Document:

Exhibit 10.29

 

This is a translation of the original document.

 

DEED OF FIRST PRIORITY PLEDGE OVER CREDIT RIGHTS

 

InMadrid, on March 14 2008.

 

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

 

BY AND BETWEEN

 

On the one part,

 

Mr. David González Gálvez, of Spanish nationality, of legal age, with domicile at Paseo de la Castellana 216, Madrid and with                         , currently in force.

 

And on the other part,

 

Mr. Manuel Deó Martín, of Spanish nationality, of legal age, with professional address at Madrid, calle María de Molina 6 and holder of                    , currently in force.

 

APPEARING

 

Mr. David González Gálvez, in the name and on behalf of lNICIATIVAS CULTURALES DE ESPAÑA, S.L., an entity dully incorporated and validly existing under the laws of Spain with registered office at Tajo s/n,  Urbanización El Bosque, Villaviciosa de Odón, Madrid                            .

 

Mr. David González Gálvez is empowered for the purpose herein by virtue of the power of attorney granted in his favor on December 19, 2007 by Mr. Robert Zentz, Sole Director of lNICIATIVAS CULTURALES DE ESPAÑA, S.L., before the Notary public of Maryland Ms. Linda

 

 

1

 

This is a translation of the original document.

 

Palarino, whose signature is dully authenticated by an apostille according to The Hague Convention of October 5, 1961. A copy of such power of attorney is attached to this deed of First Priority Pledge Over Credit Rights (the “Deed”) as Annex 1.

 

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

 

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

 

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

 

Mr. Manuel Deó Martín is empowered for the purpose herein by virtue of the power of attorney of January 24, 2008 granted by the Notary Public of New York State, United States of America, Ms. Beatrice A. Viola, original of which is written in two columns, in Spanish and English – language that I understand – and dully apostilled, which I have seen, and from which it is evidenced that he has powers to formalize the pledge object of this deed. A copy of such power of attorney is attached to this Deed as Annex 2.

 

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

 

 

2

 

This is a translation of the original document.

 

WHEREAS

 

I.                On August 17 2007, LAUREATE EDUCATION, INC., and lNICIATIVAS CULTURALES DE ESPAÑA, S.L., as Borrowers; the lenders from time to time, Goldman Sachs Credit Partners, L.P., as Administrative Agent and Collateral Agent, Goldman Sachs Credit Partners, L.P., as Swingline Lender, Citicorp North America, Inc., as Syndication Agent, Goldman Sachs Credit Partners, L.P., and Citigroup Global Markets, Inc., as Joint Lead Arrangers and Bookrunners, and the other parties thereto entered into a Credit Agreement, as amended, supplemented or otherwise modified from time to time (the “Credit Agreement”).  Pursuant to section 6.2 of the Credit Agreement, the Administrative Agent shall have received this Deed as a precedent condition to the acquisition of the financing derived of the credit agreement later indicated.

 

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

 

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

 

 

3

 

This is a translation of the original document.

 

II.           Pursuant to the provisions of the Credit Agreement, the Pledgor undertook to grant this Deed, as security for the payment and performance of the Secured Obligations (as defined below).

 

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

 

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

 

IV.       As security for the payment and performance of the Secured Obligations, the Pledgor wishes to execute in favor of the Pledgee, as Administrative Agent and Collateral Agent under the Credit Agreement, for the ratable benefit of the Secured Parties (as such term is defined in the Credit Agreement), a first priority ranking pledge over the credit rights held by the Pledgor against entities within the group

 

 

4

 

This is a translation of the original document.

 

of companies of the Pledgor, which are identified in Annex 4 of this Deed (the “Credit Rights”).

 

V.            In view of the foregoing, the Parties desire to execute this Deed, which shall be subject to the following terms and conditions:

 

CLAUSES

1.              CREATION OF THE PLEDGE

 

1.1       As security for the due and punctual fulfilment of each and all the Secured Obligations, the Pledgor hereby creates a first priority ranking pledge over the Credit Rights (the “Pledge”),  in favour of the Pledgee, acting as Administrative Agent and Collateral Agent under the Credit Agreement, for the ratable benefit of the Secured Parties (as such term is defined in the Credit Agreement). The Pledgee recognizes and accepts the Pledge.

 

1.2       It is the intention of the Parties hereto that the execution of this Deed create a valid and perfected first priority ranking security interest over the Credit Rights in favour of the Pledgee to secure the Secured Obligations.

 

1.3       The Parties hereby agree that this Deed shall not alter or affect the terms and conditions of the Credit Agreement.

 

1.4       During the term of this Pledge, the Pledgor irrevocably and unconditionally undertakes to notify the Pedgee by registered mail with acknowledgment of receipt (“correo certificado con acuse de recibo”) of:

 

(a)                                 its intention to apply for a judicial

 

 

5

 

This is a translation of the original document.

 

declaration of voluntary bankruptcy (“concurso voluntario”)  at least ten (10) working days prior to the presentation of its application before the relevant Judge; and

 

(b) the judicial approval (“admisión a trámite”)  of the application for necessary bankruptcy (“concurso necesario”)  served to the relevant Judge by any entitled person other than the Pledgor within the same day on which the relevant Judge has served notice to the Pledgor of its citation.

 

1.5                 The Pledgor unconditionally and irrevocably acknowledges that the Credit Rights are not necessary for continuing its professional or business activities.

 

2.                        INDIVISIBILITY OF THE PLEDGE. SECURED OBLIGATIONS

 

2.1                 The Pledge, created by virtue of this Agreement in favor of the Pledgee, secures the full and punctual fulfillment of the Secured Obligations, as defined in this Deed.

 

2.2                 This Pledge is granted over each and all of the Credit Rights. Consequently, each and every Credit Right pledged secures the complete fulfillment of the Secured Obligations. Partial fulfilment of the Secured Obligations shall not extinguish the Pledge proportionally. The Pledgor shall be entitled to cancel the Pledge only after the Secured Obligations have been fully discharged.

 

2.3                 The Pledge is created without prejudice to

 

 

6

 

This is a translation of the original document.

 

the unlimited nature of the liability of Pledgor pursuant to Article 1,911 of Spanish Civil Code (Código civil).

 

3.                        NOTIFICATION OF THE PLEDGE

 

The Pledgor and the Pledgee instruct the intervening Notary Public to notify the Pledgor’s debtors listed in Annex 4 of the creation of the Pledge. For this purpose, the Notary Public shall use the form of notification included in Annex 5. Once this notification has occurred, any payments made by the debtors to the Pledgor shall be made to the bank account held by the Pledgor in euros, number                  (the “Bank Account”), held with                  on satisfactory terms to the Pledgee, in its sole discretion and indicated in the notification. The balance of such bank account shall at all times be pledged in favor of the Pledgee until full release or discharge of the Pledge.

 

4.                        FUTURE CREDITS

 

4.1                 The Pledge shall be extended to and shall also comprise any credit rights of the Pledgor arising in the future vis-à-vis the debtors indicated in Annex 4, as well as any interest and proceeds of these quantities which may be accrued in favor of the Pledgor. For such purpose, no later than 15 business days following the end of each month, the Pledgor will provide the Pledgee with an updated list of debtors as of the end of the relevant calendar semester (specifying at least the name of the debtor and the amount due).

 

 

7

 

This is a translation of the original document.

 

4.2                 In the event that, during the life of this Pledge, the Pledgor enters into new agreements with other debtors different from those specified in Annex 4 (provided that such debtors are within the group of companies of the Pledgor), such circumstance will be promptly notified to the Pledgee and the Pledgor will pledge for the benefit of the Pledgee, any credit rights that may arise thereunder vis-a-vis those new debtors, in the same terms and conditions as those provided for in this Deed. Such extension shall be formalized promptly upon demand of the Pledgee by means of an addendum to this Deed granted as a public deed with the intervention of a Notary Public.

 

The Pledgor irrevocably and unconditionally confers in favour of the Pledgee a mandate and powers of attorney to grant in its name the public document referred to above, executing said extension of the Pledge, even if such execution of the extension of the Pledge implies self-dealing. Said power of attorney is necessary for compliance with the Secured Obligations and, therefore, shall be irrevocable as long as the Pledge is not cancelled.

 

4.3                 The Pledgor shall bear all notarial fees, taxes and duties and other expenses arising from the granting of said public document, including, as the case may be, those arising from any notifications to the debtors. From

 

 

8

 

This is a translation of the original document.

 

the date of formalization as a public deed of the extension of this Deed, those new credits will be considered as Credit Rights of the Pledgor for all purposes under this Deed.

 

5.                        DELIVERY OF POSSESSION

 

For the purposes of Article 1,863 of the Spanish Civil Code, the Parties agree that the execution of this Deed entails a transfer of possession of the Credit Rights in favor of the Pledgee as referred to in Article 1,863 of the Spanish Civil Code.

 

6.                        ALLOCATION OF PAYMENTS

 

The Parties agree that (i) any sums paid by the Pledgor’s debtors to the Pledgee shall be allocated by set-off to the payment of the Secured Obligations and (ii) the Pledgee shall deliver to the Pledgor any sums paid in excess, as the case may be, by the Pledgor’s debtors once the Secured Obligations have been fulfilled.

 

7.                        REPRESENTATIONS AND WARRANTIES

 

Pledgor represents and warrants to the Pledgee that:

 

(i)                       It is dully organized and validly existing under the laws of the Kingdom of Spain, is validly inscribed in all applicable Registries and has all requisite power and authority to own, lease and operate its properties and to carry on its business as now being conducted;

 

(ii)                    This Deed and such other agreements, certificates and documents delivered in

 

 

9

 

This is a translation of the original document.

 

connection herewith: (A) have been, or upon execution thereof will be, duly executed by Pledgor, and (B) constitute, or upon execution thereof will constitute, the valid and binding obligations of the Pledgor;

 

(iii)                 The execution of this Deed and any other agreements, certificates and documents delivered in connection herewith and the consummation of the transactions contemplated hereby and thereby have been dully and validly authorized by all necessary action on the part of the Pledgor. The Pledgor has all requisite power and authority to enter into this Deed and all other agreements, certificates and documents delivered in connection herewith, to consummate the transactions contemplated hereby and in the mentioned agreements, certificates, and documents and to pledge, assign and transfer the Credit Rights in the manner and form established hereunder;

 

(iv)                The Pledgor is the only holder of the Credit Rights;

 

(v)                   Except as expressly provided in the Credit Agreement, the Credit Rights are free and clear of any and all liens (statutory or otherwise), claims, charges, options, security interests, pledges, mortgages, restrictions or similar encumbrances of any kind or nature whatsoever (collectively, “Encumbrances”),  except for those Encumbrances created by this Deed. The Pledgor has complete and unrestricted power and the unqualified

 

 

10

 

This is a translation of the original document.

 

right to pledge the Credit Rights pursuant to the terms hereof; and

 

(vi)                            The execution of this Deed and any other agreements, certificates and documents contemplated hereby, the consummation of the transactions contemplated hereby or thereby, the performance by the Pledgor of any of the provisions hereof or thereof, and the Pledge created hereby do not and will not:

 

(A)     enter in conflict with or result in a breach of the by-laws or any other constitutive or organizational documents of the Pledgor;

 

(B)       enter in conflict with, result in a default or give rise to any right of termination, cancellation, modification or acceleration under any of the provisions of any note, bond, lease, mortgage, indenture, permit, authorization, contract or other instrument or obligation to which the Pledgor is a party;

 

(C)     violate any law applicable to the Pledgor as of the date hereof; or

 

(D)     require any notice to, filling with, license of, authorization of, exemption by, or consent of, any governmental

 

 

11

 

This is a translation of the original document.

 

authority or any other person or entity under any law applicable to the Pledgor as of the date hereof.

 

8.                        INABILITY TO DISPOSE OF THE PLEDGED CREDIT RIGHTS

 

While the Pledge remains in force and effect, and except as expressly provided for in the Credit Agreement, the Pledgor:

 

(a)                               shall timely and fully perform any obligations assumed with its debtors so that the right of collection of the Credit Rights is not jeopardized;

 

(b)                                 shall at all times keep the Pledgee punctually informed of any contingencies that may in any manner affect the Credit Rights;

 

(c)                                  shall refrain from assigning, selling, transferring or in any other manner disposing of the Credit Rights and from creating any lien or encumbrance on the Credit Rights without the Pledgee’s prior written consent;

 

(d)                                 shall give instructions to the counterparties of the Credit Rights to pay any amounts payable thereunder other than through the account of the Pledgor indicated under clause 3 designated in writing according to the referred clause 3 above; and

 

(e)                                  shall refrain from waiving or reaching any settlement or agreement with respect to any claims or actions related to any Credit

 

 

12

 

This is a translation of the original document.

 

Right, or agree to any deductions from any amounts claimed or deferral or delay of payment thereof under any agreement.

 

9.                       CANCELLATION OF THE PLEDGE

 

The Pledge shall terminate and be cancelled upon termination of the Credit Agreement the satisfaction in full of the Secured Obligations, as acknowledged in a written instrument executed by the Pledgee, as Pledgor shall reasonably request to evidence such termination, unless the Pledgee exercises the right conferred by Article 1,866 of the Spanish Civil Code. Accordingly, upon termination of the Pledge, the Pledgee shall, at Pledgor’s request and at Pledgor’s sole cost and expense, execute and deliver to Pledgor as many documents as reasonably may be necessary for the declaration of cancellation of the Pledge.

 

10.                               ENFORCEMENT OF THE PLEDGE

 

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

 

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

 

10.2        For purposes of the enforcement of the Pledge, and notwithstanding (i) Pledgor’s liability in relation to the complete

 

 

13

 

This is a translation of the original document.

 

fulfillment of the Secured Obligations; and (ii) any other security interest held by the Pledgee, the Pledgee may, at its discretion, use any of the available judicial proceedings, either the ordinary or executive judicial proceedings, or the non judicial proceeding provided for under Article 1,872 of the Spanish Civil Code. The use of one enforcement method shall not preclude the possibility of resorting to any of the others, insofar as the Secured Obligations have not been fully paid.

 

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

 

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

 

(B)  the determination of the amount that may be claimed by executive proceedings will be made by the Pledgee. Therefore, the presentation of the following documents will be sufficient to initiate the enforcement of

 

 

14

 

This is a translation of the original document.

 

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

 

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

 

10.4                        In the event that the Credit Rights were credits immediately convertible into money at the moment of the enforcement, the Parties hereby agree that, for the enforcement of this Pledge, it shall not be necessary to carry out any public auction of such Credit Rights. The Pledgee will be entitled to enforce the Pledge over such Credit Rights, with prior notification thereof to the Pledgor, by means of collecting the amounts due and payable under the Secured Obligations from the Pledgor’s debtors under the Credit Rights.

 

 

15

 

This is a translation of the original document.

 

For such purposes, the Pledgee shall request in writing to the Pledgor’s debtors under the Credit Rights to pay any amounts due and payable under the Credits Rights up to the maximum amounts due and payable by the Pledgor, for the account of the Secured Obligations. Such request shall include a written statement by the Pledgee stating: (i) that there has been a breach of the Secured Obligations; (ii) the amount due and payable as a result of such breach; and (iii) that the Pledgor has failed to pay, after a demand to do so. If the Pledgee receives any amount in excess of the amounts necessary to cover all the outstanding Secured Obligations, it will in turn deliver such excess amount to the Pledgor.

 

10.5              In the event that the Pledgee elects the enforcement proceedings set forth under Article 1,872 of the Spanish Civil Code for the enforcement of the Pledge, the parties agree as follows:

 

(i)                           the domiciles for requests and notifications will be those indicated in clause 12 below;

 

(ii)                        the minimum asking price for the first auction will be the face value of the Credit Rights and for the second auction 80% of such face value. There shall be no asking price for the third and subsequent auctions;

 

 

16

 

This is a translation of the original document.

 

(iii)                     the Pledgor hereby appoints the Pledgee as representative of the Pledgor for the auction of the Credit Rights, as seller, and for the execution, on behalf of the Pledgor, of the relevant documents of transfer (even public documents) in favor of the third party awarded the Credit Rights in the auction;

 

(iv)                    the Spanish Notary Public competent for the enforcement proceedings shall be appointed by the Pledgee;

 

Upon the request of the Pledgee, a third and subsequent auctions may take place, subject to the same formalities and conditions as those contemplated for the first and second auctions but not subject to a minimum asking price. Likewise, upon the request of the Pledgee, partial auctions may take place for selling the pledged Credit Rights in different lots;

 

(v)                       the auctions shall be announced at least ten days prior to the date on which the auction is to take place. In the event of more than one auction being held, the announcement of each such auction may be effected simultaneously; however, at least a four calendar days period must elapse between each of such auctions;

 

(vi)                    the formalization of the transfer of the Credit Rights and the payment of the purchase price will take place on the date indicated by the Pledgee to the third party (if it is a different entity from the Pledgee) awarded the Credit Rights in the auction upon fifteen days of notice;

 

(vii)                 the Notary and the Pledgor will be

 

 

17

 

This is a translation of the original document.

 

authorized to take whatever actions they deem appropriate for purposes of ensuring that the auctions become of public knowledge. Announcements will be published and notice to the Pledgor will be given at least ten (10) calendar days prior to the first auction;

 

(viii)              except for the Pledgee, any bidder shall provide a security deposit for an amount equal to ten per cent (10%) of the face value of the Credit Rights to be auctioned, as security for the formalization of the transfer and payment of the purchase price in the event the bidder is awarded the Credit Rights in the auction. If the bidder fails to formalize the transfer of the Credit Rights or to pay the purchase price on the terms described above, the bidder shall lose the deposit in favor of the Pledgee. Such security deposits shall be returned to the unsuccessful bidders once the auction proceedings have finished. Should the Pledgee acquire the Credit Rights, the price will be paid by set-off (on the corresponding portion) between the amount offered by the Pledgee as purchase price for the Credit Rights and the amount claimed to be enforced;

 

(ix)                    the total price obtained as a result of the auction shall be firstly applied to settle any expenses incurred in the enforcement of the Pledge and transfer of the Credit Rights. The balance shall be directly delivered by the Notary Public in charge of the enforcement proceedings to the Pledgee, and if relevant, to the Pledgor for any amounts received in excess of the amounts necessary to cover all the outstanding Secured Obligations as well as the expenses incurred in the

 

 

18

 

This is a translation of the original document.

 

enforcement of the Pledge;

 

(x)                       enforcement shall not be interrupted unless as a result of (i) the decision of the Pledgee in its sole discretion or (ii) the payment in full of the Secured Obligations by the Pledgor or, if relevant, a third party on its behalf, together with full payment to the Pledgee of all other amounts owed to the Pledgee and all expenses incurred by the Pledgee in relation to the enforcement of the Pledge;

 

In particular, the enforcement of the Pledge shall not be interrupted because of the Pledgor’s opposition, regardless of the right of the Pledgor to exercise its rights in a judicial proceeding; and

 

(xi)                    should the Credit Rights be acquired by the Pledgee, the payment of the price may be settled by set off, by reducing the amount of the Secured Obligations by an amount equal to that offered by the Pledgee as purchase price for the Credit Rights.

 

10.6              If the Secured Obligations are not paid in their totality, the Pledgor shall deliver to the Pledgee within three business days upon the demand of the Pledgee, an updated list of Credit Rights identifying each Credit Right outstanding as of the business day before such demand was made (specifying at least the name and address of debtor, the amount due and the due date) substantially in the form and including the information as set forth on Annex 4 to this Deed.

 

 

19

 

This is a translation of the original document.

 

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

 

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

 

11.                     TAXES AND EXPENSES

 

The Notary fees, taxes and any other costs and expenses arising as a result of the preparation and execution of this Pledge, its cancellation as well as the costs arising in case of enforcement of the Pledge, including costs and expenses incurred by lawyers and judicial agents, even when the intervention of the latter is not legally required, will be borne by the Pledgor.

 

 

20

 

This is a translation of the original document.

 

12.                     NOTICES

 

12.1              All notices which must be sent to the Parties under this Pledge, except if provided otherwise, shall be made by certified letter with acknowledgment of receipt.

 

12.2              For purposes of this Agreement, the addresses of the Parties for such notices, summons and other required formalities shall be the following:

 

For the Pledgor:

 

Calle Tajo s/n

Urbanización El Bosque

Villaviciosa de Odón, Madrid.

 

With a copy to:

 

Laureate Education, Inc.

1001 Fleet Street, Baltimore, MD 21202

Attention: 

Telecopy No.

 

For the Pledgee:

 

Goldman Sachs Credit Partners L.P.

Attention: 

Telecopier: 

E-mail: 

 

With a copy to:

 

Goldman Sachs Credit Partners L.P.

Attention: 

Telecopier:

 

 

21

 

This is a translation of the original document.

 

12.3              Any change in the abovementioned addresses must be communicated to the others by post with acknowledgment of receipt, and shall only take effect ten (10) calendar days after the date on which the other Party receives the notice.

 

13.                     AMENDMENT OF THIS DEED  

 

Should it receive a formal demand to do so, the Pledgor undertakes to execute, within a maximum period of ten (10) calendar days from the date of such demand, any public and private documents as may be necessary to correct, supplement or clarify this Deed.

 

14.                     POWER OF ATTORNEY

 

The Pledgor hereby grants an irrevocable power of attorney, as extensive as is required or convenient in Law, with an express power to self­contract and delegate, in favour of the Pledgee acting through any of its representatives so that it may, in the name and on behalf of the Pledgor, take any action that may be necessary for the purpose of carrying out the terms of this Pledge and take any action and execute any instrument which may be necessary to accomplish the purposes of this Pledge.

 

Among the powers granted, for instance, are the following: (i) to execute as many public or private documents as it may be necessary in order to formalize, in the name and on behalf of the Pledgor, the extension of the Pledge-in particular, to pledge new Credit Rights in the terms described in this Deed-, or in order to modify, amend, correct, supplement or clarify this Deed or any public documents executed in connection with this Deed; (ii) to represent the Pledgor in the auction of the pledged Credit

 

 

22

 

This is a translation of the original document.

 

Rights and to execute, in the name and on behalf of the Pledgor, every public document which may be necessary in order to formalize the transfer of the Credit Rights in favour of the acquirer or acquirers; (iii) to appoint the Notary Public which the Pledgee deems appropriate in order to formalize any public documents which may be executed in connection with this Pledge; (iv) to settle and pay, at the Pledgor’s expense, the costs and taxes that arise from the actions performed and from the documents executed in compliance with this Deed; and (v) to perform any other actions which may be necessary in order to comply with this Deed.

 

These powers of attorney are irrevocable and will be in force while any Secured Obligation remains outstanding. The unilateral revocation of these powers of attorney by the Pledgor shall not have any effect.

 

Should the Pledgee resign or be removed from its position as Administrative Agent or Collateral Agent under the Credit Agreement, the Pledgee is expressly authorised to delegate the present powers and grant new powers of attorney pursuant to those conferred in this Deed (or to be replaced herein), upon the same terms and conditions, to the entity designated as the new Administrative Agent or Collateral Agent, as applicable pursuant to the Credit Agreement and to assign this Pledge in connection therewith.

 

The Pledgor represents that it is aware and accepts that the exercise of these powers of attorney by the Pledgee may involve self-contracting (“autocontratación”).

 

 

23

 

This is a translation of the original document.

 

15.                     APPLICABLE LAW

 

This Pledge shall be governed by Spanish Law. 

 

16.                     JURISDICTION

 

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

 

17.                     LANGUAGE

 

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

 

18.                     FURTHER UNDERTAKINGS

 

Pledgor shall, at any time and from time to time, upon the request of the Pledgee, do, execute, acknowledge, deliver and file, or cause to be done, executed, acknowledged, delivered or filed, all such further acts, deeds, transfers, conveyances, assignments or assurances as may be reasonably required for carrying out the purposes of this Deed as contemplated hereunder and the consummation of the transactions contemplated hereby.

 

19.                     ADDITIONAL COPIES EFFECTIVE FOR JUDICIAL ENFORCEMENT

 

The Pledgee may request and obtain second copies (“segundas copias”) and additional copies of this public deed, which shall be

 

 

24

 

This is a translation of the original document.

 

effective for judicial proceedings of enforcement (“procesos ejecutivos”).

 

 

25

 

This is a translation of the original document.

 

	
 
    	
 
    	
And in witness whereof,   the Parties hereby execute and formalise this Deed in three counterparts, in   the place and on date indicated in the heading.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
INICIATIVAS CULTURALES DE ESPAÑA,   S.L.
    
	
 
    	
 
    	
By:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ David González Gálvez
    
	
 
    	
 
    	
David González Gálvez
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
GOLDMAN SACHS CREDIT PARTNERS   L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ D. Manuel Deó
    
	
 
    	
 
    	
D. Manuel Deó
    

 

 

26

EXECUTION   VERSION D. ANDRÉS DOMÍNGUEZ NAFR ÍA NOTARIO DE MADRID CONTRATO [ILLEGIBLE] DE   PRENDA SOBRE DERECHOS DE CRÉDITO En Madrid, a 5 de octubre de 2011. Ante mi,   D. Andrés Domínguez Nafría, Notario perteneciente al Colegio de Madrid, con   ejercicio y fe pública en la plaza Mercantil de Madrid, COMPARECEN De una   parte, D. David González Gálvez, de nacionalidad española, mayor de edad, con   domicilio profesional en Madrid, Paseo de la Castelliana 216 y DNI número   50859413-L, actualmente en vigor. Y de otra, Dña, Macarena Ruiz-Jarabo   Valdés, de nacionalidad española, mayor de edad, con domicilio en Madrid,   calle María de Molina 6 y DNI número 50324605-F, actualmente en vigor.   INTERVIENEN D. David González Gálvez, en nombre y representación de   INICIATIVAS CULTURALES DE ESPAÑA, S.L.U., sociedad debidamente constituida   bajo tas leyes de España, con domicilio social en calle Tajo s/n,   Urbanización El Bosque, Villaviciosa de Odón, Madrid y NIF B-78345238. D.   David González Gálvez acredita su representación para este acto en virtud del   poder otorgado en su favor el 10 de junio de 2011 por D. Robert W. Zentz,   Administrador Unico de INICIATIVAS CULTURALES DE ESPAÑA, S.L., frente al   Notario Público de Baltimore (Maryland - EEUU), Dña. Nora Dietrich, cuyo   original redactado AMENDMENT AGREEMENT IN RESPECT OF PLEDGE OVER CREDIT   RIGHTS In Madrid, on October 5, 2011. Before me, Mr. Andrés Domínguez Nafría,   registered Notary Public of the Madrid Notaries’ Association, having   jurisdiction and official certifying authority in Madrid, BY AND BETWEEN On   the one part, Mr. David González Gálvez, of Spanish nationality, of legal   age, with domicile at and national identification number currently in force.   And on the other part, Ms. Macarena Ruiz-Jarabo Valdés, of Spanish nationality,   of legal age, with domicile and national identification number currently in   force. APPEAR Mr. David González Gálvez, in the name and on behalf of   INICIATIVAS CULTURALES DE ESPAÑA, S.L.U., an entity duly incorporated and   validly existing under the laws of Spain with registered address at Tajo s/n,   Urbanización El Bosque, Villaviciosa de Odón, Madrid and holding tax   identification number Mr. David González Gálvez is empowered for the purpose   herein by virtue of the power of attorney granted in his favor on 10 June   2011 by Mr. Robert W. Zentz, Sole Administrator of INICIATIVAS CULTURALES DE   ESPAÑA, S.L., before the Notary Public of Baltimore (Maryland - USA), Mrs.   Nora Dietrich, original of which written in two - 1 - MA 68122 [ILLEGIBLE]

    

 

EXECUTION   VERSION a doble columna en español e inglés, idioma que conozco y debidamente   apostillados, he tenido a la vista, del cual resulta tener facultades para la   formalización de la prenda que es objeto de la presente póliza. Se adjunta   una copia de dicho poder a la presente póliza de Prenda Derechos de   Crédito (la “Póliza”) como Anexo 1. INICIATIVAS CULTURALES DE ESPAÑA, S.L.   será en lo sucesivo denominada como el “Pignorante”. Dña. Macarena   Ruiz-Jarabo Valdés., en nombre y representación de GOLDMAN SACHS CREDIT   PARTNERS L.P., (en adelante, el “Acreedor Pignoraticio Anterior”) una   sociedad de responsabilidad limitada constituida de conformidad con las leyes   de Bennuda, con oficinas en 85 Broad Street, Nueva York, NY 10004, EE.UU. Dña.   Macarena Ruiz-Jarabo Valdés, en nombre y representación de CITIBANK, N.A. (en   adelante, el “Acreedor Pignoraticio”) una sociedad debidamente constituida y   existente de conformidad con las leyes vigentes en Estados Unidos, con   domicilio social en el Estado de Nueva York. El Acreedor Pignoraticio   comparece y actúa en su condición de Agente Administrativo y Agente de   Garantías o “Administrative Agent” y “Collateral Agent” de acuerdo con el   Contrato de Crédito, actuando por cuenta y beneficio de las Entidades   Garantizadas o “Secured Parties” (tal y como se define dicho término en el   Contrato de Crédito). Dña. Macarena Ruiz-Jarabo Valdés acredita su   representación para este acto en virtud de el poder de 24 de Agosto de 2011   autorizado por el notario de Nueva York, Estados Unidos, Dña. Kimberly J.   Contini, y del poder de 10 de Agosto 2011 autorizado por el notario de Nueva   York,, Dña Cynthia Tolentino, cuyos originales redactados a doble columna en   español e inglés, idioma que columns, in Spanish and English, language that I   understand and duly apostilled, which i llave seen, and from which it is   evidenced that he have powers to formalize the pledge object of this deed. A   copy of such power of attorney is attached to this deed of Pledge of Credit   Rights (the “Deed”) as Annex 1. INICIATIVAS CULTURALES DE ESPAÑA, S.L. will   be hereinafter referred to as the “Pledgor”. Ms. Macarena Ruiz-Jarabo Valdés,   in the name and on behalf of GOLDMAN SACHS CREDIT PARTNERS L.P.,   (hereinafter, the “Prior Pledgee”) a limiled partnership organized under the   laws of Bermuda with an office at 85 Broad Street, New York, NY 10004, USA. Ms.   Macarena Ruiz-Jarabo Valdés, in the name and on behalf of CITIBANK, N.A.   (hereinafter, the “Pledgee”), a company duly organized and existing under the   Laws of the United States and having its principal place of business at the   State of New York. The Pledgee acts as Administrative Agent and Collateral   Agent under the Credit Agreement, on behalf and for the benefit of the   Secured Parties (as such term is defined in the Credit Agreement). Ms.   Macarena Ruiz-Jarabo Valdés, is empowered for the purpose herein by virtue of   the power of attorney of 24 August 2011 granted by the notary public of New   York, United States, Ms. Kimberly J. Contini and power of attorney of 10 of   August 2011 granted by the notary public of Nueva York, Ms.Cynthia Tolentino,   originals of which written in two columns, in Spanish and English, language   that D. ANDRÉS DOMÍNGUEZ NAFR ÍA NOTARIO DE MADRID - 2 - MA 68122 [ILLEGIBLE]

    

 

EXECUTION VERSION   conozco y debidamente apostillados, Be tenido a la vista, de los cuales   resulta tener facultades para la formalización de la prenda que es objeto de   la presente póliza. Se adjunta una copia de dichos poderes a la presente   Póliza como Anexo 2. El Pignorante y el Acreedor Pignoraticio serán   denominados conjuntamente como las “Partes”. EXPONEN 1 Que con fecha 17 de   agosto de 2007, LAUREATE EDUCATION, INC. e INICIATIVAS CULTURALES DE ESPAÑA,   S.L., como prestatarios, los prestamistas GOLDMAN SACHS CREDIT PARTNERS L.P.,   como “Administrative Agent” y “Collateral Agent”, GOLDMAN SACHS CREDIT   PARTNERS L.P. como “Swmgline Lender”, CITICORP NORTH AMERICA, INC. como   “Syndication Agent”, GOLDMAN SACHS CREDIT PARTNERS L.P. Y CITIGROUP GLOBAL   MARKETS INC. como “Joint Lead Árrangers” y “Bookrunners”, además de otra   serie de entidades, suscribieron un contrato de crédito, como quiera que   pudiera ser modificado o complementado (el “Contrato de Crédito Inicial”). II   Que, con fecha 14 de marzo de 2008, ante el notario de Madrid Don Pedro de   Elizalde y Aymerich, el Pignorante, constituyó en favor del Acreedor   Pignoraticio Anterior, en su condición de Agente Administrativo y Agente de   Garantías, actuando por cuenta y beneficio de las Entidades Garantizadas o   “Secured Parties” tal y como dicho término se define en la Prenda de Derechos   de Crédito y en el Contrato de Crédito Inicial, un derecho real de prenda de   primer rango sobre los derechos de crédito de los que, el Pignorate es   titular I understand and duly apostilled, which I have seen, and from which   it is evidenced that she has all powers necessary to formalize the pledge   object of this deed. A copy of such power of attorney is attached to this   Deed as Annex 2. The Pledgor and the Pledgee shall hereinafter be jointly   referred to as the “Parties”. WHEREAS I On August 17, 2007, LAUREATE   EDUCATION INC. and INICIATIVAS CULTURALES DE ESPAÑA, S.L., as Borrowers; the   lenders from time to time, GOLDMAN SACHS CREDIT PARTNERS L.P. as   Administrative Agent and Collaleral Agent, GOLDMAN SACHS CREDIT PARTNERS L.P.   as Swingline Lender, CITICORP NORTH AMERICA, INC. as Syndication Agent,   GOLDMAN SACHS CREDIT PARTNERS L.P. AND CITIGROUP GLOBAL MARKETS INC. as Joint   Lead Arrangers and Bookrunners, and the other parties thereto entered into a   credit agreement (as amended, supplemented or otherwise modified from time to   time, the “Initial Credit Agreement”). II That, on 14 March 2008, before   Notary Public of Madrid Mr. Pedro de Elizalde y Aymerich, the Pledgor created   in favor of the Prior Pledgee, acting as Administrative Agent and Collateral   Agent on behalf and for the benefit of the Secured Parties, as such term is   defined in the Pledge over Credit Rights and the Initial Credit Agreement, a first   priority ranking pledge over the credit rights held by the Pledgor against   entities within the group of companies of the Pledgor, which are identified   in Annex 3 of this Deed, (the D. ANDRÉS DOMÍNGUEZ NAFR ÍA NOTARIO DE MADRID -   3 - MA 68122 [ILLEGIBLE]

    

 

EXECUTION   VERSION frente a entidades del grupo de sociedades del Pignorate, derechos de   crédito que se identifican en el Anexo 3 de esta Póliza, (los “Derechos de   Crédito”), en garantía del pago y cumplimiento de las Obligaciones Garantizadas   bajo el Contrato de Crédito Inicial (la “Prenda de Derechos de Crédito”). III   Que con fecha 16 de junio de 2011, LAUREATE EDUCATION, INC. E INICIATIVAS   CULTURALES DE ESPAÑA, S.L., como prestatarios, los prestamistas, GOLDMAN   SACHS CREDIT PARTNERS L.P., como “Administrative Agent” y “Collateral Agent”,   CITIGROUP GLOBAL MARKETS INC., CREDIT SUISSE SECURITIES (USA) LLC and KKR   CAPITAL MARKETS LLC como “ Co-Syndication Agents”, CITIGROUP GLOBAL MARKETS   INC., BARCLAYS CAPITAL, CREDIT SUISSE SECURITIES (USA) LLC y J.P. MORGAN   SECURITIES LLC como “Joint Lead Arrangers” y “Bookrunners”, entre otros,   suscribieron una modificación al Contrato de Crédito Inicial consistente   principalmente en una ampliación del plazo de vencimiento. El Contrato de   Crédito Inicial ha pasado a ser redactado en los términos y condiciones que   figuran en la escritura pública otorgada en fecha de hoy ante el Notario de   Madrid D. Andrés Domínguez (en adelante, como quiera que pudiera ser   modificado o complementado, el “Contrato de Crédito Modificado” o el   “Contrato de Crédito”). Asimismo, en fecha 30 de septiembre de 2011, GOLDMAN   SACHS CREDIT PARTNERS L.P. y CITIBANK, N.A. suscribieron un acuerdo de cese y   nombramiento en virtud del cual la entidad que actuaba como Agente de “Credit   Rights”) as security for the payment and performance of the Secured   Obligalions under the Initial Credit Agreement (the “Pledge over Credit   Rights”): III On 16, June 2011 LAUREATE EDUCATION INC. and INICIATIVAS   CULTURALES DE ESPAÑA, S.L., as Borrowers; the lenders from time to time,   GOLDMAN SACHS CREDIT PARTNERS L.P.as Administrative Agent and Collateral   Agent, CITIGROUP GLOBAL MARKETS INC., CREDIT SUISSE SECURITIES (USA) LLC and   KKR CAPITAL MARKETS LLC as Co-Syndication Agents, CITIGROUP GLOBAL MARKETS INC.,   BARCLAYS CAPITAL, CREDIT SUISSE SECURITIES (USA) LLC and J.P. MORGAN   SECURITIES LLC as Joint Lead Arrangers and Bookrunners, amongst other   parties, entered into an amended version of the Credit Agreement mainly based   on a term loan maturity date extension. The Initial Credit Agreement has been   modified and reads in the terms and conditions provided by the public deed   granted on the date hereof before Notary public of Madrid, Mr. Andrés   Dominguez (hereinafter, as amended, supplemented or otherwise modified from   time to time, the “Amended and Restated Credit Agreement” or the “Credit   Agreement”). Moreover, on 30 September 2011, GOLDMAN SACHS CREDIT PARTNERS   L.P. and CITIBANK, N.A. entered into a resignation and appointment agreement]   by means of which the entity acting as Collateral D. ANDRÉS DOMÍNGUEZ NAFR ÍA   NOTARIO DE MADRID - 4 - MA 68122 [ILLEGIBLE]

    

 

EXECUTION   VERSION Garantías (tal y como se define en el Contrato de Crédito) se   sustituyó pasando de ser GOLDMAN SACHS CREDIT PARTNERS L.P. a ser CITIBANK,   N.A. IV Como consecuencia de lo anterior, la Prenda de Derechos de Crédito ha   de ser modificada en consonancia y, tal y como se establece en la sección   14.21 (d) del Contrato de Crédito Modificado, cada una de las Partes de este   contrato reconoce, renueva y extiende sus obligaciones bajo los documentos de   garantía, ratificando el Pignorante por la presente al Notario interviniente   sus obligaciones bajo el Contrato de Crédito Modificado. V Asimismo, por la   presente, las Partes instruyen irrevocable e incondicionalmente al Notario   para que notifique mediante carta certificada con acuse de recibo, a las   contrapartes de los contratos suscritos por el Pignorante de los que se   derivan los Derechos de Crédito, el otorgamiento del presente Contrato de   Modificación (tal y como se define más abajo) utilizando el modelo que se   adjunta como Anexo 4. De conformidad con lo antes mencionado, las Partes   suscriben la presente modificación a la Prenda de Derechos de Crédito (de   aquí en adelante, el “Contrato de Modificación”) que se regirá conforme a las   siguientes: ESTIPULACIONES 1. TÉRMINOS DEFINIDOS 1.1 Los términos definidos   en el Contrato de Modificación tendrán el mismo significado que en la Prenda   de Derechos de Créditos, salvo que aquí se definan de manera distinta. Agent   (as defined in the Credit Agreement) was replaced from GOLDMAN SACHS CREDIT   PARTNERS L.P. to CITIBANK, N.A. IV As consequence of the above mentioned   amendments, the Pledge over Credit Rights shall be modified accordingly and   as sel forth in section 14.21 (d) of the Amended and Restated Credit   Agreement, each Party to this agreement acknowledges, renews and extends   their obligations under the security documents and the Pledgor hereby   ratifies before the intervening Notary Public its obligations under the   Credit Agreement. V Moreover, the Parties hereby irrevocably and   unconditionally instruct the Notary to give notíce by means of certified   letter with acknowledgement receipt, to the Pledgor contract counterparties   from which Credit Rights are derived, of the granting of this Amendment   Agreement (as defined below) using the Communications attached as Annex 4. Pursuant   to the aforementioned, the Parties wish to grant this amendment to the Pledge   over Credit Rights (hereinafter, the “Amendment Agreement”) which shall be   governed by the following: CLAUSES 1. DEFINED TERMS 1.1 Terms defined in this   Amendment Agreement shall have the meaning in the Pledge over Credit Rights   unless otherwise defined herein. D. ANDRÉS DOMÍNGUEZ NAFR ÍA NOTARIO DE   MADRID - 5 - MA 68122 [ILLEGIBLE]

    

 

EXECUTION   VERSION Cualquier referencia a la Prenda de Derechos de Crédito (incluyendo   referencias a la Prenda de Derechos de Crédito tal y como sea modificada por   el presente Contrato de Modificación), a “esta póliza” o a “esta prenda” (así   como cualquier referencia indirecta tal como “a continuación”, “por la   presente”, “aquí mencionado” o cualquier otra que haga referencia a la Prenda   de Derechos de Crédito) serán consideradas como referencias a la Prenda de   Derechos de Crédito tal y como ésta sea modificada y complementada mediante   el presente Contrato de Modificación. 2. MODIFICACIONES DE LA PRENDA DE   DERECHOS DE CREDITO A partir de la presente fecha, la Prenda de Derechos de   Crédito pasará a garantizar el cumplimiento íntegro y puntual de las   Obligaciones Garantizadas (tal y como este término ha quedado modificado por   el Contrato de Crédito Modificado) modificándose, por tanto, los términos y   condiciones de la Prenda de Derechos de Crédito de la siguiente manera: 2.1 Cualquier   referencia en la Prenda de Derechos de Crédito que haga expresa mención a la   Ley de Sociedades Anónimas o a la Ley de Sociedades de Responsabilidad   Limitada se sustituirá por lo establecido en los articules correspondientes   en la nueva Ley 1/2010 de 2 de Julio de Sociedades de Capital. 2.2 Cualesquiera   referencias en la Prenda de Derechos de Crédito al Acreedor Pignoraticio,   “Administrative Agent” y “Collateral Agent”, Agente Administrativo y Agente   de Garantías Reference in the Pledge over Credit Rights (including references   to the Pledge over Credit Rights as amended hereby) to “this deed” or “this   Pledge” (and indirect references such as “hereunder”, “Hereby”, “herein” and   “hereof or any other referring to the Pledge over Credit Rights) shall be   deemed to be references to the Pledge over Credit Rights as amended and   supplemented hereby. 2. AMENDMENT OF THE PLEDGE OVER CREDIT RIGHTS Effective   on the date hereof, the Pledge over Credit Rights will guarantee the full   compliance of the Secured Obligations (as this defined term has been modified   by the Amended and Restated Credit Agreement), and therefore amending the   terms and conditions of the Pledge over Credit Rights as follows: 2.1 Any   express reference in the Pledge over Credit Rights to the Public Limited   Companies Act “Ley de Sociedades Anónimas” or Limited Liability Companies Act   “Ley de Sociedades de Responsabilidad Limitada” will be substituted by the   applicable provisions set forth in the new Companies Act “Ley 1/2010 de 2 de   Julio de Sociedades de Capital”. 2.2 Any express reference in the Pledge over   Credit Rights made to the Pledgee, Administrative Agent and Collateral Agent,   will be referred to, thereafter made to D. ANDRÉS DOMÍNGUEZ NAFR ÍA NOTARIO   DE MADRID - 6 - MA 68122 [ILLEGIBLE]

    

 

EXECUTION   VERSION se referirán ahora en adelante a CITIBANK, N.A. en vez de a GOLDMAN   SACHS CREDIT PARTNERS L.P. 2.3 Las Obligaciones Garantizadas pasarán a ser   las Obligaciones Extranjeras o “Foreign Obligations” que le correspondan al   Pignorante, tal y como este término se define en el Contrato de Crédito   Modificado. Asimismo, el plazo de repago previsto en el Contrato de Crédito   Inicial se entenderá extendido de conformidad con los términos y condiciones   que se establecen en el Contrato de Crédito Modificado. 2.4 La Cláusula 12.2   se sustituirá por el siguiente tenor literal: A los efectos de la presente   Póliza, las Partes señalan como domicilio válido para las notificaciones,   requerimientos y diligencias que resultasen pertinentes: Para el Pignorante: Calle   Tajo s/n Urbanización El Bosque Villaviciosa de Odón, Madrid. Con copia a: Laureate   Education, Inc. 650 South Exeter Street, Baltimore, MD 21202 Atención; Robert   W.Zentz Número de fax: (410) 843-8544. Para el Acreedor Pignoraticio: Citibank,   N.A 390 Greenwich Street New York, new York Atención: Caesar Wyszomirski. 3. EFECTOS   SOBRE EL ACUERDO CITIBANK, N.A. instead of GOLDMAN SACHS CREDIT PARTNERS L.P.   2.3 The Secured Obligations for the Pledge over Credit Rights shall be the   Foreign Obligations corresponding to the Pledgor, as this term is defined in   the Amended and Restated Credit Agreement. Likewise, the repayment date set   forth in the Initial Credit Agreement will be deemed extended in accordance with   the terms and conditions set forth the Amended and Restated Credit Agreement.   2.4 Clause 12.2 is hereby replaced with the text that reads as follows: For   purposes of this Deed, the address of the Parties for such notices, summons   and other required formalities shall be the following: For the Pledgor: Calle   Tajo s/n Urbanización El Bosque Villaviciosa de Odón, Madrid. With a copy to:   Laureate Education, Inc. 650 South Exeter Street, Baltimore, MD 21202 Attention:   Robert W.Zentz Telecopy No. (410) 843-8544. For the Pledgee: Citibank, N.A 390   Greenwich Street New York, new York Attention; Caesar Wyszomirski. 3. EFFECT   ON THE AGREEMENT D. ANDRÉS DOMÍNGUEZ NAFR ÍA NOTARIO DE MADRID - 7 - MA 68122   [ILLEGIBLE]

    

 

EXECUTION   VERSION 3.1 Las Partes reconocen expresamente que el presente Contrato de   Modificación, representa una novación modificativa no extintiva de la Prenda   de Derechos de Crédito, y formará parte de ésta a todos los efectos. 3.2 Salvo   en lo dispuesto en este Contrato de Modificación, las disposiciones de la   Prenda de Derechos de Crédito no podrán ser modificadas, rectificadas,   renunciadas, alteradas o afectadas de ninguna otra manera. Asimismo, se   ratifican y confirman tanto la Prenda de Derechos de Crédito como todas las   obligaciones asumidas bajo la misma, las cuales se mantienen sin cambios y en   vigor. 3.3 El presente Contrato de Modificación se limita exclusivamente a   las materias expresamente establecidas en este documento y no podrá (i)   constituir una modificación o renuncia a cualquier otro término o condición   de la Prenda de Derechos de Crédito, (ii) perjudicar cualquier derecho o   derechos de cualquier parte o relacionados con la Prenda de Derechos de   Crédito, o (iii) crear cualquier derecho en favor de otra persona u otro   beneficiario o de otra forma, excepto que aquí se disponga expresamente lo   contrario. 4. REPRESENTACIONES Y GARANTÍAS El Acreedor Pignoraticio ratifica   las representaciones y garantías establecidas en la cláusula 7 de la Prenda   de Derechos de Crédito. 5. LEY APLICABLE Y JURISDICCIÓN 5.1 El presento   Contrato de Modificación se regirá por el Derecho español. 3.1 The Parties   expressly acknowledge that this Amendment Agreement, is an amendment without   extinctive nature (novación modificativa no extintiva) of the Pledge over   Credit Rights, and it will be a part of it for all purposes. 3.2 Except to   the extent specifically set forth herein, the provisions of the Pledge over   Credit Rights shall not be amended, modified, waived, impaired or otherwise   affected hereby. Furthermore, the Pledge over Credit Rights and the   obligations thereunder are hereby ratified and confirmed and remain unchanged   and in full force and effect. 3.3 This Amendment Agreement shall be limited   solely to the matters expressly set forth herein and shall not (i) constitute   an amendment or waiver of any other term or condition of the Pledge over   Credit Rights, (ii) prejudice any right or rights of any party under or in   connection with the Pledge over Credit Rights or (iii) create any right herein   to another person or other beneficiary or otherwise, except to the extent   specifically provided herein. 4. REPRESENTATIONS AND UNDERTAKINGS The Pledgor   ratifies the representations and warranties set forth in Clause 7 of the   Pledge over Credit Rights. 5. GOVERNING LAW AND JURISDICTION 5.1 This   Amendment Agreement shall be governed by Spanish law. D. ANDRÉS DOMÍNGUEZ   NAFR ÍA NOTARIO DE MADRID - 8 - MA 68122 [ILLEGIBLE]

 

 
    

 

EXECUTION   VERSION 5.2 Con renuncia a su fuero propio, ambas partes se someten de manera   expresa e irrevocable a los Juzgados y Tribunales de la ciudad de Madrid para   todas las cuestiones que puedan derivarse de la validez, interpretación o   cumplimiento del presente Contrato. Y para constancia y cumplimiento de lo convenido,   otorgar este Contrato en tres ejemplares con la intervención del Notario   interviniente. INICIATIVAS CULTURALES DE ESPAÑA, S.L. P.P. [ILLEGIBLE] D.   David González Gálvez CITIBANK, N.A. P.P. [ILLEGIBLE] Dña Macarina   Ruiz-Jarabo Valdés GOLDMAN SACHS CREDIT PARTNERS L.P. P.P. [ILLEGIBLE] Dña   Macarena Ruiz-Jarabo Valdés Con mi intervención D. Andrés Domínguez Nafría 5.2   The Parties, expressly waiving their right to their own forum, expressly and   irrevocably submit to the courts of the city of Madrid for purposes of any   dispute which may arise in connection with the validity, interpretation or   enforceabilily of this Deed. In witness hereof, the Parties sign this   contract three original counterparts with the intervention the Notary Public.   INICIATIVAS CULTURALES DE ESPAÑA, S.L. By: [ILLEGIBLE] Mr. David González   Gálvez CITIBANK, N.A. By: [ILLEGIBLE] Ms. Macarena Ruiz-Jarabo Valdés GOLDMAN   SACHS CREDIT PARTNERS L.P. By: [ILLEGIBLE] Ms. Macarena Ruiz-Jarabo Valdés With   my intervention Mr. Andrés Domínguez Nafría D. ANDRÉS DOMÍNGUEZ NAFR ÍA NOTARIO   DE MADRID - 9 - MA 68122 [ILLEGIBLE]Exhibit 10.30

 

This is a translation of the original document.

 

DEED OF PLEDGE OF PARTICIPATIONS

 

In Madrid, on March 14, 2008.

 

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

 

BY AND BETWEEN

 

On the one part,

 

Mr. David González Gálvez, of Spanish nationality, of legal age, with domicile at Paseo de la Castellana 216, Madrid                     , currently in force.

 

And on the other part,

 

Mr. Rafael Echegoyen Lewin, of Spanish nationality, of legal age, with domicile at María de Molina 6                           , currently in force.

 

APPEAR

 

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

 

Mr. David González Gálvez is empowered for the purpose herein by virtue of the power of attorney granted in his favor on December 19, 2007 by Mr. Robert Zentz, Sole Director of INICIATIVAS CULTURALES DE ESPAÑA, S.L., before the Notary Public of Maryland, United States of América, Ms. Linda Palarino, whose signature is duly

 

 

1

 

This is a translation of the original document.

 

authenticated by an apostille according to The Hague Convention of October 5, 1961 and which I have seen, and from which it is evidenced that he has powers to formalize the pledge object of this deed. A copy of such power of attorney is attached to this deed of Pledge of Participations (the “Deed”) as Annex 1.

 

INICIATIVAS CULTURALES DE ESPAÑA, S.L. will be hereinafter referred to as the “Pledgor”.

 

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

 

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

 

Mr. Rafael Echegoyen Lewin is empowered for the purpose herein by virtue of the power of attorney of January 24, 2008 granted by the notary public of New York State, United States of America, Ms. Beatrice A. Viola, original of which written in two columns, in Spanish and English, language that I understand and duly apostilled, which I have seen, and from which it is evidenced that he has powers to formalize the pledge object of this deed. A copy of such power of attorney is attached to this Deed as Annex 2.

 

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

 

 

2

 

This is a translation of the original document.

 

WHEREAS

 

I.                          On August 17, 2007, Laureate Education Inc. and INICIATIVAS CULTURALES DE ESPAÑA, S.L., as Borrowers; the lenders from time to time, Goldman Sachs Credit Partners L.P. as Administrative Agent and Collateral Agent, Goldman Sachs Credit Partners L.P. as Swingline Lender, Citicorp North America, Inc. as Syndication Agent, Goldman Sachs Credit Partners L.P. and Citigroup Global Markets Inc. as Joint Lead Arrangers and Bookrunners, and the other parties thereto entered into a Credit Agreement (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). Pursuant to section 6.2 of the Credit Agreement, the Administrative Agent shall have received this Deed.

 

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

 

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

 

II.                     The Pledgor owns:

 

1,000 participations (“participaciones sociales”)  of the Spanish company ESCUELA

 

 

3

 

This is a translation of the original document.

 

SUPERIOR DE ALTA GESTIÓN DE HOTEL, S.L., with registered office at Ctra. de Istan, Km. 1, Urbanización Las Lomas de Río Verde, Marbella (Málaga)                           , numbered from 1 to 1,000, both included, with a face value of 6.010121 Euro each and representing 100% of the share capital of this company; and

 

503,006 participations (“participaciones sociales”)  of the Spanish company ICE INVERSIONES BRAZIL, S.L., with registered office at Tajo s/n, Urbanización El Bosque, Villaviciosa de Odón, Madrid                           , numbered from 1 to 503,006, both included, with a face value of 1 Euro each and representing 100% of the share capital of this company.

 

The above-mentioned companies ESCUELA SUPERIOR DE ALTA GESTIÓN DE HOTEL, S.L. and ICE INVERSIONES BRAZIL, S.L. will be hereinafter referred to, jointly, as the “Companies” or individually each of them as the “Company” and the above-mentioned participations will be referred to as the “Participations” and each of such Participations as a “Participation”.

 

III.                As security for the payment and performance of the Secured Obligations (as such term is defined below), the Pledgor wishes to create in favor of the Pledgee, this Pledge of Participations, which shall be governed by the following:

 

CLAUSES

 

1.                            CREATION OF THE PLEDGE

 

1.1                     As security for the payment and performance of the Secured Obligations (as defined

 

 

4

 

This is a translation of the original document.

 

immediately below), the Pledgor hereby creates a right of Pledge (the “Pledge”) in favor of the Pledgee, acting as Administrative Agent and Collateral Agent under the Credit Agreement, for the ratable benefit of the Secured Parties (as such term is defined in the Credit Agreement), which is accepted by the Pledgee, over the Participations defined in Recital II above.

 

For purposes of this Pledge, the term Secured Obligations shall mean the Foreign Obligations, as defined in the Credit Agreement.

 

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

 

1.2                 The Pledge created by virtue of this Clause 1 shall be extended to any other assets (whether tangible or not), rights, titles, securities or moneys that replace or are exchanged for or attached to the Participations in the event of

 

 

5

 

This is a translation of the original document.

 

merger, dissolution, increase or decrease of capital, conversion or exchange of the Participations, transformation, division or any other similar cause that affects the Companies.

 

1.3                               Any references made to the Participations in this document shall be deemed to refer to any of the titles, securities, assets or funds that replace or are exchanged for or attach to them as provided in Clause 1.2 above.

 

1.4                               The Parties hereby agree that this Deed shall not alter or affect the terms and conditions established in the Credit Agreement.

 

2.                                      SECURED OBLIGATIONS. INDIVISIBLE NATURE

 

2.1                               The Pledge created by virtue of this Deed in favor of the Pledgee, for the benefit of the Secured Parties (as such term is defined in the Credit Agreement), guarantees the full and punctual fulfillment of the Secured Obligations, as defined above.

 

2.2                               The Pledge is created with an indivisible nature. Consequently, each and every Participation pledged secures the complete fulfillment of the Secured Obligations. Partial fulfillment of such obligations shall not extinguish the Pledge proportionally.

 

2.3.                            The Pledgor shall only be entitled to request the release of the Pledge created hereby upon termination of the Credit Agreement and the payment in full of Loans made thereunder and as defined therein.

 

 

 

6

 

This is a translation of the original document.

 

3.                                      INCREASES OF SHARE CAPITAL

 

3.1                               In the event that there is an increase in the share capital of any of the Companies during the life of the Pledge, the Parties expressly agree that if the Pledgor exercises its preemptive rights, the Pledge created by this deed shall be extended to all the credit rights and new participations subscribed as a result of the referred increase in the share capital so that the Pledge does not decrease in value. The extension of the Pledge will be recorded in a supplementary public deed, executed with the intervention of a Notary Public within five (5) business days following the date on which the registry of the public deed of share capital increase at the Spanish Commercial Registry is notified to the relevant Company by the Spanish Commercial Registry.

 

3.2                               If the Pledgor decides not to exercise its preemptive rights, the Pledgee should be notified of such in writing twenty (20) calendar days prior to the expiration date of the period for exercising this preemptive right. Upon receipt of such notice or if by the second business day preceding the expiration date of the period for exercising their preemptive rights, the Pledgor has not deposited the amount necessary for subscribing the new participations, the Pledgee is hereby empowered to execute on behalf of the Pledgor and through an entity chosen by the Pledgee, the steps necessary to transfer to third parties the corresponding preemptive rights, at a price set by the Pledgee (which will be the same as or higher

 

 

 

7

 

This is a translation of the original document.

 

than the market price), and the Pledgee shall apply the funds obtained in this manner toward the payment of amounts owed pursuant to Section 11.15 of the Credit Agreement.

 

3.3                               If the Pledgor decides to exercise its preemptive rights partially, the price obtained from the transfer of the unused preemptive rights from one or more third parties (which shall be the same as or higher than the market price) may be used by the Pledgor toward payment of the newly subscribed participations and such participations will be pledged in favor of the Pledgee under the same terms established in Clause 3.1 above, the provisions of said Clause being also applicable to any partial exercise of the preemptive rights provided for in this Clause 3.3. The extension of the Pledge will be recorded by a supplementary public deed, executed by the Pledgee with the intervention of a Notary Public.

 

With respect to any part of the transfer price of the preemptive rights which is not applied toward payment for the new participations, such funds are to be applied in accordance with the provisions of Clause 3.2 above.

 

4.                                      DELIVERY OF THE PLEDGED PARTICIPATIONS AND OF THE LEGAL TITLES EVIDENCING OWNERSHIP OVER THE PARTICIPATIONS 

 

4.1                               The Pledgor hereby delivers to the Pledgee

 

 

 

8

 

This is a translation of the original document.

 

the public documents evidencing the Pledgor’s ownership of the Participations (the “Titles”).

 

4.2                               The Parties agree that the delivery of the Titles to the Pledgee will have the effects provided under Article 1,863 of the Spanish Civil Code. The Titles shall be safeguarded by the Pledgee and they will be returned to the Pledgor once the Pledge has been released as herein provided. The Pledgor undertakes to do whatever is necessary or advisable in order to maintain the deposit as herein provided.

 

4.3                               The Parties instruct the intervening Notary Public to:

 

(i)                                     write on the Titles in order to reflect the creation of the Pledge;

 

(ii)                                  to instruct all affected Notaries so that any authorized copy of any deed or certificate that may be produce in connection with the Pledgor’s ownership of the Participations shall be duly amended to reflect this Pledge; and

 

(iii)                               to officially notify the managing body of each Company of the creation of this Pledge in its corporate domiciles so that it registers the Pledge in the Registry Books of Partners (“Libro Registro de Socios”)  of such Company.

 

5.                                      LIMITATIONS ON TRANSFER OF THE PLEDGED PARTICIPATIONS

 

5.1                               For as long as the Pledge remains valid and

 

 

9

 

This is a translation of the original document.

 

enforceable, the Pledgor may not, except as provided for in the Credit Agreement, without the express written consent of the Pledgee, transfer or create any form of lien or encumbrance on the Participations or dispose or charge them in any way whatsoever.

 

5.2                               The Pledgee is entitled to exercise any other rights and claims necessary or appropriate to preserve the value of the Participations subject to this Pledge.

 

6.                                      EXERCISE OF RIGHTS PERTAINING TO THE PLEDGED PARTICIPATIONS

 

6.1                               The Parties agree that the Pledgor shall be entitled to exercise all the political rights attached to the Participations. The Pledgor will exercise those political rights in the general shareholders’ meeting of the Companies in a way consistent with the fulfillment of the Secured Obligations.

 

6.2                               However, the Pledgor undertakes that once it has received from the Pledgee the notification that an Event of Default (as defined in the Credit Agreement) has taken place, the Pledgor shall perform all acts necessary to hold general partners’ meetings of the Companies within the maximum term of fifteen calendar days from the reception of said notice. The agenda of said general shareholders’ meetings shall include an amendment of the Companies’ By-laws so as to permit the Pledgee to exercise the political rights of the participations charged by a pledge of participations (regardless of its creation prior to or after said By-laws’ amendment). The Pledgor also undertakes to vote in favor of said amendment, and to perform all the

 

 

10

 

This is a translation of the original document.

 

necessary acts for the effectiveness of said resolutions amending the By-laws, including their registration at the Commercial Registry.

 

Likewise, the Pledgor undertakes to grant in favor of the Pledgee a power of attorney so that it may, from the reception of the aforementioned Pledgee’s notice by the Pledgor, and acting in the name and on behalf of the Pledgor, attend the general partners’ meetings and exercise the political rights corresponding to the Participations. Notwithstanding the foregoing, the Pledgor also undertakes to grant whatever powers of attorney or ratification documents in favor of the Pledgee which are requested by the Pledgee for the effective exercise of said political rights and, in particular, to grant a special power of attorney in favor of the Pledgee to attend each general partners’ meeting of the Companies. The Pledgor further undertakes not to attend those partners’ meetings.

 

6.3                               Should an Event of Default (as defined in the Credit Agreement) take place, all yields, interests, fruits or dividends produced by the Participations, shall be for the benefit of the Pledgee to guarantee the fulfillment of any outstanding Secured Obligation.

 

 

11

 

This is a translation of the original document.

 

7.                        CANCELLATION  OF  THE  PLEDGE AND RETURN OF THE PARTICIPATIONS

 

The Pledgee will return the Titles, as well as any dividend or other income paid in respect of the Participations and not applied to payment of the Secured Obligations once all Secured Obligations have been fully met, unless the Pledgee exercises the rights conferred by Article 1,866 of the Spanish Civil Code to withhold the pledged Participations for as long as the Pledgor has not fully satisfied any other right or debt which it may have against the Secured Parties (as defined in the Credit Agreement). The Pledgee expressly reserves this right.

 

8.                        ENFORCEMENT PROCEDURES

 

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

 

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

 

8.2.              For purposes of the foreclosure of the Pledge, and notwithstanding (i) Pledgor’s liability in relation to the complete fulfillment of the Secured Obligations; and (ii) any other security interest held by the Pledgee, the Pledgee may,

 

 

12

 

This is a translation of the original document.

 

at its discretion, use any of the available judicial proceedings, including ordinary judicial proceedings or non-judicial proceeding provided for under Article 1,872 of the Spanish Civil Code. The use of one foreclosure method shall not preclude the possibility of resorting to any of the others, insofar as the Secured Obligations have not been fully paid.

 

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

 

Therefore, the presentation of the following documents will be sufficient to initiate the enforcement of the Pledge: (i) the original of this Deed; (ii) together with a certificate issued by the Notary attesting this Deed by which it is stated that the Deed conforms to its files and their date; (iii) the notarial deed incorporating the certificate issued by the Pledgee referred to above evidencing that the liquidation of the debt has been executed in the form agreed in the Credit Agreement; and (iv) a notarial deed evidencing that the Pledgor has been served notice of the amount due and payable.

 

The Parties expressly agree that, in the event of foreclosure, the Pledgee may use the method of

 

 

13

 

This is a translation of the original document.

 

foreclosure of the Participations by agreement or by a specialized person or entity, as referred to in sections 3 and 4 of Chapter IV, Title IV, Book III of the Civil Procedure Law. The Pledgor hereby gives its consent to the use of such methods if requested by the Pledgee.

 

The Parties further agree that this Pledge may be enforced in accordance with the procedure provided for in Article 573 et seq. of the aforesaid Civil Procedure Law, taking into account the procedure for auctioning movable property established in Article 643 et seq. thereof, and to such effect the Participations may be auctioned in one or more lots, as the Pledgee may decide.

 

8.4                 Should the Pledgee decide to follow the procedure established under Article 1,872 of the Spanish Civil Code, the Parties agree as follows:

 

(i)                       domiciles for purposes of notification will be those provided under Clause 12;

 

(ii)                    reference price: The Participations wil be priced at a total amount of 66,000,000 Euro Such amount results from adding 8,000,000 Euro corresponding to the participations in ESCUELA SUPERIOR DE ALTA GESTIÓN DE HOTEL, S.L. to 58,000,000 Euro corresponding to the participants in ICE INVERSIONES BRAZIL, S.L;

 

(iii)                 the Pledgor hereby appoints the Pledgee, who will act through its duly appointed representatives, as its agent in the auction of

 

 

14

 

This is a translation of the original document.

 

the pledged Participations, and irrevocably authorizes it to execute, acting in the name and on behalf of the Pledgor, all public documents which are required in order to formalize the transfer of the Participations in favor of the purchaser or purchasers, as the case may be, with express authority to also execute documents to which the Pledgee is a party as purchaser;

 

(iv)                    the competent Notary will be the Spanish Notary designated by the Pledgee and the reference price for the first auction will be the price provided under (ii) above. For the second and subsequent auctions there will be no minimum reference price. The Participations will be awarded to the highest bidder.

 

At the request of the Pledgee, third and subsequent auctions may take place, subject to the same formalities and without a minimum reference price. Likewise, at the request of the Pledgee, partial auctions may take place with respect to some of the Participations.

 

Whoever wins the auction bid (i) may assign its right to purchase the Participations to a third party, and (ii) will have to pay the balance between the amount subject to the escrow deposit (provided for in (vi) below) and the acquisition price of the Participations within three (3) business days from the date of the auction; should the winner of the auction fail to pay such balance, it will lose the amount in the escrow deposit;

 

(v)                       the Notary and the Pledgor will be authorized to take whatever actions they deem appropriate for purposes of ensuring that the

 

 

15

 

This is a translation of the original document.

 

auctions become of public knowledge. Announcements will be published and notice to the Pledgor will be given at least ten (10) calendar days prior to the first auction;

 

(vi)                    any bidder will be required to deposit in an escrow account with the Notary an amount equivalent to 20% of the reference price provided for the first auction. Said amount will be returned to any unsuccessful bidder once the auction is over;

 

(vii)                 the price obtained in the auction, once all expenses arising under the enforcement procedures have been duly covered, will be delivered by the Notary to the Pledgee, who will in turn deliver to the Pledgor any excess over the amount due for payment of the Secured Obligations;

 

(viii)              the enforcement procedures will not be suspended unless the Notary receives an order issued by the competent judicial authority or by the Pledgee;

 

(ix)                    the auctions will be publicly announced with ten (10) calendar days notice. A new auction may not take place unless at least four (4) calendar days have elapsed since the previous auction;

 

Should the Participations be acquired by the Pledgee, the payment of the price of the Participations may be settled by set off, by reducing the amount of the Secured Obligations by an amount equal to that offered by the Pledgee as purchase price for the Participations. Amounts resulting from the sale of the Participations will be allocated to the payment of the Secured Obligations

 

 

16

 

This is a translation of the original document.

 

pursuant to Section 11.15 of the Credit Agreement.

 

8.5                     The Pledgee will retain all rights and claims against the Pledgor for that part of the Secured Obligations which is not duly satisfied by the Pledgor or on the Pledgor’s account or as a result of the enforcement of the Pledge.

 

9.                            IN REM SUBROGATION DUE TO CHANGE IN THE OBJECT OF THE PLEDGE

 

Should the Pledge extend to cash or to rights of credit which may be converted into cash whether due to dividends or other income of the same nature corresponding to the Participations or because the collateral is replaced by operation of law (in rem subrogation), all legal consequences corresponding to a right of pledge will apply to both the cash and the credit rights which will be kept as security. The only exception is that the “enforcement” of the Pledge over the cash or credit rights will take place by way of set off against the outstanding Secured Obligations.

 

10.                     REPRESENTATIONS AND  UNDERTAKINGS OF THE PLEDGOR

 

The Pledgor hereby represents and warrants that (i) it has full title and beneficial ownership of the Participations; (ii) that such Participations represent 100% of the share capitals of the Companies and, unless a change in the Pledgor’s participation in the share capitals of the Companies is permitted in accordance with the terms and conditions of the Credit Agreement, shall represent 100% of the share capital of the Companies during the term of this Pledge; (iii) that such Participations are not subject to any voting agreements or arrangements (“pactos

 

 

17

 

This is a translation of the original document.

 

de sindicación”);  (iv) that such Participations are fully subscribed and paid-up; (v) that such Participations have been acquired and are held by the Pledgor after compliance with and obtaining all requisite obligations, formalities and authorizations; and (vi) that such Participations are not subject to any charge, encumbrance, lien, option right or any transfer restriction of any kind, except as set forth in the By-laws of the Companies or in the law.

 

11.                     TAXES AND EXPENSES

 

The Notary fees, taxes and any other costs and expenses arising as a result of the preparation and execution of this Pledge, its cancellation as well as the costs arising in case of foreclosure on the Pledge, including costs and expenses incurred by lawyers and judicial agents, even when the intervention of the latter is not legally required, will be borne by the Pledgor.

 

12.                     NOTICES

 

12.1              All notices which must be sent to the Parties under this Pledge, except if provided otherwise, shall be made by certified letter with acknowledgment of receipt.

 

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

 

For the Pledgor: 

 

Calle Tajo s/n

Urbanización El Bosque

Villaviciosa de Odón, Madrid.

 

With a copy to:

 

Laureate Education, Inc.

 

 

18

 

This is a translation of the original document.

 

1001 Fleet Street, Baltimore, MD 21202

Attention: Rosemarie Mecca, Executive Vice

President and Chief Financial Officer

Telecopy No. (410) 843-8093.

 

For the Pledgee:

 

Goldman Sachs Credit Partners L.P.

c/o Goldman, Sachs & Co.

30 Hudson Street, 17th Floor

Jersey City, NJ 07302

Attention: SBD Operations

Attention:  Pedro Ramirez

Telecopier:  (212) 357-4597

E-mail: gsd.link@gs.com

 

With a copy to:

 

Goldman Sachs Credit Partners L.P.

1 New York Plaza

New York, New York 10004

Attention: Anisha Malhotra and Staphanie

Nagengast

Telecopier:  (212) 902-3000

 

12.3              Any change in the abovementioned addresses must be communicated to the others by post with acknowledgment of receipt, and shall only take effect ten (10) calendar days after the date on which the other Party receives the notice.

 

13.                     AMENDMENT OF THIS DEED

 

Should it receive a formal demand to do so, the Pledgor undertakes to execute, within a maximum period of ten (10) calendar days from the date of such demand, any public and private documents as may be necessary to correct, rectify, supplement or clarify this Deed.

 

 

19

 

This is a translation of the original document.

 

14.                     POWER OF ATTORNEY

 

The Pledgor hereby grants an irrevocable power of attorney, as extensive as is required or convenient in Law, with an express power to self-contract and delegate, in favour of the Pledgee acting through any of its representatives so that it may, in the name and on behalf of the Pledgor, take any action that may be necessary or convenient for the purpose of carrying out the terms of this Pledge and take any action and execute any instrument which may be necessary or convenient to accomplish the purposes of this Pledge.

 

Among the powers granted, for instance, are the following: (i) to execute as many public or private documents as may be necessary in order to formalize, in the name and on behalf of the Pledgor, the extension of the Pledge, or in order to modify, amend, correct, supplement or clarify this Deed or any public documents executed in connection with this Deed; (ii) to exercise the political and economic rights, and transfer the preemptive rights attached or corresponding to the Participations, as the case may be in accordance with the terms of this Pledge; (iii) to represent the Pledgor in the auction of the pledged Participations and to execute, in the name and on behalf of the Pledgor, every public document which may be necessary in order to formalize the transfer of the Participations in favour of the acquirer or acquirers; (iv) to appoint the Notary Public which the Pledgee deems appropriate in order to formalize any public documents which may be executed in connection with this Pledge; (v) to pay, at the Pledgor’s expense, the costs and taxes that arise from the actions performed and from the documents executed in compliance with this Deed; and (vi) to perform any other actions which may be necessary or convenient in order to comply with this Deed.

 

 

20

 

This is a translation of the original document.

 

These powers of attorney are irrevocable and will be in force while any Secured Obligation remains outstanding. The unilateral revocation of these powers of attorney by the Pledgor shall not have any effect.

 

Should the Pledgee resign or be removed from its position as Administrative Agent or Collateral Agent under the Credit Agreement, the Pledgee is expressly authorised to delegate the present powers and grant new powers of attorney pursuant to those conferred in this Deed (or to be replaced herein), upon the same terms and conditions, to the entity designated as the new Administrative Agent or Collateral Agent, as applicable, pursuant to the Credit Agreement.

 

The Pledgor declares that it is aware and accepts that the exercise of these powers of attorney by the Pledgee may involve self-contracting (“autocontratación”).

 

15.                     GOVERNING LAW AND JURISDICTION

 

15.1              This Pledge shall be governed by Spanish law.

 

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

 

16.-                 LANGUAGE

 

This Deed is executed in the Spanish and English languages. In the event of discrepancies between both versions, the Spanish version shall prevail.

 

 

21

 

This is a translation of the original document.

 

17.-                 ADDITIONAL COPIES EFFECTIVE FOR  JUDICIAL ENFORCEMENT

 

The Pledgee may request and obtain second copies (“segundas copias”)  and additional copies of this public deed, which shall be effective for judicial proceedings of enforcement (“efectos ejecutivos”).

 

La presente Póliza de Prenda de Participaciones se formaliza con la intervención del Notario de Madrid que figura en el encabezamiento, a los efectos de lo previsto en el Artículo 517 de la Ley de Enjuiciamiento Civil, y demás legislación concordante. Y yo el Notario hago constar que:

 

Los otorgantes, en la representación que ostentan reseñada en la intervención de la presente, tienen facultades representativas que son a mi juicio suficientes para la Prenda, que se documenta en la presente póliza.

 

Los comparecientes, según intervienen en la presente Póliza, manifiestan su conformidad y aprobación al contenido de la misma tal y como aparece redactado, a doble columna en idiomas español e ingles, idioma que yo el Notario conozco en lo suficiente, al amparo de lo previsto en el artículo 51 del Código de Comercio; extendida en ***** hojas incluidos sus anexos, la otorgan y firman, con mi intervención.

 

Y yo el Notario, habiendo hecho las oportunas advertencias legales, DOY FE de la identidad de los otorgantes, de la legitimidad de sus firmas, de que a mi juicio tienen la capacidad y legitimación necesarios para el otorgamiento de la presente Póliza, de que el consentimiento ha sido libremente prestado, y de que el otorgamiento se adecua a la legalidad y a la voluntad debidamente informada de los otorgantes o intervinientes.

 

 

22

 

This is a translation of the original document.

 

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

 

	
 
    	
 
    	
lNICIATIVAS CULTURALES DE ESPAÑA,   S.L.
    
	
 
    	
 
    	
By:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/  David González Gálvez
    
	
 
    	
 
    	
Mr. David González Gálvez
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
GOLDMAN SACHS CREDIT PARTNERS   L.P.
    
	
 
    	
 
    	
By:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Rafael   Echegoyen Lewin
    
	
 
    	
 
    	
Mr. Rafael Echegoyen Lewin
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
With my intervention
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/ Pedro de Elizalde y Aymerich
    
	
 
    	
 
    	
Mr. Pedro de Elizalde y   Aymerich
    

 

 

23

EXECUTION   VERSION  D. ANDRÉS DOMÍNGUEZ NAFRÍA   NOTARIO DE MADRID  CONTRATO DE   MODIFICACIÓN DE PRENDA DE PARTICIPATIONES    En Madrid, a 5 de octubre de 2011.    Ante mi, D. Andrés Dominguez Nafria, Notario perteneciente al Colegio   de Madrid, con ejercicio y fe pública en la plaza Mercantil de Madrid,  COMPARECEN    De una parte,  D. David González   Gálvez, de nacionalidad cspañola, mayor de cdad, con domicilio profesional en   Madrid, Paseo de la Castelllana 216 y DNI número 50859413-L, actualmente en   vigor.  Y de otra,  Dña. Macarena Ruiz-Jarabo Valdés, de   nacionalidad española, mayor de edad, con domicilio en Madrid, calle María de   Molina 6 y DNI número 50324605-F, actualmente en vigor.  INTERVIENEN    D. David González Gálvez, en nombre y representacion de INICIATIVAS   CULTURALES DE ESPAÑA, S.L.U., sociedad debidamente constituida bajo las leyes   de España, con domicilio social en calle Tajo s/n, Urbanizacion El Bosque,   Villaviciosa de Odón, Madrid y NIF B-78345238.  D. David González Gálvez acredita su   representación para este acto en virtud del poder otorgado en su favor el 10   de junio de 2011 por D. Robert W. Zentz, Administrador Unico de INICIATIVAS   CULTURALES DE ESPAÑA, S.L., frente al Notario Público de Baltimore (Maryland   - EEUU), Dfia. Nora Dietrich, cuyo original redactado a doble columns en  AMENDMENT AGREEMENT IN RESPECT OF PLEDGE OF   SHARES  In Madrid, on October 5,   2011.  Before me, Mr. Andrés Dominguez   Nafria, registered Notary Public of the Madrid Notaries’ Association, having   jurisdiction and official certifying authority in Madrid,  BY AND BETWEEN  On the one part,  Mr. David González Gálvez, of Spanish   nationality, of legal age, with domicile at and national identification   number currently in force.  And on the   other part,  Ms. Macarena Ruiz-Jarabo   Valdés, of Spanish nationality, of legal age, with domicile at and national   identification number currently in force.    APPEAR  Mr. David González   Gálvez, in the name and on behalf of INICIATIVAS CULTURALES DE ESPAÑA,   S.L.U., an entity duly incorporated and validly existing under the laws of   Spain with registered address at Tajo s/n, Urbanización El Bosque,   Villaviciosa de Odón, Madrid and holding tax identification number Mr. David   González Gálvez is empowered for the purpose herein by virtue of the power of   attorney granted in his favor on 10 June 2011 by Mr. Robert W. Zentz, Sole   Administrator of INICIATIVAS CULTURALES DE ESPAÑA, S.L., before the Notary   Public of Baltimore (Maryland - USA), Mrs. Nora Dietrich, original of which   written in two

    

 

EXECUTION   VERSION  español e inglés, idioma que   conozco y debidatnente apostillados, be tenido a la vista, del cual resulta   tener facultades para la formalización de la prenda que es objelo de la   presente póliza. Sc adjunta una copia de dicho poder a la presente póliza de   Prenda de Participaciones Sociales (la “Póliza’’) como Anexo 1.  INICIATIVAS CULTURALES DE ESPAÑA, S,L. será   en lo sucesivo denominada como el “Pignorante”.  Dña. Macarena Ruiz-Jarabo Valdiés, en   nombre y representación de GOLDMAN SACHS CREDIT PARTNERS L.P., (en adelante,   el “Acreedor Pignoraticio Anterior”) una sociedad de responsabilidad limitada   constituida de conformidad con las leyes de Bermuda, con oficinas en 85 Broad   Street, Nueva York, NY 10004, EE.UU.    Dña. Macarena Ruiz-Jarabo Valdés, en nombre y representación de   CITIBANK, N.A. (en adelante, el “Acreedor Pignoraticio”) una sociedad   debidamente constituida y existente de conformidad con las leyes vigentes en   Estados Unidos, con domicilio social en el Estado de Nucva York.  El Acreedor Pignoraticio comparece y actúa   en su conditión de Agente Administrativo y Agente de Garantias o   “Administrative Agent” y “Collateral Agent” de acuerdo con el Contrato de   Crédito, actuaodo por cuenta y beneficio de las Entidades Garanlizadas o   “Secured Parties” (tal y como se define dicho término en el Contrato de   Crédito).  Dña. Macarena Ruiz-Jarabo   Valdés acredita su representación para este acto en virtud de el poder de 24   de Agosto dc 2011 autorizado por el notario de Nueva York, Estados Unidos,   Dña. Kimberly J. Contini, y del poder de 10 de Agosto 2011 autorizado por el   notario de Nueva York,, Dña Cynthia Tolentino, cuyos originates redactados a   doble columna en cspañol e inglés, idioma que conozco y columns, in Spanish   and English, language that I understand and duly apostilled, which I have   seen, and from which it is evidenced that he has all powers necessary to   formalize the pledge object of this deed. A copy of such power of attorney is   attached to this deed of Pledge of Participations (the “Deed”) as Annex   1.  INICIATIVAS CULTURALES DE ESPAÑA,   S.L. will be hereinafter referred to as the “Pledgor”.  Ms. Macarena Ruiz-Jarabo Valdés, in the   name and on behalf of GOLDMAN SACHS CREDIT PARTNERS L.P., (hereinafter, the   “Prior Pledgee”) a limited partnership organized under the laws of Bermuda   with an office at 85 Broad Street, New York, NY 10004, USA.  Ms. Macarena Ruiz-Jarabo Valdés, in the   name and on behalf of CITIBANK, N.A. (hereinafter, the “Pledgee”), a company   duly organized and existing under the Laws of the United States and having   its principal place of business at the State of New York.  The Pledgee acts as Administrative Agent   and Collateral Agent under the Credit Agreement, on behalf and for the   benefit of the Secured Parties (as such term is defined in the Credit   Agreement).  Ms. Macarena Ruiz-Jarabo   Valdés, is empowered for the purpose herein by virtue of the power of   attorney of 24 August 2011 granted by the notary public of New York, United   States, Ms. Kimberly J. Contini and power of attorney of 10 of August 2011   granted by the notary public of Nueva York, Ms. Cynthia Tolentino, originals   of which written in two columns, in Spanish and English, language that I   understand  D. ANDRÉS DOMÍNGUEZ NAFRÍA   NOTARIO DE MADRID

    

 

EXECUTION   VERSION  debidamente apostillados, he   tenido a la vista, de los cuales resulta tener facultades para la   formalización de la prenda que es objeto de la presente póliza. Se adjunta   una copia de dichos poderes a la presente Póliza como Anexo 2.  El Pignorante y el Acreedor Pignoraticio   serán denominados conjuntamente como las “Partes”.  EXPONEN    I Que con fecha 17 de agosto de 2007, LAUREATE EDUCATION, INC. e   INICIATIVAS CULTURALES DE ESPAÑA, S.L., como prestatarios, los prestamistas,   GOLDMAN SACHS CREDIT PARTNERS L.P., como “Administrative Agent” y “Collateral   Agent”, GOLDMAN SACHS CREDIT PARTNERS L.P. como “Swingline Lender”, CITICORP   NORTH AMERICA, INC. como “Syndication Agent”, GOLDMAN SACHS CREDIT PARTNERS   L.P. Y CITIGROUP GLOBAL MARKETS INC. como “Joint Lead Arrangers” y   “Bookrunners”, además de otra serie de entidades, suscribieron un contrato de   crédito, como quiera que pudiera ser modificado o complementado (el “Contrato   de Crédito Inicial”).  II Que, con   fecha 14 de marzo de 2008, ante el notario de Madrid Don Pedro de Elizalde y   Aymerich, el Pignorante, constituyó en favor del Acreedor Pignoraticio   Anterior, en su condición de Agente Administrativo y Agente de Garantías,   actuando por cuenta y beneficio de las Entidades Garantizadas o “Secured   Parties” tal y como dicho término se define en la Prenda de Participaciones y   en el Contrato de Crédito Inicial una prenda de participaciones sobre las   participaciones descritas en el siguiente expositivo de las que  and duly apostilled, which I have seen, and   from which it is evidenced that she has all powers necessary to formalize the   pledge object of this deed. A copy of such power of attorney is attached to   this Deed as Annex 2.  The Pledgor and   the Pledgee shall hereinafter be jointly referred to as the “Parties”.  WHEREAS    I On August 17, 2007, LAUREATE EDUCATION INC. and INICIATIVAS   CULTURALES DE ESPAÑA, S.L., as Borrowers; the lenders from time to time,   GOLDMAN SACHS CREDIT PARTNERS L.P. as Administrative Agent and Collateral Agent,   GOLDMAN SACHS CREDIT PARTNERS L.P. as Swingline Lender, CITICORP NORTH   AMERICA, INC. as Syndication Agent, GOLDMAN SACHS CREDIT PARTNERS L.P. AND   CITIGROUP GLOBAL MARKETS INC. as Joint Lead Arrangers and Bookrunners, and   the other parties thereto entered into a credit agreement (as amended,   supplemented or otherwise modified from time to time, the “Initial Credit   Agreement”).  II That, on 14 March   2008, before Notary Public of Madrid Mr. Pedro de Elizalde y Aymerich, the   Pledgor created in favor of the Prior Pledgee, acting as Administrative Agent   and Collateral Agent on behalf and for the benefit of the Secured Parties, as   such term is defined in the Share Pledge and the Initial Credit Agreement, a   share pledge over the shares described in exhibit below, a share pledge, as   security for the payment and performance of the secured obligations under the   Initial Credit Agreement (the “Share Piedge”):  D. ANDRÉS DOMÍNGUEZ NAFRÍA NOTARIO DE   MADRID

    

 

EXECUTION   VERSION  es titular, en garantía del   pugo y cumplimiento de las obligaciones garantizadas bajo el Contrato de   Crédilo Inicial (la “Prenda de Participaciones”).  III Que el Pignorante es titular de un   total de:  1.000 participaciones   sociales de la sociedad española ESCUELA SUPERIOR DE ALTA GESTIÓN UE HOTEL,   S.L., con domicilio social en Ctra. de Istan, Km. 1, Urbanización Las Lomas   de Rio Verde, Marbella (Málaga) y NIF B-29846920, numeradas de la 1 a la   1.000, ambas inclusive, todas ellas con un valor nominal de 6,010121 Euros cada   una y representativas del 100% del capital social de esta sociedad; y  503.006 participaciones sociales de la   sociedad española ICE INVERSIONES BRAZIL, S.L., con domicilio social en calle   Tajo s/n, Urbanización El Bosque, Viliaviciosa de Odón, Madrid y NIF   B-84644053, numeradas de la 1 a la 503.006, ambas inclusive, todas ellas con   un valor nominal de 1 Euro cada una y representativas del 100% del capital   social de esta sociedad.  En adelante,   las mencionadas entidades ESCUELA SUPERIOR DE ALTA GESTIÓN DE HOTEL, S.L. e   ICE INVERSlONES BRAZIL, S.L. serán denominadas conjunlamente como las   “Socicdades” o individualmente cada una de ellas como la “Sociedad”, y las   participaciones sociales descritas se denominarán como las “Participaciones”   y cada una de tales Participaciones como la “Participación”.  IV Que con fecha 16 de junio de 2011,   LAUREATE EDUCATION, INC. e INICIATIVAS CULTURALES DE ESPAÑA, S.L., como   prestatarios, los prestamislas,  III   The Pledgor owns:  1,000 participations   (“participaciones sociales”) of the Spanish company ESCUELA SUPERIOR DE ALTA   GESTIÓN DE HOTEL, S.L., with registered office at Ctra. de lstan, Km. 1,   Urbanización Las Lomas de Rio Verde, Marbella (Málaga) and tax identification   number B-29846920, numbered from 1 to 1,000, both included, with a face value   of 6,010121 Euro each and representing 100% of the share capital of this   company; and  503,006 participations   (“participaciones sociates”) of the Spanish company ICE INVERSIONES BRAZIL,   S.L., with registered office at Tajo s/n, Urbanización El Bosque,   Villaviciosa de Odón, Madrid and tax identification number B-84644053,   numbered from 1 to 503,006, both included, with a face value of 1 Euro each   and representing 100% of the share capital of this company.  The above-mentioned companies ESCUELA   SUPERIOR DE ALTA GESTIÓN DE HOTEL., S.L. and ICE INVERSIONES BRAZIL, S.L.   will be hereinafter referred to, jointly, as the “Companies” or individually   each of them as the “Company” and the above-mentioned participations will be   referred to as the “Participations” and each of such Participations as a   “Participation”.  IV On 16, June 2011   LAUREATE EDUCATION INC. and INICIATIVAS CULTURALES DE ESPAÑA, S.L., as   Borrowers; the lenders from time to time, GOLDMAN SACHS CREDIT  D. ANDRÉS DOMÍNGUEZ NAFRÍA NOTARIO DE   MADRID

    

 

EXECUTION   VERSION  GOLDMAN SACHS CREDIT PARTNERS   L.P., como “Administrative Agent” y “Collateral Agent”,, CITIGROUP GLOBAL   MARKETS INC., CREDIT SUISSE SECURITIES (USA) LLC and KKR CAPITAL MARKETS LLC   como “ Co-Syndication Agents”, CITIGROUP GLOBAL MARKETS INC., BARCLAYS   CAPITAL, CREDIT SUISSE SECURITIES (USA) LLC y J.P. MORGAN SECURITIES LLC como   “Joint Lead Arrangers” y “Bookrunners”, entre otros, suscribieron una   modificación al Contrato de Crédito Inicial consistente principalmente en una   ampliación del plazo de vencimicnto. El Contrato de Crédito Inicial ha pas   ado a ser redactado en los términos y condiciones que figuran en la escritura   pública otorgada en fecha de hoy ante el Notario de Madrid D. Andrés   Domínguez (en adelante, como quiera que pudiera ser modificado o complements   do, el “Contrato de Crédito Modificado” o el “Contrato de Crédito”).  Asimismo, en fecha 30 de scpticmbre de   2011, GOLDMAN SACHS CREDIT PARTNERS L.P. y CITIBANK, N.A., entre otros,   suscribieron un acuerdo de cese y nombramiento en virtud del cual la entidad   que actuaba como Agente de Garantías (tal y como se define en el Contrato de   Crédito) se sustituyó pasando de ser GOLDMAN SACHS CREDIT PARTNERS L.P, a ser   CITIBANK, N.A.  V Como consecuencia de   lo anterior, la Prenda de Participaciones ha de ser modificada en consonancia   y, tal y como se establecc en la sección 14.21 (d) del Contrato de Crédito   Modificado, cada una de las Partes de este contrato reconoce, renueva y   extiende sus obligacioncs bajo los documentos de garantia,  PARTNERS L.P.as Administrative Agent and   Collateral Agent, CITIGROUP GLOBAL MARKETS INC., CREDIT SUISSE SECURITIES   (USA) LLC and KKR CAPITAL MARKETS LLC as Co-Syndication Agents, CITIGROUP   GLOBAL MARKETS INC., BARCLAYS CAPITAL, CREDIT SUISSE SECURITIES (USA) LLC and   J.P. MORGAN SECURITIES LLC as Joint Lead Arrangers and Bookrunners, amongst   other parties, entered into an amended version of the Credit Agreement mainly   based on a term loan maturity date extension. The Initial Credit Agreement   has been modified and reads in the terms and conditions provided by the   public deed granted on the dale hereof before Notary public of Madrid, Mr.   Andres Dominguez (hereinafter, as amended, supplemented or otherwise modified   from time to time, the “Amended and Restated Credit Agreement” or the “Credit   Agreement”).  Moreover, on 30 September   2011, GOLDMAN SACHS CREDIT PARTNERS L.P, and CITIBANK, N.A., amongst others,   entered into a resignation and appointment agreement by means of which the   entity acting as Collateral Agent (as defined in the Credit Agreement) was   replaced from GOLDMAN SACHS CREDIT PARTNERS L.P, to CITIBANK, N.A.  V As consequence of the above mentioned   amendments, the Share Pledge shall be modified accordingly and as set forth   in section 14.21 (d) of the Amended and Restated Credit Agreement, each Party   to this agreement acknowledges, renews and extends their obligations tinder   the security documents  D. ANDRÉS   DOMÍNGUEZ NAFRÍA NOTARIO DE MADRID

    

 

EXECUTION   VERSION  ratificando el Pignorante por   la presente al Notario interviniente sus obligaciones bajo el Contrato de   Crédito Modificado.  De conformidad con   lo antes mencionado, las Partes suscriben la presente modificación a la   Prenda de Participaciones (de aqui en adelante, el “Contrato de   Modificación”) que se regirá conforme a las siguientes:  ESTIPULACIONES  1. TÉRMINOS DEFINIDOS  1.1 Los términos definidos en el Contrato   de Modificación tendrán el mismo significado que en la Prenda de   Participaciones, salvo que aqui se definan de manera distinta.  Cualquier referencia a la Prenda de   Participaciones (incluyendo referencías a la Prenda de Participaciones tal y   como sea modificada por el presente Contrato de Modificación), a “esta   póliza” o a “esta prenda” (asi cumo cualquier referenda indirecta tal como “a   continuación”, “por la presente”, “aqui mencionado” o cualquier otra que haga   referencia a la Prenda de Participaciones) serán consideradas como   referencias a la Prenda de Participaciones tal y como ésta sea modificada y   complementada mediante el presente Contrato de Modificación.  2. MODIFICACIONES DE LA PRENDA DE   PARTICIPACIONES  A partir de la   presente fecha, la Prenda de Participaciones pasará a garantizar el   cumplimiento integro y puntual de las Obligaciones Garantizadas (tal y como   este and the Pledgor hereby ratifies before the intervening Notary Public its   obligations under the Credit Agreement.    Pursuant to the aforementioned, the Parties wish to grant this   amendment to the Share Pledge (hereinafter, the “Amendment Agreement”) which   shall be governed by the following;    CLAUSES  1. DEFINED TERMS  1.1 Terms defined in this Amendment Agreement   shall have the meaning in the Share Pledge unless otherwise defined   herein.  Reference in the Share Pledge   (including references to the Share Pledge as amended hereby) to “this deed”   or “this Pledge” (and indirect references such as “hereunder”, “Hereby”,   “herein” and “hereof or any other referring to the Share Pledge) shall be   deemed to be references to the Share Pledge as amended and supplemented   hereby.  2. AMENDMENT OF THE SHARE   PLEDGE  Effective on the date hereof,   the Share Pledge will guarantee the full compliance of the Secured Obligations   (as this defined term has been modified by the Amended and Restated   D. ANDRÉS DOMÍNGUEZ NAFRÍA NOTARIO DE   MADRID

    

 

 

EXECUTION   VERSION término ha quedado modificado por el Contrato de Crédito Modificado)   modificándose, por tanto, los términos y condiciones de la Prenda de   Participaciones de la siguiente manera: 2.1 Cualquier referencia en la Prenda   de Participaciones que haga expresa mención a la Ley de Sociedades Anónimas o   a la Ley de Sociedades de Responsabilidad Limitada se sustituirpor lo   establecido en los articulos correspondientes en la nueva Ley 1/2010 dc 2 de   Julio de Sociedades de Capital. 2.2 Cualesquiera referencias en la Prenda de   Participaciones al Acrecdor Pignoraticio, “Administrative Agent” y   “Collateral Agent”, Agente Administrativo y Agente de Garantias se referirán   ahora en adelante a CITIBANK, N.A. en vez de a GOLDMAN SACHS CREDIT PARTNERS   L.P. 2.3 Las Obligaciones Garantizadas por la Prenda de Participaciones   pasarán a ser las Obligaciones Extranjeras o “Foreign Obligations” que le   correspondan al Pignorante, tal y como este término se define en el Contrato   de Crédito Modificado. Asimismo, el plazo de repago previsto en ol Contrato   de Crédito Inicial sc entenderá extendido de confonnidad con los términos y   condiciones que se establecon on el Contrato de Crédito Modificado. 2.4 La   Cláusula 12.2 se sustituirá por el siguiente tenor literal: A los efectos de   la presente Póliza, las Partes señalan como domicilio válido para las   notificaciones, requerimientos y diligencias que resultasen pertinentes:   Credit Agreement), and therefore amending the terms and conditions of the   Share Pledge as follows: 2.1 Any express reference in the Share Pledge to the   Public Limited Companies Act “Ley de Sociedades Anónimas” or Limited   Liability Companies Act “Ley de Sociedades de Responsabilidad Limitada” will   be substituted by the applicable provisions set forth in the new Companies   Act “Ley 1/2010 de 2 de Julio de Sociedades de Capital”. 2.2 Any express   reference in the Share Pledge made to the Pledgee, Administrative Agent and   Collateral Agent, will be referred to, thereafter made to CITIBANK, N.A.   instead of GOLDMAN SACHS CREDIT PARTNERS L.P. 2.3 The Secured Obligations for   the Share Pledge shall be the Foreign Obligations corresponding to the   Pledgor, as this term is defined in the Amended and Restated Credit Agreement   Likewise, the repayment date set forth in the Initial Credit Agreement will   be deemed extended in accordance with the terms and conditions set forth the   Amended and Restated Credit Agreement. 2.4 Clause 12.2 is hereby replaced   with the text that reads as follows: For purposes of this Deed, the address   of the Parties for such notices, summons and other required formalities shall   be the following:  D. ANDRÉS DOMÍNGUEZ   NAFRÍA NOTARIO DE MADRID - 7 - MA 67482 [ILLEGIBLE]

    

 

EXECUTION   VERSION  Para el Pignorante:  Calle Tajo s/n Urbanización El Bosque   Villaviciosa de Odón, Madrid.  Con   copia a:  Laureate Education, Inc. 650   South Exeter Street, Baltimore, MD 21202 Atención: Robert W.Zentz Número de   fax: (410) 843-8544.  Para el Acreedor   Pignoraticio:  Citibank, N.A 390   Greenwich Street New York, New York Atención: Caesar Wyszomirski.  2.5 El Acreedor Pignoraticio Anterior deja   constancia de que, por extravío de los Títulos que le fueron entregados por   el Pignorante en el momento de otorgamiento de la Prenda de Participaciones,   ha solicitado al Pignorante la emisión, por parte de los correspondientes   Notarios, de nuevas copias autorizadas y certificados de concordancia de las   correspondientes escrituras y póliza acreditativas de la titularidad sobre   las Participaciones (los “Nuevos Títulos”). El Pignorante entregara los   Nuevos Títulos al Acreedor Pignoraticio para su cuslodia, lo cual es   expresamente aceptado por el Acreedor Pignoraticio Anterior. Cualquier gasto,   coste o desembolso adicional, de carácter administrativo, notarial o   registral, que sea razonable, incluyendo sin limitación alguna los costes y   honoratios legales razonables, en que incurra el Pignorante exclusivamente   para la obtención y registro de los Nuevos Títulos deberá ser reembolsado por   el Acreedor  For the Pledgor:  Calle Tajo s/n Urbanización El Bosque   Villaviciosa de Odón, Madrid.  With a   copy to:  Laureate Education, Inc. 650   South Exeter Street, Baltimore, MD 21202 Attention: Telecopy No. For the Pledgee:  Citibank, N.A 390 Greenwich Street New   York, New York Attention: 2.5 The Prior Pledgee acknowledges that, due to the   loss of the Titles received from the Pledgor when executing the Share Pledge,   it has requested from the Pledgor the issuance, by the relevant Notaries   Public, of new authorized copies (“copias autorizadas”) and consistency   certificate (“certificado de concordance”) of the relevant public deeds   (“escrituras”) and deed (“póliza”) evidencing the ownership of the Shares   (the “New Titles”). The Pledgor will deliver the New Titles to the Prior   Pledgee, which is expressly accepted by the Prior Pledgee. Any reasonable   out-of-pocket administrative, notarial or other registration disbursements,   expenses or costs, including, without limitation reasonable legal costs and   fees, incurred by the Pledgor solely to obtain and register the New Titles   will be reimbursed by the Prior Pledgee within 10 Business Days of the   delivery of a detailed invoice with respect thereto to the Prior Pledgee;   provided, that, for the avoidance of doubt, such  D. ANDRÉS DOMÍNGUEZ NAFRÍA NOTARIO DE MADRID    - 8 -    MA 67482 [ILLEGIBLE]

    

 

EXECUTION   VERSION  Pignoraticio Anterior en el   plazo de 10 Días Hábiles desde la entrega al Acreedor Pignoraticio Anterior   de una factura detailada de tales importes; teniendo en que cuenta que, para   evitar cualquier duda, tal obligación de reembolso no incluye cualesquiera   reclamaciones o acciones planteadas en relación con los Nuevos Títulos o los   títulos a los que los Nuevos Títulos sustituyen.  3. EFECTOS SOBRE EL ACUERDO  3.1 Las Partes reconocen expresamente que   el presente Contrato de Modificación, representa una novación modificativa no   extintiva de la Prenda de Participaciones, y formará parte de ésta a todos   los efectos.  3.2 Salvo en lo dispuesto   en este Contrato de Modificación, las disposiciones de la Prenda de   Participaciones no podrán ser modificadas, rectificadas, renuciadas,   alteradas o afectadas de ninguna otra manera. Asimismo, se ratifican y   confirman tanto la Prenda de Participaciones como todas las obligaciones   asumidas bajo la misma, las cuales se mantienen sin cambios y en vigor.  3.3 El presente Contrato de Modificación se   limita exclusivamente a las materias expresamente establecidas en este   documento y no podrá (i) constituir una modificación o renuncia a cualquier   otro término o condición de la Prenda de Participaciones, (ii) perjudicar   cualquier derecho o derechos de cualquier parte o relacionados con la Prenda   de Participaciones, o (iii) crear cualquier derecho en favor de otra persona   u otro beneficiario o de otra forma, excepto que aqui se disponga   expresamente lo contrario.  4.   REPRESENTACIONES Y GARANTÍAS    reimbursement obligation shall not include any proceedings or claims   brought by any party in connection with the New Titles or the titles such New   Titles are replacing.  3. EFFECT ON THE   AGREEMENT  3.1 The Parties expressly   acknowledge that this Amendment Agreement, is an amendment without extinctive   nature (novación modificativa no extintiva) of the Share Pledge, and it will   be a part of it for all purposes.  3.2   Except to the extent specifically set forth herein, the provisions of the   Share Pledge shall not be amended, modified, waived, impaired or otherwise   affected hereby, Furthermore, the Share Pledge and the obligations thereunder   are hereby ratified and confirmed and remain unchanged and in full force and   effect.  3.3 This Amendment Agreement   shall be limited solely to the matters expressly set forth herein and shall   not (i) constitute an amendment or waiver of any other term or condition of   the Share Pledge, (ii) prejudice any right or rights of any party under or in   connection with the Share Pledge or (iii) create any right herein to another   person or other beneficiary or otherwise, except to the extent specifically   provided herein.  4. REPRESENTATIONS   AND  D. ANDRÉS DOMÍNGUEZ NAFRÍA NOTARIO   DE MADRID   - 9 -  MA 67482 [ILLEGIBLE]

    

 

EXECUTION   VERSION  El Acreedor Pignoraticio   ratifica las representaciones y garantías establecidas en la cláusula 10 de   la Prenda de Participaciones.  5. LEY   APLICABLE Y JURISDICCIÓN  5.1 El   presente Contrato de Modificatión se regirá por el Derecho español.  5.2 Con renuncia a su fuero propio, ambas   partes se someten de manera expresa e irrevocable a los Juzgados y Tribunales   de la ciudad de Madrid para todas las cuestiones que puedan derivarse de la   validez, interpretación o cumplimiento del presente Contrato.  Y para constancia y cumplimiento de lo   convenido, otorgan este Contrato en tres ejemplares con la intervención del   Notario interviniente.  INICIATIVAS   CULTURALES DE ESPAÑA, S.L. P.P.    [ILLEGIBLE]  D. David González   Gálvez  CITIBANK, N.A.  P.p.    [ILLEGIBLE] Dña Macarena Ruiz-Jarabo Valdés  UNDERTAKINGS  The Pledgor ratifies the representations   and warranties set forth in Clause 10 of the Share Pledge are true.  5. GOVERNING LAW AND JURISDICTION  5.1 This Amendment Agreement shall be   governed by Spanish law.  5.2 The   Parties, expressly waiving their right to their own forum, expressly and   irrevocably submit to the courts of the city of Madrid for purposes of any dispute   which may arise in connection with the validity, interpretation or   enforceability of this Deed.  In   witness hereof, the Parties sign this contract in three original counterparts   with the intervention of the Notary Public.    INICIATIVAS CULTURALES DE ESPAÑA, S.L. By: [ILLEGIBLE]  Mr. David González Gálvez  CITIBANK, N.A By:  [ILLEGIBLE] Ms. Macarena [ILLEGIBLE]-Jarabo   Valdés  D. ANDRÉS DOMÍNGUEZ NAFRÍA   NOTARIO DE MADRID   - 10 -  MA 67482 [ILLEGIBLE]

    

 

EXECUTION   VERSION  GOLDMAN SACHS CREDIT PARTNERS   L.P. P.P.  [ILLEGIBLE] Dña Macarena   Ruiz-Jarabo Valdés Con mi intervención     D. Andrés Domínguez Nafria    GOLDMAN SACHS CREDIT PARTNERS L.P. By:    [ILLEGIBLE] Ms. Macarena Ruiz-Jarabo Valdés With my intervention   Mr. Andrés Dominguez Nafría  D. ANDRÉS DOMÍNGUEZ NAFRÍA NOTARIO DE   MADRID MA\67482 [ILLEGIBLE]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00251-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00251-of-00352.parquet"}]]