Document:

Supplemental Indenture dated August 7, 2003

 Exhibit 4.8 
  
 EXECUTION COPY 
  
 SUPPLEMENTAL INDENTURE 
  
 SUPPLEMENTAL INDENTURE, dated as of August 7th, 2003 (the “Supplemental Indenture”) between TELEFONICA DE ARGENTINA S.A., a sociedad anónima duly organized and existing under the laws of Argentina (the “Company”), and DEUTSCHE BANK
TRUST COMPANY AMERICAS, formerly known as BANKERS TRUST COMPANY, national banking association incorporated and existing under the laws of the United States of America, as Trustee (the “Trustee”). All capitalized terms used herein but not
defined herein shall have the meanings given in the Indenture (as defined below), unless otherwise indicated. 
  
 WHEREAS, the Company and the Trustee are parties to that certain Indenture dated as of November 3, 1994 (the “Indenture”) pursuant to which the
Company issued its 11 7/8% Notes due 2004 (the “2004 Notes”); 
  
 WHEREAS, pursuant to Section 9.2 of the Indenture, the Company, when
authorized by a Board Resolution, and the Trustee, with the affirmative vote of the Holders of not less than 67% in principal amount of the Outstanding 2004 Notes present or represented at a meeting of such Holders at which a quorum is present may
amend or supplement certain provisions of the Indenture; 
  
 WHEREAS, the Company desires to amend the Indenture to delete certain covenants and other provisions contained therein with respect to the 2004 Notes; 
  

WHEREAS, pursuant to a prospectus and proxy solicitation dated June 17, 2003, as supplemented through the date hereof (the “Offer”), the
Company offered to exchange all of the Company’s outstanding 2004 Notes for its 11 7/8% Notes due 2007 (the
“New Notes”) and cash, and solicited proxies to the amendments to the Indenture described herein (the “Amendments”); 
  
 WHEREAS, a duly convened noteholders meeting (the “Meeting”) at which a quorum was present was held on July 22, 2003; 
  
 WHEREAS, Holders of at least 67% in principal amount of the Outstanding 2004
Notes present or represented at the Meeting have approved the Amendments and authorized the Company and the Trustee to so amend the Indenture; and 
  
 WHEREAS, by entering into this Supplemental Indenture, the Company and the Trustee have consented to amend the Indenture in accordance with the
Amendments. 
  

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 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged by the Company and the Trustee, the Company hereby agree for the benefit of the Company and the equal and ratable benefit of the Holders of the 2004 Notes as follows: 
  
 ARTICLE I 
  
 AMENDMENTS 
  
 Section 1.01. Amendments to the Indenture. On the Operative Date (as hereinafter defined) the Indenture is amended as set forth herein. 

 
 (a) Section 4.3 of the Indenture is hereby amended by
deleting it in its entirety and inserting in lieu thereof “[Intentionally Deleted.]”. 
  
 (b) Section 4.4 of the Indenture is hereby amended by deleting it in its entirety and inserting in lieu thereof “[Intentionally
Deleted.]”. 
  
 (c) Section 4.5 of the
Indenture is hereby amended by deleting it in its entirety and inserting in lieu thereof “[Intentionally Deleted.]”. 
  
 (d) Section 4.6 of the Indenture is hereby amended by deleting it in its entirety and inserting in lieu thereof “[Intentionally
Deleted.]”. 
  
 (e) Section 4.7 of the
Indenture is hereby amended by deleting it in its entirety and inserting in lieu thereof “[Intentionally Deleted.]”. 
  
 (f) Section 4.8 of the Indenture is hereby amended by deleting it in its entirety and inserting in lieu thereof “[Intentionally
Deleted.]”. 
  
 (g) Section 4.9 of the
Indenture is hereby amended by deleting it in its entirety and inserting in lieu thereof “[Intentionally Deleted.]”. 
  
 (h) Section 4.10 of the Indenture is hereby amended by deleting it in its entirety and inserting in lieu thereof “[Intentionally
Deleted.]”. 
  
 (i) Section 4.11 of the
Indenture is hereby amended by deleting it in its entirety and inserting in lieu thereof “[Intentionally Deleted.]”. 
  
 (j) Section 5.3 of the Indenture is hereby amended by deleting it in its entirety and inserting in lieu thereof “[Intentionally
Deleted.]”. 
  
 (k) Section 6.1 of the
Indenture is hereby amended by deleting paragraphs (b) through (l), each in its entirety and inserting in lieu of each such paragraph “[Intentionally Deleted.]”. 
  
 (l) Section 6.2 of the Indenture is hereby amended by deleting the first paragraph in its entirety and
replacing it with the following paragraph: 
  
 “If an Event of Default shall occur and be continuing, then and in every such case the Holders of not less than 51% in the aggregate principal amount of the Securities at the time Outstanding may declare the principal amount of all the
Securities to be due and payable immediately, 

  

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by a notice in writing to the Company and to the Trustee, and upon any such declaration any such principal and any accrued interest shall become immediately
due and payable.” 
  
 (m) Section 1.1 of the
Indenture is hereby amended by deleting those definitions which appear solely in the text deleted from the Indenture pursuant to the amendments contained herein. 
  
 ARTICLE II 
  
 CONDITION PRECEDENT AND OPERATIVE DATE 
  
 Section 2.01. Compliance with and Fulfillment of Conditions Precedent. The Company has complied with all conditions precedent provided in the
Indenture and this Supplemental Indenture to the execution and delivery of this Supplemental Indenture (along with such documentation relating thereto as the Trustee shall require, including, without limitation, an Opinion of Counsel as to the
enforceability of the Supplemental Indenture and an Officers’ Certificate). 
  
 Section 2.02. Operative Date. This Supplemental Indenture shall become operative on the later of (i) the date that this Supplemental Indenture is executed by the Company and the Trustee and (ii) the date on
which the Company accepts all 2004 Notes validly tendered and not withdrawn pursuant to the Offer and has irrevocably delivered to the Exchange Agent the New Notes for delivery to the holders thereof (the “Operative Date”). 
  
 ARTICLE III 
  
 MISCELLANEOUS 
  
 Section 3.01. Relation to Existing Indenture. This Supplemental
Indenture constitutes an integral part of the Indenture (the provisions of which, as modified by the Supplemental Indenture, shall apply to the 2004 Notes) in respect of the 2004 Notes. 
  
 Section 3.02. Construction. For all purposes of this Supplemental
Indenture, except as otherwise herein expressly provided or unless the context otherwise requires: (i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the
words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular Section hereof. 
  
 Section 3.03. Trustee Acceptance. The Trustee accepts the amendment of
the Indenture effected by this Supplemental Indenture, as hereby amended, but only upon the terms and conditions set forth in the Indenture, as hereby amended, including the terms and provisions defining and limiting the liabilities and
responsibilities of the Trustee in the performance of its duties and obligations under the Indenture, as hereby amended. Without limiting the generality of the foregoing, the Trustee has no responsibility for the correctness of the recitals of fact
herein 

  

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contained which shall be taken as the statements of the Company, and makes no representations as to the validity or enforceability against the Company.

  
 Section 3.04. Indenture Ratified. Except as expressly
amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. 
  
 Section 3.05. Global Note Reissued. In connection with the execution of this Supplemental Indenture, the Trustee and
the Company will reissue, authenticate and deliver the Global Security representing the 2004 Notes amended to reflect the changes made to the Indenture by this Supplemental Indenture. 
  
 Section 3.06. Parties Bound. This Supplemental Indenture shall form a part of the Indenture for all purposes, and
every holder of the 2004 Notes heretofore or hereafter authenticated and delivered shall be bound hereby. Upon the execution and effectiveness of this Supplemental Indenture, the Indenture and the 2004 Notes theretofore issued shall be deemed to be
modified and amended in accordance with this Supplemental Indenture and the respective rights, limitation of rights, obligations, duties and immunities under the Indenture of the Company and the Trustee and the Holders of the 2004 Notes shall
thereafter be determined, exercised and enforced thereunder subject in all respects to such modifications and amendments, and all the terms and conditions of this Supplemental Indenture shall be and be deemed to be part of the terms and conditions
of the Indenture and the 2004 Notes theretofore issued for any and all purposes. 
  
 Section 3.07. Successors and Assignees. This Supplemental Indenture shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
  
 Section 3.08. Counterparts. This Supplemental Indenture may be
executed in any number of counterparts, each of which when so executed shall be deemed to be an original, and all of such counterparts shall together constitute one and the same instrument. 
  
 Section 3.09. Severability. In case any provision in this Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 3.10. Headings. The headings of the Articles and Sections of this Supplemental Indenture have been inserted
for convenience of reference only and are not to be considered part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
  
 Section 3.11. Governing Law. This Supplemental Indenture shall be governed by and construed in accordance with the
internal laws of the State of New York without giving effect to principles of conflicts of laws. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of
the date first above written. 
  

			
	TELEFÓNICA DE ARGENTINA S.A.
		
	By:	 	 /s/ Juan I. López Basavilbaso

	 	 	

	 	 	 Name: Juan I. López Basavilbaso

	 	 	 Title: Chief Financial Officer

  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

		
	By:	 	 /s/ Annie Jaghatspanyan

	 	 	

	 	 	 Name: Annie Jaghatspanyan

	 	 	 Title: Associate

  

 5Distribution Agreement with D-Max West, LLC

 Exhibit 10.20 
  
 DISTRIBUTIONAGREEMENT 
  
 Agreement between MIRENCO, Inc., Post Office Box 343, 206 May Street, Radcliffe, Iowa 50230 (hereinafter called “MIRENCO”) and D-Max West LLC
1495 Ridgeview, Suite 220, Reno, Nevada (hereinafter called “DISTRIBUTOR”). MIRENCO and DISTRIBUTOR may sometimes be referred to herein collectively as “Parties” or individually as “Party”. 
  
 Whereas, Mirenco is the owner of U.S. patent number 958958 issued
September 25, 1990 entitled “Engine Emissions Control Apparatus Method,” U.S. patent number 5315977 issued May 31, 1994 entitled “Fuel Limiting Method and Apparatus for Internal Combustion Engine,” 
  
 Whereas, Mirenco is the owner of U.S. registered trademarks
“DriverMax”; and “HydroFire”; 
  
 Whereas, MIRENCO out sources the manufacture of certain products for fuel management and emission control of internal combustion engines pursuant to the aforesaid U.S. Patents, and said manufactured products are marketed by MIRENCO
under the trademarks “DriverMax” and “HydroFire”, (hereinafter called “Mirenco Products”) 
  
 Whereas, Distributor has the ability to service and repair diesel powered vehicles and equipment and secure contracts for the sale of Mirenco
Products in the State of California. 
  
 Whereas,
DISTRIBUTOR has working knowledge of diesel vehicle electronics and the installation and service of Mirenco Products; and 
  
 Whereas, MIRENCO desires to appoint DISTRIBUTOR as its exclusive distributor of Mirenco Products in the State of California (hereinafter called
“Territory”) and DISTRIBUTOR desires to accept such appointment. 
  
 Now, therefore, in consideration of the covenants and promises hereinafter set forth, the parties hereby agree as follows: 
  

	I	Appointment of Distributor 

  

	 	(A)	MIRENCO hereby appoints DISTRIBUTOR as its exclusive Master Distributor to sell and service Mirenco Products in the Territory, and DISTRIBUTOR hereby accepts such exclusive
appointment. 

	 	(B)	The term “exclusive” as used in this Agreement shall mean that MIRENCO only shall sell and service Mirenco Products in the Territory through DISTRIBUTOR, and shall not
have Mirenco Products sold or serviced in the Territory by any other individual, company, partnership or corporation. 

  

	II	Responsibilities of Mirenco 

  

	 	(A)	Evaluating, reporting, and disclosing to DISTRIBUTOR and its Representatives the results of all emission testing of Mirenco Products. 

  

	 	(B)	Provide installation and service training and assistance (including availability of personnel and manuals) of Mirenco Products to DISTRIBUTOR and its Representatives.

  

	III	Responsibilities of Distributor 

  

	 	(A)	Selling, installing, and servicing of Mirenco Products within the Territory. 

  

	 	(B)	Follow MIRENCO’s guidelines of emissions and acceleration testing and procedures, and other MIRENCO guidelines pertaining to the installation, programming, and adjustment of
Mirenco Products. DISTRIBUTOR shall provide MIRENCO, by e-mail or facsimile, all emission test data obtained through tests performed by DISTRIBUTOR. 

  

	 	(C)	Purchase from MIRENCO its approved emission test meter to be used in all testing of Mirenco Products. MIRENCO shall require access to this testing meter periodically to validate the
meter’s accuracy and data correlation to other types of meter equipment. DISTRIBUTOR may purchase emission reports from MIRENCO at a cost of $25.00 per report. 

  

	 	(D)	Make representations concerning Mirenco Products only based on MIRENCO’s printed materials and service information pertaining to Mirenco Products. DISTRIBUTOR shall hold
MIRENCO harmless from any damages arising from false representations regarding Mirenco Products made by DISTRIBUTOR. DISTRIBUTOR shall be responsible for any damage that arises from installation performed by the DISTRIBUTOR.

  

	IV	Price and Terms of Payment of Mirenco Products 

  

	 	(A)	MIRENCO will sell Mirenco Products to DISTRIBUTOR and DISTRIBUTOR will purchase Mirenco Products from MIRENCO at prices as set forth in Schedule I. Such prices will be subject to
renegotiation between the Parties after the expiration of each year of this Agreement. 

  

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	 	(B)	The total price of each invoiced shipment of Mirenco Products will be paid by DISTRIBUTOR to MIRENCO within sixty (60) days from the date of the invoice, unless the
DISTRIBUTOR’s terms of payment by any customer are longer than sixty (60) days from invoice date, in which case MIRENCO will accept the extended payment terms of the customer not to exceed (90) days from date of invoice.

  

	V	Delivery of Orders 

  
 Each order submitted by DISTRIBUTOR to MIRENCO shall be filled within fifteen (15) days unless the size of the order requires that MIRENCO’s delivery
date be extended, in which case DISTRIBUTOR must agree to the period of the extended delivery date. 
  

	VI	Warranty 

  

	 	(A)	MIRENCO hereby warrants that should any Mirenco Product delivered to DISTRIBUTOR or its customers be defective, then MIRENCO shall replace such Mirenco Product at no cost to
DISTRIBUTOR or its customer. Should DISTRIBUTOR repair any defective Mirenco Product, it will be reimbursed by MIRENCO for its repair work at the rate of $65.00 per hour. The term “defective” as used herein shall mean that the Mirenco
Product declared defective does not meet the standards that are now in effect or established in the future by the California Air Resources Board regarding Mirenco Products. 

  

	 	(B)	Should any defective Mirenco Product damage a customer’s vehicle, or through failure of performance, cause consequential damages to DISTRIBUTOR, its customer, or any third
party, then MIRENCO shall hold DISTRIBUTOR harmless against any and all damages or causes of action arising therefrom. 

  

	VII	Marketing Strategy, Trademark Use, and Marketing Assistance 

  

	 	(A)	DISTRIBUTOR may market and service Mirenco Products within the Territory in any manner it deems appropriate, provided such marketing and servicing efforts are not contrary to the
laws of the State of California. 

  

	 	(B)	MIRENCO hereby authorizes DISTRIBUTOR to use the U.S. registered trademarks “DriverMax” and “HydroFire” in marketing of Mirenco Products. Furthermore,
DISTRIBUTOR hereby is authorized to permit its Representatives to use such trademarks. 

  

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	 	(C)	MIRENCO shall provide DISTRIBUTOR with necessary sales brochures, advertising and promotional materials, and technical information pertaining to Mirenco Products. When requested by
DISTRIBUTOR, MIRENCO will assist DISTRIBUTOR in its sales efforts regarding major sales of Mirenco Products within the Territory. When MIRENCO becomes aware of a prospective customer in the Territory, it will immediately inform DISTRIBUTOR of
whatever knowledge MIRENCO has about this prospective customer. DISTRIBUTOR will keep MIRENCO informed of any major meetings, or conventions in the Territory that may be of strategic benefit to the marketing or servicing of Mirenco Products.

  

	VIII	Terms of the Agreement and Minimum Annual Purchases 

  
 The term of this Agreement shall be for five (5) years commencing, January 24, 2003 provided, however, that during the initial five (5) year term, should
DISTRIBUTOR place with MIRENCO total orders of a minimum amount of one thousand (1,000) units of Mirenco Products, then this Agreement shall continue in effect each year thereafter, so long as the DISTRIBUTOR places with MIRENCO orders of a minimum
of one hundred (100) units of Mirenco Products each year. 
  
 In
the event Dustributor shall fail to meet Sales Objectives in any year, Mirenco may terminate this Agreement upon thiry (30)-day’s written notice. 
  
 This Agreement may also be terminated by either Party (i) upon breach of any provision of this Agreement by the other party (ii) default by the other
party under any other agreement between the Parties (iii) default by the other party in the payment when due of any indebtedness to the other Party; (iv) in the event of bankruptcy, insolvency or any action filed by or against the other party under
any law for the benefit of relief of debtors. In the event of termination of this Agreement, and subject to Distributor’s obligations for payment of any outstanding invoice for Mirenco Products, or with respect to indemnification obligations,
neither Party shall by reason thereof by liable to the other Party for compensation or damages of any kind whatsoever, as well as any consequences from such termination. 
  

	IX	Confidentiality 

  
 The terms of this Agreement and all Schedules thereto and marketing and technical materials and other information transferred between the Parties pursuant
to this Agreement, shall be considered as “confidential information” and shall not be disclosed by DISTRIBUTOR to any third party other than DISTRIBUTOR’s Representatives in the Territory, without the prior written consent of MIRENCO.

  

 Page 4 of 7 

	X	Distributor Status 

  
 Distributor is an independent contractor and is not be construed as an employee, agent or representative of MIRENCO. 
  

 Page 5 of 7 

	XI	Force Majeure 

  
 Neither Party to this Agreement shall be in default hereunder by reason of its delay in the performance of or failure to perform any of its
obligations hereunder if such delay or failure is caused by strikes, acts of God or the public enemy, riots, interference by civil or military authorities, changes in governmental laws, rules, or regulations, or any events occurring beyond its
control. Should an event, as herein above described, cause a stoppage in the ordering, delivering, or accepting of delivery of Mirenco Products, the Party so effected by such event shall be excused from its performance hereunder until such impeding
event shall cease to exist. 
  

	XII	Applicable Law 

  
 The laws of the State of California, U.S.A., shall be deemed as the applicable place of contracting, and any claim, controversy or dispute by or between
the Parties hereto relating to this Agreement or to matters of contracting, interpretation, performance or breach thereof shall be construed and adjusted in accordance with the laws of the State of Iowa. 
  

	XIII	Insolvency 

  
 Should either MIRENCO or DISTRIBUTOR be unable to meet its financial obligations when they become due and therefore become legally insolvent or
declare bankruptcy under the laws of the United States of America, then the other Party may terminate this Agreement by giving the insolvent or bankrupt Party thirty (30)-days written notice thereof. 
  

	XIV	General Provisions 

  

	 	(A)	This Agreement, without prior written consent of the Parties, shall not be assigned, or in any manner transferred by either Party hereto; except to any entity that the assigning
Party may control, be controlled by or be in common control with. 

  

	 	(B)	Any notice required hereunder shall be in writing and shall be given by mailing the same by certified or registered mail, postage prepaid, by facsimile transmission, or by e-mail:

  
 MIRENCO, Inc. 
 Post Office Box 343, 
 206 May Street

 Radcliffe, Iowa 50230 
  

 Page 6 of 7 

 DISTRIBUTOR 
 D-Max West LLC 
 1495 Ridgeview Drive Suite 220 
 Reno, Nevada 
  

	 	(C)	This document contains the entire Agreement between DISTRIBUTOR and MIRENCO. Any prior Agreement (written or oral) will be superceded by this document at the date of signing.

  

	 	(D)	This Agreement may be modified or amended as long as the terms of the amendment is set forth in writing and signed by both Parties. 

  

	 	(E)	Should any provision of this Agreement that is deemed invalid or unenforceable by a court of law, the remaining provisions shall continue in full force and effect.

  
 IN WITNESS WHEREOF the Parties hereto have
executed this Agreement this 24th day of January, 2003 
  

									
	 Mirenco Inc.
	 	 	 	 D-Max West LLC

					
	 By:
	 	 /s/ J.R.Relick

	 	 	 	 By:
	 	 /s/ Joel Crownover

	 Title:
	 	 C.O.O.
	 	 	 	 	 	 

  

 Page 7 of 7

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