Document:

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                                                                   EXHIBIT 4(bb)

                                                                     TRANSLATION

This Credit Line Agreement No. 05CS36 dated October 25, 2005 is made and entered
into by and among Ixe Banco, S.A., Institucion de Banca Multiple, Ixe Grupo
Financiero, as lender ("Ixe Banco"); the person referred to in Exhibit 1 to this
Agreement as borrower (the "Borrower"); and the person referred to in Exhibit 1
to this Agreement as joint and several obligor (the "Joint and Several
Obligor"), in accordance with the following representations and clauses:

                                 REPRESENTATIONS

I. In order to obtain from Ixe Banco the credit subject matter of this
Agreement, Borrower represents under oath, and being aware of the content of
Article 112, paragraphs I and IV, of the Credit Institutions Act (Ley de
Instituciones de Credito) that:

(a) Borrower is a legal entity duly organized and validly existing under the
laws of its country of incorporation, duly capable to assume obligations under
this Agreement, and registered with the Federal Taxpayer Registry under the
registration number set forth in the Federal Taxpayer Number Section of Exhibit
1 to this Agreement.

(b) No legal action or proceeding has been brought before judicial or
administrative authorities against Borrower or its assets (having an adverse
effect thereon).

(c) Borrower has enough authority and capacity to enter into this Agreement, as
set forth in the Authority and Capacity Section of Exhibit 1 to this Agreement.

II. Ixe Banco represents to be a stock corporation (sociedad anonima) duly
organized and authorized to act as commercial bank (institucion de banca
multiple).

III. Joint and Several Obligor represents that:

(a) Joint and Several Obligor is a legal entity duly organized and validly
existing under the laws of its country of incorporation, duly capable to assume
obligations under this Agreement, and registered with the Federal Taxpayer
Registry under the registration number MSF-050228-P19.

(b) Joint and Several Obligor's representatives have been vested with powers
enough to enter into this Agreement, as set forth in the Authority and Capacity
Section of Exhibit 1 to this Agreement.

(c) No legal action or proceeding has been brought before judicial or
administrative authorities against Joint and Several Obligor or its assets
(having an adverse effect thereon).

(d) Joint and Several Obligor agrees to become jointly and severally obliged in
respect of the performance of each and every of the obligations of Borrower

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derived from this Agreement, and execute the promissory notes to be executed
hereunder as guarantor (POR AVAL).

NOW, THEREFORE, the parties agree to grant the following:

                                     CLAUSES

1. DEFINITIONS.

Terms used in this Agreement shall have the following meanings ascribed to them,
whether in singular or plural form:

"Business Day" shall mean each and every day of the year in which banks are not
required to remain closed and suspend their activities, as provided for in
applicable regulations issued by the National Banking Commission and other
competent authorities.

"Checking Account" shall mean the checking account opened by Borrower at Ixe
Banco.

"Checking Account Number" shall mean the number of the checking account opened
by Borrower at Ixe Banco set forth in the Checking Account Number Section of
Exhibit 1 hereto.

"Disbursement" shall mean any disbursement of the credit made under this
Agreement in accordance with Clause 4 below.

"Disbursement Deadline" shall mean the date set forth in the Disbursement
Deadline Section of Exhibit 1 hereto, or the date on which a suspension or
cancellation is notified to Borrower in accordance with Clause 5 below,
whichever occurs first.

"Disbursement Period" shall mean the period that will start on the execution
date of this Agreement and end on the date set forth in the Disbursement
Deadline Section of Exhibit 1 hereto.

"Interest Payment Date" shall mean the date on which interest accrued during the
calendar months of the Interest Period is to be paid; this is, the last day of
each month from the Disbursement of the credit.

"Interest Period" shall mean a one-calendar-month period, for calculating
interest accrued on the outstanding balance of principal of each Disbursement of
the credit, provided that the first period shall start on the date of the first
Disbursement and end on the closest Interest Payment Date (inclusive), and any
subsequent period shall start on the calendar day immediately succeeding the
immediate preceding Interest Payment Date and end on the next Interest Payment
Date (inclusive).

"Interest Rate" shall mean the sum of the Reference Rate and the Spread.

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"Reference Rate" shall mean the inter-bank interest rate of equilibrium ("TIIE")
for 28-Day deposits published by the Central Bank of Mexico (Banco de Mexico) in
the Official Gazette of the Federation, taking as reference the rate effective
on the date on which each Interest Period starts, provided that if TIIE rate is
no longer published, any rate replacing the same shall apply, and in the absence
of the latter, the yield rate paid by 28-Day Treasury Certificates (CETES) for
primary placements shall apply, taking as a reference the rate effective on the
date on which each Interest Period starts. The annual rate shall be equal to the
gross yield or interest offered by this instrument.

"Spread" shall mean the basis points to be added to the Reference Rate.

2. CREDIT LINE.

Ixe Banco opens a credit line to Borrower up to the amount set forth in the
Credit Line Section of Exhibit 1 hereto (the "Credit Line"), which amount does
not include interest, fees and expenses, in accordance with Article 291 of the
Negotiable Instrument and Credit Transaction Act (Ley General de Titulos y
Operaciones de Credito), subject to the terms and conditions hereof; and
Borrower agrees to repay to Ixe Banco any amounts disbursed by it in respect of
the credit (the "Disbursements") plus interest thereon, fees and other expenses,
in accordance with this Agreement.

3. CREDIT LINE'S PURPOSE.

The parties agree that the purpose of the credit line opened by Ixe Banco under
this Agreement in favor of Borrower is such purpose set forth in the Credit
Line's Purpose Section of Exhibit 1 hereto.

4. DISBURSEMENTS.

Borrower may disburse the credit, in whole or in part, in one or more
Disbursements by giving a written notice to Ixe Banco in the form of the
Disbursement Notice enclosed to this Agreement as Exhibit 2 and executing and
releasing promissory notes that shall meet the conditions referred to in Article
170 of the Negotiable Instrument and Credit Transaction Act, provided that any
Disbursement shall be made within the Disbursement Period.

5. SUSPENSION AND CANCELLATION OF THE CREDIT OR DISBURSEMENT PERIOD.

Ixe Banco shall be at all times entitled to suspend and cancel the Credit Line
or the Disbursement Period, or both at once, and terminate this Agreement. Upon
any suspension or cancellation of the Credit Line or the Disbursement Period, or
both of them at once, or any termination of the Agreement, any portion of the
credit not yet disbursed by the Borrower shall be cancelled.

Ixe Banco shall be entitled not to grant financing should its treasury be
prevented from granting credits in accordance with applicable regulations issued
by the Central Bank of Mexico or any other authority.

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6. REPAYMENT.

Unless otherwise provided in this Agreement, Borrower shall repay the
Disbursements in such manner set forth in the Repayment Section of Exhibit 1 to
this Agreement, as well as in such manner established in any promissory notes
issued hereunder.

7. INTEREST.

Borrower agrees to pay to Ixe Banco:

(a) Interest.- Concerning the Disbursements made under the Credit Line, interest
on the outstanding daily balance thereof accrued during each Interest Period,
payable on the Interest Payment Date, which interest shall accrue at a rate
equal to the sum of the Reference Rate and the basis points set forth in the
Spread Section of Exhibit 1 hereto.

(b) Moratorium Interest.- Upon default in performance of any of the payment
obligations derived from this Agreement, moratorium interest on such outstanding
amount, at a rate equal to that resulting from multiplying the Interest Rate to
be applied under this Agreement effective during the time in which the default
continues without being cured by two (2).

Interest to be accrued under this Agreement shall be calculated on the basis of
a 360-calendar-day year and the actual number of days elapsed.

8. FEES AND EXPENSES.

Borrower hereby agrees to pay to Ixe Banco a front-end fee equal to the amount
resulting from multiplying the Credit Line by the percentage set forth in the
Front-End Fee Section of Exhibit 1 to this Agreement. This fee shall be paid at
the time in which the first Disbursement of the credit is made. Borrower further
agrees to bear each and every expense derived from, or related to, the
execution, performance and enforcement of this Agreement.

9. TERM.

This Agreement shall remain effective until the date set forth in the
Termination Date Section of Exhibit 1 to this Agreement (the "Termination
Date"). Borrower shall be obliged to pay any outstanding amount owed under this
Agreement, precisely on the Termination Date, regardless that the payment period
shall have not yet expired; provided, however, that the payment provisions set
forth in Clause 10 below and any other provisions relating to payment of
moratorium interest set forth in Clause 7, Paragraph (b), above shall remain
effective until the date on which all the amounts owed under this Agreement are
paid in full.

10. PAYMENTS.

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Any payments to be made by Borrower under this Agreement (at maturity or upon
acceleration), which shall include but not be limited to the repayment of the
Disbursements, interest, fees and expenses shall be made as follows:

(a) Borrower shall make all the payments to Ixe Banco at the address of Ixe
Banco, in immediately available funds, by crediting the Checking Account of
Borrower. Thus, Borrower shall maintain enough funds to pay such amounts and, as
applicable, deposit (or credit in any other manner, additional Disbursement of
the credit excluded) the necessary funds as necessary to pay the owed amounts.
In order to perform the obligations derived from this Paragraph (a), Borrower
hereby expressly and irrevocably instructs and authorizes Ixe Banco to debit the
Checking Account for any amounts owed to Ixe Banco from time to time.
Notwithstanding the above, Ixe Banco may indicate any other place of payment by
giving a notice to Borrower, in which case Borrower shall make any payments
becoming due after the date of such notice in the place of payment indicated by
Ixe Banco.

(b) It is expressly understood that Borrower shall timely make the payments to
be made under this Agreement, subject to no payment request from Ixe Banco.

(c) Ixe Banco, at its exclusive discretion, shall allocate any amounts received
from Borrower in connection with the performance of its payment obligations
under this Agreement.

(d) The parties agree that the account statement prepared and certified by the
accountant of Ixe Banco entitled to do so in accordance with the Credit
Institutions Act, if any, shall suffice to determine: (i) the portion of the
Credit Line that Borrower may disburse, and (ii) the balance of the Credit Line
disbursed and to be repaid by Borrower, as well as interest, fees and expenses
to be paid by Borrower to Ixe Banco under this Agreement.

(e) Except for taxes to be paid by Ixe Banco in accordance with applicable laws,
if any, Borrower shall make all the payments to be made under this Agreement
free from any tax, withholding, contribution or duty (the "Taxes") levied or
imposed in any jurisdiction, whether federal, state or local. In the case such
Taxes are actually levied or imposed, Borrower shall pay an increased amount in
respect of any payment obligations to be performed under this Agreement such
that, after deduction of such Taxes, Ixe Banco receives the full amount it would
have received had the payment been made without deduction of such Taxes. In the
case that for any reason Ixe Banco pays any such Taxes, Borrower shall reimburse
to Ixe Banco the Taxes upon the agreed terms or demand payment thereof in any
other manner, as required by Ixe Banco. The obligations established in this
Paragraph (e) shall remain effective as long as the payment of such Taxes may be
enforced in accordance with applicable laws, regardless the termination of this
Agreement.

(f) Any payment to be made under this Agreement on a day that is not a Business
Day shall be made on the immediate succeeding Business Day.

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(g) Reception by Ixe Banco of any amount on account of the Credit Line shall not
limit or terminate in any manner whatsoever the right of Ixe Banco to receive
interest or any other amount owed under this Agreement.

11. TRUST.

An Amendment is being executed simultaneously with the execution of this
Agreement in connection with the Irrevocable Trust No. F/47868-5 created at BBVA
Bancomer Servicios, S.A., Institucion de Banca Multiple, Grupo Financiero BBVA
Bancomer, Direccion Fiduciaria, as Trustee (the "Trust"), so that such Trust may
become an alternative source of payment and guarantee for this credit, pursuant
to which Ixe Banco will become a Trust Beneficiary in the First Place, in
respect of all the trust assets of the Trust.

Any cash flows forming part of the trust assets of the Trust shall be allocated
as an alternative source of payment for this credit, and therefore, any payment
made by the Trust to Ixe Banco, in its capacity as Trust Beneficiary in the
First Place, shall be allocated by Ixe Banco to repay the credit up to the
corresponding amount of interest and principal thereof.

If Trustee fails to make any payment to Ixe Banco, in its capacity as Trust
Beneficiary in the First Place, or if the respective payments are not enough to
repay the outstanding balance of the credit, Borrower shall continue obliged to
repay the outstanding balance of the credit, plus any accrued interest, expenses
and court expenses and fees, if any.

If the payments made by Trustee to Ixe Banco, in its capacity as Trust
Beneficiary in the First Place, are not enough to repay the respective amount,
such payment shall be allocated in the following order of priority: moratorium
interest, if any, interest, and principal.

Consequently, Borrower may not transfer, dispose, or assign in any manner
whatsoever the assets or rights that form part of the trust assets of the Trust,
without the prior written consent of Ixe Banco.

12. JOINT AND SEVERAL OBLIGOR.

The person set forth in the Joint and Several Obligor Section of Exhibit 1 to
this Agreement becomes jointly and severally obliged in respect of the
performance of each and every of the obligations of Borrower in favor of Ixe
Banco derived from this Agreement, being further obliged to execute the
Disbursement Notices referred to in Clause 4 of this Agreement, in accordance
with any Disbursements being made, as well as the promissory notes derived from
this Agreement as guarantor (por aval).

13. EVENTS OF DEFAULT.

Ixe Banco shall be entitled, but not obliged, to accelerate the outstanding
balance of principal owed under this Agreement, interest accrued thereon, and
any other amounts owed under this Agreement should any of the following

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events occur, in which case the outstanding balance of principal, interest
accrued thereon and any other amount owed under this Agreement shall immediately
become due and payable by Borrower, without requiring any further request,
notice or communication:

(a) If Borrower fails to timely pay the Disbursements, interest, fees, expenses
or other amounts owed under this Agreement; or

(b) If any representation made by Borrower turns to be false or misleading, or
any certificate or document submitted to Ixe Banco by Borrower turns to be fake;
or

(c) If Borrower fails to perform any obligation, agreement or contract that
needs to be performed under this Agreement, which shall include but not be
limited to, the affirmative and negative covenants set forth in Exhibit 3 to
this Agreement; or

(d) If Borrower is adjudged insolvent or bankrupt; or if Borrower assigns a
material part of its assets in favor of its creditors; or if Borrower is
deprived of possession, custody or control of a material part of its assets or
business as a consequence of any expropriation, seizure or intervention by any
governmental authority; or

(e) If Borrower fails, or is about to fail, to perform its obligations and
duties derived from any other agreement or contract pursuant to which Borrower
receives loans or credits from Ixe Banco or other financial entities; or

(f) If Borrower makes any change of control during the term of this Agreement,
without the prior consent of Ixe Banco; or

(g) If Borrower carries out any act aimed at selling, or creating a lien on, its
assets other than in the ordinary course of business of Borrower, during the
term of this Agreement; or

(h) If Borrower pays any dividends during the term of this Agreement without the
prior written consent of Ixe Banco; or

(i) If the credit's proceeds are not utilized for the purposes set forth in the
Credit Line's Purpose Section of Exhibit 1 hereto; or

(j) If Borrower fails to perform any of its labor or tax payment obligations,
and such failure continues without being cured upon expiration of a
15-calendar-day period; or if any labor or tax problems arise, posing a risk
with respect to the continuation of the regular operation of the Borrower; or

(k) If Borrower grants any guarantee, bond or security other than in the
ordinary course of business of Borrower during the term of this Agreement,
without the prior written consent of Ixe Banco; or

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(l) If Borrower assumes financial liabilities, without the prior written consent
of Ixe Banco.

Without prejudice to the above, if any of the aforementioned events attributable
to Borrower occurs, Borrower shall pay to Ixe Banco interest on the Credit Line
at a rate equal to such rate referred to in Clause 7, paragraph (b) above, which
interest shall accrue from the date on which the respective default occurs to
the date on which Borrower pays the corresponding amount to Ixe Banco in full,
regardless of the right of Ixe Banco to demand payment of the credit in full.

If at any time Ixe Banco judicially demands the performance of any of the
obligations of Borrower derived from this Agreement, Ixe Banco shall indicate,
at its sole discretion, the assets to be seized, without following the order
established in Articles 536 and 537, paragraph I, of the Code of Civil
Procedures for the Federal District (Codigo de Procedimientos Civiles para el
Distrito Federal), and 1395 of the Commercial Code (Codigo de Comercio).

14. OTHER COVENANTS OF BORROWER; AND OTHER RIGHTS OF IXE BANCO.

In addition to the obligations of Borrower derived from this Agreement, during
the term hereof, Borrower shall be subject to the covenants set forth in Exhibit
3 to this Agreement.

The parties further agree that Ixe Banco shall be entitled to terminate this
Agreement or proceed in accordance with Clause 5, without being subject to any
responsibility, should any events occur affecting the financial system and
preventing Ixe Banco from funding the granting of the Credit Line subject matter
of this Agreement, as a result of any (i) action taken by competent governmental
authorities; or (ii) event of public notoriety beyond the control of Ixe Banco.

15. ASSIGNMENT; DISCOUNT.

Ixe Banco shall be at all times entitled to assign or discount its rights and
obligations derived from this Agreement, in whole or in part. In order to ease
the negotiation of any assignment or discount of the credit subject matter of
this Agreement, with the prior consent of Ixe Banco, Borrower shall execute one
or more promissory notes in favor of IXe Banco in the total amount of the Credit
Line, including, as applicable, interest and moratorium interest accrued under
this Agreement, until the time in which the respective assignment or discount
takes pace, as well as any other documents necessary to carry out such
assignment or discount.

Borrower may not sell, assign, encumber, or otherwise transfer or dispose of its
rights and obligations derived from this Agreement, without the prior written
consent of Ixe Banco.

Borrower hereby expressly authorizes Ixe Banco to assign, negotiate and discount
any executed promissory notes, event before the maturity date thereof, in which
case the granted guarantees and securities shall remain effective.

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16. INCREASED COSTS.

If any law, regulation, ruling or otherwise provision (which shall include but
not be limited to any requirements governing reserves, deposits, taxes or other
conditions) that Ixe Banco or any of its offices in charge of funding or
managing the Disbursements must abide by is amended after the execution date of
this Agreement, or construed in any different way by any court of competent
jurisdiction, or any event (whether beyond the control of Borrower or not)
occurs, as a result of which the necessary costs of Ixe Banco to make or
maintain effective the Disbursements of the credit are increased, or the amounts
received or to be received by Ixe Banco are reduced, Borrower shall pay to Ixe
Banco, upon request of the latter, on the last day of the Interest Period
effective at that time, any additional, reasonable and duly evidenced amounts
required to compensate Ixe Banco for such increased costs or reduced income. In
the aforementioned request, Ixe Banco shall mention the events that caused such
increased costs or reduced income and the respective calculation, which shall
become final and binding upon Borrower, unless such calculation involves
manifest error. If Ixe Banco requests payment of any additional amounts in
accordance with the above, Borrower, at its discretion, may earlier pay within a
30-day period from the respective request, the Disbursements of the credit
subject to no penalty whatsoever, together with any interest accrued from the
latest Interest Payment Date to the corresponding early payment date.

17. NOTICES.

Any notices and communications to be given by the parties under this Agreement
shall be given at the addresses referred to in the signature page thereof, which
addresses shall remain effective as long as no other address is notified. Ixe
Banco may give any notices and communications to be given under this Agreement
to Borrower via fax at the telephone number of Borrower referred to in the
signature page hereof.

18. ENTIRE AGREEMENT; AMENDMENTS.

This Agreement and Exhibits 1, 2 and 3 hereto constitute one and the same
Agreement, and no amendment thereto shall become effective, unless if in writing
and signed by Ixe Banco and Borrower.

19. EXECUTIVE INSTRUMENT.

This Agreement and the account statement certified by the public accountant of
Ixe Banco authorized to do so shall constitute an executive instrument, without
requiring any acknowledgment of signature or other requirement.

20. ACTS OF GOD.

In accordance with Article 2111 of the Civil Code for the Federal District
(Codigo Civil para el Distrito Federal), Borrower shall be obliged to perform
each and

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every of its obligations derived from this Agreement, even upon occurrence of an
Act of God.

21. GOVERNING LAW AND JURISDICTION.

This Agreement shall be governed by, and construed in accordance with, the laws
of the Federal District, United Mexican States. The parties expressly submit to
the jurisdiction of the courts sitting in the Federal District, United Mexican
States, waiving any other jurisdiction they may be entitled to by reason of
their domiciles or the location of their assets.

22. HEADINGS.

Headings of the clauses of this Agreement are only for reference purposes, and
therefore, not necessarily define, limit or describe the content thereof.

IN WITNESS WHEREOF, this Agreement and the Exhibits hereto are signed in 4
originals in Mexico City, Federal District, on the date first written above,
provided that Borrower keeps one original thereof, Ixe Banco keeps two originals
thereof, and the corresponding Notary Public keeps the remaining original.

            BORROWER                                 IXE BANCO

MAXCOM TELECOMUNICACIONES,         IXE BANCO, S.A., INSTITUCION DE BANCA
       S.A. DE C.V.                MULTIPLE, IXE GRUPO FINANCIERO

/s/ Gonzalo Alarcon Iturbide and            Patricia Ferro Bertolo and
Jorge Lopez Aguado Jimeno                   Armando Jorge Rivero Laing

________________________________   _________________________________________
Represented by Gonzalo Alarcon     Represented by Patricia Ferro Bertolo
Iturbide and Jorge Lopez Aguado    and Armando Jorge Rivero Laing
Jimeno
Address: Guillermo Gonzalez        Address: Av. Periferico Sur No. 314
Camarena No. 2000                  Col. San Angel Tlacopac
Col. Centro Ciudad Santa Fe        C.P. 01049, Mexico, D.F.
C.P. 01210 Mexico, D.F.            Telephone Number: 5174-2222
Telephone Number: 5147-1111

                            JOINT AND SEVERAL OBLIGOR

                             MAXCOM SF, S.A. DE C.V.

                             Jose Antonio Solbes Alvarez and
                             Adrian Aguirre Gomez

                  _______________________________________________
                  Represented by: Jose Antonio Solbes Alvarez and
                  Adrian Aguirre Gomez
                  Address: Guillermo Gonzalez Camarena No. 2000

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                  Col. Centro Ciudad Santa Fe, C.P. 01210
                  Mexico, Distrito Federal

                                    EXHIBIT 1

Credit Line Agreement identified herein below (the "Agreement")

<TABLE>
<S>                        <C>
Agreement No:              05cs36

Checking Account Number:   1154961-0

Parties:                   1) Borrower: Maxcom Telecomunicaciones,
                           S.A. de C.V., represented by Messrs. Gonzalo
                           Alarcon Iturbide and Jorge Lopez Aguado
                           Jimenez, as borrower (the "Borrower").

                           2) Ixe Banco: Ixe Banco, S.A.,
                           Institucion de Banca Multiple, Ixe
                           Grupo Financiero, represented by
                           Patricia Ferro Bertolo and Armando
                           Jorge Rivero Laing, as creditor
                           ("Ixe Banco").

                           3) Joint and Several Obligor: Maxcom
                           SF, S.A. de C.V., represented by
                           Messrs. Jose Antonio Solbes Alvarez
                           and Adrian Aguirre Gomez, as joint
                           and several obligor (the "Joint and
                           Several Obligor").

Date:                      October 25, 2005

Federal Taxpayer Number:   MTE-960228-KL0

Credit Line:               Fifty Million 00/100 Pesos ($50'000,000)

Credit Line's Purpose:     Coverage expansion.

Disbursement Deadline:     December 31, 2005

Repayment:                 By means of 19 monthly and consecutive
                           installments of principal,on the payment dates
                           and in the due amounts set forth in the
                           Disbursement Notices and Promissory Notes derived
                           from this Agreement.

Spread:                    Three (3) basis points.

Front-End Fee:             Zero percent (0%)
</TABLE>

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Termination Date: April 30, 2007

Authority and Capacity:

PATRICIA FERRO BERTOLO AND ARMANDO JORGE RIVERO LAING evidence their authority
and capacity as representatives of Ixe Banco by means of the following public
instruments:

1. Public Instrument No. 32,541 dated August 1, 1994, which was granted before
Roberto Courtade Bevilacqua, Esq., Notary Public No. 132 in and for the Federal
District, and registered on November 22, 1994 with the Public Registry of
Commerce of the Federal District under Commercial Folio No. 193,508, evidencing
the incorporation of Banco Fimsa, S.A.

2. Public Instrument No. 33,450 dated May 3, 1995, which was granted before
Roberto Courtade Bevilacqua, Esq., Notary Public No. 132 in and for the Federal
District, and registered on January 4, 1996 with the Public Registry of Commerce
of the Federal District under Commercial Folio No. 193,508, evidencing a change
of the corporate name of Banco Fimsa, S.A., Institucion de Banca Multiple, Fimsa
Grupo Financiero to Ixe Banco, S.A., Institucion de Banca Multiple, Ixe Grupo
Financiero.

3. Public Instrument No. 7,320 dated October 31, 2000, which was granted before
Mario Evaristo Vivanco Paredes, Esq., Notary Public No. 67 in and for the
Federal District, and registered on March 16, 2001 with the Public Registry of
Commerce of the Federal District under Commercial Folio No. 193,508, evidencing,
among other things, the granting of a power of attorney to administer property
in favor of Mr. Armando Jorge Rivero Laing to be exercised jointly with another
attorney-in-fact vested with the same powers.

4. Public Instrument No. 107,346 dated March 4, 2005, which was granted before
Cecilio Gonzalez Marquez, Esq., Notary Public No. 151 in and for the Federal
District, and not yet registered with the Public Registry of Commerce of the
Federal District, evidencing, among other things, the granting of a power of
attorney to administer property in favor of Patricia Ferro Bertolo to be
exercised jointly with another attorney-in-fact vested with the same powers.

GONZALO ALARCON ITURBIDE AND JORGE LOPEZ AGUADO JIMENO evidence their authority
and capacity as representatives of Maxcom Telecomunicaciones, S.A. de C.V. by
means of the following public instruments:

1. Public Instrument No. 86,115 dated February 28, 1996, which was granted
before Ignacio Soto Borja, Esq., Notary Public No. 129 in and for the Federal
District, and registered on June 11, 1996 with the Public Registry of Commerce
of the Federal District, evidencing the incorporation of Amaritel, S.A. de C.V.

2. Public Instrument No. 2,967 dated May 21, 1998, which was granted before
Alberto T. Sanchez, Esq., Notary Public No. 83 in and for the Federal District,
and registered with the Public Registry of Commerce of the Federal District

                                       12
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under Commercial Folio No. 210,585, evidencing an amendment to the by-laws of
the corporation in their entirety.

3. Public Instrument No. 55,145 dated February 9, 1999, which was granted before
Miguel Alessio Robles, Esq., Notary Public No. 19 in and for the Federal
District, and registered on March 16, 1999 with the Public Registry of Commerce
of the Federal District under Commercial Folio No. 210,585, evidencing a change
of the corporate name of the Corporation to Maxcom Telecomunicaciones, S.A. de
C.V.

4. Public Instrument No. 56,631 dated October 11, 2002, which was granted before
Carlos Catano Muro Sandoval, Esq., Notary Public No. 51 in and for the Federal
District, and registered on December 2, 2002 with the Public Registry of
Commerce of the Federal District under Commercial Folio No. 210,585, evidencing
the granting of a power of attorney to administer property and for lawsuits and
collections in favor of Messrs. Gonzalo Alarcon Iturbide and Jorge Lopez Aguado
Jimenez, to be exercised individually.

GONZALO ALARCON ITURBIDE AND JORGE LOPEZ AGUADO JIMENO evidence their authority
and capacity as representatives of Maxcom SF, S.A. de C.V. by means of the
following public instruments:

1. Public Instrument No. 58,185 dated February 28, 2005, which was granted
before Carlos Catano Muro Sandoval, Esq., Notary Public No. 51 in and for the
Federal District, and registered on May 4, 2005 with the Public Registry of
Commerce of the Federal District under Commercial Folio No. 332,691, evidencing
the incorporation of the Corporation and the granting of a power of attorney to
administer property and for lawsuits and collections, to be exercised
individually, and for acts of dominium and to execute negotiable instruments and
carry out credit transactions, to be exercised jointly, in favor of Messrs. Jose
Antonio Solbes Alvarez and Adrian Aguirre Gomez.

General Data:

PATRICIA FERRO BERTOLO, a Mexican citizen born in Mexico City, Federal District
on the 11th day of February, 1967, married, banking officer, addressed at
Periferico Sur No. 314, Colonia San Angel Tlacopac, C.P. 01049, Mexico, D.F.

ARMANDO JORGE RIVERO LAING, a Mexican citizen born in Mexico City, Federal
District on the 3rd day of September, 1963, married, attorney, addressed at
PEriferico Sur No. 314, Colonia San Angel Tlacopac, C.P. 01049, Mexico, D.F.

GONZALO ALARCON ITURBIDE, a Mexican citizen born in Mexico City, Federal
District, on the 20th day of June, 1969, married, attorney, addressed at
Guillermo Gonzalez Camarena No. 2000, Col. Centro Ciudad, Santa Fe, C.P. 01210,
Mexico, D.F., Federal Taxpayer Number AAIG-690620-AK8.

JORGE LOPEZ AGUADO JIMENO, a Mexican citizen born in Mexico City, Federal
District, on the 21st day of March, 1959, married, public accountant, addressed

                                       13
<PAGE>

at Guillermo Gonzalez Camarena No. 2000, Col. Centro Ciudad, Santa Fe, C.P.
01210, Mexico, D.F., Federal Taxpayer Number LOJJ-590321-IU6.

JOSE ANTONIO SOLBES ALVAREZ, a Mexican citizen born in Mexico City, Federal
District, on the 28th day of March, 1966, married, public accountant, addressed
at Guillermo Gonzalez Camarena No. 2000, Col. Centro Ciudad, Santa Fe, C.P.
01210, Mexico, D.F., Federal Taxpayer Number SOAA-660328-899.

ADRIAN AGUIRRE GOMEZ, a Mexican citizen born in Mexico City, Federal District,
on the 30th day of December, 1950, married, entrepreneur, addressed at Guillermo
Gonzalez Camarena No. 2000, Col. Centro Ciudad, Santa Fe, C.P. 01210, Mexico,
D.F., Federal Taxpayer Number AUGA-501230-V98.

IN WITNESS WHEREOF, the parties execute this Exhibit 1 to the Agreement on the
25th day of October, 2005.

           BORROWER                              IXE BANCO

MAXCOM TELECOMUNICACIONES,         IXE BANCO, S.A., INSTITUCION DE BANCA
        S.A. DE C.V.               MULTIPLE, IXE GRUPO FINANCIERO

/s/ Gonzalo Alarcon Iturbide and            Patricia Ferro Bertolo and
Jorge Lopez Aguado Jimeno                   Armando Jorge Rivero Laing

____________________________       _________________________________________
Represented by Gonzalo Alarcon     Represented by Patricia Ferro Bertolo
Iturbide and Jorge Lopez Aguado    and Armando Jorge Rivero Laing
Jimeno

                            JOINT AND SEVERAL OBLIGOR

                             MAXCOM SF, S.A. DE C.V.

                             Jose Antonio Solbes Alvarez and
                             Adrian Aguirre Gomez

                  _______________________________________________
                  Represented by: Jose Antonio Solbes Alvarez and
                  Adrian Aguirre Gomez

                                       14
<PAGE>

                                    EXHIBIT 2

Disbursement Notice under the Credit Line Agreement No. 05CS36 identified herein
below.

                               DISBURSEMENT NOTICE

                                                          _______________, 20___

IXE BANCO, S.A., INSTITUCION DE BANCA MULTIPLE
IXE GRUPO FINANCIERO

Dear Sirs:

In accordance with Clause 4 of the Credit Line Agreement No. 05cs36 dated
October 25, 2005 by and between the undersigned, Maxcom Telecomunicaciones, S.A.
de C.V., and Ixe Banco, S.A., Institucion de Banca Multiple, Ixe Grupo
Financiero (the "Agreement"), I hereby inform you our intention to disburse the
amount of _______________ from the Credit Line. Consequently, I hereby instruct
Ixe Banco to deposit such amount to the Checking Account Number [1154961-0]
opened with such institution, in accordance with the Agreement.

The amount to be deposited to the aforementioned checking account out of the
Credit Line pursuant to these instructions shall be utilized for ___________.

Following are the Spread and Repayment applicable to this disbursement:

Spread: [__________] Repayment: [_____________]

Reception of this notice and the deposit by Ixe Banco of the disbursed amount to
the aforementioned checking account shall constitute undisputed evidence of the
disbursement of the funds under the Agreement, provided that the disbursement
requested hereby shall be subject to the applicable terms and conditions set
forth in the Agreement.

                                  Truly yours,

         BORROWER                           JOINT AND SEVERAL OBLIGOR
Maxcom Telecomunicaciones,                  Maxcom SF, S.A. de C.V.
       S.A. de C.V.

________________________________    _____________________________________
By: Gonzalo Alarcon Iturbide and    By: Jose Antonio Solbes Alvarez and
Jorge Lopez Aguado Jimeno           Adrian Aguirre Gomez

                                       15
<PAGE>

IN WITNESS WHEREOF, the parties execute this Exhibit 2 to the Agreement on the
25th day of October, 2005.

         BORROWER                                   IXE BANCO

MAXCOM TELECOMUNICACIONES,          IXE BANCO, S.A., INSTITUCION DE BANCA
       S.A. DE C.V.                 MULTIPLE, IXE GRUPO FINANCIERO

/s/ Gonzalo Alarcon Iturbide and              Patricia Ferro Bertolo and
Jorge Lopez Aguado Jimeno                     Armando Jorge Rivero Laing

________________________________    ____________________________________________
Represented by Gonzalo Alarcon      Represented by Patricia Ferro Bertolo
Iturbide and Jorge Lopez Aguado     and Armando Jorge Rivero Laing
Jimeno

                            JOINT AND SEVERAL OBLIGOR

                             MAXCOM SF, S.A. DE C.V.

                             Jose Antonio Solbes Alvarez and
                             Adrian Aguirre Gomez

                  ________________________________________________
                  Represented by: Jose Antonio Solbes Alvarez and
                  Adrian Aguirre Gomez

                                       16
<PAGE>

                                    EXHIBIT 3

Affirmative and Negative Covenants of Borrower under the Credit Line Agreement
identified herein below (the "Agreement")

<TABLE>
<S>                        <C>
Agreement No:              05cs36

Checking Account Number:   1154961-0

Parties:                   1) Borrower: Maxcom Telecomunicaciones, S.A. de
                           C.V., represented by Messrs. Gonzalo Alarcon
                           Iturbide and Jorge Lopez Aguado Jimenez, as
                           borrower (the "Borrower").

                           2) Ixe Banco: Ixe Banco, S.A.,
                           Institucion de Banca Multiple, Ixe
                           Grupo Financiero, represented by
                           Patricia Ferro Bertolo and Armando
                           Jorge Rivero Laing, as creditor
                           ("Ixe Banco").

                           3) Joint and Several Obligor: Maxcom
                           SF, S.A. de C.V., represented by
                           Messrs. Jose Antonio Solbes Alvarez
                           and Adrian Aguirre Gomez, as joint
                           and several obligor (the "Joint and
                           Several Obligor").

Date:                      October 25, 2005
</TABLE>

1. AFFIRMATIVE COVENANTS OF BORROWER.

During the term of the Agreement and until the Disbursements, interest, fees,
expenses and any other amount owed to Borrower under the Agreement are paid in
full, Borrower shall:

a) Provide Ixe Banco, within a 30-calendar-day period from the closing of each
quarter, with non-audited financial statements for the immediately preceding
quarter, duly signed by the Chief Executive Officer or the Chief Financial
Officer or equivalent officer, together with a report confirming whether an
event of default has occurred under the Agreement or not, as of the date of such
financial statements, provided that if an event of default has occurred, the
nature thereof and any actions already taken, or to be taken, to cure the same
shall be further mentioned.

b) Provide Ixe Banco, within a 120-calendar-day period from the closing of the
fiscal year, with annual financial statements (balance sheet, income statements,
cash flow), audited and certified by a public accountant firm satisfactory to
Ixe Banco, together with a letter signed by the Chief Executive Officer or the
Chief

                                       17
<PAGE>

Financial Officer or equivalent officer, confirming whether an event of default
has occurred under the Agreement or not, as of the date of such financial
statements, provided that if an event of default has occurred, the nature
thereof and any actions already taken, or to be taken, to cure the same shall be
further mentioned.

c) Notify to Ixe Banco, within a 15-calendar-day period from the date on which
Borrower learns the same, any event that constitutes, or may constitute with
lapse of time, an event of default, together with a statement detailing such
event and the actions already taken, and to be taken to cure the same.

d) Notify to Ixe Banco, within a 15-calendar-day period from the date on which
Borrower learns the same, any (i) claim, complaint, lawsuit, proceeding, action
or arbitration before any administrative or judicial authority or arbitral
panel, whether domestic or international, that has or may have a material
adverse effect on the business, operation or assets of Borrower, (ii) labor
conflict that has or may have a material adverse effect on the business,
operation or assets of Borrower, and (iii) other contingent liability or
responsibility of Borrower that has or may have a material adverse effect on the
business, operation or assets of Borrower.

e) Comply with any applicable laws, regulations, decrees, rules and orders of
any nature that Borrowers must abide by, which shall include but not be limited
to, the punctual payment of any taxes, contributions and charges imposed on
Borrower and its assets.

f) Maintain valid and effective any licenses, authorizations, concessions,
permits, or registrations held by Borrower on the execution date of the
Agreement, and obtain any licenses, authorizations, concessions, permits or
registrations required in the future in the ordinary course of business of
Borrower in order to perform its obligations derived from the Agreement.

g) Keep its accounting records in accordance with Mexican generally accepted
accounting principles, properly reflecting its operations, assets and financial
condition.

h) Maintain all the assets necessary for its operation in sound condition and
make any necessary repairs, replacements, additions and improvements.

i) Permit Ixe Banco to visit its offices and premises and review its accounting
records, providing Ixe Banco with any clarifications reasonably requested in
respect of such records, provided that the same is requested no less than 15
calendar days before the intended date.

j) Maintain the same shareholding structure during the term of this Agreement,
unless otherwise authorized in writing by Ixe Banco.

k) Perform its payment obligations derived from any credit or loan granted to it
by Ixe Banco or any other financial entity.

                                       18
<PAGE>

l) Maintain its business in operation, without changing its corporate purpose
and legal nature.

2. NEGATIVE COVENANTS OF BORROWER.

During the term of the Agreement and until the Disbursements, interest, fees,
expenses and any other amount owed to Borrower under the Agreement are paid in
full, Borrower shall not:

a) Carry out any action aimed at dissolving, liquidating, transforming, merging
or spinning-off Borrower, or reducing its minimum capital stock, without the
prior written consent of Ixe Banco.

b) Sell, or create any lien or encumbrance on, the assets of Borrower, other
than in the ordinary course of business, without the prior written consent of
Ixe Banco.

c) Pay dividends, without the prior written consent of Ixe Banco.

d) Assume financial liabilities, without the prior written consent of Ixe Banco.

IN WITNESS WHEREOF, the parties execute this Exhibit 3 to the Agreement on the
25th day of October, 2005.

       BORROWER                                      IXE BANCO

MAXCOM TELECOMUNICACIONES,         IXE BANCO, S.A., INSTITUCION DE BANCA
        S.A. DE C.V.               MULTIPLE, IXE GRUPO FINANCIERO

/s/ Gonzalo Alarcon Iturbide and            Patricia Ferro Bertolo and
Jorge Lopez Aguado Jimeno                   Armando Jorge Rivero Laing

________________________________   ________________________________________
Represented by Gonzalo Alarcon     Represented by Patricia Ferro Bertolo
Iturbide and Jorge Lopez Aguado    and Armando Jorge Rivero Laing
Jimeno

                            JOINT AND SEVERAL OBLIGOR

                             MAXCOM SF, S.A. DE C.V.

                             Jose Antonio Solbes Alvarez and
                             Adrian Aguirre Gomez

                  _______________________________________________
                  Represented by: Jose Antonio Solbes Alvarez and
                  Adrian Aguirre Gomez

                                       19
<PAGE>

Instrument No.: ________________

In Mexico City, Federal District, on this _____day of ___________, 2005, I,
Maria Esther Garcia Alvarez, Public Broker No. 4 in and for the Federal
District, hereby attest that:

On this date, Patricia Ferro Bertolo and Armando Jorge Rivero Laing (acting in
their capacity as legal representatives of Ixe Banco, S.A., Institucion de Banca
Multiple, Ixe Grupo Financiero), Gonzalo Alarcon Iturbide and Jorge Lopez Aguado
Jimeno (acting in their capacity as legal representatives of Maxcom
Telecomunicaciones, S.A. de C.V.), and Jose Antonio Solbes Alvarez and Adrian
Aguirre Gomez (acting in their capacity as legal representatives of Maxcom SF,
S.A. de C.V.), which in the preceding Credit Line Agreement No. 05sc36 were
identified as Ixe Banco, Borrower and Joint and Several Obligor, respectively,
appeared before me in order to ratify such agreement in its entirety, stating
that the content thereof truly reflects their will and that the signatures
affixed therein are authentic and were affixed by them, all of which is stated
under oath and confirmed by signing this instrument before me.

          BORROWER                              IXE BANCO

MAXCOM TELECOMUNICACIONES,         IXE BANCO, S.A., INSTITUCION DE BANCA
       S.A. DE C.V.                MULTIPLE, IXE GRUPO FINANCIERO

/s/ Gonzalo Alarcon Iturbide and            Patricia Ferro Bertolo and
Jorge Lopez Aguado Jimeno                   Armando Jorge Rivero Laing

____________________________       ________________________________________
Represented by Gonzalo Alarcon     Represented by Patricia Ferro Bertolo
Iturbide and Jorge Lopez Aguado    and Armando Jorge Rivero Laing
Jimeno

                            JOINT AND SEVERAL OBLIGOR

                             MAXCOM SF, S.A. DE C.V.

                             Jose Antonio Solbes Alvarez and
                             Adrian Aguirre Gomez

                  ________________________________________________
                  Represented by: Jose Antonio Solbes Alvarez and
                  Adrian Aguirre Gomez

                                       20
<PAGE>

This Amendment to the Credit Line Agreement No. 05CS36 dated December 13, 2005
is made and entered into by and among Ixe Banco, S.A., Institucion de Banca
Multiple, Ixe Grupo Financiero, as creditor ("Ixe Banco"); Maxcom
Telecomunicaciones, S.A. de C.V., as borrower (the "Borrower"); and Maxcom SF,
S.A. de C.V., as joint and several obligor (the "Joint and Several Obligor"), in
accordance with the following antecedents, representations and clauses:

                         ANTECEDENTS AND REPRESENTATIONS

I. Borrower and Ixe Banco represent, through their representatives, that:

I.1 Borrower and Ixe Banco entered into a Credit Line Agreement No. 05CS36 dated
October 25, 2005 (the "Agreement"), a copy of which is enclosed to this
Amendment as Exhibit A-1.

I.2 Borrower, as settlor, Ixe Banco, as trust beneficiary in the first place,
and BBVA Bancomer Servicios, S.A., Institucion de Banca Multiple, Grupo
Financiero BBVA Bancomer, as trustee, entered into an Irrevocable Trust
Agreement dated April 14, 2005, in order to create an alternative source of
payment in respect of the obligations of Borrower under the Credit Line
Agreement No. 05CS24 dated April 13, 2005 by and between Borrower and Banco Ixe
(the "Trust Agreement").

I.3 Borrower, Ixe Banco and BBVA Bancomer entered into an Amendment to the Trust
Agreement dated October 24, 2005, so that the same may further become an
alternative source of payment in respect of the obligations of Borrower under
the Agreement subject matter of this Amendment.

I.4 Borrower, as settlor, Ixe Banco, as trust beneficiary in the first place,
Banco Mercantil del Norte, S.A., Institucion de Banca Multiple, Grupo Financiero
Banorte, as trust beneficiary in the first place, and HSBC Mexico, S.A.,
Institucion de Banca Multiple, Grupo Financiero HSBC, Trust Department, as
trustee, entered into a new Irrevocable Trust Agreement, in order to create an
alternative source of payment in respect of the obligations of Borrower under
the Agreement, as well as other Guaranteed Obligations (as defined in such trust
agreement) (the "Master Trust Agreement").

I.5 The parties desire to enter into this Amendment in order to document a
change of the trust that shall be utilized as an alternative source of payment
in respect of the Obligations under the Agreement, this is, the Master Trust
Agreement, provided that the Trust Agreement shall be terminated with the
appearance of Ixe Banco, S.A., Institucion de Banca Multiple, Ixe Grupo
Financiero, in its capacity as Trust Beneficiary in the First Place, and Maxcom
Telecomunicaciones, S.A. de C.V., in its capacity as Settlor and/or Trust
Beneficiary in the Second Place, by means of a separate instrument.

I.6 Representatives of Borrower and Ixe Banco have been vested with powers
enough to execute this Amendment, which powers have not been revoked or modified
in any manner whatsoever.

                                       21
<PAGE>

I.7 Borrower and Ixe Banco, as of the date hereof, have performed each and every
of the obligations derived from the Agreement.

I.8 Borrower and Ixe Banco hereby recognize the capacity and authority of each
other, as well as their intention to enter into this Amendment in order to amend
the Agreement, subject to the provisions hereof, provided that both parties
shall continue obliged to abide by all the provisions of the Agreement not
amended hereby.

NOW, THEREFORE, the parties agree to grant the following:

                                     CLAUSES

1. The parties agree to amend Clause 11 of the Agreement, so that the Master
Trust Agreement may become an alternative source of payment in respect of the
obligations of Borrower under the Agreement, to read as follows:

"11. TRUST

The parties entered into an Irrevocable Trust Agreement No. F/207357 dated
November 21, 2005 before HSBC, S.A., Institucion de Banca Multiple, Grupo
Financiero HSBC, Trust Department, as Trustee (the "Trust"), so that such Trust
may become an alternative source of payment and guarantee for this credit,
pursuant to which each of Ixe Banco and Banco Mercantil del Norte, S.A.,
Institucion de Banca Multiple, Grupo Financiero Banorte, will pro-rata become a
Trust Beneficiary in the First Place, in respect of all the trust assets of the
Trust.

Any cash flows forming part of the trust assets of the Trust shall be allocated
as an alternative source of payment for this credit, and therefore, any payment
made by the Trust to Ixe Banco, in its capacity as Trust Beneficiary in the
First Place, shall be allocated by Ixe Banco to repay the credit up to the
corresponding amount of interest and principal thereof.

If Trustee fails to make any payment to Ixe Banco, in its capacity as Trust
Beneficiary in the First Place, or if the respective payments are not enough to
repay the outstanding balance of the credit, Borrower shall continue obliged to
repay the outstanding balance of the credit, plus any accrued interest, expenses
and court expenses and fees, if any.

If the payments made by Trustee to Ixe Banco, in its capacity as Trust
Beneficiary in the First Place, are not enough to repay the respective amount,
such payment shall be allocated in the following order of priority: moratorium
interest, if any, interest, and principal.

Consequently, Borrower may not transfer, dispose, or assign in any manner
whatsoever the assets or rights that form part of the trust assets of the Trust,
without the prior written consent of Ixe Banco."

2. The parties agree that this Amendment shall come into effect on the execution
date hereof.

                                       22
<PAGE>

3. Any notice and communication to be given under this Amendment shall be given
at the addresses of the parties referred to in Clause 17 of the Agreement, or
any other prior notified by the parties for such purposes.

4. The Agreement shall remain valid and effective, subject to the terms and
conditions thereof, unless otherwise amended hereby.

5. The parties agree that the Representations and Clauses of this Amendment and
the Representations and Clauses of the Agreement constitute the entire agreement
among the parties with respect to the subject matter hereof, and supersede any
prior agreement, discussion and understanding among the parties with respect to
the subject matter of the Agreement.

Consequently, the execution of this Amendment constitutes no novation of the
Agreement.

6. This Amendment shall be governed by, and construed in accordance with, the
laws of Mexico City, Federal District. For everything relating to the
construction, performance and enforcement of this Amendment, the parties
expressly submit to the jurisdiction of the courts sitting in Mexico City,
Federal District, hereby waiving any other jurisdiction they may be entitled to
by reason of their domicile or otherwise.

IN WITNESS WHEREOF, the parties execute two originals of this Amendment on the
date first written above, provided that each of the parties keeps one original.

         BORROWER                                   IXE BANCO

MAXCOM TELECOMUNICACIONES,         IXE BANCO, S.A., INSTITUCION DE BANCA
       S.A. DE C.V.                MULTIPLE, IXE GRUPO FINANCIERO

/s/ Jorge Lopez Aguado Jimeno              Patricia Ferro Bertolo and
and Rogelio Espinosa Castellano            Armando Jorge Rivero Laing

_______________________________    _______________________________________
Represented by Jorge Lopez         Represented by Patricia Ferro Bertolo
Aguado Jimeno and Rogelio          and Armando Jorge Rivero Laing
Espinosa Castellano

                            JOINT AND SEVERAL OBLIGOR

                             MAXCOM SF, S.A. DE C.V.

                             Jose Antonio Solbes Alvarez and
                             Adrian Aguirre Gomez

                  _______________________________________________
                  Represented by: Jose Antonio Solbes Alvarez and
                  Adrian Aguirre Gomez

                                       23<PAGE>

                                                                   EXHIBIT 4(cc)

                                                                     TRANSLATION

[At the upper left margin a seal bearing the Mexican coat of arms and reading as
follows: United Mexican States; Francisco Castellanos Guzman; Public Broker No.
20 in and for the Federal District]

In Mexico City, Federal District, on this 21st day of October, 2005, Banco
Mercantil del Norte, S.A., Institucion de Banca Multiple, Grupo Financiero
Banorte (the "Bank"), represented herein by Messrs. Antonio Fernandez Montero
and Juan Luis Flores Flores, acting in their capacity as attorneys-in-fact, and
Maxcom Telecomunicaciones, S.A. de C.V. (the "Borrower"), represented herein by
Mr. Jorge Antonio Lopez Aguado Jimeno, appeared before me, Francisco Castellanos
Guzman, Esq., Public Broker No. 20 in and for the Federal District, duly
authorized by the Ministry of Economy, in order to formalize a Credit Line
Agreement, in accordance with the following representations and clauses:

                                 REPRESENTATIONS

1. Borrower represents that it has requested a Credit Line to Bank, up to the
amount referred to in Clause 1 hereof, in order to: (i) repay financial
liabilities; and (ii) fund capital investments (CAPEX).

2. Borrower represents that it shall enter into an irrevocable trust agreement,
as settlor, after the execution of this Agreement, so as such trust may become
an alternative source of payment for this credit (the "Trust").

                                     CLAUSES

1. CREDIT.

Bank hereby opens to Borrower a Credit Line up to two hundred and forty million
00/100 pesos ($240'000,000.00), excluding interest, fees and other expenses to
be paid by Borrower under this Agreement.

2. DISBURSEMENTS.

Borrower shall disburse the credit hereby granted to it in one or more
disbursements, by executing and delivering promissory notes in favor of Bank,
provided that such disbursements shall be made by Borrower within a 9-month
period from the execution date hereof as follows:

a) The first disbursement shall be made in the amount in pesos equivalent to the
amount denominated in Dollars that Borrower owes to Banco Santander, as
established in the notice to be given by such commercial bank to, and accepted
by, Bank, which amount shall not exceed the amount of two million 00/100 US
dollars (US$ 2'000,000.00) or its equivalent amount in pesos at the time in
which the disbursement is made.

b) The second disbursement shall be subject to reception by Bank of a stand-by
letter of credit in the amount of seven million 00/100 US dollars (US$

<PAGE>

7'000,000.00) to be issued by Bank of America in favor of Bank, provided that it
shall not exceed an amount in pesos equivalent to seven million 00/100 US
dollars (US$ 7'000,000.00), less the disbursement referred to in paragraph a)
above.

c) The third disbursement shall be subject to creation by Borrower of the Trust
referred to in Representation 2 above, designating Bank as trust beneficiary in
the first place, and transferring the "Withholding Rights" (as defined in the
trust) to the trust assets thereof, in respect of the fund concentration
agreements and the collection accounts received by such agreements through
Banamex and BBVA Bancomer branches, to be utilized as an alternative source of
payment. Such rights shall be allocated, in a manner satisfactory to Bank, to
repay the outstanding balance of principal and interest thereon owed by Borrower
to Banco Santander on the date of the disbursement referred to in this
paragraph, as a consequence of the agreement dated November 5, 2004 by and
between Banco Santander and Borrower.

d) The fourth and subsequent disbursements shall be subject to the transfer to
the trust assets of the Trust of the "withholding rights" in respect of the fund
concentration agreements and the collection accounts that such agreements
receive through HSBC branches.

The respective promissory notes contain a reference to the agreement from which
they arise, do not constitute an amendment to this agreement and set forth the
payment periods for the Credit and the disbursement thereof, provided that the
same may be discounted by Bank, even before the stated maturity thereof, for
which purpose Bank is hereby authorized by Borrower.

3. PURPOSE OF THE CREDIT.

Borrower agrees to invest the credit precisely for the purposes referred to in
Representation 1 of this Agreement.

4. TERM.

The term of this Agreement is four (4) years, starting on October 21, 2005 and
ending on October 20, 2009.

5. REPAYMENT.

The Credit shall be repaid by Borrower at the domicile of Bank on the maturity
dates and in the amounts set forth in each of the promissory notes issued by
Borrower in favor of Bank to document any total or partial disbursement of the
Credit and the payment obligation derived from the same, provided that the
maturity date established in each promissory note shall not be longer than the
term of this Agreement.

6. INTEREST.

                                        2
<PAGE>

Borrower agrees to pay to Bank interest on the outstanding balance of disbursed
principal, which interest shall accrue on a monthly basis at a rate equal to the
sum of three hundred (300) basis points and 28-Day Inter-bank Interest Rate of
Equilibrium ("TIIE"), or any other TIIE replacing such 28-Day TIIE, as
determined by the Central Bank of Mexico (Banco de Mexico) and published in the
Official Gazette of the Federation.

The parties agree that the certification made by the Public Accountant of Bank
shall be binding and final, unless otherwise evidenced, as to the corresponding
amounts related to the determination of TIIE utilized as reference in obtaining
the agreed rate; or the corresponding amounts related to the yields of CETES or
the calculation of CPP referred to in Clause 8 below if TIIE is no longer
available.

Interest shall be calculated on the basis of a 360-day year and accrue on the
outstanding balance

Interest shall be paid in monthly arrears at the domicile of Bank on the twenty
second (22nd) day of each month, calculated from each disbursement date.

The parties expressly agree that, if for any reason, Bank fails to apply the
interest rate established in this clause Bank shall be entitled to make the
necessary adjustments or amendments, which shall become retroactively effective
as of such months in which the corresponding amendment did not take place.

If Borrower becomes obliged to pay the Value Added Tax, in accordance with the
Value Added Tax Act, on any interest accrued under this clause, Borrower shall
pay such tax to Bank together with the aforementioned interest.

7. MORATORIUM INTEREST.

Moratorium interest shall accrue on any amount due under this Agreement that is
not timely paid, from the due date thereof until the date on which the same is
paid in full, at an annual interest rate equal to the rate resulting from
multiplying the interest rate to be applied in accordance with Clause 6 above on
the date on which payment is made by two (2).

Borrower shall pay such moratorium interest to Bank at the domicile of Bank.

If Borrower becomes obliged to pay the Value Added Tax, in accordance with the
Value Added Tax Act, on any moratorium interest accrued under this clause,
Borrower shall pay such tax to Bank together with the aforementioned moratorium
interest.

8. REPLACEMENT REFERENCE RATE.

The parties agree that if the Central Bank of Mexico (Banco de Mexico) suspends
or cancels the release of the aforementioned TIIE, the annual interest

                                        3
<PAGE>

rate to be applied thereafter shall be any of the following interest rates, in
the order established herein below:

One: An annual rate equal to the sum of three hundred (300) basis points and the
CPP for liabilities denominated in Pesos that the Central Bank of Mexico (Banco
de Mexico) deems representative for the Commercial Banks and publishes on a
monthly basis in the Official Gazette of the Federation, in accordance with
Ruling 2019/95, as amended, taking into account the CPP effective on the date on
which each of the periods in which interest is to be paid starts.

If CPP is not published in any of the months referred to in the preceding
paragraph, CPP published for the month preceding the month in which CPP is no
longer published shall be taken into account.

If CPP is no longer published, the following interest rate shall apply:

Two: An annual rate equal to the sum of three hundred basis points (300) and the
arithmetical average of 28-Day CETES, or any other CETES replacing such 28-Day
CETES, in primary placement, regularly published in the newspapers with the
widest circulation in the country during the last four weeks preceding the date
on which each of the periods within which interest is to be paid starts.

If 28-Day CETES are not published in any of the weeks referred to in the
preceding paragraph, CETES published for the week preceding or succeeding the
week in which CETES are no longer published shall be taken into account,
whichever is higher, at Bank's discretion.

The provisions of this clause shall further apply to the moratorium interest
rate, provided that, in such case, the moratorium interest rate shall be equal
to the rate resulting from multiplying (i) the sum of the basis points that Bank
and Borrower agree at the time in which each disbursement is made and the
replacement rate obtained on the date on which the payment is made, by (ii) two
(2).

9. PREPAYMENTS.

Borrower may prepay the credit, in whole or in part, and interest thereon, as
follows: (i) an amount equal to two percent (2%) of the prepaid amount, during
the first year of the term of this Agreement; (ii) an amount equal to one
percent (1%) of the prepaid amount, during the second year of the term of this
Agreement. Such amount shall be paid simultaneously with the prepaid amount,
provided that no fee shall apply solely and exclusively in the case that the
aforementioned prepayment results from a financing granted by a source in which
Bank or any other entity of Grupo Financiero Banorte participates; and (iii) no
fee shall accrue during the two (2) last years of the term of this Agreement in
respect of prepayments made by Borrower. Any partial prepayment of the disbursed
credit shall be allocated in the following order of priority: interest accrued
on the corresponding disbursements of the credit; and principal; provided that
if any amounts remain outstanding, other than principal,

                                        4
<PAGE>

the prepayment shall be allocated in the following order of priority: expenses,
fees, moratorium interest, interest and principal, in accordance with Article
364 of the Commercial Code.

If Borrower becomes obliged to pay the Value Added Tax, in accordance with the
Value Added Tax Act, on any of the aforementioned amounts, Borrower shall pay
such tax to Bank together with the aforementioned amounts.

10. FEES.

Borrower shall pay to Bank the following amounts, at the domicile of Bank:

a) A credit structuring fee equal to zero point fifty percent (0.50%) of the
total amount of the credit, which shall be paid on the date on which the first
disbursement of the credit is made.

b) A disbursement fee equal to zero point fifty percent (0.50%) of each
disbursed amount, which shall be paid on the date on which each disbursement is
made.

If Borrower becomes obliged to pay the Value Added Tax, in accordance with the
Value Added Tax Act, on any of the aforementioned fees, Borrower shall pay such
tax to Bank together with the aforementioned fees.

11. BUSINESS DAY ADJUSTMENT.

If the maturity date for any amount of principal, interest or any other amount
owed under this Agreement or the notes is not a banking business day, the
corresponding payment shall be made on the banking business day that immediately
precedes such original maturity date at the domicile of Bank.

12. CHECKING ACCOUNT.

Without prejudice to any other clauses of this Agreement relating to the
obligation of Borrower to make payments at the domicile of Bank, Borrower hereby
authorizes Bank to debit any amounts of principal, interest and other
accessories, as well as any charge or legal or contractual consideration due
under this Agreement and in accordance with applicable laws from the Checking
Account No. 0192-174556 at Banco Mercantil del Norte, S.A., Institucion de Banca
Multiple, Grupo Financiero Banorte, Santa Fe Branch, provided that enough funds
exist for such purpose. Bank shall be entitled but not obliged to debit such
amounts, and therefore, Borrower is not released from its payment obligations in
favor of Bank.

13. INSPECTORS.

Bank shall be at all times entitled to designate one or more inspectors to
verify the exact performance of the obligations of Borrower under this
Agreement. Any compensation for the inspectors and expenses arising from their
activities shall be borne by Borrower, by reimbursing to Bank any such amounts
on the

                                        5
<PAGE>

date on which Bank requests the same. Borrower further agrees to assist
inspectors, as necessary, to enable them to perform their duties and
obligations. Any discrepancy arising between inspectors and Borrower shall be
finally settled by Bank.

14. ALTERNATIVE SOURCE OF PAYMENT.

Borrower and HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero
HSBC, Trust Division, as trustee, shall enter into an Irrevocable Trust
Agreement, within a 30-day period from the execution date of this Agreement.
This Trust is to be utilized as an alternative source of payment with respect to
this credit, provided that Bank shall become a Trust Beneficiary in the First
Place under the same. Any cash flows forming part of the trust assets of the
Trust shall be utilized as an alternative source of payment for this credit,
subject to the terms and conditions established therein, and therefore, any
payment made by the Trust to Bank, in its capacity as Trust Beneficiary in the
First Place, shall be allocated for repaying the credit up to the total
corresponding amount of principal and interest.

If Trustee makes no payment to Bank, in its capacity as Trust Beneficiary in the
First Place, or the payments made by Trustee are not enough to repay the
outstanding balance of the credit, Borrower shall continue obliged to pay the
outstanding balance of the credit, plus interest accrued thereon, and court
expenses and fees, if any.

If the payments made by Trustee to Bank, in its capacity as Trust Beneficiary in
the First Place, are not enough to repay the corresponding due amounts, such
amount shall be allocated in the following order of priority: moratorium
interest, if any, interest, and principal.

Consequently, Borrower may not transfer, sell or assign in any manner whatsoever
the assets and rights that form part of the trust assets of the Trust, without
the prior written consent of Bank.

15. GUARANTEE.

In order to guarantee the payment of principal, interest, moratorium interest
and any other amounts to be paid by Borrower under this Agreement, in accordance
with applicable laws or under any judicial order or decree rendered in favor of
Bank in connection with this Agreement, as provided for in Clause 2, paragraph
b), above, Bank shall hold a stand-by letter issued by Bank of America in order
to guarantee no less than one third (1/3) of the outstanding balance of the
credit. Such letter of credit may be released through the submission by Borrower
of its Audited Financial Statements for the fiscal year ended as at December 31,
2006, showing that the company has met the following financial ratios and
complied with the following covenants:

One: Borrower shall perform all the affirmative and negative covenants, and
incur in no event of default under this Agreement, being up to date in respect
of the payment of credit and financial liabilities on the date on which its
Audited

                                        6
<PAGE>

Financial Statements for the fiscal year ended as at December 31, 2006 are
submitted.

Two: Borrower shall submit evidence confirming that on the date on which its
Audited Financial Statements for the fiscal year ended as at December 31, 2006
are submitted no default exists in the payment of any due amounts and the
performance of its obligations derived from its financial indebtedness,
including any bonds, banking debt, stock exchange issues, and in general any
liabilities of Borrower.

Three: Borrower shall not pay dividends during the term of this credit.

Four: Borrower shall maintain the following financial ratios, as provided for in
its Audited Financial Statements for the fiscal year ended as at December 31,
2006:

(i) A ratio of on-balance and off-balance Liabilities (financial debt of
Borrower less its cash and banks balances) against UAFIRDA (operating profit
plus depreciations and amortizations during the fiscal year) of not more than
three point zero (3.0) times.

(ii) A ratio of total liabilities against shareholders equity of not more than
one point two (1.2) times.

(iii) A ratio of CAPEX (investment in fixed assets, excluding those derived from
contributions made by the Borrower's shareholders) against UAFIRDA (operating
profit plus depreciations and amortizations during the fiscal year) of not more
than one point zero (1.0) times.

(iv) A ratio of UAFIRDA (operating profit plus depreciations and amortizations
during the fiscal year) against short-term liabilities of not less than zero
point five (0.5) times.

Five: Regarding the maturity of the senior notes becoming due in 2007, Borrower
shall submit evidence confirming that the same have been refinanced and, as
applicable, paid, provided that such refinancing may be conducted through a
stock exchange issue or a banking credit with a minimum term of one (1) year.

Six: Borrower shall provide Bank with a quarterly report on any fixed-asset
investment made by it.

Seven: Borrower shall submit evidence confirming that the annual collection
received through the collection channels that continue forming part of the trust
assets of the Trust by the closing of the fiscal year has maintained a growth of
not less than five percent (5%), on a nominal basis, compared to the preceding
year.

16. AFFIRMATIVE COVENANTS OF BORROWER.

                                        7
<PAGE>

Unless otherwise authorized in writing by the legal representatives of Bank,
Borrower shall:

a) Provide Bank with information and documentation relating to the operation of
the company, whenever Bank requests so, but in any case within a 15-calendar-day
period from the date on which such request is made. If Borrower is a publicly
traded company, or issues securities to be publicly traded, in Mexico or abroad,
the requested information and the period within which the same is to be provided
shall comply with applicable laws governing issuers, provided that, in any case
the information shall be provided within a 10-calendar-day period from the date
on which the obligation to provide the same is established in accordance with
applicable laws.

b) Provide Bank with annual financial statements audited for financial (not tax)
purposes by an authorized Public Accountant, if obliged to do so, within a
180-calendar-day period from the closing of the fiscal year. If Borrower is a
publicly traded company, or issues securities to be publicly traded, in Mexico
or abroad, the financial statements and the period within which the same are to
be provided shall comply with applicable laws governing issuers, provided that,
in any case the information shall be provided within a 10-calendar-day period
from the date on which the obligation to provide the same is established in
accordance with applicable laws.

c) Provide Bank with internal financial statements and the respective analytical
notes thereto, including a breakdown of the liabilities (mentioning guarantees
and bonds granted and any other contingent liability) duly signed by Borrower,
or, as applicable, its legal representative duly vested with powers to
administer property, within a 45-calendar-day period from the closing of each
quarter. If Borrower is a publicly traded company, or issues securities to be
publicly traded, in Mexico or abroad, the financial statements and the period
within which the same are to be provided shall comply with applicable laws
governing issuers, provided that, in any case the information shall be provided
within a 10-calendar-day period from the date on which the obligation to provide
the same is established in accordance with applicable laws.

d) Maintain valid and effective any rights and franchises necessary to operate
the company; and keep accounting records in accordance with Mexican GAAP.

e) Obtain any licenses, authorizations or permits required by Borrower in order
to perform its obligations derived from this Agreement and comply with
applicable laws and regulations whose violation or breach may have a material
adverse effect on the capability of Borrower to perform its obligations derived
from this Agreement. Borrower shall timely pay any taxes imposed or levied on it
and any quotas of the Mexican Social Security Institute, the Retirement Savings
System and the Workers Housing Savings Fund, excluding any tax contributions
and/or quotas contested by Borrower in good faith through applicable procedures.

                                        8
<PAGE>

f) Provide Bank with any public instrument containing amendments to its by-laws,
within a 15-calendar-day period from the date on which the same is formalized.

g) Obtain and maintain insurance for its insurable assets during the term of the
credit, provided that Borrower shall evidence the same by submitting copies of
the corresponding insurance policies and payment receipts for the respective
insurance premiums. Borrower hereby authorizes Bank to verify with the
corresponding Insurance Company the existence of the insurance, the insured
assets, the sums insured and the paid premiums.

h) Borrower shall maintain, during the term of this Agreement, the following
financial ratios, which shall be verified in the audited financial statements
for each year:

i) Total liabilities against shareholders equity of not more than one point two
(1.2) times in 2005; one point two (1.2) times in 2006; one point two (1.2)
times in 2007; one point zero (1.0) times in 2008; and one point zero (1.0)
times in 2009.

ii) On-balance and off-balance Liabilities against UAFIRDA of not more than
three point nine (3.9) times in 2005; three point zero (3.0) times in 2006; two
pint five (2.5) times in 2007; two point zero (2.0) in 2008; and two point zero
(2.0) times in 2009.

17. NEGATIVE COVENANTS OF BORROWER.

Unless otherwise authorized in writing by the legal representatives of Bank,
Borrower shall not:

a) Modify any conditions agreed to with financial creditors of Borrower existing
as of the execution date of this Agreement in respect of the granting of
guarantees, the granting of additional guarantees and the financial conditions,
in any manner that may increase the obligations of Borrower.

18. EVENTS OF DEFAULT.

Bank shall be entitled to accelerate payment of the credit and interest thereon,
without requiring any prior action or procedure, upon failure of Borrower to
perform any of its obligations derived from this Agreement, or occurrence of any
other event established in applicable laws, of should any of the following
events occur without the prior written consent of the legal representatives of
Bank:

a) If any representation made by Borrower under this Agreement or at any time
thereafter turns to be false or misleading, which representation shall have
materially induced Bank, at Banks discretion, to grant the credit, or if
Borrower shall have failed to provide any data or information to Bank that, if
provided, would have resulted in the denial of the credit.

                                        9
<PAGE>

b) If Borrower fails to make, in whole or in part, any of the payments to be
made by it under this Agreement, whether in respect of principal, interest,
fees, expenses or other accessories.

c) If Borrower is adjudged bankrupt or insolvent.

d) If the current controlling shareholders of Borrower no longer hold title to
the shares issued by Borrower, or if the current shareholding percentages are
reduced, and as a result of such reduction such shareholders lose control of
Borrower (excluding testamentary or non-testamentary transfers upon decease of
the respective shareholders).

e) If Borrower is transformed, merged, spun-off, dissolved or liquidated.

f) If Borrower carries out any sale or transfer, or creates an interest, in any
amount in excess of either five million 00/100 dollars (US$ 5'000,000) per
occurrence or an amount equal to ten percent (10%) of its assets, on an annual
aggregate basis; or if Borrower creates any lien or encumbrance on, or leases or
grants in commodatum, assets representing ten percent (10%) of its total assets;
or if the fixed assets utilized for operating the company of Borrower are
seized, or subject to any lien or encumbrance created, by third parties
endangering the operation of the company or the performance of its obligations
derived from this Agreement.

g) If Borrower fails to comply with any of the affirmative or negative covenants
derived from this Agreement.

h) If Borrower fails to perform any of its obligations derived from any other
credit or loan granted by Bank or any other Commercial Bank, or in general, any
other term obligation of Borrower in favor of Bank or other Financial
Institution is accelerated.

i) If Borrower utilizes the credit for any purpose other than the purposes
established herein.

j) If Borrower fails to follow any instructions, or in any other manner hampers
the activities of, or fails to pay the fees of, the inspectors that Bank is
entitled to designated under this Agreement.

k) If Borrower changes or suspends its corporate activities.

l) If Borrower reduces its capital stock, as shown in its Financial Statements
for the fiscal year ended as at December 31, 2004.

m) If Borrower reduces its capital stock below the amount of one thousand
million 00/100 pesos ($1,000'000,000.00).

n) If Borrower assumes financial liabilities with the same alternative source of
payment established in this Agreement.

                                       10
<PAGE>

o) If Borrower grants loans or credits to third parties, excluding its
subsidiaries or affiliates and its employees as fringe benefits. For the
purposes of this Agreement, the term: i) "subsidiary" shall mean any company in
respect of which Borrower owns the majority of the paid-up and subscribed voting
shares representing the capital stock, and (ii) "affiliate" shall mean any
company in respect of which the controlling shareholder that owns the majority
of the voting shares representing the capital stock of Borrower further owns the
majority of the voting shares representing the capital stock.

p) If Borrower grants any guarantees, bonds or other guarantee or security in
respect of its industrial unit, machinery, equipment or otherwise assets in
order to guarantee or secure third-party obligations, excluding its subsidiaries
and affiliates.

19. RESERVE AMOUNT.

Borrower shall at all times maintain in the Trust a reserve amount equal to the
monthly amount required for debt service purposes. Such reserve amount may be
increased subject to the following Special Conditions. Such reserve amount may
be increased in case the quarterly collection proceeds received through the
channels that Banorte transferred to the trust assets of the Trust decrease, in
accordance with the following chart:

Decrease of Collection Proceeds       Number of Months Reserved
(on a quarterly basis) (reference)    for Debt Service Purposes
Five percent (5%)                   Two (2) months
Ten percent (10%)                   Three (3) months
Fifteen percent (15%)               Six (6) months
Twenty percent (20%)                Trustee withholds any excess

Reference: Relating to the same quarter of the immediately preceding year.

Following is the method to be utilized to calculate the corresponding Reserve
Amount:

One: The quarters to be taken into account are January-March, April-June,
July-September, and October-December.

Two: Borrower shall evidence, by means of the account statements of the Trust
for the months forming part of the quarter, no lather than the fifteenth (15th)
day of the first month following the closing of such quarter, that the result of
adding these three months is not lower than the percentage obtained from adding
the three months forming part of the same quarter in the immediately preceding
year, in accordance with the aforementioned chart.

Three: If lower, in accordance with the chart set forth in the preceding
paragraph, the Reserve Amount to be allocated as of the first day of the second
month following each quarter being analyzed shall be calculated.

                                       11
<PAGE>

Any determined Reserve Amount shall remain effective during the three months
following the date on which such amount is created; this is, until the fourth
(4th) month upon conclusion of the analyzed quarter, in which case, it shall be
replaced by the Reserve Amount determined during the next analyzed quarter.

20. ACTS OF GOD AND FORCE MAJEURE EVENTS.

Borrower agrees to perform its obligations derived from this Agreement even upon
occurrence of an Act of God or force majeure event, in accordance with Article
2111 of the Federal Civil Code (Codigo Civil Federal).

21. CREDIT SUSPENSION AND CANCELLATION; EARLY TERMINATION.

Bank expressly reserves the right to suspend or cancel the credit or the
disbursement period within which Borrower may disburse the same, or both at once
or earlier terminate this Agreement at any time, by giving a written notice to
Borrower.

22. WAIVER.

No failure or delay of Bank to exercise its rights derived from this Agreement
shall be construed as a waiver thereof. No individual or partial exercise by
Bank of its rights derived from this Agreement shall preclude any other power or
right.

23. HEADINGS.

The headings of the clauses of this Agreement are only for reference purposes
and do not define or limit the content thereof. Any construction of the
representations and clauses of this Agreement shall be based upon the content
thereof exclusively.

24. ASSIGNMENT.

Bank shall be at all times entitled to assign, in whole or in part, its rights
derived from this Agreement.

25. TAXES AND EXPENSES.

Any payments to be made by Borrower under this Agreement shall be made free from
any deduction of taxes and contributions of any type. If Borrower is obliged to
withhold any amounts in accordance with applicable laws on account of taxes,
duties or contributions in respect of any amounts to be paid to Bank, Borrower
shall pay to Bank any additional amounts, as necessary, so that any amounts
received by Bank under this Agreement (which shall include but not be limited to
fees and interest) are equal, after making such withholdings, to the amounts
that Bank would have received had such payments been made subject to no
withholding.

                                       12
<PAGE>

If Banks needs to pay any of such amounts, Borrower shall immediately reimburse
the same to Bank, for which purpose, Borrower hereby expressly authorizes Bank
to debit such amounts from the checking account referred to in Clause 12 above.

26. NOTICES.

Any notices and communications to be given by Bank and Borrower under this
Agreement shall be given at the following addresses:

If to Bank:

Paseo de la Reforma No. 295
Piso 2
Colonia Cuauhtemoc
Mexico, D.F.

If to Borrower:

Guillermo Gonzalez Camarena No. 200
Colonia Centro Santa Fe
Mexico, D.F.

Any notices and communications, whether judicial or not, given at the
aforementioned address of Borrower shall be deemed effectively and validly
given, as long as Borrower notifies no change of address to Bank in writing.

27. JURISDICTION.

For everything relating to the construction, performance and enforcement of this
Agreement, the parties submit to the jurisdiction of the courts sitting in
Mexico City, Federal District, or Monterrey, Nuevo Leon, at the discretion of
the plaintiff, hereby waiving any other jurisdiction they may be entitled to by
reason of their domicile.

                                       13

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