Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
  

			
	 From:
	  	Barclays Bank PLC
		  	European Loans Agency
		  	5 The North Colonnade
		  	Canary Wharf
		  	London E14 4BB
		  	United Kingdom
		  	(the Agent)
		
	 To:
	  	Tower Insurance Company of New York
		  	120 Broadway
		  	31st Floor
		  	New York NY 10271
		  	United States
		
		  	CastlePoint Insurance Company
		  	120 Broadway
		  	31st Floor
		  	New York NY 10271
		  	United States
		
		  	CastlePoint National Insurance Company
		  	120 Broadway
		  	31st Floor
		  	New York NY 10271
		  	United States
		
		  	Hermitage Insurance Company
		  	120 Broadway
		  	31st Floor
		  	New York NY 10271
		  	United States
		
		  	26 November 2013

 Dear Sirs 
 WAIVER EXTENSION
LETTER RELATING TO THE LETTER OF CREDIT FACILITY AGREEMENT ENTERED INTO BETWEEN (1) TOWER INSURANCE COMPANY OF NEW YORK, (2) CASTLEPOINT INSURANCE COMPANY, (3) CASTLEPOINT NATIONAL INSURANCE COMPANY, (4) HERMITAGE INSURANCE
COMPANY (5) BARCLAYS BANK PLC AND BANK OF MONTREAL, LONDON BRANCH AS ISSUING BANKS, AND (6) BARCLAYS BANK PLC AS AGENT AND SECURITY AGENT DATED 11 NOVEMBER 2011 AS AMENDED ON 12 MARCH 2012, 16 JULY 2012, 21 NOVEMBER 2012,
AMENDED AND RESTATED ON 7 MARCH 2013 AND AMENDED ON 2 MAY 2013 AND 22 OCTOBER 2013 (THE “FACILITY AGREEMENT”) 
  

	1.	INTERPRETATION 

  

	1.1	We refer to the Facility Agreement. Capitalised terms defined in the Facility Agreement have the same meaning when used in this letter unless expressly defined in this letter. In this letter:- 

 

			
	 “Waiver Letter”
	 	means the waiver letter dated 18 October 2013 between the parties to this waiver extension letter, as extended pursuant to the waiver extension letter dated 4 November 2013

	1.2	The principles of construction set out in the Facility Agreement shall have effect as if set out in this letter. 

  

	1.3	This letter is entered into by Barclays Bank PLC as Agent on behalf of the Finance Parties pursuant to clause 30.1 (Required consents) of the Facility Agreement. 

 

	2.	SATISFACTION OF WAIVER LETTER CONDITION 

 The Finance Parties confirm that the condition
in paragraph 3.1.7(d) of the Waiver Letter has been satisfied. 
  

	3.	WAIVERS 

  

	3.1	Pursuant to paragraph 4.3 of the Waiver Letter, the waiver in the Waiver Letter shall be extended to the Waiver Termination Date (as defined below). 

 

	3.2	Subject to the conditions set out in paragraphs 3 and 4 of the Waiver Letter, the Agent (on behalf of itself and the other Finance Parties) pursuant to clause 30.1 (Required consents) of the Facility Agreement,
hereby waives, with effect from the date the Agent receives a countersigned copy of this letter from each of the Borrowers, the requirement to make the Repeating Representation in clause 14.12 (No proceedings pending or threatened) of the
Facility Agreement on 30 November 2013. 

  

	3.3	Subject to the conditions set out in paragraphs 3 and 4 of the Waiver Letter, the Agent (on behalf of itself and the other Finance Parties) pursuant to clause 30.1 (Required consents) of the Facility Agreement,
hereby waives, with effect from the date the Agent receives a countersigned copy of this letter from each of the Borrowers, any Default which would otherwise arise solely from the breach of clause 15.1(a) or a breach of clause 15.1(b)(ii)
(Financial Statements) of the Facility Agreement, as a result of:- 

  

	 	3.3.1	Borrower A not supplying to the Agent by 29 November 2013 the consolidated financial statements of Tower Group, Inc. the financial statements for the calendar quarter ending 30 September 2013; and

  

	 	3.3.2	each Borrower not supplying to the Agent by 29 November 2013 its financial statements for the calendar quarter ending 30 September 2013. 

 

	4.	WAIVER TERMINATION 

  

	4.1	The waiver extension in paragraph 3.1 and the waivers in paragraphs 3.2 and 3.3 of this letter shall cease to be of effect and no waiver shall be deemed to be in effect on and from the earliest to occur of:

  

	 	4.1.1	any one of the conditions in paragraphs 3.1.6, 3.1.7(a), 3.1.7(b), 3.1.7(c), 3.1.8 or 3.1.9 of the Waiver Letter not being satisfied or ceasing to be satisfied by 6 December 2013; 

 

	 	4.1.2	such date as each Finance Party (in its sole discretion) considers, on the basis of the information provided in accordance with paragraph 3.1.8 of the Waiver Letter (and any other available information), that any
condition in paragraphs 3.1.7 (a), 3.1.7(b) or 3.1.7(c) of the Waiver Letter shall not be met; 

  

	 	4.1.3	the performance by each Borrower of the conditions set forth in paragraphs 3.1.7(a), 3.1.7(b) and 3.1.7(c) of the Waiver letter on or before 6 December 2013; or 

  
 2 

	 	4.1.4	the failure by the Borrowers to pay the following invoices:- 

  

	 	(a)	Morrison & Foerster invoice dated 31 May 2013 with number #5238024 for US$17,763.00; 

  

	 	(b)	Morrison & Foerster invoice dated 16 October 2013 with number #5276283 for US$4,355.00; 

  

	 	(c)	Morrison & Foerster invoice dated 6 November 2013 with number #5281433 US$53,086.18; 

  

	 	(d)	Culhane Meadows invoice dated 5 November 2013 with number #20927 for US$650; and 

  

	 	(e)	Pinsent Masons invoice dated 18 October 2013 with number 6058891 for £19,970.82; 

by 6 December 2013; 
 (the
"Waiver Termination Date"). 
  

	4.2	On the waiver extension in paragraph 3 of this letter ceasing to be of effect in accordance with paragraph 4.1 above:- 

  

	 	4.2.1	each Repeating Representation shall be deemed to have been made by reference to the facts and circumstances existing at that time (and as at the date of this letter) without qualification (and where the facts and
circumstances applicable to any such Repeating Representation shall, where applicable, be deemed to have a Material Adverse Effect and not be capable of remedy); and 

 

	 	4.2.2	an Event of Default arising under paragraphs 4.2.1 in relation to any Borrower shall constitute an Event of Default against all Borrowers. 

 

	5.	CONSENT AND ACKNOWLEDGEMENT 

  

	5.1	Each Borrower hereby confirms, ratifies and acknowledges its obligations and liabilities in respect of all of its obligations under the Finance Documents, all of which continue to accrue and be due and payable as set
forth in the Finance Documents. 

  

	5.2	Except as expressly contemplated hereby or in the Facility Amendment Agreement, the Finance Documents shall remain unchanged and in full force and effect and each is hereby ratified and confirmed in all
respects. The execution and delivery by the Finance Parties of, or acceptance of, this letter and any other documents and instruments in connection herewith (collectively, the “Waiver Documents”) shall not be deemed to create a
course of dealing or otherwise create any express or implied duty by any of them to provide any other or further amendments, consents or waivers in the future. Nothing contained herein shall be deemed a waiver or consent in respect of (or
otherwise affect any Finance Party’s ability to enforce its rights arising out of or as a result of) any Default or Event of Default not explicitly waived hereby.

 

	5.3	Each Borrower hereby acknowledges and confirms to the Finance Parties that such Borrower is executing this letter and any other Waiver Documents on the basis of its own investigation and for its own reasons without
reliance upon any agreement, representation, understanding or communication by or on behalf of any other person or entity. 

  
 3 

	6.	MISCELLANEOUS 

  

	6.1	No Borrower may take any proceedings against any Finance Party or their respective officers, employees or agents in respect of any claim it might have against any Finance Party, or their respective officers, employees
or agents in respect of any act or omission of any kind by that Finance Party, or any of their respective officers, employees or agents in relation to any Finance Document and any Finance Party or their respective officers, employees or agents may
rely on this paragraph. 

  

	6.2	Except as expressly waived in this letter, the Facility Agreement and each other Finance Document continues in full force and effect. To the extent there is any contradiction between this letter and the Waiver Letter,
this letter shall prevail. 

  

	6.3	This letter is a Finance Document. 

  

	6.4	The Borrowers shall within three Business Days of demand pay the Agent, the Security Agent and each Issuing Bank:- 

  

	 	6.4.1	the amount of all documented costs and expenses (including legal fees) reasonably incurred (subject to any agreed caps) by any of them in connection with the negotiation, preparation and execution of this letter and the
Waiver Letter or otherwise incurred in connection with any other Finance Document; 

  

	 	6.4.2	the accrued Letter of Credit fees payable pursuant to clause 5.1 of the Facility Agreement in the amount invoiced by the Agent; 

  

	 	6.4.3	the accrued commitment fees payable pursuant to clause 8 of the Facility Agreement in the amount invoiced by the Agent; and 

  

	 	6.4.4	the amount payable under an invoice to be issued by Pinsent Masons on or around 29 November 2013 in an amount no higher than £6,764. 

The Agent may instruct the Security Agent to deduct any commitment fees and invoiced costs and expenses from cash collateral held in a Deposit
Account on the earliest to occur of (a) the Waiver Termination Date and (b) the date of request to release the cash collateral in a Deposit Account in respect of the last outstanding Letter of Credit. 

 

	6.5	This letter may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this letter. 

 

	6.6	This letter and any non-contractual obligations arising out of or in connection with it are governed by English law. 

  

	6.7	The provisions of Clauses 1.3 (Third Party Rights), 28 (Partial Invalidity), 29 (Remedies and Waivers) and 30 (Amendments and waivers) of the Facility Agreement shall apply, mutatis
mutandis, to this letter as if set out in full herein. 

  
 4 

 Please confirm your agreement with the contents of this letter by signing and returning to the enclosed duplicate
of this letter. 
  

	
	Yours faithfully
	
	 /s/ Estela R. R. Landro

 For and on behalf of 

BARCLAYS BANK PLC 
 as Agent
(acting on the instructions of the Issuing Banks) 
 We agree to the terms and conditions of this letter 

For and on behalf of 
 TOWER INSURANCE COMPANY OF NEW YORK

  

			
	By:	 	/s/ Vito A. Nigro
	Name:	 	Vito A. Nigro
	Title:	 	Managing VP & Treasurer
		
	By:	 	 /s/ David T. Uber

	Name:	 	David T. Uber
	Title:	 	VP Finance

 For and on behalf of 

CASTLEPOINT INSURANCE COMPANY 
  

			
	By:	 	/s/ Vito A. Nigro
	Name:	 	Vito A. Nigro
	Title:	 	Managing VP & Treasurer

  

			
	By:	 	/s/ David T. Uber
	Name:	 	David T. Uber
	Title:	 	VP Finance

  
 5 

 For and on behalf of 

CASTLEPOINT NATIONAL INSURANCE COMPANY 
  

			
	By:	 	/s/ Vito A. Nigro
	Name:	 	Vito A. Nigro
	Title:	 	Managing VP & Treasurer
		
	By:	 	 /s/ David T. Uber

	Name:	 	David T. Uber
	Title:	 	VP Finance

 For and on behalf of 

HERMITAGE INSURANCE COMPANY 
  

			
		
	By:	 	/s/ Vito A. Nigro
	Name:	 	Vito A. Nigro
	Title:	 	Managing VP & Treasurer
		
	By:	 	 /s/ David T. Uber

	Name:	 	David T. Uber
	Title:	 	VP Finance

  
 6EX-10.1

 Exhibit 10.1 

ACCOUNT PURCHASE AGREEMENT 

This Account Purchase Agreement (this “Agreement”) is made and entered into as of November 27, 2013, by and
between Axesstel, Inc., a Nevada corporation (“Axesstel”), and Accesstel Investors, LLC, a California limited liability company (“Buyer”), with respect to the following facts: 

A. Axesstel is owed a $1.875 million account receivable owed by Netett Svierge AB (“Net1”), represented by
Axesstel’s invoice number 2281, which is all due and payable on or prior to June 30, 2014 (the “Account”). 

B. Buyer desires to acquire from Axesstel, and Axesstel is willing to sell to Buyer a $1.0 million undivided interest in the Account, all on
the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and
intending to be legally bound, the parties agree as follows: 
 ARTICLE I. 

PURCHASE AND SALE OF ACCOUNT 

1.1 Purchase and Sale of Account. Axesstel hereby sells, transfers and conveys to Buyer, and Buyer hereby acquires from
Axesstel, all right, title and interest in and to an undivided 53.33333% interest in the Account, and any proceeds thereof (the “Interest”).  

1.2 No Assumption of Liabilities. Buyer is not assuming, and Axesstel retains all liabilities with respect to the
Account, including any product liability, product warranty or other obligations.  
 ARTICLE II. 

PURCHASE PRICE 
 2.1
Purchase Price. Subject to the provisions of Section 2.2 below, Buyer is concurrently paying to Axesstel $875,000 in immediately available funds, representing a discount of 12.5% from the $1.0 million face amount of the Interest
being sold under this Agreement. 
 2.2 Adjustment to Purchase Price. If the Account is paid in full prior to
June 30, 2014, Buyer shall pay to Axesstel an additional $12,000 per calendar month, or pro-rata portion thereof, that the Account is paid early (e.g. if the Account is paid in full on January 31, 2014, Buyer shall pay Axesstel an
additional $60,000).  
 2.3 Stock Consideration. As additional consideration for the purchase of the Interest,
Axesstel is concurrently issuing to the members of Buyer (the “Designees”) an aggregate of 4,000,000 shares of Axesstel’s common stock, par value $0.001 per share (the “Shares”).  

  
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 ARTICLE III. 

REPRESENTATIONS AND WARRANTIES OF AXESSTEL 

Axesstel represents and warrants Buyer as follows: 

3.1 Organization. Axesstel is a corporation duly organized and validly existing under the laws of the State of Nevada. 

3.2 Power and Authority. Axesstel has all requisite corporate power and authority and has taken all actions necessary to
enter into this Agreement to consummate the transactions contemplated hereby, including the issuance of the Shares. The execution and delivery of this Agreement and the performance by Axesstel of its obligations hereunder have been duly and validly
authorized by all necessary action and constitutes a legal, valid and binding obligation of Axesstel enforceable against Axesstel in accordance with its terms. 

3.3 Consents and Approvals; No Violation. No consent, approval or action of, filing with or notice to any governmental or
regulatory authority or any other non-governmental third party is required in connection with the execution, delivery and performance of this Agreement, or the consummation of the transactions contemplated hereby by Axesstel. Neither the execution
and delivery of this Agreement, nor the consummation by Axesstel of the transactions contemplated hereby, will (a) conflict with or result in any breach of any provision of the charter, bylaws or other organizational documents of Axesstel,
(b) conflict with or result in a violation or breach of any term or any law, order, permit, statute, rule or regulation applicable to Axesstel, (c) result in a material breach of, or default under (or give rise to any right of termination,
cancellation or acceleration under), any of the terms, conditions or provisions of the Account or any material agreement or instrument to which Axesstel may be bound, or (d) result in an imposition or creation of any liens, claims, or other
encumbrance on Axesstel or the Account.  
 3.4 Status of Account. Axesstel has good and marketable title to, is
the exclusive legal and equitable owner of, and has the unrestricted right and power to sell, assign and deliver the Interest in accordance with the terms of this Agreement. The Account was generated in the ordinary course of Axesstel’s
business. Axesstel has performed all of its obligations under the purchase order related to the Account, and to the knowledge of Axesstel, no act or event has occurred which, with notice or lapse of time or both, would constitute a default under the
agreements underlying the Account.  
 3.5 Status of Shares. The Shares, when issued in accordance with the
terms of this Agreement shall be validly issued, fully paid and non-assessable, and free of any preemptive rights. 
 ARTICLE IV.

 REPRESENTATIONS AND WARRANTIES BUYER 

Buyer represents and warrants to Axesstel as follows: 

4.1 Organization. Buyer is a limited liability company duly organized and validly existing under the laws of the State of
California.  

  
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 4.2 Power and Authority. Buyer has all requisite corporate power and
authority and has taken all actions necessary to enter into this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the performance by Buyer of its respective obligations hereunder have
been duly and validly authorized by all necessary action and constitutes a legal, valid and binding obligation of Buyer enforceable against it in accordance with its terms. 

4.3 Consents and Approvals; No Violation. No consent, approval or action of, filing with or notice to any governmental or
regulatory authority or any other non-governmental third party is required in connection with the execution, delivery and performance of this Agreement, the exhibits to this Agreement or the consummation of the transactions contemplated hereby by
Buyer. Neither the execution and delivery of this Agreement by Buyer, nor the consummation by Buyer of the transactions contemplated hereby, will (a) conflict with or result in any breach of any provision of the certificate of incorporation,
bylaws or other organizational documents of Buyer, or (b) result in a material breach of, or default under (or give rise to any right of termination, cancellation or acceleration under), any of the terms, conditions or provisions of any
material agreement or instrument to which Buyer is a party, or by which any of the businesses, properties or assets of Buyer may be bound. 

4.4 Investment Representations. The Shares have not been registered under the Securities Act of 1933, as amended (the
“Securities Act”) and are being sold in a private placement pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act. Buyer, and each of its Designees, is an “accredited investor” as that term
is defined in Rule 501 of Regulation D promulgated under the Securities Act. Buyer, and each of its Designees, is acquiring the Shares, solely for its own account. Buyer, and each of its Designees, has no present intention of selling, granting any
participation in, or otherwise distributing the Shares within the meaning of Section 2(11) of the Securities Act, without prejudice, however, to Buyer’s and its Desgnees’ right at all times to sell or otherwise dispose of all or any
part of the Shares in compliance with applicable federal and state securities laws. Any certificate representing the Shares shall when initially issued bear a legend substantially similar to the following:  

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933 (“ACT”) AS
AMENDED, OR THE SECURITIES OR BLUE SKY LAWS OF CALIFORNIA OR ANY OTHER STATE AND MAY NOT BE OFFERED AND SOLD UNLESS REGISTERED AND/OR QUALIFIED PURSUANT TO THE RELEVANT PROVISIONS OF FEDERAL AND STATE SECURITIES OR BLUE SKY LAWS OR AN EXEMPTION FROM
SUCH REGISTRATION OR QUALIFICATION APPLICABLE THERETO. NO SALE OR TRANSFER OF THIS SECURITY SHALL BE MADE, NO ATTEMPTED SALE OR TRANSFER SHALL BE VALID, AND THE ISSUER SHALL NOT BE REQUIRED TO GIVE ANY EFFECT TO ANY SUCH TRANSACTION UNLESS
(A) SUCH TRANSACTION SHALL HAVE BEEN DULY REGISTERED UNDER THE ACT AND QUALIFIED OR APPROVED UNDER APPROPRIATE STATE OR BLUE SKY LAWS, OR (B) THE ISSUER SHALL HAVE FIRST RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT THAT SUCH
REGISTRATION, QUALIFICATION OR APPROVAL IS NOT REQUIRED. 

  
 -3- 

 ARTICLE V. 

ADDITIONAL COVENANTS 

5.1 Notice of Sale. Axesstel will promptly notify Net1 of the sale of the Interest and direct that all payments on the
Account be made to a bank account designated by and under the control of Buyer. In the event Axesstel receives any payment on the Account in any other bank account, Axesstel will promptly deposit such misdirected payments on the Account to the bank
account designated by Buyer.  
 5.2 Allocation of Payments. All payments deposited into the bank account
against payment of the Account will be applied pro-rata to the Interest acquired by Buyer and to the portion of the Account retained by Axesstel. Buyer shall promptly, and in no event later than three business days, following receipt of any payment
on the Account, transfer Axesstel’s portion of the payment to a bank account designated by Axesstel.  
 5.3 Board
Appointment. Promptly following the transactions contemplated by this Agreement, Axesstel shall cause its Board of Directors to appoint Jack Giles as a member of its Board of Directors to serve until the later of (a) the next annual
meeting of the stockholders or (b) until the Account is paid in full, and until his successor is duly qualified and elected. Axesstel and its Board will do and will cause to be done all things, and at all times, necessary or desirable as
expeditiously as possible to give effect to Mr. Giles Board appointment rights under this Section 5.3. 
 5.4 Use of
Proceeds. Axesstel will use the proceeds from the sale of the Interest substantially as follows: 
  

					
	 Accrued Payroll
	  	$	500,000	  
	 SVB November payment
	  	 	81,000	  
	 SVB December payment
	  	 	81,000	  
	 Operating Expenses (rent, insurance, other)
	  	 	100,000	  
	 Contract Manufacturers
	  	 	113,000	  

 5.5 Public Announcement. Axesstel will file a Current Report on Form 8-K regarding the
entry into this Agreement within four business days after the date hereof, as required under the Securities Exchange Act of 1934, as amended.  

5.6 Further Assurance. Each party agrees (a) to furnish upon request to each other party such further information,
(b) to execute and deliver to each other party such other documents, and (c) to do such other acts and things, all as another party may reasonably request for the purpose of carrying out the intent of this Agreement and the purchase and
collection of the Account in accordance with this Agreement. 
 ARTICLE VI. 

MISCELLANEOUS 
 6.1
Entire Agreement. This Agreement, and any exhibits and schedules delivered in connection herewith constitutes the entire agreement of the parties with respect to the subject  

  
 -4- 

 
matter hereof and supersedes all other prior agreements and understandings, both written and oral, among the parties, or any of them, with respect to the subject matters hereof. No change,
modification, amendment, addition or termination of this Agreement or any part thereof shall be valid unless in writing and signed by or on behalf of the party to be charged therewith. 

6.2 Further Assurances. Each party agrees to execute and deliver, or cause its affiliates to execute and deliver, such
instruments of sale, transfer, conveyance, assignment and delivery, and such consents, assurances, powers of attorney and other instruments as may be reasonably requested by the other party or its counsel in order to carry out the purpose and intent
of this Agreement. 
 6.3 Expenses. Buyer and Axesstel shall each pay their own respective costs and expenses
incurred in connection with this Agreement, and the transactions contemplated hereby.  
 6.4 Interpretation.
All parties have had the opportunity to consult with an attorney of their choice before executing this Agreement. Accordingly, this Agreement shall be interpreted in accordance with its plain meaning and shall not be construed strictly for or
against any party.  
 6.5 Governing Law. This Agreement shall be interpreted and governed by the laws of the
State of California and, as applicable, the laws of the United States, without giving effect to the principles of choice of law or conflicts of laws of California. Any legal proceeding arising out of this Agreement will be brought in a court of
competent jurisdiction in the County of San Diego, State of California and each party expressly consents and submits itself to the jurisdiction of such courts. 

6.6 Counterparts. This Agreement may be executed in multiple counterparts and transmitted by facsimile or by electronic
mail in “portable document format”, or other electronic means intended to preserve the original graphic appearance of a party’s signature. Each such counterpart shall constitute an original and all of which together shall constitute
one and the same instrument. 
 [Signature page follows on the next page] 

  
 -5- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed on the date and
year first above written. 
  

			
	 AXESSTEL, INC.
 a Nevada
corporation

		
	By:	 	 /s/ Patrick Gray

		 	Patrick Gray, Chief Executive Officer
	
	 ACCESSTEL INVESTORS, LLC.

a California limited liability company

		
	By:	 	 /s/ Bud Leedom

		 	Bud Leedom, Manager.

 [Signature Page to Account Purchase Agreement]

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