SUBTOTAL
	  	603.63	  	
	 CEMEX INVESTMENTS LIMITED
	  	 Loan Notes
	  	2.18	  	Between 2008 - 2014
		  	 LT debt with credit entities
	  	11.96	  	
		  	 ST debt with credit entities
	  	26.07	  	
		  	 Other Debt
	  	5.13	  	
		  	 SUBTOTAL
	  	45.33	  	
	 PUERTO RICAN CEMENT COMPANY
	  	 Credit Line (US$30mm)
	  	21.35	  	Aug’ 2009
		  	 SUBTOTAL
	  	21.35	  	
	 CONSTRUCTION FOUNDING CORPORATION
	  	 Debt with credit entities
	  	58.80	  	Feb’ 2009
		  	 SUBTOTAL
	  	58.80	  	
	 CEMEX FRANCE GESTION
	  	 Debt with credit entities
	  	3.82	  	
		  	 Debt with Group & Associated Companies
	  	4.26	  	Between 2008 - 2013
		  	 Other Debt
	  	2.64	  	
		  	 SUBTOTAL
	  	10.71	  	
	 OTHER COMPANIES
	  	 Debt with Group & Associated Companies
	  	0.36	  	
		  	 ST debt with credit entities
	  	30.16	  	
		  	 Other
	  	2.27	  	
		  	 SUBTOTAL
	  	32.78	  	
		  	 TOTAL
	  	782.46	  	
		  		  	 	  	

  

	*	Stand by letters of credit over tax-exempt bonds. Maturities shown correspond to these bonds. SBLC renewed on an annual basis. 

  

 - 129 - 

 SCHEDULE 14 
 PROCEEDINGS PENDING OR THREATENED 
  

	1.	Environmental Matters 

 United States 
 As of 31 December 2008, CEMEX, Inc. and its subsidiaries had accrued liabilities specifically relating to environmental matters in the aggregate amount of
approximately U.S.$43 million. The environmental matters relate to (i) the disposal of various materials, in accordance with past industry practice, which might be categorized as hazardous substances or wastes, and (ii) the cleanup of
sites used or operated by CEMEX, Inc., including discontinued operations, regarding the disposal of hazardous substances or wastes, either individually or jointly with other parties. Most of the proceedings are in the preliminary stage, and a final
resolution might take several years. For purposes of recording the provision, CEMEX, Inc. considers that it is probable that a liability has been incurred and the amount of the liability is reasonably estimable, whether or not claims have been
asserted, and without giving effect to any possible future recoveries. The ultimate cost that might be incurred to resolve these environmental issues cannot be assured until all environmental studies, investigations, remediation work, and
negotiations with or litigation against potential sources of recovery have been completed. 
 CEMEX Construction Materials Florida, LLC f/k/a Rinker
Materials of Florida, Inc. (“CEMEX Florida”), a subsidiary of CEMEX, Inc., holds one federal quarry permit and is the beneficiary of one of 10 other federal quarrying permits granted for the Lake Belt area in South Florida. The
permit held by CEMEX Florida covers CEMEX Florida’s SCL and FEC quarries. CEMEX Florida’s Krome quarry is operated under one of the other federal quarry permits. The FEC quarry is the largest of CEMEX Floridas’ quarries measured by
volume of aggregates mined and sold. CEMEX Florida’s Miami cement mill is located at the SCL quarry and is supplied by that quarry. A ruling was issued on 22 March 2006 by a judge of the U.S. District Court for the Southern District of
Florida in connection with litigation brought by environmental groups concerning the manner in which the permits were granted. Although not named as a defendant, CEMEX Florida has intervened in the proceedings to protect its interests. The judge
ruled that there were deficiencies in the procedures and analysis undertaken by the relevant governmental agencies in connection with the issuance of the permits. The judge remanded the permits to the relevant governmental agencies for further
review, which review the governmental agencies have indicated in a recent announcement should take until mid February 2009 to conclude. The judge also conducted further proceedings to determine the activities to be conducted during the remand
period. In July 2007, the judge issued a ruling that halted certain quarrying operations at three non-CEMEX Florida quarries. The judge left in place CEMEX Florida’s Lake Belt permits until the relevant government agencies complete their
review. In a May 2008 ruling, the federal appellate court determined that the district court judge did not apply the proper standard of review to the permit issuance decision of the governmental agency, vacated the district court’s prior order,
and remanded the proceeding to the district court to apply the proper standard of review; this review remains pending before the district court judge. If the Lake Belt permits are ultimately set aside or quarrying operations under them restricted,
CEMEX Florida will need to source aggregates, to the extent available, from other locations in Florida or import aggregates. This would likely affect profits from our Florida operations. Any adverse impacts on the Florida economy arising from the
cessation or significant restriction of quarrying operations in the Lake Belt could also have a material adverse effect on our financial results. 
  

 - 130 - 

 Europe 
 In Great
Britain, future expenditure on closed and current landfill sites has been assessed and quantified over the period in which the sites are considered to have the potential to cause environmental harm, generally consistent with the regulator view of up
to 60 years from the date of closure. The assessed expenditure relates to the costs of monitoring the sites and the installation, repair and renewal of environmental infrastructure. The costs have been quantified on a net present value basis in the
amount of approximately £122 million, and an accounting provision for this sum has been made at 31 December 2007. 
 In 2003, the European
Union adopted a directive implementing the Kyoto Protocol on climate change and establishing a greenhouse gas emissions allowance trading scheme within the European Union. The directive requires Member States to impose binding caps on carbon dioxide
emissions from installations involved in energy activities, the production and processing of ferrous metals, the mineral industry (including cement production) and the pulp, paper or board production business. Under this scheme, companies with
operations in these sectors receive from the relevant Member States allowances that set limitations on the levels of greenhouse gas emissions from their installations. These allowances are tradable so as to enable companies that manage to reduce
their emissions to sell their excess allowances to companies that are not reaching their emissions objectives. Companies can also use credits issued from the use of the flexibility mechanisms under the Kyoto protocol to fulfill their European
obligations. These flexibility mechanisms provide that credits (equivalent to allowances) can be obtained by companies for projects that reduce greenhouse gas emissions in emerging markets. These projects are referred to as Clean Development
Mechanism (“CDM”) or joint implementation projects depending on the countries where they take place. Failure to meet the emissions caps is subject to heavy penalties. 
 Companies can also use, up to a certain level, credits issued under the flexible mechanisms of the Kyoto protocol to fulfill their European obligations. Credits for Emission Reduction projects obtained under these
mechanisms are recognized, up to a certain level, under the European emission trading scheme as allowances. To obtain these emission reduction credits, companies must comply with very specific and restrictive requirements from the United Nations
Convention on Climate Change (UNFCC). 
 As required by directive, each of the Member States established a National Allocations Plan, or NAP, setting out the
allowance allocations for each industrial facility for Phase I, from 2005 to 2007. Based on the NAPs established by the Member States of the European Union for the 2005 to 2007 period and our actual production, on a consolidated basis after trading
allowances between our operations in countries with a deficit of allowances and our operations in countries with an excess of allowances, and after some external operations, Borrower’s Subsidiaries had a surplus of allowances of approximately
1,050,054 tons of carbon dioxide in this Phase I. 
 For Phase II, comprising 2008 through 2012, however, there has been a reduction in the allowances
granted by the Member States that have already approved their NAP, which may result in a consolidated deficit in our carbon dioxide allowances during the period. We believe we may be able to reduce the impact of any deficit by either reducing carbon
dioxide emissions in our facilities or by 

  

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obtaining additional emission credits through the implementation of CDM projects. If we are not successful in implementing emission reductions in our
facilities or obtaining credits from CDM projects, we may have to purchase a significant amount of emission credits in the market, because CEMEX has already sold a substantial amount of allowances for Phase II, the cost of which may have an impact
on our operating results. As of 1 December 2008, the market value of carbon dioxide allowances for Phase II was approximately 15.45 € per ton. CEMEX is taking all the measures to minimize our exposure to this market while assuring the
supply of our products to our clients. 
 The Spanish NAP has been finally approved by the Spanish Government, reflecting the conditions that were set forth
by the European Commission. The allocations made to our installations allow us to foresee certain availability of allowances, nevertheless, there remains the uncertainty regarding the allocations that, against the reserve for new entrants, shall be
requested for the new CEMEX cement plant in Andorra (Teruel), and that it is scheduled to start operating in 2010. 
 On 29 May 2007, the Polish
government filed an appeal before the Court of First Instance in Luxemburg regarding the European Commission’s rejection of the initial version of the Polish NAP. The Court has denied Poland’s request for a quick path verdict in the case,
keeping the case in the regular proceeding path, therefore, the Polish government has started to prepare Polish internal rules on division of allowance at the level already accepted by the European Commission. Seven major Polish cement producers,
representing 98% of Polish cement production (including CEMEX Polska), have also filed seven separate appeals before the Court of First Instance regarding the European Commission’s rejection. On 29 September 2008 the Court of the First
Instance issued an order rejecting CEMEX Polska’s appeal without going into the merit of the case. As of 31 December 2008 the final version of the Polish NAP has not been cleared by the Commission; CEMEX has not determined the impact this
may have on CEMEX’s position in the country. 
  

	2.	Tax Matters 

 Philippines 
 As of 31 December 2008, the Philippine Bureau of Internal Revenue (BIR), had assessed APO, Solid, IQAC, ALQC and CSPI, our operating subsidiaries in the Philippines,
for deficiency taxes covering taxable years 1998-2005 amounting to a total of approximately 1,994 million Philippine Pesos (approximately U.S.$41.96 million as of 31 December 2008, based on an exchange rate of Philippine Pesos 47.52 to
U.S.$1.00, which was the Philippine Peso/Dollar exchange rate on 31 December 2008 as published by the Bangko Sentral ng Pilipinas, the central bank of the Republic of the Philippines). 
 The majority of the tax assessments result primarily from the disallowance of APO’s income tax holiday incentives for taxable years 1999 to 2001 (approximately
Philippine Pesos 1,078 million or U.S.$22.68 million as of 31 December 2008, based on an exchange rate of Philippine Pesos 47.52 to U.S.$1.00). We have contested the BIR’s assessment, arising from the disallowance of the ITH
incentive, with the Court of Tax Appeals (CTA). The initial Division ruling of the CTA was unfavorable, but is subject to further appeal with the CTA as a whole. The assessment is now currently on appeal with the CTA En Banc. A motion was filed with
the CTA, requesting the court to hold APO totally not liable for alleged income tax liabilities for all the years covered and to this end cancel and withdraw APO’s deficiency income tax assessments for taxable years 1999, 2000 and 2001 on the
basis of APO’s availment of the tax amnesty described below. As of 31 December 2008, resolution on the aforementioned motion is still pending. 
  

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	3.	CEMEX Venezuelan Nationalization 

 In furtherance of
Venezuela’s announced policy to nationalize certain sectors of the economy, on 18 June 2008, the Nationalization Decree was promulgated, mandating that the cement production industry in Venezuela be reserved for the Government of Venezuela
and ordering the conversion of foreign-owned cement companies, including CEMEX Venezuela, into state-controlled companies with Venezuela holding an equity interest of at least 60%. The Nationalization Decree provided for the formation of a
transition committee to be integrated with the board of directors of the relevant cement company to guaranty the transfer of control over all activities of the relevant cement company to Venezuela by 31 December 2008. The Nationalization Decree
further established a deadline of 17 August 2008 for the shareholders of foreign-owned cement companies, including CEMEX Venezuela, to reach an agreement with the Government of Venezuela on the compensation for the nationalization of their
assets. The Nationalization Decree also provided that this deadline may be extended by mutual agreement of the Government of Venezuela and the relevant shareholder. The transition committee, which was to be coordinated by the Ministry of Basic
Industries (MIBAN), was never formally instituted and MIBAN never acted in the process, but instead Petroleos de Venezuela (PDVSA) conducted all the conversations. 
 CEMEX Venezuela and the Government did not reach agreement by the August 17 2008 deadline, and on August 18 2008 the Expropriation Decree was issued by the President of Venezuela, with PDVSA appointed to conduct the expropriation
proceedings. Although these proceedings had not yet commenced, PDVSA officials headed a group of PDVSA workers, with the support of the public force, to take over all the facilities of CEMEX Venezuela on August 17 2008. Since no agreement has
been reached with the Venezuelan Government as to the compensation to be paid, the Dutch companies that control CEMEX Venezuela filed an arbitration request before the International Center for the Settlement of Investment Disputes against the
Government of Venezuela, which request has been registered and the tribunal is in the process of being formed. 
 As of 31 December 2007, CEMEX
Venezuela, S.A.C.A. was the holding entity of several of CEMEX’s investments in the region, including CEMEX’s operations in the Dominican Republic and Panama, as well as CEMEX’s minority investment in Trinidad & Tobago. In
the wake of statements by the Government of Venezuela about the nationalization of assets in Venezuela, in April 2008, CEMEX concluded the transfer of all material non-Venezuelan investments to CEMEX España for approximately U.S.$355 million
plus U.S.$112 million of net debt, having distributed all accrued profits from the non-Venezuelan investments to the stockholders of CEMEX Venezuela amounting to approximately U.S.$132 million. At this time, the net impact or the outcome of the
nationalization on CEMEX’s consolidated financial results cannot be reasonably estimated. As of 31 December 2008, the net assets of CEMEX’s Venezuelan operations under Mexican FRS were approximately US$451.7 million. Since August
2008, CEMEX no longer consolidates the financial results of CEMEX Venezuela. 
 On 13 June 2008, the Venezuelan securities authority initiated an
administrative proceeding against CEMEX Venezuela, claiming that the company did not sufficiently inform its shareholders and the securities authority in connection with the transfer of the non-Venezuelan assets described above. The Venezuelan
authority determined that CEMEX Venezuela did not comply with its disclosure obligations and imposed fines on the company, which we do not consider material, and requested the attorney general’s office to review the case to determine if such
non-disclosure also constituted criminal infringement. 
  

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	4.	Other Legal Proceedings 

 On 5 August 2005, a lawsuit was filed
against a subsidiary of CEMEX Colombia, claiming that it was liable along with the other members of the Asociación Colombiana de Productores de Concreto, or ASOCRETO, a union formed by all the ready-mix concrete producers in Colombia, for the
premature distress of the roads built for the mass public transportation system of Bogotá using ready-mix concrete supplied by CEMEX Colombia and other ASOCRETO members. The plaintiffs allege that the base material supplied for the road
construction failed to meet the quality standards offered by CEMEX Colombia and the other ASOCRETO members and/or that they provided insufficient or inaccurate information in connection with the product. The plaintiffs seek the repair of the roads
in a manner which guarantees their service during the 20-year period for which they were originally designed, and estimate that the cost of such repair will be approximately U.S.$45 million. The lawsuit was filed within the context of a criminal
investigation of two ASOCRETO officers and other individuals, alleging that the ready-mix concrete producers were liable for damages if the ASOCRETO officers were criminally responsible. The court completed the evidentiary stage, and on
17 August 2006 dismissed the charges against the members of ASOCRETO. The other defendants (one ex-director of the Distrital Institute of Development, the legal representative of the constructor and the legal representative of the contract
auditor) were formally accused. The decision was appealed, and on 11 December 2006, the decision was reversed and the two ASOCRETO officers were formally accused as participants (determiners) in the execution of a state contract without
fulfilling all legal requirements thereof. The first public hearing took place on 20 November 2007. In this hearing the judge dismissed an annulment petition filed by the ASOCRETO officers. The petition was based on the fact that the officers
were formally accused of a different crime than the one they were being investigated for. This decision was appealed, but the decision was confirmed by the Superior Court of Bogota. On 21 January 2008, CEMEX Colombia was subject to a judicial
order, issued by the court, sequestering a quarry called El Tujuelo, as security for a possible future money judgment to be rendered against CEMEX Colombia in these proceedings. The court determined that in order to lift this attachment and prevent
further attachments, CEMEX Colombia was required within a period of 10 days to deposit with the Court in cash CoP$337,800 million (approximately U.S.$195 million as of 4 June 2008, based on an exchange rate of CoP1730 to U.S.$1.00, which was
the Colombian Peso/Dollar exchange rate on 4 June 2008, as published by the Banco de la República de Colombia, the central bank of Colombia), instead of being allowed to post an insurance policy to secure such recovery. CEMEX Colombia
asked for reconsideration, and the court allowed CEMEX to present an insurance policy. Nevertheless, CEMEX appealed this decision, in order to reduce the amount of the insurance policy, and also requested that the guarantee be covered by all
defendants in the case. The measure does not affect the normal activity of the quarry. At this stage, we are not able to assess the likelihood of an adverse result or the potential damages which could be borne by CEMEX Colombia. 
 On 5 August 2005, Cartel Damages Claims, SA, or CDC, filed a lawsuit in the District Court in Düsseldorf, Germany against CEMEX Deutschland AG and other German
cement companies. CDC is seeking €102 million in respect of damage claims by 28 entities relating to alleged price and quota fixing by German cement companies between 1993 and 2002, which entities had assigned their claims to CDC. CDC is a
Belgian company established by two lawyers in the aftermath of the German 

  

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cement cartel investigation that took place from July 2002 to April 2003 by Germany’s Federal Cartel Office with the express purpose of purchasing
potential damages claims from cement consumers and pursuing those claims against the cartel participants. In January 2006, another entity assigned alleged claims to CDC, and the amount of damages being sought by CDC increased to
€113.5 million plus interest. On February 21 2007, the District Court of Düsseldorf decided to allow this lawsuit to proceed without going into the merits of this case by issuing an interlocutory judgment. All defendants
appealed. The appeal hearing took place on 22 April 2008, and the appeal was dismissed on 14 May 2008. The lawsuit will proceed at the level of court of first instance. As of 30 September 2008 only one defendant has decided to file a
complaint before the Federal High Court; this will delay the case from proceeding at the level of first instance to an extent we cannot assess today. In the meantime, CDC had acquired new assigners and announced an increase in the claim to €131
million. As of 30 November 2008, we had accrued liabilities regarding this matter for a total amount of approximately €20 million. 
 During
November 4, 5 and 6, 2008, officers of the European Commission, assisted by local officials, conducted an unannounced inspection at CEMEX offices in the United Kingdom and Germany. It is understood that Commission officials carried out
unannounced inspections at the premises of other companies active in the cement and related products industry in several member states. The Commission alleges that CEMEX may have participated in anti competitive agreements and/or concerted practices
in breach of Article 81 of the EC Treaty and/or Article 53 of the EEA Agreement and abusive conduct in breach of Article 82 of the EC Treaty and/or Article 54 of the EEA Agreement. The allegations extend to several markets worldwide, including in
particular the European Economic Area; if those allegations are substantiated, significant penalties may be imposed on the subsidiaries of CEMEX operating in such markets. CEMEX fully co-operated and will continue to co-operate with the Commission
officials in connection with the inspection. 
 After an extended consultation period, in April 2006, the cities of Kaštela and Solin in Croatia
published their respective Master (physical) Plans defining the development zones within their respective municipalities, adversely impacting the mining concession granted to Dalmacijacement, our subsidiary in Croatia, by the Government of Croatia
in September 2005. During the consultation period, Dalmacijacement submitted comments and suggestions to the Master Plans, but these were not taken into account or incorporated into the Master Plan by Kaštela and Solin. Most of these comments
and suggestions were intended to protect and preserve the rights of Dalmacijacement ́s mining concession granted by the Government of Croatia in September 2005. Immediately after publication of the Master Plans, Dalmacijacement filed a series
of lawsuits and legal actions before the local and federal courts to protect its acquired rights under the mining concessions. The legal actions taken and filed by Dalmacijacement were as follows: (i) on 17 May 2006, a constitutional
appeal before the constitutional court in Zagreb, seeking a declaration by the court concerning Dalmacijacement’s constitutional claim for decrease and obstruction of rights earned by investment, and seeking prohibition of implementation of the
Master Plans, the appeal is currently under review by the court in Croatia, and it is expected that these proceedings will continue for several years before resolution; (ii) on 17 May 2006, a possessory action against the cities of
Kaštela and Solin seeking the enactment of interim measures prohibiting implementation of the Master Plans and including a request to implead the Republic of Croatia into the proceeding on our side. The municipal court in Solin issued a first
instance judgment dismissing our possessory action. We filed an appeal against that judgment. The appeal has been resolved by the Solin County Court, affirming the judgment and rendering it final. 

  

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The Municipal Court in Kaštela has issued a first instance judgment dismissing our possessory action. We filed an appeal against said judgment, which
has since been resolved by the Kaštela Country Court, affirming the judgment and rendering it final; (iii) on 17 May 2006, an administrative proceeding before the State Lawyer, seeking a declaration from the Government of Croatia
confirming that Dalmacijacement acquired rights under the mining concessions. Dalmacijacement received State Lawyer’s opinion which confirms the Dalmacijacement’s acquired rights according to the previous decisions (“old
concession”). The Administrative Court in Croatia has ruled in favor of Dalmacijacement, validating the legality of the mining concession granted to Dalmacijacement by the Government of Croatia. This decision is final. Currently it is difficult
for Dalmacijacement to ascertain the approximate economic impact of these measures by Kaštela and Solin. 
 Club of Environmental Protection, a Latvian
environmental protection organization (hereinafter the “Applicant”), has initiated a court administrative proceeding against the decision made by the Environment State Bureau (hereinafter the “Defendant”) in order
to amend the environmental pollution permit (the “Permit”) for the Broceni Cement Plant in Latvia, owned by CEMEX SIA (the “Disputed Decision”). CEMEX SIA was invited to participate in the court proceedings as a
third party, whose rights and legal interest may be infringed by the relevant administrative act. On 5 June 2008 the Court rendered its judgment, where it satisfied the Claimant’s claim and revoked the Disputed Decision stating that it is
illegal because Defendant failed to perform public inquiry in accordance with legal regulations. The judgment has been appealed by both the Defendant and CEMEX SIA before the Court of Appeal and the court will hear the case in 24 February 2009.
The appellate procedure will not suspend the operation of the Permit which will remain valid throughout the court proceedings, hence CEMEX SIA is allowed to continue to perform its activities. The Permit subject to this proceeding was issued for the
existing cement line, which will be fully substituted in the first half of 2009 by a new cement line currently under construction. 
  

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 SIGNATURES 
 THE COMPANY AND ORIGINAL BORROWER 
 CEMEX ESPAÑA, S.A. 
 By: HECTOR VELA, /s/ HECTOR VELA 
  

			
	Address:	 	Calle Hernández de Tejada No. 1
		 	Madrid 28027
		 	Spain
		
	Fax:	 	+34 91 377 6500
		
	Attention:	 	Finance Department - Hector Vela

 THE ORIGINAL GUARANTORS 
 Signed by HECTOR VELA as attorney for CEMEX AUSTRALIA HOLDINGS PTY LIMITED 
 /s/ HECTOR VELA 
  

			
	Address:	 	
		
	Fax:	 	
	
	CEMEX, INC.
	
	By: HECTOR VELA
	
	/s/ HECTOR VELA
		
	Address:	 	
		
	Fax:	 	

  

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 THE DOCUMENTATION AGENT 
 BANCO SANTANDER, S.A. 
 By: /s/ JAVIER VISEDO, /s/ CARLOS DE PEDROSO 
 JAVIER VISEDO / CARLOS DE PEDROSO 
 Address: CIUDAD GRUPO SANTANDER (ENCINAR DE PLANDA) 
 28660 MADRID 
 Fax: 91 2571376 
 THE ROYAL BANK OF SCOTLAND PLC 
 By: /s/ NICK W. M. WATKINS

 NICK W. M. WATKINS 
  

			
	Address:	 	135 Bishopsgate, London, EC2M 3UR
		
	Fax:	 	+44 207 085 5143
		
	Attention:	 	Janin Campos

 THE FACILITY AGENT 
 THE ROYAL BANK OF SCOTLAND PLC 
 By: /s/ NICK W. M. WATKINS 
  

			
	Address:	 	135 Bishopsgate, London, EC2M 3UR
		
	Fax:	 	+44 207 085 4564
		
	Attention:	 	Nick Watkins

  

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 THE LENDERS 
 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 
 By: /s/ MIGUEL CASTILLO, /s/ [Illegible] 
 MIGUEL CASTILLO 
 BANCO ESPAÑOL DE CRÉDITO S.A.

 By: SOSANA GONZALEZ MENENDEZ, [Illegible] GONZALEZ LINAZA 
 /s/ SOSANA GONZALEZ MENENDEZ, /s/ [Illegible] GONZALEZ LINAZA 
 BANCO SANTANDER, S.A. 
 By: JAVIER VISEDO / CARLOS DE PEDROSO 
 /s/ JAVIER VISEDO / /s/ CARLOS DE
PEDROSO 
 BANK OF AMERICA, N.A. 
 By: /s/ [illegible]

 [Illegible] 
 CAIXA D’ESTALVIS I PENSIONS DE BARCELONA

 By: CARLOS MOZORTO / CARLOS DE PARIAS 
 /s/ CARLOS MOZORTO
/ /s/ CARLOS DE PARIAS 
 BANCO CAIXA GERAL, S.A. 
 By:
PRIMITIVO CHAMORRO TEDADO / MANUEL [Illegible] VEGA 
 /s/ PRIMITIVO CHAMORRO TEDADO / /s/ MANUEL [Illegible] VEGA 
 CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID 
 By: /s/ [Illegible]

 /s/ [Illegible] 
  

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 HSBC BANK, PLC SUCURSAL EN ESPAÑA 
 By: MARK HALL 
 /s/ MARK HALL 
 LLOYDS TSB BANK PLC 
 By: /s/ PALOMA ADANEZ / /s/ JOSE MARIA CEMBORAIN 
 PALOMA ADANEZ / JOSE MARIA CEMBORAIN 
 THE ROYAL BANK OF SCOTLAND PLC 
 By: /s/ [Illegible] 
 /s/ [Illegible] 
  

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