Document:

Intercreditor Agreement

 Exhibit 4.35 

 

			
	 C L I F F O R D
 C H
A N C E L L P
	 	 CLEARY GOTTLIEB STEEN &

HAMILTON LLP

CONFORMED COPY 

DATED 14 AUGUST 2009 

CITIBANK INTERNATIONAL PLC 

as Administrative Agent 

The Participating Creditors 

(as named herein) 

CEMEX, S.A.B. DE C.V. AND CERTAIN OF ITS SUBSIDIARIES 

as Original Borrowers, Original Guarantors and Original Security Providers 

WILMINGTON TRUST (LONDON) LIMITED 

acting as Security Agent 

and others 
  

 
 INTERCREDITOR
AGREEMENT 
  
  

 CONTENTS 

 

			
	 Clause
	  	Page
	 1.      Definitions and Interpretation
	  	1
		
	 2.      Ranking and Priority
	  	25
		
	 3.      Effect of Insolvency Event
	  	25
		
	 4.      Turnover of Receipts
	  	27
		
	 5.      Redistribution
	  	30
		
	 6.      Enforcement of Transaction Security
	  	30
		
	 7.      Proceeds of Disposals of Charged Property
	  	32
		
	 8.      Automatic Release of Transaction Security
	  	35
		
	 9.      Application of Proceeds
	  	37
		
	 10.    The Security Agent
	  	44
		
	 11.    Change of Security Agent and Delegation
	  	57
		
	 12.    Noteholder Trustees and Noteholders
	  	59
		
	 13.    Changes to the Parties
	  	60
		
	 14.    Costs and expenses
	  	63
		
	 15.    Indemnities
	  	64
		
	 16.    Information
	  	66
		
	 17.    Notices
	  	67
		
	 18.    Preservation
	  	70
		
	 19.    Consents, Amendments and Override
	  	72
		
	 20.    Counterparts
	  	75
		
	 21.    Governing Law
	  	75
		
	 22.    Enforcement
	  	76
		
	 SCHEDULE 1          Form of Debtor/Security Provider Accession
Deed
	  	78
		
	 SCHEDULE 2          Form of Creditor/Administrative Agent/Security Agent
Accession Undertaking
	  	80

 THIS AGREEMENT is dated 14 August 2009 and made between: 

 

	(1)	 CITIBANK INTERNATIONAL PLC as Administrative Agent; 

 

	(2)	 THE FINANCIAL INSTITUTIONS AND USPP NOTEHOLDERS named on the signing pages as Participating Creditors (the “Original Participating
Creditors”); 

  

	(3)	 THE FINANCIAL INSTITUTIONS named on the signing pages as Participating Creditors’ Representatives; 

 

	(4)	 CEMEX, S.A.B. de C.V. (the “Parent”); 

 

	(5)	 THE SUBSIDIARIES of the Parent named on the signing pages as Original Borrowers (together with the Parent, the “Original
Borrowers”); 

  

	(6)	 THE SUBSIDIARIES of the Parent named on the signing pages as Original Guarantors (together with the Parent, the “Original
Guarantors”); 

  

	(7)	 THE SUBSIDIARIES of the Parent named on the signing pages as Original Security Providers (together with the Parent, the “Original
Security Providers”); and 

  

	(8)	 WILMINGTON TRUST (LONDON) LIMITED as security trustee for the Secured Parties (the “Security Agent”).

 WHEREAS 
  

	(A)	 The Parent, the Original Debtors and the Original Security Providers are entering into this Agreement pursuant to the Financing Agreement, and in
connection with the grant by the Original Guarantors of certain guarantees in favour of the Participating Creditors and the grant by the Original Security Providers of Security pursuant to the Transaction Security Documents in favour of the
Participating Creditors. 

  

	(B)	 Under the Existing Notes Documents the Parent and the Original Debtors may not grant Security in favour of the Participating Creditors unless the
Parent and the Original Debtors have made effective provision to secure, whether by direct or third party Security, the Existing Notes Liabilities equally and rateably with the Participating Creditor Liabilities. 

IT IS AGREED as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

  

	1.1	 Definitions 

In this Agreement: 

“Additional Guarantor” means a company that becomes an Additional Guarantor as defined in the Financing
Agreement in accordance with clause 28 (Changes to the Obligors) thereof. 
  

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 “Additional Notes” means any notes, certificados
bursátiles (including any further certificados bursátiles issued under and in accordance with any of the programmes under which certificados bursátiles listed at paragraphs (a) to (n) of the
definition of “Certificados Bursátiles” below were issued), bonds or other debt securities, convertible or exchangeable securities or loan facility: 
  

	 	(a)	 the proceeds of which are applied to refinance Existing Notes or existing Additional Notes which are secured equally and rateably with other
Financial Indebtedness of the Debtors on the terms provided for in this Agreement; and 

  

	 	(b)	 which are issued or, as the case may be, borrowed, after the date of this Agreement, by any Additional Notes Obligors, and which are permitted to be
issued or, as the case may be, borrowed, in accordance with paragraph (f) of the definition of “Permitted Financial Indebtedness” in clause 1.1 (Definitions) of the Financing Agreement. 

“Additional Notes Creditor” means each holder from time to time of Additional Notes. 

“Additional Notes Documents” means any terms and conditions, indenture, loan agreement, título
único or similar instrument entered into by any Additional Notes Obligor in relation to any Additional Notes and any other related documents. 

“Additional Notes Liabilities” means the Liabilities owed by any Additional Notes Obligor (and, to the
extent applicable in respect of the Transaction Security granted by it, any Security Provider) to the Additional Notes Creditors under or in connection with the Additional Notes Documents (or, in the case of a Security Provider, under or in
connection with the Transaction Security Documents). 
 “Additional Notes Obligor” means any
member of the Group or members of the Group (whether acting as co-issuers or guarantors or otherwise) which is, in accordance with paragraph (f) of the definition of “Permitted Financial Indebtedness” in clause 1.1
(Definitions) of the Financing Agreement, an issuer or a borrower or a guarantor under any Additional Notes Documents as permitted by the Financing Agreement and, if not a Debtor under this Agreement, which has acceded to this Agreement as a
Debtor in accordance with Clause 13.7 (New Debtor/Security Provider). 
 “Additional Notes
Trustee” means each noteholder trustee, representante común, indenture trustee, agent or any other entity which performs a similar role in relation to Additional Notes Creditors under any Additional Notes. 

“Additional Notes Trustee Liabilities” means all present and future liabilities, actual and contingent,
of any Additional Notes Obligor (and, to the extent applicable in respect of the Transaction Security granted by it, any Security Provider) to any Additional Notes Trustee under or in connection with any Additional Notes Documents (or, in the case
of a Security Provider, under or in connection with the Transaction Security Documents). 
  

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 “Additional Security Provider” means a company that becomes
an Additional Security Provider as defined in the Financing Agreement in accordance with clause 28 (Changes to the Obligors) thereof. 

“Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that
person or any other Subsidiary of that Holding Company. 
 “Agent” means the Administrative
Agent, each Participating Creditor’s Representative and each Refinancing Creditor Representative. 

“Agent Liabilities” means all present and future liabilities, actual and contingent, of any Debtor (and,
to the extent applicable in relation to the Transaction Security granted by it, any Security Provider) to any Agent under the Debt Documents. 

“Base Currency” means US dollars. 

“Base Currency Amount” means, on any date: 

 

	 	(a)	 in relation to an amount or Exposure denominated in the Base Currency, that amount or the amount of that Exposure; and 

 

	 	(b)	 in relation to an amount or Exposure denominated in a currency other than the Base Currency, that amount or the amount of that Exposure converted
into the Base Currency at: 

  

	 	(i)	 for the purposes of determining the Instructing Group or the Super Majority Instructing Group, the exchange rate displayed on the appropriate
Reuters screen at or about 11:00 a.m. on the date on which such determination is made (or if the agreed page is replaced or services cease to be available, the Security Agent may specify another page or service displaying the appropriate rate after
consultation with the Parent, the Administrative Agent and each Refinancing Creditor Representative); and 

  

	 	(ii)	 for all other purposes, the Security Agent’s Spot Rate of Exchange on the date which is 5 Business Days before any payment is required to be
made. 

 “Bilateral Bank Facilities” means the facilities described in Part IB
of Part II of schedule 1 (The Original Participating Creditors) to the Financing Agreement. 

“Borrower” means an Original Borrower unless it has ceased to be a Borrower in accordance with Clause
13.9 (Resignation of a Debtor/Security Provider) and, for the purposes of Clause 9.2 (Order of Application – Debt Claim Recoveries) only, shall be deemed to include a Refinancing Obligor to the extent of its Borrowing Liabilities.

 “Borrowing Liabilities” means, in relation to a Debtor, the Liabilities (not being Existing
Guarantee Liabilities or Guarantee Liabilities) it may have as a principal debtor to a Participating Creditor in respect of Financial Indebtedness arising under the Finance Documents or to a Refinancing Creditor in respect of Financial Indebtedness

  

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arising under the Refinancing Documents (whether incurred solely or jointly) and including, without limitation, liabilities as a Borrower under and as defined in the Financing Agreement and
liabilities as an issuer or as a borrower under any Refinancing Document. 
 “Business Day”
means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Madrid, New York, Amsterdam and Mexico City (in the case of Mexico City, if applicable, as specified by a governmental authority), and: 

 

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

  

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

 “CEMEX Australia Holdings” means CEMEX Australia Holdings
Pty Limited. 
 “CEMEX España” means CEMEX España, S.A. 

“CEMEX México” means CEMEX México, S.A. de C.V. 

“Certificados Bursátiles” means the following debt securities issued by the Parent guaranteed
(por aval) by CEMEX México and Empresas Tolteca in the Mexican capital markets with the approval of the Mexican National Banking and Securities Banking and Securities Commission and listed on the Mexican Stock Exchange: 

 

	 	(a)	 certificado bursátil CMX0001 05 in an amount of Mex$1,500,000,000 dated 15 April 2005; 

 

	 	(b)	 certificado bursátil CEMEX 06 in an amount of Mex$1,750,000,000 dated 17 March 2006; 

 

	 	(c)	 certificado bursátil CMX0002 06 in an amount of Mex$750,000,000 dated 17 March 2006; 

 

	 	(d)	 certificado bursátil CEMEX 06 in an amount of Mex$1,500,000,000 dated 28 April 2006; 

 

	 	(e)	 certificado bursátil CEMEX 06-2 in an amount of Mex$2,500,000,000 dated 29 September 2006; 

 

	 	(f)	 certificado bursátil CEMEX 06-2 in an amount of Mex$1,500,000,000 dated 13 October 2006; 

 

	 	(g)	 certificado bursátil CEMEX 06-3 in an amount of Mex$2,950,000,000 dated 15 December 2006; 

 

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	 	(h)	 certificado bursátil CEMEX 07 in an amount of Mex$3,000,000,000 dated 2 February 2007; 

 

	 	(i)	 certificado bursátil CEMEX 07-2 in an amount of Mex$3,000,000,000 dated 28 September 2007; 

 

	 	(j)	 certificado bursátil CEMEX 07U in an amount of UDI 511,598,600 dated 30 November 2007; 

 

	 	(k)	 certificado bursátil CEMEX 07-2U in an amount of UDI 116,530,800 dated 30 November 2007; 

 

	 	(l)	 certificado bursátil CEMEX 08 in an amount of Mex$1,000,000,000 dated 25 April 2008; 

 

	 	(m)	 certificado bursátil CEMEX 08-2 in an amount of Mex$450,045,900 dated 11 December 2008; and 

 

	 	(n)	 certificado bursátil CEMEX 08U in an amount of UDI 124,817,100 dated 11 December 2008. 

“Charged Property” means all of the assets which from time to time are, or are expressed to be, the
subject of the Transaction Security. 
 “Common Assurance” means any guarantee, indemnity or
other assurance against loss in respect of any of the Liabilities, the benefit of which (however conferred) is, to the extent legally possible, given to all the Secured Parties in respect of their Liabilities. 

“Compliance Certificate” means a certificate substantially in the form of schedule 5 (Form of
Compliance Certificate) of the Financing Agreement. 
 “Consent” means any consent,
approval, release or waiver or agreement to any amendment. 
 “Consolidated Leverage Ratio”
means, on any date of determination, the ratio of Consolidated Funded Debt on such date to EBITDA for the one (1) year period ending on such date (where “Consolidated Funded Debt” and “EBITDA” have the meaning
given to such terms in the Financing Agreement). 
 “Core Bank Facilities” means the Syndicated
Bank Facilities, the Bilateral Bank Facilities and the Promissory Notes. 
 “Creditor” means an
Agent, a Participating Creditor or a Refinancing Creditor. 
 “Creditor/Administrative Agent/Security
Agent Accession Undertaking” means: 
  

	 	(a)	 an undertaking substantially in the form set out in Schedule 2 (Form of Creditor/Administrative Agent/Security Agent Accession Undertaking);
or 

  

 - 5 - 

	 	(b)	 in the case of a Participating Creditor only, a Participating Creditor/Administrative Agent/Security Agent Accession Undertaking (as defined in the
Financing Agreement), 

 as the context may require. 

“Debt Claim Recoveries” has the meaning given to such term in Clause 9.2 (Order of application - Debt
Claim Recoveries). 
 “Debt Documents” means the Finance Documents, the Refinancing
Documents and the Noteholder Documents. 
 “Debtor” means each Borrower and each Guarantor
(where a Borrower or a Guarantor may also be an Existing Notes Obligor) and each Additional Notes Obligor and Refinancing Obligor which has acceded to this Agreement as a Debtor in accordance with Clause 13.7 (New Debtor/Security Provider).

 “Debtor/Security Provider Accession Deed” means: 

 

	 	(a)	 a deed substantially in the form set out in Schedule 1 (Form of Debtor/Security Provider Accession Deed); or 

 

	 	(b)	 (only in the case of a member of the Group which is acceding as a Guarantor or a Security Provider) an Accession Letter (as defined in the Financing
Agreement). 

 “Debtor Liabilities” means, in relation to a member of the
Group, any liabilities owed to any Debtor (whether actual or contingent and whether incurred solely or jointly) by that member of the Group. 

“Default” means an Event of Default or any event or circumstance specified in clause 26 (Events
of Default) of the Financing Agreement which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

 “Delegate” means any delegate, agent, representative, comisionista mercantil, attorney
or co-trustee appointed by the Security Agent. 
 “Disposal Proceeds” has the meaning given to
that term in Clause 7 (Proceeds of Disposals of Charged Property) of this Agreement. 

“Distressed Disposal” means a disposal of an asset of a member of the Group which is: 

 

	 	(a)	 being effected at the request of the Instructing Group in circumstances where the Transaction Security is being enforced; or

  

 - 6 - 

	 	(b)	 being effected, after the occurrence of a Participating Creditor Acceleration Event, by a Debtor or a Security Provider to a person or persons which
is (or are) not a member (or members) of the Group. 

 “Effective Date” means
the date on which the Financing Agreement becomes effective in accordance with its terms. 
 “Empresas
Tolteca” means Empresas Tolteca de México, S.A. de C.V. 
 “Enforcement Action”
means: 
  

	 	(a)	 in relation to any Liabilities: 

  

	 	(i)	 the acceleration of any Liabilities or the making of any declaration that any Liabilities are prematurely due and payable (other than as a result of
it becoming unlawful for a Participating Creditor or a Refinancing Creditor to perform its obligations under, or of any voluntary or mandatory prepayment arising under, the Debt Documents); 

 

	 	(ii)	 the making of any declaration that any Liabilities are payable on demand; 

 

	 	(iii)	 the making of a demand in relation to a Liability that is payable on demand; 

 

	 	(iv)	 the making of any demand against any member of the Group in relation to any Guarantee Liabilities or Existing Guarantee Liabilities of that member
of the Group; 

  

	 	(v)	 the exercise of any right to require any member of the Group to acquire any Liability (including exercising any put or call option against any
member of the Group for the redemption or purchase of any Liability); 

  

	 	(vi)	 the exercise of any right of set-off, account combination or payment netting against any member of the Group in respect of any Liabilities; and

  

	 	(vii)	 the suing for, commencing or joining of any legal or arbitration proceedings against any member of the Group to recover any Liabilities;

  

	 	(b)	 the taking of any steps to enforce or require the enforcement of any Transaction Security; 

 

	 	(c)	 the entering into of any composition, compromise, assignment or arrangement with any member of the Group which owes any Liabilities, or has given
any Security, guarantee or indemnity or other assurance against loss in respect of the Liabilities (other than any action permitted under Clause 13 (Changes to the Parties)); or 

 

 - 7 - 

	 	(d)	 the petitioning, applying or voting for, or the taking of any steps (including the appointment of any liquidator, receiver, administrator, Irish law
examiner or similar officer) in relation to, the winding up, dissolution, bankruptcy (faillissement), administration, Irish law examinership, onder bewindstelling or reorganisation of any member of the Group which owes any Liabilities,
or has given any Security, guarantee, indemnity or other assurance against loss in respect of any of the Liabilities, or any of such member of the Group’s assets or any suspension of payments or moratorium of any indebtedness of any such member
of the Group, or any analogous procedure or step in any jurisdiction, 

 except that the taking
of any action falling within paragraphs (a)(vii) or (d) above which is necessary (but only to the extent necessary) to preserve the validity, existence or priority of claims in respect of Liabilities, including the registration of such
claims before any court or governmental authority and the bringing, supporting or joining of proceedings to prevent any loss of the right to bring, support or join proceedings by reason of applicable limitation periods, shall not constitute
Enforcement Action. 
 “Enforcement Event” means: 

 

	 	(a)	 the occurrence of a Participating Creditor Acceleration Event; and 

 

	 	(b)	 receipt by the Security Agent of the written consent of the Instructing Group to the enforcement of Transaction Security.

 “EUR730M Perpetuals” means the EUR 730,000,000 Callable Perpetual Dual
Currency Notes issued by NSHFV. 
 “EUR730M Perpetuals Indenture” means the indenture dated as
of 9 May 2007 among NSHFV as issuer, the Parent, CEMEX México and NSH as guarantors and The Bank of New York as trustee pursuant to which the EUR730M Perpetuals were issued. 

“Event of Default” means any event or circumstance specified as such in the Financing Agreement.

 “Existing Finance Documents” means each of the facility agreements and other documents listed
in schedule 9 (The Facilities) to the Financing Agreement and the “Finance Documents” as defined in any Existing Facility Agreement and “Facility Transaction Documents” as defined in Exhibit G to the NY Law Amendment
Agreement (but in each case excluding any document that is designated a “Finance Document” or a “Facility Transaction Document” by a Debtor or a Security Provider and the relevant Participating Creditor’s Representative
under an Existing Facility Agreement after the date of the Financing Agreement), the USPP Note Agreement and the USPP Note Guarantee. 

“Existing Guaranteed Debt” means each of the Facilities under which at the date of the Financing
Agreement, an Original Debtor owes Guarantee Liabilities to a Finance Party. 
  

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 “Existing Guarantee Liabilities” means, in relation to a
member of the Group, the Liabilities it may have pursuant to a Guarantee Clause referred to in paragraph (a) of the definition thereof to any Finance Party. 

“Existing Notes” means the Parent Notes, the US$350M Perpetuals, the EUR730M Perpetuals, the US$750M
Perpetuals, the US$900M Perpetuals and the Certificados Bursátiles. 
 “Existing Notes
Creditor” means each holder from time to time of Existing Notes. 
 “Existing Notes
Documents” means the Parent Notes Indenture, the US$350M Perpetuals Indenture, the EUR730M Perpetuals Indenture, the US$750M Perpetuals Indenture, the US$900M Perpetuals Indenture and the título únicos pursuant to which
the Certificados Bursátiles were issued and, in each case, any other related document. 

“Existing Notes Liabilities” means the Liabilities owed by the Debtors (and, to the extent applicable in
relation to the Transaction Security granted by it, any Security Provider) to the Existing Notes Creditors under or in connection with the Existing Notes Documents. 

“Existing Notes Obligor” means any issuer or guarantor under any Existing Notes Documents. 

“Existing Notes Trustee” means each trustee or representante común under any Existing
Notes. 
 “Existing Notes Trustee Liabilities” means all present and future liabilities and
obligations, actual and contingent, of any Debtor (and, to the extent applicable in relation to the Transaction Security granted by it, any Security Provider) to any Existing Notes Trustee under the Existing Notes Documents. 

“Exposure” means, as appropriate, a Participating Creditor Exposure or a Refinancing Creditor Exposure.

 “Facility” means a Core Bank Facility and each USPP Note. 

“Final Discharge Date” means the first date on which all Participating Creditor Liabilities have been
fully and finally discharged to the satisfaction of the Administrative Agent (acting reasonably), whether or not as the result of an enforcement, and none of the Participating Creditors are under any further obligation to provide financial
accommodation to any of the Debtors under the Finance Documents. 
 “Finance Document” means
each New Finance Document and each Existing Finance Document. 
 “Finance Parallel Debt” has the
meaning given to such term in Clause 10.2 (Finance Parallel Debt (Covenant to pay the Security Agent)). 
  

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 “Finance Party” means the Administrative Agent, the
Security Agent, each Participating Creditor’s Representative or a Participating Creditor. 

“Finance Secured Documents” means each of the Finance Documents and the Refinancing Documents.

 “Finance Secured Parties” means each of the Secured Parties other than the Noteholder
Trustees and the Noteholders from time to time. 
 “Financial Indebtedness” has the meaning
given to the term “Financial Indebtedness” in the Financing Agreement. 
 “Financial
Quarter” means the period commencing on the day after one Quarter Date and ending on the next Quarter Date. 

“Financing Agreement” means the financing agreement entered into between, amongst others, the Parent, the
Original Obligors (as defined therein), the Original Participating Creditors and others dated on or about the date of this Agreement. 

“Group” means the Parent and each of its Subsidiaries for the time being. 

“Guarantee Clause” means: 

 

	 	(a)	 in relation to any Existing Guaranteed Debt, any clause contained in the Existing Finance Documents relating to that Existing Guaranteed Debt
pursuant to which an Original Guarantor has liabilities under such Existing Finance Documents (present or future, actual or contingent and whether incurred solely or jointly) to any Finance Party as, or as a result of its being, a guarantor or
surety (including, without limitation, liabilities arising by way of guarantee, indemnity, contribution or subrogation and in particular any guarantee or indemnity arising under or in respect of those Existing Finance Documents);

  

	 	(b)	 in relation to the Financing Agreement, clause 20 (Guarantee and Indemnity) thereof; and 

 

	 	(c)	 in relation to any Guaranteed Refinancing Debt, any clause contained in the Refinancing Documents relating to that Guaranteed Refinancing Debt
pursuant to which a Refinancing Guarantor has liabilities under such Refinancing Documents (present or future, actual or contingent and whether incurred solely or jointly) to any Refinancing Party as or as a result of its being a guarantor or surety
(including, without limitation, liabilities arising by way of guarantee, indemnity, contribution or subrogation and in particular any guarantee or indemnity arising under or in respect of those Refinancing Documents). 

“Guarantee Liabilities” means, in relation to a member of the Group, the Liabilities it may have pursuant
to a Guarantee Clause referred to in paragraphs (b) or (c) of the definition thereof to any Finance Party or Refinancing Party. 
  

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 “Guaranteed Refinancing Debt” means any bonds, notes or
other debt securities, convertible or exchangeable securities issued, or loans borrowed under loan facilities, pursuant to a Refinancing in relation to which a Debtor owes Guarantee Liabilities to a Refinancing Creditor. 

“Guarantors” means the Original Guarantors and any Additional Guarantor other than any Original Guarantor
or Additional Guarantor which has ceased to be a Guarantor pursuant to Clause 13.9 (Resignation of a Debtor/Security Provider) and has not subsequently become an Additional Guarantor pursuant to Clause 13.7 (New Debtor/Security
Provider) and “Guarantor” means any of them. 
 “Holding Company” means, in
relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary. 

“Insolvency Event” means, in relation to any Debtor, Security Provider or Material Subsidiary:

  

	 	(a)	 any resolution is passed or order made for the winding up, bankruptcy, dissolution, concurso mercantil, quiebra, concurso,
administration, Irish law examinership or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise but excluding a solvent liquidation or reorganisation of a Material Subsidiary) of that Debtor, Security Provider or
Material Subsidiary, a moratorium is declared in relation to any indebtedness of that Debtor, Security Provider or Material Subsidiary; 

  

	 	(b)	 any composition, assignment or arrangement is made with any class of its creditors; 

 

	 	(c)	 the appointment of any liquidator (other than in respect of a solvent liquidation of a Material Subsidiary), receiver, administrator, Irish law
examiner, conciliador, administrative receiver, compulsory manager or other similar officer in respect of that Debtor, Security Provider or Material Subsidiary or any of its assets; or 

 

	 	(d)	 any analogous procedure or step is taken in any jurisdiction, 

provided that no winding-up petition (or equivalent procedure in any jurisdiction) which is frivolous or vexatious
and is discharged, stayed or dismissed within 60 days of commencement shall constitute an Insolvency Event. 

“Insolvency Proceedings” means any of the matters described in the definition of “Insolvency
Event”. 
 “Intercreditor Amendment” means any amendment or waiver which is subject to
Clause 19 (Consents, Amendments and Override). 
 “Instructing Group” means, at any time:

  

	 	(a)	 a Creditor or Creditors the Base Currency Amount of whose Exposures under the Facilities and/or, as the case may be, the Refinancing Debt, at that
time represent, in aggregate, 75 per cent. or more of the Base Currency Amount of all the Exposures of the Creditors under all of the Facilities and all Refinancing Debt (when aggregated) at that time; and 

 

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	 	(b)	 a Participating Creditor or Participating Creditors the Base Currency Amount of whose Exposures under the Facilities at that time represent, in
aggregate, more than 66 2/3 per cent. of the
Base Currency Amount of all the Exposures of the Participating Creditors under all of the Facilities at that time. 

“Liabilities” means all present and future liabilities at any time of any Debtor (and, to the extent
applicable in relation to the Transaction Security granted by it, any Security Provider) to any Secured Party under the Debt Documents, both actual and contingent and whether incurred solely or jointly or in any other capacity together with any of
the following matters relating to or arising in respect of those liabilities: 
  

	 	(a)	 any refinancing, novation, deferral or extension; 

  

	 	(b)	 any claim for breach of representation, warranty or undertaking or on an event of default or under any indemnity given under or in connection with
any Debt Document; 

  

	 	(c)	 any claim for damages or restitution; and 

  

	 	(d)	 any claim as a result of any recovery by any Debtor (or, as the case may be, any Security Provider) of a Payment on the grounds of preference or
otherwise, 

 and any amounts which would be included in any of the above but for any
discharge, non-provability, unenforceability or non-allowance of those amounts in any insolvency or other proceedings. 

“Loan” means: 
  

	 	(a)	 in relation to a Syndicated Bank Facility or Bilateral Bank Facility, a loan made or to be made under such Facility or the principal amount
outstanding for the time being of that loan; and 

  

	 	(b)	 in relation to a Promissory Note, the Exposure of the Participating Creditors for the time being under that Promissory Note.

 “Material Subsidiary” means, as at the date of the Financing Agreement,
those companies set out in schedule 7 (Material Subsidiaries) thereto and, after the date of the Financing Agreement, any other Subsidiary of the Parent which: 
  

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

 

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

 

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	 	(c)	 has earnings before interest, tax, depreciation and amortisation calculated on the same basis as EBITDA, representing 5 per cent. or more of
the consolidated EBITDA of the Group (where “EBITDA” has the meaning given to such term in the Financing Agreement), 

in each case calculated on a consolidated basis (without duplication) and any Holding Company of any such Subsidiary or of
a Borrower, Guarantor or Security Provider (and compliance with the conditions set out in paragraphs (a) to (c) shall be determined as set out in the Financing Agreement). 

“Mexican Security Trust Agreement” means the Transaction Security described at paragraph (a) of the
definition of Transaction Security Documents. 
 “Mexican Security Trustee” means Banco Nacional
de México, S.A., Integrante del Grupo Financiero Banamex, División Fiduciaria, a Mexican institución de banca múltiple. 

“New Finance Document” means the Financing Agreement, the NY Law Amendment Agreement, this Agreement,
each Transaction Security Document and any Accession Letter, Fee Letter, Resignation Letter or Resignation Letter (Australia) (as each such term is defined in the Financing Agreement) and any other document designated as a “New Finance
Document” in accordance with the Financing Agreement. 
 “Noteholder” means an Existing
Notes Creditor or an Additional Notes Creditor. 
 “Noteholder Documents” means the Existing
Notes Document and any Additional Notes Documents. 
 “Noteholder Liabilities” means the
Existing Notes Liabilities and any Additional Notes Liabilities. 
 “Noteholder Trustee” means
each Existing Notes Trustee and each Additional Notes Trustee. 
 “Noteholder Trustee
Liabilities” means the Existing Notes Trustee Liabilities and any Additional Notes Trustee Liabilities. 

“Notes” means the Existing Notes and the Additional Notes. 

“Notes Parallel Debt” has the meaning given to such term in paragraph (a) of Clause 10.3 (Notes
Parallel Debt (Covenant to pay the Security Agent)). 
 “Notes Parallel Debt Recoveries” has
the meaning given to such term in paragraph (e) of Clause 10.3 (Notes Parallel Debt (Covenant to pay the Security Agent)). 

“Notes Secured Documents” means each of the Noteholder Documents and each of the Transaction Security
Documents. 
 “Notes Secured Parties” means each of the Noteholder Trustees and each of the
Noteholders from time to time. 
  

 - 13 - 

 “NSH” means New Sunward Holding B.V. 

“NSHFV” means New Sunward Holding Financial Ventures B.V. 

“NY Law Amendment Agreement” means the omnibus amendment agreement dated on or about the date of this
Agreement between, amongst others, the Parent and the Participating Creditors with Participating Creditor Exposures under those Facilities that are governed by the laws of the State of New York. 

“Original Debtor” means an Original Borrower or an Original Guarantor. 

“Parent Notes” means the US$200,000,000 9.625% Notes due 2009 issued by the Parent. 

“Parent Notes Indenture” means the indenture dated as of 1 October 1999 among the Parent as issuer,
CEMEX México and Empresas Tolteca as guarantors and U.S. Bank Trust National Association as trustee pursuant to which the Parent Notes were issued. 

“Participating Creditor” means: 

 

	 	(a)	 any Original Participating Creditor; and 

  

	 	(b)	 any person which becomes a party to the Financing Agreement in accordance with clause 27 (Changes to the Participating Creditors)
thereof and which accedes to this Agreement in accordance with Clause 13.6 (Creditor/Administrative Agent/Security Agent Accession Undertaking), 

which in each case has not ceased to be a party to the Financing Agreement in accordance with the terms thereof.

 “Participating Creditor Acceleration Event” means, on or after the occurrence of an Event of
Default which is continuing, and in respect of which a Participating Creditor or Participating Creditors the Base Currency Amount of whose Exposures under the Facilities at that time represent, in aggregate, 66 2/3 per cent. or more of the Base
Currency Amount of all of the Exposures of the Participating Creditors under all of the Facilities at that time (the “Majority Participating Creditors”) have authorised the taking of such action, the exercise by the Majority
Participating Creditors of their rights under any of paragraphs (a) to (d) of clause 26.16 (Acceleration) of the Financing Agreement. 

“Participating Creditor Exposures” means at any time: 

 

	 	(a)	 in relation to a Participating Creditor and a Syndicated Bank Facility or Bilateral Bank Facility, that Participating Creditor’s participation
in Loans made under the relevant Facility at that time; 

  

	 	(b)	 in relation to Participating Creditor and a Promissory Note, the principal amount owed to that Participating Creditor under that Promissory Note at
that time; and 

  

 - 14 - 

	 	(c)	 in relation to a Participating Creditor which holds a USPP Note, the principal amount owed to that Participating Creditor under that USPP Note at
that time. 

 “Participating Creditor Liabilities” means the Liabilities owed
by the Debtors (and, to the extent applicable in relation to the Transaction Security granted by it, any Security Provider) to the Participating Creditors under the Finance Documents. 

“Participating Creditor’s Representative” means: 

 

	 	(a)	 with respect to each of the Syndicated Bank Facilities, the person appointed as the agent of the creditors in relation to such Facility under the
Existing Finance Documents relating to such Facility; 

  

	 	(b)	 with respect to each other Core Bank Facility, the Participating Creditor with an Exposure under that Facility; and 

 

	 	(c)	 with respect to each USPP Note, the Participating Creditor with an Exposure under that USPP Note. 

“Party” means a party to this Agreement. 

“Payment” means, in respect of any Liabilities, a payment, prepayment, repayment, redemption, defeasance
or discharge of those Liabilities. 
 “Permitted Payments” means any Payments (in the case of
any Participating Creditor or any Participating Creditor Representative) permitted to be received under clause 31 (Sharing among the Finance Parties) of the Financing Agreement or made in accordance with the terms of clause 32 (Payment
Mechanics) of the Financing Agreement or (in the case of any Refinancing Party) permitted in accordance with the terms and conditions relating to Payments as set out in the relevant Refinancing Documents. 

“Promissory Notes” means the promissory notes described in Part IC of Part II to schedule 1 (The
Original Participating Creditors) to the Financing Agreement. 
 “Quarter Date” means each
of 31 March, 30 June, 30 September and 31 December. 
 “Receiver” means a
receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property or its equivalent under any applicable law (not including a Dutch curator or bewindvoerder). 

“Reference Date” means the date of the Financing Agreement. 

“Reference Period” means a period of four consecutive Financial Quarters. 

“Refinancing” means an issuance or incurrence by a member or members (whether acting as co-issuers or
otherwise) of the Group of bonds, notes or other debt securities, convertible or exchangeable securities or loan facilities: 
  

	 	(a)	 where such issuance or incurrence by that member (or by those members) of the Group is permitted under the Financing Agreement;

  

 - 15 - 

	 	(b)	 the proceeds of which are applied to refinance the Facilities; and 

 

	 	(c)	 the terms of which are in accordance with paragraph (f) of the definition of “Permitted Financial Indebtedness” in clause 1.1
(Definitions) of the Financing Agreement. 

 “Refinancing Creditor”
means any creditor which enters into a Refinancing Document and which accedes to this Agreement in accordance with Clause 13.3 (Refinancing Creditors and Refinancing Creditors’ Representatives). 

“Refinancing Creditor Exposures” means, at any time: 

 

	 	(a)	 in relation to a Refinancing Creditor and a Refinancing by way of a loan facility, that Refinancing Creditor’s participation in loans made
under the relevant loan facility at that time; or 

  

	 	(b)	 in relation to Refinancing Creditor and a Refinancing by way of bonds, notes or other debt securities, or convertible or exchangeable securities,
the principal amount owed to that Refinancing Creditor under such bonds, notes or other debt securities, or convertible or exchangeable securities, at that time. 

“Refinancing Creditor Liabilities” means the Liabilities owed by the Debtors (and, to the extent
applicable in relation to the Transaction Security granted by it, any Security Provider) to the Refinancing Creditors under the Refinancing Documents. 

“Refinancing Creditor Representative” means, with respect to any Refinancing by way of: 

 

	 	(a)	 a syndicated loan facility, any person appointed under the relevant Refinancing Documents as the agent of the creditors in relation to that
syndicated loan facility; 

  

	 	(b)	 a bilateral loan facility, the Refinancing Creditor which is a lender under that facility pursuant to the relevant Refinancing Documents; or

  

	 	(c)	 bonds, notes or other debt securities, or convertible or exchangeable securities, any person appointed under the relevant Refinancing Documents as
the trustee (or similar representative) of the creditors in relation thereto. 

“Refinancing Debt” means any bonds, notes or other debt securities, convertible or exchangeable
securities, or loan facilities issued or incurred pursuant to a Refinancing. 
  

 - 16 - 

 “Refinancing Document” means any document entered into by a
Refinancing Obligor with a Refinancing Creditor in relation to a Refinancing. 
 “Refinancing
Guarantor” means any member of the Group which has incurred Guarantee Liabilities to a Refinancing Creditor pursuant to a Refinancing. 

“Refinancing Obligor” means any member of the Group which, as permitted by the Financing Agreement,
enters into any Refinancing Documents as a borrower (in the case of a loan facility), an issuer (in the case of bonds, notes or other debt securities, or convertible or exchangeable securities) or as a Refinancing Guarantor (and, in each case, if
not a Debtor under this Agreement, which accedes to this Agreement in accordance with Clause 13.7 (New Debtor/Security Provider)). 

“Refinancing Party” means each Refinancing Creditor and each Refinancing Creditor Representative.

 “Relevant Liabilities” means: 

 

	 	(a)	 in the case of a Participating Creditor: 

  

	 	(i)	 the Liabilities owed to Participating Creditors ranking (in accordance with the terms of this Agreement) pari passu with or in priority to
that Participating Creditor (as the case may be) together with all Agent Liabilities owed to any Agent of those Participating Creditors; and 

  

	 	(ii)	 all present and future liabilities, actual and contingent, of the Debtors (and, to the extent applicable in relation to the Transaction Security
granted by it, of any Security Provider) to the Security Agent; and 

  

	 	(b)	 in the case of a Noteholder: 

  

	 	(i)	 the Liabilities owed to Noteholders ranking (in accordance with the terms of this Agreement) pari passu with or in priority to that
Noteholder (as the case may be) and, in the case of Noteholders represented by a Noteholder Trustee, together with all Noteholder Trustee Liabilities owed to the Noteholder Trustee of those Noteholders; and 

 

	 	(ii)	 all present and future liabilities, actual and contingent, of the Debtors (and, to the extent applicable in relation to the Transaction Security
granted by it, of any Security Provider) to the Security Agent; 

  

	 	(c)	 in the case of a Refinancing Creditor: 

  

	 	(i)	 the Liabilities owed to Refinancing Creditors ranking (in accordance with the terms of this Agreement) pari passu with or in priority to that
Refinancing Creditor (as the case may be) together with all Agent Liabilities owed to any Agent of those Refinancing Creditors; and 

  

 - 17 - 

	 	(ii)	 all present and future liabilities, actual and contingent, of the Debtors (and, to the extent applicable in relation to the Transaction Security
granted by it, any Security Provider) to the Security Agent; and 

  

	 	(d)	 in the case of a Debtor (or, to the extent applicable in relation to the Transaction Security granted by it, any Security Provider), the Liabilities
owed to the Participating Creditors or Refinancing Creditors together with the Agent Liabilities owed to any Agent of those Creditors, the Liabilities owed to the Noteholders together with, in the case of Noteholders represented by a Noteholder
Trustee, the Noteholder Trustee Liabilities owed to the Noteholder Trustee of those Noteholders and all present and future liabilities and obligations, actual and contingent, of the Debtors (or, as the case may be, the Security Providers) to the
Security Agent. 

 “Retiring Security Agent” has the meaning given to that
term in Clause 11 (Change of Security Agent and Delegation). 
 “Secured Obligations”
means all the Liabilities and all other present and future obligations at any time due, owing or incurred by any member of the Group and by each Debtor (and, to the extent applicable in relation to the Transaction Security granted by it, each
Security Provider) to any Secured Party under the Debt Documents, both actual and contingent and whether incurred solely or jointly and as principal or surety or in any other capacity including the obligations set out in Clause 10.2 (Finance
Parallel Debt (Covenant to pay the Security Agent)) and Clause 10.3 (Notes Parallel Debt (Covenant to pay the Security Agent)). 

“Secured Parties” means: 
  

	 	(a)	 the Security Agent, any Receiver or Delegate (including any party expressly designated as a Secured Party under any Security Document);

  

	 	(b)	 the Agents, the Participating Creditors and Refinancing Creditors from time to time but, in the case of the Agents and each Participating Creditor
or Refinancing Creditor, only if it is a party to this Agreement or has acceded to this Agreement, in the appropriate capacity, pursuant to Clause 13.6 (Creditor/Administrative Agent/Security Agent Accession Undertaking); and

  

	 	(c)	 each of the Noteholder Trustees and the Noteholders from time to time. 

“Security” means a mortgage, charge, pledge, lien, security trust agreement or other security interest
securing any obligation of any person or any other agreement or arrangement having a similar effect. 

“Security Agent’s Spot Rate of Exchange” means the spot rate of exchange obtained by the Security
Agent from leading international banks for the purchase of the relevant currency with the Base Currency at or about 11:00 am (London time) on a particular day, which shall be notified by the Security Agent in accordance with paragraph (d) of
Clause 10.9 (Security Agent’s obligations). 
  

 - 18 - 

 “Security Documents” means: 

 

	 	(a)	 each of the Transaction Security Documents; 

  

	 	(b)	 any other document entered into at any time by any of the Debtors or Security Providers creating any Security or other assurance against financial
loss in favour of any of the Secured Parties as security for any of the Secured Obligations owed to such Secured Parties; and 

  

	 	(c)	 any Security granted under any covenant for further assurance in any of the documents set out in paragraphs (a) and (b) above.

 “Security Property” means: 

 

	 	(a)	 the Transaction Security expressed to be granted in favour of the Security Agent as trustee for the Secured Parties and all proceeds of that
Transaction Security; 

  

	 	(b)	 all obligations expressed to be undertaken by a Debtor or a Security Provider to pay amounts in respect of the Liabilities to the Security Agent as
trustee for the Secured Parties and secured by the Transaction Security together with all representations and warranties expressed to be given by a Debtor or Security Provider in favour of the Security Agent as trustee for the Secured Parties;

  

	 	(c)	 the Security Agent’s interest in any trust fund created pursuant to Clause 4 (Turnover of Receipts); and

  

	 	(d)	 any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or contingent, which the Security Agent is
required by the terms of the Debt Documents to hold as trustee on trust for the Secured Parties. 

“Security Providers” means the Original Security Providers and any Additional Security Provider other
than any Original Security Provider or Additional Security Provider which has ceased to be a Security Provider pursuant to Clause 13.9 (Resignation of a Debtor/Security Provider) and has not subsequently become an Additional Security Provider
pursuant to Clause 13.7 (New Debtor/Security Provider), and “Security Provider” means any of them. 

“Super Majority Instructing Group” means, at any time: 

 

	 	(a)	 a Creditor or Creditors the Base Currency Amount of whose Exposures under the Facilities and/or, as the case may be, the Refinancing Debt, at that
time represent, in aggregate, 85 per cent. or more of the Base Currency Amount of all the Exposures of the Creditors under all of the Facilities and all Refinancing Debt (when aggregated) at that time; and 

 

	 	(b)	 a Participating Creditor or Participating Creditors the Base Currency Amount of whose Exposures under the Facilities at that time represent, in
aggregate, more than 66 2/3 per cent. of the
Base Currency Amount of all the Exposures of the Participating Creditors under all of the Facilities at that time. 

  

 - 19 - 

 “Syndicated Bank Facilities” means the facilities described
in Part 1A of Part II of schedule 1 (The Original Participating Creditors) of the Financing Agreement. 

“TARGET2” means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system,
which utilises a single shared platform and which was launched on 19 November 2007. 
 “TARGET
Day” means any day on which TARGET2 is open for the settlement of payments in euro. 

“Tax” means any tax, levy, impost, duty or other charge, withholding or deduction of a similar nature
(including any penalty, surcharge or interest payable in connection with any failure to pay or any delay in paying any of the same). 

“Termination Date” means 14 February 2014. 

“Transaction Security” means the Security created or evidenced or expressed to be created or evidenced
under or pursuant to the Transaction Security Documents. 
 “Transaction Security Documents”
means: 
  

	 	(a)	 a security trust agreement (contrato de fideicomiso de garantía) entered into among (i) the Parent, Empresas Tolteca, Impra
Café, S.A. de C.V., Interamerican Investments, Inc. Cemex México and Centro Distribuidor de Cemento, S.A. de C.V. as settlors, (ii) Cemex México, Centro Distribuidor de Cemento, S.A. de C.V., Mexcement Holdings, S.A. de
C.V. and Corporación Gouda, S.A. de C.V. as issuers, (iii) the Mexican Security Trustee and (iv) the Security Agent; 

  

	 	(b)	 pledge of shares in the capital of Sunward Investments B.V. between Corporacíon Gouda S.A. de C.V. as pledgor and the Security Agent as
pledgee, governed by Dutch law; 

  

	 	(c)	 pledge of shares in the capital of Sunward Holdings B.V. between Sunward Investments B.V., Sunward Acquisitions N.V. and CEMEX International Finance
Company as pledgors and the Security Agent as pledgee, governed by Dutch law; 

  

	 	(d)	 pledge of shares in the capital of CEMEX Dutch Holdings B.V. between Sunward Holdings B.V. and CEMEX International Finance Company as pledgors and
the Security Agent as pledgee, governed by Dutch law; 

  

	 	(e)	 pledge of shares in the capital of NSH between CEMEX Dutch Holdings B.V., Sunward Holdings B.V., Sunward Acquisitions N.V., Corporación
Gouda, S.A. de C.V., Mexcement Holdings, S.A. de C.V. and CEMEX International Finance Company as pledgors and the Security Agent as pledgee, governed by Dutch law; 

 

 - 20 - 

	 	(f)	 pledge of shares in the capital of NSH between CEMEX Trademarks Holding Ltd. as pledgor and the Security Agent as pledgee, governed by Dutch law;

  

	 	(g)	 supplemental pledge of shares in the capital of NSH between, among others, Corporación Gouda, S.A. de C.V., CEMEX Trademarks Holding Ltd.,
CEMEX International Finance Company and Mexcement Holdings S.A. de C.V. as pledgors and the Security Agent as pledgee, governed by Dutch law; 

  

	 	(h)	 pledge of shares in the capital of Sunward Acquisitions N.V. between Mexcement Holdings S.A. de C.V., Corporación Gouda, S.A. de C.V. and
CEMEX International Finance Company as pledgors and the Security Agent as pledgee, governed by Dutch law; 

  

	 	(i)	 pledge of shares in the capital of Sunward Acquisitions N.V. between CEMEX Trademarks Holding Ltd. as pledgor and the Security Agent as pledgee,
governed by Dutch law; 

  

	 	(j)	 pledge of shares in 99.57 per cent. of the capital of CEMEX Trademarks Holdings, Ltd. between the Parent, CEMEX México Interamerican
Investments, Inc. and Empresas Tolteca as pledgors and the Security Agent as pledgee, governed by Swiss law; and 

  

	 	(k)	 a notarial deed (póliza) of pledge agreement over 99.468 per cent. of the shares in CEMEX España granted by NSH, the
Parent and Sunward Acquisitions N.V. before the notary of Madrid, Mr. Rafael Monjó Carrió, 

together with any other document entered into by any Debtor or a Security Provider creating or expressed to create any
Security over all or any part of its assets in respect of the obligations of any of the Debtors (and, to the extent applicable in relation to the Transaction Security granted by them, the Security Providers) under any of the Finance Documents.

 “Transaction Security Recoveries” has the meaning given to such term in Clause 9.1 (Order
of application - Transaction Security Recoveries). 
 “US$350M Perpetuals” means the
US$350,000,000 Callable Perpetual Dual-Currency Notes issued by NSHFV. 
 “US$350M Perpetuals
Indenture” means the indenture dated as of 18 December 2006 among NSHFV as issuer, the Parent, CEMEX México and NSH as guarantors and The Bank of New York as trustee pursuant to which the US$350M Perpetuals were issued.

 “US$750M Perpetuals” means the US$750,000,000 Callable Perpetual Dual-Currency Notes issued
by NSHFV. 
 “US$750M Perpetuals Indenture” means the indenture dated as of 12 February
2007 among NSHFV as issuer, the Parent, CEMEX México and NSH as guarantors and 
  

 - 21 - 

 
The Bank of New York as trustee pursuant to which the US$750M Perpetuals were issued. 

“US$900M Perpetuals” means the US$900,000,000 Callable Perpetual Dual-Currency Notes issued by NSHFV.

 “US$900M Perpetuals Indenture” means the indenture dated as of 18 December 2006 among
NSHFV as issuer, the Parent, CEMEX México and NSH as guarantors and The Bank of New York as trustee pursuant to which the US$900,000,000 Perpetuals were issued. 

“USPP Note” means a note issued under the USPP Note Agreement. 

“USPP Note Agreement” means the consolidated, amended and restated note purchase agreement described in
Part II of schedule 1 (The Original Participating Creditors) to the Financing Agreement. 
 “USPP
Note Guarantee” means the consolidated, amended and restated note guarantee granted in favour of the USPP Noteholders. 

“USPP Noteholders” means the holders from time to time of the notes issued pursuant to the USPP Note
Agreement. 
 “VAT” means value added tax as provided for in the Value Added Tax Act 1994 and
any other tax of a similar nature. 
  

	1.2	 Construction 

  

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

 

	 	(i)	 any “Agent”, “Borrower”, “Debtor”, “Guarantor”, “Noteholder”,
“Noteholder Trustee”, “Parent”, “Participating Creditor”, “Party”, “Refinancing Creditor”, “Security Provider” or “Security Agent”
shall be construed to be a reference to it in its capacity as such and not in any other capacity; 

  

	 	(ii)	 any “Agent”, “Debtor”, “Noteholder”, “Noteholder Trustee”,
“Participating Creditor”, “Refinancing Creditor”, any “Party” or the “Security Agent” or any other person shall be construed so as to include its successors in title, permitted
assigns and permitted transferees and, in the case of the Security Agent, any person for the time being appointed as Security Agent or Security Agents in accordance with this Agreement; 

 

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

 

	 	(iv)	 a “Debt Document” or any other agreement or instrument is (other than a reference to a “Debt Document” or any
other agreement or instrument in “original form”) a reference to that Debt Document or other agreement or instrument, as amended, novated, supplemented, extended, varied or restated as permitted by this Agreement;

  

 - 22 - 

	 	(v)	 “enforcing” (or any derivation) the Transaction Security shall include (except in relation to a Debtor or Security Provider
incorporated in Spain or Transaction Security granted over the shares of that Debtor or Security Provider) the appointment of an administrator or, under Irish law, a receiver or receiver and manager, of a Debtor or Security Provider by the Security
Agent; 

  

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

  

	 	(vii)	 the “original form” of a “Debt Document” or any other agreement or instrument is a reference to that Debt
Document, agreement or instrument as originally entered into; 

  

	 	(viii)	 a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust,
joint venture, consortium or partnership (whether or not having separate legal personality); 

  

	 	(ix)	 a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of
any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation; 

 

	 	(x)	 a provision of law is a reference to that provision as amended or re-enacted; and 

 

	 	(xi)	 words importing the plural shall include the singular and vice versa. 

 

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

 

	 	(c)	 A Default (including an Event of Default) is “continuing” if it has not been remedied or waived but, for the avoidance of doubt, no
breach of any of the financial covenants set out in clause 23 (Financial Covenants) of the Financing Agreement shall be capable of being or be deemed to be remedied by virtue of the fact that upon any subsequent testing of such covenants
pursuant to clause 23 (Financial Covenants) of the Financing Agreement, there is no breach thereof. 

  

	1.3	 Currency Symbols and Definitions 

“£” and “sterling” denote lawful currency of the United Kingdom,
“—”, “EUR” and “euro” means the single currency unit of the Participating Member States and “US$”, “$” and
“dollars” denote lawful currency of the United States of America, “¥” and “yen” denote lawful currency of Japan, “Mexican pesos”, “Mex$” and
“pesos” denotes the lawful currency of Mexico and “UDI” denotes the Mexican Unidad de Inversíon. 
  

 - 23 - 

	1.4	 Third Party Rights 

  

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

  

	 	(b)	 Except as expressly provided in this Agreement, the consent of any person who is not a Party is not required to rescind or vary this Agreement at
any time. 

  

	 	(c)	 In the context of any rights of the Noteholders under Section 2(1) (Variation and rescission of contract) of the Third Parties Rights
Act, any amendments may be made to this Agreement, without the consent of the Noteholders, so long as such amendments are made in accordance with the provisions of this Agreement. 

 

	 	(d)	 Any Receiver, Delegate or any other person described in Clause 10.12 (No Proceedings) may, subject to this Clause 1.4 (Third Party
Rights) and the Third Parties Rights Act, rely on any Clause of this Agreement which expressly confers rights on it. 

  

	 	(e)	 Each Noteholder Trustee (for itself and on behalf of the Noteholders which it represents) and each Noteholder are: 

 

	 	(i)	 in the case of Existing Notes Trustees and Existing Notes Creditors, from the Effective Date; and 

 

	 	(ii)	 in the case of any Additional Notes Trustee or Additional Notes Creditor, from the date on which the Liabilities under the Additional Notes to which
it is a party are issued or incurred, 

 Secured Parties and therefore are intended to have the
rights and benefits of Secured Parties in relation to the Transaction Security subject to Clause 12.1 (Rights of the Noteholder Trustees and Noteholders) and in accordance with the terms of this Agreement and, in the event that any of the
Transaction Security is enforced, are entitled to receive payments from the realisation proceeds of the Transaction Security in accordance with Clause 9 (Application of Proceeds) notwithstanding that none of the Noteholder Trustees or
Noteholders are party hereto at the date of this Agreement and will never accede to the terms hereof. Each of the Noteholder Trustees and the Noteholders (each in its capacity as a Secured Party) may enforce and take the benefit of this Agreement
notwithstanding that the Noteholder Trustees and the Noteholders are not Parties hereto. The Third Parties Rights Act shall apply to this paragraph (e). 
  

 - 24 - 

	1.5	 Dutch Terms 

In this Agreement, where it relates to a Dutch entity, a reference to: 

 

	 	(a)	 a necessary action to authorise, where applicable, includes, without limitation: 

 

	 	(i)	 any action required to comply with the Dutch Works Council Act (Wet op de ondernemingsraden); and 

 

	 	(ii)	 obtaining unconditional positive advice (advies) from each competent works council; 

 

	 	(b)	 a winding-up, administration or dissolution includes a Dutch entity being: 

 

	 	(i)	 declared bankrupt (failliet verklaard); 

  

	 	(ii)	 dissolved (ontbonden); 

  

	 	(c)	 a moratorium includes surseance van betaling and granted a moratorium includes surseance verleend; 

 

	 	(d)	 a trustee in bankruptcy includes a curator; 

 

	 	(e)	 an administrator includes a bewindvoerder; 

  

	 	(f)	 a receiver or an administrative receiver does not include a curator or bewindvoerder; and 

 

	 	(g)	 an attachment includes a beslag. 

  

	2.	 RANKING AND PRIORITY 

  

	2.1	 Liabilities to Participating Creditors, Refinancing Creditors and Noteholders 

Each of the Parties agrees that the Liabilities owed by the Debtors (and, with respect to Liabilities arising under
Transaction Security Documents, the Security Providers) to the Participating Creditors, the Refinancing Creditors and the Noteholders shall rank in right and priority of payment pari passu and, save as provided in this Agreement, without any
preference between them. 
  

	2.2	 Transaction Security 

The Security Agent and each of the Participating Creditors, the Refinancing Creditors and the Agents (including for the
benefit of the Secured Parties) agree that the Transaction Security shall be treated, as among the Secured Parties, as being for the equal and rateable benefit of all of the Secured Parties, pari passu and without any preference between them,
and shall, whilst the Transaction Security remains in force under the terms of this Agreement, be shared by the Secured Parties. 
  

	3.	 EFFECT OF INSOLVENCY EVENT 

  

	3.1	 Payment of distributions 

  

	 	(a)	 After the occurrence of an Insolvency Event, and until the Final Discharge Date, any Secured Party, Debtor or Security Provider entitled to receive
a distribution out of the assets of the relevant Debtor, Security Provider or 

  

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Material Subsidiary (as the case may be) the subject of that Insolvency Event in respect of Liabilities owed to that Secured Party, Debtor or Security Provider shall, to the extent it is able to
do so, direct the person responsible for the distribution of the assets of that Debtor, Security Provider or Material Subsidiary (as the case may be) to pay that distribution to the Security Agent until the Final Discharge Date.

  

	 	(b)	 The Security Agent shall apply distributions paid to it under paragraph (a) above in accordance with Clause 9 (Application of Proceeds).

  

	3.2	 Set-Off 

Prior to the Final Discharge Date, to the extent that any Debtor, Security Provider or Material Subsidiary’s
Liabilities are discharged by way of set-off (mandatory or otherwise) after the occurrence of an Insolvency Event in relation to that Debtor, Security Provider or Material Subsidiary, any Creditor which benefited from that set-off shall pay an
amount equal to the amount of the Liabilities owed to it which are discharged by that set-off to the Security Agent for application in accordance with Clause 9 (Application of Proceeds). 

 

	3.3	 Non-cash distributions 

If the Security Agent or any Creditor receives a distribution in a form other than in cash in respect of any of the
Liabilities, the Liabilities will not be reduced by that distribution until and except to the extent that the realisation proceeds are actually applied towards the Liabilities. 

 

	3.4	 Filing of claims 

After the occurrence of an Insolvency Event, each Creditor irrevocably authorises the Security Agent (acting in accordance
with Clause 3.6 (Security Agent instructions)), on its behalf, to: 
  

	 	(a)	 take any Enforcement Action (in accordance with the terms of this Agreement) against the Debtor, Security Provider or Material Subsidiary the
subject of that Insolvency Event (and for the avoidance of doubt, no Enforcement Action falling within paragraph (b) of the definition thereof may be taken against the Transaction Security except (i) for the actions required to be taken by
a Creditor to give rise to an Enforcement Event and (ii) in accordance with Clause 6 (Enforcement of Transaction Security)); 

  

	 	(b)	 demand, sue, prove and give receipt for any or all of that member of the Debtor’s, Security Provider’s or Material Subsidiary’s
Liabilities; 

  

	 	(c)	 collect and receive all distributions on, or on account of, any or all of that Debtor’s, Security Provider’s or Material Subsidiary’s
Liabilities; and 

  

	 	(d)	 file claims, take proceedings and do all other things the Security Agent considers reasonably necessary to recover that Debtor’s, Security
Provider’s or Material Subsidiary’s Liabilities. 

  

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	3.5	 Actions of Creditors 

Each Creditor will: 
  

	 	(a)	 do all things that the Security Agent (acting in accordance with Clause 3.6 (Security Agent instructions)) reasonably requests in order to
give effect to this Clause 3; and 

  

	 	(b)	 if the Security Agent is not entitled to take any of the actions contemplated by this Clause 3 or is otherwise prevented from taking or, in
respect of any Creditor, unable to take, the actions contemplated by this Clause 3 and (acting in accordance with Clause 3.6 (Security Agent instructions)) requests that a Creditor take that action, undertake that action itself in accordance
with the instructions of the Security Agent (acting in accordance with Clause 3.6 (Security Agent instructions)) or grant a power of attorney to the Security Agent (on such terms as the Security Agent (acting in accordance with Clause 3.6
(Security Agent instructions)) may reasonably require) to enable the Security Agent to take such action under applicable law (any such power of attorney, with respect to any enforcement of Transaction Security governed by Spanish law or any
claim against a Debtor or Security Provider incorporated in Spain, shall be notarised and apostilled). 

  

	3.6	 Security Agent instructions 

For the purposes of Clause 3.4 (Filing of claims) and Clause 3.5 (Actions of Creditors) the Security Agent
shall act: 
  

	 	(a)	 on the instructions of the Instructing Group; or 

  

	 	(b)	 (other than with respect to the enforcement of Transaction Security which, for the avoidance of doubt, shall be conducted in the manner contemplated
by Clause 6.2 (Enforcement instructions)) in the absence of any such instructions but subject to Clause 10.10 (Excluded Obligations), as the Security Agent sees fit. 

 

	4.	 TURNOVER OF RECEIPTS 

  

	4.1	 Turnover by the Creditors 

Subject to Clause 4.3 (Permitted assurance and receipts), if at any time prior to the Final Discharge Date,
any Creditor receives or recovers: 
  

	 	(a)	 any Payment or distribution of, or on account of or in relation to, any of the Liabilities which is not either: 

 

	 	(i)	 a Permitted Payment; or 

  

	 	(ii)	 made in accordance with Clause 9 (Application of Proceeds); 

 

	 	(b)	 other than where Clause 3.2 (Set-Off) applies, any amount by way of set-off in respect of any of the Liabilities owed to it which does not
give effect to a Permitted Payment; 

  

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	 	(c)	 notwithstanding paragraphs (a) and (b) above, and other than where Clause 3.2 (Set-Off) applies, any amount:

  

	 	(i)	 on account of, or in relation to, any of the Liabilities: 

 

	 	(A)	 after the occurrence of a Participating Creditor Acceleration Event; or 

 

	 	(B)	 as a result of any other litigation or proceedings against a Debtor or a Security Provider (other than after the occurrence of an Insolvency Event);
or 

  

	 	(ii)	 by way of set-off in respect of any of the Liabilities owed to it after the occurrence of a Participating Creditor Acceleration Event;

  

	 	(d)	 the proceeds of any enforcement of any Transaction Security except in accordance with Clause 9 (Application of Proceeds); or

  

	 	(e)	 other than where Clause 3.2 (Set-Off) applies, any distribution in cash or in kind or Payment of, or on account of or in relation to, any of
the Liabilities owed by any Debtor or Security Provider which is not in accordance with Clause 9 (Application of Proceeds) and which is made as a result of, or after, the occurrence of an Insolvency Event, 

that Creditor will promptly after becoming aware of the same, notify the Security Agent in writing and: 

 

	 	(i)	 in relation to receipts and recoveries not received or recovered by way of set-off: 

 

	 	(A)	 to the fullest extent permitted by applicable law, hold an amount of that receipt or recovery equal to the Relevant Liabilities (or if less, the
amount received or recovered) on trust for the Security Agent and promptly pay that amount to the Security Agent for application in accordance with the terms of this Agreement or, alternatively, promptly pay an amount equal to that receipt to the
Security Agent for application in accordance with the terms of this Agreement; and 

  

	 	(B)	 promptly pay an amount equal to the amount (if any) by which the receipt or recovery exceeds the Relevant Liabilities to the Security Agent for
application in accordance with the terms of this Agreement; and 

  

	 	(ii)	 in relation to receipts and recoveries received or recovered by way of set-off, promptly pay an amount equal to that recovery to the Security Agent
for application in accordance with the terms of this Agreement. 

  

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	4.2	 Adjustments 

In the event that any Secured Party receives or recovers and retains any amount in satisfaction of any Liabilities other
than as permitted by and under the terms of this Agreement the amounts to be received by it in accordance with Clause 9 (Application of Proceeds) will be reduced by an amount equal to the amount of such receipt or recovery. 

 

	4.3	 Permitted assurance and receipts 

Nothing in this Agreement shall restrict the ability of any Secured Party to: 

 

	 	(a)	 arrange with any person which is not a member of the Group any assurance against loss in respect of, or reduction of its credit exposure to, a
Debtor (including assurance by way of credit based derivative or sub-participation); or 

  

	 	(b)	 make any assignment or transfer permitted by Clause 13 (Changes to the Parties), 

which is permitted by the relevant Debt Documents and that Secured Party shall not be obliged to account to any other
Secured Party, Debtor or Security Provider for any sum received by it as a result of that action. 
  

	4.4	 Sums received by Debtors or Security Providers 

If, prior to the Final Discharge Date, any of the Debtors or Security Providers receives or recovers any sum which, under
the terms of any of the Debt Documents, should have been paid to the Security Agent, that Debtor or Security Provider will, promptly after becoming aware of the same, notify the Security Agent in writing and: 

 

	 	(a)	 to the fullest extent permitted by applicable law, hold an amount of that receipt or recovery equal to the Relevant Liabilities (or if less, the
amount received or recovered) on trust for the Security Agent and promptly pay that amount to the Security Agent for application in accordance with the terms of this Agreement or, alternatively, promptly after becoming aware of such receipt or
recovery, pay that amount to the Security Agent for application in accordance with this Agreement; and 

  

	 	(b)	 promptly after becoming aware of such receipt or recovery, pay an amount equal to the amount (if any) by which the receipt or recovery exceeds the
Relevant Liabilities to the Security Agent for application in accordance with the terms of this Agreement. 

  

	4.5	 Saving provision 

If, for any reason, any of the trusts expressed to be created in this Clause 4 should fail or be unenforceable, the
affected Creditor, Debtor or Security Provider will, promptly on becoming aware of such failure or unenforceability, notify the Security Agent in writing and pay an amount equal to that receipt or recovery to the Security Agent to be held on trust
by the Security Agent for application in accordance with the terms of this Agreement. 
  

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	5.	 REDISTRIBUTION 

  

	5.1	 Recovering Creditor’s rights 

  

	 	(a)	 Any amount paid by a Creditor (a “Recovering Creditor”) to the Security Agent under Clause 3 (Effect of Insolvency
Event) or Clause 4 (Turnover of Receipts) shall be treated as having been paid by the relevant Debtor (or, if applicable, the relevant Security Provider) and distributed to the Security Agent, Creditors, Noteholder Trustees and
Noteholders (each a “Sharing Creditor”) in accordance with the terms of this Agreement. 

  

	 	(b)	 On a distribution by the Security Agent under paragraph (a) above of a Payment received by a Recovering Creditor from a Debtor (or, if
applicable, a Security Provider), as between the relevant Debtor and the Recovering Creditor an amount equal to the amount received or recovered by the Recovering Creditor and paid to the Security Agent (the “Shared Amount”) will be
treated as not having been paid by that Debtor (or, as the case may be, that Security Provider). 

  

	5.2	 Reversal of redistribution 

  

	 	(a)	 If any part of the Shared Amount received or recovered by a Recovering Creditor becomes repayable to a Debtor (or, if applicable, a Security
Provider) and is repaid by that Recovering Creditor to that Debtor (or, as the case may be, Security Provider), then: 

  

	 	(i)	 each Sharing Creditor (other than the Security Agent) shall, upon request of the Security Agent, pay to the Security Agent for the account of that
Recovering Creditor an amount equal to the appropriate part of its share of the Shared Amount (together with an amount as is necessary to reimburse that Recovering Creditor for its proportion of any interest on the Shared Amount which that
Recovering Creditor is required to pay) (the “Redistributed Amount”); and 

  

	 	(ii)	 as between the relevant Debtor (or, as the case may be, Security Provider) and each relevant Sharing Creditor, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Debtor (or, as the case may be, Security Provider). 

  

	 	(b)	 The Security Agent shall not be obliged to pay any Redistributed Amount to a Recovering Creditor under paragraph (a)(i) above until it has been able
to establish to its reasonable satisfaction that it has actually received that Redistributed Amount from the relevant Sharing Creditor. 

  

	6.	 ENFORCEMENT OF TRANSACTION SECURITY 

  

	6.1	 Enforcement Event 

The Transaction Security shall be immediately enforceable on the occurrence of an Enforcement Event. 

 

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	6.2	 Enforcement instructions 

  

	 	(a)	 Following an Enforcement Event, the Security Agent shall not take any Enforcement Action against the Transaction Security unless expressly
instructed to do so in writing by the Instructing Group. 

  

	 	(b)	 Following an Enforcement Event, the Security Agent may instruct the Mexican Security Trustee to take Enforcement Action only in accordance with the
terms of the Mexican Security Trust Agreement. 

  

	 	(c)	 Subject to the Transaction Security having become enforceable in accordance with Clause 6.1 (Enforcement Event) above, the Instructing Group
may give or refrain from giving instructions to the Security Agent to enforce or refrain from enforcing the Transaction Security as they see fit and: 

  

	 	(i)	 no other Secured Party shall have a right to request the enforcement of the Transaction Security; and 

 

	 	(ii)	 if the Instructing Group determines to enforce the Transaction Security, it shall direct the Security Agent (in writing) as to the method of
enforcement it may pursue in enforcing the Transaction Security, as to whether all or part of the Transaction Security is to be enforced and give all other directions in respect of the enforcement of the Transaction Security as the Instructing Group
sees fit. 

  

	 	(d)	 Having received such directions referred to in sub-paragraph (c)(ii) above as to the method of enforcement and the identity of the Transaction
Security to be enforced (and in the absence of further written instructions from the Instructing Group), the Security Agent may act as it sees fit (including, without limitation, the selection of any administrator of any Debtor or Security Provider
to be appointed by the Security Agent) and in accordance with applicable law and pursuant to the specific terms of the relevant Transaction Security Documents. 

 

	 	(e)	 The Security Agent is entitled to conclusively rely on and comply with instructions given in accordance with this Clause 6.2 (Enforcement
instructions). 

  

	6.3	 Exercise of voting rights 

  

	 	(a)	 Each Creditor agrees with the Security Agent that it will cast its vote in any proposal put to the vote by or under the supervision of any judicial
or supervisory authority in respect of any insolvency, pre-insolvency or rehabilitation or similar proceedings relating to any member of the Group insofar as such proceedings relate to the Transaction Security (or any enforcement or realisation
thereof) as instructed by the Security Agent. 

  

	 	(b)	 The Security Agent shall give instructions for the purposes of paragraph (a) of this Clause 6.3 (Exercise of voting rights) as
directed by the Instructing Group. 

  

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	6.4	 Waiver of rights 

To the extent permitted under applicable law and subject to Clause 6.2 (Enforcement instructions), paragraph
(c) of Clause 7.2 (Distressed Disposals) and Clause 9 (Application of Proceeds), each Creditor, each Debtor and Security Provider waives all rights it may otherwise have to require that the Transaction Security be
enforced in any particular order or manner or at any particular time or that any sum received or recovered from any person, or by virtue of the enforcement of any of the Transaction Security, which is capable of being applied in or towards discharge
of any of the Secured Obligations is so applied. 
  

	7.	 PROCEEDS OF DISPOSALS OF CHARGED PROPERTY 

  

	7.1	 Non-Distressed Disposals 

  

	 	(a)	 In this Clause 7.1: 

“Disposal Proceeds” means the proceeds of a Non-Distressed Disposal (as defined in paragraph (b)
below). 
  

	 	(b)	 Where, in respect of a disposal of an asset which is subject to the Transaction Security to a person or persons outside the Group, the Security
Agent receives, in writing, notice from the Administrative Agent that such disposal is permitted under the Financing Agreement and notice from the relevant Debtor or Security Provider making the disposal that such disposal is not a Distressed
Disposal, (a “Non-Distressed Disposal”), the Security Agent is irrevocably authorised (at the cost of the relevant Debtor, Security Provider or the Parent and without any consent, sanction, authority or further confirmation from any
Secured Party, Debtor or Security Provider) but subject to paragraph (c) below to (or, in the case of the Mexican Security Trust Agreement, to instruct the Mexican Security Trustee to) with effect on and from the date of completion of such
disposal: 

  

	 	(i)	 release (or permit the release of) the Transaction Security or any other claim (relating to a Debt Document) over that asset;

  

	 	(ii)	 where that asset consists of shares in the capital of a Debtor (or, if applicable, a Security Provider), to release the Transaction Security or any
other claim (relating to a Debt Document) over the assets of that Debtor (or, as the case may be, that Security Provider); 

  

	 	(iii)	 execute and deliver or enter into (or cause the execution, delivery or entry into) any release of the Transaction Security or any claim described in
paragraphs (i) and (ii) above that may, in the discretion of the Security Agent, be considered necessary or desirable. 

  

	 	(c)	 If that Non-Distressed Disposal is not completed, no release of Transaction Security or any claim described in paragraph (b) above shall take
effect and, with respect to the relevant asset, the Transaction Security or claim referred to in paragraph (b) above shall continue in such force and effect. 

 

 - 32 - 

	 	(d)	 Where any Disposal Proceeds are required to be applied in mandatory prepayment of the Participating Creditor Liabilities, then the Disposal Proceeds
shall be applied in or towards Payment of the Participating Creditor Liabilities in accordance with the terms of the Financing Agreement and the consent of any other Secured Party, Debtor or Security Provider shall not be required for that
application. 

  

	7.2	 Distressed Disposals 

  

	 	(a)	 Subject to paragraph (d) below, where a Distressed Disposal is being effected, (and following receipt by the Security Agent, in writing, of
notice of the same from, in the case of a Distressed Disposal under paragraph (a) of the definition thereof, the Instructing Group in accordance with Clause 6.2 (Enforcement Instructions) or, in the case of a Distressed Disposal under
paragraph (b) of the definition thereof, from the relevant Debtor or Security Provider making such disposal) the Security Agent is irrevocably authorised (at the cost of the relevant Debtor, Security Provider, or the Parent and without any
consent, sanction, authority or further confirmation from any Secured Party, Debtor or Security Provider) to (or, in the case of the Mexican Security Trust Agreement, to instruct the Mexican Security Trustee to): 

 

	 	(i)	 release of Transaction Security: (other than where sub-paragraphs (ii) or (iii) below apply) release (or cause the release of) the
Transaction Security or any other claim over that asset and execute and deliver or enter into any release of that Transaction Security or claim that may, in the discretion of the Security Agent (or, as the case may be, the Mexican Security Trustee),
be considered necessary or desirable; 

  

	 	(ii)	 release of liabilities and Transaction Security on a share sale (Debtor/Security Provider): if the asset which is disposed of consists of
shares in the capital of a Debtor (or, if applicable, a Security Provider), release (or cause the release of) any Transaction Security granted by that Debtor (or, if applicable, a Security Provider) or any Subsidiary of that Debtor (or, if
applicable, a Security Provider) over any of its assets and any other claim of another Debtor over assets of that Debtor or over the assets of any Subsidiary of that Debtor (or, if applicable, a Security Provider) (on behalf of the relevant Secured
Parties and Debtors) and that Debtor (or, if applicable, a Security Provider) and any Subsidiary of that Debtor (or, if applicable, a Security Provider) shall be automatically released from all or any part of: 

 

	 	(A)	 its Borrowing Liabilities; and 

  

	 	(B)	 its Guarantee Liabilities and Existing Guarantee Liabilities; 

 

	 	(iii)	 release of liabilities and Transaction Security on a share sale (Holding Company of a Debtor or a Security Provider which is not itself a Debtor
or a Security Provider): if the asset which is disposed of consists of shares in the capital of any Holding Company of a Debtor or Security 

 

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Provider, release (or cause the release of) any Transaction Security granted by any Subsidiary of that Holding Company over any of its assets and any other claim of another Debtor over the assets
of any Subsidiary of that Holding Company (on behalf of the relevant Secured Parties and Debtors) and that Holding Company and any Subsidiary of that Holding Company shall be automatically released from all or any part of: 

 

	 	(A)	 its Borrowing Liabilities; and 

  

	 	(B)	 its Guarantee Liabilities and Existing Guarantee Liabilities. 

 

	 	(b)	 The net proceeds of each Distressed Disposal shall be paid (including by the Mexican Security Trustee) to the Security Agent for application in
accordance with Clause 9 (Application of Proceeds) as if those proceeds were the proceeds of an enforcement of the Transaction Security. 

  

	 	(c)	 In the case of a Distressed Disposal effected by or at the request of the Security Agent (acting in accordance with paragraph (d) below), the
Security Agent shall take reasonable care to obtain a fair market price having regard to the prevailing market conditions (though each of the other Parties to this Agreement acknowledges and agrees that the Security Agent shall have no obligation to
postpone any such Distressed Disposal in order to achieve a higher price) (or, in respect of a disposition under the Mexican Security Trust Agreement shall observe the provisions set forth in the Mexican Security Trust Agreement in respect of
foreclosure by the Mexican Security Trustee thereunder). 

  

	 	(d)	 For the purposes of paragraphs (a) and (c) above, the Security Agent shall act: 

 

	 	(i)	 if the relevant Distressed Disposal is being effected by way of enforcement of the Transaction Security, in accordance with paragraph (c) of
Clause 6.2 (Enforcement instructions); and 

  

	 	(ii)	 in any other case: 

  

	 	(A)	 on the instructions of the Instructing Group; or 

  

	 	(B)	 in the absence of any such instructions but subject to Clause 10.10 (Excluded Obligations), as the Security Agent sees fit.

  

	 	(e)	 The Security Agent, directly or through any Delegate, shall have the right to instruct the Mexican Security Trustee (where the Security Agent itself
is instructed as provided in this Agreement), to effect a Distressed Disposal as permitted under the terms of the Mexican Security Trust Agreement, and the Security Agent shall itself take any such action or execute and deliver or enter into any
document that may, in the discretion of the Security Agent, be considered necessary or desirable to release the Transaction Security constituted by the Mexican Security Trust Agreement. 

 

 - 34 - 

	7.3	 Creditors’, Debtors’ and Security Providers’ actions 

Each Creditor, Debtor and Security Provider will: 

 

	 	(a)	 do all things that: 

  

	 	(i)	 in the case of a Debtor or a Security Provider in relation to a Distressed Disposal under Clause 7.2, the Security Agent requests; or

  

	 	(ii)	 in any other case, the Security Agent reasonably requests, 

in order to give effect to this Clause 7 (which shall include, without limitation, the execution of any assignments,
transfers, releases or other documents that the Security Agent may consider to be necessary to give effect to the releases or disposals contemplated by this Clause 7); and 

 

	 	(b)	 if the Security Agent is not entitled to take any of the actions contemplated by this Clause 7 or is otherwise prevented from taking or, with
respect to any Creditor, unable to take the actions contemplated by this Clause 7 and requests that a Creditor take that action, each Creditor will undertake that action itself in accordance with the instructions of the Security Agent or grant
a power of attorney to the Security Agent (on such terms as the Security Agent may reasonably require) to enable the Security Agent to take such action under applicable law (any such power of attorney, with respect to any enforcement of Transaction
Security governed by Spanish law or any claim against a Debtor or Security Provider incorporated in Spain, shall be notarised and apostilled); 

  

	 	(c)	 if the Security Agent is not entitled to take any of the actions contemplated by this Clause 7 with respect to any Debtor or Security Provider
or requests that any Debtor or Security Provider take any such action, such Debtor or Security Provider shall take that action itself in accordance with the instructions of the Security Agent, 

provided that the proceeds of those disposals are applied in accordance with Clause 7.1 (Non-Distressed
Disposals) or Clause 7.2 (Distressed Disposals) as the case may be. 
  

	8.	 AUTOMATIC RELEASE OF TRANSACTION SECURITY 

  

	8.1	 Release of Mexican Security Trust Agreement 

On the first Business Day falling after the Effective Date on which all of the following conditions are met: 

 

	 	(a)	 the Base Currency Amount of the Exposures of the Participating Creditors under the Facilities has, since the Reference Date, been reduced by an
aggregate amount equal to at least 41.4 per cent. of the aggregate Exposures of the Participating Creditors under the Facilities as at the Reference Date; 

 

 - 35 - 

	 	(b)	 the Consolidated Leverage Ratio for any testing date falling during any Reference Period in respect of which a Compliance Certificate has been (or
is required to have been) delivered under the Financing Agreement (as each such term is defined therein) was not greater than 3.50:1; and 

  

	 	(c)	 no Default is continuing, 

(and subject to receipt of written notice from the Administrative Agent in accordance with Clause 8.3 (Notification by
Administrative Agent)) the Security Agent is irrevocably authorised (at the cost of the relevant Debtor, Security Provider or the Parent and without any consent, sanction, authority or further confirmation from any Secured Party, Debtor or
Security Provider) to promptly instruct (and the Security Agent shall so instruct) the Mexican Security Trustee to release the Security over the assets of the Mexican Security Trust Agreement and any of the assets subject to the Mexican Security
Trust Agreement, and to execute and deliver or enter into any termination or release of that Transaction Security and any assets affected thereunder if approved in exchange for a release from the other parties to the Mexican Security Trust
Agreement. 
  

	8.2	 Release of Transaction Security - other jurisdictions 

On the first Business Day falling after the Effective Date on which all of the following conditions are met: 

 

	 	(a)	 the Base Currency Amount of the Exposures of the Participating Creditors under the Facilities has, since the Reference Date, been reduced by an
aggregate amount equal to at least 50.96 per cent. of the aggregate Exposure of the Participating Creditors under the Facilities as at the Reference Date; 

 

	 	(b)	 the Consolidated Leverage Ratio for two consecutive testing dates falling during any Reference Period in respect of which Compliance Certificates
have been (or are required to have been) delivered under the Financing Agreement (as each such term is defined therein) was not greater than 3.50:1; and 

 

	 	(c)	 no Default is continuing, 

(and subject to receipt of written notice from the Administrative Agent in accordance with Clause 8.3 (Notification by
Administrative Agent)) the Security Agent is irrevocably authorised (at the cost of the relevant Debtor, Security Provider or the Parent and without any consent, sanction, authority or further confirmation from any Secured Party, Debtor or
Security Provider) to promptly release (and the Security Agent shall so release) the Transaction Security not already released pursuant to Clause 8.1 (Release of Mexican Security Trust Agreement) and any other claim over the assets subject to
that Transaction Security, and to execute and deliver or enter (and the Security Agent shall execute and deliver or enter into) into any release of that Transaction Security or claim that may, in the discretion of the Security Agent, be considered
necessary or desirable. 
  

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	8.3	 Notification by Administrative Agent 

The Administrative Agent shall promptly notify the Security Agent in writing on the date at which the conditions set out
in Clause 8.1 (Release of Mexican Security Trust Agreement) have been satisfied and on the date at which the conditions set out in Clause 8.2 (Release of Transaction Security - other jurisdictions) have been satisfied. 

 

	8.4	 Creditors’, Debtors’ and Security Providers’ actions 

Each Creditor, Debtor and Security Provider will: 

 

	 	(a)	 do all things that the Security Agent reasonably requests in order to give effect to this Clause 8 (which shall include, without limitation,
the execution of any assignments, transfers, releases or other documents that the Security Agent may consider to be necessary to give effect to the releases contemplated by Clause 8.1 (Release of Mexican Security Trust Agreement) and Clause
8.2 (Release of Transaction Security - other jurisdictions)); 

  

	 	(b)	 if the Security Agent is not entitled to take any of the actions contemplated by this Clause 8 or is otherwise prevented from taking or, with
respect to any Creditor, unable to take the actions contemplated by this Clause 8 and requests that a Creditor take that action, each Creditor will undertake that action itself in accordance with the instructions of the Security Agent or grant
a power of attorney to the Security Agent (on such terms as the Security Agent may reasonably require) to enable the Security Agent to take such action under applicable law (any such power of attorney, with respect to any enforcement of Transaction
Security governed by Spanish law or any claim against a Debtor or Security Provider incorporated in Spain, shall be notarised and apostilled); and 

  

	 	(c)	 if the Security Agent is not entitled to take any of the actions contemplated by this Clause 8 with respect to any Debtor or Security Provider
or requests that any Debtor or Security Provider take any such action, such Debtor or Security Provider shall take that action itself in accordance with the instructions of the Security Agent. 

 

	9.	 APPLICATION OF PROCEEDS 

  

	9.1	 Order of application - Transaction Security Recoveries 

Subject to Clause 9.3 (Prospective liabilities), all amounts from time to time received or recovered by the
Security Agent prior to the Final Discharge Date in connection with the realisation or enforcement of all or any part of the Transaction Security (including, amounts received or recovered as a result of realisation or enforcement of all or part of
the Transaction Security pursuant to Clause 10.2 (Finance Parallel Debt (Covenant to pay the Security Agent)) or Clause 10.3 (Notes Parallel Debt (Covenant to pay the Security Agent)) (for the purposes of this Clause 9.1, the
“Transaction Security Recoveries”) shall be held by the Security Agent on trust to apply them as soon as reasonably practicable after the Security Agent has made (to its sole satisfaction) the calculations necessary to perform the
distributions required pursuant to this Clause 9.1, to the extent permitted by applicable law (and subject to the provisions of this Clause 9.1 (Application of Proceeds - Transaction Security Recoveries)), in the following order of priority:

  

	 	(a)	 in discharging any sums owing to the Security Agent (including, for the avoidance of doubt, any legal or other professional advisers’ fees and
all related taxes incurred thereon by the Security Agent), any Receiver or any Delegate or the Mexican Security Trustee; 

  

 - 37 - 

	 	(b)	 in payment of all costs and expenses reasonably incurred by any Secured Party (without double-counting) in connection with any realisation or
enforcement of the Transaction Security (including, without limitation, the reasonable fees of any adviser, trustee or agent) taken in accordance with the terms of this Agreement or any action taken at the request of the Security Agent under Clause
3.5 (Actions of Creditors) or Clause 7.3 (Creditors’, Debtors’ and Security Providers’ actions); 

  

	 	(c)	 in payment to: 

  

	 	(i)	 the Administrative Agent on its own behalf and on behalf of the Participating Creditors; 

 

	 	(ii)	 each Refinancing Creditor Representative on its own behalf and on behalf of the Refinancing Creditors which it represents;

  

	 	(iii)	 each Noteholder Trustee on its own behalf and on behalf of the relevant Noteholders which it represents; and 

 

	 	(iv)	 any Noteholder not represented by a Noteholder Trustee, 

for application towards the discharge of the Agent Liabilities, the Participating Creditor Liabilities and the Refinancing
Creditor Liabilities (in accordance with the terms of the Finance Documents or, as the case may be, the Refinancing Documents) and the Noteholder Trustee Liabilities and the Noteholder Liabilities (in accordance with the terms of the Noteholder
Documents), on a pro rata and pari passu basis; 
  

	 	(d)	 if none of the Debtors is under any further actual or contingent liability under any Debt Document, in payment to any person to whom the Security
Agent is obliged, as a matter of law, to pay in priority to any Debtor; and 

  

	 	(e)	 the balance, if any, in payment to the relevant Debtor. 

 

	9.2	 Order of application - Debt Claim Recoveries 

Subject to Clause 9.3 (Prospective liabilities), all amounts from time to time received or recovered by the
Security Agent prior to the Final Discharge Date from a Borrower in respect of any Borrowing Liabilities or from a Guarantor pursuant to the terms of any Guarantee Clause, (including, in connection therewith, pursuant to Clause 10.2 (Finance
Parallel Debt (Covenant to pay the Security Agent)) but excluding: 
  

	 	(a)	 any amounts received or recovered in connection with the realisation or enforcement of all or any part of the Transaction Security; and

  

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	 	(b)	 any amounts received from a Borrower which are required to be applied in repayment or prepayment of (i) the Facilities pursuant to clauses 11
(Repayment), 12 (Illegality, Voluntary Prepayment and Cancellation) or clause 13 (Mandatory Prepayment) of the Financing Agreement or, as the case may be, (ii) the Refinancing Debt in accordance with the repayment or
prepayment provisions of the relevant Refinancing Documents, 

 (for the purposes of this
Clause 9.2, the “Debt Claim Recoveries”) shall be held by the Security Agent on trust to apply such Debt Claim Recoveries as soon as reasonably practicable after the Security Agent has made (to its sole satisfaction) the
calculations necessary to perform the distributions required pursuant to this Clause 9.2, to the extent permitted by applicable law (and subject to the provisions of this Clause 9.2 (Application of Proceeds - Debt Claim Recoveries)), in the
following order of priority: 
  

	 	(i)	 in the case of (x) a Borrower which owes Borrowing Liabilities only, or (y) a Guarantor which owes Guarantee Liabilities (but not Existing
Guarantee Liabilities), or (z) a Debtor which is a Borrower and a Guarantor and owes Borrowing Liabilities and Guarantee Liabilities (but not Existing Guarantee Liabilities): 

 

	 	(A)	 in discharging any sums owing to the Security Agent (including, for the avoidance of doubt, any legal or other professional advisers’ fees and
all taxes incurred thereon by the Security Agent), any Receiver or any Delegate; 

  

	 	(B)	 in payment of all costs and expenses reasonably incurred by any Creditor (without double counting) in connection with any action taken at the
request of the Security Agent under Clause 3.5 (Actions of Creditors), paragraph (a) of Clause 7.3 (Creditors’, Debtors’ and Security Providers’ actions) or Clause 8.4 (Creditors’, Debtors’ and Security
Providers’ actions); 

  

	 	(C)	 in payment to the Administrative Agent (on its own behalf and on behalf of the Finance Parties) and to each Refinancing Creditor Representative (on
its own behalf and on behalf of the Refinancing Creditors which it represents) for application towards the discharge of the Borrowing Liabilities owed to the Finance Parties or the Refinancing Parties by that Borrower (in accordance with the terms
of the Finance Documents or, as the case may be, the Refinancing Documents) on a pro rata and pari passu basis; 

  

	 	(D)	 in payment to the Administrative Agent (on its own behalf and on behalf of the Finance Parties) and to each Refinancing Creditor Representative (on
its own behalf and on behalf of the Refinancing 

  

 - 39 - 

	 	
Creditors which it represents) for application towards the discharge of the Guarantee Liabilities (if any) owed to the Finance Parties or the Refinancing Parties by that Guarantor (in accordance
with the terms of the Finance Documents or, as the case may be, the Refinancing Documents) on a pro rata and pari passu basis; 

  

	 	(E)	 if none of the Debtors is under any further actual or contingent liability under any Debt Document, in payment to any person to whom the Security
Agent is obliged, as a matter of law, to pay in priority to any Debtor; and 

  

	 	(F)	 the balance, if any, in payment to the relevant Debtor; and 

 

	 	(ii)	 in the case of (x) a Debtor which is a Borrower and a Guarantor and owes Borrowing Liabilities and Existing Guarantee Liabilities (in addition
to (or, as the case may be, instead of) Guarantee Liabilities), or (y) a Guarantor which owes Existing Guarantee Liabilities (in addition to (or, as the case may be, instead of) Guarantee Liabilities): 

 

	 	(A)	 in discharging any sums owing to the Security Agent (including, for the avoidance of doubt, any legal or other professional advisers’ fees and
all taxes incurred thereon by the Security Agent), any Receiver or any Delegate; 

  

	 	(B)	 in payment of all costs and expenses reasonably incurred by any Agent or any Participating Creditor (without double counting) in connection with any
action taken at the request of the Security Agent under Clause 3.5 (Actions of Creditors), paragraph (a) of Clause 7.3 (Creditors’, Debtors’ and Security Providers’ actions) or Clause 8.4 (Creditors’,
Debtors’ and Security Providers’ actions); 

  

	 	(C)	 in payment to: 

  

	 	(1)	 the Administrative Agent for application to those Finance Parties to which (in each case) such Borrower or Guarantor owes Borrowing Liabilities or
Existing Guarantee Liabilities towards the discharge of such Liabilities in accordance with the terms of the relevant Existing Finance Documents under which such Borrowing Liabilities or Existing Guarantee Liabilities arose; and

  

	 	(2)	 each Refinancing Creditor Representative on its own behalf and for application to the Refinancing Creditors which it represents to which such
Borrower owes Borrowing Liabilities towards the discharge of such Liabilities in accordance with the terms of the relevant Refinancing Documents, 

 

 - 40 - 

	 	
on a pro rata and pari passu basis between paragraphs (1) and (2) above (but not, for the avoidance of doubt, towards the discharge of any other Liabilities owed by that
Borrower or Guarantor or any other Debtor to those Finance Parties under any of the other Finance Documents); 

  

	 	(D)	 following the discharge in full of all Borrowing Liabilities or, as the case may be, Existing Guarantee Liabilities of such Borrower or Guarantor
pursuant to sub paragraph (C) above, in payment to: 

  

	 	(1)	 the Administrative Agent (on its own behalf and on behalf of the Finance Parties); and 

 

	 	(2)	 to each Refinancing Creditor Representative (on its own behalf and on behalf of the Refinancing Creditors which it represents),

 for application towards the discharge of the Guarantee Liabilities, owed to the Finance
Parties or the Refinancing Parties by that Guarantor (in accordance with the terms of the Finance Documents or, as the case may be, the Refinancing Documents) on a pro rata and pari passu basis between paragraphs (1) and
(2) above; 
  

	 	(iii)	 if none of the Debtors is under any further actual or contingent liability under any Debt Document, in payment to any person to whom the Security
Agent is obliged, as a matter of law, to pay in priority to any Debtor; and 

  

	 	(iv)	 the balance, if any, in payment to the relevant Debtor. 

 

	9.3	 Prospective liabilities 

Following a Participating Creditor Acceleration Event, the Security Agent may, in its sole discretion and to the fullest
extent permitted by applicable law, hold any amount of the Debt Claim Recoveries in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with a financial institution (including itself) which has a rating for its
long-term unsecured and non credit-enhanced debt obligations of A- or higher by S&P or A- or higher by Fitch or A3 or higher by Moody’s or a comparable rating from an internationally recognised credit rating agency and for so long as the
Security Agent shall think fit (but no later than 180 days) (the interest being credited to the relevant account) for later application under Clause 9.1 (Order of Application – Transaction Security Recoveries) or Clause 9.2 (Order of
Application – Debt Claim Recoveries) in respect of: 
  

	 	(a)	 any sum to any Security Agent (including, for the avoidance of doubt, any legal or other professional advisers’ fees and all taxes incurred
thereon by the Security Agent), any Receiver or any Delegate; and 

  

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	 	(b)	 any part of the Participating Creditor Liabilities, the Refinancing Creditor Liabilities, the Noteholder Liabilities, the Noteholder Trustee
Liabilities or the Agent Liabilities, 

 that the Security Agent reasonably considers, in each
case, might become due or owing at any time in the future. 
  

	9.4	 Investment of proceeds 

Prior to the application of the proceeds of the Security Property in accordance with Clause 9.1 (Order of
Application—Transaction Security Recoveries) or Clause 9.2 (Order of Application - Debt Claim Recoveries) the Security Agent may, in its sole discretion, hold all or part of those proceeds in an interest bearing suspense or
impersonal account(s) in the name of the Security Agent with a financial institution (including itself) which has a rating for its long-term unsecured and non credit-enhanced debt obligations of A- or higher by S&P or A- or higher by Fitch or A3
or higher by Moody’s or a comparable rating from an internationally recognised credit rating agency and for so long as the Security Agent shall deem necessary (the interest being credited to the relevant account) pending the application from
time to time of those monies in the Security Agent’s discretion in accordance with the provisions of this Clause 9.4. 
  

	9.5	 Currency Conversion 

  

	 	(a)	 For the purpose of, or pending the discharge of, any of the Secured Obligations the Security Agent may convert any monies received or recovered by
the Security Agent into the Base Currency, at the Security Agent’s Spot Rate of Exchange. 

  

	 	(b)	 The obligations of any Debtor (or, to the extent applicable in relation to Transaction Security granted by it, any Security Provider) to pay amounts
due in the specified currency shall only be satisfied to the extent of the amount in the specified currency purchased after deducting the costs of conversion. 

 

	9.6	 Permitted Deductions 

The Security Agent shall be entitled, in its sole discretion (acting reasonably), (a) to set aside by way of reserve
amounts required to meet and (b) to make and pay, any deductions and withholdings (on account of taxes or otherwise) which it is or shall be required by any applicable law to make from any distribution or payment made by it under this
Agreement, and to pay all Taxes which are assessed against it in respect of any of the Charged Property, or as a consequence of performing its duties (save where such duties are performed in such a way that loss is suffered through gross negligence
or wilful default), or by virtue of its capacity as Security Agent under any of the Debt Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement). 

 

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	9.7	 Good Discharge 

  

	 	(a)	 Any payment to be made in respect of the Secured Obligations by the Security Agent: 

 

	 	(i)	 may be made to the Administrative Agent on behalf of the Participating Creditors and the Participating Creditors’ Representatives;

  

	 	(ii)	 may be made to the relevant Refinancing Creditors’ Representative on behalf of its Refinancing Creditors; 

 

	 	(iii)	 may be made, in the case of Noteholders represented by a Noteholder Trustee, to the relevant Noteholder Trustee on behalf of its Noteholders, and to
any Noteholder not so represented, directly, 

 and any payment made in that way shall be a
good discharge, to the extent of that payment, by the Security Agent. 
  

	 	(b)	 The Security Agent is under no obligation to make the payments to any Agent or any Noteholder Trustee under paragraph (a) of this
Clause 9.7 in the same currency as that in which the Liabilities owing to the relevant Creditor or Noteholder are denominated. 

  

	 	(c)	 The Security Agent is under no obligation to make payments to any Noteholder not represented by a Noteholder Trustee, as contemplated under
paragraph (a) of this Clause 9.7, unless that Noteholder has provided evidence satisfactory to the Security Agent, in its sole discretion (but acting reasonably), of (i) its identity, (ii) its holding of, or entitlement under, the
Notes and (iii) the amounts claimed to be owed to it under those Notes. 

  

	9.8	 Calculation of Amounts 

For the purpose of calculating any person’s share of any sum payable to or by it, the Security Agent shall be
entitled to: 
  

	 	(a)	 notionally convert the Liabilities owed to any person into the Base Currency (decided by the Security Agent in its discretion acting reasonably),
that notional conversion to be made at the Security Agent’s Spot Rate of Exchange; and 

  

	 	(b)	 assume that all moneys received or recovered as a result of the enforcement or realisation of the Security Property are applied in discharge of the
Liabilities in accordance with the terms of the Debt Documents under which those Liabilities have arisen. 

  

	9.9	 Application and consideration 

In consideration for the covenants given to the Security Agent by each Debtor in Clause 10.2 (Finance Parallel Debt
(Covenant to pay the Security Agent)) and Clause 10.3 (Notes Parallel Debt (Covenant to pay the Security Agent)), the Security Agent agrees with each Debtor to apply all moneys from time to time paid by such Debtor to the Security Agent
in accordance with the provisions of Clause 9.1 (Order of Application - Transaction Security Recoveries). 
  

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	10.	 THE SECURITY AGENT 

  

	10.1	 Trust 

  

	 	(a)	 The Security Agent declares that it shall hold the Security Property (save as provided in paragraph (b) below) on trust (in the case of the
Transaction Security affected under the Mexican Security Trust Agreement, through the Mexican Security Trustee) for (or, if required by any Security Document, as an agent acting in the name and on behalf of) the equal and rateable benefit of the
Secured Parties on the terms contained in this Agreement. 

  

	 	(b)	 The Security Agent declares that it, in the circumstances described in paragraph (f) of Clause 10.3 (Notes Parallel Debt (Covenant to pay
the Security Agent)) shall hold the Notes Parallel Debt Recoveries on trust for the Notes Secured Parties on the terms contained in this Agreement (and, with respect to such trust, as if references to “Secured Parties” in this Clause
10 were references to the Notes Secured Parties). 

  

	 	(c)	 By acceptance of the benefits of this Agreement, each Secured Party (whether or not a Party to this Agreement) (i) consents or, as the case may
be, is deemed to consent, to the appointment of the Security Agent as trustee under this Agreement, (ii) confirms that the Security Agent shall have the authority to act as the exclusive agent of such Secured Party for the enforcement of any
remedies under or with respect to any Transaction Security Document and the giving or withholding of any consent or approval relating to any Charged Property or the Liabilities of any Debtor or Security Provider relating thereto, and
(iii) agrees that, except as provided in this Agreement, it shall not take any action to enforce any of such remedies or give any such consents or approvals. 

 

	 	(d)	 Each of the Parties to this Agreement agrees (and each Noteholder Trustee and Noteholder, by accepting the benefits of this Agreement, shall be
deemed to agree) that the Security Agent shall have only those duties, obligations and responsibilities expressly specified in this Agreement or in the Security Documents to which the Security Agent is expressed to be a party (and no others shall be
implied) subject at all times to the provisions of this Agreement limiting the responsibility or liability of the Security Agent. 

  

	 	(e)	 It is expressly understood and agreed by the Parties to this Agreement (and each Noteholder Trustee and Noteholder, by accepting the benefits of
this Agreement, shall be deemed to agree) that: 

  

	 	(i)	 this Agreement is executed and delivered by the Security Agent not individually or personally but solely in its capacity as the Security Agent in
the exercise of the powers and authority conferred and vested in it under this Agreement and the Debt Documents to which it is expressed to be a party; 

  

 - 44 - 

	 	(ii)	 in no case shall the Security Agent be (i) responsible or accountable in damages or otherwise to any other Secured Party, Debtor or Security
Provider for any loss, damage or claim incurred by reason of any act or omission performed or omitted by the Security Agent in good faith in accordance with this Agreement and the Debt Documents in a manner within the scope of the authority
conferred on it by this Agreement and the Debt Documents or by law (otherwise than as a result of its gross negligence or wilful misconduct), or (ii) personally liable for or on account of any of the statements, representations, warranties,
covenants or obligations stated to be those of any other Secured Party, Debtor or Security Provider all such liability, if any, being expressly waived by the Secured Parties, Debtors and Security Providers and any person claiming by, through or
under such Secured Party, Debtor or Security Provider, 

 and it is also acknowledged that the
Security Agent shall have no responsibility for the actions of any Creditor. 
  

	10.2	 Finance Parallel Debt (Covenant to pay the Security Agent) 

 

	 	(a)	 Notwithstanding any other provision of this Agreement, each Debtor hereby irrevocably and unconditionally undertakes to pay to the Security Agent,
as creditor in its own right and not as representative of the other Finance Secured Parties, sums equal to and in the currency of each amount payable by such Debtor to each of the Finance Secured Parties under each of the Finance Secured Documents
as and when that amount falls due for payment under the relevant Finance Secured Document or would have fallen due but for any discharge resulting from failure of another Finance Secured Party to take appropriate steps, in Insolvency Proceedings
affecting that Debtor, to preserve its entitlement to be paid that amount (in respect of each Debtor, its “Finance Parallel Debt”). 

  

	 	(b)	 The Security Agent shall have its own independent right to demand payment of the amounts payable by each Debtor under this Clause 10.2, irrespective
of any discharge of such Debtor’s obligation to pay those amounts to the other Finance Secured Parties resulting from failure by them to take appropriate steps, in Insolvency Proceedings affecting that Debtor, to preserve their entitlement to
be paid those amounts. 

  

	 	(c)	 Any amount due and payable by a Debtor to the Security Agent under this Clause 10.2 shall be decreased to the extent that the other Finance Secured
Parties have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Finance Secured Documents and any amount due and payable by a Debtor to the other Finance Secured Parties under those
provisions shall be decreased to the extent that the Security Agent has received (and is able to retain) payment in full of the corresponding amount under this Clause 10.2. 

 

 - 45 - 

	 	(d)	 Each of the Parties to this Agreement accepts the provisions of this Clause 10.2. 

 

	10.3	 Notes Parallel Debt (Covenant to pay the Security Agent) 

 

	 	(a)	 Notwithstanding any other provision of this Agreement, each Debtor hereby irrevocably and unconditionally undertakes to pay to the Security Agent,
as creditor in its own right and not as representative of the Notes Secured Parties, sums equal to and in the currency of each amount payable by such Debtor to each of the Notes Secured Parties under each of the Notes Secured Documents as and when
that amount falls due for payment under the relevant Notes Secured Document or would have fallen due but for any discharge resulting from failure of another Notes Secured Party to take appropriate steps, in Insolvency Proceedings affecting that
Debtor, to preserve its entitlement to be paid that amount (in respect of each Debtor its “Notes Parallel Debt”). 

  

	 	(b)	 The Security Agent shall have its own independent right to demand payment of the amounts payable by each Debtor under this Clause 10.3, irrespective
of any discharge of such Debtor’s obligation to pay those amounts to the Notes Secured Parties resulting from failure by them to take appropriate steps, in Insolvency Proceedings affecting that Debtor, to preserve their entitlement to be paid
those amounts. 

  

	 	(c)	 Notwithstanding the foregoing, prior to an Enforcement Event, the Security Agent shall not demand payment of the amounts payable by each Debtor
under this Clause 10.3 in connection with the realisation or enforcement of all or part of the Transaction Security. 

  

	 	(d)	 Each Notes Secured Party, by accepting the benefits of this Agreement, shall be deemed to accept the provisions of this Clause 10.3 and, where an
amount is received by the Security Agent on its behalf under this Clause 10.3, to have waived its rights to seek payment of the corresponding amount under the other provisions of the Notes Secured Documents. 

 

	 	(e)	 The Security Agent shall notify the Notes Secured Parties (in the case of any Noteholder represented by a Noteholder Trustee, via that Noteholder
Trustee, and in the case of any Noteholder not so represented, directly) that it has received amounts pursuant to this Clause 10.3 (the “Notes Parallel Debt Recoveries”) which are due to the Notes Secured Parties, and shall apply
such Notes Parallel Debt Recoveries (subject, in the case of any Noteholder not represented by a Noteholder Trustee, to paragraph (c) of Clause 9.7 (Good Discharge)) in accordance with Clause 9 (Application of Proceeds).

  

	 	(f)	 Where, having given notice in accordance with paragraph (e) of this Clause 10.3, any amount of Notes Parallel Debt Recoveries has not been
claimed by a Notes Secured Party, the Security Agent will hold such amounts on trust for the benefit of such Notes Secured Parties as set out in paragraph (b) of Clause 10.1 (Trust). 

 

 - 46 - 

	10.4	 Parallel debt recoveries 

Amounts received or recovered in connection with the realisation or enforcement of the Transaction Security pursuant to
Clause 10.2 (Finance Parallel Debt (Covenant to pay the Security Agent)) and Clause 10.3 (Notes Parallel Debt (Covenant to pay the Security Agent)) shall be held pari passu by the Security Agent and shall be distributed to the
Finance Secured Parties and Notes Secured Parties in accordance with Clause 9 (Application of Proceeds) (or, in the case of the Notes Secured Parties, held on trust as contemplated by paragraph (f) of Clause 10.3 (Notes Parallel Debt
(Covenant to pay the Security Agent)) above). 
  

	10.5	 No independent power 

The Secured Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security
or to exercise any rights or powers arising under the Security Documents (other than in accordance with the terms of the Debt Documents) except through the Security Agent. 

 

	10.6	 Instructions to Security Agent and exercise of discretion 

 

	 	(a)	 Subject to paragraphs (d) and (e) below, the Security Agent shall only act in accordance with any instructions given to it by the
Instructing Group or, if so instructed by the Instructing Group, refrain from exercising any right, power, authority or discretion vested in it as Security Agent and shall be entitled, without further enquiry, to assume that (i) any
instructions or directions received by it from the Instructing Group or, (to the extent that such Parties are entitled to give instructions or directions to the Security Agent under this Agreement) from the Administrative Agent, the Participating
Creditors, the Refinancing Creditors or the Super Majority Instructing Group, are duly given in accordance with the terms of the relevant Finance Documents and (ii) unless it has received actual written notice of revocation, that those
instructions or directions have not been revoked. 

  

	 	(b)	 The Security Agent shall be entitled to request instructions, or clarification of any direction, from the Instructing Group or, (to the extent that
such Parties are entitled to give instructions or directions to the Security Agent under this Agreement) from the Administrative Agent, the Participating Creditors, the Refinancing Creditors or the Super Majority Instructing Group, and as to
whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification are received by it.

  

	 	(c)	 Save as provided in Clause 6 (Enforcement of Transaction Security), any instructions given to the Security Agent by the Instructing
Group shall override any conflicting instructions given by any other Parties. 

  

 - 47 - 

	 	(d)	 Paragraph (a) above shall not apply: 

  

	 	(i)	 where a contrary indication appears in this Agreement; 

 

	 	(ii)	 where this Agreement requires the Security Agent to act in a specified manner or to take a specified action; 

 

	 	(iii)	 in respect of any provision which protects the Security Agent’s own position in its personal capacity as opposed to its role of Security Agent
for the Secured Parties including, without limitation, the provisions set out in Clauses 10.8 (Security Agent’s discretions) to Clause 10.25 (Disapplication); 

 

	 	(iv)	 in respect of the exercise of the Security Agent’s discretion to exercise a right, power or authority under any of:

  

	 	(A)	 Clause 7.1 (Non-Distressed Disposals); 

  

	 	(B)	 Clause 9.1 (Order of application - Transaction Security Recoveries); 

 

	 	(C)	 Clause 9.2 (Order of application - Debt Claim Recoveries); 

 

	 	(D)	 Clause 9.3 (Prospective liabilities); 

  

	 	(E)	 Clause 9.6 (Permitted Deductions); 

(provided that the Security Agent may, if it so chooses, seek directions or instructions from, in respect of the
discretions conferred on it under the clause referred to in paragraph (A) above, the Majority Participating Creditors (as defined in the Financing Agreement) via the Administrative Agent or, in respect of the discretions conferred on it under
the clauses referred to in paragraphs (B) to (E) above, the Instructing Group). 
  

	 	(e)	 If giving effect to instructions given by an Instructing Group would (in the Security Agent’s opinion (acting reasonably)) have an effect
equivalent to an Intercreditor Amendment, the Security Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Secured Party (other than the Security Agent) whose consent would have been
required in respect of that Intercreditor Amendment. 

  

	 	(f)	 In exercising any discretion to exercise a right, power or authority under this Agreement where either: 

 

	 	(i)	 it has not received any instructions from an Instructing Group as to the exercise of that discretion; or 

 

	 	(ii)	 the exercise of that discretion is subject to paragraph (d)(iv) above, 

the Security Agent shall do so having regard to the interests of all the Secured Parties as a group and not individually.

  

 - 48 - 

	10.7	 Security Agent’s actions 

Without prejudice to the provisions of Clause 6 (Enforcement of Transaction Security) and Clause 10.6
(Instructions to Security Agent and exercise of discretion), the Security Agent may (but shall not be obliged to), in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the
Debt Documents as it considers in its sole discretion to be appropriate. 
  

	10.8	 Security Agent’s discretions 

The Security Agent may: 
  

	 	(a)	 assume, without enquiry (unless it has received actual written notice to the contrary from the Administrative Agent) that (i) no Default has
occurred and no Debtor or Security Provider is in breach of or default under its obligations under any of the Finance Documents (except in relation to paragraph (c) of Clause 8.1 (Release of Mexican Security Trust Agreement) and
paragraph (c) of Clause 8.2 (Release of Transaction Security - other jurisdictions), where the Security Agent shall be notified of the satisfaction of the condition set out in such paragraphs by the Administrative Agent in accordance
with Clause 8.3 (Notification by the Administrative Agent)) and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised; 

 

	 	(b)	 if it receives any instructions or directions under Clause 6 (Enforcement of Transaction Security) to take any action or to cause action
to be taken in relation to the Transaction Security, assume, without enquiry, that all applicable conditions under the Finance Documents for taking that action have been satisfied; 

 

	 	(c)	 engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers, financial advisers, surveyors or other experts
(whether obtained by the Security Agent or by any other Secured Party and regardless of any limitation (by way of a monetary cap or otherwise) that may be imposed on such advice) and incur such advisers’ reasonable cost and expenses whose
advice or services may at any time seem necessary or expedient; 

  

	 	(d)	 rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might reasonably be expected to be within
the knowledge of a Secured Party, a Debtor or a Security Provider, upon a certificate signed by or on behalf of that person; and 

  

	 	(e)	 refrain from acting in accordance with the instructions of any Party (including, but not limited to, bringing any legal action or proceeding arising
out of or in connection with the Finance Documents) until it has received any indemnification and/or security satisfactory to it (acting reasonably) (whether by way of payment in advance or otherwise) for all costs, expenses, losses and liabilities
which it may incur reasonably in so acting. 

  

 - 49 - 

	10.9	 Security Agent’s obligations 

The Security Agent shall promptly: 
  

	 	(a)	 copy to the Administrative Agent and each Refinancing Creditor Representative the contents of any notice or document received by it from any Debtor
or Security Provider under any Debt Document and otherwise, directly or through any Delegate, give notice in respect of this Agreement or any Transaction Security Document, to any party it may deem appropriate; 

 

	 	(b)	 forward to a Secured Party, Debtor or Security Provider the original or a copy of any document which is delivered to the Security Agent for that
Secured Party, Debtor or Security Provider by any other Party provided that such delivery by the Security Agent to the receiving party is expressly contemplated by the terms of this Agreement and provided further that, except where a
Debt Document expressly provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of, or any mathematical calculations or other facts in, any document it forwards to another Secured Party or to a
Debtor or Security Provider; 

  

	 	(c)	 inform the Administrative Agent and each Refinancing Creditor Representative of any event notified to the Security Agent under paragraph (b) of
Clause 16.3 (Notification of prescribed events) and of any default by a Debtor or Security Provider in the due performance of or compliance with its obligations under any Debt Document of which the Security Agent has received written notice
from any other Secured Party, Debtor or Security Provider; 

  

	 	(d)	 notify the Noteholder Trustees (and any Noteholder not represented by a Noteholder Trustee, directly) of any event that materially and adversely
affects the Charged Property under any Transaction Security Document; and 

  

	 	(e)	 to the extent that a Party (other than the Security Agent) is required to calculate a Base Currency Amount, and upon a request by that Party, notify
that Party of the Security Agent’s Spot Rate of Exchange. 

  

	10.10	 Excluded obligations 

Notwithstanding anything to the contrary expressed or implied in the Debt Documents, the Security Agent shall not:

  

	 	(a)	 be bound to enquire as to (i) whether or not any Default has occurred or (ii) the performance, default or any breach by a Debtor or
Security Provider of its obligations under any of the Debt Documents; 

  

	 	(b)	 be bound to account to any other Secured Party, any Debtor or any Security Provider for any sum or the profit element of any sum received by it for
its own account; 

  

 - 50 - 

	 	(c)	 be bound to disclose to any other person (including, but not limited to, any Secured Party) (i) any confidential information or (ii) any
other information if disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty; 

  

	 	(d)	 have or be deemed to have any relationship of trust or agency with, any Debtor or Security Provider; 

 

	 	(e)	 be liable for interest on any moneys received by it except as the Security Agent may agree in writing with the Party for whom it holds those moneys;

  

	 	(f)	 be obliged to segregate money held on trust by the Security Agent from its other funds except to the extent required by law;

  

	 	(g)	 be required to give any bond or surety or otherwise expend its own funds with respect to the performance of its duties or the exercise of its rights
or powers under this Agreement or any of the other Debt Documents; or 

  

	 	(h)	 be under any obligation to take any action under this Agreement if it has sought, but not received, instructions from the Instructing Group,
Administrative Agent, the other Agents, Super Majority Instructing Group, Noteholder Trustees (or Noteholder where such Noteholder is not represented by a Noteholder Trustee) or other Party from whom it seeks instructions,

 and the permissive rights of the Security Agent to take the actions or exercise the rights
and discretions permitted or conferred by this Agreement shall not be construed as an obligation or duty for it to take those actions or exercise those rights and discretions. 

 

	10.11	 Exclusion of liability 

None of the Security Agent, any Receiver nor any Delegate shall accept responsibility or be liable for: 

 

	 	(a)	 the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security Agent or any other person in or in
connection with any Debt Document or the transactions contemplated in the Debt Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt Document;

  

	 	(b)	 the legality, validity, effectiveness, efficacy, adequacy or enforceability of any Debt Document, the Security Property or any other agreement,
arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt Document or the Security Property; 

  

	 	(c)	 any losses to any person or any liability arising as a result of taking or refraining from taking any action in relation to any of the Debt
Documents, the Security Property or otherwise, whether in accordance with an instruction from the Administrative Agent or otherwise unless directly caused by its gross negligence or wilful misconduct; 

 

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	 	(d)	 the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection with any of the Debt Documents, the
Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, the Debt Documents or the Security Property unless directly caused by its gross negligence or wilful
misconduct; 

  

	 	(e)	 any shortfall which arises on the enforcement or realisation of the Security Property; or 

 

	 	(f)	 any failure or delay in the performance of its obligations hereunder arising out of, or caused by, directly or indirectly, force majeure
events, including, without limitation, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God; it being understood that the Security Agent, Receiver or Delegate shall use all commercially reasonable
efforts that are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances; it being understood and agreed by the other Parties that, in carrying out all commercially reasonable
efforts, the Security Agent is not required (i) to risk or expend its own funds; (ii) to disregard or otherwise compromise its own commercial interests; (iii) to do anything which might result in a breach of law; or (iv) to do
anything which would in the Security Agent’s opinion (acting reasonably) be unreasonable. 

  

	10.12	 No proceedings 

No Secured Party (other than the Security Agent, that Receiver or that Delegate), Debtor or Security Provider may take any
proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that
officer, employee or agent in relation to any Debt Document or any Security Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.4 (Third Party
Rights) and the provisions of the Third Parties Rights Act. 
  

	10.13	 Own responsibility 

Without affecting the responsibility of any Debtor or Security Provider for information supplied by it or on its behalf in
connection with any Debt Document, each Creditor confirms (and each Noteholder Trustee and Noteholder, by accepting the benefits of this Agreement, shall be deemed to confirm) to the Security Agent that it has been, and will continue to be, solely
responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Debt Document including but not limited to: 
  

	 	(a)	 the financial condition, status and nature of each Debtor or Security Provider; 

 

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	 	(b)	 the legality, validity, effectiveness, efficacy, adequacy and enforceability of any Debt Document, the Security Property and any other agreement,
arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt Document or the Security Property; 

  

	 	(c)	 whether that Creditor has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in
connection with any Debt Document, the Security Property, the transactions contemplated by the Debt Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt
Document or the Security Property; 

  

	 	(d)	 the adequacy, accuracy and/or completeness of any information provided by the Security Agent or by any other person under or in connection with any
Debt Document, the transactions contemplated by any Debt Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Debt Document; and 

 

	 	(e)	 the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction
Security or the existence of any Security affecting the Charged Property, 

 and each Creditor
warrants to the Security Agent that it has not relied on and will not at any time rely on the Security Agent in respect of any of these matters. 
  

	10.14	 No responsibility to perfect Transaction Security 

The Security Agent shall not be liable for any failure to: 

 

	 	(a)	 require the deposit with it of any deed or document certifying, representing or constituting the title of any Security Provider to any of the
Charged Property; 

  

	 	(b)	 obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any
of the Debt Documents or the Transaction Security; 

  

	 	(c)	 register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any
applicable laws in any jurisdiction or to give notice to any person of the execution of any of the Debt Documents or of the Transaction Security; 

  

	 	(d)	 take, or to require any of the Security Provider to take, any steps to perfect its title to any of the Charged Property or to render the Transaction
Security effective or to secure the creation of any ancillary Security under the laws of any jurisdiction; or 

  

	 	(e)	 require any further assurances in relation to any of the Security Documents. 

 

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	10.15	 Insurance by Security Agent 

  

	 	(a)	 The Security Agent shall not be under any obligation to insure any of the Charged Property, to require any other person to maintain any insurance or
to verify any obligation to arrange or maintain insurance contained in the Debt Documents. The Security Agent shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy of any such insurance.

  

	 	(b)	 Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible for any loss which may be suffered by
reason of, directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Administrative Agent shall have requested it to do so in
writing and the Security Agent shall have failed to do so within fourteen days after receipt of that request. 

  

	10.16	 Custodians and nominees 

The Security Agent may (to the extent reasonably practicable, in consultation with the Parent) appoint and pay (or cause
to be appointed and paid) any person to act as a custodian or nominee on any terms in relation to any assets of the trust as the Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document
relating to the trust created under this Agreement and the Security Agent shall, to the extent permitted by applicable law, not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct,
omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person. 
  

	10.17	 Acceptance of title 

The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and
title that any of the Security Providers may have to any of the Charged Property and shall not be liable for or bound to require any Security Providers to remedy any defect in its right or title. 

 

	10.18	 Refrain from illegality 

Notwithstanding anything to the contrary expressed or implied in the Debt Documents, the Security Agent may refrain from
doing anything which in its opinion will or may be contrary to any relevant law, directive or regulation of any jurisdiction or otherwise expose it to personal liability, and the Security Agent may do anything which is, in its opinion, necessary to
comply with any such law, directive or regulation. 
  

	10.19	 Business with the Debtors and Security Providers 

The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business
with any of the Debtors or Security Providers and shall be under no obligation to account for any profit to any Secured Party. 
  

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	10.20	 Winding up of trust 

If the Security Agent, having made enquiry of the Agents and the Noteholders Trustees, determines that (a) all of the
Secured Obligations owed to the Secured Parties and all other obligations secured by the Security Documents have been fully, finally and irrevocably discharged and (b) none of the Secured Parties is under any commitment, obligation or liability
(actual or contingent) to make advances or provide other financial accommodation to any Debtor pursuant to the Debt Documents: 
  

	 	(a)	 the trusts set out in this Agreement (with the exception of the trust created pursuant to paragraph (a) of Clause 10.1 (Trust)) shall be
wound up and the Security Agent shall release, without representation, recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Security Documents (other than any provision expressed to survive
termination or discharge); and 

  

	 	(b)	 any Retiring Security Agent shall release, without representation, recourse or warranty, all of its rights under each of the Security Documents
(other than any provision expressed to survive termination or discharge). 

  

	10.21	 Winding up of trust - Notes Secured Creditors 

The trust created pursuant to paragraph (a) of Clause 10.1 (Trust)) shall be wound up at the date falling 5
years from the date of this Agreement, the Security Agent shall release from the terms of that trust, without representation, recourse or warranty, any amount of Notes Parallel Debt Recoveries held thereunder on such date, whereupon such amount
shall be applied by the Security Agent in accordance with Clause 9 (Application of proceeds). 
  

	10.22	 Perpetuity period 

The perpetuity period under the rule against perpetuities, if applicable to this Agreement, shall be the period of eighty
years from the date of this Agreement (save with respect to the trust created for the benefit of the Notes Secured Parties only pursuant to paragraph (b) of Clause 10.1 (Trust), where it shall be the period of 5 years from the date of
this Agreement). 
  

	10.23	 Powers supplemental 

The rights, powers and discretions conferred upon the Security Agent by this Agreement shall be supplemental to the
Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by general law or otherwise. 
  

	10.24	 Trustee division separate 

  

	 	(a)	 In acting as trustee for the Secured Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as
a separate entity from any of its other divisions or departments. 

  

	 	(b)	 If information is received by another division or department of the Security Agent, it may be treated as confidential to that division or department
and the Security Agent shall not be deemed to have notice of it. 

  

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	10.25	 Disapplication 

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts
constituted by this Agreement. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law, prevail and, in the
case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act. 
  

	10.26	 Debtors and Security Providers: Power of Attorney 

 

	 	(a)	 Each Debtor and each Security Provider by way of security for its obligations under this Agreement irrevocably appoints the Security Agent to be its
attorney to do anything which that Debtor or, as the case may be, Security Provider, has authorised the Security Agent to do under this Agreement or is itself required to do under this Agreement but has failed to do (and the Security Agent may
delegate that power on such terms as it sees fit), which authorisation permits the Security Agent to act as such Debtor or Security Provider’s counterparty (Selbsteintritt). 

 

	 	(b)	 Each Debtor and Security Provider incorporated in Spain, and any Security Provider which has granted Transaction Security governed by Spanish law,
shall, on the reasonable request of the Security Agent, promptly grant an irrevocable power of attorney (notarised and apostilled) to appoint the Security Agent in the manner described at paragraph (a) above. 

 

	10.27	 Consequential and Other Loss 

Notwithstanding anything to the contrary, the Security Agent shall under no circumstances be liable for any indirect or
consequential losses (however described) to any Party or any liability or damages (including punitive damages) arising as a result of taking or refraining from taking any action in relation to any of the Debt Documents, even if advised of the
possibility of such losses, liability or damages. 
  

	10.28	 Payments 

Nothing in this Agreement shall prevent (i) payment by the Parent or any Debtor of fees, costs and expenses of the
Security Agent (including any amount payable to the Security Agent by way of indemnity, remuneration or reimbursement for expenses reasonably incurred, including legal and other professional advisory fees and all VAT thereon) payable to the Security
Agent for its own account pursuant to this Agreement, any Debt Document or any fee letter between the Security Agent and the Parent, and the costs of any actual or attempted Enforcement Action which is permitted by this Agreement or any Debt
Document (collectively, “Security Agent Amounts”); or (ii) the receipt and retention of such Security Agent Amounts by the Security Agent. 
  

	10.29	 Provisions survive termination 

The provisions of Clauses 10.6 to 10.8 (inclusive) and 10.10 to 10.28 (inclusive) shall survive any termination or
discharge of this Agreement. 
  

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	11.	 CHANGE OF SECURITY AGENT AND DELEGATION 

  

	11.1	 Resignation of the Security Agent 

  

	 	(a)	 The Security Agent may, without ascribing a reason and without being responsible for any cost or liability arising therefrom, resign and appoint one
of its Affiliates as successor by giving notice to the Parent, the Participating Creditors (via the Administrative Agent), the Refinancing Creditors (via the relevant Refinancing Creditor Representative and each Noteholder (via, for any Noteholder
represented by a Noteholder Trustee, the relevant Noteholder Trustee). 

  

	 	(b)	 Alternatively the Security Agent may, without ascribing a reason and without being responsible for any cost or liability arising therefrom, resign
by giving notice to the other Parties in which case the Instructing Group may (to the extent reasonably practicable, in consultation with the Parent), appoint a successor Security Agent. 

 

	 	(c)	 If the Instructing Group has not appointed a successor Security Agent in accordance with paragraph (b) above within 30 days after the notice of
resignation was given, the Security Agent (after consultation with the Administrative Agent (and unless a Default has occurred and is continuing, the Parent)) may appoint a successor Security Agent (such successor Security Agent to be a financial
institution or trustee company of good standing with (to the extent applicable, a credit rating at least equivalent to that of the Security Agent)). 

  

	 	(d)	 The retiring Security Agent (the “Retiring Security Agent”) shall, at its own cost, make available to the successor Security Agent
such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Debt Documents. 

 

	 	(e)	 The Security Agent’s resignation notice and the appointment of a successor Security Agent shall become effective upon satisfaction of the
following conditions: (i) the successor Security Agent notifying the Parent and the retiring Security Agent that it accepts its appointment, (ii) the successor Security Agent acceding to this Agreement in accordance with Clause 13.5
(Change of Agent/Security Agent), (iii) the Instructing Group confirming to the resigning Security Agent and the successor Security Agent that the credit rating of the successor Security Agent is satisfactory (such confirmation not to be
unreasonably withheld or delayed and, where the credit rating of the successor Security Agent is at least equivalent to that of the retiring Security Agent, such confirmation shall, if it is not given to the retiring Security Agent and the successor
Security Agent within ten Business Days, be deemed to have been given) and (iv) the making of any transfer of Transaction Security and/or amendments to Transaction Security Documents necessary to effect the change in Security Agent.

  

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	 	(f)	 Upon the appointment of a successor, the Retiring Security Agent shall be discharged from any further obligation in respect of the Debt Documents
(other than its obligations under paragraph (b) of Clause 10.20 (Winding up of trust) and under paragraph (d) above) but shall, in respect of any act or omission by it whilst it was the Security Agent, remain entitled to the benefit
of Clauses 10 (The Security Agent), 15.1 (Debtors’ indemnity) and 15.3 (Creditors’ indemnity). Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they
would have had if that successor had been an original Party. 

  

	 	(g)	 The Instructing Group may, by written notice to the Security Agent, require it to resign in accordance with paragraph (b) above. In this event,
the Security Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Parent. 

 

	11.2	 Delegation 

  

	 	(a)	 Each of the Security Agent, any Receiver and any Delegate may (to the extent reasonably practicable, and except where a Default has occurred and is
continuing, in consultation with the Parent), at any time, delegate by power of attorney or otherwise (including by providing an instruction in writing) and through a comisión mercantil under applicable law to any person for any
period, all or any of the rights, powers and discretions vested in it by any of the Debt Documents, including the execution, performance or enforcement of any Debt Document. 

 

	 	(b)	 That delegation may be made upon any terms and conditions (including the power to sub-delegate) and subject to any restrictions that the Security
Agent, that Receiver or that Delegate (as the case may be) may, in its discretion and after due consideration, think fit in the interests of the Secured Parties and it shall not be bound to supervise, or be in any way responsible for any loss
incurred by reason of any misconduct or default on the part of any such delegate or sub-delegate. 

  

	11.3	 Additional Security Agents 

  

	 	(a)	 The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it
(i) if it considers that appointment to be in the interests of the Secured Parties, (ii) if it considers that appointment to be in the interests of the Secured Parties for purposes of the execution, performance or enforcement of any Debt
Document, (iii) for the purposes of conforming to any legal requirements, restrictions or conditions which the Security Agent deems to be relevant or (iv) for obtaining or enforcing any judgment in any jurisdiction, and the Security Agent
shall give prior notice to the Parent and the Administrative Agent of that appointment. 

  

	 	(b)	 Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred on the Security Agent by this Agreement) and
the duties and obligations that are conferred or imposed by the instrument of appointment. 

  

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	 	(c)	 The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any applicable VAT) reasonably incurred
by that person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent. 

 

	12.	 NOTEHOLDER TRUSTEES AND NOTEHOLDERS 

  

	12.1	 Rights of the Noteholder Trustees and Noteholders 

 

	 	(a)	 Notwithstanding anything in this Agreement to the contrary, it is expressly understood, and the availability of the benefits of this Agreement to
the Noteholder Trustee and each Noteholder are conditioned upon the understanding, that the sole right of the Noteholders shall be to be equally and rateably secured by the Transaction Security to the extent required by the Noteholder Documents and
subject to the provisions of this Agreement. 

  

	 	(b)	 Notwithstanding anything in this Agreement to the contrary, to the extent that the rights and benefits conferred in this Agreement on the
Noteholders or Noteholder Trustees shall be held to exceed the rights and benefits required so to be conferred by the equal and rateable provisions of the Existing Notes Documents or any Additional Notes Documents, such rights and benefits shall be
limited so as to provide to such Noteholders and such Noteholder Trustees only those rights and benefits that are required by such provisions. 

  

	 	(c)	 Any and all rights not herein expressly given to the Noteholder Trustees are expressly reserved to the Security Agent and the Participating
Creditors, it being understood that in the absence of a requirement to provide equal and rateable security set forth in any Noteholder Document, the grant of rights and benefits in this Agreement to the Noteholders and Noteholder Trustees would not
have been accepted by the Security Agent or the Participating Creditors. 

  

	 	(d)	 Subject to paragraph (b) to (e) of Clause 1.4 (Third Party Rights) and the Third Parties Rights Act, each of the Noteholders and
Noteholder Trustee may enforce this Clause 12.1. 

  

	12.2	 Determination under Noteholder Documents 

  

	 	(a)	 The Parent shall deliver to the Security Agent from time to time, upon request of the Security Agent, a list setting forth, by each Noteholder
Document, (i) the aggregate principal amount outstanding thereunder, (ii) the interest rate or rates then in effect thereunder, and (iii) the name of the holders thereof (if known) and the unpaid principal amount thereof owing to each
such holder and, in the absence of manifest error, the Security Agent shall be entitled to make such determination on the basis of such information provided however that if, notwithstanding such request being made by the Security Agent, the

  

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Parent does not provide such information reasonably promptly, then the Security Agent shall in its discretion be entitled to determine such existence or amount of Noteholder Liabilities by such
commercially reasonable method as the Security Agent may, in the exercise of its good faith judgment, determine (including by reliance upon a certificate of a Debtor). 

 

	 	(b)	 The Security Agent may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the
provisions of paragraph (a) above (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Debtor, any Security Provider, any Secured Party or any other person as a result of such determination or any
action taken pursuant thereto except to the extent such liability is determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or wilful misconduct of the Security Agent.

  

	13.	 CHANGES TO THE PARTIES 

  

	13.1	 Assignments and transfers 

  

	 	(a)	 No Party may assign any of its rights and benefits or transfer any of its rights, benefits and obligations in respect of any Finance Documents or
the Liabilities except as permitted by this Clause 13. 

  

	 	(b)	 Nothing in this Agreement shall restrict the ability of a Noteholder to assign its rights and benefits or transfer any of its rights, benefits and
obligations as permitted by the Noteholder Documents to which it is a party. 

  

	13.2	 No assignment by Debtors or Security Providers 

No Debtor or Security Provider may assign any of its rights and benefits or transfer any of its rights, benefits and
obligations under this Agreement. 
  

	13.3	 Refinancing Creditors and Refinancing Creditor Representatives 

On a Refinancing, each Refinancing Creditor and Refinancing Creditor Representative party to such Refinancing shall accede
to this Agreement as a Refinancing Creditor or, as the case may be, a Refinancing Creditor Representative, pursuant to Clause 13.6 (Creditor/Administrative Agent/Security Agent Accession Undertaking). 

 

	13.4	 Change of Participating Creditor or Refinancing Creditor 

A Participating Creditor or Refinancing Creditor may assign any of its rights and benefits or transfer by novation any of
its rights, benefits and obligations in respect of any Debt Documents or the Liabilities if: 
  

	 	(a)	 that assignment or transfer is in accordance with the terms of the relevant Debt Documents to which it is a party; and 

 

	 	(b)	 any assignee or transferee has (if not already party to this Agreement as a Participating Creditor or, as the case may be, Refinancing Creditor)
acceded to this Agreement as a Creditor pursuant to Clause 13.6 (Creditor/Administrative Agent/Security Agent Accession Undertaking). 

  

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	13.5	 Change of Agent/Security Agent 

No person shall become a successor Agent or a successor Security Agent unless at the same time, it accedes to this
Agreement as an Agent or as a Security Agent (as the case may be), pursuant to Clause 13.6 (Creditor/Administrative Agent/Security Agent Accession Undertaking). 
  

	13.6	 Creditor/Administrative Agent/Security Agent Accession Undertaking 

With effect from the date of acceptance pursuant to Clause 13.8 (Additional parties) by (i) the Security Agent
and (ii) (in the case of a Participating Creditor, a Participating Creditor’s Representative or a successor Security Agent) the Administrative Agent or (iii) (in the case of a Refinancing Creditor) the relevant Refinancing Creditors
Representative, of a Creditor/Administrative Agent/Security Agent Accession Undertaking duly executed and delivered to the Security Agent by the relevant acceding party or, if later, the date specified in that Creditor/Administrative Agent/Security
Agent Accession Undertaking: 
  

	 	(a)	 any Party ceasing entirely to be a Creditor or Security Agent shall be discharged from further obligations towards (in the case of a Creditor) the
Security Agent and (in the case of a Creditor or Retiring Security Agent (subject to paragraph (e) of Clause 11.1)) other Parties under this Agreement and their respective rights against one another shall be cancelled (except in each case for
those rights which arose prior to that date); and 

  

	 	(b)	 as from that date, the replacement or new Participating Creditor, Refinancing Creditor, Agent or Security Agent shall assume the same obligations,
and become entitled to the same rights, as if it had been an original Party to this Agreement in that capacity. 

  

	13.7	 New Debtor/Security Provider 

  

	 	(a)	 If any member of the Group: 

  

	 	(i)	 accedes to the Financing Agreement as an Additional Guarantor or Additional Security Provider (in each case as defined therein) in accordance with
clause 28.3 (Additional Guarantors and Additional Security Providers) thereof; 

  

	 	(ii)	 becomes a guarantor of any Existing Notes or becomes an issuer, borrower and/or guarantor of any Additional Notes; or 

 

	 	(iii)	 becomes an issuer, borrower and/or guarantor of Refinancing Debt, 

the Parent will procure that such member of the Group accedes to this Agreement as a Debtor in accordance with paragraph
(b) below, no later than, for an Additional Guarantor or Additional Security Provider contemporaneously with its accession to the Financing Agreement (or, in the case of an Additional Security Provider, if earlier, the date on which it grants
Transaction Security) and, for any member of the Group referred to in sub-paragraphs (ii) or (iii) above, contemporaneously with its entry into Existing Notes Documents, Additional Notes Documents or Refinancing Documents (as the case may
be). 
  

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	 	(b)	 With effect from the date of acceptance pursuant to Clause 13.8 (Additional parties) by the Security Agent of a Debtor/Security Provider
Accession Deed duly executed and delivered to the Security Agent by the new Debtor or, if later, the date specified in the Debtor/Security Provider Accession Deed, the new Debtor shall assume the same obligations and become entitled to the same
rights as if it had been an original Party to this Agreement as a Debtor. 

  

	13.8	 Additional parties 

  

	 	(a)	 Each of the Parties appoints the Security Agent to receive on its behalf each Debtor/Security Provider Accession Deed and Creditor/Administrative
Agent/Security Agent Accession Undertaking delivered to the Security Agent and the Security Agent shall, subject to paragraph (c) below, as soon as reasonably practicable after receipt by it, sign and accept the same if it appears on its face
to have been completed, executed and, where applicable, delivered in the form contemplated by this Agreement or, where applicable, by the relevant Debt Document. 

 

	 	(b)	 The Security Agent shall only be obliged to sign and accept a Debtor/Security Provider Accession Deed or Creditor/Administrative Agent/Security
Agent Accession Undertaking received by it once it is satisfied that it has complied with all necessary “know your customer” or similar other checks under all applicable laws and regulations in relation to the accession by the prospective
party to this Agreement. 

  

	 	(c)	 Each Party shall promptly upon the request of the Security Agent supply, or procure the supply of, such documentation and other evidence as is
reasonably requested by the Security Agent (for itself) from time to time in order for the Security Agent to carry out and be satisfied with the results of all necessary “know your customer” or other similar checks under all applicable
laws and regulations pursuant to the transactions contemplated in the Finance Documents and the Refinancing Documents. 

  

	13.9	 Resignation of a Debtor/Security Provider 

  

	 	(a)	 Prior to the Final Discharge Date, if the Parent requests that a Debtor or a Security Provider cease to be a Borrower, Guarantor or Security
Provider (as the case may be), in accordance with clause 28 (Changes to the Obligors) of the Financing Agreement, then in the Resignation Letter delivered by it to the Administrative Agent and the Security Agent pursuant to that clause, it
may also request that such Debtor or Security Provider ceases to be a Debtor or Security Provider hereunder. 

  

	 	(b)	 Provided that a Resignation Letter is delivered in accordance with clause 28 (Changes to the Obligors) of the Financing Agreement, and is
accepted by the Administrative Agent, the Security Agent shall accept a Resignation Letter and notify the Parent and each other Party of its acceptance. 

  

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	 	(c)	 Upon notification by the Security Agent to the Parent of its acceptance of the resignation of a Debtor or a Security Provider, that member of the
Group shall cease to be a Debtor (or, as the case may be, a Security Provider) and shall have no further rights or obligations under this Agreement as a Debtor (or, as the case may be, a Security Provider). 

 

	13.10	 Release of CEMEX Australia Holdings 

The Parties agree and acknowledge that CEMEX Australia Holdings shall be automatically released as a Guarantor (and shall
have no further rights, liabilities or obligations under this Agreement as a Debtor) on the giving of a notice by the Parent to the Administrative Agent in accordance with clause 28.5 (Release of CEMEX Australia Holdings) of the Financing
Agreement. 
  

	14.	 COSTS AND EXPENSES 

  

	 	14.1	 Security Agent’s Fees 

The Parent shall pay to the Security Agent (for its own account) the security agent fee in the amount and at the times
agreed in the letter dated on or about the date of this Agreement between the Security Agent and the Parent. 
  

	14.2	 Security Agent’s ongoing costs 

  

	 	(a)	 In the event of (i) a Default or (ii) the Security Agent considering it necessary or expedient or (iii) the Security Agent being
requested by a Debtor, a Security Provider or the Instructing Group to undertake duties which the Security Agent and the Parent agree to be of an exceptional nature and/or outside the scope of the normal duties of the Security Agent under the Debt
Documents, the Parent shall pay to the Security Agent any additional remuneration (together with any applicable VAT) that may be agreed between them. 

  

	 	(b)	 If the Security Agent and the Parent fail to agree upon the nature of those duties or upon any additional remuneration, that dispute shall be
determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and approved by the Parent or, failing approval, nominated (on the application of the Security Agent) by the President for the time being
of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Parent) and the determination of any investment bank shall be final and binding upon the parties to this Agreement.

  

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	14.3	 Transaction expenses 

The Parent shall, promptly on demand, pay the Security Agent (or any party specified by the Security Agent to the Parent
for this purpose) the amount of all costs and expenses (including legal fees) (together with any applicable VAT) reasonably incurred by the Security Agent, any Receiver or Delegate or the Mexican Security Trustee in connection with the negotiation,
preparation, printing, execution, syndication and perfection of: 
  

	 	(a)	 this Agreement and any other documents referred to in this Agreement and the Transaction Security; and 

 

	 	(b)	 any other Debt Documents to which the Security Agent is party executed after the date of this Agreement. 

 

	14.4	 Stamp taxes 

The Parent shall pay and, within three Business Days of demand, indemnify the Security Agent against any cost, loss or
liability the Security Agent incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Debt Document. 
  

	14.5	 Interest on demand 

If any Secured Party or Debtor (or, to the extent applicable in relation to the Transaction Security granted by it, a
Security Provider) fails to pay any amount payable by it under this Agreement on its due date, interest shall accrue on the overdue amount in accordance with the default interest provisions of the relevant Debt Document to which such amount relates.

  

	14.6	 Enforcement and preservation costs 

The Parent shall, within three Business Days of demand, pay to the Security Agent (or any party specified by the Security
Agent to the Parent for this purpose) the amount of all costs and expenses (including legal fees and together with any applicable VAT) incurred by it, any Receiver or Delegate or the Mexican Security Trustee in connection with the enforcement of or
the preservation of any rights under any Debt Document and the Transaction Security and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Transaction Security or enforcing these rights. 

 

	15.	 INDEMNITIES 

  

	15.1	 Debtors’ indemnity 

Each Debtor shall promptly indemnify the Security Agent, every Receiver and Delegate and the Mexican Security Trustee
against: 
  

	 	(a)	 any cost, loss or liability incurred (together with any applicable VAT in each case) by any of them: 

 

	 	(i)	 in relation to or as a result of: 

  

	 	(A)	 any failure by the Parent to comply with obligations under Clause 14 (Costs and Expenses); 

 

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	 	(B)	 the taking, holding, protection or enforcement of the Transaction Security; 

 

	 	(C)	 the exercise of any of the rights, powers, discretions and remedies vested in each Receiver by the Debt Documents or by law; or

  

	 	(D)	 any default by any Debtor in the performance of any of the obligations expressed to be assumed by it in the Debt Documents; and

  

	 	(b)	 any cost reasonably incurred or any loss or liability incurred (together with any applicable VAT in each case) by any of them:

  

	 	(i)	 in relation to or as a result of the exercise of any of the rights, powers, discretions and remedies vested in the Security Agent, each Delegate and
the Mexican Security Trustee by the Debt Documents or by law; or 

  

	 	(ii)	 which otherwise relates to the performance by the Security Agent, each Receiver and each Delegate or the Mexican Security Trustee of its duties in
connection with the Security Property or of the terms of this Agreement (otherwise than as a result of its gross negligence or wilful misconduct). 

Each Debtor expressly acknowledges and agrees that the continuation of its indemnity obligations under this
Clause 15.1 (Debtors’ indemnity) will not be prejudiced by any release or disposal under Clause 7.2 (Distressed Disposals) taking into account the operation of that Clause 7.2, Clause 10.20 (Winding up of
trust) or Clause 10.21 (Winding up of trust - Notes Secured Creditors). To the extent that the Security Agent, a Receiver or a Delegate recovers any amount pursuant to an indemnity contained in any other Finance Document, there shall be
no double recovery under this Clause 15.1 of such amount. 
  

	15.2	 Priority of indemnity 

The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties, indemnify
itself out of the Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in Clause 15.1 (Debtors’ indemnity) and shall have a lien on the Transaction Security and the proceeds of the
enforcement of the Transaction Security for all moneys payable to it. 
  

	15.3	 Creditors’ indemnity 

Each Creditor shall (in the proportion that the Liabilities due to it bears to the aggregate of the Liabilities due to all
the Secured Parties for the time being (or, if the Liabilities due to each of those Secured Parties is zero, immediately prior to their being reduced to zero)), indemnify the Security Agent and every Receiver and every Delegate, within three
Business Days of demand, against any cost reasonably incurred including legal fees and VAT thereon or any loss or liability incurred by any of them 

 

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(otherwise than by reason of the relevant Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under
the Debt Documents (unless the relevant Security Agent, Receiver or Delegate has been reimbursed by a Debtor or a Security Provider pursuant to a Debt Document) and the Debtors shall jointly and severally indemnify each Creditor against any payment
made by it under this Clause 15. 
  

	15.4	 Parent’s indemnity to Secured Parties 

The Parent shall promptly and as principal obligor indemnify each Secured Party against any cost, loss or liability
(together with any applicable VAT), whether or not reasonably foreseeable, incurred by any of them in relation to or arising out of the operation of Clause 7.2 (Distressed Disposals). 

 

	15.5	 No financial assistance 

No indemnity given by any Debtor pursuant to this Clause 15 shall extend to obligations the indemnification of which would
cause the relevant Debtor to act in breach of financial assistance legislation applicable to it under the laws of its jurisdiction of incorporation. 
  

	16.	 INFORMATION 

  

	16.1	 Information and dealing 

  

	 	(a)	 The Creditors shall provide to the Security Agent from time to time (through (i) the Administrative Agent in the case of a Participating
Creditor or (ii) the relevant Refinancing Creditor Representative in the case of a Refinancing Creditor) any information that the Security Agent may reasonably specify as being necessary or desirable to enable the Security Agent to perform its
functions as trustee. 

  

	 	(b)	 Each Participating Creditor shall deal with the Security Agent exclusively through the Administrative Agent and each Refinancing Creditor shall deal
with the Security Agent exclusively through the relevant Refinancing Creditor Representative. 

  

	 	(c)	 Prior to a Refinancing, the Instructing Group and the Super Majority Instructing Group shall deal with the Security Agent exclusively through the
Administrative Agent (and the Administrative Agent shall, on request, provide the Security Agent with the aggregate amount of the Participating Creditor Exposures and details of Participating Creditor Exposures on an individual basis by
Participating Creditor to enable the Security Agent to calculate whether an Instructing Group or Super Majority Instructing Group has been formed). 

  

	 	(d)	 Following a Refinancing, the Administrative Agent and each Refinancing Creditor Representative shall, on request, provide the Security Agent with
details of the Exposures of the Creditors represented by it (on an aggregate basis under the Facilities or, as the case may be, each Refinancing Document and on an individual basis by Participating Creditor or, as the case may be, Refinancing
Creditor) to enable the Security Agent to calculate whether an Instructing Group or a Super Majority Instructing Group has been formed. 

  

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	16.2	 Disclosure 

Notwithstanding any agreement to the contrary, each of the Debtors and each of the Security Providers consents, until the
Final Discharge Date, to the disclosure by any of the Secured Parties to each other (whether or not through an Agent, a Noteholder Trustee or the Security Agent) of such information concerning the Debtors or the Security Providers as any Secured
Party shall see fit. 
  

	16.3	 Notification of prescribed events 

  

	 	(a)	 If a Participating Creditors Acceleration Event occurs the Administrative Agent shall notify the Security Agent in writing and the Security Agent
shall, upon receiving that notification, notify each other Party. 

  

	 	(b)	 If, following an Enforcement Event, the Security Agent enforces, or takes formal steps to enforce, any of the Transaction Security it shall notify
each Party and the Noteholders (via the relevant Noteholder Trustee or, in the case of any Noteholders not represented by a Noteholder Trustee, directly) of that action. 

 

	 	(c)	 If any Creditor exercises any right it may have, following an Enforcement Event, to enforce, or to take formal steps to enforce, any of the
Transaction Security it shall notify the Security Agent in writing and the Security Agent shall, upon receiving that notification, notify each Party and the Noteholders (via the relevant Noteholder Trustee or, in the case of any Noteholders not
represented by a Noteholder Trustee, directly) of that action. 

  

	17.	 NOTICES 

  

	17.1	 Communications in writing 

Any communication to be made under or in connection with this Agreement shall be made in writing and, unless otherwise
stated, may be made by fax or letter. 
  

	17.2	 Security Agent’s communications with Creditors and Noteholders 

The Security Agent shall be entitled to carry out all dealings: 

 

	 	(a)	 with the Participating Creditors and the Participating Creditors’ Representatives through the Administrative Agent and may give to the
Administrative Agent, as applicable, any notice or other communication required to be given by the Security Agent to a Participating Creditor or a Participating Creditor’s Representative; 

 

	 	(b)	 with the Refinancing Creditors through the relevant Refinancing Creditor Representative and may give to such Refinancing Creditor Representative, as
applicable, any notice or other communication required to be given by the Security Agent to a Refinancing Creditor; and 

  

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	 	(c)	 with each Noteholder represented by a Noteholder Trustee, through that Noteholder Trustee and, with each Noteholder not so represented, directly.

  

	17.3	 Addresses 

The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of
each Party, each Noteholder Trustee and each Noteholder not represented by a Noteholder Trustee for any communication or document to be made or delivered under or in connection with this Agreement is: 

 

	 	(a)	 in the case of the Parent and any Debtor incorporated in the Netherlands, that identified with its name below; 

 

	 	(b)	 in the case of the Security Agent, that identified with its name below; 

 

	 	(c)	 in the case of each other Party, that notified in writing to the Security Agent on or prior to the date on which it becomes a Party; and

  

	 	(d)	 in the case of any Noteholder Trustee or any Noteholder not represented by a Noteholder Trustee, that notified in writing to the Security Agent by
the Parent, in the case of an Existing Notes Trustee or Existing Notes Creditor, on or prior to the date of this Agreement or, in the case of an Additional Notes Trustee or Additional Notes Creditor, on or following the issue of the Additional Notes
to which it is a party, 

 or any substitute address, fax number or department or officer which
that Party or, in the case of a Noteholder Trustee or Noteholder, the Parent, may notify to the Security Agent (or the Security Agent may notify to the other Parties and the Noteholders (via the relevant Noteholder Trustee or, in the case of any
Noteholders not represented by a Noteholder Trustee, directly), if a change is made by the Security Agent) by not less than five Business Days’ notice. The Parent shall furnish to the Security Agent within 30 days of a request therefor a list
setting forth the name and address of each party to whom notices must be sent under the Noteholder Documents, and the Parent agrees to furnish promptly to the Security Agent any changes or additions to such list if requested. 

 

	17.4	 Delivery 

  

	 	(a)	 Except as otherwise provided in Clause 17.6 (Electronic communication), any communication or document made or delivered by one person to
another under or in connection with this Agreement will only be effective: 

  

	 	(i)	 if by way of fax, when received in legible form; or 

 

	 	(ii)	 if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an
envelope addressed to it at that address, 

 and, if a particular department or officer is
specified as part of its address details provided under Clause 17.3 (Addresses), if addressed to that department or officer. 
  

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	 	(b)	 Any communication or document to be made or delivered to the Security Agent will be effective only when actually received by the Security Agent and
then only if it is expressly marked for the attention of the department or officer identified with the Security Agent’s signature below (or any substitute department or officer as the Security Agent shall specify for this purpose).

  

	 	(c)	 Any communication or document made or delivered to the Parent in accordance with this Clause 17.4 will be deemed to have been made or delivered
to each of the Debtors and the Security Providers (save that any Debtor incorporated in the Netherlands shall receive any communication or document directly). 

 

	17.5	 Notification of address and fax number 

Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to
Clause 17.3 (Addresses) or changing its own address or fax number, the Security Agent shall notify the other Parties. 
  

	17.6	 Electronic communication 

  

	 	(a)	 Any communication to be made between the Security Agent and a Creditor, a Noteholder or a Noteholder Trustee under or in connection with this
Agreement may be made by electronic mail or other electronic means, if the Security Agent and the relevant Creditor, Noteholder or Noteholder Trustee: 

  

	 	(i)	 agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

 

	 	(ii)	 notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information
by that means; and 

  

	 	(iii)	 notify each other of any change to their address or any other such information supplied by them. 

 

	 	(b)	 Any electronic communication made between the Security Agent and a Creditor, a Noteholder or an Noteholder Trustee will be effective only when
actually received in readable form and in the case of any electronic communication made by a Creditor, Noteholder or Noteholder Trustee to the Security Agent only if it is addressed in such a manner as the Security Agent shall specify for this
purpose. 

  

	 	(c)	 As at the date of this Agreement, the Security Agent has not agreed that electronic communication as contemplated by this Clause 17.6 is an accepted
form of communication unless any communication from a Creditor, Noteholder or Noteholder Trustee to the Security Agent by electronic means is also made by fax, and such communication shall only be effective when such fax is received in legible form.

  

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	17.7	 English language 

  

	 	(a)	 Any notice given under or in connection with this Agreement must be in English. 

 

	 	(b)	 All other documents provided under or in connection with this Agreement must be: 

 

	 	(i)	 in English; or 

  

	 	(ii)	 if not in English, accompanied by an English translation (and if so required by the Security Agent, by a certified English translation and, in this
case, the English translation will prevail unless the document is a constitutional, statutory or other official document). 

  

	17.8	 Notice to Noteholder Trustees 

The Parent agrees to notify in writing, within ten Business Days of: 

 

	 	(a)	 the date of this Agreement, each Existing Notes Trustee of the entry into of the Transaction Security Documents and the rights arising from the
Transaction Security Documents to each such Existing Notes Trustee and the Existing Notes Creditors which it represents; and 

  

	 	(b)	 the date of issue or incurrence of any Additional Notes, each Additional Notes Trustee of the entry into of the Transaction Security Documents and
the rights arising from the Transaction Security Documents to each such Additional Notes Trustee and the Additional Notes Creditors which it represents, 

by providing to each such Existing Notes Trustee a copy of this Agreement and of each of the Transaction Security
Documents (and the Security Agent agrees, on the reasonable request of the Parent, to (subject to Clause 10 (The Security Agent) and otherwise in accordance with, the terms of this Agreement) confirm, without representation, recourse or
warranty, that any Transaction Security Document to which it is a party has been executed by the other parties thereto, and to certify, as a true and complete copy of the original, a copy of any Transaction Security Document of which the Security
Agent holds an original copy. 
  

	18.	 PRESERVATION 

  

	18.1	 Partial invalidity 

If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any
law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of that provision under the law of any other jurisdiction will in any way be affected or impaired.

  

	18.2	 No impairment 

If, at any time after its date, any provision of a Debt Document (including this Agreement) is not binding on or
enforceable in accordance with its terms against a person expressed to be a party to that Debt Document, neither the binding nature nor the enforceability of that provision or any other provision of that Debt Document will be impaired as against the
other party(ies) to that Debt Document. 
  

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	18.3	 Remedies and waivers 

No failure to exercise, nor any delay in exercising, on the part of any Secured Party, Debtor or Security Provider, any
right or remedy under this Agreement shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in
this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	18.4	 Waiver of defences 

The provisions of this Agreement will not be affected by an act, omission, matter or thing which, but for this
Clause 18.4, would reduce, release or prejudice the subordination and priorities expressed to be created by this Agreement including (without limitation and whether or not known to any Secured Party, Debtor or Security Provider): 

 

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

 

	 	(b)	 the release of any Debtor, Security Provider or any other person under the terms of any composition or arrangement with any creditor of any member
of the Group; 

  

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

  

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

  

	 	(e)	 any amendment, novation, supplement, extension (whether of maturity or otherwise) or restatement (in each case, however fundamental and of
whatsoever nature, and whether or not more onerous) or replacement of a Debt Document or any other document or security; 

  

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

  

	 	(g)	 any intermediate Payment of any of the Liabilities owing to the Secured Parties in whole or in part; or 

 

	 	(h)	 any insolvency or similar proceedings. 

  

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	18.5	 Priorities not affected 

Except as otherwise provided in this Agreement the priorities referred to in Clause 2 (Ranking and Priority)
will, to the fullest extent permitted by mandatory provisions of applicable law: 
  

	 	(a)	 not be affected by any reduction or increase in the principal amount secured by the Transaction Security in respect of the Liabilities owing to the
Secured Parties or by any intermediate reduction or increase in, amendment or variation to any of the Debt Documents, or by any variation or satisfaction of, any of the Liabilities or any other circumstances; 

 

	 	(b)	 apply regardless of the order in which or dates upon which this Agreement and the other Debt Documents are executed or registered or notice of them
is given to any person; and 

  

	 	(c)	 secure the Liabilities owing to the Secured Parties in the order specified, regardless of the date upon which any of the Liabilities arise or of any
fluctuations in the amount of any of the Liabilities outstanding. 

  

	19.	 CONSENTS, AMENDMENTS AND OVERRIDE 

  

	19.1	 Required consents 

  

	 	(a)	 Subject to paragraphs (b) and (c) below and to Clause 19.4 (Exceptions), this Agreement may be amended or waived only with the
consent of the Instructing Group and the Security Agent. 

  

	 	(b)	 An amendment or waiver that has the effect of changing or which relates to the order of priority or subordination under this Agreement, the
allocation of any payment as among the Participating Creditors or the manner in which the proceeds of enforcement of the Transaction Security are distributed or which relates to the definition of “Instructing Group” or “Super Majority
Instructing Group” in Clause 1.1 (Definitions), Clause 3.1 (Payment of distributions), Clause 3.4 (Filing of claims), Clause 3.6 (Security Agent instructions), Clause 4.1 (Turnover by the Creditors), Clause
4.2 (Adjustments), Clause 5 (Redistribution), Clause 9 (Application of Proceeds), paragraphs (d)(iii), (e) or (f) of Clause 10.6 (Instructions to Security Agent and exercise of discretion) or this
Clause 19 (Consents, Amendments and Override) shall not be made without the consent of the Participating Creditors, the Refinancing Creditors and the Security Agent. 

 

	 	(c)	 Any amendment or waiver that has the effect of changing or that relates to: 

 

	 	(i)	 the nature or scope of the Charged Property or the manner in which the proceeds of enforcement of the Transaction Security are distributed (except
insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under the Finance Agreement); or 

 

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	 	(ii)	 the release of any guarantee and indemnity granted under the Financing Agreement or of any Transaction Security unless permitted under the Financing
Agreement or relating to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under the Financing Agreement, 

may only be made with the consent of the Super Majority Instructing Group (and, if any amendment or waiver referred to in
sub paragraph (i) above involves an amendment or waiver of a Transaction Security Document, the consent of the Parent or the relevant Security Provider as set out in Clause 19.2 (Amendments and waivers: Transaction Security Documents)).

  

	 	(d)	 Any amendment or waiver under this Agreement that has the effect of changing or that relates to any matter set out in paragraph (a) of clause
38.2 (Exceptions) of the Financing Agreement shall not be made without the consent of the Participating Creditors. 

  

	19.2	 Amendments and waivers: Transaction Security Documents 

 

	 	(a)	 Subject to paragraph (b) below and to Clause 19.4 (Exceptions) and unless the provisions of any Debt Document expressly provide
otherwise, the Security Agent may, if authorised by an Instructing Group, and if the Parent consents, amend the terms of, waive any of the requirements of or grant consents under, any of the Transaction Security Documents which shall be binding on
each Secured Party and each other party thereto. 

  

	 	(b)	 Subject to paragraph (c) of Clause 19.4 (Exceptions), the prior consent of the Super Majority Instructing Group and the Parent or the
relevant Security Provider is required to authorise any amendment or waiver of, or consent under, any Transaction Security Document which would affect the nature or scope of the Charged Property. 

 

	19.3	 Effectiveness 

Any amendment, waiver or consent given in accordance with this Clause 19 will be binding on all Parties and on each
Noteholder and Noteholder Trustee and the Security Agent may effect, on behalf of any Creditor, Noteholder Trustee or Noteholder any amendment, waiver or consent permitted by this Clause 19 (and where necessary under any relevant applicable law
in order to give effect to any such amendment, waiver or consent, the Security Agent will be entitled to request that each Creditor take that action or grant a power of attorney in favour of the Security Agent to authorise it to do so on that
Creditor’s behalf). 
  

	19.4	 Exceptions 

  

	 	(a)	 Subject to paragraphs (c) and (d) below, if the amendment, waiver or consent may impose new or additional obligations on or withdraw or
reduce the rights of any Party other than: 

  

	 	(i)	 in the case of a Creditor, in a way which affects or would affect Creditors generally; or 

 

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	 	(ii)	 in the case of a Debtor or a Security Provider, to the extent consented to by the Parent under paragraph (a) of Clause 19.2 (Amendments and
waivers: Transaction Security Documents), 

 the consent of that Party is required.

  

	 	(b)	 Subject to paragraphs (c) and (d) below, an amendment, waiver or consent which relates to the rights, obligations, protections, immunities
or indemnities of an Agent or the Security Agent (including, without limitation, any ability of the Security Agent to act in its discretion under this Agreement) may not be effected without the consent of that Agent or, as the case may be, the
Security Agent. 

  

	 	(c)	 Neither paragraph (a) nor (b) above, nor paragraph (b) of Clause 19.2 (Amendments and waivers: Transaction Security Documents)
shall apply: 

  

	 	(i)	 to any release of Transaction Security, claim or Liabilities (unless they are claims or Liabilities owed to the Security Agent in its capacity as
such); or 

  

	 	(ii)	 to any consent, 

which, in each case, the Security Agent gives in accordance with Clause 7 (Proceeds of Disposals of Charged
Property). 
  

	 	(d)	 Paragraphs (a) and (b) above shall apply to a Participating Creditor’s Representative and to a Refinancing Creditor Representative
only to the extent that Agent Liabilities, are then owed to that Participating Creditor’s Representative or Refinancing Creditor Representative. 

  

	 	(e)	 After the occurrence of an Enforcement Event, no amendment, supplement or waiver shall, without the written consent of each Noteholder Trustee (or,
in the case of any Noteholder not represented by a Noteholder Trustee, that Noteholder) adversely affect the rights of the Noteholders to equal and rateable security to the extent and for the periods contemplated by this Agreement.

  

	19.5	 Calculation of Exposures 

  

	 	(a)	 For the purpose of ascertaining whether any relevant percentage of Participating Creditor Exposures has been obtained under this Agreement, the
Administrative Agent shall provide the Security Agent, promptly on request, with a list of the Participating Creditor Exposures notionally converted into their Base Currency Amounts. 

 

	 	(b)	 For the purpose of ascertaining whether any relevant percentage of Refinancing Creditor Exposures has been obtained under this Agreement, each
Refinancing Creditor Representative shall provide the Security Agent, promptly on request, with a list of the Refinancing Creditor Exposures notionally converted into their Base Currency Amounts. 

 

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	19.6	 Deemed consent 

If, at any time prior to the Final Discharge Date, the Participating Creditors give a Consent in respect of the Finance
Documents then, if that action was permitted by the terms of this Agreement, the Debtors and Security Providers will (or will be deemed to): 
  

	 	(a)	 give a corresponding Consent in equivalent terms in relation to each of the Debt Documents to which they are a party; and

  

	 	(b)	 do anything (including executing any document) that the Participating Creditors may reasonably require to give effect to paragraph (a) of this
Clause 19.6. 

  

	19.7	 Excluded consents 

Clause 19.6 (Deemed consent) does not apply to any Consent which has the effect of: 

 

	 	(a)	 increasing or decreasing the Liabilities; 

  

	 	(b)	 changing the basis upon which any Permitted Payments are calculated (including the timing, currency or amount of such Payments); or

  

	 	(c)	 changing the terms of this Agreement or of any Security Document. 

 

	19.8	 No liability 

None of the Participating Creditors or the Administrative Agent will be liable to any other Agent, Secured Party, Debtor
or Security Provider for any Consent given or deemed to be given under this Clause 19. 
  

	19.9	 Agreement to override 

Unless expressly stated otherwise in this Agreement, this Agreement overrides anything in the Debt Documents to the
contrary (except for any Transaction Security Documents governed by Dutch law). 
  

	20.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the
counterparts were on a single copy of this Agreement. 
  

	21.	 GOVERNING LAW 

This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

 If any of the Original Debtors or Original Security Providers is represented by an attorney or attorneys in
connection with the signing and/or execution and/or delivery of this Agreement or any agreement or document referred to herein or made pursuant hereto and the relevant power or powers of attorney is or are expressed to be governed by the laws and
regulations of a particular jurisdiction, it is hereby expressly acknowledged and accepted by the other parties hereto that such laws and regulations shall govern the existence and extent of such attorney’s or attorney’s authority and the
effects of the exercise thereof. 
  

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	22.	 ENFORCEMENT 

  

	22.1	 Jurisdiction in relation to actions brought against parties organised or incorporated in Mexico 

In relation to actions brought by or against any Party organised or incorporated in Mexico: 

 

	 	(a)	 the courts of England and the courts of each Party’s corporate domicile, have jurisdiction to settle any dispute arising out of or in
connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual obligations arising from or connected with this Agreement (a “Dispute”); and

  

	 	(b)	 the Parties agree that the courts of England and such courts of each Party’s corporate domicile are the most appropriate and convenient courts
to settle Disputes and accordingly no Party will argue to the contrary and hereby waive any right to which any of them may be entitled on account of place of residence or domicile. 

 

	22.2	 Jurisdiction of English Courts in other cases 

Subject to Clause 22.1 above: 
  

	 	(a)	 the courts of England have jurisdiction to settle any Dispute; 

 

	 	(b)	 the Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue
to the contrary and hereby waive any right to which any of them may be entitled on account of place of residence or domicile; and 

  

	 	(c)	 this Clause 22.2 is for the benefit of the Finance Parties and Secured Parties only. As a result, no Finance Party or Secured Party shall be
prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law or regulation, the Finance Parties and Secured Parties may take concurrent proceedings in any number of jurisdictions.

  

	22.3	 Service of process 

  

	 	(a)	 Without prejudice to any other mode of service allowed under any relevant law each Debtor and each Security Provider (unless incorporated in England
and Wales): 

  

	 	(i)	 shall irrevocably appoint the Process Agent as its agent for service of process in relation to any proceedings before the English courts in
connection with this Agreement and shall procure that the Process Agent confirms its acceptance of that appointment in writing on or before the date of this Agreement; and 

 

 - 76 - 

	 	(ii)	 agrees that failure by the Process Agent to notify the relevant Debtor or Security Provider of the process will not invalidate the proceedings
concerned. 

  

	 	(b)	 If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Parent (in the case
of an agent for service of process for a Debtor or a Security Provider), must immediately (and in any event within (5) Business Days of such event taking place) appoint another agent on terms acceptable to the Administrative Agent. Failing
this, the Administrative Agent (as the case may be) may appoint another agent for this purpose. 

  

	 	(c)	 Each Debtor and each Security Provider (unless incorporated in England and Wales) expressly agrees and consents to the provisions of Clause 21
(Governing Law) and this Clause 22. 

  

	22.4	 Waiver of right to trial by jury 

To the extent permitted by applicable law, each party to this Agreement hereby expressly and irrevocably waives any right
to trial by jury of any claim, demand, action or cause of action arising under any Debt Document or in any way connected with or related or incidental to the dealings of the Parties hereto or any of them with respect to any Debt Document, or the
transactions related thereto, in each case whether now existing or hereafter arising, and whether founded in contract or tort or otherwise; and each party hereby agrees and consents that any such claim, demand, action or cause of action shall be
decided by court trial without a jury, and that any Party to this Agreement may file an original counterpart or a copy of this Clause 22.4 with any court as written evidence of the consent of the signatories hereto to the waiver of their right to
trial by jury. 
 This Agreement has been entered into on the date stated at the beginning of this Agreement and executed as
a deed by the Original Debtors and the Original Security Providers and is intended to be and is delivered by them as a deed on the date specified above. 
  

 - 77 - 

 SCHEDULE 1 

FORM OF DEBTOR/SECURITY PROVIDER ACCESSION
DEED 
 THIS AGREEMENT is made on [    ] and made between: 

 

	(1)	 [Insert full name of new Debtor/Security Provider] (registration number [—] (if
applicable)) (the “Acceding [Debtor/Security Provider]”); and 

  

	(2)	 [Insert full name of current Security Agent] (the “Security Agent”), for itself and each of the other parties to the
Intercreditor Agreement referred to below. 

 This deed is made on [date] by the Acceding [Debtor/Security
Provider] in relation to an intercreditor agreement (the “Intercreditor Agreement”) dated [—] between, amongst others, Wilmington Trust (London) Limited as security agent, Citibank
International PLC as Administrative Agent, the Participating Creditors, the Original Debtors and Original Security Providers (each as defined in the Intercreditor Agreement). 

[The Acceding Debtor intends to [incur Liabilities under the following documents]/[give a guarantee, indemnity or other assurance against
loss in respect of Liabilities under the following documents]] [The Acceding Security Provider intends to grant Transaction Security under the following documents]: 

[Insert details (date, parties and description) of relevant documents] 

the “Relevant Documents”. 

IT IS AGREED as follows: 
  

	1.	 Terms defined in the Intercreditor Agreement shall, unless otherwise defined in this Agreement, bear the same meaning when used in this Agreement.

  

	2.	 The Acceding [Debtor/Security Provider] and the Security Agent agree that the Security Agent shall hold: 

 

	 	(a)	 [any Transaction Security in respect of Liabilities created or expressed to be created pursuant to the Relevant Documents;

  

	 	(b)	 all proceeds received following an Enforcement Event in respect of the shares and related rights the subject of that Transaction Security; and]

  

	 	(c)	 [all Liabilities expressed to be incurred by the Acceding [Debtor/ Security Provider (in relation to the Transaction Security granted by it pursuant
to the Relevant Documents)] to pay amounts in respect of the Liabilities to the Security Agent as trustee for the Secured Parties (in the Relevant Documents or otherwise) and secured by the Transaction Security together with all representations and
warranties expressed to be given by the Acceding [Debtor/Security Provider] (in the Relevant Documents or otherwise) in favour of the Security Agent as trustee for the Secured Parties,] on trust for the Secured Parties on the terms and conditions
contained in the Intercreditor Agreement. 

  

 - 78 - 

	3.	 The Acceding [Debtor/Security Provider] confirms that it intends to be party to the Intercreditor Agreement as a [Debtor/Security Provider],
undertakes to perform all the obligations expressed to be assumed by a [Debtor/Security Provider] under the Intercreditor Agreement and agrees that it shall be bound by all the provisions of the Intercreditor Agreement as if it had been an original
party to the Intercreditor Agreement. 

  

	4.	 This deed and any non-contractual obligations arising out of or in connection with it are is governed by, English law. 

THIS DEED has been signed on behalf of the Security Agent and executed as a deed by the Acceding [Debtor/Security Provider] and is delivered on
the date stated above. 
 The Acceding [Debtor/Security Provider] 

EXECUTED AS A DEED
                                         
   ) 
 By: [Full Name of Acceding [Debtor/Security Provider]]
            ) 

                      
                                         
          

                      
                                         
          
 Address for notices: 

Address: 
 Fax: 

The Security Agent 
 [Full Name of
Current Security Agent] 
 By: 

Date: 
  

 - 79 - 

 SCHEDULE 2 

FORM OF CREDITOR/ADMINISTRATIVE
AGENT/SECURITY AGENT ACCESSION UNDERTAKING 
  

			
	To:	  	[Insert full name of current Security Agent] for itself and each of the other parties to the Intercreditor Agreement referred to below.
		
	From:	  	[Acceding Participating Creditor/Agent/Security Agent/Refinancing Party]]

THIS UNDERTAKING is made on [date] by [insert full name of new Participating Creditor/ Administrative Agent] (the
“Acceding [Participating Creditor/Administrative Agent/Participating Creditor’s Representative/Administrative Agent/Security Agent/Refinancing Creditor/Refinancing Creditor Representative]”) in relation to the intercreditor
agreement (the “Intercreditor Agreement”) dated [—] between, among others, Wilmington Trust (London) Limited as security agent, Citibank International PLC as Administrative Agent,
the Participating Creditors the Original Borrowers, Original Guarantors and Original Security Providers (each as defined in the Intercreditor Agreement). Terms defined in the Intercreditor Agreement shall, unless otherwise defined in this
Undertaking, bear the same meanings when used in this Undertaking. 
 In consideration of the Acceding [Participating
Creditor/Administrative Agent/Participating Creditor’s Representative/Security Agent/Refinancing Creditor/Refinancing Creditor Representative] being accepted as a [Participating Creditor/Administrative Agent/Security Agent/Refinancing
Creditor/Refinancing Creditor Representative] for the purposes of the Intercreditor Agreement, the Acceding [Participating Creditor/Administrative Agent/Security Agent/Refinancing Creditor/Refinancing Creditor Representative] confirms that, as from
[date], it intends to be party to the Intercreditor Agreement as a [Participating Creditor/Administrative Agent/Participating Creditor’s Representative/Security Agent/Refinancing Creditor/Refinancing Creditor Representative] and undertakes to
perform all the obligations expressed in the Intercreditor Agreement to be assumed by a [Participating Creditor/Administrative Agent/Participating Creditor’s Representative/Security Agent/Refinancing Creditor/Refinancing Creditor
Representative] and agrees that it shall be bound by all the provisions of the Intercreditor Agreement, as if it had been an original party to the Intercreditor Agreement. 

This Undertaking and any non-contractual obligations arising out of or in connection with it are governed by English law. 

THIS UNDERTAKING has been entered into on the date stated above. 

Acceding [Participating Creditor/Agent/Security Agent/Refinancing Creditor/Refinancing Creditor Representative] 

 

 - 80 - 

 [EXECUTED as a DEED] 

[insert full name of Acceding 

Creditor] 
 By: 

Address: 
 Fax: 

 

	
	Accepted by the Security Agent
	
	  

	for and on behalf of
	
	[Insert full name of current Security Agent]
	
	Date:

  
  

	
	[Accepted by the Administrative Agent*
	
	  

	for and on behalf of
	
	[Insert full name of Administrative Agent]]
	
	[Accepted by the Refinancing Creditor
Representative†
	
	  

	for and on behalf of
	
	[Insert full name of Refinancing Creditor Representative]]

  

 

	*	 For change of Participating Creditor, Participating Creditor’s Representative and Security Agent. 

	†	 For change of Refinancing Creditor. 

  

 - 81 - 

 SIGNATURES 

EXECUTED AS A DEED 
 CEMEX, S.A.B. de C.V.

 as Parent, Original Guarantor and Original Security Provider 

 

			
	By:	 	/s/ HÉCTOR MEDINA AGUIAR
		
	Print Name:	 	HÉCTOR MEDINA AGUIAR
		
	Address:	 	Ricardo Margáin Zozaya No. 325,
		 	Col. Valle del Campestre
		 	San Pedro Garza Garcia
		 	 Nuevo León
 Mexico

		 	CP 66265
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

CEMEX ESPAÑA FINANCE LLC 
 as
Original Borrower and Original Guarantor 
  

			
	By:	 	/s/ ÁNGEL MÉNDEZ
		
	Print Name:	 	ÁNGEL MÉNDEZ
		
	Address:	 	Calle Hernandez de Tejada No. 1
		 	Madrid 28027
		 	Spain
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

CEMEX ESPAÑA, S.A. 
 as Original
Borrower and Original Guarantor 
  

			
	By:	 	/s/ JAVIER GARCIA
		
	Print Name:	 	JAVIER GARCIA
		
	Address:	 	Hernandez de Tejada 1
		 	28027 Madrid
		 	Spain
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

CEMEX MATERIALS LLC 
 as Original
Borrower 
  

			
	By:	 	/s/ ÁNGEL MÉNDEZ
		
	Print Name:	 	ÁNGEL MÉNDEZ
		
	Address:	 	920 Memorial City Way
		 	Suite 100
		 	Houston
		 	TX 77024
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

NEW SUNWARD HOLDING B.V. 
 as Original
Borrower, Original Guarantor and Original Security Provider 
  

			
	By:	 	/s/ ÁNGEL MÉNDEZ
		
	Print Name:	 	ÁNGEL MÉNDEZ
		
	Address:	 	Amsteldijk 166
		 	1079 LH
		 	Amsterdam
		 	The Netherlands
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

CEMEX AUSTRALIA HOLDINGS PTY LTD 
 as
Original Guarantor 
  

			
	By:	 	/s/ ÁNGEL MÉNDEZ
		
	as attorney for	 	CEMEX AUSTRALIA HOLDINGS PTY LTD
		
	Print Name:	 	ÁNGEL MÉNDEZ
		
	Address:	 	Level 8, Tower B
		 	799 Pacific Highway
		 	Chatswood
		 	NSW 2067
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

CEMEX CONCRETOS, S.A. DE C.V. 
 as
Original Guarantor 
  

			
	By:	 	/s/ ÁNGEL MÉNDEZ
		
	Print Name:	 	ÁNGEL MÉNDEZ
		
	Address:	 	Ricardo Margáin Zozaya No. 325
		 	Col. Valle del Campestre
		 	San Pedro Garza Garcia
		 	Neuvo León
		 	Mexico
		 	CP 66265
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

CEMEX CORP. 
 as Original Guarantor

  

			
	By:	 	/s/ ÁNGEL MÉNDEZ
		
	Print Name:	 	ÁNGEL MÉNDEZ
		
	Address:	 	920 Memorial City Way, Suite 100
		 	Houston
		 	Texas
		 	77024, USA
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

CEMEX, INC. 
 as Original Guarantor

  

			
	By:	 	/s/ ÁNGEL MÉNDEZ
		
	Print Name:	 	ÁNGEL MÉNDEZ
		
	Address:	 	920 Memorial City Way, Suite 100
		 	Houston
		 	Texas
		 	77024, USA
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

CEMEX MÉXICO, S.A. DE C.V. 
 as
Original Guarantor and Original Security Provider 
  

			
	By:	 	/s/ ÁNGEL MÉNDEZ
		
	Print Name:	 	ÁNGEL MÉNDEZ
		
	Address:	 	Ricardo Margáin Zozaya No. 325
		 	Col. Valle del Campestre
		 	San Pedro Garza Garcia
		 	Neuvo León
		 	Mexico
		 	CP 66265
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

EMPRESAS TOLTECA DE MEXICO, S.A. DE C.V. 

as Original Guarantor and Original Security Provider 
  

			
	By:	 	/s/ ÁNGEL MÉNDEZ
		
	Print Name:	 	ÁNGEL MÉNDEZ
		
	Address:	 	Ricardo Margáin Zozaya No. 325
		 	Col. Valle del Campestre
		 	San Pedro Garza Garcia
		 	Neuvo León
		 	Mexico
		 	CP 66265
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

CEMEX DUTCH HOLDINGS B.V. 
 as Original
Security Provider 
  

			
	By:	 	/s/ ÁNGEL MÉNDEZ
		
	Print Name:	 	ÁNGEL MÉNDEZ
		
	Address:	 	Amsteldijk 166
		 	1079 LH
		 	Amsterdam
		 	The Netherlands
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 SIGNED, SEALED and DELIVERED as a DEED 

CEMEX INTERNATIONAL FINANCE COMPANY 
 as
Original Security Provider 
 Signed for and on behalf of 

CEMEX INTERNATIONAL FINANCE COMPANY by /s/ ÁNGEL MÉNDEZ 

its lawfully appointed attorney 
  

			
	in the presence of:
		
	Witness Signature:	 	/s/ MARIA SIGUENZA
		
	Address:	 	Block A1
		 	East Point Business Park
		 	Dublin 3
		 	Ireland
		
	Occupation:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

CENTRO DISTRIBUIDOR DE CEMENTO, S.A. DE C.V. 

as Original Security Provider 
  

			
	By:	 	/s/ JUAN A. URIONABARRENECHEA
		
	Print Name:	 	JUAN A. URIONABARRENECHEA
		
	Address:	 	Ricardo Margáin Zozaya No. 325
		 	Col. Valle del Campestre
		 	San Pedro Garza Garcia
		 	Neuvo León
		 	México
		 	CP 66265
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

CORPORACIÓN GOUDA, S.A. DE C.V. 

as Original Security Provider 
  

			
	By:	 	/s/ JUAN A. URIONABARRENECHEA
		
	Print Name:	 	JUAN A. URIONABARRENECHEA
		
	Address:	 	Ricardo Margáin Zozaya No. 325
		 	Col. Valle del Campestre
		 	San Pedro Garza Garcia
		 	Neuvo León
		 	México
		 	CP 66265
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

IMPRA CAFÉ, S.A. DE C.V. 
 as
Original Security Provider 
  

			
	By:	 	/s/ JUAN A. URIONABARRENECHEA
		
	Print Name:	 	JUAN A. URIONABARRENECHEA
		
	Address:	 	Ricardo Margáin Zozaya No. 325
		 	Col. Valle del Campestre
		 	San Pedro Garza Garcia
		 	Neuvo León
		 	México
		 	CP 66265
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

INTERAMERICAN INVESTMENTS, INC. 
 as
Original Security Provider 
  

			
	By:	 	/s/ JUAN A. URIONABARRENECHEA
		
	Print Name:	 	JUAN A. URIONABARRENECHEA
		
	Address:	 	920 Memorial City Way, Suite 100
		 	Houston
		 	Texas 77024
		 	USA
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

MEXCEMENT HOLDINGS, S.A. DE C.V. 
 as
Original Security Provider 
  

			
	By:	 	/s/ JUAN A. URIONABARRENECHEA
		
	Print Name:	 	JUAN A. URIONABARRENECHEA
		
	Address:	 	Ricardo Margáin Zozaya No. 325
		 	Col. Valle del Campestre
		 	San Pedro Garza Garcia
		 	Neuvo León
		 	México
		 	CP 66265
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

SUNWARD ACQUISITIONS N.V. 
 as Original
Security Provider 
  

			
	By:	 	/s/ JUAN A. URIONABARRENECHEA
		
	Print Name:	 	JUAN A. URIONABARRENECHEA
		
	Address:	 	Amsteldijk 166
		 	1079 LH
		 	Amsterdam
		 	The Netherlands
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

SUNWARD HOLDINGS B.V. 
 as Original
Security Provider 
  

			
	By:	 	/s/ JUAN A. URIONABARRENECHEA
		
	Print Name:	 	JUAN A. URIONABARRENECHEA
		
	Address:	 	Amsteldijk 166
		 	1079 LH
		 	Amsterdam
		 	The Netherlands
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 EXECUTED AS A DEED 

SUNWARD INVESTMENTS B.V. 
 as Original
Security Provider 
  

			
	By:	 	/s/ JUAN A. URIONABARRENECHEA
		
	Print Name:	 	JUAN A. URIONABARRENECHEA
		
	Address:	 	Amsteldijk 166
		 	1079 LH
		 	Amsterdam
		 	The Netherlands
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 The Security Agent 

WILMINGTON TRUST (LONDON) LIMITED 
  

			
	By:	 	/s/ ELAINE LOCKHART
		
	Print Name:	 	ELAINE LOCKHART
		
	Address:	 	Fifth Floor, 6 Broad Street Place, London EC2M 7JH
		
	Fax:	 	+44 (0) 20 7614 1122
		
	Attention:	 	Elaine K. Lockhart

  

 Intercreditor Agreement 

 The Administrative Agent 

CITIBANK INTERNATIONAL PLC 
  

			
	By:	 	/s/ JANE HORNER
		
	Print Name:	 	JANE HORNER
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 The Participating Creditors 

ABN AMRO BANK, N.V. 
  

			
	By:	 	/s/ RAFAEL LULENA / ISABEL DIAZ
		
	Print Name:	 	RAFAEL LULENA / ISABEL DIAZ
		
	Address:	 	C/ José Ortega y Gasset, 29
		 	5° PLTA
		 	28006
		 	Madrid
		
	Fax:	 	+34 91 423 69 48
		
	Attention:	 	MARIO GIL

  

 Intercreditor Agreement 

 ABN AMRO BANK N.V. SUCURSAL EN ESPAÑA 

 

			
	By:	 	/s/ RAFAEL LULENA / ISABEL DIAZ
		
	Print Name:	 	RAFAEL LULENA / ISABEL DIAZ
		
	Address:	 	C/ José Ortega y Gasset, 29
		 	5° PLTA
		 	28006
		 	Madrid
		
	Fax:	 	+34 91 423 69 48
		
	Attention:	 	MARIO GIL

  

 Intercreditor Agreement 

 ATLANTIC SECURITY BANK 

 

			
	By:	 	/s/ ANDRÉ SCHOBER / ARCADIO CLEMENT
		
	Print Name:	 	ANDRÉ SCHOBER / ARCADIO CLEMENT
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 BANCA MONTE DEI PASCHI DI SIENA S.P.A. 

NEW YORK BRANCH 
  

			
	By:	 	/s/ RENATO BASSI / BRIAN R LANDY
		
	Print Name:	 	RENATO BASSI / BRIAN R LANDY
		
	Address:	 	55 E.
59th Street
		 	55 East Street
		 	New York
		 	NY 10022
		
	Fax:	 	(212) 891 3661
		
	Attention:	 	

  

 Intercreditor Agreement 

 BANCA MONTE DEI PASCHI DI SIENA S.P.A., LONDON BRANCH 

 

			
	By:	 	/s/ ENRICO VIGNOLI / DUNCAN ROUSE
		
	Print Name:	 	ENRICO VIGNOLI / DUNCAN ROUSE
		
	Address:	 	6TH Floor,
 Capital House
		 	85 King William Street
		 	London
		 	EC4N 7BL
		
	Fax:	 	020 7929 3343
		
	Attention:	 	MICHAEL GIVEN/WENDY JOHNSON

  

 Intercreditor Agreement 

 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 

 

			
	By:	 	/s/ FRANCISCO RODRIGUEZ TEJEDOR / STÉPHANE POSSOT
		
	Print Name:	 	FRANCISCO RODRIGUEZ TEJEDOR / STÉPHANE POSSOT
		
	Address:	 	Vía de los Poblados S/N
		 	Madrid
		 	Spain
		
	Fax:	 	91 374 77 58
		
	Attention:	 	SYNDICATED LOANS

  

 Intercreditor Agreement 

 BANCO BILBAO VIZCAYA ARGENTARIA, S.A., GRAND CAYMAN BRANCH 

 

			
	By:	 	/s/ FRANCISCO RODRIGUEZ TEJEDOR / STÉPHANE POSSOT
		
	Print Name:	 	FRANCISCO RODRIGUEZ TEJEDOR / STÉPHANE POSSOT
		
	Address:	 	Vía de los Poblados S/N
		 	Madrid
		 	Spain
		
	Fax:	 	91 374 77 58
		
	Attention:	 	SYNDICATED LOANS

  

 Intercreditor Agreement 

 BANCO BILBAO VIZCAYA ARGENTARIA, S.A., NEW YORK BRANCH 

 

			
	By:	 	/s/ FRANCISCO RODRIGUEZ TEJEDOR / STÉPHANE POSSOT
		
	Print Name:	 	FRANCISCO RODRIGUEZ TEJEDOR / STÉPHANE POSSOT
		
	Address:	 	Vía de los Poblados S/N,
		 	Madrid
		 	Spain
		
	Fax:	 	91 374 77 58
		
	Attention:	 	SYNDICATED LOANS

  

 Intercreditor Agreement 

 BANCO CAIXA GERAL, S.A. 

 

			
	By:	 	/s/ FRANCISCO J PAREJA SANTANA / MIGUEL ARIAS NÚŇEZ
		
	Print Name:	 	FRANCISCO J PAREJA SANTANA / MIGUEL ARIAS NÚŇEZ
		
	Address:	 	C/Juan Ignacio Luca De Tena, 1
		 	Madrid
		 	Spain
		
	Fax:	 	00 34 91 564 3837
		
	Attention:	 	

  

 Intercreditor Agreement 

 BANCO DE GALICIA 
  

			
	By:	 	/s/ MIGUEL ANGEL PÉREZ JIMÉNEZ / EDUARDO MARTIN MARTINEZ
		
	Print Name:	 	MIGUEL ANGEL PÉREZ JIMÉNEZ / EDUARDO MARTIN MARTINEZ
		
	Address:	 	C/ Velazquez 34
		 	28001 Madrid
		 	España
		
	Fax:	 	+34 91 578 29 31
		
	Attention:	 	EDUARDO MARTIN MARTINEZ

  

 Intercreditor Agreement 

 BANCO DE SABADELL, S.A. 

 

			
	By:	 	/s/ RICARDO PARDAVILA COCAÑA / DOMINGO JARABO DE LA TORRE
		
	Print Name:	 	RICARDO PARDAVILA COCAÑA / DOMINGO JARABO DE LA TORRE
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 BANCO ESPAÑOL DE CRÉDITO, S.A. MADRID 

 

			
	By:	 	/s/ JAVIER RODRIGUES SANMARTIN /JAVIER GONZALEZ CANTERO
		
	Print Name:	 	JAVIER RODRIGUES SANMARTIN /JAVIER GONZALEZ CANTERO
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 BANCO NACIONAL DE COMERCIO EXTERIOR, S.N.C. 

 

			
	By:	 	/s/ LIC. JORGE A. TOVAR CASTRO / LIC. LEONEL N. VÁSQUEZ GÓMEZ
		
	Print Name:	 	LIC. JORGE A. TOVAR CASTRO / LIC. LEONEL N. VÁSQUEZ GÓMEZ
		
	Address:	 	Ave. Gómez Morín No. 350
		 	Local 402
		 	Col. Valle del Campestre
		 	San Pedro Garza García
		 	N.L. México
		
	Fax:	 	52 (81) 8369 2195
		
	Attention:	 	

  

 Intercreditor Agreement 

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

 

			
	By:	 	/s/ JULIO ALVAREZ / ANA E CALLES
		
	Print Name:	 	JULIO ALVAREZ / ANA E CALLES
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 BANCO SANTANDER, S.A. 

 

			
	By:	 	/s/ JUAN ANDRES YANES LUCIANI
		
	Print Name:	 	JUAN ANDRES YANES LUCIANI
		
	Address:	 	Av. Cantabria S/N
		 	 Edificio Pampa – 2° Planta

Boadilla del Moute

		
		 	Madrid
		
	Fax:	 	+34 91 531 1491
		
	Attention:	 	JUAN CARLOS DÍAZ ALONSO
		 	ALACELI DIAZ LOZANO

  

 Intercreditor Agreement 

 BANCO SANTANDER S.A., NEW YORK BRANCH 

 

			
	By:	 	/s/ JUAN ANDRES YANES LUCIANI
		
	Print Name:	 	JUAN ANDRES YANES LUCIANI
		
	Address:	 	45 East
53rd Street
		 	New York
		 	USA
		
	Fax:	 	+1 (212) 350 3647
		
	Attention:	 	LIGIA CASTRO

  

 Intercreditor Agreement 

 BANCO SANTANDER (MEXICO), S.A., INSTITUCION DE BANCA 

MULTIPLE, GRUPO FINANCIERO SANTANDER 
  

			
	By:	 	/s/ OCTAVIANO COUTTOLENC / MAURICIO REBOLLEDO
		
	Print Name:	 	OCTAVIANO COUTTOLENC / MAURICIO REBOLLEDO
		
	Address:	 	Pvol.Paseo da la Reforma 500
		
	Fax:	 	5255 5269 2227
		
	Attention:	 	

  

 Intercreditor Agreement 

 BANK OF AMERICA, N.A. 

 

			
	By:	 	/s/ BENITO RONCERO VIDAL
		
	Print Name:	 	BENITO RONCERO VIDAL
		
	Address:	 	Torre Picasso Planta 40
		 	28020
		 	Madrid
		
	Fax:	 	+34 915 143 369
		
	Attention:	 	FABRICIO PROTTI

  

 Intercreditor Agreement 

 BANK OF AMERICA N.A., SUCURSAL EN ESPAÑA 

 

			
	By:	 	/s/ BENITO RONCERO VIDAL
		
	Print Name:	 	BENITO RONCERO VIDAL
		
	Address:	 	Torre Picasso Planta 40
		 	28020
		 	Madrid
		
	Fax:	 	+34 915 143 369
		
	Attention:	 	FABRICIO PROTTI

  

 Intercreditor Agreement 

 BARCLAYS BANK PLC 
  

			
	By:	 	/s/ MARK MANSKI
		
	Print Name:	 	MARK MANSKI
		
	Address:	 	200 Park Avenue
		 	New York
		 	NY 10166
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 BAYERISCHE HYPO- UND VEREINSBANK AG 

 

			
	By:	 	/s/ MS DOLORES DEGNER PEREZ-CIERRA / ANA MARIA CHAVES LOPEZ
		
	Print Name:	 	MS DOLORES DEGNER PEREZ-CIERRA / ANA MARIA CHAVES LOPEZ
		
	Address:	 	C/Moutalban
		 	No.7 – 53 & 2° Planta
		 	E- 28014
		
		 	Madrid
		
	Fax:	 	00 34 91 531 3770
		
	Attention:	 	MR ALFONSO CERVERA / MS MARIA DOLORES DEGNER

  

 Intercreditor Agreement 

 BAYERISCHE LANDESBANK 

 

			
	By:	 	/s/ DIETMAR LEIPOLED / JOSEF DIEPOLD
		
	Print Name:	 	DIETMAR LEIPOLED / JOSEF DIEPOLD
		
	Address:	 	Brienner Str 18
		 	80333 München
		 	Germany
		
	Fax:	 	+49 89 2171 22273
		
	Attention:	 	Dpt 2320 JOSEF DIEPOLD

  

 Intercreditor Agreement 

 BBVA BANCOMER, S.A., INSTITUCION DE BANCA MULTIPLE GRUPO FINANCIERO BBVA BANCOMER 

 

			
	By:	 	/s/ ALEJANDRO CORDENAS BORLONI / RICARDO CANO SWAIN
		
	Print Name:	 	ALEJANDRO CORDENAS BORLONI / RICARDO CANO SWAIN
		
	Address:	 	Montes Urales 620, p2
		 	Col. Lomas De Chapultepec
		 	Mexico 11000
		
	Fax:	 	+52 (55) 5201 2054
		
	Attention:	 	

  

 Intercreditor Agreement 

 BNP PARIBAS 
  

			
	By:	  	/s/ KATHRYN B QUINN / KRISTIE PELLECCHIA
		
	Print Name:	  	KATHRYN B QUINN / KRISTIE PELLECCHIA
		
	Address:	  	
		
	Fax:	  	
		
	Attention:	  	

  

 Intercreditor Agreement 

 BNP PARIBAS (SYDNEY BRANCH) 

 

			
	By:	 	/s/ KATHRYN B QUINN / KRISTIE PELLECCHIA
		
	Print Name:	 	KATHRYN B QUINN / KRISTIE PELLECCHIA
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 BRED BANQUE POPULAIRE 

 

			
	By:	 	/s/ ANDRÉ DELRUE
		
	Print Name:	 	ANDRÉ DELRUE
		
	Address:	 	BRED Banque Populaire
		 	8898 L
		 	18 Quai de la Rapeé
		 	75012 Paris
		 	France
		
	Fax:	 	+33 1 40 04 71 37
		
	Attention:	 	DIMITRI LASIES

  

 Intercreditor Agreement 

 CAISSE REGIONALE DE CREDIT AGRICOLE MUTUEL DE PARIS ET D’ILE-DE-FRANCE 

 

			
	By:	 	/s/ MR JEAN-MICHEL BATTAGLINI
		
	Print Name:	 	MR JEAN-MICHEL BATTAGLINI
		
	Address:	 	26 Quai de la Rapeé
		 	75596
		 	Paris
		 	Cedex 12
		
	Fax:	 	+33 1 44 73 16 31
		
	Attention:	 	CLÉMENCE BUREAU SECTION INDUSTRIE

  

 Intercreditor Agreement 

 CAIXA D’ESTALVIS I PENSIONS DE BARCELONA 

 

			
	By:	 	/s/ CARLOS DE PARIAS / JOSÉ IGNACIO ZAMACOIS
		
	Print Name:	 	CARLOS DE PARIAS / JOSÉ IGNACIO ZAMACOIS
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 BNP PARIBAS PANAMA BRANCH 

 

			
	By:	 	/s/ KATHRYN B QUINN / KRISTIE PELLECCHIA
		
	Print Name:	 	KATHRYN B QUINN / KRISTIE PELLECCHIA

 Address: 

Fax: 
 Attention: 

 

 Intercreditor Agreement 

 BNP PARIBAS SUCURSAL EN ESPAÑA 

 

			
	By:	 	/s/ KATHRYN B QUINN / KRISTIE PELLECCHIA
		
	Print Name:	 	KATHRYN B QUINN / KRISTIE PELLECCHIA

 Address: 

Fax: 
 Attention: 

 

 Intercreditor Agreement 

 CAJA DE AHORROS DE ASTURIAS 

 

			
	By:	 	/s/ CRISTINA ROZA IGLESIAS
		
	Print Name:	 	CRISTINA ROZA IGLESIAS
		
	Address:	 	C/San Francisco 14
		 	33003 Oviedo
		 	Spain
		
	Fax:	 	(34) 98 5102196
		
	Attention:	 	

  

 Intercreditor Agreement 

 CAJA DE AHORROS DE GALICIA 

 

			
	By:	 	/s/ JAVIER ESCRÍBANO MENA
		
	Print Name:	 	JAVIER ESCRÍBANO MENA
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 CAJA DE AHORROS Y MONTE DE PIEDAD MADRID 

 

			
	By:	 	/s/ JORGE SALAMERO / JOSE NUÑO
		
	Print Name:	 	JORGE SALAMERO / JOSE NUÑO
		
	Address:	 	P Castellana 189
		 	5° Planta
		 	28046
		 	Madrid
		 	Spain
		
	Fax:	 	+34 91 423 9718
		
	Attention:	 	JORGE SALAMERO

  

 Intercreditor Agreement 

 CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID - MIAMI AGENCY 

 

			
	By:	 	/s/ IGNACIO REGUERAS / J CUETO
		
	Print Name:	 	IGNACIO REGUERAS / J CUETO
		
	Address:	 	701 Brickell Avenue
		 	#2000
		 	Miami
		 	FL 33131
		 	USA
		
	Fax:	 	+1 305 371 4243
		
	Attention:	 	

  

 Intercreditor Agreement 

 CALYON 
  

			
	By:	 	/s/ PIERRE DEBRAY / KEVIN FLOOD
		
	Print Name:	 	PIERRE DEBRAY / KEVIN FLOOD
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 CALYON NEW YORK BRANCH 

 

			
	By:	 	/s/ PIERRE DEBRAY / KEVIN FLOOD
		
	Print Name:	 	PIERRE DEBRAY / KEVIN FLOOD
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 CALYON SUCURSAL EN ESPAÑA 

 

			
	By:	 	/s/ PIERRE DEBRAY / KEVIN FLOOD
		
	Print Name:	 	PIERRE DEBRAY / KEVIN FLOOD
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 CENTROBANCA - BANCA DI CREDITO FINANZIARIO E MOBILIARE S.P.A. 

 

			
	By:	 	/s/ ALBERTO BERETTA
		
	Print Name:	 	ALBERTO BERETTA
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 CITIBANK (BANAMEX USA) 

 

			
	By:	 	/s/ JEFF HEALY / CLAUDIO CARRASCO
		
	Print Name:	 	JEFF HEALY / CLAUDIO CARRASCO
		
	Address:	 	2029 Century Park East
		 	Los Angeles
		 	CA 90067
		 	USA
		
	Fax:	 	(310) 203-3761
		
	Attention:	 	JEFF HEALY

  

 Intercreditor Agreement 

 CITIBANK INTERNATIONAL PLC, SUCURSAL EN ESPAÑA 

 

			
	By:	 	/s/ PEDRO LOPEZ QUESADA
		
	Print Name:	 	PEDRO LOPEZ QUESADA
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 CITIBANK N.A., NASSAU, BAHAMAS BRANCH 

 

			
	By:	 	/s/ LESLIE MUNROE
		
	Print Name:	 	LESLIE MUNROE
		
	Address:	 	Citibank NA
		 	Nassau
		 	Bahamas
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 CITIBANK N.A., NEW YORK 

 

			
	By:	 	/s/ MARIO ESPINOSA
		
	Print Name:	 	MARIO ESPINOSA
		
	Address:	 	390 Greenwich Street
		 	1st Floor

		 	New York
		 	NY 10013
		
	Fax:	 	646 328 2866
		
	Attention:	 	BRENDAN HART

  

 Intercreditor Agreement 

 COMERICA BANK 
  

			
	By:	 	/s/ MARK F LAYTON
		
	Print Name:	 	MARK F LAYTON
		
	Address:	 	411 W Lafayette
		 	Detroit
		 	MI 48226
		
	Fax:	 	313 222 3779
		
	Attention:	 	

  

 Intercreditor Agreement 

 COMMERZBANK AG LONDON BRANCH 

 

			
	By:	 	/s/ PAUL ROBBINS / RUSSELL BATES
		
	Print Name:	 	PAUL ROBBINS / RUSSELL BATES
		
	Address:	 	30 Gresham Street
		 	London
		 	EC2P 2XY
		
	Fax:	 	0870 889 6579
		
	Attention:	 	

  

 Intercreditor Agreement 

 COMMERZBANK AG (FORMERLY DRESDNER BANK AG, ACTING THROUGH ITS LENDING OFFICE DRESDNER BANK AG, NEW YORK
BRANCH) 
  

			
	By:	 	/s/ BRIAN SMITH / THOMAS BRADY
		
	Print Name:	 	BRIAN SMITH / THOMAS BRADY
		
	Address:	 	1301 Ave of the Americas
		 	New York
		 	NY 10019
		
	Fax:	 	212 895 1560
		
	Attention:	 	BRIAN SMITH

  

 Intercreditor Agreement 

 CREDIT INDUSTRIEL ET COMMERCIAL LONDON BRANCH 

 

			
	By:	 	/s/ T D PRESTWICH / STEVE FRANCIS
		
	Print Name:	 	T D PRESTWICH / STEVE FRANCIS
		
	Address:	 	Veritas House
		 	125 Finsbury Pavement
		 	London
		 	EC2A 1HX
		
	Fax:	 	+44 207 454 5466
		
	Attention:	 	P KITCHING

  

 Intercreditor Agreement 

 DEUTSCHE BANK AG 
  

			
	By:	 	/s/ J OTERO / V MARTIN
		
	Print Name:	 	J OTERO / V MARTIN
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 DEUTSCHE BANK AG NEW YORK BRANCH 

 

			
	By:	 	/s/ J OTERO / V HOFMANN
		
	Print Name:	 	J OTERO / V HOFMANN
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 DEUTSCHE BANK LUXEMBOURG S.A. 

 

			
	By:	 	/s/ ANKE BUDZISCH / KARLINA BELHOSTE
		
	Print Name:	 	ANKE BUDZISCH / KARLINA BELHOSTE
		
	Address:	 	2 Boulevard Konrad Adenauer
		 	L-1115
		 	Luxembourg
		
	Fax:	 	+352 421 22 95 771
		
	Attention:	 	GWEN BLUMHOFF / KARLINA BELHOSTE

  

 Intercreditor Agreement 

 FORTIS BANK S.A./N.V. 

 

			
	By:	 	/s/ NATALIE GILBERT / EVELYNE PETIT
		
	Print Name:	 	NATALIE GILBERT / EVELYNE PETIT
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 FORTIS BANK S.A. / N.V. Cayman Islands Branch 

 

			
	By:	 	/s/ CHARLES COUROUBLE
		
	Print Name:	 	CHARLES COUROUBLE
		
	Address:	 	520 Madison Ave
		 	New York
		
	Fax:	 	212 340 5560
		
	Attention:	 	
		
	By:	 	/s/ DIRAN CHOLAKIAN
		
	Print Name:	 	DIRAN CHOLAKIAN
		
	Address:	 	
		
	Fax:	 	201 631 2221
		
	Attention:	 	

  

 Intercreditor Agreement 

 FORTIS, S.A., SUCURSAL EN ESPAÑA 

 

			
	By:	 	/s/ ROGER RAMOS PUIG
		
	Print Name:	 	ROGER RAMOS PUIG
		
	Address:	 	C/ Serrano 73
		 	28006 Madrid
		
	Fax:	 	
		
	Attention:	 	Service Centre
		 	902 343535

  

 Intercreditor Agreement 

 HSBC BANK, PLC SUCURSAL EN ESPAÑA 

 

			
	By:	 	/s/ MARK J HALL
		
	Print Name:	 	MARK J HALL
		
	Address:	 	Pz Pablo Riuz Picasso, 1
		 	Torre Picasso Pl 33
		 	28020 Madrid
		
	Fax:	 	+34 91 456 61 13
		
	Attention:	 	ANTONIO VILELA

  

 Intercreditor Agreement 

 HSBC MEXICO, S.A., INSTITUCION DE BANCA MULTIPLE, GRUPO FINANCIERO HSBC 

 

			
	By:	 	/s/ VICTOR MANUEL ELIZONDO ARIAS
		
	Print Name:	 	VICTOR MANUEL ELIZONDO ARIAS
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 HSBC MÉXICO, S.A., INSTITUCIÓN DE BANCA MULTIPLE, GRUPO FINANCIERO HSBC, ACTING THROUGH ITS
GRAND CAYMAN BRANCH 
  

			
	By:	 	/s/ VICTOR MANUEL ELIZONDO ARIAS
		
	Print Name:	 	VICTOR MANUEL ELIZONDO ARIAS
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 IKB DEUTSCHE INDUSTRIEBANK AG, SUCURSAL EN ESPAÑA 

 

			
	By:	 	/s/ ANA BOHORQUEZ RODRIGUEZ
		
	Print Name:	 	ANA BOHORQUEZ RODRIGUEZ
		
	Address:	 	Paseo de la Castellana 9-11
		 	E- 28046
		 	Madrid
		
	Fax:	 	+34 91 700 1463
		
	Attention:	 	MS MARIANA GONZÁLEZ

  

 Intercreditor Agreement 

 ING BANK N.V. 
  

			
	By:	 	/s/ M.P.W. VAN KLINK / R.SPAA
		
	Print Name:	 	M.P.W. VAN KLINK / R.SPAA
		
	Address:	 	Bijlmerplein 888
		 	1102 MG
		 	Amsterdam
		
	Fax:	 	+31 20 652 3134
		
	Attention:	 	PIA GUTIERREZ UGARTE

  

 Intercreditor Agreement 

 ING BANK, N.V. (ACTING THROUGH ITS CURACAO BRANCH) 

 

			
	By:	 	/s/ M.P.W. VAN KLINK / R.SPAA
		
	Print Name:	 	M.P.W. VAN KLINK / R.SPAA
		
	Address:	 	Bijlmerplein 888
		 	1102 MG
		 	Amsterdam
		
	Fax:	 	+31 20 652 3134
		
	Attention:	 	PIA GUTIERREZ UGARTE

  

 Intercreditor Agreement 

 ING BELGIUM S.A. SUCURSAL EN ESPAÑA 

 

			
	By:	 	/s/ D GUSTAVO DE ROSA / MONICA MARTÍNEZ MENDIZABAL
		
	Print Name:	 	D GUSTAVO DE ROSA / MONICA MARTÍNEZ MENDIZABAL
		
	Address:	 	C/Génova 27
		 	3° planta
		 	28004 Madrid
		 	Spain
		
	Fax:	 	91 417 82 11
		
	Attention:	 	DÑA. MERCEDES MARTÍNEZ DE RUS/
		 	DÑA. BUENSUCESO VERGEL FERNÁNDEZ

  

 Intercreditor Agreement 

 INSTITUTO DE CREDITO OFICIAL 

 

			
	By:	 	/s/ SILVIA DÍEZ BARROSO
		
	Print Name:	 	SILVIA DÍEZ BARROSO
		
	Address:	 	Paseo del Prado 4
		 	28014 Madrid
		
	Fax:	 	+34 91 592 1864
		
	Attention:	 	ICIAR ZARATE

  

 Intercreditor Agreement 

 INTESA SANPAOLO S.p.A., NEW YORK BRANCH 

 

			
	By:	 	/s/ BARBARA J BASSI / FRANCESCO DI MARIO
		
	Print Name:	 	BARBARA J BASSI / FRANCESCO DI MARIO
		
	Address:	 	One William Street
		 	NYC 10004
		
	Fax:	 	1 212 607 3729
		
	Attention:	 	BARBARA BASSI

  

 Intercreditor Agreement 

 INTESA SANPAOLO S.P.A., SUCURSAL EN ESPAÑA 

 

			
	By:	 	/s/ JUAN F PONTONI / MASIMO SUTTO
		
	Print Name:	 	JUAN F PONTONI / MASIMO SUTTO
		
	Address:	 	Plaza de Colón
		 	2 Edificio Colón Torre II – Planta 10
		 	28046 Madrid
		 	Spain
		
	Fax:	 	+34 (91) 310 7445
		
	Attention:	 	JUAN F PONTONI

  

 Intercreditor Agreement 

 JP MORGAN CHASE BANK, N.A. 

 

			
	By:	 	/s/ PABLO OGARRIO
		
	Print Name:	 	PABLO OGARRIO
		
	Address:	 	270 Park Avenue
		 	4th Fl
 New York
		 	NY 10017
		
	Fax:	 	212 270 5100
		
	Attention:	 	

  

 Intercreditor Agreement 

 JPMORGAN CHASE BANK N.A., SUCURSAL EN ESPAÑA 

 

			
	By:	 	/s/MYRIAM ALCAIDE /SANDRINE N LEHM VIDAZ
		
	Print Name:	 	MYRIAM ALCAIDE / SANDRINE N LEHM VIDAZ
		
	Address:	 	José Ortega y Gasset, 29
		 	28006 Madrid
	Fax:	 	(34) 91 516 1490
		
	Attention:	 	MARISA LEÓN

  

 Intercreditor Agreement 

 LANDESBANK BADEN-WÜRTTEMBERG, LONDON BRANCH 

 

			
	By:	 	/s/ STEPHEN HART /ALAIN J LAVIOLETTE
		
	Print Name:	 	STEPHEN HART /ALAIN J LAVIOLETTE
		
	Address:	 	7th Floor

		 	201 Bishopsgate
		 	London
		 	EC2M 3UN
		
	Fax:	 	
		
	 Attention:
	 	

  

 Intercreditor Agreement 

 LANDESBANK BADEN-WÜRTTEMBERG, STUTTGART BRANCH 

 

			
	By:	 	/s/ STEPHEN HART / ALAIN J LAVIOLETTE
		
	Print Name:	 	STEPHEN HART / ALAIN J LAVIOLETTE
		
	Address:	 	Am Hauptbahnhof 2
		 	70173 Stuttgart
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 LLOYDS TSB BANK, PLC 

 

			
	By:	 	/s/ JONATHAN SMITH
		
	Print Name:	 	JONATHAN SMITH
		
	Address:	 	48 Chiswell Street
		 	London
		 	EC1Y 4XX
		
	Fax:	 	020 7522 6363
		
	Attention:	 	JONATHAN SMITH

  

 Intercreditor Agreement 

 LLOYDS TSB BANK PLC, SUCURSAL EN ESPAÑA 

 

			
	By:	 	/s/ SUSANA MERODIO / ALBERTO MARTINEZ
		
	Print Name:	 	SUSANA MERODIO / ALBERTO MARTINEZ
		
	Address:	 	C/ Serrano 90
		 	28006 Madrid
		
	Fax:	 	+34 91 575 3681
		
	Attention:	 	GABRIEL GIL / SUSANA MERODIO

  

 Intercreditor Agreement 

 MEDIOBANCA - BANCA DI CREDITO FINANZIARIO S.P.A. 

 

			
	By:	 	/s/ LORENZO REDIVO
		
	Print Name:	 	LORENZO REDIVO
		
	Address:	 	Piazzetta E Cuccia 1
		 	Milano
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 MERRILL LYNCH INTERNATIONAL BANK LIMITED 

 

			
	By:	 	/s/ BARRY RYAN / CONOR WALSH
		
	Print Name:	 	BARRY RYAN / CONOR WALSH
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 MIZUHO CORPORATE BANK, LTD. 

 

			
	By:	 	/s/ DAVID COSTA
		
	Print Name:	 	DAVID COSTA
		
	Address:	 	1251 Ave of the Americas
		 	New York
		 	NY 10020
		
	Fax:	 	(212) 282 4385
		
	Attention:	 	THOMAS MCCULLOUGH

  

 Intercreditor Agreement 

 MIZUHO CORPORATE BANK NEDERLAND, N.V. 

 

			
	By:	 	/s/ T HISANO / L A M REYNDERS
		
	Print Name:	 	T HISANO / L A M REYNDERS
		
	Address:	 	Apollolaan 171
		 	1077 AS
		 	Amsterdam
		
	Fax:	 	+31 20 573 4376
		
	Attention:	 	A VAN VEEN

  

 Intercreditor Agreement 

 MORGAN STANLEY BANK INTERNATIONAL LIMITED 

 

			
	By:	 	/s/ VINCENT VAN HEYSTE
		
	Print Name:	 	VINCENT VAN HEYSTE
		
	Address:	 	20 Bank Street
		 	London
		 	E14 4AD
		
	Fax:	 	+44 207 056 4594
		
	Attention:	 	

  

 Intercreditor Agreement 

 MORGAN STANLEY BANK, N.A. 

 

			
	By:	 	/s/ TODD VANNUCCI
		
	Print Name:	 	TODD VANNUCCI
		
	Address:	 	1585 Broadway
		 	New York
		 	NY 10036
		
	Fax:	 	212 507 2450
		
	Attention:	 	

  

 Intercreditor Agreement 

 SANTANDER OVERSEAS BANK INC 

 

			
	By:	 	/s/ FABIO PELLIZER
		
	Print Name:	 	FABIO PELLIZER
		
	Address:	 	
		
	Fax:	 	
		
	Attention:	 	

  

 Intercreditor Agreement 

 SCOTIABANK EUROPE PLC 

 

			
	By:	 	/s/ MARK SPARROW
		
	Print Name:	 	MARK SPARROW
		
	Address:	 	33 Finsbury Square
		 	London
		
	Fax:	 	+44 (0)20 7454 9019
		
	Attention:	 	

  

 Intercreditor Agreement 

 SCOTIABANK EUROPE, PLC, LONDON 

 

			
	By:	 	/s/ MARK SPARROW
		
	Print Name:	 	MARK SPARROW
		
	Address:	 	33 Finsbury Square
		 	London
		
	Fax:	 	+44 (0)20 7454 9019
		
	Attention:	 	

  

 Intercreditor Agreement 

 SOCIÉTÉ GÉNÉRALE 

 

			
	By:	 	/s/ MONICA MARTIN RICHARD / MARINA FELTRER BAUZÁ
		
	Print Name:	 	MONICA MARTIN RICHARD / MARINA FELTRER BAUZÁ
		
	Address:	 	29 Boulevard Haussmann
		 	75009 Paris
		 	France
		
	Fax:	 	00 34 91 589 3828
		
	Attention:	 	LIONEL LECRINIER/ BEATRIZ MELERO

  

 Intercreditor Agreement 

 SOCIÉTÉ GÉNÉRALE, NEW YORK 

 

			
	By:	 	/s/ CAROL RADICE
		
	Print Name:	 	CAROL RADICE
		
	Address:	 	1221 Avenue of the Americas
		 	New York
		 	NY 10020
		
	Fax:	 	212 278 7462
		
	Attention:	 	CAROL RADICE

  

 Intercreditor Agreement 

 STANDARD CHARTERED BANK 

 

			
	By:	 	/s/ MARC CHAIT / MARIA L GARCIA
		
	Print Name:	 	MARC CHAIT / MARIA L GARCIA
		
	Address:	 	1 Madison Avenue
		 	New York
		 	NY 10010
		
	Fax:	 	212 667 0797
		
	Attention:	 	

  

 Intercreditor Agreement 

 TAKAREKBANK (MAGYAR) 

 

			
	By:	  	/s/ ERIK DRESEN / KRISZTIÁN BRAUN
		
	Print Name:	  	ERIK DRESEN / KRISZTIÁN BRAUN
		
	Address:	  	Magyar Takarékszövetkezeti Bank ZRT
		  	H-1122 Budapest
		  	Pethenyi koz 10
		  	Hungary
		
	Fax:	  	+361 225 4280
		
	Attention:	  	MR KRISZTIÁN BRAUN

  

 Intercreditor Agreement 

 THE BANK OF NOVA SCOTIA 

 

			
	By:	  	/s/ STEPHEN H COREY / DONNA SHAIN
		
	Print Name:	  	STEPHEN H COREY / DONNA SHAIN
		
	Address:	  	
		
	Fax:	  	
		
	Attention:	  	

  

 Intercreditor Agreement 

 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., SUCURSAL EN ESPAÑA 

 

			
	By:	  	/s/ DAVID NODA
		
	Print Name:	  	DAVID NODA
		
	Address:	  	Jose Ortega y Gasset 29
		  	28006 Madrid
		  	Spain
		
	Fax:	  	+34 91 432 85 97
		
	Attention:	  	CARMEN HERRERO / JOSE ANTONIO RODRIGUEZ

  

 Intercreditor Agreement 

 THE BANK OF TOKYO-MITSUBISHI UFJ, LTD. 

 

			
	By:	  	/s/ DAVID NODA
		
	Print Name:	  	DAVID NODA
		
	Address:	  	1251 Avenue of the Americas
		  	New York
		  	NY 10020-1104
		
	Fax:	  	212 782 6400
		
	Attention:	  	EMI NAKANE

  

 Intercreditor Agreement 

 THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND 

 

			
	By:	  	/s/ MAURICE HEALY / COLM HANNON
		
	Print Name:	  	MAURICE HEALY / COLM HANNON
		
	Address:	  	Bank of Ireland Head Office
		  	Lower Baggot Street
		  	Dublin 2
		  	Ireland
		
	Fax:	  	+353 1 604 4025
		
	Attention:	  	COLM HANNON

  

 Intercreditor Agreement 

 THE ROYAL BANK OF SCOTLAND PLC 

 

			
	By:	  	/s/ NICK WATKINS
		
	Print Name:	  	NICK WATKINS
		
	Address:	  	Syndicated Loans Agency
		  	The Royal Bank of Scotland plc
		  	135 Bishopsgate
		  	London EC2M 3UR
		
	Fax:	  	
		
	Attention:	  	

  

 Intercreditor Agreement 

 UNICREDIT S.P.A. NEW YORK BRANCH 

 

			
	By:	  	/s/ MICHAEL NOVELLINO / LORIANN CURNYN
		
	Print Name:	  	MICHAEL NOVELLINO / LORIANN CURNYN
		
	Address:	  	150 East 42 Street
		  	New York
		  	NY 10017
		
	Fax:	  	212 672 5515
		
	Attention:	  	SCOTT OBECK LORIANN CURNYN

  

 Intercreditor Agreement 

 UNICREDIT S.P.A., SUCURSAL EN ESPAÑA 

 

			
	By:	  	/s/ MARIO CAMPANA / JOSE MARIA SANCHEZ GARCIA
		
	Print Name:	  	MARIO CAMPANA / JOSE MARIA SANCHEZ GARCIA
		
	Address:	  	Calle Montalban N7
		  	5° Planta
		  	28014 Madrid
		
	Fax:	  	+34 91 555 0503
		
	Attention:	  	MARIO CAMPANA / FEDERICO POZZOLO

  

 Intercreditor Agreement 

 WACHOVIA BANK, NATIONAL ASSOCIATION 

 

			
	By:	  	/s/ THOMAS M CAMBERN
		
	Print Name:	  	THOMAS M CAMBERN
		
	Address:	  	7711 Plantation Road
		  	Roanoke
		  	VA 24019
		  	USA
		
	Fax:	  	704 715 0099
		
	Attention:	  	SPECIALIZED LOANS

  

 Intercreditor Agreement 

 WESTLB AG, SUCURSAL EN ESPAÑA 

 

			
	By:	  	/s/ BERTO NUVOLONI / SANTIAGO LARROGOLA
		
	Print Name:	  	BERTO NUVOLONI / SANTIAGO LARROGOLA
		
	Address:	  	C/Serrano 37, 5°
		  	28001 Madrid
		
	Fax:	  	91 4328054
		
	Attention:	  	

  

 Intercreditor Agreement 

 WESTPAC EUROPE LIMITED 

 

			
	By:	  	/s/ MICHELLE MARCHHART
		
	Print Name:	  	MICHELLE MARCHHART
		
	Address:	  	63 St Mary Axe
		  	London
		  	EC3A 8LE
		
	Fax:	  	+44 20 7621 7589
		
	Attention:	  	DIRECTOR LEGAL

  

 Intercreditor Agreement 

 US PRIVATE PLACEMENT HOLDERS 

PRINCIPAL LIFE INSURANCE COMPANY 
  

			
	By:	  	 PRINCIPAL GLOBAL INVESTORS, LLC, A DELAWARE LIMITED

LIABILITY COMPANY, ITS AUTHORIZED SIGNATORY

		
	By:	  	/s/ COLIN PENNYCOOKE
	Name:	  	COLIN PENNYCOOKE
	Title:	  	Counsel
		
	By:	  	/s/ ALAN P. KRESS
	Name:	  	ALAN P. KRESS
	Title:	  	Counsel

  

 Intercreditor Agreement 

			
	RGA REINSURANCE COMPANY, A MISSOURI CORPORATION
		
	By:	  	 PRINCIPAL GLOBAL INVESTORS, LLC, A DELAWARE LIMITED

LIABILITY COMPANY, ITS AUTHORIZED SIGNATORY

		
	By:	  	/s/ COLIN PENNYCOOKE
	Name:	  	COLIN PENNYCOOKE
	Title:	  	Counsel
		
	By:	  	/s/ ALAN P. KRESS
	Name:	  	ALAN P. KRESS
	Title:	  	Counsel

  

 Intercreditor Agreement 

			
	SYMETRA LIFE INSURANCE COMPANY, A WASHINGTON CORPORATION
		
	By:	  	 PRINCIPAL GLOBAL INVESTORS, LLC, A DELAWARE LIMITED

LIABILITY COMPANY, ITS AUTHORIZED SIGNATORY

		
	By:	  	/s/ COLIN PENNYCOOKE
	Name:	  	COLIN PENNYCOOKE
	Title:	  	Counsel
		
	By:	  	/s/ ALAN P. KRESS
	Name:	  	ALAN P. KRESS
	Title:	  	Counsel

  

 Intercreditor Agreement 

			
	THE BANK OF NEW YORK, AS TRUSTEE FOR THE SCOTTISH RE (U.S.), INC. AND SECURITY LIFE OF DENVER INSURANCE COMPANY SECURITY TRUST BY AGREEMENT DATED DECEMBER 31,
2004
		
	By:	  	 PRINCIPAL GLOBAL INVESTORS, LLC, A DELAWARE LIMITED

LIABILITY COMPANY, ITS AUTHORIZED SIGNATORY

		
	By:	  	/s/ COLIN PENNYCOOKE
	Name:	  	COLIN PENNYCOOKE
	Title:	  	Counsel
		
	By:	  	/s/ ALAN P. KRESS
	Name:	  	ALAN P. KRESS
	Title:	  	Counsel

  

 Intercreditor Agreement 

 Comerica Bank & Trust, National Association, Trustee to the Trust created by Trust Agreement
dated October 1, 2002. 
  

			
	By:	  	/s/ CELESTE LUDWIG
	Name:	  	CELESTE LUDWIG
	Title:	  	V.P. Wealth & Institutional Management
		  	Comerica Bank

  

 Intercreditor Agreement 

			
	METROPOLITAN LIFE INSURANCE COMPANY
		
	By:	  	/s/ JUDITH A. GULOTTA
	Name:	  	JUDITH A. GULOTTA
	Title:	  	Managing Director
	
	 MET LIFE INSURANCE COMPANY OF CONNECTICUT 

By Metropolitan Life Insurance Company, its investment manager 

METROPOLITAN TOWER LIFE INSURANCE COMPANY 

By Metropolitan Life Insurance Company, its investment manager 

GENERAL AMERICAN LIFE INSURANCE COMPANY 

By Metropolitan Life Insurance Company, its investment manager 

NEW ENGLAND LIFE INSURANCE COMPANY 
 By
Metropolitan Life Insurance Company, its investment manager

		
	By:	  	/s/ JUDITH A. GULOTTA
	Name:	  	JUDITH A. GULOTTA
	Title:	  	Managing Director

  

 Intercreditor Agreement 

			
	 THE VARIABLE ANNUITY LIFE INSURANCE COMPANY

WESTERN NATIONAL LIFE INSURANCE COMPANY

(FORMERLY AIG ANNUITY INSURANCE COMPANY)

AMERICAN GENERAL LIFE AND ACCIDENT INSURANCE COMPANY

MERIT LIFE INSURANCE CO.

		
	By:	  	 AIG GLOBAL INVESTMENT CORP.,

INVESTMENT ADVISER

		
	By:	  	/s/ PETER DEFAZIO
	Name:	  	PETER DEFAZIO
	Title:	  	Managing Director

  

 Intercreditor Agreement 

			
	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
		
	By:	  	/s/ TIMOTHY S. COLLINS
	Name:	  	TIMOTHY S. COLLINS
	Title:	  	Its Authorized Representative

  

 Intercreditor Agreement 

 ING LIFE INSURANCE AND ANNUITY COMPANY 

ING USA ANNUITY AND LIFE INSURANCE COMPANY 

SECURITY LIFE OF DENVER INSURANCE COMPANY 

RELIASTAR LIFE INSURANCE COMPANY 
 USG
ANNUITY & LIFE COMPANY 
 RELIASTAR LIFE INSURANCE COMPANY OF NEW YORK 

 

			
	By:	  	ING INVESTMENT MANAGEMENT LLC, AS AGENT
		
	By:	  	/s/ CHRISTOPHER P. LYONS
	Name:	  	CHRISTOPHER P. LYONS
	Title:	  	Senior Vice President

  

 Intercreditor Agreement 

 JOHN HANCOCK LIFE INSURANCE COMPANY 

 

			
	By:	  	/s/ MICHAEL L. SHORT
	Name:	  	MICHAEL L. SHORT
	Title:	  	Managing Director

  

 Intercreditor Agreement 

 JOHN HANCOCK VARIABLE LIFE INSURANCE COMPANY 

 

			
	By:	  	/s/ MICHAEL L. SHORT
	Name:	  	MICHAEL L. SHORT
	Title:	  	Managing Director

  

 Intercreditor Agreement 

			
	MANULIFE LIFE INSURANCE COMPANY
		
	By:	  	/s/ TOSHIHIDE SUDO
	Name:	  	TOSHIHIDE SUDO
	Title:	  	Vice President & Managing Corporate Officer
		  	Investment Operations

  

 Intercreditor Agreement 

			
	NEW YORK LIFE INSURANCE COMPANY
		
	By:	 	/s/ R. EDWARD FERGUSON
	Name:	 	R. EDWARD FERGUSON
	Title:	 	Vice President

  

 Intercreditor Agreement 

			
	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
		
	By:	 	NEW YORK LIFE INVESTMENT MANAGEMENT LLC,
		 	ITS INVESTMENT MANAGER
		
	By:	 	/s/ R. EDWARD FERGUSON
	Name:	 	R. EDWARD FERGUSON
	Title:	 	Managing Director

  

 Intercreditor Agreement 

			
	 NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT

		
	By:	  	NEW YORK LIFE INVESTMENT MANAGEMENT LLC,
		  	ITS INVESTMENT MANAGER
		
	By:	  	/s/ R. EDWARD FERGUSON
	Name:	  	R. EDWARD FERGUSON
	Title:	  	Managing Director

  

 Intercreditor Agreement 

			
	THRIVENT FINANCIAL FOR LUTHERANS
		
	By:	  	/s/ TIMOTHY WEGENER
	Name:	  	TIMOTHY WEGENER
	Title:	  	Managing Director

  

 Intercreditor Agreement 

			
	 HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY

HARTFORD LIFE INSURANCE COMPANY

HARTFORD ACCIDENT AND INDEMNITY COMPANY

		
	By:	  	Hartford Investment Management Company
		  	Their Agent And Attorney-In-Fact
		
	By:	  	/s/ ROBERT M. MILLS
	Name:	  	ROBERT M. MILLS
	Title:	  	Vice President

  

 Intercreditor Agreement 

			
	NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
		
	By:	  	/s/ THOMAS A. SHANKLIN
	Name:	  	THOMAS A. SHANKLIN
	Title:	  	Authorized Signatory

  

 Intercreditor Agreement 

			
	NATIONWIDE LIFE INSURANCE COMPANY
		
	By:	  	/s/ THOMAS A. SHANKLIN
	Name:	  	THOMAS A. SHANKLIN
	Title:	  	Authorized Signatory

  

 Intercreditor Agreement 

			
	NATIONWIDE MULTIPLE MATURITY SEPARATE ACCOUNT
		
	By:	  	/s/ THOMAS A. SHANKLIN
	Name:	  	THOMAS A. SHANKLIN
	Title:	  	Authorized Signatory

  

 Intercreditor Agreement 

			
	NATIONWIDE MUTUAL INSURANCE COMPANY
		
	By:	  	/s/ THOMAS A. SHANKLIN
	Name:	  	THOMAS A. SHANKLIN
	Title:	  	Authorized Signatory

  

 Intercreditor Agreement 

			
	AMCO INSURANCE COMPANY
		
	By:	  	/s/ THOMAS A. SHANKLIN
	Name:	  	THOMAS A. SHANKLIN
	Title:	  	Authorized Signatory

  

 Intercreditor Agreement 

			
	THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
		
	By:	  	/s/ BARRY SCHEINHOLTZ
	Name:	  	BARRY SCHEINHOLTZ
	Title:	  	Senior Director, Private Placements

  

 Intercreditor Agreement 

			
	BERKSHIRE LIFE INSURANCE COMPANY OF AMERICA
		
	By:	  	/s/ BARRY SCHEINHOLTZ
	Name:	  	BARRY SCHEINHOLTZ
	Title:	  	Senior Director, Private Placements

  

 Intercreditor Agreement 

			
	MONUMENTAL LIFE INSURANCE COMPANY
		
	By:	  	/s/ CHRISTOPHER D. PAHLKE
	Name:	  	CHRISTOPHER D. PAHLKE
	Title:	  	Vice President

  

 Intercreditor Agreement 

			
	PACIFIC LIFE INSURANCE COMPANY
		
	By:	  	/s/ DIANE W. DALES
	Name:	  	DIANE W. DALES
	Title:	  	Assistant Vice President
		
	By:	  	/s/ PETER S. FIEK
	Name:	  	PETER S. FIEK
	Title:	  	Assistant Secretary

  

 Intercreditor Agreement 

			
	WESTPORT INSURANCE COMPANY (FKA EMPLOYERS REINSURANCE CORPORATION)
		
	By:	  	CONNING ASSET MANAGEMENT COMPANY,
		  	AS INVESTMENT MANAGER
		
	By:	  	/s/ JOHN H. DEMALLIE
	Name:	  	JOHN H. DEMALLIE
	Title:	  	Director

  

 Intercreditor Agreement 

			
	PRIMERICA LIFE INSURANCE COMPANY
		
	By:	  	Conning Asset Management Company,
		  	as Investment Manager
		
	By:	  	/s/ JOHN H. DEMALLIE
	Name:	  	JOHN H. DEMALLIE
	Title:	  	Director

  

 Intercreditor Agreement 

			
	NATIONAL BENEFIT LIFE INSURANCE COMPANY
		
	By:	  	Conning Asset Management Company,
		  	as Investment Manager
		
	By:	  	/s/ JOHN H. DEMALLIE
	Name:	  	JOHN H. DEMALLIE
	Title:	  	Director

  

 Intercreditor Agreement 

			
	SWISS RE LIFE & HEALTH AMERICA INC.
		
	By:	  	Conning Asset Management Company
		  	As Investment Manager
		
	By:	  	/s/ JOHN H. DEMALLIE
	Name:	  	JOHN H. DEMALLIE
	Title:	  	Director

  

 Intercreditor Agreement 

 ALLSTATE LIFE INSURANCE COMPANY 

 

			
	By:	  	/s/ RICK FISCHER
	Name:	  	RICK FISCHER
	Title:	  	Authorized Signatory
		
	By:	  	/s/ CARRIE A.CAZOLAS
	Name:	  	CARRIE A.CAZOLAS
	Title:	  	Authorized Signatory

 Authorized Signatories 

Wire instructions for dollar denominated payments 
  

			
	Allstate Life Insurance Company
		
	Bank:	  	Citibank
	ABA #:	  	021000089
	Account Name:	  	Allstate Life Insurance Company Bond Collection Account
	Account #:	  	30547007
	Reference:	  	

  

 Intercreditor Agreement 

			
	ALLIED IRISH BANKS P.L.C.
		
	By:	  	/s/ MARTIN KELLY
	Name:	  	MARTIN KELLY
	Title:	  	Manager

  

 Intercreditor Agreement 

			
	BARCLAYS BANK PLC
		
	By:	 	/s/ MARK MANSKI
	Name:	 	MARK MANSKI
	Title:	 	Managing Director

  

 Intercreditor Agreement 

			
	GENWORTH LIFE INSURANCE COMPANY (F/K/A GENERAL ELECTRIC CAPITAL ASSURANCE COMPANY)
		
	By:	 	/s/ ESTELLE SIMSOLO
	Name:	 	ESTELLE SIMSOLO
	Title:	 	Investment Officer

  

 Intercreditor Agreement 

			
	ORIOLE CDO INC;
		
	By:	 	GENWORTH FINANCIAL INVESTMENT MANAGEMENT, LLC, ITS INVESTMENT ADVISOR
		
	By:	 	/s/ ESTELLE SIMSOLO
	Name:	 	ESTELLE SIMSOLO
	Title:	 	Investment Officer

  

 Intercreditor Agreement 

			
	GENWORTH LIFE INSURANCE COMPANY OF NEW YORK (AS SUCCESSOR BY MERGER TO AMERICAN MAYFLOWER LIFE INSURANCE COMPANY OF NEW YORK)
		
	By:	 	/s/ ESTELLE SIMSOLO
	Name:	 	ESTELLE SIMSOLO
	Title:	 	Investment Officer

  

 Intercreditor Agreement 

			
	PHL VARIABLE INSURANCE COMPANY
		
	By:	 	/s/ CHRISTOPHER WILKOS
	Name:	 	CHRISTOPHER WILKOS
	Title:	 	Executive Vice President

  

 Intercreditor Agreement 

			
	PHOENIX LIFE INSURANCE COMPANY
		
	By:	 	/s/ CHRISTOPHER WILKOS
	Name:	 	CHRISTOPHER WILKOS
	Title:	 	Executive Vice President

  

 Intercreditor Agreement 

			
	KNIGHTS OF COLUMBUS
		
	By:	 	/s/ RONALD J. TRACZ
	Name:	 	RONALD J. TRACZ
	Title:	 	Assistant Supreme Secretary

  

 Intercreditor Agreement 

			
	THE OHIO NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	/s/ JED R. MARTIN
	Name:	 	JED R. MARTIN
	Title:	 	Vice President, Private Placements

  

 Intercreditor Agreement 

			
	AVIVA LIFE AND ANNUITY COMPANY
		
	By:	 	 Aviva Investors North America, Inc.,

its authority attorney-in-fact

		
	By:	 	/s/ ROGER D. FORS
	Name:	 	ROGER D. FORS
	Title:	 	Vice President, Private Placements

  

 Intercreditor Agreement 

			
	BENEFICIAL LIFE INSURANCE COMPANY
		
	By:	 	/s/ THOMAS KIRBY BROWN JR.,
	Name:	 	THOMAS KIRBY BROWN JR.,
	Title:	 	Senior Managing Director & Chief Investment Officer

  

 Intercreditor Agreement 

			
	ENSURE INVESTMENT FUND
		
	BY:	 	 CNT (DIRECTORS) LTD., 

ITS DIRECTOR

		
	By:	 	/s/ IAN PHILLIPS
	Name:	 	IAN PHILLIPS
	Title:	 	Authorized Signatory

  

 Intercreditor Agreement 

			
	The Participating Creditors’ Representatives
	
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
	
	as Original Security Provider
		
	By:	  	/s/ STÉPHANE POSSOT / FRANCISCO RODRIGUEZ TEJEDOR
		
	Print Name:	  	STÉPHANE POSSOT / FRANCISCO RODRIGUEZ TEJEDOR
		
	Address:	  	Via de los Poblados
		  	Madrid
		  	Spain
		
	Fax:	  	91 374 7758
		
	Attention:	  	Syndicated Loans

  

 Intercreditor Agreement 

			
	CITIBANK INTERNATIONAL PLC
		
	By:	  	/s/ TREVOR LAFLIN
		
	Print Name:	  	TREVOR LAFLIN
		
	Address:	  	
		
	Fax:	  	
		
	Attention:	  	

  

 Intercreditor Agreement 

			
	CITIBANK N.A., NEW YORK
		
	By:	  	/s/ MARIO ESPINOSA
		
	Print Name:	  	MARIO ESPINOSA
		
	Address:	  	390 Greenwich Street
		  	1st Floor

		  	New York
		  	NY 10013
		
	Fax:	  	646 328 2866
		
	Attention:	  	BRENDAN HART

  

 Intercreditor Agreement 

			
	THE ROYAL BANK OF SCOTLAND PLC
		
	By:	  	/s/ GUILLERMO POGGIO / JANIN CAMPOS
		
	Print Name:	  	GUILLERMO POGGIO / JANIN CAMPOS
		
	Address:	  	
		
	Fax:	  	
		
	Attention:	  	

  

 Intercreditor Agreement 

			
	BBVA BANCOMER, S.A.,
	INSTITUCIÓN DE BANCA MÚLTIPLE,
	GRUPO FINANCIERO BBVA BANCOMER
		
	By:	  	/s/ ALEJANDRO CARDENAS BORTONI / RICARDO CANO SWAIN
		
	Print Name:	  	ALEJANDRO CARDENAS BORTONI / RICARDO CANO SWAIN
		
	Address:	  	Montes Urales 620 Piso 2
		  	Col. Lomas De Chapultepec
		  	Mexico 11000
		
	Fax:	  	+52(55) 5201 2054
		
	Attention:	  	

  

 Intercreditor Agreement 

			
	ING CAPITAL LLC
		
	By:	  	/s/ CLARENCE W PLUMMER
		
	Print Name:	  	CLARENCE W PLUMMER
		
	Address:	  	1325 Avenue of the Americas
		
	Fax:	  	646 424 6284
		
	Attention:	  	CLARENCE PLUMMER

  

 Intercreditor Agreement 

			
	BARCLAYS BANK PLC
		
	By:	  	/s/ MARK MANSKI
		
	Print Name:	  	MARK MANSKI
		
	Address:	  	200 Park Avenue
		  	New York
		  	NY 10166
		
	Fax:	  	
		
	Attention:	  	

  

 Intercreditor AgreementAmendment Agreement, dated December 1, 2009, related to the Intercreditor Agm't

 Exhibit 4.35.1 

DATED
1st DECEMBER 2009 

AMENDMENT AGREEMENT 

between 

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

acting for itself and as agent on behalf of each Obligor 

and 
 CITIBANK
INTERNATIONAL PLC 
 acting for itself and as Administrative Agent on behalf of the Finance Parties 

and 

WILMINGTON TRUST (LONDON) LIMITED 

acting as Security Agent 
  

 
 RELATING TO THE
INTERCREDITOR 
 AGREEMENT DATED 14 AUGUST 2009 

 
  

Slaughter and May 

One Bunhill Row 

London EC1Y 8YY 

(RWB/RYZS/VJ) 

 Exhibit 4.35.1 

THIS AGREEMENT is dated
1st December 2009 and made between: 

 

	(1)	 CEMEX, S.A.B. de C.V. (the “Parent”) (for itself, and in accordance with Clause 34.7 and 38.1(c) of the Financing Agreement,
on behalf of each Obligor); 

  

	(2)	 CITIBANK INTERNATIONAL PLC, for itself and as administrative agent of the Finance Parties under the Intercreditor Agreement (the
“Administrative Agent”); and 

  

	(3)	 WILMINGTON TRUST (LONDON) LIMITED (the “Security Agent”). 

IT IS AGREED as follows: 
  

	1.	 Definitions and Interpretation 

  

	1.1	 Definitions 

 In
this Agreement: 
 “Financing Agreement” means the financing agreement dated 14 August 2009 and made
between (amongst others) (1) CEMEX, S.A.B. de C.V.; (2) the financial institutions and noteholders named therein in their capacity as Participating Creditors; (3) Citibank International PLC, acting as Administrative Agent; and
(4) Wilmington Trust (London) Limited, acting as Security Agent. 
 “Intercreditor Agreement” means the
intercreditor agreement dated 14 August 2009 and made between (amongst others) (1) CEMEX, S.A.B. de C.V.; (2) the financial institutions and USPP Noteholders named therein in their capacity as Participating Creditors;
(3) Citibank International PLC, acting as Administrative Agent; and (4) Wilmington Trust (London) Limited, acting as Security Agent. 
  

	1.2	 Incorporation of defined terms 

  

	 	(A)	 Unless a contrary indication appears, a term defined in the Intercreditor Agreement has the same meaning in this Agreement.

  

	 	(B)	 The principles of construction set out in the Intercreditor Agreement shall have effect as if set out in this Agreement.

  

	1.3	 Clauses 

In this Agreement any reference to a “Clause” or a “Schedule” is, unless the context otherwise requires, a reference
to a Clause or a Schedule to this Agreement. 
  

	1.4	 Third party rights 

Except as otherwise expressly provided in a Finance Document, a person who is not a party to this Agreement has no right under the
Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 

	1.5	 Designation 

In accordance with the Intercreditor Agreement, the Parent and the Administrative Agent designate this Agreement as a New Finance
Document. 
  

	2.	 Amendment 

With effect from the date of this Agreement, the Intercreditor Agreement shall be amended as set out in Schedule 1 (Amendments to
Intercreditor Agreement) to this Agreement. 
  

	3.	 Continuity, No novation and Further assurance 

 

	3.1	 Continuing obligations 

The provisions of the Intercreditor Agreement and the other Finance Documents shall, save as amended by this Agreement, continue in full
force and effect. 
  

	3.2	 No novation 

 The
amendment of the Intercreditor Agreement does not constitute a novation of the obligations of the parties thereto. 
  

	3.3	 Further assurance 

The Parent shall, at the request of the Administrative Agent or of the Security Agent and at its own expense, do all such acts and things
necessary or desirable to give effect to the amendments effected or to be effected pursuant to this Agreement. 
  

	4.	 Costs and Expenses 

The Parent shall within fifteen days of receipt of demand pay (or procure to be paid) the Administrative Agent and the Security Agent the
amount of all legal fees reasonably incurred by any of them in connection with the negotiation, preparation, printing and execution of this Agreement. 
  

	5.	 Consent of the Instructing Group 

Pursuant to Clause 19.1 (Required consents) of the Intercreditor Agreement, by signing this Agreement: 

 

	(a)	 the Administrative Agent hereby confirms that it has received the consent of the Instructing Group to the amendments to the Intercreditor Agreement
as set out in Clause 2 (Amendment); and 

  

	(b)	 the Security Agent hereby consents to the Amendments to the Intercreditor Agreement as set out in Clause 2 (Amendment) pursuant to Clause
19.1(a). 

	6.	 Miscellaneous 

  

	6.1	 Incorporation of terms 

The provisions of Clause 17 (Notices), Clause 18.1 (Partial invalidity), Clause 18.3 (Remedies and waivers) and
Clause 22 (Enforcement) of the Intercreditor Agreement shall be incorporated into this Agreement as if set out in full in this Agreement and as if references in those clauses to “this Agreement” are references to this Agreement.

  

	6.2	 Counterparts 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were
on a single copy of this Agreement. 
  

	7.	 Governing Law 

This Agreement and all non-contractual obligations arising from or connected with it are governed by English law. 

 Schedule 1 

Amendments to Intercreditor Agreement 
  

	1.	 Consequential amendment to the Retention Threshold Amendment 

In paragraph (b) of the definition of “Refinancing” in Clause 1.1 (Definitions) of the Intercreditor
Agreement, the words “to the extent required under the Financing Agreement” shall be added after the words “the Facilities” and before the words “; and”. 

 

	2.	 Intercreditor Amendment 

Paragraph (a) of the definition of “Additional Notes” in Clause 1.1 (Definitions) shall be deleted in its
entirety and replaced with the following: 
  

	“(a)	 the proceeds of which are applied: 

  

	 	(i)	 to refinance Existing Notes or existing Additional Notes which are secured equally and rateably with other Financial Indebtedness of the Debtors on
the terms provided for in this Agreement; or 

  

	 	(ii)	 to refinance the Facilities, to the extent required under the Financing Agreement; and”. 

 SIGNATURES 

EXECUTED AS A DEED 
 The Parent

 CEMEX, S.A.B. de C.V. (for itself and as agent on behalf of each Obligor) 

 

			
	 By:
	 	 /s/ Héctor Medina

		
	 Address:
	 	 Ricardo Margain Zozaya

		 	 # 325, Col. Valle Del

		 	 Caypestre, San Pedro

		 	 Garca Garcia, Nuevo León

		 	 México CP. 66265

		
	 Witness:
	 	 /s/ Roger Saldána

  

The Administrative Agent 
 CITIBANK
INTERNATIONAL PLC 
  

			
	 By:
	 	 /s/ Trevor Laflin

  

The Security Agent 
 WILMINGTON TRUST
(LONDON) LIMITED (for itself and as agent on behalf of the Instructing Group pursuant to Clause 19.3 of the Intercreditor Agreement) 
  

			
	 By:
	 	 /s/ Elaine Lockhart

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