Document:

Ninth Amendment to Loan Agreement between Associated Hygienic Products LLC

 EXHIBIT 4.11 
  
 NINTH AMENDMENT TO LOAN AGREEMENT 
  
 This NINTH AMENDMENT TO LOAN AGREEMENT (this “Amendment”) is entered into as of March 29, 2004, among
ASSOCIATED HYGIENIC PRODUCTS LLC, a Delaware limited liability company (“Borrower”), the Lenders signatory hereto, and WELLS FARGO FOOTHILL, INC. (formerly known as Foothill Capital Corporation), a California
corporation, in its capacity as administrative agent (“Agent”) for the Lenders. 
  
 WITNESSETH: 
  
 WHEREAS,
Borrower, the Lenders and Agent have entered into that certain Amended and Restated Loan and Security Agreement dated as of March 14, 2001, as amended by that certain First Amendment to Loan Agreement effective as of May 28, 2001, that certain
Second Amendment to Loan Agreement effective as of July 5, 2001, that certain Third Amendment and Waiver to Loan Agreement dated as of September 10, 2001, that certain Fourth Amendment to Loan Agreement dated as of December 19, 2001, that certain
Fifth Amendment to Loan Agreement dated as of April 17, 2002, that certain Sixth Amendment to Loan Agreement dated as of November 14, 2002, that certain Seventh Amendment to Loan Agreement dated as of June 19, 2003, and that certain Eighth Amendment
to Loan Agreement dated as of October 15, 2003 (as amended and as the same may hereafter be modified, amended, restated or supplemented from time to time, the “Loan Agreement”; all capitalized terms not otherwise defined herein
shall have the meanings ascribed to such terms in the Loan Agreement), pursuant to which the Lenders have agreed to make loans and other financial accommodations to Borrower from time to time; and 
  
 WHEREAS, Borrower has requested that (a) Agent and the Lenders permit a
payment of accrued loan interest, royalties and other fees by Borrower to Disposable Soft Goods (UK) Plc (“DSG Plc”) in the amount of $6,000,000 (the “DSG Plc Payment”) and (b) that the Lenders finance the DSG Plc
Payment; and 
  
 WHEREAS, Borrower has requested that the Lenders
finance the final payment in the amount of $1,505,250 due from Borrower to Curt G. JOA, Inc. in connection with Borrower’s purchase of that certain high speed diaper machine, model number J4-MV Baby Diaper Machine, serial number WM 3270-1899,
from Curt G. JOA, Inc. (the “JOA Payment”); and 
  
 WHEREAS, as of the date hereof, there are no outstanding principal balances due under Term Loan A and Term Loan B and the outstanding principal balance of Term Loan C is $1,238,597; and 
  
 WHEREAS, Agent and the Lenders have agreed to (a) finance the DSG Plc Payment
and the JOA Payment, (b) consent to the DSG Plc Payment and (c) amend the Loan Agreement on the terms and conditions provided herein; 

 NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 1. Amendments to Loan Agreement. 
  
 (a) Section 1.1 of the Loan Agreement, “Definitions”, is hereby amended and modified by amending and restating the definitions of
“Subordination Agreement”, “Term Loan Amount” and “Term Loan Commitment” in their respective entirety as follows: 
  
 “Subordination Agreement” means, individually and collectively, (a) that certain
Subordination Agreement dated of even date herewith, among DSG, Borrower and Agent relating to the Subordinated Note A, (b) that certain Subordination Agreement dated of even date herewith, among DSG Holdings (UK), Borrower and Agent relating to the
Subordinated Note B, and (c) any other subordination agreement entered into in connection with Subordinated Note A, Subordinated Note A-2, Subordinated Note A-3, Subordinated Note A-4 or Subordinated Note B from time to time, all in form and
substance satisfactory to Agent. 
  
 “Term Loan” means, collectively, Term Loan D and Term E. 
  
 “Term Loan Commitment means, collectively, the Term Loan D Commitment and the Term Loan E Commitment.” 
  
 (b ) Section 1.1 of the Loan Agreement,
“Definitions”, is hereby further amended and modified by adding the definitions “DSG Plc”, “ JOA Purchase”, “Ninth Amendment Effective Date”, “Subordinated Note
A-4”, “Term Loan D”, “Term Loan D Amount”, “Term Loan D Commitment”, “Term Loan E”, “Term Loan E Amount” and “Term Loan E
Commitment” in the appropriate alphabetical order: 
  
 “DSG Plc” has the meaning set forth in Section 2.2(a)(ii)(A). 
  
 “JOA Purchase” means the purchase of that certain high speed diaper machine, model number J4-MV Baby Diaper Machine,
serial number WM 3270-1899, from Curt G. JOA, Inc. 
  
 “Ninth Amendment Effective Date” has the meaning set forth in that certain Ninth Amendment to Loan Agreement dated as of March 29, 2004, among Borrower, the Agent and the Lenders. 
  
 “Subordinated Note A-4” means the
indebtedness of Borrower to DSG Plc, evidenced by that certain promissory note executed by Borrower and payable to the order of DSG Plc dated as of April 30, 2004, in the original principal amount of $4,000,000, in form and substance satisfactory to
Agent.” 

 “Term Loan D” has the meaning set forth in Section 2.2(a)(ii)(A).

  
 “Term Loan D Amount” has the
meaning set forth in Section 2.2(a)(ii)(A). 
  
 “Term Loan D Commitment” means, with respect to each Lender, its Term Loan D Commitment, and, with respect to all Lenders, their Term Loan D Commitments, in each case as such Dollar amounts are set forth beside such
Lender’s name under the applicable heading on Schedule C-1 or on the signature page of the Assignment and Acceptance pursuant to which such Lender became a Lender hereunder in accordance with the provisions of Section 14.1.
 
  
 “Term Loan E” has
the meaning set forth in Section 2.2(a)(ii)(B). 
  
 “Term Loan E Amount” has the meaning set forth in Section 2.2(a)(ii)(B). 
  
 “Term Loan E Commitment” means, with respect to each Lender, its Term Loan E Commitment, and, with respect to all
Lenders, their Term Loan E Commitments, in each case as such Dollar amounts are set forth beside such Lender’s name under the applicable heading on Schedule C-l or on the signature page of the Assignment and Acceptance pursuant to which
such Lender became a Lender hereunder in accordance with the provisions of Section 14.1.” 
  
 (c) Section 1.1 of the Loan Agreement, “Definitions”, is hereby further amended and modified by deleting the definitions
“Term Loan A Amount”, “Term Loan A Commitment” “Term Loan B Amount”, “Term Loan B Commitment”, “Term Loan C Amount” and “Term Loan C
Commitment”. 
  
 (d) Section 2.2
of the Loan Agreement, “Term Loan: Capital Expenditure Loans”, is hereby amended and modified by amending and restating subsection (a) of such Section in its entirety as follows: 
  
 “(a) Term Loans. 
  
 (i) Term Loan A, Term Loan B and Term Loan
C. On March 14, 2001, the Lenders made a term loan to Borrower in the original principal amount of Eleven Million Dollars ($11,000,000). As of the Fourth Amendment Effective Date, the principal balance of such term loan is $8,712,000, which
shall be divided into three separate term loans, as set forth below; 
  
 (A) Term Loan A. The principal balance of Term Loan A (“Term Loan A”) is $2,780,601 as of the Fourth Amendment Effective Date. Term Loan A shall be repaid in equal monthly installments of
principal in the amount of $58,510 plus accrued interest, such installments to be payable on the first day of each month commencing with the first day of the first month following the Fourth Amendment Effective Date and continuing on the first day
of each succeeding month until and including the earliest of (1) the payment in full of Term Loan A, or (2) the Maturity Date, or (3) termination of this Agreement 
  
 (B) Term Loan B. The principal balance of Term Loan B (“Term Loan B”) is $2,934,365
as of the Fourth Amendment f Effective Date. Term Loan B shall be repaid in equal monthly installments of principal in the amount of $61,746 plus accrued interest, such installments to be payable on the first day of each month commencing with the
first day of the first month following the Fourth Amendment Effective Date and continuing on 

 
the first day of each succeeding month until and including the earliest of (1) the payment in full of Term Loan B, or (2) the Maturity Date, or (3)
termination of this Agreement; and 
  
 (C)
Term Loan C. The principal balance of Term Loan C (“Term Loan C”) is $2,997,034 as of the Fourth Amendment Effective Date. Term Loan C shall be repaid in equal monthly installments of principal in the amount of $63,077 plus
accrued interest, such installments to be payable on the first day of each month commencing with the first day of the first month following the Fourth Amendment Effective Date and continuing on the first day of each succeeding month until and
including the earliest of (1) the payment in full of Term Loan C, or (2) the Maturity Date, or (3) termination of this Agreement. 
  
 (ii) Term Loan D and Term Loan E. As of the Ninth Amendment Effective Date, the principal balances of Term Loan A and Term
Loan B are $0.00, and the principal balance of Term Loan C is $1,238,597. The Lenders have agreed to lend to Borrower on the Ninth Amendment Effective Date the aggregate amount of $8,743,847, such amount to be allocated between Term Loan D and Term
Loan E and repaid as set forth below: 
  
 (A)
Term Loan D. The initial principal balance of Term Loan D (“Term Loan D”) on the Ninth Amendment Effective Date is $7,238,597 (the “Term Loan D Amount”). The proceeds of Term Loan D shall be used to prepay
all outstanding principal and interest due under Term Loan C in full and to make a payment of accrued loan interest, royalties and other fees by Borrower to Disposable Soft Goods (U.K.) Plc (“DSG Plc”) in the amount of $6,000,000.
Term Loan D shall be repaid in equal monthly installments of principal in the amount of $120,644 plus accrued interest, such installments to be payable on the first day of each month commencing May 1, 2004, and continuing on the first day of each
succeeding month until and including the earliest of (1) the payment in full of Term Loan D, (2) the Maturity Date, and (3) termination of this Agreement; and 
  

(B) Term Loan E. The initial principal balance of Term Loan E (“Term Loan E”) on the Ninth Amendment Effective
Date is $1,505,250 (the “Term Loan E Amount”). The proceeds of Term Loan E shall be used to make the final payment due in connection with the JOA Purchase. Term Loan E shall be repaid in equal monthly installments of principal in
the amount of $25,088 plus accrued interest, such installments to be payable on the first day of each month commencing May 1, 2004, and continuing on the first day of each succeeding month until and including the earliest of (1) the payment in full
of Term Loan E, (2) the Maturity Date, and (3) termination of this Agreement. 
  
 (iii) Prepayments.  
  
 (A) The unpaid principal balance of each of Term Loan D and Term Loan E shall be repaid with the proceeds of any Permitted Disposition to the extent such repayment is required by Section 7.4 hereof, with such
proceeds being applied to the installments due on the respective Term Loan in the inverse order of their maturity. 

 (B) Not later than May 2, 2004, Borrower shall have received $4,000,000 from DSG Plc and
used such amount to prepay the installments due on Term Loan D in the inverse order of maturity. 
  
 (iv) Repayment. The outstanding unpaid principal balance of the Term Loan, together with all accrued and unpaid interest and fees
thereon, shall be due and payable on the earlier of the Maturity Date or the date of termination of this Agreement, whether by its terms, by prepayment, by acceleration, or otherwise. The unpaid principal balance of the Term Loan may be prepaid in
whole or in part without penalty or premium (except as provided in Section 3.6) at any time during the term of this Agreement upon 90 days’ written notice by Borrower to Agent, all such prepaid amounts to be applied pro-rata to the installments
due on Term Loan D and Term Loan E, in the inverse order of their respective maturity. All amounts outstanding under the Term Loan shall constitute Obligations.” 
  
 (e) Section 7.1 of the Loan Agreement, “Indebtedness”, is hereby amended and modified by
amending and restating such Section in its entirety as follows: 
  
 “(d) Indebtedness evidenced by (i) Subordinated Note A-2 (as such term is defined in the Subordination, Waiver and Consent Agreement dated as of September 11, 2001 among Borrower, Agent and DSG Plc) and
Subordinated Note B and (ii) Subordinated Note A-3 and Subordinated Note A-4, so long as Subordinated Note A-3 and Subordinated Note A-4 are each subject to a Subordination Agreement duly executed by DSG Plc and Borrower and in full force and
effect, “ 
  
 (f) Section 7.4 of the Loan
Agreement, “Disposal of Assets”, is hereby amended and modified by amending and restating such Section in its entirety as follows: 
  
 “7.4 Disposal of Assets. Convey, sell, lease, license, assign, transfer, or otherwise dispose of any of Borrower’s
assets; provided, however, that the Borrower may dispose of assets in a Permitted Disposition so long as: (a) if the asset was acquired with the proceeds of a Capital Expenditure Loan, the proceeds are used to repay the applicable
Capital Expenditure Loan on the date of receipt thereof by Borrower; (b) if the asset is Real Property Collateral that was included by Agent in the calculation of the Term Loan D Amount (designated “Real Estate Held for Sale” in
Borrower’s strategic business plan delivered to Agent) or Equipment that was included by Agent in the calculation of the Term Loan D Amount, the proceeds are used (i) first, to repay the installments due on Term Loan D in the inverse
order of maturity, (ii) second, to repay the installments due on Term Loan E in the inverse order of maturity, and (iii) third, any remaining proceeds are directed to the Cash Management Account; (c) if the asset is that certain high
speed diaper machine, model number J4-MV Baby Diaper Machine, serial number WM 3270-1899, and to the extent such proceeds from the sale of such Equipment are not used to purchase replacement Equipment of equal or greater value within five (5)
Business Days after selling any such Equipment, the proceeds are used (i) first, to repay the installments due on the Term Loan E in the inverse order of maturity, (ii) second, to repay the 

 
installments due on Term Loan D in the inverse order of maturity, and (iii) third, any remaining proceeds are directed to the Cash Management Account;
and (d) in all other cases, the proceeds are directed to the Cash Management account, or immediately deposited by Borrower in the Cash Management Account.” 
  
 (g) Section 7.8 of the Loan Agreement, “Payments, Prepayments and Amendments”, is hereby
amended and modified by amending and restating such Section in its entirety as follows: 
  
 “(a) Make any payments of principal of, or interest or fees on, Subordinated Note A-2, Subordinated Note B, Subordinated Note A-3 or
Subordinated Note A-4; provided, however, that Borrower may make regularly scheduled interest payments on Subordinated Note A-2 if (i) no Event of Default has occurred and is continuing, and (ii) Borrower has demonstrated to the
satisfaction of Agent that, after giving effect to such payment, Excess Availability is $10,000,000 or more; provided, however that Borrower may refinance and pay in full the Subordinated Note A-2 with the proceeds of new subordinated
debt provided by an Affiliate of Borrower on terms and conditions, and subject to a Subordination Agreement and other documents, in form and substance satisfactory to Agent, provided, further, Borrower may make regularly scheduled
payments of principal and interest on Subordinated Note A-3 if (i) no Event of Default has occurred and is continuing, and (ii) Borrower has demonstrated to the satisfaction of Agent that, after giving effect to such payment, Excess Availability
(after subtracting the amount of any payables of the Borrower which are more than 60 days past due) is $10,000,000 or more and provided, further, Borrower may make regularly scheduled payments of principal and interest on Subordinated
Note A-4 if (i) no Event of Default has occurred and is continuing, and (ii) Borrower has demonstrated to the satisfaction of Agent that, after giving effect to such payment, Excess Availability (after subtracting the amount of any payables of the
Borrower which are more than 60 days past due) is $10,000,000 or more.” 
  
 (h) Section 7.17 of the Loan Agreement, “Use of Proceeds”, is hereby amended and modified by amending and restating such Section in its entirety as follows: 
  
 “Section 7.17 Use of Proceeds. Use the
proceeds of (a) the Advances and Term Loan A, Term Loan B and Term Loan C for any purpose other than (i) on the Closing Date, (x) to facilitate the Drypers Acquisition, (y) to restate and restructure amounts owing under the Prior Loan Agreement, and
(z) to pay transactional fees, costs, and expenses incurred in connection with this Agreement, the other Loan Documents, and the transactions contemplated hereby and thereby and (ii) thereafter, consistent with the terms and conditions hereof, for
its lawful and permitted corporate purposes; provided, Borrower may use the proceeds of Advances in an aggregate amount not exceeding $1,450,000 to pay amounts due under the Settlement Agreement, (b) the Capital Expenditure Loan for any
purpose other than to purchase Equipment, (c) Term Loan D for any purpose other than, on the Ninth Amendment Effective Date, as provided in Section 2.2(a)(ii)(A) hereof and (D) Term Loan E for any purpose other than, on the Ninth Amendment Effective
Date, as provided in Section 2.2(a)(ii)(B) hereof.” 
  
 (i) Schedule C-l of the Loan Agreement, “Commitments”, is hereby amended and modified by deleting such Schedule in its entirety and substituting the Schedule C-l attached to this Amendment in lieu
thereof. 

 2. Consent. Agent and the Lenders hereby consent to a payment of accrued loan interest, royalties
and other fees by Borrower to DSG Plc in the amount of $6,000,000 on the Ninth Amendment Effective Date. 
  
 3. No Other Amendments or Waivers. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or
remedy of Agent or the Lenders under the Loan Agreement or any of the other Loan Documents, nor constitute a waiver of any provision of the Loan Agreement or any of the other Loan Documents. Except for the amendments and consent set forth above, the
text of the Loan Agreement and all other Loan Documents shall remain unchanged and in full force and effect and Borrower hereby ratifies and confirms its obligations thereunder. This Amendment shall not constitute a modification of the Loan
Agreement or any of the other Loan Documents or a course of dealing with Agent or the Lenders at variance with the Loan Agreement or the other Loan Documents such as to require further notice by Agent or the Lenders to require strict compliance with
the terms of the Loan Agreement and the other Loan Documents in the future, except as expressly set forth herein. Borrower acknowledges and expressly agrees that Agent and the Lenders reserve the right to, and do in fact, require strict compliance
with all terms and provisions of the Loan Agreement and the other Loan Documents. Borrower has no knowledge of any challenge to Agent’s or any Lenders’ claims arising under the Loan Documents, or to the effectiveness of the Loan Documents.

  
 4. Conditions Precedent to Effectiveness. This
Amendment shall become effective as of the date hereof (the “Ninth Amendment Effective Date”) when, and only when, Agent shall have received: 
  

(a) counterparts of this Amendment duty executed and delivered by Borrower and the Lenders; 
  
 (b) the re-affirmation of the Parent Guaranty duly executed
by Holdco, in form and substance satisfactory to Agent; 
  
 (c) a Term Loan D amendment fee from Borrower in the amount of $20,000 (the “Term Loan D Amendment Fee”), for the benefit of the Lenders on a pro-rata basis, which fee shall be fully earned and
non-refundable when paid; 
  
 (d) a Term Loan E
amendment fee from Borrower in the amount of $15,000 (the “Term Loan E Amendment Fee”; together with the Term Loan D Amendment Fee, collectively, the “Amendment Fees”), for the benefit of the Lenders on a pro-rata basis,
which fee shall be fully earned and non-refundable when paid; and 
  
 (e) such other information, documents, instruments or approvals as Agent or Agent’s counsel may reasonably require. 
  
 5. Representations and Warranties of Borrower. Borrower represents and warrants as follows: 
  
 (a) Borrower is a limited liability company organized,
validly existing and in good standing under the laws of the jurisdiction indicated at the beginning of this Amendment and all other jurisdictions in which the failure to be so qualified reasonably could be expected to constitute a Material Adverse
Change; 

 (b) The execution, delivery, and performance by Borrower of this Amendment and the Loan
Documents to which it is a party, as amended hereby, are within Borrower’s limited liability company powers, have been duly authorized by all necessary limited liability company action and do not and will not (i) violate any provision of
federal, state, or local law or regulation applicable to Borrower, the Governing Documents of Borrower, or any order, judgment, or decree of any court or other Governmental Authority binding on Borrower, (ii) conflict with, result in a breach of, or
constitute (with due notice or lapse of time or both) a default under any material contractual obligation of Borrower, (iii) result in or require the creation or imposition of any Lien of any nature whatsoever upon any properties or assets of
Borrower, other than Permitted Liens, or (iv) require any approval of Borrower’s members or any approval or consent of any Person under any material contractual obligation of Borrower; 
  
 (c) The execution, delivery, and performance by Borrower of
this Amendment and the Loan Documents to which it is a party, as amended hereby, do not and will not require any registration with, consent, or approval of, or notice to, or other action with or by, any Governmental Authority or other Person;

  
 (d) This Amendment and each other Loan
Document to which Borrower is a party, and all other documents contemplated hereby and thereby, when executed and delivered by Borrower will be the legally valid and binding obligations of Borrower, enforceable against Borrower in accordance with
their respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally; and 
  
 (e) No Default or Event of Default exists. 
  
 6. Counterparts. This Amendment may be executed in multiple
counterparts, each of which shall be deemed to be an original and all of which, taken together, shall constitute one and the same agreement. In proving this Amendment in any judicial proceedings, it shall not be necessary to produce or account for
more than one such counterpart signed by the party against whom such enforcement is sought. Any signatures delivered by a party by facsimile transmission shall be deemed an original signature hereto. 
  
 7. Reference to and Effect on the Loan Documents. Upon the
effectiveness of this Amendment, on and after the date hereof each reference in the Loan Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Loan Agreement, and each reference
in the other Loan Documents to “the Loan Agreement” “thereunder,” “thereof” or words of like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement as amended hereby. 
  
 8. Costs, Expenses and Taxes. Borrower agrees to pay on demand all
costs and expenses in connection with the preparation, execution, and delivery of this Amendment and the other instruments and documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of
counsel for Agent with respect thereto and with respect to advising Agent as to its rights and responsibilities hereunder and thereunder. Borrower hereby acknowledges and agrees that Agent may, without prior notice to Borrower, charge such costs and
fees and the Amendment Fees to Borrower’s Loan Account pursuant to Section 2.6(d) of the Loan Agreement, which amounts shall constitute Advances under the Loan Agreement and shall accrue interest at the rate then applicable to Advances
thereunder. 

 9. Governing Law. This Amendment shall be deemed to be made pursuant to the laws of the State of
Georgia with respect to agreements made and to be performed wholly in the State of Georgia, and shall be construed, interpreted, performed and enforced in accordance therewith. 
  
 10. Loan Document. This Amendment shall be deemed to be a Loan Document for all purposes. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment as of the day and year
first written above. 
  

					
	BORROWER:	 	ASSOCIATED HYGIENIC PRODUCTS LLC
			
	 	 	By:	 	 /s/ Peter Chang

	 	 	Name:	 	Peter Chang
	 	 	Title:	 	Chairman
		
	 AGENT
 and LENDER:
	 	WELLS FARGO FOOTHILL, INC.,
			
	 	 	By:	 	 /s/ Kristy S. Loucks

	 	 	Name:	 	Kristy S. Loucks
	 	 	Title:	 	Vice President

 Schedule C-1 0 
  
 Commitments 
  

													
	 Lender

	  	 Revolver
 Commitment

	  	 Term Loan D
 Commitment
 (subfacility)

	  	 Term Loan E
 Commitment
 (subfacility)

	  	 Total
 Commitment

	 Foothill Capital Corporation
	  	$	30,000,000	  	$	7,238,597	  	$	1,505,250	  	$	30,000,000
	 All Lender
	  	$	30,000,000	  	$	7,238,597	  	$	1,505,250	  	$	30,000,000

 GUARANTOR REAFFIRMATION AND ACKNOWLEDGMENT OF 
 NINTH AMENDMENT TO LOAN AGREEMENT 
  
 In order to induce WELLS FARGO FOOTHILL, INC. (formerly known as Foothill Capital Corporation), as administrative agent for the Lenders (as defined in the
hereinafter defined Loan Agreement) (“Agent”), and the Lenders to enter into the Ninth Amendment to Loan agreement described below and to extend certain additional credit thereafter to or for the benefit of ASSOCIATED HYGIENIC PRODUCTS
LLS, a Delaware limited liability company (“Borrower”), as well as for other good and valuable consideration, AHP HOLDINGS L.P. (“Guarantor”) hereby: 
  
 1. acknowledges and agrees to the execution, delivery and performance of that certain Ninth Amendment to Loan Agreement
dates as of the date hereof, among Borrower, Agent and the Lenders signatory thereto (the “Ninth Amendment”), and waives any prior notice of any extensions of credit which may be made on or after this date by Agent or the Lender to or for
the benefit of Borrower under that certain Loan and Security Agreement dated as of March 14, 2001, among Borrower, Agent and the Lenders (such Loan and Security Agreement, as amended prior to the date hereof and by the Ninth Amendment, is
hereinafter referred to as the “Loan Agreement”; all capitalized terms used herein and not otherwise defined herein shall have the meanings given such terms as defined in the Loan Agreement); 
  
 2. reaffirms that certain Amended and Restated Parent Guaranty dated as of
March 14, 2001, executed by Guarantor in favor of Agent (the “Guaranty”), shall in all respects be a continuing, absolute, unconditional and irrevocable guaranty of payment of the Obligations, and shall remain outstanding and in
full force and effect until all Obligations have been paid in cash in full, all obligations of Guarantor under the Guaranty shall have been paid in cash in full and the Commitments shall have been terminated; and 
  
 3. acknowledges and agrees that the security and other interests granted to
Agent and the Lenders pursuant to the Loan Documents to which Guarantor is a signatory prior to the date hereof shall remain outstanding and in full force and effect in accordance with the Loan Documents, and shall continue to secure the
Obligations, and that the security and other interests granted to Agent and the Lenders thereby are hereby ratified, confirmed and continued by execution and delivery of this Reaffirmation. The Loan Documents to which Guarantor is a signatory shall
remain extant and in full force and effect following the execution and delivery of the Ninth Amendment and the other Loan Documents executed in connection therewith. 
  
 This Reaffirmation shall be governed by the laws of the State of Georgia and shall inure to the benefit of
and shall be binding upon Agent, the Lenders and Guarantor and their respective heirs, legal representatives, successors and assigns. This Reaffirmation shall be deemed to be a Loan Document for all purposes. 
  
 IN WITNESS WHEREOF, Guarantor has signed, sealed and
delivered this Reaffirmation, all as of this 29th day of March, 2004. 
  

			
	GUARANTOR:
	
	AHP HOLDINGS L.P.
		
	By:	 	 /s/ Peter Chang

	Name:	 	Peter Chang
	Title:	 	ChairmanManagement Services Agreement dated January 3, 2005

 Exhibit 4.3 
  

Management and Operation Services Agreement, entered into by and between Carso Global Telecom, S.A. de C.V., hereinafter “THE PROVIDER”, represented by C.P.
Armando Ibañez Vázquez, and Teléfonos de México, S.A. de C.V., hereinafter “TELMEX”, represented by Ing. Jaime Chico Pardo, in accordance with the following recitals and clauses: 
  
 Recitals 
  
 1. “THE PROVIDER” states that: 
  
 a) It is a “sociedad mercantil” organized under the laws of the Mexican Republic with principal place of business at Insurgentes Sur 3500, Col.
Peña Pobre, Delegación Tlalpan, Mexico City. 
  
 b) Its corporate
purpose involves, among other activities, promoting, organizing and managing all kind of companies, commercial and civil ones and offering administrative services for organization, fiscal, legal and advising for companies. 
  
 c) It has the resources needed for the due rendering of the services pursuant to this
agreement. 
  
 2. “TELMEX” states that: 
  

	a)	It is a “sociedad mercantil” organized under the laws of the Mexican Republic with principal place of business at Parque Vía No. 190, Col. Cuauhtémoc,
Delegación Cuauhtémoc, C.P. 06599, Mexico City. 

  

	b)	Its corporate purpose is, in general, to build, install, maintain, operate and employ a Telephone and Telecommunications Public Network to render the public service of voice, sound,
data, text and images signal conduction locally and through the domestic and international long distance service and the public service of basic telephony; to grant and obtain all kinds of technical, scientific and administrative consulting and
assistance services and to enter into any agreement related to its corporate purpose and that are lawful for a “sociedad anónima”. 

  

	c)	It wishes to obtain the services that “THE PROVIDER” will provide to it in order to perform its operations in the best possible way. 

  
 Clauses 
  
 FIRST. “THE PROVIDER” hereby engages to provide “TELMEX” the consulting and advising services in the management and
operation matters specified below: 
  

	1.	Evaluation of all and each of the senior officers, positions and personnel of “TELMEX” and its affiliates; 

  

	2.	Revision and, if any, restructuring of the labor agreements; 

  

	3.	Technical, administrative and financial planning; 

  

	4.	Implementation of administrative and operational systems and controls; 

  

 1 

	5.	Investment planning and negotiating, optimization of profits obtained from the company’s resources: 

  

	 	a)	To optimize the design of outside networks; 

  

	 	b)	To revise and optimize investments in equipment and outside networks. 

  

	6.	Making of the “TELMEX” transformation programs to improve the operation, updating and growing aggressively “TELMEX”‘s telephonic plant to enhance the
quality of services as per the international standards; 

  

	7.	Restructuring of policies regarding tariffs, commercial, technical and services issues; 

  

	8.	Making of personnel relocation plans; 

  

	9.	Organization and handling of the “Instituto Tecnológico de Teléfonos de México, A.C.”; 

  

	10.	Performance of real estate investment plans to reduce substantially their number and amounts; 

  

	11.	Establishment of building procedures; 

  

	12.	Assessment of the alternatives related to the technical and economic studies made in the different operational areas; 

  
 In general, regeneration, reorganizing and restructuring of TELMEX and its affiliates through
the planning, performing and supervising of all of the company’s areas. 
  
 The services above described shall be called hereinafter the “SERVICES”. 
  
 SECOND. “TELMEX” does not delegate to “THE PROVIDER”, in any way, authority that involves decision-making on the company’s management and it remains in the sole discretion and under the
exclusive responsibility of the Board of Directors, the Chief Executive Office and the Executive Committee of “TELMEX” to make the decisions about the company’s management, without any interference by “THE PROVIDER”.

  
 THIRD. “THE PROVIDER” shall provide “SERVICES” with its
own resources or through such other entities or individuals it can hire, provided that in this last case “THE PROVIDER” shall take all the responsibility for the entities or individuals it appoints. 
  
 FOURTH. “TELMEX” agrees to pay “THE PROVIDER” for the
“SERVICES” rendered, a total amount equivalent in pesos of US$30,000,000.00 (thirty million dollars) plus the corresponding value added tax. 
  
 This remuneration shall be payable in a one-time payment before or on February 28, 2005. 
  
 The exchange rate to pay obligations in foreign currency payable in the Mexican Republic published in the “Diario Oficial de la
Federación”, shall be used to determine the amount in Mexican pesos to be paid. 
  
 If “TELMEX” requires additional services not included herein, “THE PROVIDER” shall charge such additional amount as may be agreed by the parties. 
  

 2 

 The invoices issued by “THE PROVIDER” for any payments made by “TELMEX” under the terms of this
agreement, must meet the fiscal conditions required by the administrative or legal applicable regulations, including the express translation and separately, value added tax. 
  
 FIFTH. “THE PROVIDER” intends to fulfill in good faith and in the best possible way its obligations assumed hereunder and will
render “THE SERVICES” with its own or other resources, taking unconditional and strict responsibility in respect of the personnel that it appoints for the rendering of “THE SERVICES”, therefore “THE PROVIDER” shall be
the sole responsible party for the labor or any other agreements entered into with such personnel; and, as the case may be, the payment of fees and others labor benefits as well as the contributions to the “Instituto Mexicano del Seguro
Social”, “Infonavit”, and the income tax and other tax obligations; from disputes arising with such personnel and any other claim due to labor accidents or professional illnesses of such personnel. 
  
 “TELMEX” agrees that upon request of “THE PROVIDER”, it shall grant
sufficient mandates to directors, advisors and committee members of the latest, so that, if necessary, such individuals are able to perform “THE SERVICES” on behalf of “TELMEX”, provided that there shall not be any labor
relationship between such individuals and “TELMEX”, but the previous paragraph shall apply in respect of the relationship among “THE PROVIDER” and its directors, advisors, and committee members. 
  
 SIXTH. This agreement shall be in effect during the period starting on January 1, 2005 and
ending on December 31, 2005. 
  
 SEVENTH. All the issues related to the validity,
interpretation and enforcement of this agreement, shall be governed by the Laws of Mexico, Federal District and Federal applicable Laws and for the resolution of any judgment arising in connection with the same, the parties expressly submit to the
competent courts in Mexico, Federal District, waiving expressly any other jurisdiction by reason of their nationality, address or residence. 
  
 This agreement is drawn in two counterparts and executed in Mexico City, Federal District on January 3, 2005. 
  

					
	 “THE PROVIDER”
 Carso Global Telecom, S.A. de C.V.
  
 /s/
Amarndo Ibañez Vázquez

 C.P. Armando Ibañez Vázquez
 Attorney in fact
	 	 	 	 “TELMEX”
 Teléfonos de México, S.A. de C.V.
  
 /s/ Jaime Chico Pardo

 Ing. Jaime Chico Pardo
 Chief Executive Officer

			
	 Witness
 /s/ Francisco
Angeles Mayorga

 C.P. Francisco Angeles Mayorga
	 	 	 	 

  

 3

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