Document:

Exhibit 4.34

Exhibit 4.34

Summary in English of the Assignment Agreement with respect to Debentures (the “Assignment
Agreement”)

The Assignment Agreement was entered into on April 7, 2011 by and between Mexico Media Investments
S.L., Sociedad Unipersonal, as assignor (the “Assignor”) and Corporativo Vasco de Quiroga,
S.A. de C.V., as assignee (the “Assignee”), with the consent of GSF Telecom Holdings,
S.A.P.I. de C.V. (“GSF”) and Deutsche Bank México, S.A., Institución de Banca Múltiple,
División Fiduciaria (the “Common Representative”).

On April 7, 2011 the Assignor assigned to the Assignee all of its rights and obligations (the
“Assignment”) under certain unsecured debentures issued by GSF mandatorily convertible into
shares of capital stock of GSF, in the aggregate principal amount of U.S.$1,564,996,000, including
certain Series 1 Debentures in the principal amount of U.S.$364,996,000 (the “Series 1
Debentures”) and certain Series 2 Debentures in the principal amount of U.S.$1,200,000,000 (the
“Series 2 Debentures”). GSF granted its full consent to the Assignment.

Upon execution of the Assignment Agreement, the Assignee paid the Assignor U.S.$364,996,000 as
consideration for the assignment of the Series 1 Debentures.

GSF released the Assignor from any and all liability arising in connection with the Series 1
Debentures and the Series 2 Debentures, and any and all rights and obligations thereunder.

The parties to the Assignment Agreement submitted to the applicable laws of Mexico and to the
jurisdiction of the courts sitting in Mexico City, Federal District.

 

 

 

Summary in English of the Amended and Restated Indenture

The Amendment and Restatement of the Indenture dated December 16, 2010 (the “Indenture”)
was entered into on April 7, 2011, relating to the issuance of the Series 1 and Series 2 Debentures
by GSF Telecom Holdings, Sociedad Anónima Promotora de Inversión de Capital Variable (the
“Company”), with the consent of Deutsche Bank México, Sociedad Anónima, Institución de
Banca Múltiple, División Fiduciaria, in its capacity as common representative for the Holders of
the Series 1 Debentures and the Holders of the Series 2 Debentures (the “Common
Representative”).

A. Amount of Issuance, Denomination and Issuance Price

The Indenture provides for the issuance by the Company of the Series 1 Debentures and the Series 2
Debentures (the “Debentures”).

The “Series 1 Debentures” are the 364,996 registered unsecured debentures of the Company,
par value U.S.$1,000 each, representing in the aggregate U.S.$364,996,000, issued against payment
in cash on April 7, 2011 (the “Date of Issue”). The Series 1 Debentures are mandatorily
convertible into Series BB shares representing 11.53% of the Company’s capital.

The “Series 2 Debentures” are the 1,200,000 registered unsecured debentures of the Company,
par value U.S.$1,000 each, representing in the aggregate U.S.$1,200,000,000, payable in cash by the
Holder no later than on October 31, 2011 (in a single up-front installment or in multiple
installments).1 The Series 2 Debentures are mandatorily convertible into Series BB
shares representing 37.91% of the Company’s capital.

The effective terms of the Series 1 Debentures and the Series 2 Debentures commence on the Date of
Issue and on the date on which the Purchase Price payable in respect of the Series 2 Debentures has
been paid in full, respectively, and expire, as the case may be, on one of the following dates: (i)
the date on which the relevant Debentures are redeemed; (ii) the date on which the relevant
Debentures are converted into the Company’s shares; or (iii) the Final Conversion Date for the
Series 1 Debentures or the Final Conversion Date for the Series 2 Debentures, as the case may be.

B. Redemption; Extension

The Series 1 Debentures are not subject to redemption by the Company prior to the Final Conversion
Date for the Series 1 Debentures. The Series 2 Debentures are not subject to redemption by the
Company during the period from the date on which the Purchase Price payable in respect of the
Series 2 Debentures has been paid in full, to the Final Conversion Date for the Series 2
Debentures. If any Series 1 Debentures or Series 2 Debentures, as the case may be, remain
unredeemed or unconverted as of the Final Conversion Date for the Series 1 Debentures or the Final
Conversion Date for the Series 2 Debentures, as the case may be, such final conversion date will be
deemed extended for an additional six months without need for
further action. Six month extensions will continue to be granted if the Debentures remain
unredeemed or unconverted. The holder of the Debentures may also obtain an extension for successive
12 month periods upon written notice to the Company. In addition, an extension may be obtained so
as to allow for the satisfaction of the conditions precedent for the conversion of the Debentures.

 

	 	 	 
	1	 	Note: As of June 28, 2011, U.S.$600,000,000 of the
Purchase Price payable in respect of the Series 2 Debentures had been paid, and
U.S.$600,000,000 remains to be paid.

 

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The Debentures are not subject to early redemption by the Company under any circumstance, whether
in full or in part.

C. Interest

The Series 1 Debentures and the Series 2 Debentures accrue interest at the rate of 2% per annum on
the principal outstanding amount thereof, payable on a quarterly basis. The Series 1 Debentures and
the Series 2 Debentures accrue interest from the Date of Issue and from each date on which a
payment of an installment of the Purchase Price payable in respect of the Series 2 Debentures is
made, respectively, to any of the following dates: (i) the date on which the relevant Debentures
are redeemed; (ii) the date on which the relevant Debentures are converted into the Company’s
shares; and (iii) the Final Conversion Date for the Series 1 Debentures or the Final Conversion
Date for the Series 2 Debentures, as the case may be. Interest accrued through the periods
specified in (ii) or (iii) of the previous sentence is not subject to capitalization.

In the event of default, the Debentures accrue default interest at the rate of 10% per annum or the
rate obtained by multiplying by two the interest rate in respect of the 28 day Treasury
Certificates (Certificados de Tesorería, or CETES) in effect as of the relevant default date,
whichever is higher. Such interest accrues from the date of default to the date of actual payment
in full of all amounts owing under the Indenture.

D. Conversion

Series 1 Debentures

Subject to the satisfaction of conditions precedent, the Series 1 Debentures are mandatorily
convertible into Series BB/1 Shares. Each Series 1 Debenture shall be converted into 94.78684984
Series BB/1 Shares, provided that the Series BB/1 Shares shall at all times represent 11.53% of the
Company’s aggregate number of shares.

Subject to the satisfaction of conditions precedent, the holders of the Series 1 Debentures may
convert into Series BB/1 Shares all or part of the outstanding Series 1 Debentures upon (1) any
default by the Company with its obligations under the Indenture or the certificates representing
the Series 1 Debentures or (2) the expiration of the six-month period following the date of
execution of the Indenture.

The conversion of the Series 1 Debentures is contingent upon each and all of the holders of Series
1 Debentures agreeing to convert a pro rata share of the number of Series 1 Debentures held by each
of them, on the same terms.

 

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If the holders of the Series 1 Debentures do not convert their Debentures upon expiration of the
six-month period following the date of execution of the Indenture, the Series 1 Debentures will
from that date and until their redemption or conversion accrue regular interest at the rate of 2%
per annum, and the holders retain the right to convert their Series 1 Debentures at any time
thereafter. On the Final Conversion Date for the Series 1 Debentures, the Company will pay to the
holders of any Series 1 Debentures remaining unconverted as of such date any and all accrued and
unpaid interest on the Series 1 Debentures. Interest on the Series 1 Debentures is not subject to
capitalization.

Series 2 Debentures

Subject to the satisfaction of conditions precedent, the holder of the Series 2 Debentures may
convert into Series BB/2 Shares, at any time, all or part of the Series 2 Debentures previously
paid by it. Each Series 2 Debenture shall be converted into 94.78684913 Series BB/2 Shares,
provided that the Series BB/2 Shares shall at all times represent 37.91% of the Company’s aggregate
number of shares.

If the holders of the Series 2 Debentures do not convert their Series 2 Debentures as specified in
the preceding paragraph, the Series 2 Debentures will from that date and until their redemption or
conversion accrue regular interest at the rate of 2% per annum, and the holders retain the right to
convert their Series 2 Debentures at any time thereafter. On the Final Conversion Date for the
Series 2 Debentures, the Company will pay to the holders of any Series 2 Debentures remaining
unconverted as of such date any and all accrued and unpaid Interest on the Series 2 Debentures.
Interest on the Series 2 Debentures is not subject to capitalization.

E. Conditions Precedent

The conversion of each Debenture is subject to the Federal Competition Commission (Comisión Federal
de Competencia) not issuing any objection to the conversion of the Debentures by the relevant
Holder, prior to the Final Conversion Date for the Series 2 Debentures.

F. Transfer

Any holder of Debentures is entitled to transfer any of the Debentures without need for the
Company’s prior authorization to any entity in which the relevant holder of Debentures holds 99% of
the outstanding shares of stock.

G. Shareholder’s Meetings

The approval of any of the following matters by the Company’s general shareholders’ meeting shall
be subject to the prior written consent of all holders: (1) any change in the corporate purpose of
the Company, (2) the dissolution of the Company, (3) any merger or spin-off, (4) the payment of any
dividend or the refund of any amount to the Company’s shareholders, (5) the transfer of or the
creation of any lien on any shares of stock or rights thereto held by the Company and (6) the
incurrence of any indebtedness, loan or financing by the Company.

 

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H. Applicable Law and Jurisdiction

The interpretation, execution and enforcement of the Indenture is subject to the applicable laws of
Mexico and the jurisdiction of the competent courts sitting in Mexico City, Federal District.

I. Certain Definitions

“Final Conversion Date for the Series 1 Debentures” shall mean the fifth anniversary of the
execution of the Indenture or, in the event of renewal or extension of the conversion period
pursuant to the Indenture, the effective date of conversion of the Series 1 Debentures into Series
BB/1 Shares; provided, that if the Final Conversion Date for the Series 1 Debentures falls on a day
which is not a business day, then the Final Conversion Date for the Series 1 Debentures shall be
the first business day immediately following that day.

“Final Conversion Date for the Series 2 Debentures” shall mean the fifth anniversary of the
execution of the Indenture or, in the event of renewal or extension of the conversion period
pursuant to the Indenture, the effective date of conversion of the Series 2 Debentures into Series
BB/2 Shares; provided, that if the Final Conversion Date for the Series 2 Debentures falls on a day
which is not a business day, then the Final Conversion Date for the Series 2 Debentures shall be
the first business day immediately following that day.

“Holder” means Mexico Media Investments, S.L., Sociedad Unipersonal, and or any of its
successors or assigns.

“Purchase Price” shall mean the aggregate consideration payable in respect of the Series B
and BB Shares, the Series 1 Debentures and the Series 2 Debentures, irrespective of whether the
Series 1 Debentures or the Series 2 Debentures shall have been converted into shares of stock of
the Company.

 

5Exhibit 4.35

Exhibit 4.35

TERM SHEET

LONG TERM CREDIT AGREEMENT

The following are the main terms and conditions pursuant to which Grupo Televisa, S.A.B. (“Grupo
Televisa”) and Banco Nacional de Mexico, S.A. integrante del Grupo Financiero Banamex (“Banamex”),
entered into a credit agreement dated March 23, 2011 (the “Loan Agreement”).

	 	 	 
	TYPE OF TRANSACTION:

	 	Long term loan (the “Loan”)
	 
	 	 
	BANK:

	 	Banco Nacional de Mexico, S.A. integrante del Grupo
Financiero Banamex
	 
	 	 
	BORROWER:

	 	Grupo Televisa, S.A.B.
	 
	 	 
	USE OF PROCEEDS:

	 	General corporate purposes
	 
	 	 
	GUARANTIES:

	 	None
	 
	 	 
	AGGREGATE AMOUNT:

	 	Ps.$400,000,000 (Four Hundred Million Pesos 00/100)
	 
	 	 
	DISBURSEMENT DATE:

	 	March 25, 2011
	 
	 	 
	TERM:

	 	10 (ten) years. The Loan Agreement matures on March
23, 2021
	 
	 	 
	MATURITY DATES:

	 	The Aggregate Amount to be paid on March 23, 2021
	 
	 	 
	INTEREST RATE:

	 	Fixed annual interest rate equal to 9.40% payable on
a monthly basis
	 
	 	 
	COVENANTS:

	 	As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
assumed, among others, the following covenants:
	 
	 	 
	 

	 	(a) Compliance with applicable laws and tax payments;
	 
	 	 
	 

	 	(b) Existence and business conduct;
	 
	 	 
	 

	 	(c) Disclosure obligations;
	 
	 	 
	 

	 	(d) Insurance;
	 
	 	 
	 

	 	(e) Accounting;
	 
	 	 
	 

	 	(f) Inspection rights;
	 
	 	 
	 

	 	(g) Compliance with obligations; and
	 
	 	 
	 

	 	(h) Use of proceeds.

 

 

 

	 	 	 
	RESTRICTIVE COVENANTS:

	 	Pursuant to the Loan Agreement, Grupo Televisa
assumed certain restrictive covenants that limit its
ability to:
	 
	 	 
	 

	 	(a) Consummate (or permit that its Significant
Subsidiaries (as such term is defined in the Loan
Agreement) consummate) mergers, spin-offs,
liquidations or dissolutions;
	 
	 	 
	 

	 	(b) Transfer fixed assets; and
	 
	 	 
	 

	 	(c) Incur liens.
	 
	 	 
	FINANCIAL RATIOS:

	 	As long as the Loan is outstanding and until payment
in full of the Aggregate Amount, Grupo Televisa
shall maintain the following financial ratios:
	 
	 	 
	 

	 	Leverage Ratio: Grupo Televisa will not at any time
permit the ratio of (i) total consolidated debt to
(ii) Consolidated EBITDA at the end of any period of
4 (four) consecutive calendar quarters to be greater
than 4.00 to 1.00
	 
	 	 
	 

	 	Interest Coverage Leverage: Grupo Televisa will not
at any time, permit the Interest Coverage
(Consolidated EBITDA to consolidated interest
expense in any period of 4 (four) consecutive
calendar quarters) to be less than 1.50 to 1.00
	 
	 	 
	 

	 	For the aforementioned financial ratios,
Consolidated EBITDA means, for any period until
payment of the Aggregate Amount, the sum of the
amounts for such period of consolidated operating
income of Grupo Televisa and its subsidiaries for
such period, before depreciation and amortization
and other non recurring expenses or net income.
	 
	 	 
	EVENTS OF DEFAULT:

	 	Grupo Televisa shall be deemed to be in default upon
the occurrence of, among others, any of the
following events:
	 
	 	 
	 

	 	(a) Default in payment when due of Loan;
	 
	 	 
	 

	 	(b) False or misleading representations, warranties
or certifications made under the Loan Agreement;
	 
	 	 
	 

	 	(c) Default in payment, when due, of any principal
or interest, of any indebtedness in the aggregate
principal amount of US$100,000,000;
	 
	 	 
	 

	 	(d) Inability to pay its debts as they become due;
	 
	 	 
	 

	 	(e) Any governmental authority takes action to
condemn, seize, nationalize or appropriate any
substantial portion of the Company’s assets;

 

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	 	(f) Any license, consent, authorization, concession,
registration or approval at any time necessary to
enable Grupo Televisa to comply with any of its
obligations under the Loan Agreement is revoked;
	 
	 	 
	 

	 	(g) Grupo Televisa fails to observe or perform
certain covenants, conditions or agreements and such
default continues unremedied for a period of 30
(thirty) or more days after notice thereof by
Banamex to Grupo Televisa;
	 
	 	 
	 

	 	(h) If any event or condition occurs and as
determined by Banamex in good faith, has or may have
a substantial adverse effect on the ability of Grupo
Televisa or its Significant Subsidiaries to pay the
credit or comply with the obligations resulting from
the Loan Agreement or its promissory note and such
effect is not remedied within 15 (fifteen) calendar
days from the date in which Banamex notifies Grupo
Televisa;
	 
	 	 
	 

	 	(i) A final judgment or judgments for the payment of
US$50,000,000 or more in the aggregate; or
	 
	 	 
	 

	 	(j) If at any time and for any reason attributable
to Grupo Televisa (except for payment of the Loan or
compliance with existing obligations thereunder),
the Loan Agreement and/or its promissory note cease
to be in full force and effect, or Grupo Televisa
challenges the validity of the Loan Agreement and/or
its promissory note.
	 
	 	 
	JURISDICTION:

	 	Mexican federal courts located in Mexico City.
	 
	 	 
	GOVERNING LAW:

	 	Applicable federal law in Mexico.

 

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