Document:

Unassociated Document

EXHIBIT 10.11

 

EMPLOYMENT AGREEMENT

 

 

This EMPLOYMENT AGREEMENT (this “Agreement”) is made as of February 6, 2013 (the “Agreement Date”) by and between EASTBRIDGE INVESTMENT CORP. (the “Company”), and the undersigned individual (“Executive”), with reference to the following facts:

WHEREAS, the Company desires to employ Executive to perform the duties and responsibilities described herein on the terms and conditions hereinafter set forth.

NOW, THEREFORE, the parties agree as follows:

1.            Employment.  The Company hereby employs Executive and Executive hereby accepts such employment upon the terms and conditions hereinafter set forth.

 

2.            Duties.  Subject to the terms and provisions of this Agreement, Executive is hereby employed by the Company as the Chief Financial Officer, Chief Operating Officer and Investor Relations Officer of the Company.  Executive shall have full responsibility and authority for such duties as customarily are associated with service in such positions at the direction of the Board of Directors of the Company (the “Board”).  Executive shall faithfully and diligently perform, on a full time basis, such duties assigned to Executive and shall report directly to the Board.

 

3.            Scope of Services.  Executive shall devote substantially all of his business time, attention, energies, skills, learning and efforts to the Company’s business.

 

4.            Term.  Subject to prior termination of this Agreement as hereinafter provided, the term of this Agreement shall commence on the date hereof (the “Effective Date”) and shall continue for three (3) years thereafter unless earlier terminated as provided in this Agreement.  After the foregoing three (3) year term, the Executive shall continue to be employed on an at-will basis and this Agreement shall automatically renew for successive one year terms, until and unless this Agreement is terminated.

 

5.            Compensation.

 

5.1            Salary.  Executive’s annual compensation (“Base Compensation”) under this Agreement shall be USD $180,000 per year, prorated for any partial year, commencing on the Effective Date; provided however that the Executive’s Base Compensation shall be reviewed annually by the Board of Directors and/or its Compensation Committee (as applicable).  The Base Compensation shall be payable semi-monthly in arrears from the Effective Date in accordance with the ordinary payroll procedures of the Company.  Any changes in Base Compensation shall be in the sole and absolute discretion of the Board and/or its Compensation Committee (as applicable).

 

  

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5.2            Participation in Option Plan.  The Executive shall be eligible to participate in the Amended and Restated 2011 Equity Incentive Plan (the “Plan”) of EastBridge Investment Group Corporation, the parent company and sole stockholder of the Company (“EastBridge” or “Parent”).  Parent agrees to grant Executive an option to purchase 30,000 shares of Parent’s common stock pursuant to the Plan, at an exercise price equal to the volume weighted average of the price per share of Parent common stock as quoted on the OTCQB for the three trading days preceding the date hereof.  The foregoing option shall vest over a two year period at a rate of 1,250 shares per month, and shall be controlled by the terms and conditions set forth in a Notice of Grant and Stock Option Agreement approved by the board of directors of Parent or the compensation committee thereof ("Option Grant"), within 30 days following the date hereof.

 

5.3            Expenses.  The Company shall reimburse Executive for:

 

(a)            all reasonable business, entertainment and travel expenses actually incurred or paid by Executive in the performance of his services on behalf of the Company, in accordance with the Company’s expense reimbursement policy as from time to time in effect;

 

(b)            the cost of continuing education courses in furtherance of Executive’s performance of his duties of up to USD $5,000 per annum;

 

(c)            reasonable moving expenses if the Company requires the Executive to relocate, and as a result Executive must change his place of residence to a place more than 50 miles away from his current place of residence (which expenses shall be appropriately documented by Executive); and

 

(d)            if the Company requires the Executive to relocate (in excess of 50 miles), and after relocation the Executive is terminated without Cause pursuant to Section 7.1(b) and chooses to return to his original place of residence immediately prior to the Effective Date, reasonable moving expenses incurred by Executive (which expenses shall be appropriately documented by Executive).

 

6.            Other Rights and Benefits.  Executive shall receive other rights and benefits, life insurance, vacation time, sick pay and retirement plan participation, as determined by the Board.

 

7.            Termination.  Executive’s employment may be terminated as follows:

 

7.1            Termination by the Company or Executive.

 

(a)            During the one (1) year period after the Effective Date, this Agreement may not be terminated by either party except pursuant to Section 7.2, 7.3 or 7.4 below.

 

(b)            After the one (1) year period in Section 7.1(a), for two (2) years thereafter, Executive may not be terminated by the Company except pursuant to Section 7.2, 7.3 or 7.4 below, provided, however that during said two year period the Board may alter the responsibilities of the Executive to other senior-level functions, and change the Executive’s title to a mutually agreeable alternative title.

 

(c)            If during the initial three (3) year period following the Agreement Date, the employment of the Executive is terminated for any reason other than pursuant to Section 7.2, 7.3, or 7.4, or for no good reason, the Company shall be obligated to:

 

  

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(i)            Pay Executive as soon as practicable following termination of employment, a lump sum severance amount equal to two (2) times Executive’s Base Compensation, subject to legally required withholding requirements.  Said severance will be due and payable within thirty (30) days following the date of termination;

 

(ii)           Accelerate and vest in full Executive’s stock options, pursuant to such Executive’s option agreement, effective upon the date of termination;

 

(iii)          Subject to Executive’s election to receive COBRA, pay for the Executive’s premiums charged to continue medical and dental coverage pursuant to COBRA for the Executive during the 12 month period commencing with continuation coverage for the month following the month in which the date of termination occurs, provided, that if Executive is not eligible to receive, or if the Company is not able to provide, continuation coverage under COBRA for any month during the continuation period, the Company shall pay the Executive a cash payment equal to its portion of the applicable COBRA premiums on an after-tax basis (with such payment to be made in the same month for which the continuation coverage was otherwise to be provided).  Notwithstanding the forgoing provisions of this paragraph, in the event the Executive becomes reemployed with another employer and becomes eligible to receive medical and dental benefits from such employer during any month in the 12 month continuation period provided for by this paragraph, the Company shall have no obligation to pay, reimburse or otherwise provide the Executive with continuation coverage for any such month; and

 

(iv)          Pay any bonus amounts that have been earned by the Executive but have not yet been paid as of the date of termination.

 

7.2            Termination for Death. Executive’s employment shall terminate immediately upon Executive’s death.

 

7.3            Termination Upon Disability.  Executive’s employment shall terminate if Executive should become totally and permanently disabled.  For purposes of this Agreement, Executive shall be considered “totally and permanently disabled” if Executive is treated as permanently “disabled” under any permanent disability insurance policy maintained by the Company and is entitled to full benefits payable under such policy upon a total and permanent disability.  In the event any such policy is either not in force or the benefits are not available under such policy, then “total and permanent disability” shall mean the inability of Executive, as a result of substance abuse, any mental, nervous or psychiatric disorder, or physical condition, injury or illness to perform substantially all of his current duties on a full-time basis for a period of six (6) consecutive months, as determined by a licensed physician selected by the Board.

 

7.4            Termination by Company for “Cause”.  The Company may terminate this Agreement for “Cause” upon three days written notice so long as the Company has given Executive written notice describing the Cause pursuant to subsections (c) and/or (e) and Executive has not cured such Cause within a reasonable time, but no less than 14 days.  For purposes of this Agreement, “Cause” shall mean the existence or occurrence of any of the following:

 

  

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(a)            Executive’s conviction for or pleading of nolo contendre to any felony involving the Company or moral turpitude.

 

(b)            Executive’s misappropriation of Company assets.

 

(c)            Executive’s willful violation of a Company policy or a directive of the Board previously delivered to him in writing.

 

(d)            Executive’s breach of his obligations set forth in Sections 11, 12, or 13 below.

 

(e)            Any willful neglect or material breach of duty by Executive under this Agreement, or any failure by Executive to perform duties under this Agreement, including the duties set forth in Section 2.

 

(f)             A failure, upon request of the Company, to relocate to a corporate office of the Company designated by the Board of Directors.

 

8. Change in Control.  If Executive’s employment with the Company is not assumed and the Executive’s employment relationship is terminated by the Company, upon or within two (2) years following the date of a Change in Control, the Company shall:

 

(a)            Pay Executive as soon as practicable following termination of employment, a lump sum severance amount equal to two (2) times Executive’s Base Compensation, subject to legally required withholding requirements.  Said severance will be due and payable within thirty (30) days following the date of termination.

 

(b)            Accelerate and vest in full Executive’s stock options, pursuant to such Executive’s option agreement, effective as of immediately upon the date of termination within the two (2) year period following the occurrence of a Change in Control.

 

(c)            Subject to Executive’s election to receive COBRA, pay for the Executive’s premiums charged to continue medical and dental coverage pursuant to COBRA for the Executive during the 12 month period commencing with continuation coverage for the month following the month in which the date of termination occurs, provided, that if Executive is not eligible to receive, or if the Company is not able to provide, continuation coverage under COBRA for any month during the continuation period, the Company shall pay the Executive a cash payment equal to its portion of the applicable COBRA premiums on an after-tax basis (with such payment to be made in the same month for which the continuation coverage was otherwise to be provided).  Notwithstanding the forgoing provisions of this paragraph, in the event the Executive becomes reemployed with another employer and becomes eligible to receive medical and dental benefits from such employer during any month in the 12 month continuation period provided for by this paragraph, the Company shall have no obligation to pay, reimburse or otherwise provide the Executive with continuation coverage for any such month.

 

If the Executive’s employment is terminated by Executive without Cause or terminated for Cause, death or disability of Executive, Executive shall not be entitled to the benefits or payments in Section 8(a) or (b), except as mandated by law.

 

  

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For purposes of this Agreement, a “Change in Control” means (i) the consummation of a merger or consolidation of the Parent with or into another entity or any other corporate reorganization, if fifty percent (50%) or more of the combined voting power of the continuing or surviving entity’s securities outstanding immediately after such merger, consolidation, or other reorganization is owned by persons who were not stockholders of Parent immediately prior to such merger, consolidation, or other reorganization; (ii) a change in ownership or control of Parent after the date hereof, effected through the direct or indirect acquisition by any person or related group of persons of securities possessing more than fifty percent (50%) of the total combined voting power of Parent’s outstanding securities; (iii) the sale, transfer, or other disposition of all or substantially all of Parent’s assets or the complete liquidation or dissolution of Parent.  A transaction shall not constitute a Change in Control if its sole purpose is to change the state of Parent’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Parent’s securities immediately before such transactions.

 

9.             Representations and Warranties.  Executive hereby represents and warrants to Company that as of the date of execution of this Agreement: (i) this Agreement will not cause or require Executive to breach any obligation to, or agreement or confidence with, any other person; (ii) Executive is not representing, or otherwise affiliated in any capacity with, any other company which is engaged in a Competitive Business Activity; and (iii) Executive has not been induced to enter into this Agreement by any promise or representation other than as expressly set forth in this Agreement.

 

10.            Non-Solicitation.

 

10.1            Non-Solicitation of Employees. Executive agrees that he will not, while employed by the Company and for a period of two (2) years following termination of such employment:

 

(a)            directly solicit, encourage, or take any other action which is intended to induce any other employee of the Company or EastBridge to terminate his or her employment with the Company; or

 

(b)            directly interfere in any manner with the contractual or employment relationship between the Company or EastBridge and any such employee of the Company or EastBridge.

 

The foregoing shall not prohibit Executive or any entity with which Executive may later be affiliated from hiring a former or existing employee of the Company or EastBridge or any of their subsidiaries, provided that such hiring does not result from the direct actions of Executive.  For purposes of this Article 10, Article 11, Article 12 and Article 13, any reference to the Company shall include all of the Company’s Affiliates.  As used herein, “Affiliate” means any person or entity controlling, controlled by or under common control with another person or entity.

 

10.2            Non-Solicit of Customers with respect to Competitive Business Activity. Executive agrees that he will not, while employed by the Company and for a period of two (2) years following termination of such employment, directly or indirectly, whether for his own account or for the account of any other individual or entity, solicit the business or patronage of any customers of the Company with respect to products and/or services directly related to a Competitive Business Activity.  “Competitive Business Activity” shall mean engaging in, whether independently or as an employee, agent, consultant, advisor, independent contractor, partner, stockholder, officer, director or otherwise, any business which is materially competitive with the business of the Company as conducted or actively planned to be conducted by the Company during his employment by it, provided that Executive shall not be deemed to engage in a Competitive Business Activity solely by reason of (i) owning 1% or less of the outstanding common stock of any corporation if such class of common stock is registered under Section 12 of the Securities Exchange Act of 1934, or (ii) after the termination of his employment by the Company, being employed by or otherwise providing services to a corporation having total revenue of at least $500 million (or such lower number as may be agreed by the Board) so long as such services are provided solely to a division or other business unit of such corporation which does not engage in a business which is then competitive with the business of the Company.

 

  

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11.            Confidentiality.  Executive hereby acknowledges that the Company has made and will make available to Executive certain customer lists, product design information, performance standards and other confidential and/or proprietary information of the Company or licensed to the Company, including without limitation trade secrets, copyrighted materials and/or financial information of the Company (or any of its Affiliates), including without limitation, financial statements, reports and data (collectively, the “Confidential Material”); however, Confidential Material does not include any of the foregoing items which has become publicly known or made generally available through no wrongful act of Executive or of others who were under confidentiality obligations as to the item or items involved.  Except as essential to Executive’s obligations under this Agreement, neither Executive nor any agent, employee, officer, or independent contractor of or retained by Executive shall make any disclosure of this Agreement, the terms of this Agreement, or any of the Confidential Material.  Except as essential to Executive’s obligations under this Agreement, neither Executive nor any agent, employee, officer, or independent contractor of or retained by Executive shall make any duplication or other copy of any of the Confidential Material.  Immediately upon request from the Company, Executive shall return to the Company all Confidential Material.  Executive shall notify each person to whom any disclosure is made that such disclosure is made in confidence, that the Confidential Material shall be kept in confidence by such person.  Nothing contained in this Section 11 shall be construed as preventing Executive from providing Confidential Material in compliance with a valid court order issued by a court of competent jurisdiction, providing Executive takes reasonable steps to prevent dissemination of such Confidential Material.

 

12.            Proprietary Information.  For purposes of this Agreement, “Proprietary Information” shall mean any information, observation, data, written material, record, document, software, firmware, invention, discovery, improvement, development, tool, machine, apparatus, appliance, design, promotional idea, customer list, practice, process, formula, method, technique, trade secret, product and/or research related to the actual or anticipated research, marketing strategies, pricing information, business records, development, products, organization, business or finances of the Company.  Proprietary Information shall not include information in the public domain as of execution of this Agreement except through any act or omission of Executive.  All right, title and interest of every kind and nature whatsoever in and to the Proprietary Information made, discussed, developed, secured, obtained or learned by Executive during the term of this Agreement shall be the sole and exclusive property of  the Company for any purposes or uses whatsoever, and shall be disclosed promptly by Executive to the Company.  The covenants set forth in the preceding sentence shall apply regardless of whether any Proprietary Information is made, discovered, developed, secured, obtained or learned (a) solely or jointly with others, (b) during the usual hours of work or otherwise, (c) at the request and upon the suggestion of the Company or otherwise, or (d) with the Company’s materials, tools, instruments or on the Company’s premises or otherwise.  All Proprietary Information developed, created, invented, devised, conceived or discovered by Executive that is subject to copyright protection is explicitly considered by Executive and the Company to be works made for hire to the extent permitted by law.  Executive hereby forever fully releases and discharges the Company, and the Company and their respective officers, directors and employees, from and against any and all claims, demands, damages, liabilities, costs and expenses of Executive arising out of, or relating to, any Proprietary Information.  Executive shall execute any documents and take any action the Company may deem necessary or appropriate to effectuate the provisions of this Agreement, including without limitation assisting the Company in obtaining and/or maintaining patents, copyrights or similar rights to any Proprietary Information assigned to the Company, if the Company, in their sole discretion, requests such assistance.  Executive shall comply with any reasonable rules established from time to time by the Company for the protection of the confidentiality of any Proprietary Information.  Executive irrevocably appoints the President of the Company to act as Executive’s agent and attorney-in-fact to perform all acts necessary to obtain and/or maintain patents, copyrights and similar rights to any Proprietary Information assigned by Executive to the Company under this Agreement if (a) Executive refuses to perform those acts, or (b) is unavailable, within the meaning of any applicable laws.  Executive acknowledges that the grant of the foregoing power of attorney is coupled with an interest and shall survive the death or disability of Executive.  Executive shall promptly disclose to the Company, in confidence (a) all Proprietary Information that Executive creates during the term of this Agreement, and (b) all patent applications, copyright registrations or similar rights filed or applied for by Executive within six months after termination of this Agreement.  Any application for a patent, copyright registration or similar right filed by Executive within six months after termination of this Agreement shall be presumed to relate to Proprietary Information created by Executive during the term of this Agreement, unless Executive can prove otherwise.  Nothing contained in this Agreement shall be construed to preclude the Company from exercising all of its rights and privileges as sole and exclusive owner of all of the Proprietary Information owned by or assigned to the Company under this Agreement.  The Company, in exercising such rights and privileges with respect to any particular item of Proprietary Information, may decide not to file any patent application or any copyright registration on such Proprietary Information, may decide to maintain such Proprietary Information as secret and confidential, or may decide to abandon such Proprietary Information or dedicate it to the public.  Executive shall have no authority to exercise any rights or privileges with respect to the Proprietary Information owned by or assigned to the Company under this Agreement.

 

  

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13.            Business Opportunities.  During the term of this Agreement, if Executive (or any agent, employee, officer or independent contractor of or retained by Executive) becomes aware of, or develops, creates, invests, devises, conceives or discovers, any project, investment, venture, business or other opportunity (any of the preceding, an “Opportunity”) that is similar to, competitive with, related to or in the same field as the Company, or any project, investment, venture, or business of the Company, then Executive shall so notify the Company immediately in writing of such Opportunity and shall use Executive’s good-faith efforts to cause the Company to have the opportunity to invest in, participate in or otherwise become affiliated with such Opportunity.

 

14.            Miscellaneous.

 

14.1            Section Headings.  The section headings or captions in this Agreement are for convenience of reference only and do not form a part hereof, and do not in any way modify, interpret or construe the intent of the parties or affect any of the provisions of this Agreement.

 

14.2            Survival.  The obligations and rights imposed upon the parties hereto by the provisions of this Agreement which relate to acts or events subsequent to the termination of this Agreement shall survive the termination of this Agreement and shall remain fully effective thereafter, including without limitation the obligations of Executive with to any Confidential Material under Section 11.

 

14.3            Arbitration.

 

(a)            Any claim, dispute or other controversy (a “Controversy”) relating to this Agreement shall be settled and resolved by binding arbitration in Wilmington, Delaware before a single arbitrator under the Employment Rules of the American Arbitration Association (“AAA”) in effect at the time a demand for arbitration is made.  If there is any conflict between the AAA rules and this arbitration clause, this arbitration clause will govern and determine the rights of the parties.  The Parties to this Agreement (the “Parties”) shall be entitled to full discovery regarding the Controversy as permitted by the laws of the State of Delaware.  The arbitrator’s decision on the Controversy shall be a final and binding determination of the Controversy and shall be fully enforceable as an arbitration award in any court having jurisdiction and venue over the Parties.  The arbitrator shall also award the prevailing Party any reasonable attorneys’ fees and reasonable expenses the prevailing Party incurs in connection with the arbitration, and the non-prevailing Party shall pay the arbitrator’s fees and expenses.  The arbitrator shall determine who is the prevailing Party.  Each Party also agrees to accept service of process for all arbitration proceedings in accordance with AAA’s rules.

 

(b)            The obligation to arbitrate shall not be binding upon either party with respect to requests for temporary restraining orders, preliminary injunctions or other procedures in a court of competent jurisdiction to obtain interim relief when deemed necessary by such court to preserve the status quo or prevent irreparable injury pending resolution by arbitration of the actual dispute between the Parties.

 

(c)            The provisions of this Section shall be construed as independent of any other covenant or provision of this Agreement; provided that, if a court of competent jurisdiction determines that any such provisions are unlawful in any way, such court shall modify or interpret such provisions to the minimum extent necessary to have them comply with the law.

 

(d)            This arbitration provision shall be deemed to be self-executing and shall remain in full force and effect after expiration or termination of this Agreement.  In the event either party fails to appear at any properly noticed arbitration proceeding, an award may be entered against such party by default or otherwise notwithstanding said failure to appear.

 

  

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14.4            Severability.  Should any one or more of the provisions of this Agreement be determined to be illegal or unenforceable in any relevant jurisdiction, then such illegal or unenforceable provision shall be modified by the proper court, if possible, but only to the extent necessary to make such provision enforceable, and such modified provision and all other provisions of this Agreement shall be given effect separately from the provision or portion thereof determined to be illegal or unenforceable and shall not be affected thereby; provided that, any such modification shall apply only with respect to the operation of this Agreement in the particular jurisdiction in which such determination of illegality or unenforceability is made.

 

14.5            Waiver.  The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver of any such provision, nor prevent such party thereafter from enforcing such provision or any other provision of this Agreement.  The rights granted both parties herein are cumulative and the election of one shall not constitute a waiver of such party’s right to assert all other legal remedies available under the circumstances.

 

14.6            Parties in Interest.  Nothing in this Agreement, except as expressly set forth herein, is intended to confer any rights or remedies under or by reason of this Agreement on any persons other than the parties to this Agreement and the successors, assigns and affiliates of the Company, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third person to any party to this Agreement, nor shall any provision give any third person any right of action over or against any party to this Agreement.

 

14.7            Assignment.  The rights and obligations under this Agreement shall be binding upon, and inure to the benefit of, the heirs, executors, successors and assigns of Executive and the Company.  Except as specifically provided in this Section 14, neither the Company nor Executive may assign this Agreement or delegate their respective responsibilities under this Agreement without the consent of the other party hereto. Upon the sale, exchange or other transfer of substantially all of the assets of the Company, the Company shall assign this Agreement to the transferee of such assets.  No assignment of this Agreement by the Company shall relieve the Company of, and the Company shall remain obligated to perform, its duties and obligations under this Agreement, including, without limitation, payment of the Base Compensation set forth in Section 5, above.

 

14.8            Attorneys’ Fees.  In the event of any Controversy, suit, action or arbitration to enforce any of the terms or provisions of this Agreement, the prevailing party shall be entitled to its reasonable attorneys’ fees and costs.  The foregoing entitlement shall also include attorneys’ fees and costs of the prevailing party on any appeal of a judgment and for any action to enforce a judgment.

 

14.9            Modification.  This Agreement may be modified only by a contract in writing executed by the party(ies) to this Agreement against whom enforcement of such modification is sought.

 

14.10          Prior Understandings.  This Agreement contains the entire agreement between the parties to this Agreement with respect to the subject matter of this Agreement, is intended as a final expression of such parties’ agreement with respect to such terms as are included in this Agreement, is intended as a complete and exclusive statement of the terms of such agreement, and supersedes all negotiations, stipulations, understandings, agreements, representations and warranties, if any, with respect to such subject matter, which precede or accompany the execution of this Agreement.

 

  

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14.11          Interpretation.  Whenever the context so requires in this Agreement, all words used in the singular shall be construed to have been used in the plural (and vice versa), each gender shall be construed to include any other genders, and the word “person” shall be construed to include a natural person, a corporation, a firm, a partnership, a joint venture, a trust, an estate or any other entity.

 

14.12          Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

14.13          Applicable Law.  This Agreement and the rights and obligations of the parties hereunder shall be construed under, and governed by, the laws of the State of Delaware without giving effect to conflict of laws provisions.

 

14.14          Drafting Ambiguities.  Each party to this Agreement has reviewed and revised this Agreement.  Each party to this Agreement has had the opportunity to have such party’s legal counsel review and revise this Agreement.  The rule of construction that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or of any amendments or exhibits to this Agreement.

 

 

[Signature Page Follows]

 

 

 

 

 

  

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IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

 

	 	THE COMPANY: 

EASTBRIDGE INVESTMENT CORP.

	 
	 	 	 	 
	
 

	
By: 

	/s/ Keith Wong 	 
	 	Name:	Keith Wong	 
	 	Title:	Chief Executive Officer	 
	 	 	 	 

	 	EXECUTIVE:	 
	 	 	 	 
	
 

	
By: 

	/s/ Norman Klein	 
	 	 	 
Norman Klein

	 

 

 

10nts_ex10153.htm

EXHIBIT 10.153

 

AMENDMENT NO. 3 TO

THE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT

 

This AMENDMENT NO. 3, dated as of February 12, 2013 (this “Amendment”) to the Term Loan, Guarantee and Security Agreement dated as of October 6, 2011 as amended by the Amended & Restated Consent, Waiver & Amendment Agreement dated as of November 1, 2011, Amendment No.1 thereto dated as of June 22, 2012 and Amendment No. 2 thereto dated as of August 9, 2012 (as so amended, the “Existing Credit Agreement”, and as amended by this Amendment and as the same may be further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) is agreed among NTS, INC. (f/k/a Xfone, Inc.), a Nevada corporation, XFONE USA, INC., a Mississippi corporation, NTS COMMUNICATIONS, INC., a Texas corporation, GULF COAST UTILITIES, INC., a Mississippi corporation, EXPETEL COMMUNICATIONS, INC., a Mississippi corporation, NTS CONSTRUCTION COMPANY, a Texas corporation, GAREY M. WALLACE COMPANY, INC., a Texas corporation, MIDCOM OF ARIZONA, INC., an Arizona corporation, COMMUNICATIONS BROKERS, INC., a Texas corporation, and NTS MANAGEMENT COMPANY, LLC, a Texas limited liability company (collectively referred to herein as the “Borrower”), the other Credit Parties signatory thereto, and ICON AGENT, LLC, a Delaware limited liability company, as agent (in such capacity, “Agent”) for the several financial institutions from time to time party to the Credit Agreement (each herein referred to as a “Lender” and collectively, the “Lenders”).

 

W i t n e s s e t h :

 

Whereas, the Borrower has requested, and subject to the terms and conditions set forth below each Lender and the Agent hereby agree, to amend the Existing Credit Agreement to advance to the Borrower additional delayed draw Loans in the aggregate amount of $6,000,000 upon the satisfaction of the conditions precedent set forth below, and to make certain other amendments thereto described below.

 

Now, Therefore, in consideration of the mutual covenants herein contained, and other good and valuable consideration, the receipt and adequacy of which are hereby expressly acknowledged, the Borrower, the Agent and the Lenders agree, in accordance with the Existing Credit Agreement, to amend the Existing Credit Agreement to the extent provided for under Section 2 hereof, subject to the satisfaction of the conditions precedent set forth in Section 3 hereof.

 

Accordingly, the Borrower, the other Credit Parties, the Lenders and Agent each hereby agree as follows:

 

1.             Defined Terms.  All capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Existing Credit Agreement.

 

2.             Amendments

 

A. Section 1.1 of the Existing Credit Agreement is hereby amended by deleting clause (e) thereof in its entirety and replacing it with the following new clauses (e), (f) and (g):

 

  

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“(e)          Delayed Draw Term Loan B Commitment and Fees.  Each Lender agrees, severally, but not jointly, upon the terms and subject to the conditions of this Agreement, to make to the Borrower up to three additional advances (each a “Delayed Draw Term Loan B” and collectively the “Delayed Draw Term Loans B”) on any date on or prior to the Delayed Draw B Funding Termination Date (the date of such advance, the “Delayed Draw B Funding Date”), which collectively in the aggregate shall not exceed such Lender’s Delayed Draw Term Loan B Commitment.  The Delayed Draw Term Loan B Commitments of the Lenders shall expire on the Delayed Draw B Funding Termination Date.  Each Lender’s Delayed Draw Term Loan B shall be evidenced by a promissory note (each a “Delayed Draw Term Note B”) duly executed and delivered by the Borrower prior to the funding of the Delayed Draw Term Loan B in the form attached hereto as Exhibit B-4, and be repayable in accordance with the terms of such Delayed Draw Term Note B and this Agreement.  Borrower shall repay the outstanding principal and accrued interest of each Lender’s Delayed Draw Term Loan B to the Agent for benefit of the Lenders (payable monthly in arrears) in consecutive monthly Installments as set forth on Schedule B-4, due and payable on the first day of each calendar month beginning on the Commencement Date, together with a payment of the interim interest for the Delayed Draw Term  Loans B in accordance with Section 1.5(b) and a payment of the entire balance of the Delayed Draw Term Loans B on the Maturity Date.  If the Borrower has drawn down less than $5,400,000 of the Delayed Draw Term Loan B Commitments before the Delayed Draw B Funding Termination Date, the Borrower shall pay to the Agent in immediately available funds, for the ratable benefit of the Lenders, a non-refundable fully earned fee equal to 3% of the undrawn Delayed Draw Term Loan B Commitments on the Delayed Draw B Funding Termination Date;  provided, however, the foregoing fee shall not apply if the Lenders breach their obligation to fund the Delayed Draw Term Loans B notwithstanding that the Borrower has satisfied all the conditions precedent to funding set forth in Section 2.1 and Section 2.3 or Section 2.4, as the case may be, and have otherwise complied with the terms of this Agreement.  Borrower shall pay to the Agent in immediately available funds, for the ratable benefit of the Lenders, a non-refundable fully earned commitment fee in respect of the Delayed Draw Term Loan B Commitments equal to $180,000 (the “Delayed Draw B Commitment Fee”) on the earlier of (i) March 31, 2013, and (ii) the initial Delayed Draw B Funding Date.

 

(f)            Funding of Delay Draw Term Loan B.  Funding of the Delayed Draw Term Loans B shall be at the request of the Borrower in a minimum principal amount of at least $1,000,000 by an irrevocable written notice in the form of the borrowing request attached as Exhibit N (a “Delayed Draw B Borrowing Request”) (or telephonic notice confirmed in a writing by a Delayed Draw B Borrowing Request) delivered hereunder by no later than 11:00 am (Eastern Standard time) on a Business Day which is not less than five (5) Business Days prior to the proposed Delayed Draw B Funding Date. Promptly upon receipt of any such notice, the Agent shall notify each of the Lenders thereof.  The Delayed Draw B Borrowing Request shall be irrevocable and binding on the Borrower and shall obligate the Borrower to accept the Delayed Draw Term Loans B requested from the Lenders on the proposed funding date.  The first Delayed Draw B Borrowing Request shall be delivered by Borrower to Agent on or before March 31, 2013.

 

  

2

  

 

(g)           Late Installments.  If any Installment of any Loan is not paid in full within 5 Business Days of the date payment of such Installment is due under this Agreement or under any Term Note evidencing the same, the Borrower shall pay to Agent, for the pro rata benefit of the Lenders, a late fee in an amount equal to two and a half percent (2.5%) of the amount of each such Installment, which late fee constitutes liquidated damages for loss of a bargain and is not a penalty.  Once repaid, any amount borrowed under any Term Loan Commitment of each Lender may not be re-borrowed.  Subject to Section 1.2, all amounts owed hereunder with respect to any Term Loan shall be paid in full no later than the Maturity Date.”

 

B. Section 1.2(b) of the Existing Credit Agreement is hereby amended by deleting it in its entirety and replacing it with the following new Section 1.2(b):

 

“On and after March 1, 2014, so long as no Default or Event of Default has occurred hereunder, Borrower shall have the right upon five (5) Business Days’ prior written notice to the Agent, to make on the due date of any Installment payment a voluntary full prepayment of the Loan in an amount equal to the aggregate outstanding amount of principal and accrued interest on the Loan as of such date (a “Voluntary Prepayment”).  If the Borrower elects to make a Voluntary Prepayment pursuant to this Section 1.2(b), the following prepayment fees shall apply: (i) 4% of the principal Loan amount being repaid if repaid during the period commencing on March 1, 2014 and ending on August 31, 2014; (ii) 3% of the principal Loan amount being repaid if repaid during the period commencing September 1, 2014 and ending on August 31, 2015; and (iii) 2% of the principal Loan amount being repaid if repaid during the period commencing on September 1, 2015 and ending on August 31, 2016.  No prepayment fee shall apply if the Voluntary Prepayment is made on or after September 1, 2016.  The Borrower may make a Voluntary Prepayment during the period commencing on the Amendment No. 3 Commencement Date and ending on the February 28, 2014 solely in the event of a Change of Control (other than a Change of Control pursuant to clause (a) of the definition of Change of Control effected by a Person or (group of Persons) that is an Affiliate of the Borrower); provided, that, such prepayment shall be subject to a fee equal to 6% of the principal Loan amount being repaid.  Notwithstanding anything to the contrary contained herein, in the event that any prepayment is necessitated by Section 1.11 hereof, no prepayment fee shall apply to such prepayment.”

 

C. Section 1.3 of the Existing Credit Agreement is hereby amended by adding the following new sentence at the end thereof:

 

“Borrower shall use the proceeds of the Delayed Draw Term Loans B solely for the purchase of equipment in connection with the Texas Project.”

 

D. Section 1.5(b) of the Existing Credit Agreement is hereby amended by:

 

(i) inserting “and (e)” immediately after “Section 1.1(a), (b) and (c)” in the first sentence;

 

(ii) deleting the last two sentences of Section 1.5(b) and replacing it with the following:

 

  

3

  

 

“Notwithstanding anything to the contrary herein contained, interim interest payments shall be due for interest accrued on each Term Loan from the date such Term Loan was funded through and including the applicable Commencement Date.  Such interim interest payments shall be due and payable in advance on the Closing Date, the Amendment Closing Date, the Delayed Draw Funding Date or the Delayed Draw B Funding Date, as applicable.”

 

E. Section 2 of the Existing Credit Agreement is hereby amended by adding the following as a new Section 2.3 and a new Section 2.4:

 

“2.3  Conditions to the Delayed Draw Term Loan B.  The Lenders shall be obligated to make the initial Delayed Draw Term Loan B on the date when the conditions set forth in Section 2.1 and the following conditions have been satisfied, or waived in writing by the Agent:

 

(a)  The Agent shall have received a duly executed copy of the Texas Project Contract.

 

(b)  The Agent shall have received (i) copies of invoices and projected invoices due and payable by the Borrower in connection with the Texas Project in an aggregate amount equal to at least the amount of the initial Delayed Draw B Borrowing Request, and (ii) evidence that invoices issued to the Borrower in connection with the Texas Project totaling at least 33% of the amount of the initial Delayed Draw B Borrowing Request have been paid in full by Borrower.

 

(c)  The Agent shall have received a true and correct copy of any permit(s) or license(s) required by any Governmental Authorities for any and all construction in connection with the Texas Project, including any permit(s) required by the Texas Department of Transportation.

 

(d)  The Agent shall have received proof reasonably satisfactory to the Agent that the Texas Central Office is connected to the Borrower’s existing fiber network.

 

(e)  The Agent shall have received a duly executed Delayed Draw Term Note B in favor of each Lender.”

 

(f)  The Borrower shall have paid to the Agent, for the ratable benefit of the Lenders, the Delayed Draw B Commitment Fee in immediately available funds.

 

2.4   Conditions to Additional Draws of the Delayed Draw Term Loan B.  The Lenders shall be obligated to make the additional Delayed Draw Term Loan B fundings after the initial Delayed Draw Term Loan B is made, only when the conditions set forth in Section 2.1 and the following conditions have been satisfied, or waived in writing by the Agent:

 

  

4

  

 

(a)  The Agent shall have received (i) copies of invoices and projected invoices due and payable by the Borrower in connection with the Texas Project in an aggregate amount equal to at least the sum of (x) all prior fundings of the Delayed Draw Term Loan B Commitments plus (y) the amount of each such additional Delayed Draw B Borrowing Request, and (ii) evidence that additional invoices issued to the Borrower (not including previously paid invoices submitted as evidence in connection with any prior Delayed Draw B Borrowing Request) in connection with the Texas Project totaling at least 33% of the amount of each such Delayed Draw B Borrowing Request have been paid in full by Borrower.

 

(b)  The Agent shall have received a duly executed Delayed Draw Term Note B in favor of each Lender.”

 

F. Section 4.2(b) of the Existing Credit Agreement is hereby amended by deleting it in its entirety and replacing it with the following:

 

“(b) As of the end of each Fiscal Quarter, the Credit Parties shall not permit the Senior Leverage Ratio to exceed the ratio set forth opposite such period in the table below:

 

	
Test Period Ending

	
Leverage Ratio

	
Closing Date through March 31, 2012

	
1.50 to 1.00

	
June 30, 2012 through March 31, 2013

	
2.25 to 1.00

	
June 30, 2013 through December 31, 2013

	
2.00 to 1.00

	
March 31, 2014 and thereafter

	
1.75 to 1.00

 

G. Section 6.2 of the Existing Credit Agreement is hereby amended by adding the following new sentence after the last sentence:

 

“On any date prior to the Delayed Draw B Funding Date, upon reasonable notice to the Borrower, the Agent shall be permitted to visit the site of the Texas Project.”

 

H. Section 7.1 of the Existing Credit Agreement is hereby amended by:

 

(i) Changing the reference to “February 15, 2013” appearing in the third line of clause (p) thereof and replacing it with the date “March 31, 2013”;

 

(ii) deleting the period at the end of clause (p) and replacing it with “; or”; and inserting the following as new clause (q), (r) and (s):

 

  

5

  

 

“(q) invoices in an aggregate amount of at least $3,000,000 issued in respect of work performed by contractors hired by the Credit Parties in connection with the Texas Project shall not have been paid by June 30, 2013, or the work required to be done in connection with such invoices has not been completed by such date; provided, however, the foregoing events shall not be Events of Default if the Lenders breach their obligation to fund the Delayed Draw Term Loans B notwithstanding that the Borrower has satisfied all the conditions precedent to funding set forth in Section 2.1 and Section 2.3 or Section 2.4, as the case may be, and have otherwise complied with the terms of this Agreement; or

 

(r) invoices in an aggregate cumulative amount of at least $4,500,000 issued in respect of work performed by contractors hired by the Credit Parties in connection with the Texas Project shall not have been paid by December 31, 2013, or the work required to be done in connection with such invoices has not been completed by such date; provided, however, the foregoing events shall not be Events of Default if the Lenders breach their obligation to fund the Delayed Draw Term Loans B notwithstanding that the Borrower has satisfied all the conditions precedent to funding set forth in Section 2.1 and Section 2.3 or Section 2.4, as the case may be, and have otherwise complied with the terms of this Agreement; or

 

(s) invoices in an aggregate cumulative amount of at least the total funded amount of the Delayed Draw Term Loan B Commitments issued in respect of work performed by contractors hired by the Credit Parties in connection with the Texas Project shall not have been paid by March 31, 2014, or the work required to be done in connection with such invoices has not been completed by such date; provided, however, the foregoing events shall not be Events of Default if the Lenders breach their obligation to fund the Delayed Draw Term Loans B notwithstanding that the Borrower has satisfied all the conditions precedent to funding set forth in Section 2.1 and Section 2.3 or Section 2.4, as the case may be, and have otherwise complied with the terms of this Agreement.”

 

I.              Schedule A to the Existing Credit Agreement is hereby amended by:

 

(i) deleting the definition of “Commencement Date” in its entirety and replacing it with the following:

 

“Commencement Date” means, (a) with respect to the Closing Date Term Loan, November 1, 2011, (b) with respect to the Amendment Date Term Loan, the Amendment Commencement Date, (c) with respect to the Delayed Draw Term Loan, the first day of the first month following the Delayed Draw Term Loan Funding Date, and (d) with respect to the Delayed Draw Term Loan B, the first day of the first month following each Delayed Draw B Funding Date .”

 

(ii) deleting the definitions of “Term Loans” and “Term Notes” in their entirety and replacing them with the following:

 

“Term Loans” means the collective reference to the Closing Date Term Loans, the Amendment Date Term Loans, the Delayed Draw Term Loans and the Delayed Draw Term Loans B.

 

  

6

  

 

“Term Notes” means the collective reference to the Closing Date Term Notes, the Amendment Date Term Notes, the Delayed Draw Term Notes and the Delayed Draw Term Notes B.”

 

(iii) inserting the following new defined terms in the appropriate alphabetical order:

 

“Amendment No. 3 Commencement Date” means March 1, 2013.

 

“Amendment No. 3 Date” means February 12, 2013.

 

 “Delayed Draw B Commitment Fee” has the meaning given to such term in Section 1.1(e).

 

 “Delayed Draw Term Loan B Commitment” means the commitment of each Lender under this Agreement to make or otherwise fund prior to the Delay Draw B Funding Termination Date its Delayed Draw Term Loans B up to such Lender’s Delayed Draw Term Loan B Commitment as set forth on Schedule B-4, as the same shall be updated on each Delayed Draw B Funding Date  The aggregate amount of the Delayed Draw Term Loan B Commitments of all Lenders as of the Amendment No. 3 Date is $6,000,000.

 

“Delayed Draw Term Loan B” has the meaning given to such term in Section 1.1(e).

 

“Delayed Draw Term Note B” has the meaning given to such term in Section 1.1(e).

 

“Delayed Draw B Funding Termination Date” means June 30, 2013.

 

“Delayed Draw B Funding Date” has the meaning given to such term in Section 1.1(e).

 

“Term Loan Commitment” shall mean collectively the Closing Date Term Loan Commitment, the Amendment Date Term Loan Commitment, the Delayed Draw Term Loan Commitment and the Delayed Draw Term Loan B Commitment.

 

“Texas Central Office” means the office of the Borrower located at 203 West 8th Avenue, Suite 102, Amarillo, TX 79191 and 500 Chestnut Street, Suite 936, Abilene, TX 79602.

 

“Texas Project” means the project to construct a fiber optical telecommunications network in Abilene and Amarillo, Texas more particularly set forth in the Texas Project Contract and the additional purchase orders to be executed in connection with equipment to be deployed in customer premises, electronics and hardware for the Texas Central Office and retaining installation services.

 

“Texas Project Contract” means the Form 515 contract delivered by the Borrower to the Agent prior to the initial Delayed Draw B Funding Date and otherwise in form and substance satisfactory to Agent.

 

  

7

  

 

J. Schedule B to the Existing Credit Agreement is hereby deleted in its entirety and is replaced by Schedule B attached hereto as Exhibit A.

 

K. Exhibit B-4 attached hereto as Exhibit B is hereby inserted in sequence immediately after Exhibit B-3 to the Existing Credit Agreement.

 

L. Schedule 1 to the Closing Date Term Note in favor of ICON ECI Fund Fifteen, L.P. is hereby deleted in its entirety and is replaced by Schedule 1 attached hereto as Exhibit C.

 

M. Schedule 1 to the Closing Date Term Note in favor of Hardwood Partners, LLC is hereby deleted in its entirety and is replaced by Schedule 1 attached hereto as Exhibit D.

 

N. Schedule 1 to the Closing Date Term Note in favor of ICON ECI Partners, L.P. is hereby deleted in its entirety and is replaced by Schedule 1 attached hereto as Exhibit E.

 

O. Schedule 1 to the Amendment Date Term Note in favor of ICON ECI Fund Fifteen, L.P. is hereby deleted in its entirety and is replaced by Schedule 1 attached hereto as Exhibit F.

 

P. Schedule 1 to the Amendment Date Term Note in favor of Hardwood Partners, LLC is hereby deleted in its entirety and is replaced by Schedule 1 attached hereto as Exhibit G.

 

Q. Schedule 1 to the Amendment Date Term Note in favor of ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. is hereby deleted in its entirety and is replaced by Schedule 1 attached hereto as Exhibit H.

 

R. Schedule 1 to the Delayed Draw Term Note in favor of ICON ECI Fund Fifteen, L.P. is hereby deleted in its entirety and is replaced by Schedule 1 attached hereto as Exhibit I.

 

S. Schedule 1 to the Delayed Draw Term Note in favor of Hardwood Partners, LLC is hereby deleted in its entirety and is replaced by Schedule 1 attached hereto as Exhibit J.

 

T. Schedule 1 to the Delayed Draw Term Note in favor of ICON ECI Partners, L.P. is hereby deleted in its entirety and is replaced by Schedule 1 attached hereto as Exhibit K.

 

U. Schedule 1 to the Delayed Draw Term Note in favor of ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. is hereby deleted in its entirety and is replaced by Schedule 1 attached hereto as Exhibit L.

 

V. Exhibit N, attached hereto as Exhibit M, is added immediately after Exhibit M of the Existing Credit Agreement as a new Exhibit N to the Existing Credit Agreement.

 

W. Disclosure Schedules. Disclosure Schedules (3.2), (3.6), (3.9), (3.11),  (3.16), (3.18) and (3.26) to the Existing Credit Agreement are hereby deleted in their entirety and are replaced by the corresponding Disclosure Schedule attached hereto as Exhibit N. 

 

  

8

  

 

3. Conditions to Effectiveness.  This Amendment shall not become effective until the date (the “Effective Date”) upon which (i) counterparts of this Amendment shall have been executed and delivered by the Borrower, the other Credit Parties, the Agent and the Lenders, and (ii) Borrower shall have reimbursed the Agent on the date of execution and delivery of this Amendment for all of its fees and expenses associated with the preparation, execution and delivery of this Amendment (and due diligence in respect thereof) in excess of the $35,000 Earnest Money Deposit received pursuant to the executed Term Sheet dated January 15, 2013, including the fees and disbursements of its counsel, Chapman and Cutler, LLP.

 

4. Representations and Warranties.  Each Credit Party represents and warrants that:

 

(i) after giving effect to this Amendment, the representations and warranties contained in the Credit Agreement are true and correct in all material respects on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date,  in which case each Credit Party represents and warrants that such representations and warranties are true and correct in all material respects as of such earlier date); and

 

(ii) after giving effect to this Amendment, no Default or Event of Default will have occurred and be continuing on and as of the date hereof.

 

5. Loan Document.  This Amendment is designated a Loan Document by Agent.

 

6. Full Force and Effect.  Except as expressly amended hereby, the Credit Agreement and the other Loan Documents shall continue unmodified and in full force and effect in accordance with the provisions thereof on the date hereof and each Credit Party reaffirms all of its obligations under the Credit Agreement and the other Loan Documents after giving effect to this Amendment.  This Amendment shall be limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to consent to any matter on any future occasion. As used in the Credit Agreement, the terms “Agreement,” “this Agreement,” “this Credit Agreement,” “herein,” “hereafter,” “hereto,” “hereof” and words of similar import shall mean, unless the context otherwise requires, the Credit Agreement as amended by this Amendment.

 

7. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE.

 

8. Counterparts.  This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument.

 

9. Headings.  The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment.

 

10. Joinder of New Lenders.  By their signature below, each of Icon Leasing Fund Eleven, LLC and Icon Leasing Fund Twelve, LLC agrees to become a Lender under the Credit Agreement and hereby agrees to be bound by all the terms, conditions and provisions thereof.  The Delayed Draw Term Loan B Commitments of each such Lender is set forth on Schedule B-4 of the Credit Agreement.

 

  

9

  

 

IN WITNESS WHEREOF, this Amendment No. 3 to the Loan, Guarantee and Security Agreement has been duly executed as of the date first written above. 

 

 

	NTS, INC. (f/k/a/ Xfone, Inc.), as a Guarantor and Grantor 

 

By: /s/ Guy Nissenson                                                               

Name: Guy Nissenson                                                                

Title: President and CEO                                                           

 

XFONE USA, INC., as Borrower and Grantor

 

By: /s/ Guy Nissenson                                                               

Name: Guy Nissenson                                                                

Title: President and CEO                                                           

 

NTS COMMUNICATIONS, INC., as Borrower and Grantor

 

By: /s/ Guy Nissenson                                                               

Name: Guy Nissenson                                                                

Title: President and CEO                                                           

 

GULF COAST UTILITIES, INC., as Borrower and Grantor

 

By: /s/ Guy Nissenson                                                               

Name: Guy Nissenson                                                                

Title: President and CEO                                                           

 

EXPETEL COMMUNICATIONS, INC., as Borrower and Grantor

 

By: /s/ Guy Nissenson                                                               

Name: Guy Nissenson                                                                

Title: President and CEO                                                           

 

PRIDE NETWORK, INC., as Government Funded SPE and Credit Party

By: /s/ Jerry Hoover                                                                   

Name: Jerry Hoover                                                                    

Title: Treasurer                                                                            

	NTS CONSTRUCTION COMPANY, as Borrower and Grantor 

 

By: /s/ Guy Nissenson                                                               

Name: Guy Nissenson                                                                

Title: President and CEO                                                           

 

GAREY M. WALLACE COMPANY, INC., as Borrower and Grantor

 

By: /s/ Guy Nissenson                                                               

Name: Guy Nissenson                                                                

Title: President and CEO                                                           

 

 

MIDCOM OF ARIZONA, INC., as Borrower and Grantor

By: /s/ Guy Nissenson                                                               

Name: Guy Nissenson                                                                

Title: President and CEO                                                           

 

COMMUNICATIONS BROKERS, INC., as Borrower and Grantor

 

By: /s/ Guy Nissenson                                                               

Name: Guy Nissenson                                                                

Title: President and CEO                                                             

 

NTS TELEPHONE COMPANY, LLC, as Government Funded SPE and Credit Party

By: /s/ Jerry Hoover                                                                    

Name: Jerry Hoover                                                                    

Title: Manager                                                                             

 

N.T.S. MANAGEMENT COMPANY, L.L.C., as Borrower and Grantor

 

By: /s/ Guy Nissenson                                                               

Name: Guy Nissenson                                                                

Title: Manager                                                                             

	 	 

 

  

10

  

 

	 	ICON AGENT, LLC, as Agent for the Lenders 

By:  IEMC Corp., its Manager

 

By: /s/ Michael A. Reisner                                                       

Name: Michael A. Reisner                                                         

Title: Co-President & Co-CEO                                                  

 

ICON ECI PARTNERS, L.P., as a Lender

By:  ICON ECI GP, LLC, its General Partner

By: /s/ Michael A. Reisner                                                         

Name: Michael A. Reisner                                                         

Title: Co-President & Co-CEO                                                  

 

ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P., as a Lender

By:  ICON GP 14, LLC, its General Partner

By: /s/ Michael A. Reisner                                                       

Name: Michael A. Reisner                                                         

Title: Co-President & Co-CEO                                                  

ICON ECI FUND FIFTEEN, L.P., as a Lender

By:  ICON GP 15, LLC, its General Partner

 

By: /s/ Michael A. Reisner                                                       

Name: Michael A. Reisner                                                         

Title: Co-President & Co-CEO                                                  

HARDWOOD PARTNERS, LLC, as a Lender

 

By: /s/ John Koren                                                                     

Name: John Koren                                                                      

Title: Manager                                                                             

 

ICON Leasing Fund Eleven, LLC, as a Lender

 

By:  ICON Capital LLC, its Manager

 

By: /s/ Michael A. Reisner                                                       

Name:  Michael A. Reisner                                                       

Title:  Co-President & Co-CEO                                                

 

ICON Leasing Fund Twelve, LLC, as a Lender

 

By:  ICON Capital LLC, its Manager

 

By: /s/ Michael A. Reisner                                                       

Name:  Michael A. Reisner                                                       

Title:  Co-President & Co-CEO                                                 

 

	 	 

  

11

  

 

Exhibit A to Amendment No. 3

Schedule B to Credit Agreement

 

CLOSING DATE TERM LOAN COMMITMENTS

	
Lender

	 	
Closing Date Term Loan Commitments

	 
	 	 	 	 
	
ICON ECI Fund Fifteen, L.P.

	 	$	6,850,000	 
	
ICON ECI Partners, L.P.

	 	$	150,000	 
	
Hardwood Partners, LLC

	 	$	500,000	 

AMORTIZATION OF THE LOAN

The Loan will amortize in sixty-nine (69) monthly payments as follows:

	
Payment Date

	 	
Interest

	 	 	
Principal

	 	 	
Balance o/s

	 
	
11/01/11

	 	 	 	 	 	 	 	$	7,500,000.00	 
	
12/01/11

	 	$	79,687.50	 	 	$	-	 	 	$	7,500,000.00	 
	
01/01/12

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
02/01/12

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
03/01/12

	 	$	77,031.25	 	 	$	-	 	 	$	7,500,000.00	 
	
04/01/12

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
05/01/12

	 	$	79,687.50	 	 	$	-	 	 	$	7,500,000.00	 
	
06/01/12

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
07/01/12

	 	$	79,687.50	 	 	$	-	 	 	$	7,500,000.00	 
	
08/01/12

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
09/01/12

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
10/01/12

	 	$	79,687.50	 	 	$	-	 	 	$	7,500,000.00	 
	
11/01/12

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
12/01/12

	 	$	79,687.50	 	 	$	-	 	 	$	7,500,000.00	 
	
01/01/13

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
02/01/13

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
03/01/13

	 	$	74,375.00	 	 	$	-	 	 	$	7,500,000.00	 
	
04/01/13

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
05/01/13

	 	$	79,687.50	 	 	$	-	 	 	$	7,500,000.00	 
	
06/01/13

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
07/01/13

	 	$	79,687.50	 	 	$	-	 	 	$	7,500,000.00	 
	
08/01/13

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
09/01/13

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
10/01/13

	 	$	79,687.50	 	 	$	-	 	 	$	7,500,000.00	 
	
11/01/13

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
12/01/13

	 	$	79,687.50	 	 	$	-	 	 	$	7,500,000.00	 
	
01/01/14

	 	$	82,343.75	 	 	$	-	 	 	$	7,500,000.00	 
	
02/01/14

	 	$	82,343.75	 	 	$	93,750.00	 	 	$	7,406,250.00	 
	
03/01/14

	 	$	73,445.31	 	 	$	93,750.00	 	 	$	7,312,500.00	 
	
04/01/14

	 	$	80,285.16	 	 	$	93,750.00	 	 	$	7,218,750.00	 
	
05/01/14

	 	$	76,699.22	 	 	$	93,750.00	 	 	$	7,125,000.00	 

 

  

12

  

 

	Payment Date	 	
Interest

	 	 	
Principal

	 	 	
Balance o/s

	 
	 	 	 	 	 	 	 	 	 	 
	
06/01/14

	 	$	78,226.56	 	 	$	93,750.00	 	 	$	7,031,250.00	 
	
07/01/14

	 	$	74,707.03	 	 	$	93,750.00	 	 	$	6,937,500.00	 
	
08/01/14

	 	$	76,167.97	 	 	$	93,750.00	 	 	$	6,843,750.00	 
	
09/01/14

	 	$	75,138.67	 	 	$	93,750.00	 	 	$	6,750,000.00	 
	
10/01/14

	 	$	71,718.75	 	 	$	93,750.00	 	 	$	6,656,250.00	 
	
11/01/14

	 	$	73,080.08	 	 	$	93,750.00	 	 	$	6,562,500.00	 
	
12/01/14

	 	$	69,726.56	 	 	$	93,750.00	 	 	$	6,468,750.00	 
	
01/01/15

	 	$	71,021.48	 	 	$	93,750.00	 	 	$	6,375,000.00	 
	
02/01/15

	 	$	69,992.19	 	 	$	93,750.00	 	 	$	6,281,250.00	 
	
03/01/15

	 	$	62,289.06	 	 	$	93,750.00	 	 	$	6,187,500.00	 
	
04/01/15

	 	$	67,933.59	 	 	$	93,750.00	 	 	$	6,093,750.00	 
	
05/01/15

	 	$	64,746.09	 	 	$	93,750.00	 	 	$	6,000,000.00	 
	
06/01/15

	 	$	65,875.00	 	 	$	93,750.00	 	 	$	5,906,250.00	 
	
07/01/15

	 	$	62,753.91	 	 	$	93,750.00	 	 	$	5,812,500.00	 
	
08/01/15

	 	$	63,816.41	 	 	$	93,750.00	 	 	$	5,718,750.00	 
	
09/01/15

	 	$	62,787.11	 	 	$	93,750.00	 	 	$	5,625,000.00	 
	
10/01/15

	 	$	59,765.63	 	 	$	93,750.00	 	 	$	5,531,250.00	 
	
11/01/15

	 	$	60,728.52	 	 	$	93,750.00	 	 	$	5,437,500.00	 
	
12/01/15

	 	$	57,773.44	 	 	$	93,750.00	 	 	$	5,343,750.00	 
	
01/01/16

	 	$	58,669.92	 	 	$	93,750.00	 	 	$	5,250,000.00	 
	
02/01/16

	 	$	57,640.63	 	 	$	93,750.00	 	 	$	5,156,250.00	 
	
03/01/16

	 	$	52,958.98	 	 	$	93,750.00	 	 	$	5,062,500.00	 
	
04/01/16

	 	$	55,582.03	 	 	$	93,750.00	 	 	$	4,968,750.00	 
	
05/01/16

	 	$	52,792.97	 	 	$	93,750.00	 	 	$	4,875,000.00	 
	
06/01/16

	 	$	53,523.44	 	 	$	93,750.00	 	 	$	4,781,250.00	 
	
07/01/16

	 	$	50,800.78	 	 	$	93,750.00	 	 	$	4,687,500.00	 
	
08/01/16

	 	$	51,464.84	 	 	$	93,750.00	 	 	$	4,593,750.00	 
	
09/01/16

	 	$	50,435.55	 	 	$	93,750.00	 	 	$	4,500,000.00	 
	
10/01/16

	 	$	47,812.50	 	 	$	93,750.00	 	 	$	4,406,250.00	 
	
11/01/16

	 	$	48,376.95	 	 	$	93,750.00	 	 	$	4,312,500.00	 
	
12/01/16

	 	$	45,820.31	 	 	$	93,750.00	 	 	$	4,218,750.00	 
	
01/01/17

	 	$	46,318.36	 	 	$	93,750.00	 	 	$	4,125,000.00	 
	
02/01/17

	 	$	45,289.06	 	 	$	93,750.00	 	 	$	4,031,250.00	 
	
03/01/17

	 	$	39,976.56	 	 	$	93,750.00	 	 	$	3,937,500.00	 
	
04/01/17

	 	$	43,230.47	 	 	$	93,750.00	 	 	$	3,843,750.00	 
	
05/01/17

	 	$	40,839.84	 	 	$	93,750.00	 	 	$	3,750,000.00	 
	
06/01/17

	 	$	41,171.88	 	 	$	93,750.00	 	 	$	3,656,250.00	 
	
07/01/17

	 	$	38,847.66	 	 	$	3,656,250.00	 	 	$	0	 

  

13

  

 

AMENDMENT DATE TERM LOAN COMMITMENTS

	
Lender

	 	
Amendment Date Term Loan Commitments

	 
	 	 	 	 
	
ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

	 	$	1,855,000	 
	
ICON ECI Fund Fifteen, L.P.

	 	$	1,540,000	 
	
Hardwood Partners, LLC

	 	$	105,000	 

AMORTIZATION OF THE LOAN

 

The Loan will amortize in sixty-one (61) monthly payments as follows:

	
Payment Date

	 	
Interest

	 	 	
Principal

	 	 	
Balance o/s

	 
	
07/01/12

	 	 	 	 	 	 	 	$	3,500,000.00	 
	
08/01/12

	 	$	38,427.08	 	 	$	-	 	 	$	3,500,000.00	 
	
09/01/12

	 	$	38,427.08	 	 	$	-	 	 	$	3,500,000.00	 
	
10/01/12

	 	$	37,187.50	 	 	$	-	 	 	$	3,500,000.00	 
	
11/01/12

	 	$	38,427.08	 	 	$	-	 	 	$	3,500,000.00	 
	
12/01/12

	 	$	37,187.50	 	 	$	-	 	 	$	3,500,000.00	 
	
01/01/13

	 	$	38,427.08	 	 	$	-	 	 	$	3,500,000.00	 
	
02/01/13

	 	$	38,427.08	 	 	$	-	 	 	$	3,500,000.00	 
	
03/01/13

	 	$	34,708.33	 	 	$	-	 	 	$	3,500,000.00	 
	
04/01/13

	 	$	38,427.08	 	 	$	-	 	 	$	3,500,000.00	 
	
05/01/13

	 	$	37,187.50	 	 	$	-	 	 	$	3,500,000.00	 
	
06/01/13

	 	$	38,427.08	 	 	$	-	 	 	$	3,500,000.00	 
	
07/01/13

	 	$	37,187.50	 	 	$	-	 	 	$	3,500,000.00	 
	
08/01/13

	 	$	38,427.08	 	 	$	-	 	 	$	3,500,000.00	 
	
09/01/13

	 	$	38,427.08	 	 	$	-	 	 	$	3,500,000.00	 
	
10/01/13

	 	$	37,187.50	 	 	$	-	 	 	$	3,500,000.00	 
	
11/01/13

	 	$	38,427.08	 	 	$	-	 	 	$	3,500,000.00	 
	
12/01/13

	 	$	37,187.50	 	 	$	-	 	 	$	3,500,000.00	 
	
01/01/14

	 	$	38,427.08	 	 	$	-	 	 	$	3,500,000.00	 
	
02/01/14

	 	$	38,427.08	 	 	$	43,750.00	 	 	$	3,456,250.00	 
	
03/01/14

	 	$	34,274.48	 	 	$	43,750.00	 	 	$	3,412,500.00	 
	
04/01/14

	 	$	37,466.41	 	 	$	43,750.00	 	 	$	3,368,750.00	 
	
05/01/14

	 	$	35,792.97	 	 	$	43,750.00	 	 	$	3,325,000.00	 
	
06/01/14

	 	$	36,505.73	 	 	$	43,750.00	 	 	$	3,281,250.00	 
	
07/01/14

	 	$	34,863.28	 	 	$	43,750.00	 	 	$	3,237,500.00	 
	
08/01/14

	 	$	35,545.05	 	 	$	43,750.00	 	 	$	3,193,750.00	 
	
09/01/14

	 	$	35,064.71	 	 	$	43,750.00	 	 	$	3,150,000.00	 
	
10/01/14

	 	$	33,468.75	 	 	$	43,750.00	 	 	$	3,106,250.00	 
	
11/01/14

	 	$	34,104.04	 	 	$	43,750.00	 	 	$	3,062,500.00	 
	
12/01/14

	 	$	32,539.06	 	 	$	43,750.00	 	 	$	3,018,750.00	 
	
01/01/15

	 	$	33,143.36	 	 	$	43,750.00	 	 	$	2,975,000.00	 
	
02/01/15

	 	$	32,663.02	 	 	$	43,750.00	 	 	$	2,931,250.00	 

 

  

14

 

	Payment Date	 	
Interest

	 	 	
Principal

	 	 	
Balance o/s

	 
	 	 	 	 	 	 	 	 	 	 
	
03/01/15

	 	$	29,068.23	 	 	$	43,750.00	 	 	$	2,887,500.00	 
	
04/01/15

	 	$	31,702.34	 	 	$	43,750.00	 	 	$	2,843,750.00	 
	
05/01/15

	 	$	30,214.84	 	 	$	43,750.00	 	 	$	2,800,000.00	 
	
06/01/15

	 	$	30,741.67	 	 	$	43,750.00	 	 	$	2,756,250.00	 
	
07/01/15

	 	$	29,285.16	 	 	$	43,750.00	 	 	$	2,712,500.00	 
	
08/01/15

	 	$	29,780.99	 	 	$	43,750.00	 	 	$	2,668,750.00	 
	
09/01/15

	 	$	29,300.65	 	 	$	43,750.00	 	 	$	2,625,000.00	 
	
10/01/15

	 	$	27,890.63	 	 	$	43,750.00	 	 	$	2,581,250.00	 
	
11/01/15

	 	$	28,339.97	 	 	$	43,750.00	 	 	$	2,537,500.00	 
	
12/01/15

	 	$	26,960.94	 	 	$	43,750.00	 	 	$	2,493,750.00	 
	
01/01/16

	 	$	27,379.30	 	 	$	43,750.00	 	 	$	2,450,000.00	 
	
02/01/16

	 	$	26,898.96	 	 	$	43,750.00	 	 	$	2,406,250.00	 
	
03/01/16

	 	$	24,714.19	 	 	$	43,750.00	 	 	$	2,362,500.00	 
	
04/01/16

	 	$	25,938.28	 	 	$	43,750.00	 	 	$	2,318,750.00	 
	
05/01/16

	 	$	24,636.72	 	 	$	43,750.00	 	 	$	2,275,000.00	 
	
06/01/16

	 	$	24,977.60	 	 	$	43,750.00	 	 	$	2,231,250.00	 
	
07/01/16

	 	$	23,707.03	 	 	$	43,750.00	 	 	$	2,187,500.00	 
	
08/01/16

	 	$	24,016.93	 	 	$	43,750.00	 	 	$	2,143,750.00	 
	
09/01/16

	 	$	23,536.59	 	 	$	43,750.00	 	 	$	2,100,000.00	 
	
10/01/16

	 	$	22,312.50	 	 	$	43,750.00	 	 	$	2,056,250.00	 
	
11/01/16

	 	$	22,575.91	 	 	$	43,750.00	 	 	$	2,012,500.00	 
	
12/01/16

	 	$	21,382.81	 	 	$	43,750.00	 	 	$	1,968,750.00	 
	
01/01/17

	 	$	21,615.23	 	 	$	43,750.00	 	 	$	1,925,000.00	 
	
02/01/17

	 	$	21,134.90	 	 	$	43,750.00	 	 	$	1,881,250.00	 
	
03/01/17

	 	$	18,655.73	 	 	$	43,750.00	 	 	$	1,837,500.00	 
	
04/01/17

	 	$	20,174.22	 	 	$	43,750.00	 	 	$	1,793,750.00	 
	
05/01/17

	 	$	19,058.59	 	 	$	43,750.00	 	 	$	1,750,000.00	 
	
06/01/17

	 	$	19,213.54	 	 	$	43,750.00	 	 	$	1,706,250.00	 
	
07/01/17

	 	$	18,128.91	 	 	$	1,706,250.00	 	 	$	0	 

  

15

  

DELAYED DRAW TERM LOAN COMMITMENTS

	
Lender

	 	
Delayed Draw Term Loan Commitments

	 
	
Icon Equipment and Corporate Infrastructure Fund Fourteen L.P.

	 	$	1,564,500	 
	
Icon ECI Fund Fifteen L.P.

	 	$	1,127,500	 
	
Icon ECI Partners L.P.

	 	$	315,000	 
	
Hardwood Partners LLC

	 	$	93,000	 

AMORTIZATION OF THE LOAN

 

The Loan will amortize in fifty-eight (58) monthly payments as follows:

	
Payment Date

	 	
Interest

	 	 	
Principal

	 	 	
Balance o/s

	 
	
10/01/12

	 	 	 	 	 	 	 	$	3,100,000.00	 
	
11/01/12

	 	$	34,035.42	 	 	$	-	 	 	$	3,100,000.00	 
	
12/01/12

	 	$	32,937.50	 	 	$	-	 	 	$	3,100,000.00	 
	
01/01/13

	 	$	34,035.42	 	 	$	-	 	 	$	3,100,000.00	 
	
02/01/13

	 	$	34,035.42	 	 	$	-	 	 	$	3,100,000.00	 
	
03/01/13

	 	$	30,741.67	 	 	$	-	 	 	$	3,100,000.00	 
	
04/01/13

	 	$	34,035.42	 	 	$	-	 	 	$	3,100,000.00	 
	
05/01/13

	 	$	32,937.50	 	 	$	-	 	 	$	3,100,000.00	 
	
06/01/13

	 	$	34,035.42	 	 	$	-	 	 	$	3,100,000.00	 
	
07/01/13

	 	$	32,937.50	 	 	$	-	 	 	$	3,100,000.00	 
	
08/01/13

	 	$	34,035.42	 	 	$	-	 	 	$	3,100,000.00	 
	
09/01/13

	 	$	34,035.42	 	 	$	-	 	 	$	3,100,000.00	 
	
10/01/13

	 	$	32,937.50	 	 	$	-	 	 	$	3,100,000.00	 
	
11/01/13

	 	$	34,035.42	 	 	$	-	 	 	$	3,100,000.00	 
	
12/01/13

	 	$	32,937.50	 	 	$	-	 	 	$	3,100,000.00	 
	
01/01/14

	 	$	34,035.42	 	 	$	-	 	 	$	3,100,000.00	 
	
02/01/14

	 	$	34,035.42	 	 	$	38,750.00	 	 	$	3,061,250.00	 
	
03/01/14

	 	$	30,357.40	 	 	$	38,750.00	 	 	$	3,022,500.00	 
	
04/01/14

	 	$	33,184.53	 	 	$	38,750.00	 	 	$	2,983,750.00	 
	
05/01/14

	 	$	31,702.34	 	 	$	38,750.00	 	 	$	2,945,000.00	 
	
06/01/14

	 	$	32,333.65	 	 	$	38,750.00	 	 	$	2,906,250.00	 
	
07/01/14

	 	$	30,878.91	 	 	$	38,750.00	 	 	$	2,867,500.00	 
	
08/01/14

	 	$	31,482.76	 	 	$	38,750.00	 	 	$	2,828,750.00	 
	
09/01/14

	 	$	31,057.32	 	 	$	38,750.00	 	 	$	2,790,000.00	 
	
10/01/14

	 	$	29,643.75	 	 	$	38,750.00	 	 	$	2,751,250.00	 
	
11/01/14

	 	$	30,206.43	 	 	$	38,750.00	 	 	$	2,712,500.00	 
	
12/01/14

	 	$	28,820.31	 	 	$	38,750.00	 	 	$	2,673,750.00	 
	
01/01/15

	 	$	29,355.55	 	 	$	38,750.00	 	 	$	2,635,000.00	 
	
02/01/15

	 	$	28,930.10	 	 	$	38,750.00	 	 	$	2,596,250.00	 
	
03/01/15

	 	$	25,746.15	 	 	$	38,750.00	 	 	$	2,557,500.00	 
	
04/01/15

	 	$	28,079.22	 	 	$	38,750.00	 	 	$	2,518,750.00	 
	
05/01/15

	 	$	26,761.72	 	 	$	38,750.00	 	 	$	2,480,000.00	 
	
06/01/15

	 	$	27,228.33	 	 	$	38,750.00	 	 	$	2,441,250.00	 

 

  

16

  

 

	Payment Date	 	
Interest

	 	 	
Principal

	 	 	
Balance o/s

	 
	 	 	 	 	 	 	 	 	 	 
	
07/01/15

	 	$	25,938.28	 	 	$	38,750.00	 	 	$	2,402,500.00	 
	
08/01/15

	 	$	26,377.45	 	 	$	38,750.00	 	 	$	2,363,750.00	 
	
09/01/15

	 	$	25,952.01	 	 	$	38,750.00	 	 	$	2,325,000.00	 
	
10/01/15

	 	$	24,703.13	 	 	$	38,750.00	 	 	$	2,286,250.00	 
	
11/01/15

	 	$	25,101.12	 	 	$	38,750.00	 	 	$	2,247,500.00	 
	
12/01/15

	 	$	23,879.69	 	 	$	38,750.00	 	 	$	2,208,750.00	 
	
01/01/16

	 	$	24,250.23	 	 	$	38,750.00	 	 	$	2,170,000.00	 
	
02/01/16

	 	$	23,824.79	 	 	$	38,750.00	 	 	$	2,131,250.00	 
	
03/01/16

	 	$	21,889.71	 	 	$	38,750.00	 	 	$	2,092,500.00	 
	
04/01/16

	 	$	22,973.91	 	 	$	38,750.00	 	 	$	2,053,750.00	 
	
05/01/16

	 	$	21,821.09	 	 	$	38,750.00	 	 	$	2,015,000.00	 
	
06/01/16

	 	$	22,123.02	 	 	$	38,750.00	 	 	$	1,976,250.00	 
	
07/01/16

	 	$	20,997.66	 	 	$	38,750.00	 	 	$	1,937,500.00	 
	
08/01/16

	 	$	21,272.14	 	 	$	38,750.00	 	 	$	1,898,750.00	 
	
09/01/16

	 	$	20,846.69	 	 	$	38,750.00	 	 	$	1,860,000.00	 
	
10/01/16

	 	$	19,762.50	 	 	$	38,750.00	 	 	$	1,821,250.00	 
	
11/01/16

	 	$	19,995.81	 	 	$	38,750.00	 	 	$	1,782,500.00	 
	
12/01/16

	 	$	18,939.06	 	 	$	38,750.00	 	 	$	1,743,750.00	 
	
01/01/17

	 	$	19,144.92	 	 	$	38,750.00	 	 	$	1,705,000.00	 
	
02/01/17

	 	$	18,719.48	 	 	$	38,750.00	 	 	$	1,666,250.00	 
	
03/01/17

	 	$	16,523.65	 	 	$	38,750.00	 	 	$	1,627,500.00	 
	
04/01/17

	 	$	17,868.59	 	 	$	38,750.00	 	 	$	1,588,750.00	 
	
05/01/17

	 	$	16,880.47	 	 	$	38,750.00	 	 	$	1,550,000.00	 
	
06/01/17

	 	$	17,017.71	 	 	$	38,750.00	 	 	$	1,511,250.00	 
	
07/01/17

	 	$	16,057.03	 	 	$	1,511,250.00	 	 	$	0	 

  

17

  

DELAYED DRAW TERM LOAN B COMMITMENTS

	
Lender

	 	
Delayed Draw Term Loan B Commitments

	 
	

Icon Leasing Fund Eleven, LLC

	 	$	
3,300,000

	 
	

Icon Leasing Fund Twelve, LLC

	 	$	
2,700,000

	 

AMORTIZATION OF THE LOAN

 

The Loan will amortize in [___________] (___) monthly payments as follows:

	
Payment Date

	 	
Interest

	 	 	
Principal

	 	 	
Balance o/s

	 
	  	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
[ TO BE DETERMINED BASED ON DRAW DATE ]

	 

  

18

  

 

Exhibit B to Amendment No. 3

(Exhibit B-4 to the Credit Agreement)

EXHIBIT B-4

DELAYED DRAW TERM NOTE B

 

	$[_________] 	 [______], 2013

 

 

1.           FOR VALUE RECEIVED, the receipt and sufficiency of which are hereby acknowledged, Xfone USA, Inc., a Mississippi corporation, NTS Communications, Inc., a Texas corporation, Gulf Coast Utilities, Inc., a Mississippi corporation, eXpeTel Communications, Inc., a Mississippi corporation, NTS Construction Company, a Texas corporation, Garey M. Wallace Company, Inc., a Texas corporation, Midcom of Arizona, Inc., an Arizona corporation, Communications Brokers, Inc., a Texas corporation, and N.T.S. Management Company, L.L.C., a Texas limited liability company (each, and collectively, the “Borrower”), hereby, jointly and severally, promises to pay to the order of [____________], a [________________] (“Lender”), [AMOUNT WRITTEN OUT] DOLLARS ($[_________]), or if less, the outstanding principal amount of the Delayed Draw Term Loan B made by the Lender to the Borrower pursuant to the Agreement (defined below) and evidenced by this Delayed Draw Term Note B, together with interest on the unpaid balance of such amount from the date of this Delayed Draw  Term Note.  This Delayed Draw Term Note B is one of the Term Notes issued under the Term Loan, Guarantee and Security Agreement among Borrower, the other Credit Parties signatory thereto, Lender, the other lenders from time to time party thereto and ICON AGENT, LLC as agent for the lenders (the “Agent”), dated October 6, 2011 as amended by that certain Amended & Restated Consent, Waiver & Amendment Agreement dated November 1, 2011 and that certain Amendment No. 1 thereto dated as of June 22, 2012, Amendment No. 2 thereto dated as of August 9, 2012 and Amendment No. 3 thereto dated as of February 12, 2013 (said agreement as amended, as the same may be amended, restated or supplemented from time to time, being herein called the “Agreement”) to which a reference is made for a statement of all of the terms and conditions of the Delayed Draw Term Loan B evidenced hereby.  Capitalized terms not defined in this Delayed Draw Term Note B shall have the respective meanings assigned to them in the Agreement.  This Delayed Draw Term Note B is secured by the Collateral to the extent provided pursuant to the Loan Documents, and is entitled to the benefit of the rights and security provided thereby.

2.           Interest on the outstanding principal balance under this Delayed Draw Term Note B is payable at a fixed rate equal to twelve and three quarters percent (12.75%) per annum or, to the extent otherwise expressly provided under the Agreement, at the Default Rate (in each case calculated in the manner specified in the Agreement), in immediately available Dollars at the time and in the manner specified in the Agreement.  The outstanding principal and interest under this Delayed Draw Term Note B shall be immediately due and payable on the Maturity Date, and prior to the Maturity Date, such outstanding principal and accrued interest shall be due and payable in accordance with the schedule attached as Schedule 1 hereto and incorporated herein by reference.

3.           This Delayed Draw Term Note B may be voluntarily prepaid only on the terms and conditions set forth in the Agreement.

4.           Payments received by Lender shall be applied against principal and interest as provided for in the Agreement.  Except as otherwise provided for in this Delayed Draw Term Note B or the Agreement and to the fullest extent permitted by applicable law, Borrower waives: (a) presentment, demand and protest, and notice of presentment, dishonor, intent to accelerate, protest, default, nonpayment, maturity, release, compromise, settlement, extension or renewal of any or all of the Obligations, the Loan Documents or this Delayed Draw Term Note B; (b) all rights to notice and a hearing prior to Agent’s or Lender’s taking possession or control of, or to Agent’s or Lender’s replevy, attachment or levy upon, the Collateral or any bond or security that might be required by any court prior to allowing Agent or Lender to exercise any of its remedies; and (c) the benefit of all valuation, appraisal and exemption laws.

 

  

19

  

5.           Borrower acknowledges that this Delayed Draw Term Note B is executed as part of a commercial transaction and that the proceeds of this Delayed Draw Term Note B will not be used for any personal or consumer purpose.

6.           Borrower agrees to pay to Lender all Fees and expenses described in the Agreement.

7.           Upon the occurrence and continuance of any one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Delayed Draw Term Note B shall become, or may be declared to be, immediately due and payable, all as provided in the Agreement.

8.           BORROWER ACKNOWLEDGES THAT BORROWER HAS WAIVED THE RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ON THIS DELAYED DRAW TERM NOTE B.  THIS DELAYED DRAW TERM NOTE B IS GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

[Remainder of Page Intentionally Left Blank]

  

20

  

 

IN WITNESS WHEREOF, intending to be legally bound, the Borrower has caused this Delayed Draw Term Note B to be executed as of the date first written above.

BORROWER:

 

	XFONE USA, INC. 

 

 

By: _________________________________________

Name:_______________________________________

Title:________________________________________ 

 

NTS COMMUNICATIONS, INC.

 

 

By: _________________________________________ 

Name:_______________________________________

Title:________________________________________

 

GULF COAST UTILITIES, INC.

By:_________________________________________ 

Name:_______________________________________

Title:________________________________________

 

EXPETEL COMMUNICATIONS, INC.

By: _________________________________________

Name:_______________________________________

Title:________________________________________

 

NTS CONSTRUCTION COMPANY

By: _________________________________________ 

Name:_______________________________________

Title:________________________________________ 

	GAREY M. WALLACE COMPANY, INC. 

 

 

By:_________________________________________  

Name:_______________________________________

Title:________________________________________ 

 

MIDCOM OF ARIZONA, INC.

 

 

By:_________________________________________      

Name:_______________________________________

Title:________________________________________ 

 

COMMUNICATIONS BROKERS, INC.

By: _________________________________________ 

Name:_______________________________________

Title:________________________________________ 

 

N.T.S. MANAGEMENT COMPANY, L.L.C.

By:_________________________________________     

Name:_______________________________________

Title:________________________________________            

	 	 

 

  

21

  

 

SCHEDULE 1 TO DELAYED DRAW TERM NOTE B DATED [_______], 2012

IN THE ORIGINAL PRINCIPAL AMOUNT OF $[_______]

MADE BY

XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule

The outstanding principal and accrued interest balance of the Delayed Draw Term Loan B evidenced by this Delayed Draw Term Note B shall amortize in [__] consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Delayed Draw Term Loan B Funding Date.  The remaining outstanding principal and accrued interest balance (if any) of this Delayed Draw Term Note B shall be paid on the Maturity Date of such Delayed Draw Term Loan B.

	
Payment Date

	 	
Interest

	 	 	
Principal

	 	 	
Balance o/s

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 

 

  

22

  

 

Exhibit C to Amendment No. 3

[  Schedule 1 to the ICON ECI Fund Fifteen, L.P.

Closing Date Term Loan Note  ]

 

SCHEDULE 1 TO TERM NOTE DATED OCTOBER 27, 2011

IN THE ORIGINAL PRINCIPAL AMOUNT OF $6,850,000.00

MADE BY

XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule

The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 69 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

	
Date

	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
11/01/11

	 	$	-	 	 	$	-	 	 	$	6,850,000.00	 
	
12/01/11

	 	$	72,781.25	 	 	$	-	 	 	$	6,850,000.00	 
	
01/01/12

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
02/01/12

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
03/01/12

	 	$	70,355.21	 	 	$	-	 	 	$	6,850,000.00	 
	
04/01/12

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
05/01/12

	 	$	72,781.25	 	 	$	-	 	 	$	6,850,000.00	 
	
06/01/12

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
07/01/12

	 	$	72,781.25	 	 	$	-	 	 	$	6,850,000.00	 
	
08/01/12

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
09/01/12

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
10/01/12

	 	$	72,781.25	 	 	$	-	 	 	$	6,850,000.00	 
	
11/01/12

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
12/01/12

	 	$	72,781.25	 	 	$	-	 	 	$	6,850,000.00	 
	
01/01/13

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
02/01/13

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
03/01/13

	 	$	67,929.17	 	 	$	-	 	 	$	6,850,000.00	 
	
04/01/13

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
05/01/13

	 	$	72,781.25	 	 	$	-	 	 	$	6,850,000.00	 
	
06/01/13

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
07/01/13

	 	$	72,781.25	 	 	$	-	 	 	$	6,850,000.00	 
	
08/01/13

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
09/01/13

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
10/01/13

	 	$	72,781.25	 	 	$	-	 	 	$	6,850,000.00	 

 

  

23

  

 

	Date	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 
	
11/01/13

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
12/01/13

	 	$	72,781.25	 	 	$	-	 	 	$	6,850,000.00	 
	
01/01/14

	 	$	75,207.29	 	 	$	-	 	 	$	6,850,000.00	 
	
02/01/14

	 	$	75,207.29	 	 	$	85,625.00	 	 	$	6,764,375.00	 
	
03/01/14

	 	$	67,080.05	 	 	$	85,625.00	 	 	$	6,678,750.00	 
	
04/01/14

	 	$	73,327.11	 	 	$	85,625.00	 	 	$	6,593,125.00	 
	
05/01/14

	 	$	70,051.95	 	 	$	85,625.00	 	 	$	6,507,500.00	 
	
06/01/14

	 	$	71,446.93	 	 	$	85,625.00	 	 	$	6,421,875.00	 
	
07/01/14

	 	$	68,232.42	 	 	$	85,625.00	 	 	$	6,336,250.00	 
	
08/01/14

	 	$	69,566.74	 	 	$	85,625.00	 	 	$	6,250,625.00	 
	
09/01/14

	 	$	68,626.65	 	 	$	85,625.00	 	 	$	6,165,000.00	 
	
10/01/14

	 	$	65,503.13	 	 	$	85,625.00	 	 	$	6,079,375.00	 
	
11/01/14

	 	$	66,746.47	 	 	$	85,625.00	 	 	$	5,993,750.00	 
	
12/01/14

	 	$	63,683.59	 	 	$	85,625.00	 	 	$	5,908,125.00	 
	
01/01/15

	 	$	64,866.29	 	 	$	85,625.00	 	 	$	5,822,500.00	 
	
02/01/15

	 	$	63,926.20	 	 	$	85,625.00	 	 	$	5,736,875.00	 
	
03/01/15

	 	$	56,890.68	 	 	$	85,625.00	 	 	$	5,651,250.00	 
	
04/01/15

	 	$	62,046.02	 	 	$	85,625.00	 	 	$	5,565,625.00	 
	
05/01/15

	 	$	59,134.77	 	 	$	85,625.00	 	 	$	5,480,000.00	 
	
06/01/15

	 	$	60,165.83	 	 	$	85,625.00	 	 	$	5,394,375.00	 
	
07/01/15

	 	$	57,315.23	 	 	$	85,625.00	 	 	$	5,308,750.00	 
	
08/01/15

	 	$	58,285.65	 	 	$	85,625.00	 	 	$	5,223,125.00	 
	
09/01/15

	 	$	57,345.56	 	 	$	85,625.00	 	 	$	5,137,500.00	 
	
10/01/15

	 	$	54,585.94	 	 	$	85,625.00	 	 	$	5,051,875.00	 
	
11/01/15

	 	$	55,465.38	 	 	$	85,625.00	 	 	$	4,966,250.00	 
	
12/01/15

	 	$	52,766.41	 	 	$	85,625.00	 	 	$	4,880,625.00	 
	
01/01/16

	 	$	53,585.20	 	 	$	85,625.00	 	 	$	4,795,000.00	 
	
02/01/16

	 	$	52,645.10	 	 	$	85,625.00	 	 	$	4,709,375.00	 
	
03/01/16

	 	$	48,369.21	 	 	$	85,625.00	 	 	$	4,623,750.00	 
	
04/01/16

	 	$	50,764.92	 	 	$	85,625.00	 	 	$	4,538,125.00	 
	
05/01/16

	 	$	48,217.58	 	 	$	85,625.00	 	 	$	4,452,500.00	 
	
06/01/16

	 	$	48,884.74	 	 	$	85,625.00	 	 	$	4,366,875.00	 
	
07/01/16

	 	$	46,398.05	 	 	$	85,625.00	 	 	$	4,281,250.00	 
	
08/01/16

	 	$	47,004.56	 	 	$	85,625.00	 	 	$	4,195,625.00	 
	
09/01/16

	 	$	46,064.47	 	 	$	85,625.00	 	 	$	4,110,000.00	 
	
10/01/16

	 	$	43,668.75	 	 	$	85,625.00	 	 	$	4,024,375.00	 
	
11/01/16

	 	$	44,184.28	 	 	$	85,625.00	 	 	$	3,938,750.00	 
	
12/01/16

	 	$	41,849.22	 	 	$	85,625.00	 	 	$	3,853,125.00	 
	
01/01/17

	 	$	42,304.10	 	 	$	85,625.00	 	 	$	3,767,500.00	 
	
02/01/17

	 	$	41,364.01	 	 	$	85,625.00	 	 	$	3,681,875.00	 
	
03/01/17

	 	$	36,511.93	 	 	$	85,625.00	 	 	$	3,596,250.00	 
	
04/01/17

	 	$	39,483.83	 	 	$	85,625.00	 	 	$	3,510,625.00	 
	
05/01/17

	 	$	37,300.39	 	 	$	85,625.00	 	 	$	3,425,000.00	 
	
06/01/17

	 	$	37,603.65	 	 	$	85,625.00	 	 	$	3,339,375.00	 
	
07/01/17

	 	$	35,480.86	 	 	$	3,339,375.00	 	 	$	0	 

  

24

  

Exhibit D to Amendment No. 3

[  Schedule 1 to the Hardwood Partners, LLC

Closing Date Term Loan Note  ]

 

SCHEDULE 1 TO TERM NOTE DATED OCTOBER 27, 2011

IN THE ORIGINAL PRINCIPAL AMOUNT OF $500,000.00

MADE BY

XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule

 

The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 69 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

	
Date

	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
11/01/11

	 	$	-	 	 	$	-	 	 	$	500,000.00	 
	
12/01/11

	 	$	5,312.50	 	 	$	-	 	 	$	500,000.00	 
	
01/01/12

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
02/01/12

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
03/01/12

	 	$	5,135.42	 	 	$	-	 	 	$	500,000.00	 
	
04/01/12

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
05/01/12

	 	$	5,312.50	 	 	$	-	 	 	$	500,000.00	 
	
06/01/12

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
07/01/12

	 	$	5,312.50	 	 	$	-	 	 	$	500,000.00	 
	
08/01/12

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
09/01/12

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
10/01/12

	 	$	5,312.50	 	 	$	-	 	 	$	500,000.00	 
	
11/01/12

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
12/01/12

	 	$	5,312.50	 	 	$	-	 	 	$	500,000.00	 
	
01/01/13

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
02/01/13

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
03/01/13

	 	$	4,958.33	 	 	$	-	 	 	$	500,000.00	 
	
04/01/13

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
05/01/13

	 	$	5,312.50	 	 	$	-	 	 	$	500,000.00	 
	
06/01/13

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
07/01/13

	 	$	5,312.50	 	 	$	-	 	 	$	500,000.00	 
	
08/01/13

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
09/01/13

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
10/01/13

	 	$	5,312.50	 	 	$	-	 	 	$	500,000.00	 
	
11/01/13

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 
	
12/01/13

	 	$	5,312.50	 	 	$	-	 	 	$	500,000.00	 
	
01/01/14

	 	$	5,489.58	 	 	$	-	 	 	$	500,000.00	 

 

  

25

  

 

	Date	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 
	
02/01/14

	 	$	5,489.58	 	 	$	6,250.00	 	 	$	493,750.00	 
	
03/01/14

	 	$	4,896.35	 	 	$	6,250.00	 	 	$	487,500.00	 
	
04/01/14

	 	$	5,352.34	 	 	$	6,250.00	 	 	$	481,250.00	 
	
05/01/14

	 	$	5,113.28	 	 	$	6,250.00	 	 	$	475,000.00	 
	
06/01/14

	 	$	5,215.10	 	 	$	6,250.00	 	 	$	468,750.00	 
	
07/01/14

	 	$	4,980.47	 	 	$	6,250.00	 	 	$	462,500.00	 
	
08/01/14

	 	$	5,077.86	 	 	$	6,250.00	 	 	$	456,250.00	 
	
09/01/14

	 	$	5,009.24	 	 	$	6,250.00	 	 	$	450,000.00	 
	
10/01/14

	 	$	4,781.25	 	 	$	6,250.00	 	 	$	443,750.00	 
	
11/01/14

	 	$	4,872.01	 	 	$	6,250.00	 	 	$	437,500.00	 
	
12/01/14

	 	$	4,648.44	 	 	$	6,250.00	 	 	$	431,250.00	 
	
01/01/15

	 	$	4,734.77	 	 	$	6,250.00	 	 	$	425,000.00	 
	
02/01/15

	 	$	4,666.15	 	 	$	6,250.00	 	 	$	418,750.00	 
	
03/01/15

	 	$	4,152.60	 	 	$	6,250.00	 	 	$	412,500.00	 
	
04/01/15

	 	$	4,528.91	 	 	$	6,250.00	 	 	$	406,250.00	 
	
05/01/15

	 	$	4,316.41	 	 	$	6,250.00	 	 	$	400,000.00	 
	
06/01/15

	 	$	4,391.67	 	 	$	6,250.00	 	 	$	393,750.00	 
	
07/01/15

	 	$	4,183.59	 	 	$	6,250.00	 	 	$	387,500.00	 
	
08/01/15

	 	$	4,254.43	 	 	$	6,250.00	 	 	$	381,250.00	 
	
09/01/15

	 	$	4,185.81	 	 	$	6,250.00	 	 	$	375,000.00	 
	
10/01/15

	 	$	3,984.38	 	 	$	6,250.00	 	 	$	368,750.00	 
	
11/01/15

	 	$	4,048.57	 	 	$	6,250.00	 	 	$	362,500.00	 
	
12/01/15

	 	$	3,851.56	 	 	$	6,250.00	 	 	$	356,250.00	 
	
01/01/16

	 	$	3,911.33	 	 	$	6,250.00	 	 	$	350,000.00	 
	
02/01/16

	 	$	3,842.71	 	 	$	6,250.00	 	 	$	343,750.00	 
	
03/01/16

	 	$	3,530.60	 	 	$	6,250.00	 	 	$	337,500.00	 
	
04/01/16

	 	$	3,705.47	 	 	$	6,250.00	 	 	$	331,250.00	 
	
05/01/16

	 	$	3,519.53	 	 	$	6,250.00	 	 	$	325,000.00	 
	
06/01/16

	 	$	3,568.23	 	 	$	6,250.00	 	 	$	318,750.00	 
	
07/01/16

	 	$	3,386.72	 	 	$	6,250.00	 	 	$	312,500.00	 
	
08/01/16

	 	$	3,430.99	 	 	$	6,250.00	 	 	$	306,250.00	 
	
09/01/16

	 	$	3,362.37	 	 	$	6,250.00	 	 	$	300,000.00	 
	
10/01/16

	 	$	3,187.50	 	 	$	6,250.00	 	 	$	293,750.00	 
	
11/01/16

	 	$	3,225.13	 	 	$	6,250.00	 	 	$	287,500.00	 
	
12/01/16

	 	$	3,054.69	 	 	$	6,250.00	 	 	$	281,250.00	 
	
01/01/17

	 	$	3,087.89	 	 	$	6,250.00	 	 	$	275,000.00	 
	
02/01/17

	 	$	3,019.27	 	 	$	6,250.00	 	 	$	268,750.00	 
	
03/01/17

	 	$	2,665.10	 	 	$	6,250.00	 	 	$	262,500.00	 
	
04/01/17

	 	$	2,882.03	 	 	$	6,250.00	 	 	$	256,250.00	 
	
05/01/17

	 	$	2,722.66	 	 	$	6,250.00	 	 	$	250,000.00	 
	
06/01/17

	 	$	2,744.79	 	 	$	6,250.00	 	 	$	243,750.00	 
	
07/01/17

	 	$	2,589.84	 	 	$	243,750.00	 	 	$	0	 

  

26

  

Exhibit E to Amendment No. 3

[  Schedule 1 to the ICON ECI Partners, L.P.

Closing Date Term Loan Note  ]

 

SCHEDULE 1 TO TERM NOTE DATED OCTOBER 27, 2011

IN THE ORIGINAL PRINCIPAL AMOUNT OF $150,000.00

MADE BY

XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule

 

The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 69 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

	
Date

	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	
11/01/11

	 	$	-	 	 	$	-	 	 	$	150,000.00	 
	
12/01/11

	 	$	1,593.75	 	 	$	-	 	 	$	150,000.00	 
	
01/01/12

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
02/01/12

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
03/01/12

	 	$	1,540.63	 	 	$	-	 	 	$	150,000.00	 
	
04/01/12

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
05/01/12

	 	$	1,593.75	 	 	$	-	 	 	$	150,000.00	 
	
06/01/12

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
07/01/12

	 	$	1,593.75	 	 	$	-	 	 	$	150,000.00	 
	
08/01/12

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
09/01/12

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
10/01/12

	 	$	1,593.75	 	 	$	-	 	 	$	150,000.00	 
	
11/01/12

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
12/01/12

	 	$	1,593.75	 	 	$	-	 	 	$	150,000.00	 
	
01/01/13

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
02/01/13

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
03/01/13

	 	$	1,487.50	 	 	$	-	 	 	$	150,000.00	 
	
04/01/13

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
05/01/13

	 	$	1,593.75	 	 	$	-	 	 	$	150,000.00	 
	
06/01/13

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
07/01/13

	 	$	1,593.75	 	 	$	-	 	 	$	150,000.00	 
	
08/01/13

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
09/01/13

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
10/01/13

	 	$	1,593.75	 	 	$	-	 	 	$	150,000.00	 
	
11/01/13

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 
	
12/01/13

	 	$	1,593.75	 	 	$	-	 	 	$	150,000.00	 
	
01/01/14

	 	$	1,646.88	 	 	$	-	 	 	$	150,000.00	 

 

  

27

  

 

	Date	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 
	
02/01/14

	 	$	1,646.88	 	 	$	1,875.00	 	 	$	148,125.00	 
	
03/01/14

	 	$	1,468.91	 	 	$	1,875.00	 	 	$	146,250.00	 
	
04/01/14

	 	$	1,605.70	 	 	$	1,875.00	 	 	$	144,375.00	 
	
05/01/14

	 	$	1,533.98	 	 	$	1,875.00	 	 	$	142,500.00	 
	
06/01/14

	 	$	1,564.53	 	 	$	1,875.00	 	 	$	140,625.00	 
	
07/01/14

	 	$	1,494.14	 	 	$	1,875.00	 	 	$	138,750.00	 
	
08/01/14

	 	$	1,523.36	 	 	$	1,875.00	 	 	$	136,875.00	 
	
09/01/14

	 	$	1,502.77	 	 	$	1,875.00	 	 	$	135,000.00	 
	
10/01/14

	 	$	1,434.38	 	 	$	1,875.00	 	 	$	133,125.00	 
	
11/01/14

	 	$	1,461.60	 	 	$	1,875.00	 	 	$	131,250.00	 
	
12/01/14

	 	$	1,394.53	 	 	$	1,875.00	 	 	$	129,375.00	 
	
01/01/15

	 	$	1,420.43	 	 	$	1,875.00	 	 	$	127,500.00	 
	
02/01/15

	 	$	1,399.84	 	 	$	1,875.00	 	 	$	125,625.00	 
	
03/01/15

	 	$	1,245.78	 	 	$	1,875.00	 	 	$	123,750.00	 
	
04/01/15

	 	$	1,358.67	 	 	$	1,875.00	 	 	$	121,875.00	 
	
05/01/15

	 	$	1,294.92	 	 	$	1,875.00	 	 	$	120,000.00	 
	
06/01/15

	 	$	1,317.50	 	 	$	1,875.00	 	 	$	118,125.00	 
	
07/01/15

	 	$	1,255.08	 	 	$	1,875.00	 	 	$	116,250.00	 
	
08/01/15

	 	$	1,276.33	 	 	$	1,875.00	 	 	$	114,375.00	 
	
09/01/15

	 	$	1,255.74	 	 	$	1,875.00	 	 	$	112,500.00	 
	
10/01/15

	 	$	1,195.31	 	 	$	1,875.00	 	 	$	110,625.00	 
	
11/01/15

	 	$	1,214.57	 	 	$	1,875.00	 	 	$	108,750.00	 
	
12/01/15

	 	$	1,155.47	 	 	$	1,875.00	 	 	$	106,875.00	 
	
01/01/16

	 	$	1,173.40	 	 	$	1,875.00	 	 	$	105,000.00	 
	
02/01/16

	 	$	1,152.81	 	 	$	1,875.00	 	 	$	103,125.00	 
	
03/01/16

	 	$	1,059.18	 	 	$	1,875.00	 	 	$	101,250.00	 
	
04/01/16

	 	$	1,111.64	 	 	$	1,875.00	 	 	$	99,375.00	 
	
05/01/16

	 	$	1,055.86	 	 	$	1,875.00	 	 	$	97,500.00	 
	
06/01/16

	 	$	1,070.47	 	 	$	1,875.00	 	 	$	95,625.00	 
	
07/01/16

	 	$	1,016.02	 	 	$	1,875.00	 	 	$	93,750.00	 
	
08/01/16

	 	$	1,029.30	 	 	$	1,875.00	 	 	$	91,875.00	 
	
09/01/16

	 	$	1,008.71	 	 	$	1,875.00	 	 	$	90,000.00	 
	
10/01/16

	 	$	956.25	 	 	$	1,875.00	 	 	$	88,125.00	 
	
11/01/16

	 	$	967.54	 	 	$	1,875.00	 	 	$	86,250.00	 
	
12/01/16

	 	$	916.41	 	 	$	1,875.00	 	 	$	84,375.00	 
	
01/01/17

	 	$	926.37	 	 	$	1,875.00	 	 	$	82,500.00	 
	
02/01/17

	 	$	905.78	 	 	$	1,875.00	 	 	$	80,625.00	 
	
03/01/17

	 	$	799.53	 	 	$	1,875.00	 	 	$	78,750.00	 
	
04/01/17

	 	$	864.61	 	 	$	1,875.00	 	 	$	76,875.00	 
	
05/01/17

	 	$	816.80	 	 	$	1,875.00	 	 	$	75,000.00	 
	
06/01/17

	 	$	823.44	 	 	$	1,875.00	 	 	$	73,125.00	 
	
07/01/17

	 	$	776.95	 	 	$	73,125.00	 	 	$	0	 

  

28

  

Exhibit F to Amendment No. 3

[  Schedule 1 to the ICON ECI Fund Fifteen, L.P.

Amendment Date Term Loan Note  ]

 

SCHEDULE 1 TO TERM NOTE DATED JUNE 22, 2012

IN THE ORIGINAL PRINCIPAL AMOUNT OF $1,540,000.00

MADE BY

XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule

The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 61 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

 

	
Date

	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	
07/01/12

	 	 	 	 	 	 	 	$	1,540,000.00	 
	
08/01/12

	 	$	16,907.92	 	 	$	-	 	 	$	1,540,000.00	 
	
09/01/12

	 	$	16,907.92	 	 	$	-	 	 	$	1,540,000.00	 
	
10/01/12

	 	$	16,362.50	 	 	$	-	 	 	$	1,540,000.00	 
	
11/01/12

	 	$	16,907.92	 	 	$	-	 	 	$	1,540,000.00	 
	
12/01/12

	 	$	16,362.50	 	 	$	-	 	 	$	1,540,000.00	 
	
01/01/13

	 	$	16,907.92	 	 	$	-	 	 	$	1,540,000.00	 
	
02/01/13

	 	$	16,907.92	 	 	$	-	 	 	$	1,540,000.00	 
	
03/01/13

	 	$	15,271.67	 	 	$	-	 	 	$	1,540,000.00	 
	
04/01/13

	 	$	16,907.92	 	 	$	-	 	 	$	1,540,000.00	 
	
05/01/13

	 	$	16,362.50	 	 	$	-	 	 	$	1,540,000.00	 
	
06/01/13

	 	$	16,907.92	 	 	$	-	 	 	$	1,540,000.00	 
	
07/01/13

	 	$	16,362.50	 	 	$	-	 	 	$	1,540,000.00	 
	
08/01/13

	 	$	16,907.92	 	 	$	-	 	 	$	1,540,000.00	 
	
09/01/13

	 	$	16,907.92	 	 	$	-	 	 	$	1,540,000.00	 
	
10/01/13

	 	$	16,362.50	 	 	$	-	 	 	$	1,540,000.00	 
	
11/01/13

	 	$	16,907.92	 	 	$	-	 	 	$	1,540,000.00	 
	
12/01/13

	 	$	16,362.50	 	 	$	-	 	 	$	1,540,000.00	 
	
01/01/14

	 	$	16,907.92	 	 	$	-	 	 	$	1,540,000.00	 
	
02/01/14

	 	$	16,907.92	 	 	$	19,250.00	 	 	$	1,520,750.00	 
	
03/01/14

	 	$	15,080.77	 	 	$	19,250.00	 	 	$	1,501,500.00	 
	
04/01/14

	 	$	16,485.22	 	 	$	19,250.00	 	 	$	1,482,250.00	 
	
05/01/14

	 	$	15,748.91	 	 	$	19,250.00	 	 	$	1,463,000.00	 
	
06/01/14

	 	$	16,062.52	 	 	$	19,250.00	 	 	$	1,443,750.00	 
	
07/01/14

	 	$	15,339.84	 	 	$	19,250.00	 	 	$	1,424,500.00	 

 

  

29

  

 

	Date	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 
	
08/01/14

	 	$	15,639.82	 	 	$	19,250.00	 	 	$	1,405,250.00	 
	
09/01/14

	 	$	15,428.47	 	 	$	19,250.00	 	 	$	1,386,000.00	 
	
10/01/14

	 	$	14,726.25	 	 	$	19,250.00	 	 	$	1,366,750.00	 
	
11/01/14

	 	$	15,005.78	 	 	$	19,250.00	 	 	$	1,347,500.00	 
	
12/01/14

	 	$	14,317.19	 	 	$	19,250.00	 	 	$	1,328,250.00	 
	
01/01/15

	 	$	14,583.08	 	 	$	19,250.00	 	 	$	1,309,000.00	 
	
02/01/15

	 	$	14,371.73	 	 	$	19,250.00	 	 	$	1,289,750.00	 
	
03/01/15

	 	$	12,790.02	 	 	$	19,250.00	 	 	$	1,270,500.00	 
	
04/01/15

	 	$	13,949.03	 	 	$	19,250.00	 	 	$	1,251,250.00	 
	
05/01/15

	 	$	13,294.53	 	 	$	19,250.00	 	 	$	1,232,000.00	 
	
06/01/15

	 	$	13,526.33	 	 	$	19,250.00	 	 	$	1,212,750.00	 
	
07/01/15

	 	$	12,885.47	 	 	$	19,250.00	 	 	$	1,193,500.00	 
	
08/01/15

	 	$	13,103.64	 	 	$	19,250.00	 	 	$	1,174,250.00	 
	
09/01/15

	 	$	12,892.29	 	 	$	19,250.00	 	 	$	1,155,000.00	 
	
10/01/15

	 	$	12,271.88	 	 	$	19,250.00	 	 	$	1,135,750.00	 
	
11/01/15

	 	$	12,469.59	 	 	$	19,250.00	 	 	$	1,116,500.00	 
	
12/01/15

	 	$	11,862.81	 	 	$	19,250.00	 	 	$	1,097,250.00	 
	
01/01/16

	 	$	12,046.89	 	 	$	19,250.00	 	 	$	1,078,000.00	 
	
02/01/16

	 	$	11,835.54	 	 	$	19,250.00	 	 	$	1,058,750.00	 
	
03/01/16

	 	$	10,874.24	 	 	$	19,250.00	 	 	$	1,039,500.00	 
	
04/01/16

	 	$	11,412.84	 	 	$	19,250.00	 	 	$	1,020,250.00	 
	
05/01/16

	 	$	10,840.16	 	 	$	19,250.00	 	 	$	1,001,000.00	 
	
06/01/16

	 	$	10,990.15	 	 	$	19,250.00	 	 	$	981,750.00	 
	
07/01/16

	 	$	10,431.09	 	 	$	19,250.00	 	 	$	962,500.00	 
	
08/01/16

	 	$	10,567.45	 	 	$	19,250.00	 	 	$	943,250.00	 
	
09/01/16

	 	$	10,356.10	 	 	$	19,250.00	 	 	$	924,000.00	 
	
10/01/16

	 	$	9,817.50	 	 	$	19,250.00	 	 	$	904,750.00	 
	
11/01/16

	 	$	9,933.40	 	 	$	19,250.00	 	 	$	885,500.00	 
	
12/01/16

	 	$	9,408.44	 	 	$	19,250.00	 	 	$	866,250.00	 
	
01/01/17

	 	$	9,510.70	 	 	$	19,250.00	 	 	$	847,000.00	 
	
02/01/17

	 	$	9,299.35	 	 	$	19,250.00	 	 	$	827,750.00	 
	
03/01/17

	 	$	8,208.52	 	 	$	19,250.00	 	 	$	808,500.00	 
	
04/01/17

	 	$	8,876.66	 	 	$	19,250.00	 	 	$	789,250.00	 
	
05/01/17

	 	$	8,385.78	 	 	$	19,250.00	 	 	$	770,000.00	 
	
06/01/17

	 	$	8,453.96	 	 	$	19,250.00	 	 	$	750,750.00	 
	
07/01/17

	 	$	7,976.72	 	 	$	750,750.00	 	 	$	0	 

  

30

  

 

Exhibit G to Amendment No. 3

[  Schedule 1 to the Hardwood Partners, LLC

Amendment Date Term Loan Note  ]

 

SCHEDULE 1 TO TERM NOTE DATED JUNE 22, 2012

IN THE ORIGINAL PRINCIPAL AMOUNT OF $105,000.00

MADE BY

XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule

 

The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 61 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

 

	
Date

	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	
07/01/12

	 	 	 	 	 	 	 	$	105,000.00	 
	
08/01/12

	 	$	1,152.81	 	 	$	-	 	 	$	105,000.00	 
	
09/01/12

	 	$	1,152.81	 	 	$	-	 	 	$	105,000.00	 
	
10/01/12

	 	$	1,115.63	 	 	$	-	 	 	$	105,000.00	 
	
11/01/12

	 	$	1,152.81	 	 	$	-	 	 	$	105,000.00	 
	
12/01/12

	 	$	1,115.63	 	 	$	-	 	 	$	105,000.00	 
	
01/01/13

	 	$	1,152.81	 	 	$	-	 	 	$	105,000.00	 
	
02/01/13

	 	$	1,152.81	 	 	$	-	 	 	$	105,000.00	 
	
03/01/13

	 	$	1,041.25	 	 	$	-	 	 	$	105,000.00	 
	
04/01/13

	 	$	1,152.81	 	 	$	-	 	 	$	105,000.00	 
	
05/01/13

	 	$	1,115.63	 	 	$	-	 	 	$	105,000.00	 
	
06/01/13

	 	$	1,152.81	 	 	$	-	 	 	$	105,000.00	 
	
07/01/13

	 	$	1,115.63	 	 	$	-	 	 	$	105,000.00	 
	
08/01/13

	 	$	1,152.81	 	 	$	-	 	 	$	105,000.00	 
	
09/01/13

	 	$	1,152.81	 	 	$	-	 	 	$	105,000.00	 
	
10/01/13

	 	$	1,115.63	 	 	$	-	 	 	$	105,000.00	 
	
11/01/13

	 	$	1,152.81	 	 	$	-	 	 	$	105,000.00	 
	
12/01/13

	 	$	1,115.63	 	 	$	-	 	 	$	105,000.00	 
	
01/01/14

	 	$	1,152.81	 	 	$	-	 	 	$	105,000.00	 
	
02/01/14

	 	$	1,152.81	 	 	$	1,312.50	 	 	$	103,687.50	 
	
03/01/14

	 	$	1,028.23	 	 	$	1,312.50	 	 	$	102,375.00	 
	
04/01/14

	 	$	1,123.99	 	 	$	1,312.50	 	 	$	101,062.50	 
	
05/01/14

	 	$	1,073.79	 	 	$	1,312.50	 	 	$	99,750.00	 
	
06/01/14

	 	$	1,095.17	 	 	$	1,312.50	 	 	$	98,437.50	 
	
07/01/14

	 	$	1,045.90	 	 	$	1,312.50	 	 	$	97,125.00	 

 

  

31

  

 

	Date	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 
	
08/01/14

	 	$	1,066.35	 	 	$	1,312.50	 	 	$	95,812.50	 
	
09/01/14

	 	$	1,051.94	 	 	$	1,312.50	 	 	$	94,500.00	 
	
10/01/14

	 	$	1,004.06	 	 	$	1,312.50	 	 	$	93,187.50	 
	
11/01/14

	 	$	1,023.12	 	 	$	1,312.50	 	 	$	91,875.00	 
	
12/01/14

	 	$	976.17	 	 	$	1,312.50	 	 	$	90,562.50	 
	
01/01/15

	 	$	994.30	 	 	$	1,312.50	 	 	$	89,250.00	 
	
02/01/15

	 	$	979.89	 	 	$	1,312.50	 	 	$	87,937.50	 
	
03/01/15

	 	$	872.05	 	 	$	1,312.50	 	 	$	86,625.00	 
	
04/01/15

	 	$	951.07	 	 	$	1,312.50	 	 	$	85,312.50	 
	
05/01/15

	 	$	906.45	 	 	$	1,312.50	 	 	$	84,000.00	 
	
06/01/15

	 	$	922.25	 	 	$	1,312.50	 	 	$	82,687.50	 
	
07/01/15

	 	$	878.55	 	 	$	1,312.50	 	 	$	81,375.00	 
	
08/01/15

	 	$	893.43	 	 	$	1,312.50	 	 	$	80,062.50	 
	
09/01/15

	 	$	879.02	 	 	$	1,312.50	 	 	$	78,750.00	 
	
10/01/15

	 	$	836.72	 	 	$	1,312.50	 	 	$	77,437.50	 
	
11/01/15

	 	$	850.20	 	 	$	1,312.50	 	 	$	76,125.00	 
	
12/01/15

	 	$	808.83	 	 	$	1,312.50	 	 	$	74,812.50	 
	
01/01/16

	 	$	821.38	 	 	$	1,312.50	 	 	$	73,500.00	 
	
02/01/16

	 	$	806.97	 	 	$	1,312.50	 	 	$	72,187.50	 
	
03/01/16

	 	$	741.43	 	 	$	1,312.50	 	 	$	70,875.00	 
	
04/01/16

	 	$	778.15	 	 	$	1,312.50	 	 	$	69,562.50	 
	
05/01/16

	 	$	739.10	 	 	$	1,312.50	 	 	$	68,250.00	 
	
06/01/16

	 	$	749.33	 	 	$	1,312.50	 	 	$	66,937.50	 
	
07/01/16

	 	$	711.21	 	 	$	1,312.50	 	 	$	65,625.00	 
	
08/01/16

	 	$	720.51	 	 	$	1,312.50	 	 	$	64,312.50	 
	
09/01/16

	 	$	706.10	 	 	$	1,312.50	 	 	$	63,000.00	 
	
10/01/16

	 	$	669.38	 	 	$	1,312.50	 	 	$	61,687.50	 
	
11/01/16

	 	$	677.28	 	 	$	1,312.50	 	 	$	60,375.00	 
	
12/01/16

	 	$	641.48	 	 	$	1,312.50	 	 	$	59,062.50	 
	
01/01/17

	 	$	648.46	 	 	$	1,312.50	 	 	$	57,750.00	 
	
02/01/17

	 	$	634.05	 	 	$	1,312.50	 	 	$	56,437.50	 
	
03/01/17

	 	$	559.67	 	 	$	1,312.50	 	 	$	55,125.00	 
	
04/01/17

	 	$	605.23	 	 	$	1,312.50	 	 	$	53,812.50	 
	
05/01/17

	 	$	571.76	 	 	$	1,312.50	 	 	$	52,500.00	 
	
06/01/17

	 	$	576.41	 	 	$	1,312.50	 	 	$	51,187.50	 
	
07/01/17

	 	$	543.87	 	 	$	51,187.50	 	 	$	0	 

  

32

  

 

Exhibit H to Amendment No. 3

[  Schedule 1 to the ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

Amendment Date Term Loan Note  ]

 

SCHEDULE 1 TO TERM NOTE DATED JUNE 22, 2012

IN THE ORIGINAL PRINCIPAL AMOUNT OF $1,855,000.00

MADE BY

XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

 

Amortization Schedule

 

The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 61 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

	
Date

	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	
07/01/12

	 	 	 	 	 	 	 	$	1,855,000.00	 
	
08/01/12

	 	$	20,366.35	 	 	$	-	 	 	$	1,855,000.00	 
	
09/01/12

	 	$	20,366.35	 	 	$	-	 	 	$	1,855,000.00	 
	
10/01/12

	 	$	19,709.38	 	 	$	-	 	 	$	1,855,000.00	 
	
11/01/12

	 	$	20,366.35	 	 	$	-	 	 	$	1,855,000.00	 
	
12/01/12

	 	$	19,709.38	 	 	$	-	 	 	$	1,855,000.00	 
	
01/01/13

	 	$	20,366.35	 	 	$	-	 	 	$	1,855,000.00	 
	
02/01/13

	 	$	20,366.35	 	 	$	-	 	 	$	1,855,000.00	 
	
03/01/13

	 	$	18,395.42	 	 	$	-	 	 	$	1,855,000.00	 
	
04/01/13

	 	$	20,366.35	 	 	$	-	 	 	$	1,855,000.00	 
	
05/01/13

	 	$	19,709.38	 	 	$	-	 	 	$	1,855,000.00	 
	
06/01/13

	 	$	20,366.35	 	 	$	-	 	 	$	1,855,000.00	 
	
07/01/13

	 	$	19,709.38	 	 	$	-	 	 	$	1,855,000.00	 
	
08/01/13

	 	$	20,366.35	 	 	$	-	 	 	$	1,855,000.00	 
	
09/01/13

	 	$	20,366.35	 	 	$	-	 	 	$	1,855,000.00	 
	
10/01/13

	 	$	19,709.38	 	 	$	-	 	 	$	1,855,000.00	 
	
11/01/13

	 	$	20,366.35	 	 	$	-	 	 	$	1,855,000.00	 
	
12/01/13

	 	$	19,709.38	 	 	$	-	 	 	$	1,855,000.00	 
	
01/01/14

	 	$	20,366.35	 	 	$	-	 	 	$	1,855,000.00	 
	
02/01/14

	 	$	20,366.35	 	 	$	23,187.50	 	 	$	1,831,812.50	 
	
03/01/14

	 	$	18,165.47	 	 	$	23,187.50	 	 	$	1,808,625.00	 
	
04/01/14

	 	$	19,857.20	 	 	$	23,187.50	 	 	$	1,785,437.50	 
	
05/01/14

	 	$	18,970.27	 	 	$	23,187.50	 	 	$	1,762,250.00	 
	
06/01/14

	 	$	19,348.04	 	 	$	23,187.50	 	 	$	1,739,062.50	 
	
07/01/14

	 	$	18,477.54	 	 	$	23,187.50	 	 	$	1,715,875.00	 

 

  

33

  

 

	Date	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 
	
08/01/14

	 	$	18,838.88	 	 	$	23,187.50	 	 	$	1,692,687.50	 
	
09/01/14

	 	$	18,584.30	 	 	$	23,187.50	 	 	$	1,669,500.00	 
	
10/01/14

	 	$	17,738.44	 	 	$	23,187.50	 	 	$	1,646,312.50	 
	
11/01/14

	 	$	18,075.14	 	 	$	23,187.50	 	 	$	1,623,125.00	 
	
12/01/14

	 	$	17,245.70	 	 	$	23,187.50	 	 	$	1,599,937.50	 
	
01/01/15

	 	$	17,565.98	 	 	$	23,187.50	 	 	$	1,576,750.00	 
	
02/01/15

	 	$	17,311.40	 	 	$	23,187.50	 	 	$	1,553,562.50	 
	
03/01/15

	 	$	15,406.16	 	 	$	23,187.50	 	 	$	1,530,375.00	 
	
04/01/15

	 	$	16,802.24	 	 	$	23,187.50	 	 	$	1,507,187.50	 
	
05/01/15

	 	$	16,013.87	 	 	$	23,187.50	 	 	$	1,484,000.00	 
	
06/01/15

	 	$	16,293.08	 	 	$	23,187.50	 	 	$	1,460,812.50	 
	
07/01/15

	 	$	15,521.13	 	 	$	23,187.50	 	 	$	1,437,625.00	 
	
08/01/15

	 	$	15,783.92	 	 	$	23,187.50	 	 	$	1,414,437.50	 
	
09/01/15

	 	$	15,529.35	 	 	$	23,187.50	 	 	$	1,391,250.00	 
	
10/01/15

	 	$	14,782.03	 	 	$	23,187.50	 	 	$	1,368,062.50	 
	
11/01/15

	 	$	15,020.19	 	 	$	23,187.50	 	 	$	1,344,875.00	 
	
12/01/15

	 	$	14,289.30	 	 	$	23,187.50	 	 	$	1,321,687.50	 
	
01/01/16

	 	$	14,511.03	 	 	$	23,187.50	 	 	$	1,298,500.00	 
	
02/01/16

	 	$	14,256.45	 	 	$	23,187.50	 	 	$	1,275,312.50	 
	
03/01/16

	 	$	13,098.52	 	 	$	23,187.50	 	 	$	1,252,125.00	 
	
04/01/16

	 	$	13,747.29	 	 	$	23,187.50	 	 	$	1,228,937.50	 
	
05/01/16

	 	$	13,057.46	 	 	$	23,187.50	 	 	$	1,205,750.00	 
	
06/01/16

	 	$	13,238.13	 	 	$	23,187.50	 	 	$	1,182,562.50	 
	
07/01/16

	 	$	12,564.73	 	 	$	23,187.50	 	 	$	1,159,375.00	 
	
08/01/16

	 	$	12,728.97	 	 	$	23,187.50	 	 	$	1,136,187.50	 
	
09/01/16

	 	$	12,474.39	 	 	$	23,187.50	 	 	$	1,113,000.00	 
	
10/01/16

	 	$	11,825.63	 	 	$	23,187.50	 	 	$	1,089,812.50	 
	
11/01/16

	 	$	11,965.23	 	 	$	23,187.50	 	 	$	1,066,625.00	 
	
12/01/16

	 	$	11,332.89	 	 	$	23,187.50	 	 	$	1,043,437.50	 
	
01/01/17

	 	$	11,456.07	 	 	$	23,187.50	 	 	$	1,020,250.00	 
	
02/01/17

	 	$	11,201.49	 	 	$	23,187.50	 	 	$	997,062.50	 
	
03/01/17

	 	$	9,887.54	 	 	$	23,187.50	 	 	$	973,875.00	 
	
04/01/17

	 	$	10,692.34	 	 	$	23,187.50	 	 	$	950,687.50	 
	
05/01/17

	 	$	10,101.05	 	 	$	23,187.50	 	 	$	927,500.00	 
	
06/01/17

	 	$	10,183.18	 	 	$	23,187.50	 	 	$	904,312.50	 
	
07/01/17

	 	$	9,608.32	 	 	$	904,312.50	 	 	$	0	 

  

34

  

 

Exhibit I to Amendment No. 3

[  Schedule 1 to the ICON ECI Fund Fifteen, L.P.

Delayed Draw Term Note  ]

 

SCHEDULE 1 TO TERM NOTE DATED SEPTEMBER 27, 2012

IN THE ORIGINAL PRINCIPAL AMOUNT OF $1,127,500.00

MADE BY

XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule

 

The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 58 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

	
Date

	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	
10/01/12

	 	 	 	 	 	 	 	$	1,127,500.00	 
	
11/01/12

	 	$	12,379.01	 	 	$	-	 	 	$	1,127,500.00	 
	
12/01/12

	 	$	11,979.69	 	 	$	-	 	 	$	1,127,500.00	 
	
01/01/13

	 	$	12,379.01	 	 	$	-	 	 	$	1,127,500.00	 
	
02/01/13

	 	$	12,379.01	 	 	$	-	 	 	$	1,127,500.00	 
	
03/01/13

	 	$	11,181.04	 	 	$	-	 	 	$	1,127,500.00	 
	
04/01/13

	 	$	12,379.01	 	 	$	-	 	 	$	1,127,500.00	 
	
05/01/13

	 	$	11,979.69	 	 	$	-	 	 	$	1,127,500.00	 
	
06/01/13

	 	$	12,379.01	 	 	$	-	 	 	$	1,127,500.00	 
	
07/01/13

	 	$	11,979.69	 	 	$	-	 	 	$	1,127,500.00	 
	
08/01/13

	 	$	12,379.01	 	 	$	-	 	 	$	1,127,500.00	 
	
09/01/13

	 	$	12,379.01	 	 	$	-	 	 	$	1,127,500.00	 
	
10/01/13

	 	$	11,979.69	 	 	$	-	 	 	$	1,127,500.00	 
	
11/01/13

	 	$	12,379.01	 	 	$	-	 	 	$	1,127,500.00	 
	
12/01/13

	 	$	11,979.69	 	 	$	-	 	 	$	1,127,500.00	 
	
01/01/14

	 	$	12,379.01	 	 	$	-	 	 	$	1,127,500.00	 
	
02/01/14

	 	$	12,379.01	 	 	$	14,093.75	 	 	$	1,113,406.25	 
	
03/01/14

	 	$	11,041.28	 	 	$	14,093.75	 	 	$	1,099,312.50	 
	
04/01/14

	 	$	12,069.54	 	 	$	14,093.75	 	 	$	1,085,218.75	 
	
05/01/14

	 	$	11,530.45	 	 	$	14,093.75	 	 	$	1,071,125.00	 
	
06/01/14

	 	$	11,760.06	 	 	$	14,093.75	 	 	$	1,057,031.25	 
	
07/01/14

	 	$	11,230.96	 	 	$	14,093.75	 	 	$	1,042,937.50	 

 

  

35

  

 

	Date	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 
	
08/01/14

	 	$	11,450.58	 	 	$	14,093.75	 	 	$	1,028,843.75	 
	
09/01/14

	 	$	11,295.85	 	 	$	14,093.75	 	 	$	1,014,750.00	 
	
10/01/14

	 	$	10,781.72	 	 	$	14,093.75	 	 	$	1,000,656.25	 
	
11/01/14

	 	$	10,986.37	 	 	$	14,093.75	 	 	$	986,562.50	 
	
12/01/14

	 	$	10,482.23	 	 	$	14,093.75	 	 	$	972,468.75	 
	
01/01/15

	 	$	10,676.90	 	 	$	14,093.75	 	 	$	958,375.00	 
	
02/01/15

	 	$	10,522.16	 	 	$	14,093.75	 	 	$	944,281.25	 
	
03/01/15

	 	$	9,364.12	 	 	$	14,093.75	 	 	$	930,187.50	 
	
04/01/15

	 	$	10,212.68	 	 	$	14,093.75	 	 	$	916,093.75	 
	
05/01/15

	 	$	9,733.50	 	 	$	14,093.75	 	 	$	902,000.00	 
	
06/01/15

	 	$	9,903.21	 	 	$	14,093.75	 	 	$	887,906.25	 
	
07/01/15

	 	$	9,434.00	 	 	$	14,093.75	 	 	$	873,812.50	 
	
08/01/15

	 	$	9,593.73	 	 	$	14,093.75	 	 	$	859,718.75	 
	
09/01/15

	 	$	9,439.00	 	 	$	14,093.75	 	 	$	845,625.00	 
	
10/01/15

	 	$	8,984.77	 	 	$	14,093.75	 	 	$	831,531.25	 
	
11/01/15

	 	$	9,129.52	 	 	$	14,093.75	 	 	$	817,437.50	 
	
12/01/15

	 	$	8,685.27	 	 	$	14,093.75	 	 	$	803,343.75	 
	
01/01/16

	 	$	8,820.04	 	 	$	14,093.75	 	 	$	789,250.00	 
	
02/01/16

	 	$	8,665.31	 	 	$	14,093.75	 	 	$	775,156.25	 
	
03/01/16

	 	$	7,961.50	 	 	$	14,093.75	 	 	$	761,062.50	 
	
04/01/16

	 	$	8,355.83	 	 	$	14,093.75	 	 	$	746,968.75	 
	
05/01/16

	 	$	7,936.54	 	 	$	14,093.75	 	 	$	732,875.00	 
	
06/01/16

	 	$	8,046.36	 	 	$	14,093.75	 	 	$	718,781.25	 
	
07/01/16

	 	$	7,637.05	 	 	$	14,093.75	 	 	$	704,687.50	 
	
08/01/16

	 	$	7,736.88	 	 	$	14,093.75	 	 	$	690,593.75	 
	
09/01/16

	 	$	7,582.14	 	 	$	14,093.75	 	 	$	676,500.00	 
	
10/01/16

	 	$	7,187.81	 	 	$	14,093.75	 	 	$	662,406.25	 
	
11/01/16

	 	$	7,272.67	 	 	$	14,093.75	 	 	$	648,312.50	 
	
12/01/16

	 	$	6,888.32	 	 	$	14,093.75	 	 	$	634,218.75	 
	
01/01/17

	 	$	6,963.19	 	 	$	14,093.75	 	 	$	620,125.00	 
	
02/01/17

	 	$	6,808.46	 	 	$	14,093.75	 	 	$	606,031.25	 
	
03/01/17

	 	$	6,009.81	 	 	$	14,093.75	 	 	$	591,937.50	 
	
04/01/17

	 	$	6,498.98	 	 	$	14,093.75	 	 	$	577,843.75	 
	
05/01/17

	 	$	6,139.59	 	 	$	14,093.75	 	 	$	563,750.00	 
	
06/01/17

	 	$	6,189.51	 	 	$	14,093.75	 	 	$	549,656.25	 
	
07/01/17

	 	$	5,840.10	 	 	$	549,656.25	 	 	$	0	 

  

36

  

 

Exhibit J to Amendment No. 3

[  Schedule 1 to the Hardwood Partners, LLC

Delayed Draw Term Note  ]

 

SCHEDULE 1 TO TERM NOTE DATED SEPTEMBER 27, 2012

IN THE ORIGINAL PRINCIPAL AMOUNT OF $93,000.00

MADE BY

XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule

 

The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 58 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

	
Date

	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	
10/01/12

	 	 	 	 	$	-	 	 	$	93,000.00	 
	
11/01/12

	 	$	1,021.06	 	 	$	-	 	 	$	93,000.00	 
	
12/01/12

	 	$	988.13	 	 	$	-	 	 	$	93,000.00	 
	
01/01/13

	 	$	1,021.06	 	 	$	-	 	 	$	93,000.00	 
	
02/01/13

	 	$	1,021.06	 	 	$	-	 	 	$	93,000.00	 
	
03/01/13

	 	$	922.25	 	 	$	-	 	 	$	93,000.00	 
	
04/01/13

	 	$	1,021.06	 	 	$	-	 	 	$	93,000.00	 
	
05/01/13

	 	$	988.13	 	 	$	-	 	 	$	93,000.00	 
	
06/01/13

	 	$	1,021.06	 	 	$	-	 	 	$	93,000.00	 
	
07/01/13

	 	$	988.13	 	 	$	-	 	 	$	93,000.00	 
	
08/01/13

	 	$	1,021.06	 	 	$	-	 	 	$	93,000.00	 
	
09/01/13

	 	$	1,021.06	 	 	$	-	 	 	$	93,000.00	 
	
10/01/13

	 	$	988.13	 	 	$	-	 	 	$	93,000.00	 
	
11/01/13

	 	$	1,021.06	 	 	$	-	 	 	$	93,000.00	 
	
12/01/13

	 	$	988.13	 	 	$	-	 	 	$	93,000.00	 
	
01/01/14

	 	$	1,021.06	 	 	$	-	 	 	$	93,000.00	 
	
02/01/14

	 	$	1,021.06	 	 	$	1,162.50	 	 	$	91,837.50	 
	
03/01/14

	 	$	910.72	 	 	$	1,162.50	 	 	$	90,675.00	 
	
04/01/14

	 	$	995.54	 	 	$	1,162.50	 	 	$	89,512.50	 
	
05/01/14

	 	$	951.07	 	 	$	1,162.50	 	 	$	88,350.00	 
	
06/01/14

	 	$	970.01	 	 	$	1,162.50	 	 	$	87,187.50	 
	
07/01/14

	 	$	926.37	 	 	$	1,162.50	 	 	$	86,025.00	 

 

  

37

  

 

	Date	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 
	
08/01/14

	 	$	944.48	 	 	$	1,162.50	 	 	$	84,862.50	 
	
09/01/14

	 	$	931.72	 	 	$	1,162.50	 	 	$	83,700.00	 
	
10/01/14

	 	$	889.31	 	 	$	1,162.50	 	 	$	82,537.50	 
	
11/01/14

	 	$	906.19	 	 	$	1,162.50	 	 	$	81,375.00	 
	
12/01/14

	 	$	864.61	 	 	$	1,162.50	 	 	$	80,212.50	 
	
01/01/15

	 	$	880.67	 	 	$	1,162.50	 	 	$	79,050.00	 
	
02/01/15

	 	$	867.90	 	 	$	1,162.50	 	 	$	77,887.50	 
	
03/01/15

	 	$	772.38	 	 	$	1,162.50	 	 	$	76,725.00	 
	
04/01/15

	 	$	842.38	 	 	$	1,162.50	 	 	$	75,562.50	 
	
05/01/15

	 	$	802.85	 	 	$	1,162.50	 	 	$	74,400.00	 
	
06/01/15

	 	$	816.85	 	 	$	1,162.50	 	 	$	73,237.50	 
	
07/01/15

	 	$	778.15	 	 	$	1,162.50	 	 	$	72,075.00	 
	
08/01/15

	 	$	791.32	 	 	$	1,162.50	 	 	$	70,912.50	 
	
09/01/15

	 	$	778.56	 	 	$	1,162.50	 	 	$	69,750.00	 
	
10/01/15

	 	$	741.09	 	 	$	1,162.50	 	 	$	68,587.50	 
	
11/01/15

	 	$	753.03	 	 	$	1,162.50	 	 	$	67,425.00	 
	
12/01/15

	 	$	716.39	 	 	$	1,162.50	 	 	$	66,262.50	 
	
01/01/16

	 	$	727.51	 	 	$	1,162.50	 	 	$	65,100.00	 
	
02/01/16

	 	$	714.74	 	 	$	1,162.50	 	 	$	63,937.50	 
	
03/01/16

	 	$	656.69	 	 	$	1,162.50	 	 	$	62,775.00	 
	
04/01/16

	 	$	689.22	 	 	$	1,162.50	 	 	$	61,612.50	 
	
05/01/16

	 	$	654.63	 	 	$	1,162.50	 	 	$	60,450.00	 
	
06/01/16

	 	$	663.69	 	 	$	1,162.50	 	 	$	59,287.50	 
	
07/01/16

	 	$	629.93	 	 	$	1,162.50	 	 	$	58,125.00	 
	
08/01/16

	 	$	638.16	 	 	$	1,162.50	 	 	$	56,962.50	 
	
09/01/16

	 	$	625.40	 	 	$	1,162.50	 	 	$	55,800.00	 
	
10/01/16

	 	$	592.88	 	 	$	1,162.50	 	 	$	54,637.50	 
	
11/01/16

	 	$	599.87	 	 	$	1,162.50	 	 	$	53,475.00	 
	
12/01/16

	 	$	568.17	 	 	$	1,162.50	 	 	$	52,312.50	 
	
01/01/17

	 	$	574.35	 	 	$	1,162.50	 	 	$	51,150.00	 
	
02/01/17

	 	$	561.58	 	 	$	1,162.50	 	 	$	49,987.50	 
	
03/01/17

	 	$	495.71	 	 	$	1,162.50	 	 	$	48,825.00	 
	
04/01/17

	 	$	536.06	 	 	$	1,162.50	 	 	$	47,662.50	 
	
05/01/17

	 	$	506.41	 	 	$	1,162.50	 	 	$	46,500.00	 
	
06/01/17

	 	$	510.53	 	 	$	1,162.50	 	 	$	45,337.50	 
	
07/01/17

	 	$	481.71	 	 	$	45,337.50	 	 	$	0	 

  

38

  

 

Exhibit K to Amendment No. 3

[  Schedule 1 to the ICON ECI Partners, L.P.

Delayed Draw Term Note  ]

 

SCHEDULE 1 TO TERM NOTE DATED SEPTEMBER 27, 2012

IN THE ORIGINAL PRINCIPAL AMOUNT OF $315,000.00

MADE BY

XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule

 

The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 58 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

	
Date

	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	
10/01/12

	 	 	 	 	 	 	 	$	315,000.00	 
	
11/01/12

	 	$	3,458.44	 	 	$	-	 	 	$	315,000.00	 
	
12/01/12

	 	$	3,346.88	 	 	$	-	 	 	$	315,000.00	 
	
01/01/13

	 	$	3,458.44	 	 	$	-	 	 	$	315,000.00	 
	
02/01/13

	 	$	3,458.44	 	 	$	-	 	 	$	315,000.00	 
	
03/01/13

	 	$	3,123.75	 	 	$	-	 	 	$	315,000.00	 
	
04/01/13

	 	$	3,458.44	 	 	$	-	 	 	$	315,000.00	 
	
05/01/13

	 	$	3,346.88	 	 	$	-	 	 	$	315,000.00	 
	
06/01/13

	 	$	3,458.44	 	 	$	-	 	 	$	315,000.00	 
	
07/01/13

	 	$	3,346.88	 	 	$	-	 	 	$	315,000.00	 
	
08/01/13

	 	$	3,458.44	 	 	$	-	 	 	$	315,000.00	 
	
09/01/13

	 	$	3,458.44	 	 	$	-	 	 	$	315,000.00	 
	
10/01/13

	 	$	3,346.88	 	 	$	-	 	 	$	315,000.00	 
	
11/01/13

	 	$	3,458.44	 	 	$	-	 	 	$	315,000.00	 
	
12/01/13

	 	$	3,346.88	 	 	$	-	 	 	$	315,000.00	 
	
01/01/14

	 	$	3,458.44	 	 	$	-	 	 	$	315,000.00	 
	
02/01/14

	 	$	3,458.44	 	 	$	3,937.50	 	 	$	311,062.50	 
	
03/01/14

	 	$	3,084.70	 	 	$	3,937.50	 	 	$	307,125.00	 
	
04/01/14

	 	$	3,371.98	 	 	$	3,937.50	 	 	$	303,187.50	 
	
05/01/14

	 	$	3,221.37	 	 	$	3,937.50	 	 	$	299,250.00	 
	
06/01/14

	 	$	3,285.52	 	 	$	3,937.50	 	 	$	295,312.50	 
	
07/01/14

	 	$	3,137.70	 	 	$	3,937.50	 	 	$	291,375.00	 

 

  

39

  

 

	Date	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 
	
08/01/14

	 	$	3,199.05	 	 	$	3,937.50	 	 	$	287,437.50	 
	
09/01/14

	 	$	3,155.82	 	 	$	3,937.50	 	 	$	283,500.00	 
	
10/01/14

	 	$	3,012.19	 	 	$	3,937.50	 	 	$	279,562.50	 
	
11/01/14

	 	$	3,069.36	 	 	$	3,937.50	 	 	$	275,625.00	 
	
12/01/14

	 	$	2,928.52	 	 	$	3,937.50	 	 	$	271,687.50	 
	
01/01/15

	 	$	2,982.90	 	 	$	3,937.50	 	 	$	267,750.00	 
	
02/01/15

	 	$	2,939.67	 	 	$	3,937.50	 	 	$	263,812.50	 
	
03/01/15

	 	$	2,616.14	 	 	$	3,937.50	 	 	$	259,875.00	 
	
04/01/15

	 	$	2,853.21	 	 	$	3,937.50	 	 	$	255,937.50	 
	
05/01/15

	 	$	2,719.34	 	 	$	3,937.50	 	 	$	252,000.00	 
	
06/01/15

	 	$	2,766.75	 	 	$	3,937.50	 	 	$	248,062.50	 
	
07/01/15

	 	$	2,635.66	 	 	$	3,937.50	 	 	$	244,125.00	 
	
08/01/15

	 	$	2,680.29	 	 	$	3,937.50	 	 	$	240,187.50	 
	
09/01/15

	 	$	2,637.06	 	 	$	3,937.50	 	 	$	236,250.00	 
	
10/01/15

	 	$	2,510.16	 	 	$	3,937.50	 	 	$	232,312.50	 
	
11/01/15

	 	$	2,550.60	 	 	$	3,937.50	 	 	$	228,375.00	 
	
12/01/15

	 	$	2,426.48	 	 	$	3,937.50	 	 	$	224,437.50	 
	
01/01/16

	 	$	2,464.14	 	 	$	3,937.50	 	 	$	220,500.00	 
	
02/01/16

	 	$	2,420.91	 	 	$	3,937.50	 	 	$	216,562.50	 
	
03/01/16

	 	$	2,224.28	 	 	$	3,937.50	 	 	$	212,625.00	 
	
04/01/16

	 	$	2,334.45	 	 	$	3,937.50	 	 	$	208,687.50	 
	
05/01/16

	 	$	2,217.30	 	 	$	3,937.50	 	 	$	204,750.00	 
	
06/01/16

	 	$	2,247.98	 	 	$	3,937.50	 	 	$	200,812.50	 
	
07/01/16

	 	$	2,133.63	 	 	$	3,937.50	 	 	$	196,875.00	 
	
08/01/16

	 	$	2,161.52	 	 	$	3,937.50	 	 	$	192,937.50	 
	
09/01/16

	 	$	2,118.29	 	 	$	3,937.50	 	 	$	189,000.00	 
	
10/01/16

	 	$	2,008.13	 	 	$	3,937.50	 	 	$	185,062.50	 
	
11/01/16

	 	$	2,031.83	 	 	$	3,937.50	 	 	$	181,125.00	 
	
12/01/16

	 	$	1,924.45	 	 	$	3,937.50	 	 	$	177,187.50	 
	
01/01/17

	 	$	1,945.37	 	 	$	3,937.50	 	 	$	173,250.00	 
	
02/01/17

	 	$	1,902.14	 	 	$	3,937.50	 	 	$	169,312.50	 
	
03/01/17

	 	$	1,679.02	 	 	$	3,937.50	 	 	$	165,375.00	 
	
04/01/17

	 	$	1,815.68	 	 	$	3,937.50	 	 	$	161,437.50	 
	
05/01/17

	 	$	1,715.27	 	 	$	3,937.50	 	 	$	157,500.00	 
	
06/01/17

	 	$	1,729.22	 	 	$	3,937.50	 	 	$	153,562.50	 
	
07/01/17

	 	$	1,631.60	 	 	$	153,562.50	 	 	$	0	 

  

40

  

 

Exhibit L to Amendment No. 3

[  Schedule 1 to the ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.

Delayed Draw Term Note  ]

 

SCHEDULE 1 TO TERM NOTE DATED SEPTEMBER 27, 2012

IN THE ORIGINAL PRINCIPAL AMOUNT OF $1,564,500.00

MADE BY

XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule

 

The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 58 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

	
Date

	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	
10/01/12

	 	 	 	 	 	 	 	$	1,564,500.00	 
	
11/01/12

	 	$	17,176.91	 	 	$	-	 	 	$	1,564,500.00	 
	
12/01/12

	 	$	16,622.81	 	 	$	-	 	 	$	1,564,500.00	 
	
01/01/13

	 	$	17,176.91	 	 	$	-	 	 	$	1,564,500.00	 
	
02/01/13

	 	$	17,176.91	 	 	$	-	 	 	$	1,564,500.00	 
	
03/01/13

	 	$	15,514.63	 	 	$	-	 	 	$	1,564,500.00	 
	
04/01/13

	 	$	17,176.91	 	 	$	-	 	 	$	1,564,500.00	 
	
05/01/13

	 	$	16,622.81	 	 	$	-	 	 	$	1,564,500.00	 
	
06/01/13

	 	$	17,176.91	 	 	$	-	 	 	$	1,564,500.00	 
	
07/01/13

	 	$	16,622.81	 	 	$	-	 	 	$	1,564,500.00	 
	
08/01/13

	 	$	17,176.91	 	 	$	-	 	 	$	1,564,500.00	 
	
09/01/13

	 	$	17,176.91	 	 	$	-	 	 	$	1,564,500.00	 
	
10/01/13

	 	$	16,622.81	 	 	$	-	 	 	$	1,564,500.00	 
	
11/01/13

	 	$	17,176.91	 	 	$	-	 	 	$	1,564,500.00	 
	
12/01/13

	 	$	16,622.81	 	 	$	-	 	 	$	1,564,500.00	 
	
01/01/14

	 	$	17,176.91	 	 	$	-	 	 	$	1,564,500.00	 
	
02/01/14

	 	$	17,176.91	 	 	$	19,556.25	 	 	$	1,544,943.75	 
	
03/01/14

	 	$	15,320.69	 	 	$	19,556.25	 	 	$	1,525,387.50	 
	
04/01/14

	 	$	16,747.48	 	 	$	19,556.25	 	 	$	1,505,831.25	 
	
05/01/14

	 	$	15,999.46	 	 	$	19,556.25	 	 	$	1,486,275.00	 
	
06/01/14

	 	$	16,318.06	 	 	$	19,556.25	 	 	$	1,466,718.75	 
	
07/01/14

	 	$	15,583.89	 	 	$	19,556.25	 	 	$	1,447,162.50	 

 

  

41

  

 

	Date	 	
Interest

	 	 	
Principal

	 	 	
OS Balance

	 
	 	 	 	 	 	 	 	 	 	 
	
08/01/14

	 	$	15,888.64	 	 	$	19,556.25	 	 	$	1,427,606.25	 
	
09/01/14

	 	$	15,673.93	 	 	$	19,556.25	 	 	$	1,408,050.00	 
	
10/01/14

	 	$	14,960.53	 	 	$	19,556.25	 	 	$	1,388,493.75	 
	
11/01/14

	 	$	15,244.50	 	 	$	19,556.25	 	 	$	1,368,937.50	 
	
12/01/14

	 	$	14,544.96	 	 	$	19,556.25	 	 	$	1,349,381.25	 
	
01/01/15

	 	$	14,815.08	 	 	$	19,556.25	 	 	$	1,329,825.00	 
	
02/01/15

	 	$	14,600.37	 	 	$	19,556.25	 	 	$	1,310,268.75	 
	
03/01/15

	 	$	12,993.50	 	 	$	19,556.25	 	 	$	1,290,712.50	 
	
04/01/15

	 	$	14,170.95	 	 	$	19,556.25	 	 	$	1,271,156.25	 
	
05/01/15

	 	$	13,506.04	 	 	$	19,556.25	 	 	$	1,251,600.00	 
	
06/01/15

	 	$	13,741.53	 	 	$	19,556.25	 	 	$	1,232,043.75	 
	
07/01/15

	 	$	13,090.46	 	 	$	19,556.25	 	 	$	1,212,487.50	 
	
08/01/15

	 	$	13,312.10	 	 	$	19,556.25	 	 	$	1,192,931.25	 
	
09/01/15

	 	$	13,097.39	 	 	$	19,556.25	 	 	$	1,173,375.00	 
	
10/01/15

	 	$	12,467.11	 	 	$	19,556.25	 	 	$	1,153,818.75	 
	
11/01/15

	 	$	12,667.97	 	 	$	19,556.25	 	 	$	1,134,262.50	 
	
12/01/15

	 	$	12,051.54	 	 	$	19,556.25	 	 	$	1,114,706.25	 
	
01/01/16

	 	$	12,238.55	 	 	$	19,556.25	 	 	$	1,095,150.00	 
	
02/01/16

	 	$	12,023.83	 	 	$	19,556.25	 	 	$	1,075,593.75	 
	
03/01/16

	 	$	11,047.24	 	 	$	19,556.25	 	 	$	1,056,037.50	 
	
04/01/16

	 	$	11,594.41	 	 	$	19,556.25	 	 	$	1,036,481.25	 
	
05/01/16

	 	$	11,012.61	 	 	$	19,556.25	 	 	$	1,016,925.00	 
	
06/01/16

	 	$	11,164.99	 	 	$	19,556.25	 	 	$	997,368.75	 
	
07/01/16

	 	$	10,597.04	 	 	$	19,556.25	 	 	$	977,812.50	 
	
08/01/16

	 	$	10,735.57	 	 	$	19,556.25	 	 	$	958,256.25	 
	
09/01/16

	 	$	10,520.86	 	 	$	19,556.25	 	 	$	938,700.00	 
	
10/01/16

	 	$	9,973.69	 	 	$	19,556.25	 	 	$	919,143.75	 
	
11/01/16

	 	$	10,091.43	 	 	$	19,556.25	 	 	$	899,587.50	 
	
12/01/16

	 	$	9,558.12	 	 	$	19,556.25	 	 	$	880,031.25	 
	
01/01/17

	 	$	9,662.01	 	 	$	19,556.25	 	 	$	860,475.00	 
	
02/01/17

	 	$	9,447.30	 	 	$	19,556.25	 	 	$	840,918.75	 
	
03/01/17

	 	$	8,339.11	 	 	$	19,556.25	 	 	$	821,362.50	 
	
04/01/17

	 	$	9,017.88	 	 	$	19,556.25	 	 	$	801,806.25	 
	
05/01/17

	 	$	8,519.19	 	 	$	19,556.25	 	 	$	782,250.00	 
	
06/01/17

	 	$	8,588.45	 	 	$	19,556.25	 	 	$	762,693.75	 
	
07/01/17

	 	$	8,103.62	 	 	$	762,693.75	 	 	$	0	 

  

42

  

 

Exhibit M to Amendment No. 3

Exhibit N to the Credit Agreement

 

DELAYED DRAW BORROWING REQUEST

 

ICON Agent, LLC

3 Park Avenue, 36th Floor

New York, New York 10016

Ladies and Gentlemen:

Reference is made to that certain Term Loan, Guarantee and Security Agreement dated as of October 6, 2011,  as amended by that certain Amended and Restated Consent, Waiver & Amendment Agreement dated November 1, 2011 and that certain Amendment No. 1, thereto dated as of June 22, 2012, Amendment No. 2 thereto dated as of August 9, 2012 and Amendment No. 3 thereto dated as of February 12, 2013, (as such may be further amended, modified, supplemented or restated hereafter, the “Credit Agreement”) by, among others, (a) the Borrower, (b) the Lenders party thereto, (c) ICON Agent, LLC, as Agent (in such capacity, the “Agent”) and (d) the other Credit Parties thereto from time to time. Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

Pursuant to Section 1.1 of the Credit Agreement, the Lenders have agreed to make Delayed Draw Term Loans B to the Borrower subject to the terms and conditions set forth in the Credit Agreement. The Borrower hereby gives the Agent irrevocable notice that the Borrower hereby requests that the Lenders advance a Delayed Draw Term Loan B as provided under the Credit Agreement, and in connection therewith set forth below the information relating to such Delayed Draw Term Loan B as required by Section 1.1(f) of the Credit Agreement:

1.           The funding date of the Delayed Draw Term Loan B is _____________, 2013 (which shall be at least five (5) Business Days after the date of this request, but in no event later than June 30, 2013).

2.           The amount of the Delayed Draw Term Loan B is $_______________ (which shall be a minimum amount of $1,000,000 and in no event exceed the Delayed Draw Term Loan B Commitments).

3.           As of the date hereof, the aggregate Liquidity of the Credit Parties is $[_______________].

The undersigned hereby certify that (i) each of the conditions precedent to the making of the Delayed Draw Term Loan B stated in Section 2.1 and Section 2.3 or Section 2.4, as the case may be, of the Credit Agreement have been satisfied on and as of the date of the funding of the Delayed Draw Term Loan B and shall continue to be satisfied by the Borrower as of the date of the Delayed Draw Term Loan B, (ii) no Default has occurred and is continuing or would arise after giving effect to the Delayed Draw Term Loan B and (iii) all representations and warranties are true and correct in all material respects on and as of the date hereof as if such representations and warranties had been made on and as of the date hereof (except to the extent that any such representations and warranties specifically relate to an earlier date,  in which case the undersigned represents and warrants that such representations and warranties are true and correct in all material respects as of such earlier date).

 

  

43

  

Very truly yours,

 

	NTS, INC., as a Guarantor and Grantor 

By:_________________________________________

Name:_______________________________________

Title:________________________________________

 

 

XFONE USA, INC., as Borrower and Grantor

By:_________________________________________ 

Name:_______________________________________

Title:________________________________________

   

NTS COMMUNICATIONS, INC., as Borrower and Grantor

By:_________________________________________ 

Name:_______________________________________

Title:________________________________________

 

GULF COAST UTILITIES, INC., as Borrower and Grantor

By:_________________________________________ 

Name:_______________________________________

Title:________________________________________  

 

 

EXPETEL COMMUNICATIONS, INC., as Borrower and Grantor

By:_________________________________________ 

Name:_______________________________________

Title:________________________________________

 

PRIDE NETWORK, INC., as Government Funded SPE and Credit Party

By:_________________________________________ 

Name:_______________________________________

Title:________________________________________

	NTS CONSTRUCTION COMPANY, as Borrower and Grantor 

By:_________________________________________ 

Name:_______________________________________

Title:________________________________________

 

GAREY M. WALLACE COMPANY, INC., as Borrower and Grantor

By:_________________________________________        

Name:_______________________________________

Title:________________________________________

 

MIDCOM OF ARIZONA, INC., as Borrower and Grantor

 

By:_________________________________________ 

Name:_______________________________________

Title:________________________________________

 

COMMUNICATIONS BROKERS, INC., as Borrower and Grantor

 

By:_________________________________________ 

Name:_______________________________________

Title:________________________________________

 

NTS TELEPHONE COMPANY, LLC, as Government Funded SPE and Credit Party

By:_________________________________________ 

Name:_______________________________________

Title:________________________________________

 

N.T.S. MANAGEMENT COMPANY, L.L.C., as Borrower and Grantor

By:_________________________________________ 

Name:_______________________________________

Title:________________________________________

	 	 

  

44

  

 

Exhibit N to Amendment No. 3

Replacement Disclosure Schedules to Credit Agreement

 

 

 

 

 

 45

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