as Administrative Agent
as Sole Bookrunner and Lead Arranger
Page | ||||
ARTICLE 1 Definitions | ||||
Section 1.01. Defined Terms | 1 | |||
Section 1.02. Terms Generally | 15 | |||
Section 1.03. Accounting Terms; Changes in GAAP | 15 | |||
ARTICLE 2 The Credits | ||||
Section 2.01. Commitments | 16 | |||
Section 2.02. Method of Borrowing | 16 | |||
Section 2.03. Funding of Loans | 16 | |||
Section 2.04.Method of Electing Interest Periods | 17 | |||
Section 2.05.Payment at Maturity; Evidence of Debt | 18 | |||
Section 2.06.Optional and Mandatory Prepayments | 18 | |||
Section 2.07.Fees | 19 | |||
Section 2.08.Interest | 19 | |||
Section 2.09.Substitute Rate of Interest | 20 | |||
Section 2.10.Increased Costs | 22 | |||
Section 2.11. Illegality | 23 | |||
Section 2.12.Break Funding Payments | 23 | |||
Section 2.13.Taxes | 24 | |||
Section 2.14.Payments Generally; Pro Rata Treatment; Sharing of Set-offs | 27 | |||
Section 2.15. Substitute Rate Loans Substituted for Affected Loans | 28 | |||
Section 2.16.Lender’s Obligation to Mitigate; Replacement of Lenders | 28 | |||
ARTICLE 3 Representations and Warranties | ||||
Section 3.01.Organization; Powers | 29 | |||
Section 3.02. Authorization; Enforceability | 29 | |||
Section 3.03.Governmental Approvals; No Conflicts | 30 | |||
Section 3.04.Financial Statements; No Material Adverse Change | 30 | |||
Section 3.05.Properties | 31 | |||
Section 3.06.Litigation and Environmental Matters | 31 | |||
Section 3.07.Compliance with Laws and Agreements | 31 | |||
Section 3.08.Investment Company Status; Regulatory Restrictions on Borrowing | 32 | |||
Section 3.09. Federal Reserve Regulations | 32 | |||
Section 3.10.Taxes | 32 | |||
Section 3.11.Disclosure | 33 | |||
Section 3.12.Subsidiaries | 33 | |||
Section 3.13.Solvency | 33 | |||
Section 3.14. Rank of Debt | 33 | |||
Section 3.15. No Immunity | 33 |
Page | ||||
ARTICLE 4 Conditions | ||||
Section 4.01.Conditions | 34 | |||
ARTICLE 5 Affirmative Covenants | ||||
Section 5.01.Financial Statements and Other Information | 36 | |||
Section 5.02.Notice of Material Events | 37 | |||
Section 5.03.Existence; Conduct of Business | 37 | |||
Section 5.04.Payment of Tax Obligations | 37 | |||
Section 5.05.Maintenance of Properties | 38 | |||
Section 5.06.Insurance | 38 | |||
Section 5.07.Proper Records; Rights to Inspect and Appraise | 38 | |||
Section 5.08.Compliance with Laws | 38 | |||
Section 5.09.Use of Proceeds | 38 | |||
Section 5.10. Currency Hedging | 38 | |||
ARTICLE 6 Negative Covenants | ||||
Section 6.01.Debt | 39 | |||
Section 6.02.Liens | 40 | |||
Section 6.03.Fundamental Changes | 41 | |||
Section 6.04.Investments, Loans, Advances, Guarantees and Acquisitions | 41 | |||
Section 6.05.Asset Sales | 42 | |||
Section 6.06.Sale and Leaseback Transactions | 42 | |||
Section 6.07.Hedging Agreements | 42 | |||
Section 6.08.Restricted Payments | 43 | |||
Section 6.09.Transactions with Affiliates | 43 | |||
Section 6.10.Restrictive Agreements | 43 | |||
Section 6.11.Amendment of Material Documents | 44 | |||
Section 6.12.Capital Expenditures | 44 | |||
Section 6.13.Interest Expense Coverage Ratio | 44 | |||
Section 6.14.Leverage Ratio | 44 | |||
Section 6.15. Fiscal Year | 44 | |||
ARTICLE 7 Events of Default | ||||
Section 7.01. Events Of Default | 44 | |||
ARTICLE 8 The Administrative Agent | ||||
Section 8.01.Appointment and Authorization | 47 | |||
Section 8.02. Rights and Powers as a Lender | 47 | |||
Section 8.03.Limited Duties and Responsibilities | 47 | |||
Section 8.04.Authority to Rely on Certain Writings, Statements and Advice | 48 | |||
Section 8.05.Sub-Agents and Related Parties | 48 | |||
Section 8.06.Resignation; Successor Administrative Agent | 48 | |||
Section 8.07.Credit Decisions by Lenders | 48 |
ii
Page | ||||
ARTICLE 9 Miscellaneous | ||||
Section 9.01.Notices | 49 | |||
Section 9.02.Waivers; Amendments | 50 | |||
Section 9.03.Expenses; Indemnity; Damage Waiver | 51 | |||
Section 9.04.Successors and Assigns | 52 | |||
Section 9.05.Survival | 55 | |||
Section 9.06.Counterparts; Integration; Effectiveness | 55 | |||
Section 9.07.Severability | 55 | |||
Section 9.08.Right of Set-off | 55 | |||
Section 9.09.Governing Law; Jurisdiction; Consent to Service of Process | 56 | |||
Section 9.10. Appointment of Agent For Service of Process | 56 | |||
Section 9.11. Waiver of Immunity | 57 | |||
Section 9.12. Judgment Currency | 57 | |||
Section 9.13.WAIVER OF JURY TRIAL | 58 | |||
Section 9.14. Use of English Language | 58 | |||
Section 9.15.Headings | 58 | |||
Section 9.16.Confidentiality | 58 | |||
Section 9.17. USA Patriot Act | 59 |
SCHEDULES: | ||||
Schedule 2.01 | — | Commitments | ||
Schedule 3.05 | — | Existing Real Properties | ||
Schedule 3.06 | — | Disclosed Matters | ||
Schedule 3.12 | — | List of Subsidiaries | ||
Schedule 6.01 | — | Existing Debt | ||
Schedule 6.02 | — | Existing Liens | ||
Schedule 6.10 | — | Existing Restrictions | ||
EXHIBITS: | ||||
Exhibit A | — | Form of Assignment | ||
Exhibit B-1 | — | Form of Opinion of special New York counsel to the Borrower | ||
Exhibit B-2 | — | Form of Opinion of Mexican counsel to the Borrower | ||
Exhibit B-3 | — | Form of Opinion of special New York counsel to the Administrative Agent | ||
Exhibit B-4 | — | Form of Opinion of special Mexican counsel to the Administrative Agent | ||
Exhibit C | — | Form of Note | ||
Exhibit D | — | Form of Borrowing Request | ||
Exhibit E | — | Form of Notice of Interest Period Election | ||
Exhibit F | — | Terms of Subordination |
iii
Definitions
LIBO Rate | ||||||
Pricing Level | Leverage Ratio | Margin | ||||
1 | < 1.75:1 | 0.375 | % | |||
2 | > 1.75:1 but < 2.25:1 | 0.400 | % | |||
3 | > 2.25:1 but < 2.75:1 | 0.425 | % | |||
4 | > 2.75:1 but < 3.25:1 | 0.500 | % | |||
5 | > 3.25:1 | 0.625 | % |
2
3
4
5
6
7
8
9
10
11
12
13
14
15
The Credits
16
17
18
19
20
21
22
23
24
25
26
27
28
Representations and Warranties
29
30
31
32
33
Conditions
34
35
Affirmative Covenants
36
37
38
Negative Covenants
39
40
41
42
43
Fiscal Year | Amount | |||
2008 | $ | 100,000,000 | ||
2009 | $ | 100,000,000 | ||
2010 | $ | 100,000,000 | ||
2011 | $ | 100,000,000 | ||
2012 | $ | 100,000,000 |
44
Events of Default
45
46
The Administrative Agent
47
48
Miscellaneous
49
50
51
52
53
54
55
56
57
58
59
EMPRESAS CABLEVISIÓN, S.A.B. DE C.V., as Borrower | ||||
By: | /s/ Salvi Rafael Folch Viadero / Jorge Lutteroth Echegoyen | |||
Name: | Salvi Rafael Folch Viadero / Jorge Lutteroth Echegoyen | |||
Title: | Attorneys-in-fact |
LENDER PARTIES: | JPMORGAN CHASE BANK, N.A., as Administrative Agent | |||
By: | /s/ Anthony O. Preware | |||
Name: | Anthony O. Preware | |||
Title: | Vice President | |||
JPMORGAN CHASE BANK, N.A., as Lender | ||||
By: | /s/ Anthony O. Preware | |||
Name: | Anthony O. Preware | |||
Title: | Vice President |
Name of Lender | Total | |||
JPMorgan Chase Bank, N.A. | $ | 225,000,000 | ||
Total | $ | 225,000,000 |
Schedule 3.05
Existing Real Properties
1
Schedule 3.05
Land owner: Tecnicable, S.A. de C.V.
Location | Public Deed Description | |||
1. | Dr. Rio de Ia Loza 182, Col. Doctores, Delegación Cuauhtemoc, Mexico, D.F., C.P. 06720. | Public deed number 33,486, dated December 6, 1994, granted before Lic. Luis Antonio Montes de Oca Mayagoitia, Notary Public number 29 in México, Distrito Federal. | ||
2 | Dr. Rio de la Loza 190, Col. Doctores, Delegación Cuauhtemoc, Mexico, D.F., C.P. 06720. | Public deed number 30,470, dated December 6,1994, granted before Lic. Luis Antonio Montes de Oca Mayagoitia, Notary Public number 29 in México, Distrito Federal. | ||
3. | Lago Chiem 77, Col. San Juanico Pensil, Delegación Miguel Hidalgo, México, D.F., C.P. 11440. | Public deed number 57,077 dated August 21, 2003, granted before Lic. Rafael Manuel Oliveros Lara, Notary Public number. 45 in México Distrito Federal. | ||
4. | Hacienda Zotoluca 455, Col. Hacienda Echegaray, Naucalpan, Estado de México. | Public deed number 34,035 dated October 2, 2003, granted before Lic. Pedro Porcayo Vergara, Notary Public number. 93 in México, Distrito Federal. | ||
5. | Capulhuac 58, Col. Cumbria, Cuautitlan lzcalli, Estado de México. | Public deed number 32,907 dated March 12, 2004, granted before Lic. Juan Castañeda Salinas, Notary Public number 93 in the State of México. | ||
6. | Federico T. de Ia Chica, Edificio 6, Ciudad Satólite, Naucalpan, Estado de México. | Public deed number 58,002 dated May 20, 2004, granted before Lic. Rafael Manuel Oliveros Lara, Notary Public number 45 in México Distrito Federal. | ||
7. | Poniente 150 No. 991, Fraccionamiento A, Lote 12, Manzana 1-A, Col. Industrial Vallejo, Delegación Azcapotzalco, México, D.F., C.P. 02300. | Public deed number 15,716 dated May 12, 2006, granted before Lic. Manuel Enrique Oliveros Lara, Notary Public number 100 in Ciudad de México, Distrito Federal. | ||
8. | Concepcion Beistegui No. 312, Col. Del Valle, Delegación Benito Juarez, México, D.F., C.P. 03100. | Public deed number 105,010 dated November 29, 2006, granted before Lic. Gerardo Correa Etchegaray, Notary Public number 89 in México, Distrito Federal. | ||
9. | Emiliano Zapata #22, Col. Santa Anita, lztacalco, Estado de México, C.P. 08300. | Public deed number 16,327 dated March 21, 2007, granted before Lic. Manuel Enrique Oliveros Lara, Notary Public number 100 in México, Distrito Federal. |
2
Schedule 3.06 |
Disclosed Matters
3
Schedule 3.06
The following issues are still pending to be resolved. It is important to mention that the following pending resolutions, even if their outcome is negative, will not result in a Material Adverse Effect against any Cablevisión Group Company pursuant to the Loan Documents.
1. Center of Arbitration Mexico.
Empresas Cablevision, S.A. de C.V.,
Vs.
Grupo Integral de Television por Cable, S.A. de C.V., Tele Cabe Centro Occidente, S.A. de C.V.,
Telecable del Oriente, S.A. de C.V., Bestcable, S.A. de C.V., y Metrovision del Centro, S.A. de C.V.
Arbitral Trial.
Negative Resolution.
2. Fourth District Court on Civil Matters.
Empresas Cablevision, S.A. de C.V.,
vs.
Grupo Integral de Television por Cable, S.A. de C.V., Tele Cabe Centro Occidente, S.A. de C.V.,
Telecable del Oriente, S.A, de C.V., Bestcable, S.A. de C.V., y Metrovision del Centro, S.A. de C.V.
Nullity Incident to the Arbitration Declaration
Expediente No. 128/2007.
4
Schedule 3.12
List of Subsidiaries
5
EMPRESAS CABLEVISION, S.A.B. DE C.V.
Subsidiaries and Associate
as of September 30, 2007
Name of Company | Country of Incorporation | |
Milar, S.A. de C.V. | Mexico | |
Argos Comunicacion, S.A. de CV, (*) | Mexico | |
Cablestar, S.A. de C.V. | Mexico | |
Cablevision, S.A. de C.V | Mexico | |
Tercera Mirada. S.A. de C.V. | Mexico | |
Grupo Mexicano de Cable, S.A. de C.V. | Mexico | |
Integravision de Occidente, S.A. de C.V. | Mexico | |
La Casa de la Risa, S.A. de C.V. (1) | Mexico | |
Servicios Cablevision, S.A. de C.V. | Mexico | |
Tecnicable, S.A. de C.V. | Mexico | |
Telestar del Pacifico, S.A. de C.V. | Mexico | |
Letseb, S.A. de C.V. | Mexico | |
Operbes, S.A. de C.V. | Mexico |
( * ) Associate
( 1 ) Entity with no current operations.
7
Schedule 6.01
Existing Debt
8
Cablestar Bridge Loan | ||
Borrower | Cablestar | |
Lender | Videoserpel | |
3M Libor on 10-12-7 | 5.1325 % | |
Applicable Margin (bps) | 50.4 over Libor 3M | |
Total Interest Rate | 5.6363 % | |
Tenor | 3.0 months | |
Effective Date | Martes-11/12/2007 | |
Maturity | Martes-11/03/2008 | |
Amount | 325.0 millions of dollars | |
Guarantors | Empresas Cablevision, Cablemas y TVI according to the following table |
Amount | Spread | Percentage of Guaranty | ||||||||||
Cablevision | 225 | 50 | 69 | % | ||||||||
Cablemas | 50 | 50 | 15 | % | ||||||||
TVI | 50 | 52.5 | 15 | % |
9
Borrower | Cablevision | |
Lender | Grupo Televisa | |
3M Libor on 10-12-7 | 4.4175 % | |
Applicable Margin (bps) | 50.4 over Libor 12M | |
Total Interest Rate | 4.9213 % | |
Tenor | 12.0 months | |
Effective Date | Jueves-20/12/2007 | |
Maturity | Viernes-19/12/2008 | |
Amount | 8,000,000 dollars | |
Moratory Interest | LIBOR + 250 | |
Borrower | Operbes | |
Lender | Cablevision | |
3M Libor on 10-12-7 | 4.4175% | |
Applicable Margin (bps) | 50.4 over Libor 12M | |
Total Interest Rate | 4.9213 % | |
Tenor | 12.0 months | |
Effective Date | Jueves-20/12/2007 | |
Maturity | Viernes-19/12/2008 | |
Amount | 8,000,000 dollars | |
Moratory Interest | LIBOR + 250 |
10
Borrower | Operbes | |
Lender | Grupo Televisa | |
3M Libor on 10-12-7 | 5.1325 % | |
Applicable Margin (bps) | 50.4 over Libor 3M | |
Total Interest Rate | 5.6363 % | |
Tenor | 3.0 months | |
Effective Date | Jueves-13/12/2007 | |
Maturity | Jueves-13/03/2008 | |
Amount | 38,082,685.0 dollars |
11
Schedule 6.02
Existing Liens
12
Schedule 6.02
There are no liens or limitations upon any property or right of the Borrower or any of its Material Subsidiaries, that could affect the compliance of its obligations under the Loan Agreement.
13
Schedule 6.10
Existing Restrictions
14
Schedule 6.10
There are no restrictions for any Cablevision Group Company to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans, that could affect the compliance of its obligations pursuant to the Loan Agreement.
15
1. | Assignor: | |||||
2. | Assignee: | |||||
[is an Eligible Assignee][and is an Affiliate of [identify Lender]] 1 | ||||||
3. | Borrower: | Empresas Cablevisión, S.A.B. de C.V. | ||||
4. | Administrative Agent: | JPMorgan Chase Bank, N.A. | ||||
5. | Credit Agreement: | The Credit Agreement dated as of December 19, 2007 among Empresas Cablevisión, S.A.B. de C.V., the Lenders parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. |
1 | Select if and as applicable |
6. | Assigned Interest: |
Aggregate Amount of | Amount of Loans | Percentage Assigned of | ||||||
Loans for all Lenders | Assigned | Loans2 | ||||||
$ | $ | % | ||||||
$ | $ | % | ||||||
$ | $ | % |
ASSIGNOR [NAME OF ASSIGNOR] | ||||
By: | ||||
Title: | ||||
ASSIGNEE [NAME OF ASSIGNEE] | ||||
By: | ||||
Title: |
2 | Set forth, to at least 9 decimals, as a percentage of the Loans of all Lenders thereunder. |
Consented to and Accepted: | ||||
JPMORGAN CHASE BANK, N.A., as Administrative Agent | ||||
By | ||||
�� | ||||
Consented to: | ||||
EMPRESAS CABLEVISIÓN, S.A.B. DE C.V., as Borrower | ||||
By | ||||
dated as of December 19, 2007
Empresas Cablevisión, S.A.B. de C.V.
ASSIGNMENT AND ASSUMPTION
TO THE BORROWER
E-Mail: apodolsky@cgsh.com
c/o JPMorgan Chase Bank, N.A.,
as Administrative Agent
270 Park Avenue
New York, NY 10017
(a) | an executed copy of the Credit Agreement; and | ||
(b) | an executed copy of the promissory note dated as of the Drawdown Date and delivered to the Administrative Agent pursuant to Section 4.01(o) of the Credit Agreement (the “Note” and, together with the Credit Agreement, the “Opinion Documents”). |
As Administrative Agent, et al.
December [ ], 2007
p. 2
As Administrative Agent, et al.
December [ ], 2007
p. 3
As Administrative Agent, et al.
December [ ], 2007
p. 4
As Administrative Agent, et al.
December [ ], 2007
p. 5
Very truly yours, | ||||
CLEARY GOTTLIEB STEEN & HAMILTON LLP | ||||
By | ||||
Andrea G. Podolsky, a Partner |
TO THE BORROWER
as Administrative Agent for the benefit of the Lenders under the Credit Agreement
1111 Fannin Street
10th Floor
Houston, Texas 77002
(i) | the Credit Agreement; | ||
(ii) | the Notes; |
(iii) | copies of the deed of incorporation(escritura constitutiva)and of the current by-laws(estatutos sociales)of the Borrower; | ||
(iv) | copies of the deed of incorporation(escritura constitutiva)and of the current by-laws(estatutos sociales)of each of the Guarantors; | ||
(v) | copy of public deed No. [•], dated [•], granted before Mr. [•], notary public No. [•] of Mexico, Federal District, evidencing the powers of attorney granted to [•], to execute each of the Loan Documents on behalf of the Borrower; | ||
(vi) | the public deed which contains the special power of attorney granted by the Borrower in favor of the Process Agent pursuant to the Credit Agreement (the“Power of Attorney of Process Agent”). |
2
3
4
5
6
7
8
9
TO THE ADMINISTRATIVE AGENT
2
referred to below
c/o JPMorgan Chase Bank, N.A.,
as Administrative Agent
Americas Investment Bank Loan Operations
1111 Fannin, 10th Floor
Houston, Texas 77002
2
3
TO THE ADMINISTRATIVE AGENT
Party to the Credit Agreement referred to below
c/o JPMorgan Chase Bank, N.A.
270 Park Avenue
New York, New York 10017
United States of America
23
24
25
Very truly yours, | ||||
Ritch Mueller, S.C. | ||||
By | ||||
Luis A. Nicolau, a partner |
26
NON-NEGOTIABLE
PROMISSORY NOTE
U.S.$225,000,000.00 DIIs. | E.U.A.$225,000,000.00 DIs. | |
For value received, the undersigned, Empresas Cablevisión, S.A.B. de C.V., by this Promissory Note unconditionally promises to pay to J.P. Morgan Chase Bank, N.A. (the “Bank”), the principal sum of U.S.$225,000,000.00 (TWO HUNDRED AND TWENTY FIVE MILLION DOLLARS OF THE UNITED STATES OF AMERICA 00/100), payable on December _, 2012 (the “Maturity Date”). If the Maturity Date is not a Business Day (as defined below), then payment shall be made on the next succeeding Business Day. | Por valor recibido, la suscrita, Empresas Cablevisión, S.A.B. de C.V., por este Pagarê promete incondicionalmente pagar a J.P. Morgan Chase Bank, N.A. (el “Banco”), la suma principal de E.U.A.$225,000,000.00 (DOSCIENTOS VEINTICINCO MILLONES DE DOLARES DE LOS ESTADOS UNIDOS DE AMERICA 00/100), pagadera el dia de diciembre de 2012 (la “Fecha de Vencimiento”). Si la Fecha de Vencimiento no fuere un Dia Habil (como se define a continuaci6n), entonces el pago se hara el siguiente Dia Habil. | |
The undersigned also promises to pay interest on the outstanding and unpaid principal amount of this Promissory Note, for each day during each Interest Period (as defined below), from the date hereof until the amount hereof shall have been paid in full, at a rate per annum equal to the sum of the Applicable Margin (as defined below) for such day plus the Adjusted LIBO Rate (as defined below) applicable to such Interest Period. Interest shall be payable in arrears, on each Interest Payment Date (as defined below). | La suscrita promete, asi mismo, pagar intereses sobre el saldo insoluto de la suma de principal de este Pagaró, por cada dia respecto de cada Periodo de Intereses (como se define a continuacion), desde la fecha del presente hasta que hubiere pagado totalmente el saldo insoluto, a una tasa anual igual al Margen Aplicable (como se define a continuaci6n) para el dia de que se trate mas la Tasa LIBO (como se define a continuacion) aplicable a dicho Period() de Intereses. Los intereses seran pagaderos en forma vencida, en cada Fecha de Pago de Intereses (como se define a continuaci6n). | |
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, at a rate per annum equal to the sum of 2.00% plus the interest rate then applicable hereunder as provided in the preceding paragraph. | Cualquier monto de principal y (en la medida permitida por legislacion aplicable) de intereses que no sea pagada cuando sea debida conforme a este Pagaró, devengara intereses por cada dia hasta que sea pagado, a una tasa anual igual a la suma de 2.00% mas la tasa de interes aplicable conforme al parrafo anterior. | |
Interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed in the relevant period (including the first day but excluding the last day). | Los intereses conforme al presente seran calculados sobre la base de un alio de 360 dias, y en cada caso seran pagaderos por el namero de dias transcurridos en el periodo de que se trate (incluyendo el primer dia, pero excluyendo el Ultimo dia). | |
For purposes of this Promissory Note, the following terms shall have the following meanings: | Para efectos de este Pagare, los siguientes tórminos tendran los siguientes significados: | |
“Administrative Agent” means JPMorgan Chase Bank, N.A. | “Aqente Administrativo” significa JPMorgan Chase Bank, N.A. | |
“Adjusted LIBO Rate” means an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Adjustment. | “Tasa LIBO Aiustada” significa la tasa de interas anual (redondeada hacia arriba, de ser necesario, al siguiente 1/16 del 1%) igual a (a) la Tasa LIBO respecto de dicho Periodo de Intereses multiplicada por (b) la Reserva Legal Ajustada. | |
“Applicable Margin” means 0.400 % per annum. | “Margen Aplicable” significa 0.400 % anual. | |
“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in Mexico City, Mexico, or New York City, United States of America, are authorized or required by law to close, and any day on which commercial banks are not open for international business in London, England, including dealings in United States dollar deposits in the London interbank market. | “Dia Habil” significa cualquier dia excepto por sabado, domingo o cualquier otro dia en el que los bancos comerciales en la ciudad de Mexico, Mexico, o de Nueva York, Estados Unidos de America, estan autorizados o sean requeridos por ley para cerrar, y cualquier otro dia en que los bancos comerciales no est& abiertos para Ilevar a cabo operaciones internacionales en Londres, Inglaterra, incluyendo operaciones respecto de depositos en dolares de los Estados Unidos en el mercado interbancario de Londres. | |
“Interest Payment Date”means the last day of each Interest Period. | “Fecha de Pago de Intereses” significa el Ultimo dia de cada Periodo de Intereses. |
“Interest Period” means (i) in the case of the first Interest Period, the period commencing on the date hereof and ending on and (ii) for each subsequent Interest Period, the period commencing on the last date of the Interest Period then ending and ending on the numerically corresponding day of the _____ calendar month thereafter; provided that (x) if any Interest Period would end on a day which is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day, (y) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period, and (z) any Interest Period that would otherwise end after the Maturity Date, shall instead end on the Maturity Date. | “Periodo de Intereses” significa (i) en el caso del primer Periodo de Intereses, el periodo que inicie en la fecha del presente y que termine el de _____ de _____, y (ii) en el caso de cada Periodo de Intereses siguiente, el periodo que inicie el ultimo dia del Periodo de Intereses anterior y que termine en el dia numOricamente correspondiente del _____ mes calendario siguiente; en el entendido que (x) si cualquier Periodo de Intereses terminaria en una fecha que no sea un Dia Habil, tal Periodo de Intereses se extenders al siguiente Dia Habil salvo que tal Dia Habil siguiente tuviere lugar en otro mes calendario, caso en el cual tal Periodo de Intereses terminara en el Dia Habil anterior, (y) cualquier Period() de Intereses que inicie en el Ultimo Dia Habil de un mes calendario (o en un dia en que no hays dia numóricamente correspondiente en el Ultimo mes calendario de tal Periodo de Intereses) terminara el ultimo Dia Habil del Ultimo mes calendario de tal Periodo de Intereses, y (z) cualquier Periodo de Intereses que terminaria despuas de la Fecha de Vencimiento, terminara en la Fecha de Vencimiento. | |
“LIBO Rate” means, for any Interest Period, the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”) from Telerate Successor Page 3750, as published by Reuters (or, if such source is unavailable, other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time to the undersigned) at approximately 11:00 a.m., London time, [three] Business Days prior to the commencement of such Interest Period, as the rate (rounded upwards, if necessary, to the next 1/16 of 1%) for deposits in United States dollars with a maturity comparable to such Interest Period. If such rate is not available at such time for any reason, then the “LIBO Rate” for such Interest Period shall be the rate at which United States dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, [three] Business Days before the beginning of such Interest Period. | “Tasa LIBO” significa, respecto de cualquier Periodo de Intereses, la tasa anual igual a la Tasa LIBOR de la Asociacion de Banqueros Britanicos (“LIBOR BBA”) que aparezca en la Pagina Sucesora Telerate 3750, que publique Reuters (o si dicha fuente no esta disponible, cualquier otra fuente comercialmente disponible que divulgue cotizaciones de la LIBOR BBA segim lo determine periodicamente el Agente Administrativo a la suscrita), aproximadamente a las 11:00 a.m., hora de Londres, [tres] Dias Habiles antes del inicio de tal Periodo de Intereses, como la tasa (redondeada hacia arriba, de ser necesario, al siguiente 1/16 del 1%) para depositos en dolares de los Estados Unidos con vencimiento comparable a tal Periodo de Intereses. En el caso que tal tasa no estuviere disponible en ese momento por cualquier causa, entonces la “Tasa LIBO” pars tal Periodo de Intereses sera el la tasa a la que depOsitos en dOlares de los Estados Unidos, por una suma de principal de EUA$5,000,000 y con una fecha de vencimiento comparable a dicho Periodo de Intereses, sean ofrecidos por la oficina principal en Londres del Agente Administrativo, en fondos inmediatamente disponibles, en el mercado interbancario de Londres, aproximadamente a las 11:00 a.m., hora de Londres, [tres] Dias Habiles antes del inicio de tal Periodo de Intereses. | |
“Other Taxes” means any and all documentary taxes and any other excise or property taxes, or similar charges or levies, including any penalties, fines or interest arising therefrom or with respect thereto imposed by Mexico, and which arise from any payment made by the undersigned under this Promissory Note or from the enforcement of, or otherwise with respect to, this Promissory Note (including any of the foregoing that are imposed or that arise in the future). | “Otros Impuestos” significa cualesquiera impuestos del timbre o documentales y cualquier otra contribucion o impuesto sobre la propiedad, o cargas o aportaciones gubernamentales, incluyendo recargos, multas e intereses que resulten de los anteriores o relacionados con los mismos, que sean impuestos por Mexico, y que resulten de cualquier pago hecho por la suscrita conforme a este Pagaréo de la ejecucion de, o con respecto a, este Pagara (incluyendo cualquiera de los anteriores que sean impuestos o existan en el futuro). | |
“Statutory Reserve Adjustment” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board of Governors of the Federal Reserve System of the United States of America (the “Federal Reserve Board”) to which the Administrative Agent is subject with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Federal Reserve Board). Such reserve percentages will include those imposed pursuant to such Regulation D. The Statutory Reserve Adjustment will be adjusted automatically on and as of the effective date of any change in any applicable reserve percentage. | “Reserva Legal Aiustada” significa la fracci6n (expresada en decimales), el numerador de la cual es el numero uno y el denominador de la cual es el niimero uno menos el total de los porcentajes maximos de reserva (incluyendo cualesquiera reserves marginales, especiales, de emergencia o complementarias) expresada como un decimal serialada por la Junta de Gobierno del Sistema de la Reserva Federal de los Estados Unidos de America (la “Reserva Federal”) a la que el Agente Administrativo esta sujeto con respecto de pasivos en euromonedas (referidas en esta fecha como “Pasivos en Euromonedas” en la Regla D de la Reserva Federal. Tales porcentajes de reserva incluirân los que se impongan de acuerdo a la Regla D. La Reserva Legal Ajustada sera ajustada autornaticamente precisamente en la fecha de eficacia de cualquier modificacion a cualquier porcentaje de reserva aplicable. |
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“Taxes” means any and all taxes, duties, levies, imposts, contributions, deductions, charges or withholdings, of any nature, imposed by Mexico (or any political subdivision thereof, or taxing authority therein), and any penalties, fines or interest thereon, excluding, in the case of the holder hereof, taxes, duties, levies, imposts, deductions, charges and withholdings imposed on (or measured by) its net income, and branch profits, franchise or taxes imposed on it (other than Other Taxes due to a connection between such holder and Mexico other than the holding of this Promissory Note). | “Impuestos" significa cualesquiera impuestos, derechos, aportaciones, contribuciones, deducciones, cargas o retenciones, de cualquier naturaleza, determinadas por Mexico (o cualquier division politica de Mexico o autoridad fiscal mexicana), y cualesquiera recargos, multas e intereses que resulten de los anteriores, excluyendo, respecto del tenedor del presente, impuestos, derechos, aportaciones, contribuciones, deducciones, cargas o retenciones impuestas respecto de (o determinadas considerando) sus ingresos netos, y cualquier impuesto a sucursales, de franquicias y otros impuestos determinados tenedor (excepto por Otros Impuestos resultantes de que exista un punto de contacto entre el tenedor y Mexico distinto de la tenencia de este Pagare). | |
All payments by the undersigned of principal, interest and other payments hereunder shall be made without setoff or counterclaim not later than 12:00 (noon), New York City time, on the date due, in immediately available funds, at the office of the Administrative Agent located at JPMorgan Chase Bank, N.A., Americas Investment Bank Loan Operations, 1111 Fannin, 10th Floor, Houston, Texas 77002. The undersigned agrees to pay all reasonable out-of-pocket expenses incurred by the holder hereof, including any fees, charges and disbursements of any counsel for such holder, in connection with the enforcement or protection of its rights under this Promissory Note. | Todos los pagos que deban hacerse conforme a este Pagaré por la suscrita, de principal, intereses y por otros conceptos seran efectuados sin compensacion o defensa, antes de las 12:00 p.m., hora de la ciudad de Nueva York, en la fecha en que sean pagaderos, en fondos disponibles inmediatamente, en la oficina del Agente Administrativo localizada en JPMorgan Chase Bank, N.A., Americas Investment Bank Loan Operations, 1111 Fannin, 10th Floor, Houston, Texas 77002. La suscrita conviene en pagar todos los costos y gastos razonables en que incurra el tenedor del presente, incluyendo honorarios, gastos y desembolsos del representante legal de dicho tenedor, respecto de la ejecucion y proteccion de sus intereses conforme al presente Pagaré. | |
Any and all payments by the undersigned to or for the account of the holder hereof shall be made without deduction or withholding for any Taxes or Other Taxes; provided that, if the undersigned shall be required by law, rule or regulation to deduct or withhold any Taxes or Other Taxes from any such payments, then (i) the sum payable by the undersigned to the holder hereof shall be increased as necessary so that after making all required deductions and withholdings (including deductions and withholding applicable to additional sums payable hereunder), the holder hereof receives an amount equal to the sum it would have received, had no deductions or withholdings been made, (ii) the undersigned shall make such deductions or withholdings, and (iii) the undersigned shall pay the full amount deducted or withheld to the relevant taxation authority or other authority in accordance with applicable law. | Todos los pagos por parte de la suscrita a favor y para beneficio del tenedor del presente se realizaran libres de y sin deduccion o retencion alguna respecto de cualesquiera Impuestos u Otros Impuestos; en el entendido que, si la suscrita estuviere obligada, por ley, reglamento o regla a deducir o retener cualesquiera Impuestos u Otros Impuestos de dichos pagos, entonces (i) la cantidad pagadera por la suscrita al tenedor del presente Pagaré se incrementarâ en la medida necesaria para que, una vez que todas las deducciones o retenciones requeridas (incluyendo las deducciones o retenciones aplicables a las cantidades adicionales pagaderas conforme al presente) hayan sido realizadas, el tenedor del presente Pagaré reciba una cantidad igual a la cantidad que hubiere recibido, si no se hubieren realizado dichas deducciones o retenciones, (ii) la suscrita realizara dichas deducciones o retenciones, y (Hi) la suscrita pagara la cantidad total deducida o retenida a la autoridad fiscal o cualquier otra autoridad correspondiente de conformidad con la legislacion aplicable. | |
This Promissory Note shall be governed by, and construed in accordance with, the laws of the State of New York, United States of America; 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 regira e interpretara de acuerdo con las leyes del Estado de Nueva York, Estados Unidos de America; en el entendido, sin embargo de que si cualquier accion o procedimiento en relacion 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 before the Supreme Court of the State of New York, sitting in New York County, State of New York, United States of America, and the United States District Court of the Southern District of New York, State of New York, United States of America, and any appellate court from any thereof, or in the courts located in the City of Mexico, Federal District, United Mexican States; the undersigned waives the jurisdiction of any other courts. | Cualquier accion o procedimiento legal que derive o se relacione con este Pagaré podra ser instituido ante la Suprema Corte del Estado de Nueva Cork, con asiento en el Condado de Nueva York, Estado de Nueva York, Estados Unidos de America, y en el Tribunal de Distrito de los Estados Unidos para Distrito Sur de Nueva York, Estado de Nueva York, Estados Unidos de America, y cualquier tribunal de apelacion respecto de los anteriores, o cualquier tribunal localizado en la ciudad de Mexico, Distrito Federal, Estados Unidos Mexicanos, renunciando la suscrita a la jurisdiccion de cualesquiera otros tribunales. | |
The undersigned hereby waives diligence, demand, protest, presentment, notice of dishonor or any other notice or demand whatsoever in respect of this Promissory Note. | La suscrita en este acto renuncia a diligencia, demanda, protesto, presentacion, notificacion de no aceptacion y a cualquier notificacion o demanda de cualquier naturaleza respecto de este Pagarg. |
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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. Notwithstanding the foregoing, any action or proceeding brought in any court in the United Mexican States, the Spanish version shall be controlling. | El presente Pagaré se suscribe en versiones en ingles y espanol. En caso de conflicto o duda en relacion con la debida interpretación de este Pagaré, la version en ingles prevalecerá. No obstante lo anterior, cualquier procedimiento iniciado en los Estados Unidos Mexicanos, prevalecerá la version en espanol. | |
IN WITNESS WHEREOF, the undersigned has duly executed this Promissory Note as of the date mentioned below. | EN VIRTUD DE LO CUAL, la suscrita ha firmado este Pagare en la fecha abajo mencionada. |
Mexico, Federal District, United Mexican States, December_, 2007.
Empresas Cablevisión, S.A.B. de C.V. | ||||
Por/By | ||||
Cargo/Title: |
as Administrative Agent
Attention of Tokunbo Tayo
Americas Investment Bank Loan Operations
1111 Fannin, 10th Floor
Houston, Texas 77002
1. | The date of the Borrowing shall be , 2007. | ||
2. | The aggregate amount of the Borrowing shall be $ . | ||
3. | The duration of the initial Interest Period for the Loans comprising this Borrowing shall be . |
EMPRESAS CABLEVISIóN, S.A.B. DE C.V. | ||||
By: | ||||
Name: | ||||
Date: |
as Administrative Agent
Attention of Tokunbo Tayo
Americas Investment Bank Loan Operations
1111 Fannin, 10th Floor
Houston, Texas 77002
1. | The date on which the continuation selected is to be effective is , 20_____. | ||
2. | The duration of the new Interest Period for the Loans shall be .4 |
EMPRESAS CABLEVISIóN, S.A.B. DE C.V. | ||||
By: | ||||
Name: | ||||
Title: | ||||
3 | Deliver to the Administrative Agent not later than 12:00 Noon (New York City time) on the third Business Day before such election is to be effective. | |
4 | Insert appropriate Interest Period pursuant to the definition thereof. |