Document:

EX-10.3

 EXHIBIT 10.3 

ADDENDUM TO THE LONG-TERM LOAN AGREEMENT 

This Addendum to the Long-Term Loan Agreement (hereinafter, the “Agreement”) is made and entered into by and between: 

 

	 	•	 	 BANCO BBVA PERÚ, identified by Tax ID Number (RUC) 20100130204, with principal place of business at
República de Panamá 3055, district of San Isidro, province and department of Lima, acting by and through Frank Erick BABARCZY RODRÍGUEZ, holder of National Identity Card (DNI) No. 09339170, and Javier Alberto BALBÍN
BUCKLEY, holder of National Identity Card (DNI) No. 07879913, both of them registered in entries C331 and C313 of Registration Card No. 11014915 of the Registry of Companies in and for Lima (hereinafter, the “Bank”); and

  

	 	•	 	 CAMPOSOL S.A., identified by Tax ID Number (RUC) 20340584237, with principal place of business at Av.
Derby 250, piso 4, Urbanización el Derby de Monterrico, district of Santiago de Surco, province and department of Lima, acting by and through Andrés Daniel COLICHÓN SAS, holder of National Identity Card (DNI) No. 07866431,
and Milagritos Tatiana OLIVERO GROPPO, holder of National Identity Card (DNI) No. 09533596, as per powers of attorney granted in the Shareholders’ Meeting held on September 30, 2019 (hereinafter, “Camposol”).

 The Bank and Camposol shall be hereinafter jointly referred to as the Parties and individually as the Party. 

SECTION ONE: RECITALS 
 By notarially recorded
instrument dated November 12, 2019, executed before Eduardo Laos de Lama, Attorney-at-Law and Notary Public in and for Lima (KARDEX 299908), the Bank granted a loan
to Camposol in the amount of USD 20,000,000.00 (Twenty Million and 00/100 Dollars) in order to repay its financial liabilities. 
 In this regard, as this
is in their best interests, the Parties have agreed to amend the Agreement as per the terms and conditions set forth in Section Two hereof. 
 SECTION
TWO: AMENDMENTS TO THE AGREEMENT 
 The Parties hereby agree to amend the definition of LIBOR contained in Section One of the Agreement, which shall
read as follows: 
 “SECTION 1.01: DEFINITIONS 

The terms detailed below shall have the following meaning for the purposes of this Agreement: 

(...) 
 (xxvi)
“LIBOR”: It means the ninety (90)-day interest rate at which Eurodollars are offered during the same term in the London interbank market, registered on a daily basis at around 11:00 hours (London
time, England), as it appears on Reuters Screen LIBOR 01 page two (2) Business Days prior to the start of each 

 
interest period. However, it is established that, if more than one rate appears on the Reuters Screen LIBOR 01 page, the applicable rate shall be the arithmetic mean of all such rates (rounded
upwards, if necessary, to the nearest 1/100 of one percent (1%)). 
 If a rate cannot be calculated as specified above, the applicable
rate shall be the alternative LIBOR rate selected by the Central Bank or a similar entity, that is consistent with the market practices as a replacement of the first rate (the “Alternative Rate”). Without prejudice to the foregoing,
if no consensus is reached according to market practices with regard to the Alternative Rate, the Borrower, with the prior consent of the Bank (which may not be unreasonably delayed or withheld), shall appoint a financial advisor to set an
appropriate Alternative Rate, and the decision of such financial advisor shall be binding on the Parties. 
 Solely for the purposes
of the definition of Alternative Rate, “Business Day” shall mean the day in which the banks in London, England, offer deposits in Dollars to the main banks of the London interbank market.” 

SECTION THREE: SUBSISTENCE OF PROVISIONS 
 All
other provisions of the Agreement shall remain unchanged. 
 IN WITNESS WHEREOF, this Addendum has been executed in the city of Lima in two
(02) counterparts this 26th day of November, 2019. 
  

			
	BANCO BBVA PERÚ
	/S/ Javier Alberto Balbín Buckley
	Name:	 	Javier Alberto Balbín Buckley
	CE No.:	 	07879913
	Title:	 	Attorney-in-Fact
	
	/s/ Frank Erick Babarczy Rodríguez
	Name:	 	Frank Erick Babarczy Rodríguez
	CE No.:	 	09339170
	Title:	 	Attorney-in-Fact
	
	CAMPOSOL S.A.
	/s/ Andrés Daniel Colichón Sas
	Name:	 	Andrés Daniel Colichón Sas
	DNI No.:	 	07866431
	Title:	 	Attorney-in-Fact
	
	/s/ Milagritos Tatiana Olivero Groppo
	Name:	 	Milagritos Tatiana Olivero Groppo
	CE No.:	 	09533596
	Title:	 	Attorney-in-FactEX-10.4

 Exhibit 10.4 

Notary Public: 
 You are hereby requested in your capacity as
Notary Public to enter in your Register of Public Deeds one evidencing the Addendum (the “Addendum”) to the Long-Term Loan Agreement (the “Agreement”) executed by: 

 

	(i)	 BANCO BBVA PERÚ, identified by Tax ID Number (RUC) 20100130204, with principal place of business
at Avenida República de Panamá No. 3055, district of San Isidro, province and department of Lima, acting by and through Frank Erick BABARCZY RODRÍGUEZ, holder of National Identity Card (DNI) No. 09339170, and Rurth
Anabelí GONZÁLEZ VELAPATIÑO, holder of National Identity Card (DNI) No. 09644142, as per powers of attorney registered in Electronic Card No. 11014915 of the Registry of Companies in and for Lima (hereinafter referred
to, without distinction, as the “Bank” or the “Lender”); and 

  

	(ii)	 CAMPOSOL S.A., identified by Tax ID Number (RUC) 20340584237, with principal place of business at Av. El
Derby 250 - Piso 4, Urb. El Derby de Monterrico, district of Santiago de Surco, acting by and through Andrés Daniel COLICHÓN SAS, holder of National Identity Card (DNI) No. 07866431, and Milagritos Tatiana OLIVERO GROPPO, holder
of National Identity Card (DNI) No. 09533596, as per powers of attorney registered in Electronic Card No. 11009728 of the Registry of Companies in and for Lima (hereinafter, the “Borrower”). 

SECTION ONE: RECITALS 
 By Public Deed dated
November 12, 2019, executed before Eduardo Laos de Lama, Attorney-at-Law and Notary Public in and for Lima (KARDEX 299908), the Bank granted a loan to Camposol in
the amount of USD 11,000,000.00 (Eleven Million and 00/100 Dollars) in order to repay its financial liabilities. 
 By Public Deed dated November 26,
2019, executed before Eduardo Laos de Lama, Attorney-at-Law and Notary Public in and for Lima, the Parties executed a first addendum to the Agreement, as per the terms
and conditions set forth in Section Two of the Addendum. 
 SECTION TWO: AMENDMENTS TO THE AGREEMENT 

 

	2.1	 The Parties agree to delete the definitions of “Total Debt” and “Net Equity” of
Section 1.01 “DEFINITIONS” of the Agreement. 

  

	2.2	 The Parties agree to amend the definitions of “Net Capex”, “Financial Debt”,
“EBITDA” and “Financial Expenses” contained in Section 1.01 “DEFINITIONS” of the Agreement, which shall read as follows: 

“Net Capex”: It means any capital investment related to the acquisition, maintenance, improvement and/or replacement of fixed assets
or other similar transactions that are reflected in the “fixed assets” account of the cash flow 

 
statement, as defined in the IFRS, less the debt, having a term longer than one year, assumed by CSOL Holding Ltd. and its subsidiaries in order to make this capital investment. 

“Financial Debt”: It means all the payment obligations towards financial or capital market institutions (including sureties or
guarantees), as well as any other payment obligation accruing interest (except for the accounts payable to commercial suppliers assumed by CSOL Holding Ltd. and its subsidiaries and the operating leases, according to IFRS 16). 

“EBITDA”: It means, for any period, (i) the operating income plus (ii) the charges corresponding to depreciation and
amortization less other income and expenditure and other non-cash adjustments, as they appear in the reconciliation of the cash flow statement of CSOL Holding Ltd. and its subsidiaries, according to the IFRS.

 “Financial Expenses”: It means, for any period, the total amount of (i) interest expenses, and (ii) the portion
corresponding to the interest of the financial lease installments, as shown in the income statement of CSOL Holding Ltd. and its subsidiaries, prepared in accordance with the IFRS. 

 

	2.3	 The Parties agree to insert the definitions of “Cash” and “Net Financial Debt” in
Section 1.01 “DEFINITIONS”, as detailed below: 

 “Cash”: It means the
cash and cash equivalents shown in the Balance Sheet of the Financial Statements. 
 “Net Financial
Debt”: It means Financial Debt less Cash. 
  

	2.4	 The Parties agree to amend Section 5.01, paragraph “A”, to read as follows:

 “SECTION 5.01: AFFIRMATIVE COVENANTS 

The Borrower assumes, specifically towards the Bank, for as long as any amount established in the Agreement remains unpaid, the following
affirmative covenants (unless otherwise authorized by the Bank expressly and in writing, in which case the Bank shall notify its decision within a term not to exceed five (5) Business Days after receiving the Borrower’s request, which must
not be unreasonably denied or delayed; upon expiry of the above-mentioned term, the request shall be understood to have been denied): 
  

	 	(a)	 Provide the Bank with the following documentation: 

 

	 	(i)	 Audited and consolidated annual financial statements (including CSOL Holding Ltd. and its Subsidiaries)
within a term of one hundred twenty (120) calendar days after the close of each fiscal year. 

	 	(ii)	 Consolidated quarterly financial statements (including CSOL Holding Ltd. and its Subsidiaries) within a term
of sixty (60) calendar days after March 31, June 30, September 30, and December 31 of each year during the term of the Agreement. 

 

	 	(iii)	 The Certificate of Compliance with the Affirmative Covenants, Negative Covenants and Financial Obligations,
in the form and substance contained in Exhibit VI, within a term of sixty (60) calendar days after March 31, June 30, September 30, and December 31 during the term of the Agreement.” 

 

	2.5	 The Parties agree to amend in full Section 5.03 “FINANCIAL OBLIGATIONS” to read as follows:

 “SECTION 5.03: FINANCIAL OBLIGATIONS 

The Borrower assumes, specifically towards the Bank, for as long as any amount owed to the Bank under the Agreement and/or the Loan
Documents remains unpaid, the following financial obligations: 
  

	 	1.	 Debt Ratio less than or equal to 3.50x during the entire term of the Agreement. 

 

	 	2.	 Debt Service Coverage Ratio greater than or equal to 1.25x. 

In order to calculate these Financial Obligations, the following must be taken into account: 

Debt Ratio: Defined as Net Financial Debt to EBITDA. 

Debt Service Coverage Ratio: Defined as EBITDA to Debt Service, measured as the current portion of long-term debt plus Financial Expenses.

 The fulfillment of the above-mentioned financial obligations shall be verified by the Bank in each quarter ended March 31,
June 30, September 30, and December 31. For purposes of calculating the Financial Obligations, the figures shown in the Borrower’s Consolidated Income Statement (including CSOL Holding and its Subsidiaries) for the last four quarters
prior to the close date of each quarter, as well as the figures shown in the consolidated Balance Sheet as of such date.” 

 SECTION THREE: SUBSISTENCE OF PROVISIONS 

All other provisions of the Agreement shall remain unchanged. 

IN WITNESS WHEREOF, this Addendum has been executed in the city of Lima in two (02) counterparts this
25th day of September, 2020. 
 BBVA 

/s/ Ruth Anabelí González Velapatiño 
 Ruth
Anabelí González Velapatiño 
 /s/ Frank Erick Babarczy Rodríguez 

Frank Erick Babarczy Rodríguez 
 CAMPOSOL S.A. 

/s/ Andrés Daniel Colichón Sas 
 Andrés
Daniel Colichón Sas 
 /s/ Milagritos Tatiana Olivero Groppo 

Milagritos Tatiana Olivero Groppo 
 LAOS DE LAMA NOTARY’S
OFFICE 
 Kardex No. 312030 
 Preliminary agreement
(minuta) No. 
 Contained on Page: 
 Date: 

Typist:

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