Document:

EX-4.28

 Exhibit 4.28 
  

			
	

		 CLIFFORD CHANCE S.L.

ABOGADOS

     SEPTEMBER 2014 

CEMEX, S.A.B. DE C.V. 
 AS BORROWER

 BANCO SANTANDER (MÉXICO), S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO, BBVA
SECURITIES INC., BNP PARIBAS SECURITIES CORP., CITIGROUP GLOBAL MARKETS INC., CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, HSBC MEXICO, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO HSBC, ING CAPITAL LLC, J.P. MORGAN
SECURITIES LLC AND MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
 AS JOINT MANDATED LEAD ARRANGERS AND JOINT BOOKRUNNERS 

THE FINANCIAL INSTITUTIONS NAMED HEREIN 

AS ORIGINAL LENDERS 
 AND 

CITIBANK INTERNATIONAL PLC 
 ACTING
AS AGENT 
 AND 
 WILMINGTON
TRUST (LONDON) LIMITED 
 ACTING AS SECURITY AGENT 
  

 
 FACILITIES
AGREEMENT 
  
  

 CONTENTS 
  

							
	Clause	  	Page	 
			
	1.	 	 Definitions and Interpretation
	  	 	1	  
			
	2.	 	 The Facilities
	  	 	55	  
			
	3.	 	 Purpose
	  	 	59	  
			
	4.	 	 Conditions of Utilisation
	  	 	60	  
			
	5.	 	 Utilisation
	  	 	62	  
			
	6.	 	 Repayment
	  	 	66	  
			
	7.	 	 Illegality and Voluntary Prepayment
	  	 	69	  
			
	8.	 	 Mandatory Prepayment
	  	 	71	  
			
	9.	 	 Restrictions
	  	 	78	  
			
	10.	 	 Interest
	  	 	81	  
			
	11.	 	 Interest Periods
	  	 	82	  
			
	12.	 	 Changes to the Calculation of Interest
	  	 	84	  
			
	13.	 	 Fees
	  	 	85	  
			
	14.	 	 Tax Gross-Up and Indemnities
	  	 	87	  
			
	15.	 	 Increased Costs
	  	 	91	  
			
	16.	 	 Other Indemnities
	  	 	94	  
			
	17.	 	 Mitigation by the Finance Parties
	  	 	95	  
			
	18.	 	 Costs and Expenses
	  	 	96	  
			
	19.	 	 Guarantee and Indemnity
	  	 	98	  
			
	20.	 	 Representations
	  	 	108	  
			
	21.	 	 Information Undertakings
	  	 	116	  
			
	22.	 	 Financial Covenants
	  	 	122	  
			
	23.	 	 General Undertakings
	  	 	128	  
			
	24.	 	 Covenant Reset Date
	  	 	146	  
			
	25.	 	 Automatic Release of Transaction Security
	  	 	149	  
			
	26.	 	 Events of Default
	  	 	151	  
			
	27.	 	 Changes to the Lenders
	  	 	158	  
			
	28.	 	 Debt Purchase Transactions
	  	 	165	  
			
	29.	 	 Changes to the Obligors
	  	 	168	  
			
	30.	 	 Role of the Agent
	  	 	171	  
			
	31.	 	 Conduct of Business by the Finance Parties
	  	 	180	  
			
	32.	 	 Sharing among the Finance Parties
	  	 	180	  
			
	33.	 	 Payment Mechanics
	  	 	182	  
			
	34.	 	 Set-Off
	  	 	185	  

  
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	35.		 Notices
		 	185	  
			
	36.		 Calculations and Certificates
		 	190	  
			
	37.		 Partial Invalidity
		 	191	  
			
	38.		 Remedies and Waivers
		 	191	  
			
	39.		 Amendments and Waivers
		 	191	  
			
	40.		 Confidentiality
		 	195	  
			
	41.		 Counterparts
		 	199	  
			
	42.		 Governing Law
		 	199	  
			
	43.		 Enforcement
		 	200	  

  

					
	 Schedule 1 The Original Parties
		 	202	  
		
	 Part I The Original Obligors
		 	202	  
		
	 Part II The Original Lenders
		 	204	  
		
	 Schedule 2 Conditions Precedent
		 	205	  
		
	 Part I Initial Conditions Precedent
		 	205	  
		
	 Part II Conditions Precedent required to be delivered by an Additional Obligor
		 	212	  
		
	 Schedule 3 Requests and Notices
		 	218	  
		
	 Part I Utilisation Request
		 	218	  
		
	 Part II Selection Notice
		 	220	  
		
	 Schedule 4 Form of Promissory Note
		 	221	  
		
	 Schedule 5 Form of Transfer Certificate
		 	232	  
		
	 Schedule 6 Form of Assignment Agreement
		 	235	  
		
	 Schedule 7 Form of Accession Letter
		 	238	  
		
	 Schedule 8 Form of Resignation Letter
		 	241	  
		
	 Schedule 9 Form of Compliance Certificate
		 	243	  
		
	 Schedule 10 Existing Financial Indebtedness
		 	244	  
		
	 Schedule 11 Existing Security and Quasi-Security
		 	251	  
		
	 Schedule 12 Existing Guarantees
		 	254	  
		
	 Schedule 13 Permitted Joint Ventures
		 	260	  
		
	 Schedule 14 Proceedings Pending or Threatened
		 	261	  
		
	 Schedule 15 Material Subsidiaries
		 	288	  
		
	 Schedule 16 Hedging Parameters
		 	289	  
		
	 Schedule 17 Timetables
		 	293	  
		
	 Schedule 18 Form of Confidentiality Undertaking
		 	294	  
		
	 Schedule 19 Form of Accordion Confirmation
		 	300	  

  
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 THIS AGREEMENT is dated      September 2014 and made between: 

 

	(1)	CEMEX, S.A.B. de C.V. (the “Borrower”); 

  

	(2)	THE SUBSIDIARIES of the Borrower listed in Part I of Schedule 1 (The Original Parties) as guarantors (the “Original Guarantors”); 

 

	(3)	THE SUBSIDIARIES of the Borrower listed in Part I of Schedule 1 (The Original Parties) as security providers (together with the Borrower, the “Original Security Providers”);

  

	(4)	BANCO SANTANDER (MÉXICO), S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO, BBVA SECURITIES INC., BNP PARIBAS SECURITIES CORP., CITIGROUP GLOBAL MARKETS INC.,
CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, HSBC MEXICO, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO HSBC, ING CAPITAL LLC, J.P. MORGAN SECURITIES LLC AND MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED as joint mandated lead arrangers and joint bookrunners (whether acting individually or together, the “Arranger”); 

  

	(5)	THE FINANCIAL INSTITUTIONS listed in Part II (The Original Lenders) of Schedule 1 (The Original Parties) as original lenders (the “Original Lenders”); 

 

	(6)	CITIBANK INTERNATIONAL PLC as agent of the Finance Parties (other than itself) (the “Agent”); and 

  

	(7)	WILMINGTON TRUST (LONDON) LIMITED as security agent of the Secured Parties (the “Security Agent”). 

IT IS AGREED as follows: 
 SECTION 1

 INTERPRETATION 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 

“2012 Facilities Agreement” means the facilities agreement dated 17 September 2012 (as amended pursuant to an amendment
agreement dated 16 October 2013 and a consent request dated 7 February 2014) and made between, among others, the Borrower and certain of its Subsidiaries as original obligors, certain financial institutions, noteholders and other entities
as original creditors, Citibank International plc as agent and Wilmington Trust (London) Limited as security agent. 
 “2015 Floating
Rate Notes” means the $800,000,000 floating rate senior secured notes maturing on 30 September 2015 issued by the Borrower. 

  
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 “2015 Subordinated Convertible Notes” means the $715,000,000 4.875% subordinated
optional convertible securities maturing on 15 March 2015 issued by the Borrower. 
 “2016 Subordinated Convertible
Notes” means the $977,500,000 3.25% subordinated optional convertible securities maturing on 15 March 2016 issued by the Borrower. 

“2018 9.00% Senior Notes” means the $1,650,000,000 9.000% senior secured notes maturing on 11 January 2018 and issued by
the Borrower. 
 “2018 9.50% Senior Notes” means the $500,000,000 9.500% senior secured notes maturing on 15 June 2018
and issued by the Borrower. 
 “2018 Floating Rate Notes” means the $500,000,000 floating rate senior secured notes maturing
on 15 October 2018 issued by the Borrower. 
 “2018 Senior Notes” means the 2018 9.00% Senior Notes, the 2018 9.50%
Senior Notes and the 2018 Floating Rate Notes. 
 “2018 Subordinated Convertible Notes” means the $690,000,000 3.75%
subordinated optional convertible securities maturing on 15 March 2018 issued by the Borrower. 
 “2019 5.875% Senior
Notes” means the $600,000,000 5.875% senior secured notes maturing on 25 March 2019 and issued by the Borrower. 

“2019 6.50% Senior Notes” means the $1,000,000,000 6.500% senior secured notes maturing on 10 December 2019 and issued by
the Borrower. 
 “2019 CEMEX España EUR Senior Notes” means the €179,219,000 9.875% senior secured notes
maturing on 30 April 2019 and issued by CEMEX España. 
 “2019 CEMEX España USD Senior Notes” means the
$703,861,000 9.875% senior secured notes maturing on 30 April 2019 and issued by CEMEX España. 
 “2019 Senior
Notes” means the 2019 5.875% Senior Notes, 2019 6.50% Senior Notes, 2019 CEMEX España EUR Senior Notes and the 2019 CEMEX España USD Senior Notes. 

“2020 Senior Notes” means the $1,192,996,000 9.25% senior secured notes maturing on 12 May 2020 and issued by CEMEX
España. 
 “2021 EUR Senior Notes” means the €400,000,000 5.250% senior secured notes maturing on 1 April
2021 and issued by CEMEX Finance. 
 “2021 USD Senior Notes” means the $1,000,000,000 7.250% senior secured notes maturing
on 15 January 2021 and issued by the Borrower. 
 “2021 Senior Notes” means the 2021 EUR Senior Notes and the 2021 USD
Senior Notes. 

  
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 “2022 EUR Senior Notes” means the €400,000,000 4.750% senior secured notes
maturing on 11 January 2022 and issued by the Borrower. 
 “2022 USD Senior Notes” means the $1,500,000,000 9.375%
senior secured notes maturing on 12 October 2022 and issued by CEMEX Finance. 
 “2022 Senior Notes” means the 2022 EUR
Senior Notes and the 2022 USD Senior Notes. 
 “2024 Senior Notes” means the $1,000,000,000 6.000% senior secured notes
maturing on 1 April 2024 and issued by CEMEX Finance. 
 “2025 Senior Notes” means the $1,100,000,000 5.700% senior
secured notes maturing on 11 January 2025 and issued by the Borrower. 
 “Acceptable Bank” means: 

 

	 	(a)	a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt obligations of BBB or higher by S&P, BBB or higher by Fitch or Baa2 or higher by Moody’s or a
comparable rating from an internationally recognised credit rating agency; 

  

	 	(b)	any other bank or financial institution in a jurisdiction in which a member of the Group conducts commercial operations where such member of the Group, in the ordinary course of trading, subscribes for certificates of
deposit issued by such bank or financial institution; or 

  

	 	(c)	any other bank or financial institution approved by the Agent. 

 “Accession
Letter” means a document substantially in the form set out in Schedule 7 (Form of Accession Letter). 
 “Accordion
Confirmation” means a confirmation substantially in the form set out in Schedule 19 (Form of Accordion Confirmation). 

“Accordion Facility B Utilisation Amount” means the amount calculated in accordance with paragraph (g)(ii) of Clause 2.2
(Accordion). 
 “Accordion Lender” has the meaning given to that term in Clause 2.2 (Accordion). 

“Accordion Lender’s Facility A Commitment” means, for any Accordion Lender, the amount listed in the table in the
Schedule to the Accordion Confirmation of that Accordion Lender under that heading. 
 “Accordion Lender’s Facility B
Commitment” means, for any Accordion Lender, the amount listed in the table in the Schedule to the Accordion Confirmation of that Accordion Lender under that heading. 

“Additional Guarantor” means a company that becomes an Additional Guarantor in accordance with Clause 29 (Changes to the
Obligors). 

  
 - 3 - 

 “Additional Obligor” means an Additional Guarantor or an Additional Security
Provider. 
 “Additional Security Provider” means a company that becomes an Additional Security Provider in accordance with
Clause 29 (Changes to the Obligors). 
 “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’s Spot Rate of Exchange”
means the Agent’s spot rate of exchange for the purchase of the relevant currency with dollars in the London foreign exchange market at or about 11:00 a.m. on a particular day. 

“Applicable GAAP” means: 
  

	 	(a)	in the case of the Borrower, IFRS; 

  

	 	(b)	in the case of CEMEX España, Spanish GAAP or, if adopted by CEMEX España in accordance with Clause 21.3 (Requirements as to financial statements), IFRS; and 

 

	 	(c)	in the case of any other Obligor, the generally accepted accounting principles applying to it in the country of its incorporation or in a jurisdiction agreed to by the Agent or, if adopted by the relevant Obligor, IFRS.

 “Asset Swap” has the meaning given to such term in paragraph (g) of the definition of Permitted
Acquisition. 
 “Assignment Agreement” means an agreement substantially in the form set out in Schedule 6 (Form of
Assignment Agreement) or any other form agreed between the relevant assignor and assignee provided that if that other form does not contain the undertaking in the form set out in Schedule 6 (Form of Assignment Agreement) in respect
of clause 14.6 of the Intercreditor Agreement, it shall not be a Creditor/Agent/Security Agent Accession Undertaking as defined in, and for the purposes of, the Intercreditor Agreement. 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration. 
 “Authorised Signatory” means, in relation to any Obligor, any person who is duly authorised and in respect
of whom the Agent has received a certificate signed by a director or another Authorised Signatory of such Obligor setting out the name and signature of such person and confirming such person’s authority to act. 

“Availability Period” means: 
  

	 	(a)	in relation to Facility A: 

  

	 	(i)	in relation to the first Utilisation of Facility A, the period from and including the date of this Agreement to and including the date falling 30 Business Days after the date of this Agreement; and 

  
 - 4 - 

	 	(ii)	in respect of an increase in the Facility A Commitments pursuant to Clause 2.2 (Accordion), in relation to the Utilisation in respect of the increased Facility A Commitment(s) of the Accordion Lender(s), the
period from and including the Increase Date on which that increase becomes effective to and including the date falling 15 Business Days after such Increase Date; and 

 

	 	(b)	in relation to Facility B: 

  

	 	(i)	in relation to the first Utilisation of Facility B, the period from and including the date of this Agreement to and including the date falling 30 Business Days after the date of this Agreement; 

 

	 	(ii)	in respect of an increase in the Facility B Commitments pursuant to Clause 2.2 (Accordion), in relation to the first Utilisation of Facility B following that increase, the period from and including the Increase
Date on which that increase becomes effective to and including the date falling 15 Business Days after such Increase Date; and 

  

	 	(iii)	in relation to any other Utilisation of Facility B, the period from and including the date of this Agreement to and including the date falling one Month prior to the Termination Date. 

“Available Commitment” means, in relation to a Facility, a Lender’s Commitment under that Facility minus: 

 

	 	(a)	the amount of its participation in any outstanding Loans under that Facility; and 

  

	 	(b)	in relation to any proposed Utilisation, the amount of its participation in any Loans that are due to be made under that Facility on or before the proposed Utilisation Date, 

but without subtracting, in relation to any proposed Utilisation under Facility B only, that Lender’s participation in any Facility B
Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date. 
 “Available Facility” means, in
relation to a Facility, the aggregate for the time being of each Lender’s Available Commitment in respect of that Facility. 

“Bancomext” means Banco Nacional de Comercio Exterior, Sociedad Nacional de Crédito, Institución de Banca de
Desarrollo. 
 “Bancomext Facility” means a facility agreement between the Borrower and Bancomext, with the appearance of
Centro Distribuidor de Cemento S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Petrocemex S.A. de C.V. and Cemex México, dated as of 14 October 2008 (as amended from time to time). 

“Break Costs” means the amount (if any) by which: 
  

	 	(a)	 the interest (excluding any Margin) which a Lender should have received for the period from the date of receipt of all or any part of its
participation in a 

  
 - 5 - 

	 	
Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest
Period; 

 exceeds: 
  

	 	(b)	the amount of interest which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the Relevant Interbank Market for a
period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, New York
City and Mexico City (in the case of Mexico City, if applicable, as specified by a Governmental Authority). 
 “Caliza”
means CEMEX LATAM Holdings, S.A. 
 “Caliza Capital Expenditure” means Capital Expenditure permitted by paragraph
(d) of Clause 22.2 (Financial condition) to be invested in the Caliza Group. 
 “Caliza Expansion Capital” means
(without double counting) any: 
  

	 	(a)	Caliza Capital Expenditure; 

  

	 	(b)	Caliza Joint Venture Investment; and 

  

	 	(c)	amount of the consideration for an acquisition made under paragraph (k) of the definition of Permitted Acquisition. 

“Caliza Expansion Capital Permitted Limit” means $500,000,000 (or its equivalent). 

“Caliza Gross Proceeds” means the cash proceeds of a Caliza Transaction falling within paragraph (b) of the definition
thereof. 
 “Caliza Group” means Caliza and its Subsidiaries for the time being. 

“Caliza Joint Venture” has the meaning given to such term in paragraph (b) of the definition of Permitted Joint Venture.

 “Caliza Joint Venture Investment” has the meaning given to such term in paragraph (b) of the definition of Permitted
Joint Venture. 
 “Caliza Offering Option” has the meaning given to such term in paragraph (b) of the definition of
Caliza Transaction. 
 “Caliza Offering Option Amount” means the amount that would be required in the event that a Caliza
Offering Option is exercised in whole or in part, provided that such amount shall not exceed an amount equal to 13.1 per cent. of the relevant Caliza Gross Proceeds. 

  
 - 6 - 

 “Caliza Offering Option Exercise Period” has the meaning given to such term in
paragraph (b) of the definition of Caliza Transaction. 
 “Caliza Proceeds” has the meaning given to such term in
Clause 8.1 (Definitions). 
 “Caliza Transaction” means: 

 

	 	(a)	a Disposal (including by way of a Permitted Treasury Transaction within the scope of paragraph 1(e) of Schedule 16 (Hedging Parameters)) by a member of the Group of any shares in Caliza to a person who is not a
member of the Group; or 

  

	 	(b)	an offering of shares in Caliza and including any put or other option entered into with one or more financial institutions in respect of any share lending, over-allotment or other similar arrangement in connection with
an offering of shares in Caliza provided that the exercise period for such put or other option shall be no longer than 30 days from the settlement date of the offering of shares in Caliza (a “Caliza Offering Option” and such
exercise period, the “Caliza Offering Option Exercise Period”), 

 (in either case) whether by way of a single
transaction or a series of transactions and which does not breach Clause 23.20 (Disposals) or Clause 23.34 (Caliza). 

“Capital Lease” has the meaning given to such term in Clause 22.1 (Financial definitions). 

“Cash Collateral Release Amount” means the amount of any cash collateral or margin posted by the Borrower or any member of the
Group as at the date of this Agreement in respect of an Excluded Position set forth in Annex 1 (Excluded Positions) to Schedule 16 (Hedging Parameters) which has been released to the Borrower or any member of the Group upon the
replacement of Permitted Security by a Permitted Put/Call Transaction in accordance with paragraph 3 of Schedule 16 (Hedging Parameters) or any cash amounts transferred to any member of the Group in conjunction with the entry into a Permitted
Put/Call Transaction. 
 “Cash Equivalent Investments” means at any time: 

 

	 	(a)	certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Bank; 

  

	 	(b)	any investment in marketable debt obligations issued or expressly guaranteed by the government of Mexico, the United States of America (or any state thereof (including any political subdivision of such state)), the
United Kingdom, any member state of the European Economic Area or any Participating Member State or any member state of NAFTA (or any other jurisdiction in which a member of the Group conducts commercial operations if that member of the Group makes
investments in such debt obligations in the ordinary course of its trading) or by an instrumentality or agency of any of them having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible
into or exchangeable for any other security; 

  
 - 7 - 

	 	(c)	commercial paper not convertible into or exchangeable for any other security: 

  

	 	(i)	for which a recognised trading market exists; 

  

	 	(ii)	issued by an issuer incorporated in Mexico, the United States of America (or any state thereof (including any political subdivision of such state)), the United Kingdom, any member state of the European Economic Area or
any Participating Member State or any member state of NAFTA (or any other jurisdiction in which a member of the Group makes investments in such debt obligations in the ordinary course of trading); 

 

	 	(iii)	which matures within one year after the relevant date of calculation; and 

  

	 	(iv)	which has a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch or P-1 or higher by Moody’s, or, if no rating is available in respect of the commercial paper, the issuer of which has, in
respect of its long-term unsecured and non credit-enhanced debt obligations, an equivalent rating; 

  

	 	(d)	sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an Acceptable Bank (or their dematerialised equivalent); 

 

	 	(e)	any investment in money market funds which (i) have a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch or P-1 or higher by Moody’s, (ii) which invest substantially all their
assets in securities of the types described in paragraphs (a) to (d) above and (f) and (g) below, and (iii) can be turned into cash on not more than 30 days’ notice; or 

 

	 	(f)	any deposit issued by any of Nacional Financiera, S.N.C., Banco Nacional de Comercio Exterior, S.N.C., Banco Nacional de Obras y Servicios Públicos, S.N.C. or any other development bank controlled by the Mexican
government; 

  

	 	(g)	any other debt instrument rated “investment grade” (or the local equivalent thereof according to local criteria in a country in which any member of the Group conducts commercial operations and in which local
pensions are permitted by law to invest) with maturities of 12 months or less from the date of acquiring such investment; 

  

	 	(h)	investments in mutual funds, managed by banks or financial institutions, with a local currency credit rating of at least MxAA by S&P or equivalent by any other reputable local rating agency, that invest principally
in marketable direct obligations issued by the Mexican government, or issued by any agency or instrumentality thereof; and 

  

	 	(i)	any other debt security, certificate of deposit, commercial paper, bill of exchange, investment in money market funds or material funds approved by the Majority Lenders, 

in each case, to which any member of the Group is alone (or together with other members of the Group) beneficially entitled at that time and
which is not issued or guaranteed by any member of the Group or subject to any Security (other than Security arising under the Transaction Security Documents). 

  
 - 8 - 

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

“CEMEX España” means CEMEX España, S.A. 

“CEMEX España Operaciones” means CEMEX España Operaciones S.L.U. 

“CEMEX Finance” means CEMEX Finance LLC (formerly known as CEMEX España Finance LLC). 

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

“Certificados Bursatiles” means any securities issued by the Borrower in the Mexican capital markets with the approval of the
Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.). 

“Change of Control” means that the beneficial ownership (within the meaning of Rule 13d-3 promulgated by the SEC under
the Securities Exchange Act of 1934, as amended) of 20 per cent. or more in voting power of the outstanding voting stock of the Borrower is acquired by any person. 

“Charged Property” means all of the assets of the Security Providers which from time to time are, or are expressed to be, the
subject of the Transaction Security. 
 “Code” means the Internal Revenue Code of 1986. 

“Commitment” means a Facility A Commitment or a Facility B Commitment. 

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 9 (Form of Compliance
Certificate). 
 “Confidential Information” means all information relating to the Borrower, any Obligor, the Group, the
Finance Documents or a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under,
the Finance Documents or a Facility from either: 
  

	 	(a)	any member of the Group or any of its advisers; or 

  

	 	(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers, 

in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording
information which contains or is derived or copied from such information but excludes information that: 
  

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 40 (Confidentiality); or 

  
 - 9 - 

	 	(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or 

  

	 	(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraph (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source
which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.

 “Confidentiality Undertaking” means a confidentiality undertaking substantially in the form set out in
Schedule 18 (Form of Confidentiality Undertaking) or in any other form agreed between the Borrower and the Agent. 
 “Consent
Deadline” has the meaning given to such term in Clause 23.35 (Alternative Club Loan). 
 “Consent
Request” has the meaning given to such term in Clause 23.35 (Alternative Club Loan). 
 “Consolidated Leverage
Ratio” has the meaning given to such term in Clause 22.1 (Financial definitions). 
 “Contingent
Instrument” means any documentary credit (including all forms of letter of credit) or performance bond, advance payment, bank guarantee or similar instrument. 

“Covenant Reset Date” means the first date falling after the date of this Agreement on which both of the following conditions
are met: 
  

	 	(a)	the Consolidated Leverage Ratio for the two most recently completed Reference Periods in respect of which Compliance Certificates have been (or are required to have been) delivered under this Agreement was below 4.00:1;
and 

  

	 	(b)	no Default is continuing. 

 “Custodian” means any custodian of the Promissory
Notes acting on behalf of the Lenders for the time being appointed by the Agent in consultation with the Borrower provided that such Custodian must maintain an office in the City of Monterrey, Nuevo Leon, Mexico. 

“Czech Acquisition” means the acquisition of any asset, undertaking or business located in the Czech Republic by a member (or
members) of the Group from a member (or members) of the Holcim Group. 
 “Default” means an Event of Default or any event or
circumstance specified in Clause 26 (Events of Default) 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. 

  
 - 10 - 

 “Defaulting Lender” means any Lender: 

 

	 	(a)	which has rescinded or repudiated a Finance Document; or 

  

	 	(b)	with respect to which an Insolvency Event has occurred and is continuing. 

“Delegate” means any delegate, agent, attorney-in-fact, representative or co-trustee appointed by the Security Agent. 

“Disposal” has the meaning given to that term in Clause 8.1 (Definitions). 

“Disposal Proceeds” has the meaning given to that term in Clause 8.1 (Definitions). 

“Disruption Event” means either or both of: 
  

	 	(a)	a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facilities (or
otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or 

 

	 	(b)	the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party: 

 

	 	(i)	from performing its payment obligations under the Finance Documents; or 

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 

“Dutch Civil Code” means the Dutch civil code (Burgerlijk Wetboek). 

“Dutch FSA” means the Dutch Financial Supervision Act (Wet op het financieel toezicht) and the rules and regulations
promulgated thereunder. 
 “Dutch Obligor” means an Obligor incorporated in The Netherlands. 

“Empresas Tolteca” means Empresas Tolteca de México, S.A. de C.V. 

“English Obligor” means an Obligor incorporated in England and Wales. 

“Environmental Claim” means any claim, proceeding or investigation by any person in respect of any Environmental Law or use of
Hazardous Materials. 
 “Environmental Law” means any applicable law or regulation in any jurisdiction in which any member
of the Group conducts business which relates to the pollution or protection of the environment or harm to or the protection of human health or the health of animals or plants. 

  
 - 11 - 

 “Environmental Permits” means any permit, licence, consent, approval and other
authorisation and the filing of any notification, report or assessment required under any Environmental Law for the operation of the business of any member of the Group conducted on or from the properties owned or used by the relevant member of the
Group. 
 “Equally Secured Debt Proceeds” has the meaning given to that term in Clause 8.1 (Definitions). 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto, as
interpreted by the rules and regulations thereunder, all as the same may be in effect from time to time. References to sections of ERISA shall be construed also to refer to any successor sections. 

“ERISA Affiliate” means an entity, whether or not incorporated, that is under common control with any Obligor within the
meaning of Section 4001(a)(14) of ERISA, or is a member of a group that includes any Obligor and that is treated as a single employer under section 414(b) or (c) of the Code. 

“España Subsidiary Guarantor” means Cemex Research Group AG, CEMEX Shipping B.V., CEMEX Asia B.V., CEMEX France Gestion
(S.A.S.), CEMEX UK, CEMEX Egyptian Investments B.V. and CEMEX Egyptian Investments II B.V. 
 “European Transaction” means
the Czech Acquisition, the West German Disposal and the Spanish Combination. 
 “Event of Default” means any event or
circumstance specified as such in Clause 26 (Events of Default). 
 “Excluded Positions” shall have the meaning
ascribed thereto in Schedule 16 (Hedging Parameters). 
 “Executive Compensation Plan” means any stock option plan,
restricted stock plan or retirement plan which the Borrower, any other Obligor or, as the case may be, Caliza, customarily provides to its employees, consultants and directors. 

“Existing Financial Indebtedness” means the Financial Indebtedness described in Schedule 10 (Existing Financial
Indebtedness) provided that the principal amount of such Financial Indebtedness does not increase above the principal amount outstanding as at the date of this Agreement (except by the amount of any capitalised interest under any facility
or instrument that provided for capitalisation of interest on those terms as at the date of this Agreement) less the amount of any repayments and prepayments made in respect of such Financial Indebtedness. 

“Existing High Yield Notes” means the 2015 Floating Rate Notes, the 2018 Senior Notes, the 2019 Senior Notes, the 2020 Senior
Notes, the 2021 Senior Notes, the 2022 Senior Notes, the 2024 Senior Notes and the 2025 Senior Notes. 
 “Existing Subordinated
Convertible Notes” means the 2015 Subordinated Convertible Notes, the 2016 Subordinated Convertible Notes and the 2018 Subordinated Convertible Notes. 

  
 - 12 - 

 “Facility” means Facility A or Facility B. 

“Facility A” means the term loan facility made available under this Agreement as described in paragraph (a) of Clause 2.1
(The Facilities). 
 “Facility A Commitment” means: 

 

	 	(a)	in relation to an Original Lender, the amount set opposite its name under the heading “Facility A Commitment” in Part II of Schedule 1 (The Original Parties) and the amount of any other Facility A
Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Accordion); and 

  

	 	(b)	in relation to any other Lender, the amount of any Facility A Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Accordion), 

to the extent not cancelled, reduced or transferred by it under this Agreement. 

“Facility A Loan” means a loan made or to be made under Facility A or the principal amount outstanding for the time being of
that loan. 
 “Facility A Repayment Date” means each of the dates specified in paragraph (a) of Clause 6.1 (Repayment of
Facility A Loans) as Facility A Repayment Dates. 
 “Facility A Repayment Instalment” means each instalment for
repayment of the Facility A Loans referred to in paragraph (a) of Clause 6.1 (Repayment of Facility A Loans). 
 “Facility
B” means the revolving loan facility (subject to Clause 5.8 (Mandatory Rollover Utilisation)) made available under this Agreement as described in paragraph (b) of Clause 2.1 (The Facilities). 

“Facility B Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount set opposite its name under the heading “Facility B Commitment” in Part II of Schedule 1 (The Original Parties) and the amount of any other Facility B
Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Accordion); and 

  

	 	(b)	in relation to any other Lender, the amount of any Facility B Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.2 (Accordion), 

to the extent not cancelled, reduced or transferred by it under this Agreement. 

“Facility B Loan” means a loan made or to be made under Facility B or the principal amount outstanding for the time being of
that loan. 

  
 - 13 - 

 “Facility B Reduction Date” means each of the dates specified in Clause 6.3
(Reduction of Facility B) as Facility B Reduction Dates. 
 “Facility B Reduction Instalment” means each instalment
for reduction of the Facility B Commitments referred to in Clause 6.3 (Reduction of Facility B). 
 “Facility Office”
means: 
  

	 	(a)	in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice)
as the office or offices through which it will perform its obligations under this Agreement; or 

  

	 	(b)	in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes. 

“FATCA” means: 
  

	 	(a)	sections 1471 to 1474 of the Code or any associated regulations; 

  

	 	(b)	any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or
regulation referred to in paragraph (a) above; or 

  

	 	(c)	any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraph (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation
authority in any other jurisdiction. 

 “FATCA Application Date” means: 

 

	 	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

  

	 	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2017; or 

  

	 	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraph (a) or (b) above, 1 January 2017, 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any
change in FATCA after the date of this Agreement. 
 “FATCA Deduction” means a deduction or withholding from a payment under
a Finance Document required by FATCA. 
 “FATCA Exempt Party” means a Party that is entitled to receive payments free from
any FATCA Deduction. 

  
 - 14 - 

 “Fee Letter” means any letter or letters dated on or before the date of this
Agreement between the Arranger (or any of them) and the Borrower, the Agent and the Borrower or the Security Agent and the Borrower setting out any of the fees payable by the Borrower to those Finance Parties in connection with this Agreement, and
any fee letter between an Accordion Lender and the Borrower entered into in accordance with paragraph (f) of Clause 2.2 (Accordion). 

“Finance Document” means this Agreement, any Accession Letter, any Accordion Confirmation, any Compliance Certificate, any Fee
Letter, the Intercreditor Agreement, any Promissory Note, any Resignation Letter, any Selection Notice, any Transaction Security Document, any Utilisation Request and any other document designated as a “Finance Document” by the Agent and
the Borrower. 
 “Finance Party” means the Agent, the Arranger, the Security Agent or a Lender. 

“Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	monies borrowed and debit balances at banks or other financial institutions; 

  

	 	(b)	any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent); 

  

	 	(c)	any amount raised pursuant to a note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument (including, without limitation, any perpetual bonds); 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would (in accordance with Applicable GAAP of the Borrower) be treated as a finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for de-recognition under Applicable GAAP of the Borrower); 

 

	 	(f)	any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the mark-to-market value (or, if any actual amount is due as a result of the termination or close-out of that Treasury
Transaction, that amount) shall be taken into account); 

  

	 	(g)	any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; 

 

	 	(h)	any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the issuer) before the Termination Date or are otherwise classified as borrowings under Applicable GAAP of the
Borrower; 

  

	 	(i)	any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of
the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than 60 days after the date of supply; 

  
 - 15 - 

	 	(j)	any arrangement pursuant to which an asset sold or otherwise disposed of by that person may be re-acquired by a member of the Group (whether following the exercise of an option or otherwise) and any Inventory Financing;

  

	 	(k)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as
borrowings under Applicable GAAP of the Borrower; and 

  

	 	(l)	the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs (a) to (k) above, 

and provided that the Spanish Combination Termination Mechanism is not Financial Indebtedness. 

“Financial Quarter” has the meaning given to such term in Clause 22.1 (Financial definitions). 

“Financial Year” has the meaning given to such term in Clause 22.1 (Financial definitions). 

“Fitch” means Fitch Ratings Limited or any successor thereto from time to time. 

“French Guarantor” or “French Obligor” means a Guarantor or other Obligor incorporated in France. 

“Governmental Authority” means the government of any jurisdiction, or any political subdivision thereof, whether provincial,
state or local, and any department, ministry, agency, instrumentality, authority, body, court, central bank or other entity lawfully exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Group” means the Borrower and each of its Subsidiaries for the time being. 

“Group Structure Chart” means the structure chart delivered to the Agent under paragraph 5 (Other documents and
evidence) of Part I of Schedule 2 (Conditions Precedent). 
 “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 29.3 (Resignation of a Guarantor) and/or sub-paragraph (ii) of paragraph (c) of Clause 39.2
(Exceptions) and has not subsequently become an Additional Guarantor pursuant to Clause 29.2 (Additional Guarantors and Additional Security Providers) and “Guarantor” means any of them. 

“Hazardous Materials” means (a) radioactive materials, asbestos-containing materials, polychlorinated biphenyls, radon
gas and (b) any other chemicals, materials or substances designated, classified or regulated as hazardous or toxic or as a pollutant or contaminant under any applicable Environmental Law. 

  
 - 16 - 

 “Holcim” means Holcim Ltd. 

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

“Holding Company” means, in relation to a company or corporation, any other company or corporation in respect of which it is a
Subsidiary. 
 “IFRS” means international accounting standards within the meaning of IAS Regulation 1606/2002 to the extent
applicable to the relevant financial statements. 
 “Impaired Agent” means the Agent at any time when: 

 

	 	(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment; 

 

	 	(b)	the Agent otherwise rescinds or repudiates a Finance Document; 

  

	 	(c)	(if the Agent is also a Lender) it is a Defaulting Lender under paragraph (a) of the definition of “Defaulting Lender”; or 

 

	 	(d)	an Insolvency Event has occurred and is continuing with respect to the Agent, 

 unless, in the
case of paragraph (a) above: 
  

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

 payment is made within three Business Days of its due date; or 

 

	 	(ii)	the Agent is disputing in good faith whether it is contractually obliged to make the payment in question. 

“IMSS” means the Mexican Social Security Institute (Instituto Mexicano del Seguro Social). 

“Increase Date” has the meaning given to it in paragraph (b) of Clause 2.2 (Accordion). 

“INFONAVIT” means the Mexican Workers’ Housing Fund Institute (Instituto del Fondo Nacional de la Vivienda para los
Trabajadores). 
 “Insolvency Event” in relation to a Finance Party means that the Finance Party: 

 

	 	(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

  

	 	(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 

 

	 	(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors; 

  
 - 17 - 

	 	(d)	institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or
organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law (including concurso mercantil) or other similar law affecting
creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official; 

  

	 	(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy (including concurso mercantil) or any other relief under any bankruptcy or insolvency law or other similar law affecting
creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or
entity not described in paragraph (d) above and: 

  

	 	(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or 

 

	 	(ii)	is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; 

  

	 	(f)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(g)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets;

  

	 	(h)	has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all
its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; 

 

	 	(i)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraph (a) to (h) above; or

  

	 	(j)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts. 

“Insolvency Proceedings” means any of the matters described in Clause 26.7 (Insolvency proceedings). 

“Intellectual Property” means: 
  

	 	(a)	any patents, trademarks, service marks, designs, business names, copyrights, design rights, database rights, inventions, knowhow and other intellectual property rights and interests, whether registered or unregistered;
and 

  

	 	(b)	the benefit of all applications and rights to use such assets of each member of the Group. 

  
 - 18 - 

 “Intercreditor Agreement” means the intercreditor agreement dated
17 September 2012 and made between, among others, the Borrower, Wilmington Trust (London) Limited as Security Agent, Citibank International plc as agent under the 2012 Facilities Agreement, the creditors under the 2012 Facilities Agreement and
any other creditors of the Group that may accede to it from time to time in accordance with its terms. 
 “Interest Period”
means, in relation to a Utilisation, each period determined in accordance with Clause 11 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 10.3 (Default interest). 

“Interpolated Screen Rate” means, in relation to LIBOR for any Loan, the rate which results from interpolating on a linear
basis between: 
  

	 	(a)	the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Loan; and 

 

	 	(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of that Loan, 

each as of the Specified Time on the Quotation Day for dollars. 

“Inventory Financing” means a financing arrangement pursuant to which a member of the Group sells inventory to a bank or other
institution (or a special purpose vehicle or partnership incorporated or established by or on behalf of such bank or other institution or an Affiliate of such bank or other institution) and has an obligation to repurchase such inventory to the
extent that it is not sold to a third party within a specified period. 
 “Joint Venture” means any joint venture entity,
whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity. 
 “Joint Venture
Investment” has the meaning given to such term in sub-paragraph (c)(ii) of the definition of Permitted Joint Venture. 

“Legal Opinions” means the legal opinions delivered to the Agent pursuant to paragraph 4 (Legal opinions) of Part I of
Schedule 2 (Conditions Precedent) or paragraph 4 (Legal opinions) of Part II of Schedule 2 (Conditions Precedent). 

“Legal Reservations” means: 
  

	 	(a)	the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights
of creditors; 

  
 - 19 - 

	 	(b)	the time barring of claims under the Limitation Act 1980 and the Foreign Limitation Periods Act 1984, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of UK stamp
duty may be void and defences of set-off or counterclaim; 

  

	 	(c)	similar principles, rights and defences under the laws of any Relevant Jurisdiction; and 

  

	 	(d)	any other matters which are set out as qualifications or reservations as to matters of law in the Legal Opinions. 

“Lender” means: 
  

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Party in accordance with Clause 2.2 (Accordion) or Clause 27 (Changes to the Lenders), 

which in each case has not ceased to be a Party in that capacity in accordance with the terms of this Agreement. 

“LIBOR” means, in relation to any Loan: 
  

	 	(a)	the applicable Screen Rate; 

  

	 	(b)	(if no Screen Rate is available for the Interest Period of that Loan) the Interpolated Screen Rate for that Loan; or 

  

	 	(c)	if: 

  

	 	(i)	no Screen Rate is available for dollars; or 

  

	 	(ii)	no Screen Rate is available for the Interest Period of that Loan and it is not possible to calculate an Interpolated Screen Rate for that Loan, 

the Reference Bank Rate, 
 as of,
in the case of paragraphs (a) and (c) above, the Specified Time on the Quotation Day for dollars and for a period equal in length to the Interest Period of that Loan and, if that rate is less than zero, LIBOR shall be deemed to be zero.

 “Loan” means a Facility A Loan or a Facility B Loan. 

“London Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London.

 “Majority Lenders” means a Lender or Lenders whose Commitments aggregate
66 2⁄3% or more of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated
66 2⁄3% or more of the Total Commitments immediately prior to the reduction). 

  
 - 20 - 

 “Margin” means, in relation to any Loan or Unpaid Sum, 3.75 per cent. per
annum, but if: 
  

	 	(a)	no Event of Default has occurred and is continuing; and 

  

	 	(b)	the Consolidated Leverage Ratio in respect of the most recently completed Reference Period is within a range set out below, then the Margin for each Loan will be the percentage per annum set out below opposite that
range: 

  

					
	Consolidated Leverage Ratio	  	Margin (per cent. p.a.)	 
		
	 Greater than or equal to 5.50:1
	  	 	3.75	  
		
	 Less than 5.50:1 but greater than or equal to 5.00:1
	  	 	3.50	  
		
	 Less than 5.00:1 but greater than or equal to 4.50:1
	  	 	3.25	  
		
	 Less than 4.50:1 but greater than or equal to 4.00:1
	  	 	3.00	  
		
	 Less than 4.00:1 but greater than or equal to 3.50:1
	  	 	2.75	  
		
	 Less than 3.50:1
	  	 	2.50	  

 However: 
  

	 	(i)	any increase or decrease in the Margin for a Loan shall take effect on the date (the “reset date”) which is the first day of the next Interest Period for that Loan following receipt by the Agent of the
Compliance Certificate for that Reference Period pursuant to Clause 21.2 (Compliance Certificate); 

  

	 	(ii)	if, following receipt by the Agent of the Compliance Certificate related to the relevant annual financial statements, that Compliance Certificate does not confirm the basis for either a reduced or an increased Margin
which applied during that annual period, then the relevant provisions of paragraph (b) of Clause 10.2 (Payment of interest) shall apply from the reset date and the Margin for that Loan shall be the percentage per annum determined using
the table above and the revised Consolidated Leverage Ratio calculated using the figures in that Compliance Certificate; 

  

	 	(iii)	while an Event of Default is continuing, the Margin for each Loan shall be 3.75 per cent. per annum; and 

  

	 	(iv)	for the purpose of determining the Margin, Consolidated Leverage Ratio and Reference Period shall be determined in accordance with Clause 22.1 (Financial definitions). 

  
 - 21 - 

 “Marketable Securities” means securities (whether equity, debt or other
securities) which are listed on a stock exchange or for which a trading market exists (whether on market or over the counter) but excluding: (a) shares in any member of the Group (other than shares in Caliza held other than by a member of the
Group) and (b) any shares in Axtel, S.A.B. de C.V. 
 “Material Adverse Effect” means a material adverse effect on:

  

	 	(a)	the business, property, assets, condition (financial or otherwise) or operations of the Group, taken as a whole; or 

  

	 	(b)	the rights or remedies of any Finance Party under the Finance Documents; or 

  

	 	(c)	the ability of any Obligor to perform its obligations under the Finance Documents or the validity or enforceability, effectiveness or ranking of any of the Transaction Security granted or purported to be granted under
or pursuant to any of the Finance Documents. 

 “Material Operating Subsidiary” means a Material Subsidiary
other than a member of the Group that is a Material Subsidiary solely by virtue of its being a Holding Company of a Material Subsidiary or Obligor. 

“Material Subsidiary” means, from the date of this Agreement up to (and excluding) the date on which the first Compliance
Certificate to be delivered under Clause 21.2 (Compliance Certificate) is delivered in accordance with that Clause, those companies set out in Schedule 15 (Material Subsidiaries) and, thereafter, means any Subsidiary of the Borrower
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 

  

	 	(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, 

in each case calculated on a consolidated basis (without duplication) and any Holding Company of any such Subsidiary or of an Obligor. 

Compliance with the conditions set out in paragraphs (a) to (c) shall be determined by reference to the most recent Compliance
Certificate supplied by the Borrower and/or the latest audited financial statements of that Subsidiary (if available) and the latest audited consolidated financial statements of the Group, but if a Subsidiary has been acquired since the date as at
which the latest audited consolidated financial statements of the Group were prepared, the financial statements shall be adjusted to take into account the acquisition of that Subsidiary (that adjustment being certified by the Group’s auditors
as representing an accurate reflection of each of the respective revised total assets and turnover of the Group). 

  
 - 22 - 

 A report by the auditors of the Borrower (or, as the case may be, any other internationally
recognised accounting firm that is approved by the Agent) that a Subsidiary is a Material Subsidiary shall, in the absence of manifest error, be conclusive and binding on all Parties. 

“Mexican Integration Initiative” means the initiative under which the businesses of the Group in Mexico, previously undertaken
by CEMEX Concretos, CEMEX México and CEMEX Agregados S.A. de C.V., may be integrated such that they are all undertaken by the Borrower, with the Borrower (itself, through a Subsidiary or via an appropriate trust arrangement) leasing from
those three companies the assets required for such businesses. 
 “Mexico” means the United Mexican States. 

“Month” means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next
calendar month, except that: 
  

	 	(a)	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one or, if there is not, on the immediately
preceding Business Day; and 

  

	 	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month. 

The above rules will only apply to the last Month of any period. “Monthly” shall be construed accordingly. 

“Moody’s” means Moody’s Investors Services Limited or any successor to its ratings business. 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA that is subject to
Title IV of ERISA to which any Obligor or any ERISA Affiliate is making contributions or has an obligation to make contributions. 

“New Lender” has the meaning given to that term in Clause 27 (Changes to the Lenders). 

“Non-Consenting Lender” has the meaning given to that term in Clause 39.4 (Replacement of Lender). 

“Non-US Pension Plan” means any defined benefit plan, fund (including, without limitation, any superannuation fund) or other
similar program established or maintained outside the United States by any Obligor or any of its Subsidiaries, primarily for the benefit of employees of such Obligor or any such Subsidiary residing outside the United States, which plan, fund or
other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement, and which plan, fund or program is not a Pension Plan or Multiemployer Plan and is not otherwise subject to ERISA or the Code.

 “Obligors” means the Borrower, the Guarantors and the Security Providers and “Obligor” means any of
them. 

  
 - 23 - 

 “Original Financial Statements” means: 

 

	 	(a)	in relation to the Borrower, its audited unconsolidated and consolidated financial statements for its Financial Year ended 31 December 2013 accompanied by an audit opinion of KPMG Cárdenas Dosal, S.C.;

  

	 	(b)	in relation to CEMEX España, its audited consolidated financial statements for its financial year ended 31 December 2013; and 

 

	 	(c)	in relation to any other Guarantor, its most recent annual financial statements (audited, if available). 

“Original Obligor” means the Borrower, an Original Guarantor or an Original Security Provider. 

“Outlook” means a rating outlook of the Borrower with regard to the Borrower’s economic and/or fundamental business
condition, as assigned by a Rating Agency. 
 “Participating Member State” means any member state of the European Union that
has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. 

“Party” means a party to this Agreement. 

“Pension Plan” means a “pension plan” as such term is defined in Section 3(2) of ERISA, which is subject to
Title IV of ERISA (other than a multiemployer plan as defined in Section 4001(a)(3) of ERISA), and with respect to which any Obligor or any ERISA Affiliate is an “employer” as defined in Section 3(5) of ERISA. 

“Permitted Acquisition” means: 
  

	 	(a)	an acquisition by a member of the Group of an asset sold, leased, transferred or otherwise disposed of by another member of the Group in circumstances constituting a Permitted Disposal; 

 

	 	(b)	an acquisition of shares or securities pursuant to a Permitted Share Issue; 

  

	 	(c)	an acquisition of cash or securities which are Cash Equivalent Investments; 

  

	 	(d)	the incorporation of a company which on incorporation becomes a member of the Group or which is a special purpose vehicle, whether a member of the Group or not; 

 

	 	(e)	an acquisition that constitutes a Permitted Joint Venture; 

  

	 	(f)	an acquisition that constitutes a Permitted PPP Investment; 

  

	 	(g)	an acquisition of assets and, if applicable, cash, in exchange for other assets and, if applicable, cash, of equal or higher value (an “Asset Swap”); 

 

	 	(h)	 any acquisition of shares of the Borrower or any acquisition of shares of Caliza pursuant to (i) an obligation in respect of any Executive
Compensation 

  
 - 24 - 

	 	
Plan of the Borrower or, as the case may be, of Caliza or (ii) a Permitted Treasury Transaction within the scope of paragraph 1(e) of Schedule 16 (Hedging Parameters);

  

	 	(i)	any other acquisition consented to by the Agent acting on the instructions of the Majority Lenders; 

  

	 	(j)	an acquisition of shares in the Borrower or any other member of the Group to the extent that a member of the Group has an obligation to deliver such shares to any holder(s) of convertible securities constituting
Existing Financial Indebtedness or falling within paragraph (f)(i) of the definition of Permitted Financial Indebtedness pursuant to the terms of such convertible securities; 

 

	 	(k)	any acquisition by a member of the Caliza Group of assets or of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) including, without limitation, in
circumstances constituting a Permitted Disposal under paragraph (j) of the definition of Permitted Disposal provided that (except where the assets, company, shares, securities, business or undertaking (or, in each case, any interest in
any of them) acquired was disposed of by a member of the Group which is not a member of the Caliza Group in circumstances constituting a Permitted Disposal under paragraph (j) of the definition of Permitted Disposal or where such acquisition
constitutes a Permitted Acquisition under paragraph (o) below) the aggregate amount of the consideration for such acquisitions does not at any time (when aggregated with all other amounts of Caliza Expansion Capital then incurred) exceed the
Caliza Expansion Capital Permitted Limit; 

  

	 	(l)	any acquisition constituting a Reconstruction permitted pursuant to Clause 23.7 (Merger); 

  

	 	(m)	any other acquisition of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) provided that the aggregate amount of the consideration (excluding any such
amount that is funded from Reinvestment Proceeds Sources) for such acquisitions (when aggregated with the aggregate amount of Joint Venture Investment falling within paragraph (c)(ii) of the definition of Permitted Joint Venture (excluding any such
amount that is funded from Reinvestment Proceeds Sources in that Financial Year) does not exceed $400,000,000 (or its equivalent in any other currencies) in any Financial Year, and provided further that: 

 

	 	(i)	if an asset is acquired by a member of the Group pursuant to this paragraph (m); and 

  

	 	(ii)	such asset is the subject of a Disposal by the Group within 12 Months of the date of completion of its acquisition, 

the unutilised portion of the amount referred to above in respect of that Financial Year shall be increased by an amount equal to the lower of
(A) the amount of the consideration originally paid by the relevant member of the Group which acquired such asset and (B) the amount of the Disposal Proceeds received for such Disposal provided that such Disposal Proceeds are (to
the extent required) applied in accordance with Clause 8 (Mandatory Prepayment); 

  
 - 25 - 

	 	(n)	an acquisition pursuant to the European Transaction; and 

  

	 	(o)	any acquisition of any assets, a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) funded from Reinvestment Proceeds Sources, provided that where such
proceeds are from a primary offering of shares in Caliza or shares of any Caliza Group Company, the acquired assets must be acquired into the Caliza Group. 

“Permitted Debt Fundraising Proceeds” has the meaning given to that term in Clause 8.1 (Definitions). 

“Permitted Debt Purchase Transaction” means, in relation to a person, a transaction where such person purchases by way of
assignment or transfer any Commitment or amount outstanding under this Agreement. 
 “Permitted Disposal” means any sale,
lease, licence, transfer or other disposal which, except in the case of Disposals as between members of the Group, is on arm’s length terms: 
  

	 	(a)	of trading stock or cash made by any member of the Group in the ordinary course of trading of the disposing entity; 

  

	 	(b)	(other than a Disposal by a member of the Group which is not a member of the Caliza Group to a member of the Caliza Group, which shall be subject to paragraph (j) below) of any asset by a member of the Group (the
“Disposing Company”) to another member of the Group (the “Acquiring Company”), but if: 

  

	 	(i)	the Disposing Company had given Transaction Security over the asset, the Acquiring Company must give equivalent Transaction Security over that asset (and, if the Acquiring Company is not already a Security Provider, it
must accede to this Agreement as an Additional Security Provider); and 

  

	 	(ii)	the Disposing Company is a Guarantor, the Acquiring Company must be a Guarantor guaranteeing at all times an amount no less than that guaranteed by the Disposing Company (subject to any applicable guarantee
limitations), 

 provided that the conditions set out in paragraphs (i) and (ii) above shall only apply
(A) to a Disposal of shares if such Disposal would result in the Acquiring Company becoming a Material Subsidiary, or (B) to a Disposal of other assets if all or substantially all of the assets of the Disposing Company are being disposed
of; 
  

	 	(c)	of obsolete or redundant vehicles, machinery, parts and equipment in the ordinary course of trading; 

  

	 	(d)	of cash or Cash Equivalent Investments for cash or in exchange for other Cash Equivalent Investments; 

  
 - 26 - 

	 	(e)	constituted by a licence of Intellectual Property in the ordinary course of trading; 

  

	 	(f)	to a Joint Venture, to the extent permitted by Clause 23.19 (Joint ventures); 

  

	 	(g)	arising as a result of any Permitted Security; 

  

	 	(h)	which is a Permitted PPP Investment; 

  

	 	(i)	of shares in Caliza or any put or other option entered into with one or more financial institutions in respect of any share lending, over-allotment or other similar arrangement in connection with an offering of shares
in Caliza pursuant to a Caliza Transaction or a Permitted Treasury Transaction within the scope of paragraph 1(e) of Schedule 16 (Hedging Parameters); 

  

	 	(j)	by a member of the Group which is not a member of the Caliza Group to a member of the Caliza Group (other than a Disposal of shares which are subject to the Transaction Security, unless the acquiring member of the
Caliza Group grants equivalent Transaction Security over such shares) provided that the aggregate fair market value of all assets disposed of pursuant to this paragraph (j) after the date of this Agreement does not exceed $750,000,000
(or its equivalent in other currencies) (when aggregated with the aggregate fair market value of all share issuances falling within paragraph (g) of the definition of Permitted Share Issue); 

 

	 	(k)	of any shares in a member of the Group (provided that all such shares in that entity owned by a member of the Group are the subject of the Disposal) or of any other asset, in each case on arm’s length terms
and for full market value where: 

  

	 	(i)	no less than 80 per cent. of the consideration for the Disposal is payable to the Group in cash or Marketable Securities paid or received by a member of the Group at completion of the Disposal (provided that
where a portion of that 80 per cent. comprises Marketable Securities, those Marketable Securities must be disposed of for cash to a person that is not a member of the Group within 180 days of completion); 

 

	 	(ii)	 if the aggregate consideration for the Disposal (when aggregated with the consideration for any related Disposals) is equal to 5 per cent. or
more of the value of consolidated assets of the Group, the Borrower has delivered to the Agent a certificate signed by an Authorised Signatory confirming that, on a pro forma basis, assuming that the Disposal had been completed, and the
proceeds had (to the extent required) been applied in accordance with Clause 8 (Mandatory Prepayment) and for such purpose(s) as such proceeds are intended by the Group to be applied, immediately prior to the first day of the most recent
Reference Period for which a Compliance Certificate has been or is required to have been delivered under this Agreement, the 

  
 - 27 - 

	 	
Borrower would have been in compliance with the financial covenants in paragraphs (a) and (b) of Clause 22.2 (Financial condition) as at the last day of the most recent
Reference Period for which a Compliance Certificate has been or is required to have been delivered under this Agreement; and 

  

	 	(iii)	the Disposal Proceeds received by members of the Group are applied (to the extent required) in accordance with Clause 8 (Mandatory Prepayment); 

 

	 	(l)	of any asset compulsorily acquired by a Governmental Authority provided that the Disposal Proceeds received by members of the Group are applied (to the extent required) in accordance with Clause 8 (Mandatory
Prepayment); 

  

	 	(m)	of any receivables disposed of pursuant to a factoring or similar receivables financing arrangement that is otherwise permitted under this Agreement; 

 

	 	(n)	of any inventory disposed of pursuant to an Inventory Financing or similar arrangement that is otherwise permitted under this Agreement; 

 

	 	(o)	of any plant or equipment disposed of pursuant to a sale and lease-back arrangement that is otherwise permitted under this Agreement; 

 

	 	(p)	of receivables disposed of pursuant to a Permitted Securitisation; 

  

	 	(q)	of land or buildings arising as a result of lease or licence in the ordinary course of its trading; 

  

	 	(r)	of any shares of the Borrower or, as the case may be and subject to Clause 23.34 (Caliza), Caliza, pursuant to an obligation in respect of any Executive Compensation Plan; 

 

	 	(s)	of shares, common equity securities in the Borrower or reference property in connection with the same to the extent that a member of the Group has an obligation to deliver such shares, common equity securities or
reference property to any holder(s) of convertible or exchangeable securities comprising Existing Financial Indebtedness or falling within paragraph (f)(i) of the definition of Permitted Financial Indebtedness pursuant to the terms of such
convertible or exchangeable securities or to any counterparty pursuant to the terms of any Permitted Put/Call Transaction; 

  

	 	(t)	which is, or constitutes, an Asset Swap; 

  

	 	(u)	forming part of a Reconstruction permitted pursuant to Clause 23.7 (Merger); 

  

	 	(v)	otherwise approved by the Agent acting on the instructions of the Majority Lenders; or 

  

	 	(w)	pursuant to the West German Disposal. 

 “Permitted Distribution” means the
declaration, making or payment of a dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution): 
  

	 	(a)	on or in respect of share capital to the Borrower or any of its Subsidiaries; or 

  
 - 28 - 

	 	(b)	that is: 

  

	 	(i)	a recapitalisation of earnings on or in respect of the share capital of the Borrower (or any class of its share capital) pursuant to which additional share capital of the Borrower or the right to subscribe for
additional share capital is issued to the existing shareholders of the Borrower on a pro rata basis; 

  

	 	(ii)	by way of the issuance of common equity securities of the Borrower or the right to subscribe for such common equity securities to the existing shareholders of the Borrower on a pro rata basis; or

  

	 	(iii)	by way of the issuance of common equity securities of Caliza or the right to subscribe for such common equity securities to the existing shareholders of Caliza on a pro rata basis, 

provided that, for the avoidance of doubt, no cash or other asset (other than the common equity securities referred to above) of any
member of the Group (or any interest in any such cash or asset) is paid or otherwise transferred or assigned to any person that is not a member of the Group in connection with such distribution or interest; or 

 

	 	(c)	that is a payment of interest (at a time at which no Default is continuing) on any perpetual debt securities issued by the Borrower or New Sunward Holding Financial Ventures B.V. or otherwise permitted by this
Agreement; or 

  

	 	(d)	to any minority shareholders of any Subsidiary of the Borrower; (i) pro rata to its holding in such Subsidiary and provided that all other shareholders of the relevant Subsidiary receive their
equivalent pro rata share in any such dividend, charge, fee, distribution or interest payment at the same time; or (ii) in the case of minority shareholders of Assiut Cement Company on any basis (whether pro rata to its holding in
such Subsidiary or otherwise), provided that the maximum aggregate amount distributed under this sub-paragraph (ii) must not exceed $25,000,000 (or its equivalent) from the date of this Agreement to the Termination Date.

 “Permitted Equity Fundraising Proceeds” has the meaning given to that term in Clause 8.1
(Definitions). 
 “Permitted Financial Indebtedness” means Financial Indebtedness: 

 

	 	(a)	incurred or arising under the Finance Documents; 

  

	 	(b)	that is Existing Financial Indebtedness; 

  

	 	(c)	owed to a member of the Group; 

  

	 	(d)	that constitutes a Permitted Securitisation; 

  
 - 29 - 

	 	(e)	arising under Capital Leases, factoring arrangements, Inventory Financing arrangements or export credit facilities or any similar arrangements for the purchase of equipment (provided that any Security granted in
relation to any such facility relates solely to equipment, the purchase of which was financed under such facility) or pursuant to sale and lease-back transactions provided that: 

 

	 	(i)	no amount of Financial Indebtedness of members of the Group under such transactions in place as at the date of this Agreement may be reborrowed once repaid; 

 

	 	(ii)	the maximum aggregate Financial Indebtedness of members of the Group under such transactions (excluding any amounts under any transactions referred to in sub-paragraph (i) above) does not exceed $500,000,000 at any
time (and any amount of Financial Indebtedness permitted under this sub-paragraph (ii) which has been repaid may be reborrowed or replaced whether pursuant to the terms of the arrangement constituting such Financial Indebtedness when originally
advanced or otherwise); and 

  

	 	(iii)	the maximum aggregate Financial Indebtedness of members of the Group under any transactions referred to in sub-paragraphs (i) and (ii) above taken together does not exceed $700,000,000 at any time;

  

	 	(f)	arising: 

  

	 	(i)	pursuant to an issuance of bonds, notes or other debt securities, or of convertible or exchangeable securities by: 

  

	 	(A)	in the case of bonds, notes or other debt securities or convertible or exchangeable securities (or other equity-like instruments which are treated as Financial Indebtedness) issued to refinance or replace Existing
Financial Indebtedness or to refinance or replace Permitted Refinancing Indebtedness falling within paragraph (a) or (c) of the definition thereof, one or more Obligors and/or the same member of the Group that issued the relevant Existing
Financial Indebtedness that is being refinanced or replaced (whether acting as co-issuers or otherwise but, for the avoidance of doubt, with several liability only); 

 

	 	(B)	in the case of bonds, notes or other debt securities or convertible or exchangeable securities (or other equity-like instruments which are treated as Financial Indebtedness) issued so as to be applied in repayment or
prepayment of the Facilities or in repayment or prepayment of Permitted Refinancing Indebtedness falling within paragraph (b) or (c) of the definition thereof, one or more Obligors whether acting as co-issuers or otherwise; or

  
 - 30 - 

	 	(C)	in the case of any issuance of Subordinated Optional Convertible Securities issued so as to be applied in accordance with Clause 8.5 (Application of Permitted Equity Fundraising Proceeds and Caliza Proceeds), the
Borrower or any other members of the Group acting as co-issuers or otherwise, 

 (and, for the avoidance of doubt, such
securities may be issued with an original issue discount) on the capital markets in each case subscribed or paid for in full in cash on issue (unless such securities are exchanged on issue for other securities that constitute Existing Financial
Indebtedness) provided that (other than (x) any conversion into common equity securities of the Borrower or other equity-like instruments issued by the Borrower or a member of the Group, (y) in the case of a refinancing by Bancomext
of the Bancomext Facility other than under the Facilities or (z) one or more issuances of Certificados Bursatiles in an aggregate outstanding principal amount of not more than $300,000,000 at any time (the “$300,000,000 Certificados
Bursatiles”)) no principal repayments are scheduled in respect thereof until after the Termination Date; 
  

	 	(ii)	under a loan facility (whether term or revolving and including, without limitation, a ‘term loan B’ or other tranching) in respect of which the only borrowers are: 

 

	 	(A)	in the case of loan facilities entered into to refinance or replace Existing Financial Indebtedness or to refinance or replace Permitted Refinancing Indebtedness falling within paragraph (a) or (c) of the
definition thereof, one or more Obligors and/or the same member of the Group that borrowed the relevant Financial Indebtedness that is being refinanced or replaced, (whether acting as joint or multiple borrowers but for the avoidance of doubt, with
several liability only); or 

  

	 	(B)	in the case of loan facilities entered into so as to refinance or replace the Facilities or Permitted Refinancing Indebtedness falling within paragraph (b) or (c) of the definition thereof, one or more
Obligors whether acting as joint or multiple borrowers, 

 and further provided that: 

 

	 	(1)	 subject to paragraph (2) below, the terms applicable to such issuance under paragraph (f)(i) (excluding pricing, but including, without
limitation, as to prepayments, representations, covenants, events of default, guarantees and security) taken as a whole are no more restrictive or onerous than the terms applicable to the Facilities, any of the Existing High Yield Notes and any of
the Existing Subordinated Convertible Notes, whichever is the more restrictive or onerous with respect to the terms taken as a whole and the terms applicable to such incurrence under paragraph (f)(ii) (excluding pricing, but including, without
limitation, as to prepayments, 

  
 - 31 - 

	 	
representations, covenants, events of default, guarantees and security) are no more restrictive or onerous taken as a whole than the terms applicable to the Facilities, any of the Existing High
Yield Notes or any of the Existing Subordinated Convertible Notes, whichever is the more restrictive or onerous taken as a whole; 

  

	 	(2)	the terms relating to mandatory prepayments that are applicable to any $300,000,000 Certificados Bursatiles under paragraph (f)(i) or any incurrence under (f)(ii) may not be more onerous or restrictive taken as a whole
than the terms relating to mandatory prepayments applicable to the Facilities; 

  

	 	(3)	the proceeds of such issuance or incurrence are applied (to the extent required) in accordance with Clause 8 (Mandatory Prepayment); 

 

	 	(4)	(i) if proceeds of such issuance or incurrence are, to the extent required under this Agreement, being used to replace or refinance: (aa) the Facilities; (bb) (in whole or part) Existing High Yield Notes which share in
the Transaction Security; (cc) any other Existing Financial Indebtedness (other than the Existing Subordinated Convertible Notes or the Bancomext Facility (other than where the Bancomext Facility is being replaced or refinanced with the
Facilities)); (dd) any Permitted Refinancing Indebtedness applied to replace or refinance any of the Financial Indebtedness falling within (aa) to (cc) above or any refinancing or replacement thereof; or (ii) if the proceeds of such issuance or
incurrence are either (xx) Financial Indebtedness falling within paragraph (p) of this definition of Permitted Financial Indebtedness; or (yy) an issuance (whether a refinancing or otherwise) providing Equally Secured Debt Proceeds which
are dealt with in accordance with Clause 8 (Mandatory Prepayment), then in the case of both (i) and (ii) above such Financial Indebtedness issued or incurred shall be entitled to share in the Transaction Security in accordance with
(and on the terms of) the Intercreditor Agreement; 

  

	 	(5)	any issuance under paragraph (f)(i) or (f)(ii) above which refinances or replaces any Permitted Refinancing Indebtedness which is subordinated to the Facilities must be so subordinated; and 

 

	 	(6)	 any issuance under paragraph (f)(i) above which refinances or replaces Subordinated Optional Convertible Securities or other equity-like instruments

  
 - 32 - 

	 	
must constitute an issuance of Subordinated Optional Convertible Securities or such other equity-like instruments; 

 

	 	(g)	that becomes Financial Indebtedness solely as a result of any change in Applicable GAAP of the Borrower after the date of this Agreement and that existed prior to the date of such change in Applicable GAAP of the
Borrower (or that replaces, and is on substantially the same terms as, such Financial Indebtedness); 

  

	 	(h)	of any person acquired by a member of the Group pursuant to an acquisition falling within paragraph (k) or (m) of the definition of Permitted Acquisition provided that: (i) such Financial
Indebtedness existed prior to the date of the acquisition and was not incurred, increased or extended in contemplation of, or since, the acquisition; and (ii) the aggregate amount of any such Financial Indebtedness of members of the Group does
not exceed $200,000,000 at any time; 

  

	 	(i)	under Treasury Transactions entered into in accordance with Clause 23.28 (Treasury Transactions); 

  

	 	(j)	incurred pursuant to or in connection with any cash pooling or other cash management agreements in place with a bank or financial institution, but only to the extent of offsetting credit balances of the Borrower or its
Subsidiaries pursuant to such cash pooling or other cash management arrangement; 

  

	 	(k)	constituting Financial Indebtedness for taxes levied, assessments due and other governmental charges required to be paid as a matter of law or regulation in the ordinary course of trading; 

 

	 	(l)	that constitutes a Permitted Joint Venture; 

  

	 	(m)	that constitutes Financial Indebtedness permitted to be incurred pursuant to a Permitted PPP Investment; 

  

	 	(n)	that constitutes a Permitted Working Capital Facility; 

  

	 	(o)	incurred by a member of the Caliza Group for the purposes of financing Caliza Expansion Capital in the amount of the Caliza Expansion Capital to be incurred (provided that the aggregate of all such Caliza
Expansion Capital (other than any such amount that is funded from Reinvestment Proceeds Sources) may not exceed the Caliza Expansion Capital Permitted Limit at any time); 

 

	 	(p)	not permitted by the preceding paragraphs or as a Permitted Transaction and the outstanding principal amount of which does not exceed $500,000,000 (or its equivalent) in aggregate for the Group at any time, provided
that such Financial Indebtedness may, if CEMEX so determines, benefit from the Transaction Security; and 

  

	 	(q)	approved by the Agent acting on the instructions of the Majority Lenders. 

  
 - 33 - 

 “Permitted Fundraising” means: 

 

	 	(a)	any issuance of equity securities by the Borrower paid for in full in cash on issue (and, for the avoidance of doubt, such securities may be issued with an original issue discount) and not redeemable on or prior to the
Termination Date and where such issue does not lead to a Change of Control; 

  

	 	(b)	any issuance of equity-linked securities issued by any member of the Group that are linked solely to, and result only in the issuance of, equity securities of the Borrower otherwise entitled to be issued under this
definition (and that do not, for the avoidance of doubt, result in the issuance of any equity securities by such member of the Group) and that are paid for in full in cash on issue (and, for the avoidance of doubt, such securities may be issued with
an original issue discount) and where such issue does not lead to a Change of Control (provided that such securities do not provide for the payment of interest in cash and are not redeemable on or prior to the Termination Date); and

  

	 	(c)	any incurrence of Financial Indebtedness falling within paragraph (f) of the definition of Permitted Financial Indebtedness. 

“Permitted Guarantee” means: 
  

	 	(a)	any guarantee existing on the date of this Agreement with those guaranteeing Financial Indebtedness above an amount of $10,000,000 (or its equivalent) (other than Financial Indebtedness described in paragraphs
(i) and (j) of the definition thereof) being listed in Schedule 12 (Existing Guarantees); 

  

	 	(b)	any guarantee forming part of the obligations comprised in the Finance Documents; 

  

	 	(c)	the endorsement of negotiable instruments in the ordinary course of trade but excluding an aval; 

  

	 	(d)	any performance guarantee or Contingent Instrument guaranteeing performance by a member of the Group under any contract entered into in the ordinary course of trade; 

 

	 	(e)	any guarantee of a Joint Venture to the extent permitted by Clause 23.19 (Joint ventures); 

  

	 	(f)	any guarantee (including an aval) of Financial Indebtedness falling within the following paragraphs of the definition of Permitted Financial Indebtedness: 

 

	 	(i)	paragraph (a); 

  

	 	(ii)	paragraph (b) (other than Existing Financial Indebtedness under the Bancomext Facility or under the Existing Subordinated Convertible Notes); 

 

	 	(iii)	paragraph (c) or (e); 

  
 - 34 - 

	 	(iv)	paragraph (f) (so long as: (A) the Financial Indebtedness refinanced from the proceeds of such Permitted Financial Indebtedness was Existing Financial Indebtedness (other than Existing Financial Indebtedness
under the Bancomext Facility (save where such Permitted Financial Indebtedness is a refinancing or replacement of the Bancomext Facility under the Facilities) or under the Existing Subordinated Convertible Notes); (B) the Financial Indebtedness
refinanced from the proceeds of such Permitted Financial Indebtedness was issued, borrowed or guaranteed by the relevant guarantor; or (C) such Permitted Financial Indebtedness that is guaranteed is applied, to the extent required, in
accordance with Clause 8 (Mandatory Prepayment) to repay Lenders; or 

  

	 	(v)	any of paragraphs (i) to (l) or (p); 

  

	 	(g)	any guarantee given in respect of the netting or set-off arrangements permitted pursuant to paragraph (B) of the definition of Permitted Security; 

 

	 	(h)	any indemnity given to professional advisers on customary terms as part of the terms of their engagement; 

  

	 	(i)	any indemnity given on customary terms in connection with a Permitted Disposal or a Permitted Acquisition (but not, for the avoidance of doubt, a guarantee of Financial Indebtedness), in each case in a maximum amount
not exceeding the cash consideration received by members of the Group for that Disposal or, as the case may be, paid by members of the Group for that acquisition (except in the case of environmental, employment or tax indemnities given in connection
with a Permitted Acquisition or Permitted Disposal); 

  

	 	(j)	any guarantee consented to by the Agent acting on behalf of the Majority Lenders; 

  

	 	(k)	any guarantee given by a member of the Group in favour of another member of the Group (including a guarantee given by a member of the Caliza Group in favour of another member of the Caliza Group but excluding (save for
any such guarantees which exist as at the date of this Agreement) a guarantee given by a member of the Group which is not a member of the Caliza Group in favour of a member of the Caliza Group) other than: 

 

	 	(i)	a guarantee given by a member of the Group in favour of another member of the Group that is an issuer, borrower or guarantor of: 

  

	 	(A)	any Financial Indebtedness falling within the definition of Existing Financial Indebtedness; or 

  

	 	(B)	any Financial Indebtedness falling within paragraph (f) of the definition of Permitted Financial Indebtedness that is not used to repay or prepay the Facilities, 

  
 - 35 - 

 where such guarantee provides direct or indirect support for such person’s obligations in
respect of such Financial Indebtedness (provided that, for the avoidance of doubt, other guarantees given by a member of the Group in favour of the relevant issuer, borrower or guarantor will not be restricted under this paragraph (i)); 

 

	 	(ii)	a guarantee given by a member of the Group in favour of another member of the Group that provides direct or indirect support for Financial Indebtedness falling within paragraphs (g) (other than where such guarantee
was granted prior to the date of the relevant change in Applicable GAAP of the Borrower) or (h) of the definition of Permitted Financial Indebtedness; 

  

	 	(iii)	a guarantee given by a member of the Group in favour of another member of the Group that is the issuer (or equivalent) under any Permitted Securitisation, other than any indemnities that are customary in the context of
such a transaction carried out on a non-recourse basis or on a basis where recovery is limited solely to the collection of the relevant receivables (provided that, for the avoidance of doubt, other guarantees given by a member of the Group in
favour of the relevant issuer (or equivalent) will not be restricted under this sub-paragraph (iv)); 

  

	 	(l)	any guarantee given by a member of the Group in respect of obligations of a member of the Caliza Group under Financial Indebtedness permitted to be incurred under paragraph (o) of the definition of Permitted
Financial Indebtedness; 

  

	 	(m)	any other guarantee given by a member of the Group (i) in respect of a Permitted Working Capital Facility or (ii) in favour of a bank or financial institution in respect of obligations of that bank or
financial institution to a third party that does not fall within paragraph (d) above provided that at any time the aggregate principal amount guaranteed by all such guarantees then outstanding under (i) and (ii) above does not
exceed $900,000,000 (and provided further that any performance bonds, banker’s acceptances or guarantee, bonding, documentary or stand-by letter of credit facilities shall only be counted towards such limit to the extent that such
performance bond, banker’s acceptance, guarantee, bonding, documentary or stand-by letter of credit facility constitutes Debt); 

  

	 	(n)	any guarantee granted in respect of obligations of a Group member under the European Transaction; and 

  

	 	(o)	any guarantee granted in respect of obligations of a Group member under Financial Indebtedness providing Equally Secured Debt Proceeds. 

“Permitted Joint Venture” means any investment in any Joint Venture where: 

 

	 	(a)	such investment exists or a member of the Group is contractually committed to such investment at the date of this Agreement and, if the value of the Group’s investment in such Joint Venture is $50,000,000 or
greater (as shown in the Original Financial Statements of the Borrower) is detailed in Schedule 13 (Permitted Joint Ventures); or 

  
 - 36 - 

	 	(b)	such investment is made by a member of the Caliza Group to finance a Joint Venture entered into by a member of the Caliza Group (a “Caliza Joint Venture”) and: 

 

	 	(i)	either the investment has been consented to by the Agent acting on the instructions of the Majority Lenders or the Caliza Joint Venture is engaged in a business substantially the same as that carried on by any member of
the Caliza Group; and 

  

	 	(ii)	the aggregate (excluding any such amount that is funded from Reinvestment Proceeds Sources) of: 

  

	 	(A)	all amounts subscribed for shares in, lent to, or invested in all such Caliza Joint Ventures by any member of the Group; 

  

	 	(B)	the contingent liabilities of any member of the Group under any guarantee given in respect of the liabilities of any such Caliza Joint Venture; and 

 

	 	(C)	the market value of any assets transferred by any member of the Group to any such Caliza Joint Venture; 

minus 
  

	 	(D)	an amount up to, but not exceeding, the Caliza Expansion Capital Permitted Limit (or its equivalent) that represents all cash amounts received by any member of the Caliza Group (i) relating to dividends, repayment
of loans or distributions of any other nature in respect of any such Joint Ventures and (ii) as a result of or in relation to any disposals of shares, interests or participations, divestments, capital reductions or any similar decreases of
interest in any such Joint Ventures (provided that such cash amounts may only be deducted under this sub-paragraph (ii)(D) to the extent not already deducted under sub-paragraph (ii)(D) of paragraph (c) below), 

(such amount being the “Caliza Joint Venture Investment”) does not at any time (when aggregated with all other amounts of
Caliza Expansion Capital then incurred) exceed the Caliza Expansion Capital Permitted Limit; 
  

	 	(c)	such investment is made after the date of this Agreement and: 

  

	 	(i)	either the investment has been consented to by the Agent acting on the instructions of the Majority Lenders or the Joint Venture is engaged in a business substantially the same as that carried on by the Group; and

  
 - 37 - 

	 	(ii)	in any Financial Year of the Borrower, the aggregate (excluding any such amount that is funded from Reinvestment Proceeds Sources) of: 

 

	 	(A)	all amounts subscribed for shares in, lent to, or invested in all such Joint Ventures by any member of the Group; 

  

	 	(B)	the contingent liabilities of any member of the Group under any guarantee given in respect of the liabilities of any such Joint Venture; and 

 

	 	(C)	the market value of any assets transferred by any member of the Group to any such Joint Venture; 

minus 
  

	 	(D)	an amount up to, but not exceeding, $400,000,000 (or its equivalent) in any Financial Year that represents all cash amounts received by any member of the Group (aa) relating to dividends, repayment of loans or
distributions of any other nature in respect of any such Joint Ventures in that Financial Year and (bb) as a result of or in relation to any disposals of shares, interests or participations, divestments, capital reductions or any similar decreases
of interest in any such Joint Ventures in that Financial Year, 

 does not (when aggregated with the aggregate amount of the
consideration for acquisitions falling within paragraph (m) of the definition of Permitted Acquisition (excluding any such amount that is funded from Reinvestment Proceeds Sources) in that Financial Year) exceed $400,000,000 (or its equivalent
in other currencies) or such greater amount as the Agent (acting on the instructions of the Majority Lenders) may agree (such amount being the “Joint Venture Investment”); 

 

	 	(d)	such investment is made under or in connection with the Spanish Combination; or 

  

	 	(e)	in addition to the above, such investment is made by a member of the Group and is funded by Reinvestment Proceeds Sources. 

“Permitted Loan” means: 
  

	 	(a)	any trade credit extended by any member of the Group to its customers on normal commercial terms and in the ordinary course of its trading activities; 

 

	 	(b)	Financial Indebtedness which is referred to in the definition of, or otherwise constitutes, Permitted Financial Indebtedness (except under paragraph (d) of that definition); 

 

	 	(c)	a loan made to a Joint Venture to the extent permitted under Clause 23.19 (Joint ventures); 

  
 - 38 - 

	 	(d)	a loan which constitutes a Permitted PPP Investment; 

  

	 	(e)	a loan made by a member of the Group to another member of the Group; 

  

	 	(f)	deferred consideration in relation to Disposals falling within paragraph (k) of the definition of Permitted Disposal; 

  

	 	(g)	a loan made by a member of the Group to an employee or director of any member of the Group if the amount of that loan when aggregated with the amount of all loans to employees and directors by members of the Group does
not exceed $15,000,000 (or its equivalent) at any time; 

  

	 	(h)	any loan consented to by the Agent acting on the instructions of the Majority Lenders; 

  

	 	(i)	a loan arising as a result of an advance payment of Capital Expenditure made in the ordinary course of trading where such Capital Expenditure is permitted under this Agreement; 

 

	 	(j)	any credit extended by way of receipt by a member of the Group of promissory notes in exchange for supplying materials or services for use in Mexican public works projects as long as the aggregate principal amount of
the Financial Indebtedness under such loan(s) does not exceed $100,000,000 (or its equivalent) at any time; and 

  

	 	(k)	any other loan(s) as long as the aggregate principal amount of the Financial Indebtedness under any such loan(s) does not exceed $250,000,000 (or its equivalent) at any time. 

“Permitted Payment” means: 
  

	 	(a)	a scheduled principal repayment or redemption of any Financial Indebtedness (but not, for the avoidance of doubt, any prepayment or early redemption of any such Financial Indebtedness save as described in paragraphs
(b) to (i) below); 

  

	 	(b)	subject, to the extent applicable, to compliance with Clause 8 (Mandatory Prepayment), a principal prepayment or early redemption (including, for the avoidance of doubt, any break costs, make whole amount or
other prepayment penalty (howsoever described)) in respect of Financial Indebtedness falling within (i) the definition of Existing Financial Indebtedness from the proceeds of a Permitted Fundraising falling within paragraph (f)(i) of the
definition of Permitted Financial Indebtedness, or (ii) paragraph (b) of the definition of Permitted Financial Indebtedness to the extent it relates to Certificados Bursatiles or (iii) paragraph (p) of the definition of Permitted
Financial Indebtedness; 

  

	 	(c)	 subject, to the extent applicable, to compliance with Clause 8 (Mandatory Prepayment), a principal prepayment or early redemption (including,
for the avoidance of doubt, any break costs, make whole amount or other prepayment penalty (howsoever described)) in respect of (i) Financial Indebtedness falling within the definition of Existing Financial Indebtedness from the proceeds of a

  
 - 39 - 

	 	
Permitted Fundraising falling within paragraph (f)(ii) of the definition of Permitted Financial Indebtedness or (ii) the Bancomext Facility (or any refinancings thereof); 

 

	 	(d)	a principal repayment or redemption required under the terms of the Bancomext Facility or, as the case may be, any refinancings of the Bancomext Facility; 

 

	 	(e)	a principal prepayment or early redemption (including, for the avoidance of doubt, any break costs, make whole amount or other prepayment penalty (howsoever described)) in respect of Financial Indebtedness falling
within paragraph (e) of the definition of Permitted Financial Indebtedness from the proceeds of a refinancing or replacement facility or facilities falling within that paragraph (e); 

 

	 	(f)	any prepayment (including, for the avoidance of doubt, any break costs, make whole amount or other prepayment penalty (howsoever described)) of Existing Financial Indebtedness or Permitted Financial Indebtedness arising
under paragraph (f)(i) or (f)(ii) of the definition thereof as a result of (x) a change of control or (y) unlawfulness affecting a Lender, in each case in respect of such Existing Financial Indebtedness or such Permitted Financial
Indebtedness; 

  

	 	(g)	a cash payment made using proceeds of Permitted Refinancing Indebtedness or otherwise in accordance with Clause 8 (Mandatory Prepayment) by a member of the Group to a creditor in respect of Existing Financial
Indebtedness pursuant to a cash tender offer for the purchase or repurchase thereof; 

  

	 	(h)	any payment (including, for the avoidance of doubt, any break costs, make whole amount or other prepayment penalty (howsoever described)) of Financial Indebtedness of the Group using the cash reserves of the Group or
permitted to be made pursuant to Clause 8 (Mandatory Prepayment); 

  

	 	(i)	any payment of fees and expenses incurred in connection with Permitted Financial Indebtedness, 

including, in each case, any payment, prepayment or redemption pursuant to a Permitted Guarantee given in respect of such Financial
Indebtedness. 
 “Permitted PPP Investment” means any subscription for shares in, loan or transfer of assets to or other
investment in, a PPP Vehicle participating in a PPP Project where: 
  

	 	(a)	the aggregate of (without double counting): 

  

	 	(i)	all amounts subscribed for shares in, lent to, or otherwise invested in all such PPP Vehicles by any member of the Group (whether, in the case of subscription for shares, as a majority or a minority shareholder);

  

	 	(ii)	the market value of any assets transferred by any member of the Group to any such PPP Vehicle; 

  
 - 40 - 

	 	(iii)	(if a member of the Group owns, directly or indirectly, 50 per cent. or more of the share capital of a PPP Vehicle) the amount of Financial Indebtedness incurred by that PPP Vehicle from sources outside the Group,

 (such aggregate amount being the “PPP Investment”) does not at the time of any such PPP Investment exceed:

  

	 	(A)	$300,000,000 (or its equivalent); or 

  

	 	(B)	such greater amount as the Agent (acting on the instructions of the Majority Lenders) may agree; 

  

	 	(b)	the PPP Investment (including any transfer of assets by a member of the Group to the relevant PPP Vehicle) and any related transactions are made in accordance with Clause 23.14 (Transactions with Affiliates)
(and, if any PPP Vehicle is not an Affiliate of a member of the Group, it shall be deemed to be an Affiliate for the purposes of this paragraph (b) and paragraph (d) below); 

 

	 	(c)	no asset of any member of the Group will be the subject of Security or Quasi-Security to secure the obligations of a PPP Vehicle, other than (i) assets of the relevant PPP Vehicle (including, without limitation,
receivables of that PPP Vehicle) and (ii) the share capital (or other interest) owned by any member of the Group in that PPP Vehicle (the “Permitted PPP Security”); and 

 

	 	(d)	no member of the Group will have any liability to any PPP Vehicle or to third parties in connection with the PPP Investment or the PPP Vehicle except for (i) any Permitted PPP Security; and (ii) transactions
for the supply of goods and services between a member of the Group and the PPP Vehicle made in compliance with Clause 23.14 (Transactions with Affiliates). 

“Permitted PPP Security” has the meaning given to it in paragraph (c) of the definition of Permitted PPP Investment. 

“Permitted Put/Call Proceeds” means any cash or other assets arising out of or in connection with any Permitted Put/Call
Transaction, including, but not limited to, any settlement, disposal, transfer, assignment, close-out or other termination of such Permitted Put/Call Transaction. 

“Permitted Put/Call Transaction” has the meaning given to it in paragraph (d) of paragraph 1 of Schedule 16 (Hedging
Parameters). 
 “Permitted Refinancing Indebtedness” means Financial Indebtedness which is Permitted Financial
Indebtedness falling within paragraph (f) of the definition thereof issued or incurred to: 
  

	 	(a)	refinance or replace Existing Financial Indebtedness; 

  

	 	(b)	repay, prepay, refinance or replace the Facilities or provide Equally Secured Debt Proceeds; or 

  

	 	(c)	refinance or replace Permitted Financial Indebtedness falling within paragraph (f) of the definition thereof which has been applied towards the purposes described in paragraphs (a) and (b) above or to
refinance or replace any such subsequently issued or incurred Financial Indebtedness or any further refinancings or replacements. 

  
 - 41 - 

 “Permitted Reorganisation” means, any intra-Group reorganisation involving an
Obligor consented to by the Agent (acting on the instructions of the Majority Lenders), provided that upon completion of each step in the Permitted Reorganisation the requirements of Clause 23.29 (Transaction Security) are satisfied.

 “Permitted Securitisations” means a transaction or series of related transactions providing for the securitisation of
receivables and related assets by the Borrower or its Subsidiaries, including a sale at a discount, provided that (i) such receivables have been transferred, directly or indirectly, by the originator thereof to a person that is not a
member of the Group in a manner that satisfies the requirements for an absolute conveyance (or, where the originator is organised in Mexico, a true sale), and not merely a pledge, under the laws and regulations of the jurisdiction in which such
originator is organised; and (ii) except for customary representations, warranties, covenants and indemnities, such sale, transfer or other securitisation is carried out on a non-recourse basis or on a basis where recovery is limited solely to
the collection of the relevant receivables (other than where such recourse or recovery is required pursuant to Article 122a of the Capital Requirements Directive of the European Parliament and of the Council of the European Union (as introduced by
Directive 2009/111/EC of 16 September 2009, amending Directives 2006/48/EC, 2006/49/EC and 2007/64/EC) (as further amended or replaced from time to time, including, without limitation, by virtue of Articles 404 to 410 of Regulation (EU) No
575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms) and any relevant implementing legislation or pursuant to any analogous laws or regulations in any
jurisdiction (the “Relevant Legislation”)). 
 “Permitted Security” has the meaning given to such term in
Clause 23.5 (Negative pledge). 
 “Permitted Share Issue” means: 

 

	 	(a)	a Permitted Fundraising falling within paragraph (a) or (b) of the definition thereof; 

  

	 	(b)	(other than an issue of shares by a member of the Group that is not a member of the Caliza Group to a member of the Caliza Group) an issue of shares by a member of the Group which is a Subsidiary of the Borrower to
another member of the Group (and, where the member of the Group has a minority shareholder, to that minority shareholder on a pro rata basis) where (if the existing shares of the Subsidiary are the subject of the Transaction Security) the
newly-issued shares also become subject to the Transaction Security on the same terms; 

  

	 	(c)	an issue of shares by the Borrower to comply with an obligation in respect of any Executive Compensation Plan of the Borrower; 

  
 - 42 - 

	 	(d)	an issue of common equity securities of the Borrower or other equity-like instruments of the Borrower or any other member of the Group either (i) by the Borrower or (ii) to any member of the Group where the
Borrower or that member of the Group has an obligation to deliver such shares or other equity-like instruments to a counterparty pursuant to the terms of any Permitted Put/Call Transaction or an obligation to deliver such shares or other equity-like
instruments to the holder(s) of convertible or exchangeable securities comprising Existing Financial Indebtedness or falling within paragraph (f)(i) of the definition of Permitted Financial Indebtedness pursuant to the terms and conditions of such
convertible or exchangeable securities (as amended from time to time); 

  

	 	(e)	an issue of shares by Caliza to comply with an obligation in respect of any Executive Compensation Plan of Caliza; 

  

	 	(f)	an issue of shares by Caliza pursuant to a Caliza Transaction or a Permitted Treasury Transaction within the scope of paragraph 1(e) of Schedule 16 (Hedging Parameters); 

 

	 	(g)	an issue of shares by a member of the Group (other than a member of the Group whose shares are subject to the Transaction Security, unless the newly-issued shares also become subject to the Transaction Security on the
same terms) that is not a member of the Caliza Group to a member of the Caliza Group, provided that the aggregate fair market value of all shares issued pursuant to this paragraph (g) after the date of this Agreement does not exceed
$750,000,000 (or its equivalent) (when aggregated with the aggregate fair market value of asset disposals falling within paragraph (j) of the definition of Permitted Disposal); 

 

	 	(h)	any issue of shares by CEMEX España Operaciones pursuant to the Spanish Combination; 

  

	 	(i)	any issue of shares by the Borrower or Caliza which comprise the consideration for a Permitted Acquisition; 

  

	 	(j)	an issue of shares which constitutes a Permitted Joint Venture; and 

  

	 	(k)	any issue of shares consented to by the Agent acting on the instructions of the Majority Lenders. 

“Permitted Transaction” means: 
  

	 	(a)	any disposal required, Financial Indebtedness incurred, guarantee, indemnity or Security given, or other transaction arising, under the Finance Documents; 

 

	 	(b)	the solvent liquidation or reorganisation of any member of the Group which is not an Obligor so long as any payments or assets distributed as a result of such liquidation or reorganisation are distributed to other
members of the Group (and, where the member of the Group has a minority shareholder, to that minority shareholder on a pro rata basis); 

  

	 	(c)	any Permitted Reorganisation; and 

  

	 	(d)	transactions (other than (i) any sale, lease, license, transfer or other disposal and (ii) the granting or creation of Security or the incurring or permitting to subsist of Financial Indebtedness) conducted in
the ordinary course of trading on arm’s length terms. 

  
 - 43 - 

 “Permitted Treasury Transaction” has the meaning given to that term in Schedule
16 (Hedging Parameters). 
 “Permitted Working Capital Facility” means Financial Indebtedness of one or more members
of the Group under loan facilities, overdraft facilities, performance bonds, banker’s acceptances, guarantee, bonding, documentary or stand-by letter of credit facilities, commercial paper, insurance premium financing and, in each case, other
similar facilities or accommodation (in any case) for the financing of working capital of the Group or such members of the Group in an aggregate amount of no more than $900,000,000 (or its equivalent) (the “Permitted Working Capital
Basket”) provided that the Permitted Working Capital Basket shall only limit any such performance bond, banker’s acceptance, guarantee, bonding, documentary or stand-by letter of credit facility to the extent that such
performance bond, banker’s acceptance, guarantee, bonding, documentary or stand-by letter of credit facility constitutes Debt. 

“Permitted Working Capital Basket” has the meaning given to that term in the definition of Permitted Working Capital Facility.

 “PPP Investment” has the meaning given to that term in the definition of Permitted PPP Investment. 

“PPP Project” means an infrastructure development project in Mexico under the terms of the Private/Public Partnership Law
(Ley de Asociaciones Público-Privadas) at a federal or state level, or any similar project in another jurisdiction under the terms of equivalent legislation in that jurisdiction. 

“PPP Vehicle” means a special purpose vehicle participating in PPP Projects. 

“Process Agent” means CEMEX UK at its registered address being, as at the date of this Agreement, CEMEX House, Coldharbour
Lane, Thorpe, Egham, Surrey TW20 8TD and with fax number (+44) 01932 568933, Attn: The Secretary. 
 “Promissory Note”
means a dual column English and Spanish non-negotiable promissory note issued or to be issued by the Borrower and executed por aval by each of the Guarantors, substantially in the form set out in Schedule 4 (Form of Promissory Note).

 “Protected Party” means a Finance Party which is or will be subject to any liability or required to make any payment for
or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document. 

“Qualifying Lender” has the meaning given to that term in Clause 14 (Tax Gross-Up and Indemnities). 

“Quasi-Security” has the meaning given to that term in Clause 23.5 (Negative pledge). 

  
 - 44 - 

 “Quotation Day” means, in relation to any period for which an interest rate is
to be determined, two London Business Days before the first day of that period unless market practice differs in the Relevant Interbank Market, in which case the Quotation Day will be determined by the Agent in accordance with market practice in the
Relevant Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days). 

“Rating” means at any time the solicited long-term credit rating or the senior implied rating of the Borrower or an issue of
securities of or guaranteed by the Borrower, where the rating is based primarily on the senior unsecured credit risk of the Borrower and/or, in the case of the senior implied rating, on the characteristics of any particular issue, assigned by a
Rating Agency. 
 “Rating Agency” means S&P, Moody’s or Fitch. 

“Receiver” means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged
Property. 
 “Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as
supplied to the Agent at its request by the Reference Banks as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in dollars and for the relevant period, were it to do so by asking for and then accepting
interbank offers for deposits in reasonable market size in that currency and for that period. 
 “Reference Banks” means the
principal London offices of BNP Paribas, ING Bank NV and such other banks as may be appointed by the Agent in consultation with the Borrower. 

“Reference Period” has the meaning given to that term in Clause 22.1 (Financial definitions). 

“Reinvestment Proceeds Sources” means Caliza Proceeds, Disposal Proceeds, Permitted Equity Fundraising Proceeds or Permitted
Put/Call Proceeds; 
 “Related Fund” in relation to a fund (the “first fund”), means a fund which is
managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment
manager or investment adviser of the first fund. 
 “Relevant Commitment” has the meaning given to that term in a relevant
Accordion Confirmation. 
 “Relevant Convertible/Exchangeable Obligations” has the meaning given to that term in Clause 22.1
(Financial definitions). 
 “Relevant Interbank Market” means the London interbank market. 

  
 - 45 - 

 “Relevant Jurisdiction” means, in relation to an Obligor: 

 

	 	(a)	its jurisdiction of incorporation or formation; 

  

	 	(b)	any jurisdiction where any asset subject to or intended to be subject to the Transaction Security to be created by it is situated; 

  

	 	(c)	any jurisdiction where it conducts its business; and 

  

	 	(d)	the jurisdiction whose laws govern the perfection of any of the Transaction Security Documents entered into by it. 

“Relevant Legislation” has the meaning given to such term in the definition of Permitted Securitisations. 

“Relevant Proceeds” has the meaning given to that term in Clause 8.1 (Definitions). 

“Relevant Reserve” has the meaning given to that term in Clause 8.1 (Definitions). 

“Repeating Representations” means each of the representations set out in Clause 20.1 (Status) to Clause 20.5
(Validity and admissibility in evidence) and paragraphs (a) and (b) of Clause 20.11 (Financial statements). 

“Representative” means any delegate, agent, manager, administrator, nominee, Irish law examiner, attorney, trustee or
custodian. 
 “Reserve” has the meaning given to that term in Clause 8.1 (Definitions). 

“Resignation Letter” means a document substantially in the form set out in Schedule 8 (Form of Resignation Letter).

 “Responsible Officer” means the Chief Financial Officer and/or Chief Controlling Officer of the Borrower or a person
holding equivalent status (or higher). 
 “Restricted Debt Purchase Transaction” means, in relation to a person, a
transaction where such person enters into any sub-participation in respect of, or enters into any other agreement or arrangement having an economic effect substantially similar to a sub-participation in respect of, any Commitment or amount
outstanding under this Agreement. 
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., or any successor thereto from time to time. 
 “Sanctioned
Country” means a country or territory that is, or whose government is, the subject of Sanctions broadly prohibiting dealings with such government, country, or territory, including, without limitation, as of the date of this Agreement, Cuba,
Iran, Burma, North Korea, Sudan and Syria. 
 “Sanctions” means: 

 

	 	(a)	United Nations sanctions imposed pursuant to any United Nations Security Council Resolution; 

  
 - 46 - 

	 	(b)	U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or any other U.S. Governmental Authority or department; 

 

	 	(c)	EU restrictive measures implemented pursuant to any EU Council or Commission Regulation or Decision adopted pursuant to a Common Position in furtherance of the EU’s Common Foreign and Security Policy;

  

	 	(d)	UK sanctions adopted by the Terrorist-Asset Freezing etc Act 2010 or other legislation and statutory instruments enacted pursuant to the United Nations Act 1946 or the European Communities Act 1972 or enacted by or
pursuant to other laws and administered by Her Majesty’s Treasury or any other Governmental Authority; and 

  

	 	(e)	any other economic, trade sanctions or similar restrictive laws and regulations relating to economic or trade sanctions applicable to any Party or any of its Affiliates. 

“SAR” means the Mexican Retirement Savings System (Sistema de Ahorro para el Retiro). 

“Screen Rate” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other
person which takes over the administration of that rate) for dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (or any replacement Reuters page which displays that rate) or on the appropriate page of such
other information service which publishes that rate from time to time in place of Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the
Borrower and the Lenders. 
 “SEC” means the U.S. Securities Exchange Commission and any successor thereto. 

“Secured Parties” means each Finance Party from time to time party to this Agreement and any Receiver or Delegate. 

“Security” means a mortgage, charge, pledge, lien, security trust or other security interest securing any obligation of any
person or any other agreement or arrangement having a similar effect. 
 “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 29.4 (Resignation of a Security Provider) and has not
subsequently become an Additional Security Provider pursuant to Clause 29.2 (Additional Guarantors and Additional Security Providers), and “Security Provider” means any of them. 

“Selection Notice” means a notice substantially in the form set out in Part II of Schedule 3 (Requests and Notices)
given in accordance with Clause 11 (Interest Periods). 
 “Spain” means the Kingdom of Spain. 

  
 - 47 - 

 “Spanish Combination” means the contribution agreement, the shareholders
agreement and other arrangements entered into or to be entered into between CEMEX España (and any other member of the Group) and a member (or members) of the Holcim Group in relation to CEMEX España Operaciones, pursuant to which a
member (or members) of the Holcim Group will contribute assets to CEMEX España Operaciones or its subsidiaries in consideration for the issue to or acquisition by a member (or members) of the Holcim Group of shares in CEMEX España
Operaciones. 
 “Spanish Combination Termination Mechanism” means the ability of a Group member on or after the fifth
anniversary of completion of the Spanish Combination to acquire all of the shares in CEMEX España Operaciones held by any member of the Holcim Group at the relevant time (whether such shares were issued as part of completion of the Spanish
Combination or were acquired or subscribed for as part of any capital contribution in CEMEX España Operaciones after completion of the Spanish Combination or otherwise). 

“Spanish GAAP” means the Spanish General Accounting Plan (Plan general de contabilidad) approved by Royal Decree
1514/2007 as in effect from time to time and consistent with those used in the preparation of the most recent audited financial statements referred to in Clause 21.1 (Financial statements). 

“Spanish Public Document” means any obligation in an Escritura Pública or poliza intervenida. 

“Specified Time” means a time determined in accordance with Schedule 17 (Timetables). 

“Subordinated Optional Convertible Securities” means: 

 

	 	(a)	the Existing Subordinated Convertible Notes; and 

  

	 	(b)	any Financial Indebtedness incurred by any member of the Group meeting the requirements of paragraph (f)(i) of the definition of Permitted Financial Indebtedness (including that no principal repayments are scheduled
until after the Termination Date which may, for the avoidance of doubt, include a fundraising the proceeds of which are (to the extent required) applied in accordance with Clause 8 (Mandatory Prepayment) the terms of which provide that such
indebtedness is capable of optional conversion into equity securities or other equity-like instruments of the Borrower or any member of the Group and that repayment of principal and accrued but unpaid interest thereon is subordinated (under terms
customary for an issuance of such Financial Indebtedness) to all senior Financial Indebtedness of the Borrower (including, but not limited to, the Facilities) except for: (A) indebtedness that states, or is issued under a deed, indenture,
agreement or other instrument that states, that it is subordinated to or ranks equally with any Subordinated Optional Convertible Securities and (B) indebtedness between or among members of the Group. 

  
 - 48 - 

 “Subsidiary” means in relation to any company, partnership or corporation, a
company, partnership or corporation: 
  

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company, partnership or corporation; 

  

	 	(b)	in the case of a company or corporation, more than half the issued share capital of which is beneficially owned, directly or indirectly, by the first mentioned company, partnership or corporation; or 

 

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company, partnership or corporation, 

and for this purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to
direct its affairs and/or to control the composition of its board of directors or equivalent body. 
 “Super Majority
Lenders” means, at any time, a Lender or Lenders whose Commitments aggregate 85 per cent. or more of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated 85 per cent. or more of the Total
Commitments immediately prior to that reduction). 
 “Swiss Obligor” means an Obligor incorporated in Switzerland. 

“Tax” means any tax, levy, impost, duty or other charge, deduction or withholding of a similar nature (including any penalty
or interest payable in connection with any failure to pay or any delay in paying any of the same). 
 “Termination Date”
means the date falling 60 Months after the date of this Agreement. 
 “Third Party Disposal” has the meaning given to such
term in Clause 29 (Changes to the Obligors). 
 “Total Commitments” means the aggregate of the Total Facility A
Commitments and the Total Facility B Commitments, being $1,350,000,000 as at the date of this Agreement. 
 “Total Facility A
Commitments” means the aggregate of the Facility A Commitments, being $810,000,000 as at the date of this Agreement. 

“Total Facility B Commitments” means the aggregate of the Facility B Commitments, being $540,000,000 as at the date of this
Agreement. 
 “Transaction Security” means the Security created or expressed to be created in favour of the Security Agent
pursuant to the Transaction Security Documents. 
 “Transaction Security Documents” means each of the documents listed as
being a Transaction Security Document in paragraph 3 (Transaction Security Documents) of Part I of Schedule 2 (Conditions Precedent) and any document required to be delivered to the Agent under paragraph 3 (Transaction Security
Documents) of Part II of Schedule 2 (Conditions Precedent) together with any other document entered into 

  
 - 49 - 

 
by any Obligor creating or expressed to create any Security over all or any part of its assets in respect of the obligations of any of the Obligors under any of the Finance Documents (and any
other “Debt Documents” as defined in the Intercreditor Agreement). 
 “Transfer Certificate” means a certificate
substantially in the form set out in Schedule 5 (Form of Transfer Certificate) or any other form agreed between the Agent and the Borrower. 

“Transfer Date” means, in relation to an assignment or a transfer, the later of: 

 

	 	(a)	the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and 

  

	 	(b)	the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate. 

“Treasury Transactions” means any derivatives transaction (i) that is a rate swap transaction, swap option, basis swap,
forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency
swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase
transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these
transactions), (ii) that is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets and that is a forward,
swap, future, option or other derivative (including one or more spot transactions that are equivalent to any of the foregoing) on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other
debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made or (iii) that is a combination of these transactions, it being understood that any Executive
Compensation Plan permitted by this Agreement and any Caliza Offering Option are not Treasury Transactions. 
 “Unpaid Sum”
means any sum due and payable but unpaid by an Obligor under the Finance Documents. 
 “U.S.”, “US” or
“United States” means the United States of America. 
 “U.S. Obligor” means a Guarantor whose jurisdiction
of organisation is a state of the United States or the District of Columbia. 
 “Utilisation” means a Loan. 

“Utilisation Date” means the date of a Utilisation, being the date on which the relevant Loan is to be made. 

  
 - 50 - 

 “Utilisation Request” means a notice substantially in the form set out in Part I
(Utilisation Request) of Schedule 3 (Requests and Notices). 
 “VAT” means value added tax as provided for in
the Value Added Tax Act 1994 and any other tax of a similar nature. 
 “West German Disposal” means the disposal of any
asset, undertaking or business located in western Germany or in The Netherlands or France (to the extent any such asset, undertaking or business in The Netherlands or France is related to operations in western Germany) by a member (or members) of
the Group to a member (or members) of the Holcim Group. 
  

	1.2	Construction 

  

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

  

	 	(i)	the “Agent”, any “Secured Party”, the “Security Agent”, any “Finance Party”, any “Lender”, any “Obligor” or any
“Party” 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 the Finance Documents; 

  

	 	(ii)	a document in “agreed form” is a document which is previously agreed in writing by or on behalf of the Borrower and the Agent or, if not so agreed, is in the form specified by the Agent;

  

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

  

	 	(iv)	“cash” for the purposes of paragraph (k) of the definition of Permitted Disposal shall include any Financial Indebtedness of the entity being disposed of which is assumed by the acquiror and shall
include the release of any liability in respect of or related to such debt; 

  

	 	(v)	a “Finance Document” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended or novated; 

 

	 	(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)	a Lender’s “participation” in relation to a Loan means the amount of such Loan which such Lender has made or is to make available and thereafter that part of the Loan which is owed to such Lender;

  

	 	(viii)	a “person” includes any person, 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) of two or more of the foregoing; 

  
 - 51 - 

	 	(ix)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law but, if not having the force of law, with which persons who are subject
thereto are accustomed to comply) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

 

	 	(x)	the “winding-up”, “dissolution”, “administration” or “reorganisation” of a company or corporation shall be construed so as to include any equivalent or
analogous proceedings (such as, in Mexico, a concurso mercantil or quiebra and in Spain, any situación concursal) under the laws and regulations of the jurisdiction in which such company or corporation is incorporated or
any jurisdiction in which such company or corporation carries on business including the seeking of liquidation, winding-up, reorganisation, bankruptcy, dissolution, administration, examinership in Ireland, arrangement, adjustment, protection or
relief of debtors; 

  

	 	(xi)	a provision of law is a reference to that provision as amended or re-enacted without material modification; 

 

	 	(xii)	a time of day is a reference to London time; 

  

	 	(xiii)	a clause, paragraph or schedule, unless the context otherwise requires, is a reference to a clause, a paragraph of or a schedule to this Agreement; 

 

	 	(xiv)	a “guarantee” (other than in Clause 19 (Guarantee and Indemnity) and unless otherwise stated) includes any guarantee, aval, obligado solidario, letter of credit, bond, indemnity,
counter-indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any
person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness; 

  

	 	(xv)	where it relates to a Dutch entity: 

  

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

  

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

  

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

  

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

  

	 	(1)	declared bankrupt (failliet verklaard); and 

  

	 	(2)	dissolved (ontbonden); 

  
 - 52 - 

	 	(C)	a moratorium includes surséance van betaling and granted a moratorium includes surséance 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; and 

  

	 	(xvi)	where it relates to a French entity: 

  

	 	(A)	“acting in concert” has the meaning given in article L. 233-10 of the French Commercial Code; 

  

	 	(B)	“control” has the meaning given in article L. 233-3 of the French Commercial Code; 

  

	 	(C)	“financial assistance” has the meaning given in article L. 225-216 of the French Commercial Code; 

  

	 	(D)	“gross negligence” means “faute lourde”; 

  

	 	(E)	a “guarantee” includes any “cautionnement”, “aval” and any “garantie” which is independent from the debt to which it relates; 

 

	 	(F)	a “merger” includes any “fusion” implemented in accordance with articles L. 236-1 to L. 236-24 of the French Commercial Code; 

 

	 	(G)	a “reconstruction” includes, in relation to any company, any contribution of part of its business in consideration of shares (apport partiel d’actifs) and any demerger (scission)
implemented in accordance with articles L. 236-1 to L. 236-24 of the French Commercial Code; 

  

	 	(H)	a “security interest” includes any type of security (sûreté réelle), transfer or assignment by way of security and fiducie-sûreté; and 

 

	 	(I)	“wilful misconduct” means “dol”. 

  

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

  

	 	(c)	Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this
Agreement. 

  
 - 53 - 

	 	(d)	Unless otherwise provided for in this Agreement, for the purposes of determining whether a material adverse change or material adverse effect has occurred, the date from which the change or effect is assessed will be
the date of this Agreement. 

  

	 	(e)	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 22
(Financial Covenants) 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 22 (Financial Covenants), there is no breach thereof.

  

	1.3	Currency Symbols and Definitions 

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

 

	1.4	Third party rights 

  

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

  

	 	(b)	Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary any Finance Document at any time. 

 

	1.5	Intercreditor Agreement / this Agreement prevail 

 To the maximum extent permitted by
law: 
  

	 	(a)	in the event of any inconsistency or conflict between the Intercreditor Agreement and any other Finance Document, the Intercreditor Agreement will prevail; and 

 

	 	(b)	in the event of any inconsistency or conflict between this Agreement and any other Finance Document (other than the Intercreditor Agreement) the terms of this Agreement will prevail. 

  
 - 54 - 

 SECTION 2 

THE FACILITIES 
  

	2.	THE FACILITIES 

  

	2.1	The Facilities 

 Subject to the terms of this Agreement, the Lenders make available to
the Borrower: 
  

	 	(a)	a dollar term loan facility in an aggregate amount equal to the Total Facility A Commitments; and 

  

	 	(b)	a dollar revolving loan facility in an aggregate amount equal to the Total Facility B Commitments. 

  

	2.2	Accordion 

  

	 	(a)	The Borrower may by giving not less than 5 Business Days’ prior notice to the Agent request that the Total Commitments be increased by (subject to paragraph (d) of Clause 3.1 (Purpose)) up to an
amount which, when aggregated with the Total Commitments immediately prior to that increase, does not exceed the aggregate amount then outstanding under the 2012 Facilities Agreement and Bancomext Facility (converted into US Dollars at the
Agent’s Spot Rate of Exchange) (and the Total Commitments shall be so increased) as follows: 

  

	 	(i)	the increased Commitments will be assumed by one or more Lenders or other banks, financial institutions, trusts, funds or other entities (each an “Accordion Lender”) selected by the Borrower (each of
which shall not be a member of the Group) and each of which confirms in writing (whether in the relevant Accordion Confirmation or otherwise) its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the
increased Commitments which it is to assume, as if it had been an Original Lender (provided that, in relation to each Accordion Lender and each increase in the Total Commitments, the ratio of the increased Facility A Commitments assumed by that
Accordion Lender to the increased Facility B Commitments assumed by that Accordion Lender must be 6:4); 

  

	 	(ii)	each of the Obligors and any Accordion Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Accordion Lender would have assumed and/or acquired had the
Accordion Lender been an Original Lender; 

  

	 	(iii)	each Accordion Lender shall become a Party as a “Lender” and each Accordion Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as
that Accordion Lender and those Finance Parties would have assumed and/or acquired had the Accordion Lender been an Original Lender; 

  
 - 55 - 

	 	(iv)	the Commitments of the other Lenders shall continue in full force and effect; and 

  

	 	(v)	any increase in the Commitments shall take effect on the date specified by the Borrower in the notice referred to above or any later date on which the conditions set out in paragraph (b) below are satisfied
(provided no increase in the Commitments may take effect (A) before the date falling on the earlier of (i) the first Utilisation of Facility A and the first Utilisation of Facility B and (ii) the expiry of the Availability Period in
respect of the first Utilisation of Facility A and the first Utilisation of Facility B or (B) after the date falling 18 Months after the date of this Agreement). 

 

	 	(b)	An increase in the Commitments will only be effective on the date (the “Increase Date”) on which: 

  

	 	(i)	the Agent and the Security Agent execute an Accordion Confirmation from the relevant Accordion Lender; and 

  

	 	(ii)	in relation to an Accordion Lender which is not a Lender immediately prior to the relevant increase: 

  

	 	(A)	the Accordion Lender enters into the documentation required for it to accede to the Intercreditor Agreement as a Refinancing Creditor; and 

 

	 	(B)	the Agent is satisfied that it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assumption of the increased Commitments
by that Accordion Lender. The Agent shall promptly notify the Borrower and the Accordion Lender upon being so satisfied, 

and the Agent shall promptly notify the Borrower and the Accordion Lender of the occurrence of the Increase Date. 

 

	 	(c)	Each Accordion Lender, by executing the Accordion Confirmation, confirms (for the avoidance of doubt) that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf
of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective. 

  

	 	(d)	The Borrower shall, promptly on demand, pay the Agent and the Security Agent the amount of all costs and expenses (including legal fees) reasonably incurred by either of them and, in the case of the Security Agent, by
any Receiver or Delegate) in connection with any increase in Commitments under this Clause 2.2. 

  

	 	(e)	The Accordion Lender shall, on the date upon which the increase takes effect, pay to the Agent (for its own account) a fee in an amount equal to the fee which would be payable under Clause 27.3 (Assignment or
transfer fee) if the increase was a transfer pursuant to Clause 27.5 (Procedure for transfer) and if the Accordion Lender was a New Lender. 

  
 - 56 - 

	 	(f)	The Borrower may pay to any Accordion Lender a participation fee in the amount and at the times agreed between the Borrower and that Accordion Lender in a letter between the Borrower and that Accordion Lender provided
that, only if the Accordion Lender becomes a Party as a “Lender” prior to the date falling six months from the date of this Agreement, such fee may not exceed the amount equal to the percentage of the increased Commitments assumed by that
Accordion Lender agreed in writing between the Borrower and the Arranger. No fee, other than the participation fee referred to in this paragraph (f) and the commitment fee referred to in Clause 13.1 (Commitment fee), shall be paid to an
Accordion Lender. A reference in this Agreement to a Fee Letter shall include any letter referred to in this paragraph. 

  

	 	(g)	     

  

	 	(i)	The amount of the Utilisation of an Accordion Lender’s Facility A Commitment shall be an amount equal to that Accordion Lender’s Facility A Commitment (to the extent that such Commitment has not been cancelled
or reduced under this Agreement). 

  

	 	(ii)	The amount of the first Utilisation of an Accordion Lender’s Facility B Commitment: 

  

	 	(A)	in the event that the Total Facility B Commitments of all the Earlier Lenders are fully drawn, shall be an amount equal to such Accordion Lender’s Facility B Commitment; 

 

	 	(B)	in the event that the Total Facility B Commitments of all the Earlier Lenders are not fully drawn: 

  

	 	(1)	shall be an amount equal to such Accordion Lender’s Facility B Commitment multiplied by the Target Facility B Utilisation Percentage; and 

 

	 	(2)	each of the Earlier Drawn Lenders shall make available its participation in a Facility B Loan in an amount equal to that Lender’s Facility B Commitment multiplied by the percentage produced by deducting the
Existing Facility B Utilisation Percentage from the Target Facility B Utilisation Percentage. 

  

	 	(iii)	In this Clause 2.2: 

 “Earlier Drawn Lenders” means Earlier Lenders for
whom this Utilisation is not the first Utilisation of their Facility B Commitment; 
 “Earlier Lenders” means the Lenders
immediately prior to the Increase Date preceding the proposed Utilisation Date; and 

  
 - 57 - 

 the Agent shall, in consultation with the Borrower, calculate: 

 

			
	(A)		the “Existing Facility B Utilisation Percentage” as:

  

			
	(B)		the “Target Facility B Utilisation Percentage” as:

 where: 

“a” is the aggregate amount of all Facility B Loans (excluding this proposed Utilisation) immediately prior to the
proposed Utilisation Date; 
 “b” is the aggregate of the Facility B Commitments of the Earlier Drawn Lenders; and

 “y” is the amount of the proposed Utilisation, being equal to the amount of the Facility B Commitment(s) of one
or more Accordion Lenders nominated by the Borrower (none of whom have previously been so nominated). 
  

	 	(h)	An Accordion Confirmation shall be raised to the status of a Spanish Public Document and the powers of attorney and authorisations granted under the Finance Documents shall have been ratified under such Spanish public
deed, in each case on a date falling less than 30 days after the date of the Increase Date. 

  

	 	(i)	Clause 27.4 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this Clause 2.2 in relation to an Accordion Lender as if references in that Clause to: 

 

	 	(i)	an “Existing Lender” were references to all the Lenders immediately prior to the relevant increase; 

  

	 	(ii)	the “New Lender” were references to that “Accordion Lender”; and 

  

	 	(iii)	a “re-transfer” and “re-assignment” were references to respectively a “transfer” and an “assignment”. 

 

	 	(j)	Each Obligor shall (and the Borrower shall procure that each member of the Group will) promptly do all such acts and execute all such documents as the Security Agent may reasonably specify (and in such form as the
Security Agent may reasonably require in favour of the Security Agent or its nominee(s) or the Secured Parties) following an increase in the Commitments pursuant to this Clause 2.2 to preserve and perfect the Transaction Security created or
evidenced or expressed to be created or evidenced pursuant to the Transaction Security Documents (and so that the Transaction Security extends to secure the Secured Obligations under this Agreement in respect of the increased Commitments).

  
 - 58 - 

	2.3	Finance Parties’ rights and obligations 

  

	 	(a)	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under
the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 

  

	 	(b)	Except as otherwise stated in the Finance Documents, the rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance
Documents and owed to a Finance Party from an Obligor (other than a Security Provider which is not also the Borrower or a Guarantor) shall be a separate and independent debt. 

 

	 	(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

 

	

	3.	PURPOSE 

  

	3.1	Purpose 

  

	 	(a)	The Borrower shall apply all amounts borrowed by it under the first Utilisation of Facility A and the first Utilisation of Facility B towards: 

 

	 	(i)	the payment, or effecting the payment, of amounts outstanding under the 2012 Facilities Agreement; and 

  

	 	(ii)	the payment of costs and expenses in connection with this Agreement and the other Finance Documents. 

  

	 	(b)	Save as provided in paragraph (d) below, following an increase in the Commitments pursuant to Clause 2.2 (Accordion), the Borrower shall apply all amounts borrowed by it under the Utilisation of Facility A
in respect of the increased Facility A Commitment(s) of the Accordion Lender(s) and the first Utilisation of Facility B following the increase in the Facility B Commitments towards: 

 

	 	(i)	the payment, or effecting the payment, of amounts outstanding under the 2012 Facilities Agreement; and 

  

	 	(ii)	the payment of costs and expenses in connection with the increase in the Commitments. 

  

	 	(c)	Save as described above and as provided in paragraph (d) below, the Borrower shall apply all amounts borrowed by it under any other Utilisation of Facility B towards its general corporate and working capital
purposes (including the repayment or prepayment of other Permitted Financial Indebtedness of the Group). 

  
 - 59 - 

	 	(d)	If and to the extent that Bancomext accedes pursuant to Clause 2.2 (Accordion) as an Accordion Lender, then amounts provided by Bancomext as an Accordion Lender shall: 

 

	 	(i)	first, be used to repay or prepay, or effect the repayment or prepayment of, amounts of principal (and not, for the avoidance of doubt, interest) due under the Bancomext Facility (whether deemed or otherwise);

  

	 	(ii)	second, to the extent that any amounts have been prepaid pursuant to the terms of the Bancomext Facility to Bancomext by the Borrower or any member of the Group in the period beginning on 1 September 2014 and
ending on the Increase Date in respect of Bancomext acceding as an Accordion Lender, an amount of the Bancomext Accordion Lender Commitment equal to the amount prepaid over such period shall be retained by the Borrower; and 

 

	 	(iii)	third, only any amounts in excess of the amount of the Bancomext Facility and the amount described in (ii) above shall be used in accordance with paragraph (b) above. 

 

	3.2	Monitoring 

 No Finance Party is bound to monitor or verify the application of any
amount borrowed pursuant to this Agreement. 
  

	4.	CONDITIONS OF UTILISATION 

  

	4.1	Initial conditions precedent 

  

	 	(a)	The Borrower may not deliver a Utilisation Request unless the Agent has received all of the documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent) in form and substance satisfactory to
the Agent (acting reasonably). The Agent shall notify the Borrower and the Lenders promptly upon being so satisfied. 

  

	 	(b)	Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require)
the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification. 

  

	4.2	Further conditions precedent 

  

	 	(a)	The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) if on the date of the Utilisation Request and on the proposed Utilisation Date: 

 

	 	(i)	no Default is continuing or would result from the proposed Loan; and 

  

	 	(ii)	the Repeating Representations to be made by each Obligor are true in all material respects. 

  
 - 60 - 

	4.3	Maximum number of Loans 

  

	 	(a)	The Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation: 

  

	 	(i)	two or more Facility A Loans would be outstanding; or 

  

	 	(ii)	nine or more Facility B Loans would be outstanding. 

  

	 	(b)	The Borrower may not request that a Loan be divided. 

  

	 	(c)	Following an increase in the Commitments pursuant to Clause 2.2 (Accordion), the Facility A Loan made by the relevant Accordion Lender(s) in respect of the increased Facility A Commitment(s) and the first
Facility B Loan made by the relevant Lender(s) following the increase in the Facility B Commitments shall not be taken into account in this Clause 4.3. 

  
 - 61 - 

 SECTION 3 

UTILISATION 
  

	5.	UTILISATION 

  

	5.1	Delivery of a Utilisation Request 

 The Borrower may utilise a Facility by delivery to
the Agent of a duly completed Utilisation Request not later than the Specified Time. 
  

	5.2	Completion of a Utilisation Request 

  

	 	(a)	Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

  

	 	(i)	it identifies the Facility to be utilised; 

  

	 	(ii)	the proposed Utilisation Date is a Business Day within the relevant Availability Period; 

  

	 	(iii)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and 

  

	 	(iv)	the proposed Interest Period complies with Clause 11 (Interest Periods). 

  

	 	(b)	Only one Loan may be requested in each Utilisation Request. 

  

	5.3	Currency and amount 

  

	 	(a)	The currency specified in a Utilisation Request must be dollars. 

  

	 	(b)	The amount of the proposed Loan must be: 

  

	 	(i)	in relation to the first Utilisation of Facility A and the first Utilisation of Facility B, an amount equal to the Available Facility as at the date of such Utilisation; 

 

	 	(ii)	following an increase in the Commitments pursuant to Clause 2.2 (Accordion), determined pursuant to paragraph (g) of Clause 2.2 (Accordion); and 

 

	 	(iii)	in relation to any other Utilisation of Facility B, an amount which is not more than the Available Facility and which is a minimum of $25,000,000 or, if less, the Available Facility. 

 

	5.4	Lenders’ participation 

  

	 	(a)	If the conditions set out in this Agreement have been met, and subject to Clause 6.2 (Repayment of Facility B Loans), each Lender shall make its participation in each Loan available by the Specified Time on the
Utilisation Date through its Facility Office. 

  
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	 	(b)	Subject to paragraph (g) of Clause 2.2 (Accordion), the amount of each Lender’s participation in each Loan will be equal to the proportion borne by its Available Commitment to the Available
Facility immediately prior to making the Loan. 

  

	 	(c)	The Agent shall notify each Lender (and, if applicable, any Accordion Lender which is anticipated to be a Lender on the proposed Utilisation Date pursuant to paragraph (b)(ii) of Clause 2.2 (Accordion))
of the amount of each Loan, the amount of its participation in that Loan (and, in the case of a Facility B Loan, the amount of that participation to be made available in accordance with Clause 33.1 (Payments to the Agent)) in each case by the
Specified Time. 

  

	5.5	Limitation on Utilisations 

 In respect of the first Utilisation of Facility B only,
Facility B may not be utilised unless Facility A has been utilised or will be utilised on the same date. 
  

	5.6	Promissory Notes 

  

	 	(a)	The Borrower shall, on or before the Utilisation Date of any Facility A Loan, issue and deliver a Promissory Note to each Lender participating in that Facility A Loan, setting forth the amount of that Lender’s
participation in that Facility A Loan. 

  

	 	(b)	The Borrower shall, on or before the Utilisation Date of the first Facility B Loan, issue and deliver a Promissory Note to each Lender participating in that Facility B Loan, setting forth the amount of the Facility B
Commitment of that Lender. 

  

	 	(c)	The Borrower shall, on or before the Utilisation Date of the first Facility B Loan to be made following any increase in the Facility B Commitments pursuant to Clause 2.2 (Accordion), issue and deliver a
Promissory Note to each Accordion Lender in respect of that increase, setting forth the amount of the increase in the Facility B Commitment corresponding to that Lender. 

 

	 	(d)	The Borrower: 

  

	 	(i)	shall, promptly but in any event within 5 Business Days following any notification pursuant to Clause 10.4 (Notification of rates of interest) arising as a result of an increase in the applicable Margin
following any event described in paragraphs (b)(i) to (b)(iii) (inclusive) of the definition of Margin, execute, and cause the execution by each Guarantor as avalista, issue and deliver a Promissory Note to each Lender participating in a
Loan or Facility to which the notification relates; and 

  

	 	(ii)	 may, within 5 Business Days following (A) any notification pursuant to Clause 10.4 (Notification of rates of interest) arising as a
result of a decrease in the applicable Margin following any event described in paragraphs (b)(i) or (b)(ii) of the definition of Margin or (B) any repayment of any Loan or decrease in the Total Commitments,

  
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execute, and cause the execution by each Guarantor as avalista, issue and deliver a Promissory Note to each Lender participating in a Loan or Facility to which the relevant notification,
repayment or decrease (as the case may be) relates, 

 provided that any Promissory Note held by or on behalf of such
Lender in respect of that Loan (the “Old Promissory Note”) is tendered or otherwise made available for exchange by the Custodian (or, if none, such Lender). Upon such exchange, the Old Promissory Note shall be cancelled and have no
further effect. For the avoidance of doubt: (x) if the exchange does not take place the Old Promissory Note remains in full force and effect; and (y) notwithstanding any Promissory Note, this Agreement determines, inter alia, the
rate of interest accruing on Loans and any amount payable by the Obligors. 
  

	 	(e)	Any obligation of the Borrower to deliver a Promissory Note to a Lender pursuant to this Agreement may be satisfied by delivery of such Promissory Note to the Custodian, if any. 

 

	 	(f)	Notwithstanding any amount set forth in any Promissory Note issued to a Lender in respect of any Commitment of that Lender, no such Lender shall be entitled, and each such Lender that holds any Promissory Note
evidencing any Commitment in accordance with this Agreement hereby waives the right, to claim any amount of principal in excess of the amounts disbursed and not repaid to such Lender in respect of the relevant Loan(s) at that time. Each Lender that
holds any Promissory Note evidencing any Commitment in accordance with this Agreement agrees that the Borrower may introduce this Agreement (and in particular, the provisions of this Clause 5.6) as a defence in connection with any such claim.

  

	 	(g)	For the avoidance of doubt, no Lender may claim under a Promissory Note separately from under this Agreement, except for claims initiated before Mexican courts as permitted under Clause 43.1 (Jurisdiction in relation
to actions brought against parties organised or incorporated in Mexico) (and in such circumstances the Agent will provide to the Borrower such information as the Borrower may reasonably request in connection with the aggregate amounts disbursed
to the Borrower). 

  

	5.7	Cancellation of Commitment 

  

	 	(a)	The Facility A Commitments which, at that time, are unutilised shall be immediately cancelled at the end of each Availability Period for Facility A to which they relate. 

 

	 	(b)	Any Facility B Commitments of the Original Lenders which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for Facility B specified in paragraph (b)(i) of the definition
of Availability Period. 

  

	 	(c)	Any Facility B Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for Facility B specified in paragraph (b)(iii) of the definition of Availability
Period. 

  

	 	(d)	For the avoidance of doubt, any increased Facility B Commitments assumed by an Accordion Lender which, at the end of the Availability Period in respect of that increase under paragraph (b)(ii) of the definition of
Availability Period, are unutilised, shall not be cancelled at that time. 

  
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	5.8	Mandatory Rollover Utilisation 

  

	 	(a)	Except to the extent that a Facility B Loan is required to be repaid under Clause 7 (Illegality and Voluntary Prepayment) or Clause 26 (Events of Default), where a Facility B Loan would, but for this
Clause 5.8, fall due for repayment on the last day of an Interest Period prior to the earlier of (i) 14 February 2017 or (ii) such time as the 2012 Facilities Agreement permits scheduled repayments of Financial Indebtedness under (and
as defined in) the 2012 Facilities Agreement to take place prior to 14 February 2017, such Facility B Loan shall not fall due for repayment on the last day of such Interest Period and shall instead mandatorily roll (without further action
required from the Borrower) until the last day of the first subsequent Interest Period in which repayment of such Facility B Loan would be permitted under this Clause 5.8. 

 

	 	(b)	Unless the Borrower specifies otherwise in a Selection Notice, in relation to any Facility B Loan which mandatorily rolls pursuant to paragraph (a) above, the Interest Period for the Facility B Loan commencing on
the date on which the Facility B Loan mandatorily rolls pursuant to paragraph (a) above shall be of the same length as the Interest Period for that Facility B Loan ending on that date. 

  
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 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	6.	REPAYMENT 

  

	6.1	Repayment of Facility A Loans 

  

	 	(a)	The Borrower shall repay the Facility A Loans in instalments by repaying on each Facility A Repayment Date an amount which reduces the aggregate amount of the outstanding Facility A Loans by an amount equal to the
relevant percentage of all the Facility A Loans borrowed by the Borrower as at the close of business in London on the last day of the last Availability Period in relation to Facility A (after the application of Clause 5.7 (Cancellation of
Commitment) at the end of that Availability Period) as set out in the table below: 

  

					
	Facility A Repayment Date	  	Facility A Repayment Instalment
(percentage)	 
		
	 The date falling 36 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 42 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 48 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 54 Months after the date of this Agreement
	  	 	20	% 
		
	 The Termination Date
	  	 	20	% 

  

	 	(b)	The Borrower may not reborrow any part of Facility A which is repaid. 

  

	6.2	Repayment of Facility B Loans 

  

	 	(a)	The Borrower shall repay each Facility B Loan on the last day of its Interest Period. 

  

	 	(b)	Without prejudice to the Borrower’s obligation under paragraph (a) above, if: 

  

	 	(i)	one or more Facility B Loans are to be made available: 

  

	 	(A)	on the same day that a maturing Facility B Loan is due to be repaid; and 

  

	 	(B)	in whole or in part for the purpose of refinancing the maturing Facility B Loan; and 

  
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	 	(C)	the proportion borne by each Lender’s participation in the maturing Facility B Loan to the amount of that maturing Facility B Loan is the same as the proportion borne by that Lender’s participation in the new
Facility B Loans to the aggregate amount of those new Facility B Loans, 

 the aggregate amount of the new Facility B Loans
shall, unless the Borrower notifies the Agent to the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Facility B Loan so that: 

 

	 	(D)	if the amount of the maturing Facility B Loan exceeds the aggregate amount of the new Facility B Loans: 

  

	 	(1)	the Borrower will only be required to make a payment under Clause 33.1 (Payments to the Agent) in an amount in the relevant currency equal to that excess; and 

 

	 	(2)	each Lender’s participation in the new Facility B Loans shall be treated as having been made available and applied by the Borrower in or towards repayment of that Lender’s participation in the maturing
Facility B Loan and that Lender will not be required to make a payment under Clause 33.1 (Payments to the Agent) in respect of its participation in the new Facility B Loans; and 

 

	 	(E)	if the amount of the maturing Facility B Loan is equal to or less than the aggregate amount of the new Facility B Loans: 

  

	 	(1)	the Borrower will not be required to make a payment under Clause 33.1 (Payments to the Agent); and 

  

	 	(2)	each Lender will be required to make a payment under Clause 33.1 (Payments to the Agent) in respect of its participation in the new Facility B Loans only to the extent that its participation in the new Facility B
Loans exceeds that Lender’s participation in the maturing Facility B Loan and the remainder of that Lender’s participation in the new Facility B Loans shall be treated as having been made available and applied by the Borrower in or towards
repayment of that Lender’s participation in the maturing Facility B Loan. 

  
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	6.3	Reduction of Facility B 

  

	 	(a)	The Total Facility B Commitments shall be reduced in instalments on each Facility B Reduction Date by an amount equal to the percentage of the Total Facility B Commitments as at the close of business in London on the
last day of the last Availability Period under paragraph (b)(ii) of the definition of Availability Period in relation to Facility B as set out in the table below: 

 

					
	Facility B Reduction Date	  	Facility B Reduction Instalment
(percentage)	 
		
	 The date falling 36 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 42 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 48 Months after the date of this Agreement
	  	 	20	% 
		
	 The date falling 54 Months after the date of this Agreement
	  	 	20	% 
		
	 The Termination Date
	  	 	20	% 

  

	 	(b)	The Borrower shall ensure that sufficient Facility B Loans are repaid or prepaid on a Facility B Reduction Date to the extent necessary so that the aggregate of the outstanding Facility B Loans (after that repayment) is
equal to or less than the reduced amount of the Total Facility B Commitments. 

  

	 	(c)	Any reduction of the Total Facility B Commitments shall reduce rateably the Commitment of each Lender. 

  

	6.4	Application of repayments 

 Any repayment of a Utilisation under this Clause 6 shall be
applied pro rata to each Lender’s participation in that Utilisation. 
  

	6.5	Effect of cancellation and prepayment on scheduled repayments and reductions 

  

	 	(a)	If the Borrower cancels the whole or any part of any Available Commitment in accordance with Clause 7.4 (Right of replacement or cancellation and repayment in relation to a single Lender) or if the Available
Commitment of any Lender is cancelled under Clause 7.1 (Illegality) then: 

  

	 	(i)	in the case of the Facility A Commitments, the amount of the Facility A Repayment Instalment for each Facility A Repayment Date falling after that cancellation will reduce pro rata by the amount cancelled; and

  

	 	(ii)	in the case of the Facility B Commitments, the amount of the Facility B Reduction Instalment for each Facility B Reduction Date falling after that cancellation will reduce pro rata by the amount cancelled.

  
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	 	(b)	If the Borrower cancels the whole or any part of any Available Commitment in accordance with Clause 7.2 (Voluntary cancellation) then: 

 

	 	(i)	in the case of the Facility A Commitments, the Facility A Repayment Instalment for each Facility A Repayment Date falling after that cancellation will reduce in the order selected by the Borrower by the amount
cancelled; 

  

	 	(ii)	in the case of the Facility B Commitments, the amount of the Facility B Reduction Instalment for each Facility B Reduction Date falling after that cancellation will reduce in the order selected by the Borrower by the
amount cancelled. 

  

	 	(c)	If any Loan is prepaid in accordance with Clause 7.4 (Right of replacement or cancellation and repayment in relation to a single Lender) or Clause 7.1 (Illegality), then: 

 

	 	(i)	in the case of a Facility A Loan, the amount of the Facility A Repayment Instalments for each Facility A Repayment Date falling after that repayment or prepayment will reduce pro rata by the amount of the
Facility A Loan prepaid; and 

  

	 	(ii)	in the case of a Facility B Loan, the amount of the Facility B Reduction Instalment for each Facility B Reduction Date falling after that repayment or prepayment will reduce pro rata by the amount of the Facility
B Loan prepaid. 

  

	 	(d)	If any Facility A Loan is prepaid in accordance with Clause 7.3 (Voluntary prepayment) then the Facility A Repayment Instalment for each Facility A Repayment Date falling after that cancellation will reduce in
the order selected by the Borrower by the amount of the Facility A Loan prepaid. 

  

	7.	ILLEGALITY AND VOLUNTARY PREPAYMENT 

  

	7.1	Illegality 

 If, at any time, it is or will become unlawful in any applicable
jurisdiction for a Lender to perform any of its obligations as contemplated by the Finance Documents or to fund, issue or maintain its participation in any Utilisation: 
  

	 	(a)	that Lender shall promptly notify the Agent upon becoming aware of that event; 

  

	 	(b)	upon the Agent notifying the Borrower, each Available Commitment of that Lender will be immediately cancelled; and 

  

	 	(c)	 to the extent that the Lender’s participation has not been transferred pursuant to Clause 39.4 (Replacement of Lender), the Borrower shall
repay that 

  
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Lender’s participation in the Utilisations on the last day of the Interest Period for each Utilisation occurring after the Agent has notified the Borrower or, if earlier, the date specified
by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender’s corresponding Commitment(s) shall be cancelled in the amount of the participations repaid.

  

	7.2	Voluntary cancellation 

 Subject to Clause 9.9 (Application of prepayments and
cancellations), the Borrower may, if it gives the Agent not less than three Business Days’ (or such shorter period as the Majority Lenders and the Agent may agree) prior notice, cancel the whole or any part (but, if in part, in a minimum
amount of $20,000,000) of an Available Facility. 
  

	7.3	Voluntary prepayment 

 Subject to Clause 9.9 (Application of prepayments and
cancellations), the Borrower may, if it gives the Agent not less than five Business Days’ (or such shorter period as the Majority Lenders and the Agent may agree) prior notice, prepay the whole or any part of a Loan (but, if in part, being
an amount that reduces the aggregate amount of the Loans by a minimum amount of $20,000,000). 
  

	7.4	Right of replacement or cancellation and repayment in relation to a single Lender 

  

	 	(a)	If: 

  

	 	(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax gross-up); or 

 

	 	(ii)	any Lender claims, or gives notice that it intends to claim, indemnification from the Borrower or an Obligor under Clause 14.3 (Tax indemnity) or Clause 15 (Increased Costs), 

the Borrower may (provided that, no Default has occurred and is continuing), while the circumstance giving rise to the requirement for
that increase or indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and its intention to procure the repayment of that Lender’s participation in the Utilisations. 

 

	 	(b)	On receipt of a notice referred to in paragraph (a) above in relation to a Lender, the Commitment(s) of that Lender shall immediately be reduced to zero. 

 

	 	(c)	On the last day of each Interest Period which ends after the Borrower has given notice under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), each
Borrower to which a Utilisation is outstanding shall repay that Lender’s participation in that Utilisation together with all interest and other amounts accrued under the Finance Documents (including any amount payable to the Lender under
paragraph (c) of Clause 14.2 (Tax gross-up)). 

  
 - 70 - 

	 	(d)	The Borrower may, in the circumstances set out in paragraph (a) above, on three Business Days’ prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent
permitted by law, that Lender shall) transfer pursuant to Clause 27 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other
entity selected by the Company which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 27 (Changes to the Lenders) (i) for a purchase price in cash payable at the
time of the transfer in an amount equal to the outstanding principal amount of such Lender’s participation in the outstanding Loans and all accrued interest (to the extent that the Agent has not given a notification under Clause 27.9 (Pro
rata interest settlement), Break Costs and other amounts payable in relation thereto under the Finance Documents or (ii) for such purchase price as the transferring Lender may in its absolute discretion agree. 

 

	 	(e)	The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions: 

  

	 	(i)	the Borrower shall have no right to replace the Agent; 

  

	 	(ii)	neither the Agent nor any Lender shall have any obligation to find a replacement Lender; 

  

	 	(iii)	in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and 

 

	 	(iv)	the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (d) above once it is satisfied that it has complied with all necessary “know your customer” or other similar
checks under all applicable laws and regulations in relation to that transfer. 

  

	 	(f)	A Lender shall perform the checks described in paragraph (e)(iv) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (d) above and shall notify the Agent and the Company
when it is satisfied that it has complied with those checks. 

  

	8.	MANDATORY PREPAYMENT 

  

	8.1	Definitions 

 For the purposes of this Clause 8: 

“Caliza Proceeds” means the cash proceeds (subject to the proviso below, excluding the Caliza Offering Option Amount) received
by any member of the Group from a Caliza Transaction, after deducting: 
  

	 	(a)	any reasonable fees and expenses which are incurred by any member(s) of the Group with respect to the Caliza Transaction to persons who are not members of the Group; and 

  
 - 71 - 

	 	(b)	any Tax incurred and required to be paid by any member of the Group in connection with the Caliza Transaction (as reasonably determined by the relevant member(s) of the Group on the basis of rates existing at the time
of the Caliza Transaction and taking account of any available credit, deduction or allowance), 

 provided that at the
end of the Caliza Offering Option Exercise Period, any Caliza Offering Option Amount previously excluded from Caliza Proceeds and not utilised pursuant to any exercise of a Caliza Offering Option shall constitute Caliza Proceeds. 

“Debt Funded Reserve” means any reserve created by the Borrower or any of its Subsidiaries (and placed in an account held with
a Lender or an Affiliate of a Lender) for the purpose of holding any amount of any Permitted Debt Fundraising Proceeds pending their application in accordance with Clause 8.6 (Application of Permitted Debt Fundraising Proceeds). 

“Disposal” means a sale, lease, licence, transfer, loan or other disposal by a person of any asset (including shares in any
Subsidiary or other company), undertaking or business (whether by a voluntary or involuntary single transaction or series of transactions). 

“Disposal Funded Reserve” means any reserve created by the Borrower or any of its Subsidiaries (and placed in an account held
with a Lender or an Affiliate of a Lender) for the purpose of holding any amount of any Disposal Proceeds and (if the Borrower so elects in relation to any Caliza Proceeds) any Caliza Proceeds, in each case pending their application in accordance
with Clause 8.4 (Application of Disposal Proceeds and Caliza Proceeds). 
 “Disposal Proceeds” means: 

 

	 	(a)	the cash consideration received by any member of the Group (including any amount received from a person who is not a member of the Group in repayment of intercompany debt save to the extent that the creditor in respect
of the intercompany debt is obliged to repay that amount to the purchaser at or about completion of the Disposal) for any Disposal; 

  

	 	(b)	any proceeds of any Disposal received in the form of Marketable Securities that are required to be disposed of for cash (after deducting reasonable expenses incurred by the party disposing of those Marketable Securities
to persons other than members of the Group) pursuant to the criteria set out at paragraph (k) of the definition of Permitted Disposal; and 

  

	 	(c)	any proceeds of any Disposal received in any other form to the extent disposed of or otherwise converted into cash within 180 days of receipt, 

but excluding any Excluded Disposal Proceeds and, in every case, after deducting: 

 

	 	(i)	any reasonable fees and expenses which are incurred by the disposing party of such assets with respect to that Disposal to persons who are not members of the Group; and 

 

	 	(ii)	any Tax incurred and required to be paid by the disposing party in connection with that Disposal (as reasonably determined by the disposing party on the basis of rates existing at the time of the disposal and taking
account of any available credit, deduction or allowance), 

  
 - 72 - 

 and further excluding an aggregate amount of up to $50,000,000 of any Disposal Proceeds (whether
from a single Disposal or a series of Disposals) received (after deducting amounts under paragraphs (i) and (ii)). 
 “Equally
Secured Debt Proceeds” means any Permitted Debt Fundraising Proceeds arising from Financial Indebtedness which is secured by the Transaction Security (such Financial Indebtedness, “Equally Secured Debt”). 

“Equity Funded Reserve” means any reserve created by the Borrower or any of its Subsidiaries (and placed in an account held
with a Lender or an Affiliate of a Lender) for the purpose of holding any amount of any Permitted Equity Fundraising Proceeds and (if the Borrower so elects in relation to any Caliza Proceeds) any Caliza Proceeds, in each case pending their
application in accordance with Clause 8.5 (Application of Permitted Equity Fundraising Proceeds and Caliza Proceeds). 

“Excluded Debt Fundraising Proceeds” means the proceeds of: 

 

	 	(a)	a Permitted Fundraising falling within paragraph (c) of the definition of Permitted Fundraising entered into for the purpose of refinancing or extending the maturity of Existing Financial Indebtedness or any
Permitted Refinancing Indebtedness (and, in the case of a refinancing, where the proceeds (less any reasonable fees and expenses incurred by the Group with respect to that refinancing) that would, but for this paragraph (a), constitute
“Permitted Fundraising Proceeds”, are actually applied for such purpose as soon as reasonably practicable (and in any event within 120 days) following receipt of those proceeds by any member of the Group and, until the date of such
application, are held in a Refinancing Reserve for such purposes); 

  

	 	(b)	any transaction between members of the Group; 

  

	 	(c)	a Permitted Fundraising falling within paragraph (b) of that definition; 

  

	 	(d)	any Relevant Convertible/Exchangeable Obligations Proceeds to the extent applied in payment of any premiums arising under or related to any Permitted Put/Call Transaction; and 

 

	 	(e)	a Permitted Fundraising arising out of or in connection with any Permitted Put/Call Transaction, including, but not limited to, any settlement, disposal, transfer, assignment, close-out or other termination of such
Permitted Put/Call Transaction. 

 “Excluded Disposal Proceeds” means the proceeds of any Disposal of: 

 

	 	(a)	inventory or trade receivables in the ordinary course of trading of the disposing entity; 

  
 - 73 - 

	 	(b)	assets pursuant to a Permitted Securitisation programme existing as at the date of this Agreement (or any rollover or extension of such a Permitted Securitisation); 

 

	 	(c)	any asset from any member of the Group to another member of the Group on arm’s length terms and for fair market or book value; 

  

	 	(d)	any assets the consideration for which (when aggregated with the consideration for any related Disposals) is less than $10,000,000 (or its equivalent in any other currency); 

 

	 	(e)	assets leased or licensed to any director, officer or employee of any member of the Group in connection with and as part of the ordinary course of the service or employment arrangements of the Group; 

 

	 	(f)	Marketable Securities (other than Marketable Securities received as consideration for a Disposal as envisaged in paragraphs (b) and (c) of the definition of Disposal Proceeds); 

 

	 	(g)	Permitted Put/Call Proceeds; 

  

	 	(h)	shares in Caliza pursuant to the Caliza Transaction; 

  

	 	(i)	any Caliza Proceeds to the extent applied in payment of any premiums arising under or related to any Permitted Treasury Transaction within the scope of paragraph 1(e) of Schedule 16 (Hedging Parameters));
and 

  

	 	(j)	cash or Cash Equivalent Investments. 

 “Excluded Equity Fundraising Proceeds”
means: 
  

	 	(a)	any Caliza Proceeds; 

  

	 	(b)	the proceeds received by a member of the Group from a member of the Group in respect of any transaction between members of the Group; 

 

	 	(c)	a Permitted Fundraising for the purposes of issuing shares as required on any settlement, disposal, transfer, assignment, close-out or other termination of a Permitted Put/Call Transaction; 

 

	 	(d)	for the avoidance of doubt, any Relevant Convertible/Exchangeable Obligations Proceeds; and 

  

	 	(e)	for the avoidance of doubt, any issuance of shares by a member of the Group in order to redeem or retire any equity-like instruments issued by a member of the Group (to the extent permitted under this Agreement).

 “Permitted Debt Fundraising” means a Permitted Fundraising falling within paragraph (c) of the
definition of Permitted Fundraising (other than any Financial Indebtedness falling within paragraph (f)(i)(C) of the definition of Permitted Financial Indebtedness). 

  
 - 74 - 

 “Permitted Debt Fundraising Proceeds” means the cash proceeds received by any
member of the Group from a Permitted Debt Fundraising other than Excluded Debt Fundraising Proceeds after deducting: 
  

	 	(a)	any reasonable fees and expenses which are incurred by the relevant member(s) of the Group with respect to that Permitted Debt Fundraising owing to persons who are not members of the Group; and 

 

	 	(b)	any Tax incurred and required to be paid by the relevant member(s) of the Group with respect to that Permitted Debt Fundraising (as reasonably determined by the relevant member(s) of the Group on the basis of rates
existing at the time and taking account of any available credit, deduction or allowance). 

 “Permitted Equity
Fundraising” means a Permitted Fundraising falling within paragraph (a), paragraph (b) or (only in relation to any Financial Indebtedness falling within paragraph (f)(i)(C) of the definition of Permitted Financial Indebtedness)
paragraph (c) of the definition of Permitted Fundraising. 
 “Permitted Equity Fundraising Proceeds” means the cash
proceeds received by any member of the Group from a Permitted Equity Fundraising other than Excluded Equity Fundraising Proceeds and after deducting: 
  

	 	(a)	any reasonable fees and expenses which are incurred by the relevant member(s) of the Group with respect to that Permitted Equity Fundraising owing to persons who are not members of the Group; and 

 

	 	(b)	any Tax incurred and required to be paid by the relevant member(s) of the Group with respect to that Permitted Equity Fundraising (as reasonably determined by the relevant member(s) of the Group on the basis of rates
existing at the time and taking account of any available credit, deduction or allowance). 

 “Refinancing
Reserve” means any reserve created by the Borrower or any of its Subsidiaries (and placed in an account held with a Lender or an Affiliate of a Lender) for the purpose of holding any amount of any Excluded Debt Fundraising Proceeds referred
to in paragraph (a) of the definition of Excluded Debt Fundraising Proceeds pending their application in accordance with those paragraphs. 

“Relevant Convertible/Exchangeable Obligations Proceeds” means the cash proceeds received by any member of the Group from an
issuance of Relevant Convertible/Exchangeable Obligations after deducting: 
  

	 	(a)	any reasonable fees and expenses which are incurred by the relevant member(s) of the Group with respect to that issuance of Relevant Convertible/Exchangeable Obligations (including with respect to any related Permitted
Put/Call Transaction) owing to persons who are not members of the Group; and 

  

	 	(b)	 any Tax incurred and required to be paid by the relevant member(s) of the Group with respect to that issuance of Relevant Convertible/Exchangeable

  
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Obligations or with respect to any related Permitted Put/Call Transaction (as reasonably determined by the relevant member(s) of the Group on the basis of rates existing at the time and taking
account of any available credit, deduction or allowance). 

 “Relevant Proceeds” means any Caliza Proceeds,
Disposal Proceeds, Permitted Debt Fundraising Proceeds or Permitted Equity Fundraising Proceeds. 
 “Relevant Reserve” means
a Debt Funded Reserve, a Disposal Funded Reserve, an Equity Funded Reserve or a Refinancing Reserve. 
 “Reserve” means the
Refinancing Reserve or a Relevant Reserve. 
  

	8.2	Notices in relation to Relevant Proceeds 

  

	 	(a)	The Borrower shall, promptly following: 

  

	 	(i)	receipt of any Relevant Proceeds; and 

  

	 	(ii)	transfer of any amount of any Relevant Proceeds into a Relevant Reserve, 

 notify the Agent of
such receipt or transfer. 
  

	 	(b)	If any amount of any Relevant Proceeds will be applied by any member of the Group in prepayment of any Financial Indebtedness, the Borrower shall notify the Agent accordingly at the time when those proceeds have been
designated by the relevant member of the Group as to be so applied. 

  

	8.3	Transfer into Reserves 

 The Borrower shall (and shall ensure that each relevant member
of the Group will) transfer: 
  

	 	(a)	any Disposal Proceeds into a Disposal Funded Reserve; 

  

	 	(b)	any Permitted Equity Fundraising Proceeds into an Equity Funded Reserve; 

  

	 	(c)	any Caliza Proceeds into a Disposal Funded Reserve or (at the Borrower’s option) an Equity Funded Reserve; and 

  

	 	(d)	any Permitted Debt Fundraising Proceeds into a Debt Funded Reserve, 

 in each case within 30
days of receipt of those proceeds, other than to the extent that those proceeds have, on or prior to that date, been (to the extent required) applied in accordance with (as applicable) Clause 8.4 (Application of Disposal Proceeds and Caliza
Proceeds), Clause 8.5 (Application of Permitted Equity Fundraising Proceeds and Caliza Proceeds) or Clause 8.6 (Application of Permitted Debt Fundraising Proceeds). For the avoidance of doubt, the Disposal Funded Reserve, Equity
Funded Reserve and Debt Funded Reserve are not required to be separate bank accounts and may be documented by ledger entries only. 

  
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	8.4	Application of Disposal Proceeds and Caliza Proceeds 

 Subject to Clause 8.7
(Application of mandatory prepayments), the Borrower shall (and shall ensure that each relevant member of the Group will) apply any Disposal Proceeds and (if it so elects) any Caliza Proceeds (whether by way of withdrawal from the Disposal
Funded Reserve or otherwise): 
  

	 	(a)	in reinvestment in the business of the Group (including, but not limited to, towards any Capital Expenditure, Caliza Expansion Capital, Permitted Acquisition or Permitted Joint Venture); and/or 

 

	 	(b)	to repay, prepay, redeem, refinance, purchase, repurchase, defease or discharge any unsubordinated secured Financial Indebtedness of the Group (or, if no unsubordinated secured Financial Indebtedness is outstanding, any
unsubordinated unsecured Financial Indebtedness of the Group, or, if no unsubordinated unsecured Financial Indebtedness is outstanding, subordinated Financial Indebtedness of the Group), 

at the Borrower’s option and in each case within 12 months of receipt of those proceeds. 

 

	8.5	Application of Permitted Equity Fundraising Proceeds and Caliza Proceeds 

 Subject to
Clause 8.7 (Application of mandatory prepayments), the Borrower shall (and shall ensure that each relevant member of the Group will) apply any Permitted Equity Fundraising Proceeds and (if it so elects) any Caliza Proceeds (whether by way of
withdrawal from the Equity Funded Reserve or otherwise): 
  

	 	(a)	in reinvestment in the business of the Group (including, but not limited to, towards any Capital Expenditure, Caliza Expansion Capital, Permitted Acquisition or Permitted Joint Venture); and/or 

 

	 	(b)	to repay, prepay, redeem, refinance, purchase, repurchase, defease or discharge any Financial Indebtedness of the Group (including Subordinated Optional Convertible Securities), 

at the Borrower’s option and in each case within 18 months of receipt of those proceeds. 

 

	8.6	Application of Permitted Debt Fundraising Proceeds 

 Subject to Clause 8.7
(Application of mandatory prepayments), the Borrower shall (and shall ensure that each relevant member of the Group will) apply any Permitted Debt Fundraising Proceeds (whether by way of withdrawal from the Debt Funded Reserve or otherwise)
to replenish cash of the Borrower as provided for in Clause 8.8 (Replenishment) below and/or to repay, prepay, redeem, refinance, purchase, repurchase, defease or discharge any Financial Indebtedness of the Group, provided that: 

 

	 	(a)	any such Financial Indebtedness which is subordinated to the Facilities may only be repaid, prepaid, redeemed, refinanced, purchased, repurchased, defeased or discharged with Permitted Debt Fundraising Proceeds from a
Permitted Debt Fundraising which is itself subordinated to the Facilities; and 

  
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	 	(b)	any such Financial Indebtedness which is unsecured may only be repaid, prepaid, redeemed, refinanced, purchased, repurchased, defeased or discharged with Permitted Debt Fundraising Proceeds from a Permitted Debt
Fundraising which is itself unsecured, 

 in each case at the Borrower’s option and within 12 months of receipt of those
proceeds. 
  

	8.7	Application of mandatory prepayments 

 Any mandatory prepayment made at the
Borrower’s election of the Facilities pursuant to 8.4 (Application of Disposal Proceeds and Caliza Proceeds), 8.5 (Application of Permitted Equity Fundraising Proceeds and Caliza Proceeds) and 8.6 (Application of Permitted Debt
Fundraising Proceeds) shall be applied as the Borrower may in its discretion determine as between the Total Facility A Commitments and Total Facility B Commitments, but in relation to each Facility pro rata between the Lenders’
Commitments under that Facility. 
  

	8.8	Replenishment 

 The Borrower shall be entitled, from any Permitted Debt Fundraising
Proceeds, to replenish its cash reserves at its discretion, provided that where the proceeds constitute Equally Secured Debt Proceeds the aggregate amount of Equally Secured Debt Proceeds used for such purpose shall not, at any time, exceed
$1,000,000,000 (the “Subsequent Cash Replenishment from Equally Secured Debt Proceeds Basket”) and subject to the fact that where the Subsequent Cash Replenishment from Equally Secured Debt Proceeds Basket has been utilised in
accordance with the above, such utilisation shall be deemed reduced (and the Subsequent Cash Replenishment from Equally Secured Debt Proceeds Basket may be reutilised) by a maximum amount equal to the aggregate amount of any Caliza Proceeds,
Permitted Equity Fundraising Proceeds, Permitted Put/Call Proceeds, Disposal Proceeds and the proceeds from Permitted Financial Indebtedness which does not share in the Transaction Security (but not, for the avoidance of doubt, with other Equally
Secured Debt Proceeds) which have been applied to reduce Equally Secured Debt. 
  

	9.	RESTRICTIONS 

  

	9.1	Notices of Prepayment 

 Any notice of prepayment, authorisation or other election given
by any Party under Clause 7 (Illegality and Voluntary Prepayment) (subject to the terms of that Clause) or paragraph (b) of Clause 8.2 (Notices in relation to Relevant Proceeds) shall be irrevocable and, unless a contrary
indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  
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	9.2	Interest and other amounts 

 Any prepayment under this Agreement shall be made together
with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty. 
  

	9.3	Prepayment and cancellation in accordance with Agreement 

 No Borrower shall repay or
prepay all or any part of the Loans or cancel any Commitments except at the times and in the manner expressly provided for in this Agreement. 
  

	9.4	No reborrowing of Facility A 

 The Borrower may not reborrow any part of Facility A which
is prepaid. 
  

	9.5	Reborrowing of Facility B 

 Unless a contrary indication appears in this Agreement, any
part of Facility B which is repaid or prepaid may be reborrowed in accordance with this Agreement. 
  

	9.6	No reinstatement of Commitments 

 Subject to Clause 2.2 (Accordion), no amount of
the Total Commitments cancelled under this Agreement may be subsequently reinstated. 
  

	9.7	Agent’s receipt of Notices 

 If the Agent receives a notice or election under Clause
7 (Illegality and Voluntary Prepayment) or Clause 8 (Mandatory Prepayment), it shall promptly forward a copy of that notice or election to either the Borrower or the affected Lender, as appropriate. 

 

	9.8	Effect of Repayment and Prepayment on Facility A Commitments 

 If all or part of a
Utilisation under Facility A is repaid or prepaid, an amount of the Facility A Commitments (equal to the amount of the Utilisation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment. Any cancellation
under this Clause 9.8 shall, except in the case of a repayment made pursuant to Clause 7.1 (Illegality) or Clause 7.4 (Right of replacement or cancellation and repayment in relation to a single Lender), reduce the Facility A
Commitments of the Lenders rateably. 
  

	9.9	Application of prepayments and cancellations 

 Any prepayment of a Utilisation or
cancellation of any Commitments pursuant to Clause 7 (Illegality and Voluntary Prepayment) (other than pursuant to Clause 7.1 (Illegality) or Clause 7.4 (Right of replacement or cancellation and repayment in relation to a single
Lender)) shall be applied: 
  

	 	(a)	in the case of a prepayment of a Utilisation, pro rata to each Lender’s participation in that Utilisation; 

  
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	 	(b)	in the case of a cancellation of any Commitments under a Facility, so that it reduces the Commitments of the Lenders rateably under that Facility; 

 

	 	(c)	in any case, as the Borrower may in its discretion determine as between the Total Facility A Commitments and Total Facility B Commitments, but in relation to each Facility pro rata between the Lenders’
Commitments under that Facility. 

  

	 	(d)	in each case (if applicable), so that the Facility A Repayment Instalments or (as applicable) Facility B Reduction Instalments are reduced in the manner contemplated by Clause 6.5 (Effect of cancellation and
prepayment on scheduled repayments and reductions). 

  
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 SECTION 5 

COSTS OF UTILISATION 
  

	10.	INTEREST 

  

	10.1	Calculation and payment of interest 

 The rate of interest on each Loan for each Interest
Period is the percentage rate per annum which is the aggregate of the applicable: 
  

	 	(a)	Margin; and 

  

	 	(b)	LIBOR. 

  

	10.2	Payment of interest 

  

	 	(a)	The Borrower shall pay accrued interest on that Loan on the last day of each Interest Period (and, if the Interest Period is longer than six Months, on the dates falling at six Monthly intervals after the first day of
the Interest Period). 

  

	 	(b)	If the Compliance Certificate received by the Agent which relates to the Borrower’s annual consolidated financial statements delivered pursuant to Clause 21.1 (Financial statements) shows that:

  

	 	(i)	a higher Margin should have applied to an Interest Period at any point during the period since the Compliance Certificate was received by the Agent which related to the Borrower’s previous set of annual
consolidated financial statements, then the Borrower shall promptly pay to the Agent any amounts necessary to put the Agent and the Lenders in the position they would have been in had the appropriate rate of the Margin applied during such period; or

  

	 	(ii)	a lower Margin should have applied to an Interest Period at any point during the period since the Compliance Certificate was received by the Agent which related to the Borrower’s previous set of annual consolidated
financial statements, then the amount of interest due in relation to a Loan on the next interest payment date of that specific Loan shall be reduced by the amount necessary to put the Borrower in the position they would have been in had the
appropriate rate of Margin applied during such period, 

 provided that (i) any such increase or reduction shall
only apply to the extent that any Lender which received the underpayment or overpayment of interest remains a Lender at the date of such adjustment and no claim shall be made against the Borrower to the extent that any Lender has not remained a
Lender under this Agreement and (ii) any amounts calculated under paragraphs (i) and (ii) above shall be netted. 
  

	10.3	Default interest 

  

	 	(a)	 If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due
date 

  
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up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is 2.00 per cent. higher than the rate which would have been payable
if the overdue amount had, during the period of non-payment, constituted a Loan or other amount outstanding in the currency of the overdue amount under the relevant Facility for successive Interest Periods, each of a duration selected by the Agent
(acting reasonably). Any interest accruing under this Clause 10.3 shall be immediately payable by the Obligor on demand by the Agent. 

  

	 	(b)	If any overdue amount consists of all or part of a Loan or other amount outstanding which became due on a day which was not the last day of an Interest Period relating to that Loan or other amount outstanding:

  

	 	(i)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan or other amount outstanding; and 

 

	 	(ii)	the rate of interest applying to the overdue amount during that first Interest Period shall be 2.00 per cent. higher than the rate which would have applied if the overdue amount had not become due.

  

	 	(c)	Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

  

	10.4	Notification of rates of interest 

 The Agent shall promptly notify the Lenders and the
Borrower of the determination of a rate of interest under this Agreement. 
  

	11.	INTEREST PERIODS 

  

	11.1	Selection of Interest Periods 

  

	 	(a)	The Borrower may select an Interest Period for a Loan in the Utilisation Request for that Loan or (in relation to a Facility A Loan that has already been borrowed) in a Selection Notice. 

 

	 	(b)	Each Selection Notice for a Facility A Loan is irrevocable and must be delivered to the Agent by the Borrower not later than the Specified Time. 

 

	 	(c)	If the Borrower fails to deliver a Selection Notice to the Agent in accordance with paragraph (b) above, the relevant Interest Period will be one Month. 

 

	 	(d)	Subject to this Clause 11, the Borrower may select an Interest Period of one, three or six Months or any other period agreed between the Borrower and the Agent (acting on the instructions of all the Lenders in relation
to the relevant Loan and provided that no period shall be longer than six Months). In addition the Borrower may select an Interest Period of: 

  

	 	(i)	(in relation to Facility A) a period of less than one Month, if necessary to ensure that there are Facility A Loans (with an aggregate amount 

  
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equal to or greater than the Facility A Repayment Instalment) which have an Interest Period ending on a Facility A Repayment Date for the Borrower to make the Facility A Repayment Instalment due
on that date; or 

  

	 	(ii)	(in relation to Facility B) a period of less than one Month, if necessary to ensure that (when aggregated with the Available Facility for Facility B) there are Facility B Loans (with an aggregate amount equal to or
greater than the Facility B Reduction Instalment) which have an Interest Period ending on a Facility B Reduction Date for the scheduled reduction to occur. 

  

	 	(e)	Following an increase in the Commitments pursuant to Clause 2.2 (Accordion), in relation to a Loan in respect of the increased Facility A Commitments or the increased Facility B Commitments, the first Interest
Period following such increase shall end on the same date as an Interest Period for an outstanding Facility A Loan or (as applicable) Facility B Loan that has been utilised. 

 

	 	(f)	An Interest Period for a Loan shall not extend beyond the Termination Date. 

  

	 	(g)	Each Interest Period for a Loan shall start on the Utilisation Date or (if already made) on the last day of its preceding Interest Period. 

 

	11.2	Non-Business Days 

 If an Interest Period would otherwise end on a day which is not a
Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	11.3	Consolidation of Facility A Loans 

 If two or more Interest Periods: 

 

	 	(a)	relate to Facility A Loans; and 

  

	 	(b)	end on the same date, 

 those Facility A Loans will, unless the Borrower specifies to the
contrary in the Selection Notice for the next Interest Period, be consolidated into, and treated as, a single Facility A Loan under the relevant Facility on the last day of the Interest Period. 

  
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	11.4	Consolidation of Facility B Loans 

 If two or more Interest Periods: 

 

	 	(a)	relate to Facility B Loans which mandatorily roll pursuant to Clause 5.8 (Mandatory Rollover Utilisation); and 

  

	 	(b)	end on the same date, 

 those Facility B Loans will be consolidated into, and treated as, a
single Facility B Loan under the relevant Facility on the last day of the Interest Period. 
  

	12.	CHANGES TO THE CALCULATION OF INTEREST 

  

	12.1	Absence of quotations 

 Subject to Clause 12.2 (Market disruption) if LIBOR is to
be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks.

  

	12.2	Market disruption 

  

	 	(a)	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lender’s participation in that Loan for the Interest Period shall be the percentage rate per
annum which is the sum of: 

  

	 	(i)	the Margin; and 

  

	 	(ii)	the rate notified to the Agent by that Lender as soon as practicable and in any event by close of business on the date falling five Business Days after the Quotation Day (or, if earlier, on the date falling five
Business Days prior to the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source
it may reasonably select. 

  

	 	(b)	If: 

  

	 	(i)	the percentage rate per annum notified by a Lender pursuant to paragraph (a)(ii) above is less than LIBOR; or 

  

	 	(ii)	a Lender has not notified the Agent of a percentage rate per annum pursuant to paragraph (a)(ii) above, 

the cost to that Lender of funding its participation in that Loan for that Interest Period shall be deemed, for the purposes of paragraph
(a) above, to be LIBOR. 

  
 - 84 - 

	 	(c)	In this Agreement: 

 “Market Disruption Event” means: 

 

	 	(i)	at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate is not available (or, where applicable, it is not possible to calculate the Interpolated Screen Rate) and none or only one of the
Reference Banks supplies a rate to the Agent to determine LIBOR for dollars and the relevant Interest Period; or 

  

	 	(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan)
that the cost to it of funding its participation in that Loan from whatever source it may reasonably select would be in excess of LIBOR. 

  

	12.3	Alternative basis of interest or funding 

  

	 	(a)	If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis
for determining the rate of interest. 

  

	 	(b)	Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties. 

 

	12.4	Break Costs 

  

	 	(a)	The Borrower shall, within three Business Days of demand by a Lender, pay to that Lender its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by that Borrower on a day other than the last
day of an Interest Period for that Loan or Unpaid Sum. 

  

	 	(b)	Each Lender to whom paragraph (a) above applies shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which
they accrue. 

  

	13.	FEES 

  

	13.1	Commitment fee 

  

	 	(a)	Subject to paragraph (c) below, the Borrower shall pay to the Agent (for the account of each Lender) a fee in dollars computed at a rate equal to, at any time, 35 per cent. of the then applicable Margin per
annum on that Lender’s Available Commitment under a Facility for the Availability Period applicable to that Facility. 

  

	 	(b)	The accrued commitment fee is calculated on a daily basis and payable on the last day of each successive period of three Months which ends during the relevant Availability Period, on the last day of the Availability
Period and, if cancelled in full, on the cancelled amount of the relevant Lender’s Commitment at the time the cancellation is effective. 

  

	 	(c)	No commitment fee is payable to the Agent (for the account of a Lender) on any Available Commitment of that Lender for any day on which that Lender is a Defaulting Lender. 

  
 - 85 - 

	13.2	Structuring fee 

 The Borrower shall pay to the Agent (for the account of each Arranger)
a structuring fee in the amount and at the times agreed in a Fee Letter. 
  

	13.3	Participation fee 

 The Borrower shall pay to the Agent (for the account of each Original
Lender) a participation fee in the amount and at the times agreed in a Fee Letter. 
  

	13.4	Agency fee 

 The Borrower shall pay to the Agent (for its own account) an agency fee in
the amount and at the times agreed in a Fee Letter. 
  

	13.5	Security Agent fee 

 The Borrower shall pay to the Security Agent (for its own account)
the Security Agent fee in the amount and at the times agreed in a Fee Letter. 

  
 - 86 - 

 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

	14.	TAX GROSS-UP AND INDEMNITIES 

  

	14.1	Definitions 

 In this Agreement: 

“Qualifying Lender” means: 
  

	 	(a)	any institución de banca múltiple established under the laws of Mexico and authorised to engage in the business of banking in Mexico by any of the Ministry of Finance and Public Credit
(Secretaría de Hacienda y Crédito Público) or the National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores); or 

 

	 	(b)	a Treaty Lender. 

 “Treaty Lender” means any person, of any nature, that: 

 

	 	(a)	qualifies as a resident, for tax purposes, of any jurisdiction with which Mexico has entered into a treaty for the avoidance of double taxation, which is in effect; and 

 

	 	(b)	has provided any information required by the Servicio de Administración Tributaria of Mexico (either directly or through the Borrower) pursuant to the terms of the general rules issued by the Ministry of Finance
and Public Credit (Secretaria de Hacienda y Credito Publico) from time to time. 

 “Tax Credit” means a
credit against, relief or remission for, or repayment of, any Tax. 
 “Tax Deduction” means a deduction or withholding for
or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction. 
 “Tax Payment” means either
the increase in a payment made by an Obligor to a Finance Party under Clause 14.2 (Tax gross-up) or a payment, arising from such increase, under Clause 14.3 (Tax indemnity). 

Unless a contrary indication appears, in this Clause 14 a reference to “determines” or “determined” means a
determination made in the absolute discretion of the person making the determination. 
  

	14.2	Tax gross-up 

  

	 	(a)	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. 

  

	 	(b)	 The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a
Tax Deduction, if a Tax Deduction was applicable on the date of this 

  
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Agreement or would have been notified to the Agent following the date of this Agreement as contemplated by this Clause 14.2) under the Finance Documents notify the Agent accordingly. Similarly, a
Finance Party or a New Lender shall notify the Agent on becoming so aware in respect of a Tax Deduction being applicable, other than Tax Deductions being applicable on the date of this Agreement or on the date of an assignment to a New Lender in
accordance with this Agreement. If the Agent receives such notification from a Finance Party it shall notify the Borrower and that Obligor. 

  

	 	(c)	Subject to paragraph (d), if a Tax Deduction is required by law to be made by an Obligor under the Finance Documents, the amount of the payment due from that Obligor shall be increased to an amount which (after making
any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required and will provide to the Agent, upon request, evidence of the payment of the applicable Taxes. 

 

	 	(d)	A payment shall not be increased under paragraph (c) above by reason of a Tax Deduction on account of Tax imposed by Mexico if, on the date on which the payment falls due, the payment could have been made to the
relevant Finance Party without a Tax Deduction, or subject to a Tax Deduction at a reduced rate, if the Finance Party had been a Qualifying Lender or a Treaty Lender, but on that date that Finance Party is not or has ceased to be a Qualifying Lender
or a Treaty Lender, other than as a result of any change after the date it became a Finance Party under this Agreement in (or in the interpretation, administration, or application of) any law, regulation or treaty, or any published practice of any
relevant taxing authority or for any other reason not attributable to the applicable Lender provided that: 

  

	 	(i)	in respect of a Lender which is an assignee or transferee of an Original Lender, payments under paragraph (c) above shall not exceed the amounts payable under such paragraph (c) to that Original Lender; and

  

	 	(ii)	in respect of a Lender that satisfies the definition of Treaty Lender, the maximum percentage in respect of which amounts under paragraph (c) shall be paid is 4.9 per cent. (or any other substitute percentage
specified as a result of a change in applicable law) (as may be increased to permit payment in full after paragraph (c) has been applied). 

  

	 	(e)	If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by
law. 

  

	 	(f)	Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the
payment an original receipt (or certified copy thereof) or if unavailable such other evidence as is reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant
taxing authority. 

  
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	14.3	Tax indemnity 

  

	 	(a)	The Borrower shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or
indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 

  

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

  

	 	(i)	with respect to any Tax assessed on a Finance Party: 

  

	 	(A)	under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

  

	 	(B)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction, 

if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or
receivable) by that Finance Party; or 
  

	 	(ii)	to the extent a loss, liability or cost: 

  

	 	(A)	is compensated for by an increased payment under Clause 14.2 (Tax gross-up); 

  

	 	(B)	would have been compensated for by an increased payment under Clause 14.2 (Tax gross-up) but was not so compensated solely because the exclusion in paragraph (d) of Clause 14.2 (Tax
gross-up) applied; or 

  

	 	(C)	relates to a FATCA Deduction required to be made by a Party. 

  

	 	(c)	A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall
notify the Borrower. 

  

	 	(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 14.3, notify the Agent. 

  

	14.4	Tax Credit 

 If an Obligor makes a Tax Payment and the relevant Finance Party determines
that: 
  

	 	(a)	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part or to that Tax Payment; and 

  

	 	(b)	that Finance Party has obtained, utilised and retained that Tax Credit, 

 the Finance Party
shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor. 

  
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	14.5	Lender Status Confirmation 

  

	 	(a)	Each Original Lender confirms that it is a Qualifying Lender. 

  

	 	(b)	Each Lender which becomes a Party to this Agreement after the date of this Agreement shall indicate, in the Transfer Certificate, Assignment Agreement or Accordion Confirmation which it executes on becoming a Party, and
for the benefit of the Agent and without liability to any Obligor, which of the following categories it falls in: 

  

	 	(i)	a Qualifying Lender (other than a Treaty Lender); 

  

	 	(ii)	a Treaty Lender; or 

  

	 	(iii)	not a Qualifying Lender. 

  

	 	(c)	If a New Lender fails to indicate its status in accordance with this Clause 14.5 then such New Lender shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender
until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform the Borrower). For the avoidance of doubt, a Transfer Certificate, Assignment Agreement or Accordion Confirmation shall
not be invalidated by any failure of a Finance Party to comply with this Clause 14.5. 

  

	14.6	FATCA Deduction 

  

	 	(a)	Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it
makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

  

	 	(b)	Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and,
in addition, shall notify the Borrower and the Agent and the Agent shall notify the other Finance Parties. 

  

	14.7	Stamp taxes 

 The Borrower shall pay and, within five Business Days of demand, indemnify
each Secured Party against any cost, loss or liability that Secured Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document. 

  
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	14.8	Value added tax 

  

	 	(a)	All consideration expressed to be payable under a Finance Document by any Party to a Finance Party shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by any Finance Party to any party in
connection with a Finance Document, that Party shall pay to the Finance Party (in addition to and at the same time as paying the consideration) an amount equal to the amount of the VAT and such Finance Party shall promptly provide an appropriate VAT
invoice to such Party. 

  

	 	(b)	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party shall also at the same time pay and indemnify that Finance Party against all VAT incurred by the Finance
Party in respect of the costs or expenses to the extent that the Finance party reasonably determines that it is not entitled to credit or repayment of the VAT. 

  

	14.9	No double-recovery 

 No Finance Party may recover
more than once under the Finance Documents for any cost, loss or liability in respect of which it has a claim under this Clause 14, Clause 15 (Increased Costs) or Clause 16 (Other Indemnities). 

 

	14.10	French Obligors 

 All payments to be made under this Agreement by an Obligor resident or
established in France shall be made to an account opened in a financial institution situated in a State or territory other than a non-cooperative State or territory (Etat ou territoire non coopératif) within the meaning of Article
238-0 A of the French tax code (code général des impôts). 
  

	15.	INCREASED COSTS 

  

	15.1	Increased costs 

  

	 	(a)	Subject to Clause 15.3 (Exceptions) the Borrower shall, within three Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party
or any of its Affiliates as a result of: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation after the date of this Agreement; or 

 

	 	(ii)	compliance with any law or regulation made after the date of this Agreement; or 

  

	 	(iii)	the implementation or application of, or compliance with, (A) the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203 (signed into law July 21, 2010)) and all requests, rules,
guidelines or directives thereunder or issued in connection therewith or (B) Basel III or CRD IV or any law or regulation that implements or applies Basel III or CRD IV. 

  
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	 	(b)	In this Agreement: 

  

	 	(i)	“Increased Costs” means: 

  

	 	(A)	a reduction in the rate of return from a Facility or on a Finance Party’s (or its Affiliate’s) overall capital; 

  

	 	(B)	an additional or increased cost; or 

  

	 	(C)	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or
suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document; and 

 

	 	(ii)	“Basel III” means: 

  

	 	(A)	the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III:
International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December
2010, each as amended, supplemented or restated; and 

  

	 	(B)	any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”. 

  

	 	(iii)	“CRD IV” means: 

  

	 	(A)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms; and 

 

	 	(B)	Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms,
amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC. 

  

	15.2	Increased cost claims 

  

	 	(a)	A Finance Party intending to make a claim pursuant to Clause 15.1 (Increased costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.

  

	 	(b)	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs and setting out the calculation of the amount in reasonable detail.

  
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	15.3	Exceptions 

  

	 	(a)	Clause 15.1 (Increased costs) does not apply to the extent any Increased Cost is: 

  

	 	(i)	attributable to a Tax Deduction required by law to be made by an Obligor; 

  

	 	(ii)	attributable to a FATCA Deduction required to be made by a Party; 

  

	 	(iii)	compensated for by Clause 14.3 (Tax indemnity) (or would have been compensated for under Clause 14.3 (Tax indemnity) but was not so compensated solely because the exclusion in paragraph (b) of
Clause 14.3 (Tax indemnity) applied); 

  

	 	(iv)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; or 

  

	 	(v)	 attributable to the implementation of or compliance with the “International Convergence of Capital Measurements and Capital Standards - a Revised
Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (“Basel II”) or any other law or regulation that implements Basel II (whether such
implementation or compliance is by a government, governmental regulator, Finance Party or an Affiliate thereof) but, for the avoidance of doubt and without prejudice to Clause 15.1 (Increased costs), so that this exception does not apply to
costs attributable to the implementation or application or compliance with Basel III or CRD IV or any law or regulation that implements or applies Basel III (including CRD IV) provided that the relevant Finance Party claiming for any
Increased Cost relating to the implementation or application of or compliance with (i) Basel III (each, a “Basel III Cost”) and (ii) CRD IV (each a “CRD IV Cost”) and the Borrower shall negotiate in good
faith for a period not exceeding 30 days following receipt by the Borrower of notice from the Agent of a claim from such Finance Party to pay such Basel III Cost and CRD IV Cost (the “Negotiation Period”), with a view to identifying
and agreeing the amount of such Basel III Cost and CRD IV Cost to be paid by the Borrower. If such mutually satisfactory arrangements are agreed within such Negotiation Period, these arrangements will be binding on the Borrower and the relevant
Finance Party. If no such mutually satisfactory arrangements are agreed by the expiry of the Negotiation Period, then the Borrower shall within 15 days from the expiry of the Negotiation Period, pay the amount of such Basel III Costs and CRD IV
Costs (whether or not such amount has been agreed), it being acknowledged that such payment obligation is without prejudice to the Borrower’s right to replace or repay and cancel

  
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that Finance Party’s participation in the Utilisations in accordance with Clause 7.4 (Right of replacement or cancellation and repayment in relation to a single Lender).

  

	 	(b)	In this Clause 15.3 reference to a “Tax Deduction” has the same meaning given to the term in Clause 14.1 (Definitions). 

 

	16.	OTHER INDEMNITIES 

  

	16.1	Currency indemnity 

  

	 	(a)	If any sum due from an Obligor under the Finance Documents (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First
Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose of: 

  

	 	(i)	making or filing a claim or proof against that Obligor; or 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Secured Party to whom that Sum is due
against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or
rates of exchange available to that person at the time of its receipt of that Sum. 
  

	 	(b)	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 

 

	16.2	Other indemnities 

  

	 	(a)	The Borrower shall (or shall procure that an Obligor will), within three Business Days of demand, indemnify each Secured Party against any cost, loss or liability incurred by it as a result of: 

 

	 	(i)	the occurrence of any Event of Default; 

  

	 	(ii)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 32 (Sharing among the Finance
Parties); 

  

	 	(iii)	funding, or making arrangements to fund, its participation in a Utilisation but not made by reason of the operation of any one or more of the provisions of the Finance Documents (other than by reason of default or
negligence by that Finance Party alone); or 

  

	 	(iv)	a Utilisation (or part thereof) not being prepaid in accordance with a notice of prepayment given by the Borrower. 

  
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	 	(b)	The Borrower will indemnify and hold harmless each Finance Party and its Affiliates and each of their and their Affiliates’ respective directors, officers, employees, agents, advisers and representatives (each
being an “Indemnified Person”) from and against any and all claims, damages, losses, liabilities, costs, legal expenses and other expenses (all together “Losses”) which have been incurred by or awarded against any
Indemnified Person, in each case arising out of or in connection with any claim, investigation, litigation or proceeding (or the preparation of any defence with respect thereto) commenced or threatened by any person other than itself, its respective
directors, officers, employees, agents, advisers or representatives in relation to any of the Finance Documents (or in connection with the execution and/or notarisation of any Finance Document) except to the extent such Losses or claims result from
such Indemnified Person’s negligence or misconduct or a breach of any term of any Finance Document by that Indemnified Person. Any third party referred to in this paragraph (b) may rely on this Clause 16.2. 

 

	16.3	Indemnity to the Agent 

 The Borrower shall promptly indemnify the Agent against any
cost, loss or liability incurred by the Agent (acting reasonably) as a result of: 
  

	 	(a)	investigating any event which it reasonably believes is a Default; or 

  

	 	(b)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised. 

 

	17.	MITIGATION BY THE FINANCE PARTIES 

  

	17.1	Mitigation 

  

	 	(a)	Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled
pursuant to, any of Clause 7.1 (Illegality), Clause 14 (Tax Gross-Up and Indemnities), Clause 15 (Increased Costs) or Clause 16 (Other Indemnities) including (but not limited to) transferring its rights and obligations
under the Finance Documents to another Affiliate or Facility Office. 

  

	 	(b)	Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents. 

  

	17.2	Limitation of liability 

  

	 	(a)	The Borrower shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 17.1 (Mitigation) after consultation
with the Borrower. 

  

	 	(b)	A Finance Party is not obliged to take any steps under Clause 17.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. 

  
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	18.	COSTS AND EXPENSES 

  

	18.1	Transaction expenses 

 The Borrower shall promptly on demand pay (or procure to be paid)
to the Agent and the Security Agent the amount of all costs and expenses (including legal fees) reasonably incurred by any of them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with the negotiation, preparation,
printing, execution and perfection of: 
  

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

  

	 	(b)	any other Finance Documents executed after the date of this Agreement. 

  

	18.2	Amendment costs 

 If an Obligor requests an amendment, waiver or consent, the Borrower
shall, within three Business Days of demand, reimburse (or procure to be reimbursed) each of the Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent and the Security Agent
(and, in the case of the Security Agent, by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement. 
  

	18.3	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 an Obligor or the Majority Lenders to undertake duties which
the Security Agent and the Borrower agree to be of an exceptional nature and/or outside the scope of the normal duties of the Security Agent under the Finance Documents, the Borrower shall pay to the Security Agent any additional remuneration that
may be agreed between them. 

  

	 	(b)	If the Security Agent and the Borrower fail to agree upon the nature of the 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 Borrower 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 Borrower) and the determination of any investment bank shall be final and binding upon the parties to this Agreement. 

 

	18.4	Enforcement and preservation costs 

 The Borrower shall, within three Business Days of
demand, pay (or procure to be paid) to each Secured Party the amount of all costs and expenses (including legal fees) incurred by it in connection with the enforcement of or the preservation of any rights under any Finance 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. 

  
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	18.5	Custodian 

 The Borrower shall promptly on demand pay (or procure to be paid) to the
Agent and the Custodian the amount of all costs and expenses (including legal fees) reasonably incurred by any of them in connection with the appointment of the Custodian or the performance by it of its duties in relation to this Agreement. The
Custodian may rely on this Clause 18.5 subject to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 

  
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 SECTION 7 

GUARANTEE 
  

	19.	GUARANTEE AND INDEMNITY 

  

	19.1	Guarantee and indemnity 

 Each Guarantor irrevocably and unconditionally jointly and
severally: 
  

	 	(a)	guarantees to each Finance Party punctual performance by each other Obligor of that Obligor’s obligations under the Finance Documents; 

 

	 	(b)	undertakes with each Finance Party that whenever an Obligor does not pay any amount when due under or in connection with any Finance Document, it shall immediately on demand pay that amount as if it were the principal
obligor; and 

  

	 	(c)	agrees with each Finance Party that if any obligation guaranteed by it pursuant to this Clause 19.1 is or becomes unenforceable, invalid or illegal or is otherwise discharged by the operation of clause 8.2
(Distressed Disposals) of the Intercreditor Agreement, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor not paying
any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the
amount it would have had to pay under this Clause 19 if the amount claimed had been recoverable on the basis of a guarantee. 

  

	19.2	Continuing Guarantee 

 Each guarantee is a continuing guarantee and will extend to the
ultimate balance of sums payable by each Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part. 
  

	19.3	Reinstatement 

 If any discharge, release or arrangement (whether in respect of the
obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation,
administration, Irish law examinership or otherwise, then the liability of each Guarantor under this Clause 19 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

  
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	19.4	Waiver of defences 

  

	 	(a)	The obligations of each Guarantor under this Clause 19 will not be affected by an act, omission, matter or thing which, but for this Clause 19, would reduce, release or prejudice any of its obligations under
this Clause 19 (without limitation and whether or not known to it or any Finance Party) including: 

  

	 	(i)	any time, waiver or consent granted to, or composition with, any other Obligor or other person; 

  

	 	(ii)	the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group; 

 

	 	(iii)	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 other Obligor 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; 

 

	 	(iv)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any other Obligor or any other person; 

 

	 	(v)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without limitation, any
change in the purpose of, any extension of or increase in any facility or the addition of any new facility under any Finance Document or other document or security; 

 

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

 

	 	(vii)	any insolvency, concurso mercantil, quiebra or similar proceedings; 

  

	 	(viii)	the existence of any claim, set-off or other right which any of the Guarantors may have at any time against any Obligor, the Agent, any Lender or any other person, whether in connection with this transaction or with any
unrelated transaction; 

  

	 	(ix)	any provision of applicable law or regulation purporting to prohibit the payment by any Obligor of any amount payable by any Obligor under any Finance Document or the payment, observance, fulfilment or performance of
any other obligations to the Lenders or the Agent now or in future existing under or in connection with the Finance Documents, whether direct or indirect, absolute or contingent, due or to become due; 

  
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	 	(x)	any change in the name, purposes, business, capital stock (including the ownership thereof) or constitution of any Obligor; or 

  

	 	(xi)	any other act or omission to act or delay of any kind by any Obligor, the Agent, the Lenders or any other person or any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge of or
defense to any Guarantor’s obligations hereunder. 

  

	 	(b)	To the extent permitted by applicable law and notwithstanding any contrary principles under the laws of any other jurisdiction, each of the Guarantors hereby waives any and all defences to which it may be entitled,
whether at common law, in equity or by statute which limits the liability of, or exonerates, guarantors or which may conflict with the terms of this Clause 19 including failure of consideration, breach of warranty, statute of frauds, merger or
consolidation of any Obligor, statute of limitations, accord and satisfaction and usury. Without limiting the generality of the foregoing, each of the Guarantors consents that, without notice to such Guarantor and without the necessity for
additional endorsement or consent by such Guarantor, and without impairing or affecting in any way the liability of such Guarantor hereunder, the Agent and the Lenders may at any time and from time to time, upon or without any terms or conditions
and in whole or in part: 

  

	 	(i)	change the manner, place or terms of payment of, and/or change or extend the time or payment of, renew or alter, any of the Guarantors’ obligations under the Finance Documents, any security therefor, or any
liability incurred directly or indirectly in respect thereof, and this Clause 19 shall apply to such obligations as so changed, extended, renewed or altered; 

 

	 	(ii)	exercise or refrain from exercising any rights against any Obligor or others (including the Guarantors) or otherwise act or refrain from acting; 

 

	 	(iii)	settle or compromise any such obligations, any security therefor or any liability (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all
or any part thereof to the payment of any such liability (whether due or not) of any Obligor to creditors of any Obligor other than the Agent and the Lenders and Guarantors; 

 

	 	(iv)	apply any sums by whomsoever paid or howsoever realised, other than payments of the Guarantors of such obligations, to any liability or liabilities of any Obligor under the Finance Documents or any instruments or
agreements referred to herein or therein, to the Agent and the Lenders regardless of which of such liability or liabilities of any Obligor under the Finance Documents or any instruments or agreements referred to herein or therein remain unpaid;

  

	 	(v)	consent to or waive any breach of, or any act, omission or default under such obligations or any of the instruments or agreements referred to in this Agreement and the other Finance Documents, or otherwise amend, modify
or supplement such obligations or any of such instruments or agreements, including the Finance Documents; and/or 

  

	 	(vi)	request or accept other support of such obligations or take and hold any security for the payment of such obligations, or allow the release, impairment, surrender, exchange, substitution, compromise, settlement,
rescission or subordination thereof. 

  
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	 	(c)	Each Guarantor incorporated in Mexico expressly waives, irrevocably and unconditionally: 

  

	 	(i)	any right to require that any Finance Party first proceed against, initiate any actions before a court or any other judge or authority, or enforce any other rights or security or claim payment from any Obligor or any
other person, before claiming any amounts due from such Guarantor incorporated in Mexico hereunder; 

  

	 	(ii)	any right to which it may be entitled to have the assets of the Borrower, any other Obligor or any other person first be used, applied or depleted as payment of the Obligor’s obligations hereunder, prior to any
amount being claimed from or paid by any Guarantor incorporated in Mexico hereunder; 

  

	 	(iii)	any right to which it may be entitled to have claims against it, or assets to be used or applied as payment, divided among different Guarantors; and 

 

	 	(iv)	the benefits of orden, excusión, división, quita and espera and any right specified in Articles 2814, 2815, 2817, 2818, 2819, 2820, 2821, 2822, 2823, 2826, 2829,
2837, 2840, 2845, 2846, 2847 and any other related or applicable Articles that are not explicitly set forth herein because of the Guarantor’s knowledge thereof, of the Código Civil Federal of Mexico and the Código
Civil of each State of the Mexican Republic and the Federal District of Mexico. 

  

	19.5	Immediate recourse 

  

	 	(a)	Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before
claiming from a Guarantor under this Clause 19. This waiver applies irrespective of any law or regulation or any provision of a Finance Document to the contrary. 

 

	 	(b)	Each Guarantor also waives any right to be sued jointly with other Guarantors and to share liability resulting from any claim against it. 

  
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	19.6	Appropriations 

 Until all amounts which may be or become payable by any Obligor under or
in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	refrain from applying or enforcing any other monies, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such
manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and 

  

	 	(b)	hold in an interest-bearing suspense account any monies received from a Guarantor or on account of such Guarantor’s liability under this Clause 19, 

provided that the operation of this Clause 19.6 shall not be deemed to create any Security. 

 

	19.7	Deferral of Guarantors’ rights 

 Until all amounts which may be or become payable by
any Obligor under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under
the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 19: 
  

	 	(a)	to be indemnified by any other Obligor; 

  

	 	(b)	to claim any contribution from any other guarantor of any other Obligor’s obligations under the Finance Documents; 

  

	 	(c)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in
connection with, the Finance Documents by any Finance Party; 

  

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under, as the case
may be, Clause 19.1 (Guarantee and indemnity); 

  

	 	(e)	to exercise any right of set-off against any Obligor; and/or 

  

	 	(f)	to claim or provide as a creditor of any Obligor in competition with any Finance Party. 

  

	19.8	Additional security 

 Each guarantee is in addition to and is not in any way prejudiced
by any other guarantee or security now or subsequently held by any Finance Party. 

  
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	19.9	General limitation on guaranty 

 In any action or proceeding involving any applicable
corporate law, or any applicable bankruptcy, insolvency, reorganisation, concurso mercantil, quiebra or other law affecting the rights of creditors generally, if the obligations of any Guarantor under this Clause 19 would otherwise be
held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under this Clause 19, then, notwithstanding any other provision hereof to the contrary, the
amount of such liability shall, without any further action by such Guarantor, any Lender, the Agent or any other person to the greatest extent permitted under applicable law, be automatically limited and reduced to the highest amount that is valid
and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding. 
  

	19.10	Bankruptcy and related matters 

  

	 	(a)	So long as any of the obligations under the Finance Documents are outstanding, each of the Guarantors shall not (unless required to do so by law or regulation), without the prior written consent of the Majority Lenders,
commence or join with any other person in commencing any bankruptcy, liquidation, reorganisation, concurso mercantil, quiebra or insolvency proceedings of, or against, any Obligor. 

 

	 	(b)	If acceleration of the time for payment of any amount payable by Borrower under the Finance Documents is stayed upon the insolvency, bankruptcy, reorganisation, concurso mercantil, quiebra or any similar
event of any Obligor or otherwise, all such amounts otherwise subject to acceleration under the terms of this Agreement shall nonetheless be payable by the Guarantors hereunder forthwith on demand by the Agent made at the request of the Lenders.

  

	 	(c)	The obligations of each of the Guarantors under this Clause 19 shall not be reduced, limited, impaired, discharged, deferred suspended or terminated by any proceeding or action, voluntary or involuntary, involving
the bankruptcy, insolvency, concurso mercantil, quiebra, receivership, reorganisation, marshalling of assets, assignment for the benefit of creditors, readjustment, liquidation or arrangement of any Obligor or similar proceedings or actions
or by any defense which any Obligor may have by reason of the order, decree or decision of any court or administrative body resulting from any such proceeding or action. Without limiting the generality of the foregoing, the Guarantors’
liability shall extend to all amounts and obligations under the Finance Documents and would be owed by any Obligor but for the fact that they are unenforceable or not allowable due to the existence of any such proceeding or action.

  

	 	(d)	 Each of the Guarantors acknowledges and agrees that any interest on any portion of the obligations under the Finance Documents which accrues after the
commencement of any proceeding or action referred to above in paragraph (c) of this Clause 19.10 (or, if interest on any portion of such obligations ceases to accrue by operation of law by reason of the commencement of said proceeding or
action, such interest as would have accrued on such portion of 

  
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such obligations if said proceedings or actions had not been commenced) shall be included in such obligations, it being the intention of the Guarantors, the Agent, and the Lenders that such
obligations which are to be guaranteed by the Guarantors pursuant to this Clause 19 shall be determined without regard to any rule of law or order which may relieve any Obligor of any portion of such obligations. The Guarantors will take no
action to prevent any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of creditors or similar person from paying the Agent, or allowing the claim of the Agent, for the benefit of the Agent, and the Lenders, in respect
of any such interest accruing after the date of which such proceeding is commenced, except to the extent any such interest shall already have been paid by the Guarantors. 

 

	 	(e)	Notwithstanding anything to the contrary contained herein, if all or any portion of the obligations under the Finance Documents are paid by or on behalf of any Obligor, the obligations of the Guarantors hereunder shall
continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of such payment(s) are rescinded or recovered, directly or indirectly, from the Agent and/or the Lenders as a preference,
preferential transfer, fraudulent transfer or otherwise, and any such payments which are so rescinded or recovered shall constitute obligations under the Finance Documents for all purposes under this Clause 19, to the extent permitted by
applicable law. 

  

	19.11	Dutch guarantee limitation 

 Notwithstanding any other provision of this Clause 19
(Guarantee and Indemnity) the guarantees, indemnities and other obligations of any Dutch Obligor expressed to be assumed in this Clause 19 (Guarantee and Indemnity) shall be deemed not to be assumed by such Dutch Obligor to the extent
that the same would constitute unlawful financial assistance within the meaning of Article 2:98c of the Dutch Civil Code (where applicable) or any other applicable financial assistance rules under any rules under any relevant jurisdiction (the
“Prohibition”) and the provisions of this Agreement and the other Finance Documents shall be construed accordingly. For the avoidance of doubt, it is expressly acknowledged that the relevant Dutch Obligors will continue to guarantee
all such obligations which, if included, do not constitute a violation of the Prohibition. 
  

	19.12	Spanish guarantee limitation 

 Notwithstanding any other provision of this Clause 19
(Guarantee and Indemnity) the guarantees, indemnities and other obligations of any Obligor incorporated in Spain expressed to be assumed in this Clause 19 (Guarantee and Indemnity) shall be deemed not to be assumed by such Obligor
incorporated in Spain to the extent that the same would constitute the provision of financial assistance within the meaning of either Article 150.1 of the 2010 Spanish Corporations Act (Ley de Sociedades de Capital) (in the case of a Spanish
Obligor which is a sociedad anónima), or Article 143.2 of the 2010 Spanish Corporations Act (Ley de Sociedades de Capital) (in the case of a Spanish Obligor which is a sociedad limitada). 

  
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	19.13	Swiss guarantee limitation 

  

	 	(a)	The obligations and liabilities of an Obligor incorporated in Switzerland (the “Swiss Obligor”) under this Agreement or any other Finance Document in relation to the obligations, undertakings,
indemnities or liabilities of an Obligor other than that Swiss Obligor or any of its fully owned and controlled subsidiaries (the “Restricted Obligations”) shall be limited to the amount of that Swiss Obligor’s Free Reserves
Available for Distribution at the time payment is requested, provided that such limitation is a requirement under applicable law (including any case law) at that point in time and that such limitation shall not free the Swiss Obligor from its
obligations in excess thereof, but merely postpone the performance date until such time as performance is permitted notwithstanding such limitation. 

  

	 	(b)	For the purpose of this Clause 19.13, “Free Reserves Available for Distribution” means an amount equal to the maximal amount in which the relevant Swiss Obligor can make a dividend payment to its
shareholder(s) (being the balance sheet profit and any freely disposable reserves available for this purpose, in each case in accordance with applicable Swiss law). 

 

	 	(c)	As soon as possible after having been requested to discharge a Restricted Obligation, the Swiss Obligor shall, if it cannot discharge the full amount of the Restricted Obligations, provide the Security Agent with an
interim statutory balance sheet audited by the statutory auditors of the Swiss Obligor setting out the Free Reserves Available for Distribution and, immediately thereafter, pay the amount corresponding to the Free Reserves Available for Distribution
to the Security Agent (save to the extent provided below). 

  

	 	(d)	In respect of the Restricted Obligations, the Swiss Obligor shall: 

  

	 	(i)	if and to the extent required by applicable law in force at the relevant time: 

  

	 	(A)	subject to any applicable double taxation treaties, deduct Swiss withholding tax at the rate of 35 per cent. (or such other rate as is in force at that time) from any payment made by it; 

 

	 	(B)	pay any such deduction to the Swiss Federal Tax Administration; and 

  

	 	(C)	notify and provide evidence to the Security Agent that the Swiss withholding tax has been paid to the Swiss Federal Tax Administration; and 

 

	 	(ii)	 to the extent such deduction is made, not be required to make a gross-up, indemnify or otherwise hold harmless the Finance Parties for the deduction
of the Swiss withholding tax notwithstanding anything to the contrary contained in the Finance Documents, unless grossing up is permitted under the laws of Switzerland then in force and provided that this should not in any way limit any
obligations of any non-Swiss Obligors under the Finance Documents to 

  
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indemnify the Finance Parties in respect of the deduction of the Swiss withholding tax, including, without limitation, in accordance with Clause 14 (Tax Gross-Up and Indemnities). The
Swiss Obligor shall use all reasonable efforts to procure that any person which is entitled to a full or partial refund of any Swiss withholding tax paid pursuant to paragraph (a) above will, as soon as possible after the deduction of the Swiss
withholding tax: (y) request a refund of the Swiss withholding tax under any applicable law (including double taxation treaties) and (z) pay to the Security Agent upon receipt any amount so refunded. 

 

	 	(e)	The Swiss Obligor will take, and cause to be taken, all and any other action, including, without limitation, the passing of any shareholders’ resolutions to approve any payment or other performance under the
Finance Documents and the receipt of any confirmations from the Swiss Obligor’s auditors, whether following a request to discharge a Restricted Obligation or which may be required as a matter of mandatory Swiss law in force at the time it is
required to make a payment or perform other obligations under the Finance Documents in order to allow a prompt payment or performance of other obligations under the Finance Documents. 

 

	 	(f)	If the enforcement of the Restricted Obligations would be limited due to the effects referred to in this Clause 19 and if any asset of the Swiss Obligor has a book value that is less than its market value (an
“Undervalued Asset”), the Swiss Obligor shall, to the extent permitted by applicable law and its Accounting Standards (i) write up the book value of such Undervalued Asset such that its balance sheet reflects a book value that
is equal to the market value of such Undervalued Asset, and (ii) make reasonable efforts to realise the Undervalued Asset for a sum which is at least equal to the market value of such asset. Without prejudice to the rights of the Security Agent
under the Finance Documents, the Swiss Obligor will only be required to realise an Undervalued Asset if such asset is not necessary for the Swiss Obligor’s business (nicht betriebsnotwendig). 

 

	19.14	French guarantee limitation 

  

	 	(a)	The obligations and liabilities under the Finance Documents of any French Guarantor are subject to the limitations set out in this Clause 19.14. 

 

	 	(b)	The obligations and liabilities of any French Guarantor under the Finance Documents and in particular under this Clause 19 (Guarantee and Indemnity) shall not include any obligation or liability which, if
incurred, would constitute the provisions of financial assistance within the meaning of article L.255-216 of the French Commercial Code and/or would constitute a misuse of corporate assets within the meaning of article L. 241-3, L. 242-6 or L. 244-1
of the French Commercial Code or any other law or regulation having the same effect, as interpreted by French courts and/or would infringe article L. 511-7 of the French Monetary and Financial Code. 

 

	 	(c)	 The obligations and liabilities of any French Guarantor under this Clause 19 (Guarantee and Indemnity) for the obligations under the Finance
Documents 

  
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of any other Obligor which is not a Subsidiary of such French Guarantor shall be limited, at any time, to an amount equal to the aggregate of all amounts directly or indirectly borrowed under
this Agreement by such other Obligor to the extent directly or indirectly on-lent to such French Guarantor under intercompany loan agreements (excluding, for the avoidance of doubt, any cash-pooling arrangements or other cash management agreements,
provided that no Facility made available under this Agreement shall finance, directly or indirectly, such cash pooling arrangements or other cash management agreements) and outstanding at the date a payment is to be made by such French
Guarantor under this Clause 19 (Guarantee and Indemnity), it being specified that any payment made by a French Guarantor under this Clause 19 (Guarantee and Indemnity) in respect of the obligations of such Obligor shall reduce pro
tanto the outstanding amount of the intercompany loans due by such French Guarantor under the intercompany loan agreements referred to above and that any repayment of the intercompany loans by the French Guarantor shall reduce pro tanto
the amount payable by it under this Clause 19 (Guarantee and Indemnity). 

  

	 	(d)	The obligations and liabilities of any French Guarantor under this Clause 19 (Guarantee and Indemnity) for the obligations under the Finance Documents of any other Obligor which is its Subsidiary shall not be
limited and shall therefore cover all amounts due by such Obligor under this Agreement. However, where such Subsidiary is itself a Guarantor which guarantees the obligations of a member of the Group which is not a Subsidiary of the relevant French
Guarantor, the amounts payable by such French Guarantor under this paragraph (d) in respect of the obligations of this Subsidiary as Guarantor, shall be limited as set out in paragraph (c) above. 

 

	 	(e)	It is acknowledged that no French Guarantor is acting jointly and severally with the other Guarantors and no French Guarantor shall therefore be considered as “co-débiteur solidaire” as to its
obligations pursuant to the guarantee given pursuant to this Clause 19 (Guarantee and Indemnity). 

  

	 	(f)	In the event that there is any inconsistency between the provisions of this Clause 19.14 and any other provision in this Agreement or any other Finance Documents (each of which shall be expressly subject thereto), the
provisions of this Clause 19.14 shall prevail. 

  

	 	(g)	For the purpose of paragraphs (b), (c) and (d) above, “Subsidiary” means, in relation to any company, another company which is controlled by it within the meaning of article L. 233-3 of the French
Commercial Code. 

  
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 SECTION 8 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	20.	REPRESENTATIONS 

 Each Obligor makes the representations and warranties set out in this
Clause 20 to each Finance Party except that no representation or warranty is made by a Security Provider that is not also the Borrower or a Guarantor in respect of the representations and warranties set out in Clauses 20.9 (No default)
to 20.11 (Financial statements), 20.13 (No proceedings pending or threatened) to 20.17 (Environmental Claims), 20.22 (Accuracy of Existing Financial Indebtedness), 20.23 (Group Structure Chart) and 20.26
(Governmental Regulations) to 20.29 (Pension, Welfare and other Similar Plans). 
  

	20.1	Status 

  

	 	(a)	It is a corporation or limited liability company, duly organised and validly existing under the laws and regulations of its jurisdiction of incorporation or formation other than (i) in the case of CEMEX
International Finance Company, which is a private company duly incorporated with unlimited liability under the laws and regulations of Ireland and (ii) CEMEX UK, which is a private company duly incorporated with unlimited liability under the
laws and regulations of England and Wales. 

  

	 	(b)	It has the power to own its assets and carry on its business as it is being conducted. 

  

	20.2	Binding obligations 

 Subject to the Legal Reservations: 

 

	 	(a)	the obligations expressed to be assumed by it in each Finance Document are legal, valid, binding and enforceable obligations; and 

  

	 	(b)	(without limiting the generality of paragraph (a) above) each Transaction Security Document to which it is a party creates the Security which that Transaction Security Document purports to create and that Security
is valid and effective. 

  

	20.3	Non-conflict with other obligations 

 The entry into and performance by it (or, in the
case of paragraph (c) below, any Obligor) of, and the transactions contemplated by, the Finance Documents and the granting of the Transaction Security do not and will not conflict with: 

 

	 	(a)	any law or regulation applicable to it or any judgment or other administrative or judicial order affecting it or binding upon it or any of its assets (including in respect of CEMEX International Finance Company, section
60 of the Companies Act, 1963); 

  

	 	(b)	its constitutional documents; 

  
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	 	(c)	the Finance Documents or any documentation relating to any publicly-issued securities binding upon it; or 

  

	 	(d)	any agreement or instrument binding upon it or any of its assets, in a manner or to an extent which would have or would be reasonably likely to have a Material Adverse Effect. 

 

	20.4	Power and authority 

 It has the power to enter into, perform and deliver, and has taken
all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents. 

 

	20.5	Validity and admissibility in evidence 

 All Authorisations required or desirable: 

 

	 	(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations under the Finance Documents to which it is a party; and 

 

	 	(b)	to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation, 

have been obtained or effected and are in full force and effect. 
  

	20.6	Governing law, choice of forum and enforcement 

 Subject to the Legal Reservations: 

 

	 	(a)	the choice of governing law of each Finance Document to which it is a party in the jurisdiction of the governing law of that Finance Document, will be recognised and enforced in its jurisdiction of incorporation;

  

	 	(b)	the choice of the English courts set forth in this Agreement is a valid and enforceable choice of forum under any other applicable law; and 

 

	 	(c)	any judgment obtained in relation to a Finance Document to which it is a party in the jurisdiction of the governing law of that Finance Document will be recognised and enforced in its jurisdiction of incorporation.

  

	20.7	Tax 

  

	 	(a)	The Borrower is not required under the laws and regulations of its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment it may make under any Finance Document to any Lender
(other than as disclosed prior to the date of this Agreement). 

  

	 	(b)	In respect of the Dutch Obligors only, no notice under Article 36 Tax Collection Act (Invorderingswet 1990) has been given prior to the date of this Agreement. 

  
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	20.8	No filing or stamp taxes 

  

	 	(a)	Subject to the Legal Reservations, no order, permission, consent, approval, license, authorisation, registration or validation of, or notice to, or filing with, or exemption by, any Governmental Authority or third party
is required to authorise, or is required in connection with, the execution, delivery and performance by each Obligor of the Finance Documents or the taking of any action contemplated thereby. 

 

	 	(b)	Under the laws and regulations of its jurisdiction of incorporation it is not necessary that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by
the Finance Documents except any tax or fee which is referred to in any Legal Opinion and which will be paid promptly after the date of the relevant Finance Document. 

 

	 	(c)	Each Finance Document is in proper legal form under the law of the jurisdiction of organisation of each Obligor for the enforcement thereof against each such Obligor under the law of its respective jurisdiction of
organisation. To ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document in such jurisdiction, it is not necessary that any Finance Document be filed or recorded with any Governmental Authority in such
jurisdiction (other than (i) in the case of CEMEX International Finance Company, where the Transaction Security created by it as referred to in paragraph 3 (Transaction Security Documents) of Part I of Schedule 2 (Conditions
Precedent) was required to be (and was) registered at the Companies Registration Office in Ireland within 21 days of the creation thereof and (ii) the registration of the Transaction Security Document referred to in sub-paragraph (a)(iii)
of paragraph 3 (Transaction Security Documents) of Part I of Schedule 2 (Conditions Precedent) with the Registro Único de Garantías Mobiliarias of Mexico) or that any stamp or similar tax be paid on or in respect
of any Finance Document, unless such stamp or similar taxes have been paid by the Borrower, provided that in the event that any legal proceedings are brought to the courts of Mexico or Spain, a Spanish translation of the documents required in
such proceedings prepared by a court-approved translator (or, in the case of the courts of Spain, an authorised sworn translator), would have to be approved by the court after the defendant had been given an opportunity to be heard with respect to
the accuracy of the translation, and proceedings would thereafter be based upon the translated documents. 

  

	 	(d)	It is not necessary (i) in order for the Agent or any Lender to enforce any right or remedies under the Finance Documents, or (ii) solely by reason of the execution, delivery and performance of any Finance
Document by the Agent or any Lender, that the Agent or such Lender be licensed or qualified with any Governmental Authority or be entitled to carry on business, in each case in the jurisdiction of organisation of the applicable Obligors.

  
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	20.9	No default 

  

	 	(a)	No Default or Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation. 

  

	 	(b)	No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding on it or any of its Subsidiaries or to which its (or its Subsidiaries’) assets are
subject which would have or would be reasonably likely to have a Material Adverse Effect. 

  

	20.10	No misleading information 

 All written information provided by or on behalf of any
member of the Group to a Finance Party under or in connection with the transaction contemplated by the Finance Documents was true, complete and accurate in all material respects as at the date it was provided and was not misleading in any material
respect as at such date. 
  

	20.11	Financial statements 

  

	 	(a)	Its Original Financial Statements were prepared in accordance with Applicable GAAP (save as disclosed therein) consistently applied and are complete and accurate in all material respects. 

 

	 	(b)	Its Original Financial Statements fairly represent its financial condition and operations during the relevant financial year unless expressly disclosed to the Agent in writing prior to the date of this Agreement.

  

	 	(c)	For the purposes of any repetition of the representations contained in paragraphs (a) and (b) of this Clause 20.11 (pursuant to Clause 20.30 (Times at which representations are made)) the
representations will be made in respect of the latest consolidated (or if, other than in the case of the Borrower or CEMEX España, consolidated financial statements are not available, unconsolidated) financial statements of the Borrower and
each Guarantor instead of the Original Financial Statements. 

  

	20.12	Ranking 

  

	 	(a)	Its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law or
regulation applying to companies generally. 

  

	 	(b)	The Transaction Security has or will have the ranking in priority which it is expressed to have in the Transaction Security Documents and it is not subject to any prior ranking or pari passu ranking Security.

  

	 	(c)	Each Finance Document constitutes a direct, unconditional and unsubordinated obligation of each Obligor which is a party to such Finance Document. 

  
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	20.13	No proceedings pending or threatened 

 Except as disclosed in Schedule 14 (Proceedings
Pending or Threatened), no litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which: 
  

	 	(a)	are likely to be adversely determined and which, if so determined, would be reasonably likely to have a Material Adverse Effect; or 

  

	 	(b)	purport to affect the legality, validity or enforceability of any of the obligations under the Finance Documents, 

have been started or threatened against it or, in the case of the Borrower, any Obligor or Material Subsidiary. 

 

	20.14	No winding-up 

 No legal proceedings or other procedures or steps have been taken or, to
the Borrower’s knowledge after reasonable enquiry, are being threatened, in relation to the winding-up, dissolution, administration, examinership or reorganisation of any Obligor or Material Subsidiary (other than a solvent liquidation or
reorganisation of any Material Subsidiary which is not an Obligor). 
  

	20.15	Material Adverse Change 

 There has been no material adverse change in the
Borrower’s business, condition (financial or otherwise), operations, performance or assets taken as a whole (or the business, consolidated condition (financial or otherwise) operations, performance or the assets generally of the Group taken as
a whole) since its Original Financial Statements save as disclosed by publicly available information filed with the SEC. 
  

	20.16	Environmental compliance 

 Each member of the Group has performed and observed in all
material respects all Environmental Law, Environmental Permits and all other material covenants, conditions, restrictions or agreements directly or indirectly concerned with any contamination, pollution or waste or the release or discharge of any
toxic or hazardous substance in connection with any real property which is or was at any time owned, leased or occupied by any member of the Group or on which any member of the Group has conducted any activity where failure to do so might reasonably
be expected to have a Material Adverse Effect. 
  

	20.17	Environmental Claims 

 No Environmental Claim has been commenced or (to the best of its
knowledge and belief) is threatened against any member of the Group where that claim would be reasonably likely, if determined against that member of the Group, to have a Material Adverse Effect. 

  
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	20.18	Anti-corruption law 

 Each Obligor and their respective officers and directors has
conducted its businesses in compliance with applicable anti-corruption, anti-bribery and anti-money laundering laws and regulations. The Borrower has instituted and maintained policies and procedures designed to promote and achieve compliance with
applicable anti-corruption, anti-bribery and anti-money laundering laws and regulations laws. 
  

	20.19	Sanctions 

 Neither it nor any other Obligor, none of their respective officers or
directors, and no other member of the Group, and, to its knowledge, no director or officer of a member of the Group which is not an Obligor and no agent, employee or Affiliate of any member of the Group, is a person that is, or is controlled by a
person that is, (a) currently a designated target of, or is otherwise a subject of, Sanctions, or (b) located, organised or resident in a Sanctioned Country. 
  

	20.20	No Immunity 

 In any proceedings taken in its jurisdiction of incorporation in relation
to any Finance Document, it will not be entitled to claim for itself or any of its assets immunity from suit, execution, attachment (prior to judgment or in aid of execution) or other legal process. 

 

	20.21	Private and commercial acts 

 Its execution of the Finance Documents constitutes, and its
exercise of its rights and performance of its obligations hereunder will constitute, private and commercial acts done and performed for private and commercial purposes. 
  

	20.22	Accuracy of Existing Financial Indebtedness 

 The list of Existing Financial Indebtedness
contained in Schedule 10 (Existing Financial Indebtedness) is, in all material respects, a true, complete and accurate list of all the Group’s existing Financial Indebtedness in respect of (a) the 2012 Facilities Agreement and the
Bancomext Facility and (b) public debt instruments, in each case as at the date of this Agreement. 
  

	20.23	Group Structure Chart 

 The Group Structure Chart is true, complete and accurate in all
material respects. 
  

	20.24	Legal and beneficial ownership 

 It and each of its Subsidiaries is the sole legal and
beneficial owner of the respective assets over which it has granted Transaction Security. 
  

	20.25	Shares 

  

	 	(a)	 The shares of any member of the Group which are or, as the case may be, will be, subject to the Transaction Security are fully paid and not subject to
any option to purchase or similar rights. The constitutional documents of 

  
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companies whose shares are subject to the Transaction Security do not and could not restrict or inhibit any transfer of those shares on creation or enforcement of the Transaction Security. There
are no agreements in force which provide for the issue or allotment of, or grant any person the right to call for the issue or allotment of, any share or loan capital of any Obligor or Material Subsidiary (including any option or right of
pre-emption or conversion) other than: 

  

	 	(i)	pre-emptive rights (A) arising under applicable law in favour of shareholders generally; and (B) arising under any obligation in respect of any Executive Compensation
Plan; and 

  

	 	(ii)	obligations to deliver shares to the holder(s) of convertible or exchangeable securities comprising Existing Financial Indebtedness pursuant to the terms and conditions of such convertible or exchangeable securities.

  

	 	(b)	Under the Transaction Security Documents, Transaction Security is, or, as the case may be, will be granted over all the issued share capital in each member of the Group whose shares are subject to the Transaction
Security except: 

  

	 	(i)	in the case of CEMEX España: 

  

	 	(A)	0.2444% of the issued share capital, being shares owned by CEMEX España; and 

  

	 	(B)	0.1164% of the issued share capital, being shares owned by persons that are not members of the Group; 

  

	 	(ii)	in the case of CEMEX TRADEMARKS HOLDING Ltd., 8,424,037 shares owned by CEMEX, Inc., representing 0.4326% of the issued share capital of CEMEX TRADEMARKS HOLDING Ltd.; 

 

	 	(iii)	in the case of each Mexican company whose shares are the subject of Transaction Security (except in the case of CEMEX México), the single share held by a minority shareholder that is a member of the Group; and

  

	 	(iv)	in the case of CEMEX México, 0.1200% of the issued share capital, being shares owned by CEMEX, Inc. 

  

	20.26	Governmental Regulations 

 The Borrower is not controlled by an “investment
company” within the meaning of the United States Investment Company Act of 1940, as amended. 
  

	20.27	Taxes 

  

	 	(a)	 It has filed all material tax returns which are required to be filed by it and has paid all taxes due pursuant to such returns or pursuant to any
material assessment received by it, except where the same may be contested in good faith by appropriate proceedings and as to which such Obligor maintains 

  
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reserves to the extent it is required to do so by law or pursuant to Applicable GAAP. The charges, accruals and reserves on the books of each Obligor in respect of taxes or other governmental
charges are, in the opinion of the Borrower, adequate. 

  

	 	(b)	Except for taxes imposed by way of withholding on interest, fees and commissions paid to non-residents of the jurisdiction of organisation of the Borrower, there is no tax (other than taxes on, or measured by, income or
profits), levy, impost, deduction, charge or withholding imposed, levied, charged, assessed or made by the jurisdiction of organisation of the Borrower or any political subdivision or taxing authority thereof or therein either (i) on or by
virtue of the execution of delivery of this Agreement or (ii) on any payment to be made by the Borrower pursuant to this Agreement. It is permitted to pay any additional amounts payable pursuant to Clause 14 (Tax Gross-Up and
Indemnities) or Clause 14.7 (Stamp taxes). 

  

	20.28	Treasury Transactions 

 The Borrower represents and warrants that, as of the date of this
Agreement, neither it nor any member of the Group is party to any Treasury Transaction other than Permitted Treasury Transactions as defined in Schedule 16 (Hedging Parameters). 

 

	20.29	Pension, Welfare and other Similar Plans 

 Neither it nor, to its knowledge, any ERISA
Affiliate has taken any steps to terminate any Pension Plan or any Multiemployer Plan or has failed to make any contribution with respect to any Pension Plan or any Multiemployer Plan sufficient to give rise to a Security under Section 303(k)
of ERISA. No condition exists or event or transaction has occurred with respect to any Pension Plan, any Non-US Pension Plan or any Multiemployer Plan which has resulted in or which would reasonably be expected to result in the incurrence by the
Obligor or any of its ERISA Affiliates of any liability, fine or penalty (other than liabilities incurred in the ordinary course of maintaining the applicable plan), which would have or be reasonably likely to have a Material Adverse Effect. Neither
it nor any of its Subsidiaries has any contingent liability with respect to any post-retirement benefit under any employee welfare benefit plan (as defined in Section 3(1) of ERISA) which would reasonably be expected to have a Material Adverse
Effect, other than liability for continuation coverage described in Part 6 of Title I of ERISA. Except as would not have or be reasonably likely to have a Material Adverse Effect, the Borrower is in compliance with and has duly and in a timely
manner paid any amounts due to IMSS or INFONAVIT, pursuant to SAR laws, or as required under any mandatory retirement fund laws. 
  

	20.30	Times at which representations are made 

  

	 	(a)	All the representations and warranties in this Clause 20 are made to each Finance Party on the date of this Agreement. 

  

	 	(b)	The Repeating Representations are deemed to be made by each Obligor to each Finance Party on the first day of each Interest Period. 

  
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	 	(c)	The Repeating Representations are deemed to be made by each Additional Guarantor to each Finance Party on the day on which it becomes an Additional Guarantor. 

 

	 	(d)	Each representation or warranty deemed to be made after the date of this Agreement shall be made by reference to the facts and circumstances existing at the date the representation or warranty is made.

  

	21.	INFORMATION UNDERTAKINGS 

 The undertakings in this Clause 21 remain in force from the
date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	21.1	Financial statements 

 The Borrower shall supply to the Agent (for distribution to the
Lenders): 
  

	 	(a)	as soon as the same become available, but in any event within 120 days after the end of each of the Borrower’s Financial Years, a copy of the annual audit report for such Financial Year for the Borrower and its
Subsidiaries containing consolidated and consolidating balance sheets of the Borrower and its Subsidiaries, as of the end of such Financial Year and consolidated statements of income and cash flows of the Borrower and its Subsidiaries, for such
Financial Year, in each case accompanied by an opinion acceptable to the Majority Lenders (acting reasonably) by KPMG Cardenas Dosal, S.C. or other independent public accountants of recognised standing acceptable to the Majority Lenders, together
with (i) a certificate of such accounting firm to the Lenders stating that in the course of the regular audit of the business of the Borrower and its Subsidiaries, which audit was conducted by such accounting firm in accordance with Applicable
GAAP of the Borrower, such accounting firm has obtained no knowledge that a Default or Event of Default has occurred and is continuing, or if, in the opinion of such accounting firm a Default or Event of Default has occurred and is continuing, a
statement as to the nature thereof; and (ii) a certificate of a Responsible Officer of the Borrower stating that no Default or Event of Default has occurred and is continuing or, if a Default or Event of Default has occurred and is continuing,
a statement as to the nature thereof and the action that the Borrower has taken and proposes to take with respect thereto; 

  

	 	(b)	as soon as the same become available, but in any event within 120 days after the end of each of the Borrower’s Financial Years, the Borrower’s audited unconsolidated financial statements for that
Financial Year; 

  

	 	(c)	as soon as the same become available, but in any event within 180 days after the end of each of CEMEX España’s financial years, CEMEX España’s audited consolidated and unconsolidated
financial statements for that financial year; 

  

	 	(d)	 as soon as the same become available, but in any event within 180 days after the end of each financial year of each Obligor (other than CEMEX
España, the 

  
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Borrower and each Security Provider), such Obligor’s audited consolidated (to the extent available) and unconsolidated financial statements for that financial year; 

 

	 	(e)	as soon as the same become available, but in any event within 90 days after the end of the first half of each of CEMEX España’s financial years, CEMEX España’s consolidated financial
statements for that period; 

  

	 	(f)	as soon as the same become available, but in any event within 60 days after the end of each of the first three Financial Quarters of each of the Borrower’s Financial Years, consolidated balance sheets of the
Borrower and its Subsidiaries, as of the end of such quarter and consolidated statements of income and cash flows of the Borrower and its Subsidiaries for the period commencing at the end of the previous Financial Year and ending with the end of
such Financial Quarter, duly certified (subject to year-end audit adjustments) by a Responsible Officer of the Borrower as having been prepared in accordance with Applicable GAAP of the Borrower and together with a certificate of a Responsible
Officer of the Borrower, as to compliance with the terms of this Agreement and stating that no Default or Event of Default has occurred and is continuing or, if a Default or Event of Default has occurred and is continuing, the nature thereof and the
action that the Borrower has taken and proposes to take with respect thereto; and 

  

	 	(g)	as soon as the same become available, but in any event within 90 days after the end of each of the first three quarterly periods of each of the financial years of each Obligor (other than the Borrower, CEMEX
España and each Security Provider), its unconsolidated financial statements for that period. 

  

	21.2	Compliance Certificate 

  

	 	(a)	The Borrower shall supply to the Agent (for distribution to the Lenders), with each set of consolidated financial statements delivered pursuant to paragraph (a) of Clause 21.1 (Financial statements)
above and each set of consolidated financial statements delivered pursuant to paragraph (f) of Clause 21.1 (Financial statements) for a Financial Quarter, a single Compliance Certificate setting out (in reasonable detail) computations as
to compliance with Clause 22 (Financial Covenants) as at the date at which those financial statements were drawn up. 

  

	 	(b)	Each Compliance Certificate shall be signed by two Responsible Officers of the Borrower and, if required to be delivered with the consolidated financial statements delivered pursuant to paragraph (a) of
Clause 21.1 (Financial statements), the Borrower shall provide to the Agent (for distribution to the Lenders), by no later than 180 days after the end of the relevant Financial Year, a letter (in a form approved by the Agent) from the
Borrower’s auditors or any other internationally recognised accounting firm confirming that the numbers used in the Compliance Certificate calculations have been correctly extracted from the consolidated financial statements of the Borrower.

  
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	21.3	Requirements as to financial statements 

  

	 	(a)	Each set of financial statements delivered by the Borrower pursuant to Clause 21.1 (Financial statements) shall be certified by a Responsible Officer of the relevant company as fairly representing its
financial condition as at the date at which those financial statements were drawn up. 

  

	 	(b)	The audited consolidated accounts of the Borrower and CEMEX España and each other set of financial statements described pursuant to Clause 21.1 (Financial statements) which the relevant member of the
Group ordinarily produces in English shall be provided in English. 

  

	 	(c)	The Borrower shall procure that each set of financial statements delivered pursuant to Clause 21.1 (Financial statements) is prepared using Applicable GAAP and accounting practices and financial reference
periods consistent with those applied to the preparation of the Original Financial Statements for that Obligor unless: (i) in the case of CEMEX España, it notifies the Agent that it has adopted IFRS in which case CEMEX España
shall be entitled to deliver financial statements prepared in accordance with IFRS; or (ii) in the case of any other Obligor, in relation to any set of financial statements, it notifies the Agent that there has been a change in Applicable GAAP,
or the accounting practices or reference periods and, unless amendments are agreed in accordance with paragraph (d) below, its auditors deliver to the Agent a description of any change necessary for those financial statements to reflect the
Applicable GAAP, accounting practices and reference periods upon which that Obligor’s Original Financial Statements were prepared. 

Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to
reflect the basis upon which the Original Financial Statements for that Obligor were prepared. 
  

	 	(d)	If a relevant Obligor (other than CEMEX España) adopts IFRS or, unless the procedure in paragraph (c) above is utilised, there are changes to Applicable GAAP, or the accounting practices or reference
periods, the relevant Obligor and the Agent (acting on the instructions of the Majority Lenders) shall, at the relevant Obligor’s request, negotiate in good faith with a view to agreeing such amendments to the financial covenants in
Clause 22 (Financial Covenants) and the definitions used therein as may be necessary to ensure that the criteria for evaluating the Group’s financial condition grant to the Lenders protection equivalent to that which would have been
enjoyed by them had the relevant Obligor not adopted IFRS or there had not been a change in Applicable GAAP, or the accounting practices or reference periods (subject to compliance with paragraph (b) above). Any amendments agreed will take
effect on the date agreed between the Agent and the relevant Obligor subject to the consent of the Majority Lenders. If no such agreement is reached within 90 days of the relevant Obligor’s request, the relevant Obligor will remain subject to
the obligation to deliver the information specified in paragraph (c) of this Clause 21.3 and the financial covenants in Clause 22 (Financial Covenants) and the financial ratios to calculate the Margin shall be based on the
information delivered. 

  
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	21.4	Caliza Group 

 The Borrower shall supply to the Agent (for distribution to the Lenders):

  

	 	(a)	copies of documents (if any) despatched by Caliza to its shareholders (or any class of them) or its creditors generally at the same time as they are despatched; and 

 

	 	(b)	within five days after the same are sent, all financial statements and reports that Caliza sends to holders of any class of its Financial Indebtedness. 

 

	21.5	Information: miscellaneous 

 The Borrower shall supply to the Agent (for distribution to
the Lenders): 
  

	 	(a)	all documents despatched by the Borrower to its shareholders (or any class of them) or its creditors generally at the same time as they are despatched; 

 

	 	(b)	within five days after the same are sent, copies of all financial statements and reports that the Borrower sends to the holders of any class of its debt securities; 

 

	 	(c)	promptly upon becoming aware of them, the details of any litigation, arbitration, administrative proceedings or enforcement proceedings and any material tax related event or assessment which are current, or which, to
the Borrower’s knowledge after reasonable enquiry, are being threatened or are pending and are likely to be adversely determined against any member of the Group which, in the reasonable opinion of the Borrower, are not spurious or vexatious,
and which might, if adversely determined, have a Material Adverse Effect; 

  

	 	(d)	promptly, such further information as the Security Agent may reasonably require about the Charged Property and compliance of the Obligors with the terms of any Transaction Security Documents; 

 

	 	(e)	promptly, such further information regarding the financial condition, assets and business of any Obligor or member of the Group as the Agent (or any Lender through the Agent) may reasonably request (including, but not
limited to, information on Ratings, if such credit rating has not been publicly announced) other than any information the disclosure of which would result in a breach of any applicable law or regulation or confidentiality agreement entered into in
good faith provided that the Borrower shall use reasonable efforts to be released from any such confidentiality agreement; and 

  

	 	(f)	promptly upon becoming aware of them, the details of any Environmental Claim which is current, threatened or pending against any member of the Group which is referred to in Clause 23.11 (Environmental
Claims) which are not spurious or vexatious, which are likely to be adversely determined against any member of the Group and which could reasonably be expected, if adversely determined, to have a Material Adverse Effect. 

  
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	21.6	Notification of Default 

  

	 	(a)	Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been
provided by another Obligor). 

  

	 	(b)	Promptly upon a request by the Agent, the Borrower shall supply to the Agent a certificate signed by an Authorised Signatory on its behalf certifying that no Default is continuing (or if a Default is continuing,
specifying the Default and the steps, if any, being taken to remedy it). 

  

	21.7	“Know your client” checks 

  

	 	(a)	Each Obligor shall promptly, upon the request of the Agent or any Lender, and each Lender shall promptly upon the request of the Agent, supply, or procure the supply of, such documentation and other evidence as is
reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective New Lender) in order for the Agent, such Lender or any prospective New Lender to carry out and be satisfied with the
results of all necessary “know your client” or other checks, such as the checks required by the US Patriot Act (Title III of Pub. L. 107-55 (signed into law on 26 October 2001)) in relation to the identity of any person that it is
required by law to carry out in relation to the transactions contemplated in the Finance Documents. For the avoidance of doubt, a Lender will have no obligation towards the Agent to evidence that it has complied with any “know your client”
or similar checks in relation to the Obligors. 

  

	 	(b)	The Borrower shall, by not less than five Business Days’ written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention to request that one of its Subsidiaries becomes an
Additional Guarantor or Additional Security Provider pursuant to Clause 29 (Changes to the Obligors). 

  

	 	(c)	Following the giving of any notice pursuant to paragraph (b) above, the Borrower shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as
is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective New Lender) in order for the Agent, such Lender or any prospective New Lender to carry out and be satisfied with
the results of all necessary “know your client” or other checks in relation to the identity of any person that it is required by law to carry out in relation to the accession of such Additional Guarantor or Additional Security Provider to
this Agreement. 

  

	21.8	FATCA Information 

  

	 	(a)	Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party: 

  

	 	(i)	confirm to that other Party whether it is: 

  
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	 	(A)	a FATCA Exempt Party; or 

  

	 	(B)	not a FATCA Exempt Party; 

  

	 	(ii)	supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA;

  

	 	(iii)	supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party’s compliance with any other law,
regulation, or exchange of information regime. 

  

	 	(b)	If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify
that other Party reasonably promptly. 

  

	 	(c)	Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a
breach of: 

  

	 	(i)	any law or regulation; 

  

	 	(ii)	any policy of that Finance Party; 

  

	 	(iii)	any fiduciary duty; or 

  

	 	(iv)	any duty of confidentiality. 

  

	 	(d)	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance
of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the
requested confirmation, forms, documentation or other information. 

  

	21.9	Confirmation as to public information 

 The Borrower will, by notice in writing to the
Agent at the same time as any information is delivered to the Agent under the Finance Documents, confirm whether that information is publicly available information or not and any Lender that is unable to receive non-publicly available information
will be able to elect, by making a declaration on the Designated Website (as defined in paragraph (a) of Clause 35.9 (Use of websites)) in accordance with the terms set out therein, not to receive any information confirmed by the
Borrower to be non-publicly available information. 

  
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	22.	FINANCIAL COVENANTS 

  

	22.1	Financial definitions 

 In this Agreement: 

“Capital Expenditure” means any expenditure or obligation in respect of expenditure which, in accordance with Applicable GAAP
of the Borrower, is treated as capital expenditure (and including the capital element of any expenditure or obligation incurred in connection with a Capital Lease). 

“Capital Lease” means, as to any person, the obligations of such person to pay rent or other amounts under any lease of (or
other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of the Borrower under Applicable GAAP of the
Borrower (excluding any operating lease which is or becomes classified and accounted for as, or in an equivalent manner to, a capital lease on a balance sheet of the Borrower pursuant to any change in Applicable GAAP after the date of this
Agreement) and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalised amount thereof at such time determined in accordance with Applicable GAAP of the Borrower. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designed) of capital stock
of a corporation, any and all equivalent ownership interests in a person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

“Consolidated Coverage Ratio” means, on any date of determination, the ratio of (a) EBITDA for the one (1) year
period ending on such date to (b) Consolidated Interest Expense for the one (1) year period ending on such date. 

“Consolidated Debt” means, at any date, the sum (without duplication) of (a) the aggregate amount of all Debt of the
Borrower and its Subsidiaries at such date, which shall include the amount of any recourse in respect of Inventory Financing permitted under paragraph (e) of the definition of Permitted Financial Indebtedness, plus (b) to the extent
not included in Debt, the aggregate net mark-to-market amount of all derivative financing in the form of equity swaps outstanding at such date (except to the extent such exposure is cash collateralised to the extent permitted under the Finance
Documents). 
 “Consolidated Funded Debt” means, for any period, Consolidated Debt less the sum (without duplication) of
(a) all obligations of such person to pay the deferred purchase price of property or services, (b) all obligations of such person as lessee under Capital Leases, and (c) all obligations of such person with respect to product invoices
incurred in connection with export financing. 
 “Consolidated Interest Expense” means, for any period, the sum of
(a) the total gross cash and non cash interest expense of the Borrower and its consolidated Subsidiaries relating to Consolidated Funded Debt of such persons, (b) any amortisation or accretion of debt discount or any interest paid on
Consolidated Funded Debt of the Borrower and its Subsidiaries in the form of additional Financial 

  
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Indebtedness (but excluding any amortisation of deferred financing and debt issuance costs), (c) the net costs under Treasury Transactions in respect of interest rates (but excluding
amortisation of fees), (d) any amounts paid in cash on preferred stock, and (e) any interest paid or accrued in respect of Consolidated Funded Debt without a maturity date, regardless of whether considered interest expense under Applicable
GAAP of the Borrower. 
 “Consolidated Leverage Ratio” means, on any date of determination, the ratio of
(a) Consolidated Funded Debt on such date to (b) EBITDA for the one (1) year period ending on such date. 

“Debt” of any person means, without duplication: 
  

	 	(a)	all obligations of such person for borrowed money; 

  

	 	(b)	all obligations of such person evidenced by bonds, debentures, notes or other similar instruments, including perpetual bonds; 

  

	 	(c)	the aggregate net mark-to-market of Treasury Transactions (except to the extent such exposure is cash collateralised to the extent permitted under the Finance Documents) of such person but excluding Treasury
Transactions relating to the rate or price of energy or any commodity; 

  

	 	(d)	all obligations of such person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of trading; 

 

	 	(e)	all obligations of such person as lessee under Capital Leases; 

  

	 	(f)	all Debt of others secured by Security on any asset of such person, up to the value of such asset; 

  

	 	(g)	all obligations of such person with respect to product invoices incurred in connection with export financing; 

  

	 	(h)	all obligations of such person under repurchase agreements for the stock issued by such person or another person; 

  

	 	(i)	all obligations of such person in respect of Inventory Financing permitted under paragraph (e) of the definition of Permitted Financial Indebtedness; and 

 

	 	(j)	all guarantees of such person in respect of any of the foregoing, 

 provided,
however, that: 
  

	 	(i)	for the purposes of calculating the Consolidated Funded Debt element of the Consolidated Leverage Ratio, Relevant Convertible/ Exchangeable Obligations shall be excluded from each of the foregoing paragraphs (a) to
(j) inclusive (provided that, in the case of outstanding Financial Indebtedness under any Subordinated Optional Convertible Securities (A) only the principal amount thereof shall be excluded and (B) such exclusion shall apply
only for so long as such amounts remain subordinated in accordance with the terms of that definition); 

  
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	 	(ii)	any Financial Indebtedness of a PPP Vehicle in respect of which no member of the Group has any liability to that PPP Vehicle or any third party (except as permitted by paragraph (d) of the definition of Permitted
PPP Investment) shall be excluded from each of the foregoing paragraphs (a) to (j) inclusive; 

  

	 	(iii)	any amounts of: 

  

	 	(A)	Relevant Proceeds in respect of which the Borrower has given a notice to the Agent under paragraph (b) of Clause 8.2 (Notices in relation to Relevant Proceeds) (but excluding, until the earlier of
(1) the date of exercise of the Caliza Offering Option, if exercised in whole, and (2) the last day of the Caliza Offering Option Exercise Period, any Caliza Offering Option Amount); and 

 

	 	(B)	Excluded Debt Fundraising Proceeds falling within paragraph (a) of the definition of Excluded Debt Fundraising Proceeds, 

in each case that are standing to the credit of, or to be applied in accordance with this Agreement to, a Reserve shall, for the period in
which they are being held by the Borrower or any other member of the Group pending application in accordance with the terms of this Agreement, be deducted from the aggregate calculation of Debt resulting from this definition, 

 

	 	(iv)	if at any time during any applicable period the Borrower or any of its Subsidiaries shall own, directly or indirectly, more than 50 per cent. of the share capital of Caliza pursuant to the Caliza Transaction and
the EBITDA attributable to the Caliza Group is counted in EBITDA, 100 per cent. of the Debt attributable to the Caliza Group shall continue to be included when calculating Debt; 

 

	 	(v)	for the avoidance of doubt, a Permitted Securitisation shall not be deemed to be Debt except that any recourse required as a result of the Relevant Legislation and which is not recourse over the collection of
receivables and would, but for this provision, be treated as Debt will, to the extent of the required recourse under the Relevant Legislation, be counted as Debt; 

 

	 	(vi)	for the avoidance of doubt, all performance bonds, guarantees, bonding, documentary or stand-by letters of credit, banker’s acceptances or similar credit transactions, including reimbursement obligations in respect
thereof, are not Debt until they are required to be funded; and 

  

	 	(vii)	the Spanish Combination Termination Mechanism is not Debt. 

  
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 “Discontinued EBITDA” means, for any period, the sum for Discontinued Operations
of (a) operating income (utilidad de operación), and (b) the depreciation and amortisation expense, in each case determined in accordance with Applicable GAAP of the Borrower consistently applied for such period. 

“Discontinued Operations” means operations that are accounted for as discontinued operations pursuant to Applicable GAAP of
the Borrower for which the Disposal of such assets has not yet occurred. 
 “EBITDA” means, for any period, the sum for the
Borrower and its Subsidiaries, determined on a consolidated basis of (x) operating income (Utilidad de Operacion) and (y) depreciation and amortisation expense, in each case determined in accordance with Applicable GAAP of the
Borrower, subject to the adjustments herein, consistently applied for such period and adjusted for Discontinued EBITDA as follows: if the amount of Discontinued EBITDA is a positive amount, then EBITDA shall increase by such amount, and if the
amount of Discontinued EBITDA is a negative amount, then EBITDA shall decrease by the absolute value of such amount. For the purposes of calculating EBITDA for any applicable period pursuant to any determination of the Consolidated Leverage Ratio
(but not the Consolidated Coverage Ratio): 
  

	 	(a)	if at any time during such applicable period the Borrower or any of its Subsidiaries shall have made: 

  

	 	(i)	any Material Disposal, the EBITDA for such applicable period shall be reduced by an amount equal to the EBITDA (if positive) attributable to the property that is the subject of such Material Disposal for such applicable
period (but when the Material Disposal is by way of lease, income received by the Borrower or any of its Subsidiaries under such lease shall be included in EBITDA); and 

 

	 	(ii)	any Material Acquisition, EBITDA for such applicable period shall be calculated after giving pro forma effect thereto as if such Material Acquisition had occurred on the first day of such applicable period,

 and if since the beginning of such applicable period any person that subsequently shall have become a Subsidiary or was
merged or consolidated with the Borrower or any of its Subsidiaries as a result of a Material Acquisition occurring during such applicable period shall have made any Material Disposal or Material Acquisition of property that would have required an
adjustment pursuant to sub-paragraph (i) or (ii) above if made by the Borrower or any of its Subsidiaries during such applicable period, EBITDA for such period shall be calculated after giving pro forma effect thereto as if such
Material Disposal or Material Acquisition had occurred on the first day of such applicable period provided that if at any time during such applicable period the Borrower or any of its Subsidiaries shall own, directly or indirectly, more than
50 per cent. of the share capital of Caliza, 100 per cent. of the EBITDA attributable to the Caliza Group shall continue to be counted in the EBITDA for such applicable period; and 

  
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	 	(b)	EBITDA will be recalculated by multiplying each month’s EBITDA by the Ending Exchange Rate and dividing the amount obtained thereto by the exchange rate used by the Borrower in preparation of its monthly financial
statements in accordance with Applicable GAAP of the Borrower to convert $ into Mexican pesos. 

 “Ending Exchange
Rate” means the exchange rate at the end of a Reference Period for converting $ into Mexican pesos as used by the Borrower and its auditors in preparation of the Borrower’s financial statements in accordance with Applicable GAAP of the
Borrower. 
 “Financial Quarter” means the period commencing on the day after one Quarter Date and ending on the next
Quarter Date. 
 “Financial Year” means the annual accounting period of the Borrower ending on or about 31 December in
each year. 
 “Material Acquisition” means any (a) acquisition of property or series of related acquisitions of
property that constitutes assets comprising all or substantially all of an operating unit, division or line of business or (b) acquisition of or other investment in the Capital Stock of any Subsidiary or any person which becomes a Subsidiary or
is merged or consolidated with the Borrower or any of its Subsidiaries, in each case, which involves the payment of consideration by the Borrower and its Subsidiaries in excess of $100,000,000 (or the equivalent in other currencies). 

“Material Disposal” means any Disposal of property or series of related Disposals of property that yields gross proceeds to
the Borrower or any of its Subsidiaries in excess of $100,000,000 (or the equivalent in other currencies) excluding the Caliza Transaction and the Spanish Combination. 

“Quarter Date” means each of 31 March, 30 June, 30 September and 31 December. 

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

“Relevant Convertible/Exchangeable Obligations” means: 

 

	 	(a)	any Financial Indebtedness incurred by any person the terms of which provide that satisfaction of the principal amount owing under such Financial Indebtedness (whether on or prior to its maturity and whether as a result
of bankruptcy, liquidation or other default by such person or otherwise) shall occur solely by delivery of shares or common equity securities in the Borrower or any other member of the Group; and 

 

	 	(b)	any Financial Indebtedness under any Subordinated Optional Convertible Securities. 

  
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	22.2	Financial condition 

 The Borrower shall ensure that: 

 

	 	(a)	Consolidated Coverage Ratio: the Consolidated Coverage Ratio in respect of any Reference Period specified in column 1 below shall not be less than the ratio set out in column 2 below opposite that Reference
Period. 

  

					
	 Column 1
 Reference Period
ending
	  	Column 2
Ratio	 
	 30 September 2014
	  	 	1.50:1	  
	 31 December 2014
	  	 	1.75:1	  
	 31 March 2015
	  	 	1.75:1	  
	 30 June 2015
	  	 	1.75:1	  
	 30 September 2015
	  	 	1.75:1	  
	 31 December 2015
	  	 	1.85:1	  
	 31 March 2016
	  	 	1.85:1	  
	 30 June 2016
	  	 	2.00:1	  
	 30 September 2016
	  	 	2.00:1	  
	 31 December 2016 and each subsequent Reference Period
	  	 	2.25:1	  

  

	 	(b)	Consolidated Leverage Ratio: the Consolidated Leverage Ratio in respect of any Reference Period specified in column 1 below shall not exceed the ratio set out in column 2 below opposite that Reference Period.

  

					
	 Column 1
 Reference Period
ending
	  	Column 2
Ratio	 
	 30 September 2014
	  	 	6.75:1	  
	 31 December 2014
	  	 	6.50:1	  
	 31 March 2015
	  	 	6.50:1	  
	 30 June 2015
	  	 	6.00:1	  
	 30 September 2015
	  	 	6.00:1	  
	 31 December 2015
	  	 	5.50:1	  
	 31 March 2016
	  	 	5.50:1	  
	 30 June 2016
	  	 	5.00:1	  
	 30 September 2016
	  	 	5.00:1	  
	 31 December 2016 and each subsequent Reference Period
	  	 	4.25:1	  

  
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	 	(c)	Capital Expenditure: The aggregate Capital Expenditure of the Group (other than: (i) any Caliza Expansion Capital; and (ii) any amount of Capital Expenditure that is funded from Reinvestment Proceeds
Sources) in respect of any Financial Year shall not exceed $1,000,000,000. 

 If in any Financial Year (the “First
Financial Year”) the amount of the Capital Expenditure of the Group is less than the maximum amount permitted for that Financial Year (the difference being referred to as the “Unused Amount”), then a portion of the Capital
Expenditure incurred in the Financial Quarter immediately following the First Financial Year in an amount up to the Unused Amount will be treated for the purposes of this paragraph (c) as if it had been incurred in the First Financial Year.

  

	 	(d)	Caliza Capital Expenditure: in addition to the amount referred to in paragraph (c) above, the Caliza Group shall be entitled to incur Capital Expenditure in an aggregate amount (when aggregated with all
other amounts of Caliza Expansion Capital then incurred but excluding any amount of Capital Expenditure that is funded from Reinvestment Proceeds Sources) not exceeding the Caliza Expansion Capital Permitted Limit. 

 

	22.3	Financial testing 

 The financial covenants set out in Clause 22.2 (Financial
condition) shall be tested quarterly by reference to the Borrower’s consolidated financial statements delivered pursuant to paragraphs (a) and (f) of Clause 21.1 (Financial statements) and/or each Compliance Certificate
delivered pursuant to Clause 21.2 (Compliance Certificate). 
  

	22.4	Accounting terms 

 All accounting expressions which are not otherwise defined herein
shall have the meaning ascribed thereto in Applicable GAAP of the Borrower. 
  

	23.	GENERAL UNDERTAKINGS 

 The undertakings in this Clause 23 remain in force from the date
of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 

  
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	23.1	Authorisations 

 Each Obligor shall promptly: 

 

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	supply certified copies to the Agent of, 

 any Authorisation required under any law or
regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance
Document. 
  

	23.2	Preservation of corporate existence 

 Subject to Clause 23.7 (Merger), each
Obligor shall (and the Borrower shall ensure that each of its Material Subsidiaries will), preserve and maintain its corporate existence and rights. 
  

	23.3	Preservation of properties 

 Each Obligor shall (and the Borrower shall ensure that each
of its Material Subsidiaries will): 
  

	 	(a)	maintain and preserve all of its properties that are used in the conduct of its business in good working order and condition, ordinary wear and tear excepted; and 

 

	 	(b)	maintain, preserve and protect all Intellectual Property and all necessary governmental and third party approvals, franchises, licenses and permits, material to the business of the Borrower or its Subsidiaries,

 provided neither paragraph (a) nor paragraph (b) shall prevent the Borrower or any of its Subsidiaries from
discontinuing the operation and maintenance of any of its properties or allowing to lapse certain approvals, licenses or permits which discontinuance is desirable in the conduct of its business and which discontinuance could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect. 
  

	23.4	Compliance with laws, regulations and contractual obligations 

  

	 	(a)	Each Obligor shall (and shall procure that each of its Subsidiaries will) comply in all respects with all laws and regulations to which it may be subject and all material contractual obligations to which it is a party
or by which it or any of its property or assets is bound, in each case, if failure to comply would be likely to have a Material Adverse Effect. 

  

	 	(b)	 The Borrower and each Obligor shall (and shall procure that each of its respective Subsidiaries will) comply with all applicable requirements under
ERISA and laws relating to IMSS, INFONAVIT, SAR laws or under other mandatory pension or retirement fund laws and will ensure that the levels of 

  
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contribution to pension schemes are in accordance with all its and their material obligations under such schemes and generally under applicable laws (including ERISA) and regulations, except
where such failure to comply or failure to make such contributions would not reasonably be expected to have a Material Adverse Effect. 

  

	 	(c)	Each Dutch Obligor will comply with the Dutch FSA if failure to comply would be likely to have a Material Adverse Effect. 

  

	23.5	Negative pledge 

 The Borrower shall not and shall not permit any of its Subsidiaries:

  

	 	(a)	directly or indirectly, to create, incur, assume or permit to exist any Security on or with respect to any of its property or assets or those of any Subsidiary, whether now owned or held or hereafter acquired; or

  

	 	(b)	to: 

  

	 	(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group; 

 

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

	 	(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enter into any other preferential arrangement having a similar effect, 

 in circumstances where
the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset (such arrangement or transaction being “Quasi-Security”), 

other than the following Security and Quasi-Security (“Permitted Security”): 

 

	 	(A)	Security for taxes, assessments and other governmental charges the payment of which is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserves or
other appropriate provision, if any, as shall be required by Applicable GAAP of the Borrower shall have been made; 

  

	 	(B)	Security granted pursuant to or in connection with any netting or set-off arrangements entered into in the ordinary course of trading (including, for the avoidance of doubt, any cash pooling or cash management
arrangements in place with a bank or financial institution falling within paragraph (j) of the definition of Permitted Financial Indebtedness); 

  
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	 	(C)	statutory liens of landlords and liens of carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of business for sums not yet due or the payment of which is being contested in good faith by
appropriate proceedings promptly initiated and diligently conducted and for which such reserves or other appropriate provision, if any, as shall be required by Applicable GAAP of the Borrower shall have been made; 

 

	 	(D)	liens incurred or deposits made in the ordinary course of business in connection with (1) workers’ compensation, unemployment insurance and other types of social security, or (2) other insurance
maintained by the Group in accordance with Clause 23.9 (Insurance); 

  

	 	(E)	any attachment or judgment lien, unless the judgment it secures shall not, within 60 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged
within 60 days after the expiration of any such stay; 

  

	 	(F)	Security and Quasi-Security existing on the date of this Agreement as described in Schedule 11 (Existing Security and Quasi-Security) (or any replacement of Security or Quasi-Security in accordance with paragraph
3 of Schedule 16 (Hedging Parameters) or any equivalent Security or Quasi-Security for Existing Financial Indebtedness that is a refinancing or replacement of Existing Financial Indebtedness) provided that the principal amount secured
thereby is not increased (save that principal amounts secured by Security or Quasi-Security in respect of: 

  

	 	(1)	Treasury Transactions where there are fluctuations in the mark-to-market exposures of those Treasury Transactions; and 

  

	 	(2)	Existing Financial Indebtedness where principal may increase by virtue of capitalisation of interest, 

may be increased by the amount of such fluctuations or capitalisations, as the case may be); 

 

	 	(G)	any Security or Quasi-Security permitted by the Agent, acting on the instructions of the Majority Lenders; 

  

	 	(H)	any Security created or deemed created pursuant to a Permitted Securitisation; 

  

	 	(I)	any Permitted PPP Security; 

  

	 	(J)	 any Security granted by the Borrower or any member of the Group incorporated in Mexico in favour of a Mexican

  
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development bank (sociedad nacional de crédito) controlled by the government of Mexico (including Banco Nacional de Comercio Exterior, S.N.C., and Banco Nacional de Obras y
Servicios Públicos, S.N.C.) securing indebtedness of the members of the Group in an aggregate additional amount of such indebtedness not exceeding $250,000,000 (or its equivalent in any other currency); 

 

	 	(K)	any Security or Quasi-Security granted in connection with any Treasury Transaction, excluding any Treasury Transaction described in Schedule 11 (Existing Security and
Quasi-Security), that constitutes Permitted Financial Indebtedness provided that the aggregate value of the assets that are the subject of such Security or Quasi-Security does not exceed $200,000,000 (or its equivalent in other
currencies) at any time; 

  

	 	(L)	Security or Quasi-Security granted or arising over receivables, inventory, plant or equipment that are the subject of an arrangement falling within paragraph (e) of the definition of Permitted Financial
Indebtedness; 

  

	 	(M)	the Transaction Security including, for the avoidance of doubt, (i) any sharing in the Transaction Security referred to in paragraphs (f) and (p) of the definition of Permitted Financial Indebtedness and
(ii) the Transaction Security which is in place over any Equally Secured Debt; 

  

	 	(N)	any Quasi-Security that is created or deemed created on shares of the Borrower or, as the case may be, Caliza, under paragraph (r) of the definition of Permitted Disposals by virtue of such shares being held on
trust for the holders of the convertible securities pending exercise of any conversion option, where such Quasi-Security is customary for such transaction; 

  
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	 	(O)	any Security or Quasi-Security granted over assets of the Caliza Group in connection with any Permitted Financial Indebtedness referred to in paragraph (o) of that definition; or 

 

	 	(P)	in addition to the Security and Quasi-Security permitted by the foregoing paragraphs (A) to (P), Security or Quasi-Security securing indebtedness of the Borrower and its Subsidiaries (taken as a whole) not in
excess of $500,000,000; or 

  

	 	(c)	to permit any Pension Plan to incur any “funding deficiency” whether or not waived, within the meaning of section 302 of ERISA or Section 412 of the Code or to permit any Non-US Pension Plan to violate
any material funding requirements under applicable law. 

  

	23.6	Financial Indebtedness 

  

	 	(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Borrower shall ensure that no member of the Group will) incur or allow to remain outstanding any Financial Indebtedness. 

 

	 	(b)	Paragraph (a) above does not apply to Financial Indebtedness which is Permitted Financial Indebtedness, Permitted Security, a Permitted Guarantee or Financial Indebtedness constituting (or incurred pursuant to) a
Permitted Transaction. 

  

	23.7	Merger 

  

	 	(a)	Subject to paragraph (b) of this Clause 23.7, unless it has obtained the prior written approval of the Majority Lenders, no Obligor shall (and the Borrower shall ensure that none of its Subsidiaries will)
enter into any amalgamation, demerger, merger, fusión, escisíón or other corporate reconstruction (a “Reconstruction”), other than (i) a Reconstruction relating only to the Borrower’s
Subsidiaries inter se; (ii) a Reconstruction between the Borrower and any of its Subsidiaries; (iii) a Reconstruction between members of the Caliza Group; or (iv) a solvent reorganisation or liquidation of any of the
Subsidiaries that are not Obligors, provided that in any case no Default shall have occurred and be continuing at the time of such transaction or would result therefrom and provided further that (A) none of the Transaction
Security (if any) granted to the Lenders nor the guarantees granted by the Guarantors hereunder is or are adversely affected as a result, and (B) the resulting entity, if it is not an Obligor, assumes the obligations of the Obligor the subject
of the merger. 

  

	 	(b)	No merger otherwise permitted by paragraph (a) of this Clause 23.7 (other than a Permitted Reorganisation) shall be so permitted if: 

 

	 	(i)	as a result the then existing Ratings of the Borrower would be downgraded or the Outlook would be negative, in each case at the date of announcement of a Reconstruction, directly as a result of any merger involving the
Borrower; or 

  

	 	(ii)	the resulting entity, if it is not an Obligor, does not assume the obligations of the Obligor that is the subject of the merger. 

  
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	23.8	Change of business 

  

	 	(a)	None of the Obligors (other than a Security Provider that is not also the Borrower or a Guarantor) shall make a substantial change to the general nature of its business from that carried on at the date of this Agreement
and there shall be no cessation of business in relation to any of the Obligors (unless (except in the case of the Borrower which shall in no event cease or substantially change its business) another Obligor continues to operate any such business).

  

	 	(b)	The Borrower shall procure that no substantial change is made to the general nature of the business of any of its Material Subsidiaries which are not Obligors from that carried on at the date of this Agreement and that
there shall be no cessation of such business (save that a Material Subsidiary that is only a Material Subsidiary by virtue of its being a Holding Company of a Material Subsidiary may change the nature of its business such that it is substantially
similar to the business carried on by any other Material Subsidiary). 

  

	 	(c)	Paragraphs (a) and (b) above do not apply to the Mexican Integration Initiative. 

  

	23.9	Insurance 

 The Obligors (other than a Security Provider that is not also the Borrower or
a Guarantor) shall (and the Borrower shall ensure that each of its Material Subsidiaries will) maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those risks and to the extent
as is usual for companies carrying on the same or substantially similar business where such insurance is available on reasonable commercial terms. 
  

	23.10	Environmental Compliance 

 The Borrower shall (and the Borrower shall ensure that each of
its Subsidiaries will) comply in all material respects with all Environmental Laws and obtain and maintain any Environmental Permits and take all reasonable steps in anticipation of known or expected future changes to or obligations under the same,
in each case where failure to do so might reasonably be expected to have a Material Adverse Effect. 
  

	23.11	Environmental Claims 

 The Borrower shall inform the Agent in writing as soon as
reasonably practicable upon becoming aware of the same: 
  

	 	(a)	if any Environmental Claim has been commenced or (to the best of the Borrower’s knowledge and belief) is threatened against any member of the Group which is likely to be determined adversely to the member of the
Group; or 

  

	 	(b)	of any facts or circumstances which will or are reasonably likely to result in any Environmental Claim being commenced or threatened against any member of the Group, 

  
 - 134 - 

 where the claim would be reasonably likely, if determined against that member of the Group, to
have a Material Adverse Effect. 
  

	23.12	Anti-corruption law 

  

	 	(a)	No Obligor shall directly or, to the knowledge of such Obligor, indirectly use the proceeds of the Facilities for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of
1977 or other similar legislation in other jurisdictions. 

  

	 	(b)	The Borrower shall maintain policies and procedures designed to promote and achieve compliance by the Obligors with applicable anti-corruption, anti-bribery and anti-money laundering laws and regulations.

  

	23.13	Sanctions 

 No Obligor shall directly or, to the knowledge of such Obligor, indirectly
use the proceeds of the Facilities (or lend, contribute or otherwise make available such proceeds to any person): 
  

	 	(a)	to directly fund or facilitate any activities or business (i) of, with or related to (or otherwise make funds available to or for the benefit of) any person, who is a designated target of or who is otherwise the
subject of Sanctions or (ii) in any country or territory that is a Sanctioned Country, each as of the time of such funding; or 

  

	 	(b)	in any manner or for any purpose that is prohibited by Sanctions: 

  

	 	(i)	applicable to such Obligor; or 

  

	 	(ii)	that would result in a violation of Sanctions by any Obligor. 

  

	23.14	Transactions with Affiliates 

 Each Obligor shall (and the Borrower shall ensure that its
Subsidiaries will) ensure that any transactions with respective Affiliates (other than a Permitted Reorganisation) are on terms that are fair and reasonable and no less favourable to such Obligor or such Subsidiary than it would obtain in a
comparable arm’s length transaction with a person not an Affiliate (and, if applicable, in accordance with any requirement of law (such as the Mexican Security Market Law (Ley del Mercado de Valores)). 

 

	23.15	Pari passu ranking 

 Each Obligor shall ensure that at all times its payment obligations
under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law or regulation applying to companies generally from time to time.

  
 - 135 - 

	23.16	Payment restrictions affecting Subsidiaries 

  

	 	(a)	Except as permitted under paragraph (b) below, the Borrower shall not enter into or suffer to exist, or permit any of its Subsidiaries to enter into or suffer to exist, any agreement or arrangement (other than any
Finance Document) directly limiting the ability of any of its Subsidiaries to: 

  

	 	(i)	declare or pay dividends or other distributions in respect of its or their respective equity interests in a Subsidiary, except any agreement or arrangement entered into by a person prior to such person becoming a
Subsidiary, in which case the Borrower shall use its reasonable endeavours to remove such limitations. If, however, such limitations are reasonably likely to affect the ability of any Obligor to satisfy its payment obligations under this Agreement,
the Borrower shall use its best endeavours to remove such limitations as soon as possible; or 

  

	 	(ii)	repay or capitalise any intercompany indebtedness owed by any Subsidiary to any Obligor and, for the avoidance of doubt, subordination provisions shall not be considered a limitation for the purpose of this
Clause 23.16. 

  

	 	(b)	The provision of paragraph (a) above shall not restrict: 

  

	 	(i)	any agreements or arrangements that are binding upon any person in connection with a Permitted Securitisation and any agreement or arrangement that limits the ability of any Subsidiary of the Borrower that transfers
receivables and related assets pursuant to a Permitted Securitisation to distribute or transfer receivables and related assets provided that, in each case, all such agreements and arrangements are customarily required by the institutional
sponsor or arranger of such Permitted Securitisation in similar types of documents relating to the purchase of receivables and related assets in connection with the financing thereof; 

 

	 	(ii)	customary provisions in Joint Venture agreements relating to dividends or other distributions in respect of such Joint Venture or the securities, assets or revenues of such Joint Venture; 

 

	 	(iii)	restrictions on distributions applicable to Subsidiaries of the Borrower that are the subject of agreements to sell or otherwise dispose of the stock or assets of such Subsidiaries pending such sale or other
disposition; 

  

	 	(iv)	any repayments of intercompany indebtedness owed by Caliza to the Borrower or any other member of the Group; and 

  

	 	(v)	 (subject to such Financial Indebtedness being Permitted Financial Indebtedness, and there being no other requirements restricting the same) entry by
any member of the Caliza Group into a working capital facility the terms of which limit the amount of dividends or other distributions as referred to in paragraph (a) above or the amount of

  
 - 136 - 

	 	
repayments or capitalisation of intercompany indebtedness as referred to in paragraph (a)(ii) above which may be made (in each case) by Caliza to any member of the Group at any time.

  

	23.17	Notification of adverse change in Ratings 

 The Borrower shall promptly notify the Agent
of any change in its Ratings or Outlook. 
  

	23.18	Acquisitions 

  

	 	(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Borrower shall ensure that no other member of the Group will) acquire a company or any shares or securities or a business or undertaking (or,
in each case, any interest in any of them). 

  

	 	(b)	Paragraph (a) above does not apply to an acquisition of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) or the incorporation of a company which is a
Permitted Acquisition, a Permitted Joint Venture or a Permitted Transaction. 

  

	23.19	Joint ventures 

  

	 	(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Borrower shall ensure that no member of the Group will): 

 

	 	(i)	enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture; or 

  

	 	(ii)	transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations of a Joint Venture or maintain the solvency of or provide working capital to any Joint Venture (or agree to do
any of the foregoing). 

  

	 	(b)	Paragraph (a) above does not apply to any acquisition of (or agreement to acquire) any interest in a Joint Venture or transfer of assets (or agreement to transfer assets) to a Joint Venture or loan made to or
guarantee or indemnity or Security given in respect of the obligations of a Joint Venture if such transaction is a Permitted Acquisition, a Permitted Transaction, a Permitted Disposal, a Permitted Loan, Permitted Security or a Permitted Joint
Venture. 

  

	23.20	Disposals 

  

	 	(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Borrower shall ensure that no member of the Group will) enter into a single transaction or a series of transactions (whether related or not)
and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset. 

  

	 	(b)	Paragraph (a) above does not apply to any sale, lease, transfer or other disposal which is a Permitted Disposal, a Permitted Distribution or a Permitted Transaction. 

  
 - 137 - 

	23.21	Arm’s length basis 

  

	 	(a)	Except as permitted by paragraph (b) below, no Obligor shall (and the Borrower shall ensure no member of the Group will) enter into any transaction with any person except on arm’s length terms and for full
market value. 

  

	 	(b)	The following transactions shall not be a breach of this Clause 23.21: 

  

	 	(i)	intra-Group loans permitted under Clause 23.22 (Loans or credit); 

  

	 	(ii)	any Permitted Reorganisation or Permitted Transaction. 

  

	23.22	Loans or credit 

  

	 	(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Borrower shall ensure that no member of the Group will) be a creditor in respect of any Financial Indebtedness. 

 

	 	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	a Permitted Loan; or 

  

	 	(ii)	a Permitted Transaction. 

  

	23.23	No Guarantees or indemnities 

  

	 	(a)	Except as permitted under paragraph (b) below, no Obligor shall (and the Borrower shall ensure that no member of the Group will) incur or allow to remain outstanding any guarantee in respect of any obligation of
any person. 

  

	 	(b)	Paragraph (a) does not apply to a guarantee which is: 

  

	 	(i)	a Permitted Guarantee; or 

  

	 	(ii)	a Permitted Transaction. 

  

	23.24	Dividends and share redemption 

  

	 	(a)	Except as permitted under paragraph (b) below, the Borrower shall not (and will ensure that no other member of the Group will): 

 

	 	(i)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any
class of its share capital); 

  

	 	(ii)	repay or distribute any dividend or share premium reserve; 

  

	 	(iii)	pay or allow any member of the Group to pay any management, advisory or other fee to or to the order of any of the shareholders of the Borrower; or 

 

	 	(iv)	redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so, 

  
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 other than, in each case, in connection with the entry into or performance of obligations or
distribution or settlement under any Permitted Put/Call Transaction or, in the case of sub-paragraph (iv) above, in connection with the entry into or performance of obligations or distribution or settlement under any Caliza Offering Option.

  

	 	(b)	Paragraph (a) above does not apply to: 

  

	 	(i)	a Permitted Distribution; or 

  

	 	(ii)	a Permitted Transaction (other than one referred to in paragraph (d) of the definition of that term). 

  

	23.25	Existing Financial Indebtedness and Permitted Fundraisings 

  

	 	(a)	Except as permitted under paragraph (b) below, the Borrower shall not (and will ensure that no other member of the Group will): 

 

	 	(i)	repay or prepay any principal amount (or capitalised interest) under the Existing Financial Indebtedness or any Permitted Fundraising falling within paragraph (c) of the definition thereof; or 

 

	 	(ii)	(other than where such Financial Indebtedness is acquired by the Group in consideration for a Permitted Disposal or results from a Permitted Acquisition) purchase, redeem, defease or discharge any of the Existing
Financial Indebtedness or any Permitted Fundraising falling within paragraph (c) of the definition thereof. 

  

	 	(b)	Paragraph (a) above does not apply to a Permitted Payment or a Permitted Transaction. 

  

	 	(c)	The Borrower shall (and will ensure that any other member of the Group which is or becomes a party to the Bancomext Facility or any refinancing thereof will) use its best endeavours to refinance the Bancomext Facility
(and any subsequent refinancing of the Bancomext Facility) on terms (excluding Security) which are no more favourable to Bancomext than the terms of this Agreement are to the Lenders hereunder. 

 

	 	(d)	For the avoidance of doubt: 

  

	 	(i)	any delivery of shares, common equity securities in the Borrower or reference property in connection with the same pursuant to the operation of the terms of any Relevant Convertible/Exchangeable Obligations; and

  

	 	(ii)	any payment pursuant to Clause 28.1 (Permitted Debt Purchase Transactions), 

 shall not
be restricted by this Clause 23.25. 

  
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	23.26	Share capital 

 No Obligor shall (and the Borrower shall ensure no member of the Group
will) issue any shares except pursuant to: 
  

	 	(a)	a Permitted Share Issue or delivery of shares contemplated by paragraph (d)(i) of Clause 23.25 (Existing Financial Indebtedness and Permitted Fundraisings); 

 

	 	(b)	a Permitted Distribution; and 

  

	 	(c)	a Permitted Transaction. 

  

	23.27	Amendments 

  

	 	(a)	No Obligor shall (and the Borrower shall ensure that no member of the Group will) following the date of this Agreement amend, vary, novate, supplement, supersede, waive or terminate any term of any document evidencing
or relating to Existing Financial Indebtedness or any other document delivered to the Agent pursuant to Part I of Schedule 2 (Conditions Precedent) or Clause 29 (Changes to the Obligors) or enter into any agreement with any
shareholders of the Borrower or any of their Affiliates which is not a member of the Group except in writing: 

  

	 	(i)	in the case of any document evidencing or relating to any Existing Financial Indebtedness, or any other document delivered to the Agent pursuant to Part I of Schedule 2 (Conditions Precedent) or Clause 29
(Changes to the Obligors), in a way which: 

  

	 	(A)	could not reasonably be expected materially and adversely to affect the interests of the Lenders; and 

  

	 	(B)	except as provided for under this Agreement, would not change the obligors, borrowers or guarantors, provide Security or Quasi-Security, bring forward a date for payment or increase the amount of interest, principal or
fees payable, in each case in respect of Existing Financial Indebtedness (provided that nothing in this Clause 23.27 will affect the ability of members of the Group to enter into a Permitted Fundraising); and 

 

	 	(ii)	in the case of an agreement with any shareholder of the Borrower or any of their Affiliates which is not a member of the Group, where such agreement could not be reasonably expected to materially and adversely affect
the interests of the Lenders (taken as a whole). 

  

	 	(b)	The Borrower shall promptly supply to the Agent a copy of any document relating to any of the matters referred to in paragraphs (i) and (ii) above. 

  
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	23.28	Treasury Transactions 

 No Obligor shall (and the Borrower will procure that no members
of the Group will) engage in any Treasury Transaction, other than in accordance with the terms of Schedule 16 (Hedging Parameters). 
  

	23.29	Transaction Security 

 The Borrower will ensure that, under the Transaction Security
Documents, save as a result of the operation of Clause 25 (Automatic Release of Transaction Security), the Lenders have Transaction Security over: 
  

	 	(a)	all of the shares in each entity that is a direct or indirect shareholder in CEMEX España (except (i) CEMEX International Finance Company, CEMEX Trading Caribe Ltd, CEMEX Trading LLC, Sunbelt Trading, SRL
and Sunbelt-Re Limited; (ii) 8,424,037 shares in CEMEX TRADEMARKS HOLDING Ltd. held by CEMEX, Inc., representing 0.4326% of the issued share capital of CEMEX TRADEMARKS HOLDING Ltd.; (iii) 0.1200% of the shares in CEMEX México held
by CEMEX, Inc. and (iv) the single share held by a minority shareholder that is a member of the Group in each Mexican company whose shares are the subject of Transaction Security (other than CEMEX Mexico)); and 

 

	 	(b)	all of the shares in CEMEX España (except (i) 0.2444% of the issued share capital, being shares owned by CEMEX España; and (ii) 0.1164% of the issued share capital, being shares owned by persons
that are not members of the Group), 

 such Transaction Security to be, in each case, in substantially the form of the
Transaction Security referred to in paragraph 3 (Transaction Security Documents) of Part I of Schedule 2 (Conditions Precedent) granted in the jurisdiction of incorporation or establishment of the company whose shares are the subject
of the Transaction Security or, where there is no Transaction Security referred to in paragraph 3 (Transaction Security Documents) of Part I of Schedule 2 (Conditions Precedent) granted in such jurisdiction, in form and substance
satisfactory to the Agent (acting reasonably). 
  

	23.30	Further assurance 

  

	 	(a)	Each Obligor shall (and the Borrower shall procure that each member of the Group will) promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and
instructions) as the Security Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)): 

 

	 	(i)	 to perfect the Security created or intended to be created under or evidenced by the Transaction Security Documents (which may include the execution of
a mortgage, security trust, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any

  
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rights, powers and remedies of the Security Agent or the Finance Parties provided by or pursuant to the Finance Documents or by law (directly, through the Agent or Security Agent, through any
sub-agent appointed thereby or otherwise); 

  

	 	(ii)	to confer on the Security Agent (or confer on the Finance Parties) Security over any property and assets of that Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or
pursuant to the Transaction Security Documents; and/or 

  

	 	(iii)	to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction Security. 

  

	 	(b)	Each Obligor shall (and the Borrower shall procure that each member of the Group shall) take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of
the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Finance Parties by or pursuant to the Finance Documents. 

 

	23.31	Restriction on exercise of perpetual bond call options 

 The Borrower shall not (and
shall procure that no member of the Group will) exercise (or take any action or step with a view to exercising) any call option in relation to any perpetual bonds issued by any member of the Group unless the exercise of the call option will not have
a materially negative impact on the cash flow of the Group (and, prior to exercising such call option, the Borrower has delivered written notice to the Agent confirming that this is the case). 

 

	23.32	Payment of Obligations 

 The Borrower will pay and discharge, and cause each of its
Subsidiaries to pay and discharge, before the same shall become delinquent, (a) all taxes, assessments and governmental charges or levies assessed, charged or imposed upon it or upon its property and (b) all lawful claims that, if unpaid,
might by law become a Security upon its property, except where the failure to make such payments or effect such discharges could not reasonably be expected to have a Material Adverse Effect, provided, however, that neither
Borrower nor any of its Subsidiaries shall be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim that is being contested in good faith and proper proceedings and as to which appropriate reserves
are being maintained in accordance with Applicable GAAP of the Borrower, unless and until any Security resulting therefrom attaches to its property and becomes enforceable against its other creditors. 

 

	23.33	Margin regulations 

 The Borrower shall not use any part of the proceeds of the
Utilisations for any purpose which would result in any violation (whether by the Borrower, the Agent or the Lenders) of Regulation T, U or X of the Board of Governors of the Federal Reserve System or to extend credit to others for any such purpose.
The Borrower 

  
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shall not engage in, or maintain as one of its important activities, the business of extending credit for the purpose of purchasing or carrying any margin stock (as defined in such regulations).

  

	23.34	Caliza 

 The Borrower shall if it owns (directly or indirectly) any shares in Caliza,
ensure that: 
  

	 	(a)	it has the power to: 

  

	 	(i)	cast, or control the casting of, at least 51% of the maximum number of votes that might be cast at a general meeting of Caliza; and 

  

	 	(ii)	appoint or remove all, or the majority, of the directors or other equivalent officers of Caliza; 

  

	 	(b)	it has the right to receive at least 51% of all dividends and other distributions in respect of equity interests in Caliza; and 

  

	 	(c)	to the extent permitted by Applicable GAAP, Caliza is consolidated within the Group for accounting purposes in accordance with Applicable GAAP (and, if Caliza is not consolidated, the Borrower shall provide to the
Agent, at the same time it delivers consolidated financial statements pursuant to Clause 21.1 (Financial statements), pro forma financial statements for the Group (for the avoidance of doubt, including the Caliza Group)).

  

	23.35	Alternative Club Loan 

  

	 	(a)	In this Clause 23.35: 

  

	 	(i)	“Amendment Terms” means, in connection with any amendments to this Agreement that may be required pursuant to paragraphs (b) or (c) below, the terms of an amendment and restatement agreement
in relation to this Agreement (including as a schedule to that agreement an amended and restated form of this Agreement) and of such other documents as may be entered into in connection with those amendments (including in connection with any
extension or ratification of the Transaction Security), as such terms may be agreed or determined in accordance with paragraphs (d) to (f) below; 

  

	 	(ii)	“Consent Date” means the date on which the Agent under (and as defined in) the 2012 Facilities Agreement notifies the Borrower that the Majority Lenders under (and as defined in) the 2012 Facilities
Agreement have consented to all of the amendments to the 2012 Facilities Agreement requested in the Consent Request; 

  

	 	(iii)	“Consent Request” means a consent request in the agreed form delivered by the Borrower (in its capacity as the Parent under (and as defined in) the 2012 Facilities Agreement) to the Agent under (and as
defined in) the 2012 Facilities Agreement requesting the consent of the Majority Lenders under (and as defined in) the 2012 Facilities Agreement to certain amendments to the terms of the 2012 Facilities Agreement; 

  
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	 	(iv)	“Day 30” means the date falling 30 days after the date of this Agreement; 

  

	 	(v)	“Day 60” means the date falling 60 days after the date of this Agreement; 

  

	 	(vi)	“Day 60 + 5” means the date falling five Business Days after Day 60; 

  

	 	(vii)	“Day 90” means the date falling 90 days after the date of this Agreement; 

  

	 	(viii)	“Day 90 + 5” means the date falling five Business Days after Day 90; and 

  

	 	(ix)	“Negotiation Period” means the period from (but excluding) Day 30 to (and including): 

  

	 	(A)	(if the Borrower has delivered a Consent Request on or before Day 30) the earlier of Day 90 and the Consent Date; and 

  

	 	(B)	(if the Borrower has not delivered a Consent Request on or before Day 30) Day 60, 

 provided
that, for the avoidance of doubt, if the Borrower has delivered a Consent Request on or before Day 30 and the Consent Date has occurred on or before Day 30, there shall be no Negotiation Period. 

 

	 	(b)	In the event that: 

  

	 	(i)	the Borrower has delivered a Consent Request on or before Day 30; and 

  

	 	(ii)	the consent of the Majority Lenders under (and as defined in) the 2012 Facilities Agreement to any of the amendments requested in the Consent Request has not been given on or before Day 90, 

then any term of this Agreement corresponding to a term of the 2012 Facilities Agreement in respect of which such consent was sought and not
given on or before Day 90, shall, on or before Day 90 + 5, be amended to conform to the corresponding term of 2012 Facilities Agreement in accordance with paragraphs (d) to (f) below. 

 

	 	(c)	 In the event that the Borrower has not delivered a Consent Request to the Agent under (and as defined in) the 2012 Facilities Agreement on or before
Day 30, then any term of this Agreement corresponding to a term of the 2012 Facilities Agreement in respect of which the consent of the Majority Lenders under (and as defined in) the 2012 Facilities Agreement to an amendment would have been sought
in the Consent Request (determined with reference to the term sheet annexed to the mandate letter dated 5 September 2014 in 

  
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respect of the Facilities, and had the Consent Request been delivered on or before Day 30) shall, on or before Day 60 + 5, be amended to bring it into line with the corresponding term of 2012
Facilities Agreement in accordance with paragraphs (d) to (f) below. 

  

	 	(d)	The Borrower and the Agent (acting on the instructions of the Majority Lenders) shall work together in good faith during any Negotiation Period to agree the Amendment Terms. 

 

	 	(e)	If any amendments to this Agreement are required pursuant to paragraph (b) or paragraph (c) above, but the Borrower and the Agent have failed to reach an agreement on any Amendment Terms by close of business
in London on the last day of the relevant Negotiation Period, then the Amendment Terms in respect of which no agreement has been reached shall be specified by the Agent (acting on the instructions of the Majority Lenders and only insofar as is
strictly necessary for the amendments required). 

  

	 	(f)	If any amendments to this Agreement are required pursuant to paragraph (b) or paragraph (c) above, the Borrower shall execute any documents and take any other actions as the Agent (acting on the instructions
of the Majority Lenders) or Security Agent (acting on the instructions of the Agent, itself acting on the instructions of the Majority Lenders) may reasonably request to effect the Amendment Terms. 

 

	23.36	Relevant Convertible/Exchangeable Obligations 

 The Borrower shall (and shall ensure that
all members of the Group shall) ensure that in relation to any issuance of Relevant Convertible/Exchangeable Obligations where there is a related Permitted Put/Call Transaction, at the time of the issuance of the Relevant Convertible/Exchangeable
Obligations, the aggregate of (i) the maximum applicable coupon (excluding any amounts payable as a result of or in relation to any withholding tax) on the Relevant Convertible/Exchangeable Obligations (expressed as a percentage on an annual
basis) plus the premium associated with any Permitted Put/Call Transaction(s) related to those Relevant Convertible/Exchangeable Obligations (expressed as a percentage of the aggregate principal amount of such issuance of Relevant
Convertible/Exchangeable Obligations) divided by (ii) the number of years for which those Relevant Convertible/Exchangeable Obligations are issued, will be less than or equal to 15 per cent. per annum. 

 

	23.37	Swiss restrictions on Facilities 

 The Borrower shall not (and shall ensure that no other
member of the Group will) permit that any proceeds of the Facilities be remitted, directly or indirectly, to any Swiss tax resident company or Swiss tax resident permanent establishment, where this remittance could be viewed as a use of such
proceeds in Switzerland (whether through an intercompany loan or advance by any other Group entities or otherwise) as per the practice of the Swiss Federal Tax Administration, unless the Swiss Federal Tax Administration confirms in a written advance
tax ruling (based on a fair description of the fact pattern in the tax ruling request made by the Borrower or other relevant member of the Group) that such use of proceeds in Switzerland does not lead to Swiss withholding tax becoming due on or in
respect of a Facility or any part thereof. 

  
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	23.38	Conditions subsequent 

  

	 	(a)	The Borrower shall appear (and ensure that each member of the Group party to the relevant document appears) before a notary in Spain for the purpose of raising this Agreement, the document described at
paragraph 3(a)(ii) of Part I (Initial Conditions Precedent) of Schedule 2 and any document required for the Borrower and each Original Guarantor to accede to the Intercreditor Agreement to the status of a Spanish Public Document on or
before the date falling 10 Business Days after the date of this Agreement. 

  

	 	(b)	The Borrower shall ensure that, on or before the date falling 30 Business Days after the date of this Agreement, the Security Agent has received evidence in form and substance satisfactory to it of the registration of
the Transaction Security Document referred to in sub paragraph (a)(iii) of paragraph 3 (Transaction Security Documents) of Part I of Schedule 2 (Conditions Precedent) with the Registro Único de Garantías
Mobiliarias of Mexico. 

  

	 	(c)	The Borrower shall (and shall ensure that each member of the Group party to the relevant document will), upon the request of the Agent, appear before a notary in Spain for the purpose of raising to the status of a
Spanish Public Document: 

  

	 	(i)	any Accession Letter; and 

  

	 	(ii)	any other Finance Document (or other document required in connection with a Finance Document) that the Agent may reasonably request be raised to the status of a Spanish Public Document, 

provided that (unless the Borrower otherwise agrees) the Agent may not request that any member of the Group appear before a notary:

  

	 	(A)	on a date falling less than 30 days after the date of the request; and 

  

	 	(B)	(where the Lenders are also required to appear before the notary in relation to a document) unless Lenders representing at least 80 per cent. of the Total Commitments (or such lesser number as would represent the
remainder of the Lenders that have yet to appear in relation to the document) will also appear before the notary at the same time. 

  

	24.	COVENANT RESET DATE 

 On or after the Covenant Reset Date this Agreement shall, if the
Borrower so elects by notice to the Agent, automatically be amended as follows: 
  

	 	(a)	The definition of “Majority Lenders” shall be amended so that to the words “66 2⁄3 % or more” shall in
(both places where it appears) be replaced with “more than 50%”. 

  
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	 	(b)	Paragraph (m) of the definition of Permitted Acquisition in Clause 1.1 (Definitions) shall be deleted and replaced by the following: 

 

	 	“(m)	any other acquisition of a company, of shares, securities or a business or undertaking (or, in any case, any interest in any of them) provided that the Borrower has delivered to the Agent a certificate signed by
an Authorised Signatory confirming that, on a pro forma basis, assuming that the Acquisition had been made immediately prior to the first day of the most recent Reference Period for which a Compliance Certificate has been or is required to
have been delivered under this Agreement, the Borrower would have been in compliance with the financial covenant in paragraph (b) of Clause 22.2 (Financial condition) as at the last day of the most recent Reference Period for which a
Compliance Certificate has been or is required to have been delivered under this Agreement;” 

  

	 	(c)	Paragraph (k) of the definition of Permitted Disposal in Clause 1.1 (Definitions) shall be deleted and replaced with the following: 

 

	 	“(k)	of shares in any member of the Group (provided that all such shares in that entity owned by a member of the Group are the subject of the Disposal) or of any other asset, in each case on arm’s length terms and for
full market value;” 

  

	 	(d)	Paragraph (p) of the definition of Permitted Financial Indebtedness in Clause 1.1 (Definitions) shall be deleted and replaced by the following: 

 

	 	“(p)	not permitted by the preceding paragraphs or as a Permitted Transaction provided that the Borrower has delivered to the Agent a certificate signed by an Authorised Signatory confirming that, on a pro forma
basis, assuming that the Financial Indebtedness had been incurred and the proceeds had been applied (to the extent required) in accordance with Clause 8 (Mandatory Prepayment) in the way in which such proceeds are intended by the Group to be
applied immediately prior to the first day of the most recent Reference Period for which a Compliance Certificate has been or is required to have been delivered under this Agreement, the Borrower would have been in compliance with the financial
covenant in paragraph (b) of Clause 22.2 (Financial condition) as at the last day of the most recent Reference Period for which a Compliance Certificate has been or is required to have been delivered under this Agreement;”

  

	 	(e)	In the definition of Permitted Guarantee in Clause 1.1 (Definitions): 

  

	 	(i)	paragraph (f)(v) shall be deleted and replaced with the following: 

  

	 	“(v)	any of paragraphs (i) to (l), paragraph (n) or paragraph (p);” 

  

	 	(ii)	paragraph (m) shall be deleted and replaced with the following: 

  

	 	“(m)	 any other guarantee given by a member of the Group in favour of a bank or financial institution in respect of obligations of that bank or financial
institution to a third party that does not fall within paragraph (d) above provided that at any time the 

  
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aggregate principal amount guaranteed by all such guarantees then outstanding under this paragraph (m) does not exceed $900,000,000 (and provided further that any performance bonds,
banker’s acceptances or guarantee, bonding, documentary or stand-by letter of credit facilities shall only be counted towards such limit to the extent that such performance bond, banker’s acceptance, guarantee, bonding, documentary or
stand-by letter of credit facility constitutes Debt);”. 

  

	 	(f)	In paragraph (c) of the definition of Permitted Joint Venture in Clause 1.1 (Definitions), the figure “$400,000,000” shall (in both places where it appears) be deleted and replaced with
“$500,000,000” and the wording which reads “(when aggregated with the aggregate amount of the consideration for acquisitions falling within paragraph (m) of the definition of Permitted Acquisition (excluding any such amount that
is funded from Reinvestment Proceeds Sources) in that Financial Year)” shall be deleted. 

  

	 	(g)	In paragraph (k) of the definition of Permitted Loan in Clause 1.1 (Definitions), the figure “$250,000,000” shall be deleted and replaced with “$500,000,000”. 

 

	 	(h)	The definition of “Super Majority Lenders”, and the word “Super” at paragraph (c) of Clause 39.2 (Exceptions), shall be deleted. 

 

	 	(i)	Clause 8 (Mandatory Prepayment) shall be amended so that Disposal Proceeds, Caliza Proceeds, Permitted Equity Fundraising Proceeds and Permitted Debt Fundraising Proceeds may be used for reinvestment in the
business of the Group (including, but not limited to, towards any Capital Expenditure, Caliza Expansion Capital, Permitted Acquisition or Permitted Joint Venture), repayment of any Financial Indebtedness or any other purpose otherwise permitted or
not restricted by the terms of this Agreement. 

  

	 	(j)	Paragraph (b) (Consolidated Leverage Ratio) of Clause 22.2 (Financial condition) shall be deleted and replaced by the following: 

 

	 	“(b)	Consolidated Leverage Ratio: the Consolidated Leverage Ratio in respect of any Reference Period shall not exceed 4.25:1.” 

  

	 	(k)	Paragraphs (c) (Capital Expenditure) and (d) (Caliza Capital Expenditure) of Clause 22.2 (Financial condition) shall be deleted. 

 

	 	(l)	In paragraph (b)(P) of Clause 23.5 (Negative pledge), the figure “$500,000,000” shall be deleted and replaced by “five per cent. of the total consolidated gross assets of the Group at that
time”. 

  

	 	(m)	Clause 23.8 (Change of business) shall be deleted and replaced with the following: 

  

	 	“23.8	Change of business 

 The Borrower shall ensure that no substantial change is made to the
general nature of the business of the Borrower, the Obligors of the Group taken as a whole from that carried on at the date of this Agreement.” 

  
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	 	(n)	Clause 23.24 (Dividends and share redemption), Clause 23.25 (Existing Financial Indebtedness and Permitted Fundraisings), Clause 23.26 (Share capital), Clause 23.31 (Restriction on exercise of
perpetual bond call options), and Clause 23.36 (Relevant Convertible/Exchangeable Obligations) shall be deleted. 

  

	 	(o)	In Clause 23.27 (Amendments), the words “any document evidencing or relating to Existing Financial Indebtedness or” shall be deleted (in both places where they appear). 

 

	 	(p)	Clause 23.28 (Treasury Transactions) shall be deleted and replaced with the following: 

  

	 	“23.8	Treasury Transactions 

 No Obligor shall (and the Borrower shall procure that no other
member of the Group will) enter into any Treasury Transaction other than for the hedging of actual or projected real exposures arising in the ordinary course of business of a member of the Group and not for speculative purposes.” 

 

	 	(q)	Paragraph (d) of Clause 39.2 (Exceptions) shall be deleted. 

  

	25.	AUTOMATIC RELEASE OF TRANSACTION SECURITY 

  

	25.1	Release of Mexican Security Trust Agreement 

 Notwithstanding any term in the
Intercreditor Agreement to the contrary, on the first Business Day falling after the date of this Agreement on which all of the following conditions are met: 
  

	 	(a)	the Consolidated Leverage Ratio of the two most recently completed Reference Periods in respect of which Compliance Certificates have been delivered under this Agreement was not greater than 3.75:1; and

  

	 	(b)	the Borrower has delivered a certificate (signed by an Authorised Signatory and dated no earlier than the date of most recent Compliance Certificate referred to in paragraph (a) above) confirming that no Default is
continuing at the date of that certificate, 

 provided that no other unsubordinated Financial Indebtedness of the
Borrower shall benefit from the Mexican Security Trust Agreement, and (subject to receipt of written notice from the Agent in accordance with Clause 25.3 (Notification by Agent) below) the Security Agent is irrevocably authorised (at the cost
of the relevant Obligor, Security Provider or the Borrower and without any consent, sanction, authority or further confirmation from any Secured Party, Obligor 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, 

  
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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. 
  

	25.2	Release of Transaction Security - other jurisdictions 

 Notwithstanding any term in the
Intercreditor Agreement to the contrary, on the first Business Day falling after the date of this Agreement on which all of the following conditions are met: 
  

	 	(a)	the Consolidated Leverage Ratio for the two most recently completed Reference Periods in respect of which Compliance Certificates have been delivered under this Agreement was not greater than 3.75:1; and

  

	 	(b)	the Borrower has delivered a certificate (signed by an Authorised Signatory and dated no earlier than the date of most recent Compliance Certificate referred to in paragraph (a) above) confirming that no Default is
continuing at the date of that certificate, 

 provided that no other unsubordinated Financial Indebtedness of the
Borrower shall benefit from the Transaction Security not referred to in Clause 25.1 (Release of Mexican Security Trust Agreement) and (subject to receipt of written notice from the Agent in accordance with Clause 25.3 (Notification by
Agent) below) the Security Agent is irrevocably authorised (at the cost of the relevant Obligor, Security Provider or the Borrower and without any consent, sanction, authority or further confirmation from any Secured Party, Obligor or Security
Provider) to promptly release (and the Security Agent shall so release) the Transaction Security not already released pursuant to Clause 25.1 (Release of Mexican Security Trust Agreement) above and any other claim over the assets subject to
that Transaction Security, and to execute and deliver or enter into (and the Security Agent shall execute and deliver or enter into) any release of that Transaction Security or claim that may, in the discretion of the Security Agent, be considered
necessary or desirable. 
  

	25.3	Notification by Agent 

 The Agent shall promptly notify the Security Agent in writing on
the date at which the conditions set out in Clause 25.1 (Release of Mexican Security Trust Agreement) have been satisfied and on the date at which the conditions set out in Clause 25.2 (Release of Transaction Security - other
jurisdictions) have been satisfied. 
  

	25.4	Finance Parties’ and Obligors’ actions 

 Each Finance Party and each Obligor
will: 
  

	 	(a)	do all things that the Security Agent or the Borrower reasonably requests in order to give effect to this Clause 25 (which shall include, without limitation, the execution of any assignments, transfers, releases or
other documents that the Security Agent or the Borrower may consider to be necessary to give effect to the releases contemplated by Clause 25.1 (Release of Mexican Security Trust Agreement) and Clause 25.2 (Release of Transaction
Security - other jurisdictions) and the voting in favour of any amendment to the Intercreditor Agreement proposed by the Borrower in order to give effect to this Clause 25); 

  
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	 	(b)	if the Security Agent is not entitled to take any of the actions contemplated by this Clause 25 or is otherwise prevented from taking or, with respect to any Finance Party, is unable to take the actions
contemplated by this Clause 25 and requests that a Finance Party take that action, each Finance Party 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 an Obligor 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 25 with respect to any Obligor or requests that any Obligor take any such action, such Obligor shall take that action
itself in accordance with the instructions of the Security Agent.] 

  

	26.	EVENTS OF DEFAULT 

 Each of the events or circumstances set out in this Clause 26 (except
for Clause 26.16 (Acceleration)) is an Event of Default. 
  

	26.1	Non-payment 

 An Obligor does not pay on the due date any amount payable to or for the
account of a Lender pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless such failure to pay is caused by an administrative error or technical difficulties within the banking system in
relation to the transmission of funds and payment is made within three Business Days of its due date. 
  

	26.2	Financial Covenants and other obligations 

 Any requirement of Clause 22 (Financial
Covenants) is not satisfied or the Borrower fails to deliver any Compliance Certificate in accordance with Clause 21.2 (Compliance Certificate). 
  

	26.3	Other obligations 

  

	 	(a)	An Obligor or any other member of the Group does not comply with any provision of the Finance Documents (other than those referred to in Clause 26.1 (Non-payment) and Clause 26.2 (Financial Covenants
and other obligations)). 

  

	 	(b)	No Event of Default under paragraph (a) of this Clause 26.3 above will occur if the failure to comply is capable of remedy and is remedied within 15 Business Days of the Agent giving written notice to the
Borrower or an Obligor becoming aware of the failure to comply, whichever is the earlier. 

  
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	26.4	Misrepresentation 

  

	 	(a)	Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or
proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

  

	 	(b)	No Event of Default under paragraph (a) of this Clause 26.4 will arise if the circumstances giving rise to the misrepresentation are capable of remedy and are remedied within 15 Business Days of the Agent giving
written notice to the Borrower or an Obligor becoming aware of the failure to comply, whichever is the earlier. 

  

	26.5	Cross default 

  

	 	(a)	Any Financial Indebtedness of any Obligor or member of the Group is not paid when due nor within any originally applicable grace period. 

 

	 	(b)	Any Financial Indebtedness of any Obligor or member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).

  

	 	(c)	Any creditor of any member of the Group or any Obligor becomes entitled to declare any Financial Indebtedness of any member of the Group or any Obligor due and payable prior to its specified maturity as a result of an
event of default (however described). 

  

	 	(d)	No Event of Default will occur under this Clause 26.5 if the aggregate amount of Financial Indebtedness falling within paragraphs (a) to (c) of this Clause 26.5 is less than $50,000,000 (or its
equivalent in any other currency or currencies). 

  

	26.6	Insolvency 

  

	 	(a)	Any of the Obligors or Material Subsidiaries is unable or admits inability to pay its debts as they fall due (including a state of cessation des paiements within the meaning of the French Commercial Code) or, by
reason of actual financial difficulties: (i) suspends or threatens to suspend making payments on any of its debts in an aggregate amount exceeding $50,000,000 (or its equivalent in any other currency or currencies) or (ii) commences
negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness in respect of an aggregate amount of indebtedness exceeding $50,000,000 (or its equivalent in any other currency or currencies). 

 

	 	(b)	The value of the assets of any of the Obligors or Material Subsidiaries is less than its liabilities (taking into account contingent and prospective liabilities other than any such liabilities arising under Clause 19
(Guarantee and Indemnity)) other than: 

  

	 	(i)	 in the case of CEMEX Corp. or the Holding Company of CEMEX Corp. or any other Holding Company which (A) is not an Obligor,
(B)

  
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is not a Holding Company incorporated in Mexico or (C) does not, on a solus basis, satisfy the requirements of paragraphs (a), (b) or (c) of the definition of Material Subsidiary,
liabilities (including contingent and prospective liabilities) owed by such companies on and at any time after the date of this Agreement to another member of the Group provided that, in each case, such liabilities of such companies are
subordinated to the claims of the Lenders in the event of the bankruptcy, winding-up or liquidation of such companies or an acceleration under Clause 26.16 (Acceleration); and 

 

	 	(ii)	in the case of the Holding Company of CEMEX Corp. when consolidating CEMEX Corp. or when considering the value of its shareholding in CEMEX Corp., any liabilities (including contingent and prospective liabilities) owed
by CEMEX Corp. to another member of the Group provided that, such liabilities of CEMEX Corp. are subordinated to the claims of the Lenders in the event of the bankruptcy, winding-up or liquidation of CEMEX Corp. or an acceleration under
Clause 26.16 (Acceleration). 

  

	 	(c)	A moratorium is declared in respect of any indebtedness of any of the Obligors or Material Subsidiaries. 

  

	26.7	Insolvency proceedings 

 Any corporate action, legal proceeding or other procedure or
step is taken in relation to: 
  

	 	(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration, the opening of proceedings for sauvegarde, sauvegarde financière
accélérée, redressement judiciaire or liquidation judiciaire or judgment for cession totale ou partielle de l’entreprise pursuant to articles L. 620-1 to L. 670-8 of the French Commercial
Code, Irish law examinership, reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise, including, in the context of a mandat ad hoc or of a conciliation in accordance with articles L. 611-3 to
L. 611-15 of the French Commercial Code), concurso mercantil, quiebra of any of the Obligors or Material Subsidiaries other than a solvent liquidation or reorganisation of any of the Material Subsidiaries; 

 

	 	(b)	a composition, assignment or arrangement with any class of creditor of any of the Obligors or Material Subsidiaries; 

  

	 	(c)	the appointment of a liquidator (other than in respect of a solvent liquidation of any of the Material Subsidiaries), receiver, administrator, mandataire ad hoc, conciliateur, examiner, conciliador,
administrative receiver, compulsory manager or other similar officer in respect of any of the Obligors or Material Subsidiaries or any of their assets, 

or any analogous procedure or step is taken in any jurisdiction. 

  
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 This paragraph shall not apply to any 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. 
  

	26.8	Expropriation and sequestration 

  

	 	(a)	Any expropriation or sequestration (or equivalent event under any applicable law) affects any asset or assets of any Obligor or any Material Subsidiary and has a Material Adverse Effect. 

 

	 	(b)	The authority or ability of the Borrower or any Material Subsidiary to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or
other action by or on behalf of any governmental, regulatory or other authority or other person in relation to the Borrower or any Material Subsidiary (or, in each case, any of its assets) with an aggregate book value equal to 5 per cent. or
more of the gross book value of the assets of the Group (on a consolidated basis). 

  

	26.9	Availability of foreign exchange 

  

	 	(a)	Any restriction or requirement not in effect on the date hereof shall be imposed, whether by legislative enactment, decree, regulation, order or otherwise, which limits the availability or the transfer of foreign
exchange by any Obligor for the purpose of performing any material obligations under the Finance Documents, any certificates, waivers, or any other agreements delivered pursuant to the Finance Documents. 

 

	 	(b)	Paragraph (a) above shall not apply to any such restriction or requirement imposed as a result of a member state of the European Union which is a Participating Member State in relation to the euro ceasing to be a
Participating Member State in relation to the euro, unless such restriction or requirement would be reasonably likely to result in a Material Adverse Effect. 

  

	26.10	Creditors’ process and enforcement of Security 

  

	 	(a)	Any Security is enforced against any Obligor or any Material Subsidiary. 

  

	 	(b)	Any attachment, distress or execution (including any of the enforcement proceedings provided for in French Ordinance no 2011-1895 of 19 December 2011) affects any asset or assets of any Obligor or any Material
Subsidiary which is reasonably likely to cause a Material Adverse Effect. 

  

	 	(c)	No Event of Default under paragraph (a) or (b) of this Clause 26.10 will occur if: 

  

	 	(i)	the action is being contested in good faith by appropriate proceedings; 

  

	 	(ii)	the principal amount of the indebtedness secured by such Security or in respect of which such attachment, distress or execution is carried out represents less than $50,000,000 (or its equivalent in any other currency or
currencies); and 

  

	 	(iii)	the enforcement proceedings, attachment, distress or execution is or are discharged within 60 days of commencement. 

  
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	26.11	Ownership of Obligors 

  

	 	(a)	Any Obligor (other than the Borrower) ceases to be a wholly owned Subsidiary of the Borrower (or, in the case of CEMEX España, CEMEX Concretos, CEMEX Finance, CEMEX Corp. or any España Subsidiary
Guarantor, the Borrower’s percentage indirect shareholding in CEMEX España, CEMEX Concretos, CEMEX Finance, CEMEX Corp. or that España Subsidiary Guarantor is reduced from the percentage as at the date of this Agreement) except if
it is the subject of a Third Party Disposal. 

  

	 	(b)	Either of the following events occurs: 

  

	 	(i)	a Change of Control; or 

  

	 	(ii)	the sale of all or substantially all of the assets of the Group whether in a single transaction or a series of related transactions. 

 

	26.12	Judgment 

  

	 	(a)	A final judgment or judgments or order or orders not subject to further appeal for the payment of money in an aggregate amount in excess of $50,000,000 shall be rendered against the Borrower and/or any of its
Subsidiaries that are neither discharged nor bonded in full within 60 days thereafter; or 

  

	 	(b)	Any Obligor or any Material Subsidiary fails to comply with or pay any sum due from it under any judgment or any order made or given by any court of competent jurisdiction (in each case in an amount in aggregate
exceeding $50,000,000 at any time) save unless payment of any such sum is suspended pending an appeal. 

  

	26.13	Unlawfulness 

  

	 	(a)	It is or becomes unlawful for an Obligor or any other member of the Group that is a party to the Intercreditor Agreement to perform any of its obligations under the Finance Documents where non-performance is reasonably
likely to cause a Material Adverse Effect. 

  

	 	(b)	Any Transaction Security created or expressed to be created or evidenced by the Transaction Security Documents ceases to be effective except in accordance with the terms of the Finance Documents. 

 

	 	(c)	Any obligation or obligations of any Obligor under any Finance Documents or any other member of the Group under the Intercreditor Agreement are not (subject to the Legal Reservations) or cease to be legal, valid,
binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents. 

  

	 	(d)	Any Finance Document ceases to be in full force and effect or is alleged by an Obligor to be ineffective except in accordance with the terms of the Finance Documents. 

  
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	26.14	Repudiation 

 An Obligor repudiates a Finance Document or any of the Transaction Security
or evidences an intention to repudiate a Finance Document or any of the Transaction Security. 
  

	26.15	Failure to perform payment obligations 

 Any material adverse change arises in the
financial condition of the Group taken as a whole which the Majority Lenders reasonably determine would result in the failure by the Obligors (taken as a whole) to perform their payment obligations under any of the Finance Documents. 

 

	26.16	Acceleration 

 On and at any time after the occurrence of an Event of Default which is
continuing the Agent may, without mise en demeure or any other judicial or extra judicial step, and shall if so directed by the Majority Lenders, by notice to the Borrower (but, in respect of any French Obligor, subject to the mandatory
provisions of articles L. 620-1 to L. 670-8 of the French Commercial Code): 
  

	 	(a)	cancel the Total Commitments at which time they shall immediately be cancelled; 

  

	 	(b)	declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived; 

  

	 	(c)	declare that all or part of the Loans be payable on demand, at which time they shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders; 

 

	 	(d)	make demand on any Guarantor under this Agreement in respect of amounts due and payable under or in connection with this Agreement without presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived; and/or 

  

	 	(e)	subject to the Intercreditor Agreement (including the requirements of clause 7.2 (Enforcement Instructions) thereof), exercise or direct the Security Agent to exercise any or all of its rights, remedies,
powers or discretions under the Finance Documents, 

 provided that, in the case of an Event of Default under
Clause 26.6 (Insolvency) or Clause 26.7 (Insolvency proceedings) with respect to an Obligor, all of the Total Commitments shall be cancelled automatically and immediately and all Utilisations under the Facilities (together
with accrued interest and all other amounts accrued 

  
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under the Finance Documents) shall become due and payable automatically and immediately without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived.

  
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 SECTION 9 

CHANGES TO PARTIES 
  

	27.	CHANGES TO THE LENDERS 

  

	27.1	Assignments and transfers by the Lenders 

 Subject to this Clause 27 and to Clause 28
(Debt Purchase Transactions), a Lender (the “Existing Lender”) may: 
  

	 	(a)	assign any of its rights and benefits; or 

  

	 	(b)	transfer by novation any of its rights, benefits and obligations, 

 under any Finance Document
to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the “New
Lender”). 
  

	27.2	Conditions of assignment or transfer 

  

	 	(a)	The express written consent of the Borrower is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is: 

 

	 	(i)	to a bank; 

  

	 	(ii)	to another Lender or an Affiliate of a Lender; or 

  

	 	(iii)	made at a time when an Event of Default is continuing. 

  

	 	(b)	The express written consent of the Borrower to an assignment or transfer must not be unreasonably withheld or delayed. The Company will be deemed to have given its consent ten Business Days after the Existing Lender has
requested it unless consent is expressly refused by the Borrower within that time. For the avoidance of doubt, it shall not be considered unreasonable for the consent of the Borrower to be withheld in the case of an assignment or transfer to a hedge
fund. 

  

	 	(c)	(Other than in the case of an assignment permitted by paragraph (b) of Clause 28.1 (Permitted Debt Purchase Transactions)) an assignment will only be effective on: 

 

	 	(i)	receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations
to the other Finance Parties and the other Secured Parties as it would have been under if it was an Original Lender; 

  

	 	(ii)	the New Lender entering into the documentation required for it to accede as a party to the Intercreditor Agreement; and 

  

	 	(iii)	the performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the
Agent shall promptly notify to the Existing Lender and the New Lender. 

  
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	 	(d)	A transfer will only be effective if the New Lender enters into the documentation required for it to accede as a party to the Intercreditor Agreement and if the procedures set out in Clause 27.5 (Procedure for
transfer) are complied with. 

  

	 	(e)	If: 

  

	 	(i)	a Lender assigns, transfers, declares a trust or grants Security over any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

 

	 	(ii)	as a result of the assignment, transfer, declaration of trust, grant of Security or change (other than because of any change in law), an Obligor would be obliged to make a payment to the New Lender or Lender acting
through its new Facility Office under Clause 14 (Tax Gross-Up and Indemnities) or Clause 15 (Increased Costs), 

then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under that Clause to the same extent
as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer, declaration of trust, grant of Security or change had not occurred. 

 

	 	(f)	An assignment or transfer shall (unless the Agent at its discretion (and acting in accordance with Clause 30.2 (Interests of Lenders)) agrees otherwise) only be effective if the Assignment Agreement or (as
applicable) Transfer Certificate has been raised to the status of a Spanish Public Document and the powers of attorney and authorisations granted under the Finance Documents have been ratified under such Spanish public deed. For the avoidance of
doubt, the Agent shall not be responsible for the cost of raising the Assignment Agreement or (as applicable) Transfer Certificate to the status of a Spanish Public Document. 

 

	 	(g)	On an assignment or transfer by an Existing Lender of all of its Facility A Commitment or all of its Facility B Commitment to a New Lender, the Existing Lender shall, on or prior to the Transfer Date, endorse and
deliver to the New Lender any Promissory Note(s) issued to the Existing Lender in respect of the transferred or assigned Facility A Commitment or Facility B Commitment, as applicable. The Borrower shall, promptly upon request by the New Lender and
at the Borrower’s cost, replace the endorsed Promissory Note(s) by issuing new Promissory Note(s), setting forth the amount of such Facility A Commitment assigned or transferred to the New Lender or (as applicable) the amount of the Facility B
Commitment assigned or transferred to the New Lender, under the name of the New Lender, which shall be released (through the Custodian, if any), duly signed, to the New Lender, upon tendering of the endorsed Promissory Note(s) to the Borrower.

  
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	 	(h)	On an assignment or transfer by an Existing Lender of part of its Facility A Commitment or part of its Facility B Commitment to a New Lender, such Existing Lender shall tender (or procure that the Custodian
tenders) to the Borrower, on the Transfer Date, the Promissory Note(s) issued to such Existing Lender evidencing such Existing Lender’s Facility A Commitment or Facility B Commitment (as applicable), and the Borrower shall promptly, at the cost
of the Borrower, issue (i) to the Existing Lender, a Promissory Note setting forth the amount of the Facility A Commitment of the Existing Lender not assigned or transferred to the New Lender or (as applicable) a Promissory Note setting forth
the amount of the Facility B Commitment of the Existing Lender not assigned or transferred to the New Lender and (ii) to the New Lender, a Promissory Note setting forth the amount of the Facility A Commitment of the New Lender assigned or
transferred to it by the Existing Lender or (as applicable) a Promissory Note setting forth the amount of the Facility B Commitment of the New Lender assigned or transferred to it by the Existing Lender. Any such new Promissory Notes shall be issued
under the name of the Existing Lender or the New Lender (as applicable), and shall be released (through the Custodian, if any), duly signed, to the Existing Lender and the New Lender, upon tendering to the Borrower of the Promissory Notes previously
issued to the Existing Lender in respect of the relevant Facility A Commitments or Facility B Commitments, as applicable. 

  

	 	(i)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been
approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to
the same extent as the Existing Lender would have been had it remained a Lender. 

  

	 	(j)	The minimum amount of an assignment or transfer shall be the lower of $1,000,000 (or equivalent) or (if less) the amount of a Lender’s Commitments. 

 

	 	(k)	Following an increase in the Commitments pursuant to Clause 2.2 (Accordion), an Accordion Lender in respect of that increase may not assign or transfer its rights or obligations in relation to its increased
Commitments until after the end of the Availability Period in relation to those increased Commitments. 

  

	 	(l)	In relation to any assignment or transfer by an Existing Lender of part of its Commitments in relation to a Facility, where the Existing Lender has, on the Transfer Date immediately prior to the assignment or transfer,
any Available Commitment in relation to that Facility, the assignment or transfer shall be made such that a proportionate amount of the Existing Lender’s Available Commitment is assigned or transferred to the New Lender. 

  
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	27.3	Assignment or transfer fee 

 Unless the Agent otherwise agrees, the New Lender shall, on
the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of $3,000. 
  

	27.4	Limitation of responsibility of Existing Lenders 

  

	 	(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

 

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents, the Transaction Security or any other documents; 

 

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 
  

	 	(b)	Each New Lender confirms to the Existing Lender, the other Finance Parties and the Secured Parties that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection with its participation in the Finance
Documents and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Document or the Transaction Security; and 

 

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities while any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

  

	 	(c)	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 27; or 

 

	 	(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise. 

  
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	27.5	Procedure for transfer 

  

	 	(a)	Subject to the conditions set out in Clause 27.2 (Conditions of assignment or transfer) a transfer is effected in accordance with paragraph (c) below when the Agent executes an otherwise duly completed
Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its
face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 

  

	 	(b)	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations in relation to the transfer to such New Lender. 

  

	 	(c)	Subject to Clause 27.9 (Pro rata interest settlement), on the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents and in respect of the Transaction Security each of the Obligors and
the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their respective rights against one another under the Finance Documents and in respect of
the Transaction Security shall be cancelled (being the “Discharged Rights and Obligations”); 

  

	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor or
other member of the Group and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Agent, the Security Agent, the New Lender and the other Lenders shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired
and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Security Agent, and the Existing Lender shall each be released from
further obligations to each other under the Finance Documents; and 

  

	 	(iv)	the New Lender shall become a Party as a “Lender”. 

  

	27.6	Procedure for assignment 

  

	 	(a)	 Subject to the conditions set out in Clause 27.2 (Conditions of assignment or transfer) an assignment may be effected in accordance with
paragraph (c)

  
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below when the Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as
soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment
Agreement. 

  

	 	(b)	The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or
other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender. 

  

	 	(c)	Subject to Clause 27.9 (Pro rata interest settlement), on the Transfer Date: 

  

	 	(i)	the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

  

	 	(ii)	the Existing Lender will be released from the obligations (the “Relevant Obligations”) expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which
it is bound in respect of the Transaction Security); and 

  

	 	(iii)	the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant Obligations. 

 

	 	(d)	Lenders may utilise procedures other than those set out in this Clause 27.6 to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause
27.5 (Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set
out in Clause 27.2 (Conditions of assignment or transfer). 

  

	27.7	Copy of Transfer Certificate, Assignment Agreement or Accordion Confirmation to Borrower 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement or an Accordion
Confirmation, send to the Borrower a copy of that Transfer Certificate, Assignment Agreement or Accordion Confirmation. 

  
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	27.8	Security over Lenders’ rights 

 In addition to the other rights provided to Lenders
under this Clause 27, each Lender may, without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any
Finance Document to secure obligations of that Lender including, without limitation: 
  

	 	(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and 

  

	 	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
for those obligations or securities, 

 except that no such charge, assignment or Security shall: 

 

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or other Security for the Lender as a party to any of the Finance Documents; or

  

	 	(ii)	require any payments to be made by an Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents. 

 

	27.9	Pro rata interest settlement 

 If the Agent has notified the Lenders that it is able to
distribute interest payments on a “pro rata basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 27.5 (Procedure for transfer) or any assignment pursuant to Clause 27.6
(Procedure for assignment) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period): 
  

	 	(a)	any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer
Date (“Accrued Amounts”) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on
the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and 

  

	 	(b)	the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts so that, for the avoidance of doubt: 

 

	 	(i)	when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Lender; and 

  

	 	(ii)	the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 27.9, have been payable to it on that date, but after deduction of the Accrued Amounts.

  
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	27.10	French law provisions 

  

	 	(a)	To the extent a transfer of rights and obligations hereunder could be construed as a novation within the meaning of articles 1271 et seq. of the French Civil Code, each Party agrees that upon a transfer under
Clauses 27.1 (Assignments and transfers by the Lenders) and 27.5 (Procedure for transfer), the Security created under the French law governed Transaction Security Documents shall be preserved and maintained for the benefit of the
Security Agent, the New Lender and the remaining Finance Parties pursuant to articles 1278 et seq. of the French Civil Code. 

  

	 	(b)	The New Lender may, in case of an assignment of rights by an Existing Lender hereunder, if it considers it necessary to make such transfer effective as against third parties, arrange for the Assignment Agreement to be
notified by way of signification to any French Obligor in accordance with article 1690 of the French Civil Code. 

  

	28.	DEBT PURCHASE TRANSACTIONS 

  

	28.1	Permitted Debt Purchase Transactions 

  

	 	(a)	The Borrower shall not (and shall procure that no other member of the Group or any Affiliate of the Borrower shall) (i) enter into any Permitted Debt Purchase Transaction other than in accordance with the other
provisions of this Clause 28.1 or (ii) be party to (or beneficially own all or any part of the share capital of a company that is a Lender or a party to) any Restricted Debt Purchase Transaction. 

 

	 	(b)	The Borrower may purchase by way of assignment, pursuant to Clause 27 (Changes to the Lenders), a participation in any Facility A Loan and any related Commitment where: 

 

	 	(i)	such purchase is made for a consideration of less than par; 

  

	 	(ii)	such purchase is made using one of the processes set out at paragraphs (c) and (d) below; 

  

	 	(iii)	such purchase is made at a time when no Default is continuing; and 

  

	 	(iv)	the consideration for such purchase is funded from that part of any Relevant Proceeds which is permitted to be retained by the Group and is not required to be applied to prepay the Facilities or to prepay, redeem,
repay, retire, or purchase other Financial Indebtedness (or to be placed in a Reserve for such purpose) pursuant to Clause 8 (Mandatory Prepayment). 

  
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	 	(c)	     

  

	 	(i)	A Permitted Debt Purchase Transaction referred to in paragraph (a) above may be entered into pursuant to a solicitation process (a “Solicitation Process”) which is carried out as follows.

  

	 	(ii)	Prior to 11.00 am on a given Business Day (the “Solicitation Day”) the Borrower or a financial institution acting on its behalf (the “Purchase Agent”) will approach at the same time
each Lender which participates in Facility A to enable them to offer to sell to the Borrower an amount of their participation in the Facility A Loans. Any Lender wishing to make such an offer shall, by 11.00 am on the second Business Day following
such Solicitation Day, communicate to the Purchase Agent details of the amount of its participations in the Facility A Loans it is offering to sell and the price at which it is offering to sell such participations. Any such offer shall be
irrevocable until 11.00 am on the third Business Day following such Solicitation Day and shall be capable of acceptance by the Borrower on or before such time by communicating its acceptance in writing to the Purchase Agent or, if it is the Purchase
Agent, the relevant Lenders. The Purchase Agent (if someone other than the Borrower) will communicate to the relevant Lenders which offers have been accepted by 12 noon on the third Business Day following such Solicitation Day. In any event by
11.00 am on the fourth Business Day following such Solicitation Day, the Borrower shall notify the Agent of the amounts of the participations purchased through the relevant Solicitation Process and the average price paid for the purchase of
participations. The Agent shall disclose such information to any Lender that requests such disclosure. 

  

	 	(iii)	Any purchase of participations in Facility A pursuant to a Solicitation Process shall be completed and settled on or before the fifth Business Day after the relevant Solicitation Day. 

 

	 	(iv)	In accepting any offers made pursuant to a Solicitation Process the Borrower shall be free to select which offers and in which amounts it accepts but on the basis that in relation to a participation in the Facility A
Loans it accepts offers in inverse order of the price offered (with the offer or offers at the lowest price being accepted first) and that if in respect of participations in the Facility A Loans it receives two or more offers at the same price it
shall only accept such offers on a pro rata basis. 

  

	 	(d)	     

  

	 	(i)	A Permitted Debt Purchase Transaction referred to in paragraph (a) above may also be entered into pursuant to an open order process (an “Open Order Process”) which is carried out as follows.

  

	 	(ii)	 The Borrower may by itself or through another Purchase Agent place an open order (an “Open Order”) to purchase participations in
Facility A up to a set aggregate amount at a set price by notifying at the same time all the Lenders participating in the Facility A Loans of the same. 

  
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Any Lender wishing to sell pursuant to an Open Order will, by 11.00 am on any Business Day following the date on which the Open Order is placed but no earlier than the first Business Day, and no
later than the fifth Business Day, following the date on which the Open Order is placed, communicate to the Purchase Agent details of the amount of its participations in the Facility A Loans it is offering to sell. Any such offer to sell shall be
irrevocable until 11.00 am on the Business Day following the date of such offer from the Lender and shall be capable of acceptance by the Borrower on or before such time by it communicating such acceptance in writing to the relevant Lender.

  

	 	(iii)	Any purchase of participations in the Facility A Loans pursuant to an Open Order Process shall be completed and settled by the Borrower on or before the fourth Business Day after the date of the relevant offer by a
Lender to sell under the relevant Open Order. 

  

	 	(iv)	If in respect of participations in the Facility A Loans the Purchase Agent receives on the same Business Day two or more offers at the set price such that the maximum amount of the Facility A Loans to which an Open
Order relates would be exceeded, the Borrower shall only accept such offers on a pro rata basis. 

  

	 	(v)	The Borrower shall, by 11.00 am on the sixth Business Day following the date on which an Open Order is placed, notify the Agent of the amounts of the participations purchased through such Open Order Process. The Agent
shall disclose such information to any Lender that requests the same. 

  

	 	(e)	For the avoidance of doubt, there is no limit on the number of occasions a Solicitation Process or an Open Order Process may be implemented. 

 

	 	(f)	In relation to any Permitted Debt Purchase Transaction entered into pursuant to this Clause 28.1, notwithstanding any other term of this Agreement or the other Finance Documents: 

 

	 	(i)	on completion of the relevant assignment pursuant to Clause 27 (Changes to the Lenders), the portions of the Utilisations to which it relates shall be extinguished and the Facility A Repayment Instalments will be
reduced pro rata accordingly; 

  

	 	(ii)	such Permitted Debt Purchase Transaction and the related extinguishment referred to in paragraph (i) above shall not constitute a prepayment of the Facility A Loans; 

 

	 	(iii)	the Borrower shall be deemed to be an entity which fulfils the requirements of Clause 27.1 (Assignments and transfers by the Lenders) to be a New Lender (as defined in such Clause); 

 

	 	(iv)	no member of the Group shall be deemed to be in breach of any provision of Clause 23 (General Undertakings) solely by reason of such Permitted Debt Purchase Transaction; 

  
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	 	(v)	Clause 32 (Sharing among the Finance Parties) shall not be applicable to the consideration paid under such Permitted Debt Purchase Transaction; and 

 

	 	(vi)	for the avoidance of doubt, any extinguishment of any part of the Utilisations shall not affect any amendment or waiver which prior to such extinguishment had been approved by or on behalf of the requisite Lender or
Lenders in accordance with this Agreement. 

  

	 	(g)	The Agent shall be under no obligation to act as Purchase Agent under any transaction contemplated by this Clause 28.1. 

  

	29.	CHANGES TO THE OBLIGORS 

  

	29.1	Assignment and Transfers by Obligors 

 No Obligor or any other member of the Group may
assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 
  

	29.2	Additional Guarantors and Additional Security Providers 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (b) and (c) of Clause 21.7 (“Know your client” checks), the Borrower may request that any of its wholly owned Subsidiaries become an
Additional Guarantor or an Additional Security Provider by: 

  

	 	(i)	the Borrower delivering to the Agent a duly completed and executed Accession Letter; and 

  

	 	(ii)	the Borrower delivers (or procures that the Additional Guarantor or Additional Security Provider (as the case may be) delivers) all of the documents and other evidence referred to in Part II of Schedule 2 (Conditions
Precedent) in relation to that Additional Guarantor or Additional Security Provider to the Agent. 

  

	 	(b)	The Agent shall notify the Obligors and the Lenders promptly upon being satisfied that it has received all the documents and other evidence listed in Part II of Schedule 2 (Conditions Precedent).

  

	29.3	Resignation of a Guarantor 

  

	 	(a)	In this Clause 29.3 (Resignation of a Guarantor) and Clause 29.6 (Resignation and release of Security on disposal), “Third Party Disposal” means the disposal of all of the issued share
capital of an Obligor to a person which is not a member of the Group where that disposal is permitted under Clause 23.20 (Disposals) or made with the approval of the Majority Lenders (and the Borrower has confirmed this is the case).

  
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	 	(b)	The Borrower may request that a Guarantor (other than the Borrower) ceases to be a Guarantor by delivering to the Agent a Resignation Letter if: 

 

	 	(i)	that Guarantor is being disposed of by way of a Third Party Disposal and the Borrower has confirmed this is the case; or 

  

	 	(ii)	all the Lenders have consented to the resignation of that Guarantor. 

  

	 	(c)	The Agent shall accept a Resignation Letter and notify the Borrower and the Lenders of its acceptance if: 

  

	 	(i)	the Borrower has confirmed that no Default is continuing or would result from the acceptance of the Resignation Letter; 

  

	 	(ii)	no payment is due from the Guarantor under Clause 19 (Guarantee and Indemnity); 

  

	 	(iii)	the Borrower has confirmed that it shall ensure, if so required, that the Disposal Proceeds will be applied in accordance with Clause 8 (Mandatory Prepayment). 

 

	 	(d)	The resignation of a Guarantor shall not be effective until the date of the relevant Third Party Disposal, at which time that company shall cease to be a Guarantor and shall have no further rights or obligations under
the Finance Documents as a Guarantor. 

  

	29.4	Resignation of a Security Provider 

  

	 	(a)	The Borrower may request that a Security Provider ceases to be a Security Provider by delivering to the Agent a Resignation Letter if: 

 

	 	(i)	the Transaction Security granted by that Security Provider is being released under and in accordance with the Intercreditor Agreement and the Borrower has confirmed that this is the case; or 

 

	 	(ii)	all the Lenders have consented to the resignation of that Security Provider. 

  

	 	(b)	The Agent shall accept a Resignation Letter and notify the Borrower and the Lenders of its acceptance if: 

  

	 	(i)	the Borrower has confirmed that no Default is continuing or would result from the acceptance of the Resignation Letter; 

  

	 	(ii)	the Borrower has confirmed that the Transaction Security granted by that Security Provider has not become enforceable in accordance with its terms. 

 

	 	(c)	The resignation of that Security Provider shall not be effective until the date on which the Transaction Security granted by the Security Provider has been released under and in accordance with the Intercreditor
Agreement, at which time that company shall cease to be a Security Provider and shall have no further rights or obligations under the Finance Documents as a Security Provider. 

  
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	29.5	Repetition of Representations 

 Delivery of an Accession Letter constitutes confirmation
by the relevant Affiliate that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing. 

 

	29.6	Resignation and release of Security on disposal 

 If a Guarantor is or is proposed to be
the subject of a Third Party Disposal then: 
  

	 	(a)	where that Obligor created Transaction Security over any of its assets or business in favour of the Security Agent, or Transaction Security in favour of the Security Agent was created over the shares (or equivalent) of
that Obligor, the Security Agent may, at the cost and request of the Borrower, release those assets, business or shares (or equivalent) and issue certificates of non-crystallisation; 

 

	 	(b)	the resignation of that Obligor and related release of Transaction Security referred to in paragraph (a) above shall not become effective until the date of that disposal; and 

 

	 	(c)	if the disposal of that Obligor is not made, the Resignation Letter of that Obligor and the related release of Transaction Security referred to in paragraph (a) above shall have no effect and the obligations of the
Obligor and the Transaction Security created or intended to be created by or over that Obligor shall continue in such force and effect as if that release had not been effected. 

  
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 SECTION 10 

THE FINANCE PARTIES 
  

	30.	ROLE OF THE AGENT 

  

	30.1	Appointment of the Agent 

  

	 	(a)	Each of the Lenders appoints the Agent to act as its agent under and in connection with the Finance Documents. 

  

	 	(b)	Each of the Lenders authorises the Agent to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents (including the appointment of any
sub-agents or local agents to assist in administration of payments, the supervision or enforcement of any of the Finance Documents) together with any other incidental rights, powers, authorities and discretions. 

 

	30.2	Interests of Lenders 

 Without limiting paragraphs (a) to (c) of Clause 30.8
(Majority Lenders’ instructions), in connection with the exercise of its powers, authorities or discretions (including, but not limited to, those in relation to any proposed modifications, waiver or authorisation of any breach or
proposed breach of any of the provisions of this Agreement), the Agent shall have regard to the general interests of the Lenders (taken as a whole) and shall not have regard to any interest arising from circumstances particular to individual
Lenders. 
  

	30.3	Duties of the Agent 

  

	 	(a)	Subject to paragraph (b) below, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. 

 

	 	(b)	Without prejudice to Clause 27.7 (Copy of Transfer Certificate, Assignment Agreement or Accordion Confirmation to Borrower), paragraph (a) above shall not apply to any Transfer Certificate, any Assignment
Agreement or any Accordion Confirmation. 

  

	 	(c)	The Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. 

  

	 	(d)	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

  

	 	(e)	If the Agent is aware of the non-payment of any principal, interest or fee payable to a Finance Party (other than the Agent or the Security Agent) under this Agreement it shall promptly notify the other Finance Parties.

  

	 	(f)	 The Agent shall provide to the Borrower within three Business Days of a request by the Borrower (but no more frequently than once per calendar month)
a list (which may be in electronic form) setting out the names of the 

  
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Lenders as at that Business Day, their respective Commitments, and the name of the contact person, if any, for whose attention any communication sent to that Lender is to be made or any document
delivered under or in connection with the Finance Documents and, in the case of any Lender to whom any communication under or in connection with the Finance Documents may be made by that means, the electronic mail address and/or any other
information required to enable the sending and receipt of information by electronic mail or other electronic means to and by that Lender. 

  

	 	(g)	The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

  

	30.4	Role of the Arranger 

 Except as specifically provided in the Finance Documents, the
Arranger does not have any obligations or liabilities of any kind to any other Party under or in connection with any Finance Document. 
  

	30.5	No fiduciary duties 

  

	 	(a)	Nothing in this Agreement constitutes the Agent or the Arranger as a trustee or fiduciary of any other person. 

  

	 	(b)	None of the Agent or the Security Agent or the Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account. 

 

	30.6	Business with the Group 

 The Agent, the Security Agent or the Arranger may accept
deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group. 
  

	30.7	Rights and discretions 

  

	 	(a)	The Agent may rely on: 

  

	 	(i)	any representation, notice or document (including, for the avoidance of doubt, any representation, notice or document communicating the consent of the Majority Lenders pursuant to Clause 39.1 (Required consents))
believed by it to be genuine, correct and appropriately authorised; and 

  

	 	(ii)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify. 

 

	 	(b)	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that: 

  

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 26.1 (Non-payment)); 

  
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	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; 

  

	 	(iii)	any notice or request made by the Borrower (other than a Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors. 

 

	 	(c)	The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts including any Custodian. 

 

	 	(d)	The Agent may act in relation to the Finance Documents through its personnel and agents and through any necessary sub-agent, local agent or Affiliate and, for that purpose, may enter into any agreement or cause any
agreement to be entered into, by any such sub-agent, local agent or Affiliate, including the execution, delivery, performance or enforcement of any Transaction Security Document. 

 

	 	(e)	The Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

  

	 	(f)	Without prejudice to the generality of paragraph (e) above, the Agent may disclose the identity of a Defaulting Lender to the other Finance Parties and the Borrower and shall disclose the same upon the written
request of the Borrower or the Majority Lenders. 

  

	 	(g)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach
of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	 	(h)	The Agent is not obliged to disclose to any Finance Party but shall disclose to the Borrower as soon as reasonably practical following a request to do so any details of the rate notified to the Agent by any Lender or
the identity of any such Lender for the purpose of paragraph (a)(ii) of Clause 12.2 (Market disruption) (provided that the Borrower, by its signature to this Agreement, agrees to keep such information confidential and not to
disclose it to anyone except for its officers, directors, employees and professional advisers on a confidential and “need to know” basis). 

  

	30.8	Majority Lenders’ instructions 

  

	 	(a)	Unless a contrary indication appears in a Finance Document, the Agent shall (i) exercise any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by the
Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Agent) and (ii) not be liable for any act (or omission) if it acts (or refrains from taking any
action) in accordance with an instruction of the Majority Lenders. 

  
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	 	(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties other than the Security Agent. 

 

	 	(c)	The Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require for any cost, loss or liability
(together with any associated VAT) which it may incur in complying with the instructions. 

  

	 	(d)	In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Agent may act (or refrain from taking action) as it considers to be in the best interest of the Lenders (taken as a whole).

  

	 	(e)	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (e) shall not
apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Transaction Security Documents or enforcement of the Transaction Security or Transaction Security Documents. 

 

	30.9	Responsibility for documentation 

 Neither the Agent nor the Arranger is: 

 

	 	(a)	responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, an Obligor or any other person given in or in connection with any Finance Document or the
Transaction Security; 

  

	 	(b)	responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or the Transaction Security or any other agreement, arrangement or document entered into, made or executed in
anticipation of or in connection with any Finance Document or the Transaction Security; or 

  

	 	(c)	responsible for any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation
relating to insider dealing or otherwise. 

  

	30.10	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) below, neither the Agent nor the Arranger will be liable for any action taken by it under or in connection with any Finance Document or the Transaction Security (or the negotiation or
implementation of such documents) unless directly caused by its gross negligence or wilful misconduct or wilful breach of any Finance Document (and, for the avoidance of doubt, neither the Agent nor the Arranger will be liable in any circumstances
for any consequential loss). 

  

	 	(b)	 No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have
against the Agent or in respect of any act or omission of any kind by that officer, 

  
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employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause 29 subject to Clause 1.4 (Third party rights) and the
provisions of the Third Parties Act. 

  

	 	(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as
soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. 

 

	 	(d)	Nothing in this Agreement shall oblige the Agent or the Arranger to carry out any checks pursuant to any laws or regulations relating to money laundering in relation to any person on behalf of any Lender and each Lender
confirms to the Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger. 

 

	 	(e)	The Agent will have no liability for the acts of its agents, sub-agents or delegates (including Affiliates acting in such capacities) except to the extent that the acts or omissions of such agent or sub-agent (to the
extent that it is an Affiliate of the Agent) constitute gross negligence or wilful misconduct. 

  

	30.11	Lenders’ indemnity to the Agent 

 Each Lender shall (in proportion to its share of
the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent and its Affiliates (to the extent they act as agents, sub-agents or delegates
in relation to the Finance Documents), within three Business Days of demand, against any cost, loss or liability incurred by the Agent and its Affiliates (to the extent they act as agents, sub-agents or delegates in relation to the Finance
Documents) (otherwise than by reason of the Agent’s or the relevant Affiliate’s gross negligence or wilful misconduct) in acting as (or, as the case may be, assisting the) Agent under the Finance Documents (unless the Agent or the relevant
Affiliate has been reimbursed by an Obligor pursuant to a Finance Document). Any third party referred to in this Clause 30.11 may rely on this Clause 30.11. 
  

	30.12	Resignation of the Agent 

  

	 	(a)	The Agent may resign and appoint one of its Affiliates acting through an office in the European Union as successor by giving notice to the other Finance Parties and the Borrower. 

 

	 	(b)	Alternatively the Agent may resign by giving notice to the other Finance Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Agent.

  

	 	(c)	If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the Agent (after consultation with the Borrower) may appoint
a successor Agent (acting through an office in the European Union). 

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

  

	 	(e)	The Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	 	(f)	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 30.12. Its successor
and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

  

	 	(g)	The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to paragraph (c) above) if on or after the
date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: 

  

	 	(i)	the Agent fails to respond to a request under Clause 21.8 (FATCA Information) and the Borrower or a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or
after that FATCA Application Date; 

  

	 	(ii)	the information supplied by the Agent pursuant to Clause 21.8 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

  

	 	(iii)	the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date, 

and (in each case) the Borrower or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be
required if the Agent were a FATCA Exempt Party, and the Borrower or that Lender, by notice to the Agent, requires it to resign. 
  

	30.13	Replacement of the Agent 

  

	 	(a)	After consultation with the Borrower, the Majority Lenders may, by giving 30 days’ notice to the Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the Majority
Lenders) replace the Agent by appointing a successor Agent (acting through an office in the European Union). 

  

	 	(b)	The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Lenders) make available to the successor Agent such documents and records and provide such assistance as the
successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. 

  
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	 	(c)	The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further
obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 30 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). 

 

	 	(d)	Any successor Agent and each of the other Parties shall have the same rights and obligations among themselves as they would have had if such successor had been an original Party. 

 

	30.14	Confidentiality 

  

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

  

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

 

	 	(c)	Notwithstanding any other provision of any Finance Document to the contrary, the Agent is not obliged to disclose to any other person (i) any confidential information or (ii) any other information if the
disclosure would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty. 

  

	30.15	Relationship with the Lenders 

  

	 	(a)	Subject to Clause 27.9 (Pro rata interest settlement), the Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Agent’s principal office as notified to
the Finance Parties from time to time) as the Lender acting through its Facility Office: 

  

	 	(i)	entitled to or liable for any payment due under any Finance Document on that day; and 

  

	 	(ii)	entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day, 

unless it has received not less than five Business Days’ prior notice from that Lender to the contrary in accordance with the terms of
this Agreement. 
  

	 	(b)	Each Lender shall supply the Agent with any information that the Security Agent may reasonably specify (through the Agent) as being necessary or desirable to enable the Security Agent to perform its functions as
Security Agent. Each Lender shall deal with the Security Agent exclusively through the Agent and shall not deal directly with the Security Agent. 

  
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	 	(c)	The Agent may disclose to any Lender any information received by it in its capacity as Agent (including, without limitation, details of the identities and Commitments of the Lenders). 

 

	 	(d)	Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice
shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 35.6 (Electronic communication)) electronic mail address and/or any other information required to enable the
sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address,
department and officer by that Lender for the purposes of Clause 35.2 (Addresses) and paragraph (a)(iii) of Clause 35.6 (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive
all such notices, communications, information and documents as though that person were that Lender. 

  

	30.16	Credit appraisal by the Lenders 

 Without affecting the responsibility of any Obligor for
information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent and the Arranger 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 Finance Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

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

  

	 	(c)	whether that Secured Party 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 Finance Document, the Transaction Security or the
transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; 

 

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

  
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	 	(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 

  

	 	(f)	the legality, validity, effectiveness, adequacy or enforceability of any action taken or made in connection with any Finance Document. 

 

	30.17	Reference Banks 

 The Parties agree and acknowledge that: 

 

	 	(a)	the Obligors have proposed the names of the entities referred to in the definition of Reference Banks and the appointment of those Reference Banks has been accepted by the Original Lenders and such Reference Banks; and

  

	 	(b)	each Obligor represents that it considers it beneficial for it to appoint banks of international repute which are Lenders hereunder as Reference Banks for the purposes of this Agreement (instead of other banks which are
not Lenders hereunder in order to have Reference Banks which are not Lenders the rates of which could be less representative of market rates). 

  

	30.18	Agent’s management time 

 Any amount payable to the Agent under Clause 16.3
(Indemnity to the Agent), Clause 18 (Costs and Expenses) and Clause 30.11 (Lenders’ indemnity to the Agent) shall include the cost of utilising the Agent’s management time or other resources and will be
calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Borrower and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause 13 (Fees). 

 

	30.19	Deduction from amounts payable by the Agent 

 If any Party owes an amount to the Agent
under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the
amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 

 

	30.20	Role of the Security Agent 

  

	 	(a)	The Security Agent’s duties under this Agreement are solely mechanical and administrative in nature. 

  

	 	(b)	In particular, the role and, inter alia, duties, rights, powers, protections and benefits of the Security Agent are more particularly described in the Intercreditor Agreement, which sets out the basis upon which
the Security Agent acts under this Agreement. Should any provision regarding the duties, discretions, rights, benefits, protections, indemnities and immunities of the Security Agent (the “Security Agent Provisions”) conflict or
otherwise be inconsistent as between this Agreement and the Intercreditor Agreement, then the Security Agent Provisions as contained in the Intercreditor Agreement shall prevail. 

  
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	30.21	Reliance and engagement letters 

 Each Finance Party and Secured Party confirms that the
Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Agent) the terms of any reliance letter or engagement letters relating to any reports or letters provided by
accountants in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those reports or letters and to sign such letters on its behalf and further confirms that it accepts the
terms and qualifications set out in such letters. 
  

	31.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

 No provision of this Agreement will: 

 

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or 

 

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

 

	32.	SHARING AMONG THE FINANCE PARTIES 

  

	32.1	Payments to Finance Parties 

 If a Finance Party (a “Recovering Finance
Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 33 (Payment Mechanics) or otherwise receives or recovers more than the amount to which it is entitled under the Finance Documents (a
“Recovered Amount”) and applies that amount to a payment due under the Finance Documents then: 
  

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent; 

  

	 	(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in
accordance with Clause 33 (Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and 

 

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the
Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 33.6 (Partial payments). 

  
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	32.2	Redistribution of payments 

 The Agent shall treat the Sharing Payment as if it had been
paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 33.6 (Partial payments) towards the obligations of
that Obligor to the Sharing Finance Parties. 
  

	32.3	Recovering Finance Party’s rights 

  

	 	(a)	On a distribution by the Agent under Clause 32.2 (Redistribution of payments), of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance
Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor. 

  

	 	(b)	If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph (a) above, the relevant Obligor shall be liable to the Recovering Finance Party for a debt equal to the
Sharing Payment which is immediately due and payable. 

  

	32.4	Reversal of redistribution 

 If any part of the Sharing Payment received or recovered by
a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: 
  

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

  

	 	(b)	that Recovering Finance Party’s right of subrogation in respect of any reimbursement shall be cancelled and, as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Obligor. 

  

	32.5	Exceptions 

  

	 	(a)	This Clause 32 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.

  

	 	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

  

	 	(i)	it notified the other Finance Party of the legal or arbitration proceedings; and 

  

	 	(ii)	the other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or
arbitration proceedings. 

  

	 	(c)	This Clause 32 shall not impose any obligation on the Security Agent to pay a Sharing Payment to the Agent under Clause 32.1 (Payments to Finance Parties) or Clause 32.4 (Reversal of redistribution).

  
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 SECTION 11 

ADMINISTRATION 
  

	33.	PAYMENT MECHANICS 

  

	33.1	Payments to the Agent 

  

	 	(a)	Subject to paragraph (b), on each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Agent (unless a contrary
indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

  

	 	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in a Participating Member State or London) with such bank
as the Agent specifies. 

  

	33.2	Distributions by the Agent 

 Each payment received by the Agent under the Finance
Documents for another Party shall, subject to Clause 33.3 (Distributions to an Obligor) and Clause 33.4 (Clawback) and Clause 30.19 (Deduction from amounts payable by the Agent), be made available by the Agent as soon as
practicable after receipt to the Party entitled to receive payment in accordance with this Agreement for the account of its Facility Office, to such account as that Party may notify to the Agent by not less than five Business Days’ notice with
a bank in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London). 

 

	33.3	Distributions to an Obligor 

 The Agent may (with the consent of the Obligor or in
accordance with Clause 34 (Set-Off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or
towards purchase of any amount of any currency to be so applied. 
  

	33.4	Clawback 

  

	 	(a)	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has
been able to establish to its satisfaction that it has actually received that sum. 

  

	 	(b)	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was
paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. 

  
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	33.5	Impaired Agent 

  

	 	(a)	If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 33.1 (Payments to the
Agent) may instead either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank”
and in relation to which no Insolvency Event has occurred and is continuing, in the name of the Obligor or the Lender making the payment and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that payment
under the Finance Documents. In each case such payments must be made on the due date for payment under the Finance Documents. 

  

	 	(b)	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the beneficiaries of that trust account pro rata to their respective entitlements. 

 

	 	(c)	A Party which has made a payment in accordance with this Clause 33.5 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts
standing to the credit of the trust account. 

  

	 	(d)	Promptly upon the appointment of a successor Agent in accordance with Clause 30.13 (Replacement of the Agent), each Party which has made a payment to a trust account in accordance with this Clause 33.5
shall give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution in accordance with Clause 33.2 (Distributions by the
Agent). 

  

	33.6	Partial payments 

  

	 	(a)	Subject to the provisions of the Intercreditor Agreement, if the Agent receives a payment for application against amounts due in respect of any Finance Documents that is insufficient to discharge all the amounts then
due and payable by an Obligor under those Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under those Finance Documents in the following order: 

 

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and the Security Agent under those Finance Documents; 

 

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under those Finance Documents; 

 

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under those Finance Documents; and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  
 - 183 - 

	 	(b)	The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above (but not, for the avoidance of doubt, the pro rata allocation of payments falling within
any such paragraph). 

  

	 	(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 

  

	33.7	Set-off by Obligors 

 All payments to be made by an Obligor under the Finance Documents
shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	33.8	Business Days 

  

	 	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  

	 	(b)	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

 

	33.9	Currency of account 

  

	 	(a)	Subject to paragraphs (b) to (e) below, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document. 

 

	 	(b)	A repayment of a Utilisation or Unpaid Sum or a part of a Utilisation or Unpaid Sum shall be made in the currency in which that Utilisation or Unpaid Sum is denominated on its due date. 

 

	 	(c)	Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued. 

 

	 	(d)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

 

	 	(e)	Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency. 

  

	33.10	Change of currency 

  

	 	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit is at the same time recognised by the central bank of any country as the lawful currency of that country, then: 

 

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
designated by the Agent (after consultation with the Borrower); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or
down by the Agent (acting reasonably). 

  
 - 184 - 

	 	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any
generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency. 

  

	34.	SET-OFF 

 A Finance Party may set off any matured obligation due from an Obligor under
the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the
obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

 

	35.	NOTICES 

  

	35.1	Communications in writing 

 Any communication to be made under or in connection with the
Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter or (in accordance with Clause 35.6 (Electronic communication)) by email. 

 

	35.2	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 for any communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	in the case of the Borrower: 

  

					
			Address:		CEMEX, S.A.B. de C.V.
					Avenida Ricardo Margáin Zozaya #325
					Colonia Valle del Campestre
					San Pedro Garza García, Nuevo León, 66265
					México
			
			Fax:		+52 (81) 8888 4465
			
			Attention:		Corporate Finance Director;

  
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			with a copy to:
			
			Address:		CEMEX, S.A.B. de C.V.
					Avenida Ricardo Margáin Zozaya #325
					Colonia Valle del Campestre
					San Pedro Garza García, Nuevo León, 66265
					México
			
			Fax:		+52 (81) 8888 6779
			
			Attention:		Financial Operations Manager;

  

	 	(b)	in the case of each Lender, or any other Obligor, that notified in writing to the Agent on or prior to the date on which it becomes a Party; 

 

	 	(c)	in the case of the Agent: 

  

					
			Address:		Citibank International plc
					5th Floor, Citigroup Centre
					Mail Drop CGC2 05-65
					25 Canada Square, Canary Wharf
					London E14 5LB
					United Kingdom
			
			Fax:		+44 (0) 20 7492 3980 / +44 (0) 20 7067 9536
			
			Attention:		EMEA Loans Agency; and

  

	 	(d)	in the case of the Security Agent: 

  

					
			Address:		Third Floor, 1 King’s Arms Yard
					London EC2R 7AF
					United Kingdom
			
			Fax:		+44 (0) 20 7397 3601
			
			Attention:		Frank Cibej,

 or any substitute address, fax number or department or officer as the Party may notify to the Agent (or the
Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days’ notice. 
  

	35.3	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents 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, 

  
 - 186 - 

 and, if a particular department or officer is specified as part of its address details provided
under Clause 35.2 (Addresses), if addressed to that department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Agent or the Security Agent will be effective only when actually received by the Agent or Security Agent and then only if it is expressly marked for the
attention of the department or officer identified in Clause 35.2 (Addresses) (or any substitute department or officer as the Agent or Security Agent shall specify for this purpose). 

 

	 	(c)	All notices from or to an Obligor shall be sent through the Agent. The Borrower may make and/or deliver as agent of each Obligor notices and/or requests on behalf of each Obligor. 

 

	 	(d)	Any communication or document made or delivered to the Borrower in accordance with this Clause 35.3 will be deemed to have been made or delivered to each of the Obligors. 

 

	35.4	Notification of address and fax number 

 Promptly upon receipt of notification of an
address or fax number or change of address or fax number pursuant to Clause 35.2 (Addresses) or changing its own address or fax number, the Agent shall notify the other Parties. 

 

	35.5	Communication when Agent is Impaired Agent 

 If the Agent is an Impaired Agent the
Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices
to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed. 

 

	35.6	Electronic communication 

  

	 	(a)	Any communication to be made between the Agent or the Security Agent and a Lender and/or any member of the Group under or in connection with the Finance Documents may be made by electronic mail or other electronic
means, if the Agent, the Security Agent and the relevant Lender and/or member of the Group: 

  

	 	(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. 

  
 - 187 - 

	 	(b)	Any electronic communication made between the Agent and a Lender or the Security Agent and/or any member of the Group will be effective only when actually received in readable form and, in the case of any electronic
communication made by a Lender and/or the Security Agent and/or any member of the Group to the Agent, only if it is addressed in such a manner as the Agent or 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 35.6 is an accepted form of communication unless any communication from a Party 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. 

  

	35.7	English language 

  

	 	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  

	 	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English; or 

  

	 	(ii)	if not in English, and if so required by the Agent, accompanied 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. 

  

	35.8	Obligor Agent 

  

	 	(a)	Each Obligor (other than the Borrower) by its execution of this Agreement or an Accession Letter (as the case may be) irrevocably appoints the Borrower to act on its behalf as its agent in relation to the Finance
Documents and irrevocably authorises: 

  

	 	(i)	the Borrower on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions, to execute on its behalf any documents required
hereunder and to make such agreements capable of being given or made by any Obligor notwithstanding that they may affect such Obligor, without further reference to or consent of such Obligor; and 

 

	 	(ii)	each Finance Party to give any notice, demand or other communication to such Obligor pursuant to the Finance Documents to the Borrower on its behalf, 

and in each case such Obligor shall be bound thereby as though such Obligor itself had given such notices and instructions or executed or made
such agreements or received any notice, demand or other communication. 

  
 - 188 - 

	 	(b)	Every act, agreement, undertaking, settlement, waiver, notice or other communication given or made by the Borrower, or given to the Borrower, in its capacity as agent in accordance with paragraph (a) of this
Clause 35.8, in connection with this Agreement shall be binding for all purposes on such Obligors as if the other Obligors had expressly made, given or concurred with the same. In the event of any conflict between any notices or other
communications of the Borrower and any other Obligor, those of the Borrower shall prevail. 

  

	35.9	Use of websites 

  

	 	(a)	The Borrower may satisfy its obligation under this Agreement to deliver any information in relation to those Lenders (the “Website Lenders”) who accept this method of communication by posting this
information on to an electronic website designated by the Borrower and the Agent (the “Designated Website”) if: 

  

	 	(i)	the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method; 

 

	 	(ii)	both the Borrower and the Agent are aware of the address of and any relevant password specifications for the Designated Website; and 

 

	 	(iii)	the information is in a format previously agreed between the Borrower and the Agent. 

 If any
Lender does not agree to the delivery of information electronically then the Agent shall notify the Borrower accordingly and the Borrower shall supply the information to the Agent in paper form. In any event the Borrower shall supply the Agent with
at least one copy in paper form of any information required to be provided by it. 
  

	 	(b)	The Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Borrower and the Agent. 

 

	 	(c)	The Borrower shall promptly upon becoming aware of its occurrence notify the Agent if: 

  

	 	(i)	the Designated Website cannot be accessed due to technical failure; 

  

	 	(ii)	the password specifications for the Designated Website change; 

  

	 	(iii)	any new information which is required to be provided under this Agreement is posted on to the Designated Website; 

  

	 	(iv)	any existing information which has been provided under this Agreement and posted on to the Designated Website is amended; or 

  

	 	(v)	the Borrower becomes aware that the Designated Website or any information posted on to the Designated Website is or has been infected by any electronic virus or similar software. 

  
 - 189 - 

 If the Borrower notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above, all
information to be provided by the Borrower under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender are satisfied that the circumstances giving rise to the notification are
no longer continuing. 
  

	 	(d)	Any Website Lender may request, through the Agent, one paper copy of any information required to be provided under this Agreement which is posted on to the Designated Website. The Borrower shall at its own cost comply
with any such request within ten Business Days. 

  

	36.	CALCULATIONS AND CERTIFICATES 

  

	36.1	Accounts 

 In any litigation or arbitration proceedings arising out of or in connection
with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	36.2	Certificates and determinations 

 Any certification or determination by a Finance Party
of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	36.3	Day count convention 

 Any interest, commission or fee accruing under a Finance Document
will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice. 

 

	36.4	Spanish Civil Procedure 

 In the event that this Agreement is raised to a Spanish Public
Document, for the purposes of Article 572.2 of the Spanish Civil Procedure Law (Ley de Enjuiciamiento Civil), all parties expressly agree that the exact amount due at any time by the Obligors to the Lenders will be the amount specified
in a certificate issued by the Agent (and/or any Lender) in accordance with Clause 36.2 (Certificates and determinations) as representative of the Lenders reflecting the balance of the accounts referred to in Clause 36.1
(Accounts). 
  

	36.5	No personal liability 

 If an individual signs a certificate on behalf of any member of
the Group and the certificate proves to be incorrect, the individual will incur no personal liability as a result, unless the individual acted fraudulently in giving the certificate. In this case any liability of the individual will be determined in
accordance with applicable law. 

  
 - 190 - 

	37.	PARTIAL INVALIDITY 

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

	38.	REMEDIES AND WAIVERS 

 No failure to exercise, nor any delay in exercising, on the part
of any Finance Party or Secured Party, any right or remedy under the Finance Documents shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any of the Finance
Documents on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall 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 or regulation. 
  

	39.	AMENDMENTS AND WAIVERS 

  

	39.1	Required consents 

  

	 	(a)	Subject to Clause 39.2 (Exceptions) and Clause 39.3 (Facility Change), any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Borrower and any
such amendment or waiver will be binding on all Parties. 

  

	 	(b)	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 39. 

  

	 	(c)	Each Obligor agrees to any such amendment or waiver permitted by this Clause 39 which is agreed to by the Borrower. This includes any amendment or waiver which would, but for this paragraph (c), require the
consent of all of the Guarantors. 

  

	39.2	Exceptions 

  

	 	(a)	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(i)	the definition of “Majority Lenders” or “Super Majority Lenders” in Clause 1.1 (Definitions); 

  

	 	(ii)	an extension to the Termination Date or to the date of any scheduled payment of any amount under the Finance Documents (except pursuant to a Facility Change); 

 

	 	(iii)	a reduction in the Margin or a reduction in the amount (or, in respect of interest, fees and commissions, the rate) of any payment of principal, interest, fees or commission payable; 

  
 - 191 - 

	 	(iv)	the allocation as among the Lenders of any amount payable under the Finance Documents; 

  

	 	(v)	a change in currency of payment of any amount under the Finance Documents; 

  

	 	(vi)	an increase in or an extension of any Commitment or the Total Commitments (except pursuant to Clause 2.2 (Accordion) or a Facility Change); 

 

	 	(vii)	a change to the Borrower or any of the Guarantors other than in accordance with Clause 29 (Changes to the Obligors); 

  

	 	(viii)	any provision which expressly requires the consent of all the Lenders; 

  

	 	(ix)	Clause 2.3 (Finance Parties’ rights and obligations), Clause 19 (Guarantee and Indemnity), Clause 27 (Changes to the Lenders), Clause 29 (Changes to the Obligors) or
this Clause 39; or 

  

	 	(x)	any amendment to the order of priority or subordination under the Intercreditor Agreement, 

shall not be made without the prior consent of all of the Lenders (save in circumstances where such change is made pursuant to Clause 24
(Covenant Reset Date)). 
  

	 	(b)	An amendment or waiver which relates to the rights or obligations of the Agent, the Arranger or, as the case may be, the Security Agent may not be effected without the consent of the Agent, the Arranger or, as the case
may be, the Security Agent at such time. 

  

	 	(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 this Agreement or any other Finance Document); 

  

	 	(ii)	the release of any guarantee and indemnity granted under Clause 19 (Guarantee and Indemnity) or of any Transaction Security unless permitted under this Agreement or any other Finance Document 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 this Agreement or any other Finance Document, 

may only be made with the consent of the Super Majority Lenders. 
  

	 	(d)	 If any Lender fails to respond to a request for a consent, waiver or amendment of or in relation to any of the terms of any Finance Document or other
vote of Lenders under the terms of this Agreement within 20 Business Days of that 

  
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request being made (or such longer period as the Borrower may, in its absolute discretion, specify (subject to prior notice being given by the Borrower to the Agent)), its Commitment and/or
participation shall not be included for the purpose of calculating the Total Commitments or participations under the relevant Facility/ies when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total
Commitments and/or participations has been obtained to approve that request. 

  

	39.3	Facility Change 

  

	 	(a)	The Borrower may, by notice to the Agent for circulation to all Lenders, request the consent of each Lender to an extension of the Termination Date with respect to that Lender’s Commitment and participation in the
Loans (such extension, a “Facility Change”, and any such Lender which consents to an extension of the Termination Date with respect to its Commitment and participation in the Loans, a “Facility Change Lender”).

  

	 	(b)	A Facility Change shall be implemented by way of an amendment to this Agreement (and, if required, any other Finance Document) to reflect the Facility Change in relation to the relevant Facility Change Lender(s) (but,
for the avoidance of doubt, in relation to no other Lender) (including, without limitation, by the creation of sub-tranches or a new facility comprising the Commitment and participation in the Loans the
Facility Change Lender(s), and to which the extended Termination Date is to apply). 

  

	 	(c)	Notwithstanding anything in this Clause 39 or any other provision of the Finance Documents to the contrary, an amendment to any term of the Finance Documents made in accordance with this Clause 39.3 in order
to implement a Facility Change may be approved with the consent of the relevant Facility Change Lender and the Borrower (and countersigned by the Agent) and any such amendment will be binding on all Parties. 

 

	39.4	Replacement of Lender 

  

	 	(a)	If at any time: 

  

	 	(i)	any Lender becomes a Non-Consenting Lender (as defined in paragraph (c) below); or 

  

	 	(ii)	an Obligor other than a Security Provider that is not also the Borrower or a Guarantor becomes obliged to repay any amount in accordance with Clause 7.1 (Illegality) or to pay additional amounts pursuant to
Clause 15.1 (Increased costs), Clause 14.2 (Tax gross-up) or Clause 14.3 (Tax indemnity) to any Lender in excess of amounts payable to the other Lenders generally,

 then the Borrower may, on 10 Business Days’ prior written notice to the Agent and such Lender, replace such
Lender by requiring such Lender to (and such Lender shall) transfer pursuant to Clause 27 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial
institution, trust, fund or other entity (a “Replacement  

  
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Lender”) selected by the Borrower, and (unless at such time the Agent is an Impaired Agent) which is acceptable to the Agent (acting reasonably), which confirms its willingness to
assume and does assume all the obligations of the transferring Lender (including the assumption of the transferring Lender’s participations on the same basis as the transferring Lender) for a purchase price in cash payable at the time of
transfer equal to the outstanding principal amount of such Lender’s participation in the outstanding Utilisations and all accrued interest and/or Break Costs and other amounts payable in relation thereto under the Finance Documents. 

 

	 	(b)	The replacement of a Lender pursuant to this Clause 39.4 shall be subject to the following conditions: 

  

	 	(i)	the Borrower shall have no right to replace the Agent or Security Agent; 

  

	 	(ii)	neither the Agent nor the Lender shall have any obligation to the Borrower to find a Replacement Lender; 

  

	 	(iii)	in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than 180 days after the date on which the
Non-Consenting Lender notifies the Borrower and the Agent of its failure or refusal to give a consent in relation to, or agree to any waiver or amendment to the Finance Documents requested by the Borrower; and

  

	 	(iv)	in no event shall the Lender replaced under this paragraph (b) be required to pay or surrender to such Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents.

  

	 	(c)	In the event that: 

  

	 	(i)	the Borrower or the Agent (at the request of the Borrower) has requested the Lenders to give a consent in relation to, or to agree to a waiver or amendment of, any provisions of the Finance Documents; 

 

	 	(ii)	the consent, waiver or amendment in question requires the approval of all the Lenders; and 

  

	 	(iii)	Lenders whose Commitments aggregate more than 85 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 85 per cent. of the Total Commitments prior to
that reduction) have consented or agreed to such waiver or amendment, 

 then any Lender who does not and continues not to
consent or agree to such waiver or amendment shall be deemed a “Non-Consenting Lender”. 
  

	39.5	Replacement of a Defaulting Lender 

  

	 	(a)	 The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 10 Business Days’ prior written notice
to the 

  
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Agent and such Lender, replace such Lender by requiring such Lender to (and such Lender shall) transfer pursuant to Clause 27 (Changes to the Lenders) all (and not part only) of its
rights and obligations under this Agreement to a Lender or Replacement Lender selected by the Borrower, and which (unless the Agent is an Impaired Agent) is acceptable to the Agent (acting reasonably), which confirms its willingness to assume and
does assume all the obligations or all the relevant obligations of the transferring Lender (including the assumption of the transferring Lender’s participations or unfunded participations (as the case may be) on the same basis as the
transferring Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender’s participation in the outstanding Utilisations and all accrued interest, Break Costs and other amounts
payable in relation thereto under the Finance Documents. 

  

	 	(b)	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause shall be subject to the following conditions: 

  

	 	(i)	the Borrower shall have no right to replace the Agent or Security Agent; 

  

	 	(ii)	neither the Agent nor the Defaulting Lender shall have any obligation to the Borrower to find a Replacement Lender; 

  

	 	(iii)	the transfer must take place no later than 180 days after the notice referred to in paragraph (a) above; and 

  

	 	(iv)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents. 

 

	40.	CONFIDENTIALITY 

  

	40.1	Confidential Information 

 Each Finance Party agrees to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by Clause 40.2 (Disclosure of Confidential Information) and Clause 40.3 (Disclosure to numbering service providers), and to ensure that all
Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information. 
  

	40.2	Disclosure of Confidential Information 

 Any Finance Party may, subject (where
applicable) to the provisions of article L. 511-33 of the French Monetary and Financial Code, disclose: 
  

	 	(a)	 to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and
Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential
nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement

  
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to inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the
Confidential Information; 

  

	 	(b)	to any person: 

  

	 	(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents and to any of that person’s Affiliates, Related
Funds, Representatives and professional advisers; 

  

	 	(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which
payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

 

	 	(iii)	appointed by any Finance Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its
behalf (including, without limitation, any person appointed under paragraph (e) of Clause 30.15 (Relationship with the Lenders)); 

  

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; 

 

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 27.8 (Security over Lenders’ rights); 

 

	 	(vii)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; 

 

	 	(viii)	who is a Party; or 

  

	 	(ix)	with the consent of the Borrower; 

 in each case, such Confidential Information as that Finance
Party shall consider appropriate if: 
  

	 	(A)	 in relation to paragraphs (b)(i), (b)(ii) and b(iii) above, the person to whom the Confidential Information is to be given has entered into
a Confidentiality Undertaking except that there 

  
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shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential
Information; 

  

	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in
relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

 

	 	(C)	in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential
Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances;

  

	 	(c)	to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance
Documents, including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the
services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for
Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrower and the relevant Finance Party; and 

 

	 	(d)	to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the
Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be
price-sensitive information. 

  

	40.3	Disclosure to numbering service providers 

  

	 	(a)	Any Finance Party may, subject (where applicable) to the provisions of article L. 511-33 of the French Monetary and Financial Code, disclose to any national or
international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more Obligors the following information: 

 

	 	(i)	names of Obligors; 

  
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	 	(ii)	country of domicile of Obligors; 

  

	 	(iii)	place of incorporation of Obligors; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	the name of the Agent; 

  

	 	(vi)	date of each amendment and restatement of this Agreement; 

  

	 	(vii)	amount of the Commitments under each Facility; 

  

	 	(viii)	currencies of the Facilities; 

  

	 	(ix)	type of Facilities; 

  

	 	(x)	ranking of Facilities; 

  

	 	(xi)	Termination Date for Facilities; 

  

	 	(xii)	law and jurisdiction of the Facilities; 

  

	 	(xiii)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xii) above; and 

  

	 	(xiv)	such other information agreed between such Finance Party and the Borrower, 

 to enable such
numbering service provider to provide its usual syndicated loan numbering identification services. 
  

	 	(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities and/or one or more Obligors by a numbering service provider and the information associated with each such
number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

  

	 	(c)	The Agent shall notify the Borrower and the other Finance Parties of: 

  

	 	(i)	the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facilities and/or one or more Obligors; and 

 

	 	(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more Obligors by such numbering service provider. 

 

	40.4	Entire agreement 

 Subject to the provisions of article L. 511-33 of the French
Monetary and Financial Code, this Clause 40 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous
agreement, whether express or implied, regarding Confidential Information. 

  
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	40.5	Inside information 

 Each of the Finance Parties acknowledges that some or all of the
Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider
dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 
  

	40.6	Notification of disclosure 

 Each of the Finance Parties agrees (to the extent permitted
by law and regulation) to inform the Borrower as soon as reasonably practicable: 
  

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 40.2 (Disclosure of Confidential Information) except where such disclosure is made to any
of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 40. 

  

	40.7	Continuing obligations 

 The obligations in this Clause 40 are continuing and, in
particular, shall survive and remain binding on each Finance Party for a period of 12 months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with the Finance Documents have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

  

	 	(b)	the date on which such Finance Party otherwise ceases to be a Finance Party. 

  

	41.	COUNTERPARTS 

 Each Finance Document 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 the Finance Document. 

  
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 SECTION 12 

GOVERNING LAW AND ENFORCEMENT 
  

	42.	GOVERNING LAW 

  

	 	(a)	This Agreement and all non-contractual obligations arising from or connected with it are governed by English law. 

 

	 	(b)	If any of the Original Obligors 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. 

  

	43.	ENFORCEMENT 

  

	43.1	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)	each of the Parties agrees that the courts of England and the courts of each Party’s corporate domicile (but only in respect of actions brought against such Party as a defendant), 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)	each of the Parties agrees that the courts of England and such courts of each Party’s corporate domicile (but only in respect of actions brought against such Party as a defendant) are the most appropriate and
convenient courts to settle Disputes and accordingly no Party will argue to the contrary and hereby waives any right to which any of them may be entitled on account of place of residence or domicile. 

 

	43.2	Jurisdiction of English Courts in other cases 

 Subject to Clause 43.1
(Jurisdiction in relation to actions brought against parties organised or incorporated in Mexico) 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 waives any right to which any of them may be
entitled on account of place of residence or domicile; and 

  
 - 200 - 

	 	(c)	this Clause 43.2 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 (or any other
dispute whatsoever) 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. 

 

	43.3	Service of process 

 Without prejudice to any other mode of service allowed under any
relevant law or regulation, each Obligor (other than an Obligor incorporated in England and Wales): 
  

	 	(a)	irrevocably appoints the Process Agent as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document (and the Process Agent, by its execution of
this Agreement, accepts that appointment); and 

  

	 	(b)	agrees that failure by the Process Agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned, 

and each Obligor, including each Additional Guarantor or Additional Security Provider, that is incorporated in Mexico shall grant an
irrevocable power of attorney granted before a Mexican notary public, appointing the Process Agent as its agent for service of process as provided herein on or before the date of this Agreement or when it becomes a Party to this Agreement, as
applicable. 
  

	43.4	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 FINANCE 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 FINANCE 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. Each Party acknowledges that (a) this waiver is a material inducement to enter into this Agreement, (b) it has already relied
on this waiver in entering into this Agreement and (c) it will continue to rely on this waiver in future dealings. Each Party represents that it has reviewed this waiver with its legal advisers and that it knowingly and voluntarily waives its
jury trial rights after consultation with its legal advisers. Each Party hereby agrees and consents that any Party to this Agreement may file an original counterpart or a copy of this Clause 43.4 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. 

  
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 SCHEDULE 1 

THE ORIGINAL PARTIES 

PART I 
 THE ORIGINAL
OBLIGORS 
  

			
	 Name of Original Borrower
	  	 Registration number or equivalent

		
	CEMEX, S.A.B. de C.V.	  	CEM-880726-UZA (Mexico)

  

			
	 Name of Original Guarantors
	  	 Registration number or equivalent

		
	CEMEX España, S.A.	  	A-46004214 (Spain)
		
	CEMEX México, S.A. de C.V.	  	CME-820101-LJ4(Mexico)
		
	CEMEX Concretos, S.A. de C.V.	  	CCO-740918-9M1(Mexico)
		
	Empresas Tolteca de México, S.A. de C.V.	  	ETM-890720-DJ2(Mexico)
		
	New Sunward Holding B.V.	  	34133556 (The Netherlands)
		
	CEMEX Corp.	  	File #: 2162255 (Delaware)
		
	CEMEX Finance LLC (formerly known as CEMEX España Finance LLC)	  	File #: 3654572 (Delaware)
		
	Cemex Research Group AG	  	CHE-113.951.069 (Switzerland)
		
	CEMEX Shipping B.V.	  	34213063 (The Netherlands)
		
	CEMEX Asia B.V.	  	34228466 (The Netherlands)
		
	CEMEX France Gestion (S.A.S.)	  	334 533 288 R.C.S. Créteil (France)
		
	CEMEX UK	  	05196131 (United Kingdom)
		
	CEMEX Egyptian Investments B.V.	  	34108365 (The Netherlands)
		
	CEMEX Egyptian Investments II B.V.	  	58083987 (The Netherlands)

  
 - 202 - 

			
	 Name of Original Security Providers
	  	 Registration number or equivalent

		
	CEMEX, S.A.B. de C.V.	  	CEM-880726-UZA(Mexico)
		
	CEMEX México, S.A. de C.V.	  	CME-820101-LJ4(Mexico)
		
	CEMEX Operaciones México, S.A. de C.V. (formerly Centro Distribuidor de Cemento, S.A. de C.V.)	  	CDC-960913-SK6(Mexico)
		
	Empresas Tolteca de México, S.A. de C.V.	  	ETM-890720-DJ2(Mexico)
		
	Impra Café, S.A. de C.V.	  	ICA-801002-5E8(Mexico)
		
	Interamerican Investments, Inc.	  	File #: 2252951 (Delaware)
		
	New Sunward Holding B.V.	  	34133556 (The Netherlands)
		
	CEMEX International Finance Company	  	226652 (Ireland)
		
	CEMEX TRADEMARKS HOLDING Ltd.	  	CHE-109.294.363 (Switzerland)

  
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 PART II 

THE ORIGINAL LENDERS 
  

									
	 Name of Original Lender
	  	Facility A Commitment	 	  	Facility B Commitment	 
			
	 Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander México
	  	$	90,000,000	  	  	$	60,000,000	  
			
	 Bank of America, N.A., London Branch
	  	$	90,000,000	  	  	$	60,000,000	  
			
	 BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer
	  	$	90,000,000	  	  	$	60,000,000	  
			
	 BNP Paribas
	  	$	90,000,000	  	  	$	60,000,000	  
			
	 Banco Nacional de Mexico, S.A. integrante del Grupo Financiero Banamex
	  	$	90,000,000	  	  	$	60,000,000	  
			
	 Crédit Agricole Corporate and Investment Bank
	  	$	90,000,000	  	  	$	60,000,000	  
			
	 HSBC Bank plc, Sucursal en España
	  	$	90,000,000	  	  	$	60,000,000	  
			
	 ING Bank NV (Dublin Branch)
	  	$	90,000,000	  	  	$	60,000,000	  
			
	 JPMorgan Chase Bank, N.A.
	  	$	90,000,000	  	  	$	60,000,000	  

  
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 SCHEDULE 2 

CONDITIONS PRECEDENT 

PART I 
 INITIAL
CONDITIONS PRECEDENT 
  

	1.	Obligors 

  

	 	(a)	A copy (in the case of an Obligor incorporated in Mexico, certified by a notary public or otherwise authenticated) of the current constitutional documents of each Original Obligor other than a Dutch Obligor, a Swiss
Obligor or a French Obligor (or, in the case of an Original Obligor incorporated in Spain, a certificate or excerpt from the relevant Mercantile Registry including the updated by-laws of the Original Obligor). 

 

	 	(b)	A copy (in the case of the Borrower) of the power of attorney delegating to the Chief Executive Officer of the Borrower sufficient powers (which are themselves delegable) to authorise the entry into the Facilities, and
a copy of any sub-delegated powers required in connection herewith. 

  

	 	(c)	A copy of a resolution of the board of directors (or any other competent body) (or, in the case of an Original Obligor incorporated in Spain, a certificate issued by the secretary with the approval of the president and
raised to public document status) of each Original Obligor (except any Original Obligor incorporated in Mexico and any Dutch Obligor, Swiss Obligor or French Obligor): 

 

	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; 

 

	 	(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf (including, in the case of an Original Obligor incorporated in Spain, the authority to irrevocably appoint
a process agent (“mandatario ad litem”) unless such appointment has been made by other means by a duly authorised representative); and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party.

  

	 	(d)	In the case of an Obligor incorporated in Mexico (to the extent not covered under paragraph (b) above), (i) powers of attorney duly notarised containing authority for acts of administration, and if applicable
for acts of disposition (in respect of any Transaction Security Document) and to execute negotiable instruments; and (ii) powers of attorney for the Process Agent, duly notarised before a Mexican notary public, together with any necessary
appointment and acceptance letter. 

  
 - 205 - 

	 	(e)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (c) above in relation to the Finance Documents. 

 

	 	(f)	In the case of Dutch Obligors: 

  

	 	(i)	a copy of the deed of incorporation (oprichtingsakte) and where the articles of association have been amended since the date of incorporation the articles of association (statuten) of each Dutch Obligor,
as well as an extract (uittreksel) from the Dutch Commercial Register (Handelsregister) of such Dutch Obligor; 

  

	 	(ii)	a copy of the resolution of the board of managing directors of each Dutch Obligor: 

  

	 	(A)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; 

 

	 	(B)	if applicable, authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(C)	if applicable, authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which
it is a party; and 

  

	 	(iii)	a specimen of the signature of each member of the board of managing directors of each Dutch Obligor and, if applicable, each person authorised by the resolutions referred to in paragraph (ii)(B) and/or (C) above in
relation to the Finance Documents. 

  

	 	(g)	In the case of a Swiss Obligor: 

  

	 	(i)	a copy of the articles of association (Statuten) of the Swiss Obligor, as well as an extract from the Commercial Register (Handelsregister) of such Swiss Obligor; 

 

	 	(ii)	a copy of a unanimous resolution of the board of directors of the Swiss Obligor: 

  

	 	(A)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it executes the Finance Documents to which it is a party; 

 

	 	(B)	resolving that the execution of the transactions contemplated by the Finance Documents to which it is a party is in the best interest of such Swiss Obligor; 

 

	 	(C)	if applicable, authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(D)	if applicable, authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which
it is a party; 

  
 - 206 - 

	 	(iii)	a copy of the unanimous shareholders’ resolution of the Swiss Obligor approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that (i) it
executes the Finance Documents to which it is a party and (ii) the execution of the transactions contemplated by the Finance Documents to which it is a party is in its best interest; 

 

	 	(iv)	a specimen of the signature of each member of the board of directors of the Swiss Obligor and, if applicable, each person authorised by the resolutions referred to in paragraph (ii)(C) and/or (D) above in relation
to the Finance Documents; and 

  

	 	(v)	evidence to the effect that the Swiss Obligor’s articles of association empower such Swiss Obligor to enter into upstream and/or cross-stream obligations. 

 

	 	(h)	In the case of a French Obligor: 

  

	 	(i)	a certified copy of its constitutive documents (statuts); 

  

	 	(ii)	an original extract (extrait K-bis) provided by the commercial and companies registry (registre du commerce et des sociétés), not more than fifteen (15) days old; 

 

	 	(iii)	a non-bankruptcy certificate (certificat de recherche de procédures collectives) provided by the commercial and companies registry (registre du commerce et des sociétés), not more than
fifteen (15) days old; 

  

	 	(iv)	a copy of the resolution of the shareholder(s) of each French Obligor approving: 

  

	 	(A)	the terms of, and the transactions contemplated by, the Finance Documents to which it is a party; and 

  

	 	(B)	the execution of the Finance Documents to which it is a party; 

  

	 	(v)	a copy of the resolution of the board of directors (or any other competent body) of each French Obligor: 

  

	 	(A)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it executes the Finance Documents to which it is a party; 

 

	 	(B)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(C)	authorising a specified person or persons on its behalf to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party;
and 

  

	 	(vi)	evidence that the person(s) who has(ve) signed the Finance Documents on behalf of each French Obligor was (were) duly authorised to sign. 

  
 - 207 - 

	 	(i)	In the case of a U.S. Obligor: 

  

	 	(i)	a copy of a good standing certificate with respect to such U.S. Obligor, issued as of a recent date by the Secretary of State or other appropriate official of such U.S. Obligor’s jurisdiction of incorporation or
organisation; and 

  

	 	(ii)	a certificate in form and substance satisfactory to the Agent of the chief financial officer, director of finance or other appropriate person of each U.S. Obligor as to the solvency of such U.S. Obligor.

  

	 	(j)	In the case of an English Obligor, a copy of a resolution signed by all the holders of the issued shares in that English Guarantor, approving the terms of, and the transactions contemplated by, the Finance Documents to
which that English Obligor is a party. 

  

	 	(k)	A certificate of each Original Obligor (signed by an Authorised Signatory) confirming that borrowing or guaranteeing or granting Security in respect of, as appropriate, the Total Commitments would not cause any
borrowing, guarantee, security or similar limit binding on that Original Obligor to be exceeded. 

  

	 	(l)	A certificate of an Authorised Signatory of the relevant Original Obligor certifying that each copy document relating to it specified in this Part I of Schedule 2 is correct, complete and in full force and effect as at
a date no earlier than the date of this Agreement. 

  

	2.	Finance Documents (other than Transaction Security Documents) 

  

	 	(a)	The documents required for each Original Lender, the Agent, the Borrower and each Original Guarantor to accede to the Intercreditor Agreement in accordance with its terms (as a Refinancing Creditor, Refinancing Creditor
Representative or (as applicable) Debtor (each as defined in the Intercreditor Agreement) in respect of this Agreement), in each case executed by each party thereto. 

 

	 	(b)	A Promissory Note evidencing the Loan made by each of the Lenders. 

  

	 	(c)	The Fee Letters executed by the Borrower. 

  

	3.	Transaction Security Documents 

  

	 	(a)	 At least two originals of any deed of confirmation, ratification or extension, any letter of designation or appointment or any other document that is
required 

  
 - 208 - 

	 	
for the Transaction Security evidenced or expressed to be created or evidenced under or pursuant to the following Transaction Security Documents listed in paragraphs (i) and (ii) below
to extend to secure the Secured Obligations under this Agreement, in each case substantially in the form distributed (together with an English translation, if not in English) to the Lenders prior to the date of this Agreement and otherwise in form
and substance satisfactory to the Security Agent, and executed by the relevant Obligors: 

  

	 	(i)	a Mexican security trust agreement dated 17 September 2012 entered into by the Borrower, Empresas Tolteca de Mexico, S.A. de C.V., Impra Café S.A. de C.V., Interamerican Investments Inc., Centro Distribuidor
de Cemento, S.A. de C.V. and CEMEX México; and 

  

	 	(ii)	a deed of ratification and extension (together with irrevocable powers of attorney in the agreed form) in relation to the share pledge agreement dated 8 November 2012 between, among others, CEMEX, S.A.B. de C.V.
and New Sunward Holding B.V. as pledgors, the Security Agent as pledgee, the entities listed therein as original creditors, Banco Bilbao Vizcaya Argentaria, S.A. as custodian and CEMEX España as the company (in the case of this document, in a
form ready for notarisation pursuant to paragraph (a) of Clause 23.38 (Conditions subsequent)). 

  

	 	(b)	A copy of each notice required to be sent under the documents referred to in paragraph (a) above (duly acknowledged by the addressee) and evidence that any other action required to perfect the Transaction Security
created or evidenced or expressed to be created or evidenced pursuant to those documents has been taken. 

  

	 	(c)	Unless already held by the Security Agent, a copy of all share certificates, transfers and stock transfer forms or equivalent duly executed by the relevant Obligor in blank in relation to the assets subject to or
expressed to be subject to the Transaction Security and other documents of title to be provided under the Transaction Security Documents. 

  

	4.	Legal opinions 

 Dutch law 

 

	 	(a)	An opinion with respect to the laws and regulations of The Netherlands from Clifford Chance LLP, substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing this
Agreement. 

 English law 
  

	 	(b)	An opinion with respect to the laws and regulations of England and Wales from Clifford Chance, S.L., substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing this
Agreement. 

  
 - 209 - 

 French law 
  

	 	(c)	An incorporation and authority opinion with respect to the laws and regulations of France from in-house counsel of the Borrower, substantially in the form distributed to the Original Lenders, the Agent and the Security
Agent prior to signing this Agreement. 

  

	 	(d)	An opinion with respect to the laws and regulations of France from Clifford Chance Europe LLP, substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing this
Agreement. 

 Irish law 
  

	 	(e)	An opinion with respect to the laws and regulations of Ireland from A&L Goodbody, substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing this Agreement.

 Mexican law 
  

	 	(f)	An incorporation and authority opinion with respect to the laws and regulations of Mexico from in-house counsel of the Borrower, substantially in the form distributed to the Original Lenders, the Agent and the Security
Agent prior to signing this Agreement. 

  

	 	(g)	An opinion with respect to the laws and regulations of Mexico from Ritch, Mueller, Heather y Nicolau S.C., substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing
this Agreement. 

 Spanish law 
  

	 	(h)	An incorporation and authority opinion with respect to the laws and regulations of Spain from in-house counsel of the Borrower, substantially in the form distributed to the Original Lenders, the Agent and the Security
Agent prior to signing this Agreement. 

  

	 	(i)	An opinion with respect to the laws and regulations of Spain from Clifford Chance, S.L., substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing this Agreement.

 Swiss law 
  

	 	(j)	An opinion with respect to the laws and regulations of Switzerland from Bär & Karrer AG, substantially in the form distributed to the Original Lenders, the Agent and the Security Agent prior to signing
this Agreement. 

 US law (Delaware) 
  

	 	(k)	An opinion with respect to the laws and regulations of Delaware from Skadden, Arps, Slate, Meagher & Flom LLP, substantially in the form distributed to the Original Lenders, the Agent and the Security Agent
prior to signing this Agreement. 

  
 - 210 - 

	5.	Other documents and evidence 

  

	 	(a)	The Group Structure Chart. 

  

	 	(b)	The Original Financial Statements of the Borrower and each Guarantor. 

  

	 	(c)	Evidence that the fees, costs and expenses then due from the Borrower to any Finance Party under the Finance Documents have been paid or will be paid by the first Utilisation Date. 

 

	 	(d)	Each Lender and the Security Agent having confirmed to the Agent that it is satisfied that it has (and the Agent being satisfied that they have) complied with all necessary “know your customer” or other
similar checks under all applicable laws and regulations in relation to each Obligor then party to this Agreement. 

  
 - 211 - 

 PART II 

CONDITIONS PRECEDENT REQUIRED TO BE 

DELIVERED BY AN ADDITIONAL OBLIGOR 
  

	1.	Additional Guarantor/Additional Security Provider 

  

	 	(a)	A copy (in the case of an Obligor incorporated in Mexico, certified by a notary public or otherwise authenticated) of the constitutional documents of the Additional Guarantor or an Additional Security Provider (other
than a Dutch Obligor, Swiss Obligor or French Obligor) (or, in the case of an Additional Guarantor or Additional Security Provider incorporated in Spain, a certificate or excerpt from the relevant Mercantile Registry including the updated by-laws of
the Additional Guarantor or Additional Security Provider). 

  

	 	(b)	A copy (or, in the case of an Additional Guarantor or Additional Security Provider incorporated in Spain, a certificate issued by the secretary with the approval of the president and raised to public document status) of
a resolution of the board of directors (or any other competent body) of the Additional Guarantor or Additional Security Provider (other than a Dutch Obligor, Swiss Obligor or French Obligor) and, when applicable, in the case of any Additional
Guarantor or Additional Security Provider incorporated in Mexico, a resolution of its shareholder’s meeting: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter; 

 

	 	(ii)	authorising a specified person or persons to execute the Accession Letter and other Finance Documents on its behalf (including, in the case of an Additional Guarantor or Additional Security Provider incorporated in
Spain, the authority to irrevocably appoint a process agent (“mandatario ad litem”) unless such appointment has been made by other means by a duly authorised representative); and 

 

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party.

  

	 	(c)	In the case of an Additional Guarantor or Additional Security Provider incorporated in Mexico, (to the extent not covered or not applicable under paragraph (b) above) (i) powers of attorney duly notarised
containing authority for acts of administration, for acts of disposition (in respect of any Transaction Security Document) and to execute negotiable instruments; and (ii) powers of attorney for the Process Agent, duly notarised before a Mexican
notary public, together with any necessary appointment and acceptance letter. 

  

	 	(d)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above. 

  
 - 212 - 

	 	(e)	In the case of Dutch Obligors: 

  

	 	(i)	a copy of the deed of incorporation (oprichtingsakte) and where the articles of association have been amended since the date of incorporation, the articles of association (statuten) of each Dutch Obligor,
as well as an extract (uittreksel) from the Dutch Commercial Register (Handelsregister) of such Dutch Obligor; 

  

	 	(ii)	a copy of the resolution of the board of managing directors of each Dutch Obligor: 

  

	 	(A)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party; 

 

	 	(B)	if applicable, authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(C)	if applicable, authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which
it is a party; 

  

	 	(iii)	if applicable, a copy of the resolution of the board of supervisory directors of each Dutch Obligor approving the resolutions of the board of managing directors referred to under (ii) above and, to the extent
applicable, appointing an authorised person to represent the relevant Dutch Obligor in case of a conflict of interest; 

  

	 	(iv)	if applicable, a copy of the resolution of the shareholder(s) of each Dutch Obligor approving the resolutions of the board of managing directors referred to under (ii) above and, to the extent applicable,
appointing an authorised person to represent the relevant Dutch Obligor in case of a conflict of interest; 

  

	 	(v)	if applicable, a copy of (i) the request for advice from each works council, or central or European works council with jurisdiction over the transactions contemplated by this Agreement, (ii) the positive
advice from such works council which contains no condition, which if complied with, could result in a breach of any of the Finance Documents and (iii) positive advice in respect of the security to be granted by the Dutch Obligor as well as the
conditional transfer of the voting rights attached to the shares which are subject to security; and 

  

	 	(vi)	a specimen of the signature of each member of the board of managing directors of each Dutch Obligor and, if applicable, each person authorised by the resolutions referred to in paragraph (ii) sub-paragraph
(B) and/or (C) above in relation to the Finance Documents. 

  
 - 213 - 

	 	(f)	In the case of a Swiss Obligor: 

  

	 	(i)	a copy of the articles of association (Statuten) of the Swiss Obligor, as well as an extract from the Commercial Register (Handelsregister) of such Swiss Obligor; 

 

	 	(ii)	a copy of a unanimous resolution of the board of directors of the Swiss Obligor: 

  

	 	(A)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it executes the Finance Documents to which it is a party; 

 

	 	(B)	resolving that the execution of the transactions contemplated by the Finance Documents to which it is a party is in the best interest of such Swiss Obligor; 

 

	 	(C)	if applicable, authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(D)	if applicable, authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which
it is a party; 

  

	 	(iii)	a copy of the unanimous shareholders’ resolution of the Swiss Obligor approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that (i) it
executes the Finance Documents to which it is a party and (ii) the execution of the transactions contemplated by the Finance Documents to which it is a party is in its best interest; 

 

	 	(iv)	a specimen of the signature of each member of the board of directors of the Swiss Obligor and, if applicable, each person authorised by the resolutions referred to in paragraph (ii)(C) and/or (D) above in relation
to the Finance Documents; and 

  

	 	(v)	evidence to the effect that the Swiss Obligor’s articles of association empower such Swiss Obligor to enter into upstream and/or cross-stream obligations. 

 

	 	(g)	In the case of a French Obligor: 

  

	 	(i)	a certified copy of its constitutive documents (statuts); 

  

	 	(ii)	an original extract (extrait K-bis) provided by the commercial and companies registry (registre du commerce et des sociétés), not more than fifteen (15) days old; 

 

	 	(iii)	a non-bankruptcy certificate (certificat de recherche de procédures collectives) provided by the commercial and companies registry (registre du commerce et des sociétés), not more than
fifteen (15) days old; 

  
 - 214 - 

	 	(iv)	a copy of the resolution of the shareholder(s) of each French Obligor approving: 

  

	 	(A)	the terms of, and the transactions contemplated by, the Finance Documents to which it is a party; and 

  

	 	(B)	the execution of the Finance Documents to which it is a party; 

  

	 	(v)	a copy of the resolution of the board of directors (or any other competent body) of each French Obligor: 

  

	 	(A)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it executes the Finance Documents to which it is a party; 

 

	 	(B)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(C)	authorising a specified person or persons on its behalf to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party;
and 

  

	 	(vi)	evidence that the person(s) who has(ve) signed the Finance Documents on behalf of each French Obligor was(were) duly authorised to sign. 

 

	 	(h)	In the case of a U.S. Obligor: 

  

	 	(i)	a copy of a good standing certificate with respect to such U.S. Obligor, issued as of a recent date by the Secretary of State or other appropriate official of such U.S. Obligor’s jurisdiction of incorporation or
organisation; and 

  

	 	(ii)	a certificate in form and substance satisfactory to the Agent of the chief financial officer, director of finance or other appropriate person of each U.S. Obligor as to the solvency of such U.S. Obligor.

  

	 	(i)	Should the legal advisers of the Lenders consider it advisable, a copy of a resolution signed by all the holders of the issued shares of the Additional Guarantor or Additional Security Provider, approving the terms of,
and the transactions contemplated by, the Finance Documents to which the Additional Guarantor or Additional Security Provider is a party. 

  

	 	(j)	A certificate of the Additional Guarantor or Additional Security Provider (signed by an Authorised Signatory) confirming that guaranteeing the Total Commitments would not cause any guaranteeing or similar limit binding
on it to be exceeded. 

  

	 	(k)	A certificate of an Authorised Signatory of the Additional Guarantor or Additional Security Provider certifying that each copy document listed in this Part II of Schedule 2 is correct, complete and in full force and
effect as at a date no earlier than the date of the Accession Letter. 

  
 - 215 - 

	2.	Finance Documents (other than Transaction Security Documents) 

  

	 	(a)	An Accession Letter, duly executed by the Additional Guarantor or Additional Security Provider and the Borrower. 

  

	 	(b)	A Debtor/Security Provider Accession Deed for the Additional Guarantor or Additional Security Provider to accede to the Intercreditor Agreement, executed by the Additional Guarantor or Additional Security Provider.

  

	3.	Transaction Security Documents 

  

	 	(a)	In relation to an Additional Security Provider, any Transaction Security Documents that are required by the Agent to be executed by the Additional Security Provider. 

 

	 	(b)	A copy of each notice required to be sent under the documents referred to in paragraph (a) above (duly acknowledged by the addressee) and evidence that any other action required to perfect the Transaction Security
created or evidenced or expressed to be created or evidenced pursuant to those documents has been taken. 

  

	 	(c)	Unless already held by the Security Agent, a copy of all share certificates, transfers and stock transfer forms or equivalent duly executed by the relevant Additional Security Provider in blank in relation to the assets
subject to or expressed to be subject to the documents referred to in paragraph (a) above and other documents of title to be provided under those documents. 

 

	4.	Legal opinions 

  

	 	(a)	A legal opinion of the legal advisers to the Additional Guarantor or Additional Security Provider in form and substance reasonably satisfactory to the legal advisers of the Lenders. 

 

	 	(b)	A legal opinion of the legal advisers to the Lenders. 

  

	5.	Other documents and evidence 

  

	 	(a)	Evidence that any process agent referred to in Clause 43.3 (Service of process) has accepted its appointment and, in respect of each Additional Obligor that is incorporated in Mexico, that an irrevocable
power of attorney has been granted before a Mexican notary public, appointing such process agent as its agent for service of process. 

  

	 	(b)	 A copy of any other Authorisation or other document, opinion or assurance which the Agent considers (after having taken appropriate legal advice) to
be necessary or desirable (if it has notified the Additional Guarantor or Additional Security Provider and the Borrower accordingly) in connection 

  
 - 216 - 

	 	
with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document. 

 

	 	(c)	In the case of an Additional Guarantor, its Original Financial Statements. 

  
 - 217 - 

 SCHEDULE 3 

REQUESTS AND NOTICES 

PART I 
 UTILISATION
REQUEST 
  

			
	From:		CEMEX, S.A.B. de C.V. as the Borrower
		
	To:		[—] as the Agent
		
	Dated:		
		
	Dear Sirs		

 CEMEX, S.A.B. de C.V. – Facilities Agreement 

dated [—] September 2014 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement. This is a Utilisation Request. Terms defined in the Facilities Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation
Request. 

  

	2.	We wish to borrow a Loan on the following terms: 

  

							
			(a)		Borrower:		CEMEX, S.A.B. de C.V.
				
			(b)		Proposed Utilisation Date:		[—] (or, if that is not a Business Day, the next Business Day)
				
			(c)		Facility to be utilised:		[Facility A]/[Facility B]*
				
			(d)		Currency of Loan:		USD
				
			(e)		Amount:		[—] or, if less, the Available Facility **
				
			(f)		Interest Period:		[—]

  

	3.	We confirm that each condition specified in Clause 4.2 (Further conditions precedent) is satisfied on the date of this Utilisation Request. 

 

	4.	[This Loan is to be made in [whole]/[part] for the purpose of refinancing [identify maturing Facility B Loan]./[The proceeds of this Loan should be credited to [account]]. 

 

	5.	This Utilisation Request is irrevocable. 

  
 - 218 - 

	
	Yours faithfully
	
	  

	authorised signatory for and on behalf of
	CEMEX, S.A.B. de C.V.

 NOTES: 
  

	*	Select the Facility to be utilised and delete references to the other Facilities. 

  

	**	If paragraph (g) of Clause 2.2 (Accordion) of the Facilities Agreement applies, identify Lender(s) nominated for “y”. 

  
 - 219 - 

 PART II 

SELECTION NOTICE 
  

			
	From:		CEMEX, S.A.B. de C.V. as the Borrower
		
	To:		[—] as the Agent
		
	Dated:		
	
	Dear Sirs

 CEMEX, S.A.B. de C.V. – Facilities Agreement 

dated [—] September 2014 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement. This is a Selection Notice. Terms defined in the Facilities Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.

  

	2.	We refer to the following Facility A Loan[s] with an Interest Period ending on [—]: [—].* 

 

	3.	We request that the next Interest Period for the above Facility A Loan[s] is [—]. 

 

	4.	This Selection Notice is irrevocable. 

  

	
	Yours faithfully
	
	  

	authorised signatory for and on behalf of
	CEMEX, S.A.B. de C.V.

 NOTES: 
  

	*	Insert details of all Facility A Loan(s) for the relevant Facility which have an Interest Period ending on the same date. 

  
 - 220 - 

 SCHEDULE 4 

FORM OF PROMISSORY NOTE 

PAGARÉ NO NEGOCIABLE / 

NON-NEGOTIABLE PROMISSORY NOTE 
  

					
	US$            	 		 	E.U.A. $            
			
	For value received, the undersigned, CEMEX, S.A.B. de C.V., by this Promissory Note unconditionally promises to pay to the order of
                     (the “Creditor”), in dollars of the United States of America (“Dollars”), the following
principal sums payable on the following dates (each a “Principal Payment Date”, and the last such date, the “Final Payment Date”):	 		 	Por valor recibido, la suscrita, CEMEX, S.A.B. de C.V., por este Pagaré promete incondicionalmente pagar a la orden de
                     (el “Acreedor”), en dólares de los Estados Unidos de América (“Dólares”),
las siguientes sumas de principal pagaderas en las siguientes fechas (cada una, una “Fecha de Pago de Principal” y la última de dichas fechas, la “Fecha de
Vencimiento”):

  

									
	 Principal Payment Date
	 	
Amount1
	 	 	 	 Fecha de Pago de Principal
	 	 Monto

	 [—]2
	 	US$[—]	 	 	 [—]
	 	EUA$[—]
	 [—]3
	 	US$[—]	 	 	 [—]
	 	EUA$[—]
	 [—]4
	 	US$[—]	 	 	 [—]
	 	EUA$[—]
	 [—]5
	 	US$[—]	 	 	 [—]
	 	EUA$[—]
	 [—]6
	 	US$[—]	 	 	 [—]
	 	EUA$[—]

  

					
	 provided that, on the Final Payment Date, any and all principal amounts then due, shall be paid.
	 		 	en la inteligencia que, en la Fecha de Vencimiento, todas las sumas de principal pagaderas, deberán pagarse.
			
	The undersigned also promises to pay interest on the outstanding and unpaid principal amount of this Promissory Note, from the date hereof, for each day during each Interest Period (as defined below), at a rate per annum equal to
LIBOR (as defined below) plus the Margin (as defined below), payable in arrears, on each Interest Payment Date (as defined below), until payment in full of the outstanding principal amount hereof.	 		 	La suscrita promete, así mismo, pagar intereses sobre el saldo insoluto de la suma de principal de este Pagaré, a partir de la fecha de suscripción del presente Pagaré, por cada día respecto de
cada Período de Interés (según este término se define a continuación), a una tasa anual igual a LIBOR (según este término se define a

  

	1 	Include amount equal to 20% of the Facility A Loan amount/Facility B Commitment, in each case. 

	2 	Include date that is 36 months after the date of the Facilities Agreement. 

	3 	Include date that is 42 months after the date of the Facilities Agreement. 

	4 	Include date that is 48 months after the date of the Facilities Agreement. 

	5 	Include date that is 54 months after the date of the Facilities Agreement. 

	6 	Include date that is 60 months after the date of the Facilities Agreement. 

  
 - 221 - 

					
					continuación) más el Margen (según este término se define a continuación), pagaderos en forma vencida, en cada Fecha de Pago de Interés (según este término se define a
continuación), hasta que se efectúe el pago de la totalidad del saldo insoluto del presente.
			
	Any principal amount and (to the extent permitted by applicable law) interest not paid when due under this Promissory Note, shall bear interest for each day until paid, payable on demand, at a rate per annum equal to the sum of two
percent (2%) plus the interest rate then applicable hereunder as provided in the preceding paragraph.				Cualquier monto de principal y (en la medida permitida por la legislación aplicable) de intereses que no sea pagado cuando sea debido conforme a este Pagaré, devengará intereses por cada día hasta que sea
pagado, pagaderos a la vista, a una tasa anual igual a la suma de dos por ciento (2%) más la tasa de interés aplicable conforme a lo previsto en el párrafo anterior.
			
	Interest hereunder shall be calculated on the basis of the actual number of days elapsed, divided by three hundred and sixty (360).				Los intereses conforme al presente serán calculados sobre la base del número de días efectivamente transcurridos, divididos entre trescientos sesenta (360).
			
	For purposes of this Promissory Note, the following terms shall have the following meanings:				Para efectos de éste Pagaré, los siguientes términos tendrán los significados indicados a continuación:
			
	“Agent” means Citibank International Plc.				“Agente” significa Citibank International Plc.
			
	“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, United Kingdom, New York, United States of America and Mexico City, United Mexican States.				“Día Hábil” significa cualquier día (que no sea sábado o domingo), en el cual los bancos comerciales en las ciudades de Londres, Reino Unido, Nueva York, Estados Unidos de América
y México, Estados Unidos Mexicanos estén abiertos para celebrar operaciones en general.
			
	“Interest Payment Date” means [—]7 occurring on or before the Final Payment Date.				“Fecha de Pago de Interés” significa [*] que ocurra[n] en o antes de la Fecha de Vencimiento.
			
	“Interest Period” means (a) initially, the period commencing on the date hereof and ending on
                    8, and (b) thereafter, each period commencing on the last day of the next
preceding Interest Period and ending on the next Interest Payment Date, provided, however, that any Interest Period which would otherwise end after the Final Payment Date shall end on the Final Payment Date.				“Período de Interés” significa (a) inicialmente, el período que inicie en la fecha del presente y que termine el
                    , y (b) subsecuentemente, cada período que inicie el último día del Período de Interés
inmediato anterior y que termine en la siguiente Fecha de Pago de Interés, en el 

  

	7 	Interest payment date to be included based on the election made by CEMEX of applicable Interest Periods (i.e., monthly, quarterly or semi-annually). 

	8 	Date corresponding to the immediately following Interest Payment Date. 

  
 - 222 - 

					
					entendido, sin embargo, que cualquier Periodo de Interés que terminaría después de la Fecha de Vencimiento, terminará en la Fecha de Vencimiento.
			
	“LIBOR” means (a) the applicable Screen Rate, or (b) if no Screen Rate is available for an applicable Interest Period, the Interpolated Screen Rate, or (c) if no Screen Rate is available for
(i) Dollars or (ii) an applicable Interest Period and it is not possible to calculate an Interpolated Screen Rate for that Interest Period, the Reference Bank Rate, in the case of paragraphs (a) and (c) above, as of approximately
11:00 a.m. (London time) on the Quotation Day for the offering of deposits in Dollars and for a period comparable to the Interest Period and, if the rate is less than zero, LIBOR shall be deemed to be zero.				“LIBOR” significa (a) la Tasa de Pantalla aplicable, o (b) si la Tasa de Pantalla no estuviere disponible para el Período de Interés de que se trate, la Tasa de Pantalla Interpolada, o (c) si la Tasa
de Pantalla no estuviere disponible para (i) Dólares o (ii) el Período de Interés de que se trate y no fuere posible calcular la Tasa de Pantalla Interpolada para dicho Período de Intereses, la Tasa de los Bancos de
Referencia, en los supuestos previstos en los incisos (a) y (c) anteriores, aproximadamente a las 11:00 a.m. (hora de Londres) en la Fecha de Cotización respecto de la oferta de depósitos en Dólares y por un período
comparable al Período de Interés y, en caso que la tasa sea menor de cero, entonces LIBOR deberá ser cero.
			
	“London Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, United Kingdom.				“Día Hábil en Londres” significa cualquier día (que no sea sábado o domingo), en el cual los bancos comerciales en la ciudad de Londres, Reino Unido estén abiertos para celebrar
operaciones en general.
			
	“Interpolated Screen Rate” means the rate which results from interpolating on a linear basis between (a) the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less
than the Interest Period; and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period, as of approximately 11:00 a.m. (London time) on the Quotation Day for the offering
of deposits in Dollars and for a period comparable to the Interest Period.				“Tasa de Pantalla Interpolada” significa la tasa que resulte de interpolar en forma lineal (a) la Tasa de Pantalla aplicable para el período más largo (para el cual la Tasa de Pantalla esté
disponible) pero que sea menor al Período de Intereses y (b) la Tasa de Pantalla aplicable para el período más corto (para el cual la Tasa de Pantalla esté disponible) pero que exceda el Período de Interés,
aproximadamente a las 11:00 a.m. (hora de Londres) en la Fecha de Cotización respecto de la oferta de depósitos en Dólares y por un período comparable al Período de Interés.
			
	“Margin” means three point seventy five percent (3.75%) per annum.				“Margen” significa tres punto setenta y cinco por ciento (3.75%) por año.
			
	“Quotation Day” means, in relation to any period for which an interest rate is to be determined, two (2) London Business Days before the first day of that period, unless				“Fecha de Cotización” significa, respecto de cualquier período para el cual una tasa de interés deba ser determinada, dos (2) Días Hábiles en Londres antes del primer día
de

  
 - 223 - 

					
	market practice differs in the Relevant Interbank Market, in which case the Quotation Day will be determined by the Agent in accordance with market practice in the Relevant Interbank Market (and if quotations would normally be given
by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days).				tal período, a menos que la práctica de mercado en el Mercado Interbancario Relevante sea distinta, en cuyo caso la Fecha de Cotización será determinada por el Agente de conformidad con la práctica
de mercado en el Mercado Interbancario Relevante (y en caso de que las cotizaciones normalmente sean proporcionadas por bancos líderes en el Mercado Interbancario Relevante en más de un día, la Fecha de Cotización
será el último de dichos días).
			
	“Relevant Interbank Market” means the London interbank market.				“Mercado Interbancario Relevante” significa el mercado interbancario de Londres.
			
	“Reference Banks” means the principal London offices of BNP Paribas and ING Bank NV.				“Bancos de Referencia” significa las oficinas principales de BNP Paribas y ING Bank NV en Londres.
			
	“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places), as supplied to the Agent at its request by the Reference Banks, at which the relevant Reference Bank could
borrow funds in the London interbank market in Dollars and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size in Dollars and for that period.				“Tasa de los Bancos de Referencia” significa el promedio aritmético de las tasas (redondeadas hacia arriba, a cuatro decimales) que proporcionen los Bancos de Referencia a petición del Agente, de la
tasa de interés a la cual el Banco de Referencia que corresponda podría recibir fondos en préstamo en el mercado interbancario de Londres en Dólares y por el periodo de que se trate, en caso que dicho Banco de Referencia
obtuviera fondos en préstamo después de haber pedido y aceptado dichas ofertas interbancarias para depósitos en tamaños de mercado razonables, en Dólares y por ese mismo periodo.
			
	“Screen Rate” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars for the relevant period
displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (or any replacement Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters. If
such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate.				“Tasa de Pantalla” significa la tasa ofrecida en el mercado interbancario de Londres administrada por ICE Benchmark Administration Limited (o cualquier otra persona que asuma la administración de dicha tasa)
para Dólares y para el período de que se trate, que aparezca en las páginas LIBOR01 o LIBOR02 de la pantalla Reuters (o cualquier página que reemplace la pantalla Reuters que divulge dicha tasa). Si la página
convenida es reemplazada o el servicio deja de estar disponible, el Agente puede señalar otra página o servicio para que divulgue la tasa apropiada.

  
 - 224 - 

					
	All payments by the undersigned of principal, interest and other payments hereunder, shall be made without setoff, deduction or counterclaim not later than 11:00 a.m., London time, on the due date for each such payment, in Dollars
and in immediately available funds, at the office of the Agent located at 5th Floor, Citigroup Centre, 25 Canada Square, Canary Wharf, London E14 5LB, United Kingdom, Attention: Loans Agency. The undersigned agrees to reimburse upon demand, in like
manner and funds, all losses, costs and expenses of the holder hereof, incurred in connection with the enforcement of this Promissory Note.				Todos los pagos que deban hacerse conforme a este Pagaré por la suscrita, de principal, intereses y por otros conceptos, serán efectuados sin compensación, deducción o defensa, antes de las 11:00 a.m.,
hora de la ciudad de Londres, en la fecha en que el pago de que se trate venza, en Dólares y en fondos disponibles inmediatamente, en la oficina del Agente ubicada en el 5to piso de Citigroup Centre, 25 Canada Square, Canary Wharf, Londres
E14 5LB, Reino Unido, Atención: Agente de Créditos. La suscrita conviene en reembolsar a la vista, en la misma forma y fondos, cualesquiera pérdidas, costos y gastos del tenedor del presente, incurridos en relación con el
procedimiento de cobro del presente Pagaré.
			
	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). During any extension of the
due date of payment of any principal, interest is payable on the principal at the rate payable on the original due date.				Cualquier pago que deba hacerse conforme al presente en un día que no sea un Día Hábil, deberá hacerse en el siguiente Día Hábil durante el mismo mes calendario (si existe uno) o en el
Día Hábil previo (si no existe uno). Respecto de cualquier extensión de cualquier fecha de pago de principal, los intereses que correspondan al pago de principal se devengarán a la tasa de interés pagadera en la
fecha de pago original.
			
	All payments by the undersigned hereunder, shall be made free and clear of, and without deduction for, any present or future income, excise, stamp or franchise taxes and other taxes, fees, duties, withholdings or other charges, of
any nature whatsoever, imposed by the United Mexican States or any other jurisdiction from which any amount payable hereunder is made, or any taxing authority thereof or therein, unless required by law. In the event that the undersigned shall be
compelled by law to make any such deduction or withholding, in respect of any payments hereunder, then the undersigned shall pay such additional amounts as may be necessary so that the holder hereof would receive the full amounts it would have
received, if such deductions or withholdings would not have been made.				Todos los pagos que se efectúen por la suscrita en términos del presente, deberán hacerse libres de y sin deducción alguna por, cualquier impuesto sobre la renta, gravamen, impuesto del timbre o impuesto
sobre franquicias y otros impuestos, contribuciones, derechos, retenciones u otras cargas, presentes o futuros, de cualquier naturaleza, establecidos o determinados por los Estados Unidos Mexicanos o por cualquier otra jurisdicción de la que
se paguen cantidades adeudadas conforme al presente, a menos que sea requerido por ley. En caso que la suscrita esté obligada legalmente a llevar a cabo cualquier retención o deducción, respecto de cualesquiera pagos conforme al
presente, la suscrita pagará las sumas adicionales que sean necesarias para asegurar que las sumas recibidas por el tenedor del presente sean iguales a la suma que el tenedor hubiera recibido, si tales retenciones o deducciones no se hubieren
realizado.

  
 - 225 - 

					
	This Promissory Note shall be governed by, and construed in accordance with, the laws of England; provided, however that if any action or proceedings in connection with this Promissory Note were brought to any courts in the
United Mexican States, this Promissory Note shall be deemed as governed under the laws of the United Mexican States.				Este Pagaré se regirá e interpretará de acuerdo con las leyes de Inglaterra; en el entendido, sin embargo que si cualquier acción o procedimiento en relación con este Pagaré se
iniciara en los tribunales de los Estados Unidos Mexicanos, este Pagaré se considerará regido de acuerdo con las leyes de los Estados Unidos Mexicanos.
			
	Any legal action or proceeding arising out of or relating to this Promissory Note may be brought to the jurisdiction of the courts of England and any appellate court thereof, or any federal court sitting in Mexico City, Federal
District, United Mexican States; the undersigned waives the right to jurisdiction of any other courts.				Cualquier acción o procedimiento legal que derive o se relacione con este Pagaré podrá ser iniciado en los tribunales de Inglaterra, o en cualquier tribunal de apelación de los mismos, o cualquier
tribunal federal localizado en la ciudad de México, Distrito Federal, Estados Unidos Mexicanos, renunciando la suscrita a la jurisdicción de cualesquiera otros tribunales.
			
	The undersigned hereby waives diligence, demand, protest, presentment, notice of dishonor or any other notice or demand whatsoever.				La suscrita en este acto renuncia a diligencia, demanda, protesto, presentación, notificación de no aceptación y a cualquier notificación o demanda de cualquier naturaleza.
			
	This Promissory Note is executed in both English and Spanish versions. In the case of any conflict or doubt as to the proper construction of this Promissory Note, the English version shall govern; provided, however, that in
any action or proceeding brought in any court in the United Mexican States, the Spanish version shall prevail.				El presente Pagaré se suscribe en versiones en inglés y español. En caso de conflicto o duda en relación con la debida interpretación de este Pagaré, la versión en inglés
prevalecerá; en el entendido, sin embargo que en cualquier procedimiento iniciado en cualquier tribunal de los Estados Unidos Mexicanos, prevalecerá la versión en español.
			
	If the laws of the United Mexican States apply, for the purposes of Article 128 of the General Law of Negotiable Instruments and Credit Transactions of the United Mexican States, the term of presentation of this Promissory Note is
hereby irrevocably extended until the date that is six (6) months after the Final Payment Date, it being understood that such extension shall not be deemed to prevent presentation of this Promissory Note prior to such date.				Si la legislación de los Estados Unidos Mexicanos fuere aplicable, para los efectos del Artículo 128 de la Ley General de Títulos y Operaciones de Crédito de los Estados Unidos Mexicanos, por medio del
presente se prorroga irrevocablemente el plazo de presentación de este Pagaré hasta la fecha que sea seis (6) meses después de la Fecha de Vencimiento, en el entendido de que dicha prórroga no impedirá la
presentación de este Pagaré con anterioridad a dicha fecha.

  
 - 226 - 

					
	IN WITNESS WHEREOF, the undersigned has duly executed this Promissory Note on the date indicated below.				EN VIRTUD DE LO CUAL, la suscrita ha firmado este Pagaré en la fecha abajo mencionada.

             ,
            , a      de             de 2014. 

            ,
            ,             , 2014. 
  

			
	CEMEX, S.A.B. de C.V.
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX España, S.A.
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX México, S.A. de C.V.
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Concretos, S.A. de C.V.
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	Empresas Tolteca de México, S.A. de C.V.
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	New Sunward Holding B.V.
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Corp.
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:

  
 - 227 - 

			
	Guaranteed/Por Aval:
	CEMEX Finance LLC
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Research Group AG
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Shipping B.V.
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Asia B.V.
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX France Gestion (S.A.S.)
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX UK
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Egyptian Investments B.V.
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:
	
	Guaranteed/Por Aval:
	CEMEX Egyptian Investments II B.V.
		
	By/Por		  

	Name/Nombre:
	Title/Cargo:

  
 - 228 - 

 FORM OF SIDE LETTER TO PROMISSORY NOTE 

CEMEX, S.A.B. de C.V. 
 Av. Ricardo Margáin Zozaya #325

 Colonia Valle del Campestre 
 66265 San Pedro Garza
García, Nuevo León 
 Mexico 

[Date] 
  

	RE:	PROMISSORY NOTE 

 Dear Sirs: 

Reference is made to the promissory note (pagaré) (the “Promissory Note”) issued by CEMEX, S.A.B. de C.V. (the
“Issuer”), dated             , 2014 for the amount of USD $         (        Dollars,
currency of the United States of America 00/100) in favor of                      (the “Holder”). 

The parties to this letter agree that notwithstanding anything to the contrary in the Promissory Note, (i) [principal and]9 interest payments in respect of the Promissory Note shall be made at the times, on the dates, in the amounts and in the manner provided for in the Facilities Agreement dated as of
            , 2014 between the Issuer, as borrower, certain direct and indirect subsidiaries of the Issuer, as guarantors or security providers, Banco Santander (México), S.A.,
Institución de Banca Múltiple, Grupo Financiero Santander México, BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Crédit Agricole Corporate and Investment Bank, HSBC Mexico, S.A.,
Institución de Banca Múltiple, Grupo Financiero HSBC, ING Capital LLC, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Inc., as Joint Mandated Lead Arrangers and Joint Bookrunners, the financial
institutions named therein as original lenders, and Citibank International Plc., as agent and Wilmington Trust (London) Limited as security agent (as amended from time to time in accordance with its terms, the “Facilities Agreement”) and
(ii) interest shall be calculated in the manner provided for in the Facilities Agreement. Without limiting the generality of the above, the parties to this letter agree that notwithstanding anything else to the contrary in the Promissory Note,
the loan represented by the Promissory Note may bear interest at the rates provided for in the Facilities Agreement. In the case of any inconsistency between the terms of the Facilities Agreement and the Promissory Note, the Facilities Agreement
shall prevail. 
  

	
	Sincerely,
	
	[
                                        
]
	
	By:
	
	Name:
	
	Title:

  

	9 	To be included only in respect of Promissory Notes related to Facility B Commitments. 

  
 - 229 - 

			
	Accepted and agreed,
	CEMEX, S.A.B. de C.V.
		
	By:		
	Name:		
	Title:		
	
	Accepted and agreed,
	CEMEX España, S.A., as guarantor
		
	By:		
	Name:		
	Title:		
	
	Accepted and agreed,
	CEMEX México, S.A. de C.V., as guarantor
		
	By:		
	Name:		
	Title:		
	
	Accepted and agreed,
	CEMEX Concretos, S.A. de C.V., as guarantor
		
	By:		
	Name:		
	Title:		
	
	Accepted and agreed,
	Empresas Tolteca de México, S.A. de C.V., as guarantor
		
	By:		
	Name:		
	Title:		
	
	Accepted and agreed,
	New Sunward Holding B.V., as guarantor
		
	By:		
	Name:		
	Title:		
	
	Accepted and agreed,
	CEMEX Corp., as guarantor
		
	By:		
	Name:		
	Title:		
	
	Accepted and agreed,
	CEMEX Finance LLC, as guarantor
		
	By:		
	Name:		
	Title:		

  
 - 230 - 

	
	Accepted and agreed,
	CEMEX Research Group AG, as guarantor
	
	By:
	Name:
	Title:
	
	Accepted and agreed,
	CEMEX Shipping B.V., as guarantor
	
	By:
	Name:
	Title:
	
	Accepted and agreed,
	CEMEX Asia B.V., as guarantor
	
	By:
	Name:
	Title:
	
	Accepted and agreed,
	CEMEX France Gestion (S.A.S.), as guarantor
	
	By:
	Name:
	Title:
	
	Accepted and agreed,
	CEMEX UK, as guarantor
	
	By:
	Name:
	Title:
	
	Accepted and agreed,
	CEMEX Egyptian Investments B.V., as guarantor
	
	By:
	Name:
	Title:
	
	Accepted and agreed,
	CEMEX Egyptian Investments II B.V., as guarantor
	
	By:
	Name:
	Title:

  
 - 231 - 

 SCHEDULE 5 

FORM OF TRANSFER CERTIFICATE 
  

			
	To:		[—] as Agent and [—] as Security Agent
		
	From:		[The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New Lender”)
		
	Dated:		

 CEMEX, S.A.B. de C.V.– Facilities Agreement 

dated [—] September 2014 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement and to the Intercreditor Agreement (as defined in the Facilities Agreement). This agreement (the “Agreement”) shall take effect as a Transfer Certificate for the
purpose of the Facilities Agreement and as a Creditor/Agent/Security Agent Accession Undertaking for the purposes of the Intercreditor Agreement (and as defined in the Intercreditor Agreement). Terms defined in the Facilities Agreement have the same
meaning in this Agreement unless given a different meaning in this Agreement. 

  

	2.	We refer to Clause 27.5 (Procedure for transfer) of the Facilities Agreement: 

  

	 	(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all or part of the Existing Lender’s Commitment, rights and obligations referred to in the Schedule in
accordance with Clause 27.5 (Procedure for transfer) of the Facilities Agreement. 

  

	 	(b)	The proposed Transfer Date is [—]. 

  

	 	(c)	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 35.2 (Addresses) of the Facilities Agreement are set out in the Schedule.

  

	3.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 27.4 (Limitation of responsibility of Existing Lenders) of the Facilities
Agreement. 

  

	4.	The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is [a Qualifying Lender (other than a Treaty Lender)]/[a Treaty Lender]/[not a Qualifying Lender]*. 

 

	5.	We refer to clause 14.6 (Creditor/Agent/Security Agent Accession Undertaking) of the Intercreditor Agreement. 

In consideration of the New Lender being accepted as a Refinancing Creditor for the purposes of the Intercreditor Agreement (and as defined in
the Intercreditor Agreement), the New Lender confirms that, as from the Transfer Date, it intends to be party to the Intercreditor Agreement as a Refinancing Creditor, and undertakes to perform all the obligations expressed in the Intercreditor
Agreement to be assumed by 

  
 - 232 - 

 
a Refinancing Creditor 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. 

 

	6.	For the purposes of articles 1278 et seq. of the French Civil Code, it is expressly agreed that the Security created under the Security Documents governed by French law shall be preserved and maintained for the
benefit of the Security Agent, the New Lender and the remaining Finance Parties. 

  

	7.	The New Lender may, in the case of an assignment of rights by the Existing Lender under this Transfer Certificate, if it considers it necessary to make the assignment effective against third parties, arrange for it to
be notified to any Obligor established or domiciled in France in accordance with the provisions of article 1690 of the French Civil Code. 

  

	8.	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. 

 

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

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

 

			
	Notes:		* Delete as applicable - each New Lender is required to confirm which of these three categories it falls within.

 The execution of this Transfer Certificate may not transfer a proportionate share of the Existing
Lender’s interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing
Lender’s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities. 

  
 - 233 - 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred 

[insert relevant details] 

[Facility Office address, fax number and attention details for notices and account details for payments] 

 

			
	[Existing Lender]		[New Lender]
		
	By:		By:

 This Agreement is accepted as a Transfer Certificate for the purposes of the Facilities Agreement by the Agent, and as a
Creditor/Agent/Security Agent Accession Undertaking for the purposes of the Intercreditor Agreement by the Security Agent, and the Transfer Date is confirmed as [—]. 

 

	
	[Agent]
	
	By:
	
	[Security Agent]
	
	By:

  
 - 234 - 

 SCHEDULE 6 

FORM OF ASSIGNMENT AGREEMENT 
  

			
	To:		[—] as Agent, [—] as Security Agent and CEMEX, S.A.B. de C.V. as Borrower for and on behalf of each Obligor
		
	From:		[the Existing Lender] (the “Existing Lender”) and [the New Lender] (the “New Lender”)
		
	Dated:		

 CEMEX, S.A.B. de C.V.– Facilities Agreement 

dated [—] September 2014 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement and to the Intercreditor Agreement (as defined in the Facilities Agreement). This is an Assignment Agreement. This agreement (the “Agreement”) shall take effect as
an Assignment Agreement for the purpose of the Facilities Agreement and as a Creditor/Agent/Security Agent Accession Undertaking for the purposes of the Intercreditor Agreement (and as defined in the Intercreditor Agreement). Terms defined in the
Facilities Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement. 

  

	2.	We refer to Clause 27.6 (Procedure for assignment) of the Facilities Agreement: 

  

	 	(a)	The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Facilities Agreement, the other Finance Documents and in respect of the Transaction Security which correspond to
that portion of the Existing Lender’s Commitments and participations in Utilisations under the Facilities Agreement as specified in the Schedule. 

  

	 	(b)	The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender’s Commitments and participations in Utilisations under the Facilities
Agreement specified in the Schedule. 

  

	 	(c)	The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above. 

 

	3.	The proposed Transfer Date is [—]. 

  

	4.	On the Transfer Date the New Lender becomes: 

  

	 	(a)	party to the relevant Finance Documents (other than the Intercreditor Agreement) as a Lender; and 

  

	 	(b)	party to the Intercreditor Agreement as a Facilities Lender. 

  
 - 235 - 

	5.	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 35.2 (Addresses) of the Facilities Agreement are set out in the Schedule.

  

	6.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 27.4 (Limitation of responsibility of Existing Lenders) of the Facilities
Agreement. 

  

	7.	The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is [a Qualifying Lender (other than a Treaty Lender)]/[a Treaty Lender]/[not a Qualifying Lender]*. 

 

	8.	We refer to clause 14.6 (Creditor/Agent/Security Agent Accession Undertaking) of the Intercreditor Agreement. 

In consideration of the New Lender being accepted as a Refinancing Creditor for the purposes of the Intercreditor Agreement (and as defined in
the Intercreditor Agreement), the New Lender confirms that, as from the Transfer Date, it intends to be party to the Intercreditor Agreement as a Refinancing Creditor, and undertakes to perform all the obligations expressed in the Intercreditor
Agreement to be assumed by a Refinancing Creditor 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. 

 

	9.	This Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 27.7 (Copy of Transfer Certificate, Assignment Agreement or Accordion Confirmation to
Borrower), to the Borrower (on behalf of each Obligor) of the assignment referred to in this Agreement. 

  

	10.	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. 

 

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

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

 

			
	Notes:		The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender’s interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain
whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender’s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of
those formalities.

  
 - 236 - 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred by assignment, 

release and accession 

[insert relevant details] 

[Facility office address, fax number and attention details for notices 

and account details for payments] 
  

			
	[Existing Lender]		[New Lender]
		
	By:		By:

 This Agreement is accepted as an Assignment Agreement for the purposes of the Facilities Agreement by the Agent, and as a
Creditor/Agent/Security Agent Accession Undertaking for the purposes of the Intercreditor Agreement by the Security Agent, and the Transfer Date is confirmed as [—]. 

Signature of this Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to in this Agreement, which
notice the Agent receives on behalf of each Finance Party. 
  

	
	[Agent]
	
	By:
	
	[Security Agent]
	
	By:

 NOTES: 
  

	*	Delete as applicable - each New Lender is required to confirm which of these three categories it falls within 

  
 - 237 - 

 SCHEDULE 7 

FORM OF ACCESSION LETTER 
  

			
	To:		[—] as Agent and [—] as Security Agent for itself and each of the other parties to the Intercreditor Agreement referred to
below
		
	From:		[Subsidiary] and [Borrower]
		
	Dated:		

 Dear Sirs 

CEMEX, S.A.B. de C.V. – Facilities Agreement 

dated [—] September 2014 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement and to the Intercreditor Agreement. This deed (the “Accession Letter”) shall take effect as an Accession Letter for the purposes of the Facilities Agreement and as a
Debtor/Security Provider Accession Deed for the purposes of the Intercreditor Agreement (and as defined in the Intercreditor Agreement). Terms defined in the Facilities Agreement have the same meaning in paragraphs 1 to 3 of this Accession Letter
unless given a different meaning in this Accession Letter. 

  

	2.	[Subsidiary] agrees to become an Additional [Guarantor]/[Security Provider] and to be bound by the terms of the Facilities Agreement and the other Finance Documents (other than the Intercreditor Agreement) as an
Additional [Guarantor][Security Provider] pursuant to Clause 29.2 (Additional Guarantors and Additional Security Providers)] of the Facilities Agreement. [Subsidiary] is a company duly incorporated under the laws of [name of
relevant jurisdiction] and is a limited liability company and registered number [—]. 

  

	3.	[Subsidiary’s] administrative details for the purposes of the Facilities Agreement and the Intercreditor Agreement are as follows: 

Address: 
 Fax No.: 

Attention: 
  

	4.	[Subsidiary] (for the purposes of this paragraph 4, 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]: 

 [Insert details (date, parties and description) of
relevant documents] 
 the “Relevant Documents”. 

  
 - 238 - 

 IT IS AGREED as follows: 

 

	 	(a)	Terms defined in the Intercreditor Agreement shall, unless otherwise defined in this Accession Letter, bear the same meaning when used in this paragraph 4. 

 

	 	(b)	The Acceding Debtor and the Security Agent agree that the Security Agent shall hold: 

  

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

  

	 	(ii)	all proceeds of that Security; and] 

  

	 	(iii)	all obligations expressed to be undertaken by the Acceding Debtor 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 (in the Relevant Documents or otherwise) in favour of the Security Agent as trustee for the Secured Parties,

 on trust, or as otherwise provided in the Finance Documents, for the Secured Parties on the terms and conditions contained
in the Intercreditor Agreement. 
  

	 	(c)	The Acceding Debtor confirms that it intends to be party to the Intercreditor Agreement as a Debtor, undertakes to perform all the obligations expressed to be assumed by a Debtor 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]/[5]		This Accession Letter and any non-contractual obligations arising out of or in connection with it is governed by English law.

 THIS ACCESSION LETTER has been signed on behalf of the Security Agent (for the purposes of paragraph 4 above only),
signed on behalf of the Borrower and executed as a deed by [Subsidiary] and is delivered on the date stated above. 
  

			
	[Subsidiary]		
		
	[EXECUTED AS A DEED		]
	By: [Subsidiary]		)
		
	  
		Director
		
	  
		Director/Secretary

 OR 

  
 - 239 - 

					
	 [EXECUTED AS A DEED
  

By: [Subsidiary]
				
			
	  
				Signature of Director
			
	  
				Name of Director
			
	in the presence of				
			
	  
				Signature of witness
			
	  
				Name of witness
			
	  
				Address of witness
			
	  
				
			
	  
				
			
	  
				
			
	  
				Occupation of witness]
			
	The Borrower				
			
					[Borrower]
			
	By:				
			
	The Security Agent				
			
	[Full Name of Current Security Agent]				
			
	By:				
			
	Date:				
			
	NOTES:				

  
 - 240 - 

 SCHEDULE 8 

FORM OF RESIGNATION LETTER 
  

			
	To:		[—] as Agent
		
	From:		[resigning Obligor] and CEMEX, S.A.B. de C.V.
		
	Dated:		

 Dear Sirs 

CEMEX, S.A.B. de C.V.– Facilities Agreement 

dated [—] September 2014 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement. This is a Resignation Letter. Terms defined in the Facilities Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter.

  

	2.	Pursuant to [Clause 29.3 (Resignation of a Guarantor)][Clause 29.4 (Resignation of a Security Provider)], we request that [resigning Obligor] be released from its obligations as a
[Guarantor]/[Security Provider] under the Facilities Agreement and the Finance Documents (other than the Intercreditor Agreement). 

  

	3.	We confirm that: 

  

	 	(a)	no Default is continuing or would result from the acceptance of this request; and 

  

	 	(b)	[this request is given in relation to a Third Party Disposal of [resigning Obligor];]* 

  

	 	(c)	[the Disposal Proceeds have been or will be applied in accordance with Clause 8 (Mandatory Prepayment);]* 

  

	 	(d)	[no payment is due from [resigning Obligor] under Clause 19 (Guarantee and Indemnity);]* 

  

	 	(e)	[the Transaction Security granted by [resigning Obligor] has not become enforceable in accordance with its terms.]* 

  

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

  
 - 241 - 

	5.	The Borrower agrees to indemnify the Finance Parties and Secured Parties for any costs, expenses, or liabilities which would have been payable by [resigning Obligor] in connection with the Finance Documents but
for the release set out in paragraph 2 above. 

  

			
	CEMEX, S.A.B. de C.V.		[resigning Obligor]
		
	By:		By:

 NOTES: 
  

	*	Include / delete as applicable. 

  
 - 242 - 

 SCHEDULE 9 

FORM OF COMPLIANCE CERTIFICATE 
  

			
	To:		[—] as Agent
		
	From:		CEMEX, S.A.B. de C.V.
		
	Dated:		

 Dear Sirs 

CEMEX, S.A.B. de C.V.– Facilities Agreement 

dated [—] September 2014 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement. This is a Compliance Certificate. Terms defined in the Facilities Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this
Compliance Certificate. 

  

	2.	We confirm that: 

  

	 	(a)	For the Reference Period ending [—], EBITDA was $[—] and Consolidated Interest Expense was $[—]. Therefore the Consolidated Coverage Ratio for such Reference Period was [—]:1 which [is/is not] in compliance with paragraph (a) of Clause
22.2 (Financial condition) of the Facilities Agreement. 

  

	 	(b)	Consolidated Funded Debt as at the last day of the Reference Period ending [—] was $[—] and EBITDA for the
Reference Period ending [—] was $[—]. Therefore the Consolidated Leverage Ratio for such Reference Period was [—]:1 which [is/is not] in compliance with paragraph (b) of Clause 22.2 (Financial condition) of the Facilities Agreement. 

 

	 	(c)	Capital Expenditure of the Group for the Financial Year ending [—] was $[—]. Therefore the requirements of
paragraph (c) of Clause 22.2 (Financial condition) of the Facilities Agreement [have/have not] been complied with. 

  

	 	(d)	Caliza Capital Expenditure for the Financial Year ending [—] was $[—]. Therefore the requirements of paragraph
(d) of Clause 22.2 (Financial condition) of the Facilities Agreement [have/have not] been complied with. 

  

			
	Signed		  

		
			CEMEX, S.A.B. de C.V.

  
 - 243 - 

 SCHEDULE 10 

EXISTING FINANCIAL INDEBTEDNESS 

(Figures as at 19 September 2014) 
  

															
	 Obligation
	 	 Type
	 	 Outstanding

Principal

Amounts
	 	 Obligor
	 	 Guarantor(s)
	 	 Bank

Party
	 	 Security
	 	 Maturity

	Part I.A - 2012 Facilities Agreement
								
	2012 Facilities Agreement dated 17 September 2012 (as amended)	 	Syndicated loan and private placement notes	 	$2,810,480,407	 	Cemex, S.A.B. de C.V., Cemex España S.A., New Sunward Holding B.V., Cemex Materials LLC and CEMEX Finance LLC	 	Cemex, S.A.B. de C.V., Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC and Cemex Corp., Cemex
Inc., Cemex Research Group AG, Cemex Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., and Cemex Egyptian Investments II B.V.	 		 	Sharing in Transaction Security	 	February 14, 2017
								
	2012 Facilities Agreement dated 17 September 2012 (as amended)	 	Syndicated loan and private placement notes	 	€ 677,585,844	 	Cemex, S.A.B. de C.V., Cemex España S.A., New Sunward Holding B.V., Cemex Materials LLC and CEMEX Finance LLC	 	Cemex, S.A.B. de C.V., Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC and Cemex Corp., Cemex
Inc., Cemex Research Group AG, Cemex Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK Cemex Egyptian Investments B.V., and Cemex Egyptian Investments II B.V.	 		 	Sharing in Transaction Security	 	February 14, 2017
								
	2012 Facilities Agreement dated 17 September 2012 (as amended)	 	Syndicated loan and private placement notes	 	 MXN

1,670,349,422
	 	Cemex, S.A.B. de C.V., Cemex España S.A., New Sunward Holding B.V., Cemex Materials LLC and CEMEX Finance LLC	 	Cemex, S.A.B. de C.V., Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC and Cemex Corp., Cemex
Inc., Cemex Research Group AG, Cemex Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK Cemex Egyptian Investments B.V., and Cemex Egyptian Investments II B.V.	 		 	Sharing in Transaction Security	 	February 14, 2017

  
 - 244 - 

															
	 Obligation
	 	 Type
	 	 Outstanding

Principal

Amounts
	 	 Obligor
	 	 Guarantor(s)
	 	 Bank

Party
	 	 Security
	 	 Maturity

	Part II - Public Debt Instruments
	
	Part II.A
								
	US$149,897,000 Rinker 2025 Indenture, dated 1 April 2003 (as supplemented)	 	Public Debt Instruments	 	$149,897,000	 	CEMEX Materials LLC	 	CEMEX Corp.	 		 	None	 	July 21, 2025
								
	NSHFV $900m Note Indenture dated 18 December 2006 (as supplemented) (C10)	 	Public Debt Instruments	 	$289,134,000	 	New Sunward Holding Financial Ventures B.V.	 	CEMEX, S.A.B. de C.V.; CEMEX México, S.A. de C.V.; New Sunward Holding B.V.	 		 	Sharing in Transaction Security	 	Perpetual - Callable on 31 December 2016, and at each interest payment date thereafter
								
	NSHFV €730m Note Indenture dated 9 May 2007 (as supplemented) (C10-EUR)	 	Public Debt Instruments	 	€ 69,828,000	 	New Sunward Holding Financial Ventures B.V.	 	CEMEX, S.A.B. de C.V.; CEMEX México, S.A. de C.V.; New Sunward Holding B.V.	 		 	Sharing in Transaction Security	 	Perpetual - Callable on 30 June 2017, and at each interest payment date thereafter
								
	NSHFV US$350m Note Indenture dated 18 December 2006 (as supplemented) (C5)	 	Public Debt Instruments	 	$104,152,000	 	New Sunward Holding Financial Ventures B.V.	 	CEMEX, S.A.B. de C.V.; CEMEX México, S.A. de C.V.; New Sunward Holding B.V.	 		 	Sharing in Transaction Security	 	Perpetual - Callable on 31 December 2011, and at each interest payment date thereafter
								
	NSHFV US$750m Note Indenture dated 12 February 2007 (as supplemented) (C8)	 	Public Debt Instruments	 	$220,985,000	 	New Sunward Holding Financial Ventures B.V.	 	CEMEX, S.A.B. de C.V.; CEMEX México, S.A. de C.V.; New Sunward Holding B.V.	 		 	Sharing in Transaction Security	 	Perpetual - Callable on 31 December 2014, and at each interest payment date thereafter
								
	Obligaciones Forzosamente Convertibles en Acciones CEMEX 09 MXN 4,126,538,400	 	Public Debt Instruments	 	 MXN

4,126,538,400
	 	CEMEX, S.A.B. de C.V.	 	CEMEX México, S.A. de C.V.; Empresas Tolteca de México, S.A. de C.V. – (the guarantee limited to the payments of coupons)	 		 	None	 	November 28, 2019
								
	US$715,000,000 4.875% Convertible Subordinated Notes due 2015; dated 30 March 2010	 	Public Debt Instruments	 	203,972,000	 	CEMEX, S.A.B. de C.V.	 		 		 	None	 	March 15, 2015
								
	US$977,500,000 3.25% Convertible Subordinated Notes due 2016; dated 15 March 2011	 	Public Debt Instrument	 	$977,500,000	 	CEMEX, S.A.B. de C.V.	 		 		 	None	 	March 15, 2016
								
	US$690,000,000 3.75% Convertible Subordinated Notes due 2018; dated 15 March 2011	 	Public Debt Instrument	 	$690,000,000	 	CEMEX, S.A.B. de C.V.	 		 		 	None	 	March 15, 2018

  
 - 245 - 

															
	 Obligation
	 	 Type
	 	 Outstanding
Principal
Amounts
	 	 Obligor
	 	 Guarantor(s)
	 	 Bank

Party
	 	 Security
	 	 Maturity

								
	US$1,192,996,000 9.25% Senior Secured Notes due 12 May 2020; Callable Commencing on the 5th Anniversary; dated 12 May 2010	 	Public Debt Instruments	 	$230,697,000	 	CEMEX España, S.A., acting through its Luxembourg Branch	 	CEMEX S.A.B. de C.V., CEMEX Finance LLC, CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX
France Gestion (S.A.S.), Cemex Research Group AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	 		 	Sharing in Transaction Security	 	May 12, 2020
								
	US$1,650,000,000 9.00% Senior Secured Notes due 2018; Callable Commencing on the 4th Anniversary; dated 11 Jan 2011	 	Public Debt Instruments	 	$574,633,000	 	CEMEX, S.A.B. de C.V.	 	CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX France Gestion (S.A.S.), Cemex Research Group
AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	 		 	Sharing in Transaction Security	 	January 11, 2018
								
	US$800,000,000 Floating Rate Senior Secured Notes due 2015; dated 5 April 2011	 	Public Debt Instrument	 	$794,500,000	 	CEMEX, S.A.B. de C.V.	 	CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX France Gestion (S.A.S.), Cemex Research Group
AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	 		 	Sharing in Transaction Security	 	September 30, 2015
								
	US$703,861,000 9.875% Senior Secured Notes due 30 April 2019; dated 28 March 2012	 	Public Debt Instrument	 	$703,861,000	 	CEMEX España, S.A., acting through its Luxembourg Branch	 	CEMEX S.A.B. de C.V., CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX France Gestion (S.A.S.),
Cemex Research Group AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	 		 	Sharing in Transaction Security	 	April 30, 2019

  
 - 246 - 

															
	 Obligation
	  	 Type
	  	 Outstanding
Principal
Amounts
	  	 Obligor
	  	 Guarantor(s)
	  	 Bank

Party
	  	 Security
	  	 Maturity

								
	€179,219,000 9,875% Senior Secured Notes due 30 April 2019; dated 28 March 2012	  	Public Debt Instrument	  	€ 179,219,000	  	CEMEX España, S.A., acting through its Luxembourg Branch	  	CEMEX S.A.B. de C.V., CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX France Gestion (S.A.S.),
Cemex Research Group AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	  		  	Sharing in Transaction Security	  	April 30, 2019
								
	US$500,000,000 9.50%, Senior Secured Notes due 2018; dated Sept 17, 2012	  	Public Debt Instrument	  	$500,000,000	  	CEMEX, S.A.B. de C.V.	  	CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX France Gestion (S.A.S.), Cemex Research Group
AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	  		  	Sharing in Transaction Security	  	June 15, 2018
								
	US$1,500,000,000 9.375%, Senior Secured Notes due 2022; dated Oct 12, 2012	  	Public Debt Instrument	  	$1,500,000,000	  	CEMEX Finance LLC	  	CEMEX S.A.B. de C.V., CEMEX Finance LLC, CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX
France Gestion (S.A.S.), Cemex Research Group AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	  		  	Sharing in Transaction Security	  	October 12, 2022
								
	US$600,000,000 5.875%, Senior Secured Notes due 2019; dated Mar 25, 2013	  	Public Debt Instrument	  	$600,000,000	  	CEMEX, S.A.B. de C.V.	  	CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX France Gestion (S.A.S.), Cemex Research Group
AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	  		  	Sharing in Transaction Security	  	March 25, 2019

  
 - 247 - 

															
	 Obligation
	  	 Type
	  	 Outstanding
Principal
Amounts
	  	 Obligor
	  	 Guarantor(s)
	  	 Bank

Party
	  	 Security
	  	 Maturity

								
	US$1,000,000,000 6.50%, Senior Secured Notes due 2019; dated Aug 12, 2013	  	Public Debt Instrument	  	$1,000,000,000	  	CEMEX, S.A.B. de C.V.	  	CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX France Gestion (S.A.S.), Cemex Research Group
AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	  		  	Sharing in Transaction Security	  	December 10, 2019
								
	US$1,000,000,000 7.25%, Senior Secured Notes due 2021; dated Oct 02, 2013	  	Public Debt Instrument	  	$1,000,000,000	  	CEMEX, S.A.B. de C.V.	  	CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX France Gestion (S.A.S.), Cemex Research Group
AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	  		  	Sharing in Transaction Security	  	January 15, 2021
								
	US$500,000,000 Floating Rate Senior Secured Notes due 2018; dated Oct 02, 2013	  	Public Debt Instrument	  	$500,000,000	  	CEMEX, S.A.B. de C.V.	  	CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX France Gestion (S.A.S.), Cemex Research Group
AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	  		  	Sharing in Transaction Security	  	October 15, 2018
								
	US$1,000,000,000 6.0%, Senior Secured Notes due 2024; dated Apr 01, 2014	  	Public Debt Instrument	  	$1,000,000,000	  	CEMEX Finance LLC	  	CEMEX S.A.B. de C.V., CEMEX Finance LLC, CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX
France Gestion (S.A.S.), Cemex Research Group AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	  		  	Sharing in Transaction Security	  	April 1, 2024

  
 - 248 - 

															
	 Obligation
	  	 Type
	  	 Outstanding
Principal

Amounts
	  	 Obligor
	  	 Guarantor(s)
	  	 Bank

Party
	  	 Security
	  	 Maturity

								
	€ 400,000,000 5.25%, Senior Secured Notes due 2021; dated Apr 01, 2014	  	Public Debt Instrument	  	€ 400,000,000	  	CEMEX Finance LLC	  	CEMEX S.A.B. de C.V., CEMEX Finance LLC, CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX
France Gestion (S.A.S.), Cemex Research Group AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	  		  	Sharing in Transaction Security	  	April 1, 2021
								
	€400,000,000 4,750% Senior Secured Notes due 11 January 2022; dated 11 September 2014	  	Public Debt Instrument	  	€ 400,000,000	  	CEMEX, S.A.B. de C.V.	  	CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX France Gestion (S.A.S.), Cemex Research Group
AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	  		  	Sharing in Transaction Security	  	January 11, 2022
								
	US$1,100,000,000 5.700% Senior Secured Notes due 11 January 2025; dated 11 September 2014	  	Public Debt Instrument	  	US$1,100,000,000	  	CEMEX, S.A.B. de C.V.	  	CEMEX México S.A. de C.V., CEMEX España S.A., New Sunward Holdings B.V., CEMEX Asia B.V., CEMEX Concretos S.A. de C.V., CEMEX Corp., CEMEX Egyptian Investments B.V., CEMEX France Gestion (S.A.S.), Cemex Research Group
AG, Cemex Shipping B.V., CEMEX UK, Empresas Tolteca de México S.A. de C.V., Cemex Egyptian Investments B.V. and Cemex Egyptian Investments II B.V.	  		  	Sharing in Transaction Security	  	January 11, 2025
	
	Part II.B – Mexican Public Debt Instruments
	
	Programa Dual Revolvente de Certificados Bursátiles dated 30 May 2011 for up to Mex$ 10,000,000,000 for short and long term issuances (and with a sublimit of Mex$ 2,500,000,000 in respect of short term
issuances)
								
	Certificado Bursátil UDI 116.5308MM CEMEX 07-2U, dated 30 November 2007	  	Mexican Public Debt Instrument	  	UDI 116,530,800	  	CEMEX, S.A.B. de C.V.	  	CEMEX México, S.A. de C.V.; Empresas Tolteca de México, S.A. de C.V.	  		  	Sharing in Transaction Security	  	November 17, 2017

  
 - 249 - 

															
	 Obligation
	  	 Type
	  	 Outstanding
Principal
Amounts
	  	 Obligor
	  	 Guarantor(s)
	  	 Bank

Party
	  	 Security
	  	 Maturity

	Part II.C – Bilateral Bank Facilities
								
	US$250,000,000 Crédito Simple Bancomext, dated 14 October 2008 (as amended)	  	Bilateral Bank Facility	  	$83,498,825	  	CEMEX, S.A.B. de C.V.	  	CEMEX México, S.A. de C.V.	  	Banco Nacional de Comercio Exterior, S.N.C.	  	Mortgage of cement plant in Ensenada, Baja California, México	  	February 14, 2017

  
 - 250 - 

 SCHEDULE 11 

EXISTING SECURITY AND QUASI-SECURITY 

(Figures in Millions $ as at 19 September 2014) 
  

											
	 CEMEX
Subsidiary
	  	 Counterparty
	  	 Lien Concept
	  	 Maturity
Date
	  	 Secured
Amount
	  	 Agreement Type

						
	CEMEX Austria AG	  	Raiffeisenbank Bruck an der Mur eg. Gen.& various other	  	Plant Equipment Lien	  	1-Sep-17	  	1.13	  	Leasing agreement on movables entered by and between Raiffeisen-Leasing Mobilien und KFZ GmbH and Trans-Beton Ges.m.b.H. dated March 31, 2004.
						
	CEMEX Beton d.o.o.	  	M-P-B d.o.o.	  	Cash Collateral	  	1-Jul-16	  	0.85	  	Cash deposit for concrete plants
						
	CEMEX Granulats	  	Caisse d’épargne	  	Cash Collateral	  	Revolving	  	0.53	  	Guarantee for Drome Ardeche Granulats
						
	CEMEX Deutschland AG	  	Private Investor Günter Wunder	  	Servitude	  	31-Dec-17	  	7.51	  	Plant Investment + Operating Lease - Project Kieswerk Löwen GmbH
						
	CEMEX Deutschland AG	  	HypoVereinsban (Unicredit)	  	Cash Collateral	  	Revolving	  	4.31	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	CEMEX Deutschland AG	  	HypoVereinsban (Unicredit)	  	Cash Collateral	  	Revolving	  	3.2	  	Daily Cash Operations (Direct Debit collections, unpaid return risk)
						
	CEMEX Deutschland AG	  	Commerzbank	  	Cash Collateral	  	Revolving	  	9.4	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	CEMEX Deutschland AG	  	Bayern LB	  	Cash Collateral	  	Revolving	  	0.26	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	CEMEX Deutschland AG	  	Bayern LB	  	Cash Collateral	  	Revolving	  	0.33	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	CEMEX Deutschland AG	  	Bayern LB	  	Cash Collateral	  	Revolving	  	0.39	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	CEMEX Deutschland AG	  	Bayern LB	  	Cash Collateral	  	Revolving	  	1.08	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	CEMEX Deutschland AG	  	Bayern LB	  	Cash Collateral	  	Revolving	  	0.43	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	CEMEX Deutschland AG	  	Bayern LB	  	Cash Collateral	  	Revolving	  	0.26	  	Bank Guarantees (several local governments: gravel and sand mining supply)

  
 - 251 - 

											
	 CEMEX

Subsidiary
	  	 Counterparty
	  	 Lien Concept
	  	 Maturity
Date
	  	 Secured
Amount
	  	 Agreement Type

						
	CEMEX Deutschland AG	  	Bayern LB	  	Cash Collateral	  	Revolving	  	0.21	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	CEMEX Deutschland AG	  	Bayern LB	  	Cash Collateral	  	Revolving	  	0.21	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	CEMEX Deutschland AG	  	Bayern LB	  	Cash Collateral	  	Revolving	  	0.67	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	CEMEX Deutschland AG	  	Bayern LB	  	Cash Collateral	  	Revolving	  	1.05	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	CEMEX Deutschland AG	  	Bayern LB	  	Cash Collateral	  	Revolving	  	0.64	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	CEMEX Deutschland AG	  	Bayern LB	  	Cash Collateral	  	Revolving	  	0.07	  	Bank Guarantees (several local governments: gravel and sand mining supply)
						
	Cemex Hungary Kft	  	Raiffeisen Bank	  	Cash Collateral	  	31-Dec-14	  	0.24	  	Quarry recovery
						
	RMC Concrete	  	Tenaga Nasional Berhad	  	Cash Collateral	  	Revolving	  	0.01	  	Guarantee for payment of bills for supplying electricity to plant
						
	RMC Concrete	  	Tenaga Nasional Berhad	  	Cash Collateral	  	Revolving	  	0.01	  	Guarantee for payment of bills for supplying electricity to plant
						
	RMC Aggregates	  	Tenaga Nasional Berhad	  	Cash Collateral	  	Revolving	  	0.05	  	Guarantee for payment of bills for supplying electricity to plant
						
	RMC Concrete	  	Tenaga Nasional Berhad	  	Cash Collateral	  	Revolving	  	0.01	  	Guarantee for payment of bills for supplying electricity to plant
						
	Cemex España	  	Autoridad Portuaria Alicante	  	Cash Collateral	  	Revolving	  	0.24	  	Port authority guarantee
						
	Cemex España	  	Autoridad Portuaria Baleares	  	Cash Collateral	  	Revolving	  	0.004	  	Port authority guarantee
						
	Cemex Thailand	  	Provincial Electricity Authority	  	Cash Collateral	  	Revolving	  	0.32	  	For use of electricity
						
	CEMEX Topmix LLC	  	EPPCO	  	Cash Collateral	  	Revolving	  	0.03	  	Supply of Petroleum Products
						
	CEMEX Supermix LLC	  	Ministry of Labour	  	Cash Collateral	  	Open Ended	  	0.05	  	Labor GTEE - required by governmental authority

  
 - 252 - 

											
	 CEMEX

Subsidiary
	  	 Counterparty
	  	 Lien Concept
	  	 Maturity
Date
	  	 Secured
Amount
	  	 Agreement Type

						
	CEMEX Topmix LLC	  	Ministry of Labour	  	Cash Collateral	  	Open Ended	  	0.32	  	Labor GTEE - required by governmental authority
						
	CEMEX Falcon LLC	  	Ministry of Labour	  	Cash Collateral	  	Open Ended	  	0.1	  	Labor GTEE - required by governmental authority
						
	CEMEX UK Operations Limited	  	Lloyds TSB Asset Finance	  	Cash Collateral	  	1-Sep-21	  	0.07	  	Cash collateral required for extraction of mineral reserves. Supplemented by a performance bond.
						
	Solid Cement Corporation	  	Masinloc Power Partners Co. ltd	  	Cash Collateral	  	6-Oct-16	  	0.44	  	Refundable Security Deposit
						
	Solid Cement Corporation	  	Masinloc Power Partners Co. ltd	  	Cash Collateral	  	Open Ended	  	0.2	  	Additional deposit
						
	Solid Cement Corporation	  	Paramount Ins	  	Cash Collateral	  	Open Ended	  	0.02	  	Judicial (labor case)
						
	Solid Cement Corporation	  	Intra Strata Insurance Co.	  	Cash Collateral	  	Open Ended	  	1.67	  	IQAC Tax Cases
						
	Cemex Bangladesh	  	Titas Gas	  	Cash Collateral	  	15-Jul-18	  	0.08	  	Cash Backed BG for Nat Gas
						
	Cemex Ireland	  	Arbitrator	  	Cash Collateral	  	31-Oct-14	  	1.98	  	Lodged Funds in Arbitration
						
	Cemex Panamá	  	Citibank	  	Cash Collateral	  	7-Jun-15	  	2.25	  	Standby Letter of Credit (Supplier Agreement)
						
	CEMEX Colombia	  	Liberty	  	Cash Collateral	  	Open Ended	  	2.61	  	Insurance claim
						
	Cemex Construction Materials Florida	  	Lake Louisa, LLC	  	Land Lien	  	1-Apr-22	  	5	  	Land lease
						
	CEMEX INC & SUBS.	  	CAT Financial	  	Cash Collateral	  	15-Jul-17	  	0.64	  	Operating lease cash deposit
						
	CEMEX, S.A.B. de C.V., guarantee by CEMEX México, S.A. de C.V.	  	Banco Nacional de Comercio Exterior, S.N.C:	  	Mortgage of Cement Plant Ensenada, Baja California, México	  	14-Feb-17	  	83.5	  	Credit Agreement. [Lien permitted under clause 22.5 (J)]
						
	Cemex Operaciones Mexico, S.A. de C.V.	  	Credit Suisse International	  	Cash Collateral	  	15-Oct-15	  	7.25	  	Permitted Lien [under Clause 22.5 (F)(1) in relation with Treasury Transactions / See Annex 1 Excluded Position item (a)]

  
 - 253 - 

 SCHEDULE 12 

EXISTING GUARANTEES 

(Figures as at 19 September 2014) 
  

													
	 Obligation
	 	 Outstanding
Principal
Amounts
	 	 USD Amount
	 	 Obligor
	 	 Guarantor(s)
	 	 Maturity
	 	 Security

							
	2012 Facilities Agreement dated 17 September 2012 (as amended)	 	$2,810,480,407	 	$2,810,480,407	 	Cemex, S.A.B. de C.V., Cemex España S.A., New Sunward Holding B.V., Cemex Materials LLC and CEMEX Finance LLC	 	Cemex, S.A.B. de C.V., Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC and Cemex Corp., Cemex
Inc., Cemex Research Group AG, Cemex Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., and Cemex Egyptian Investments II B.V.	 	February 14, 2017	 	Sharing in Transaction Security
							
	2012 Facilities Agreement dated 17 September 2012 (as amended)	 	€ 677,585,844	 	$869,368,545	 	Cemex, S.A.B. de C.V., Cemex España S.A., New Sunward Holding B.V., Cemex Materials LLC and CEMEX Finance LLC	 	Cemex, S.A.B. de C.V., Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC and Cemex Corp., Cemex
Inc., Cemex Research Group AG, Cemex Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., and Cemex Egyptian Investments II B.V.	 	February 14, 2017	 	Sharing in Transaction Security
							
	2012 Facilities Agreement dated 17 September 2012 (as amended)	 	MXN 1,670,349,422	 	$126,445,831	 	Cemex, S.A.B. de C.V., Cemex España S.A., New Sunward Holding B.V., Cemex Materials LLC and CEMEX Finance LLC	 	Cemex, S.A.B. de C.V., Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC and Cemex Corp., Cemex
Inc., Cemex Research Group AG, Cemex Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., and Cemex Egyptian Investments II B.V.	 	February 14, 2017	 	Sharing in Transaction Security
							
	US$149,897,000 Rinker 2025 Indenture, dated 1 April 2003 (as supplemented)	 	$149,897,000	 	$149,897,000	 	CEMEX Materials LLC	 	CEMEX Corp.	 	July 21, 2025	 	None
							
	NSHFV $900m Note Indenture dated 18 December 2006 (as supplemented) (C10)	 	$289,134,000	 	$289,134,000	 	New Sunward Holding Financial Ventures B.V.	 	CEMEX, S.A.B. de C.V.; CEMEX México, S.A. de C.V.; New Sunward Holding B.V.	 	Perpetual – callable on December 31, 2016, and at each interest payment date thereafter	 	Sharing in Transaction Security

  
 - 254 - 

													
	 Obligation
	 	 Outstanding
Principal
Amounts
	 	 USD Amount
	 	 Obligor
	 	 Guarantor(s)
	 	 Maturity
	 	 Security

							
	NSHFV €730m Note Indenture dated 9 May 2007 (as supplemented) (C10-EUR)	 	€ 69,828,000	 	$89,591,994	 	New Sunward Holding Financial Ventures B.V.	 	CEMEX, S.A.B. de C.V.; CEMEX México, S.A. de C.V.; New Sunward Holding B.V.	 	Perpetual - callable on June 30, 2017, and at each interest payment date thereafter	 	Sharing in Transaction Security
							
	NSHFV US$350m Note Indenture dated 18 December 2006 (as supplemented) (C5)	 	$104,152,000	 	$104,152,000	 	New Sunward Holding Financial Ventures B.V.	 	CEMEX, S.A.B. de C.V.; CEMEX México, S.A. de C.V.; New Sunward Holding B.V.	 	Perpetual callable on December 31, 2011, and at each interest payment date thereafter	 	Sharing in Transaction Security
							
	NSHFV US$750m Note Indenture dated 12 February 2007 (as supplemented) (C8)	 	$220,985,000	 	$220,985,000	 	New Sunward Holding Financial Ventures B.V.	 	CEMEX, S.A.B. de C.V.; CEMEX México, S.A. de C.V.; New Sunward Holding B.V.	 	Perpetual - callable on December 31, 2014, and at each interest payment date thereafter	 	Sharing in Transaction Security
							
	Obligaciones Forzosamente Convertibles en Acciones CEMEX 09 MXN 4,126,538,400	 	MXN 4,126,538,400	 	$312,379,894	 	CEMEX, S.A.B. de C.V.	 	CEMEX México, S.A. de C.V.; Empresas Tolteca de México, S.A. de C.V.	 	November 28, 2019	 	None
							
	US$1,192,996,000 9.25% Senior Secured Notes due 12 May 2020; Callable Commencing on the 5th Anniversary; dated 12 May 2010	 	$230,697,000	 	$230,697,000	 	CEMEX España, S.A., acting through its Luxembourg Branch	 	Cemex, S.A.B. de C.V., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC, Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	May 12, 2020	 	Sharing in Transaction Security
							
	US$1,650,000,000 9.00% Senior Secured Notes due 2018; Callable Commencing on the 4th Anniversary; dated 11 Jan 2011	 	$574,633,000	 	$574,633,000	 	CEMEX, S.A.B. de C.V.	 	Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC and Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	January 11, 2018	 	Sharing in Transaction Security

  
 - 255 - 

													
	 Obligation
	 	 Outstanding
Principal
Amounts
	 	 USD Amount
	 	 Obligor
	 	 Guarantor(s)
	 	 Maturity
	 	 Security

							
	US$800,000,000 Floating Rate Senior Secured Notes due 2015; dated 5 April 2011	 	$794,500,000	 	$794,500,000	 	CEMEX, S.A.B. de C.V.	 	Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC and Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	September 30, 2015	 	Sharing in Transaction Security
							
	US$703,861,000 9.875% Senior Secured Notes due 30 April 2019; dated 28 March 2012	 	$703,861,000	 	$703,861,000	 	CEMEX España, S.A., acting through its Luxembourg Branch	 	Cemex, S.A.B. de C.V., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC and Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	April 30, 2019	 	Sharing in Transaction Security
							
	€179,219,000 9,875% Senior Secured Notes due 30 April 2019; dated 28 March 2012	 	€ 179,219,000	 	$229,944,829	 	CEMEX España, S.A., acting through its Luxembourg Branch	 	Cemex, S.A.B. de C.V., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC and Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	April 30, 2019	 	Sharing in Transaction Security
							
	US$500,000,000 9.50% Senior Secured Notes due 2018; Callable Commencing on the 4th Anniversary; dated 15 June 2016	 	$500,000,000	 	$500,000,000	 	CEMEX, S.A.B. de C.V.	 	Cemex S.A.B. de C.V., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC and Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	June 15, 2018	 	Sharing in Transaction Security
							
	US$1,500,000,000 9.375% Senior Secured Notes due 2022; Callable Commencing on the 4th Anniversary; dated 12 October 2017	 	$1,500,000,000	 	$1,500,000,000	 	CEMEX Finance LLC	 	Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., Cemex Corp., Cemex Research Group AG, Cemex Shipping B.V., Cemex Asia B.V., Cemex France
Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	October 12, 2022	 	Sharing in Transaction Security

  
 - 256 - 

													
	 Obligation
	 	 Outstanding
Principal
Amounts
	 	 USD Amount
	 	 Obligor
	 	 Guarantor(s)
	 	 Maturity
	 	 Security

							
	US$600,000,000 5.875% Senior Secured Notes due 2019; Callable Commencing on the 3rd Anniversary; dated 25 March 2016	 	$600,000,000	 	$600,000,000	 	CEMEX, S.A.B. de C.V.	 	Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., Cemex Corp., Cemex Finance LLC, Cemex Research Group AG, Cemex Shipping B.V., Cemex Asia
B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	March 25, 2019	 	Sharing in Transaction Security
							
	US$1,000,000,000 6.50% Senior Secured Notes due 2019; Callable Commencing on the 4th Anniversary; dated 10 December 2017	 	$1,000,000,000	 	$1,000,000,000	 	CEMEX, S.A.B. de C.V.	 	Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC, Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	December 10, 2019	 	Sharing in Transaction Security
							
	US$1,000,000,000 7.25% Senior Secured Notes due 2021; Callable Commencing on the 5th Anniversary; dated 15 January 2018	 	$1,000,000,000	 	$1,000,000,000	 	CEMEX, S.A.B. de C.V.	 	Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC, Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	January 15, 2021	 	Sharing in Transaction Security
							
	US$500,000,000 Floating Rate Senior Secured Notes due 2018	 	$500,000,000	 	$500,000,000	 	CEMEX, S.A.B. de C.V.	 	Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC, Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	October 15, 2018	 	Sharing in Transaction Security
							
	US$1,000,000,000 6.00% Senior Secured Notes due 2024; Callable Commencing on the 5th Anniversary; dated 1 April 2019	 	$1,000,000,000	 	$1,000,000,000	 	CEMEX Finance LLC	 	Cemex S.A.B de C.V., Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	April 1, 2024	 	Sharing in Transaction Security

  
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	 Obligation
	 	 Outstanding
Principal
Amounts
	 	 USD Amount
	 	 Obligor
	 	 Guarantor(s)
	 	 Maturity
	 	 Security

							
	€400,000,000 5.25% Senior Secured Notes due 2021; Callable Commencing on the 3rd Anniversary; dated 1 April 2017	 	€ 400,000,000	 	$513,215,294	 	CEMEX Finance LLC	 	Cemex S.A.B de C.V., Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	April 1, 2021	 	Sharing in Transaction Security
							
	Certificado Bursátil UDI 116.5308MM CEMEX 07-2U, dated 30 November 2007	 	UDI 116,530,800	 	$45,593,527	 	CEMEX, S.A.B. de C.V.	 	CEMEX México, S.A. de C.V.; Empresas Tolteca de México, S.A. de C.V.	 	November 17, 2017	 	Sharing in Transaction Security
							
	US$250,000,000 Crédito Simple Bancomext, dated 14 October 2008 (as amended)	 	$83,498,825	 	$83,498,825	 	CEMEX, S.A.B. de C.V.	 	CEMEX México, S.A. de C.V.	 	February 14, 2017	 	Mortgage of cement plant in Ensenada, Baja California
							
	US$50,000,000 Working Capital Facility, Bank of America N.A., dated 12 March 2014	 		 	$0	 	CEMEX, S.A.B. de C.V.	 	CEMEX México, S.A. de C.V.	 	Revolving	 	None
							
	US$75,000,000 Working Capital Facility, HSBC México S.A., Institución de Banca Múltiple, Grupo Financiero HSBC dated 14 April 2014	 		 	$0	 	CEMEX, S.A.B. de C.V.	 	CEMEX México, S.A. de C.V.	 	Revolving	 	None
							
	US$30,000,000, Working Capital Facility, Banco Nacional de México S.A. Integrante del Grupo Financiero Banamex, dated 4 March 2014	 		 	$0	 	CEMEX, S.A.B. de C.V.	 	CEMEX México, S.A. de C.V., CEMEX Corp.	 	Revolving	 	None
							
	US$30,000,000, Working Capital Facility, Banco Santander México S.A. Institución de Banca Múltiple, Grupo Financiero Santander México, dated 10 June 2014	 		 	$0	 	CEMEX, S.A.B. de C.V.	 	CEMEX México, S.A. de C.V.	 	Revolving	 	None
							
	US$20,000,000, Working Capital Facility Banco Santander México S.A. Institución de Banca Múltiple, Grupo Financiero Santander México, dated 10 April 2014	 		 	$0	 	CEMEX, S.A.B. de C.V.	 	CEMEX México, S.A. de C.V.	 	Revolving	 	None

  
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	 Obligation
	 	 Outstanding
Principal

Amounts
	 	 USD Amount
	 	 Obligor
	 	 Guarantor(s)
	 	 Maturity
	 	 Security

							
	US$50,000,000 Working Capital Facility, JPMorgan Chase Bank, National Association, dated 15 May 2014	 		 	$0	 	CEMEX, S.A.B. de C.V.	 	CEMEX México, S.A. de C.V., CEMEX Corp.	 	Revolving	 	None
							
	US$50,000,000 Working Capital Facility, Credit Agricole Corporate and Investment Bank, dated 16 April 2014	 		 	$0	 	CEMEX, S.A.B. de C.V.	 	CEMEX México S.A. de C.V.	 	Revolving	 	None
							
	€40,000,000 Working Capital Facility, ING Bank N.V., Dublin Branch, dated 11 April 2014	 		 	$0	 	New Sunward Holding B.V.	 	CEMEX México S.A. de C.V., CEMEX S.A.B. de C.V.	 	Revolving	 	None
							
	€400,000,000 4,750% Senior Secured Notes due 11 January 2022; dated 11 September 2014	 	€400,000,000	 	$513,215,294	 	CEMEX, S.A.B. de C.V.	 	Cemex España S.A., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC, Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	January 11, 2022	 	Sharing in Transaction Security
							
	US$1,100,000,000 5.700% Senior Secured Notes due 11 January 2025; dated 11 September 2014	 	US$1,100,000,000	 	$1,100,000,000	 	CEMEX, S.A.B. de C.V.	 	Cemex, S.A.B. de C.V., Cemex México, S.A. de C.V., Empresas Tolteca de México, S.A. de C.V., Cemex Concretos, S.A. de C.V., New Sunward Holding B.V., CEMEX Finance LLC and Cemex Corp., Cemex Research Group AG, Cemex
Shipping B.V., Cemex Asia B.V., Cemex France Gestion (S.A.S.), Cemex UK, Cemex Egyptian Investments B.V., Cemex Egyptian Investments II B.V.	 	January 11, 2025	 	Sharing in Transaction Security

  

			
	 FX Rates (Sept 19, 2014)
	  	 
	USD/Mex$	  	13.21
		
	UDI/Mex$	  	5.168509
		
	USD/EUR	  	1.2830

  
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 SCHEDULE 13 

PERMITTED JOINT VENTURES 
  

									
	 Name
	  	Investment (U.S. Dollars)	 	  	Country	 
			
	 Control Administrativo Mexicano, S.A. de C.V.
	  	$	334,643,000	  	  	 	México	  
	  
 (Cementos Chihuahua, S.A.B. de
C.V., México)
	  				  			
			
	 Concrete Supply Co. LLC (North Carolina, U.S.A.)
	  	$	51,914,624	  	  	 	USA	  

  
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 SCHEDULE 14 

PROCEEDINGS PENDING OR THREATENED 

Regulatory Matters and Legal Proceedings 
 A description
of material regulatory matters and legal proceedings affecting us is provided below. 
 Antitrust Proceedings 

Polish Antitrust Investigation. Between May 31, 2006 and June 2, 2006, officers of the Polish Competition and Consumer Protection Office (the
“Protection Office”) conducted a search of the office in Warsaw, Poland, of CEMEX Polska, one of our indirect subsidiaries in Poland, and of the offices of other cement producers in Poland. These searches took place as a part of the
exploratory investigation that the head of the Protection Office had started on April 26, 2006. On January 2, 2007, CEMEX Polska received a notification from the Protection Office informing it of the formal initiation of an antitrust
proceeding against all cement producers in Poland, including CEMEX Polska and another of our indirect subsidiaries in Poland. The notification alleged that there was an agreement between all cement producers in Poland regarding prices and other
sales conditions for cement, an agreed division of the market with respect to the sale and production of cement, and the exchange of confidential information, all of which limited competition in the Polish market with respect to the production and
sale of cement. On December 9, 2009, the Protection Office delivered to CEMEX Polska its decision against Polish cement producers related to an investigation which covered a period from 1998 to 2006. The decision imposed fines on a number of
Polish cement producers, including CEMEX Polska. The fine imposed on CEMEX Polska was approximately Polish Zloty 115.56 million (approximately U.S.$36.16 million as of August 31, 2014, based on an exchange rate of Polish Zloty 3.1959 to
U.S.$1.00), which is approximately 10% of CEMEX Polska’s total revenue in 2008. CEMEX Polska disagreed with the decision, denied that it committed the practices alleged by the Protection Office and, therefore, on December 23, 2009, CEMEX
Polska filed an appeal before the Polish Court of Competition and Consumer Protection in Warsaw (the “First Instance Court”). After a series of hearings, on December 13, 2013, the First Instance Court issued its judgment in regards
with the appeals filed by CEMEX Polska and other cement producers, which were previously combined into a joint appeal. The First Instance Court reduced the penalty imposed on CEMEX Polska to approximately Polish Zloty 93.89 million
(approximately U.S.$29.38 million based on an exchange rate of Polish Zloty 3.1959 to U.S.$1.00 as of August 31, 2014), which is equal to 8.125% of CEMEX Polska’s revenue in 2008. On May 8, 2014, CEMEX Polska filed an appeal against
the First Instance Court judgment before the Appeals Court in Warsaw. The above-mentioned penalty is enforceable until the Appeals Court issues its final judgment. As of August 31, 2014, the accounting provision created in relation with this
proceeding was approximately Polish Zloty 93.89 million (approximately U.S.$29.38 million as of August 31, 2014, based on an exchange rate of Polish Zloty 3.1959 to U.S.$1.00). As of August 31, 2014, we do not expect this matter would
have a material adverse impact on our results of operations, liquidity and financial condition. 
 Antitrust Investigations in Europe by the European
Commission. On November 4, 2008, officers of the European Commission, in conjunction with officials of the national competition enforcement authorities, conducted unannounced inspections at our offices in Thorpe, United Kingdom, and
Ratingen, Germany. Further to these inspections, on September 22 and 23, 2009, our offices in Madrid, Spain, were also inspected by the European Commission. 

  
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 In conducting these investigations, the European Commission alleged that we may have participated in
anti-competitive agreements and/or concerted practices in breach of Article 101 of the Treaty on the Functioning of the European Union (formerly Article 81 of the EC Treaty) and Article 53 of the European Economic Area (“EEA”) Agreement in
the form of restrictions of trade flows in the EEA, including restrictions on imports into the EEA from countries outside the EEA, market sharing, price coordination and connected anticompetitive practices in the cement and related products markets.
During 2009 and 2010, we received requests for information and documentation from the European Commission, and we fully cooperated by providing the relevant information and documentation on time. 

On December 8, 2010, the European Commission informed us that it decided to initiate formal proceedings with respect to the investigation of the
aforementioned anticompetitive practices. These proceedings would affect Austria, Belgium, the Czech Republic, France, Germany, Italy, Luxembourg, the Netherlands, Spain and the United Kingdom. The European Commission indicated that we, as well as
seven other companies, would be included in these proceedings. These proceedings may lead to an infringement decision, or if the objections raised by the European Commission are not substantiated, the case might be closed. This initiation of
proceedings relieves the competition authorities of the Member States of the European Union of their competence to apply Article 101 of the Treaty on the Functioning of the European Union to the same case. We intend to defend our position vigorously
in these proceedings and are fully cooperating and will continue to cooperate with the European Commission in connection with this matter. 
 On
April 1, 2011, the European Commission notified CEMEX, S.A.B. de C.V. of a decision under Article 18(3) of Council Regulation (EC) No 1/2003 of December 16, 2002 on the implementation of the rules on competition set forth in Article 81 of
the EC Treaty (current Articles 101 and 102 of the EC Treaty). The European Commission also requested that CEMEX, S.A.B. de C.V. deliver a substantial amount of information and documentation, which we effectively delivered on August 2, 2011,
after requesting additional time. 
 On November 29, 2011, the European Commission notified CEMEX, S.A.B. de C.V. of its decision that if, by
December 15, 2011, the European Commission did not receive a confirmation that CEMEX, S.A.B. de C.V.’s reply submitted on August 2, 2011 was complete, accurate and definitive, or if CEMEX, S.A.B. de C.V. did not submit a new reply
with the necessary amendments and clarifications, the European Commission would impose a daily fine. On December 15, 2011, we complied with the terms of this decision and submitted a new reply with the amendments and clarifications identified
in the revision and audit process performed since August 2, 2011. 
 On the grounds that the above described decision by the European Commission
requesting information and documentation was contrary to several principles of European Union Law, CEMEX, S.A.B. de C.V. and several of its affiliates in Europe filed an appeal before the General Court of the European Union (the “General
Court”) for the annulment of such request. In addition, on June 17, 2011, CEMEX, S.A.B. de C.V. and several of its affiliates in Europe requested interim measures to the General Court, asking for the suspension of the information and
document request until the appeal was resolved. The President of the General Court rejected the proposal for a suspension without considering the arguments of the main appeal. On December 21, 2011, CEMEX, S.A.B. de C.V. and several of its
affiliates in 

  
 - 262 - 

 
Europe filed their reply to the European Commission’s defense. The European Commission filed its rejoinder on March 27, 2012. A hearing with respect to the proceedings against CEMEX,
S.A.B. de C.V. and several of its affiliates in Europe was held on February 6, 2013, and the hearings for all other companies being investigated were held during April 2013. On March 14, 2014, the General Court issued a judgment dismissing
the appeal filed by CEMEX, S.A.B. de C.V. and several of its affiliates in Europe and confirming the lawfulness of the request for information sent by the European Commission in all of its aspects. On May 23, 2014, CEMEX, S.A.B. de C.V. and
several of its affiliates in Europe filed an appeal against the General Court’s judgment before the European Court of Justice (the “Court of Justice”). 

If the alleged infringements investigated by the European Commission are substantiated, significant penalties may be imposed on our subsidiaries operating in
such markets. In that case, pursuant to European Union Regulation 1/2003, the European Commission may impose penalties of up to 10% of the total turnover of the relevant companies for the last year preceding the imposition of the fine for which the
financial statements have been approved by the shareholders’ meeting of the relevant companies. At this stage of the proceedings, as of August 31, 2014, the European Commission had not yet formulated a Statement of Objections against us
and, as a result, the extent of the charges and the alleged infringements are unknown. Moreover, it is not clear which cement related products total turnover would be used as the basis for the determination of the possible penalties. As a
consequence, we are not able to assess the likelihood of an adverse result or the amount of the potential fine, but if adversely resolved it may have a material adverse impact on our results of operations, liquidity and financial condition. 

Antitrust Investigations in Spain by the CNC. On September 22, 2009, the Investigative Department (Dirección de
Investigación) of the Spanish Competition Commission (Comisión Nacional de la Competencia), or CNC, applying exclusively national antitrust law, carried out an inspection, separate from the investigation conducted by the
European Commission, in the context of possible anticompetitive practices in the production and distribution of mortar, ready-mix concrete and aggregates within the Chartered Community of Navarre (“Navarre”). On December 15, 2009, the
CNC started a procedure against CEMEX España and four other companies with activities in Navarre for alleged practices prohibited under the Spanish competition law. 

On January 12, 2012, the CNC Council notified CEMEX España of its final decision on this matter, imposing a fine of approximately €500,000
(approximately U.S.$659,108.88 as of August 31, 2014, based on an exchange rate of €0.7586 to U.S.$1.00) against CEMEX España for price-fixing and market sharing in the concrete market of Navarre from June 2008 through September
2009. CEMEX España denied any wrongdoing and on March 1, 2012, filed an appeal before the competent court (Audiencia Nacional), requesting the interim suspension of the decision until a final judgment was issued. To that effect,
it requested the CNC Council to suspend the implementation of its decision until the Audiencia Nacional decided on the requested interim measure. On July 10, 2012, the Audiencia Nacional issued a resolution agreeing to the
suspension of payment of the fine. On February 14, 2014, the Audiencia Nacional notified the judgment issued regarding this matter, accepting in part the appeal filed by CEMEX España. The Audiencia Nacional ordered the CNC
to recalculate the penalty imposed on CEMEX España, which must be reduced substantially. As CEMEX España continues to believe it has not breached any laws, on March 27, 2014, CEMEX España filed an appeal before the Supreme
Court (Tribunal Supremo) against the judgment of 

  
 - 263 - 

 
the Audiencia Nacional. As of August 31, 2014, we do not expect that the decision to be issued by the CNC would have a material adverse impact on our results of operations, liquidity
and financial condition. 
 Antitrust Cartel Litigation in Germany. On August 5, 2005, Cartel Damages Claims, SA (“CDC”), a Belgian
company established by two lawyers in the aftermath of the German cement cartel investigation that took place from July 2002 to April 2003 by Germany’s Federal Cartel Office, with the express purpose of purchasing potential damages claims from
cement consumers and pursuing those claims against the alleged cartel participants, filed a lawsuit in the District Court in Düsseldorf, Germany (“Düsseldorf District Court”) against CEMEX Deutschland AG and other German cement
companies originally claiming €102 million (approximately U.S.$134.46 million as of August 31, 2014, based on an exchange rate of €0.7586 to U.S.$1.00), which later increased to €131 million (approximately U.S.$172.69
million as of August 31, 2014, based on an exchange rate of €0.7586 to U.S.$1.00), in damages related to alleged price and quota fixing by German cement companies between 1993 and 2002. On February 21, 2007, the Düsseldorf
District Court allowed this lawsuit to proceed without going into the merits of this case by issuing an interlocutory judgment. All defendants appealed, but the appeal was dismissed on May 14, 2008. 

On a hearing on the merits of this case that was held on March 1, 2012, the Düsseldorf District Court revealed several preliminary considerations on
relevant legal questions and allowed the parties to submit their plea and reply on May 21, 2012. After several court hearings, on December 17, 2013 the Düsseldorf District Court issued a decision on closing the first instance. By this
decision, all claims brought to court by CDC were dismissed. The court held that the manner in which CDC obtained the claims from 36 cement purchasers was illegal given the limited risk it faced for covering the litigation costs. The
acquisition of the claims also breached rules that make the provision of legal advice subject to public authorization. On January 15, 2014, CDC filed an appeal to the Higher Regional Court in Düsseldorf, Germany, and thereafter
submitted reasons for their appeal. A court hearing has been scheduled for November 12, 2014. As of August 31, 2014, we are unable to assess the likelihood of an adverse result and, because of the number of defendants, the potential
damages that would be borne by us; however, if the final decision is adverse to us, it could have a material adverse impact on our results of operations, liquidity and financial condition. 

As of August 31, 2014, we had accrued liabilities regarding this matter for an amount of approximately €20 million (approximately U.S.$26.36
million as of August 31, 2014, based on an exchange rate of €0.7586 to U.S.$1.00), plus an additional €10.1 million (approximately U.S.$13.31 million as of August 31, 2014, based on an exchange rate of €0.7586 to
U.S.$1.00), as interest over the principal amount of the claim. 
 Antitrust Cases in Egypt. On July 29, 2009, an Egyptian contractor filed a
lawsuit against four cement producers, including ACC, demanding compensation of 20 million Egyptian Pounds (approximately U.S.$2.79 million as of August 31, 2014, based on an exchange rate of Egyptian Pounds 7.1610 to U.S.$1.00) from the
four cement producers, or approximately 5 million Egyptian Pounds (approximately U.S.$698,226.50 as of August 31, 2014, based on an exchange rate of Egyptian Pounds 7.1610 to U.S.$1.00). 

On an April 24, 2010 hearing for the case, the court decided to refer the matter back to the prosecutor’s office for further investigation and for a
report on the investigations that was presented at a hearing held on January 11, 2011. Thereafter, this case was dismissed and all 

  
 - 264 - 

 
charges against ACC were dropped. The plaintiff subsequently filed its appeal to this ruling before the Court of Cassation. As of August 31, 2014, the Court of Cassation had not yet
scheduled the first hearing of cassation for this case. 
 This case was one of the first of its kind in Egypt due to the enactment of the Law on
Competition Protection and Prevention of Monopolistic Practices No. 3 in 2005. Even if we prevail, this claim could have an adverse impact on our results of operations, liquidity and financial condition if it were to become a precedent and
create a risk of similar claims in the future. 
 Antitrust Case in Florida. On October 26, 2010, CEMEX, Inc. received an Antitrust Civil
Investigative Demand from the Office of the Florida Attorney General, which seeks documents and information in connection with an antitrust investigation by the Florida Attorney General into the ready-mix concrete industry in Florida. As of
August 31, 2014, CEMEX, Inc. has complied with the Office of the Florida Attorney General with respect to the documents and information requested by the civil investigative demand, and it is unclear, as of August 31, 2014, whether any
formal proceeding will be initiated by the Office of the Florida Attorney General or, if such proceedings are initiated, if any adverse decision against us resulting from the investigations would be made or if such decision would have a material
adverse impact on our results of operations, liquidity and financial condition. 
 Antitrust Investigation in Colombia. On September 5, 2013,
CEMEX Colombia was notified of Resolution No. 49141 dated August 21, 2013, issued by the Colombian Superintendency of Industry and Commerce (Superintendencia de Industria y Comercio), or SIC, pursuant to which the SIC opened an
investigation and issued a statement of objections (pliego de cargos) against five cement companies and fourteen directors of those companies, including CEMEX Colombia, for alleged anti-competitive practices. On October 7, 2013, CEMEX
Colombia answered the statement of objections and submitted evidence. 
 The investigated parties are accused of allegedly breaching: (i) Article 1 of
Law 155 of 1959, which prohibits any kind of practice, procedure or system designed to limit free competition and determining or maintaining unfair prices; (ii) paragraph 1 of Article 47 of Decree 2153 of 1992, which prohibits any agreements
designed to directly or indirectly fix prices; and (iii) paragraph 3 of Article 47 of Decree 2153 of 1992, which prohibits any market sharing agreements between producers or between distributors. Additionally, the fourteen executives, including
a former legal representative and the current President of CEMEX Colombia, are being investigated for allegedly breaching paragraph 16 of Article 4 of Decree 2153 of 1992, as amended by Article 26 of Law 1340 of 2009, which provides that the SIC may
investigate and sanction any individual who collaborates, facilitates, authorizes, executes or tolerates behavior that violates free competition rules. 

If the alleged infringements investigated by the SIC are substantiated, aside from any measures that could be ordered to stop the alleged anti-competitive
practices, the following penalties may be imposed against CEMEX Colombia pursuant to Law 1340 of 2009: (i) up to 100,000 times the legal monthly minimum wage, which equals approximately 58,950 million Colombian Pesos (approximately
U.S.$30.73 million as of August 31, 2014, based on an exchange rate of 1,918.62 Colombian Pesos to U.S.$1.00) for each violation and to each company being declared in breach of the competition rules, and (ii) up to 2,000 times the legal
monthly minimum wage, which equals approximately 1,179 million Colombian Pesos (approximately U.S.$614,504.17 as of August 31, 2014, based on an exchange rate of 1,918.62 Colombian Pesos to U.S.$1.00) against those individuals found
responsible of 

  
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collaborating, facilitating, authorizing, executing or tolerating behavior that violates free competition rules. At this stage of the investigations, as of August 31, 2014, we do not expect
this matter to have a material adverse impact on our results of operations, liquidity and financial condition. 
 Environmental Matters 

In the ordinary course of business, we are subject to a broad range of environmental laws and regulations in each of the jurisdictions in which we operate.
These laws and regulations impose increasingly stringent environmental protection standards regarding, among other things, air emissions, wastewater discharges, the use and handling of hazardous waste or materials, waste disposal practices and the
remediation of environmental damage or contamination. These laws and regulations expose us to the risk of substantial environmental costs and liabilities, including liabilities associated with divested assets and past activities and, in some cases,
the acts and omissions of the previous owners or operators of a property or facility. Furthermore, in some jurisdictions, certain environmental laws and regulations impose liability, without regard to fault or the legality of the original activity
at the time of the actions giving rise to liability. 
 To prevent, control and remediate environmental problems and maintain compliance with regulatory
requirements, in line with our global initiatives on environmental management, we maintain an environmental policy designed to monitor and control environmental matters. Our environmental policies require that each of our subsidiaries respect and
comply with local laws and meet our own internal standards to minimize the use of non-renewable resources and the generation of hazardous and other wastes. We use processes that are designed to reduce the impact of our operations on the environment
throughout all the production stages in all our operations worldwide. In addition, during 2012 we started the implementation of a global Environmental Management System (EMS) at our operating sites that provides a framework to facilitate the
consistent and systematic implementation of practical, risk-based environmental management at all sites. As of August 31, 2014, we expect to finish the implementation of the EMS at all of our operating sites by 2015. It will be used to support
sites and businesses across CEMEX globally to document, maintain and continuously improve our environmental performance. We believe that, as of August 31, 2014, a substantial part of our operations already comply with all material environmental
laws applicable to us, as all our cement plants already have some kind of EMS (most of which are ISO 14000 certified), with the remaining implementation efforts directed mainly on our aggregates and ready-mix plants. 

We regularly incur capital expenditures that have an environmental component or that are impacted by environmental regulations. However, we do not keep
separate accounts for such mixed capital and environmental expenditures. Environmental expenditures that extend the life, increase the capacity, improve the safety or efficiency of assets or are incurred to mitigate or prevent future environmental
contamination may be capitalized. Other environmental costs are expensed when incurred. For the years ended December 31, 2011, 2012 and 2013, our sustainability capital expenditures (including our environmental expenditures and investments in
alternative fuels and cementitious materials) were approximately U.S.$95 million, approximately U.S.$139 million and approximately U.S.$95 million, respectively. Our environmental expenditures may materially increase in the future. 

  
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 The following is a discussion of environmental regulations and related matters in our major markets. 

Mexico. We were one of the first industrial groups in Mexico to sign an agreement with the Mexican Ministry of Environment and Natural Resources
(Secretaría del Medio Ambiente y Recursos Naturales), or SEMARNAT, to carry out voluntary environmental audits in our 15 Mexican cement plants under a government-run program. In 2001, the Mexican Environmental Protection Agency
(Procuraduría Federal de Protección al Ambiente), or PROFEPA, which is part of SEMARNAT, completed the audit of our cement plants and awarded each of them a Clean Industry Certificate (Certificado de Industria Limpia)
certifying that our cement plants are in full compliance with applicable environmental laws. The Clean Industry Certificates are subject to renewal every two years. As of August 31, 2014, our operating cement plants had Clean Industry
Certificates or were in the process of renewing them. We expect the renewal of all currently expired Clean Industry Certificates. 
 For over a decade, the
technology for recycling used tires into an energy source has been employed in our plants located in Ensenada and Huichapan. By the end of 2006, all our cement plants in Mexico were using tires as an alternative fuel. Municipal collection centers in
the cities of Tijuana, Mexicali, Ensenada, Mexico City, Reynosa, Nuevo Laredo and Guadalajara currently enable us to recycle an estimated 10,000 tons of tires per year. Overall, approximately 15.50% of the total fuel used in our operating cement
plants in Mexico during 2013 was comprised of alternative fuels. 
 Between 1999 and August 31, 2014, our operations in Mexico have invested
approximately U.S.$98.92 million in the acquisition of environmental protection equipment and the implementation of the ISO 14001:2004 environmental management standards of the International Organization for Standardization (“ISO”). The
audit to obtain the renewal of the ISO 14001:2004 certification took place during the first quarter of 2012 and our operating cement plants in Mexico obtained the renewal of the ISO 14001:2004 certification for environmental management systems which
is valid for a three year period. 
 On June 6, 2012 the General Law on Climate Change (Ley General de Cambio Climático), or the Climate
Change Law, was published in the Mexican Official Gazette. The Climate Change Law establishes a legal framework to regulate policies for climate change mitigation and adaptation. Many important provisions require the development of secondary
legislation, and depend on the publication of subsequent implementing regulations, which were expected to take place within the twelve months following the publication of the Climate Change Law. Because secondary legislation has not yet been
developed and corresponding regulations have not yet been implemented, at this stage, as of August 31, 2014, we do not have sufficient information to determine whether or not the measures that may be taken by the Mexican federal government in
connection with the Climate Change Law will have a material impact on our business or operations. For instance, the Climate Change Law provides for the elaboration of a registry of the emissions that are generated by fixed sources. However, the
detailed guidelines for reporting, including the scope and methodologies for calculation, will be developed by implementing regulations yet to be developed. Companies that are required to report their emissions and fail to do so or that report false
information will be fined. We do not expect any negative impact from this development as we already report our direct and indirect carbon dioxide emissions to SEMARNAT under a voluntary scheme. The Climate Change Law also allows for the
establishment of specific greenhouse gas reduction targets in accordance with the respective contribution of each economic sector to the national greenhouse gas emissions. We cannot estimate at this time the impact, if any, that

  
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any measures related to this may have upon our operations in Mexico. Although the Climate Change Law does not establish a program for emissions trading, it does vest on the Mexican federal
government the power to create, authorize and regulate such a scheme, which may be voluntary or binding. We are closely observing the development of implementing regulations and cannot estimate at this time the impact, if any, that any measures
related to this may have upon our operations in Mexico. A Special Tax on Production and Services (Impuesto Especial Sobre Producción y Servicios) on the sale of fossil fuels was included in the recently approved tax reform. Starting
January 1, 2014, petroleum coke, a primary fuel widely used in our kilns in Mexico has been taxed at a rate of Mexican Ps15.60 (approximately U.S.$1.19 as of August 31, 2014, based on an exchange rate of Mexican Ps13.09 to U.S.$1.00) per
ton. 
 On August 12, 2014, a package of energy reform legislation became law in Mexico. The newly enacted energy reform legislation, which includes
nine new laws, as well as amendments to existing laws, implements the December 2013 constitutional energy reform and establishes a new legal framework for Mexico’s energy industry. One of the new laws that was enacted is the new Electric
Industry Law (Ley de la Industria Eléctrica), or the Electric Industry Law, which establishes a legal framework for electricity-related activities in Mexico, which has the effect of structurally changing the national electric industry.
Because the regulations to be proposed and implemented in regards to the Electric Industry Law have not yet been announced, at this stage, as of August 31, 2014, we do not have sufficient information to determine whether or not the energy
reform legislation, and in particular the Electric Industry Law, will have a material impact on our business or operations. However, we expect that CEMEX’s ongoing commitments to procure power from renewable projects operating under the
“self-supply” framework of the previous energy laws in Mexico should mitigate any impact that the introduction of the Electric Industry Law may have upon our business or operations. 

United States. Our operating subsidiaries in the United States are subject to a wide range of U.S. federal, state and local laws, regulations and
ordinances dealing with the protection of human health and the environment that are strictly enforced and can lead to significant monetary penalties for noncompliance. These laws and regulations expose us to the risk of substantial environmental
costs and liabilities, including liabilities associated with divested assets and past activities and, in some cases, the acts and omissions of the previous owners or operators of a property or facility. These laws regulate, among other things, water
discharges, noise, and air emissions, including dust, as well as the handling, use and disposal of hazardous and non-hazardous waste materials. Certain laws also create a shared liability scheme under which parties are held responsible for the cost
of cleaning up releases to the environment of designated hazardous substances. We therefore may have to conduct environmental remediation associated with the disposal or release of hazardous substances at our various operating facilities, or at
sites in the United States to which we sent hazardous waste for disposal. We believe that our current procedures and practices for handling and managing materials are generally consistent with industry standards and legal and regulatory
requirements, and that we take appropriate precautions to protect employees and others from harmful exposure to hazardous materials. 
 As of
August 31, 2014, CEMEX, Inc. and its subsidiaries had accrued liabilities specifically relating to environmental matters in the aggregate amount of approximately U.S.$22.19 million. The environmental matters relate to (i) the disposal of
various materials, in accordance with past industry practice, that might be categorized as hazardous substances or wastes, and (ii) the cleanup of hazardous substances or wastes at sites used or operated by

  
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CEMEX, Inc. and its subsidiaries including discontinued operations, either individually or jointly with other parties. Most of the proceedings are in the preliminary stages, and a final
resolution might take several years. For purposes of recording the provision, CEMEX, Inc. and its subsidiaries consider that it is probable that a liability has been incurred and the amount of the liability is reasonably estimable, whether or not
claims have been asserted, and without giving effect to any possible future recoveries. Based on information developed to date, CEMEX, Inc. does not believe it will be required to spend significant sums on these matters, in excess of the amounts
previously recorded. The ultimate cost that might be incurred to resolve these environmental issues cannot be assured until all environmental studies, investigations, remediation work, and negotiations with, or litigation against, potential sources
of recovery have been completed. 
 In 2007, the EPA launched a CAA enforcement initiative against the U.S. cement industry. The primary goal of the
initiative is to assess the industry’s historic compliance with the CAA’s New Source Review program and to reduce emissions from the industry through the installation of add-on controls. CEMEX has actively engaged with the EPA on its
investigations, which involve multiple CEMEX facilities, and has entered into three settlements involving a total of U.S.$4.4 million in civil penalties and a commitment to incur certain capital expenditures for pollution control equipment at its
Victorville, California, Fairborn, Ohio and Lyons, Colorado plants. Although some of these proceedings are still in the initial stages, based on our past experience with such matters and currently available information, as of August 31, 2014,
we believe that such cases will not have a material adverse impact on our results of operations, liquidity and financial condition. 
 In 2002, CEMEX
Construction Materials Florida, LLC (formerly Rinker Materials of Florida, Inc.) (“CEMEX Florida”), a subsidiary of CEMEX, Inc., was granted a federal quarry permit and was the beneficiary of another federal quarry permit for the Lake Belt
area in South Florida. The permit held by CEMEX Florida covered CEMEX Florida’s SCL and FEC quarries. CEMEX Florida’s Kendall Krome quarry is operated under the permit of which it was a beneficiary. The FEC quarry is the largest of CEMEX
Florida’s quarries measured by volume of aggregates mined and sold. CEMEX Florida’s Miami cement mill is located at the SCL quarry and is supplied by that quarry, while the FEC and Kendall Krome quarries have supplied aggregates to CEMEX
and third-party users. In response to litigation brought by environmental groups concerning the manner in which the federal quarry permits were granted, in January 2009, the U.S. District Court for the Southern District of Florida ordered the
withdrawal of the federal quarry permits for CEMEX Florida’s SCL, FEC and Kendall Krome quarries. The judge ruled that there were deficiencies in the procedures and analysis undertaken by the Army Corps of Engineers (“Corps”) in
connection with the issuance of the permits. Upon appeal, on January 21, 2010, the Eleventh Circuit Court of Appeals affirmed the district court’s ruling withdrawing the federal quarry permits for the three CEMEX Florida quarries as well
as other third-party federal quarry permits subject to the litigation. On January 29, 2010, the Corps completed a multi-year review commenced as a result of this litigation and issued a Record of Decision (ROD) supporting the issuance of new
federal quarry permits for the FEC and SCL quarries. Excavation of new aggregates was stopped at the FEC and SCL quarries from January 20, 2009 until new permits were issued. The FEC permit was issued on February 3, 2010, and the SCL
permit on February 18, 2010. The ROD also indicated that a number of potential environmental impacts must be addressed at the wetlands located at the Kendall Krome site before a new federal quarry permit may be issued for mining at that quarry.
It is unclear how long it will take to fully address the Corps’ concerns regarding mining in the Kendall Krome wetlands. While no new aggregates will be 

  
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quarried from wetland areas at Kendall Krome pending the resolution of the potential environmental issues, the FEC and SCL quarries will continue to operate. If CEMEX Florida is unable to
maintain the new Lake Belt permits, CEMEX Florida would need to source aggregates, to the extent available, from other locations in Florida or import aggregates. This would likely affect operating income from our Florida operations. Any adverse
impacts on the Florida economy arising from the cessation or significant restriction of quarrying operations in the Lake Belt area could also have a material adverse impact on our results of operations, liquidity and financial condition. 

In June 2010, EPA proposed regulating Coal Combustion Products (“CCPs”) generated by electric utilities and independent power producers as a
hazardous or special waste under the Resource Conservation and Recovery Act. CEMEX uses CCPs as a raw material in the cement manufacturing process, as well as a supplemental cementitious material in some of our ready-mix concrete products. It is too
early to predict how CCPs will ultimately be regulated, but if CCPs are regulated as a hazardous or special waste in the future, it may result in changes to the formulation of our products away from those formulations that employ CCPs as a raw or
supplemental cementitious material. Based on current information, we believe that such matters will not have a material impact on us. EPA has entered into a Consent Decree obligating it to issue a final rule on the regulation of CCPs by
December 19, 2014. 
 We are subject to a number of federal and state laws and regulations addressing climate change. On the federal side, EPA has
promulgated a series of regulations pertaining to emissions of GHGs from industrial sources. EPA issued the Mandatory Reporting of GHGs Rule, effective December 29, 2009, which requires certain covered sectors, including cement manufacturing,
with GHG emissions above an established threshold to inventory and report their GHG emissions annually on a facility-by-facility basis. In 2010, EPA issued a final rule that establishes GHG thresholds for the New Source Review Prevention of
Significant Deterioration (“PSD”) and Title V Operating Permit programs. The rule “tailors” the requirements of these CAA permitting programs to limit which facilities will be required to obtain PSD and Title V permits for GHG
emissions. Cement production facilities are included within the categories of facilities required to obtain permits, provided that their GHG emissions exceed the thresholds in the tailoring rule. The PSD program requires new major sources of
regulated pollutants and major modifications at existing major sources to secure pre-construction permits, which establish, among other things, limits on pollutants based on Best Available Control Technology (“BACT”). According to
EPA’s rules, stationary sources, such as cement manufacturing, which are already regulated under the PSD program for non-GHG pollutants, need to apply for a PSD permit for any GHG emissions increases above 75,000 tons/year of carbon dioxide
equivalent (“CO2E”). Therefore, new cement plants and existing plants undergoing modification which are major sources for non-GHG pollutants regulated under the CAA need to acquire a PSD permit for construction or modification activities
that increase CO2E by 75,000 or more tons/year, and would have to determine and install BACT controls for those emissions. Furthermore, any new source that emits 100,000 tons/year of CO2E or any existing source that emits 100,000 tons/year of CO2E
and undergoes modifications that would emit 75,000 tons/year of CO2E, must comply with PSD obligations. Complying with these PSD permitting requirements can involve significant costs and delay. The costs of future GHG-related regulation of our
facilities through these efforts or others could have a material economic impact on our U.S. operations and the U.S. cement manufacturing industry. 

  
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 With respect to state efforts to address climate change, in 2006, the State of California adopted the Global
Warming Solutions Act (Assembly Bill 32 or “AB32”) setting into law a goal to reduce the State’s carbon dioxide emissions to 1990 levels by 2020. As part of the measures derived from AB32, the California Air Resources Board
(“CARB”) developed a cap-and-trade program, enforced from 2013, that covers most industrial sources of greenhouse gas emissions in the State, including cement production facilities. The program involves allocating a number of allowances
free of charge to covered installations, which must subsequently surrender back to the regulator a number of allowances or qualified offset credits matching their verified emissions during the compliance period. Based on the free allowances received
as of August 31, 2014 for the first compliance period (2013-2014), we expect that our Victorville cement plant will have enough free allowances to meet all of its compliance obligations for the first compliance period (2013-2014) without a
material impact on its operating costs. Furthermore, we are actively pursuing initiatives to substitute lower carbon fuels for fossil fuels, improve our energy efficiency and utilize renewable power in an effort to economically reduce our direct and
indirect GHG emission intensities. However, even with these ongoing efforts and the expected distribution of free allowances, we cannot assure you that the overall costs of complying with a cap-and-trade program will not have a material impact on
our operations in California. 
 In 2007, CARB approved a regulation that requires California equipment owners/operators to reduce diesel particulate and
nitrogen oxide emissions from in-use off-road diesel equipment and to meet progressively more restrictive emission targets. In 2008, CARB approved a similar regulation for in-use on-road diesel equipment. The emission targets requires us to retrofit
our California-based equipment with diesel emission control devices or replace equipment with new engine technology in accordance with certain deadlines. As of August 31, 2014, compliance with the CARB regulations has resulted in equipment
related expenses or capital investments, including overhauling engines and purchases of new equipment directly related to the CARB regulations, in excess of U.S.$29.9 million. We may continue to incur substantial expenditures to comply with these
requirements. 
 Europe. 
 Permits and
Emissions Trading 
 In the European Union, cement plants have been regulated by two directives which were transposed into domestic law by member states.
The first was the Directive on Integrated Pollution Prevention and Control (2008/1/EC) (“IPPC Directive”), which adopted an integrated approach by taking into account the whole environmental performance of the plant. It required
cement works to have a permit containing emission limit values and other conditions based on the application of best available techniques (“BAT”) with a view to preventing or, where this was not practicable, minimizing emissions of
pollutants likely to be emitted in significant quantities in air, water or land. Permit conditions also had to address energy efficiency, waste minimization, prevention of accidental emissions and site restoration. To assist the permitting
authorities and companies in determining the BAT, the European Commission organized an exchange of information between experts from the member states, industry and environmental organizations. This resulted in the adoption and publication by the
European Commission of BAT Reference Documents (“BREFs”) for the industry sectors covered by the IPPC Directive. A key element of the BREFs were the conclusions on BAT (“BAT conclusions”) which were used as a reference for
setting permit conditions. 

  
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 The second Directive related to the Incineration of Waste (2000/76/EC) (“Incineration Directive”).
Its aim was to prevent or limit, as far as practicable, negative effects on the environment, in particular pollution by emissions in air, soil, surface water and groundwater and the resulting risks to human health, from incineration and
co-incineration plants, the latter including cement and lime kilns. The Incineration Directive sought to achieve its aim by setting and maintaining stringent operational conditions and technical requirements, as well as emission limit values for a
range of pollutants including dust, nitrogen oxides, sulfur dioxide, hydrogen chloride, heavy metals and dioxins. 
 On January 6, 2011, the Industrial
Emissions Directive (2010/75/EU) (“IED”) came into force. The IED recasts seven pieces of existing legislation into a single coherent legislative instrument, including the above-mentioned IPPC Directive and Incineration
Directive, both of which it repeals. The IED has applied to new industrial installations since January 7, 2013 and to existing industrial installations (other than large combustion plants) since January 7, 2014. Under the IED, operators of
industrial installations, including cement plants, are required to obtain an integrated permit from the relevant permitting authority in the member states. As with the IPPC Directive, permit conditions, including emission limit values, must be based
on BAT and a total of 35 BREFs are being rewritten or revised for the IED. However, there is an important difference between the IPPC Directive and the IED. Under the IPPC Directive, the BREFs were considered as guidance only. This is not the case
under the IED. Where BAT conclusions specify emission levels, permitting authorities are required to set emission limit values that do not exceed these levels. They may derogate from this requirement only where the costs associated with the
achievement of the emission levels associated with the BAT disproportionately outweigh the environmental benefits due to the geographical location, the local environmental conditions or the technical characteristics of the installation concerned.
The permitting authorities must document the reasons for the derogation from the emission limit values in the permit, including the result of the cost-benefit assessment. In April 2013, the European Commission published new BAT conclusions under the
IED for Production of Cement, Lime and Magnesium Oxide, together with specific emission levels. While it is too early to assess what impact the IED will have on our operations, it is reasonable to assume that there will be an impact given the change
in regulatory approach heralded by the legislation and the fact that it will be key to the permitting of the cement industry in the EU. 
 In 1997, as part
of the United Nations Framework Convention on Climate Change, the Kyoto Protocol was adopted to limit and reduce GHG emissions. The Kyoto Protocol set legally binding emission reduction targets for 37 industrialized countries and the European Union.
Under the Kyoto Protocol, industrialized countries agreed to reduce their collective GHG emissions by 5% against 1990 levels over the five year period 2008-2012 (“first commitment period”); future mandatory targets were expected to be
established for commitment periods after 2012. To compensate for the sting of binding targets, the Kyoto Protocol allows three “flexibility” mechanisms to be used by parties in meeting their emission limitation commitments: the Clean
Development Mechanism (“CDM”), Joint Implementation (“JI”) and International Emissions Trading. 
 In 2012, at the UN Climate Change
Conference in Doha, Qatar, the Doha Amendment to the Kyoto Protocol was adopted. Certain parties, including the UK and the European Union, committed to reduce GHG emissions by at least 18% below 1990 levels in the eight year period from 2013 to 2020
(“second commitment period”). 

  
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 Our operations in the United Kingdom, Spain, Germany, Latvia, Poland and Croatia (since 2013), are subject to
binding caps on CO2 emissions imposed pursuant to the European Union’s emissions trading system (“ETS”) that was established by Directive 2003/87/EC to implement the Kyoto Protocol. Under the ETS, a cap or limit is set on the total
amount of CO2 emissions that can be emitted by the power plants, energy-intensive installations (including cement plants) and commercial airlines that are covered by the system. The cap is reduced over time, so that the total amount of emissions
will decrease. Within the cap, companies receive or buy emission allowances. These allowances are tradable so as to enable companies that manage to reduce their emissions to sell their excess allowances to companies that are not reaching their
emissions objectives. After each year, a company must surrender enough carbon allowances to cover all its emissions. Failure to meet the emissions caps is subject to significant monetary penalties. 

In addition to carbon allowances, the ETS also allows the use of Kyoto Protocol units: the Emission Reduction Unit, representing a metric ton of carbon saved
by a project under the JI mechanism, and the Certified Emission Reduction unit under the CDM. The ETS recognizes these units as equivalent to its carbon allowances and allows them to be used by companies for compliance up to a certain limit to
offset their carbon emissions in the EU. We have registered 12 CDM projects; in total, these projects have the potential to reduce almost 1.7 million metric tons of CO2-E emissions per year. 

The ETS consists of three trading phases: Phase I which lasted from January 1, 2005 to December 31, 2007, Phase II, which lasted from
January 1, 2007 to December 31, 2012, and was intended to meet commitments under the Kyoto first commitment period, and Phase III which commenced on January 1, 2013 and will end on December 31, 2020. For Phase III of the ETS
there is also a cap on nitrous oxide and perfluorocarbons (PFC) emissions. Prior to the commencement of each of ETS Phases I and II, each member state was responsible for publishing its National Allocation Plan (“NAP”), a document which
sets out a national cap on the total amount of carbon emissions by all installations during each relevant trading phase and the methodology by which the cap would be allocated to the different sectors in the ETS and their respective installations.
Each member state’s cap contributed to an overall EU cap on emissions, where one carbon allowance must be surrendered to account for 1 metric ton of carbon emitted. The carbon allowances were mostly distributed for free by each member state to
its ETS installations, although some member states also used a fraction of their material cap for auctioning, mainly to power generators. Under ETS Phase III, however, the system of NAPs has been replaced by a single EU-wide, top-down, cap on CO2
emissions, with allocation for all installations made according to harmonized EU rules and set out in each member state’s National Implementation Measures (“NIM”). Additional restrictions have been introduced on the extent to which
Kyoto Protocol units can be used to offset EU carbon emissions, and auctioning, not free allocation, has become the default method for distributing allowances. For those allowances that are still given away free, as discussed below, harmonized rules
apply based on EU-wide benchmarks of emissions performance. 
 EU policymakers see the free allocation of allowances as a principle way to reduce the risk
of carbon leakage—that is, the risk that energy-intensive industries, facing higher costs because of the ETS, will move their facilities beyond the EU’s borders to countries that do not have climate change controls, thus resulting in a
leakage of CO2 emissions without any environmental benefits. In 2009, a list of ETS sectors deemed to be at significant risk of carbon leakage was formally adopted by the European Commission, following agreement by member states and the European
Parliament. The list which is valid from 2010 to 2014 

  
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included the cement production sector, on the basis that the additional costs imposed by the ETS would lead to a 30% or more increase in production costs as a proportion of the “gross value
added.” A decision on the list of sectors deemed to be at significant risk of carbon leakage for the period 2015-2019 is expected to be adopted by the European Commission on July 2014. Sectors classified as deemed to be at significant risk of
carbon leakage will continue to receive 100% of their benchmark allocation of allowances free of charge during Phase III, adjusted by a cross-sectoral correction factor that is being applied uniformly upon all participating facilities in Europe in
order to reduce the amount of free allocation that each installation so that the total sum does not exceed the authorized EU-wide cap for free allocation. By contrast, sectors that are not considered at risk of carbon leakage received 80% of their
benchmark allowances for free in 2013, declining to 30% by 2020. 
 On April 27, 2011, the European Commission adopted Decision 2011/278/EU that states
the rules, including the benchmarks of greenhouse gas emissions performance, to be used by the Member States in calculating the number of allowances to be annually allocated for free to industrial sectors (such as cement) that are deemed to be
exposed to the risk of “carbon leakage.” The number of allowances to be allocated to installations for free will be based on a combination of historic activity levels at that installation and an EU benchmark of carbon efficiency for the
production of a particular product—for example, clinker. An installation’s historic activity level is calculated by taking the median of its annual production levels during the baseline period, either 2005 to 2008 or, where historic
activity levels are higher, 2009/10. The product benchmark is based on the average carbon emissions of the top 10% most “carbon efficient” EU installations for a particular product during 2007/8, where carbon efficiency is measured by
carbon intensity or carbon emission per metric ton of product. Preliminary allocation calculations based on the rules were carried out by each Member State and included in a NIM table which was sent for scrutiny to the European Commission. On
September 5, 2013, the European Commission adopted Decision 2013/448/EU which approved the NIMs submitted by most Member States and by which the figures for the annual cross-sectoral correction factor were determined for the period 2013-2020.
According to this Decision, the free allocation to each installation is to be adjusted by a cross-sectoral correction factor laid down in the Decision which will vary each year, as foreseen by the ETS legislation. This is to ensure that the total
amount handed out for free does not exceed a maximum set in the ETS Directive. The application of this cross-sectoral correction factor results in an important decrease in the quantity of allowances that our ETS-participant operations expect to
receive for free in the 2013-2020 period. On February 26, 2014, the European Commission adopted a Decision on national allocation allowances for the last group of Member States including Croatia, which was granted 5.56 million of free
allowances. Thereafter, a regularly updated allocation table showing the number of allowances that have been allocated per Member State will be published on the European Commission’s website. Based on the European Commission approved NIMs that
have been published in the first quarter of 2014, we expect that the aggregate amount of allowances that will be annually allocated for free to CEMEX in Phase III of the ETS will be sufficient to operate, assuming that the cement industry continues
to be considered at significant risk of carbon leakage for the period 2015-2019 after a decision is adopted by the European Commission. A determination that the cement industry should no longer be regarded as at significant risk of carbon leakage
could have a material impact on our operations and our results of operations, liquidity and financial condition. 
 An installation can only receive its
full allocation of free allowances if it is deemed to have not partially ceased under the “partial cessation rule” of the ETS. Partial cessation applies 

  
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where a sub-installation which contributes at least 30% of the installation’s final annual amount of emissions allocated, or contributes to more than 50,000 allowances, reduces its activity
level by at least 50% of its historic activity levels. If activity levels are reduced to between 50% and 75% of the historic activity level, the amount of free carbon allowances the sub-installation will receive will reduce by half in the following
year; if activity levels are reduced by 75% to 90% compared to historic activity levels, the amount of free carbon allowances the sub-installation will receive will reduce by 75% in the following year; and if activity levels are reduced by 90% or
more compared to historic activity levels, no allowances shall be allocated free of charge the following year in respect of the sub-installation concerned. This represents a change from ETS Phase II, in which the rules for partial cessation were
defined by each member state’s NAP and often did not result in any reduction in the level of free allocation, but an installation was no longer entitled to a free allocation from the following year if it had permanently ceased operating. The
new rules are therefore more stringent, and to the extent that they result in our plants foregoing free carbon allowances, they could represent a significant loss of revenue to us, since carbon allowances are also tradable. 

After a favorable verdict in the case that the Republic of Latvia brought before the General Court against the European Commission’s rejection of the
initial version of the Latvian NAP for the period from 2008 to 2012, the Latvian Ministry of Environmental Protection and Regional Development issued the Decision No. 46 of April 18, 2012 increasing the allocation of allowances to our
Broceni plant. The European Commission subsequently filed an appeal with the Court of Justice against the Judgment of the General Court. On October 3, 2013, the Court of Justice issued a judgment dismissing the European Commission’s
appeal; therefore our operations in Latvia obtained all the allowances they were entitled to pursuant to the initial version of the Latvian NAP. 
 Despite
having sold a substantial amount of allowances during Phase II of the ETS, we believe that the aggregate amount of allowances that will be annually allocated for free to CEMEX in Phase III of the ETS (2013-2020) will be sufficient to operate. This
assessment stems from various factors, notably our efforts to reduce emissions per unit of clinker produced, the stream of offset credits coming from our internal portfolio of CDM projects in Latin America and our expected long position in the
initial years of Phase III of the ETS. We are taking measures intended to minimize our exposure to this market, while continuing to supply our products to our customers. 

Landfills 
 In Great Britain, future expenditure on closed
and current landfill sites has been assessed and quantified over the period in which the sites are considered to have the potential to cause environmental harm, generally consistent with the regulatory view of up to 60 years from the date of
closure. The assessed expenditure relates to the costs of monitoring the sites and the installation, repair and renewal of environmental infrastructure. The costs have been quantified on a net present value basis in the amount of approximately
£131.2 million (approximately U.S.$217.65 million as of August 31, 2014, based on an exchange rate of £0.6028 to U.S.$1.00) as of August 31, 2014, and we made an accounting provision for this amount at August 31,
2014. 

  
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 Tax Matters 

Mexico. Pursuant to amendments to the Mexican Income Tax Law (Ley del Impuesto sobre la Renta) that became effective on January 1, 2005 (the
“2005 Tax Reform”), Mexican companies with direct or indirect investments in entities incorporated in foreign countries, whose income tax liability in those countries is less than 75% of the income tax that would be payable in Mexico, were
required to pay taxes in Mexico on passive income, such as dividends, royalties, interest, capital gains and rental fees obtained by such foreign entities, except for income derived from entrepreneurial activities in such countries, which were not
subject to tax under these amendments. We filed two motions in the Mexican federal courts challenging the constitutionality of the 2005 Tax Reform and obtained a favorable ruling from the lower Mexican federal court. However, on September 9,
2008, the Mexican Supreme Court, on appeal, ruled against our constitutional challenge of the controlled foreign corporation tax rules in effect in Mexico for tax years 2005 to 2007. Because the Mexican Supreme Court’s decision did not pertain
to an amount of taxes due or other tax obligations, we had the right to self-assess any taxes due through the submission of amended tax returns. On March 1, 2012 and July 5, 2012, we self-assessed the taxes, filed the amended tax returns
and paid 20% of the self-assessed amounts corresponding to the 2005 and 2006 tax years, respectively. The remaining 80% were to be paid in January 2013 and July 2013, respectively. No taxes were due in connection to the 2007 tax year. The tax
authorities in Mexico agreed with our self-assessment and with the procedure to determine the taxes due for the 2005 and 2006 tax years and, as a result, the tax authorities in Mexico may not assess additional amounts of taxes past due for those
years. On December 17, 2012, the Mexican authorities published the decree of the Federation Revenues Law for the 2013 tax year, which provides for a transitory amnesty provision (the “Amnesty Provision”) that grants tax amnesty of up
to 80% of certain tax proceedings originated before the 2007 tax period and 100% of interest and penalties of tax proceedings originated in the 2007 tax period and thereafter. The amounts due in connection to the 2005 and 2006 tax years were settled
based on the Amnesty Provision and, as of August 31, 2014, there are no tax liabilities in connection to this matter. 
 In November 2009, the Mexican
Congress approved a general tax reform, effective as of January 1, 2010 (the “2010 Tax Reform”). Specifically, the 2010 Tax Reform included changes to the tax consolidation regime that required CEMEX, among others, to determine and
retroactively pay taxes at a current rate on items in past years that were eliminated in consolidation or that reduced consolidated taxable income (“Additional Consolidated Taxes”). The 2010 Tax Reform required CEMEX to pay taxes on
certain previously exempted intercompany dividends, certain other special tax items and operating losses generated by members of the consolidated tax group not recovered by the individual company generating such losses within the succeeding 10-year
period. The 2010 Tax Reform also increased the statutory income tax rate from 28% to 30% for the years 2010 to 2012, then lowered it to 29% for 2013 and 28% for 2014 and future years. However, in December of 2012, the Federal Revenue Law (Ley de
Ingresos de la Federación) applicable in 2013, established that the statutory income tax rate would remain at 30% in 2013, and thereafter lowered to 29% for 2014 and 28% for 2015 and future years. As per the tax reforms enacted for 2014,
the statutory income tax will remain at 30%. 
 For the 2010 fiscal year, CEMEX was required to pay (at the new, 30% tax rate) 25% of the Additional
Consolidated Taxes for the period between 1999 and 2004, with the remaining 75% payable as follows: 25% in 2011, 20% in 2012, 15% in 2013 and 15% in 2014. 

  
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 Additional Consolidated Taxes arising after the 2004 tax year are taken into account in the sixth fiscal year
after such year and are payable over the succeeding five years in the same proportions (25%, 25%, 20%, 15% and 15%). Applicable taxes payable as a result of this tax reform are increased by inflation adjustments as required by the Mexican Income Tax
Law (Ley del Impuesto Sobre la Renta). In connection with these changes in the tax consolidation regime in Mexico, as of December 31, 2009, we recognized a liability of approximately Ps10.5 billion (approximately U.S.$802.14 million as
of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00), of which approximately Ps8.2 billion (approximately U.S.$626.43 million as of August 31, 2014, based on an exchange rate of Mexican Ps13.09 to U.S.$1.00) was
recognized under “Other non-current assets” in connection with the net liability recognized under the new tax law and that we expect to realize in connection with the payment of this tax liability, and approximately Ps2.2 billion
(approximately U.S.$168.07 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00) was recognized against “Retained earnings” upon adoption of IFRS according to the new law, related to: (a) the
difference between the sum of the equity of the controlled entities for tax purposes and the equity for tax purposes of the consolidated entity, (b) dividends from the controlled entities for tax purposes to CEMEX, S.A.B. de C.V., and
(c) other transactions among the companies included in the tax consolidation group that represented the transfer of resources within such group. 
 On
February 15, 2010, we filed a constitutional challenge (juicio de amparo) against the 2010 Tax Reform. As of June 3, 2011, we were notified of a favorable verdict at the first stage of the trial; the Mexican tax authorities
subsequently filed an appeal (recurso de revisión) before the Mexican Supreme Court, which, as of August 31, 2014, is pending. At this stage of the proceeding, it is probable that we will receive an adverse result to us on the
appeal (recurso de revision) filed by the Mexican tax authorities before the Mexican Supreme Court, however, even if adversely resolved, we do not foresee any material adverse impact on our results of operations, liquidity and financial
condition, additional to those described herein. 
 On March 31, 2010, additional tax rules (miscelánea fiscal) were published in
connection with the general tax reform approved by the Mexican Congress in November 2009. These new rules provided certain taxpayers with benefits arising from the years 1999 to 2004. 

On June 30, 2010, CEMEX paid approximately Ps325 million (approximately U.S.$24.83 million as of August 31, 2014, based on an exchange rate of
Ps13.09 to U.S.$1.00) of Additional Consolidated Taxes. This first payment represented 25% of the Additional Consolidated Taxes for the period that includes from 1999 to 2004. On March 31, 2011, CEMEX made a second payment of approximately
Ps506 million (approximately U.S.$38.66 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00). This second payment, together with the first payment, represented 50% of the Additional Consolidated Taxes for the
period that includes from 1999 to 2004, and also included the first payment of 25% of the Additional Consolidated Taxes for the period that corresponds to 2005. On March 30, 2012, CEMEX paid Ps698 million (approximately U.S.$53.32 million as of
August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00). This third payment together with the first and second payments represented 70% of the Additional Consolidated Taxes for the period that includes from 1999 to 2004, 50% of the
Additional Consolidated Taxes for the period that corresponds to 2005 and it also included the first payment of 25% of the Additional Consolidated Taxes for the period that corresponds to 2006. On March 27, 2013, CEMEX paid Ps2 billion
(approximately U.S.$152.79 million as of August 31, 2014, based on an exchange rate of Ps13.09 to 

  
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U.S.$1.00). This fourth payment, together with the first, second and third payments represented 85% of the Additional Consolidated Taxes for the period that includes from 1999 to 2004, 70% of the
Additional Consolidated Taxes for the period that corresponds to 2005, 50% of the Additional Consolidated Taxes for the period that corresponds to 2006 and 25% of the Additional Consolidated Taxes for the period that corresponds to 2007. On
March 31, 2014, CEMEX paid Ps2 billion (approximately U.S.$152.79 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00). This fifth payment, together with the first, second, third and fourth payments represented
100% of the Additional Consolidated Taxes for the period that includes from 1999 to 2004, 85% of the Additional Consolidated Taxes for the period that corresponds to 2005, 70% of the Additional Consolidated Taxes for the period that corresponds to
2006 and 50% of the Additional Consolidated Taxes for the period that corresponds to 2007. As of August 31, 2014, we have paid an aggregate amount of approximately Ps5.5 billion (approximately U.S.$420.17 million as of August 31, 2014,
based on an exchange rate of Ps13.09 to U.S.$1.00) of Additional Consolidated Taxes. 
 In December 2010, pursuant to certain additional rules, the tax
authorities granted the option to defer the calculation and payment of certain items included in the law in connection with the taxable amount for the difference between the sum of the equity of controlled entities for tax purposes and the equity of
the consolidated entity for tax purposes. As a result, CEMEX reduced its estimated tax payable by approximately Ps2.9 billion (approximately U.S.$221.54 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00) against a
credit to the income statement when the new tax enactment took place. In addition, after accounting for the following that took place in 2010: (a) cash payments of Ps325 million (approximately U.S.$24.83 million as of August 31, 2014,
based on an exchange rate of Ps13.09 to U.S.$1.00), (b) income tax from subsidiaries paid to the parent company of Ps2.4 billion (approximately U.S.$183.35 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00),
and (c) other adjustments of Ps358 million (approximately U.S.$27.35 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00), the estimated tax payable for tax consolidation in Mexico amounted to
approximately Ps10.1 billion (approximately U.S.$771.58 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00) as of December 31, 2010. Furthermore, after accounting for the following that took place in 2011:
(a) cash payments in the amount of Ps506 million (approximately U.S.$38.66 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00), (b) income tax from subsidiaries paid to the parent company of Ps2.3 billion
(approximately U.S.$175.71 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00), and (c) other adjustments of Ps485 million (approximately U.S.$37.05 million as of August 31, 2014, based on an
exchange rate of Ps13.09 to U.S.$1.00), the estimated tax payable for tax consolidation in Mexico increased to approximately Ps12.4 billion (approximately U.S.$947.29 million as of August 31, 2014, based on an exchange rate of Ps13.09 to
U.S.$1.00) as of December 31, 2011. Additionally, after accounting for the following that took place in 2012: (a) cash payments in the amount of Ps698 million (approximately U.S.$53.32 million as of August 31, 2014, based on an
exchange rate of Ps13.09 to U.S.$1.00), (b) income tax from the subsidiaries paid to the parent company of Ps2.1 billion (approximately U.S.$160.43 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00), and
(c) other adjustments of Ps745 million (approximately U.S.$56.91 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00), as of December 31, 2012, the estimated tax payable for tax consolidation in Mexico
increased to approximately Ps14.5 billion (approximately U.S.$1.11 billion as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00). Furthermore, after accounting for the following that took place in 2013: (a) cash
payments in 

  
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the amount of Ps2 billion (approximately U.S.$152.79 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00), (b) income tax from subsidiaries paid to the
parent company of Ps1.8 billion (approximately U.S.$137.51 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00), and (c) other adjustments of Ps1.2 billion (approximately U.S.$91.67 million as of
August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00), and (d) effects of tax deconsolidation of Ps9.3 billion (approximately U.S.$710.47 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00),
as of December 31, 2013, the estimated tax payable for tax consolidation in Mexico increased to approximately Ps24.8 billion (approximately U.S.$1.89 billion as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00). 

In addition, as a result of the enactment of the new Income Tax Law (Ley del Impuesto Sobre la Renta) in Mexico approved in December 2013 and effective
beginning January 1, 2014 (the “2014 Tax Reform”), the statutory income tax rate for 2014 will remain at 30%, and the tax consolidation regime that was in effect up until December 31, 2013, was replaced prospectively by a new
integration regime, to which CEMEX will not apply. In consequence, as of 2014, each company in Mexico will determine its income taxes based solely in its individual results, and a period of up to 10 years has been established for the settlement of
the liability for income taxes related to the tax consolidation regime accrued until December 31, 2013 (“Deconsolidation Taxes”). 
 On
February 12, 2014, we filed a constitutional challenge (juicio de amparo) against the 2014 Tax Reform that abrogated the tax consolidation regime. The purpose of the challenge is to obtain certainty in the applicable statutory rules in
order to assess and pay the tax liability derived from such reform according to Constitutional principles. As of August 31, 2014, we cannot asses the likelihood of an adverse result to the constitutional challenge we filed, but even if the
constitutional challenge is adversely resolved, we do not foresee any material adverse impact on our results of operations, liquidity and financial condition, additional to those described above. 

On April 30, 2014, CEMEX paid Ps987 million (approximately U.S.$75.40 million as of August 31, 2014, based on an exchange rate of Ps13.09 to
U.S.$1.00) which represented 25% of the Deconsolidation Taxes for the period that corresponded to the 2008 tax year. 
 As of August 31, 2014, our
estimated payment schedule of Deconsolidation Taxes (which includes the Additional Consolidated Taxes) is as follows: approximately Ps5 billion (approximately U.S.$381.97 million as of August 31, 2014, based on an exchange rate of Ps13.09 to
U.S.$1.00) in 2015; approximately Ps4.1 billion (approximately U.S.$313.22 million as of August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00) in 2016; and approximately Ps11.4 billion (approximately U.S.$870.89 million as of
August 31, 2014, based on an exchange rate of Ps13.09 to U.S.$1.00) in 2017 and thereafter. 
 United States. As of August 31, 2014, the
Internal Revenue Service concluded its audit for the year 2012. The final findings did not materially alter the reserves CEMEX had set aside for these matters and, as such, the amounts are not considered material to our financial results. On
April 25, 2014, the Internal Revenue Service commenced its audit of the 2013 and 2014 tax years under the Compliance Assurance Process. We have not identified any material audit issues and, as such, no reserves are recorded for the 2013 audit
in our financial statements. 

  
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 Colombia. On April 1, 2011, the Colombian Tax Authority notified CEMEX Colombia of a proceeding
notice in which the Colombian Tax Authority rejected certain deductions taken by CEMEX Colombia in its 2009 year-end tax return. The Colombian Tax Authority assessed an increase in taxes to be paid by CEMEX Colombia in the amount of approximately 90
billion Colombian Pesos (approximately U.S.$46.91 million as of August 31, 2014, based on an exchange rate of 1,918.62 Colombian Pesos to U.S.$1.00) and imposed a penalty in the amount of approximately 144 billion Colombian Pesos
(approximately U.S.$75.05 million as of August 31, 2014, based on an exchange rate of 1,918.62 Colombian Pesos to U.S.$1.00). The Colombian Tax Authority argues that certain expenses are not deductible for fiscal purposes because they are
not linked to direct revenues recorded in the same fiscal year, without taking into consideration that future revenue will be taxed with income tax in Colombia. CEMEX Colombia responded to the proceeding notice on June 25, 2011. On
December 15, 2011, the Colombian Tax Authority issued its final determination, which confirmed the information in the special proceeding. CEMEX Colombia appealed the final determination on February 15, 2012. On January 17, 2013, the
Colombian Tax Authority notified CEMEX Colombia of the resolution confirming the official liquidation. CEMEX Colombia appealed the final determination on May 10, 2013 which was admitted on June 21, 2013. On July 3, 2013, the appeal
was notified to the Colombian Tax Authority, and hearings took place on February 18, 2014 and March 11, 2014. An adverse resolution to the appeal was notified to CEMEX Colombia on July 14, 2014 and on July 22, 2014, CEMEX
Colombia filed an appeal before the Colombian Consejo de Estado against such adverse resolution. At this stage of the proceeding, as of August 31, 2014, we are not able to assess the likelihood of an adverse result in this special
proceeding, but if adversely resolved, they could have a material adverse impact on our results of operations, liquidity and financial condition. 

Spain. On July 7, 2011, the tax authorities in Spain notified CEMEX España of a tax audit process in Spain covering the tax years from and
including 2006 to 2009. The tax authorities in Spain have challenged part of the tax losses reported by CEMEX España for such years. CEMEX España has been formally notified of fines in the aggregate amount of approximately
€456 million (approximately U.S.$601.11 million as of August 31, 2014, based on an exchange rate of €0.7586 to U.S.$1.00) resulting from the July 7, 2011 tax audit process in Spain. The laws of Spain provide a number of
appeals that can be filed against such fines without CEMEX España having to make any payment until such appeals are finally resolved. On April 22, 2014, CEMEX España filed appeals against such fines. At this stage, as of
August 31, 2014, we are not able to assess the likelihood of an adverse result regarding this matter, and the appeals that CEMEX España has filed could take an extended amount of time to be resolved, but if all appeals filed by CEMEX
España are adversely resolved, it could have a material adverse impact on our results of operations, liquidity and financial condition. 

Egypt. On February 9, 2014, ACC was notified of the decision of the Egyptian Ministry of Finance’s Appeals Committee (the “Appeals
Committee”) pursuant to which ACC has been required to pay a development levy on clay applied to the Egyptian cement industry in the amount of: (i) approximately 322 million Egyptian Pounds (approximately U.S.$44.97 million as of
August 31, 2014, based on an exchange rate of Egyptian Pounds 7.1610 to U.S.$1.00) for the period from May 5, 2008 to August 31, 2011; and (ii) approximately 50,235 Egyptian Pounds (approximately U.S.$7,015.08 as of
August 31, 2014, based on an exchange rate of Egyptian Pounds 7.1610 to U.S.$1.00) for the period from September 1, 2011 to November 30, 2011. On March 10, 2014, ACC filed a claim before the North Cairo

  
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Court requesting the nullification of the Appeals Committee’s decision and requesting that the North Cairo Court rule that the Egyptian tax authority is not entitled to require payment of
the aforementioned amounts. As of August 31, 2014, this matter is being reviewed by the North Cairo Court expert’s office. At this stage, as of August 31, 2014, we are not able to assess the likelihood of an adverse result regarding
this matter, but if ACC’s claim before the North Cairo Court is adversely resolved, it should not have a material adverse impact on our results of operations, liquidity and financial condition. 

Other Legal Proceedings 
 Colombian Construction
Claims. On August 5, 2005, the Urban Development Institute (Instituto de Desarrollo Urbano), or UDI, and an individual filed a lawsuit in the Fourth Anti-Corruption Court of Bogotá (Fiscalía Cuarta
Anticorrupción de Bogotá) against a subsidiary of CEMEX Colombia claiming that it was liable, along with the other members of the Asociación Colombiana de Productores de Concreto, or ASOCRETO, an association formed by
the ready-mix concrete producers in Colombia, for the premature distress of the concrete slabs of the Autopista Norte trunk line of the TransMilenio bus rapid transit system of Bogotá in which ready-mix concrete and flowable fill supplied by
CEMEX Colombia and other ASOCRETO members was used. The plaintiffs alleged that the base material supplied for the road construction failed to meet the quality standards offered by CEMEX Colombia and the other ASOCRETO members and/or that they
provided insufficient or inaccurate information in connection with the product. The plaintiffs were seeking the repair of the concrete slabs in a manner which guarantees their service during the 20-year period for which they were originally
designed, and estimate that the cost of such repair could have been approximately 100 billion Colombian Pesos (approximately U.S.$52.12 million as of August 31, 2014, based on an exchange rate of 1,918.62 Colombian Pesos to U.S.$1.00). The
lawsuit was filed within the context of a criminal investigation against a former director and two officers of the UDI, the contractor, the inspector and two ASOCRETO officers. On January 21, 2008, a court issued an order, sequestering the El
Tunjuelo quarry, as security for payment of a possible future money judgment against CEMEX Colombia. The court determined that in order to lift this attachment and prevent further attachments, CEMEX Colombia was required to deposit 337.8 billion
Colombian Pesos (approximately U.S.$176.06 million as of August 31, 2014, based on an exchange rate of 1,918.62 Colombian Pesos to U.S.$1.00) in cash instead of posting an insurance policy to secure such recovery. CEMEX Colombia appealed this
decision and the Superior Court of Bogotá (Tribunal Superior de Bogotá) allowed CEMEX to present an insurance policy in the amount of 20 billion Colombian Pesos (approximately U.S.$10.42 million as of August 31, 2014, based
on an exchange rate of 1,918.62 Colombian Pesos to U.S.$1.00). CEMEX gave the aforementioned security and, on July 27, 2009, the court lifted the attachment on the quarry. 

On October 10, 2012 the court issued a first instance judgment pursuant to which the accusation made against the ASOCRETO officers was nullified. The
judgment also convicted a former UDI director, the contractor’s legal representatives and the inspector to a prison term of 85 months and a fine of 32 million Colombian Pesos (approximately U.S.$16,678.65 as of August 31, 2014, based
on an exchange rate of 1,918.62 Colombian Pesos to U.S.$1.00). As a consequence of the nullification, the judge ordered a restart of the proceeding against the ASOCRETO officers. The UDI and other parties to the legal proceeding appealed the first
instance judgment and on August 30, 2013 the Superior Court of Bogotá resolved to reduce the prison term imposed to the former UDI director and the UDI officers to 60 months and imposed a fine equivalent to 8.8 million Colombian
Pesos (approximately U.S.$4,586.63 as 

  
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of August 31, 2014, based on an exchange rate of 1,918.62 Colombian Pesos to U.S.$1.00). Additionally, the UDI officers were sentenced to severally pay the amount of 108,000 million
Colombian Pesos (approximately U.S.$56.29 million as of August 31, 2014, based on an exchange rate of 1,918.62 Colombian Pesos to U.S.$1.00) for the purported damages in the concrete slabs of the TransMilenio bus rapid transit system.
Additionally, the Superior Court of Bogotá overturned the penalty imposed to the contractor’s legal representatives and inspector because the criminal action against them was time barred. Furthermore, the Superior Court of Bogotá
revoked the annulment in favor of the ASOCRETO officers and ordered the first instance judge to render a judgment regarding the ASOCRETO officers’ liability or lack thereof. On June 25, 2014, the Supreme Court of Colombia’s Penal
Cassation Chamber (Sala de Casación Penal de la Corte Suprema de Justicia de Colombia) dismissed the cassation claim filed by the former UDI director and the UDI officers against the Superior Court of Bogotá’s judgment.
Dismissal of the cassation claim has no effect on CEMEX Colombia’s or the ASOCRETO officers’ interests in these proceedings. At this stage of the proceedings, as of August 31, 2014, we are not able to assess the likelihood of an
adverse result or, due to the number of defendants, the potential damages which could be borne by CEMEX Colombia. 
 In addition, six legal actions related
to the premature distress of the concrete slabs of the Autopista Norte trunk line of the TransMilenio bus rapid transit system were brought against CEMEX Colombia. The Cundinamarca Administrative Court (Tribunal Administrativo de
Cundinamarca) nullified five of these actions and currently, only one remains outstanding. In addition, the UDI filed another action alleging that CEMEX Colombia made misleading advertisements on the characteristics of the flowable fill used in
the construction of the concrete slabs. CEMEX Colombia participated in this project solely and exclusively as supplier of the ready-mix concrete and flowable fill, which were delivered and received to the satisfaction of the contractor, complying
with all the required technical specifications. CEMEX Colombia neither participated in nor had any responsibility on the design, sourcing of materials or their corresponding technical specifications or construction. At this stage of the proceedings,
as of August 31, 2014, we are not able to assess the likelihood of an adverse result, but if adversely resolved, it could have a material adverse impact on our results of operations, liquidity and financial condition. 

Croatian Concession Litigation. After an extended consultation period, in April 2006, the cities of Kaštela and Solin in Croatia published their
respective Master (physical) Plans defining the development zones within their respective municipalities, adversely impacting the mining concession granted to Cemex Hrvatska d.d. (“CEMEX Croatia”), our subsidiary in Croatia, by the
Government of Croatia in September 2005. During the consultation period, CEMEX Croatia submitted comments and suggestions to the Master Plans intended to protect and preserve the rights of CEMEX Croatia’s mining concession, but these were not
taken into account or incorporated into the Master Plans by Kaštela and Solin. Immediately after publication of the Master Plans, CEMEX Croatia filed a series of lawsuits and legal actions before the local and federal courts to protect its
acquired rights under the mining concessions, including: (i) on May 17, 2006, a constitutional appeal before the constitutional court in Zagreb, seeking a declaration by the court concerning CEMEX Croatia’s constitutional claim for
decrease and obstruction of rights earned by investment and seeking prohibition of implementation of the Master Plans; and (ii) on May 17, 2006, an administrative proceeding before an administrative court seeking a declaration from the
Government of Croatia confirming that CEMEX Croatia acquired rights under the mining concessions. The administrative court subsequently ruled in favor of CEMEX Croatia, validating the legality of 

  
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the mining concession granted to CEMEX Croatia by the Government of Croatia, in September 2005. On June 15, 2012, we were notified that the case had been transferred from the constitutional
court to the administrative court as a result of a new law that places the administrative courts in charge of disputes relating to environmental planning. In February 2014, the administrative court requested CEMEX Croatia to declare if it is still
interested in proceeding with the concession litigation and if so, to provide additional clarification and documentation to support such claims. On March 3, 2014, CEMEX Croatia submitted the clarification and required documentation and on
April 4, 2014, CEMEX Croatia was notified that the administrative court rejected its claims and found that its acquired rights or interests under the mining concessions had not been violated as a result of any act or decision made by the cities
of Solin or Kaštela or any other governmental body. On April 29, 2014, CEMEX Croatia filed two claims before the Constitutional Court of the Republic of Croatia alleging that CEMEX Croatia’s constitutional rights to a fair trial and
judicial protection had been violated. In order to alleviate the adverse impact of the Master Plans, as of August 31, 2014, we are in the process of negotiating a new revised mining concession. On August 1, 2014, CEMEX Croatia filed an
application before the European Court of Human Rights alleging that CEMEX Croatia’s constitutional rights to a fair trial, property rights, concession rights and investment had been violated due to irregularities in a general act. At this stage
of the proceedings, as of August 31, 2014, we are not able to assess the likelihood of an adverse result to the claims filed before the Constitutional Court of the Republic of Croatia, but if adversely resolved, it should not have a material
adverse impact on our results of operations, liquidity and financial condition. 
 Panamanian Height Restriction Litigation. On July 30, 2008,
the Panamanian Authority of Civil Aeronautics (Autoridad de Aeronáutica Civil), or AAC, denied a request from our subsidiary Cemento Bayano to erect structures above the permitted height restriction applicable to certain areas
surrounding the Calzada Larga Airport. This height restriction was set according to applicable legal regulations and reaches the construction area of our cement plant’s second line. Cemento Bayano has formally requested the above-mentioned
authority to reconsider its denial. On October 14, 2008, the AAC granted permission for the construction of the tallest building of the second line, under the following conditions: that (a) Cemento Bayano assumes any liability arising from
any incident or accident caused by the construction of such building; and (b) there would be no further permission for additional structures. Cemento Bayano filed an appeal with respect to both conditions considering that the construction
involved building 12 additional structures. On March 13, 2009, the AAC issued an explanatory note stating that (a) should an accident occur in the Calzada Larga Airport’s perimeter, an investigation shall be conducted in order to
determine the cause and further responsibility; and (b) there will be no further permission for additional structures of the same height as the tallest structure was already authorized. Therefore, additional permits may be obtained as long as
the structures are lower than the tallest building, on a case-by-case analysis to be conducted by the authority. Cemento Bayano filed an authorization request for the construction of the project’s 12 remaining structures. On June 11, 2009,
the AAC issued a resolution authorizing 3 of the 12 remaining structures and denying permits for 9 additional structures above the permitted height restriction applicable to certain areas surrounding Calzada Larga Airport. On June 16, 2009,
Cemento Bayano requested the above-mentioned authority to reconsider its denial. On May 20, 2010, the ACC issued a report stating that all vertical structures erected by Cemento Bayano complied with the applicable signaling and lighting
requirements in order to receive the respective authorization, nonetheless, as of August 31, 2014, the AAC had not yet issued a ruling pursuant to our request for reconsideration for the 9 remaining structures and, therefore, we continue to

  
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monitor our request. At this stage, we are not able to determine if the AAC will issue a favorable decision to our request for reconsideration or if such denial would have a material adverse
impact on our results of operations, liquidity and financial condition. We are also not able to assess the likelihood of any incident or accident occurring as a result of the construction of the second line of our cement plant and the
responsibility, if any, that would be allocated to Cemento Bayano, but if any major incident or accident were to occur and if Cemento Bayano were to be held liable, any responsibility that is formally allocated to Cemento Bayano could have a
material adverse impact on our results of operations, liquidity and financial condition. 
 Colombian Water Use Litigation. On June 5, 2010, the
District of Bogotá’s Environmental Secretary (Secretaría Distrital de Ambiente de Bogotá), or the Environmental Secretary, issued a temporary injunction suspending all mining activities at CEMEX Colombia’s El
Tunjuelo quarry, located in Bogotá, Colombia. As part of the temporary injunction, Holcim Colombia and Fundación San Antonio (local aggregates producers which also have mining activities located in the same area as the El Tunjuelo
quarry) were ordered to suspend mining activities in that area. The Environmental Secretary alleged that during the past 60 years, CEMEX Colombia and the other companies illegally changed the course of the Tunjuelo River, used the percolating waters
without permission and improperly used the edge of the river for mining activities. In connection with the temporary injunction, on June 5, 2010, CEMEX Colombia received a formal notification from the Environmental Secretary informing it of the
initiation of proceedings to impose fines against CEMEX Colombia. CEMEX Colombia has requested that the temporary injunction be revoked, arguing that its mining activities are supported by all authorizations required pursuant to the applicable
environmental laws and that all the environmental impact statements submitted by CEMEX Colombia have been reviewed and authorized by the Ministry of Environment and Sustainable Development (Ministerio de Ambiente y Desarrollo Sostenible). On
June 11, 2010, the local authorities in Bogotá, in compliance with the Environmental Secretary’s decision, sealed off the mine to machinery and prohibited the extraction of our aggregates inventory. Although there is not an official
quantification of the possible fine, the District of Bogotá’s environmental secretary has publicly declared that the fine could be as much as 300 billion Colombian Pesos (approximately U.S.$156.36 million as of August 31, 2014,
based on an exchange rate of 1,918.62 Colombian Pesos to U.S.$1.00). The temporary injunction does not currently compromise the production and supply of ready-mix concrete to any of our clients in Colombia. At this stage, as of August 31, 2014,
we are not able to assess the likelihood of an adverse result, but if adversely resolved, it could have a material adverse impact on our results of operations, liquidity and financial condition. 

Israeli Class Action Litigation. On June 21, 2012, one of our subsidiaries in Israel was notified about an application for the approval of a class
action suit against it. The application was filed by a homeowner who built his house with concrete supplied by our Israeli subsidiary in October 2010. According to the application, the plaintiff claims that the concrete supplied to him did not meet
with the “Israel Standard for Concrete Strength No. 118” and that, as a result, our Israeli subsidiary acted unlawfully toward all of its customers who requested a specific type of concrete but that received concrete that did not
comply with the Israeli standard requirements. As per the application, the plaintiff claims that the supply of the alleged non-conforming concrete has caused financial and non-financial damages to those customers, including the plaintiff. We presume
that the class action would represent the claim of all the clients who purchased the alleged non-conforming concrete from our Israeli subsidiary during the past 7 years, the limitation period according to

  
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applicable laws in Israel. The damages that could be sought amount to approximately 276 million Israeli Shekels (approximately U.S.$77.35 million as of August 31, 2014, based on an
exchange rate of 3.568 Israeli Shekels to U.S.$1.00). Our Israeli subsidiary submitted a formal response to the corresponding court. Both parties presented their preliminary arguments in a hearing held on November 4, 2013. The hearing scheduled
for April 28, 2014 was rescheduled to September 17, 2014. As of August 31, 2014, our subsidiary in Israel is not able to assess the likelihood of the class action application being approved or, if approved, of an adverse result, such
as an award for damages in the full amount that could be sought, but if adversely resolved, we do not believe the final resolutions would have a material adverse impact on our results of operations, liquidity and financial condition. 

Egypt Share Purchase Agreement. On April 7, 2011 and March 6, 2012, lawsuits seeking, among other things, the annulment of the share purchase
agreement entered into by and between CEMEX and state-owned Metallurgical Industries Company (the “Holding Company”) in November 1999 pursuant to which CEMEX acquired a controlling interest in ACC (the “Share Purchase
Agreement”), were filed by different plaintiffs, including 25 former employees of ACC, before the 7th and 8th Circuits of Cairo’s
State Council, respectively. Hearings in both cases were adjourned in order for the State Commissioner Authority (“SCA”) to prepare the corresponding reports to be submitted for the consideration of the 7th and 8th Circuits of Cairo’s State Council. As of August 31, 2014, new hearing dates for both cases will be scheduled upon submission of
the SCA’s reports. As of August 31, 2014, we are not able to assess the likelihood of an adverse resolution regarding these lawsuits, but if adversely resolved, we do not believe the resolution in this first instance would have an
immediate material adverse impact on our results of operations, liquidity and financial condition as there are different legal recourses that we could take. However, if we exhaust all legal recourses available to us, a final adverse resolution of
this matter could have a material adverse impact on our operations, liquidity and financial condition. 
 Regarding a different lawsuit submitted to a first
instance court in Assiut, Egypt and notified to ACC on May 23, 2011, on September 13, 2012, the first instance court of Assiut, Egypt issued a judgment (the “First Instance Judgment”) to (i) annul the Share Purchase
Agreement; and (ii) reinstate former employees to their former jobs at ACC. The First Instance Judgment was notified to ACC on September 19, 2012. On October 18, 2012, ACC filed an appeal against the First Instance Judgment, which was
followed by the Holding Company’s appeal filed on October 20, 2012 before the Appeals Court in Assiut, Egypt (the “Appeals Court”). At a November 17, 2013 hearing, the Appeals Court decided to join the appeals filed by ACC
and the Holding Company and adjourned the session to January 20, 2014 to render judgment. On January 20, 2014, the Appeals Court issued a judgment (the “Appeal Judgment”) accepting the appeals, revoking the First Instance
Judgment, ruling for non-qualitative jurisdiction of the first instance court to review the case and referred the matter to the administrative court in Assiut, Egypt (the “Administrative Court”) for a hearing to be held on March 16,
2014. This hearing was subsequently rescheduled to May 17, 2014 and ultimately was not held because the case file had not been completed on time in order for it to be referred to the Administrative Court. The SCA submitted a report recommending
the Administrative Court to declare itself incompetent to review this case and to refer it to the Assiut Administrative Judiciary Court (the “Assiut Administrative Judiciary Court”). As of August 31, 2014, a new hearing date has not
been scheduled. On March 12, 2014, ACC filed an appeal before the Cassation Court against the part of the Appeal Judgment that refers to the referral of the case to the Administrative Court and payment of the appeal expenses and attorney fees,
and requested a suspension of the Appeal Judgment execution in respect to 

  
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these matters until the Cassation Court renders its judgment. As of August 31, 2014, a hearing date before the Cassation Court has not been scheduled. As of August 31, 2014, we are not
able to assess the likelihood of an adverse resolution regarding these lawsuits, but if adversely resolved, we do not believe the resolution would have an immediate material adverse impact on our results of operations, liquidity and financial
condition as there are different recourses that we could take. However, if we exhaust all legal recourses available to us, a final adverse resolution of this matter could have a material adverse impact on our operations, liquidity and financial
condition. 
 Also, on February 23, 2014, two plaintiffs filed a lawsuit before the Assiut Administrative Judiciary Court requesting the cancellation
of the resolutions taken by the Holding Company’s shareholders during the extraordinary general shareholders meeting pursuant to which it was agreed to sell ACC’s shares and enter into the Share Purchase Agreement in 1999. A hearing held
on May 17, 2014 was adjourned in order for the SCA to prepare a report to be submitted for the consideration of the Assiut Administrative Judiciary Court. A new hearing date will be scheduled upon submission of the SCA’s report. As of
August 31, 2014, we do not have sufficient information to assess the likelihood of the Assiut Administrative Judiciary Court cancelling the resolutions adopted by the Holding Company’s shareholders, or, if such shareholders’
resolutions are cancelled, how would such cancellation affect us, but if adversely resolved, we do not believe the resolution in this first instance would have an immediate material adverse impact on our results of operations, liquidity and
financial condition as there are different legal recourses that we could take. However, if we exhaust all legal recourses available to us, a final adverse resolution of this matter could have a material adverse impact on our operations, liquidity
and financial condition. 
 On April 22, 2014, the Presidential Decree on Law No. 32 of 2014 (“Law 32/2014”), which regulates legal
actions to challenge agreements entered into by the Egyptian State (including its ministries, departments, special budget entities, local administrative units, authorities and state-participated companies) and third parties, was published in the
Official Gazette, becoming effective as of April 23, 2014, but subject to its presentation, discussion and approval by the House of Representatives 15 days after it has been elected. As per the provisions of Law 32/2014, and considering certain
exceptions, only the parties to these agreements have standing to challenge the validity of an agreement. As of August 31, 2014, several constitutional challenges have been filed against Law 32/2014 before the Constitutional Court, and the
House of Representatives had not been yet elected. In consideration of the aforementioned, as of August 31, 2014, we are not able to assess if the Constitutional Court will dismiss Law 32/2014 or if Law 32/2014 will not be presented, discussed
and ratified by the House of Representatives, but if the Constitutional Court dismisses Law 32/2014 or if Law 32/2014 is not presented, discussed and ratified by the House of Representatives, this could adversely impact the ongoing matters regarding
the Share Purchase Agreement, which could have a material adverse impact on our operations, liquidity and financial condition. 
 South Louisiana Flood
Protection Authority-East Claim 
 On July 24, 2013 a Petition for Damages and Injunctive Relief was filed by the South Louisiana Flood Protection
Authority-East (“SLFPAE”) in the Civil District Court for the Parish of Orleans, State of Louisiana, against approximately 100 defendants, including CEMEX, Inc. SLFPAE is seeking compensation for and the restoration of certain coastal
lands near New Orleans alleged to have been damaged by activities related to oil and gas exploration and production since the early 1900’s. CEMEX, Inc., which was previously 

  
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named Southdown, Inc., may have acquired liabilities, to the extent there may be any, in connection with oil and gas operations that were divested in the late 1980’s. The matter was recently
removed to the United States District Court for the Eastern District of Louisiana (the “Louisiana District Court”) and a motion by the Plaintiffs to remand to State Court was denied. In addition, on June 6, 2014, Louisiana Senate Bill
No. 469 was enacted into Act No. 544 (“Act 544”) which prohibits certain state or local governmental entities such as the SLFPAE from initiating certain causes of action including the claims asserted in this matter. The effect of
Act 544 on the pending matter has yet to be determined by the Louisiana District Court. As of August 31, 2014, we do not have sufficient information to assess the likelihood of an adverse result or, because of the number of defendants, the
potential damages which could be borne by CEMEX, Inc., if any, or if such damages, if any, would have a material adverse impact on our results of operations, liquidity and financial condition. 

As of August 31, 2014, we are involved in various legal proceedings involving, but not limited to, product warranty claims, environmental claims,
indemnification claims relating to acquisitions and similar types of claims brought against us that have arisen in the ordinary course of business. We believe we have made adequate provisions to cover both current and contemplated general and
specific litigation risks, and we believe these matters will be resolved without any significant effect on our operations, financial position and results of operations. We are sometimes able to make and disclose reasonable estimates of the expected
loss or range of possible loss, as well as disclose any provision accrued for such loss. However, for a limited number of ongoing legal proceedings, we may not be able to make a reasonable estimate of the expected loss or range of possible loss or
may be able to do so but believe that disclosure of such information on a case-by-case basis would seriously prejudice our position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, we have
disclosed qualitative information with respect to the nature and characteristics of the contingency, but have not disclosed the estimate of the range of potential loss. 

  
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 SCHEDULE 15 

MATERIAL SUBSIDIARIES 

As at 30 June 2014 
 Cemex S.A.B. de
C.V. 
 Cemex España, S.A. 
 New Sunward Holding B.V.

 Cemex México S.A. de C.V. 
 Cemex Concretos S.A. de
C.V. 
 Cemex UK Operations Ltd. 
 Cemex Colombia, S.A. 

Cemex Bogotá Investments B.V. 
 Cemex, Inc. 

Assiut Cement Company 
 Cemex Materials LLC 

Cemex Construction Materials Florida LLC 
 Cemex Construction
Materials South LLC (USA) 
 Cementos Bayano, S.A. 
 Cemex
Caribe II Investments B.V. 
 Cemex Operaciones México S.A. de C.V. (formerly Centro Distribuidor de Cemento, S.A. de C.V.) 

Cemex Finance Europe B.V. 
 Cemex Corp. 

Cemex Investments Africa and Middle East Aps 
 Cemex Central
S.A. de C.V. 
 Cemex Trading LLC 
 Cemex Investments Limited

 Cemex Egypt for Distribution S.A.E. 
 Sunbelt Investments,
Inc. 

  
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 SCHEDULE 16 

HEDGING PARAMETERS 
  

	1.	No Obligor will (and the Borrower will procure that no members of the Group will) engage in any Treasury Transaction, other than a Permitted Treasury Transaction in accordance with this Hedging Parameters Schedule. A
“Permitted Treasury Transaction” means: 

  

	 	(a)	any Treasury Transaction that is an Excluded Position; 

  

	 	(b)	any Treasury Transaction entered into, sold or purchased at arm’s length and in compliance with all applicable laws, rules and regulations, with respect to which all parties and credit support providers are members
of the Group (each, a “Permitted Intercompany Treasury Transaction”); 

  

	 	(c)	any Treasury Transaction entered into, sold or purchased at the prevailing market rates and not for speculative purposes that is solely an interest rate, currency or Commodity derivative (or a combination thereof) or
that is a Permitted Non-Bank Commodity Contract or a Permitted Compensation Plan Hedging Transaction, in each case (i) for the purpose of managing a specific risk associated with an asset, liability, income or expense owned, incurred, earned or
made or reasonably likely to be owned, incurred, earned or made by a member of the Group and (ii) in its ordinary course of business (each, a “Permitted Exposure Hedge”); 

 

	 	(d)	any call option, call spread, capped call transaction, put option, put spread, capped put transaction or any combination of the foregoing and/or any other Treasury Transaction or transactions having a similar effect to
any of the foregoing, in each case entered into, sold or purchased not for speculative purposes but for the purposes of managing specific risks or exposures associated with any issuance of Relevant Convertible/Exchangeable Obligations (each, a
“Permitted Put/Call Transaction”); or 

  

	 	(e)	any Treasury Transaction (other than any Caliza Offering Option) entered into, sold or purchased not for speculative purposes but for the purposes of managing specific risks or exposures in relation to any Caliza
Transaction. 

 Where: “Excluded Position” means each of the positions set forth in Annex 1 hereto as in
effect on the date of this Agreement and, with respect to the positions specified in paragraphs (a), (b) and (c) of Annex 1, any replacements, amendments or renewals thereof that are entered into on then prevailing market terms with the
underlying amounts not greater than the original underlying amounts. “Permitted Non-Bank Commodity Contract” means any commodity contract or agreement with respect to which all parties and credit support providers are not financial
institutions and any agreement incidental thereto. “Commodity” means raw materials and other inputs used in the Group’s operations, energy, water, electric power, electric power capacity, generation capacity, power, heat rate,
congestion, diesel fuel, fuel oil, other petroleum-based liquids or fuels, coal, commodity transportation, urea, financial transmission rights, emissions and other environmental credits, allowances or offsets, renewable energy credits, Certified
Emission Reductions, European Union Allowances, natural gas, nuclear fuel and waste products or by-products thereof or 

  
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other such tangible or intangible commodity of similar type or description. “Permitted Compensation Plan Hedging Transaction” means (a) an equity forward purchase
transaction or an equity call option that hedges the Borrower or any Obligor’s obligations under an Executive Compensation Plan permitted by this Agreement, or (b) an agreement that requires a counterparty to make payments or deliveries
that are otherwise required to be made by the Borrower or any Obligor under an Executive Compensation Plan permitted by this Agreement by exchange, repurchase or similar arrangements or a combination thereof. 

 

	2.	The board of directors shall, from time to time, adopt policies governing the Group’s entry into Permitted Treasury Transactions. The board of directors shall approve any Permitted Treasury Transactions that are
required to be approved by the board of directors in accordance with applicable company regulations and by-laws. Management shall approve all other Permitted Treasury Transactions in accordance with such board of director policies.

  

	3.	The total amount of collateral or margin posted as of the date of this Agreement in respect of each Excluded Position or Permitted Non-Bank Commodity Contract is Permitted Security or Quasi-Security (as the case may be)
as described in Schedule 11 (Existing Security and Quasi-Security) to this Agreement. No Obligor will (and the Borrower will procure that no members of the Group will) post additional collateral or margin in respect of an Excluded Position or
a Permitted Non-Bank Commodity Contract for which collateral or margin is already posted, or any collateral or margin in respect of any other Treasury Transaction, except as permitted under paragraphs (L) and (Q) of the definition of
Permitted Security set out in Clause 23.5 (Negative pledge) of this Agreement. Notwithstanding the foregoing, members of the Group may replace collateral or margin posted as of the date of this Agreement in respect of an Excluded Position as
described in Schedule 11 (Existing Security and Quasi-Security) with a Permitted Put/Call Transaction for the purpose of obtaining a Cash Collateral Release Amount, provided any amount of collateral or margin posted at any time in connection
with such Excluded Position in excess of the amount described in Schedule 11 (Existing Security and Quasi-Security) in respect of such Excluded Position complies with paragraphs (K) and (P) of the definition of Permitted Security in
Clause 23.5 (Negative pledge) of this Agreement. 

  

	4.	No Obligor will (and the Borrower will procure that no members of the Group will) amend, modify or terminate a Permitted Treasury Transaction except in its ordinary course of business and not for speculative purposes.

  
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 ANNEX 1 

EXCLUDED POSITIONS 
 The following are
Excluded Positions: 
  

	(a)	the Axtel share forward transaction that is governed by a long form Confirmation dated 27 August 2013, as amended, modified or supplemented from time to time, between Credit Suisse International and Centro
Distribuidor de Cemento S.A. de C.V. (References: External ID: 16059563R5 - Risk ID: 10008383); 

  

	(b)	the interest rate swap governed by a Swap Agreement dated 24 September 2007 between Banco Nacional de México, S.A., Integrante del Grupo Financiero Banamex, División Fiduciaria, not in its individual
capacity but acting solely as trustee on behalf of the Trust Number 111014-2 under the Restated Trust Agreement dated as of 26 March 1999, as amended, modified or supplemented from time to time and CEMEX, S.A.B. de C.V.; 

 

	(c)	the Capped Call transactions that are governed by a long form Confirmation dated 24 March 2010, as amended, modified or supplemented from time to time, between Citibank, N.A. and CEMEX, S.A.B. de C.V. (Reference:
Amended and Restated Confirmation dated 25 March 2011 documenting the capped call transactions with a Trade Date of 24 March 2010, the Amendment and Restatement Agreement dated 10 January 2014 and the Third Amendment and Restated
Confirmation dated 7 July 2014); 

  

	(d)	the Capped Call transactions that are governed by a long form Confirmation dated 9 March 2011, as amended, modified or supplemented from time to time, between Citibank, N.A. and CEMEX, S.A.B. de C.V. (Reference:
Amended and Restated Confirmation dated as of 11 March 2011 documenting the capped call transactions with a Trade Date of 9 March 2011); 

  

	(e)	the Capped Call transactions that are governed by a long form Confirmation dated 9 March 2011, as amended, modified or supplemented from time to time, between Bank of America, N.A. and CEMEX, S.A.B. de C.V.
(Reference: Amended and Restated Confirmations dated as of 11 March 2011 documenting the capped call transactions with a Trade Date of 9 March 2011); 

  

	(f)	the Capped Call transactions that are governed by a long form Confirmation dated 9 March 2011, as amended, modified or supplemented from time to time, between BNP Paribas and CEMEX, S.A.B. de C.V. (Reference:
Amended and Restated Confirmation dated as of 11 March 2011 documenting the capped call transactions with a Trade Date of 9 March 2011); 

  

	(g)	the Capped Call transactions that are governed by a long form Confirmation dated 9 March 2011, as amended, modified or supplemented from time to time, between HSBC Bank USA, National Association and CEMEX, S.A.B.
de C.V. (Reference: Amended and Restated Confirmation dated as of 11 March 2011 documenting the capped call transactions with a Trade Date of 9 March 2011); 

 

	(h)	 the Capped Call transactions that are governed by a long form Confirmation dated 9 March 2011, as amended, modified or supplemented from time to
time, between 

  
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JPMorgan Chase Bank, National Association, London Branch and CEMEX, S.A.B. de C.V. (Reference: Amended and Restated Confirmation dated as of 11 March 2011 documenting the capped call
transactions with a Trade Date of 9 March 2011); 

  

	(i)	the Capped Call transactions that are governed by a long form Confirmation dated 9 March 2011, as amended, modified or supplemented from time to time, between The Royal Bank of Scotland PLC and CEMEX, S.A.B. de
C.V. (Reference: Amended and Restated Confirmation dated as of 11 March 2011 documenting the capped call transactions with a Trade Date of 9 March 2011); and 

 

	(j)	the Capped Call transactions that are governed by a long form Confirmation dated 9 March 2011, as amended, modified or supplemented from time to time, between Banco Santander, S.A. and CEMEX, S.A.B. de C.V.
(Reference: Amended and Restated Confirmations dated as of 11 March 2011 documenting the capped call transactions with a Trade Date of 9 March 2011); 

  
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 SCHEDULE 17 

TIMETABLES 
  

			
	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request) or a Selection Notice (Clause 11.1 (Selection of Interest Periods))		 U-3
  

9.30am

		
	Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders’ participation)		 U-3
  

3.00pm

		
	LIBOR is fixed		Quotation Day as of 11:00 a.m.
		
	Delivery of funds corresponding to each Lender’s participation in the Loan		 U
  

9.00am

 “U” = date of utilisation or, if applicable, in the case of a Loan that has already been borrowed, the first day of
the relevant Interest Period for that Loan. 
 “U – X” = X Business Days prior to date of utilisation or, if applicable, in the case of a
Loan that has already been borrowed, the first day of the relevant Interest Period for that Loan. 

  
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 SCHEDULE 18 

FORM OF CONFIDENTIALITY UNDERTAKING 

CONFIDENTIALITY UNDERTAKING 

[Letterhead of Potential Purchaser] 
 To:
[Insert name of Seller] 
 From: [Insert name of Potential Purchaser] 

Dated: 
 Dear Sirs 

CEMEX, S.A.B. de C.V. – Facilities Agreement 

dated [—] September 2014 (the “Facilities Agreement”) 

We are considering acquiring an interest in the Facilities Agreement which, subject to the terms of the Facilities Agreement, may be by way of novation,
assignment, the entering into, whether directly or indirectly, of a sub-participation or any other similar transaction under which payments are to be made or may be made by reference to one or more relevant Finance Documents and/or one or more
relevant Obligors or by way of investing in or otherwise financing, directly or indirectly, any such novation, assignment, sub-participation or other similar transaction (each, an “Acquisition”). In consideration of you agreeing to
make available to us certain information in relation to each Acquisition, by our signature of this letter we agree as follows (acknowledged and agreed by you by your signature of a copy of this letter): 

 

	1.	Confidentiality Undertaking 

 We undertake in relation to each Acquisition whether
completed or not, (a) to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph 2 below and to ensure that all Confidential Information is protected with security measures and
a degree of care that would apply to our own confidential information, (b) until that Acquisition is completed to use the Confidential Information only for the Permitted Purpose, (c) to keep confidential and not disclose to anyone except
as provided for by paragraph 2 below the fact that the Confidential Information has been made available or that discussions or negotiations are taking place or have taken place between us in connection with the Facilities, and (d) to use all
reasonable endeavours to ensure that any person to whom we pass any Confidential Information (unless disclosed under paragraph 2 below) acknowledges and complies with the provisions of this letter as if that person were also a party to it. 

  
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	2.	Permitted Disclosure 

 You agree that we may disclose: 

 

	2.1	to any of our Affiliates and any of our or their officers, directors, employees, professional advisers and auditors such Confidential Information as we shall consider appropriate if any person to whom the Confidential
Information is to be given pursuant to this paragraph 2.1 is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information, except that there shall be no such requirement to
so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 

 

	2.2	subject to the requirements of the Facilities Agreement, to any person: 

  

	 	(a)	to (or through) whom we assign or transfer (or may potentially assign or transfer) all or any of our rights and/or obligations which we may acquire under the Facilities Agreement such Confidential Information as we
shall consider appropriate if the person to whom the Confidential Information is to be given pursuant to this sub-paragraph (a) of paragraph 2.2 has delivered a letter to you materially in equivalent form to this letter; 

 

	 	(b)	with (or through) whom we enter into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to the Facilities
Agreement in relation to that Acquisition or any Obligor such Confidential Information as we shall consider appropriate if the person to whom the Confidential Information is to be given pursuant to this sub-paragraph (b) of paragraph 2.2 has
delivered a letter to you in materially equivalent form to this letter; 

  

	 	(c)	to whom information is required or requested to be disclosed by any governmental, banking, taxation or other regulatory authority or similar body, the rules of any recognised stock exchange or pursuant to any applicable
law or regulation such Confidential Information as we shall consider appropriate; and 

  

	2.3	notwithstanding paragraphs 2.1 and 2.2 above, Confidential Information to such persons to whom, and on the same terms as, a Finance Party is permitted to disclose Confidential Information under the Facilities Agreement
to which that Acquisition relates, as if such permissions were set out in full in this letter and as if references in those permissions to Finance Party were references to us for the purposes of that Acquisition. 

 

	3.	Notification of Disclosure 

 We agree in relation to each Acquisition (whether completed
or not), (to the extent permitted by law and regulation) to inform you: 
  

	3.1	of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (c) of paragraph 2.2 above, except where such disclosure is made to any of the persons referred to in that paragraph
during the ordinary course of its supervisory or regulatory function; and 

  

	3.2	upon becoming aware that Confidential Information has been disclosed in breach of this letter. 

  
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	4.	Return of Copies 

 If we do not enter into or complete the Acquisition and you so request
in writing, we shall return all Confidential Information supplied by you to us in relation to that Acquisition and destroy or permanently erase (to the extent technically practicable) all copies of Confidential Information made by us and use all
reasonable endeavours to ensure that anyone to whom we have supplied any Confidential Information destroys or permanently erases (to the extent technically practicable) such Confidential Information and any copies made by them, in each case save to
the extent that we or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy,
or where the Confidential Information has been disclosed under sub-paragraph (c) of paragraph 2.2 above. 
  

	5.	Continuing Obligations 

 The obligations in this letter are continuing and, in
particular, shall survive and remain binding on us in relation to each Acquisition (whether completed or not) until (a) if we become a party to the Facilities Agreement as a lender of record, the date on which we become such a party to the
Facilities Agreement; (b) if we enter into the Acquisition but it does not result in us becoming a party to the Facilities Agreement as a lender of record, the date falling twelve months after the date on which all of our rights and obligations
contained in the documentation entered into to implement the Acquisition have terminated; or (c) in any other case the date falling twelve months after the date at which we have returned all Confidential Information supplied by you to us and
destroyed or permanently erased (to the extent technically practicable) all copies of Confidential Information made by us (other than any such Confidential Information or copies which have been disclosed under paragraph 2 above (other than paragraph
2(a)) or which, pursuant to paragraph 4 above, are not required to be returned or destroyed). 
  

	6.	No Representation; Consequences of Breach, etc 

 We acknowledge and agree that: 

 

	6.1	neither you, nor any member of the Group nor any of your or their respective officers, employees or advisers (each a “Relevant Person”) (i) make any representation or warranty, express or implied,
as to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by you in relation to the Acquisition or the assumptions on which it is based or
(ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by you in relation to the Acquisition or be otherwise liable to us or any other person in respect of the
Confidential Information or any such information; and 

  

	6.2	you or members of the Group may be irreparably harmed by the breach of the terms of this letter and damages may not be an adequate remedy; each Relevant Person may be granted an injunction or specific performance for
any threatened or actual breach of the provisions of this letter by us. 

  
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	7.	Entire Agreement: No Waiver; Amendments, etc 

  

	7.1	This letter constitutes the entire agreement between us in relation to our obligations regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential
Information. 

  

	7.2	No failure to exercise, nor any delay in exercising, any right or remedy under this letter will operate as a waiver of any such right or remedy or constitute an election to affirm this letter. No election to affirm this
letter will be effective unless it is in writing. No single or partial exercise of any right or remedy will prevent any further or other exercise thereof or the exercise of any other right or remedy under this letter. 

 

	7.3	The terms of this letter and our obligations under this letter may only be amended or modified by written agreement between the parties and the Borrower. 

 

	8.	Inside Information 

 We acknowledge that some or all of the Confidential Information is
or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities laws relating to insider dealing and market abuse, and we undertake not to use any Confidential
Information for any unlawful purpose. 
  

	9.	Nature of Undertakings 

 The undertakings given by us under this letter are given to you
and are also given for the benefit of the Borrower and each other member of the Group. 
  

	10.	Third Party Rights 

  

	10.1	Subject to this paragraph 10 and to paragraphs 6 and 9, a person who is not a party to this letter has no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”) to
enforce or to enjoy the benefit of any term of this letter. 

  

	10.2	The Relevant Persons may enjoy the benefit of the terms of paragraphs 6 and 9 subject to and in accordance with this paragraph 10 and the provisions of the Third Parties Act. 

 

	10.3	Notwithstanding any provisions of this letter, the parties to this letter do not require the consent of any Relevant Person (other than the Borrower) to rescind or vary this letter at any time. 

 

	11.	Governing Law and Jurisdiction 

  

	11.1	This letter (including the agreement constituted by your acknowledgement of its terms) (the “Letter”) and any non-contractual obligations arising out of or in connection with it (including any
non-contractual obligations arising out of the negotiation of the transaction contemplated by this Letter) are governed by English law. 

  

	11.2	The courts of England have non-exclusive jurisdiction to settle any dispute arising out of or in connection with this Letter (including a dispute relating to any non-contractual obligation arising out of or in
connection with either this Letter or the negotiation of the transaction contemplated by this Letter). 

  
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	12.	Definitions 

 In this letter (including the acknowledgement set out below) terms defined
in the Facilities Agreement shall, unless the context otherwise requires, have the same meaning and: 
 “Confidential
Information” means, in relation to each Acquisition, all information relating to the Borrower, any Obligor, the Group, the Finance Documents, the Facilities and/or the Acquisition which is provided to us in relation to the Finance Documents
or the Facilities by you or any of your affiliates or advisers, in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or
copied from such information but excludes information that: 
  

	 	(a)	is or becomes public information other than as a direct or indirect result of any breach by us of this letter; or 

  

	 	(b)	is identified in writing at the time of delivery as non-confidential by you or your advisers; or 

  

	 	(c)	is known by us before the date the information is disclosed to us by you or any of your affiliates or advisers or is lawfully obtained by us after that date, from a source which is, as far as we are aware, unconnected
with the Group and which, in either case, as far as we are aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality. 

“Group” means the Borrower and each of its subsidiaries for the time being. 

“Permitted Purpose” means considering and evaluating whether to enter into and complete the Acquisition. 

Please acknowledge your agreement to the above by signing and returning the enclosed copy of this letter. 

  
 - 298 - 

	
	Yours faithfully
	
	  

	
	For and on behalf of
	
	[Potential Purchaser]
	
	To:[Potential Purchaser]
	
	We acknowledge and agree to the above:
	
	  

	
	For and on behalf of
	
	[Seller]

  
 - 299 - 

 SCHEDULE 19 

FORM OF ACCORDION CONFIRMATION 
  

			
	To:		[—] as Agent, [—] as Security Agent for itself and each of the other parties to the Intercreditor Agreement referred to below,
and CEMEX, S.A.B. de C.V. as the Borrower, for and on behalf of each Obligor
		
	From:		[the Increase Lender] (the “Accordion Lender”)
		
	Dated:		

 CEMEX, S.A.B. de C.V. – Facilities Agreement 

dated [—] September 2014 (the “Facilities Agreement”) 

 

	1.	We refer to the Facilities Agreement and to the Intercreditor Agreement (as defined in the Facilities Agreement). This agreement (the “Agreement”) shall take effect as an Accordion Confirmation for the
purpose of the Facilities Agreement and as a Creditor/Agent/Security Agent Accession Undertaking (as defined in the Intercreditor Agreement) for the purposes of the Intercreditor Agreement (and as defined in the Intercreditor Agreement). Terms
defined in the Facilities Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement. 

  

	2.	We refer to Clause 2.2 (Accordion) of the Facilities Agreement. 

  

	3.	The Accordion Lender agrees to assume and will assume all of the obligations corresponding to the Commitment specified in the Schedule (the “Relevant Commitment”) as if it was an Original Lender under
the Facilities Agreement. 

  

	4.	The proposed date on which the increase in relation to the Accordion Lender and the Relevant Commitment is to take effect (the “Increase Date”) is
[—]. 

  

	5.	The Availability Period for the first Utilisation of the Relevant Commitment means the period from and including the Increase Date to the date falling 15 Business Days after the Increase Date. 

 

	6.	On the Increase Date, the Accordion Lender becomes: 

  

	 	(a)	party to the relevant Finance Documents (other than the Intercreditor Agreement) as a Lender; and 

  

	 	(b)	party to the Intercreditor Agreement as a Refinancing Creditor (as defined in the Intercreditor Agreement). 

  

	7.	The Facility Office and address, fax number and attention details for notices to the Lender for the purposes of Clause 35.2 (Addresses) are set out in the Schedule. 

 

	8.	The Accordion Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in paragraph (i) of Clause 2.2 (Accordion). 

  
 - 300 - 

	9.	The Accordion Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is [a Qualifying Lender (other than a Treaty Lender)]/[a Treaty Lender]/[not a Qualifying Lender]*.

  

	10.	We refer to clause 14.6 (Creditor/Agent/Security Agent Accession Undertaking) of the Intercreditor Agreement. 

In consideration of the Accordion Lender being accepted as a Refinancing Creditor for the purposes of the Intercreditor Agreement (and as
defined in the Intercreditor Agreement), the Accordion Lender confirms that, as from the Increase Date, it intends to be party to the Intercreditor Agreement as a Refinancing Creditor, and undertakes to perform all the obligations expressed in the
Intercreditor Agreement to be assumed by a Refinancing Creditor 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. 

 

	11.	For the purposes of articles 1278 et seq. of the French Civil Code, it is expressly agreed that the Security created under the Security Documents governed by French law shall be preserved and maintained for the
benefit of the Security Agent, the Accordion Lender and the remaining Finance Parties. 

  

	12.	The Accordion Lender may, in the case of an assignment of rights by the Existing Lender under this Transfer Certificate, if it considers it necessary to make the assignment effective against third parties, arrange for
it to be notified to any Obligor established or domiciled in France in accordance with the provisions of article 1690 of the French Civil Code. 

  

	13.	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. 

 

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

  

	15.	This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  

			
	Note: 		The execution of this Accordion Confirmation may not be sufficient for the Accordion Lender to obtain the benefit of the Transaction Security in all jurisdictions. It is the responsibility of the Accordion Lender to ascertain
whether any other documents or other formalities are required to obtain the benefit of the Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.

  
 - 301 - 

 THE SCHEDULE 

Relevant Commitment/rights and obligations to be assumed by the Accordion Lender 

[insert relevant details] 
 Accordion
Lender’s Facility A Commitment 
 [—] 

Accordion Lender’s Facility B Commitment 
 [—] 
 [Facility Office address, fax number and attention details for notices and account
details for payments] 
 [Accordion Lender] 
 By: 

This Agreement is accepted as an Accordion Confirmation for the purposes of the Facilities Agreement by the Agent, and as a Creditor/Agent/Security Agent
Accession Undertaking for the purposes of the Intercreditor Agreement by the Security Agent and the Increase Date is confirmed as [—]. 

For and on behalf of 
 Agent 

By: 
 For and on behalf of 

Security Agent 
 By: 

NOTES: 
  

	*	Delete as applicable - each Accordion Lender is required to confirm which of these three categories it falls within. 

  
 - 302 - 

 SIGNATURES 
  

			
	THE BORROWER
	
	For and on behalf of
	
	CEMEX, S.A.B. DE C.V.
		
	By:		/s/ Francisco Javier García R de Morales
		
	Name:  		Francisco Javier García R de Morales
		
	Title:		Attorney in fact

  
 - 303 - 

			
	THE ORIGINAL GUARANTORS
	
	For and on behalf of
	
	CEMEX ESPAÑA, S.A.
		
	By:		/s/ Francisco Javier García R de Morales
		
	Name:  		Francisco Javier García R de Morales
		
	Title:		Attorney in fact

  
 - 304 - 

			
	For and on behalf of
	
	CEMEX MÉXICO, S.A. DE C.V.
		
	By:		/s/ Francisco Javier García R de Morales
		
	Name:  		Francisco Javier García R de Morales
		
	Title:		Attorney in fact

  
 - 305 - 

			
	For and on behalf of
	
	CEMEX CONCRETOS, S.A. DE C.V.
		
	By:		/s/ Francisco Javier García R de Morales
		
	Name:  		Francisco Javier García R de Morales
		
	Title:		Attorney in fact

  
 - 306 - 

 For and on behalf of 

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

			
		
	By:		/s/ Francisco Javier García R de Morales
		
	Name:  		Francisco Javier García R de Morales
		
	Title:		Attorney in fact

  
 - 307 - 

			
	For and on behalf of
	
	NEW SUNWARD HOLDING B.V.
		
	By:		/s/ Francisco Javier García R de Morales
		
	Name:  		Francisco Javier García R de Morales
		
	Title:		Attorney in fact

  
 - 308 - 

			
	For and on behalf of
	
	CEMEX CORP.
		
	By:		/s/ Francisco Javier García R de Morales
		
	Name:  		Francisco Javier García R de Morales
		
	Title:		Attorney in fact

  
 - 309 - 

			
	For and on behalf of
	
	CEMEX FINANCE LLC
		
	By:		/s/ Francisco Javier García R de Morales
		
	Name:  		Francisco Javier García R de Morales
		
	Title:		Attorney in fact

  
 - 310 - 

			
	For and on behalf of
	
	CEMEX RESEARCH GROUP AG
		
	By:		/s/ Fernando J. Reiter
		
	Name:  		Fernando J. Reiter
		
	Title:		Attorney in fact

  
 - 311 - 

			
	For and on behalf of
	
	CEMEX SHIPPING B.V.
		
	By:		/s/ Fernando J. Reiter
		
	Name:  		Fernando J. Reiter
		
	Title:		Attorney in fact

  
 - 312 - 

			
	For and on behalf of
	
	 CEMEX ASIA B.V.

		
	By:		/s/ Fernando J. Reiter
		
	Name:		Fernando J. Reiter
		
	Title:		Attorney in fact

  
 - 313 - 

			
	 For and on behalf of

	
	CEMEX FRANCE GESTION (S.A.S.)
		
	By:		/s/ Fernando J. Reiter
		
	Name:  		Fernando J. Reiter
		
	Title:		Attorney in fact

  
 - 314 - 

			
	For and on behalf of
	
	CEMEX UK
		
	By:		/s/ Fernando J. Reiter
		
	Name:  		Fernando J. Reiter
		
	Title:		Attorney in fact

  
 - 315 - 

			
	For and on behalf of
	
	CEMEX EGYPTIAN INVESTMENTS B.V.
		
	By:		/s/ Fernando J. Reiter
		
	Name:  		Fernando J. Reiter
		
	Title:		Attorney in fact

  
 - 316 - 

			
	For and on behalf of
	
	CEMEX EGYPTIAN INVESTMENTS II B.V.
		
	By:		/s/ Fernando J. Reiter
		
	Name:  		Fernando J. Reiter
		
	Title:		Attorney in fact

  
 - 317 - 

			
	THE ORIGINAL SECURITY PROVIDERS
	
	For and on behalf of
	
	CEMEX, S.A.B. DE C.V.
		
	By:		/s/ Francisco J García Morales
		
	Name:		Francisco J García Morales
		
	Title:		Attorney in fact

  
 - 318 - 

			
	For and on behalf of
	
	CEMEX MÉXICO, S.A. DE C.V.
		
	By:		/s/ Francisco Javier García Morales
		
	Name:		Francisco Javier García Morales
		
	Title:		Attorney in fact

  
 - 319 - 

 For and on behalf of 

CEMEX OPERACIONES MÉXICO, S.A. DE C.V. 
  

			
	By:		/s/ Francisco Javier García de Morales
		
	Name:		Francisco Javier García de Morales
		
	Title:		Attorney in fact

  
 - 320 - 

 For and on behalf of 

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

			
	By:		/s/ Francisco Javier García de Morales
		
	Name:		Francisco Javier García de Morales
		
	Title:		Attorney in fact

  
 - 321 - 

			
	For and on behalf of
	
	IMPRA CAFÉ, S.A. DE C.V.
		
	By:		/s/ Francisco Javier García R de Morales
		
	Name:		Francisco Javier García R de Morales
		
	Title:		Attorney in fact

  
 - 322 - 

			
	For and on behalf of
	
	INTERAMERICAN INVESTMENTS, INC.
		
	By:		/s/ Fernando J Reiter
		
	Name:		Fernando J Reiter
		
	Title:		Attorney in fact

  
 - 323 - 

			
	For and on behalf of
	
	NEW SUNWARD HOLDING B.V.
		
	By:		/s/ Fernando J Reiter
		
	Name:		Fernando J Reiter
		
	Title:		Attorney in fact

  
 - 324 - 

 For and on behalf of 

CEMEX INTERNATIONAL FINANCE COMPANY 
  

			
	By:		/s/ Fernando J Reiter
		
	Name:		Fernando J Reiter
		
	Title:		Attorney in fact

  
 - 325 - 

			
	For and on behalf of
	
	CEMEX TRADEMARKS HOLDING LTD.
		
	By:		/s/ Fernando J Reiter
		
	Name:		Fernando J Reiter
		
	Title:		Attorney in fact

  
 - 326 - 

 THE ARRANGER 

For and on behalf of 
 BANCO SANTANDER (MÉXICO), S.A.,
INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO 
  

									
	By:		/s/ Wade A. Kit				By:		/s/ Cassio Kimura de Freitas
					
	Name:		Wade A. Kit				Name:		Cassio Kimura de Freitas
					
	Title:		Power of Attorney				Title:		Power of Attorney

  
 - 327 - 

			
	For and on behalf of
	
	BBVA SECURITIES INC.
		
	By:		/s/ Eddy Lacayol
		
	Name:		Eddy Lacayol
		
	Title:		Managing Director

  
 - 328 - 

 For and on behalf of 

BNP PARIBAS SECURITIES CORP. 
  

									
	By:		/s/ Nicolas Rabier				By:		/s/ Louise Roussel
					
	Name:		Nicolas Rabier				Name:		Louise Roussel
					
	Title:		Managing Director				Title:		 Vice President

  
 - 329 - 

			
	For and on behalf of
	
	CITIGROUP GLOBAL MARKETS INC.
		
	By:		/s/ D. Blake Halder
		
	Name:		D. Blake Halder
		
	Title:		 Managing Director
 Latin America Credit
Markets

  
 - 330 - 

 For and on behalf of 

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 
  

									
	By:		/s/ Jaime Frontera				By:		/s/ Juliette Cohen
					
	Name:		Jaime Frontera				Name:		Juliette Cohen
					
	Title:		Managing Director				Title:		Managing Director

  
 - 331 - 

 For and on behalf of 

HSBC MEXICO, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO HSBC 

 

									
	By:		/s/ Victor Manuel Elizondo Arias				By:		/s/ Cordelia Gonzalez Flores
					
	Name:		Victor Manuel Elizondo Arias				Name:		Cordelia Gonzalez Flores
					
	Title:		Attorney in fact				Title:		Attorney in fact

  
 - 332 - 

			
	For and on behalf of
	
	ING CAPITAL LLC
		
	By:		/s/ Samuel Canineu
		
	Name:  		Samuel Canineu
		
	Title:		Director

  
 - 333 - 

			
	For and on behalf of
	
	J.P. MORGAN SECURITIES LLC
		
	By:		/s/ Juliana Herrmann
		
	Name:  		Juliana Herrmann
		
	Title:		Vice President

  
 - 334 - 

 For and on behalf of 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
  

			
	By:		/s/ Augusto Urmeneta
		
	 Name:  
		 Augusto Urmeneta

		
	 Title:
		 Managing Director

  
 - 335 - 

 THE ORIGINAL LENDERS 

For and on behalf of 
 BANCO SANTANDER (MÉXICO), S.A.,
INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO SANTANDER MÉXICO 
  

									
	By:		/s/ Wade A. Kit				By:		/s/ Cassio Kimura de Freitas
					
	Name:		Wade A. Kit				Name:		Cassio Kimura de Freitas
					
	Title:		Power of Attorney				Title:		Power of Attorney

  
 - 336 - 

 For and on behalf of 

BANK OF AMERICA, N.A., LONDON BRANCH 
  

			
	By:		/s/ Gary Saint
		
	Name:  		Gary Saint
		
	Title:		Director

  
 - 337 - 

 For and on behalf of 

BBVA BANCOMER, S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, GRUPO FINANCIERO BBVA BANCOMER 

 

									
	By:		/s/ Pablo Sanchez Parra				By:		/s/ Eduardo Suárez
					
	Name:		Pablo Sanchez Parra				Name:		Eduardo Suárez
					
	Title:		Executive Director				Title:		Vice President

  
 - 338 - 

 For and on behalf of 

BNP PARIBAS 
  

									
	By:		/s/ Nicolas Rabier				By:		/s/ Louise Roussel
					
	Name:		Nicolas Rabier				Name:		Louise Roussel
					
	Title:		Managing Director				Title:		Vice President

  
 - 339 - 

 For and on behalf of 

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

			
	By:		/s/ Julio Alvarez Gonzalez
		
	Name:  		Julio Alvarez Gonzalez
		
	Title:		Director de Banca
Corporativa y de Inversion

  
 - 340 - 

 For and on behalf of 

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 
  

									
	By:		/s/ Jaime Frontera				By:		/s/ Juliette Cohen
					
	Name:		Jaime Frontera				Name:		Juliette Cohen
					
	Title:		Managing Director				Title:		Managing Director

  
 - 341 - 

 For and on behalf of 

HSBC BANK PLC, SUCURSAL EN ESPAÑA 
  

									
	By:		/s/ Antonio Villa				By:		/s/ Patricia Roca
					
	Name:		Antonio Villa				Name:		Patricia Roca
					
	Title:		Director				Title:		Director

  
 - 342 - 

 For and on behalf of 

ING BANK NV (DUBLIN BRANCH) 
  

									
	By:		/s/ Sean Hasset				By:		/s/ Maurice Kenny
					
	Name:		Sean Hasset				Name:		Maurice Kenny
					
	Title:		Director				Title:		Director

  
 - 343 - 

 For and on behalf of 

JPMORGAN CHASE BANK, N.A. 
  

			
	By:		/s/ Christophe Vohmann
		
	Name:  		Christophe Vohmann
		
	Title:		Executive Director

  
 - 344 - 

 THE AGENT 

For and on behalf of 
 CITIBANK INTERNATIONAL PLC 

 

			
	By:		/s/ Raya Brody
		
	Name:  		Raya Brody
		
	Title:		VP

  
 - 345 - 

 THE SECURITY AGENT 

For and on behalf of 
 WILMINGTON TRUST (LONDON) LIMITED

  

			
	By:		/s/ Sajada Afzal
		
	Name:  		Sajada Afzal
		
	Title:		Relationship Manager

  
 - 346 -EX-4.43

 Exhibit 4.43 

CEMEX, S.A.B. de C.V., 
 THE NOTE
GUARANTORS PARTY HERETO 
 AND 

THE BANK OF NEW YORK MELLON, 
 AS
TRUSTEE 
 5.700% SENIOR SECURED NOTES DUE 2025 

INDENTURE 
 Dated as of
September 11, 2014 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE I             DEFINITIONS AND INCORPORATION
BY REFERENCE
	  	 	1	  
			
	 Section 1.1
	    	Definitions	  	 	1	  
	 Section 1.2
	    	[Reserved]	  	 	38	  
	 Section 1.3
	    	Rules of Construction	  	 	38	  
		
	 ARTICLE II           THE NOTES
	  	 	39	  
			
	 Section 2.1
	    	Form and Dating	  	 	39	  
	 Section 2.2
	    	Execution and Authentication	  	 	40	  
	 Section 2.3
	    	Registrar, Paying Agent and Transfer Agent	  	 	40	  
	 Section 2.4
	    	Paying Agent to Hold Money in Trust	  	 	41	  
	 Section 2.5
	    	Holder Lists	  	 	41	  
	 Section 2.6
	    	CUSIP Numbers	  	 	41	  
	 Section 2.7
	    	Global Note Provisions	  	 	42	  
	 Section 2.8
	    	Legends	  	 	43	  
	 Section 2.9
	    	Transfer and Exchange	  	 	43	  
	 Section 2.10
	    	Mutilated, Destroyed, Lost or Stolen Notes	  	 	49	  
	 Section 2.11
	    	Temporary Notes	  	 	50	  
	 Section 2.12
	    	Cancellation	  	 	50	  
	 Section 2.13
	    	Defaulted Interest	  	 	51	  
	 Section 2.14
	    	Additional Notes	  	 	51	  
		
	 ARTICLE III          COVENANTS
	  	 	52	  
			
	 Section 3.1
	    	Payment of Notes	  	 	52	  
	 Section 3.2
	    	Maintenance of Office or Agency	  	 	53	  
	 Section 3.3
	    	Corporate Existence	  	 	53	  
	 Section 3.4
	    	Payment of Taxes and Other Claims	  	 	53	  
	 Section 3.5
	    	Compliance Certificate	  	 	54	  
	 Section 3.6
	    	Further Instruments and Acts	  	 	54	  
	 Section 3.7
	    	Waiver of Stay, Extension or Usury Laws	  	 	54	  
	 Section 3.8
	    	Change of Control	  	 	55	  
	 Section 3.9
	    	Limitation on Incurrence of Additional Indebtedness	  	 	56	  
	 Section 3.10
	    	[Reserved]	  	 	61	  
	 Section 3.11
	    	Limitation on Restricted Payments	  	 	61	  
	 Section 3.12
	    	Limitation on Asset Sales	  	 	65	  
	 Section 3.13
	    	Limitation on the Ownership of Capital Stock of Restricted Subsidiaries	  	 	68	  
	 Section 3.14
	    	Limitation on Designation of Unrestricted Subsidiaries	  	 	69	  
	 Section 3.15
	    	Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	71	  
	 Section 3.16
	    	Limitation on Layered Indebtedness	  	 	73	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 Section 3.17
	    	Limitation on Liens	  	 	73	  
	 Section 3.18
	    	Limitation on Transactions with Affiliates	  	 	73	  
	 Section 3.19
	    	Conduct of Business	  	 	74	  
	 Section 3.20
	    	Reports to Holders	  	 	74	  
	 Section 3.21
	    	Payment of Additional Amounts	  	 	75	  
	 Section 3.22
	    	Suspension of Covenants	  	 	78	  
		
	 ARTICLE IV         SUCCESSOR ISSUER
	  	 	80	  
			
	 Section 4.1
	    	Merger, Consolidation and Sale of Assets	  	 	80	  
		
	 ARTICLE V           OPTIONAL REDEMPTION OF NOTES
	  	 	83	  
			
	 Section 5.1
	    	Optional Redemption	  	 	83	  
	 Section 5.2
	    	[Reserved]	  	 	83	  
	 Section 5.3
	    	Notices to Trustee	  	 	83	  
	 Section 5.4
	    	Notice of Redemption	  	 	83	  
	 Section 5.5
	    	Selection of Notes to Be Redeemed in Part	  	 	84	  
	 Section 5.6
	    	Deposit of Redemption Price	  	 	85	  
	 Section 5.7
	    	Notes Payable on Redemption Date	  	 	85	  
	 Section 5.8
	    	Unredeemed Portions of Partially Redeemed Note	  	 	85	  
		
	 ARTICLE VI         DEFAULTS AND REMEDIES
	  	 	86	  
			
	 Section 6.1
	    	Events of Default	  	 	86	  
	 Section 6.2
	    	Acceleration	  	 	87	  
	 Section 6.3
	    	Other Remedies	  	 	88	  
	 Section 6.4
	    	Waiver of Past Defaults	  	 	88	  
	 Section 6.5
	    	Control by Majority	  	 	88	  
	 Section 6.6
	    	Limitation on Suits	  	 	88	  
	 Section 6.7
	    	Rights of Holders to Receive Payment	  	 	89	  
	 Section 6.8
	    	Collection Suit by Trustee	  	 	89	  
	 Section 6.9
	    	Trustee May File Proofs of Claim, etc	  	 	89	  
	 Section 6.10
	    	Priorities	  	 	89	  
	 Section 6.11
	    	Undertaking for Costs	  	 	90	  
		
	 ARTICLE VII        TRUSTEE
	  	 	90	  
			
	 Section 7.1
	    	Duties of Trustee	  	 	90	  
	 Section 7.2
	    	Rights of Trustee	  	 	91	  
	 Section 7.3
	    	Individual Rights of Trustee	  	 	93	  
	 Section 7.4
	    	Trustee’s Disclaimer	  	 	93	  
	 Section 7.5
	    	Notice of Defaults	  	 	93	  
	 Section 7.6
	    	[Reserved]	  	 	93	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
			
	 Section 7.7
	    	Compensation and Indemnity	  	 	93	  
	 Section 7.8
	    	Replacement of Trustee	  	 	94	  
	 Section 7.9
	    	Successor Trustee by Merger	  	 	95	  
	 Section 7.10
	    	Eligibility; Disqualification	  	 	95	  
	 Section 7.11
	    	[Reserved]	  	 	96	  
	 Section 7.12
	    	[Reserved]	  	 	96	  
	 Section 7.13
	    	Authorization and Instruction of the Trustee With Respect to the Collateral	  	 	96	  
		
	 ARTICLE VIII      DEFEASANCE; DISCHARGE OF INDENTURE
	  	 	96	  
			
	 Section 8.1
	    	Legal Defeasance and Covenant Defeasance	  	 	96	  
	 Section 8.2
	    	Conditions to Defeasance	  	 	98	  
	 Section 8.3
	    	Application of Trust Money	  	 	99	  
	 Section 8.4
	    	Repayment to Issuer	  	 	99	  
	 Section 8.5
	    	Indemnity for U.S. Government Obligations	  	 	99	  
	 Section 8.6
	    	Reinstatement	  	 	99	  
	 Section 8.7
	    	Satisfaction and Discharge	  	 	100	  
		
	 ARTICLE IX         AMENDMENTS
	  	 	100	  
			
	 Section 9.1
	    	Without Consent of Holders	  	 	100	  
	 Section 9.2
	    	With Consent of Holders	  	 	101	  
	 Section 9.3
	    	[Reserved]	  	 	102	  
	 Section 9.4
	    	Revocation and Effect of Consents and Waivers	  	 	102	  
	 Section 9.5
	    	Notation on or Exchange of Notes	  	 	103	  
	 Section 9.6
	    	Trustee to Sign Amendments and Supplements	  	 	103	  
		
	 ARTICLE X           NOTE GUARANTEES
	  	 	104	  
			
	 Section 10.1
	    	Note Guarantees	  	 	104	  
	 Section 10.2
	    	Limitation on Liability; Termination, Release and Discharge	  	 	107	  
	 Section 10.3
	    	Right of Contribution	  	 	108	  
	 Section 10.4
	    	No Subrogation	  	 	108	  
	 Section 10.5
	    	French Guarantee Limitation	  	 	108	  
	 Section 10.6
	    	Swiss Guarantee Limitation	  	 	109	  
		
	 ARTICLE XI         COLLATERAL
	  	 	111	  
			
	 Section 11.1
	    	The Collateral	  	 	111	  
	 Section 11.2
	    	Release of the Collateral	  	 	111	  

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	    	 	  	Page	 
		
	 ARTICLE XII        MISCELLANEOUS
	  	 	112	  
			
	 Section 12.1
	    	Notices	  	 	112	  
	 Section 12.2
	    	Communication by Holders with Other Holders	  	 	113	  
	 Section 12.3
	    	Certificate and Opinion as to Conditions Precedent	  	 	113	  
	 Section 12.4
	    	Statements Required in Certificate or Opinion	  	 	113	  
	 Section 12.5
	    	Rules by Trustee, Paying Agent, Transfer Agent and Registrar	  	 	114	  
	 Section 12.6
	    	Legal Holidays	  	 	114	  
	 Section 12.7
	    	Governing Law, etc	  	 	114	  
	 Section 12.8
	    	[Reserved]	  	 	115	  
	 Section 12.9
	    	No Recourse Against Others	  	 	115	  
	 Section 12.10
	    	Successors	  	 	116	  
	 Section 12.11
	    	Duplicate and Counterpart Originals	  	 	116	  
	 Section 12.12
	    	Severability	  	 	116	  
	 Section 12.13
	    	[Reserved]	  	 	116	  
	 Section 12.14
	    	Currency Indemnity	  	 	116	  
	 Section 12.15
	    	Table of Contents; Headings	  	 	117	  
	 Section 12.16
	    	USA PATRIOT Act	  	 	117	  

  
 iv 

			
	EXHIBIT A		FORM OF NOTE
		
	EXHIBIT B		FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO REGULATION S
		
	EXHIBIT C		FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144
		
	EXHIBIT D		FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144A
		
	EXHIBIT E		“CONSOLIDATED LEVERAGE RATIO” AND RELATED DEFINITIONS

  
 v 

 INDENTURE, dated as of September 11, 2014, among CEMEX, S.A.B. de C.V., a publicly traded
stock corporation with variable capital (sociedad anónima bursátil de capital variable) organized under the laws of the United Mexican States (the “Issuer”), the guarantors listed on Schedule I hereto, as
guarantors of the Issuer’s obligations under this Indenture and the Notes, and The Bank of New York Mellon, as trustee (the “Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Issuer’s
5.700% Senior Secured Notes due 2025 issued hereunder. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1 Definitions. 

“2009 Financing Agreement” means the financing agreement, dated as of August 14, 2009, entered into among the Issuer and
certain of its Subsidiaries, the financial institutions and noteholders party thereto, Citibank International PLC, as administrative agent, and Wilmington Trust (London) Limited, as security agent, as such agreement may be amended, modified or
waived from time to time. 
 “Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at
the time such Person becomes a Restricted Subsidiary or at the time it merges or consolidates with the Issuer or any of its Restricted Subsidiaries or is assumed in connection with the acquisition of assets from such Person. Such Indebtedness will
be deemed to have been Incurred at the time such Person becomes a Restricted Subsidiary or at the time it merges or consolidates with the Issuer or a Restricted Subsidiary or at the time such Indebtedness is assumed in connection with the
acquisition of assets from such Person. 
 “Acquired Subsidiary” means any Subsidiary acquired by the Issuer or any other
Subsidiary after the Issue Date in an Acquisition, and any Subsidiaries of such Acquired Subsidiary on the date of such Acquisition. 

“Acquiring Subsidiary” means any Subsidiary formed by the Issuer or one of its Subsidiaries solely for the purpose of
participating as the acquiring party in any Acquisition, and any Subsidiaries of such Acquiring Subsidiary acquired in such Acquisition. 

“Acquisition” means any merger, consolidation, acquisition or lease of assets, acquisition of securities or business
combination or acquisition, or any two or more of such transactions, if, upon the completion of such transaction or transactions, the Issuer or any Restricted Subsidiary thereof has acquired an interest in any Person who would be deemed to be a
Restricted Subsidiary under this Indenture and was not a Restricted Subsidiary prior thereto. 
 “Additional Amounts” has
the meaning assigned to it in Section 3.21(b). 
 “Additional Note Certificate” has the meaning assigned to it
in Section 2.14(b). 

 “Additional Note Guarantors” means New Sunward Holding B.V., CEMEX Concretos,
S.A. de C.V. and Empresas Tolteca de México, S.A. de C.V. 
 “Additional Note Supplemental Indenture” means a
supplement to this Indenture duly executed and delivered by the Issuer, each Note Guarantor and the Trustee pursuant to Article IX providing for the issuance of Additional Notes. 

“Additional Notes” has the meaning assigned to it in Section 2.14(a). 

“Affiliate” means, with respect to any specified Person, any other Person who directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have
correlative meanings. 
 “Affiliate Transaction” has the meaning assigned to it in Section 3.18(a). 

“Agent Members” has the meaning assigned to it in Section 2.7(b). 

“Agents” means, collectively, the Registrar, any co-Registrar, the Paying Agents, the Transfer Agent and any other agent
appointed by the Issuer hereunder. 
 “Applicable Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in a Global Note, the rules and procedures of DTC, Euroclear and Clearstream, as the case may be, that apply to such transfer or exchange, including the “Operating Procedures of the Euroclear System” and “Terms
and Conditions Governing Use of Euroclear” of Euroclear and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream. 

“Asset Sale” means any direct or indirect sale, disposition, issuance, conveyance, transfer, lease (other than an operating
lease entered into in the ordinary course of business), assignment or other transfer, including a Sale and Leaseback Transaction (each, a “disposition”) by the Issuer or any Restricted Subsidiary of: 

 

	 	(a)	any Capital Stock other than Capital Stock of the Issuer; or 

  

	 	(b)	any property or assets (other than cash, Cash Equivalents or Capital Stock) of the Issuer or any Restricted Subsidiary; 

Notwithstanding the preceding, the following will not be deemed to be Asset Sales: 

 

	 	(1)	the disposition of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries as permitted under Section 3.12; 

  
 2 

	 	(2)	any disposition of equipment that is not usable or is obsolete or worn out equipment in the ordinary course of business or any disposition of inventory or goods (or other assets) held for sale or no longer used in the
ordinary course of business; 

  

	 	(3)	dispositions of assets in any fiscal year with a Fair Market Value not to exceed U.S.$25 million in the aggregate; 

  

	 	(4)	for purposes of Section 3.12 only, the making or disposition of a Permitted Investment or Restricted Payment permitted under Section 3.11; 

 

	 	(5)	a disposition to the Issuer or a Restricted Subsidiary, including a Person that is or will become a Restricted Subsidiary immediately after the disposition; 

 

	 	(6)	the creation of a Lien permitted under this Indenture (other than a deemed Lien in connection with a Sale and Leaseback Transaction); 

 

	 	(7)	(i) the disposition of Receivables Assets pursuant to a Qualified Receivables Transaction and (ii) the disposition of other accounts receivable in the ordinary course of business; 

 

	 	(8)	the disposition of any asset constituted by a license of intellectual property in the ordinary course of business; 

  

	 	(9)	the disposition of inventory pursuant to an Inventory Financing or similar arrangement that is otherwise permitted under this Indenture; 

 

	 	(10)	the disposition of any asset compulsorily acquired by a governmental authority; and 

  

	 	(11)	sales, transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture
arrangements and similar binding arrangements. 

 “Asset Sale Offer” has the meaning assigned to it in
Section 3.12(c). 
 “Asset Sale Offer Amount” has the meaning assigned to it in Section 3.12(c). 

“Asset Sale Offer Notice” means notice of an Asset Sale Offer made pursuant to Section 3.12, which shall be
mailed first class, postage prepaid, to each record Holder as shown on the Note Register within 20 days following the 365th day after the receipt of Net Cash Proceeds of any Asset Sale, with a copy to the Trustee, which notice shall govern the terms
of the Asset Sale Offer, and shall state: 
  

	 	(1)	the circumstances of the Asset Sale or Sales, the Net Cash Proceeds of which are included in the Asset Sale Offer, that an Asset Sale Offer is being made pursuant to Section 3.12(c), and that all Notes that
are timely tendered will be accepted for payment; 

  
 3 

	 	(2)	the Asset Sale Offer Amount and the Asset Sale Offer Payment Date, which date shall be a Business Day no earlier than 30 days nor later than 60 days from the date the Asset Sale Offer Notice is mailed (other than as may
be required by law); 

  

	 	(3)	that any Notes or portions thereof not tendered or accepted for payment will continue to accrue interest; 

  

	 	(4)	that, unless the Issuer defaults in the payment of the Asset Sale Offer Amount with respect thereto, all Notes or portions thereof accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest
from and after the Asset Sale Offer Payment Date; 

  

	 	(5)	that any Holder electing to have any Notes or portions thereof purchased pursuant to the Asset Sale Offer will be required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase”
on the reverse of such Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Asset Sale Offer Payment Date; 

 

	 	(6)	that any Holder shall be entitled to withdraw such election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Asset Sale Offer Payment Date, a facsimile
transmission or letter, setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing such Holder’s election to have such Notes or portions thereof purchased pursuant
to the Asset Sale Offer; 

  

	 	(7)	that any Holder electing to have Notes purchased pursuant to the Asset Sale Offer must specify the principal amount that is being tendered for purchase, which principal amount must be U.S.$200,000 and in integral
multiples of U.S.$1,000 in excess thereof; 

  

	 	(8)	that any Holder of Certificated Notes whose Certificated Notes are being purchased only in part will be issued new Certificated Notes equal in principal amount to the unpurchased portion of the Certificated Note or
Notes surrendered, which unpurchased portion will be equal in principal amount to U.S.$200,000 and in integral multiples of U.S.$1,000 in excess thereof; 

  

	 	(9)	that the Trustee will return to the Holder of a Global Note that is being purchased in part, such Global Note with a notation on the schedule of increases or decreases thereof adjusting the principal amount thereof to
be equal to the unpurchased portion of such Global Note; and 

  

	 	(10)	any other information necessary to enable any Holder to tender Notes and to have such Notes purchased pursuant to Section 3.12. 

  
 4 

 “Asset Sale Offer Payment Date” has the meaning assigned to it in
Section 3.12(f). 
 “Authenticating Agent” has the meaning assigned to it in Section 2.2(b). 

“Authorized Agent” has the meaning assigned to it in Section 12.7(c). 

“Axtel Share Forward Transaction” means the Axtel share forward transaction that is governed by a long form confirmation
originally dated January 22, 2009, as replaced by long form confirmations dated September 28, 2010 and March 19, 2012, and as further replaced by a long form confirmation dated August 27, 2013, between Credit Suisse International
and Cemex Operaciones México, S.A. de C.V. (formerly Centro Distribuidor de Cemento, S.A. de C.V.) (References: External ID: 16059563R5-Risk ID: 10008383) and any replacements, amendments or renewals thereof that are entered into on then
prevailing market terms with the underlying amounts not greater than the original underlying amounts. 
 “Bancomext
Facility” means the U.S.$250,000,000 credit agreement (Crédito Simple), dated October 14, 2008, as amended from time to time (provided, that the principal amount thereof does not increase above the principal amount
outstanding as of August 14, 2009 (except by the amount of any capitalized interest if so provided by such facility and on those terms as of August 14, 2009) less the amount of any repayments and prepayments made in respect of such
facility), among the Issuer, as borrower, Banco Nacional de Comercio Exterior, S.N.C., as lender, and CEMEX México, as guarantor, and secured by the mortgage of a cement plant in Ensenada, Baja California, Mexico. 

“Bankruptcy Event of Default” means: 
  

	 	(1)	the entry by a court of competent jurisdiction of: (i) a decree or order for relief in respect of any Bankruptcy Party in an involuntary case or proceeding under any Bankruptcy Law or (ii) a decree or order
(A) adjudging any Bankruptcy Party a bankrupt or insolvent, in concurso mercantil or quiebra, (B) approving as properly filed a petition seeking reorganization, concurso mercantil, arrangement, adjustment or
composition of, or in respect of, any Bankruptcy Party under any Bankruptcy Law, (C) appointing a Custodian of any Bankruptcy Party or of any substantial part of the property of any Bankruptcy Party, or (D) ordering the winding-up or
liquidation of the affairs of any Bankruptcy Party, and in each case, the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive calendar days; or 

 

	 	(2)	 (i) the commencement by any Bankruptcy Party of a voluntary case or proceeding under any Bankruptcy Law or of any other case or proceeding to be
adjudicated a bankrupt or insolvent, in concurso mercantil or quiebra, (ii) the consent by any Bankruptcy Party to the entry of a decree 

  
 5 

	 	
or order for relief in respect of such Bankruptcy Party in an involuntary case or proceeding under any Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or proceeding
against any Bankruptcy Party, (iii) the filing by any Bankruptcy Party of a petition or answer or consent seeking reorganization, concurso mercantil, or relief under any Bankruptcy Law, (iv) the consent by any Bankruptcy Party to
the filing of such petition or to the appointment of or taking possession by a Custodian of any Bankruptcy Party or of any substantial part of the property of any Bankruptcy Party, (v) the making by any Bankruptcy Party of an assignment for the
benefit of creditors, (vi) the admission by any Bankruptcy Party in writing of its inability to pay its debts generally as they become due, or (vii) the approval by stockholders of any Bankruptcy Party of any plan or proposal for the
liquidation or dissolution of such Bankruptcy Party, or (viii) the taking of corporate action by any Bankruptcy Party in furtherance of any action referred to in clauses (i) – (vii) above. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar Federal, state or
non-U.S. law for the relief of debtors, including the Mexican Ley de Concursos Mercantiles and Spanish Law 22/2003 of 9 July (Ley 22/2003 de 9 de julio, Concursal), as amended. 

“Bankruptcy Party” means the Issuer and any Significant Subsidiary of the Issuer or group of Subsidiaries that, taken
together would constitute a Significant Subsidiary of the Issuer. 
 “Banobras Facility” means a revolving loan agreement
(Contrato de Apertura de Crédito en Cuenta Corriente), dated April 22, 2009, among CEMEX Concretos, S.A. de C.V., as borrower and Banco Nacional de Obras y Servicios Públicos, S.N.C., as lender, as in effect on the Issue
Date and as amended from time to time, and secured by a mortgage of Planta Yaqui in Hermosillo, Sonora, Mexico. 
 “Board of
Directors” means, as to any Person, the board of directors, management committee or similar governing body of such Person or any duly authorized committee thereof. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City, Mexico
City, Madrid, Amsterdam, London, Paris or Zurich are authorized or required by law, regulation or other governmental action to remain closed. 

“Capital Stock” means: 
  

	 	(1)	with respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common
Stock and Preferred Stock of such Person; 

  

	 	(2)	with respect to any Person that is not a corporation, any and all partnership or other equity or ownership interests of such Person; and 

 

	 	(3)	any warrants, rights or options to purchase any of the instruments or interests referred to in clause (1) or (2) above, but excluding any Indebtedness exchangeable into such equity interest in existence on the
Issue Date or Incurred pursuant to Section 3.9. 

  
 6 

 “Capitalized Lease Obligations” means, as to any Person, the obligations of such
Person under a lease that are required to be classified and accounted for as capital lease obligations under GAAP. For purposes of the definition, the amount of such obligations at any date will be the capitalized amount of such obligations at such
date, determined in accordance with GAAP. 
 “Cash Equivalents” means: 

 

	 	(1)	marketable direct obligations issued by, or unconditionally guaranteed by, the United States government, the United Kingdom or any member nation of the European Union or issued by any agency thereof and backed by the
full faith and credit of the United States, the United Kingdom, such member nation of the European Union or any European Union central bank, in each case maturing within one year from the date of acquisition thereof; 

 

	 	(2)	marketable direct obligations issued by the Mexican government, or issued by any agency thereof, including but not limited to, Certificados de la Tesorería de la Federación (Cetes) or Bonos de
Desarrollo del Gobierno Federal (Bondes), in each case, issued by the government of Mexico and maturing not later than one year after the acquisition thereof; 

 

	 	(3)	marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of
acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Fitch or any successor thereto; 

  

	 	(4)	commercial paper or corporate debt obligations maturing no more than one year from the date of creation thereof and, at the time of acquisition, having a rating of at least A-1 or AAA from S&P, at least F-1 or AAA
from Fitch or P-1 or Aaa from Moody’s; 

  

	 	(5)	 demand deposits, certificates of deposit, time deposits or bankers’ acceptances or other short-term unsecured debt obligations (and any cash or
deposits in transit in any of the foregoing) maturing within one year from the date of acquisition thereof issued by (a) any bank organized under the laws of the United States of America or any state thereof or the District of Columbia, the
United Kingdom or any country of the European Union, (b) any U.S. branch of a non-U.S. bank having at the date of acquisition thereof combined capital and surplus of not less than U.S.$500

  
 7 

	 	
million, or (c) in the case of Mexican peso deposits, any financial institution in good standing with Banco de México organized under the laws of Mexico; 

 

	 	(6)	repurchase obligations with a term of not more than seven days for underlying securities of the types described in clause (1) and (2) above entered into with any bank meeting the qualifications specified in
clause (5) above; 

  

	 	(7)	investments in money market funds which invest substantially all of their assets in securities of the types described in clauses (1) through (6), (8) and (9); 

 

	 	(8)	certificates of deposit issued by any of Nacional Financiera, S.N.C., Banco Nacional de Comercio Exterior, S.N.C., Banco Nacional de Obras y Servicios Públicos, S.N.C. or any other development bank controlled by
the Mexican government; 

  

	 	(9)	any other debt instrument rated “investment grade” (or the local equivalent thereof according to local criteria in a country in which the Issuer or a Restricted Subsidiary operates and in which local pensions
are permitted by law to invest) with maturities of 12 months or less from the date of acquisition; and 

  

	 	(10)	Investments in mutual funds, managed by banks, with a local currency credit rating of at least MxAA by S&P or other equally reputable local rating agency, that invest principally in marketable direct obligations
issued by the Mexican Government, or issued by any agency or instrumentality thereof. 

 In the case of Investments by any
Restricted Subsidiary, Cash Equivalents will also include (a) investments of the type and maturity described in clauses (1) through (10) of any Restricted Subsidiary outside of Mexico in the country in which such Restricted Subsidiary
operates, which Investments or obligors (or the parents of such obligors) have ratings described in such clauses or equivalents ratings from comparable foreign rating agencies, (b) local currencies and other short-term investments utilized by
Restricted Subsidiaries in accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses (1) through (10) and in this paragraph and (c) investments of the type
described in clauses (1) through (9) maturing within one year of the Issue Date. 
 “Certificados
Bursátiles” means debt securities issued by the Issuer guaranteed (por aval) by CEMEX México, S.A. de C.V. and Empresas Tolteca de México, S.A. de C.V., wholly owned subsidiaries of the Issuer, in the Mexican capital
markets with the approval of the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.). 

  
 8 

 “Certificated Note” means any Note issued in fully registered form, other than a
Global Note, which shall be substantially in the form of Exhibit A hereto, with appropriate legends as specified in Section 2.8 and Exhibit A. 

“Change of Control” means the beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Commission under
the Exchange Act) of twenty percent (20%) or more in voting power of the outstanding Voting Stock of the Issuer is acquired by any Person. 

“Change of Control Notice” means notice of a Change of Control Offer made pursuant to Section 3.8, which shall be
mailed first-class, postage prepaid, to each record Holder as shown on the Note Register within 30 days following the date upon which a Change of Control occurred, with a copy to the Trustee, which notice shall govern the terms of the Change of
Control Offer and shall state: 
  

	 	(1)	that a Change of Control has occurred, the circumstances or events causing such Change of Control and that a Change of Control Offer is being made pursuant to Section 3.8, and that all Notes that are timely
tendered will be accepted for payment; 

  

	 	(2)	the Change of Control Payment, and the Change of Control Payment Date, which date shall be a Business Day no earlier than 30 calendar days nor later than 60 calendar days subsequent to the date such notice is mailed
(other than as may be required by law); 

  

	 	(3)	that any Notes or portions thereof not tendered or accepted for payment will continue to accrue interest; 

  

	 	(4)	that, unless the Issuer defaults in the payment of the Change of Control Payment with respect thereto, all Notes or portions thereof accepted for payment pursuant to the Change of Control Offer shall cease to accrue
interest from and after the Change of Control Payment Date; 

  

	 	(5)	that any Holder electing to have any Notes or portions thereof purchased pursuant to a Change of Control Offer will be required to tender such Notes, with the form entitled “Option of Holder to Elect Purchase”
on the reverse of such Notes completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

 

	 	(6)	that any Holder shall be entitled to withdraw such election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a facsimile
transmission or letter, setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing such Holder’s election to have such Notes or portions thereof purchased pursuant
to the Change of Control Offer; 

  
 9 

	 	(7)	that any Holder electing to have Notes purchased pursuant to the Change of Control Offer must specify the principal amount that is being tendered for purchase, which principal amount must be U.S.$200,000 and in integral
multiples of U.S.$1,000 in excess thereof; 

  

	 	(8)	that any Holder of Certificated Notes whose Certificated Notes are being purchased only in part will be issued new Certificated Notes equal in principal amount to the unpurchased portion of the Certificated Note or
Notes surrendered, which unpurchased portion will be equal in principal amount to U.S.$200,000 and in integral multiples of U.S.$1,000 in excess thereof; 

  

	 	(9)	that the Trustee will return to the Holder of a Global Note that is being purchased in part, such Global Note with a notation on Schedule A thereof adjusting the principal amount thereof to be equal to the
unpurchased portion of such Global Note; and 

  

	 	(10)	any other information necessary to enable any Holder to tender Notes and to have such Notes purchased pursuant to Section 3.8(b). 

“Change of Control Offer” has the meaning assigned to it in Section 3.8(b). 

“Change of Control Payment” has the meaning assigned to it in Section 3.8(a). 

“Change of Control Payment Date” has the meaning assigned to it in Section 3.8(b). 

“Clearstream” means Clearstream Banking, société anonyme, or the successor to its securities clearance
and settlement operations. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means “Transaction Security” as defined in the Intercreditor Agreement from time to time. 

“Commission” means the U.S. Securities and Exchange Commission. 

“Commodity Price Purchase Agreement” means, in respect of any Person, any forward contract, commodity swap agreement,
commodity option agreement or other similar agreement or arrangement designed to protect such Person from fluctuations in commodity prices. 

“Common Stock” of any Person means any and all shares, interests or other participations in, and other equivalents (however
designated and whether voting or non-voting) of such Person’s common equity interests, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and classes of such common equity
interests. 

  
 10 

 “Compensation Related Hedging Obligations” means (i) the obligations of any
Person pursuant to any equity option contract, equity forward contract, equity swap, warrant, rights or other similar agreement designed to hedge risks or obligations relating to employee, director or consultant compensation, pension, benefits or
similar activities of the Issuer and/or any of its Subsidiaries and (ii) the obligations of any Person pursuant to any agreement that requires another Person to make payments or deliveries that are otherwise required to be made by the first
Person relating to employee, director or consultant compensation, pension, benefits or similar activities of the Issuer and/or any of its Subsidiaries, in each case in the ordinary course of business. 

“Consolidated EBITDA” means, for any Person for any period, Consolidated Net Income for such Person for such period, plus the
following, without duplication, to the extent deducted or added in calculating such Consolidated Net Income: 
  

	 	(1)	Consolidated Income Tax Expense for such Person for such period; 

  

	 	(2)	Consolidated Interest Expense for such Person for such period net of consolidated interest income for such period; 

  

	 	(3)	Consolidated Non-cash Charges for such Person for such period; 

  

	 	(4)	the amount of any nonrecurring restructuring charge or reserve deducted in such period in computing Consolidated Net Income; 

  

	 	(5)	the net effect on income or loss in respect of Hedging Obligations or other derivative instruments, which shall include, for the avoidance of doubt, all amounts not excluded from Consolidated Net Income pursuant to the
proviso in clause (9) thereof; and 

  

	 	(6)	net income of such Person attributable to minority interests in Subsidiaries of such Person. 

 less
(x) all non-cash credits and gains increasing Consolidated Net Income for such Person for such period and (y) all cash payments made by such Person and its Restricted Subsidiaries during such period relating to Consolidated Non-cash
Charges that were added back in determining Consolidated EBITDA in any prior period. 
 “Consolidated Fixed Charge Coverage
Ratio” means, for any Person as of any date of determination (the “Fixed Charge Calculation Date”), the ratio of the aggregate amount of Consolidated EBITDA of such Person for the four most recent full fiscal quarters for
which financial statements are available ending prior to the date of such determination (the “Four Quarter Period”) to Consolidated Fixed Charges for such Person for such Four Quarter Period. For purposes of making the computation
referred to above, Material Acquisitions and Material Dispositions (as determined in accordance with GAAP) that have been made by the Issuer or any of its Restricted Subsidiaries during the Four Quarter Period or subsequent to such Four Quarter
Period and on or prior to or simultaneously with the Fixed Charge Calculation Date shall be calculated on a pro forma basis assuming that all such Material Acquisitions and Material Dispositions (and the change in any associated fixed charge
obligations and the change in 

  
 11 

 
Consolidated EBITDA resulting therefrom) had occurred on the first day of the Four Quarter Period. If since the beginning of such period any Person that subsequently became a Restricted
Subsidiary or was merged with or into the Issuer or any of its Restricted Subsidiaries since the beginning of such period shall have made any Material Acquisition or Material Disposition that would have required adjustment pursuant to this
definition, then the Consolidated Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto. 
 For purposes of
this definition, whenever pro forma effect is to be given to a Material Acquisition or Material Disposition and the amount of income or earnings relating thereto or with respect to other pro forma calculations under this definition,
such pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Issuer. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such
Indebtedness shall be calculated as if the rate in effect on the Fixed Charge Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a
Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance
with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness
during the applicable period except as set forth in the first paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank
offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Issuer may designate. 

Furthermore, in calculating “Consolidated Fixed Charges” for purposes of determining the denominator (but not the numerator) of this
“Consolidated Fixed Charge Coverage Ratio,” 
  

	 	(a)	interest on outstanding Indebtedness determined on a fluctuating basis as of the date of determination and which will continue to be so determined thereafter will be deemed to have accrued at a fixed rate per annum
equal to the rate of interest on such Indebtedness in effect on such date of determination; 

  

	 	(b)	if interest on any Indebtedness actually Incurred on such date of determination may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or
other rates, then the interest rate in effect on such date of determination will be deemed to have been in effect during the Four Quarter Period; and 

  

	 	(c)	notwithstanding clause (a) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by Hedging Obligations, will be deemed to accrue at the rate per annum resulting
after giving effect to the operation of such agreements. 

  
 12 

 “Consolidated Fixed Charges” means, for any Person for any period, the sum,
without duplication, of: 
  

	 	(1)	Consolidated Interest Expense for such Person for such period, plus 

  

	 	(2)	to the extent not included in (1) above, payments during such period in respect of the financing costs of financial derivatives in the form of equity swaps, plus 

 

	 	(3)	the product of: 

  

	 	(a)	the amount of all cash and non-cash dividend payments on any series of Preferred Stock or Disqualified Capital Stock of such Person (other than dividends paid in Qualified Capital Stock) or any Subsidiary of such Person
(Restricted Subsidiary in the case of the Issuer) paid, accrued or scheduled to be paid or accrued during such period, excluding dividend payments on Preferred Stock or Disqualified Capital Stock paid, accrued or scheduled to be paid to such Person
or another Subsidiary (Restricted Subsidiary in the case of the Issuer), times 

  

	 	(b)	a fraction, the numerator of which is one and the denominator of which is one minus the then current effective tax rate of such Person in its principal taxpaying jurisdiction (Mexico, in the case of the Issuer),
expressed as a decimal. 

 “Consolidated Income Tax Expense” means, with respect to any Person for any
period, the provision for federal, state and local income and asset taxes payable, including current and deferred taxes, by such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer) for such period as determined on a
consolidated basis in accordance with GAAP. 
 “Consolidated Interest Expense” means, for any Person for any period, the
sum of, without duplication determined on a consolidated basis in accordance with GAAP: 
  

	 	(1)	the aggregate of cash and non-cash interest expense of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer) for such period determined on a consolidated basis in accordance with GAAP,
including, without limitation the following for such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer) whether or not interest expense in accordance with GAAP: 

 

	 	(a)	any amortization or accretion of debt discount or any interest paid on Indebtedness of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer) in the form of additional Indebtedness,

  
 13 

	 	(b)	any amortization of deferred financing costs; provided, that any such amortization resulting from costs incurred prior to the Issue Date shall be excluded for the calculation of Consolidated Interest Expense,

  

	 	(c)	the net costs under Hedging Obligations relating to Indebtedness (including amortization of fees but excluding foreign exchange adjustments on the notional amounts of the Hedging Obligations), 

 

	 	(d)	all capitalized interest, 

  

	 	(e)	the interest portion of any deferred payment obligation, 

  

	 	(f)	commissions, discounts and other fees and charges Incurred in respect of letters of credit or bankers’ acceptances or in connection with sales or other dispositions of accounts receivable and related assets,

  

	 	(g)	any interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Subsidiaries (Restricted Subsidiary in the case of the Issuer) or secured by a Lien on the assets of such Person or
one of its Subsidiaries (Restricted Subsidiaries in the case of the Issuer), whether or not such Guarantee or Lien is called upon, and 

  

	 	(h)	any interest accrued in respect of Indebtedness without a maturity date; and 

  

	 	(2)	the interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer) during such period.

 “Consolidated Net Income” means, with respect to any Person for any period, the aggregate net income (or
loss) of such Person and its Subsidiaries for such period on a consolidated basis (after deducting (i) the portion of such net income attributable to minority interests in Subsidiaries of such Person and (ii) any interest paid or accrued
in respect of Indebtedness without a maturity date), determined in accordance with GAAP; provided, that there shall be excluded therefrom: 
  

	 	(1)	net after-tax gains and losses from Asset Sale transactions or abandonments or reserves relating thereto; 

  

	 	(2)	net after-tax items classified as extraordinary gains or losses; 

  

	 	(3)	 the net income (but not loss) of any Subsidiary of such Person (non-Note Guarantor in the case of the Issuer) to the extent that a corresponding
amount could not be distributed to such Person at the date of determination as a result of any restriction pursuant to the constituent 

  
 14 

	 	
documents of such Subsidiary (non-Note Guarantor in the case of the Issuer) or any law, regulation, agreement or judgment applicable to any such distribution; 

 

	 	(4)	any net income (loss) of any Person (other than the Issuer) if such Person is not a Restricted Subsidiary, except that the Issuer’s equity in the net income of any such Person for such period shall be included in
such Consolidated Net Income up to the aggregate amount of cash distributed by such Person during such period to the Issuer or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution to a
Restricted Subsidiary, to the limitations contained in this clause); 

  

	 	(5)	[Reserved]; 

  

	 	(6)	any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date; 

 

	 	(7)	any gain (or loss) from foreign exchange translation or change in net monetary position; 

  

	 	(8)	any gain (or loss) from the cumulative effect of changes in accounting principles; and 

  

	 	(9)	any net gain or loss (after any offset) resulting in such period from Hedging Obligations or other derivative instruments; provided, that the net effect on income or loss (including in any prior periods) shall be
included upon any termination or early extinguishment of such Hedging Obligations or other derivative instrument, other than any Hedging Obligations with respect to Indebtedness (that is not itself a Hedging Obligation) and that are extinguished
concurrently with the termination or other prepayment of such Indebtedness. 

 “Consolidated Non-cash
Charges” means, for any Person for any period, the aggregate depreciation, amortization (including amortization of goodwill and other Intangible Assets) and other non-cash expenses or losses of such Person and its Subsidiaries (Restricted
Subsidiaries in the case of the Issuer) for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charge which constitutes an accrual of or a reserve for cash charges for any future period or the amortization of
a prepaid cash expense paid in a prior period). 
 “Consolidated Tangible Assets” means, for any Person at any time, the
total consolidated assets of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Issuer) as set forth on the balance sheet as of the most recent fiscal quarter of such Person, prepared in accordance with GAAP, less
Intangible Assets. 

  
 15 

 “Corporate Trust Office” means the principal office of the Trustee at which at
any time its corporate trust business shall be administered, which office at the date hereof is located at 101 Barclay Street, 7E, New York, New York 10286, Attention: International Corporate Trust, or such other address as the Trustee may designate
from time to time by notice to the Holders and the Issuer. 
 “Covenant Defeasance” has the meaning assigned to it in
Section 8.1(c). 
 “Covenant Suspension Event” has the meaning assigned to it in Section 3.22(b).

 “Currency Agreement” means, in respect of any Person, any foreign exchange contract, currency swap agreement or other
similar agreement as to which such Person is a party designed to hedge foreign currency risk of such Person. 
 “Custodian”
means any receiver, trustee, conciliador, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law. 

“Default” means an event or condition the occurrence of which is, or with the lapse of time or the giving of notice or both
would be, an Event of Default. 
 “Defaulted Interest” has the meaning assigned to it in Section 2.13 and
Section 1, paragraph 2 of the Form of Reverse Side of Note contained in Exhibit A hereto. 
 “Designated
Non-cash Consideration” means the Fair Market Value of non-cash consideration received by the Issuer or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an
Officer’s Certificate setting forth the basis of such valuation. 
 “Designation” has the meaning assigned to it in
Section 3.14(a). 
 “Designation Amount” has the meaning assigned to it in clause (iii) of
Section 3.14(a). 
 “Disposition” means, with respect to any property, any sale, lease, Sale and Leaseback
Transaction, assignment, conveyance, transfer or other disposition thereof. 
 “Disqualified Capital Stock” means that
portion of any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the Holder thereof), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the Holder thereof, in any case, on or prior to the 91st day after the final maturity date of the Notes, but excluding with respect to Mexican
companies, any shares of such Mexican company that are part of the variable portion of its Capital Stock and that are redeemable under the Mexican General Law of Business Corporations (Ley General de Sociedades Mercantiles). 

“Distribution Compliance Period” means, in respect of any Regulation S Global Note (or Certificated Note issued in respect
thereof pursuant to Section 2.7(c)), the 40 

  
 16 

 
consecutive days beginning on and including the later of (a) the day on which any Notes represented thereby are offered to persons other than distributors (as defined in Regulation S)
pursuant to Regulation S or (b) the issue date for such Notes. 
 “DTC” means The Depository Trust Company, its
nominees and their respective successors and assigns, or such other depositary institution hereinafter appointed by the Issuer that is a clearing agency registered under the Exchange Act. 

“Equity Offering” has the meaning assigned to it in Section 5 of the Form of Reverse Side of Note contained in Exhibit A
hereto. 
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System, N.V., or its successor in such
capacity. 
 “Event of Default” has the meaning assigned to it in Section 6.1. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 

“Existing Senior Notes” means the U.S. Dollar-denominated 9.250% Senior Secured Notes due 2020 guaranteed by the Issuer,
the U.S. Dollar-denominated 9.000% Senior Secured Notes due 2018 issued by the Issuer, the U.S. Dollar-denominated Floating Rate Senior Secured Notes due 2015 issued by the Issuer, the U.S. Dollar-denominated 9.875% Senior Secured
Notes due 2019 guaranteed by the Issuer, the Euro-denominated 9.875% Senior Secured Notes due 2019 guaranteed by the Issuer, the U.S. Dollar-denominated 9.500% Senior Secured Notes due 2018 issued by the Issuer, the U.S. Dollar-denominated
9.375% Senior Secured Notes due 2022 guaranteed by the Issuer, the U.S. Dollar-denominated 5.875% Senior Secured Notes due 2019 issued by the Issuer, the U.S. Dollar-denominated 6.500% Senior Secured Notes due 2019 issued by the Issuer,
the U.S. Dollar-denominated 7.250% Senior Secured Notes due 2021 issued by the Issuer, the U.S. Dollar-denominated Floating Rate Senior Secured Notes due 2018 issued by the Issuer, the U.S. Dollar-denominated 6.000% Senior Secured
Notes due 2024 guaranteed by the Issuer, the Euro-denominated 5.250% Senior Secured Notes due 2021 guaranteed by the Issuer and the Other Notes. 

“Facilities Agreement” means the facilities agreement, dated as of September 17, 2012, entered into among the Issuer and
certain of its Subsidiaries, the financial institutions and noteholders party thereto, Citibank International PLC, as new administrative agent, and the Security Agent, as such agreement may be amended, modified or waived from time to time. 

“Facilities Agreement Indebtedness” means the Indebtedness that is subject to and outstanding under the Facilities Agreement.

 “Fair Market Value” means, with respect to any asset, the price (after taking into account any liabilities relating to
such assets) which could be negotiated in an arm’s-length free market transaction, for cash, between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete the transaction. Fair Market Value shall be
determined, except as otherwise provided, by the Issuer in good faith. 
 “Fitch” means Fitch Ratings and any successor to
its rating agency business. 

  
 17 

 “Four Quarter Period” has the meaning assigned to it in the definition of
“Consolidated Fixed Charge Coverage Ratio” above. 
 “Free Reserves Available for Distribution” has the meaning
assigned to it in Section 10.6(c). 
 “French Note Guarantor” has the meaning assigned to it in
Section 10.5(a). 
 “GAAP” means IFRS as in effect on the Issue Date. At any time, and from time to time, after
the Issue Date, the Issuer may elect to apply IFRS as in effect at such time in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS as in effect on the date of such election;
provided, that any such election, once made, shall be irrevocable. The Issuer shall give notice of any such election to the Trustee. 

“Global Note” means any Note issued in fully registered form to DTC (or its nominee), as depositary for the beneficial owners
thereof, which shall be substantially in the form of Exhibit A, with appropriate legends as specified in Section 2.8 and Exhibit A hereto. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness
of any other Person: 
  

	 	(1)	to purchase or pay, or advance or supply funds for the purchase or payment of, such Indebtedness of such other Person, whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase
assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise, or 

  

	 	(2)	entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof, in whole or in part, 

provided, that “Guarantee” will not include endorsements for collection or deposit in the ordinary course of business. “Guarantee”
used as a verb has a corresponding meaning. 
 “Guaranteed Obligations” has the meaning assigned to it in
Section 10.1(a). 
 “Hedging Obligations” means the obligations of any Person pursuant to any Interest Rate
Agreement, Currency Agreement, Commodity Price Purchase Agreement or any Transportation Agreement, in each case, not entered into for speculative purposes. 

“Holder” means the Person in whose name a Note is registered in the Note Register. 

“IFRS” means the International Financial Reporting Standards as issued by the International Accounting Standards Board. 

“Incur” means, with respect to any Indebtedness or other obligation of any Person, to create, issue, incur (including by
conversion, exchange or otherwise), assume, 

  
 18 

 
Guarantee or otherwise become liable in respect of such Indebtedness or other obligation on the balance sheet of such Person (and “Incurrence,” “Incurred” and
“Incurring” will have meanings correlative to the preceding). 
 “Indebtedness” means with respect to any
Person, without duplication: 
  

	 	(1)	the principal amount (or, if less, the accreted value) of all obligations of such Person for borrowed money; 

  

	 	(2)	the principal amount (or, if less, the accreted value) of all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, including any perpetual bonds, debenture notes or similar
instruments without regard to maturity date; 

  

	 	(3)	all Capitalized Lease Obligations of such Person; 

  

	 	(4)	all obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all payment obligations under any title retention agreement (but excluding trade accounts
payable and other accrued liabilities accounted for as current liabilities (in accordance with GAAP) arising in the ordinary course of business) to the extent of any reimbursement obligations in respect thereof; 

 

	 	(5)	reimbursement obligations with respect to letters of credit, banker’s acceptances or similar credit transactions; 

  

	 	(6)	Guarantees and other contingent obligations of such Person in respect of Indebtedness referred to in clauses (1) through (5) above and clauses (8) through (10) below; 

 

	 	(7)	all Indebtedness of any other Person of the type referred to in clauses (1) through (6) which is secured by any Lien on any property or asset of the first Person, the amount of such Indebtedness being deemed
to be the lesser of the Fair Market Value of such property or asset or the amount of the Indebtedness so secured; 

  

	 	(8)	all obligations under Hedging Obligations or other derivatives of such Person; 

  

	 	(9)	all liabilities (contingent or otherwise) of such Person in connection with a sale or other disposition of accounts receivable and related assets (not including Qualified Receivables Transactions), irrespective of their
treatment under GAAP or IFRS; and 

  
 19 

	 	(10)	all Disqualified Capital Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and
its maximum fixed repurchase price, but excluding accrued dividends, if any; provided, that:  

  

	 	(a)	if the Disqualified Capital Stock does not have a fixed repurchase price, such maximum fixed repurchase price will be calculated in accordance with the terms of the Disqualified Capital Stock as if the Disqualified
Capital Stock were purchased on any date on which Indebtedness will be required to be determined pursuant to this Indenture, and 

  

	 	(b)	if the maximum fixed repurchase price is based upon, or measured by, the fair market value of the Disqualified Capital Stock, the fair market value will be the Fair Market Value thereof. 

“Indenture” means this Indenture as amended or supplemented from time to time, including the Schedule and Exhibits hereto.

 “Intangible Assets” means with respect to any Person all unamortized debt discount and expense, unamortized deferred
charges, goodwill, patents, trademarks, service marks, trade names, copyrights and all other items which would be treated as intangibles on the consolidated balance sheet of such Person prepared in accordance with GAAP. 

“Intercreditor Agreement” means the intercreditor agreement, dated as of September 17, 2012, entered into among the
Issuer and certain of its Subsidiaries, the financial institutions and noteholders party thereto, Citibank International PLC, as facility agent, and the Security Agent, as such agreement may be amended from time to time. 

“Interest Payment Date” means the stated due date of an installment of interest on the Notes as specified in the Form of Face
of Note contained in Exhibit A hereto. 
 “Interest Rate Agreement” of any Person means any interest rate
protection agreement (including, without limitation, interest rate swaps, caps, floors, collars, derivative instruments and similar agreements) and/or other types of hedging agreements designed to hedge interest rate risk of such Person. 

“Inventory Financing” means a financing arrangement pursuant to which the Issuer or any of its Restricted Subsidiaries sells
inventory to a bank or other institution (or a special purpose vehicle or partnership incorporated or established by or on behalf of such bank or other institution or an Affiliate of such bank or other institution) and has an obligation to
repurchase such inventory to the extent that it is not sold to a third party within a specified period. 
 “Investment”
means, with respect to any Person, any (1) direct or indirect loan, advance or other extension of credit (including, without limitation, a Guarantee) to any other Person, (2) capital contribution (by means of any transfer of cash or other
property to others or any payment for property or services for the account or use of others) to any other Person, or (3) purchase or acquisition by such Person of any Capital Stock, bonds, notes, debentures or other securities or evidences of
Indebtedness issued by any other Person. “Investment” will exclude 

  
 20 

 
accounts receivable, extensions of credit in connection with supplier or customer financings consistent with industry or past practice, advance payment of capital expenditures arising in the
ordinary course of business, deposits arising in the ordinary course of business and transactions (other than (i) any sale, lease, license, transfer or other disposal and (ii) the granting or creation of a Lien or the Incurring or
permitting to subsist of Indebtedness) conducted in the ordinary course of business on arm’s-length terms. 
 For purposes of
Section 3.11, the Issuer will be deemed to have made an “Investment” in an Unrestricted Subsidiary at the time of its Designation, which will be valued at the Fair Market Value of the sum of the net assets of such Unrestricted
Subsidiary multiplied by the percentage equity ownership of the Issuer and its Restricted Subsidiaries in such designated Unrestricted Subsidiary at the time of its Designation and the amount of any Indebtedness of such Unrestricted Subsidiary or
owed to the Issuer or any Restricted Subsidiary immediately following such Designation. Any property transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such transfer. If the Issuer or any
Restricted Subsidiary sells or otherwise disposes of any Capital Stock of a Restricted Subsidiary (including any issuance and sale of Capital Stock by a Restricted Subsidiary) such that, after giving effect to any such sale or disposition, such
Restricted Subsidiary would cease to be a Subsidiary of the Issuer, the Issuer will be deemed to have made an Investment on the date of any such sale or disposition equal to sum of the Fair Market Value of the Capital Stock of such former Restricted
Subsidiary held by the Issuer or any Restricted Subsidiary immediately following such sale or other disposition and the amount of any Indebtedness of such former Restricted Subsidiary Guaranteed by the Issuer or any Restricted Subsidiary or owed to
the Issuer or any other Restricted Subsidiary immediately following such sale or other disposition. The acquisition by the Issuer or any Restricted Subsidiary of the Issuer of a Person that holds an Investment in a third Person will be deemed to be
an Investment by the Issuer or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person. Except as otherwise provided in this Indenture, the
amount of an Investment will be determined at the time the Investment is made without giving effect to subsequent changes in value. 

“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent)
by Moody’s and BBB- (or the equivalent) by S&P. 
 “Investment Return” means, in respect of any Investment (other
than a Permitted Investment) made after the Issue Date by the Issuer or any Restricted Subsidiary: 
  

	 	(1)	the cash proceeds received by the Issuer upon the sale, liquidation or repayment of such Investment or, in the case of a Guarantee, the amount of the Guarantee upon the unconditional release of the Issuer and its
Restricted Subsidiaries in full, less any payments previously made by the Issuer or any Restricted Subsidiary in respect of such Guarantee; 

  
 21 

	 	(2)	in the case of the Revocation of the Designation of an Unrestricted Subsidiary, an amount equal to the lesser of: 

  

	 	(a)	the Issuer’s Investment in such Unrestricted Subsidiary at the time of such Revocation; 

  

	 	(b)	that portion of the Fair Market Value of the net assets of such Unrestricted Subsidiary at the time of Revocation that is proportionate to the Issuer’s equity interest in such Unrestricted Subsidiary at the time of
Revocation; and 

  

	 	(c)	the Designation Amount with respect to such Unrestricted Subsidiary upon its Designation which was treated as a Restricted Payment; 

  

	 	(3)	in the event the Issuer or any Restricted Subsidiary makes any Investment in a Person that, as a result of or in connection with such Investment, becomes a Restricted Subsidiary, the existing Investment of the Issuer
and its Restricted Subsidiaries in such Person, 

 in the case of each of (1), (2) and (3), up to the amount of such Investment that was
treated as a Restricted Payment under Section 3.11 less the amount of any previous Investment Return in respect of such Investment. 

“Issue Date” means the first date of issuance of the Notes under this Indenture and following a Partial Covenant
Suspension Event or a Covenant Suspension Event, except under “Optional Redemption for Changes in Withholding Taxes” under clause (5) in Exhibit A hereto, Section 3.22 and the definition of “Permitted
Liens,” the most recent Partial Covenant Reversion Date or Reversion Date, as applicable.  
 “Issue Date
Notes” means the U.S.$1,100,000,000 aggregate principal amount of Notes originally issued on the Issue Date, and any replacement Notes issued therefor in accordance with this Indenture. 

“Issuer” means the party named as such in the introductory paragraph to this Indenture and its successors and assigns. 

“Issuer Order” has the meaning assigned to it in Section 2.2(c). 

“Legal Defeasance” has the meaning assigned to it in Section 8.1(b). 

“Legal Holiday” has the meaning assigned to it in Section 12.6. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset. The Issuer or any Restricted Subsidiary shall be deemed to own, subject to a Lien, any asset that it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capitalized Lease
Obligations or other title retention lease relating to such asset, or any account receivable transferred by it with recourse (including any such transfer subject to a holdback or similar arrangement that effectively imposes the risk of
collectability on the transferor). 

  
 22 

 “Material Acquisition” means: 

 

	 	(1)	an Investment by the Issuer or any Restricted Subsidiary in any other Person pursuant to which such Person will become a Restricted Subsidiary, or will be merged with or into the Issuer or any Restricted Subsidiary;

  

	 	(2)	the acquisition by the Issuer or any Restricted Subsidiary of the assets of any Person (other than a Subsidiary of the Issuer) which constitute all or substantially all of the assets of such Person or comprises any
division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business; or 

  

	 	(3)	any Revocation with respect to an Unrestricted Subsidiary; 

 in each case which involves an Investment,
Designation or payment of consideration in excess of U.S.$25,000,000 (or the equivalent in other currencies). 
 “Material
Disposition” means any Asset Sale and, whether or not constituting an Asset Sale, (1) any sale or other disposition of Capital Stock, (2) any Designation with respect to an Unrestricted Subsidiary and (3) any sale or other
disposition of property or assets excluded from the definition of Asset Sale by clause (4) of that definition, in each case which involves an Investment, Designation or payment of consideration in excess of U.S.$25,000,000 (or the equivalent in
other currencies). 
 “Maturity Date” means January 11, 2025. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents, including
payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents received by the Issuer or any of its Restricted Subsidiaries from such Asset Sale, net of: 

 

	 	(1)	reasonable out-of-pocket expenses and fees relating to such Asset Sale (including, without limitation, legal, accounting and investment banking fees and sales commissions); 

 

	 	(2)	taxes paid or payable in respect of such Asset Sale after taking into account any reduction in consolidated tax liability due to available tax credits or deductions and any tax sharing arrangements; 

  
 23 

	 	(3)	repayment of Indebtedness secured by a Lien permitted under this Indenture that is required to be repaid in connection with such Asset Sale; and 

 

	 	(4)	appropriate amounts to be provided by the Issuer or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with GAAP, against any liabilities associated with such Asset Sale and retained by the
Issuer or any Restricted Subsidiary, as the case may be, after such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any
indemnification obligations associated with such Asset Sale, but excluding any reserves with respect to Indebtedness. 

“Non-U.S. Person” means a person who is not a U.S. person, as defined in Regulation S. 

“Note Custodian” means the custodian with respect to any Global Note appointed by DTC, or any successor Person thereto, and
shall initially be the Trustee. 
 “Note Guarantee” means any guarantee of the Issuer’s Obligations under this
Indenture and the Notes by any Note Guarantor pursuant to Article X. 
 “Note Guarantors” means (i) each
of the Issuer’s Restricted Subsidiaries that executes this Indenture as a Note Guarantor or an Additional Note Guarantor and (ii) each of the Issuer’s Restricted Subsidiaries that in the future executes a supplemental indenture in
which such Restricted Subsidiary agrees to be bound by the terms of this Indenture as a Note Guarantor, and their respective successors and assigns; provided, that any Person constituting a Note Guarantor as described above shall cease to constitute
a Note Guarantor when its respective Note Guarantee is released in accordance with the terms of this Indenture. 
 “Note
Register” has the meaning assigned to it in Section 2.3(a). 
 “Notes” means any of the Issuer’s
5.700% Senior Secured Notes due 2025 issued and authenticated pursuant to this Indenture. 
 “Obligations” means, with
respect to any Indebtedness, any principal, interest (including, without limitation, Post-Petition Interest), penalties, fees, indemnifications, reimbursements, damages, and other liabilities payable under the documentation governing such
Indebtedness, including, in the case of the Notes and the Note Guarantees, this Indenture. 
 “Officer” means, when used in
connection with any action to be taken by the Issuer or a Note Guarantor, as the case may be, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer, the Controller, the
Secretary or an attorney-in-fact of the Issuer or such Note Guarantor, as the case may be. 
 “Officer’s Certificate”
means a certificate signed on behalf of a Person by an Officer of such Person, who must be the principal executive officer, the principal financial officer, the treasurer, the Vice President – Corporate Finance, the principal accounting officer
or an attorney-in-fact of such Person, that meets the requirements set forth in this Indenture. 

  
 24 

 “Opinion of Counsel” means a written opinion of counsel, who, unless otherwise
indicated in this Indenture, may be an employee of or counsel for the Issuer or any Note Guarantor, and who shall be reasonably acceptable to the Trustee. 

“Other Notes” means the €400,000,000 million aggregate principal amount of 4.750% Senior Secured Notes due 2022 of
the Issuer issued on the Issue Date. 
 “Outstanding” means, as of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture, except: 
  

	 	(1)	Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 

  

	 	(2)	Notes, or portions thereof, for the payment, redemption or, in the case of an Asset Sale Offer or Change of Control Offer, purchase of which, money in the necessary amount has been theretofore deposited with the Trustee
or any Paying Agent (other than the Issuer or an Affiliate of the Issuer) in trust or set aside and segregated in trust by the Issuer or an Affiliate of the Issuer (if the Issuer or such Affiliate is acting as the Paying Agent) for the Holders of
such Notes; provided, that if Notes (or portions thereof) are to be redeemed or purchased, notice of such redemption or purchase has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

  

	 	(3)	Notes which have been surrendered pursuant to Section 2.9 or Notes in exchange for which or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such
Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a protected purchaser in whose hands such Notes are valid obligations of the Issuer; and 

 

	 	(4)	solely to the extent provided in Article VIII, Notes which are subject to Legal Defeasance or Covenant Defeasance as provided in Article VIII; 

provided, however, that in determining whether the Holders of the requisite aggregate principal amount of the Outstanding Notes have given any request,
demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer, a Note Guarantor or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes which a Trust Officer of the Trustee actually knows to be so
owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that
the pledgee is not the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor. 

  
 25 

 “Partial Covenant Reversion Date” has the meaning set forth under
Section 3.22(e). 
 “Partial Covenant Suspension Date” has the meaning set forth under
Section 3.22(c). 
 “Partial Covenant Suspension Event” has the meaning set forth under
Section 3.22(a). 
 “Partial Suspended Covenants” has the meaning set forth under Section 3.22(a).

 “Partial Suspension Period” has the meaning set forth under Section 3.22(e). 

“Paying Agent” has the meaning assigned to it in Section 2.3(a). 

“Permitted Asset Swap Transaction” means a transaction consisting substantially of the concurrent (i) disposition by the
Issuer or any of its Restricted Subsidiaries of any asset, property or cash consideration (other than a Restricted Subsidiary) in exchange for assets, property or cash consideration transferred to the Issuer or a Restricted Subsidiary, to be used in
a Permitted Business or (ii) disposition by the Issuer or any of its Restricted Subsidiaries of Capital Stock of a Restricted Subsidiary in exchange for Capital Stock of another Restricted Subsidiary or of Capital Stock of any Person that
becomes a Restricted Subsidiary after giving effect to such transaction; provided, that any cash or Cash Equivalents received in such a transaction shall constitute Net Cash Proceeds to be applied in accordance with Section 3.12.

 “Permitted Business” means the business or businesses conducted by the Issuer and its Restricted Subsidiaries as of the
Issue Date and any business ancillary, complementary or related thereto or any other business that would not constitute a substantial change to the general nature of its business from that carried on as of the Issue Date. 

“Permitted Indebtedness” has the meaning set forth in Section 3.9(b). 

“Permitted Investments” means: 
  

	 	(1)	Investments by the Issuer or any Restricted Subsidiary in any Person that is, or that result in any Person becoming, immediately after such Investment, a Restricted Subsidiary or constituting a merger or consolidation
of such Person into the Issuer or with or into a Restricted Subsidiary; 

  

	 	(2)	any Investment in the Issuer; 

  

	 	(3)	Investments in cash and Cash Equivalents; 

  

	 	(4)	any extension, modification or renewal of any Investments existing as of the Issue Date (but not Investments involving additional advances, contributions or other investments of cash or property or other increases
thereof, other than as a result of the accrual or accretion of interest or original issue discount or payment-in-kind pursuant to the terms of such Investment as of the Issue Date); 

  
 26 

	 	(5)	Investments permitted pursuant to clause (ii), (vi) or (vii) of Section 3.18(b); 

  

	 	(6)	Investments received as a result of the bankruptcy or reorganization of any Person or taken in settlement of or other resolution of claims or disputes, and, in each case, extensions, modifications and renewals thereof;

  

	 	(7)	Investments made by the Issuer or its Restricted Subsidiaries as a result of non-cash consideration permitted to be received in connection with an Asset Sale made in compliance with Section 3.12;

  

	 	(8)	Investments in the form of Hedging Obligations or Compensation Related Hedging Obligations permitted under clause (iv) of Section 3.9(b); 

 

	 	(9)	Investments in existence on the Issue Date or made pursuant to binding commitments in effect on the Issue Date or any Investment consisting of any extension, modification or renewal of any Investment existing on the
Issue Date; provided, that the amount of any such Investment may be increased (a) as required by the terms of such Investment as in existence on the Issue Date or (b) as otherwise permitted by this Indenture; 

  

	 	(10)	Investments by the Issuer or any Restricted Subsidiary in a Receivables Entity in connection with a Qualified Receivables Transaction which does not constitute an Asset Sale by virtue of clause (7) of the
definition thereof; provided, however, that any such Investments are made only in the form of Receivables Assets;  

  

	 	(11)	Investments in marketable securities or instruments, to fund the Issuer’s or a Restricted Subsidiary’s pension and other employee-related obligations in the ordinary course of business pursuant to compensation
arrangements approved by the Board of Directors or senior management of the Issuer; 

  

	 	(12)	any Investment that: 

  

	 	(a)	when taken together with all other Investments made pursuant to this clause (12) that are at the time outstanding (net of cash benefits to the Issuer or a Restricted Subsidiary from Investments pursuant to this
clause (12)), does not exceed the greater of U.S.$250 million and 3% of Consolidated Tangible Assets; or 

  

	 	(b)	when taken together with all other Investments made pursuant to this clause (12) in any fiscal year that are at the time outstanding, does not exceed U.S.$100 million in any fiscal year; 

  
 27 

	 	(13)	Investments in the Capital Stock of any Person other than a Restricted Subsidiary that are required to be held pursuant to an involuntary governmental order of condemnation, nationalization, seizure or expropriation or
other similar order with respect to Capital Stock of such Person (prior to which order such Person was a Restricted Subsidiary); provided, that such Person contests such order in good faith in appropriate proceedings; 

  

	 	(14)	repurchases of Existing Senior Notes or the Notes; 

  

	 	(15)	Investments in the SPV Perpetuals or the notes related thereto; provided, that any payment or other contribution to one of the special purpose vehicles issuing the SPV Perpetuals in connection with such
Investment is promptly paid or contributed to the Issuer or a Restricted Subsidiary following receipt thereof;  

  

	 	(16)	any Investment that constitutes Indebtedness permitted under clause (vii)(E) of Section 3.9(b); and 

  

	 	(17)	(a) Investments to which the Issuer or any of its Restricted Subsidiaries is contractually committed as of the Issue Date in any Person other than a Subsidiary in which the Issuer or any of its Restricted Subsidiaries
maintains an Investment in equity securities and (b) Investments in any Person other than a Subsidiary in which the Issuer or any of its Restricted Subsidiaries maintains an Investment in equity securities up to U.S.$100 million in any calendar
year minus the amount of any guarantees under clause (xviii) of Section 3.9(b). 

 “Permitted
Liens” means any of the following: 
  

	 	(1)	statutory Liens of landlords and Liens of carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of business for sums not yet due or the payment of which is being contested in good faith by
appropriate proceedings promptly initiated and diligently conducted and for which such reserves or other appropriate provision, if any, as shall be required by GAAP, shall have been made and any other Liens created by operation of law;

  

	 	(2)	Liens Incurred or deposits made in the ordinary course of business in connection with (i) workers’ compensation, unemployment insurance and other types of social security or (ii) other insurance
maintained by the Issuer and its Subsidiaries in compliance with the Facilities Agreement (or any refinancing thereof); 

  

	 	(3)	Liens for taxes, assessments and other governmental charges the payment of which is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserves or
other appropriate provision, if any, as shall be required by GAAP shall have been made; 

  
 28 

	 	(4)	any attachment or judgment Lien, unless the judgment it secures shall not, within 60 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged
within 60 days after the expiration of any such stay; 

  

	 	(5)	(i) Liens existing on the Issue Date other than in respect of the Collateral and (ii) Liens in respect of the Collateral to the extent equally and ratably securing the Notes and the Permitted Secured Obligations;

  

	 	(6)	any Lien on property acquired by the Issuer or its Restricted Subsidiaries after the Issue Date that was existing on the date of acquisition of such property; provided, that such Lien was not incurred in
anticipation of such acquisition, and any Lien created to secure all or any part of the purchase price, or to secure Indebtedness incurred or assumed to pay all or any part of the purchase price, of property acquired by the Issuer or any of its
Restricted Subsidiaries after the Issue Date; provided further, that (A) any such Lien permitted pursuant to this clause (6) shall be confined solely to the item or items of property so acquired (including, in the case of any
Acquisition of a corporation through the acquisition of 51% or more of the Voting Stock of such corporation, the stock and assets of any Acquired Subsidiary or Acquiring Subsidiary) and, if required by the terms of the instrument originally creating
such Lien, other property which is an improvement to, or is acquired for specific use with, such acquired property; and (B) if applicable, any such Lien shall be created within nine months after, in the case of property, its acquisition, or, in
the case of improvements, their completion;  

  

	 	(7)	any Liens renewing, extending or refunding any Lien permitted by clause (5)(i) above; provided, that such Lien is not extended to other property (or, instead, is only extended to equivalent property) and the
principal amount of Indebtedness secured by such Lien immediately prior thereto is not increased or the maturity thereof reduced, except that the principal amount secured by any such Lien in respect of: 

 

	 	(a)	hedging obligations or other derivatives where there are fluctuations in mark-to-market exposures of those hedging obligations or other derivatives, 

 

	 	(b)	Indebtedness consisting of any “Certificados Bursátiles de Largo Plazo” or the Bancomext Facility, or any Refinancing thereof, where principal may increase by virtue of capitalization of
interest, and  

  

	 	(c)	the Banobras Facility to the extent additional amounts are drawn thereunder, 

  
 29 

 may be increased by the amount of such fluctuations, capitalizations or drawings, as the case
may be; 
  

	 	(8)	Liens on Receivables Assets or Capital Stock of a Receivables Subsidiary, in each case granted in connection with a Qualified Receivables Transaction; 

 

	 	(9)	Liens granted pursuant to or in connection with any netting or set-off arrangements entered into in the ordinary course of business; 

 

	 	(10)	any Lien permitted by the Trustee, acting pursuant to the instructions of at least 50% of the Holders; 

  

	 	(11)	any Lien granted by the Issuer or any of its Restricted Subsidiaries to secure Indebtedness under a Permitted Liquidity Facility; provided, that: (i) such Lien is not granted in respect of the Collateral,
and (ii) the maximum amount of such Indebtedness secured by such Lien does not exceed U.S.$500 million at any time; or  

  

	 	(12)	in addition to the Liens permitted by the foregoing clauses (1) through (11), Liens securing obligations of the Issuer and its Restricted Subsidiaries that in the aggregate secure obligations in an amount not in
excess of the greater of (i) 5% of Consolidated Tangible Assets and (ii) U.S.$700 million. 

 “Permitted
Liquidity Facility” means a loan facility or facilities made available to the Issuer or any Restricted Subsidiary; provided, that the aggregate principal amount of utilized and unutilized commitments under such facilities must not
exceed U.S.$1 billion (or its equivalent in another currency) at any time. 
 “Permitted Merger Jurisdiction” has the
meaning set forth in Section 4.1(a). 
 “Permitted Secured Obligations” means (i) the Facilities Agreement
Indebtedness and any refinancing thereof made in accordance with the Facilities Agreement that is secured by the Collateral, (ii) notes (or similar instruments, including Certificados Bursátiles) outstanding on the date of the
Facilities Agreement required to be secured by the Collateral pursuant to their terms, or any refinancing thereof permitted by the Facilities Agreement, (iii) future Indebtedness secured by the Collateral to the extent permitted by the
Facilities Agreement and (iv) the Existing Senior Notes. 
 “Person” means an individual, partnership, limited
partnership, corporation, company, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 

  
 30 

 “Post-Petition Interest” means all interest accrued or accruing after the
commencement of any insolvency or liquidation proceeding (and interest that would accrue but for the commencement of any insolvency or liquidation proceeding) in accordance with and at the contract rate (including, without limitation, any rate
applicable upon default) specified in the agreement or instrument creating, evidencing or governing any Indebtedness, whether or not, pursuant to applicable law or otherwise, the claim for such interest is allowed as a claim in such insolvency or
liquidation proceeding. 
 “Preferred Stock” of any Person means any Capital Stock of such Person that has preferential
rights over any other Capital Stock of such Person with respect to dividends, distributions or redemptions or upon liquidation. 

“Private Placement Legend” has the meaning assigned to it in Section 2.8(b). 

“Purchase Money Indebtedness” means Indebtedness Incurred for the purpose of financing all or any part of the purchase price
or cost of construction of any property other than Capital Stock; provided, that the aggregate principal amount of such Indebtedness does not exceed the lesser of the Fair Market Value of such property or such purchase price or cost,
including any Refinancing of such Indebtedness that does not increase the aggregate principal amount (or accreted amount, if less) thereof as of the date of Refinancing. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Qualified Capital Stock” means any Capital Stock that is not Disqualified Capital Stock and any warrants, rights or options
to purchase or acquire Capital Stock that is not Disqualified Capital Stock that are not convertible into or exchangeable into Disqualified Capital Stock. 

“Qualified Receivables Transaction” means any transaction or series of transactions that may be entered into by the Issuer or
any Restricted Subsidiary pursuant to which the Issuer or any Restricted Subsidiary may sell, convey, assign or otherwise transfer to a Receivables Entity any Receivables Assets to obtain funding for the operations of the Issuer and its Restricted
Subsidiaries: 
  

	 	(1)	for which no term of any portion of the Indebtedness or any other obligations (contingent or otherwise) or securities Incurred or issued by any Person in connection therewith: 

 

	 	(a)	directly or indirectly provides for recourse to, or any obligation of, the Issuer or any Restricted Subsidiary in any way, whether pursuant to a Guarantee or otherwise, except for Standard Undertakings,

  

	 	(b)	directly or indirectly subjects any property or asset of the Issuer or any Restricted Subsidiary (other than Capital Stock of a Receivables Subsidiary) to the satisfaction thereof, except for Standard Undertakings, or

  

	 	(c)	results in such Indebtedness, other obligations or securities constituting Indebtedness of the Issuer or a Restricted Subsidiary, including following a default thereunder, and 

  
 31 

	 	(2)	for which the terms of any Affiliate Transaction between the Issuer or any Restricted Subsidiary, on the one hand, and any Receivables Entity, on the other, other than Standard Undertakings and Permitted Investments,
are no less favorable than those that could reasonably be expected to be obtained in a comparable transaction at such time on an arm’s length basis from a Person that is not an Affiliate of the Issuer, and 

 

	 	(3)	in connection with which, neither the Issuer nor any Restricted Subsidiary has any obligation to maintain or preserve a Receivable Entity’s financial condition, cause a Receivables Entity to achieve certain levels
of operating results, fund losses of a Receivables Entity, or except in connection with Standard Undertakings, purchase assets of a Receivables Entity. 

“Rating Agencies” mean Fitch, Moody’s and S&P. In the event that Fitch, Moody’s or S&P is no longer in
existence or issuing ratings, such organization may be replaced by a nationally recognized statistical rating organization (as defined in Rule 15c3-1(c)(2)(vi)(F) of the Exchange Act or any successor provision) designated by the Issuer with notice
to the Trustee. 
 “Receivables Assets” means: 
  

	 	(1)	accounts receivable, leases, conditional sale agreements, instruments, chattel paper, installment sale contracts, obligations, general intangibles, and other similar assets, in each case relating to goods, inventory or
services of the Issuer and its Subsidiaries, 

  

	 	(2)	equipment and equipment residuals relating to any of the foregoing, 

  

	 	(3)	contractual rights, Guarantees, letters of credit, Liens, insurance proceeds, collections and other similar assets, in each case related to the foregoing, and 

 

	 	(4)	proceeds of all of the foregoing. 

 “Receivables Entity” means a Receivables
Subsidiary or any other Person not an Affiliate of the Issuer, in each case whose sole business activity is to engage in Qualified Receivables Transactions, including to issue securities or other interests in connection with a Qualified Receivables
Transaction. 
 “Receivables Subsidiary” means an Unrestricted Subsidiary of the Issuer that engages in no activities other
than Qualified Receivables Transactions and activities related thereto and that is designated by the Issuer as a Receivables Subsidiary. Any such designation by the Issuer will be evidenced to the Trustee by filing with the Trustee an Officer’s
Certificate of the Issuer. 

  
 32 

 “Record Date” has the meaning assigned to it in the Form of Face of Note
contained in Exhibit A hereto. 
 “Redemption Date” means, with respect to any redemption of the Notes, the
date fixed for such redemption pursuant to this Indenture and the Notes. 
 “Refinance” means, in respect of any
Indebtedness, to issue any Indebtedness in exchange for or to refinance, repay, redeem, replace, defease or refund such Indebtedness in whole or in part. “Refinanced” and “Refinancing” will have correlative meanings. 

“Refinancing Indebtedness” means Indebtedness of the Issuer or any Restricted Subsidiary issued to Refinance any other
Indebtedness of the Issuer or a Restricted Subsidiary so long as: 
  

	 	(1)	the aggregate principal amount (or initial accreted value, if applicable) of such new Indebtedness as of the date of such proposed Refinancing does not exceed the aggregate principal amount (or accreted value as of such
date, if applicable) of the Indebtedness being Refinanced (plus the amount of any premium required to be paid under the terms of the instrument governing such Indebtedness and the amount of reasonable expenses incurred by the Issuer in connection
with such Refinancing); 

  

	 	(2)	such new Indebtedness has: 

  

	 	(a)	a Weighted Average Life to Maturity that is equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being Refinanced, and 

 

	 	(b)	a final maturity that is equal to or later than the final maturity of the Indebtedness being Refinanced or, in the case of Indebtedness without a stated maturity, December 14, 2017; and 

 

	 	(3)	if the Indebtedness being Refinanced is: 

  

	 	(a)	Indebtedness of the Issuer, then such Refinancing Indebtedness will be Indebtedness of the Issuer and/or any Note Guarantor, 

  

	 	(b)	Indebtedness of a Note Guarantor, then such Refinancing Indebtedness will be Indebtedness of the Issuer and/or any Note Guarantor, 

  

	 	(c)	Indebtedness of any of the Restricted Subsidiaries, then such Refinancing Indebtedness will be Indebtedness of such Restricted Subsidiary, the Issuer and/or any Note Guarantor, and 

 

	 	(d)	Subordinated Indebtedness, then such Refinancing Indebtedness shall be subordinate to the Notes or the relevant Note Guarantee, if applicable, at least to the same extent and in the same manner as the Indebtedness being
Refinanced. 

  
 33 

 Notwithstanding the foregoing, with respect to any hedging obligations or derivatives outstanding
on the Issue Date in respect of the Axtel Share Forward Transaction, “Refinancing Indebtedness” shall mean any replacements, amendments or renewals thereof that are entered into on then prevailing market terms with the underlying amounts
not greater than the original underlying amounts. 
 “Registrar” has the meaning assigned to it in
Section 2.3(a). 
 “Regulation S” means Regulation S under the Securities Act or any successor
regulation. 
 “Regulation S Global Note” has the meaning assigned to it in Section 2.1(e). 

“Resale Restriction Termination Date” means for any Restricted Note (or beneficial interest therein), that is (a) not a
Regulation S Global Note, the date on which the Issuer instructs the Trustee in writing to remove the Private Placement Legend from the Restricted Notes in accordance with the procedures described in Section 2.9(h) (which instruction is
expected to be given on or about the one year anniversary of the issuance of the Restricted Notes) or (b) a Regulation S Global Note (or Certificated Note issued in respect thereof pursuant to Section 2.7(c)), the date on which the
Distribution Compliance Period therefor terminates. 
 “Restricted Note” means any Issue Date Note (or beneficial interest
therein) or any Additional Note (or beneficial interest therein) not originally issued and sold pursuant to an effective registration statement under the Securities Act until such time as: 

 

	 	(i)	the Resale Restriction Termination Date therefor has passed; or 

  

	 	(ii)	the Private Placement Legend therefor has otherwise been removed pursuant to Section 2.9 or, in the case of a beneficial interest in a Global Note, such beneficial interest has been exchanged for an interest
in a Global Note not bearing a Private Placement Legend. 

 “Restricted Obligations” has the meaning assigned
to it in Section 10.6(b). 
 “Restricted Payment” has the meaning set forth in Section 3.11(a).

 “Restricted Subsidiary” means any Subsidiary of the Issuer, which at the time of determination is not an Unrestricted
Subsidiary. 
 “Reversion Date” has the meaning assigned to in Section 3.22(e). 

“Revocation” has the meaning set forth in Section 3.14(c). 

“Rule 144” means Rule 144 under the Securities Act (or any successor rule). 

  
 34 

 “Rule 144A” means Rule 144A under the Securities Act (or any successor rule).

 “Rule 144A Global Note” has the meaning assigned to it in Section 2.1(d). 

“S&P” means Standard & Poor’s Ratings Group and any successor to its rating agency business. 

“Sale and Leaseback Transaction” means any direct or indirect arrangement with any Person or to which any such Person is a
party providing for the leasing to the Issuer or a Restricted Subsidiary of any property, whether owned by the Issuer or any Restricted Subsidiary at the Issue Date or later acquired, which has been or is to be sold or transferred by the Issuer or
such Restricted Subsidiary to such Person or to any other Person by whom funds have been or are to be advanced on the security of such Property. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Security Agent” means Wilmington Trust (London) Limited, as security agent under the Intercreditor Agreement. 

“Security Documents” has the meaning assigned to it in Section 7.13. 

“Senior Indebtedness” means (i) the Notes and any other Indebtedness of the Issuer or any Note Guarantor that ranks
equal in right of payment with the Notes or the relevant Note Guarantee, as the case may be or (ii) Indebtedness for borrowed money or constituting Capitalized Lease Obligations of any Restricted Subsidiary other than a Note Guarantor. 

“Significant Subsidiary” means a Subsidiary of the Issuer constituting a “Significant Subsidiary” of the Issuer in
accordance with Rule 1-02(w) of Regulation S-X under the Securities Act in effect on the date hereof. 
 “Similar
Business” means (1) any business engaged in by the Issuer or any Restricted Subsidiary on the Issue Date, and (2) any business or other activities, including non-profit or charitable activities, that are reasonably similar,
ancillary, complementary or related to, or a reasonable extension, development or expansion of, the businesses and activities in which the Issuer or any Restricted Subsidiary is engaged on the Issue Date, including, but not limited to,
infrastructure projects, public works programs and consumer or supplier financing. 
 “Special Record Date” has the meaning
assigned to it in Section 2.13(a). 
 “SPV Perpetuals” means the perpetual debentures issued by special purpose
vehicles in December 2006, February 2007 and March 2007, as amended or supplemented from time to time. 
 “Standard
Undertakings” means representations, warranties, covenants, indemnities and similar obligations, including servicing obligations, entered into by the Issuer or any Subsidiary of the Issuer in connection with a Qualified Receivables
Transaction, which are customary in similar non-recourse receivables securitization, purchase or financing transactions. 

  
 35 

 “Subordinated Indebtedness” means, with respect to the Issuer or any Note
Guarantor, any Indebtedness of the Issuer or such Note Guarantor, as the case may be, which is expressly subordinated in right of payment to the Notes or the relevant Note Guarantee, as the case may be. 

“Subsidiary” means with respect to any Person, any corporation, partnership, joint venture, limited liability company, trust,
estate or other entity of which (or in which) more than fifty percent (50%) of (a) in the case of a corporation, the issued and outstanding Capital Stock having ordinary voting power to elect a majority of the board of directors of such
corporation (irrespective of whether at the time Capital Stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency that has not occurred and is not in the control of such Person),
(b) in the case of a limited liability company, partnership or joint venture, the voting or other power to control the actions of such limited liability company, partnership or joint venture or (c) in the case of a trust or estate, the
voting or other power to control the actions of such trust or estate, is at the time directly or indirectly owned or controlled by (X) such Person, (Y) such Person and one or more of its other Subsidiaries or (Z) one or more of such
Person’s other Subsidiaries. Unless the context otherwise requires, all references herein to a “Subsidiary” shall refer to a Subsidiary of the Issuer. 

“Successor Issuer” has the meaning assigned to it in Section 4.1(a). 

“Successor Note Guarantor” has the meaning assigned to it in Section 4.1(b). 

“Suspended Covenants” has the meaning assigned to it in Section 3.22(b). 

“Suspension Date” has the meaning assigned to it in Section 3.22(c). 

“Suspension Period” has the meaning assigned to it in Section 3.22(e). 

“Swiss Note Guarantor” has the meaning assigned to it in Section 10.6(a). 

“Taxes” has the meaning assigned to it in Section 3.21(a). 

“Taxing Jurisdiction” has the meaning assigned to it in Section 3.21(a). 

“Transfer Agent” has the meaning assigned to it in Section 2.3(a). 

“Transportation Agreements” means, in respect of any Person, any agreement or arrangement designed to protect such Person
from fluctuations in prices related to transportation. 
 “Trust Officer” means, when used with respect to the Trustee, any
officer within the corporate trust department of the Trustee, having direct responsibility for the administration of this Indenture, or any other officer of the Trustee to whom any corporate trust matter is referred because of such person’s
knowledge of and familiarity with the particular subject. 

  
 36 

 “Trustee” means the party named as such in the introductory paragraph to this
Indenture until a successor replaces it in accordance with the terms of this Indenture and, thereafter, means the successor. 

“Undervalued Asset” has the meaning assigned to it in Section 10.6(g). 

“USA PATRIOT Act” has the meaning assigned to it in Section 12.16. 

“U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such
obligations) of, or guaranteed by, the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or redeemable
at the issuer’s option. 
 “U.S. Legal Tender” means such coin or currency of the United States of America, as at the
time of payment shall be legal tender for the payment of public and private debts. 
 “U.S. Person” means a “U.S.
person” as defined in Regulation S. 
 “Uniform Commercial Code” means the Uniform Commercial Code as in effect
from time to time in the State of New York. 
 “Unrestricted Subsidiary” means any Subsidiary of the Issuer designated as
such pursuant to Section 3.14. Any such Designation may be revoked by the Issuer, subject to the provisions of such covenant. 

“Voting Stock” with respect to any Person, means securities of any class of Capital Stock of such Person entitling the
holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the Board of Directors (or equivalent governing body) of such Person. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years (calculated to
the nearest one-twelfth) obtained by dividing: 
  

	 	(1)	the sum of the products obtained by multiplying: 

  

	 	(a)	the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal or liquidation preference, as the case may be, including payment at final maturity, in respect thereof,
by 

  

	 	(b)	the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment; by 

  

	 	(2)	the then outstanding aggregate principal amount or liquidation preference, as the case may be, of such Indebtedness. 

  
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 “Wholly Owned Subsidiary” means, for any Person, any Subsidiary (Restricted
Subsidiary in the case of the Issuer) of which at least 99.5% of the outstanding Capital Stock (other than, in the case of a Subsidiary not organized in the United States, directors’ qualifying shares or an immaterial amount of shares required
to be owned by other Persons pursuant to applicable law) is owned by such Person or any other Person that satisfies this definition in respect of such Person. 

Section 1.2 [Reserved]. 

Section 1.3 Rules of Construction. Unless the context otherwise requires: 

 

	 	(1)	a term has the meaning assigned to it; 

  

	 	(2)	an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

  

	 	(3)	“or” is not exclusive; 

  

	 	(4)	“including” means including without limitation; 

  

	 	(5)	words in the singular include the plural and words in the plural include the singular; and 

  

	 	(6)	references to the payment of principal of the Notes shall include applicable premium, if any. 

  
 38 

 ARTICLE II 

THE NOTES 
 Section 2.1
Form and Dating. 
 (a) The Issue Date Notes are being originally offered and sold by the Issuer pursuant to a Purchase Agreement,
dated as of September 4, 2014, among the Issuer, the Note Guarantors party thereto, and Banco Bilbao Vizcaya Argentaria, S.A., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., HSBC Securities
(USA) Inc., ING Financial Markets LLC, J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Santander Investment Securities Inc., as Initial Purchasers with respect to the Notes. The Notes will be issued as one
or more Global Notes in fully registered form without interest coupons, and only in denominations of U.S.$200,000 and in integral multiples of U.S.$1,000 in excess thereof. Each such Global Note shall constitute a single Note for all purposes under
this Indenture. Certificated Notes, if issued pursuant to the terms hereof, will be issued in fully registered certificated form without coupons. The Notes may only be issued in definitive fully registered form without coupons and only in
denominations of U.S.$200,000 and in integral multiples of U.S.$1,000 in excess thereof. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. 

(b) The terms and provisions of the Notes, the form of which is in Exhibit A hereto, shall constitute, and are hereby expressly
made, a part of this Indenture, and, to the extent applicable, the Issuer, the Note Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. Except as
otherwise expressly permitted in this Indenture, all Notes (including Additional Notes) shall be identical in all respects. Notwithstanding any differences among them, all Notes issued under this Indenture shall vote and consent together on all
matters as one class and are otherwise treated as a single issue of securities. 
 (c) The Notes may have notations, legends or endorsements
as specified in Section 2.8 or as otherwise required by law, stock exchange rule or DTC, Euroclear or Clearstream rule or usage. The Issuer and the Trustee shall approve any changes to the form of the Notes attached to this Indenture and
any additional notation, legend or endorsement required to be inserted on them. Each Note shall be dated the date of its authentication. 

(d) Notes originally offered and sold to QIBs in reliance on Rule 144A will be issued in the form of one or more permanent Global Notes
(each, a “Rule 144A Global Note”). Each Rule 144A Global Note shall be deposited on behalf of the purchasers of the Notes represented thereby with the Note Custodian and registered in the name of DTC or its nominee, for credit
to the accounts maintained at DTC. In no event shall any Person hold an interest in a Rule 144A Global Note other than in or through accounts maintained at DTC. 

(e) Notes originally offered and sold outside the United States in reliance on Regulation S will be issued in the form of one or more
permanent Global Notes (each, a “Regulation S Global Note”). Each Regulation S Global Note shall be deposited on behalf of the purchasers of the Notes represented thereby with the Note Custodian and registered in the name

  
 39 

 
of DTC or its nominee, for credit to the accounts maintained at DTC by or on behalf of Euroclear or Clearstream. In no event shall any Person hold an interest in a Regulation S Global Note other
than in or through accounts maintained at DTC by or on behalf of Euroclear or Clearstream. 
 Section 2.2 Execution and
Authentication. 
 (a) Any Officer of the Issuer may sign the Notes for the Issuer by manual or facsimile signature. If an Officer whose
signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 

(b) A Note shall not be valid until manually authenticated by an authorized signatory of the Trustee or an agent appointed by the Trustee (and
reasonably acceptable to the Issuer) for such purpose (an “Authenticating Agent”). The signature of an authorized signatory of the Trustee or an Authenticating Agent on a Note shall be conclusive evidence that such Note has been
duly and validly authenticated and issued under this Indenture. Unless limited by the terms of its appointment, an Authenticating Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the
Trustee includes authentication by an Authenticating Agent. 
 (c) At any time and from time to time after the execution and delivery of
this Indenture, the Trustee shall authenticate and make available for delivery Notes upon a written order of the Issuer signed by an Officer of the Issuer (the “Issuer Order”). An Issuer Order shall specify the amount of the Notes
to be authenticated and the date on which the original issue of Notes is to be authenticated. 
 (d) In case a Successor Issuer has executed
an indenture supplemental hereto with the Trustee pursuant to Article IV, any of the Notes authenticated or delivered prior to such transaction may, from time to time, at the request of the Successor Issuer be exchanged for other Notes
executed in the name of the Successor Issuer with such changes in phraseology and form as may be appropriate, but otherwise identical to the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Issuer Order of the
Successor Issuer, shall authenticate and deliver Notes as specified in such order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a Successor Issuer pursuant to this
Section 2.2 in exchange or substitution for or upon registration of transfer of any Notes, such Successor Issuer, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time
Outstanding for Notes authenticated and delivered in such new name. 
 Section 2.3 Registrar, Paying Agent and Transfer Agent.

 (a) The Issuer shall maintain an office or agency in the Borough of Manhattan, City of New York, that shall keep a register of the Notes
(the “Note Register”) and of their transfer and exchange (the “Registrar”), where Notes may be presented or surrendered for registration of transfer or for exchange (the “Transfer Agent”), where Notes may
be presented for payment (the “Paying Agent”) and for the service of notices and demands to or upon the Issuer in respect of the Notes and this Indenture. The Issuer may have one or more co-Registrars

  
 40 

 
and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. In addition, the Issuer shall maintain a Paying Agent in a member state of the
European Union as required by Section 3.21(g). 
 (b) The Issuer shall enter into an appropriate agency agreement with any Registrar,
Paying Agent or co-Registrar not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and address
of each such agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.7. The Issuer or any Affiliate of the Issuer
may act as Paying Agent, Registrar or co-Registrar, or transfer agent. 
 (c) The Issuer initially designates the Corporate Trust Office of
the Trustee as such office or agency of the Issuer as required by Section 2.3(a) and appoints the Trustee as Registrar, Paying Agent, Transfer Agent and agent for service of demands and notices in connection with the Notes and this
Indenture, until such time as another Person is appointed as such. 
 Section 2.4 Paying Agent to Hold Money in Trust. 

The Issuer shall require each Paying Agent (other than the Trustee) to agree in writing that such Paying Agent shall hold in trust for the
benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal of or interest on the Notes and shall notify the Trustee in writing of any Default by the Issuer or any Note Guarantor in making any such payment. If
the Issuer or an Affiliate of the Issuer acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Issuer at any time may require a Paying Agent (other than the Trustee) to pay all money
held by it to the Trustee and to account for any funds disbursed by such Paying Agent. Upon complying with this Section 2.4, the Paying Agent (if other than the Issuer or any Affiliate of the Issuer) shall have no further liability for
the money delivered to the Trustee. Upon any proceeding under any Bankruptcy Law with respect to the Issuer or any Affiliate of the Issuer, if the Issuer or such Affiliate is then acting as Paying Agent, the Trustee shall replace the Issuer or such
Affiliate as Paying Agent. 
 Section 2.5 Holder Lists. The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of Holders. At any time that the Trustee is not the Registrar the Issuer shall furnish to the Trustee, in writing at least seven Business Days before each Interest Payment
Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders. 

Section 2.6 CUSIP Numbers. 

The Issuer in issuing Notes may use “CUSIP” numbers, as applicable (if then generally in use), and, if so, the Trustee shall use for
the Securities “CUSIP” number in notices to the Holders as a convenience to such Holders; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes
or as 

  
 41 

 
contained in any notice and that reliance may be placed only on the other identification numbers printed on the Notes, and any such notice shall not be affected by any defect in or omission of
such numbers. The Issuer will promptly notify the Trustee in writing of any changes in the “CUSIP” numbers. 
 Section 2.7
Global Note Provisions. 
 (a) Each Global Note initially shall: (i) be registered in the name of DTC or the nominee of DTC,
(ii) be delivered to the Note Custodian and (iii) bear the appropriate legends as set forth in Section 2.8 and Exhibit A hereto. Any Global Note may be represented by one or more certificates. The aggregate
principal amount of each Global Note may from time to time be increased or decreased by adjustments made on the records of the Note Custodian, as provided in this Indenture. 

(b) Except as provided in clause (iii) of Section 2.7(c), members of, or participants in, DTC (“Agent
Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by DTC or by the Note Custodian, and DTC may be treated by the Issuer, any Note Guarantor, the Trustee, the Paying Agent, the Transfer
Agent, the Note Custodian, the Registrar and any of their respective agents as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (i) prevent the Issuer, the Trustee, the
Paying Agent, the Transfer Agent, the Note Custodian, the Registrar or any of their respective agents from giving effect to any written certification, proxy or other authorization furnished by DTC or (ii) impair, as between DTC and its Agent
Members, the operation of customary practices of DTC governing the exercise of the rights of an owner of a beneficial interest in any Global Note. The registered Holder of a Global Note may grant proxies and otherwise authorize any person, including
DTC, or its nominee, Agent Members and persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Indenture or the Notes. 

(c) Except as provided in this Section 2.7(c), owners of beneficial interests in Global Notes will not be entitled to receive
Certificated Notes in exchange for such beneficial interests. 
  

	 	(i)	Certificated Notes shall be issued to all owners of beneficial interests in a Global Note in exchange for such beneficial interests if (A) DTC notifies the Issuer that it is unwilling or unable to continue as
depositary for such Global Note or (B) DTC ceases to be a clearing agency registered under the Exchange Act, at a time when DTC is required to be so registered in order to act as depositary, and in each case a successor depositary is not
appointed by the Issuer within 90 days of such notice. In connection with the exchange of an entire Global Note for Certificated Notes pursuant to this clause (i) of this Section 2.7(c), such Global Note shall be deemed to be
surrendered to the Trustee for cancellation, and the Issuer shall execute, and upon Issuer Order, the Trustee shall authenticate and deliver to each beneficial owner identified by DTC in exchange for its beneficial interest in such Global Note, an
equal aggregate principal amount of Certificated Notes of authorized denominations, and the Registrar shall register such exchanges in the Note Register. 

  
 42 

	 	(ii)	The owner of a beneficial interest in a Global Note will be entitled to receive Certificated Notes in exchange for such interest if an Event of Default has occurred and is continuing. If an Event of Default has occurred
and is continuing, upon receipt by the Registrar of instructions from Agent Members through DTC on behalf of the owner of a beneficial interest in a Global Note directing the Registrar to exchange such beneficial owner’s beneficial interest in
such Global Note for Certificated Notes, subject to and in accordance with the Applicable Procedures, the Issuer shall promptly execute, and upon Issuer Order, the Trustee shall authenticate and make available for delivery to such beneficial owner,
Certificated Notes in a principal amount equal to such beneficial interest in such Global Note. 

  

	 	(iii)	If (A) an event described in clause (i) of Section 2.7(c) occurs and Certificated Notes are not issued promptly to all beneficial owners or (B) the Registrar receives from a beneficial owner
the instructions described in clause (ii) of Section 2.7(c) and Certificated Notes are not issued promptly to any such beneficial owner, the Issuer expressly acknowledges, with respect to the right of any Holder to pursue a remedy
pursuant to Section 6.6 hereof, the right of any beneficial owner of Notes to pursue such remedy with respect to the portion of the Global Note that represents such beneficial owner’s Notes as if such Certificated Notes had been
issued. 

 Section 2.8 Legends. 

(a) Each Global Note shall bear the legend specified therefor in Exhibit A hereto on the face thereof. 

(b) Each Restricted Note shall bear the private placement legend specified therefor in Exhibit A hereto on the face thereof (the
“Private Placement Legend”). 
 (c) Each Note shall bear the Mexican law legend specified therefor in Exhibit A
hereto on the face thereof. 
 Section 2.9 Transfer and Exchange. 

(a) Transfers of Beneficial Interests in a Rule 144A Global Note. If the owner of a beneficial interest in a Rule 144A Global Note
that is a Restricted Note wishes to transfer such interest (or portion thereof) pursuant to Rule 144 (if available) or to a Non-U.S. Person pursuant to Regulation S: 
  

	 	(i)	upon receipt by the Registrar of: 

  

	 	(A)	instructions from an Agent Member given to DTC in accordance with the Applicable Procedures directing DTC to credit or cause to be credited a beneficial interest in the Regulation S Global Note in a principal amount
equal to the principal amount of the beneficial interest to be transferred, 

  
 43 

	 	(B)	instructions given in accordance with the Applicable Procedures containing information regarding the account to be credited with such increase, and 

 

	 	(C)	a certificate in the form of Exhibit B or Exhibit C hereto, as applicable, duly executed by the transferor; 

  

	 	(ii)	the Note Custodian shall increase the Regulation S Global Note and decrease the Rule 144A Global Note in accordance with the foregoing, and the Registrar shall register the transfer in the Note Register.

 (b) Transfers of Beneficial Interests in a Regulation S Global Note. Subject to the Applicable Procedures, the
following provisions shall apply with respect to any proposed transfer of an interest in a Regulation S Global Note that is a Restricted Note: 

If the owner of a beneficial interest in a Regulation S Global Note that is a Restricted Note wishes to transfer such interest (or a
portion thereof) to a QIB pursuant to Rule 144A: 
  

	 	(A)	upon receipt by the Registrar of: 

  

	 	(1)	instructions from an Agent Member given to DTC in accordance with the Applicable Procedures directing DTC to credit or cause to be credited a beneficial interest in the Rule 144A Global Note in a principal amount
equal to the principal amount of the beneficial interest to be transferred, 

  

	 	(2)	instructions given in accordance with the Applicable Procedures containing information regarding the account to be credited with such increase, and 

 

	 	(3)	a certificate in the form of Exhibit D hereto, duly executed by the transferor; 

  

	 	(B)	the Note Custodian shall increase the Rule 144A Global Note and decrease the Regulation S Global Note in accordance with the foregoing, and the Registrar shall register the transfer in the Note Register.

 (c) Other Transfers. Any registration of transfer of Restricted Notes (including Certificated Notes) not described
above (other than a transfer of a beneficial interest in a Global Note that does not involve an exchange of such interest for a Certificated Note or a 

  
 44 

 
beneficial interest in another Global Note, which must be effected in accordance with applicable law and the Applicable Procedures, but is not subject to any procedure required by this Indenture)
shall be made only upon receipt by the Registrar of such Opinions of Counsel, certificates and such other evidence reasonably required by and satisfactory to it in order to ensure compliance with the Securities Act or in accordance with
Section 2.9(d). 
 (d) Use and Removal of Private Placement Legends. Upon the registration of transfer, exchange or
replacement of Notes (or beneficial interests in a Global Note) not bearing (or not required to bear upon such transfer, exchange or replacement) a Private Placement Legend, the Note Custodian and Registrar shall exchange such Notes (or beneficial
interests) for beneficial interests in a Global Note or Certificated Notes if they have been issued pursuant to Section 2.7(c) that does not bear a Private Placement Legend. Upon the registration of transfer, exchange or replacement of
Notes (or beneficial interests in a Global Note) bearing a Private Placement Legend, the Note Custodian and Registrar shall deliver only Notes (or beneficial interests in a Global Note) that bear a Private Placement Legend unless: 

 

	 	(i)	such Notes (or beneficial interests) are transferred pursuant to Rule 144 upon delivery to the Registrar of a certificate of the transferor in the form of Exhibit C hereto, and an Opinion of Counsel
reasonably satisfactory to the Registrar; 

  

	 	(ii)	such Notes (or beneficial interests) are transferred, replaced or exchanged after the Resale Restriction Termination Date therefor and, in the case of any such Restricted Notes, the Issuer has complied with the
applicable procedures for delegending in accordance with Section 2.9(h); or 

  

	 	(iii)	in connection with such registration of transfer, exchange or replacement the Registrar shall have received an Opinion of Counsel, certificates and such other evidence reasonably satisfactory to the Issuer and the
Registrar to the effect that neither such Private Placement Legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. 

The Holder of a Global Note bearing a Private Placement Legend may exchange an interest therein for an equivalent interest in a Global Note
not bearing a Private Placement Legend upon transfer of such interest pursuant to this Section 2.9(d). 
 (e) Consolidation
of Global Notes and Exchange of Certificated Notes for Beneficial Interests in Global Notes. If a Global Note not bearing a Private Placement Legend is Outstanding at the time of a removal of legends pursuant to Section 2.9(h), any
interests in a Global Note delegended pursuant to Section 2.9(h) shall be exchanged for interests in such Outstanding Global Note, subject to the proviso at the end of Section 2.14(a). 

(f) Retention of Documents. The Registrar and the Trustee shall retain copies of all letters, notices and other written communications
received pursuant to this Article II and in 

  
 45 

 
accordance with the Trustee’s, or if different, the Registrar’s, record retention procedures. The Issuer shall have the right to inspect and make copies of all such letters, notices or
other written communications at any reasonable time upon the giving of reasonable written notice to the Registrar or the Trustee, as the case may be. 

(g) General Provisions Relating to Transfers and Exchanges. 
  

	 	(i)	Subject to the other provisions of this Section 2.9, when Notes are presented to the Registrar or a co-Registrar with a request to register the transfer of such Notes or to exchange such Notes for an equal
principal amount of Notes of other authorized denominations, the Registrar or co-Registrar shall register the transfer or make the exchange as requested if its requirements for such transaction are met; provided, that any Notes presented or
surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Registrar or co-Registrar, duly executed by the Holder thereof or his attorney duly authorized
in writing. 

  

	 	(ii)	To permit registrations of transfers and exchanges and subject to the other terms and conditions of this Article II, the Issuer will execute, and upon Issuer Order, the Trustee will authenticate and make
available for delivery, Certificated Notes and Global Notes, as applicable, at the Registrar’s or co-Registrar’s request. 

  

	 	(iii)	No service charge shall be made to a Holder for any registration of transfer or exchange, but the Issuer and the Trustee may require payment of a sum sufficient to cover any transfer tax, assessments, or similar
governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges payable upon exchange or transfer pursuant to Section 3.8, Section 3.9,
Section 5.1 or Section 9.5). 

  

	 	(iv)	The Registrar or co-Registrar shall not be required to register the transfer of or exchange of (x) any Note for a period beginning (1) 15 days before the mailing of a notice of an offer to repurchase or redeem
Notes and ending at the close of business on the day of such mailing or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date and (y) any Note selected for repurchase or redemption, except the unrepurchased
or unredeemed portion thereof, if any. 

  

	 	(v)	 Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agent, the Transfer Agent, the Registrar
or any co-Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note

  
 46 

	 	
and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Trustee, the Paying Agent, the Transfer Agent, the Registrar or any co-Registrar or the Note Custodian shall be affected by notice to the contrary. 

  

	 	(vi)	All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such
transfer or exchange. 

  

	 	(vii)	Subject to Section 2.7 and this Section 2.9, in connection with the exchange of a portion of a Certificated Note for a beneficial interest in a Global Note, the Trustee shall cancel such
Certificated Note, and the Issuer shall execute, and upon Issuer Order, the Trustee shall authenticate and make available for delivery to the exchanging Holder, a new Certificated Note representing the principal amount not so exchanged.

 (h) Applicable Procedures for Delegending. 
  

	 	(i)	Promptly after one year has elapsed following (A) the Issue Date or (B) if the Issuer has issued Additional Notes with the same terms and the same CUSIP number as the Issue Date Notes pursuant to this
Indenture within one year following the Issue Date, the date of original issuances of such Additional Notes, if the relevant Notes are freely tradable pursuant to Rule 144 under the Securities Act by Holders who are not Affiliates of the Issuer
where no conditions of Rule 144 are then applicable (other than the holding period requirement in paragraph (d)(1)(ii) of Rule 144 so long as such holding period requirement is satisfied), the Issuer shall: 

 

	 	(1)	instruct the Trustee in writing to remove the Private Placement Legend from such Notes, and upon receipt of such instruction, the Private Placement Legend shall be deemed removed from any Global Notes representing such
Notes without further action on the part of Holders; 

  

	 	(2)	notify Holders of such Notes that the Private Placement Legend has been removed or deemed removed; and 

  

	 	(3)	instruct DTC to change the CUSIP number for such Notes to the unrestricted CUSIP number for the Notes. 

In no event will the failure of the Issuer to provide any notice set forth in this paragraph or of the Trustee to remove the Private Placement
Legend constitute a failure by the Issuer to comply with any of its covenants or agreements set forth in Section 6.1 or otherwise. Any Restricted Note (or security issued in exchange or substitution

  
 47 

 
therefor) as to which such restrictions on transfer shall have expired in accordance with their terms may, upon surrender of such Restricted Note for exchange to the Registrar in accordance with
the provisions of Article II of this Indenture, be exchanged for a new Note or Notes, of like tenor and aggregate principal amount, which shall not bear the Private Placement Legend. The Issuer shall notify the Trustee in writing upon
occurrence of the Resale Restriction Termination Date for any Note. 
  

	 	(ii)	In the case of a Regulation S Global Note, after the Resale Restriction Termination Date of any such Regulation S Global Note, the Issuer may, at its sole option: 

 

	 	(1)	instruct the Trustee in writing to remove the Private Placement Legend from such Regulation S Global Note (including setting forth the basis for such removal), and upon receipt of such instruction, the Private Placement
Legend shall be deemed removed from such Regulation S Global Note without further action on the part of Holders; and 

  

	 	(2)	instruct DTC to change the CUSIP number for such Notes to the unrestricted CUSIP number for the Notes. 

  

	 	(iii)	Notwithstanding any provision herein to the contrary, in the event that Rule 144 as promulgated under the Securities Act (or any successor rule) is amended to change the one-year holding period thereunder (or the
corresponding period under any successor rule), (A) each reference in this Section 2.9(h) to “one year” and in the Private Placement Legend described in Section 2.8(b) and Exhibit A hereto to “ONE
YEAR” shall be deemed for all purposes hereof to be references to such changed period, and (B) all corresponding references in this Indenture (including the definition of Resale Restriction Termination Date), the Notes and the Private
Placement Legends thereon shall be deemed for all purposes hereof to be references to such changed period; provided, that such changes shall not become effective if they are otherwise prohibited by, or would otherwise cause a violation of,
the then-applicable federal securities laws; provided further that if such change does not apply to existing Notes, all references to “one year” in this Indenture shall not be deemed for all purposes hereof to be references to such
changed period. This Section 2.9(h) shall apply to successive amendments to Rule 144 (or any successor rule) changing the holding period thereunder. 

(i) No Obligation of the Trustee. 
  

	 	(i)	 The Trustee shall have no responsibility or obligation to any beneficial owner of an interest in a Global Note, Agent Members or any other

  
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Persons with respect to the accuracy of the records of DTC or its nominee or of Agent Members, with respect to any ownership interest in the Notes or with respect to the delivery to any Agent
Member, beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption) or the payment of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and
communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of a Global Note). The
rights of beneficial owners in any Global Note shall be exercised only through DTC, subject to the applicable rules and procedures of DTC. The Trustee may rely and shall be fully protected in relying upon information furnished by DTC with respect to
its Agent Members and any beneficial owners. 

  

	 	(ii)	The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any
interest in any Note (including any transfers between or among Agent Members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so
if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

Section 2.10 Mutilated, Destroyed, Lost or Stolen Notes. 

(a) If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully
taken, the Issuer shall execute, and upon Issuer Order, the Trustee shall authenticate and make available for delivery, a replacement Note for such mutilated, lost or stolen Note, of like tenor and principal amount, bearing a number not
contemporaneously Outstanding if: 
  

	 	(i)	the requirements of Section 8-405 of the Uniform Commercial Code are met, 

  

	 	(ii)	the Holder satisfies any other reasonable requirements of the Trustee, and 

  

	 	(iii)	neither the Issuer nor the Trustee has received notice that such Note has been acquired by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code). 

If required by the Trustee or the Issuer, such Holder shall furnish an affidavit of loss and indemnity bond sufficient in the judgment of the Issuer and the
Trustee to protect the Issuer, the Trustee, the Paying Agent, the Transfer Agent, the Registrar or any co-Registrar and the Note Custodian from any loss that any of them may suffer if a Note is replaced. 

  
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 (b) Upon the issuance of any new Note under this Section 2.10, the Issuer may require
the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) in connection therewith. 

(c) Every new Note issued pursuant to this Section 2.10 in exchange for any mutilated Note, or in lieu of any destroyed, lost or
stolen Note, shall constitute an original additional contractual obligation of the Issuer, any Note Guarantor and any other obligor upon the Notes, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by
anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 

Section 2.11 Temporary Notes. 

Until definitive Notes are ready for delivery, the Issuer may execute, and upon Issuer Order, the Trustee will authenticate and make available
for delivery, temporary Notes. Temporary Notes will be substantially in the form of definitive Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer will prepare and execute,
and upon Issuer Order, the Trustee will authenticate and make available for delivery, definitive Notes. After the preparation of definitive Notes, the temporary Notes will be exchangeable for definitive Notes upon surrender of the temporary Notes at
the office or agency maintained by the Issuer pursuant to Section 2.3 for that purpose and such exchange shall be without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer will execute,
and upon Issuer Order, the Trustee will authenticate and make available for delivery in exchange therefor, one or more definitive Notes representing an equal principal amount of Notes. Until so exchanged, the Holder of temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as a Holder of definitive Notes. 
 Section 2.12 Cancellation.

 The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar, the Paying Agent and the Transfer Agent shall
forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and dispose of cancelled Notes in accordance with its policy of disposal or upon written request of the
Issuer, return to the Issuer all Notes surrendered for registration of transfer, exchange, payment or cancellation. The Issuer may not issue new Notes to replace Notes it has paid or delivered to the Trustee for cancellation for any reason other
than in connection with a registration of transfer or exchange upon Issuer Order. 

  
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 Section 2.13 Defaulted Interest. 

When any installment of interest becomes overdue (a “Defaulted Interest”), such installment shall forthwith cease to be payable to
the Holders in whose names the Notes were registered on the Record Date applicable to such installment of interest. Defaulted Interest (including any interest on such Defaulted Interest) shall be paid by the Issuer, at its election, as provided in
clause (a) or clause (b) below. 
 (a) The Issuer may elect to make payment of any Defaulted Interest (including any interest
payable on such Defaulted Interest) to the Holders in whose names the Notes are registered at the close of business on a special record date for the payment of such Defaulted Interest (a “Special Record Date”), which shall be fixed
in the following manner. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money
equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Holders entitled to such Defaulted Interest as provided in this Section 2.13(a). Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than
fifteen (15) calendar days and not less than ten (10) calendar days prior to the date of the proposed payment and not less than ten (10) calendar days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Issuer of such Special Record Date and, in the name and at the expense of the Issuer, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be sent, first-class mail,
postage prepaid, to each Holder at such Holder’s address as it appears in the Note Register, not less than ten (10) calendar days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Holders in whose names the Notes are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to clause
(b) below; or 
 (b) The Issuer may make payment of any Defaulted Interest (including any interest on such Defaulted Interest) in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the proposed
payment pursuant to this Section 2.13(b), such manner of payment shall be deemed practicable by the Trustee. The Trustee shall in the name and at the expense of the Issuer cause prompt notice of the proposed payment and the date thereof
to be sent, first-class mail, postage prepaid, to each Holder at such Holder’s address as it appears in the Note Register. 

Section 2.14 Additional Notes. 

(a) The Issuer may, from time to time, subject to compliance with any other applicable provisions of this Indenture, without the consent of
the Holders, create and issue pursuant to this Indenture additional notes (“Additional Notes”) that shall have terms and conditions identical to those of the other Outstanding Notes, except with respect to: 

 

	 	(i)	the Issue Date; 

  

	 	(ii)	the amount of interest payable on the first Interest Payment Date therefor; 

  
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	 	(iii)	the issue price; and 

  

	 	(iv)	any adjustments necessary in order to conform to and ensure compliance with the Securities Act (or other applicable securities laws) and any agreement applicable to such Additional Notes, which are not adverse in any
material respect to the Holder of any Outstanding Notes (other than such Additional Notes). 

 The Notes issued on the Issue Date and any
Additional Notes shall be treated as a single series for all purposes under this Indenture; provided, that the Issuer may use different CUSIP or other similar numbers among Issue Date Notes and among Additional Notes to the extent required to
comply with securities or tax law requirements, including to permit delegending pursuant to Section 2.9(h). 
 (b) With respect
to any Additional Notes, the Issuer will set forth in an Officer’s Certificate of the Issuer (the “Additional Note Certificate”), copies of which will be delivered to the Trustee, the following information: 

 

	 	(i)	the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 

  

	 	(ii)	the Issue Date and the issue price of such Additional Notes; provided, that no Additional Notes may be issued at a price that would cause such Additional Notes to have “original issue discount” within
the meaning of Section 1273 of the Code, unless such Additional Notes have a separate CUSIP or other similar number from other Notes; and 

  

	 	(iii)	whether such Additional Notes will be subject to transfer restrictions under the Securities Act (or other applicable securities laws). 

ARTICLE III 
 COVENANTS 

Section 3.1 Payment of Notes. 

(a) The Issuer shall pay the principal of and interest (including Defaulted Interest) on the Notes in U.S. Legal Tender on the dates and in
the manner provided in the Notes and in this Indenture. Prior to 10:00 a.m. New York City time, on the Business Day prior to each Interest Payment Date and the Maturity Date, the Issuer shall deposit with the Paying Agent in immediately available
funds U.S. Legal Tender sufficient to make cash payments due on such Interest Payment Date or Maturity Date, as the case may be. If the Issuer or an Affiliate of the Issuer is acting as Paying Agent, the Issuer or such Affiliate shall, prior to
10:00 a.m. New York City time on the Business Day prior to each Interest Payment Date and the Maturity Date, segregate and hold in trust U.S. Legal Tender, sufficient to make cash payments due on such Interest Payment Date or Maturity Date, as
the case may be. Principal and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent (other than the Issuer or an Affiliate of the Issuer) holds in accordance with this Indenture U.S. Legal Tender

  
 52 

 
designated for and sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the Holders on that
date pursuant to the terms of this Indenture. 
 (b) Notwithstanding anything to the contrary contained in this Indenture, the Issuer may,
to the extent it is required to do so by law, deduct or withhold income or other similar taxes imposed by the United States of America from principal or interest. 

(c) In order to comply with applicable tax laws (inclusive of rules, regulations and interpretations promulgated by competent authorities)
related to the Indenture in effect from time to time (“Applicable Tax Law”) that a foreign financial institution, issuer, trustee, paying agent or other party is or has agreed to be subject to, the Issuer agrees (i) to provide to the
Trustee and the Paying Agent sufficient information about the parties and/or transactions (including any modification to the terms of such transactions) so the Trustee and Paying Agent can determine whether it has tax related obligations under
Applicable Tax Law, (ii) that the Trustee and the Paying Agent shall be entitled to make any withholding or deduction from payments to the extent necessary to comply with Applicable Tax Law for which the Trustee and the Paying Agent shall not
have any liability and (iii) to hold harmless the Trustee and the Paying Agent for any losses it may suffer due to the actions it takes to comply with Applicable Tax Law. The terms of this section shall survive the termination of this
Indenture. 
 (d) The Issuer hereby instructs the Trustee to establish an “Issue Date Note Account” for reception of the
interest and principal payments for the Issue Date Notes. 
 Section 3.2 Maintenance of Office or Agency. 

(a) The Issuer shall maintain each office or agency required under Section 2.3. The Issuer will give prompt written notice to the
Trustee of any change in the location of any such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

(b) The Issuer may also from time to time designate one or more other offices or agencies (in or outside of the City of New York) where the
Notes may be presented or surrendered for registration of transfer or for exchange and may from time to time rescind any such designation; provided, however, that no such designation or rescission shall in any manner relieve the Issuer
of its obligation to maintain an office or agency in the City of New York for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and any change in the location of any such other office or
agency. 
 Section 3.3 Corporate Existence. Subject to Article IV, the Issuer will do or cause to be done all things
necessary to preserve and keep in full force and effect its corporate existence. 
 Section 3.4 Payment of Taxes and Other
Claims. The Issuer will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (i) all taxes, assessments and governmental charges levied or imposed upon the Issuer or any Restricted

  
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Subsidiary or for which it or any of them are otherwise liable, or upon the income, profits or property of the Issuer or any Restricted Subsidiary and (ii) all lawful claims for labor,
materials and supplies, which, if unpaid, might by law become a liability or Lien upon the property of the Issuer or any Restricted Subsidiary; provided, however, that the Issuer shall not be required to pay or discharge or cause to be
paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings and for which appropriate reserves, if necessary (in the good faith judgment of the
Issuer), are being maintained in accordance with GAAP or where the failure to effect such payment will not be disadvantageous to the Holders. 

Section 3.5 Compliance Certificate. The Issuer and each Note Guarantor shall deliver to the Trustee within 105 days after the end
of each fiscal year of the Issuer (which fiscal year ends on December 31 of each year, subject to any change in fiscal year following the Issue Date) an Officer’s Certificate stating that in the course of the performance by the signers of
their duties as Officers of the Issuer or such Note Guarantor, as the case may be, they would normally have knowledge of any Default or Event of Default and whether or not the signers know of any Default or Event of Default that occurred during the
previous fiscal year. If they do, the certificate shall describe the Default or Event of Default, its status and what action the Issuer or such Note Guarantor is taking or proposes to take with respect thereto. 

Section 3.6 Further Instruments and Acts. 

(a) The Issuer and each Note Guarantor will execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper or as the Trustee may reasonably request to carry out more effectively the purpose of this Indenture. 
 (b) The Issuer
and the Note Guarantors shall take, and shall cause their Subsidiaries party thereto to take, any and all actions required under the Intercreditor Agreement and the Security Documents to cause the Intercreditor Agreement and the Security Documents
to create and maintain, as security for the Obligations of the Issuer and the Note Guarantors hereunder, a valid and enforceable perfected security interest on all the Collateral, in favor of the Security Agent for the equal and ratable benefit of
the Holders of the Notes, and the other Permitted Secured Obligations, first in priority to any and all security interests at any time granted upon the Collateral, subject in all respects to Liens imposed by law and Liens for judgments, taxes,
assessments or governmental charges. 
 Section 3.7 Waiver of Stay, Extension or Usury Laws. The Issuer and each Note Guarantor
covenant (to the fullest extent permitted by applicable law) that they will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law that would
prohibit or forgive the Issuer or such Note Guarantor from paying all or any portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or
the performance of this Indenture. The Issuer and each Note Guarantor hereby expressly waives (to the fullest extent permitted by applicable law) all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

  
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 Section 3.8 Change of Control. 

(a) Upon the occurrence of a Change of Control, each Holder will have the right to require that the Issuer purchase all or a portion (in
integral multiples of U.S.$1,000) of the Holder’s Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon through the date of purchase (the “Change of Control Payment”).

 (b) Within 30 days following the date upon which the Change of Control occurred, the Issuer must send, by first-class mail, a notice to
each Holder, with a copy to the Trustee, offering to purchase the Notes as described above (a “Change of Control Offer”). The Change of Control Offer shall state, among other things, the purchase date, which must be no earlier than
30 days nor later than 60 days from the date the notice is mailed, other than as may be required by law (the “Change of Control Payment Date”). 

(c) On the Change of Control Payment Date, the Issuer will, to the extent lawful: 

 

	 	(i)	accept for payment all Notes or portions thereof properly tendered and not withdrawn pursuant to the Change of Control Offer; 

  

	 	(ii)	deposit with the Paying Agent funds in an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered; and 

 

	 	(iii)	deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Issuer.

 (d) If only a portion of a Note is purchased pursuant to a Change of Control Offer, a new Note in a principal amount equal
to the portion thereof not purchased will be issued in the name of the Holder thereof upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate);
provided, that each new Note shall be in a minimum principal amount of U.S.$200,000 and in integral multiples of U.S.$1,000 in excess thereof. Notes (or portions thereof) purchased pursuant to a Change of Control Offer will be cancelled and
cannot be reissued. 
 (e) The Issuer will not be required to make a Change of Control Offer upon a Change of Control if: 

 

	 	(i)	a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuer and
purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or 

  

	 	(ii)	notice of redemption has been given pursuant to this Indenture as described under Section 5.4 unless and until there is a default in payment of the applicable redemption price. 

  
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 (f) The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other applicable securities laws and regulations in connection with the purchase of Notes in connection with a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the “Change of
Control” provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Indenture by doing so. 

Section 3.9 Limitation on Incurrence of Additional Indebtedness. 

(a) The Issuer will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness,
including Acquired Indebtedness, except that the Issuer and/or any of the Note Guarantors may Incur Indebtedness, including Acquired Indebtedness, if, at the time of and immediately after giving pro forma effect to the Incurrence thereof and
the application of the proceeds therefrom, the Consolidated Fixed Charge Coverage Ratio of the Issuer is greater than or equal to 2.0 to 1.0. 

(b) Notwithstanding clause (a) above, the Issuer and/or any of its Restricted Subsidiaries, as applicable, may Incur the following
Indebtedness (“Permitted Indebtedness”): 
  

	 	(i)	Indebtedness consisting of the Notes, excluding Additional Notes, and Indebtedness consisting of the Other Notes; 

  

	 	(ii)	Guarantees by (A) any Note Guarantor of Indebtedness of the Issuer or another Note Guarantor permitted under this Indenture and (B) the Issuer of Indebtedness of any Note Guarantor; provided, that if
any such Guarantee is of Subordinated Indebtedness, then the obligations of the Issuer under the Notes and this Indenture or the Note Guarantee of such Note Guarantor, as applicable, will be senior to the Guarantee of such Subordinated Indebtedness;

  

	 	(iii)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries outstanding on the Issue Date (excluding Indebtedness permitted under clauses (v), (vi), (vii) or (x) of this definition of Permitted
Indebtedness); 

  

	 	(iv)	Hedging Obligations, Compensation Related Hedging Obligations and any Guarantees thereof and any reimbursement obligations with respect to letters of credit related thereto, in each case entered into by the Issuer
and/or any of its Restricted Subsidiaries; provided, that upon the drawing of such letters of credit, such obligations are reimbursed within 30 days following such drawing; 

 

	 	(v)	 intercompany Indebtedness between the Issuer and any Restricted Subsidiary or between any Restricted Subsidiaries; provided, that in

  
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the event that at any time any such Indebtedness ceases to be held by the Issuer or a Restricted Subsidiary, such Indebtedness shall be deemed to be Incurred and not permitted by this
clause (v) at the time such event occurs; 

  

	 	(vi)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries arising from (A) the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against
insufficient funds in the ordinary course of business; provided, that such Indebtedness is extinguished within five Business Days of Incurrence; or (B) any cash pooling or other cash management agreements in place with a bank or
financial institution but only to the extent of offsetting credit balances of the Issuer and/or its Restricted Subsidiaries pursuant to such cash pooling or other cash management agreement; 

 

	 	(vii)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries represented by (A) endorsements of negotiable instruments in the ordinary course of business (excluding an aval), (B) documentary
credits (including all forms of letter of credit), performance bonds or guarantees, advance payments, bank guarantees, bankers’ acceptances, surety or appeal bonds or similar instruments for the account of, or guaranteeing performance by, the
Issuer and/or any Restricted Subsidiary in the ordinary course of business, (C) reimbursement obligations with respect to letters of credit in the ordinary course of business, (D) reimbursement obligations with respect to letters of credit
and performance Guarantees in the ordinary course of business to the extent required pursuant to the terms of any Investment made pursuant to clause (12) of the definition of “Permitted Investment” and (E) other Guarantees by the
Issuer and/or any Restricted Subsidiary in favor of a bank or financial institution in respect of obligations of that bank or financial institution to a third party in an amount not to exceed U.S.$500 million at any one time outstanding;
provided, that in the case of clauses (B), (C) and (D), upon the drawing of such letters of credit or the Incurrence of such Indebtedness, such obligations are reimbursed within 30 days following such drawing or Incurrence;

  

	 	(viii)	Refinancing Indebtedness in respect of: 

  

	 	(A)	Indebtedness (other than Indebtedness owed to the Issuer or any Subsidiary of the Issuer) Incurred pursuant to clause (a) above (it being understood that no Indebtedness outstanding on the Issue Date is Incurred
pursuant to such clause (a) above), or 

  

	 	(B)	Indebtedness Incurred pursuant to clause (i), (ii) or (iii) above or this clause (viii); 

  
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	 	(ix)	Capitalized Lease Obligations, Sale and Leaseback Transactions, export credit facilities with a maturity of at least one year and Purchase Money Indebtedness of, including Guarantees of any of the foregoing by, the
Issuer and/or any Restricted Subsidiary, in an aggregate principal amount at any one time outstanding not to exceed U.S.$1 billion; 

  

	 	(x)	Indebtedness arising from agreements entered into by the Issuer and/or a Restricted Subsidiary providing for bona fide indemnification, adjustment of purchase price or similar obligations not for financing purposes, in
each case, Incurred or assumed in connection with the acquisition or disposition of any business, assets or Capital Stock of a Restricted Subsidiary (including minority interests); provided, that in the case of a disposition, the maximum
aggregate liability in respect of such Indebtedness shall at no time exceed the gross proceeds actually received by the Issuer and its Restricted Subsidiaries in connection with such disposition; 

 

	 	(xi)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries in an aggregate amount not to exceed U.S.$1 billion at any one time outstanding; provided, that no more than U.S.$250 million of such
Indebtedness at any one time outstanding (excluding any Indebtedness under a Permitted Liquidity Facility) may be Incurred by Restricted Subsidiaries that are not Note Guarantors, which amount shall be increased by the corresponding amount of other
Indebtedness of Restricted Subsidiaries other than the Note Guarantors outstanding on the Issue Date and subsequently repaid from time to time but in any event not to exceed U.S.$500 million at any one time outstanding; provided,
further, however, that (A) the Issuer and/or any of its Restricted Subsidiaries may Incur Indebtedness under a Permitted Liquidity Facility and (B) in the event that the Issuer and/or any of its Restricted Subsidiaries shall
have Incurred Indebtedness under a Permitted Liquidity Facility that increases the amount outstanding at such time pursuant to this clause (xi) in excess of U.S.$ 1 billion, then up to U.S.$1.2 billion may be Incurred pursuant to this clause
(xi) at any one time outstanding; 

  

	 	(xii)	(A) Indebtedness of the Issuer and/or any of its Restricted Subsidiaries in respect of factoring arrangements or Inventory Financing arrangements or (B) other Indebtedness of the Issuer and/or any of its Restricted
Subsidiaries with a maturity of 12 months or less for working capital purposes, not to exceed in the aggregate at any one time (calculated as of the end of the most recent fiscal quarter for which consolidated financial information of the Issuer is
available) the greater of: 

  

	 	(1)	The sum of: 

  

	 	(x)	20% of the net book value of the inventory of the Issuer and its Restricted Subsidiaries and 

  

	 	(y)	20% of the net book value of the accounts receivable of the Issuer and its Restricted Subsidiaries (excluding accounts receivable pledged to secure Indebtedness or subject to a Qualified Receivables Transaction),

  
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 less, in each case, the amount of any permanent repayments or reductions of commitments in
respect of such Indebtedness made with the Net Cash Proceeds of an Asset Sale in order to comply with Section 3.12; or 
  

	 	(2)	U.S.$350 million; 

  

	 	(xiii)	[Reserved]; 

  

	 	(xiv)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries for taxes levied, assessments due and other governmental charges required to be paid as a matter of law or regulation in the ordinary course of
business; provided, that such Indebtedness shall be permitted to be Incurred only at such time that the Facilities Agreement (or any refinancing thereof) shall contain an exception to allow the Incurrence of Indebtedness to pay taxes;

  

	 	(xv)	Indebtedness Incurred pursuant to the Banobras Facility; 

  

	 	(xvi)	Indebtedness of the Issuer and/or any of its Restricted Subsidiaries Incurred and/or issued to refinance Qualified Receivables Transactions in existence on the Issue Date; 

 

	 	(xvii)	Acquired Indebtedness in an aggregate amount at any one time outstanding under this clause (xvii) not to exceed U.S.$100 million; and 

 

	 	(xviii)	(A) any Indebtedness that constitutes an Investment that the Issuer and/or any of its Restricted Subsidiaries is contractually committed to Incur as of the Issue Date in any Person (other than a Subsidiary) in which the
Issuer or any of its Restricted Subsidiaries maintains an Investment in equity securities; and (B) Guarantees up to U.S.$100 million in any calendar year by the Issuer and/or any Restricted Subsidiary of Indebtedness of any Person in which the
Issuer or any of its Restricted Subsidiaries maintains an equity Investment minus any Investment other than such guarantees in such Person during such calendar year pursuant to clause (17)(b) of the definition of “Permitted
Investments.” 

  
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 (c) Notwithstanding anything to the contrary contained in this Section 3.9, 

 

	 	(i)	The Issuer shall not, and shall not permit any Note Guarantor to, Incur any Permitted Indebtedness pursuant to Section 3.9(b) if the proceeds thereof are used, directly or indirectly, to Refinance any
Subordinated Indebtedness unless such Indebtedness shall be subordinated to the Notes or the applicable Note Guarantee, as the case may be, to at least the same extent as such Subordinated Indebtedness. 

 

	 	(ii)	For purposes of determining compliance with, and the outstanding principal amount of, any particular Indebtedness Incurred pursuant to and in compliance with this Section 3.9, the amount of Indebtedness
issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance with GAAP. Accrual of interest, the accretion or amortization of original issue discount, the
payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or the payment of regularly scheduled dividends on Disqualified Capital Stock in the form of additional Disqualified Capital Stock with the same
terms will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 3.9. For purposes of determining compliance with this Section 3.9, mark-to-market fluctuations of hedging obligations or derivatives
outstanding on the Issue Date shall not constitute Incurrence of Indebtedness. 

  

	 	(iii)	For purposes of determining compliance with this Section 3.9, the principal amount of Indebtedness denominated in foreign currency shall be calculated based on the relevant currency exchange rate in effect
on the date such Indebtedness was Incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided, that if such Indebtedness is Incurred to refinance other Indebtedness denominated in
foreign currency, and such refinancing would cause the applicable restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such restriction shall be deemed not to have been exceeded
so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this Section 3.9, the maximum amount of Indebtedness
Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is
denominated that is in effect on the date of such refinancing. 

  

	 	(iv)	For purposes of determining compliance with this Section 3.9: 

  

	 	(A)	 in the event that an item of Indebtedness meets the criteria of more than one of the types of Indebtedness described above, including,

  
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without limitation, in Section 3.9(a), the Issuer, in its sole discretion, will classify such item of Indebtedness at the time of Incurrence and only be required to include the amount
and type of such Indebtedness in one of the above clauses and may later reclassify all or a portion of such item of Indebtedness as having been Incurred pursuant to any other clause to the extent such Indebtedness could be Incurred pursuant to such
clause at the time of such reclassification; and 

  

	 	(B)	the Issuer will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described above, including, without limitation, Section 3.9(a). 

Section 3.10 [Reserved]. 

Section 3.11 Limitation on Restricted Payments. 

(a) The Issuer will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, take any of the following
actions (each, a “Restricted Payment”): 
  

	 	(i)	declare or pay any dividend or return of capital or make any distribution on or in respect of shares of Capital Stock of the Issuer or any Restricted Subsidiary to holders of such Capital Stock, other than:

  

	 	(A)	dividends, distributions or returns on capital payable in Qualified Capital Stock of the Issuer, 

  

	 	(B)	dividends, distributions or returns on capital payable to the Issuer and/or a Restricted Subsidiary, 

  

	 	(C)	dividends, distributions or returns of capital made on a pro rata basis to the Issuer and its Restricted Subsidiaries, on the one hand, and minority holders of Capital Stock of a Restricted Subsidiary, on the
other hand (or on less than a pro rata basis to any minority holder); 

  

	 	(ii)	purchase, redeem or otherwise acquire or retire for value: 

  

	 	(A)	any Capital Stock of the Issuer, or 

  

	 	(B)	any Capital Stock of any Restricted Subsidiary held by an Affiliate of the Issuer or any Preferred Stock of a Restricted Subsidiary, except for: 

 

	 	(1)	Capital Stock held by the Issuer or a Restricted Subsidiary, or 

  
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	 	(2)	purchases, redemptions, acquisitions or retirements for value of Capital Stock on a pro rata basis from the Issuer and/or any Restricted Subsidiaries, on the one hand, and minority holders of Capital Stock of a
Restricted Subsidiary, on the other hand, according to their respective percentage ownership of the Capital Stock of such Restricted Subsidiary; 

  

	 	(iii)	make any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value, prior to any scheduled final maturity, scheduled repayment or scheduled sinking fund payment, as the
case may be, any Subordinated Indebtedness; or 

  

	 	(iv)	make any Investment (other than Permitted Investments); 

 if at the time of the Restricted Payment immediately
after giving effect thereto: 
  

	 	(A)	a Default or an Event of Default shall have occurred and be continuing; 

  

	 	(B)	the Issuer is not able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to Section 3.9(a); or 

  

	 	(C)	the aggregate amount (the amount expended for these purposes, if other than in cash, being the Fair Market Value of the relevant property at the time of the making thereof) of the proposed Restricted Payment and all
other Restricted Payments made subsequent to the Issue Date up to the date thereof, less any Investment Return calculated as of the date thereof, shall exceed the sum of: 

 

	 	(1)	50% of cumulative Consolidated Net Income of the Issuer or, if cumulative Consolidated Net Income of the Issuer is a loss, minus (i) 100% of the loss, accrued during the period, treated as one accounting period,
beginning on the first full fiscal quarter after the Issue Date to the end of the most recent fiscal quarter for which consolidated financial information of the Issuer is available and (ii) the amount of cash benefits to the Issuer or a
Restricted Subsidiary that is netted against Investments in Similar Businesses pursuant to clause (12) of the definition of “Permitted Investments”; plus 

 

	 	(2)	100% of the aggregate net cash proceeds received by the Issuer from any Person from any: 

  

	 	(x)	contribution to the equity capital of the Issuer (not representing an interest in Disqualified Capital Stock) or issuance and sale of Qualified Capital Stock of the Issuer, in each case, subsequent to the Issue Date, or

  
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	 	(y)	issuance and sale subsequent to the Issue Date (and, in the case of Indebtedness of a Restricted Subsidiary, at such time as it was a Restricted Subsidiary) of any Indebtedness for borrowed money of the Issuer or any
Restricted Subsidiary that has been converted into or exchanged for Qualified Capital Stock of the Issuer, 

 excluding, in
each case, any net cash proceeds: 
  

	 	(aa)	received from a Subsidiary of the Issuer; 

  

	 	(bb)	used to redeem Notes under Article V; 

  

	 	(cc)	used to acquire Capital Stock or other assets from an Affiliate of the Issuer; or 

  

	 	(dd)	applied in accordance with clause (ii)(B) or (iii)(A) of Section 3.11(b) below. 

(b) Notwithstanding Section 3.11(a), this Section 3.11 does not prohibit: 

 

	 	(i)	the payment of any dividend within 60 days after the date of declaration of such dividend if the dividend would have been permitted on the date of declaration pursuant to Section 3.11(a); 

 

	 	(ii)	if no Default or Event of Default shall have occurred and be continuing, the acquisition of any shares of Capital Stock of the Issuer, 

 

	 	(A)	in exchange for Qualified Capital Stock of the Issuer, or 

  

	 	(B)	through the application of the net cash proceeds received by the Issuer from a substantially concurrent sale of Qualified Capital Stock of the Issuer or a contribution to the equity capital of the Issuer not
representing an interest in Disqualified Capital Stock, in each case not received from a Subsidiary of the Issuer; 

provided, that the value of any such Qualified Capital Stock issued in exchange for such acquired Capital Stock and any such net cash
proceeds shall be excluded from Section 3.11(a)(iv)(C)(2) (and were not included therein at any time); 
  

	 	(iii)	if no Default or Event of Default shall have occurred and be continuing, the voluntary prepayment, purchase, defeasance, redemption or other acquisition or retirement for value of any Subordinated Indebtedness:

  

	 	(A)	solely in exchange for, or through the application of net cash proceeds of a substantially concurrent sale, other than to a Subsidiary of the Issuer, of Qualified Capital Stock of the Issuer, or 

  
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	 	(B)	solely in exchange for Refinancing Indebtedness for such Subordinated Indebtedness, 

provided, that the value of any Qualified Capital Stock issued in exchange for Subordinated Indebtedness and any net cash proceeds
referred to above shall be excluded from Section 3.11(a)(iv)(C)(2) (and were not included therein at any time); 
  

	 	(iv)	repurchases by the Issuer of Common Stock of the Issuer or options, warrants or other securities exercisable or convertible into Common Stock of the Issuer from employees or directors of the Issuer or any of its
Subsidiaries or their authorized representatives upon the death, disability or termination of employment or directorship of the employees or directors, in an amount not to exceed U.S.$5 million in any calendar year and any repurchases other than in
connection with compensation of Common Stock of the Issuer pursuant to binding written agreements in effect on the Issue Date; 

  

	 	(v)	payments of dividends on Disqualified Capital Stock issued pursuant to the covenant described under Section 3.9; provided, however, that such dividends shall be excluded in the calculation of
the amount of Restricted Payments; 

  

	 	(vi)	non-cash repurchases of Capital Stock deemed to occur upon exercise of stock options, warrants or other similar rights if such Capital Stock represents a portion of the exercise price of such options, warrants or other
similar rights; 

  

	 	(vii)	cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock of the Issuer; 

 

	 	(viii)	purchases of any Subordinated Indebtedness of the Issuer (A) at a purchase price not greater than 101% of the principal amount thereof (together with accrued and unpaid interest) in the event of the occurrence of a
Change of Control or (B) at a purchase price not greater than 100% of the principal amount thereof (together with accrued and unpaid interest) in the event of an Asset Sale in accordance with provisions similar to those set forth under
Section 3.12; provided, however, that prior to such purchase of any such Subordinated Indebtedness, the Issuer has made the Change of Control Offer or Asset Sale Offer as provided under Section 3.8 or
Section 3.12, respectively, and has purchased all Notes validly tendered and not properly withdrawn pursuant thereto; 

  
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	 	(ix)	recapitalization of earnings on or in respect of the Qualified Capital Stock of the Issuer pursuant to which additional Qualified Capital Stock of the Issuer or the right to subscribe for additional Capital Stock of the
Issuer is issued to the existing shareholders of the Issuer on a pro rata basis (which, for the avoidance of doubt, shall not allow any payment in cash to be made in respect of Qualified Capital Stock of the Issuer pursuant to this clause
(ix)); and 

  

	 	(x)	so long as (A) no Default or Event of Default shall have occurred and be continuing (or result therefrom) and (B) the Issuer could Incur at least U.S.$1.00 of additional Debt pursuant to
Section 3.9(a), payment of any dividends on Capital Stock (other than Disqualified Capital Stock) of the Issuer in an aggregate amount which, when taken together with all dividends paid pursuant to this clause (x), does not exceed
U.S.$50 million in any calendar year; provided, that such dividends shall be included in the calculation of the amount of Restricted Payments. 

  

	 	(xi)	[Reserved] 

 In determining the aggregate amount of Restricted Payments made subsequent
to the Issue Date, amounts expended pursuant to clauses (i) (without duplication for the declaration of the relevant dividend), (iv), (viii) and (x) above shall be included in such calculation and amounts expended pursuant to
clauses (ii), (iii), (v), (vi), (vii) and (ix) above shall not be included in such calculation. 
 Section 3.12
Limitation on Asset Sales. 
 (a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset
Sale unless: 
  

	 	(i)	the Issuer or the applicable Restricted Subsidiary, as the case may be, receives consideration at the time of the Asset Sale at least equal to the Fair Market Value (to be determined as of the date on which such sale is
contracted) of the assets sold or otherwise disposed of, and 

  

	 	(ii)	other than in respect of Permitted Asset Swap Transactions, at least 80% of the consideration received for the assets sold by the Issuer or the Restricted Subsidiary, as the case may be, in the Asset Sale shall be in
the form of cash or Cash Equivalents received at the time of such Asset Sale; provided, however, for the purposes of this clause (ii), the following are also deemed to be cash or Cash Equivalents: 

 

	 	(A)	the assumption of Indebtedness (other than Subordinated Indebtedness) of the Issuer or any Restricted Subsidiary and the release of the Issuer or such Restricted Subsidiary from all liability on such Indebtedness in
connection with such Asset Sale; 

  
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	 	(B)	any securities, notes or obligation received by the Issuer or any Restricted Subsidiary from the transferee that are, within 180 days after the Asset Sale, converted by the Issuer or such Restricted Subsidiary into
cash, to the extent of cash received in that conversion; 

  

	 	(C)	Capital Stock of a Person who is or who, after giving effect to such Asset Sale, becomes, a Restricted Subsidiary; and 

  

	 	(D)	any Designated Non-cash Consideration received by the Issuer or such Restricted Subsidiary in connection with such Asset Sale having an aggregate Fair Market Value which, when taken together with the Fair Market Value
of all other Designated Non-cash Consideration received pursuant to this clause (D) since the Issue Date, does not exceed the sum of (1) 3.0% of Consolidated Tangible Assets of the Issuer calculated as of the end of the most recent fiscal
quarter for which consolidated financial information is available (with the Fair Market Value of each item of Designated Non-cash Consideration being measured as of the date it was received and without giving effect to subsequent changes in value of
any such item of Designated Non-cash Consideration) and (2) the amount of cash or Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 

(b) The Issuer or any Restricted Subsidiary may apply the Net Cash Proceeds of any such Asset Sale within 365 days thereof to: 

 

	 	(i)	repay any Senior Indebtedness for borrowed money or constituting a Capitalized Lease Obligation and permanently reduce the commitments with respect thereto, or 

 

	 	(ii)	purchase: 

  

	 	(A)	assets (except for current assets as determined in accordance with GAAP or Capital Stock) to be used by the Issuer or any Restricted Subsidiary in a Permitted Business, or 

 

	 	(B)	substantially all of the assets of a Permitted Business or Capital Stock of a Person engaged in a Permitted Business that will become, upon purchase, a Restricted Subsidiary from a Person other than the Issuer and its
Restricted Subsidiaries. 

 (c) To the extent all or a portion of the Net Cash Proceeds of any Asset Sale are not applied
within the 365 days of the Asset Sale as described in clause (i) or (ii) of Section 3.12(b), the Issuer will make an offer to purchase Notes (the “Asset Sale Offer”), at a purchase price equal to 100% of the
principal amount of the Notes to be purchased, plus accrued and unpaid interest thereon, to the date of purchase (the “Asset Sale Offer Amount”). The Issuer will 

  
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purchase pursuant to an Asset Sale Offer from all tendering Holders on a pro rata basis, and, at the Issuer’s option, on a pro rata basis with the holders of any other Senior
Indebtedness with similar provisions requiring the Issuer to offer to purchase the other Senior Indebtedness with the proceeds of Asset Sales, that principal amount (or accreted value in the case of Indebtedness issued with original issue discount)
of Notes and the other Senior Indebtedness to be purchased equal to such unapplied Net Cash Proceeds. The Issuer may satisfy its obligations under this Section 3.12 with respect to the Net Cash Proceeds of an Asset Sale by making an
Asset Sale Offer prior to the expiration of the relevant 365-day period. 
 (d) Pending the final application of any Net Cash Proceeds
pursuant to this Section 3.12, the holder of such Net Cash Proceeds may apply such Net Cash Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Cash Proceeds in any
manner not prohibited by this Indenture. 
 (e) The purchase of Notes pursuant to an Asset Sale Offer shall occur not less than 20 Business
Days following the date thereof, or any longer period as may be required by law, nor more than 45 days following the 365th day following the Asset Sale. The Issuer may, however, defer an Asset Sale Offer until there is an aggregate amount of
unapplied Net Cash Proceeds from one or more Asset Sales equal to or in excess of U.S.$100 million. At that time, the entire amount of unapplied Net Cash Proceeds, and not just the amount in excess of U.S.$100 million, shall be applied as required
pursuant to this Section 3.12. 
 (f) Each Asset Sale Offer Notice shall be mailed first class, postage prepaid, to the record
Holders as shown on the Note Register within 20 days following such 365th day (or such earlier date as the Issuer shall have elected to make such Asset Sale Offer), with a copy to the Trustee offering to purchase the Notes as described above. Each
notice of an Asset Sale Offer shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date the notice is mailed, other than as may be required by law (the “Asset Sale Offer
Payment Date”). Upon receiving notice of an Asset Sale Offer, Holders may elect to tender their Notes in whole or in part, in minimum denominations of U.S.$200,000 and in any integral multiples of U.S.$1,000 in excess thereof in exchange
for cash. 
 (g) On the Asset Sale Offer Payment Date, the Issuer shall, to the extent lawful: 

 

	 	(i)	accept for payment all Notes or portions thereof properly tendered pursuant to the Asset Sale Offer; 

  

	 	(ii)	deposit with the Paying Agent funds in an amount equal to the Asset Sale Offer Amount in respect of all Notes or portions thereof so tendered; and 

 

	 	(iii)	deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Issuer.

 (h) To the extent Holders of Notes and holders of other Senior Indebtedness, if any, which are the subject of an Asset Sale
Offer properly tender and do not withdraw Notes or 

  
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the other Senior Indebtedness in an aggregate amount exceeding the amount of unapplied Net Cash Proceeds, the Issuer shall purchase the Notes and the other Senior Indebtedness on a pro
rata basis (based on amounts tendered). If only a portion of a Note is purchased pursuant to an Asset Sale Offer, a new Note in a principal amount equal to the portion thereof not purchased shall be issued in the name of the holder thereof upon
cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a global note shall be made, as appropriate). Notes (or portions thereof) purchased pursuant to an Asset Sale Offer shall be cancelled and cannot
be reissued. 
 (i) The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other applicable
securities laws in connection with the purchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section 3.12, the Issuer shall comply with
these laws and regulations and shall not be deemed to have breached its obligations under the “Asset Sale” provisions of this Indenture by doing so. 

(j) Upon completion of an Asset Sale Offer, the amount of Net Cash Proceeds shall be reset at zero. Accordingly, to the extent that the
aggregate amount of Notes and other Indebtedness tendered pursuant to an Asset Sale Offer is less than the aggregate amount of unapplied Net Cash Proceeds, the Issuer may use any remaining Net Cash Proceeds for general corporate purposes of the
Issuer and its Restricted Subsidiaries. 
 (k) In the event of the transfer of substantially all (but not all) of the property and assets of
the Issuer and its Restricted Subsidiaries as an entirety to a Person in a transaction permitted under Article IV, the Successor Issuer shall be deemed to have sold the properties and assets of the Issuer and its Restricted Subsidiaries not
so transferred for purposes of this Section 3.12, and shall comply with the provisions of this Section 3.12 with respect to the deemed sale as if it were an Asset Sale. In addition, the Fair Market Value of properties and
assets of the Issuer or its Restricted Subsidiaries so deemed to be sold shall be deemed to be Net Cash Proceeds for purposes of this Section 3.12. 

(l) If at any time any non-cash consideration received by the Issuer or any Restricted Subsidiary, as the case may be, in connection with any
Asset Sale, is converted into or sold or otherwise disposed of for cash (other than interest received with respect to any non-cash consideration), the conversion or disposition shall be deemed to constitute an Asset Sale hereunder and the Net Cash
Proceeds thereof shall be applied in accordance with this Section 3.12 within 365 days of conversion or disposition. 

Section 3.13 Limitation on the Ownership of Capital Stock of Restricted Subsidiaries. The Issuer shall not permit any Person other
than the Issuer or another Restricted Subsidiary to, directly or indirectly, own or control any Capital Stock of any Restricted Subsidiary, except for: 
  

	 	(i)	Capital Stock owned by such Person on the Issue Date; 

  

	 	(ii)	directors’ qualifying shares; 

  

	 	(iii)	 the sale or Disposition of 100% of the shares of the Capital Stock of any Restricted Subsidiary held by the Issuer and its Restricted

  
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Subsidiaries to any Person other than the Issuer or another Restricted Subsidiary effected in accordance with, as applicable, Section 3.12 and Article IV; 

 

	 	(iv)	in the case of a Restricted Subsidiary other than a Restricted Subsidiary that is a Wholly Owned Subsidiary, 

  

	 	(A)	the issuance by that Restricted Subsidiary of Capital Stock on a pro rata basis to the Issuer and its Restricted Subsidiaries, on the one hand, and minority holders of Capital Stock of such Restricted Subsidiary,
on the other hand (or on less than a pro rata basis to any minority holder); or 

  

	 	(B)	sales, transfers and other dispositions of Capital Stock in a Restricted Subsidiary to the extent required by, or made pursuant to, buy/sell, put/call or similar shareholder arrangements set forth in binding agreements
in effect on the Issue Date; and 

  

	 	(v)	the sale of Capital Stock of a Restricted Subsidiary by the Issuer or another Restricted Subsidiary or the sale or issuance by a Restricted Subsidiary of its newly-issued Capital Stock if such sale or issuance is made
in compliance with Section 3.12 and either: 

  

	 	(A)	such Restricted Subsidiary is no longer a Subsidiary, and the continuing Investment of the Issuer and its Restricted Subsidiaries in such former Restricted Subsidiary is in compliance with Section 3.11, or

  

	 	(B)	such Restricted Subsidiary continues to be a Restricted Subsidiary. 

 Section 3.14
Limitation on Designation of Unrestricted Subsidiaries. 
 (a) The Issuer may designate after the Issue Date any Subsidiary of the
Issuer other than a Note Guarantor as an Unrestricted Subsidiary under this Indenture (a “Designation”) only if: 
  

	 	(i)	no Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such Designation and any transactions between the Issuer or any of its Restricted Subsidiaries and such
Unrestricted Subsidiary are in compliance with Section 3.18; 

  

	 	(ii)	at the time of and after giving effect to such Designation, the Issuer could Incur U.S.$1.00 of additional Indebtedness pursuant to Section 3.9(a); 

 

	 	(iii)	 the Issuer would be permitted to make an Investment at the time of Designation (assuming the effectiveness of such Designation and treating such
Designation as an Investment at the time of Designation) 

  
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as a Restricted Payment pursuant to Section 3.11(a) in an amount (the “Designation Amount”) equal to the amount of the Issuer’s Investment in such Subsidiary on
such date; and 

  

	 	(iv)	the terms of any Affiliate Transaction existing on the date of such Designation between the Subsidiary being designated (and its Subsidiaries) and the Issuer or any Restricted Subsidiary would be permitted under
Section 3.18 if entered into immediately following such Designation. 

 (b) Neither the Issuer nor any Restricted
Subsidiary shall at any time: 
  

	 	(i)	provide credit support for, subject any of its property or assets (other than the Capital Stock of any Unrestricted Subsidiary) to the satisfaction of, or Guarantee, any Indebtedness of any Unrestricted Subsidiary
(including any undertaking, agreement or instrument evidencing such Indebtedness); 

  

	 	(ii)	be directly or indirectly liable for any Indebtedness of any Unrestricted Subsidiary; or 

  

	 	(iii)	be directly or indirectly liable for any Indebtedness which provides that the Holder thereof may (upon notice, lapse of time or both) declare a default thereon or cause the payment thereof to be accelerated or payable
prior to its final scheduled maturity upon the occurrence of a default with respect to any Indebtedness of any Unrestricted Subsidiary. 

(c) The Issuer may revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (a “Revocation”) only if: 

 

	 	(i)	no Default or Event of Default shall have occurred and be continuing at the time of and after giving effect to such Revocation; and 

  

	 	(ii)	all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately following such Revocation, if Incurred at such time, would have been permitted to be Incurred for all purposes of this Indenture.

 (d) The Designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary shall be deemed to include the Designation
of all of the Subsidiaries of such Subsidiary as Unrestricted Subsidiaries. All Designations and Revocations must be evidenced by an Officer’s Certificate of the Issuer, delivered to the Trustee certifying compliance with the preceding
provisions. 

  
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 Section 3.15 Limitation on Dividends and Other Payment Restrictions Affecting Restricted
Subsidiaries. 
 (a) Except as provided in clause (b) below, the Issuer shall not, and shall not cause or permit any of its
Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 

 

	 	(i)	pay dividends or make any other distributions on or in respect of its Capital Stock to the Issuer or any other Restricted Subsidiary or pay any Indebtedness owed to the Issuer or any other Restricted Subsidiary;

  

	 	(ii)	make loans or advances to, or make any Investment in, the Issuer or any other Restricted Subsidiary; or 

  

	 	(iii)	transfer any of its property or assets to the Issuer or any other Restricted Subsidiary. 

 (b)
Section 3.15(a) shall not apply to encumbrances or restrictions existing under or by reason of: 
  

	 	(i)	applicable law, rule, regulation or order; 

  

	 	(ii)	this Indenture or the indenture governing the Other Notes; 

  

	 	(iii)	any encumbrance or restriction pursuant to an agreement in effect at or entered into on the Issue Date, and any amendments, restatements, renewals, replacements or refinancings thereof; provided, that any
amendment, restatement, renewal, replacement or refinancing is not materially more restrictive with respect to such encumbrances or restrictions than those in existence on the Issue Date as determined in good faith by the Issuer’s senior
management; 

  

	 	(iv)	customary non-assignment provisions of any contract and customary provisions restricting assignment or subletting in any lease governing a leasehold interest of any Restricted Subsidiary, or any customary restriction on
the ability of a Restricted Subsidiary to dividend, distribute or otherwise transfer any asset which secures Indebtedness secured by a Lien, in each case permitted to be Incurred under this Indenture; 

 

	 	(v)	any instrument governing Acquired Indebtedness not Incurred in connection with, or in anticipation or contemplation of, the relevant acquisition, merger or consolidation, which encumbrance or restriction is not
applicable to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the Person so acquired; 

  

	 	(vi)	 restrictions with respect to a Restricted Subsidiary of the Issuer imposed pursuant to a binding agreement which has been entered into

  
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for the sale or disposition of Capital Stock or assets of such Restricted Subsidiary; provided, that such restrictions apply solely to the Capital Stock or assets of such Restricted
Subsidiary being sold (and in the case of Capital Stock, its Subsidiaries); 

  

	 	(vii)	customary restrictions imposed on the transfer of copyrighted or patented materials; 

  

	 	(viii)	an agreement governing Indebtedness Incurred to Refinance the Indebtedness issued, assumed or Incurred pursuant to an agreement referred to in clause (iii) or (v) of this Section 3.15(b);
provided, that such Refinancing agreement is not materially more restrictive with respect to such encumbrances or restrictions than those contained in the agreement referred to in such clause (iii) or (v) as determined in good faith
by the Issuer’s senior management; 

  

	 	(ix)	Liens permitted to be Incurred pursuant to the provisions of the covenant described under Section 3.17 that limit the right of any person to transfer the assets subject to such Liens; 

 

	 	(x)	Purchase Money Indebtedness for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose restrictions of the nature discussed in clause (iii) of Section 3.15(a)
above on the property so acquired; 

  

	 	(xi)	restrictions on cash or other deposits imposed by customers under contracts or other arrangements entered into or agreed to in the ordinary course of business not materially more restrictive than those existing on the
Issue Date as determined in good faith by the Issuer’s senior management; 

  

	 	(xii)	customary provisions in joint venture agreements relating to dividends or other distributions in respect of such joint venture or the securities, assets or revenues of such joint venture; 

 

	 	(xiii)	restrictions in Indebtedness Incurred by a Restricted Subsidiary in compliance with the covenant described under Section 3.9; provided, that such restrictions (A) are not materially more
restrictive with respect to such encumbrances and restrictions than those such Restricted Subsidiary was subject to in agreements related to obligations referenced in clause (iii) above as determined in good faith by the Issuer’s senior
management or (B) constitute financial covenants or similar restrictions that limit the ability to pay dividends or make distributions upon the occurrence or continuance of a default or event of default or that would result in a default or
event of default under such Indebtedness upon the declaration or payment of dividends or other distributions; and 

  

	 	(xiv)	net worth provisions in leases entered into by the Issuer or any Restricted Subsidiary in the ordinary course of business not materially more restrictive than those existing on the Issue Date as determined in good faith
by the Issuer’s senior management. 

  
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 Section 3.16 Limitation on Layered Indebtedness. The Issuer shall not, and shall not
permit any Note Guarantor to, directly or indirectly, Incur any Indebtedness that is subordinate in right of payment to any other Indebtedness, unless such Indebtedness is expressly subordinate in right of payment to the Notes or, in the case of a
Note Guarantor, its Note Guarantee, to the same extent, on the same terms and for so long (except as a result of the provisions of the Intercreditor Agreement applicable to Facilities Agreement Indebtedness and any refinancing thereof) as such
Indebtedness is subordinate to such other Indebtedness. 
 Section 3.17 Limitation on Liens. The Issuer shall not, and shall not
cause or permit any of its Restricted Subsidiaries to, directly or indirectly, incur, grant, assume or suffer to exist any Liens of any kind (except for Permitted Liens) (a) against or upon any of their respective properties or assets, whether
owned on the Issue Date or acquired after the Issue Date, or any proceeds therefrom, to secure any Indebtedness or trade payables or (b) deemed to exist in respect of Capitalized Lease Obligations (including any Capitalized Lease Obligations in
respect of Sale and Leaseback Transactions), in each case, unless contemporaneously therewith effective provision is made: 
  

	 	(i)	in the case of the Issuer or any Restricted Subsidiary that is not a Note Guarantor, to secure the Notes and all other amounts due under this Indenture; and 

 

	 	(ii)	in the case of a Note Guarantor, to secure such Note Guarantor’s Note Guarantee of the Notes and all other amounts due under this Indenture, 

in each case, equally and ratably with such Indebtedness or other obligation (or, in the event that such Indebtedness is subordinated in right of payment to
the Notes or such Note Guarantee, as the case may be, prior to such Indebtedness or other obligation) with a Lien on the same properties and assets securing such Indebtedness or other obligation for so long as such Indebtedness or other obligation
is secured by such Lien. 
 Section 3.18 Limitation on Transactions with Affiliates. 

(a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into any transaction or
series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with, or for the benefit of, any Affiliate of the Issuer (each an “Affiliate
Transaction”), unless the terms of such Affiliate Transaction are no less favorable than those that could reasonably be expected to be obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not
an Affiliate of the Issuer; 

  
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 (b) The provisions of Section 3.18(a) above shall not apply to: 

 

	 	(i)	Affiliate Transactions with or among the Issuer and any Restricted Subsidiary or between or among Restricted Subsidiaries; 

  

	 	(ii)	reasonable fees and compensation paid to, and any indemnity provided on behalf of, officers, directors, employees, consultants or agents of the Issuer or any Restricted Subsidiary as determined in good faith by the
Issuer’s Board of Directors or, to the extent consistent with past practice, senior management; 

  

	 	(iii)	Affiliate Transactions undertaken pursuant to any contractual obligations or rights in existence on the Issue Date (as in effect on the Issue Date with modifications, extensions and replacements thereof not materially
adverse to the Issuer and its Restricted Subsidiaries) as determined in good faith by the Issuer’s senior management; 

  

	 	(iv)	any Restricted Payments in compliance with Section 3.11; 

  

	 	(v)	payments and issuances of Qualified Capital Stock to any officers, directors and employees of the Issuer or any Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other stock
subscription or shareholder agreement, and any employment agreements, stock option plans or other compensatory arrangements (and any successor plans thereto) and any supplemental executive retirement benefit plans or arrangements with any such
officers, directors or employees that are, in each case, approved in good faith by the Board of Directors or, to the extent consistent with past practice, senior management of the Issuer; 

 

	 	(vi)	loans and advances to officers, directors and employees of the Issuer or any Restricted Subsidiary for travel, entertainment, moving and other relocation expenses, in each case made in the ordinary course of business in
amounts consistent with the past practice of the Issuer or such Restricted Subsidiary; and 

  

	 	(vii)	loans made by the Issuer or any Restricted Subsidiary to employees or directors in an aggregate amount not to exceed U.S.$15 million (or its equivalent in another currency) at any time outstanding. 

Section 3.19 Conduct of Business. The Issuer and its Restricted Subsidiaries shall not engage in any business other than a
Permitted Business. 
 Section 3.20 Reports to Holders. 

(a) Notwithstanding that the Issuer may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long
as any Notes remain outstanding, the Issuer shall: 
  

	 	(i)	provide the Trustee and the Holders with: 

  

	 	(A)	annual reports on Form 20-F (or any successor form) containing the information required to be contained therein (or such successor form) within the time period required under the rules of the Commission for the
filing of Form 20-F (or any successor form) by “foreign private issuers” (as defined in Rule 3b-4 of the Exchange Act (or any successor rule)); 

  
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	 	(B)	reports on Form 6-K (or any successor form) including, whether or not required, unaudited quarterly financial statements (which shall include at least a balance sheet, income statement and cash flow statement)
including a discussion of financial condition and results of operations of the Issuer in accordance with past practice, within 45 days after the end of each of the first three fiscal quarters of each fiscal year; 

 

	 	(C)	such other reports on Form 6-K (or any successor form) promptly from time to time after the occurrence of an event that would be required to be reported on a Form 6-K (or any successor form); and

  

	 	(ii)	file with the Commission, to the extent permitted, the information, documents and reports referred to in clause (i) within the periods specified for such filings under the Exchange Act (whether or not applicable to
the Issuer). 

 (b) In addition, at any time when the Issuer is not subject to or is not current in its reporting obligations
under clause (ii) of Section 3.20(a), the Issuer shall make available, upon request, to any Holder and any prospective purchaser of Notes the information required pursuant to Rule 144A(d)(4) under the Securities Act. 

(c) Notwithstanding anything in this Indenture to the contrary, the Issuer shall not be deemed to have failed to comply with any of its
obligations hereunder for purposes of clause (iv) of Section 6.1(a) or for any other purpose hereunder until 75 days after the date any report hereunder is due. 

(d) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such reports shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officer’s Certificates). 
 Section 3.21 Payment of Additional Amounts. 

(a) All payments made by the Issuer or the Note Guarantors under, or with respect to, the Notes shall be made free and clear of, and without
withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (collectively, “Taxes”)
imposed or levied by or on behalf of the United States, Mexico, Spain, the Netherlands, France, the United Kingdom, Switzerland or, in the event that the Issuer appoints additional paying 

  
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agents, by the jurisdictions of such additional paying agents (a “Taxing Jurisdiction”), unless the Issuer or such Note Guarantor, as the case may be, is required to withhold or
deduct Taxes by law or by the official interpretation or administration thereof. 
 (b) If the Issuer or any Note Guarantor is so required
to withhold or deduct any amount for, or on account of, such Taxes from any payment made under or with respect to the Notes, the Issuer or such Note Guarantor, as the case may be, shall pay such additional amounts (“Additional
Amounts”) as may be necessary so that the net amount received by each Holder (including Additional Amounts) after such withholding or deduction shall not be less than the amount such Holder would have received if such Taxes had not been
required to be withheld or deducted; provided, however, that the foregoing obligation to pay Additional Amounts does not apply to: 
  

	 	(i)	any Taxes imposed solely because at any time there is or was a connection between the Holder and a Taxing Jurisdiction (other than the mere purchase of the Notes, or receipt of a payment or the ownership or holding of a
Note), 

  

	 	(ii)	any estate, inheritance, gift, sales, transfer, personal property or similar Tax imposed with respect to the Notes, 

  

	 	(iii)	any Taxes imposed solely because the Holder or any other person fails to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with a
Taxing Jurisdiction of the Holder or any beneficial owner of the Note if compliance is required by the applicable law of the Taxing Jurisdiction as a precondition to exemption from, or reduction in the rate of, the tax, assessment or other
governmental charge, and the Issuer has given the Holders at least 30 days’ notice that Holders shall be required to provide such information and identification, 

 

	 	(iv)	any Taxes payable otherwise than by deduction or withholding from payments on the Notes, 

  

	 	(v)	any Taxes imposed on a payment to or for the benefit of an individual pursuant to European Council Directive 2003/48/EC (as amended from time to time) or any law implementing or complying with, or introduced in order to
conform to, such Directive, 

  

	 	(vi)	any Taxes that would have been avoided by presenting for payment (where presentation is required) the relevant Note to another Paying Agent, 

 

	 	(vii)	 any Taxes with respect to such Note presented for payment more than 30 days after the date on which the payment became due and payable or the date on
which payment thereof is duly provided for and notice thereof given to Holders, whichever occurs later, except to the extent 

  
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that the Holders of such Note would have been entitled to such Additional Amounts on presenting such Note for payment on any date during such 30 day period, or 

 

	 	(viii)	any payment on the Note to a Holder that is a fiduciary or partnership or a person other than the sole beneficial owner of any such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a
member of such a partnership or the beneficial owner of the payment would not have been entitled to the Additional Amounts had the beneficiary, settlor, member or beneficial owner been the Holder of the Note. 

(c) The obligations in Section 3.21(a) and Section 3.21(b) shall survive any termination or discharge of this
Indenture and shall apply mutatis mutandis to any Taxing Jurisdiction with respect to any successor to the Issuer or any Note Guarantor, as the case may be. The Issuer or such Note Guarantor, as applicable, shall (i) make such withholding or
deduction and (ii) remit the full amount deducted or withheld to the relevant Taxing Jurisdiction in accordance with applicable law. The Issuer or such Note Guarantor, as applicable, shall use all reasonable efforts to obtain certified copies
of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Taxing Jurisdiction imposing such Taxes and shall furnish such certified copies to the Trustee within 30 days after the date the payment of any Taxes so deducted
or so withheld is due pursuant to applicable law or, if such tax receipts are not reasonably available to the Issuer or such Note Guarantor, as applicable, furnish such other documentation that provides reasonable evidence of such payment by the
Issuer or such Note Guarantor, as applicable. 
 (d) The exception to the Issuer’s obligations to pay Additional Amounts pursuant to
clause (iii) of Section 3.21(b) will not apply if (i) the provision of information, documentation or other evidence described in such clause would be materially more onerous, in form, in procedure or in the substance of
information disclosed, to a Holder or beneficial owner of a Note than comparable information or other reporting requirements imposed under U.S. tax law, regulation (including proposed regulations) and administrative practice, or (ii) Article 166,
Section II, paragraph (a), of the Mexican Income Tax Law (Ley del Impuesto Sobre la Renta) (or a substitute or equivalent provision) is in effect, unless (A) the provision of the information, documentation or other evidence described in
clause (iii) of Section 3.21(b) is expressly required by the applicable Mexican laws and regulations in order to apply Article 166, Section II, paragraph (a), of the Mexican Income Tax Law (or substitute or equivalent provision), (B) the Issuer
or any Note Guarantor cannot obtain the information, documentation or other evidence necessary to comply with the applicable Mexican laws and regulations on its own through reasonable diligence and (C) the Issuer or any Note Guarantor would not
otherwise meet the requirements for application of the applicable Mexican laws and regulations. 
 (e) Clause (iii) of
Section 3.21(b) does not require, and shall not be construed to require, that any holder, including any non-Mexican pension fund, retirement fund, tax-exempt organization or financial institution, register with the Tax Management Service
(Servicio de Administración Tributaria) or the Mexican Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) to establish eligibility for an exemption from, or a reduction of,
Mexican withholding taxes. 

  
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 (f) Any reference in this Indenture, any supplemental indenture or the Notes to principal,
premium, interest or any other amount payable in respect of the Notes by the Issuer shall be deemed also to refer to any Additional Amount that may be payable with respect to that amount under the obligations referred to in this subsection. Payment
of any Additional Amounts with respect to interest shall be considered as an interest payment under, or with respect to, the Notes. 
 (g)
The Issuer will ensure that it maintains a paying agent, in a European Union Member State, that will not be obliged to withhold or deduct tax pursuant to European Council Directive 2003/48/EC (as amended from time to time) or any law implementing or
complying with, or introduced in order to conform to, such Directive. 
 (h) In the event that Additional Amounts actually paid with respect
to the Notes pursuant to this Section 3.21 are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Notes, and as a result thereof such Holder is entitled to
make a claim for a refund or credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Notes, and without any further action, be deemed to have assigned and transferred all right, title and
interest to any such claim for a refund or credit of such excess to the Issuer. However, by making such assignment, the Holder makes no representation or warranty that the Issuer shall be entitled to receive such claim for a refund or credit and
incurs no other obligation with respect thereto. 
 Section 3.22 Suspension of Covenants. 

(a) During any period of time that the Notes do not have Investment Grade Ratings from two of the Rating Agencies and (i) the
Consolidated Leverage Ratio of the Issuer is less than 3.5:1 and (ii) no Default or Event of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively
referred to as a “Partial Covenant Suspension Event”), the Issuer and its Restricted Subsidiaries shall not be subject to the provisions of this Indenture described under Sections 3.12, 3.13, 3.14(b), 3.15,
3.18, 3.19 and 4.1(a)(ii) (collectively, the “Partial Suspended Covenants”). 
 (b) During any period
of time that (i) the Notes have Investment Grade Ratings from two of the Rating Agencies and (ii) no Default or Event of Default has occurred and is continuing (the occurrence of the events described in the foregoing clauses (i) and
(ii) being collectively referred to as a “Covenant Suspension Event”), the Issuer and its Restricted Subsidiaries shall not be subject to the provisions of this Indenture described under Sections 3.9,
3.11, 3.12, 3.13, 3.14(b), 3.15, 3.16, 3.18, 3.19 and 4.1(a)(ii) (collectively, the “Suspended Covenants”). 

(c) In addition, (x) no Subsidiary that is a Restricted Subsidiary on the date of the occurrence of a Partial Covenant Suspension Event
(the “Partial Covenant Suspension Date”) or a Covenant Suspension Event (the “Suspension Date”) may be redesignated as an Unrestricted 

  
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Subsidiary during the Partial Suspension Period or the Suspension Period, as applicable and (y)each Additional Note Guarantor shall be released from its obligation to guarantee the Notes on the
date of a Partial Covenant Suspension Event or a Covenant Suspension Event, as the case may be. 
 (d) The Additional Note Guarantors shall
be released from their obligation to guarantee the Notes upon the occurrence of a Partial Covenant Suspension Event or a Covenant Suspension Event; provided, that upon the occurrence of a Partial Covenant Reversion Date or a Reversion Date,
as applicable, the guarantee of the Notes by the Additional Note Guarantors shall be reinstated in accordance with and subject to the conditions in Section 3.22(e). 

(e) In the event that the Issuer and its Restricted Subsidiaries are not subject to the Partial Suspended Covenants or the Suspended
Covenants, as the case may be, for any period of time as a result of the foregoing, and on any subsequent date (in the case of Partial Suspended Covenants, such subsequent date being the “Partial Covenant Reversion Date” and, in the
case of Suspended Covenants, such subsequent date being the “Reversion Date”) (i) the Consolidated Leverage Ratio of the Issuer is not less than 3.5:1 during the applicable Partial Suspension Period or (ii) the Notes do
not have Investment Grade Ratings from at least two of the Rating Agencies during the applicable Suspension Period, then in each case in clauses (i) and (ii), the Issuer and its Restricted Subsidiaries will thereafter again be subject to the
Partial Suspended Covenants or the Suspended Covenants, as applicable, and the Notes will again be guaranteed by the Additional Note Guarantors (unless, solely with respect to any Additional Note Guarantor, the conditions for release as described
under Section 10.2 are otherwise satisfied during the Partial Suspension Period or the Suspension Period, as applicable). The Issuer shall cause such Additional Note Guarantor to promptly execute and deliver to the Trustee a supplemental
indenture hereto in form and substance reasonably satisfactory to the Trustee in accordance with the provisions of Article IX, evidencing that such Additional Note Guarantor’s guarantee on substantially the terms set forth in
Article X. The period of time between the Partial Covenant Suspension Date and the Partial Covenant Reversion Date is referred to as the “Partial Suspension Period” and the period of time between the Suspension Date and
the Reversion Date is referred to as the “Suspension Period.” Notwithstanding that the Partial Suspended Covenants, the Suspended Covenants and the guarantees by the Additional Note Guarantors may be reinstated, no Default or Event
of Default will be deemed to have occurred as a result of a failure to comply with the Partial Suspended Covenants during the Partial Suspension Period or the Suspended Covenants during the Suspension Period, as the case may be (or upon termination
of the applicable Partial Suspension Period or the Suspension Period or after that time based solely on events that occurred during the applicable Partial Suspension Period or the Suspension Period, as the case may be). 

(f) On the Reversion Date, all Indebtedness Incurred during the Suspension Period shall be classified to have been Incurred pursuant to
Section 3.9(a) or Section 3.9(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reversion Date and after giving effect to Indebtedness Incurred prior to the Suspension Period and
outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Section 3.9(a) or 3.9(b), such Indebtedness shall be deemed to have been outstanding on the Issue Date, so
that it is classified as permitted under clause (iii) of Section 3.9(b). Calculations made after the Reversion Date of the amount available to be made 

  
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as Restricted Payments under Section 3.11 shall be made as though Section 3.11 had been in effect since the Issue Date and throughout the Suspension Period. The Issuer
will give the Trustee written notice of any occurrence of a Reversion Date not later than five (5) Business Days after such Reversion Date. After any such notice of the occurrence of a Reversion Date, the Trustee shall assume the Suspended
Covenants apply and are in full force and effect. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under Section 3.11(a). 

(g) The Issuer will give the Trustee written notice of any Partial Covenant Suspension Event or any Covenant Suspension Event and in any case
no later than five (5) Business Days after such Partial Covenant Suspension Event or Covenant Suspension Event has occurred. In the absence of such notice, the Trustee shall assume that the Partial Suspended Covenants or the Suspended
Covenants, as applicable, apply and are in full force and effect. 
 (h) For purposes of this Section 3.22 only,
“Consolidated Leverage Ratio” and all associated definitions shall have the meaning set forth in Exhibit E hereto. 

ARTICLE IV 
 SUCCESSOR ISSUER 

Section 4.1 Merger, Consolidation and Sale of Assets. 

(a) The Issuer shall not, in a single transaction or series of related transactions, consolidate or merge with or into any Person (whether or
not the Issuer is the surviving or continuing Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of the Issuer’s properties and assets (determined on a consolidated basis for the Issuer and its
Restricted Subsidiaries), to any Person unless: 
  

	 	(i)	either: 

  

	 	(A)	the Issuer shall be the surviving or continuing corporation, or 

  

	 	(B)	the Person (if other than the Issuer) formed by such consolidation or into which the Issuer is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and
assets of the Issuer (determined on a consolidated basis for the Issuer and its Restricted Subsidiaries) substantially as an entirety (the “Successor Issuer”): 

 

	 	(1)	shall be a Person organized and validly existing under the laws of Mexico, the United States of America, any State thereof or the District of Columbia, Canada, France, Belgium, Germany, Italy, Luxembourg, the
Netherlands, Portugal, Spain, Switzerland or the United Kingdom, or any political subdivision thereof (the “Permitted Merger Jurisdictions”); and 

  
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	 	(2)	shall expressly assume, by a supplemental indenture (in form and substance satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, and
interest on all of the Notes and the performance and observance of every covenant of the Notes and this Indenture on the part of the Issuer to be performed or observed and provide the Trustee with an Officer’s Certificate and Opinion of
Counsel, and such transaction is otherwise in compliance with this Indenture; 

  

	 	(ii)	immediately after giving effect to such transaction and the assumption contemplated by clause (i)(B)(2) of this Section 4.1(a) (including giving effect on a pro forma basis to any Indebtedness,
including any Acquired Indebtedness, Incurred or anticipated to be Incurred or discharged in connection with or in respect of such transaction), the Issuer or such Successor Issuer, as the case may be: 

 

	 	(A)	shall have a Consolidated Fixed Charge Coverage Ratio that shall be not less than the Consolidated Fixed Charge Coverage Ratio of the Issuer immediately prior to such transaction; or 

 

	 	(B)	shall be able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to Section 3.9(a); 

  

	 	(iii)	immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause (i)(B)(2) of this Section 4.1(a) (including, without limitation, giving effect on a
pro forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred or anticipated to be Incurred or discharged and any Lien granted in connection with or in respect of the transaction), no Default or Event of Default shall have
occurred or be continuing; 

  

	 	(iv)	in the case of a transaction resulting in a Successor Issuer, each Note Guarantor has confirmed by supplemental indenture that its Note Guarantee shall apply for Obligations of the Successor Issuer in respect of this
Indenture and the Notes; and 

  

	 	(v)	if the Issuer merges with a Person, or the Successor Issuer is, organized under the laws of any of the Permitted Merger Jurisdictions, the Issuer or the Successor Issuer shall have delivered to the Trustee an Opinion of
Counsel stating that, as applicable: 

  

	 	(A)	 the Holders of the Notes shall not recognize income, gain or loss for the purposes of the income tax laws of the United States or the applicable
Permitted Merger Jurisdiction as a result of the transaction and shall be taxed in the Holder’s home jurisdiction in the same manner and on the same amounts (assuming solely for

  
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this purpose that no Additional Amounts are required to be paid on the Notes) and at the same times as would have been the case if the transaction had not occurred; 

 

	 	(B)	any payment of interest or principal under or relating to the Notes or any Guarantees shall be paid in compliance with any requirements under Section 3.21; and 

 

	 	(C)	no other taxes on income, including capital gains, shall be payable by Holders of the Notes under the laws of the United States or the applicable Permitted Merger Jurisdiction relating to the acquisition, ownership or
disposition of the Notes, including the receipt of interest or principal thereon; provided, that the Holder does not use or hold, and is not deemed to use or hold the Notes in carrying on a business in the United States or the applicable
Permitted Merger Jurisdiction. 

 The provisions of clauses (ii) and (iii) of this Section 4.1(a) will
not apply to: 
  

	 	(x)	any transfer of the properties or assets of a Restricted Subsidiary to the Issuer; 

  

	 	(y)	any merger of a Restricted Subsidiary into the Issuer; or 

  

	 	(z)	any merger of the Issuer into a Note Guarantor or a Wholly Owned Subsidiary of the Issuer. 

For purposes of this Section 4.1, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of
transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Issuer, the Capital Stock of which constitutes all or substantially all of the properties and assets of the Issuer (determined on a
consolidated basis for the Issuer and its Restricted Subsidiaries), shall be deemed to be the transfer of all or substantially all of the properties and assets of the Issuer. 

The Successor Issuer will succeed to, and be substituted for, such Issuer under this Indenture and the Notes, as applicable. For the avoidance
of doubt, compliance with this Section 4.1 will not affect the obligations of the Issuer (including a Successor Issuer, if applicable) under Section 3.8 if applicable. 

(b) Each Note Guarantor shall not, and the Issuer shall not cause or permit any such Note Guarantor to, consolidate with or merge into, or
sell or dispose of all or substantially all of its assets to, any Person (other than the Issuer) that is not a Note Guarantor unless: 
  

	 	(i)	such Person (if such Person is the surviving entity) (the “Successor Note Guarantor”) assumes all of the obligations of such Note Guarantor in respect of its Note Guarantee by executing a supplemental
indenture and providing the Trustee with an Officer’s Certificate and Opinion of Counsel, and such transaction is otherwise in compliance with this Indenture; 

  
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	 	(ii)	such Note Guarantee is to be released as provided under Section 10.2(b); or 

  

	 	(iii)	such sale or other disposition of substantially all of such Note Guarantor’s assets is made in accordance with Section 3.12. 

Subject to certain limitations described in this Indenture, the Successor Note Guarantor will succeed to, and be substituted for, such Note
Guarantor under this Indenture and such Note Guarantor’s Note Guarantee. The provisions of clauses (i), (ii) and (iii) of this Section 4.1(b) will not apply to: 

 

	 	(x)	any transfer of the properties or assets of a Note Guarantor to the Issuer or another Note Guarantor; 

  

	 	(y)	any merger of a Note Guarantor into the Issuer or another Note Guarantor; or 

  

	 	(z)	any merger of a Note Guarantor into a Wholly Owned Subsidiary of the Issuer. 

 ARTICLE V 

OPTIONAL REDEMPTION OF NOTES 

Section 5.1 Optional Redemption. The Issuer may redeem the Notes, at its option, in whole at any time or in part from time to
time, subject to the conditions and at the redemption prices specified in the Form of Note in Exhibit A hereto. 

Section 5.2 [Reserved]. 

Section 5.3 Notices to Trustee. If the Issuer elects to redeem the Notes pursuant to the optional redemption provisions of
Section 5.1 hereof, it shall furnish to the Trustee, at least 45 days but not more than 60 days before the Redemption Date, an Officer’s Certificate setting forth: (a) the Redemption Date, (b) the principal amount of Notes
to be redeemed, (c) the CUSIP numbers of the Notes, (d) the redemption price and (e) the amount of interest to be paid with respect to each multiple of U.S.$1,000 principal amount of Notes to be redeemed. 

Section 5.4 Notice of Redemption. 

(a) The Issuer shall prepare and mail or cause to be mailed a notice of redemption, in the manner provided for in Section 12.1,
not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed. 

  
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 (b) All notices of redemption shall state: 

 

	 	(i)	the Redemption Date, 

  

	 	(ii)	the redemption price and the amount of any accrued interest payable as provided in Section 5.7, 

  

	 	(iii)	whether or not the Issuer is redeeming all Outstanding Notes, 

  

	 	(iv)	if the Issuer is not redeeming all Outstanding Notes, the aggregate principal amount of Notes that the Issuer is redeeming and the aggregate principal amount of Notes that will be Outstanding after the partial
redemption, as well as the identification of the particular Notes, or portions of the particular Notes, that the Issuer is redeeming, 

  

	 	(v)	if the Issuer is redeeming only part of a Note, the notice that relates to that Note shall state that on and after the Redemption Date, upon surrender of that Note, the Holder will receive, without charge, a new Note or
Notes of authorized denominations for the principal amount of the Note remaining unredeemed, 

  

	 	(vi)	that on the Redemption Date the redemption price and any accrued interest payable to the Redemption Date as provided in Section 5.7 will become due and payable in respect of each Note, or the portion of each
Note, to be redeemed, and, unless the Issuer defaults in making the redemption payment, that interest on each Note, or the portion of each Note, to be redeemed, will cease to accrue on and after the Redemption Date, 

 

	 	(vii)	the place or places where a Holder must surrender Notes for payment of the redemption price and any accrued interest payable on the Redemption Date, and 

 

	 	(viii)	the CUSIP number, if any, listed in the notice or printed on the Notes, and that no representation is made as to the accuracy or correctness of such CUSIP number. 

(c) At the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s names and at its expense; provided,
however, that the Issuer shall have delivered to the Trustee, at least 45 days prior to the Redemption Date, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as
provided in the preceding Section 5.4(b). 
 Section 5.5 Selection of Notes to Be Redeemed in Part. 

(a) If the Issuer is not redeeming all Outstanding Notes, the Trustee shall select the Notes to be redeemed in compliance with the
requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not then listed on a national securities exchange, on a pro rata basis, by lot or by any other method as the Trustee shall deem
fair and appropriate; provided, however, that if a partial redemption is made with the 

  
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proceeds of an Equity Offering, selection of the Notes, or portions of the Notes, for redemption shall be made by the Trustee only on a pro rata basis, or on as nearly a pro rata basis as is
practicable (subject to the procedures of DTC), unless the method is otherwise prohibited. The Trustee shall make the selection from the then Outstanding Notes not previously called for redemption. The Trustee shall promptly notify the Issuer in
writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount of the Notes to be redeemed. In the event of a partial redemption by lot, the Trustee shall select the particular Notes
to be redeemed not less than 30 nor more than 60 days prior to the relevant Redemption Date from the then Outstanding Notes not previously called-for redemption. No Notes of U.S.$200,000 principal amount or less shall be redeemed in part. The
Trustee may select for redemption portions with minimum denominations of U.S.$200,000 and in integral multiples of U.S.$1,000 in excess thereof. 

(b) For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to redemption of Notes shall relate, in
the case of any Note redeemed or to be redeemed only in part, to the portion of the principal amount of that Note which has been or is to be redeemed. 

Section 5.6 Deposit of Redemption Price. On or prior to 10:00 a.m. New York City time, on the Business Day prior to the Redemption
Date, the Issuer shall deposit with the Trustee or with a Paying Agent (or, if the Issuer or a Note Guarantor is acting as the Paying Agent, segregate and hold in trust as provided in Section 2.4) an amount of money in immediately
available funds sufficient to pay the redemption price of, and accrued interest on, all the Notes that the Issuer is redeeming on that date. 

Section 5.7 Notes Payable on Redemption Date. If the Issuer, or the Trustee on behalf of the Issuer, gives notice of redemption in
accordance with this Article V, the Notes, or the portions of Notes, called-for redemption, shall, on the Redemption Date, become due and payable at the redemption price specified in the notice (together with accrued interest, if any, to the
Redemption Date), and from and after the Redemption Date (unless the Issuer shall default in the payment of the redemption price and accrued interest) the Notes or the portions of Notes shall cease to bear interest. Upon surrender of any Note for
redemption in accordance with the notice, the Issuer shall pay the Notes at the redemption price, together with accrued interest, if any, to the Redemption Date (subject to the rights of Holders of record on the relevant record date to receive
interest due on the relevant Interest Payment Date). If the Issuer shall fail to pay any Note called-for redemption upon its surrender for redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate borne by the
Notes. 
 Section 5.8 Unredeemed Portions of Partially Redeemed Note. Upon surrender of a Note that is to be redeemed in part,
the Issuer shall execute, and the Trustee shall authenticate and make available for delivery to the Holder of the Note, at the expense of the Issuer, a new Note or Notes, of any authorized denomination as requested by the Holder, in an aggregate
principal amount equal to, and in exchange for, the unredeemed portion of the principal of the Note surrendered, provided, that each new Note will be in a principal amount of U.S.$200,000 and in integral multiples of U.S.$1,000 in excess
thereof. 

  
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 ARTICLE VI 

DEFAULTS AND REMEDIES 

Section 6.1 Events of Default. 

(a) Each of the following is an “Event of Default”: 
  

	 	(i)	default in the payment when due of the principal of or premium, if any, on any Notes, including the failure to make a required payment to purchase Notes tendered pursuant to an optional redemption, a Change of Control
Offer or an Asset Sale Offer; 

  

	 	(ii)	default for 30 days or more in the payment when due of interest or Additional Amounts on any Notes; 

  

	 	(iii)	the failure to perform or comply with any of the provisions described under Article IV; 

  

	 	(iv)	the failure by the Issuer or any Restricted Subsidiary to comply with, or in the case of non-guarantor Restricted Subsidiaries, to perform according to, any other covenant or agreement contained in this Indenture or in
the Notes for 45 days or more after written notice to the Issuer from the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes; 

 

	 	(v)	default by the Issuer or any Restricted Subsidiary under any Indebtedness which: 

  

	 	(A)	is caused by a failure to pay principal of, or premium, if any, when due or interest on such Indebtedness prior to the later of the expiration of any applicable grace period provided in such Indebtedness on the date of
such default or five (5) days past when due; or 

  

	 	(B)	results in the acceleration of such Indebtedness prior to its stated maturity; 

 and the
principal or accreted amount of Indebtedness covered by clauses (v)(A) or (v)(B) of this Section 6.1(a) at the relevant time, aggregates U.S.$50 million or more; 
  

	 	(vi)	failure by the Issuer or any of its Restricted Subsidiaries to pay one or more final judgments against any of them, aggregating U.S.$100 million or more, which judgment(s) are not paid, discharged or stayed for a period
of 60 days or more; 

  

	 	(vii)	a Bankruptcy Event of Default; or 

  
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	 	(viii)	except as permitted herein, any Note Guarantee is held to be unenforceable or invalid in a judicial proceeding or ceases for any reason to be in full force and effect or any Note Guarantor, or any Person acting on
behalf of any Note Guarantor, denies or disaffirms such Note Guarantor’s obligations under its Note Guarantee. 

 The
foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body. 
 (b) The Issuer shall deliver within 30 days to the Trustee written
notice of any event which would constitute a Default or Event of Default, their status and what action the Issuer is taking or proposes to take in respect thereof. 

Section 6.2 Acceleration. 

(a) If an Event of Default (other than an Event of Default specified in clause (vii) of Section 6.1(a) above with respect to
the Issuer) shall occur and be continuing, the Trustee or the Holders of at least 25% in principal amount of then Outstanding Notes may declare the unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Notes to be
immediately due and payable by notice in writing to the Issuer and the Trustee specifying the Event of Default and that it is a “notice of acceleration.” If an Event of Default specified in clause (vii) of Section 6.1(a)
above occurs with respect to the Issuer, then the unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or
any Holder. 
 (b) At any time after a declaration of acceleration with respect to the Notes as described in the preceding paragraph, the
Holders of a majority in principal amount of the Notes may rescind and cancel such declaration and its consequences: 
  

	 	(i)	if the rescission would not conflict with any judgment or decree; 

  

	 	(ii)	if all existing Events of Default have been cured or waived, except nonpayment of principal or interest that has become due solely because of the acceleration; 

 

	 	(iii)	to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; and

  

	 	(iv)	if the Issuer has paid the Trustee its reasonable compensation and reimbursed the Trustee for its reasonable expenses, disbursements and advances. 

  
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 Section 6.3 Other Remedies. 

(a) If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of and
interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
 (b) The Trustee may maintain a
proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative to the extent permitted by law. 

Section 6.4 Waiver of Past Defaults. Subject to Section 6.2, the Holders of a majority in principal amount of the then
Outstanding Notes may waive any existing Default or Event of Default, and its consequences, except a default in the payment of the principal of, premium, if any, or interest on any Notes. 

Section 6.5 Control by Majority. The Holders of a majority in principal amount of the then Outstanding Notes may direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. Subject to Section 7.1 and Section 7.2, however, the Trustee may refuse to
follow any direction that conflicts with law or this Indenture; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. 

Section 6.6 Limitation on Suits. 

(a) No Holder of any Notes shall have any right to institute any proceeding with respect hereto or for any remedy hereunder, unless: 

 

	 	(i)	such Holder gives to the Trustee written notice of a continuing Event of Default; 

  

	 	(ii)	Holders of at least 25% in principal amount of the then Outstanding Notes make a written request to pursue the remedy; 

  

	 	(iii)	such Holders of the Notes provide to the Trustee indemnity satisfactory to it; 

  

	 	(iv)	the Trustee does not comply within 60 days; and 

  

	 	(v)	during such 60 day period the Holders of a majority in principal amount of the then Outstanding Notes do not give the Trustee a written direction which, in the opinion of the Trustee, is inconsistent with the request;

 provided, that a Holder of a Note may institute suit for enforcement of payment of the principal of and premium, if any, or interest
on such Note on or after the respective due dates expressed in such Note. 

  
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 Section 6.7 Rights of Holders to Receive Payment. Notwithstanding any other provision
of this Indenture (including, without limitation, Section 6.6), the right of any Holder to receive payment of principal or interest on the Notes held by such Holder, on or after the respective due dates, Redemption Dates or repurchase
date expressed in this Indenture or the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

Section 6.8 Collection Suit by Trustee. If an Event of Default specified in clause (i) and (ii) of
Section 6.1(a) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer and each Note Guarantor for the whole amount then due and owing (together with applicable
interest on any overdue principal and, to the extent lawful, interest on overdue interest) and the amounts provided for in Section 7.7. 

Section 6.9 Trustee May File Proofs of Claim, etc. 

(a) The Trustee may (irrespective of whether the principal of the Notes is then due): 

 

	 	(i)	file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders under this Indenture and the Notes allowed in any bankruptcy,
insolvency, liquidation or other judicial proceedings relative to the Issuer, any Note Guarantor or any Subsidiary of the Issuer or their respective creditors or properties; and 

 

	 	(ii)	collect and receive any monies or other property payable or deliverable in respect of any such claims and distribute them in accordance with this Indenture. 

Any receiver, trustee, liquidator, sequestrator (or other similar official) in any such proceeding is hereby authorized by each Holder to make
such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, taxes, disbursements and
advances of the Trustee, its agent and counsel, and any other amounts due to the Trustee pursuant to Section 7.7. 
 (b) Nothing
in this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder
thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10
Priorities. If the Trustee collects any money or property pursuant to this Article VI, it shall pay out the money or property in the following order: 

FIRST: to the Trustee for amounts due under Section 7.7; 

SECOND: if the Holders proceed against the Issuer directly without the Trustee in accordance with this Indenture, to Holders for their
collection costs; 

  
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 THIRD: to Holders for amounts due and unpaid on the Notes for principal and interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal and interest, respectively; and 

FOURTH: to the Issuer or, to the extent the Trustee collects any amount pursuant to Article X hereof from any Note Guarantor, to such
Note Guarantor, or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may, upon notice to the Issuer, fix a
record date and payment date for any payment to Holders pursuant to this Section 6.10. 
 Section 6.11 Undertaking for
Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of
the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by the Issuer, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in principal
amount of Outstanding Notes. 
 ARTICLE VII 

TRUSTEE 
 Section 7.1
Duties of Trustee. 
 (a) If a Default or an Event of Default has occurred and is continuing, the Trustee shall exercise the rights
and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

(b) Except during the continuance of a Default or an Event of Default: 

 

	 	(i)	the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

  

	 	(ii)	in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee
and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such certificates and
opinions to determine whether or not they conform to the requirements of this Indenture. 

  
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 (c) The Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that: 
  

	 	(i)	this clause (c) does not limit the effect of clause (b) of this Section 7.1; 

  

	 	(ii)	the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

 

	 	(iii)	the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.2, 6.4 or 6.5.

 (d) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing
with the Issuer. 
 (e) Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 (f) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in
the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably
assured to it. 
 (g) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to the provisions of this Article VII. 
 (h) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Issuer shall be sufficient if signed by an Officer of the Issuer. 
 (i) The Trustee shall be
under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs,
expenses (including reasonable attorneys’ fees and expenses) and liabilities that might be incurred by it in compliance with such request or direction. 

Section 7.2 Rights of Trustee. 

Subject to Section 7.1: 

(a) The Trustee may rely on any document reasonably believed by it to be genuine and to have been signed or presented by the proper person.
The Trustee need not investigate any fact or matter stated in the document. 

  
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 (b) Before the Trustee acts or refrains from acting at the direction of the Issuer or any Note
Guarantor, it may require an Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed
with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) If the Trustee shall determine, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or
attorney. 
 (g) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust Officer of the Trustee has
received written notice at the Corporate Trust Office of any event which is in fact such a default, and such notice references the Notes and this Indenture. 

(h) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder. 

(i) The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in
any such certificate previously delivered and not superseded. 
 (j) The permissive rights of the Trustee enumerated herein shall not be
construed as duties. 
 (k) In no event shall the Trustee be liable, directly or indirectly, for any special, indirect, punitive or
consequential damages, even if the Trustee has been advised of the possibility of such damages. 
 (l) The Trustee shall not be responsible
or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes;
fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots, 

  
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interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental
actions; it being understood that the Trustee shall use its best efforts to resume performance as soon as practicable under the circumstances. 

(m) The Trustee shall at no time have any responsibility or liability for or in respect to the legality, validity or enforceability of any
Collateral or any arrangement or agreement between the Issuer and any other Person with respect thereto, or the perfection or priority of any security interest created in any of the Collateral or maintenance of any perfection and priority, or for or
with respect to the sufficiency of the Collateral following an Event of Default. 
 Section 7.3 Individual Rights of Trustee.
The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, the Note Guarantors or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. Any
Paying Agent, Transfer Agent, Registrar or co-Registrar may do the same with like rights. However, the Trustee must comply with Section 7.10. 

Section 7.4 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection
with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. 
 Section 7.5 Notice of
Defaults. If a Default or Event of Default occurs and is continuing and if a Trust Officer has actual knowledge thereof, the Trustee shall mail to each Holder notice of the Default or Event of Default within 90 days after the occurrence thereof.
Except in the case of a Default or Event of Default in payment of principal or interest on any Note (including payments pursuant to the optional redemption or required repurchase provisions of such Note, if any), the Trustee may withhold the notice
if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of the Holders. 

Section 7.6 [Reserved]. 

Section 7.7 Compensation and Indemnity. 

(a) The Issuer shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder
as the Issuer and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuer shall reimburse the Trustee upon request for all
reasonable out-of-pocket expenses incurred or made by it, including costs of collection, costs of preparing and reviewing reports, certificates and other documents, costs of preparation and mailing of notices to Holders and reasonable costs of
counsel retained by the Trustee in connection with the review, negotiation, execution and delivery of this Indenture or otherwise, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and
expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. 

  
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 (b) The Issuer and each Note Guarantor shall jointly and severally indemnify the Trustee against
any and all loss, liability or expense (including reasonable attorneys’ fees and expenses) incurred by it without negligence, willful misconduct or bad faith on its part in connection with the acceptance and administration of this trust and the
performance of its duties hereunder, including the costs and expenses of enforcing this Indenture (including this Section 7.7) and of defending itself against any claims (whether asserted by any Holder, the Issuer, any Note Guarantor or
otherwise). The Trustee shall notify the Issuer and each Note Guarantor promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer or any Note Guarantor shall not relieve the Issuer or any Note Guarantor of
its obligations hereunder. The Issuer shall defend the claim and the Trustee may have separate counsel and the Issuer shall pay the fees and expenses of such counsel; provided, that the Issuer shall not be required to pay such fees and
expenses if it assumes the Trustee’s defense, and, in the reasonable judgment of outside counsel to the Trustee, there is no conflict of interest between the Issuer and the Trustee in connection with such defense. The Issuer need not reimburse
any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. 

(c) To secure the Issuer’s payment obligations in this Section 7.7, the Trustee shall have a lien prior to the Notes on all
money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. The Trustee’s right to receive payment of any amounts due under this Section 7.7
shall not be subordinate to any other liability or Indebtedness of the Issuer. 
 (d) The Issuer’s obligations pursuant to this
Section 7.7 shall survive the discharge of this Indenture and the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Bankruptcy Event of Default, the expenses are intended to constitute
expenses of administration under any Bankruptcy Law; provided, however, that this shall not affect the Trustee’s rights as set forth in this Section 7.7 or Section 6.10. 

Section 7.8 Replacement of Trustee. 

(a) The Trustee may resign at any time by so notifying the Issuer. The Holders of a majority in principal amount of the then Outstanding Notes
may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee reasonably acceptable to the Issuer. The Issuer shall remove the Trustee if: 
  

	 	(i)	the Trustee fails to comply with Section 7.10; 

  

	 	(ii)	the Trustee is adjudged bankrupt or insolvent; 

  

	 	(iii)	a receiver or other public officer takes charge of the Trustee or its property; or 

  

	 	(iv)	the Trustee otherwise becomes incapable of acting. 

  
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 (b) If the Trustee resigns or is removed by the Issuer or by the Holders of a majority in
principal amount of the then Outstanding Notes and such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of the Trustee for any reason (the Trustee in such event being referred to herein as the
retiring Trustee), the Issuer shall promptly appoint a successor Trustee. 
 (c) A successor Trustee shall deliver a written acceptance of
its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in
Section 7.7(c). 
 (d) If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is
removed, the retiring Trustee or the Holders of 10% in principal amount of the then Outstanding Notes may petition, at the Issuer’s expense, any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor Trustee. 
 (f) Notwithstanding the replacement of the Trustee pursuant to this
Section 7.8, the Issuer’s obligations under Section 7.7 shall continue for the benefit of the retiring Trustee. 

Section 7.9 Successor Trustee by Merger. 

(a) If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets
to, another Person, the resulting, surviving or transferee Person without any further act shall be the successor Trustee. 
 (b) In case at
the time such successor or successors to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates of authentication and such delivery shall be valid for purposes of this Indenture. 

Section 7.10 Eligibility; Disqualification. The Trustee shall at all times be a Trustee hereunder that is a Person organized and
doing business under the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has, together
with its parent, a combined capital and surplus of at least U.S.$50,000,000 as set forth in its most recent published annual report of condition. 

  
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 Section 7.11 [Reserved]. 

Section 7.12 [Reserved]. 

Section 7.13 Authorization and Instruction of the Trustee With Respect to the Collateral. Each Holder and the Issuer authorize and
instruct the Trustee (a) to enter into (or cause an agent or grant such powers of attorney to enter into), on its own behalf and on behalf of the Holders of Notes, such documents (the “Security Documents”) as are necessary or
desirable (which shall be evidenced by a written instruction from the Issuer to the Trustee) in order to create and maintain the security interest of the Trustee and the Holders of Notes in the Collateral as may from time to time be provided to
equally and ratably secure the Notes, (b) to grant such powers of attorney and to do or cause to be done all such acts and things, on its own behalf and in the name and on behalf of the Holders of Notes, as are necessary or desirable (which
shall be evidenced by a written instruction from the Issuer to the Trustee) to create and maintain the security interest of the Trustee and the Holders of Notes in such Collateral, (c) to appoint the Security Agent to serve as direct
representative of the Trustee and the Holders of Notes in connection with the creation and maintenance of the security interest of the Trustee and the Holders of Notes in such Collateral, (d) to accept the security interest in the Collateral on
behalf of each Holder, and (e) to grant powers in favor of an attorney to execute an accession public deed before a Spanish notary public accepting the security interest in the Collateral on behalf of the Holders of Notes. It is understood and
acknowledged that, in certain circumstances, the Security Documents may be amended, modified or waived without the consent of the Trustee or the Holders of Notes. It is understood and acknowledged that the Security Agent, in addition to being
appointed by and acting on behalf of the Trustee and the Holders of Notes, has also been appointed by and is acting on behalf of (and may in the future be appointed by and act on behalf of) other creditors of the Issuer and its Subsidiaries. The
Trustee will not have the right to cause the Security Agent to foreclose on the Collateral upon the occurrence of an Event of Default in respect of the Notes. The Trustee shall at no time have any responsibility or liability for or in respect to the
legality, validity or enforceability of any Collateral or any arrangement or agreement between the Issuer and any other Person with respect thereto, or the perfection or priority of any security interest created in any of the Collateral or
maintenance of any perfection and priority, or for or with respect to the sufficiency of the Collateral following an Event of Default. 

ARTICLE VIII 
 DEFEASANCE;
DISCHARGE OF INDENTURE 
 Section 8.1 Legal Defeasance and Covenant Defeasance. 

(a) The Issuer may, at its option, at any time, elect to have either Section 8.1(b) or (c) be applied to all
Outstanding Notes upon compliance with the conditions set forth in Section 8.2. 
 (b) Upon the Issuer’s exercise under
Section 8.1(a) of the option applicable to this clause (b), the Issuer shall, subject to the satisfaction of the conditions set forth in Section 8.2, be deemed to have been discharged from its obligations with respect to
all Outstanding 

  
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Notes on the date all of the conditions set forth in Section 8.2 are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer
shall be deemed to have paid and discharged the entire Indebtedness represented by the then Outstanding Notes, which shall thereafter be deemed to be Outstanding only for the purposes of Section 8.3 hereof and the other sections of this
Indenture referred to in subclause (i) or (ii) of this clause (b), and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper
instruments acknowledging the same), except for the following provisions, which shall survive until otherwise terminated or discharged hereunder: 
  

	 	(i)	the rights of Holders of Outstanding Notes to receive solely from the trust fund described in Section 8.3, and as more fully set forth in Section 2.4 payments in respect of the principal of,
premium, if any, and interest on such Notes when such payments are due, 

  

	 	(ii)	the Issuer’s obligations with respect to such Notes under Article II and Section 3.2 hereof, 

  

	 	(iii)	the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection therewith, and 

 

	 	(iv)	this Article VIII. 

 Subject to compliance with this Article VIII, the Issuer may
exercise its option under this clause (b) notwithstanding the prior exercise of its option under Section 8.1(c) hereof. 

(c) Upon the Issuer’s exercise under Section 8.1(a) hereof of the option applicable to this clause (c), the Issuer
shall, subject to the satisfaction of the applicable conditions set forth in Section 8.2, be released from its obligations under Sections 3.4, 3.5, 3.8, 3.9, 3.11, 3.12, 3.13,
3.14, 3.15, 3.16, 3.17, 3.18, 3.19, 3.20, 3.21, 3.22 , 4.1(a) and 4.1(b) hereof with respect to the then Outstanding Notes on and after the date the conditions set forth
below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but shall continue to be Outstanding for all other purposes hereunder (it being understood that such Notes shall not be deemed Outstanding for accounting purposes). For this purpose, such Covenant Defeasance means
that, with respect to the then Outstanding Notes, the Issuer may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event or Default under clause
(iii) of Section 6.1(a) (solely with respect to any failure to perform under or comply with clause (ii) or (iii) of Section 4.1(a)), clause (iv) of Section 6.1(a) or clause (v) of
Section 6.1(a) hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. 

  
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 Section 8.2 Conditions to Defeasance. The Issuer may exercise its Legal Defeasance
option or its Covenant Defeasance option only if: 
 (a) the Issuer has irrevocably deposited with the Trustee, in trust, for the benefit of
the Holders cash in U.S. Legal Tender or U.S. Government Obligations, in such amounts as will be sufficient without reinvestment, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if
any, and interest (including Additional Amounts) on the Notes on the stated date for payment thereof or on the applicable Redemption Date, as the case may be; 

(b) in the case of Legal Defeasance, the Issuer has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
(subject to customary exceptions and exclusions) and independent of the Issuer to the effect that: 
  

	 	(i)	the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling; or 

  

	 	(ii)	since the Issue Date, there has been a change in the applicable U.S. federal income tax law, 

 in either
case to the effect that, and based thereon such Opinion of Counsel shall state that, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to
U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(c) in the case of Covenant Defeasance, the Issuer has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
(subject to customary exceptions and exclusions) to the effect that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d) no Default or Event of Default shall have occurred and be continuing on the date of the deposit pursuant to Section 8.2(a)
(except any Default or Event of Default resulting from the failure to comply with Section 3.9 as a result of the borrowing of the funds required to effect such deposit); 

(e) the Trustee has received an Officer’s Certificate stating that such Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under this Indenture or any other material agreement or instrument to which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is bound; 

(f) the Issuer has delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent
of preferring the Holders over any other creditors of the Issuer or any Subsidiary of the Issuer or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others; 

  
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 (g) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel from counsel reasonably acceptable to the Trustee (subject to customary exceptions and exclusions) and independent of the Issuer, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant
Defeasance have been complied with; and 
 (h) the Issuer has delivered to the Trustee an Opinion of Counsel from counsel reasonably
acceptable to the Trustee and independent of the Issuer to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940. 

Section 8.3 Application of Trust Money. The Trustee shall hold in trust U.S. Legal Tender or U.S. Government Obligations deposited
with it pursuant to this Article VIII. It shall apply the deposited U.S. Legal Tender or U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Notes. 

Section 8.4 Repayment to Issuer. 

(a) The Trustee and the Paying Agent shall promptly turn over to the Issuer upon request any excess money or securities held by them upon
payment of all the obligations under this Indenture. 
 (b) Subject to any applicable abandoned property law, the Trustee and the Paying
Agent shall pay to the Issuer upon request any money held by them for the payment of principal of, premium or interest on the Notes that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Issuer for
payment as general creditors. 
 Section 8.5 Indemnity for U.S. Government Obligations. The Issuer shall pay and shall indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

Section 8.6 Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender or U.S. Government Obligations in
accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Issuer
under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or Paying Agent is permitted to apply all such U.S. Legal Tender or U.S.
Government Obligations in accordance with this Article VIII; provided, however, that, if the Issuer has made any payment of principal of, premium or interest on any Notes because of the reinstatement of its obligations, the Issuer
shall be subrogated to the rights of the Holders of such Notes to receive such payment from U.S. Legal Tender or U.S. Government Obligations held by the Trustee or Paying Agent. 

  
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 Section 8.7 Satisfaction and Discharge. This Indenture will be discharged and will
cease to be of further effect (except as to surviving rights of registration of transfer or exchange of the Notes, as expressly provided for in this Indenture) as to all Outstanding Notes when: 

(a) either: 
  

	 	(i)	all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation; or 

  

	 	(ii)	all Notes not theretofore delivered to the Trustee for cancellation have become due and payable, and the Issuer has irrevocably deposited or caused to be deposited with the Trustee U.S. Legal Tender or U.S. Government
Obligations sufficient without reinvestment to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit,
together with irrevocable instructions from the Issuer directing the Trustee to apply such funds to the payment; 

 (b) the
Issuer has paid all other sums payable under this Indenture and the Notes by it; and 
 (c) the Issuer has delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

ARTICLE IX 
 AMENDMENTS 

Section 9.1 Without Consent of Holders. 

(a) The Issuer, the Note Guarantors and the Trustee may amend or supplement this Indenture, the Notes or the Note Guarantees without notice to
or consent of any Holder: 
  

	 	(i)	to cure any ambiguity, omission, defect or inconsistency; 

  

	 	(ii)	to comply with Article IV in respect of the assumption by a Successor Issuer of the obligations of the Issuer under the Notes and this Indenture; 

 

	 	(iii)	to provide for uncertificated Notes in addition to or in place of Certificated Notes; provided, however, that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code;

  

	 	(iv)	to add guarantees with respect to the Notes or to secure the Notes; 

  
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	 	(v)	to add to the covenants of the Issuer or the Note Guarantors for the benefit of the Holders or to surrender any right or power herein conferred upon the Issuer or the Note Guarantors; 

 

	 	(vi)	to make any change that does not, in the opinion of the Issuer, as conclusively evidenced by an Officer’s Certificate to such effect, adversely affect the rights of any Holder in any material respect;

  

	 	(vii)	to conform the text of this Indenture, the Note Guarantees or the Notes to any provision of the section “Description of Notes” in the Offering Memorandum to the extent that such provision in such
“Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture or the Notes or Note Guarantees; 

  

	 	(viii)	to comply with the requirements of any applicable securities depositary; 

  

	 	(ix)	to provide for the issuance of Additional Notes as permitted by Section 2.2(c) and Section 2.14, which will have terms substantially identical to the other Outstanding Notes except as specified
in Section 2.13, or Section 2.14, and which will be treated, together with any other Outstanding Notes, as a single issue of securities; or 

 

	 	(x)	in order to effect and maintain the listing of the Notes on the Global Exchange Market of the Irish Stock Exchange. 

(b) After an amendment or supplement under this Section 9.1 becomes effective, the Issuer shall mail to Holders a notice briefly
describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.1. 

Section 9.2 With Consent of Holders. 

(a) The Issuer, the Note Guarantors and the Trustee may amend or supplement this Indenture or the Notes without notice to any Holder but with
the written consent of the Holders of at least a majority in principal amount of the then Outstanding Notes (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). Subject to
Section 6.4, the Holder or Holders of a majority in aggregate principal amount of the then Outstanding Notes may waive compliance by the Issuer and the Note Guarantors with any provision of this Indenture or the Notes. However, without
the consent of each Holder affected, an amendment, supplement or waiver may not: 
  

	 	(i)	reduce the amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

  

	 	(ii)	reduce the rate of or change or have the effect of changing the time for payment of interest, including Defaulted Interest, on any Notes; 

  
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	 	(iii)	reduce the principal of or change or have the effect of changing the fixed maturity of any Notes, or change the date on which any Notes may be subject to redemption, or reduce the redemption price therefor;

  

	 	(iv)	make any Notes payable in money other than that stated in the Notes; 

  

	 	(v)	make any change in the provisions of this Indenture entitling each Holder to receive payment of principal of, premium, if any, and interest on such Notes on or after the due date thereof or to bring suit to enforce such
payment, or permitting Holders of a majority in principal amount of the then Outstanding Notes to waive Defaults or Events of Default; 

  

	 	(vi)	amend, change or modify in any material respect any obligations of the Issuer to make and consummate a Change of Control Offer in respect of a Change of Control that has occurred or make and consummate an Asset Sale
Offer with respect to any Asset Sale that has been consummated; 

  

	 	(vii)	make any change in the provisions of this Indenture described under Section 3.21 that adversely affects the rights of any Holder or amend the terms of the Notes in a way that would result in a loss of
exemption from Taxes; or 

  

	 	(viii)	make any change to the provisions of this Indenture or the Notes that adversely affect the ranking of the Notes. 

(b) It shall not be necessary for the consent of the Holders under this Section 9.2 to approve the particular form of any proposed
amendment, supplement or waiver but it shall be sufficient if such consent approves the substance thereof. 
 (c) After an amendment,
supplement or waiver under this Section 9.2 becomes effective, the Issuer shall mail to Holders a notice briefly describing such amendment, supplement or waiver. The failure to give such notice to all Holders, or any defect therein,
shall not impair or affect the validity of an amendment, supplement or waiver under this Section 9.2. 
 (d) The Notes issued on
the Issue Date, and any Additional Notes part of the same series, will be treated as a single series for all purposes under this Indenture, including with respect to waivers and amendments. For the purposes of calculating the aggregate principal
amount of Notes that have consented to or voted in favor of any amendment, waiver, consent, modifications or other similar action, the Issuer (acting reasonably and in good faith) shall be entitled to select a record date as of which the principal
amount of any Notes shall be calculated in such consent or voting process. 
 Section 9.3 [Reserved]. 

Section 9.4 Revocation and Effect of Consents and Waivers. 

  
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 (a) A consent to an amendment, supplement or waiver by a Holder of a Note shall bind the Holder
and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may
revoke the consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. After an amendment, supplement or waiver
becomes effective, it shall bind every Holder, except as otherwise provided in this Article IX. An amendment, supplement or waiver shall become effective upon receipt by the Trustee of the requisite number of written consents under
Section 9.2. 
 (b) The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders
entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were
Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders
after such record date. No such consent shall be valid or effective for more than 90 days after such record date. 
 Section 9.5
Notation on or Exchange of Notes. If an amendment or supplement changes the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the
changed terms and return it to the Holder. Alternatively, if the Issuer or the Trustee so determines, the Issuer, in exchange for the Note, will execute and upon Issuer Order, the Trustee will authenticate and make available for delivery a new Note
that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the validity of such amendment or supplement. 

Section 9.6 Trustee to Sign Amendments and Supplements. The Trustee shall sign any amendment, supplement or waiver authorized
pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment, supplement or
waiver, the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.1 and Section 7.2) shall be fully protected in relying upon, in addition to the documents
required by Section 12.4, an Opinion of Counsel and an Officer’s Certificate each stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that all conditions precedent to the execution of
such amendment, supplement or waiver have been complied with. 

  
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 ARTICLE X 

NOTE GUARANTEES 

Section 10.1 Note Guarantees. 

(a) Each Note Guarantor hereby fully and unconditionally guarantees, as primary obligor and not merely as surety, jointly and severally with
each other Note Guarantor, to each Holder and the Trustee, the full and punctual payment when due, whether at maturity, by acceleration, by redemption or otherwise, of the Obligations (such guaranteed Obligations, the “Guaranteed
Obligations”). Each Note Guarantor further agrees that its Note Guarantee herein constitutes a guarantee of payment when due (and not a guarantee of collection) and agrees to pay, in addition to the amounts stated in
Section 10.1(f), any and all expenses (including reasonable counsel fees and expenses) incurred by the Trustee or the Holders in enforcing or exercising any rights under any Note Guarantee. 

(b) In no event shall the Trustee or the Holders be obligated to take any action, obtain any judgment or file any claim prior to enforcing or
exercising any rights under any Note Guarantee. 
 (c) Each Note Guarantor further agrees that its Note Guarantee constitutes an absolute
and unconditional and continuing guarantee. Each Note Guarantor hereby waives, to the extent permitted by law: 
  

	 	(i)	any claim as to the legality, validity, regularity or enforceability of this Indenture, the Notes or any other agreement; 

  

	 	(ii)	any claim as to the lack of authority of the Issuer to execute or deliver this Indenture, the Notes or any other agreement; 

  

	 	(iii)	diligence, presentation to, demand of payment from and protest to the Issuer of any of the Obligations and notice of protest for nonpayment; 

 

	 	(iv)	the occurrence of any Default or Event of Default under this Indenture, the Notes or any other agreement; 

  

	 	(v)	notice of any Default or Event of Default under this Indenture, the Notes or any other agreement; 

  

	 	(vi)	the failure of the Trustee or any Holder to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Indenture, the Notes or any other agreement; 

 

	 	(vii)	any extension or renewal of the Obligations, this Indenture, the Notes or any other agreement; 

  

	 	(viii)	any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; 

 

	 	(ix)	the existence of any bankruptcy, insolvency, reorganization or similar proceedings involving the Issuer; 

  
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	 	(x)	any setoff, counterclaim, recoupment, termination or defense of any kind or nature which may be available to or asserted by any Note Guarantor or the Issuer against the Holders or the Trustee; 

 

	 	(xi)	any impairment, taking, furnishing, exchange or release of, or failure to perfect or obtain protection of any security interest in, any collateral securing this Indenture and the Notes and any right to require that any
resort be had by the Trustee or any Holder to any such collateral; 

  

	 	(xii)	the failure of the Trustee or any Holder to exercise any right or remedy against any other Note Guarantor; 

  

	 	(xiii)	any change in the ownership of the Issuer; 

  

	 	(xiv)	any change in the laws, rules or regulations of any jurisdiction; 

  

	 	(xv)	any present or future action of any governmental authority or court amending, varying, reducing or otherwise affecting, or purporting to amend, vary, reduce or otherwise affect, any of the obligations of the Issuer
under this Indenture or the Notes or of any Note Guarantor under its Note Guarantee; and 

  

	 	(xvi)	any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of each Note Guarantor or would otherwise operate as a discharge of such Note
Guarantor as a matter of law or equity. 

 (d) Each of the Note Guarantors further expressly waives irrevocably and
unconditionally: 
  

	 	(i)	Any right it may have to first require any Holder to proceed against, initiate any actions before a court of law or any other judge or authority, or enforce any other rights or security or claim payment from the Issuer
or any other Person (including any Note Guarantor or any other guarantor of the Notes) before claiming from it under this Indenture; 

  

	 	(ii)	Any right to which it may be entitled to have the assets of the Issuer or any other Person (including any Note Guarantor or any other guarantor of the Notes) first be used, applied or depleted as payment of the
Issuer’s or the Note Guarantors’ obligations hereunder, prior to any amount being claimed from or paid by any of the Note Guarantors hereunder; 

  

	 	(iii)	Any right to which it may be entitled to have claims hereunder divided between the Note Guarantors; 

  

	 	(iv)	To the extent applicable, the benefits of orden, excusión, división, quita and espera and any right specified in articles 2814, 2815, 2817, 2818, 2819, 2820, 2821, 2822,
2823, 2826, 2837, 2838, 2839, 2840, 2845, 2846, 2847 and any other related or applicable articles that are not explicitly set forth herein because of Note Guarantor’s knowledge thereof of the Código Civil Federal of Mexico, and
the Código Civil of each State of the Mexican Republic and the Federal District of Mexico. 

  
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 (e) The obligations assumed by each Note Guarantor hereunder shall not be affected by the absence
of judicial request of payment by a Holder to the Issuer or by whether any such person takes timely action pursuant to articles 2848 and 2849 of the Código Civil Federal of Mexico and the Código Civil of each State of the Mexican
Republic and the Federal District of Mexico and each Note Guarantor hereby expressly waives the provisions of such articles. 
 (f) The
obligations of each Note Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Obligations in full), including any claim of waiver, release, surrender, alteration
or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the generality of
the foregoing, the obligations of each Note Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other
agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might
in any manner or to any extent vary the risk of such Note Guarantor or would otherwise operate as a discharge of such Note Guarantor as a matter of law or equity. 

(g) Except as provided in Section 10.2, the obligations of each Note Guarantor hereunder shall not be subject to any reduction,
limitation, impairment or termination for any reason other than payment of the Obligations in full. 
 (h) Each Note Guarantor further
agrees that its Note Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any of the Obligations is rescinded or must otherwise be restored
by any Holder upon the bankruptcy or reorganization of the Issuer or otherwise. 
 (i) In furtherance of the foregoing and not in limitation
of any other right which the Trustee or any Holder has at law or in equity against each Note Guarantor by virtue hereof, upon the failure of the Issuer to pay any of the Obligations when and as the same shall become due, whether at maturity, by
acceleration, by redemption or otherwise, each Note Guarantor hereby promises to and will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount equal to the sum of: 

 

	 	(i)	the unpaid amount of such Obligations then due and owing; and 

  

	 	(ii)	accrued and unpaid interest on such Obligations then due and owing (but only to the extent not prohibited by law); 

  
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 provided, that any delay by the Trustee in giving such written demand shall in no event affect any Note
Guarantor’s obligations under its Note Guarantee. 
 (j) Each Note Guarantor further agrees that, as between such Note Guarantor, on
the one hand, and the Holders, on the other hand: 
  

	 	(i)	the maturity of the Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Note Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Obligations guaranteed hereby; and 

  

	 	(ii)	in the event of any such declaration of acceleration of such Obligations, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Note Guarantor for the purposes of this Note
Guarantee. 

 Section 10.2 Limitation on Liability; Termination, Release and Discharge. 

(a) Subject to the limitations set out in Section 10.5 and Section 10.6, the obligations of each Note Guarantor
hereunder will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Note Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Note
Guarantor in respect of the obligations of such other Note Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Note Guarantor under its Note Guarantee not
constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 
 (b) A Note Guarantor will be released and
relieved of its obligations under its Note Guarantee in the event that: 
  

	 	(i)	there is a Legal Defeasance of the Notes pursuant to Article VIII; 

  

	 	(ii)	there is a sale or other disposition of Capital Stock of such Note Guarantor following which such Note Guarantor is no longer a direct or indirect Subsidiary of the Issuer; 

 

	 	(iii)	such Note Guarantor is designated as an Unrestricted Subsidiary in accordance with Section 3.14; 

  

	 	(iv)	solely with respect to an Additional Note Guarantor, either (A) the Facilities Agreement Indebtedness has been repaid in full and such Additional Note Guarantor is not a guarantor of the Indebtedness Incurred to
refinance such Facilities Agreement Indebtedness or (B) at least 85% of the outstanding Indebtedness of the Issuer and its Restricted Subsidiaries is not guaranteed by such Additional Note Guarantor; or 

 

	 	(v)	solely with respect to an Additional Note Guarantor, upon the occurrence of a Partial Covenant Suspension Event or Covenant Suspension Event until the occurrence of a Partial Covenant Reversion Date or a Reversion Date,
as applicable, at which time the guarantee of the Notes by such Additional Note Guarantor shall be reinstated unless such Additional Note Guarantor would have been released at any time during the Partial Suspension Period or the Suspension Period,
as applicable, pursuant to clause (i), (ii), (iii) or (iv) of this Section 10.2(b). 

  
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 Section 10.3 Right of Contribution. Each Note Guarantor that makes a payment or
distribution under a Note Guarantee will be entitled to a contribution from each other Note Guarantor in a pro rata amount, based on the net assets of each Note Guarantor determined in accordance with GAAP. The provisions of this
Section 10.3 shall in no respect limit the obligations and liabilities of each Note Guarantor to the Trustee and the Holders and each Note Guarantor shall remain liable to the Trustee and the Holders for the full amount guaranteed by
such Note Guarantor hereunder. 
 Section 10.4 No Subrogation. Each Note Guarantor agrees that it shall not be entitled to any
right of subrogation in respect of any Guaranteed Obligations until payment in full in cash or Cash Equivalents of all Obligations. If any amount shall be paid to any Note Guarantor on account of such subrogation rights at any time when all of the
Obligations shall not have been paid in full in cash or Cash Equivalents, such amount shall be held by such Note Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Note Guarantor, and shall, forthwith upon
receipt by such Note Guarantor, be turned over to the Trustee in the exact form received by such Note Guarantor (duly endorsed by such Note Guarantor to the Trustee, if required), to be applied against the Obligations. 

Section 10.5 French Guarantee Limitation. 

(a) The obligations of any Note Guarantor incorporated in France (a “French Note Guarantor”) are subject to the limitations
set out in this Section 10.5. 
 (b) The obligations and liabilities of any French Note Guarantor under the Indenture and the
Notes, and in particular under this Article X, shall not include any obligation or liability which, if incurred, would constitute the provision of financial assistance within the meaning of article L.225-216 of the French Commercial Code
and/or would constitute a misuse of corporate assets within the meaning of article(s) L. 241-3 or L. 242-6 of the French Commercial Code or any other law or regulations having the same effect, as interpreted by French courts. 

(c) The obligations and liabilities of any French Note Guarantor under this Article X for the Issuer’s obligations under the
Indenture and the Notes shall be limited, at any time, to an amount equal to the aggregate of all amounts made available under the Notes and the 

  
 108 

 
Indenture to the Issuer to the extent directly or indirectly on-lent to such French Note Guarantor and/or its direct and indirect Subsidiaries under intercompany loan agreements (excluding, for
the avoidance of doubt, any cash-pooling arrangements or other cash management agreements, provided, that the proceeds of the Notes shall not be used, in whole or in part, to finance, directly or indirectly, such cash pooling
arrangements or other cash management agreements) and outstanding at the date a payment is to be made by such French Note Guarantor under this Article X, it being specified that any payment made by a French Note Guarantor under this
Article X in respect of the obligations of the Issuer shall reduce pro tanto the outstanding amount of the intercompany loans due by such French Note Guarantor or its relevant direct or indirect Subsidiary under the intercompany loan
agreements referred to above and that any repayment of the intercompany loans by the French Note Guarantor or its relevant direct or indirect Subsidiary shall reduce pro tanto the amount payable by the French Note Guarantor under this
Article X. 
 (d) It is acknowledged that no French Note Guarantor is acting jointly and severally with the other Note Guarantors and
no French Note Guarantor shall therefore be considered as “co-débiteur solidaire” as to its obligations pursuant to the guarantee given pursuant to this Article X. 

Section 10.6 Swiss Guarantee Limitation. 

(a) The obligations of any Note Guarantor incorporated in Switzerland (a “Swiss Note Guarantor”) are subject to the
limitations set out in this Section 10.6. 
 (b) The obligations and liabilities of a Swiss Note Guarantor under the Indenture,
the Notes or any other agreement, and in particular under this Article X, in relation to the obligations, undertakings, indemnities or liabilities of a Note Guarantor other than that Swiss Note Guarantor or any of its fully owned and
controlled subsidiaries (the “Restricted Obligations”) shall not include any obligation or liability which, if incurred, would constitute the provision of financial assistance not permitted under the laws of Switzerland then in
force and/or would constitute a misuse of corporate assets under Swiss law as interpreted by Swiss courts and shall be limited to the amount of that Swiss Note Guarantor’s Free Reserves Available for Distribution (as defined below) at the time
payment is requested, provided, that such limitation is a requirement under applicable law (including any case law) at that point in time and that such limitation shall not free the Swiss Note Guarantor from its obligations in excess thereof,
but merely postpone the performance date until such time as performance is permitted notwithstanding such limitation. 
 (c) For the purpose
of this clause, “Free Reserves Available for Distribution” means an amount equal to the maximal amount in which the relevant Swiss Note Guarantor can make a dividend payment to its shareholder(s) (being the balance sheet profit and
any freely disposable reserves available for this purpose, in each case in accordance with applicable Swiss law). 

  
 109 

 (d) As soon as possible after having been requested to discharge a Restricted Obligation, the
Swiss Note Guarantor shall, if it cannot discharge the full amount of the Restricted Obligations, provide the Trustee with an interim statutory balance sheet audited by the statutory auditors of the Swiss Note Guarantor setting out the Free Reserves
Available for Distribution and, immediately thereafter, pay the amount corresponding to the Free Reserves Available for Distribution to the Trustee (save to the extent provided below). 

(e) In respect of the Restricted Obligations, the Swiss Note Guarantor shall: 

 

	 	(i)	if and to the extent required by applicable law in force at the relevant time: 

  

	 	(A)	subject to any applicable double taxation treaties, deduct Swiss withholding tax at the rate of 35 percent (or such other rate as is in force at that time) from any payment made by it; 

 

	 	(B)	pay any such deduction to the Swiss Federal Tax Administration; and 

  

	 	(C)	notify and provide evidence to the Trustee that the Swiss withholding tax has been paid to the Swiss Federal Tax Administration; 

  

	 	(ii)	to the extent such deduction is made, not be required to make a gross-up, indemnify or otherwise hold harmless the Trustee or the Holders for the deduction of the Swiss withholding tax notwithstanding anything to the
contrary contained in the Indenture, the Notes or any other agreement, unless grossing up is permitted under the laws of Switzerland then in force and provided, that this should not in any way limit any obligations of any non-Swiss Note
Guarantors under the Indenture, the Notes or any other agreement to indemnify the Trustee or the Holders in respect of the deduction of the Swiss withholding tax. The Swiss Note Guarantor shall use all reasonable efforts to procure that any person
which is entitled to a full or partial refund of any Swiss withholding tax paid pursuant to paragraph (a) above will, as soon as possible after the deduction of the Swiss withholding tax: (y) request a refund of the Swiss withholding tax
under any applicable law (including double taxation treaties) and (z) pay to the Trustee upon receipt any amount so refunded. 

(f) The Swiss Note Guarantor will take, and cause to be taken, all and any other action, including, without limitation, the passing of any
shareholders’ resolutions to approve any payment or other performance under the Indenture and the Notes and the receipt of any confirmations from the Swiss Note Guarantor’s auditors, whether following a request to discharge a Restricted
Obligation or which may be required as a matter of mandatory Swiss law in force at the time it is required to make a payment or perform other obligations under the Indenture, the Notes or any other agreement in order to allow a prompt payment or
performance of other obligations under the Indenture or the Notes. 
 (g) If the enforcement of the Restricted Obligations would be limited
due to the effects referred to in this Section 10.6 and if any asset of the Swiss Note Guarantor has a book value that is less than its market value (an “Undervalued Asset”), the Swiss Note Guarantor

  
 110 

 
shall, to the extent permitted by applicable law and its accounting standards (i) write up the book value of such Undervalued Asset such that its balance sheet reflects a book value that is
equal to the market value of such Undervalued Asset, and (ii) make reasonable efforts to realize the Undervalued Asset for a sum which is at least equal to the market value of such asset. Without prejudice to the rights of the Trustee and the
Holders under the Indenture, the Notes or any other agreement, the Swiss Note Guarantor will only be required to realize an Undervalued Asset if such asset is not necessary for the Swiss Note Guarantor’s business (nicht
betriebsnotwendig). 
 ARTICLE XI 

COLLATERAL 
 Section 11.1
The Collateral. Subject to Section 11.2, the Issuer and the Note Guarantors agree that the Notes will be at all times secured by a first-priority security interest in the Collateral on at least an equal and ratable basis with the
Permitted Secured Obligations. 
 Section 11.2 Release of the Collateral. 

(a) The Notes will cease to be secured by a security interest in the Collateral in accordance with the provisions of the Intercreditor
Agreement. 
 (b) In addition to the Collateral release provisions set forth in the Intercreditor Agreement, the Notes will cease to be
secured by a security interest on the Collateral upon: 
  

	 	(i)	(A) payment in full of the principal of, any accrued and unpaid interest on, the Notes and all other amounts or Obligations that are due and payable at or prior to the time such principal, accrued and unpaid interest,
if any, are paid, (B) a satisfaction and discharge of this Indenture or (C) a Legal Defeasance or Covenant Defeasance pursuant to Article VIII; or 

 

	 	(ii)	a refinancing of the Facilities Agreement Indebtedness in full as a result of which the Collateral does not secure Indebtedness Incurred to refinance such Facilities Agreement Indebtedness. 

  
 111 

 ARTICLE XII 

MISCELLANEOUS 
 Section 12.1
Notices. 
 (a) Any notice or communication shall be in writing and delivered in person or mailed by first-class mail, postage
prepaid, addressed as follows: 
 if to the Issuer and the Note Guarantors: 

c/o CEMEX, S.A.B. de C.V. 
 Av.
Ricardo Margáin Zozaya #325 
 Colonia Valle del Campestre 

Garza García, Nuevo León 

México 66265 
 Attention:
Chief Financial Officer 
 Fax: +1 52 81 8888 4417 

if to the Trustee: 
 The Bank of
New York Mellon 
 101 Barclay Street – 7E 

New York, NY 10286 
 Attention:
International Corporate Trust 
 Fax: 724-540-6330 

The Issuer or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

(b) All notices to Holders of Notes will be validly given if mailed to them at their respective addresses in the register of the Holders of
such Notes, if any, maintained by the Registrar. For so long as any Notes are represented by Global Notes, all notices to Holders of the Notes will be delivered to DTC, delivery of which shall be deemed to satisfy the requirements of this paragraph.

 (c) Each such notice shall be deemed to have been given on the date of delivery or mailing. Any notice or communication mailed to a
Holder shall be mailed to such Person by first-class mail or other equivalent means and shall be sufficiently given to them if so mailed within the time prescribed. Failure to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

(d) Subject to Section 7.1(c) and Section 7.2(a), the Trustee shall accept electronic transmissions; provided,
that (i) the Trustee shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person
authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and the Trustee shall not have any liability for any losses,
liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information and (ii) each other party agrees to
assume all risks arising out of the use of electronic methods to submit instructions, directions, reports, notices or other communications or information to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties. 

  
 112 

 (e) Any notice or communication mailed to a registered Holder shall be mailed to the Holder at
the Holder’s address as it appears on the Note Register and shall be sufficiently given if so mailed within the time prescribed. 
 (f)
Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the
addressee receives it. 
 (g) Any notice or communication delivered to the Issuer under the provisions herein shall constitute notice to the
Note Guarantors. 
 Section 12.2 Communication by Holders with Other Holders. Holders may communicate with other Holders with
respect to their rights under this Indenture (including the Note Guarantees) or the Notes. 
 Section 12.3 Certificate and Opinion
as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee: 

(a) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers,
all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

Section 12.4 Statements Required in Certificate or Opinion. Each certificate or opinion, including an Opinion of Counsel or
Officer’s Certificate, with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
 (a) a
statement that the individual making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as to the
nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(c) a statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him to
express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or
not, in the opinion of such individual, such covenant or condition has been complied with. 

  
 113 

 In giving an Opinion of Counsel, counsel may rely as to factual matters on an Officer’s
Certificate or on certificates of public officials. 
 Section 12.5 Rules by Trustee, Paying Agent, Transfer Agent and
Registrar. The Trustee may make reasonable rules for action by, or a meeting of, Holders. The Paying Agent, Transfer Agent and the Registrar may make reasonable rules for their functions. 

Section 12.6 Legal Holidays. A “Legal Holiday” is (i) a Saturday, a Sunday or other day on which commercial
banking institutions are authorized or required to be closed in New York City, Mexico, Madrid, Amsterdam, London, Paris or Zurich and (ii) any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer System
(TARGET2) is closed for settlement of payments. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is
a Legal Holiday, the record date shall not be affected. 
 Section 12.7 Governing Law, etc. 

(a) THIS INDENTURE (INCLUDING EACH NOTE GUARANTEE) AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE
OF NEW YORK. THE PARTIES HERETO EACH HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR EACH NOTE GUARANTEE OR ANY TRANSACTION RELATED HERETO OR THERETO TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW. 
 (b) Each of the parties hereto hereby: 

 

	 	(i)	agrees that any suit, action or proceeding against it arising out of or relating to this Indenture (including the Note Guarantees) or the Notes, as the case may be, may be instituted in any Federal or state court
sitting in the City of New York and County of New York and in the courts of its own corporate domicile, in respect of actions brought against it as a defendant, 

  

	 	(ii)	waives to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such suit, action or proceeding, any claim that any suit, action or proceeding in
such a court has been brought in an inconvenient forum, and any right to which it may be entitled, on account of place of residence or domicile, 

  

	 	(iii)	irrevocably submits to the jurisdiction of such courts in any suit, action or proceeding, 

  

	 	(iv)	agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding may be enforced in the courts of the jurisdiction of which it is subject by a suit upon judgment,
and 

  

	 	(v)	agrees that service of process by mail to the addresses specified herein shall constitute personal service of such process on it in any such suit, action or proceeding. 

  
 114 

 (c) The Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) have
appointed CEMEX NY Corporation, 590 Madison Avenue, 41st Floor, New York, NY 10022, as its authorized agent (the “Authorized Agent”) upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of
or based upon this Indenture or the Notes which may be instituted in any state or federal court in the City of New York and County of New York. The Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) hereby represent and
warrant that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) agree to take any and all action,
including the filing of any and all documents, that may be necessary to continue each such appointment in full force and effect as aforesaid so long as the Notes remain outstanding. The Issuer and the Note Guarantors (other than CEMEX Corp. and
CEMEX Finance LLC) agree that the appointment of the Authorized Agent shall be irrevocable so long as any of the Notes remain outstanding or until the irrevocable appointment by the Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX
Finance LLC) of a successor agent in the City of New York, New York as each of their authorized agent for such purpose and the acceptance of such appointment by such successor. Service of process upon the Authorized Agent shall be deemed, in every
respect, effective service of process upon the Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC). 
 (d) To the
extent that any of the Issuer and the Note Guarantors have or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service
or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Issuer and the Note Guarantors hereby irrevocably waive and agree not to plead or claim such immunity in respect of their obligations under this Indenture
or the Notes. 
 (e) Nothing in this Section 12.7 shall affect the right of the Trustee or any Holder of the Notes to serve
process in any other manner permitted by law. 
 Section 12.8 [Reserved]. 

Section 12.9 No Recourse Against Others. An incorporator, director, officer, employee, stockholder or controlling person, as such,
of the Issuer or any Note Guarantor shall not have any liability for any obligations of the Issuer or any Note Guarantor under the Notes or this Indenture or for any claims based on, in respect of or by reason of such obligations or their creation.
By accepting a Note, each Holder shall waive and release all such liability. 

  
 115 

 Section 12.10 Successors. All agreements of the Issuer and any Note Guarantor in this
Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

Section 12.11 Duplicate and Counterpart Originals. The parties may sign any number of copies of this Indenture. One signed copy is
enough to prove this Indenture. This Indenture may be executed in any number of counterparts, each of which so executed shall be an original, but all of them together represent the same agreement. Signatures of the parties hereto transmitted by
facsimile or pdf shall be deemed to be their original signatures for all purposes. 
 Section 12.12 Severability. In case any
provision in this Indenture or in the Notes 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 12.13 [Reserved]. 

Section 12.14 Currency Indemnity. 

(a) U.S. Legal Tender is the sole currency of account and payment for all sums payable by the Issuer and any Note Guarantor under or in
connection with the Notes or this Indenture, including damages. Any amount received or recovered in currency other than U.S. Legal Tender in respect of the Notes (whether as a result of, or of the enforcement of, a judgment or order of a court of
any jurisdiction, in the winding-up or dissolution of the Issuer, a Note Guarantor or any Subsidiary of the Issuer or otherwise) by any Holder of the Notes in respect of any sum expressed to be due to it from the Issuer or any Note Guarantor shall
only constitute a discharge of them under the Notes and this Indenture only to the extent of the U.S. Legal Tender amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that
receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). If that U.S. Legal Tender amount is less than the U.S. Legal Tender amount expressed to be due to the
recipient under the Notes or this Indenture, the Issuer and the Note Guarantors shall jointly and severally indemnify and hold harmless the recipient, to the greatest extent permitted by law, against any loss or cost sustained by it in making any
such purchase. For the purposes of this Section 12.14, it will be sufficient for the Holder of a Note to certify that it would have suffered a loss had an actual purchase of U.S. Legal Tender been made with the amount so received in that
other currency on the date of receipt or recovery (or, if a purchase of U.S. Legal Tender on such date had not been practicable, on the first date on which it would have been practicable). 

(b) The indemnities of the Issuer and the Note Guarantors contained in this Section 12.14, to the extent permitted by law:
(i) constitute a separate and independent obligation from the other obligations of the Issuer and the Note Guarantors under this Indenture and the Notes; (ii) shall give rise to a separate and independent cause of action against the Issuer
and the Note Guarantors; (iii) shall apply irrespective of any waiver granted by any Holder of the Notes or the Trustee from time to time; and (iv) shall continue in full force and effect notwithstanding any other judgment, order, claim or
proof of claim for a liquidated amount in respect of any sum due under the Notes or this Indenture or any other judgment or order. 

  
 116 

 Section 12.15 Table of Contents; Headings. The table of contents and headings of the
Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 12.16 USA PATRIOT Act. The parties hereto acknowledge that, in accordance with Section 326 of the USA PATRIOT Act
(Title III of Pub. L. 107-56 (signed into law on October 26, 2001)) (as amended, modified or supplemented from time to time, the “USA PATRIOT Act”), the Trustee, like all financial institutions, is required to obtain, verify, and
record information that identifies each person or legal entity that opens an account. The parties to this Agreement agree that they will provide the Trustee with such information as the Trustee may request in order for the Trustee to satisfy the
requirements of the USA PATRIOT Act. 
 [Signature page follows] 

  
 117 

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

			
	CEMEX, S.A.B. de C.V.,
	as Issuer
		
	By:		 /s/ Fernando J Reiter

			Name: Fernando J Reiter
			Title: Attorney in fact
	
	EACH OF THE NOTE GUARANTORS LISTED BELOW
	
	CEMEX Finance LLC
		
	By:		 /s/ Fernando J Reiter

			Name: Fernando J Reiter
			Title: Attorney in fact
	
	CEMEX México, S.A. de C.V.
		
	By:		 /s/ Francisco Javier García Ruiz

			Name: Francisco Javier García Ruiz
			Title: Attorney in fact
	
	CEMEX Concretos, S.A. de C.V.
		
	By:		 /s/ Francisco Javier García Ruiz

			Name: Francisco Javier García Ruiz
			Title: Attorney in fact
	
	Empresas Tolteca de México, S.A. de C.V.
		
	By:		 /s/ Francisco Javier García Ruiz

			Name: Francisco Javier García Ruiz
			Title: Attorney in fact

 
			
	New Sunward Holding B.V.
		
	By:		 /s/ Fernando J Reiter

			Name: Fernando J Reiter
			Title: Attorney in fact
	
	CEMEX España, S.A.
		
	By:		 /s/ Fernando J Reiter

			Name: Fernando J Reiter
			Title: Attorney in fact
	
	Cemex Asia B.V.
		
	By:		 /s/ Fernando J Reiter

			Name: Fernando J Reiter
			Title: Attorney in fact
	
	CEMEX Corp.
		
	By:		 /s/ Fernando J Reiter

			Name: Fernando J Reiter
			Title: Attorney in fact
	
	Cemex Egyptian Investments B.V.
		
	By:		 /s/ Fernando J Reiter

			Name: Fernando J Reiter
			Title: Attorney in fact
	
	Cemex Egyptian Investments II B.V.
		
	By:		 /s/ Fernando J Reiter

			Name: Fernando J Reiter
			Title: Attorney in fact

 
			
	CEMEX France Gestion (S.A.S.)
		
	By:		 /s/ Fernando J. Reiter

			Name: Fernando J. Reiter
			Title: Attorney in fact
	
	Cemex Research Group AG
		
	By:		 /s/ Fernando J. Reiter

			Name: Fernando J. Reiter
			Title: Attorney in fact
	
	Cemex Shipping B.V.
		
	By:		 /s/ Fernando J. Reiter

			Name: Fernando J. Reiter
			Title: Attorney in fact
	
	CEMEX UK
		
	By:		 /s/ Fernando J. Reiter

			Name: Fernando J. Reiter
			Title: Attorney in fact

 
			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:		 /s/ Catherine F. Donohue

			Name: Catherine F. Donohue
			Title: Vice President

 SCHEDULE I 

NOTE GUARANTORS 
 1. CEMEX México,
S.A. de C.V. (Mexico) 
 2. CEMEX Concretos, S.A. de C.V. (Mexico) 

3. Empresas Tolteca de México, S.A. de C.V. (Mexico) 
 4.
New Sunward Holding B.V. (the Netherlands) 
 5. CEMEX España, S.A. (Spain) 

6. Cemex Asia B.V. (the Netherlands) 
 7. CEMEX Corp. (Delaware)

 8. CEMEX Finance LLC (Delaware) 
 9. Cemex Egyptian
Investments B.V. (the Netherlands) 
 10. Cemex Egyptian Investments II B.V. (the Netherlands) 

11. CEMEX France Gestion (S.A.S.) (France) 
 12. Cemex Research
Group AG (Switzerland) 
 13. Cemex Shipping B.V. (the Netherlands) 

14. CEMEX UK (United Kingdom) 

 EXHIBIT A 

FORM OF NOTE 
 [Include the following
legend for Global Notes only: 
 “THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW
YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE
HEREOF.”] 
 [Include the following legend on all Notes that are Restricted Notes: 

“THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND
[Include the following on all Regulation S Notes that are Restricted Notes:, PRIOR TO THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT),] MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT (A) (1) TO CEMEX, S.A.B, DE C.V., (2) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS MADE IN RELIANCE ON RULE 144A, (3) IN AN OFFSHORE TRANSACTION COMPLYING WITH
RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE), OR 

  
 A-1 

 
(5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. THIS LEGEND
CAN ONLY BE REMOVED AT THE OPTION OF THE ISSUER.”] 
 [Include the following on all Regulation S Notes that are Restricted Notes: PRIOR TO
THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT),] EACH PERSON ACQUIRING AN OWNERSHIP INTEREST IN THE NOTES (1) SHALL BE DEEMED TO REPRESENT AND WARRANT THAT IT EITHER
(A) IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IS NOT A U.S. PERSON (AS DEFINED IN REGULATION S) AND IS OUTSIDE THE UNITED STATES OR (C) IS ACQUIRING SUCH OWNERSHIP INTEREST
PURSUANT TO A VALID REGISTRATION STATEMENT OR IN ANOTHER TRANSACTION EXEMPT FROM SUCH REGISTRATION; (2) AGREES THAT [Include the following on all Regulation S Notes that are Restricted Notes: PRIOR TO THE EXPIRATION OF THE 40-DAY
DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT),] (X) IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT IN ACCORDANCE WITH THE FOREGOING RESTRICTIONS, AND IN ANY CASE IN COMPLIANCE WITH ALL
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION; (Y) PRIOR TO SUCH TRANSFER, IT WILL FURNISH TO THE BANK OF NEW YORK MELLON, AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS APPLICABLE), SUCH
CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS THE TRUSTEE MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND (Z) IT WILL DELIVER TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “UNITED STATES”, “U.S. PERSON” AND “OFFSHORE
TRANSACTION” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.”] 
 [Include the following legend on all Notes as the
Mexican law legend: 
 “THE NOTES EVIDENCED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE NATIONAL SECURITIES REGISTRY (REGISTRO
NACIONAL DE VALORES) MAINTAINED BY THE MEXICAN NATIONAL 
 BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES), AND MAY NOT BE
OFFERED OR SOLD PUBLICLY, OR OTHERWISE BE SUBJECT TO BROKERAGE ACTIVITIES, IN MEXICO, EXCEPT THAT THE NOTES MAY BE OFFERED IN MEXICO TO QUALIFIED OR INSTITUTIONAL INVESTORS PURSUANT TO THE PRIVATE PLACEMENT EXEMPTION SET FORTH UNDER ARTICLE 8 OF THE
MEXICAN SECURITIES MARKET LAW (LEY DEL MERCADO DE VALORES).] 

  
 A-2 

 FORM OF FACE OF NOTE 

5.700% Senior Secured Notes due 2025 
  

			
	No.     		Principal Amount U.S.$        

 [If the Note is a Global Note include the following two lines: 

as revised by the Schedule of Increases and 

Decreases in Global Note attached hereto] 

CUSIP NO.             1 

ISIN NO.             2 

CEMEX, S.A.B. de C.V., a publicly traded stock corporation with variable capital (sociedad anónima bursátil de capital
variable) organized under the laws of the United Mexican States (together with its successors and assigns, the “Issuer”), promises to pay to Cede & Co., or registered assigns, the principal sum of
         U.S. Dollars [If the Note is a Global Note, add the following, as revised by the Schedule of Increases and Decreases in Global Note attached hereto], on January 11, 2025. 

Interest Payment Dates: January 11 and July 11 of each year, commencing on January 11, 2015 

Record Dates: December 27 and June 26 

 

	1 	CUSIP No. for Rule 144A Note: 151290BM4 CUSIP No. for Regulation S Note: P2253TJE0 

	2 	ISIN No. for Rule 144A Note: US151290BM45 ISIN No. for Regulation S Note: USP2253TJE03 

  
 A-3 

 Additional provisions of this Note are set forth on the other side of this Note. 

 

			
	CEMEX, S.A.B. de C.V.
		
	By:		  

			Name:
			Title:

  

	
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	 THE BANK OF NEW YORK MELLON
 as Trustee,
certifies that this is one of the Notes referred to in the Indenture.

  

									
	By:		  
				Date:		  

			Authorized Signatory						

  
 A-4 

 FORM OF REVERSE SIDE OF NOTE 

5.700% Senior Secured Notes due 2025 

Capitalized terms used but not defined herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

 

	1.	Interest 

 CEMEX, S.A.B. de C.V., a publicly traded stock corporation with variable
capital (sociedad anónima bursátil de capital variable) organized under the laws of the United Mexican States (together with its successors and assigns, the “Issuer”), promises to pay interest on the principal
amount of this Note at the rate per annum shown above. 
 The Issuer will pay interest semiannually in arrears on each Interest Payment Date
of each year commencing January 11, 2015; provided, that if any such Interest Payment Date is not a Business Day, then such payment shall be made on the next succeeding Business Day. Interest on the Notes will accrue from the most recent
date to which interest has been paid on the Notes or, if no interest has been paid, from September 11, 2014; provided, that if there is no existing Default or Event of Default on the payment of interest, and if this Note is authenticated
between a Record Date referred to on the face hereof and the next succeeding Interest Payment Date (but after September 11, 2014), interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original
issuance of Notes, in which case interest shall accrue from September 11, 2014. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the then applicable interest
rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (“Defaulted Interest”), without regard to any applicable
grace period, at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Each interest period shall end on (but not include) the relevant interest payment date. 

All payments made by the Issuer in respect of the Notes will be made free and clear of and without deduction or withholding for or on account
of any Taxes imposed or levied by or on behalf of any Taxing Jurisdiction, unless such withholding or deduction is required by law or by the interpretation or administration thereof. In that event, the Issuer will pay to each Holder of the Notes
Additional Amounts as provided in the Indenture subject to the limitations set forth in the Indenture. 
  

	2.	Method of Payment 

 By at least 10:00 a.m. (New York City time) on the Business Day prior
to the date on which any principal of or interest on any Note is due and payable, the Issuer shall irrevocably deposit with the Trustee or the Paying Agent money sufficient to pay such principal and/or interest. The Issuer will pay interest (except
Defaulted Interest) on the applicable Interest Payment Date to the Persons who are registered Holders of Notes at the close of business on the Record Date preceding the Interest Payment Date even if Notes are canceled, repurchased or redeemed after
the Record Date and on or before the relevant Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to Defaulted Interest. Holders must surrender Notes to a Paying Agent to collect principal payments.
The Issuer will pay principal and interest in U.S. Legal Tender. 

  
 1 

 Payments in respect of Notes represented by a Global Note (including principal and interest) will
be made by the transfer of immediately available funds to the accounts specified by the DTC. The Issuer will make all payments in respect of a Certificated Note (including principal and interest) by mailing a check to the registered address of each
registered Holder thereof as set forth in the Note Register; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least U.S.$10,000,000 aggregate principal amount of Notes, by wire transfer to a
U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 10 days
immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	Paying Agent and Registrar 

 Initially, The Bank of New York Mellon, the Trustee under
the Indenture, will act as Trustee, Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent, Registrar or co-Registrar without notice to any Holder. The Issuer, any Note Guarantor or any of their respective Affiliates may act
as Paying Agent, Registrar or co-Registrar. 
  

	4.	Indenture 

 The Issuer issued the Notes under an Indenture, dated as of
September 11, 2014 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”), among the Issuer, the Note Guarantors and the Trustee. The terms of the Notes include those
stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of those terms. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as
amended or supplemented from time to time. 
 The Notes are general senior obligations, which are secured by a first priority security
interest in the Collateral on an equal and ratable basis with the other Permitted Secured Obligations, subject to the Collateral release provisions set forth in the Intercreditor Agreement. U.S.$1,100,000,000 in aggregate principal amount of Notes
will be issued on the Issue Date. Subject to the conditions set forth in the Indenture and without the consent of the Holders, the Issuer may issue Additional Notes. All Notes will be treated as a single series of securities under the Indenture. The
Indenture imposes certain limitations on, among other things, the ability of the Issuer and its Restricted Subsidiaries to: Incur Indebtedness, make Restricted Payments, incur Liens, designate Unrestricted Subsidiaries, make Asset Sales, enter into
transactions with Affiliates, or consolidate or merge or transfer or convey all or substantially all of the Issuer’s assets. 
 To
guarantee the due and punctual payment of the principal of (and premium, if any) and interest on the Notes and all other amounts payable by the Issuer under the Indenture and the Notes when and as the same shall be due and payable, whether at
maturity, by 

  
 2 

 
acceleration or otherwise, according to the terms of the Notes and the Indenture, the Note Guarantors have unconditionally guaranteed, jointly and severally, such obligations pursuant to the
terms of the Indenture. Each Note Guarantee will be subject to release as provided in the Indenture. 
 The obligations of each Note
Guarantor in respect of its Note Guarantee will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Note Guarantor and after giving effect to any collections from or payments made by or
on behalf of any other Note Guarantor in respect of the obligations of such other Note Guarantor under its Note Guarantee or pursuant to its contribution obligations under the Indenture, result in the obligations of such Note Guarantor under its
Note Guarantee not constituting a fraudulent conveyance, fraudulent transfer, or similar illegal transfer under federal or state law or the law of the jurisdiction or formation and incorporation of such Note Guarantors. 

 

	5.	Optional Redemption 

 Except as stated below, the Issuer may not redeem the Notes. The
Issuer may redeem the Notes, at its option, in whole at any time or in part from time to time, on and after January 11, 2020, at the following redemption prices, expressed as percentages of the principal amount thereof, if redeemed during the
twelve-month period commencing on January 11 of any year set forth below, plus any accrued and unpaid interest on the principal amount of the Notes, if any, to the date of redemption: 

 

					
	 Year
	  	Percentage	 
		
	 January 11, 2020
	  	 	102.850	% 
	 January 11, 2021
	  	 	101.900	% 
	 January 11, 2022
	  	 	100.950	% 
	 January 11, 2023 and thereafter
	  	 	100.000	% 

 provided, however, that the Issuer shall not have the right to exercise any such optional redemption at any time when
the Issuer is prohibited from having such an option under the Facilities Agreement.  
 Prior to January 11, 2020, the Issuer
will have the right, at its option, to redeem any of the Notes, in whole or in part, at any time or from time to time prior to their maturity at a redemption price equal to the greater of (1) 100% of the principal amount of such Notes and
(2) the sum of the present value of the redemption price of the Notes to be redeemed at January 11, 2020 (such redemption price being set forth in the table appearing above) plus each remaining scheduled payment of interest thereon during
the period between the redemption date and January 11, 2020 (exclusive of interest accrued to the date of redemption), in each case, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate (as defined below) plus 50 basis points, plus, in each case any accrued and unpaid interest on the principal amount of the Notes, if any, to the date of redemption, provided, however, that the Issuer shall not
have the right to exercise any such optional redemption at any time when the Issuer is prohibited from having such an option under the Facilities Agreement. 

  
 3 

 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to
the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price (as defined below) for such Redemption Date. 
 “Comparable Treasury Issue” means the
United States Treasury security or securities selected by an Independent Investment Banker (as defined below) as having an actual or interpolated maturity most nearly equal to January 11, 2020 that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities having a maturity most nearly equal to January 11, 2020. 

“Independent Investment Banker” means one of the Reference Treasury Dealers (as defined below) appointed by the Issuer. 

“Comparable Treasury Price” means, with respect to any Redemption Date (1) the average of the Reference Treasury Dealer
Quotations (as defined below) for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (2) if the Independent Investment Banker or Issuer obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “Reference Treasury Dealer” means any one of Citigroup Global Markets Inc.,
J.P. Morgan Securities LLC or Merrill Lynch, Pierce, Fenner & Smith Incorporated or their respective affiliates which are primary United States government securities dealers and not less than two other leading primary United States
government securities dealers in New York City reasonably designated by the Issuer; provided, however, that if any of the foregoing shall cease to be a primary United States government securities dealer in New York City (a “Primary
Treasury Dealer”), the Issuer will substitute therefore another Primary Treasury Dealer. 
 “Reference Treasury Dealer
Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker or Issuer, of the bid and asked price for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker or Issuer by such Reference Treasury Dealer at 3:30 p.m. New York time on the third business day preceding such Redemption Date. 

Optional Redemption upon Equity Offerings. At any time, or from time to time, on or prior to January 11, 2020, the Issuer may, at
its option, use the net cash proceeds of one or more Equity Offerings to redeem in the aggregate up to 35% of the aggregate principal amount of the Notes issued pursuant to the Indenture at a redemption price equal to 105.700% of the principal
amount thereof plus any accrued and unpaid interest on the principal amount of the Notes, if any, to the date of redemption; provided, that: 

(a) after giving effect to any such redemption at least 65% of the aggregate principal amount of the Notes issued under the Indenture remains
outstanding; and 
 (b) the Issuer shall make such redemption not more than 90 days after the consummation of such Equity Offering; 

  
 4 

 provided, however, that the Issuer shall not have the right to exercise any such optional
redemption at any time when the Issuer is prohibited from exercising such an option under the Facilities Agreement. 
 “Equity
Offering” means any public or private sale of Qualified Capital Stock after the Issue Date for cash other than issuances to any Subsidiary of the Issuer. 

Optional Redemption for Changes in Withholding Taxes. If, as a result of any amendment to, or change in, the laws (or any rules or
regulations thereunder) of a Taxing Jurisdiction affecting taxation, or any amendment to or change in an official interpretation or application of such laws, rules or regulations that has a general effect, which amendment to or change of such laws,
rules or regulations becomes effective on or after the Issue Date (which, in the case of a merger, consolidation or other transaction permitted and described under Article IV shall be treated for this purpose as the date of such transaction),
the Issuer or any Note Guarantors would be obligated, after taking all reasonable measures to avoid this requirement, to pay Additional Amounts in excess of those attributable to a withholding tax rate of 10% with respect to the Notes (see
“Additional Amounts”), then, at the Issuer’s option, all, but not less than all, of the Notes may be redeemed at any time on giving not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the
outstanding principal amount, plus any accrued and unpaid interest on the principal amount of the Notes, if any, to the date of redemption; provided, however, that (1) no notice of redemption for tax reasons may be given earlier
than 90 days prior to the earliest date on which the Issuer or any Note Guarantors would be obligated to pay these Additional Amounts if a payment on the Notes were then due, and (2) at the time such notice of redemption is given such
obligation to pay such Additional Amounts remains in effect; provided, further, however, that the Issuer shall not have the right to exercise any such optional redemption at any time when the Issuer is prohibited from having such an option
under the Facilities Agreement. 
 Prior to the publication of any notice of redemption pursuant to this provision, the Issuer will deliver
to the Trustee: 
 (a) an Officer’s Certificate stating that the Issuer is entitled to effect the redemption and setting forth a
statement of facts showing that the conditions precedent to the Issuer’s right to redeem have occurred, and 
 (b) an opinion of
outside legal counsel of recognized standing in the affected Taxing Jurisdiction to the effect that the Issuer has or will become obligated to pay such Additional Amounts as a result of such change or amendment. 

This notice, once delivered by the Issuer to the Trustee, will be irrevocable. 

In the case of any partial redemption, selection of the Notes for redemption will be made in accordance with Article V of the
Indenture. On and after the Redemption Date, interest will cease to accrue on Notes or portions thereof called-for redemption as long as the Issuer has deposited with the Paying Agent funds in satisfaction of the applicable redemption price pursuant
to the Indenture. 

  
 5 

	6.	Mandatory Repurchase Provisions 

 Change Of Control Offer. Upon the occurrence of
a Change of Control, each Holder of Notes will have the right to require that the Issuer purchase all or a portion (in integral multiples of U.S.$1,000) of the Holder’s Notes at a purchase price equal to 101% of the principal amount thereof,
plus accrued and unpaid interest through the date of purchase. Within 30 days following the date upon which the Change of Control occurred, the Issuer must make a Change of Control Offer pursuant to a Change of Control Notice. As more fully
described in the Indenture, the Change of Control Notice shall state, among other things, the Change of Control Payment Date, which must be no earlier than 30 days nor later than 60 days from the date the notice is mailed, other than as may be
required by applicable law. 
 Asset Sale Offer. The Indenture imposes certain limitations on the ability of the Issuer and its
Restricted Subsidiaries to make Asset Sales. In the event the proceeds from a permitted Asset Sale exceed certain amounts and are not applied as specified in the Indenture, the Issuer will be required to make an Asset Sale Offer to purchase to the
extent of such remaining proceeds each Holder’s Notes together with holders of certain other Indebtedness at 100% of the principal amount thereof, plus accrued interest (if any) to the Asset Sale Offer Payment Date, as more fully set forth in
the Indenture. 
  

	7.	Denominations; Transfer; Exchange 

 The Notes are in fully registered form without
coupons, and only in denominations of principal amount of U.S.$200,000 and in integral multiples of U.S.$1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among
other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar shall not be required to register the transfer or exchange of (x) any Note for a
period beginning: (1) 15 days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an Interest Payment Date and ending on such
Interest Payment Date and (y) any Note selected for repurchase or redemption, except the unrepurchased or unredeemed portion thereof, if any. 
  

	8.	Persons Deemed Owners 

 The registered holder of this Note may be treated as the owner of
it for all purposes. 
  

	9.	Unclaimed Money 

 If money for the payment of principal or interest remains unclaimed for
two years, the Trustee or Paying Agent shall pay the money back to the Issuer at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Issuer and not to
the Trustee for payment. 

  
 6 

	10.	Discharge Prior to Redemption or Maturity 

 Subject to certain conditions set forth in
the Indenture, the Issuer at any time may terminate some or all of its obligations under the Notes and the Indenture if the Issuer deposits with the Trustee U.S. Legal Tender or U.S. Government Obligations for the payment of principal of and
interest on the Notes to redemption or maturity, as the case may be. 
  

	11.	Amendment, Waiver 

 Subject to certain exceptions set forth in the Indenture,
(i) the Indenture or the Notes may be amended or supplemented with the written consent of the Holders of at least a majority in principal amount of the then Outstanding Notes and (ii) any default (other than with respect to nonpayment or
in respect of a provision that cannot be amended or supplemented without the written consent of each Holder affected) or noncompliance with any provision may be waived with the written consent of the Holders of a majority in aggregate principal
amount of the then Outstanding Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Issuer and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any
ambiguity, omission, defect or inconsistency, or to comply with Article IV of the Indenture, or to provide for uncertificated Notes in addition to or in place of certificated Notes, or to add guarantees with respect to the Notes or to secure
the Notes, or to add additional covenants or surrender rights and powers conferred on the Issuer or the Note Guarantors, or to make any change that does not adversely affect the rights of any Holder, or to provide for the issuance of Additional
Notes. 
  

	12.	Defaults and Remedies 

 If an Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the Outstanding Notes may declare all the Notes to be due and payable immediately. A Bankruptcy Event of Default will result in the Notes being due and payable immediately upon the occurrence of
such Bankruptcy Event of Default. 
 Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may
refuse to enforce the Indenture or the Notes unless it receives reasonable indemnity or security. Subject to certain limitations, Holders of a majority in principal amount of the Outstanding Notes may direct the Trustee in its exercise of any trust
or power. The Trustee may withhold from Holders notice of any continuing Default or Event of Default (except a Default or Event of Default in payment of principal or interest) if it determines that withholding notice is in their interest. 

 

	13.	Trustee Dealings with the Issuer and the Note Guarantors 

 Subject to certain limitations
set forth in the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer, any Note Guarantor or its
Affiliates and may otherwise deal with the Issuer, any Note Guarantor or its Affiliates with the same rights it would have if it were not Trustee. 

  
 7 

	14.	No Recourse Against Others 

 An incorporator, director, officer, employee, stockholder or
controlling person, as such, of the Issuer or any Note Guarantor shall not have any liability for any obligations of the Issuer or any Note Guarantor under the Notes or the Indenture or for any claims based on, in respect of or by reason of such
obligations or their creation. By accepting a Note, each holder waives and releases all such liability. 
  

	15.	Authentication 

 Any Officer of the Issuer may sign the Notes for the Issuer by manual or
facsimile signature. This Note shall not be valid until an authorized signatory of the Trustee (or an Authenticating Agent) manually signs the certificate of authentication on the other side of this Note. 

 

	16.	Abbreviations 

 Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (= Uniform Gift to Minors Act). 

 

	17.	CUSIP Numbers 

 Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures the Issuer has caused CUSIP or other similar numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as
to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

 

	18.	Governing Law 

 This Note shall be governed by, and construed in accordance with, the
laws of the State of New York. 
  

	19.	Currency of Account; Conversion of Currency. 

 U.S. Legal Tender is the sole currency of
account and payment for all sums payable by the Issuer and the Note Guarantors under or in connection with the Notes or the Indenture, including damages. The Issuer and the Note Guarantors will indemnify the Holders as provided in respect of the
conversion of currency relating to the Notes and the Indenture. 
  

	20.	Agent for Service; Submission to Jurisdiction; Waiver of Immunities. 

 The Issuer and the
Note Guarantors have agreed that any suit, action or proceeding against the Issuer or any Note Guarantor brought by any Holder or the Trustee arising out of or based upon the Indenture or the Notes may be instituted in any state or federal

  
 8 

 
court in the City of New York and County of New York and in the courts of their respective corporate domiciles, in respect of actions brought against them as defendants. The Issuer and the Note
Guarantors have irrevocably submitted to the jurisdiction of such courts for such purpose and waived, to the fullest extent permitted by law, trial by jury and any objection it may now or hereafter have to the laying of venue of any such proceeding,
and any claim it may now or hereafter have that any proceeding in any such court is brought in an inconvenient forum. The Issuer and the Note Guarantors (other than CEMEX Corp. and CEMEX Finance LLC) have appointed CEMEX NY Corporation, 590 Madison
Avenue, 41st Floor, New York, NY 10022, as each of their authorized agent upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon the Indenture or the Notes which may be instituted in
any state or federal court in the City of New York and County of New York. To the extent that any of the Issuer and the Note Guarantors have or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding,
from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Issuer and the Note Guarantors have irrevocably waived and agreed not
to plead or claim such immunity in respect of its obligations under the Indenture or the Notes. 
 The Issuer will furnish to any Holder
upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note in larger type. Requests may be made to: 

CEMEX, S.A.B. de C.V. 
 Av. Ricardo
Margáin Zozaya # 325 
 Colonia Valle del Campestre 

Garza García, Nuevo León, México 66265 

Tel: +5281-8888-8888 

  
 9 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to 
  

					
			  
		
			(Print or type assignee’s name, address and zip code)		
			
			  
		
			(Insert assignee’s soc. sec. or tax I.D. No.)		
					

 and irrevocably appoint
                                         as agent
to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

									
	Date:		  
				Your Signature:		  

 

									
	Signature Guarantee:		  
				
			(Signature must be guaranteed)				
	
	  

	Sign exactly as your name appears on the other side of this Note.

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 10 

 To be attached to Global Notes only: 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease in
Principal Amount of this
Global Note	  	Amount of increase in
Principal Amount of this
Global Note	  	Principal Amount of this
Global Note following
such decrease or
increase	  	Signature of authorized
signatory of Trustee or
Note Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 3.8 or Section 3.12 of the
Indenture, check either box: 
  

							
			 ̈		 ̈		
			Section 3.8		Section 3.12		

 If you want to elect to have only part of this Note purchased by the Issuer pursuant to
Section 3.12 of the Indenture, state the principal amount (which must be in minimum denominations of U.S.$200,000 and in an integral multiple of U.S.$1,000): U.S.$         

 

											
	Date:		  
				Your Signature		  
		
							(Sign exactly as your name appears on the other side of the Note)		

  

							
	Signature Guarantee:		  
		
			(Signature must be guaranteed)		

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 12 

 EXHIBIT B 

FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO REGULATION S 

[Date] 
 The Bank of New York
Mellon 
 101 Barclay Street – 7E 
 New York, NY 10286 

Attention: International Corporate Trust 
 Re:
5.700% Senior Secured Notes due 2025 (the “Notes”) of 
 CEMEX, S.A.B. de C.V. (the “Issuer”) 

Ladies and Gentlemen: 
 Reference is hereby made to the
Indenture, dated as of September 11, 2014 (as amended and supplemented from time to time, the “Indenture”), among the Issuer, the Note Guarantors named therein and The Bank of New York Mellon, as Trustee. Capitalized terms used
but not defined herein shall have the meanings given them in the Indenture or Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), as the case may be. 

In connection with our proposed transfer of U.S.$         aggregate principal amount of the Notes,
which represent an interest in a Rule 144A Global Note beneficially owned by the undersigned (“Transferor”), we confirm that such transfer has been effected pursuant to and in accordance with Regulation S and, accordingly, we
represent that: 
 (a) the offer of the Notes was not made to a person in the United States; 

(b) either (i) at the time the buy order was originated, the transferee was outside the United States or we and any person
acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through the facilities of a designated off-shore securities market and neither we nor any person acting on
our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 
 (c) no directed selling
efforts have been made in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; 

(d) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and 

(e) we are the beneficial owner of the principal amount of Notes being transferred. 

In addition, if the transfer is made during a Distribution Compliance Period and the provisions of Rule 904(b)(1) or Rule 904(b)(2)
of Regulation S are applicable thereto, we confirm that such transfer has been made in accordance with the applicable provisions of Rule 904(b)(1) or Rule 904(b)(2), as the case may be. 

  
 B-1 

 You, the Issuer and the Note Guarantors are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

					
			Very truly yours,
		
			[Name of Transferor]
			
			By:		  

		
			  

			Authorized Signature]

  

					
	Signature Guarantee:		  
		
			(Signature must be guaranteed)		

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 B-2 

 EXHIBIT C 

FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144 

[Date] 
 The Bank of New York
Mellon 
 101 Barclay Street – 7E 
 New York, NY 10286 

Attention: International Corporate Trust 
 Re:
5.700% Senior Secured Notes due 2025 (the “Notes”) of 
 CEMEX, S.A.B. de C.V. (the “Issuer”) 

Ladies and Gentlemen: 
 Reference is hereby made
to the Indenture, dated as of September 11, 2014 (as amended and supplemented from time to time, the “Indenture”), among the Issuer, the Note Guarantors named therein and The Bank of New York Mellon, as Trustee. Capitalized terms
used but not defined herein shall have the meanings given them in the Indenture. 
 In connection with our proposed transfer of
U.S.$         aggregate principal amount of the Notes, which represent an interest in a 144A Global Note beneficially owned by the undersigned (“Transferor”), we confirm that such transfer has been
effected pursuant to and in accordance with Rule 144 under the Securities Act. 
 You, the Issuer and the Note Guarantors are entitled
to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

					
			Very truly yours,
		
			[Name of Transferor]
			
			By:		  

		
			  

			Authorized Signature

  

							
	Signature Guarantee:		  
		
			(Signature must be guaranteed)		

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 C-1 

 EXHIBIT D 

FORM OF CERTIFICATION FOR TRANSFER PURSUANT TO RULE 144A 

[Date] 
 The Bank of New York
Mellon 
 101 Barclay Street – 7E 
 New York, NY 10286 

Attention: International Corporate Trust 
 Re:
5.700% Senior Secured Notes due 2025 (the “Notes”) of 
 CEMEX, S.A.B. de C.V. (the “Issuer”) 

Ladies and Gentlemen: 
 Reference is hereby made
to the Indenture, dated as of September 11, 2014 (as amended and supplemented from time to time, the “Indenture”), among the Issuer, the Note Guarantors named therein and The Bank of New York Mellon, as Trustee.
Capitalized terms used but not defined herein shall have the meanings given them in the Indenture. 
 In connection with our proposed
transfer of U.S.$         aggregate principal amount of the Notes, which represent an interest in a Regulation S Global Note beneficially owned by the undersigned (“Transferor”), we confirm
that such transfer has been effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended, and, accordingly, we represent that the beneficial interest will be transferred to a Person that we reasonably believe is
purchasing the beneficial interest for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within
the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such transfer is in compliance with any applicable blue sky securities laws of any state of the United States. 

You, the Issuer and the Note Guarantors are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

					
			Very truly yours,
		
			[Name of Transferor]
			
			By:		  

		
			  

			Authorized Signature]

  
 D-1 

							
	Signature Guarantee:		  
		
			(Signature must be guaranteed)		

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 D-2 

 EXHIBIT E 

“CONSOLIDATED LEVERAGE RATIO” AND RELATED DEFINITIONS 

The definition of “Consolidated Leverage Ratio” comes from the 2009 Financing Agreement, as in effect immediately prior to giving
effect to the amendment and restatement thereof on September 17, 2012, and is to be used solely for purposes of calculating the Consolidated Leverage Ratio in the context of determining whether a Partial Covenant Suspension Event has occurred.

 “2012 CB Amount” means an aggregate amount equal to the Relevant Existing Financial Indebtedness maturing on or prior to
the 2012 CB Maturity Date. 
 “2012 CB Maturity Date” means the final maturity date of the Relevant Existing Financial
Indebtedness maturing in September, 2012 (being 21 September, 2012). 
 “Acceptable Bank” means: 

 

	 	(a)	a bank or financial institution 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; 

  

	 	(b)	any other bank or financial institution in a jurisdiction in which a member of the Group conducts commercial operations where such member of the Group, in the ordinary course of trading, subscribes for certificates of
deposit issued by such bank or financial institution; or 

  

	 	(c)	any other bank or financial institution approved by the Administrative Agent. 

“Accession Letter” means a document substantially in the form set out in Schedule 4 (Form of Accession Letter) of the
2009 Financing Agreement. 
 “Additional Guarantor” means a company that becomes an Additional Guarantor in accordance with
Clause 28 (Changes to the Obligors) of the 2009 Financing Agreement. 
 “Additional Security Provider” means a
company that becomes an Additional Security Provider in accordance with Clause 28 (Changes to the Obligors) of the 2009 Financing Agreement. 

“Administrative Agent” means Citibank International PLC, as administrative agent of the Finance Parties (other than itself)
under the 2009 Financing Agreement. 
 “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. 
 “Applicable GAAP” means: 

 

	 	(a)	in the case of the Issuer, Mexican FRS or, if adopted by the Issuer in accordance with Clause 22.3 (Requirements as to financial statements) of the 2009 Financing Agreement, IFRS; 

 

	 	(b)	in the case of CEMEX España, Spanish GAAP or, if adopted by CEMEX España in accordance with Clause 22.3 (Requirements as to financial statements) of the 2009 Financing Agreement, IFRS; and

  

	 	(c)	in the case of any other Obligor, the generally accepted accounting principles applying to it in the country of its incorporation or in a jurisdiction agreed to by the Administrative Agent or, if adopted by the relevant
Obligor, IFRS. 

  
 E-1 

 “Authorised Signatory” means, in relation to any Obligor, any person who is duly
authorised and in respect of whom the Administrative Agent has received a certificate signed by a director or another Authorised Signatory of such Obligor setting out the name and signature of such person and confirming such person’s authority
to act. 
 “Banobras Facility” means a revolving loan agreement (Contrato de Apertura de Crédito en Cuenta
Corriente) between CEMEX CONCRETOS, S.A. de C.V., as borrower and Banco Nacional de Obras y Servicios Públicos, Sociedad Nacional de Crédito, Institución de Banca de Desarrollo, as lender (“Banobras”), in an
aggregate principal amount equal to Mex$5,000,000,000.00 (five billion pesos), dated April 22, 2009, which was formalized by means of public deeds number 116,380 and 116,381 dated April 22, 2009, granted before Mr. José Angel
Villalobos Magaña, notary public number 9 for Mexico, Federal District, as such facility may be amended from time to time. 

“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 Majority Participating Creditors, 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 Administrative Agent may specify another page or service displaying the appropriate rate after consultation with the Issuer and the Participating Creditors); and 

 

	 	(ii)	for all other purposes, the exchange rate displayed on the appropriate Reuters screen at or about 11:00 a.m. on the date which is five Business Days before that date (or if the agreed page is replaced or services cease
to be available, the Administrative Agent may specify another page or service displaying the appropriate rate after consultation with the Issuer and the Participating Creditors). 

“Bilateral Bank Facilities” means the facilities described in Part IB of Part II of Schedule 1 (The Original Participating
Creditors) of the 2009 Financing Agreement. 
 “Borrower” means an Original Borrower unless it has ceased to be a
Borrower in accordance with Clause 28.2 (Resignation of a Borrower) of the 2009 Financing Agreement. 
 “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. 

  
 E-2 

 “Business Plan” means the five year business plan of the Group delivered in
conjunction with the 2009 Financing Agreement. 
 “Capital Expenditure” means any expenditure or obligation in respect of
expenditure which, in accordance with Applicable GAAP of the Issuer, is treated as capital expenditure (and including the capital element of any expenditure or obligation incurred in connection with a Capital Lease) (and, solely for the purposes of
paragraph (c) of Clause 23.2 (Financial condition) of the 2009 Financing Agreement, the maximum amount of Capital Expenditure of the Group permitted in the Financial Year ending on or about 31 December 2009 will be increased by an
amount not exceeding $50,000,000 in aggregate to the extent necessary to take into account currency fluctuations or additional costs and expenses contemplated by (or that have occurred since the date of) the Business Plan). 

“Capital Lease” means, as to any person, the obligations of such person to pay rent or other amounts under any lease of (or
other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of the Issuer under Applicable GAAP and the
amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with Applicable GAAP of the Issuer. 

“Capital Stock” means any and all shares, interests, participations or other equivalents (however designed) of capital stock
of a corporation, any and all equivalent ownership interests in a person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing. 

“Cash Equivalent Investments” means at any time: 
  

	 	(a)	certificates of deposit maturing within one year after the relevant date of calculation and issued by an Acceptable Bank; 

  

	 	(b)	any investment in marketable debt obligations issued or expressly guaranteed by the government of Mexico, the United States of America (or any state thereof (including any political subdivision of such state)), the
United Kingdom, any member state of the European Economic Area or any Participating Member State or any member state of NAFTA (or any other jurisdiction in which a member of the Group conducts commercial operations if that member of the Group makes
investments in such debt obligations in the ordinary course of its trading) or by an instrumentality or agency of any of them having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible or
exchangeable to any other security; 

  

	 	(c)	commercial paper not convertible into or exchangeable for any other security: 

  

	 	(i)	for which a recognised trading market exists; 

  

	 	(ii)	issued by an issuer incorporated in Mexico, the United States of America (or any state thereof (including any political subdivision of such state)), the United Kingdom, any member state of the European Economic Area or
any Participating Member State or any member state of NAFTA (or any other jurisdiction in which a member of the Group makes investments in such debt obligations in the ordinary course of trading); 

 

	 	(iii)	which matures within one year after the relevant date of calculation; and 

  

	 	(iv)	which has a credit rating of either A-1 or higher by S&P or F 1 or higher by Fitch or P-1 or higher by Moody’s, or, if no rating is available in respect of the commercial paper, the issuer of which has, in
respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating; 

  
 E-3 

	 	(d)	sterling bills of exchange eligible for rediscount at the Bank of England and accepted by an Acceptable Bank (or their dematerialised equivalent); 

 

	 	(e)	any investment in money market funds which (i) have a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch or P-1 or higher by Moody’s, (ii) which invest substantially all their
assets in securities of the types described in paragraphs (a) to (d) above and (f) and (g) below and (iii) can be turned into cash on not more than 30 days’ notice; or 

 

	 	(f)	any deposit issued by any of Nacional Financiera, S.N.C., Banco Nacional de Comercio Exterior, S.N.C., Banco National de Obras y Servicios Publicos, S.N.C. or any other development bank controlled by the Mexican
government; 

  

	 	(g)	any other debt instrument rated “investment grade” (or the local equivalent thereof according to local criteria in a country in which any member of the Group conducts commercial operations and in which local
pensions are permitted by law to invest) with maturities of 12 months or less from the date of acquiring such investment; 

  

	 	(h)	investments in mutual funds, managed by banks or financial institutions, with a local currency credit rating of at least MxAA by S&P or equivalent by any other reputable local rating agency, that invest principally
in marketable direct obligations issued by the Mexican government, or issued by any agency or instrumentality thereof; and 

  

	 	(i)	any other debt security, certificate of deposit, commercial paper, bill of exchange, investment in money market funds or material funds approved by the Majority Participating Creditors, in each case, to which any member
of the Group is alone (or together with other members of the Group) beneficially entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security (other than Security arising under the Transaction
Security Documents). 

 “CB Cash Replenishment Amount” means, for a particular Relevant Prepayment Period,
the amount of cash in hand of the Issuer on a consolidated basis to be applied by the Issuer to the CB Reserve pursuant to paragraph (b) of Clause 13.3 (Mandatory prepayments: Certificados Bursátiles Reserve) of the 2009 Financing
Agreement at any time during that Relevant Prepayment Period provided that such amount, together with the CB Disposal Proceeds Replenishment Amount applicable to that Relevant Prepayment Period, may not exceed the CB Reserve Shortfall at that
time. 
 “CB Disposal Proceeds Replenishment Amount” means for a particular Relevant Prepayment Period, the amount of any
Disposal Proceeds received by any member of the Group during that Relevant Prepayment Period to be applied by the Issuer to the CB Reserve pursuant to paragraph (b) of Clause 13.3 (Mandatory prepayments: Certificados Bursátiles
Reserve) of the 2009 Financing Agreement provided that such amount, together with the CB Cash Replenishment Amount applicable to that Relevant Prepayment Period, may not exceed the CB Reserve Shortfall at that time. 

“CB Reserve” means the reserve created by the Issuer or any of its Subsidiaries for the purposes of holding the proceeds of
any Permitted Fundraising that, as set out in the relevant CB Reserve Certificate, are to be applied in accordance with Clause 13.3 (Mandatory prepayments: Certificados Bursátiles Reserve) of the 2009 Financing Agreement. 

  
 E-4 

 “CB Reserve Certificate” means a certificate signed by a Responsible Officer of
the Issuer setting out, with respect to a Permitted Fundraising the net cash proceeds of which are to be applied in accordance with Clause 13.3 (Mandatory prepayments: Certificados Bursátiles Reserve) of the 2009 Financing Agreement:

  

	 	(i)	the amount of proceeds from the relevant Permitted Fundraising that the Issuer wishes to be applied to the CB Reserve (such amount to not exceed the aggregate amount of the Relevant Existing Financial Indebtedness that
is due to mature within the Relevant Prepayment Period to which it applies); and 

  

	 	(ii)	specific details of the Relevant Existing Financial Indebtedness to which any amounts are designated by the Issuer to be applied including the total aggregate amount of such Relevant Existing Financial Indebtedness and
the date on which such Relevant Existing Financial Indebtedness matures. 

 “CB Reserve Shortfall” means at
any time, for a particular Relevant Prepayment Period, an amount equal to the lower of: 
  

	 	(i)	the aggregate amount of (A) any voluntary prepayments made to Participating Creditors pursuant to Clause 12.2 (Voluntary prepayment of Exposures) of the 2009 Financing Agreement from proceeds standing
to the credit of the CB Reserve in that Relevant Prepayment Period and (B) the 2012 CB Amount; and 

  

	 	(ii)	the principal amount of any Relevant Existing Financial Indebtedness then outstanding in that Relevant Prepayment Period. 

“Change of Control” means that the beneficial ownership (within the meaning of Rule 13d-3 promulgated by the SEC under the
Securities Exchange Act of 1934, as amended) of 20 per cent. or more in voting power of the outstanding voting stock of the Issuer is acquired by any person, provided that the acquisition of beneficial ownership of capital stock of the
Issuer by Lorenzo H. Zambrano or any member of his immediate family shall not constitute a Change of Control. 
 “Charged
Property” means all of the assets of the Security Providers which from time to time are, or are expressed to be, the subject of the Transaction Security. 

“Compliance Certificate” means a certificate substantially in the form set out in Schedule 5 (Form of Compliance
Certificate) of the 2009 Financing Agreement. 
 “Consolidated Coverage Ratio” means, on any date of determination, the
ratio of (a) EBITDA for the one (1) year period ending on such date to (b) Consolidated Interest Expense for the one (1) year period ending on such date. 

“Consolidated Debt” means, at any date, the sum (without duplication) of (a) the aggregate amount of all Debt of the
Issuer and its Subsidiaries at such date, which shall include the amount of any recourse in respect of Inventory Financing permitted under paragraph (e) of the definition of Permitted Financial Indebtedness, plus (b) to the extent
not included in Debt, the aggregate net mark-to-market amount of all derivative financing in the form of equity swaps outstanding at such date (except to the extent such exposure is cash collateralized to the extent permitted under the Finance
Documents). 
 “Consolidated Funded Debt” means, for any period, Consolidated Debt less the sum (without duplication) of
(i) all obligations of such person to pay the deferred purchase price of property or services, (ii) all obligations of such person as lessee under Capital Leases, and (iii) all obligations of such person with respect to product
invoices incurred in connection with export financing. 

  
 E-5 

 “Consolidated Interest Expense” means, for any period, the sum of the
(1) total gross cash and non cash interest expense of the Issuer and its consolidated Subsidiaries relating to Consolidated Funded Debt of such persons, (2) any amortization or accretion of debt discount or any interest paid on
Consolidated Funded Debt of such person and its Subsidiaries in the form of additional Financial Indebtedness (but excluding any amortization of deferred financing and debt issuance costs), (3) the net costs under Treasury Transactions in
respect of interest rates (but excluding amortization of fees), (4) any amounts paid in cash on preferred stock, and (5) any interest paid or accrued in respect of Consolidated Funded Debt without a maturity date, regardless of whether
considered interest expense under Applicable GAAP of the Issuer. For purposes of calculating Consolidated Interest Expense for the Reference Period ending 30 June 2010, $131,406,696.17 shall be deducted, constituting the amount of interest paid
in respect of perpetual debentures on 1 July 2009 for the period ending 30 June 2009. 
 “Consolidated Leverage
Ratio” means, on any date of determination, the ratio of (a) Consolidated Funded Debt on such date to (b) EBITDA for the one (1) year period ending on such date. 

“Core Bank Facilities” means the Syndicated Bank Facilities, the Bilateral Bank Facilities and the Promissory Notes. 

“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. 

“Debt” of any person means, without duplication, (i) all obligations of such person for borrowed money, (ii) all
obligations of such person evidenced by bonds, debentures, notes or other similar instruments, including the perpetual bonds, (iii) the aggregate net mark-to-market of Treasury Transactions (except to the extent such exposure is cash
collateralized to the extent permitted under the Finance Documents) of such person but excluding Treasury Transactions relating to the rate or price of energy or any commodity, (iv) all obligations of such person to pay the deferred purchase
price of property or services, except trade accounts payable arising in the ordinary course of trading, (v) all obligations of such person as lessee under Capital Leases, (vi) all Debt of others secured by Security on any asset of such
person, up to the value of such asset, (vii) all obligations of such person with respect to product invoices incurred in connection with export financing, (viii) all obligations of such person under repurchase agreements for the stock
issued by such person or another person, (ix) all obligations of such person in respect of Inventory Financing permitted under paragraph (e) of the definition of Permitted Financial Indebtedness and (x) all guarantees of such person
in respect of any of the foregoing provided, however, that for the purposes of calculating the Consolidated Funded Debt element of the Consolidated Leverage Ratio, Relevant Convertible/Exchangeable Obligations shall be excluded from each of
the foregoing paragraphs (i) to (x) inclusive (provided that, in the case of outstanding Financial Indebtedness under any Relevant Convertible/Exchangeable Obligations (1) only the principal amount thereof shall be excluded and
(2) such exclusion shall apply only for so long as such amounts remain subordinated in accordance with the terms of that definition) and (b) amounts falling within paragraph (v) of the definition of Excluded Fundraising Proceeds, for
the period in which they are held by the Issuer or any member of the Group pending application in accordance with the terms of the 2009 Financing 

  
 E-6 

 
Agreement, shall be deducted from the aggregate Debt calculation resulting from this definition. For the avoidance of doubt, all letters of credit, banker’s acceptances or similar credit
transactions, including reimbursement obligations in respect thereof are not Debt until they are required to be funded. 
 “Debt
Documents” means the Finance Documents, the “Refinancing Documents” (as defined in the Intercreditor Agreement) and the “Noteholder Documents” (as defined in the Intercreditor Agreement). 

“Debt Reduction Satisfaction Date” means the first date following 30 September 2010 on which: 

 

	 	(a)	the Base Currency Amount of the Exposures of Participating Creditors under the Facilities (calculated as at the date that any reduction of Exposures occurs and in accordance with the 2009 Financing Agreement) has been
reduced by an aggregate amount equal to at least U.S.$1,000,000,000 compared to the Exposures of Participating Creditors under the Facilities as at 30 September 2010; and 

 

	 	(b)	the amount of Consolidated Funded Debt is at least U.S.$1,000,000,000 (or its equivalent in any other currency) lower than the level of Consolidated Funded Debt as at 30 September 2010 (for the avoidance of doubt,
when used in this sub-paragraph, Consolidated Funded Debt shall not include any Relevant Convertible/Exchangeable Obligations), 

 with
notification of the occurrence of such date being provided by the Parent delivering a certificate to the Administrative Agent signed by an Authorised Signatory confirming that (a) and (b) above have been met. 

“Delegate” means any delegate, agent, attorney or co-trustee appointed by the Security Agent. 

“Discontinued EBITDA” means, for any period, the sum for Discontinued Operations of (a) operating income (utilidad de
operación), and (b) depreciation and amortization expense, in each case determined in accordance with Applicable GAAP of the Issuer consistently applied for such period. 

“Discontinued Operations” means operations that are accounted for as discontinued operations pursuant to Applicable GAAP of
the Issuer for which the Disposal of such assets has not yet occurred. 
 “Disposal” means a sale, lease, license,
transfer, loan or other disposal by a person of any asset (including shares in any Subsidiary or other company), undertaking or business (whether by a voluntary or involuntary single transaction or series of transactions). 

“Disposal Proceeds” means: 
  

	 	(i)	the cash consideration received by any member of Group (including any amount received from a person who is not a member of the Group in repayment of intercompany debt save to the extent that the creditor in respect of
the intercompany debt is obliged to repay that amount to the purchaser at or about completion of the Disposal) for any Disposal; 

  

	 	(ii)	any proceeds of any Disposal received in the form of Marketable Securities that are required to be disposed of for cash (after deducting reasonable expenses incurred by the party disposing of those Marketable Securities
to persons other than members of the Group) pursuant to the criteria set out at paragraph (h) of the definition of Permitted Disposal; and 

  

	 	(iii)	any proceeds of any Disposal received in any other form to the extent disposed of or otherwise converted into cash within 90 days of receipt; and 

 

	 	(iv)	any consideration falling within paragraphs (i) to (iii) above that is received by any member of the Group from the Disposal of assets of the Group in Venezuela prior to the date of the 2009 Financing
Agreement, 

  
 E-7 

 but excluding any Excluded Disposal Proceeds and, in every case, after deducting: 

 

	 	(1)	any reasonable expenses which are incurred by the disposing party of such assets with respect to that Disposal to persons who are not members of the Group; 

 

	 	(2)	any Tax incurred and required to be paid by the disposing party in connection with that Disposal (as reasonably determined by the disposing party on the basis of rates existing at the time of the disposal and taking
account of any available credit, deduction or allowance); 

 “EBITDA” means, for any period, the sum for the
Issuer and its Subsidiaries, determined on a consolidated basis of (a) operating income (utilidad de operacion), and (b) depreciation and amortization expense, in each case determined in accordance with Applicable GAAP of the
Issuer, subject to the adjustments herein, consistently applied for such period and adjusted for Discontinued EBITDA as follows: if the amount of Discontinued EBITDA is a positive amount, then EBITDA shall increase by such amount, and if the amount
of Discontinued EBITDA is a negative amount, then EBITDA shall decrease by the absolute value of such amount. For the purposes of calculating EBITDA for any applicable period pursuant to any determination of the Consolidated Leverage Ratio (but not
the Consolidated Coverage Ratio): (A) (i) if at any time during such applicable period the Borrower or any of its Subsidiaries shall have made any Material Disposal, the EBITDA for such applicable period shall be reduced by an amount equal
to the EBITDA (if positive) attributable to the property that is the subject of such Material Disposal for such applicable period (but when the Material Disposal is by way of lease, income received by the Issuer or any of its Subsidiaries under such
lease shall be included in EBITDA) and (ii) if at any time during such applicable period the Issuer or any of its Subsidiaries shall have made any Material Acquisition, EBITDA for such applicable period shall be calculated after giving pro
forma effect thereto as if such Material Acquisition had occurred on the first day of such applicable period. Additionally, if since the beginning of such applicable period any person that subsequently shall have become a Subsidiary or was
merged or consolidated with the Issuer or any of its Subsidiaries as a result of a Material Acquisition occurring during such applicable period shall have made any Material Disposal or Material Acquisition of property that would have required an
adjustment pursuant to clause (i) or (ii) above if made by the Issuer or any of its Subsidiaries during such applicable period, EBITDA for such period shall be calculated after giving pro forma effect thereto as if such Material
Disposal or Material Acquisition had occurred on the first day of such applicable period; and (B) EBITDA will be recalculated by multiplying each month’s EBITDA by the Ending Exchange Rate and dividing the amount obtained thereto by the
exchange rate used by the Issuer in preparation of its monthly financial statements in accordance with Applicable GAAP of the Issuer to convert $ into Mexican pesos (such recalculated EBITDA being the “Recalculated EBITDA”). 

“Ending Exchange Rate” means the exchange rate at the end of a Reference Period for converting $ into Mexican pesos as used
by the Issuer and its auditors in preparation of the Issuer’s financial statements in accordance with Applicable GAAP of the Issuer. 

“Excluded Disposal Proceeds” means any CB Disposal Proceeds Replenishment Amount and the proceeds of any Disposal of: 

 

	 	(i)	inventory or trade receivables in the ordinary course of trading of the disposing entity; 

  
 E-8 

	 	(ii)	assets pursuant to a Permitted Securitisation programme existing as at the date of the 2009 Financing Agreement (or any rollover or extension of such a Permitted Securitisation); 

 

	 	(iii)	any asset from any member of the Group to another member of the Group on arm’s length terms and for fair market or book value; 

  

	 	(iv)	any assets the consideration for which (when aggregated with the consideration for any related Disposals) is less than $5,000,000 (or its equivalent in any other currency); 

 

	 	(v)	assets leased or licensed to any director, officer or employee of any member of the Group in connection with and as part of the ordinary course of the service or employment arrangements of the Group; 

 

	 	(vi)	Marketable Securities (other than Marketable Securities received as consideration for a Disposal as envisaged in paragraphs (ii) and (iii) of the definition of Disposal Proceeds); and 

 

	 	(vii)	any cash or other assets arising out of or in connection with any Permitted Put/Call Transaction, including, but not limited to any settlement, disposal, transfer, assignment, closeout or other termination of such
Permitted Put/Call Transaction. 

 “Excluded Fundraising Proceeds” means the proceeds of: 

 

	 	(i)	a Permitted Fundraising falling within paragraph (f)(i) of the definition of Permitted Financial Indebtedness entered into for the purpose of refinancing or extending the maturity of Existing Financial Indebtedness
falling within paragraph (a) of the definition thereof (or paragraph (b) of the definition thereof, to the extent that it relates to Short Term Certificados Bursatiles) (and, in the case of a refinancing, where the proceeds that would, but
for this paragraph (i), constitute “Permitted Fundraising Proceeds,” are actually applied for such purpose as soon as reasonably practicable (and in any event within 90 days) following receipt of those proceeds by any member of the Group);

  

	 	(ii)	a Permitted Fundraising falling within paragraph (f)(ii) of the definition of Permitted Financial Indebtedness entered into for the purpose of refinancing or extending the maturity of Existing Financial Indebtedness
falling within paragraphs (a) to (e) of the definition thereof (and, in the case of a refinancing, where the proceeds that would, but for this paragraph (ii), constitute “Permitted Fundraising Proceeds,” are actually applied for
such purpose as soon as reasonably practicable (and in any event within 90 days) following receipt of those proceeds by any member of the Group). 

  

	 	(iii)	any transaction between members of the Group; 

  

	 	(iv)	Permitted Securitisations; 

  

	 	(v)	 prior to the Debt Reduction Satisfaction Date, a Permitted Fundraising falling within paragraph (c) of that definition or, after the Debt
Reduction Satisfaction Date, a Permitted Fundraising falling within paragraphs (a), (b) or (c) of that definition provided that any Relevant Existing Financial Indebtedness due to

  
 E-9 

	 	
mature within the particular Relevant Prepayment Period and the proceeds of such Permitted Fundraising are to be applied in accordance with Clause 13.3 (Mandatory prepayments: Certificados
Bursátiles Reserve) of the 2009 Financing Agreement; 

  

	 	(vi)	subject to Clause 13.4(ii) of the 2009 Financing Agreement, a Permitted Fundraising falling within paragraph (c) of that definition and applied or to be applied in accordance with Clause 13.4 (Mandatory
prepayments: Relevant Convertible/Exchangeable Obligations) of the 2009 Financing Agreement; and 

  

	 	(vii)	a Permitted Fundraising arising out of or in connection with any Permitted Put/Call Transaction, including, but not limited to, any settlement, disposal, transfer, assignment, close-out or other termination of such
Permitted Put/Call Transaction. 

 “Executive Compensation Plan” means any stock option plan, restricted
stock plan or retirement plan which the Issuer or any other Obligor customarily provides to its employees, consultants and directors. 

“Existing Facility Agreements” means the facility agreements and other documents described in Part II, Schedule 1 (The
Original Participating Creditors) of the 2009 Financing Agreement. 
 “Existing Finance Documents” means each Existing
Facility Agreement, the USPP Note Guarantee, the “Finance Documents” as defined in any Existing Facility Agreement and the “Facility Transaction Documents” as defined in Exhibit H to the NY Law Amendment Agreement (but in each
case excluding any document that is designated a “Finance Document” or “Facility Transaction Document” by an Obligor and the relevant Creditor’s Representative under an Existing Facility Agreement after the
date of the 2009 Financing Agreement). 
 “Existing Financial Indebtedness” means: 

 

	 	(a)	the Financial Indebtedness described in Part I of Schedule 10 (Existing Financial Indebtedness) of the 2009 Financing Agreement provided that the principal amount of such Financial Indebtedness does not
increase above the principal amount outstanding as at the date of the 2009 Financing Agreement (except by the amount of any capitalised interest under any facility or instrument that provided for capitalisation of interest on those terms as at the
date of the 2009 Financing Agreement) less the amount of any repayments and prepayments made in respect of such Financial Indebtedness; 

  

	 	(b)	the Financial Indebtedness described in Part II of Schedule 10 (Existing Financial Indebtedness) of the 2009 Financing Agreement and any Short-Term Certificados Bursatiles, working capital or other operating
facilities that replace or refinance such Financial Indebtedness; 

  

	 	(c)	the Financial Indebtedness described in Part III of Schedule 10 (Existing Financial Indebtedness) of the 2009 Financing Agreement and any Capital Leases that replace (and relate to the same or similar assets as)
such Financial Indebtedness; 

  

	 	(d)	the Financial Indebtedness described in Part IV of Schedule 10 (Existing Financial Indebtedness) of the 2009 Financing Agreement and any Inventory Financing or factoring arrangements that replace (and relate to
the same or similar assets as) such Financial Indebtedness; and 

  

	 	(e)	the Banobras Facility and any other facility that replaces or refinances such facility provided that any such replacement or refinancing facility is (i) with a development bank controlled by the Mexican
Government or (ii) with any other financial institution to finance public works or infrastructure assets, 

  
 E-10 

 provided that (i) the aggregate principal amount of such Existing Financial Indebtedness falling
under each of paragraphs (b) to (e) of this definition shall not be increased above the principal amount of Financial Indebtedness committed or capable of being drawn down under the Financial Indebtedness referred to in that paragraph of
this definition as at the date of the 2009 Financing Agreement (except by the amount of any capitalised interest under any facility or instrument that provided for capitalisation of interest on those terms as at the date of the 2009 Financing
Agreement) and (ii), for the avoidance of doubt, any refinancing or replacement of Existing Financial Indebtedness falling within paragraphs (b) to (d) above need not satisfy the requirements of paragraph (f) of the definition of
Permitted Financial Indebtedness. 
 “Exposure” 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 

 

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

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

“Fee Letter” means any letter or agreement between the Administrative Agent or Security Agent and the Issuer setting out
(i) the upfront fee and (ii) the level of fees payable in respect of the services and obligations performed by those agents under the relevant New Finance Documents. 

“Finance Document” means each New Finance Document and each Existing Finance Document. 

“Finance Party” means the Administrative Agent, the Security Agent, each Creditor’s Representative or a Participating
Creditor. 
 “Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	moneys borrowed and debit balances at banks or other financial institutions; 

  

	 	(b)	any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent); 

  

	 	(c)	any amount raised pursuant to a note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument (including, without limitation, any perpetual bonds); 

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would (in accordance with Applicable GAAP of the Issuer) be treated as a finance or capital lease; 

  
 E-11 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for de-recognition under Applicable GAAP of the Issuer); 

 

	 	(f)	any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the mark-to-market value (or, if any actual amount is due as a result of the termination or close-out of that Treasury
Transaction, that amount) shall be taken into account); 

  

	 	(g)	any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution; 

 

	 	(h)	any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the issuer) before the Termination Date or are otherwise classified as borrowings under Applicable GAAP of the
Issuer; 

  

	 	(i)	any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of
the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than 60 days after the date of supply; 

 

	 	(j)	any arrangement pursuant to which an asset sold or otherwise disposed of by that person may be re-acquired by a member of the Group (whether following the exercise of an option or otherwise) and any Inventory Financing;

  

	 	(k)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as
borrowings under Applicable GAAP of the Issuer; and 

  

	 	(l)	the amount of any liability in respect of any guarantee for any of the items referred to in paragraphs (a) to (k) above. 

“Financial Quarter” means the period commencing on the day after one Quarter Date and ending on the next Quarter Date. 

“Financial Year” means the annual accounting period of the Issuer ending on or about 31 December in each year. 

“Fitch” means Fitch Ratings Limited or any successor thereto from time to time. 

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

“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 28.4 (Resignation of Guarantor) of the 2009 Financing Agreement and has not subsequently become an Additional Guarantor pursuant to Clause 28.3 (Additional Guarantors and
Additional Security Providers) of the 2009 Financing Agreement 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. 

  
 E-12 

 “IFRS” means international accounting standards within the meaning of IAS
Regulation 1606/2002 to the extent applicable to the relevant financial statements. 
 “Intellectual Property” means: 

 

	 	(a)	any patents, trademarks, service marks, designs, business names, copyrights, design rights, data-base rights, inventions, knowhow and other intellectual property rights and interests, whether registered or unregistered;
and 

  

	 	(b)	the benefit of all applications and rights to use such assets of each member of the Group. 

“Intercreditor Agreement” means the intercreditor agreement dated on or about the date of the 2009 Financing Agreement and
made between, among others, the Issuer, Wilmington Trust (London) Limited as Security Agent, Citibank International PLC as Administrative Agent, the Participating Creditors and any other creditors of the Group that may accede to it from time to time
in accordance with its terms, as such agreement may be amended from time to time. 
 “Inventory Financing” means a
financing arrangement pursuant to which a member of the Group sells inventory to a bank or other institution (or a special purpose vehicle or partnership incorporated or established by or on behalf of such bank or other institution or an Affiliate
of such bank or other institution) and has an obligation to repurchase such inventory to the extent that it is not sold to a third party within a specified period. 

“Joint Venture” means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint
venture or partnership or any other entity. 
 “Joint Venture Investment” has the meaning given to such term in
sub-paragraph (b) (ii) of the definition of Permitted Joint Venture. 
 “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. 

“Majority Participating Creditors” means, at any time, a Participating Creditor or Participating Creditors the Base Currency
Amount of whose Exposures under the Facilities at that time aggregate 66.67 per cent. or more of the Base Currency Amount of all the Exposures of the Participating Creditors under all of the Facilities at that time. 

“Marketable Securities” means securities (whether equity, debt or other securities) which are listed on a stock exchange or
for which a trading market exists (whether on market or over the counter) but excluding: (A) shares in any member of the Group, and (B) any shares in Axtel, S.A.B. de C.V. 

“Material Acquisition” means any (a) acquisition of property or series of related acquisitions of property that
constitutes assets comprising all or substantially all of an operating unit, division or line of business or (b) acquisition of or other investment in the Capital Stock of any Subsidiary or any person which becomes a Subsidiary or is merged or
consolidated with the Borrower or any of its Subsidiaries, in each case, which involves the payment of consideration by the Borrower and its Subsidiaries in excess of $100,000,000 (or the equivalent in other currencies). 

  
 E-13 

 “Material Disposal” means any Disposal of property or series of related
Disposals of property that yields gross proceeds to the Issuer or any of its Subsidiaries in excess of $100,000,000 (or the equivalent in other currencies). 

“Mexican FRS” means Mexican Financial Reporting Standards (Normas de Información Financiera) as in effect from
time to time and consistent with those used in the preparation of the most recent audited financial statements referred to in Clause 22.1 (Financial Statements). 

“Mexican pesos,” “Mex$,” “MXN” and “pesos” means the lawful currency of
Mexico. 
 “Mexico” means the United Mexican States. 

“Moody’s” means Moody’s Investor Services Limited or any successor to its ratings business. 

“NAFTA” means the North American Free Trade Agreement. 

“New Finance Document” means the 2009 Financing Agreement, the NY Law Amendment Agreement, the Intercreditor Agreement, each
Transaction Security Document, any Accession Letter, any Fee Letter, any Resignation Letter and any other document designated as a “New Finance Document” by the Administrative Agent and the Issuer. 

“New Equity Securities” means 
  

	 	(i)	The U.S.$977.5 million aggregate principal amount of 3.25% convertible subordinated notes due 2016, including U.S.$177.5 million notes issued pursuant to an over-allotment option in connection with those subordinated
notes due 2016; and 

  

	 	(ii)	U.S. $690 million aggregate principal amount of 3.75% convertible subordinated notes due 2018, including U.S.$90 million notes issued pursuant to an over-allotment option in connection with those subordinated notes due
2018. 

 in each case, issued on 15 March 2011 by the Issuer. 

“NY Law Amendment Agreement” means the omnibus amendment agreement dated on or about the date of the 2009 Financing Agreement
between, among others, the Issuer and the Participating Creditors with Exposures under those Existing Facility Agreements (other than the USPP Note Agreement) that are governed by the laws of the State of New York, as such agreement may be amended
from time to time. 
 “Obligors” means the Borrowers, the Guarantors and the Security Providers and
“Obligor” means any of them. 
 “Original Borrowers” means, together with the Issuer, the Subsidiaries of
the Issuer listed in Part I of Schedule 1 (The Original Parties) of the 2009 Financing Agreement as borrowers or issuers. 

“Original Financial Statements” means (a) in relation to the Issuer, its audited unconsolidated and consolidated
financial statements for its Financial Year ended 31 December 2008 accompanied by an audit opinion of KPMG Cardenas Dosal, S.C.; (b) in relation to CEMEX España, its audited consolidated financial statements for its financial year
ended 31 December 2008; and (c) in relation to any other borrower or guarantor under the 2009 Financing Agreement, its most recent annual financial statements (audited, if available). 

“Original Guarantors” means the Subsidiaries of the Issuer listed in Part I of Schedule 1 (The Original Parties) of
the 2009 Financing Agreement as guarantors, together with the Issuer. 
 “Original Participating Creditors” means the
financial institutions and noteholders listed in Part II of Schedule 1 (The Original Participating Creditors) of the 2009 Financing Agreement as creditors. 

  
 E-14 

 “Original Security Providers” means the Subsidiaries of the Issuer listed in
Part I of Schedule 1 (The Original Parties) of the 2009 Financing Agreement as security providers. 
 “Participating
Creditor” means: 
  

	 	(a)	any Original Participating Creditor; and 

  

	 	(b)	any person which has become a Party in accordance with Clause 27 (Changes to the Participating Creditors), of the 2009 Financing Agreement, 

which in each case has not ceased to be a Party in accordance with the terms of the 2009 Financing Agreement. 

“Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful
currency in accordance with legislation of the European Union relating to Economic and Monetary Union. 
 “Party” means a
party to the 2009 Financing Agreement. 
 “Permitted Acquisition” means: 

 

	 	(a)	an acquisition by a member of the Group of an asset sold, leased, transferred or otherwise disposed of by another member of the Group in circumstances constituting a Permitted Disposal; 

 

	 	(b)	an acquisition of shares or securities pursuant to a Permitted Share Issue; 

  

	 	(c)	an acquisition of cash or securities which are Cash Equivalent Investments; 

  

	 	(d)	an acquisition to which a member of the Group is contractually committed as at the date of the 2009 Financing Agreement, with the material terms of those acquisitions requiring consideration payable in excess of
$10,000,000 described in the list delivered to the Administrative Agent under paragraph 4(f) of Part I (Initial Conditions Precedent) of Schedule 2 of the 2009 Financing Agreement (provided that there has been or is no material change to the
terms of such acquisition subsequent to the date of the 2009 Financing Agreement); 

  

	 	(e)	the incorporation of a company which on incorporation becomes a member of the Group or which is a special purpose vehicle, whether a member of the Group or not; 

 

	 	(f)	an acquisition that constitutes a Permitted Joint Venture; 

  

	 	(g)	an acquisition of assets and, if applicable, cash, in exchange for other assets and, if applicable, cash, of equal or higher value provided that: (i) the cash element of any such acquisition must not be more
than 20 per cent. of the aggregate consideration for the acquisition; and (ii) the maximum aggregate market value of the assets acquired pursuant to all such transactions must not be more than $100,000,000 (or its equivalent in any other
currency) in any Financial Year; 

  

	 	(h)	any acquisition of shares of the Issuer pursuant to an obligation in respect of any Executive Compensation Plan; 

  
 E-15 

	 	(i)	any other acquisition consented to by the Administrative Agent acting on the instructions of the Majority Participating Creditors; 

  

	 	(j)	an acquisition of shares in the Issuer to the extent that a member of the Group has an obligation to deliver such shares to any holder(s) of convertible securities falling within paragraph (f)(i) of the definition of
Permitted Financial Indebtedness pursuant to the terms of such convertible securities; and 

  

	 	(k)	any other acquisition of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them) provided that the aggregate amount of the consideration for such acquisitions
(when aggregated with the aggregate amount of Joint Venture Investment falling within paragraph (b)(iii)(1) of the definition of Permitted Joint Venture in that Financial Year) does not exceed $100,000,000 (or its equivalent in any other currencies)
in any Financial Year. 

 “Permitted Disposal” means any sale, lease, licence, transfer or other disposal
which, except in the case of Disposals as between members of the Group, is on arm’s length terms: 
  

	 	(a)	of trading stock or cash made by any member of the Group in the ordinary course of trading of the disposing entity; 

  

	 	(b)	of any asset by a member of the Group (the “Disposing Company”) to another member of the Group (the “Acquiring Company”), but if: 

 

	 	(i)	the Disposing Company is an Obligor, the Acquiring Company must also be an Obligor; 

  

	 	(ii)	the Disposing Company had given Transaction Security over the asset, the Acquiring Company must give equivalent Transaction Security over that asset; and 

 

	 	(iii)	the Disposing Company is a Guarantor, the Acquiring Company must be a Guarantor guaranteeing at all times an amount no less than that guaranteed by the Disposing Company, 

provided that the conditions set out in paragraphs (i), (ii) and (iii) above shall only apply if the applicable assets are shares or if all
or substantially all of the assets of the Disposing Company are being disposed of; 
  

	 	(c)	of obsolete or redundant vehicles, machinery, parts and equipment in the ordinary course of trading; 

  

	 	(d)	of cash or Cash Equivalent Investments for cash or in exchange for other Cash Equivalent Investments; 

  

	 	(e)	constituted by a licence of Intellectual Property in the ordinary course of trading; 

  

	 	(f)	to a Joint Venture, to the extent permitted by Clause 24.17 (Joint ventures) of the 2009 Financing Agreement; 

  

	 	(g)	arising as a result of any Permitted Security; 

  
 E-16 

	 	(h)	of any shares in a member of the Group (provided that all such shares in that entity owned by a member of the Group are the subject of the Disposal) or of any other asset, in each case on arm’s length terms
and for full market value where: 

  

	 	(i)	no less than 85 per cent. of the consideration for the Disposal is payable to the Group in cash or Marketable Securities paid or received by a member of the Group at completion of the Disposal (provided that
where a portion of that 85 per cent. is comprised of Marketable Securities, those Marketable Securities must be disposed of for cash to a person that is not a member of the Group within 90 days of completion); 

 

	 	(ii)	if the aggregate consideration for the Disposal (when aggregated with the consideration for any related Disposals) is equal to 5 per cent. or more of the value of consolidated assets of the Group, the Issuer has
delivered to the Administrative Agent a certificate signed by an Authorised Signatory confirming that, on a pro forma basis, assuming that the Disposal had been completed and the proceeds had been applied in accordance with Clause 13
(Mandatory Prepayment) of the 2009 Financing Agreement immediately prior to the first day of the most recent Reference Period for which a Compliance Certificate has been or is required to have been delivered under the 2009 Financing
Agreement, the Issuer would have been in compliance with the financial covenants in paragraphs (a) and (b) of Clause 23.2 (Financial condition) of the 2009 Financing Agreement as at the last day of the most recent Reference Period
for which a Compliance Certificate has been or is required to have been delivered under the 2009 Financing Agreement; and 

  

	 	(iii)	the Disposal Proceeds received by members of the Group are applied (to the extent required) in accordance with Clause 13 (Mandatory prepayment) of the 2009 Financing Agreement; 

 

	 	(i)	of any asset compulsorily acquired by a governmental authority provided that the Disposal Proceeds received by members of the Group are applied (to the extent required) in accordance with Clause 13 (Mandatory
prepayment) of the 2009 Financing Agreement; 

  

	 	(j)	of any receivables disposed of pursuant to a factoring or similar receivables financing arrangement that is otherwise permitted under the 2009 Financing Agreement (including, for the avoidance of doubt, the Banobras
Facility); 

  

	 	(k)	of any inventory disposed of pursuant to an Inventory Financing or similar arrangement that is otherwise permitted under the 2009 Financing Agreement; 

 

	 	(l)	of any plant or equipment disposed of pursuant to a sale and lease-back arrangement that is otherwise permitted under the 2009 Financing Agreement; 

 

	 	(m)	of any asset to which a member of the Group was contractually committed as at the date of the 2009 Financing Agreement, with all material terms of those disposals which relate to the disposal of assets with a value of
at least $10,000,000 being described in Schedule 14 (Disposals) of the 2009 Financing Agreement (provided that there has been or is no material change to the terms of such Disposal subsequent to the date of the 2009 Financing
Agreement); 

  
 E-17 

	 	(n)	of receivables disposed of pursuant to a Permitted Securitisation; 

  

	 	(o)	of land or buildings arising as a result of lease or licence in the ordinary course of its trading; 

  

	 	(p)	of any shares of the Issuer pursuant to an obligation in respect of any Executive Compensation Plan; 

  

	 	(q)	of shares, common equity securities in the Issuer or reference property in connection with the same to the extent that a member of the Group has an obligation to deliver such shares, common equity securities or
reference property to any holder(s) of convertible or exchangeable securities falling within paragraph (f)(i) of the definition of Permitted Financial Indebtedness pursuant to the terms of such convertible or exchangeable securities or to any
counterparty pursuant to the terms of any Permitted Put/Call Transaction; 

  

	 	(r)	of assets and, if applicable, cash in exchange for other assets and, if applicable, cash, of equal or higher value provided that: (i) the cash element of any such Disposal must not be more than 20 per
cent. of the aggregate consideration for the Disposal; and (ii) the maximum aggregate market value of all assets disposed of in such transactions must not be more than $100,000,000 (or its equivalent in any other currencies) in any Financial
Year; or 

  

	 	(s)	otherwise approved by the Administrative Agent acting on the instructions of the Majority Participating Creditors. 

“Permitted Financial Indebtedness” means Financial Indebtedness: 

 

	 	(a)	incurred or arising under the Finance Documents; 

  

	 	(b)	that is Existing Financial Indebtedness; 

  

	 	(c)	owed to a member of the Group; 

  

	 	(d)	that constitutes a Permitted Securitisation; 

  

	 	(e)	arising under Capital Leases, factoring arrangements, Inventory Financing arrangements or export credit facilities for the purchase of equipment (provided that any Security granted in relation to any such
facility relates solely to equipment, the purchase of which was financed under such Facility) or pursuant to sale and lease-back transactions provided that the maximum aggregate Financial Indebtedness of members of the Group under such
transactions (excluding any Existing Financial Indebtedness) does not exceed $350,000,000 at any time; 

  
 E-18 

	 	(f)	arising: 

  

	 	(i)	pursuant to an issuance of bonds, notes or other debt securities, or of convertible or exchangeable securities by: 

  

	 	(A)	in the case of bonds, notes or other debt securities or convertible or exchangeable securities issued to refinance or replace Existing Financial Indebtedness falling within Part I of Schedule 10 (Existing Financial
Indebtedness) of the 2009 Financing Agreement, one or more Obligors (other than CEMEX Materials LLC and CEMEX, Inc.) or the same member of the Group (including, where applicable, CEMEX Materials LLC and CEMEX, Inc.) that issued the relevant Existing
Financial Indebtedness that is being refinanced or replaced (whether acting as co-issuers or otherwise but, for the avoidance of doubt, with several liability only); or 

 

	 	(B)	in the case of bonds, notes or other debt securities or convertible or exchangeable securities issued so as to be applied in repayment or prepayment of the Exposures of the Participating Creditors under the Facilities,
one or more Obligors (other than CEMEX Materials LLC and CEMEX, Inc.) whether acting as co-issuers or otherwise, (and, for the avoidance of doubt, such securities may be issued with an original issue discount) on the capital markets in each case
subscribed or paid for in full in cash on issue (unless such securities are exchanged on issue for other securities that constitute Existing Financial Indebtedness falling within paragraph (a) of the definition thereof on issue) provided
that (other than any conversion into common equity securities of the Issuer) no principal repayments are scheduled (and no call options can be exercised) in respect thereof until after the Termination Date; 

 

	 	(ii)	under a loan facility in respect of which the only borrowers are: 

  

	 	(A)	in the case of loan facilities entered into to refinance or replace Existing Financial Indebtedness falling within Part I of Schedule 10 (Existing Financial Indebtedness) of the 2009 Financing Agreement one or
more Obligors (other than CEMEX Materials LLC and CEMEX, Inc.) or the same member of the Group (including, where applicable, CEMEX Materials LLC and CEMEX, Inc.) that borrowed the relevant Existing Financial Indebtedness that is being refinanced or
replaced, (whether acting as joint or multiple borrowers but for the avoidance of doubt, with several liability only); or 

  

	 	(B)	in the case of loan facilities entered into so as to refinance or replace the Exposures of the Participating Creditors under the Facilities, one or more Obligors (other than CEMEX Materials LLC and CEMEX, Inc.) whether
acting as joint or multiple borrowers, 

 provided that no principal repayments are scheduled (and no mandatory
prepayment obligations arise save as a result of unlawfulness affecting a creditor in respect of such loan facility) in respect thereof until after the Termination Date, 

and further provided that (1) the terms applicable to such issuance under paragraph (f)(i) (excluding pricing, but including,
without limitation, as to prepayments, representations, 

  
 E-19 

 
covenants, events of default, guarantees and security) taken as a whole are no more restrictive or onerous than the terms applicable to the Facilities, and the terms applicable to such incurrence
under paragraph (f)(ii) (excluding pricing, but including, without limitation, as to prepayments, representations, covenants, events of default, guarantees and security) are no more restrictive or onerous than the terms applicable to the Facilities;
(2) the proceeds of such issuance or incurrence are applied (to the extent required) in accordance with Clause 13 (Mandatory prepayment) of the 2009 Financing Agreement; (3) if proceeds of such issuance or incurrence are, to the
extent required under the 2009 Financing Agreement, being used to replace or refinance (x) Financial Indebtedness which shares in the Transaction Security or (y) the CEMEX España Euro Notes, such Financial Indebtedness issued or
incurred shall be entitled to share in the Transaction Security in accordance with (and on the terms of) the Intercreditor Agreement, provided that in the case of Financial Indebtedness issued or incurred to replace or refinance the CEMEX
España Euro Notes, such Financial Indebtedness shall only be entitled to share in the Transaction Security if, prior to the first replacement or refinancing of the CEMEX España Euro Notes, the Debt Reduction Satisfaction Date has
occurred; and (4) for the avoidance of doubt, any refinancing or replacement of Existing Financial Indebtedness falling within paragraphs (b) to (d) of the definition of Existing Financial Indebtedness need not satisfy the
requirements of this paragraph (f); 
  

	 	(g)	that constitutes a Permitted Liquidity Facility; 

  

	 	(h)	that becomes Financial Indebtedness solely as a result of any change in Applicable GAAP of the Issuer after the date of the 2009 Financing Agreement and that existed prior to the date of such change in Applicable GAAP
of the Issuer (or that replaces, and is on substantially the same terms as, such Financial Indebtedness); 

  

	 	(i)	of any person acquired by a member of the Group pursuant to an acquisition falling within paragraphs (d) or (f) of the definition of Permitted Acquisition provided that: (i) such Financial
Indebtedness existed prior to the date of the acquisition and was not incurred, increased or extended in contemplation of, or since, the acquisition; and (ii) the aggregate amount of any such Financial Indebtedness of members of the Group does
not exceed $100,000,000 at any time; 

  

	 	(j)	under Treasury Transactions entered into in accordance with Clause 24.26 (Treasury Transactions) of the 2009 Financing Agreement; 

 

	 	(k)	incurred pursuant to or in connection with any cash pooling or other cash management agreements in place with a bank or financial institution, but only to the extent of offsetting credit balances of the Issuer or its
Subsidiaries pursuant to such cash pooling or other cash management arrangement; 

  

	 	(l)	constituting Financial Indebtedness for taxes levied, assessments due and other governmental charges required to be paid as a matter of law or regulation in the ordinary course of trading; 

 

	 	(m)	that constitutes a Permitted Joint Venture; 

  

	 	(n)	approved by the Administrative Agent acting on the instructions of the Majority Participating Creditors; and 

  

	 	(o)	that, when aggregated with the principal amount of any other Financial Indebtedness not falling within paragraphs (a) to (n) above, does not exceed $200,000,000 (or its equivalent in other currencies) in
aggregate at any time. 

  
 E-20 

 “Permitted Fundraising” means: 

 

	 	(a)	any issuance of equity securities by the Issuer paid for in full in cash on issue (and, for the avoidance of doubt, such securities may be issued with an original issue discount) and not redeemable on or prior to the
Termination Date and where such issue does not lead to a Change of Control; 

  

	 	(b)	any issuance of equity-linked securities issued by any member of the Group that are linked solely to, and result only in the issuance of, equity securities of the Issuer otherwise entitled to be issued under this
definition (and that do not, for the avoidance of doubt, result in the issuance of any equity securities by such member of the Group) and that are paid for in full in cash on issue (and, for the avoidance of doubt, such securities may be issued with
an original issue discount) and where such issue does not lead to a Change of Control (provided that such securities do not provide for the payment of interest in cash and are not redeemable on or prior to the Termination Date); and

  

	 	(c)	any incurrence of Financial Indebtedness falling within paragraph (f) of the definition of Permitted Financial Indebtedness. 

“Permitted Fundraising Proceeds” means the cash proceeds received by any member of the Group from a Permitted Fundraising
other than Excluded Fundraising Proceeds after deducting: 
  

	 	(i)	any reasonable expenses which are incurred by the relevant member(s) of the Group with respect to that Permitted Fundraising owing to persons who are not members of the Group; and 

 

	 	(ii)	any Tax incurred and required to be paid by the relevant member(s) of the Group with respect to that Permitted Fundraising (as reasonably determined by the relevant member(s) of the Group on the basis of rates existing
at the time and taking account of any available credit, deduction or allowance). 

 “Permitted Joint Venture”
means any investment in any Joint Venture where: 
  

	 	(a)	such investment exists or a member of the Group is contractually committed to such investment at the date of the 2009 Financing Agreement and, if the value of the Group’s investment in such Joint Venture is
$50,000,000 or greater (as shown in the Original Financial Statements of the Issuer) is detailed in Schedule 12 (Permitted Joint Ventures) of the 2009 Financing Agreement; or 

 

	 	(b)	such investment is made after the date of the 2009 Financing Agreement and: 

  

	 	(i)	either the investment has been consented to by the Administrative Agent acting on the instructions of the Majority Participating Creditors or the Joint Venture is engaged in a business substantially the same as that
carried on by the Group; and 

  
 E-21 

	 	(ii)	in any Financial Year of the Issuer, the aggregate of: 

  

	 	(1)	all amounts subscribed for shares in, lent to, or invested in all such Joint Ventures by any member of the Group; 

  

	 	(2)	the contingent liabilities of any member of the Group under any guarantee given in respect of the liabilities of any such Joint Venture; and 

 

	 	(3)	the market value of any assets transferred by any member of the Group to any such Joint Venture, 

minus 
  

	 	(4)	from and including 1 January 2010, an amount up to, but not exceeding, $100,000,000 (or its equivalent in other currencies) in any Financial Year that represents all cash amounts received by any member of the Group
(i) relating to dividends, repayment of loans or distributions of any other nature in respect of any such Joint Ventures in that Financial Year and (ii) as a result of or in relation to any disposals of shares, interests or participations,
divestments, capital reductions or any similar decreases of interest in any such Joint Ventures in that Financial Year, does not exceed $100,000,000 (or its equivalent in other currencies) or such greater amount as the Administrative Agent (acting
on the instructions of the Majority Participating Creditors) may agree (such amount being the “Joint Venture Investment”); and 

  

	 	(iii)	the Issuer has (by written notice to the Administrative Agent prior to the end of the Financial Year in which the investment is made) designated the Joint Venture Investment as counting against: 

 

	 	(1)	paragraph (k) of the definition of Permitted Acquisition; or 

  

	 	(2)	the maximum amount of Capital Expenditure permitted in that Financial Year under paragraph (c) of Clause 23.2 (Financial condition) of the 2009 Financing Agreement. 

“Permitted Liquidity Facilities” means a loan facility or facilities made available to one or more members of the Group by
one or more Participating Creditors (or their respective Affiliates) provided that the aggregate principal amount of utilised and unutilised commitments under such facilities must not exceed $1,000,000,000 (or its equivalent in any other
currency) at any time. 
 “Permitted Put/Call Transaction” means any call option, call spread, capped call transaction, put
option, put spread, capped put transaction or any combination of the foregoing and/or any other Treasury Transaction or transactions having a similar effect to any of the foregoing, in each case entered into, sold or purchased not for speculative
purposes but for the purposes of managing specific risks or exposures associated with any issuance of Relevant Convertible Securities/Exchangeable Obligations. 

“Permitted Securitisations” means a transaction or series of related transactions providing for the securitisation of
receivables and related assets by the Issuer or its Subsidiaries, including a sale at a discount, provided that (i) such receivables have been transferred, directly or indirectly, by the originator thereof to a person that is not a
member of the Group in a manner that satisfies the requirements for an absolute conveyance (or, where the originator is organised in Mexico, a true sale), and not merely a 

  
 E-22 

 
pledge, under the laws and regulations of the jurisdiction in which such originator is organised; and (ii) except for customary representations, warranties, covenants and indemnities, such
sale, transfer or other securitisation is carried out on a non-recourse basis or on a basis where recovery is limited solely to the collection of the relevant receivables. 

“Permitted Security” means: 
  

	 	(A)	Security for taxes, assessments and other governmental charges the payment of which is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserves or
other appropriate provision, if any, as shall be required by Applicable GAAP of the Issuer shall have been made; 

  

	 	(B)	Security granted pursuant to or in connection with any netting or set-off arrangements entered into in the ordinary course of trading (including, for the avoidance of doubt, any cash pooling or cash management
arrangements in place with a bank or financial institution falling within paragraph (k) of the definition of Permitted Financial Indebtedness); 

  

	 	(C)	statutory liens of landlords and liens of carriers, warehousemen, mechanics and materialment incurred in the ordinary course of business for sums not yet due or the payment of which is being contested in good faith by
appropriate proceedings promptly initiated and diligently conducted and for which such reserves or other appropriate provision, if any, as shall be required by Applicable GAAP of the Issuer shall have been made; 

 

	 	(D)	liens incurred or deposits made in the ordinary course of business in connection with (1) workers’ compensation, unemployment insurance and other types of social security, or (2) other insurance
maintained by the Group in accordance with Clause 24.9 (Insurance) of the 2009 Financing Agreement; 

  

	 	(E)	any attachment or judgment lien, unless the judgment it secures shall not, within 60 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged
within 60 days after the expiration of any such stay; 

  

	 	(F)	Security and Quasi-Security existing on the date of the 2009 Financing Agreement as described in Schedule 6 (Existing Security and Quasi-Security) of the 2009 Financing Agreement (or any replacement of Security
or Quasi-Security in accordance with paragraph 3 of Schedule 15 (Hedging Parameters) of the 2009 Financing Agreement or any equivalent Security or Quasi-Security for Existing Financial Indebtedness that is a refinancing or replacement of
Existing Financial Indebtedness) provided that the principal amount secured thereby is not increased (save that principal amounts secured by Security or Quasi-Security in respect of: 

 

	 	(1)	Treasury Transactions where there are fluctuations in the mark-to-market exposures of those Treasury Transactions; 

  

	 	(2)	Existing Financial Indebtedness under paragraph (a) of the definition where principal may increase by virtue of capitalisation of interest; and, 

 

	 	(3)	the Banobras Facility, where further drawings may be made provided that the maximum amount outstanding under such facility does not exceed Mex$5,000,000,000 at any time, 

  
 E-23 

 may be increased by the amount of such fluctuations or capitalisations, as the case may be);

  

	 	(G)	any Security or Quasi-Security permitted by the Administrative Agent, acting on the instructions of the Majority Participating Creditors; 

 

	 	(H)	any Security created or deemed created pursuant to a Permitted Securitisation; 

  

	 	(I)	any Security granted by any member of the Group to secure Financial Indebtedness under a Permitted Liquidity Facility provided that: (1) such Security is not granted in respect of assets that are the subject
of the Transaction Security; and (2) the maximum aggregate amount of the Financial Indebtedness secured by such Security does not exceed $500,000,000 at any time; 

 

	 	(J)	any Security granted by the Issuer or any member of the Group incorporated in Mexico in favour of a Mexican development bank (sociedad nacional de crédito) controlled by the government of Mexico (including
Banco Nacional de Comercio Exterior, S.N.C., and Banco Nacional de Obras y Servicios Publicos, S.N.C.) securing indebtedness of the members of the Group in an aggregate additional amount of such indebtedness not exceeding $250,000,000 (or its
equivalent in any other currency); 

  

	 	(K)	any Security or Quasi-Security granted in connection with any Treasury Transaction, excluding any Treasury Transaction described in Schedule 6 (Existing Security and Quasi-Security) of the 2009 Financing
Agreement, that constitutes Permitted Financial Indebtedness provided that the aggregate value of the assets that are the subject of such Security or Quasi-Security does not exceed $200,000,000 (or its equivalent in other currencies) at any
time; 

  

	 	(L)	Security or Quasi-Security granted or arising over receivables, inventory, plant or equipment that are the subject of an arrangement falling within paragraph (e) of the definition of Permitted Financial
Indebtedness; 

  

	 	(M)	the Transaction Security including, for the avoidance of doubt, any sharing in the Transaction Security referred to in paragraph (f) of the definition of Permitted Financial Indebtedness; 

 

	 	(N)	any Quasi-Security that is created or deemed created on shares of the Issuer under paragraph (q) of the definition of Permitted Disposals by virtue of such shares being held on trust for the holders of the
convertible securities pending exercise of any conversion option, where such Quasi-Security is customary for such transaction; 

  

	 	(O)	in addition to the Security and Quasi-Security permitted by the foregoing paragraphs (A) to (N), Security or Quasi-Security securing indebtedness of the Issuer and its Subsidiaries (taken as a whole) not in excess
of $500,000,000. 

  
 E-24 

 “Permitted Share Issue” means: 

 

	 	(a)	a Permitted Fundraising falling within paragraphs (a) or (b) of the definition thereof; 

  

	 	(b)	an issue of shares by a member of the Group which is a Subsidiary of the Issuer to another member of the Group or the Issuer (and, where the member of the Group has a minority shareholder, to that minority shareholder
on a pro rata basis) where (if the existing shares of the Subsidiary are the subject of the Transaction Security) the newly-issued shares also become subject to the Transaction Security on the same terms; 

 

	 	(c)	an issue of shares by the Issuer to comply with an obligation in respect of any Executive Compensation Plan; or 

  

	 	(d)	an issue of common equity securities of the Issuer either (i) by the Issuer or (ii) to any member of the Group where the Issuer or that member of the Group has an obligation to deliver such shares to a
counterparty pursuant to the terms of a Permitted Put/Call Transaction or an obligation to deliver such shares to the holder(s) of convertible or exchangeable securities falling within paragraph (f)(i) of the definition of Permitted Financial
Indebtedness pursuant to the terms of such convertible or exchangeable securities. 

 “Promissory Notes”
means the promissory notes described in Part II of Schedule 1 (The Original Participating Creditors) of the 2009 Financing Agreement. 

“Quarter Date” means each of 31 March, 30 June, 30 September and 31 December. 

“Quasi Security” means an arrangement or transaction in which the Issuer or any Subsidiary: 

 

	 	(i)	sells, transfers or otherwise disposes of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group; 

 

	 	(ii)	sells, transfers or otherwise disposes of any of its receivables on recourse terms; 

  

	 	(iii)	enters into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(iv)	enters into any other preferential arrangement having a similar effect, 

 in circumstances
where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. 

“Receiver” means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged
Properties. 
 “Reference Period” means a period of four consecutive Financial Quarters. 

“Relevant Convertible/Exchangeable Obligations” means: (a) any Financial Indebtedness incurred by any person the terms
of which provide that satisfaction of the principal amount owing under such Financial Indebtedness (whether on or prior to its maturity and whether as a result of bankruptcy, liquidation or other default by such person or otherwise) shall occur
solely by delivery of shares or common equity securities in the Issuer; and (b) any Financial Indebtedness under any Subordinated Optional Convertible Securities. 

  
 E-25 

 “Relevant Existing Financial Indebtedness” means any Existing Financial
Indebtedness set out in: 
  

	 	(i)	paragraph (a) of the definition of Existing Financial Indebtedness to the extent that it relates to Part I.C (Mexican Public Debt Instruments) of Schedule 10 (Existing Financial Indebtedness) of the
2009 Financing Agreement; and/or 

  

	 	(ii)	paragraph (b) of the definition of Existing Financial Indebtedness to the extent it relates to Part II.A (Short Term Certificados Bursátiles) of Schedule 10 (Existing Financial Indebtedness) of
the 2009 Financing Agreement and any Short-Term Certificados Bursatiles that replace or refinance such Existing Financial Indebtedness. 

“Relevant Prepayment Period” means the period commencing on the date of receipt of the proceeds of a Permitted Fundraising by
a member of the Group and ending on the later of: 
  

	 	(a)	the date falling 364 days thereafter; and 

  

	 	(b)	the 2012 CB Maturity Date. 

 “Resignation Letter” means a document
substantially in the form set out in Part I of Schedule 11 (Form of Resignation Letter) of the 2009 Financing Agreement. 

“Responsible Officer” means the Chief Financial Officer and/or Chief Controlling Officer of the Issuer or a person holding
equivalent status (or higher). 
 “S&P” means Standard & Poor’s Rating Services, a division of The
McGraw-Hill Companies, Inc., or any successor thereto from time to time. 
 “SEC” means the U.S. Securities Exchange
Commission and any successor thereto. 
 “Secured Parties” means each Finance Party from time to time to the 2009 Financing
Agreement and any Receiver or Delegate. 
 “Security “ means a mortgage, charge, pledge, lien, security trust or other
security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. 
 “Security
Agent” means Wilmington Trust (London) Limited as security agent of 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 28.6 (Resignation of a Security
Provider) of the 2009 Financing Agreement and has not subsequently become an Additional Security Provider pursuant to Clause 28.3 (Additional Guarantors and Additional Security Providers) of the 2009 Financing Agreement, and
“Security Provider” means any of them. 
 “Short-Term Certificados Bursatiles” means any securities with a
term of not more than 12 months issued by the Issuer 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. 

“Spanish GAAP” means the Spanish General Accounting Plan (Plan general Contable) approved by Royal Decree 1514/2007 as
in effect from time to time and consistent with those used in the preparation of the most recent audited financial statements referred to in Clause 22.1 (Financial Statements) of the 2009 Financing Agreement. 

  
 E-26 

 “Subordinated Optional Convertible Securities” means any Financial Indebtedness
incurred by any member of the Group meeting the requirements of paragraph (f)(i) of the definition of Permitted Financial Indebtedness (including that no principal repayments are scheduled (and no call options can be exercised) until after the
Termination Date) (which may, for the avoidance of doubt, include a fundraising the proceeds of which are applied in accordance with Clause 13.4 (Mandatory prepayments: Relevant Convertible/Exchangeable Obligations) of the 2009 Financing
Agreement)) the terms of which provide that such indebtedness is capable of optional conversion into equity securities of the Issuer and that repayment of principal and accrued but unpaid interest thereon is subordinated (under terms customary for
an issuance of such Financial Indebtedness) to all senior Financial Indebtedness of the Issuer (including, but not limited to, all Exposures of Participating Creditors) except for: (i) indebtedness that states, or is issued under a deed,
indenture, agreement or other instrument that states, that it is subordinated to or ranks equally with any Subordinated Optional Convertible Securities and (ii) indebtedness between or among members of the Group. 

“Subsidiary” means in relation to any company or corporation, a company or corporation: 

 

	 	(a)	which is controlled, directly or indirectly, by the first mentioned company or corporation; 

  

	 	(b)	more than half the issued share capital of which is beneficially owned, directly or indirectly by the first mentioned company or corporation; or 

 

	 	(c)	which is a Subsidiary of another Subsidiary of the first mentioned company or corporation, 

 and for this
purpose, a company or corporation shall be treated as being controlled by another if that other company or corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 

“Syndicated Bank Facilities” means the facilities described in Part IA of Part II of Schedule 1 (The Original
Participating Creditors) of the 2009 Financing Agreement. 
 “TARGET2” means the Trans-European Automated Real-time
Gross Settlement Express Transfer payment system, which utilizes 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, deduction or withholding of a similar nature (including any penalty
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 expressed to be created in favour of
the Security Agent pursuant to the Transaction Security Documents. 
 “Transaction Security Documents” means each of the
documents listed as being a Transaction Security Document in paragraph 2(e) of Part I of Schedule 2 (Conditions Precedent) of the 2009 Financing Agreement and any document required to be delivered to the Administrative Agent under
paragraph 3(d) of Part II of Schedule 2 (Conditions Precedent) of the 2009 Financing Agreement together with any other document entered into by any Obligor creating or expressed to create any Security over all or any part of its assets in
respect of the obligations of any of the Obligors under any of the Finance Documents (and any other Debt Documents). 
 “Treasury
Transactions” means any derivatives transaction (i) that is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index

  
 E-27 

 
swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction,
cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction,
buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions),
(ii) that is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets and that is a forward, swap, future,
option or other derivative (including one or more spot transactions that are equivalent to any of the foregoing) on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments,
economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made or (iii) that is a combination of these transactions, it being understood that any Executive Compensation Plan
permitted by the 2009 Financing Agreement is not a Treasury Transaction. 
 “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 (Original Participating Creditors) of the 2009 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. 

  
 E-28

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