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Exhibit 4.1

CREDIT AGREEMENT (this “Agreement”) dated as of April 7, 2020, by and among Tim S.A., a Brazilian corporation organized under the laws of the Federative Republic of Brazil (the “Borrower”), Tim Participações S.A., a Brazilian corporation organized under the laws of the Federative Republic of Brazil (the “Guarantor”) and The Bank of Nova Scotia, as lender, a financial institution organized under the laws of Canada (the “Lender”).

W I T N E S S E T H:

The Borrower and the Guarantor have requested the Lender to make a term loan to the Borrower in an aggregate principal amount of $110,000,000 for its general corporate purposes, and the Lender is prepared to make such loan upon the terms and conditions hereof. Accordingly, the parties hereto agree as follows:

SECTION 1.   DEFINITIONS

1.01 Certain Defined Terms. As used herein, the following terms shall have the following meanings:

“Affiliate” shall mean, as to any Person, any other Person that, directly or indirectly, including through one or more intermediaries, Controls, is Controlled by or is under common Control with such Person.

“Agreement” has the meaning set forth in the preamble.

“Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977, the United Kingdom Bribery Act 2010, the Corruption of Foreign Public Officials Act (Canada), the Brazilian Anti-Corruption Law, each as amended, renewed, extended, or replaced from time to time, or any other laws, rules, and regulations of any jurisdiction applicable to any Obligor or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.

“Anti-Terrorism Laws” means the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), the Executive Order, the PATRIOT Act, the Bank Secrecy Act, the Money Laundering Control Act of 1986 (i.e., 18 U.S.C. §§ 1956 and 1957), and any other laws, rules, and regulations of any jurisdiction applicable to the Obligor or any of its Subsidiaries relating to terrorism or money laundering, as any of the foregoing laws, rules and regulations may, from time to time, be amended, renewed, extended, or replaced..

“Applicable Lending Office” shall mean, with respect to the Lender, its office, branch or Affiliate located at its address set forth on the signature pages hereof or such other office, branch or Affiliate thereof as it may hereafter designate by notice to the Borrower.

“Borrower” has the meaning set forth in the preamble.

“Borrower’s Economic Group” shall mean TIM Participações S.A. and TIM S.A.

“Borrowing” shall mean the borrowing of the Loan hereunder.

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“Borrowing Notice” shall have the meaning assigned to such term in Section 2.02.

“Brazil” shall mean the Federative Republic of Brazil.

“Brazilian Anti-Corruption Law” means collectively Federal Law No. 12,846 of August 1, 2013 and Federal Decree No. 8,420 of March 18, 2015, as amended and restated from time to time, or any other Brazilian laws, rules, and regulations applicable to any Obligor or any of its Subsidiaries from time to time concerning or relating to bribery or corruption.

“Break-Funding Compensation” shall have the meaning assigned to such term in Section 5.01(a).

“Business Day” shall mean any day on which commercial banks are not authorized or required to close in Toronto, Canada; New York, NY, United States; or in São Paulo, Brazil.

“Capital Stock” shall mean, as to any Person, any and all shares, interests, participations, quotas or other equivalents (however designated) of capital stock of, and any and all ownership interests in, a Person, and any and all warrants, options or other rights to purchase or exchange any of the foregoing.

“Central Bank” shall mean Banco Central do Brasil or any successor thereof.

“Change in Control” shall mean any transaction or series of transactions in which, Telecom Italia S.p.A., directly or indirectly, individually or collectively, ceases to hold Control over either Obligor.

“Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any governmental authority after the date of this Agreement or (c) compliance by the Lender (or by any lending office of the Lender or by the Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any governmental authority made or issued after the date of this Agreement. For purposes of this Agreement, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in connection therewith are deemed to have been introduced or adopted after the date hereof regardless of the date enacted or adopted and shall constitute a “Change in Law” and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to have been introduced or adopted after the date hereof, regardless of the date enacted or adopted and shall constitute a Change in Law.

“Code” means the U.S. Internal Revenue Code of 1986.

“Confidential Information” shall mean any information that either Obligor furnishes to the Lender or to any of its Affiliates on a confidential basis by informing the recipient in writing that such information is confidential or marking such information as such, but does not include any such information that is or at the time of disclosure by such Person has become generally available to the public.

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“Control” (including the terms “Controlling”, “Controlled by” and “under common Control with”) of a Person shall mean the possession, directly or indirectly, of the power to vote more than 50% of the Voting Stock of such Person or to direct or cause the direction of the management and policies of such Person, either through the ownership of such Voting Stock, by contract or otherwise.

“CVM” shall mean Comissão de Valores Mobiliários.

“Default” shall mean any condition or event which constitutes an Event of Default or an event that with notice or lapse of time or both would become an Event of Default.

“Dollars” and “$” shall mean the lawful currency of the United States.

“Drawdown Date” shall mean the date of the Borrowing.

“EBITDA” shall mean, for any Person, for the four most recently completed fiscal quarters of such Person, earnings before amortization, depreciation, interest paid and received, results of equity investments, results of non-operational income, income tax and social contribution. It is hereby understood that the effects arising out of the accounting rule “IFRS16” shall not be considered for purposes of calculating “EBITDA” hereunder.

“Event of Default” shall have the meaning assigned to such term in Section 9.

“Excluded Tax” shall mean with respect to any recipient of any payment to be made by or on account of any obligation of the Obligors under this Agreement: (a) any Tax imposed on or measured by net income, branch profits Taxes or franchise Taxes (imposed in lieu of Taxes on net income) of such recipient imposed by the laws of the jurisdiction under which such recipient is organized or in which its principal office is located or, in the case of the Lender, in which the Applicable Lending Office is located; (b) Taxes on net income, branch profit Taxes or franchise Taxes (imposed in lieu of Taxes on net income)imposed on any recipient as a result of a present or former connection between it and the jurisdiction imposing such Tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising as a consequence of it having executed, delivered or performed its obligations or received payment under, or enforced its rights under, this Agreement); (c) Taxes on net income imposed as a consequence of the Lender (i) having its principal office in Brazil or maintaining a permanent establishment or branch in Brazil or (ii) being a resident of Brazil for tax purposes; and (d) any withholding Taxes imposed under FATCA.

“FATCA” means (i) Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with) any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code, and (ii) any similar law adopted by any non-U.S. Governmental Authority pursuant to an intergovernmental agreement between such non-U.S. jurisdiction and the United States.

“Final Maturity Date” shall mean April 22, 2021, provided, that if such day is not a Business Day, the Final Maturity Date shall be the immediately preceding Business Day.

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“Foreign Official” means an officer or employee of a Governmental Authority, or of a public international organization, or any person acting in an official capacity for or on behalf of any such Governmental Authority, or for or on behalf of any such public international organization, or any political party, party official, or candidate thereof. “Foreign Official” also includes officers, employees, representatives, or agents of any entity owned or controlled directly or indirectly by a Governmental Authority, including through ownership by a sovereign wealth fund.

“FX Transaction” shall mean the foreign exchange transaction to be entered into by and between the Borrower and the Hedge Provider with respect to the Loan.

“Governmental Approval” shall mean any action, order, authorization, consent, approval, license, ruling, permit, exemption, filing or registration from, by or with any Governmental Authority.

“Governmental Authority” shall mean any nation or government, any state or municipality or any other agency, instrumentality or political subdivision thereof and any entity exercising executive, legislative, judicial, monetary, regulatory or administrative functions of or pertaining to government.

“Guarantor” has the meaning set forth in the preamble.

“Hedge Agreement” shall mean the Contrato Global de Derivativos and the Apêndice ao Contrato Global de Derivativos entered into by and between the Borrower and the Hedge Provider.

“Hedge Provider” shall mean Scotiabank Brasil S.A. Banco Múltiplo.

“Hedge Transaction” shall mean the swap to be entered into by and between the Borrower and the Hedge Provider under the Hedge Agreement.

“IFRS” means international accounting standards and interpretations of such standards adopted by the International Accounting Standards Board, as in effect from time to time.

“Indebtedness” shall mean, as to any Person, without duplication, any amount payable by such Person pursuant to an agreement or instrument involving or evidencing money borrowed or received, the advance of credit, debt capital markets transactions (including bonds and debentures), a lease, a conditional sale or a transfer with recourse or with an obligation to repurchase, pursuant to a lease with substantially the same economic effect as any such agreement or instrument, or any such agreement , instrument or arrangement secured by any lien or other encumbrance upon any property owned by such Person, even though such Person has not assumed or become liable for the payment of any money under such agreement, instrument or arrangement, to which such Person is a party as debtor, borrower or guarantor.

“Indemnified Party” shall have the meaning assigned to such term in Section 11.03.

“Interest Payment Date” shall mean each of the following dates: October 22, 2020, and April 22, 2021.

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“Interest Rate” shall mean 1.2410% per annum.

“Lender’s Account” shall mean the following account of the Lender:

Bank: Bank of America N.A.

SWIFT: BOFAUS3N

ABA#: 26009593

Beneficiary Bank: The Bank of Nova Scotia – Toronto

BOFA Account #: 6550-7-26001

SWIFT: NOSCATT

Beneficiary: The Bank of Nova Scotia – Toronto

SWIFT: NOSCCATTTL3

Attn.: GWO CCS Brazil OFF (Transit 63537)

Ref.: Tim S.A. – Reason for Payment

or such other account as may be designated by the Lender to the Borrower in writing.

“Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property and any financing lease having substantially the same economic effect as any of the foregoing).

“Loan” shall mean the loan made by the Lender pursuant to Section 2.01.

“Loan Documents” shall mean this Agreement, the Note, the Hedge Agreement, and all other documents entered into or to be entered into in connection with the Hedge Transaction, and each other document that makes express reference to this Agreement, the Note or the Hedge Transaction.

“Material Adverse Effect” shall mean a material adverse effect on: (a) the business, liabilities, financial condition, operations, performance or properties of the Borrower, the Guarantor and Subsidiaries of each of them, taken as a whole; (b) the ability of either Obligor to perform its obligations under this Agreement or any other Loan Document to which it is a party; or (c) the legality, validity, binding effect or enforceability against either Obligor of this Agreement or any other Loan Document to which it is a party.

“Material Operational Assets” shall mean the assets used by the Borrower directly or indirectly in the activities described in its corporate purpose, and whose selling, transfer or otherwise disposal of, individually or jointly, has the proven effect of reducing more than 30% of the consolidated EBITDA of the Borrower, except for the assets sold, transferred, or, otherwise, disposed (i) in the ordinary course of its business; (ii) of obsolete and unused assets; or (iii) within the Borrower’s Economic Group in an arm’s length transaction.

“New York” shall mean the City of New York, NY, United States.

“Note” shall have the meaning assigned thereto in Section 2.03.

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“OFAC” shall mean the Office of Foreign Assets Control of the United States Department of Treasury.

“Obligors” shall mean, collectively, the Borrower and the Guarantor.

“Optional Prepayment Notice” shall have the meaning assigned thereto in Section 2.04.

“Person” shall mean any individual, corporation, company, voluntary association, partnership, Limited Liability Company, joint venture, trust, unincorporated organization or Governmental Authority or other entity of whatever nature.

“Post-Default Rate” shall mean a rate per annum which is equal to the Interest Rate plus 1.0%.

“Responsible Officer” shall mean the chief executive officer, president, the chief financial officer, any senior or executive vice president, the controller or the treasurer of any Person.

“ROF” shall mean Registro de Operação Financeira, the registration required by the Central Bank for cross-border credit transactions, such as the transaction contemplated herein.

“Sanction” shall mean any economic sanctions law administered, enacted or enforced by any Sanctions Authorities.

“Sanctioned Jurisdiction” shall mean a country or territory that is, or whose government is, the subject of territorial-based Sanctions.

“Sanctioned Person” means any Person (a) that is listed on a Sanctions List, (b) that is fifty-percent or more owned, directly or indirectly, in the aggregate by one or more Persons described in clause (a) above, (c) that is located, organized or resident in a Sanctioned Jurisdiction or (d) with whom a U.S. or Canadian Person is otherwise prohibited or restricted by any Sanction from engaging in trade, business or other activities.

“Sanctions Authority” shall mean (a) the United States, (b) the United Nations Security Council, (c) the European Union or any member state thereof, (d) the United Kingdom, (e) Brazil, (f) Canada, and/or (g) the respective governmental institutions, agencies and subdivisions of any of the foregoing, including, without limitation, Her Majesty’s Treasury, Global Affairs Canada, OFAC, and the United States Department of State and any other relevant national or supra national Government Authority with jurisdiction over the Obligor.

“Sanctions List” shall mean any Sanctions-related list of designated Persons, published or maintained by any Sanctions Authority, including, without limitation, the list of Specially Designated Nationals and Blocked Persons maintained by OFAC.

“Subsidiary” shall mean with respect to any corporation or other Person, at any date, any corporation, Limited Liability Company, partnership, association or other entity of which more than 50% of the Voting Stock or other voting interests is owned or controlled, directly or indirectly, by such Person and/or by any Subsidiary of such Person.

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“Tax Benefit” shall have the meaning assigned to such term in Section 5.02(g).

“Taxes” shall mean all present and future income, stamp, registration and other taxes and levies, imposts, deductions, charges and withholdings whatsoever, and all interest, penalties or similar amounts with respect thereto or with respect to the non-payment thereof, now or hereafter imposed, assessed, levied or collected by any authority, on or in respect of this Agreement or the Note, or any payment under this Agreement or the Note, or the recording, registration, notarization or other formalization of this Agreement or the Note, other than Excluded Taxes.

“Total Net Debt” shall mean, with respect to any Person (on a consolidated basis and without duplication), as of any date of determination, the sum of: (i) all financial debt, including loans, derivative contracts of every order, including options, futures and forwards, and capital lease agreements; all obligations arising from the issuance of debt securities (whether issued domestically or abroad), including debentures, bonds, promissory notes or other securities representing debt, minus (ii) free and unencumbered cash which includes marketable securities, cash and cash equivalents. It is hereby understood that the effects arising out of the accounting rule “IFRS16” shall not be considered for purposes of calculating “Total Net Debt” hereunder.

“United States” shall mean the United States of America.

“Voting Stock” of a Person shall mean Capital Stock in such Person having power to vote for the election of directors or similar officials of such Person or otherwise voting with respect to actions of such Person (other than such Capital Stock having such power only by reason of the happening of a contingency).

1.02     Other Interpretive Provisions.

(a)       The definitions of terms herein shall equally apply to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “shall” will be construed to have the same meaning and effect as the word “will.” Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used in this Agreement, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to this Agreement, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

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(b)       In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”

(c)       Article, section and subsection headings herein are included for convenience of reference only and shall not affect the interpretation of this Agreement.

1.03     Accounting Terms. All accounting terms not specifically defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, IFRS as in effect from time to time, except as otherwise specifically prescribed herein.

SECTION 2.   LOAN

2.01     Loan. The Lender agrees, subject to the terms and conditions of this Agreement, to make a single term loan (the “Loan”) to the Borrower in Dollars in a single disbursement on or before April 22, 2020, in a principal amount of $110,000,000.

2.02     Borrowing. The Borrower shall give the Lender notice of the Borrowing (the “Borrowing Notice”) substantially in the form of Exhibit A hereto not later than 12:00 p.m. (New York time) on the date two (2) Business Days prior to the requested Drawdown Date. The Borrowing Notice shall be irrevocable and specify the amount to be borrowed and the requested Drawdown Date (which date shall be a Business Day).

2.03     Note. The Borrower’s obligation to pay the principal of, and interest on, the Loan made by the Lender shall be evidenced by a promissory note, substantially in the form of Exhibit B, with blanks appropriately completed in conformity herewith (the “Note”). The Note shall be (i) duly executed and delivered by the Borrower and the Guarantor, (ii) payable to the order of such Lender or its registered assigns, (iii) in a stated principal amount equal to the Loan, and (iv) entitled to the benefits of this Agreement.

2.04     Optional Prepayments. Subject to Sections 4.03, 5.01 5.02 and 11.03 and the payment of any relevant Taxes, including, without limitation, any IOF (Imposto sobre Operações Financeiras) due as a result of any such prepayment, and subject in all cases to the unwinding, termination or renegotiation of the Hedge Transaction and the FX Transaction, in each case on terms and conditions satisfactory to the Lender and at the Borrower’s full cost and expense, the Borrower shall have the right to prepay the Loan in whole or in part at any time or from time to time without premium or penalty. Amounts prepaid hereunder may not be reborrowed. The Borrower shall give written notice to the Lender of any optional prepayment pursuant to this Section 2.04 (“Optional Prepayment Notice”) not later than 12:00 p.m. (New York time) on the date that is not less than five Business Days before the proposed date of prepayment. Each notice of prepayment given to the Lender shall be irrevocable and specify the amount to be prepaid and the requested prepayment date (which date shall be a Business Day).

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SECTION 3.   PAYMENTS OF PRINCIPAL AND INTEREST

3.01     Repayment of Loan. The Borrower agrees to pay to the Lender in immediately available funds and in Dollars the principal amount of the Loan and, in any event, all outstanding principal amounts of the Loan and any other amounts due hereunder, on the Final Maturity Date.

3.02     Interest.

(a)       The Borrower agrees to pay to the Lender interest on the outstanding principal amount of the Loan on each Interest Payment Date, at a rate per annum equal to the Interest Rate.

(b)       Notwithstanding the foregoing, the Borrower agrees to pay to the Lender, to the extent permitted by applicable law, interest at the Post-Default Rate on any amount whatsoever payable by the Borrower hereunder to the Lender that shall not be paid in full when due after 2 (two) Business Days of the due date thereof (whether at stated maturity, by acceleration, or otherwise), for the period from and including the due date thereof to but excluding the date the same is paid in full.

(c)       Accrued interest on the Loan shall be payable on each Interest Payment Date and upon any payment or prepayment thereof (on the principal amount so paid or prepaid), provided, that, if applicable, interest payable at the Post-Default Rate shall be payable from time to time on demand. Any interest paid shall not be refundable under any circumstances.

SECTION 4.   PAYMENTS, ETC.

4.01     Payments. Except to the extent otherwise provided herein, all payments of principal, interest and other amounts to be made by either Obligor under this Agreement shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Lender at the Lender’s Account, not later than 5:00 p.m. New York time on the date on which such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Partial payments hereunder shall be applied first to other amounts payable hereunder, then to accrued and unpaid interest, then to unpaid principal.

4.02     Computations. Interest on the Loan shall be computed on the basis of a year of 360 days and actual days elapsed (including the first day but excluding the last day) occurring in the period for which such interest is payable.

4.03     Minimum Amounts. Each permitted partial prepayment of principal of the Loan shall be in an aggregate amount equal to at least $5,000,000 and an integral multiple of $1,000,000 (or such lesser amount as may be necessary to prepay in full the principal amount then outstanding or to cause any scheduled repayment plus any prepayment to be an integral multiple of $1,000,000).

4.04     Set-Off. Without limiting any of the obligations of the Obligors or the rights of the Lender hereunder, if the Borrower shall fail to pay when due (whether at stated maturity, by acceleration or otherwise) any amount payable by it hereunder or under any other Loan Document, then (to the fullest extent permissible pursuant to applicable law) the Lender may set 

off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final, in any currency, matured or unmatured) at any time held or any other debt owing by the Lender (in each case, including any branch or agency thereof) to or for the credit or account of the Obligors.

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SECTION 5.   YIELD PROTECTION; TAXES, ETC.

5.01     Break-Funding Compensation. The Borrower shall pay to the Lender such amount or amounts as shall be sufficient to compensate the Lender for any loss, cost or expense (including Break-Funding Compensation) attributable to (i) any optional prepayment of this Loan under Section 2.04, and (ii) any payment prior to maturity following any Event of Default.

(a)       “Break-Funding Compensation” shall be an amount determined by the Lender to be equal to the excess, if any, of:

(A)(I) the amount of interest that the Lender would have received in respect of the principal amount of the Loan prepaid for the period from the date of such prepayment to the Final Maturity Date had such prepayment not been made; over

(B)      the amount of interest that the Lender would have earned on the relevant principal amount prepaid for such period if the Lender were to invest such principal amount for such period at the average interest rate that would be bid by the Lender (or Affiliates thereof) for Dollar deposits from at least 5 banks that are members of the BBA – British Banker’s Association in the Eurodollar market at the commencement of such period, disregarding the highest and the lowest bids.

For the avoidance of doubt, the amounts calculated in sub-items (A) and (B) above shall be calculated at their present value, discounted using the average interest rate determined in sub-item (B). A certificate of the Lender setting forth any amount or amounts that the Lender is entitled to receive pursuant to this Section 5.01(a), including Break-Funding Compensation, shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay the Lender the amount shown as due on any such certificate upon demand.

(b)       If any payment hereunder or under any other Loan Document other than the Hedge Transaction becomes due and payable on a day that is other than a Business Day, such payment date shall be extended to the next succeeding Business Day (unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the first preceding Business Day) and, with respect to payments of principal, interest thereon shall be payable at the Interest Rate.

5.02     Taxes

(a)       All payments on account of the principal of and interest on the Loan, fees and all other amounts payable under this Agreement by the Borrower to or for the account of the Lender, including, without limitation, amounts payable under paragraph (b) of this Section 5.02, shall be made free and clear of and without deduction or withholding for or on account of any Taxes, unless so required by applicable law, decree or regulation.

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(b)       If the Borrower or any Person making a payment hereunder on behalf of the Borrower shall be required by applicable law, decree or regulation or otherwise to deduct or withhold any Taxes from any amounts payable on, under or in respect of this Agreement, (i) the Borrower, or, as applicable, such Person, shall promptly pay the Lender such additional amounts as may be required, after the deduction or withholding of such Taxes (including any Taxes on such additional amounts), to enable the Lender to receive on the due date thereof an amount equal to the full amount stated to be payable to the Lender under this Agreement as if no deduction or withholding was applicable; and (ii) the Borrower, or, as applicable, such Person, shall deduct or withhold and pay such Taxes in accordance with such applicable law, decree or regulation or otherwise.

(c)       The Borrower shall, within 10 (ten) Business Days of demand therefor, indemnify the Lender against, and reimburse the Lender upon written request for, any Taxes paid at any time by the Lender in connection with any failure of the Borrower to make any payment of Taxes when due. After the Lender learns of the imposition of Taxes, Lender will act in good faith to promptly notify Borrower of its obligations hereunder.

(d)       Except to the extent prohibited by applicable law, the Borrower shall, upon written request from the Lender, furnish to the Lender any original official tax receipt, voucher, return, document or other writing issued by the Governmental Authority to whom such payment was made (if available or, if not, a copy thereof) evidencing each payment of Taxes required under this Section, as soon as is reasonably practicable after the date that such payment is made, and shall promptly furnish to the Lender at its written request any other reasonable information, documents and receipts that the Lender may request to establish that full and timely payment has been made of all Taxes with respect to which indemnification is required to be paid under this Section.

(e)       The Borrower agrees to pay all present and future stamp, court or documentary taxes and any other excise taxes, charges or similar levies and any related interest or penalties incidental thereto imposed by Brazil, or any jurisdiction from which any amount payable hereunder is made, or any municipality or other political subdivision or taxing authority thereof or therein which arises from any payment made by the Borrower hereunder or from the execution, delivery, filing, enforcement or registration of this Agreement except any Taxes that are imposed with respect to an assignment that are not imposed as a result of a present or former connection between either the assignor or the assignee, and the jurisdiction imposing such Tax.

(f)       The Lender agrees to use reasonable efforts (consistent with legal and regulatory restrictions), and to cause any other recipient of any payment to be made by or on account of any obligation of the Borrower under this Agreement to use reasonable efforts (consistent with legal and regulatory restrictions), to file any certificate or document or to furnish to the Borrower any information, in each case, as reasonably requested by the Borrower that may be necessary to establish any available exemption from, or reduction in the amount of, any Taxes; provided that nothing in this Section 5.02(f) shall require the Lender to disclose any confidential information (including, without limitation, its tax returns or its calculations).

(g)       If a payment made to the Lender under this Agreement would be subject to withholding Tax imposed by FATCA if the Lender were to fail to comply with the applicable 

reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), the Lender shall deliver to the Borrower at the time or times prescribed by law and at such time or times reasonably requested by the Borrower such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower as may be necessary for the Borrower to comply with its obligations under FATCA and to determine that the Lender has complied with the Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.

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(h)       If Lender determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.02 (including by the payment of additional amounts pursuant to this Section 5.02), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 5.02 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (i) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (i), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (i) the payment of which would place the indemnified party in a less favorable net after-tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its tax returns (or any other information relating to its taxes that it deems confidential) to the indemnifying party or any other Person.

(i)        Each party’s obligations under this Section 5.02 shall survive any assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge of all obligations under any document delivered hereunder.

5.03     Increased Costs.

(a)       If the Lender reasonably determines that any Change in Law shall: (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against material assets of, deposits with or for account of, or credit extended by, the Lender; or (ii) impose on the Lender any other condition affecting this Agreement; and the result of any of the foregoing shall be to increase the cost to the Lender of making or maintaining the Loan or to reduce the amount of any sum received or receivable by the Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to the Lender such additional amount or amounts as will compensate the Lender for such additional costs incurred or reduction suffered.

(b)       If the Lender determines that any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on the Lender’s capital or on the 

capital of the Lender’s holding company, if any, as a consequence of this Agreement or the Loan made to a level below that which the Lender or the Lender’s holding company could have achieved but for such Change in Law (taking into consideration the Lender’s policies and the policies of the Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to the Lender such additional amount or amounts as will compensate the Lender or the Lender’s holding company for any such reduction suffered.

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(c)       A certificate of the Lender setting forth the amount or amounts necessary to compensate the Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section 5.03 with reasonable and duly documented detail as to the basis of the Lender’s claim to compensation under paragraphs (a) and (b) of this Section 5.03 and method for calculating such compensation, and shall be conclusive absent manifest error. The Borrower shall pay the Lender the amount shown as due on any such certificate within 5 days after receipt thereof. Alternatively, the Borrower shall have the option to prepay the Loan without incurring any Break-Fund Compensation within sixty (60) days after the date of receipt of the certificate from the Lender.

(d)       Failure or delay on the part of the Lender to demand compensation pursuant to this Section 5.03 shall not constitute a waiver of the Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate the Lender pursuant to this Section 5.03 for any increased costs or reductions incurred more than one hundred and eighty (180) days prior to the date that the Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of the Lender’s intention to claim compensation therefor; provided, further, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the one hundred and eighty (180) days period referred to above shall be extended to include the period of retroactive effect thereof.

5.04     Mitigation. If an event or circumstance occurs that would entitle the Lender to exercise any of the rights or benefits afforded by this Section 5 (Yield Protection, Taxes, Etc.), the Lender, may upon receipt of a written request of the Borrower, take such steps as may be reasonably available to eliminate or mitigate the effects of such event or circumstance, including to use its reasonable efforts (consistent with its internal policies and legal and regulatory restrictions) to designate a different Applicable Lending Office if such designation would (i) avoid the need of the Lender for giving such written demand for compensation, (ii) allow the Lender to make and maintain the Loan hereunder, and (iii) not, in the reasonable judgement of the Lender, be materially disadvantageous (economically or otherwise) to the Lender;. provided, however, that the Lender shall not be under any obligation to take any step that, in its sole discretion, would (a) result in its incurring additional costs or Excluded Taxes or (b) otherwise be disadvantageous to it.

5.05     Illegality. Notwithstanding any other provision herein, if after the date hereof any Change in Law or in the interpretation or application of any law, rule or regulation, by a competent Governmental Authority shall make it unlawful for the Lender to make or maintain the Loan as contemplated by this Agreement and the Note (and, in the opinion of the Lender, the designation of a different Applicable Lending Office would either not avoid such unlawfulness or would be disadvantageous to the Lender), the Lender may, by written notice to the Borrower, declare its obligations under this Agreement to be terminated, whereupon the same shall 

forthwith terminate, and the Obligor shall repay the principal of the Loan together with accrued interest, without incurring in Break-Funding Compensation within sixty (60) days from the written notice of the Lender, or in a shorter period of time if the applicable Change in Law so requires.

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SECTION 6.   CONDITIONS PRECEDENT

6.01     Conditions Precedent to Effectiveness. The obligation of the Lender to make the Loan hereunder is subject to each of the following terms and conditions, in each case in form and substance satisfactory to the Lender in its sole discretion:

(a)       the Lender shall have received the number of originals of this Agreement requested by the Lender, duly executed and delivered by the Obligors;

(b)       the Lender shall have received the Note duly executed and delivered by the Borrower and the Guarantor;

(c)       the Lender shall have received copies, each certified as of the date of this Agreement by a Responsible Officer of each of the Obligors, of (i) documents evidencing that such Obligor has all necessary corporate and other authority to execute and deliver this Agreement and (ii) the organizational documents of such Obligor;

(d)       The following statements shall be true on and as of the date of this Agreement (and the Lender shall have received a certificate in the form of Exhibit C hereto signed by a Responsible Officer of each of the Obligors dated the date hereof, to the effect that):

(i)        immediately before and after giving effect to the transactions contemplated to take place hereunder on the date hereof, (x) the representations and warranties of such Obligor contained herein shall be true and correct in all material respects on and as of the date hereof, unless stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such date (or if any such representation or warranty (i) is already qualified by materiality, Material Adverse Effect or similar language or (ii) relates to compliance with Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions, it shall be true and correct in all respects) and (y) no Default shall have occurred and be continuing; and

(ii)      there shall not have occurred, since September 30, 2019, any Material Adverse Effect;

(e)       the Lender shall have received evidence that all approvals, consents, waivers, authorizations or filings with any Governmental Authorities, required in connection with the execution, delivery and performance of this Agreement have been obtained, including but not limited to a copy or printout of the relevant ROF naming the Borrower as the borrower under the Loan, the Lender as lender under the Loan and the Guarantor as the Guarantor under the Loan, and containing the approval of the Central Bank of Brazil for the loan as well as the resulting schedule of payment resulting herefrom, which will enable the Borrower to make remittances from Brazil to make the payments of the scheduled principal, interest, fees and expenses under the Loan Documents (the “Schedule of Payments”);

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(f)       the Lender shall have duly received the Borrowing Notice duly executed and delivered by the Borrower;

(g)       the Lender shall have received a copy of the Hedge Agreement duly executed and delivered by the Borrower;

(h)       the Hedge Transaction and the FX Transaction shall have been entered into by the Borrower and the Hedge Provider;

(i)        the Lender shall have received a copy of a letter from the Process Agent accepting an appointment to act as Process Agent to the Borrower and to the Guarantor under this Agreement, in form and substance reasonably satisfactory to the Lender;

(j)        such other documents as the Lender shall, in its sole discretion, request, including any documents pertaining to the Lender’s “know-your-customer” requirements.

SECTION 7.   REPRESENTATIONS AND WARRANTIES

Each of the Obligors represents and warrants to the Lender on the date hereof and on the date of the Borrowing that:

7.01     Organization; Power and Authority. It (i) is duly incorporated and validly existing under the laws of Brazil, (ii) has all requisite corporate or other power, and has all material governmental licenses, authorizations, consents and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted, except where failure (either individually or in the aggregate) to have such governmental licenses, authorizations, consents and approvals could not have a Material Adverse Effect, (iii) is qualified to do business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure so to qualify (either individually or in the aggregate) could not result in a Material Adverse Effect and (iv) has full power, authority and legal right to make and perform the Agreement and to borrow or guarantee (as applicable) the Loan hereunder.

7.02     No Additional Authorization Required. Except for: (i) the ROF naming the Borrower as the borrower under the Loan, the Guarantor as guarantor under the Loan and the Lender as lender under the Loan, which has been obtained in accordance with Section 6.01(e) and (ii) any further authorization from, notice to or registration with, the Central Bank which could be necessary to enable the Obligors (A) to make payments under the Loan earlier than their respective due dates, whether upon acceleration or otherwise, and (B) to make remittances from Brazil to make payments with respect to the Loan not specifically covered by the ROF, no license, consent, authorization or approval or other action by, or notice to or registration or filing with, any Governmental Authority, and no other third-party consent or approval, is necessary for the due execution, delivery and performance by the Obligors of this Agreement or for the legality, validity or enforceability of this Agreement.

7.03     Ranking. The payment obligations of the Obligors hereunder constitute unconditional obligations of the Obligors, and rank and will at all times rank at least pari passu in priority of payment with all other present and future unsecured and unsubordinated Indebtedness of the Obligors (other than statutorily preferred obligations).

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7.04     No Actions or Proceedings. Since September 30, 2019, there are and have been no legal or arbitral proceedings, or proceedings by or before any Governmental Authority, pending or (to the knowledge of either Obligor) threatened against either Obligor that (either individually or in the aggregate) could be expected to have a Material Adverse Effect.

7.05     Environmental Matters. The operations and property of the Obligors comply with all applicable environmental laws, except to the extent the failure to so comply, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. The credit extended herein shall not, to best of the Borrower’s knowledge be used in any activities which may potentially or effectively cause a breach of any environmental laws.

7.06     Compliance. Each of the Obligors is in compliance with (i) its organizational documents, and (ii) except as could not reasonably be expected to have a Material Adverse Effect, all applicable laws (including environmental laws, but excluding Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions, which are covered separately in Sections 7.16, 7.17 and 7.18), Governmental Approvals and contractual obligations applicable to it.

7.07     Material Adverse Effect. Since September 30, 2019, no event or circumstance has occurred that has had or could be expected to have a Material Adverse Effect.

7.08     Due Authorization; etc. The making and performance by each of the Obligors of this Agreement have been duly authorized by all necessary corporate action (including any necessary shareholder action), and do not contravene: (i) its organizational documents, (ii) any applicable law, regulation, judgment, award, injunction or similar legal restriction in effect or (iii) any document or other contractual restriction binding upon or affecting either Obligor or any of their respective properties or assets.

7.09     Legal Effect. This Agreement and each other Loan Document to which it is a party has been duly executed and delivered by each of the Obligors, and is the legal, valid and binding obligation of such Obligor, enforceable against such Obligor, in accordance with its terms, in each case, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization (other than corporate reorganizations within the scope of Section 8.14(b) hereof), recuperação judicial, recuperação extrajudicial, falência or other similar laws relating to or affecting the enforcement of creditors’ rights generally and as may be limited by equitable principles of general applicability.

7.10     Use of Credit. The Borrower is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” (within the meaning of Regulations T, U and X of the Board of Governors of the Federal Reserve System of the United States of America), and no part of the proceeds of any Loan hereunder will be used to buy or carry any margin stock (as so defined).

7.11     Investment Company Act. Neither the Borrower nor the Guarantor nor any of its Subsidiaries is required to be registered as an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.

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7.12     Financial Condition, etc. Each of the Obligors has heretofore furnished to the Lender its audited consolidated balance sheet and statements of income, stockholders’ equity and cash flows as of and for the fiscal year ended December 31, 2018. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of each of the Obligors and its Subsidiaries as of such date and for such fiscal year in accordance with IFRS.

7.13     No Immunities, etc. It is subject to civil and commercial law with respect to its obligations under this Agreement and each other Loan Document to which it is a party and the execution, delivery and performance by it of this Agreement constitute private and commercial acts rather than public or governmental acts. The Obligor is not entitled to any right of immunity in Brazil from suit, court jurisdiction, judgment or form any other legal process or remedy relating to its obligations under any Loan Documents.

7.14     No Default. No Default exists as of the date of execution of this Agreement and as of the date of the Borrowing.

7.15     Anti-Corruption Laws. No Obligor nor any of its Subsidiaries nor, to such Obligor’s knowledge, any Person acting on behalf or at the direction of such Obligor or any of its Subsidiaries is in violation of any Anti-Corruption Law. Each Obligor and its Subsidiaries have implemented and maintains in effect policies and procedures designed to promote compliance by such Obligor and its Subsidiaries, and their respective directors, officers and employees, with any applicable Anti-Corruption Laws.

7.16     Anti-Terrorism Laws. No Obligor, nor any of its Subsidiaries nor, to such Obligor’s knowledge, any Person acting on behalf or at the direction of the Obligor or any of its Subsidiaries is in violation of any Anti-Terrorism Law. Each Obligor and each of its Subsidiaries has implemented and maintains in effect a Code of Ethics and Conduct.

7.17     Sanctions. Neither the Obligor, nor any of its Subsidiaries nor, to the Obligor’s knowledge, any Person acting on behalf or at the direction of the Obligor or any of its Subsidiaries (i) is a Sanctioned Person, (ii) does any dealings or transactions with, involving or for the benefit of a Sanctioned Person, or in or involving a Sanctioned Jurisdiction, except that the Obligors have existing international roaming agreement with companies located in Iran, Syria and Sudan, and such companies are not Sanctioned Persons and such arrangements are otherwise in compliance with Sanctions and Anti-Terrorism Laws or (iii) will, directly or indirectly, use the proceeds from the Loan, or lend, contribute, or otherwise make available such proceeds to fund any activity or business in any Sanctioned Jurisdiction or to fund any activity or business of any Sanctioned Person or in any other manner that would constitute or give rise to a violation of Sanctions by any Person, including the Lender

SECTION 8.   COVENANTS OF THE BORROWER.

Each of the Obligors covenants and agrees with the Lender that, so long as the Loan is outstanding and until payment in full of all amounts payable by the Borrower hereunder and under each other Loan Document:

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8.01     Corporate Existence. Each of the Obligors will, and will cause each of its Subsidiaries to, (i) preserve and maintain its legal existence and (ii) preserve and maintain all of its material assets, rights, privileges, licenses, permits, insurance policies and franchises except where the failure to so preserve and maintain would not have a Material Adverse Effect.

8.02     Compliance with Law Each of the Obligors will comply with the requirements of all applicable laws, rules, regulations and orders of Governmental Authorities (including without limitation all environmental laws, but excluding Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions, which are covered separately in Sections 8.09, 8.16 and 8.17), except to the extent that the failure to comply, either individually or in the aggregate, would not reasonably be expected to cause a Material Adverse Effect.

8.03     Payment of Obligations. Each of the Obligors will pay and discharge at or before maturity all of its material obligations and liabilities and pay and discharge all material Taxes, assessments and governmental charges or levies imposed on it or on its income or profits or on any of its property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and by proper proceedings and against which adequate reserves are being maintained in accordance with IFRS.

8.04     Governmental Authorizations. Each of the Obligors will from time to time obtain or make and maintain in full force and effect all licenses, consents, authorizations and approvals of, and filings and registrations with, any Governmental Authority from time to time necessary under applicable law for the making and performance by the Obligors of this Agreement and the other Loan Documents.

8.05     Reporting Requirements. Each of the Obligors (as applicable as set forth below) will provide to the Lender:

(a)       To the extent not made available on either the CVM’s or the Guarantor’s websites, as applicable, and within five (5) Business Days after written request from the Lender and in any event (i) within 120 days after the end of each fiscal year of the Borrower and of the Guarantor, respectively, an audited and consolidated (to the extent applicable) balance sheet of the Borrower and of the Guarantor as at the end of such fiscal year and the respective related consolidated statements of income and retained earnings, and statement of changes in cash flow of the Guarantor and of the Borrower for such respective fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on in conformity with IFRS consistently applied and with the opinion thereon (not qualified as to scope of the audit) of independent public accountants of recognized international standing, (ii) within 120 days following the end of each of the Borrower’s and the Guarantor’s fiscal quarters, its respective quarterly consolidated financial statements;

(b)       As soon as practicable after any officer of either Obligor obtains knowledge thereof, notice of any event or condition which has had or would reasonably be expected to have a Material Adverse Effect and the nature of such Material Adverse Effect;

(c)       promptly, but in any event within three (3) Business Days, after either Obligor obtains knowledge of any Event of Default, a certificate of a Responsible Officer of such Obligor 

setting forth the details thereof and the action(s) that is/are being taken or is/are proposed to be taken with respect thereto; and

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(d)       As soon as practicable, but in any event, within five (5) Business Days after it obtains knowledge thereof, notice of (i) any violation of applicable Anti-Corruption Laws and/or Anti-Terrorism Laws or Sanctions by the Obligor or any officer, director thereof, and (ii) any pending or threatened judicial, administrative or arbitral proceeding or investigation relating to any such violation by any such Person.

(e)       As soon as practicable, but in any event, within ten (10) Business Days from any request therefor, such other information regarding the operations, business affairs and financial condition of either Obligor or any of its Subsidiaries, or regarding compliance with the terms of this Agreement, in each case as the Lender may reasonably request in writing.

8.06     Ranking. Each of the Obligors will promptly take all actions as may be necessary to ensure that the payment obligations of such Obligor under this Agreement will at all times constitute unconditional obligations of the Obligors ranking at least pari passu in priority of payment with all other present and future unsecured and unsubordinated Indebtedness of the Obligors (other than statutorily preferred obligations).

8.07     Use of Proceeds.

(a)       The Borrower shall use the proceeds (less any fees and expenses then due and payable hereunder) of the Loan solely for its general corporate purposes;

(b)       No part of the proceeds of the Loan shall be used directly or indirectly for the purpose (whether immediate, incidental or ultimate) of buying or carrying any “margin stock” (as defined in Section 7.10).

(c)       None of the Obligors will use or authorize the use of the proceeds of the Loan (i) to facilitate transactions involving, to the knowledge of either Obligor, any country that is the target of country-wide Sanctions or any Sanctioned Person; (ii) in furtherance of a Prohibited Payment, or (iii) in any other manner that would result in the violation of any applicable Anti-Corruption Laws or Anti-Terrorism Laws or Sanctions.

8.08     Anti-Corruption Laws.

(a)       Each Obligor shall, and shall cause each of its Subsidiaries and all Persons acting on behalf or at the direction of such Obligor or any of its Subsidiaries to, act in accordance with all applicable Anti-Corruption Laws in the jurisdictions in which such Obligor or any of its Subsidiaries does business.

(b)       No Obligor shall, nor shall it knowingly permit any of its Subsidiaries or any Person acting on behalf or at the direction of such Obligor or any of its Subsidiaries, to corruptly give, offer, pay, promise to pay, or otherwise authorize the payment of, directly or indirectly, any money or anything of value to any Foreign Official for the purpose of influencing any act or decision of such Foreign Official or of such Foreign Official’s Governmental Authority, or to 

secure any improper advantage, for the purpose of obtaining or retaining business for or with, or directing business to, any Person.

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8.09     Distribution of Dividends. The Obligors will not declare or make any dividend payment above the minimum amount determined by applicable laws nor make any payment of interest on its own capital (juros sob capital próprio), except that the Obligors may declare and make any payment of dividend and of interest on its own capital (juros sob capital próprio) so long as no Default shall have occurred and be continuing at the time of any such declaration and payment, or could result therefrom.

8.10     Foreign Exchange Availability. Each Obligor will make or cause to be made available to it foreign exchange in order to enable it to make payments when due under this Agreement.

8.11     Maintenance of Process Agent. Each Obligor will maintain in New York a Person acting as agent to receive on its behalf and on behalf of its property service of process and capable of discharging the functions of the process agent set forth in Section 11.08.

8.12     Transactions with Affiliates. Neither Obligor will enter into any transaction, including any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate, except (A) in the ordinary course of and pursuant to the reasonable requirements of such Obligor’s business and upon commercially reasonable terms that are no less favorable to it than those which might be obtained in a comparable arm’s length transaction at the time from a Person which is not an Affiliate; and (B) for intercompany loans which, in the aggregate, do not and will not result in such Obligor being in a materially weaker economic and financial condition. For purposes hereof, “materially weaker economic and financial condition” means the ratio of Total Net Debt to EBITDA of such Obligor exceeding 3.5x, based on its most recent financial statements.

8.13     Limitation on Liens. The Borrower shall not, after the date of this Agreement, create, incur, assume or permit or suffer to exist any Lien on any of its Material Operational Assets representing 15% or more of its total assets, except any Lien securing judgments or credit agreements entered into with development banks, including without limitation, Banco Nacional de Desenvolvimento Econômico e Social – BNDES, Banco do Nordeste do Brasil S.A., and other Brazilian Government-owned development banks.

8.14     Limitation on Fundamental Changes and Sale of Assets.

(a)       Neither Obligor shall, nor shall it permit any Subsidiary to, enter into any transaction of merger or consolidation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), except for:

(i)        any incorporation, merger, consolidation, division, transfer or reorganization occurring among companies within the Borrower’s Economic Group, provided that if the transaction involves an Obligor and the continuing or surviving Person is not an Obligor, such continuing or surviving Person shall be incorporated or organized under the laws of Brazil, and have (1) expressly assumed the obligations of such Obligor hereunder and any other Loan Document to which such Obligor is a party, by order of law, or by means of 

an agreement reasonably satisfactory to the Lender and (2) provided to the Lender, know your customer information, legal opinions and other documents or evidence as it may reasonably request.; or

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(ii)      the Borrower may merge, consolidate or amalgamate with the Guarantor , with the Borrower being the surviving entity, and the Guaranty provided hereunder shall be extinguished.

(b)       Neither Obligor shall, nor shall it permit any Subsidiary to, sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) its property or assets, except (i) in the ordinary course of its business; (ii) within the Borrower’s Economic Group in an arm’s length transaction; or (iii) any other disposal for an aggregate consideration not exceeding 30% of the Borrower’s total assets (as stated in its most recent annual or quarterly financial statements disclosed).

8.15     Anti-Terrorism Laws. The Obligors shall, and shall cause each of its Subsidiaries and all Persons acting on behalf of at the direction of the Obligor and any of its Subsidiaries to, comply in all respects with all Anti-Terrorism Laws in the jurisdiction in which such Obligor or any of its Subsidiaries does business. Each Obligor and its Subsidiaries have implemented and maintain in effect a Code of Ethics and Conduct.

8.16     Sanctions. The Obligors shall not engage, and shall not authorize or direct any of its Subsidiaries, or its Subsidiaries’ respective directors, officers, employees, agents or duly authorized representatives to engage, in any dealings or transactions with, involving or for the benefit of a Sanctioned Person, or in or involving a Sanctioned Jurisdiction, provided that, the Borrower may maintain existing international roaming agreements with companies located in Iran, Syria, Venezuela, Russia, Sudan and Cuba provided that such companies are not Sanctioned Persons. No Obligor will use the proceeds from the Loan, or lend, contribute, or otherwise make available such proceeds to fund any such arrangements, and such arrangements otherwise comply with Sanctions and Anti-Terrorism Laws. The Obligors shall continue to maintain in effect and enforce policies and procedures designed to promote and achieve compliance by the Obligors, its Subsidiaries, and their respective officers, directors and employees with applicable Sanctions. The Obligors shall, and cause each of its Subsidiaries to, use commercially reasonable efforts to ensure that no funds used to pay the obligations under the Loan Documents (i) constitute the property of, or are beneficially owned, directly or indirectly, by any Sanctioned Person, (ii) are derived from any transactions or business with any Sanctioned Person or Sanctioned Country, or (iii) are derived from any unlawful activity, including activity in violation of Anti-Terrorism Laws.

SECTION 9.   EVENTS OF DEFAULT

9.01     Events of Default; Remedies. If one or more of the following events (herein called “Events of Default”) shall occur and be continuing:

(a)       Either Obligor shall default in the payment when due of any principal or interest on any Loan or any other amount payable hereunder or under any other Loan Document within two (2) calendar days from the date such amount becomes due and payable (whether at stated 

maturity or otherwise), provided that such two (2) calendar days cure period is only granted to such Obligor by the Lender if such Obligor delivers to the Lender, on the date immediately following such amount’s due date for payment, a written notification, by the legal representative of such Obligor declaring that such Obligor has sufficient cash, on that date, to honor is payment obligations due on such date, that the non-payment occurred due to an operational error no within such Obligor’s control for remedy and that the payment will be made on the immediately following day, and provided further that such two (2) calendar days cure period does not affect the Obligors’ obligation to pay Post-Default Interest or other amounts in accordance with Section 3.02(b) hereof; or

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(b)       Either Obligor shall default in the observance or performance of its respective obligations hereunder or under any other Loan Document; or

(c)       Either Obligor shall default in the payment of any principal of or interest on any Indebtedness (whether at stated maturity or by reason of mandatory or optional prepayment or otherwise) having an individual or aggregate principal amount of US$100,000,000 (or its equivalent in any other currency) or more, or any default or event of default shall occur, or any other condition shall exist, under any agreement or instrument entered into by either Obligor having an individual or aggregate principal amount of US$100,000,000 (or its equivalent in any other currency) or more, the effect of which default or other event or condition is to cause such Indebtedness to become due prior to its stated maturity; or

(d)       Any representation, warranty or certification made by either of Obligor herein, or in any other Loan Document, certificate, financial statement or other document furnished to the Lender pursuant to the provisions hereof or thereof, shall prove to have been incorrect or misleading in any material respect when made or deemed to be made; or

(e)       Either Obligor shall admit in writing its inability to, or be generally unable to, pay its debts as such debts become due; or

(f)       Either Obligor shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee, examiner or liquidator of itself or of all or substantially all of its respective property, (ii) make a general assignment for the benefit of its respective creditors, or (iii) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization (other than corporate reorganizations within the scope of Section 8.14 hereof) , liquidation, dissolution, arrangement, winding-up or composition or readjustment of debts; or (iv) take any corporate action for the purpose of effecting any of the foregoing; or

(g)       (i) A proceeding or case shall be commenced against either Obligor without its application, consent, defense or contestation, in any court of competent jurisdiction, seeking its reorganization, liquidation, dissolution, arrangement, winding-up or composition or readjustment of its respective debts, (ii) the appointment of a receiver, custodian, trustee, examiner, liquidator or the like of it or of all or substantially all of its respective property or (iii) similar relief in respect of it under any law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of its debts, and such proceeding or case shall continue undismissed, 

or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 30 or more days; or

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(h)       A Change in Control shall occur; or

(i)        Unappealable judgments or orders for the payment of money in an individual or aggregate amount equal to or exceeding US$100,000,000 (or its equivalent in any other currency) shall be rendered against either Obligor and the same shall remain undischarged and unstayed and in effect for a period of 30 or more days without a stay of execution, unless the same either: (i) is adequately bonded or covered by insurance where the surety or the insurer, as the case may be, has admitted liability in respect of such judgment(s), order(s), decree(s), award(s), settlement(s) and/or agreement(s) to settle or (ii) is being contested by appropriate proceedings properly instituted and diligently conducted and, in either case, such process is not being executed against any property of such Obligor; or

(j)        Either Obligor shall suffer a valid protest of bills (protesto legítimo de títulos) in an individual aggregate amount equal to or exceeding US$100,000,000 (or its equivalent in any other currency), which due and timely evidence of suspension or payment is not presented to the Lender within 15 or more Business Days of the protest; or

(k)       This Agreement or any other applicable Loan Document shall, at any time and for any reason, cease to be in full force and effect, or shall be declared, by either Obligor or a Governmental Authority or in any judicial proceeding, to be null and void, or the validity or enforceability thereof shall be contested by either Obligor, or either Obligor or shall deny that it has any or further liability or obligation hereunder or thereunder; or

(l)        Any Governmental Approval necessary to enable either Obligor to comply with or perform its obligations under this Agreement or any other Loan Document shall be revoked, suspended, withdrawn or withheld or shall otherwise fail to be issued or remain in full force and effect; or

(m)      Any Governmental Approval necessary to enable either Obligor to conduct its business is not renewed or is terminated prior to its established maturity date; or

(n)       It is or becomes unlawful for either Obligor to perform any of its obligations under this Agreement or any other Loan Document.

THEREUPON: in any such event, the Lender may by written notice to the Obligors declare the principal amount then outstanding of, and the accrued interest on, the Loan and all other amounts payable by the Obligors hereunder and under any other Loan Document to be forthwith due and payable, whereupon such amounts shall be immediately due and payable without presentment, demand, protest or other formalities of any kind, all of which are hereby expressly waived by the Obligors (provided, that in the case of an Event of Default of the kind described in clauses (e), (f) and (g) above, the principal amount then outstanding of, and the accrued interest on, the Loan and all other amounts payable hereunder shall automatically forthwith become due and payable) and the Lender may, exercise all rights and remedies available to it under this Agreement and any other Loan Document, including but not limited to, require the unwinding and termination of the corresponding portion of the Hedge Transaction, in 

each case in form and substance satisfactory to the Lender, and at the Obligors’ full cost and expense, and to the charge of any and all amounts pursuant to Section 5.01(a) hereof, and other remedies as described by applicable law.

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SECTION 10. GUARANTY

10.01   Guaranty.

(a)       For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Guarantor hereby unconditionally and irrevocably guarantees the full and punctual payment (whether at stated maturity, upon acceleration or otherwise) and performance of all obligations (of any nature whatsoever) of the Borrower hereunder and under each other Loan Document as primary obligor and not merely as surety and with respect to all such obligations howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due. This is a guaranty of payment and not merely of collection.

(b)       All payments made by the Guarantor under this Section 10 shall be payable in the manner required for payments by the Borrower hereunder, including: (i) the obligation to make all such payments free and clear of, and without deduction for, any Taxes (including withholding taxes), (ii) the obligation to pay interest at the Post-Default Rate and (iii) the obligation to pay all amounts due under the Loan or the Note in Dollars.

10.02   Guaranty Unconditional. The obligations of the Guarantor under this Section 10 shall be unconditional and absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by:

(a)       any extension, renewal, settlement, compromise, waiver or release in respect of any obligation(s) of the Borrower under this Agreement or under any other Loan Document, by operation of law or otherwise;

(b)       any modification or amendment of or supplement to this Agreement or any other Loan Document;

(c)       Except for Section 8.14(a)(ii), any change in the corporate existence, structure or ownership of the Borrower or any event of the type described in Section 9.01(e), (f) or (g) with respect to any Person;

(d)       the existence of any claim, set-off or other rights that the Guarantor may have at any time against the Borrower, the Lender or any other Person, whether in connection herewith or with any unrelated transactions,

(e)       any invalidity or unenforceability relating to or against the Borrower for any reason of this Agreement or any other Loan Document, or any provision of applicable law purporting to prohibit the performance by the Borrower of any of its obligations under this Agreement or any other Loan Document, or

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(f)       any other act or omission to act or delay of any kind by the Borrower, the Lender or any other Person or any other circumstance whatsoever that might, but for the provisions of this Section 10, constitute a legal or equitable discharge of the obligations of the Borrower under this Agreement or the Note.

10.03   Discharge Only Upon Payment in Full; Reinstatement In Certain Circumstances. The obligations of the Guarantor hereunder shall remain in full force and effect until all of the payment and performance obligations of the Borrower under this Agreement and the other Loan Documents shall have been paid or otherwise performed in full. If at any time any payment made under this Agreement or any other Loan Document is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, reorganization (other than corporate reorganizations within the scope of Section 8.15 hereof) recuperação judicial, recuperação extrajudicial, falência or similar event of the Borrower or any other Person or otherwise, then the obligations of the Guarantor hereunder with respect to such payment shall be reinstated at such time as though such payment had been due but not made at such time.

10.04   Waiver. The Guarantor hereby irrevocably and unconditionally waives, to the fullest extent permitted by applicable law: (a) notice of acceptance of the Guaranty provided in this Section 10 and notice of any liability to which this Guaranty may apply; (b) all notices that may be required by applicable law or otherwise to preserve intact any rights of the Lender against the Borrower, including any demand, presentment, protest, proof of notice of non-payment, notice of any failure on the part of the Borrower to perform and comply with any covenant, agreement, term, condition or provision of any agreement and any other notice to any other party that may be liable in respect of the obligations guaranteed hereby (including the Borrower) except any of the foregoing as may be expressly required hereunder; (c) any right to the enforcement, assertion or exercise by the Lender of any right, power, privilege or remedy conferred upon such Person under this Agreement, the Note or otherwise; (d) any requirement that the Lender exhaust any right, power, privilege or remedy, or mitigate any damages resulting from a default, under this Agreement or any other Loan Document, or proceed to take any action against the Borrower or any other Person under or in respect of this Agreement or any other Loan Document or otherwise; and (e) if and to the extent that Brazilian law shall be deemed to apply to any of its obligations hereunder, the benefit of Articles 333 (sole paragraph), 366, 827, 829, 830, 834, 835, 837, 838, and 839 of the Brazilian Civil Code, and Articles 130 and 794 of the Brazilian Civil Procedure Code.

10.05   Subrogation. Upon making a payment under this Section 10, the Guarantor shall be subrogated to the rights of the payee against the Borrower with respect to such obligation; provided that the Guarantor shall not enforce any payment by way of subrogation, indemnity or otherwise, or exercise any other right, against the Borrower (or otherwise benefit from any payment or other transfer arising from any such right) so long as any payment obligations (other than on-going but not yet incurred indemnity obligations) of the Borrower remain unpaid and/or unsatisfied under this Agreement or any other Loan Document.

10.06   Stay of Acceleration. If acceleration of the time for payment of any amounts payable under this Agreement or any other Loan Document is stayed due to any event described in Section 9.01(e), (f) or (g), then all such amounts otherwise subject to acceleration under this 

Agreement shall nonetheless be payable by the Guarantor hereunder immediately upon demand by the Lender.

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SECTION 11. MISCELLANEOUS

11.01   Waiver. No failure on the part of the Lender to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

11.02   Notices. All notices, requests and other communications provided for herein (including, without limitation, any modifications of, or waivers, requests or consents under, this Agreement) shall be given or made in writing delivered to the intended recipient at the “Address for Notices” specified below its name on the signature pages hereof); or, as to any party at such other address as shall be designated by such party in a notice to each other party. Except as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given when personally delivered or, in the case of email or mailed notice, upon receipt, in each case given or addressed as aforesaid.

11.03   Expenses; Indemnity.

(a)       Each of the Obligors hereby agrees to pay or reimburse from time to time upon request the Lender for all of its reasonable out-of-pocket costs and expenses (including the fees and expenses of legal counsel) in connection with (i) the administration of this Agreement or any amendments, modifications or waivers of the provisions hereof and (ii) any enforcement or collection proceedings resulting from the occurrence of an Event of Default.

(b)       Each of the Obligors agrees to indemnify and hold harmless the Lender and each of the Lender’s affiliates and the Lender’s and their officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses (including fees and expenses of counsel) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with this Agreement or the Note or any of the transactions contemplated herein or therein, including without limitation, any of the foregoing arising out of or in connection with any claim, litigation, investigation or proceeding, or preparation of a defense in connection therewith, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is brought by either Obligor or any of its directors, shareholders or creditors or an Indemnified Party, or any Indemnified Party is otherwise a party thereto, and whether or not the transactions contemplated hereby are consummated.

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11.04   Amendments, Etc. Subject to Section 11.05 and except as otherwise expressly provided in this Agreement, any provision of this Agreement may be modified or supplemented only by an instrument in writing signed by the Obligors and the Lender. This Agreement and the other Loan Documents referred to herein shall constitute the entire agreement with respect to the subject matter hereof and thereof.

11.05   Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, provided that neither Obligor may assign any or all of its respective rights or obligations hereunder to any Person in any manner whatsoever without the prior written consent of the Lender; and, provided further, that the Lender may not assign any or all of its rights or obligations under this Agreement, to any Person without the prior written consent of the Obligors, such consent not to be unreasonably withheld, provided that no consent from either Obligor will be required if (i) a Default shall have occurred and be continuing or (ii) such assignment is made to a Subsidiary of the Lender or to a Person Controlled by, Controlling or under the common Control with the Lender. Notwithstanding anything to the contrary contained herein, if any such assignment results in more than one lender hereunder, the parties agree to negotiate in good faith such amendments as may be necessary to accommodate multiple lenders, including, without limitation, (1) payments to an agent acting on behalf of the lenders, and (2) amendments and waivers to be approved by lenders with a majority of the aggregate principal amount of the Loan.

11.06   Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart. A set of the copies of this Agreement signed by all the parties hereto shall be lodged with the Borrower and the Lender.

11.07   Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, USA.

11.08   Jurisdiction and Venue. Each of the Obligors hereto agrees that any suit, action or proceeding with respect to this Agreement or the Note or any judgment entered by any court in respect thereof may be brought in or removed to the non-exclusive courts of the State of New York, in and for the County of New York, or of the United States of America for the Southern District of New York (in each case sitting in the Borough of Manhattan) in respect of actions brought against it as a defendant, and irrevocably submits to the jurisdiction of each such court (and courts of appeals therefrom) for the purpose of any such suit, action, proceeding or judgment. Each Obligor hereby waives any objection which it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement or the Note brought in such courts, and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Each Obligor irrevocably appoints TI Sparkle North America, Inc., which currently maintains a New York City office situated at 1 William Street, 3rd Floor, New York, NY, 10004, U.S.A., as its agent to receive service of process or other legal summons for purposes of any such suit, action or proceeding, and agrees that the failure of such agent to give any notice of any such process or summons to the Borrower and/or to the Guarantor, as applicable, shall not impair or affect the validity of such service or of any judgment based thereon. So long as the Borrower or the Guarantor has any obligation under this Agreement or any other Loan Document, it will 

maintain a duly appointed agent in New York for the service of such process or summons. For the avoidance of doubt, this Section does not affect any other method of service allowed by law.

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(a)       Nothing herein shall in any way be deemed to limit the ability of any of the Parties to serve any such process or summons in any other manner permitted by applicable law.

(b)       EACH OF THE LENDER, THE BORROWER AND THE GUARANTOR WAIVES ANY RIGHT TO A JURY TRIAL.

11.09   Judgment Currency. This is an international loan transaction in which the specification of Dollars and payment in New York is of the essence, and the obligations of the Obligors under this Agreement to the Lender to make payment in Dollars shall not be discharged or satisfied by any currency or recovery pursuant to any judgment expressed in or converted into any other currency or in another place except to the extent that on the Business Day following receipt of any sum adjudged to be so due in the judgment currency, the Lender may in accordance with normal banking procedures purchase Dollars in the amount originally due to the Lender with the judgment currency. If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in Dollars into another currency (in this Section called the “judgment currency”), then the rate of exchange that shall be applied shall be that at which in accordance with normal banking procedures the payee could purchase such Dollars in New York with the judgment currency on the Business Day preceding the day on which such judgment is rendered. The obligations of the Obligors in respect of any such sum due from such Obligor to the payee hereunder (in this Section called an “Entitled Person”) shall, notwithstanding the rate of exchange actually applied in rendering such judgment, be discharged only to the extent that on the Business Day following receipt by such Entitled Person of any sum adjudged to be due hereunder in the judgment currency such Entitled Person may in accordance with normal banking procedures purchase and transfer Dollars to New York with the amount of the judgment currency so adjudged to be due; and each of the Obligors hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify such Entitled Person against, and to pay such Entitled Person on demand, in Dollars, the amount (if any) by which the sum originally due to such Entitled Person in Dollars hereunder exceeds the amount of the Dollars so purchased and transferred. If the amount of Dollars so purchased and transferred to the Entitled Person exceeds the amount originally due to such Entitled Person, then such Entitled Person shall transfer, or caused to be transferred, to the Borrower the amount of such excess.

11.10   Survival. All covenants, agreements, representations and warranties made by the Obligors herein shall be considered to have been relied upon by the Lender and shall survive the execution and delivery of this Agreement, regardless of any investigation made by the Lender and notwithstanding that the Lender may have notice or knowledge of any Default or incorrect representation or warranty at any time any credit is extended hereunder, and shall continue in full force and effect as long as the principal or any accrued interest on the Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid. The provisions of Sections 3.02, 5.01, 5.02, 5.03, 5.04, 10 and 11 hereof shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loan, the termination of this Agreement or any provision hereof.

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11.11   Confidentiality. The Lender agrees that it will not, without the prior written consent of the Obligors (which shall not be unreasonably withheld), disclose (other than to any subsidiaries or Affiliates and to its and its Subsidiaries or Affiliates’ directors, employees, examiners, auditors, accountants and counsel, in each case, only to the extent necessary for the Lender’s administration or enforcement of this Agreement) any Confidential Information with respect to the Obligors furnished to it under this Agreement, except (i) as may be required to comply with any applicable law or regulation or pursuant to legal process or otherwise as required in connection with litigation (and the Lender agrees that it will, to the extent reasonably practicable and if permitted by applicable law and regulation or by the legal process or litigation, give the Obligors prior written notice of such disclosure reasonably sufficient to permit the Obligors to contest such disclosure); (ii) in accordance with any ruling, request or regulatory practice of any bank regulatory agency; (iii) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the Note or the enforcement of rights hereunder and thereunder; (iv) to any actual or prospective assignee or participant and (v) to any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any of the Obligors and its obligations; provided that, before any such disclosure, any actual or prospective assignee, participant or counterparty shall agree to preserve the confidentiality of any Confidential Information; provided, further, that in no event shall the Lender be obligated or required to return any materials furnished by any of the Obligors.

11.12   Severability. In case any provision in this Agreement shall be held to be invalid, illegal or unenforceable, such provision shall be severable from the rest of this Agreement, and the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

11.13   Payments Set Aside. If either Obligor (or any Person on its behalf) makes a payment to the Lender, and such payment or any part thereof subsequently is invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Lender in its discretion) to be repaid to such Obligor (or such Person), a trustee, administrator, receiver or any other Person in connection with any insolvency proceeding or otherwise, then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made.

11.14   USA PATRIOT Act. The Lender hereby notifies each Obligor that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”), it may be required to obtain, verify and record information that identifies an Obligor, which information includes the name and address of an Obligor and other information that will allow the Lender to identify an Obligor in accordance with said Act.

11.15   Waiver of Sovereign Immunity. To the extent that an Obligor has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) with respect to itself or any of its property, whether or not held for its own account, such Obligor waives and agrees not to plead or claim such immunity in respect of its obligations 

under this Agreement and each related document, as applicable. Each Obligor hereby agrees that the waivers set forth in this Section 11.15 shall have the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the United States of America and are not intended to be irrevocable and not subject to withdrawal for purposes of such Act.

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11.16   Sanctions Attestation. Each of the Obligors hereby agrees, acknowledges, and represents to the following: (a) the Obligors agree to use the Lender services only for lawful purposes and not to take, directly or indirectly, any action with respect to those services that could result in a violation by either Obligor or any other person (including, without limitation, the Lender) of Sanctions. Further, each Obligor acknowledges and understands that U.S. dollar wire transactions are settled by offices of financial institutions located in the United States, and that, accordingly, transactions that otherwise may not implicate U.S. sanctions will do so in light of where these transactions are settled; (b) each Obligor acknowledges that the Lender may delay or refuse the provision of any service to investigate a transaction for Sanctions compliance. Either Obligor further acknowledges that in some cases Sanctions may require that a transaction be rejected, returned or blocked (frozen); (c) either Obligor acknowledges that the Lender may close the account(s) and/or terminate the services it provides to you, without notice, if it has reasonable grounds to believe that either Obligor is using any such account(s) or services in any manner that does or could result in a violation by the Lender or any other person of any Sanctions; (d) each Obligor represents that it has established controls designed to detect and prevent violations of Sanctions, and agree to notify the Lender at the earliest opportunity of any changes in either Obligor’s exposure to Sanctions based on the geographic location of its operations or customers, and/or suppliers.

[Signature page follows]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.

	

   Tim S.A., as Borrower
	

   The Bank of Nova Scotia, as Lender

	

    
	

    

	

    
	

    

	

   By:      
	

   By:      

	

   Name: 
	

   Name: 

	

   Title:   
	

   Title:   

	

    
	

    

	

    
	

    

	

   By:      
	

   By:      

	

   Name: 
	

   Name: 

	

   Title:   
	

   Title:   

	

    
	

    

	

   Address for Notices:
	

   Address for Notices:

	

   TIM S.A.
	

   THE BANK OF NOVA SCOTIA

	

   Av. João Cabral de Melo Neto, 850, Torre Norte, 12o andar

   22775-057 - Barra da Tijuca - Rio de Janeiro/RJ

    

   Attn: Bruno Bordin – CFO - Treasury

   Telephone Number: +55 21 4109 3101

   E-mail: babordin@timbrasil.com.br
	

   720 King Street West, 2nd Floor

   Toronto, Ontario, Canada, M5V 2T3

    

   Attn: GWO - Loans Operations

   Telephone Number: + 1 416 645 7188

   Fax Number: + 1 416 866 5991

   E-mail: GWSLoanOps.Intl@scotiabank.com

	

    
	

   cc: SCOTIABANK BRASIL S.A. BANCO MULTIPLO

   Av. Brigadeiro Faria Lima, 2277, 7th Floor

   São Paulo, SP, Brazil, CEP 01452-000

    

   Attn: Magaly Rivera - Execution

   Telephone Number: +55 11 2202 8238

   Fax Number: +55 11 2202 8222

   E-mail: magalych.rivera@br.scotiabank.com 

    

   and

    

   Attn: Luciano Martins – Operations Department

   Telephone: +55 11 2202 8271

   Fax: +55 11 2202 8170

   Email: Luciano.martins@br.scotiabank.com

    

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   Tim Participações S.A., as Guarantor
	

    

	

    
	

    

	

    
	

    

	

   By:      
	

    

	

   Name: 
	

    

	

   Title:   
	

    

	

    
	

    

	

    
	

    

	

   By:      
	

    

	

   Name: 
	

    

	

   Title:   
	

    

	

    
	

    

	

    
	

    

	

   Address for Notices:
	

    

	

   TIM Participações S.A.
	

    

	

   Av. João Cabral de Melo Neto, 850, Torre Norte, 12o andar

   22775-057 - Barra da Tijuca - Rio de Janeiro/RJ

    

   Attn: Bruno Bordin – CFO - Treasury

   Telephone Number: +55 21 4109 3101

   E-mail: babordin@timbrasil.com.br

    
	

    

 

 

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EXHIBIT A
to Credit Agreement

FORM OF NOTICE OF BORROWING

Date:               [●] [●], 20 [●]

To:                  [●], as the Lender under the Credit Agreement, dated as of [●] (as amended, restated or otherwise modified from time to time, the “Credit Agreement”), by and among [●], as the Borrower, [●], as the Guarantor, and [●] as the Lender.

Ladies and Gentlemen:

The undersigned refers to the Credit Agreement (terms defined therein being used herein as therein defined) and, pursuant to Section 2.02 of the Credit Agreement, hereby gives you irrevocable notice of the borrowing (the “Proposed Borrowing”) specified below:

(a)       The Business Day of the Proposed Borrowing is [●] [●], 20[●].

(b)       The aggregate principal amount of the Proposed Borrowing is $[●].

The proceeds of the Proposed Borrowing shall be wired (following the funding of the payment of all fees and expenses payable as required by the Credit Agreement) to the following account:

Bank: [●]

In favor of: [●]

Account No.: [●]

For further credit to: [●]

The undersigned certifies that the following statements are true on the date hereof, and will be true on the date of the Proposed Borrowing, both before and after giving effect to the Loan and to the application of the proceeds therefrom:

(i)        the representations and warranties of the Borrower contained in Section 7 of the Credit Agreement are true and correct in all material respects as though made on and as of this date, unless stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such date, giving effect to the Proposed Borrowing and to the application of the proceeds thereof (or if any such representation or warranty (i) is already qualified by materiality, Material Adverse Effect or similar language or (ii) relates to compliance with Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions, it shall be true and correct in all respects);

(ii)      no Default has occurred and is continuing, or would result from such Proposed Borrowing or the application of the proceeds thereof; and

(iii)     all conditions precedent specified in Section 6 of the Credit Agreement have been satisfied on and as of this date.

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IN WITNESS WHEREOF, the Borrower has caused this Notice of Borrowing to be executed by its respective duly authorized officials, officers or agents as of the date first above mentioned.

	

   Very truly yours,

   [●],
as the Borrower

	

   By:
	

    

	

   Name:
	

    

	

   Title:
	

    

	

    

	

   By:
	

    

	

   Name:
	

    

	

   Title:
	

    

	 	 	 

 

 

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EXHIBIT B
to the Credit Agreement

[FORM OF PROMISSORY NOTE]

NOTA PROMISSÓRIA / PROMISSORY NOTE

	

   Vencimento: “À VISTA”
	

   Due: “AT SIGHT”

	

   Local de Pagamento: São Paulo, SP, Brasil
	

   Place of Payment: Sao Paulo, SP, Brazil

	

   Valor O equivalente em Reais a US$[●] ([●])
	

   Amount: The Equivalent in Brazilian Reais to US$[●] ([●])

	

   Diante da apresentação desta única via de Nota Promissória pagaremos ao The Bank of Nova Scotia, instituição financeira organizada de acordo com as leis do Canadá, com sede na 44 King Street West, Toronto, Ontario, Canada, ou à sua ordem, em moeda corrente deste país, em fundos imediatamente disponíveis e livres de quaisquer deduções, a quantia equivalente a US$[●] ([●]), acrescida de juros e demais encargos, convertida em Reais de acordo com a média aritmética das taxas de câmbio de venda de Dólares dos Estados Unidos, calculada e divulgada pelo Banco Central do Brasil, e divulgada através Do endereço letrônico http://www.bcb.gov.br/?txcambio, opção “Cotações e Boletins”, considerando-se os seguintes parâmetros: data do efetivo pagamento, e moeda: “DOLAR DOS EUA”, a ser apurada no Dia Útil imediatamente anterior à data do respectivo pagamento.

   Esta Nota Promissória será regida e interpretada de acordo com as leis da República Federativa do Brasil. 

   A versão em inglês desta Nota Promissória foi feita apenas por conveniência. Em caso de discrepância entre as versões e para todos os demais efeitos, a versão em português prevalecerá.
	

   Upon demand of this Promissory Note we will pay to the Bank of Nova Scotia, a financial institution organized under the Laws of Canada, with its registered offices at 44 King Street West, Toronto, Ontario, Canada, or to its order, in currency of this country, in immediately available funds and free of any deductions, the amount equivalent to US$[●] ([●]), plus interest and other charges, converted into Brazilian Reais according to the arithmetic average of the exchange rates for the sale of US Dollars, calculated and published by the Central Bank of Brazil, and published through the electronic address http://www.bcb.gov.br/?txcambio, option “Cotações e Boletins”, and taking into consideration the following parameters: date of the payment, and currency: “DOLAR DOS EUA”, to be determined on the immediately preceding Business Day before the respective payment date. 

   This Promissory Note shall be governed by and construed in accordance with the laws of the Federative Republic of Brazil.

   This version in English of the Promissory Note was made only for convenience. In case of discrepancy between the versions and for all intents and purposes, the Portuguese version shall prevail.

	

   [local e data]. / [place and date].
	

    

	

   [Borrower]
[CNPJ]
[Address]
	

    

 

	

   Nome / Name:

   Cargo / Title:
	

   Nome / Name:

   Cargo / Title:

35

 

  

EXHIBIT C
to the Credit Agreement

FORM OF OFFICER’S CERTIFICATE

[●] [●], 20[●]

I, the undersigned, DO HEREBY CERTIFY that:

1.        I am a duly authorized officer of [●] (the “Borrower/Guarantor”).

2.        This Certificate is being furnished pursuant to Section 6.01(d) of the [●] Credit Agreement, dated as of [●] (as amended, restated or otherwise modified from time to time, the “Credit Agreement”), by and among [●],[●], as the Borrower and [●], as Guarantor. All capitalized terms used herein not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

3.        The representations and warranties of the [Borrower/Guarantor] contained in Section 7 of the Credit Agreement, immediately before and after giving effect to the transactions contemplated to take place under the Credit Agreement, shall be true and correct in all material respects on and as of the date hereof, unless stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such date (or, in either case, if any such representation or warranty (i) is already qualified by materiality, Material Adverse Effect or similar language or (ii) relates to compliance with Anti-Corruption Laws, Anti-Terrorism Laws and Sanctions, it shall be true and correct in all respects).

4.        On and as of the date hereof , immediately before and after giving effect to the transactions contemplated to take place under the Credit Agreement, no Default has occurred and is continuing.

5.        The following named individuals are elected officers of the Borrower/Guarantor and each holds the office of the Borrower/Guarantor set forth opposite his or her name. The signature written opposite the name and title of each such officer is his or her genuine signature.

	

   Name1
	

   Office
	

   Signature

	

    
	

    
	

    

	

    
	

    
	

    

	

    
	

    
	

    

	

    
	

    
	

    

	

    
	

    
	

    

 

1 Include name, office and signature of each officer who will sign any Loan Document, including the officer who will sign the certification at the end of this Certificate or related documentation.

36

 

  

6.        Attached hereto as Exhibit A is a true and correct copy of the [By-Laws][or equivalent organizational document] of the Borrower/Guarantor which were duly adopted, are in full force and effect on the date hereof, and have been in effect since [●].

7.        Attached hereto as Exhibit B is a true and correct copy of resolutions which were duly adopted on [●], and said resolutions have not been rescinded, amended or modified. Except as attached hereto as Exhibit B, no resolutions have been adopted by the Board of Directors of the Borrower/Guarantor which deal with the execution, delivery or performance of any of the Loan Documents to which the Borrower/Guarantor is party.

8.        There is no proceeding for the dissolution or liquidation of the Borrower/Guarantor or threatening its existence.

IN WITNESS WHEREOF, I have hereunto set my hand as of the date first written above.

	

    

	

    

	

   Name: 

	

   Title:   

37

 

  

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.

	

   Tim S.A., as Borrower
	

   The Bank of Nova Scotia, as Lender

	

    
	

    

	

    
	

    

	

   By:                  /s/ 
	

   By:      

	

   Name:             
	

   Name: 

	

   Title:               CFO
	

   Title:   

	

    
	

    

	

    
	

    

	

   By:      
	

   By:      

	

   Name: Bruno Bordin
	

   Name: 

	

   Title:   Treasury Manager
	

   Title:   

	

    
	

    

	

   Address for Notices:
	

   Address for Notices:

	

   TIM S.A.
	

   THE BANK OF NOVA SCOTIA

	

   Av. João Cabral de Melo Neto, 850, Torre Norte, 12o andar

   22775-057 - Barra da Tijuca - Rio de Janeiro/RJ

    

   Attn: Bruno Bordin – CFO - Treasury

   Telephone Number: +55 21 4109 3101

   E-mail: babordin@timbrasil.com.br
	

   720 King Street West, 2nd Floor

   Toronto, Ontario, Canada, M5V 2T3

    

   Attn: GWO - Loans Operations

   Telephone Number: + 1 416 645 7188

   Fax Number: + 1 416 866 5991

   E-mail: GWSLoanOps.Intl@scotiabank.com

	

    
	

   cc: SCOTIABANK BRASIL S.A. BANCO MULTIPLO

   Av. Brigadeiro Faria Lima, 2277, 7th Floor

   São Paulo, SP, Brazil, CEP 01452-000

    

   Attn: Magaly Rivera - Execution

   Telephone Number: +55 11 2202 8238

   Fax Number: +55 11 2202 8222

   E-mail: magalych.rivera@br.scotiabank.com 

    

   and

    

   Attn: Luciano Martins – Operations Department

   Telephone: +55 11 2202 8271

   Fax: +55 11 2202 8170

   Email: Luciano.martins@br.scotiabank.com

    

38

 

  

	

   Tim Participações S.A., as Guarantor
	

    

	

    
	

    

	

    
	

    

	

   By:                  /s/ 
	

    

	

   Name:             
	

    

	

   Title:               CFO
	

    

	

    
	

    

	

    
	

    

	

   By:      
	

    

	

   Name: Bruno Bordin
	

    

	

   Title:   Treasury Manager
	

    

	

    
	

    

	

    
	

    

	

   Address for Notices:
	

    

	

   TIM Participações S.A.
	

    

	

   Av. João Cabral de Melo Neto, 850, Torre Norte, 12o andar

   22775-057 - Barra da Tijuca - Rio de Janeiro/RJ

    

   Attn: Bruno Bordin – CFO - Treasury

   Telephone Number: +55 21 4109 3101

   E-mail: babordin@timbrasil.com.br

    
	

    

 

 

 

 

39exhibit04_2.htm - Generated by SEC Publisher for SEC Filing

Exhibit 4.2

EXECUTION VERSION

LETTER LOAN AGREEMENT

February 7, 2020.

TIM
S.A.

Rua
Fonseca Teles, 18-30

Rio de Janeiro – RJ, 20940-200 

Attention: Bruno de Abreu e Lima Bordin 

Re:      Senior Term
Loan Facility

Ladies and Gentlemen:

BANK OF AMERICA, N.A. (the
“Bank”) is pleased to make available to TIM S.A., a corporation duly
constituted and domiciled in the Federative Republic of Brazil and enrolled
with the CNPJ under number 02.421.421/0001-11 with domicile at Rua Fonseca
Teles 18-30, Rio de Janeiro – RJ, 20940-200 (the “Borrower”), a term
loan facility on the terms and subject to the conditions set forth below.

1.         Certain Definitions. 
As used herein, the following terms shall have the corresponding meanings.

“Agreement” means this
Agreement.

“Anti-Terrorism Laws” means
the regulations administered by OFAC, the Bank Secrecy Act (31 U.S.C. §§ 5311
et seq.), the Money Laundering Control Act of 1986 (18 U.S.C. §§ 1956 et seq.),
the PATRIOT Act and any similar law or regulation enacted in the United States,
or any similar regulation or sanction enacted, administered or enforced by the
United Nations Security Council, any institution of the European Union, Her
Majesty’s Treasure or any government authority, including (without limitation)
regulations or sanctions relating to restrictive measures against Iran.

“Banking Day” means any day
on which commercial banks are not authorized or required to close in New York
City or Sao Paulo and which is also a day on which dealings in Euro deposits
are carried out in the London interbank market.

“Beneficial Ownership
Certification”: a certification regarding beneficial ownership required by
the Beneficial Ownership Regulation.

“Beneficial Ownership Regulation”:
means 31 C.F.R. § 1010.230.

“Borrower’s Economic Group”
means TIM Participações S.A. and TIM S.A..

“Brazil” shall mean the
Federative Republic of Brazil.

1

 

“Brazilian
Note” means the promissory note of the Borrower payable to the Bank
governed by Brazilian Law, in the form of Exhibit A hereto.

“Change of Control” means at
any moment Telecom Italia S.p.A. ceases to be, in relation to the Borrower, the
holder, directly or indirectly, of at least (i) 50% plus one of the shares
representative of the voting capital stock of the Borrower; or (ii) portion of
the capital stock of the Borrower assuring it to have the rights to elect the
board of directors of the Borrower or manage and guide the operations and
corporate activities of the Borrower unless the new direct or indirect
controlling shareholder(s) are(a) company(ies) with a minimum rating equivalent
to or better than a rating classification by Moody’s of Bal or by S&P of
BB+.

“Code” means the Internal
Revenue Code of 1986, as amended.

“Commitment” means
€89,473,684.21.

“Comparable Indebtedness”
means (i) any Indebtedness incurred by the Borrower, or with respect to which
the Borrower is an obligor, which has a maturity date equal to or shorter than
18 months and/or (ii) any Indebtedness incurred by the Borrower, or with
respect to which the Borrower is an obligor, that has a principal amount lower
than the Commitment; provided that the following transactions shall not be
considered “Indebtedness” for purposes of this definition: (a) any local or
foreign long term capital market transactions and (b) any subsidized loans owed
by the Borrower to any local or foreign development bank.

“Connection Taxes” means
Taxes imposed as a result of a present or former connection between the Bank
and the jurisdiction imposing such Tax (other than connections arising from the
Bank having executed, delivered, become a party to, performed its obligations
under, received payments under, received or perfected a security interest
under, engaged in any other transaction pursuant to or enforced any Loan
Document, or sold or assigned an interest in any Loan or Loan Document).

“Default Rate” means, in
respect of any amount not paid when due, a rate per annum during the
period commencing on the due date until such amount is paid in full equal to a
fixed rate of 1.00% per annum above the Fixed Interest Rate.

“Designated Jurisdiction”
means any country or territory to the extent that such country or territory
itself is the subject of any Sanction.

“Designated Person” means a
person: (a) listed in the annex to, or otherwise subject to the provisions of, the
regulations administered by OFAC; (b) named as a “Specially Designated National
and Blocked Person” on the most current list published by OFAC at its official
website or any replacement website or other replacement official publication of
such list; (c) publicly designated by the U.S. Secretary of the Treasury to be
owned or controlled by, or acting for or on behalf of, any person referred to
in clause (a) or (b) above, or otherwise determined by the U.S.
Secretary of State to be subject to the terms of the regulations administered
by OFAC; (d) or entity publicly designated by the U.S. Secretary of State to
have committed, or to pose a significant risk of committing, acts of “terrorism” as defined in the regulations
administered by OFAC that threaten the security of U.S. nationals or the
national security, foreign policy, or economy of the
United States; or (e) which otherwise is, by public designation of the United
Nations Security Council or U.S. or E.U. government authority, the subject of
any Sanction.

2

 

 

“Drawdown Date” means
February 18, 2020, the day on which the Bank makes the Loan to the Borrower.

“EBITDA” means net income
plus amortization and depreciation (excluding any amortization and/or
depreciation of right-of-use assets with respect to operating leases required
under IFRS16), interest expense (excluding any interest component attributed to
fixed rent on operating leases required under IFRS16) and received results of
equity investments, results of non-operational income, income Tax and social
contribution.

“Euros” and “€” shall
mean the lawful currency of the member states of the European Monetary Union
that have adopted the single currency in accordance with the Treaty
Establishing the European Community, as amended from time to time.

“Event of Default” shall
have the meaning set forth in Section 10 hereof.

“Excluded Taxes” means any
of the following Taxes imposed on or required to be withheld or deducted from a
payment to the Bank, (a) Taxes imposed on or measured by net income (however denominated),
franchise Taxes and branch profits Taxes, in each case (i) imposed as a result
of the Bank being organized under the laws of, or having its principal office
or, its lending office located in, the jurisdiction imposing such Tax (or any
political subdivision thereof) or (ii) that are other Connection Taxes, and (b)
any U.S. federal withholding Taxes imposed pursuant to FATCA.

“Export-Control Laws” means
with respect to the Borrower, (i) any laws, statutes, decrees, regulations or
ordinances of Brazil which regulates the export of goods (whether directly or
indirectly) to or for the rendering of services in a certain country or
countries and (ii) the U.S. Export Administration Regulations.

“FATCA” means Sections 1471
through 1474 of the Code, as of the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more
onerous to comply with), any current or future regulation s or official
interpretations thereof and any agreements entered into pursuant to Section
1471 (b) (1) of the Code.

“Fixed Interest Rate” shall
mean 0.2790% per annum.

“Governmental Authority”
means the government of the United States or Brazil or any other nation, or of
any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other
entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central
Bank).

“Indebtedness” means, with
respect to any Person, any amount payable by such Person pursuant to an
agreement or instrument involving or evidencing money borrowed or received, the
advance of credit, debt capital markets transactions
(including bonds and debentures), derivative transactions (including any swap
agreement, cap agreement, collar agreement, futures contract, forward contract
or similar arrangement with respect to interest rates, currencies or commodity
prices), a lease, a conditional sale or a transfer with recourse or with an
obligation to repurchase, pursuant to a lease with substantially the same
economic effect as any such agreement or instrument, or any such agreement,
instrument or arrangement secured by any lien or other encumbrance upon any
property owned by such Person, even though such Person has not assumed or
become liable for the payment of any money under such agreement, instrument or
arrangement, to which such Person is a party as debtor, borrower or guarantor.

3

 

 

“Interest Period” for the
Loan means each of the following interest payment dates: May 18, 2020; August
18, 2020; November 18, 2020; February 18, 2021; May 18, 2021 and August 18,
2021, provided that:

(x)       any
Interest Period that would otherwise end on a day that is not a Banking Day
shall be extended to the next succeeding Banking Day unless such Banking Day
falls in another calendar month, in which case such Interest Period shall end
on the next preceding Banking Day; and

(y)       any
Interest Period which begins on the last Banking Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month
at the end of such Interest Period) shall end on the last Banking Day of the
calendar month at the end of such Interest Period.

“Loan” shall have the
meaning set forth in Section 2.

“Loan Documents” means this
Agreement, the Brazilian Note and any other agreement, instrument or document
executed or delivered in connection herewith or therewith.

“Maturity Date” means August
18, 2021.

“Moody’s” means Moody’s
Investors Service, Inc. and its successors.

“OFAC” means the Office of
Foreign Assets Control of the United States Department of the Treasury.

“Other Taxes” means all
present or future stamp, court or documentary, intangible, recording, filing or
similar Taxes that arise from any payment made under, from the execution,
delivery, performance, enforcement or registration of, from the receipt or
perfection of a security interest under, or otherwise with respect to, any Loan
Document but excluding any such Taxes that are Connection Taxes imposed with
respect to an assignment by the Bank.

“PATRIOT Act” means Title
III of Pub.L. 107-56 signed into law on October 26, 2001.

“Person” means any
corporation, natural person, firm, joint venture, partnership, trust,
unincorporated organization or government, or any political subdivision,
department or agency of any government.

4

 

 

“Regulatory
Change” means the occurrence, after the date of this Agreement, of any of
the following: (a) the adoption or taking effect of any law, rule, regulation
or treaty, (b) any change in any law, rule, regulation or treaty or in the
administration, interpretation, implementation or application thereof by any
governmental authority or (c) the making or issuance of any request, rule,
guideline or directive (whether or not having the force of law) by any
governmental authority; provided that notwithstanding anything herein to the
contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and
all requests, rules, guidelines or directives thereunder or issued in
connection therewith and (y) all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on
Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III,
shall in each case be deemed to be a “Regulatory Change”, regardless of the
date enacted, adopted or issued.

“Sanction” means any
international economic sanction administered or enforced by OFAC, the United
Nations Security Council or the European Union.

“Subsidiary” means, with
respect to the Borrower, at any time, any entity of which more than fifty percent
(50%) of the outstanding voting stock or other equity interest entitled
ordinarily to vote in the election of the directors or other governing body
(however designated) of such entity is at the time beneficially owned or
controlled directly or indirectly by the Borrower.

“S&P” means Standard
& Poor’s Ratings Group, a division of McGraw Hill, Inc. and its successors.

“Taxes” means all present or
future taxes, levies, imposts, duties, deductions, withholdings (including
back-up withholding), assessments, fees or other charges imposed by any
Governmental Authority, including any interest, additions to tax or penalties
applicable thereto.

“Total Net Debt” means the
sum of (a) all financial debt, including loans, advances on foreign exchange
contracts, exchange acceptances, derivative contracts of every order, including
options, futures and forwards, and finance leases (but excluding, for the
avoidance of doubt, operating leases as required under IFRS16); all obligations
arising from the issuance of debt securities (whether issued domestically or
abroad), including debentures, bonds, promissory notes or other securities
representing debt minus (b) free and unencumbered cash position which includes
marketable securities, cash and cash equivalents.

2.         The Loan.

(a)       The Bank agrees, on the
terms and conditions of this Agreement, to make one loan (the “Loan”) to
the Borrower on the Drawdown Date in an aggregate principal amount up to but
not exceeding the aggregate amount of the Commitment.

(b)       The Borrower may borrow
the Loan by giving the Bank notice by 11:00 a.m., New York City time in a form
reasonably requested by the Bank (the “Notice of Borrowing”), at least
three Banking Days prior to Drawdown Date.  Upon receipt of the Notice of
Borrowing, the Bank shall disburse the Loan in Euros
into the account designated by the Borrower in such Notice of Borrowing.

5

 

 

(c)       Amounts that are prepaid
or repaid may not be reborrowed.

(d)       The Borrower promises to
pay interest on the unpaid balance of the Loan from and including the date of
the Loan but excluding the date such Loan is due at a rate per annum
equal to the Fixed Interest Rate, subject to the provisions of Section 3(c)
hereof.  Accrued interest shall be payable on each Interest Period and the
Maturity Date, provided that (a) interest payable at the Default Rate (as
defined below) pursuant to Section 3(c) hereof shall be payable upon
demand and (b) if the time for any payment is extended by operation of law or
otherwise, interest shall continue to accrue for such extended period.

(e)       All payments hereunder
shall be made in Euros and in immediately available funds, without deduction,
set-off or counterclaim.  The Bank shall maintain on its books records setting
forth the amounts of principal, interest and other sums paid or payable by the
Borrower from time to time hereunder.  In the event of any dispute, action or
proceeding relating to this Agreement, such records shall be conclusive in the
absence of manifest error.

3.         Payments;
Prepayments; Fees.

(a)       Place and Time of
Payment.  All payments of principal of and interest and all other amounts
payable hereunder shall be made by deposit to Bank of America N.A., Frankfurt,
Germany; Swift Code: BOFADEFX; Reference: REF.: LOAN #; IBAN No.
DE85500109000018681013; In favor of Bank of America Merrill Lynch Banco
Múltiplo S.A.; Swift code: MLBOBRSP, not later than 12:00 p.m. (New York time)
on the dates due, or to such other account as the Bank may designate in writing
to the Borrower.

(b)       Payments to be made on
Banking Days.  Whenever any payment hereunder shall be stated to be due on
a day other than a Banking Day, such payment shall be made on the next
succeeding Banking Day (unless such next succeeding Banking Day would fall in
the succeeding calendar month, in which case such payment shall be made on the
next preceding Banking Day), and any such extension or reduction of time shall
in such case be reflected in the computation of payment of interest.

(c)       Interest on Overdue
Principal and Other Amounts.  In the event that any principal hereof, any
interest hereon or any other amount payable by the Borrower hereunder is not
paid when due (by reason of demand or otherwise) in accordance with the terms
of this Agreement, the Borrower will pay, to the extent permitted by applicable
law, interest on such past-due amount from the date such amount becomes due
until the date the same is paid in full, at a rate per annum equal to
the Default Rate in effect from time to time.

(d)       Voluntary Prepayments. 
The Borrower may, upon three Banking Days’ notice to the Bank, prepay the Loan
on any Banking Day; provided, however, that (x) the minimum
amount of any such prepayment shall be €5,000,000.00 or any larger multiple
thereof and (y) such prepayment is made together with accrued interest and any
break-funding amounts due pursuant to Section 5(c).

6

 

 

(e)       Repayment. 
The Borrower promises to pay the outstanding principal amounts of the Loan,
together with all accrued interest thereon, in full on the Maturity Date.

4.         Interest.  All computations
of interest hereon shall be made on the basis of a year of 360 days for the
actual number of days (including the first day but excluding the last day)
occurring in the period for which interest is payable.

5.         Additional Costs,
Etc.; Illegality; Break-Funding Amounts

(a)       If any Regulatory Change
shall: (i) impose, modify or deem applicable any reserve, special deposit,
compulsory loan, insurance charge or similar requirement against assets of,
deposits with or for the account of, or credit extended or participated in by,
the Bank, (iii) subject the Bank to any Taxes on its loans, loan principal,
letters of credit, commitments, or other obligations, or its deposits,
reserves, other liabilities or capital attributable thereto, (iii) impose on
the Bank or the London interbank market any other condition, cost or expense
affecting this Agreement or the Loan; and the result of any of the foregoing
shall be to increase the cost to such Bank of making or maintaining the Loan,
or to reduce the amount of any sum received or receivable by the Bank hereunder
(whether of principal, interest or any other amount) or (iv) reduce the rate of
return on the Bank’s capital or on the capital of the Bank’s holding company,
if any, as a consequence of this Agreement, the Commitment or the Loan, to a
level below that which the Bank or the Bank’s holding company could have
achieved but for such Regulatory Change (taking into consideration the Bank’s
policies and the policies of the Bank’s holding company with respect to capital
adequacy) then, upon request of the Bank, the Borrower will pay to the Bank
such additional amount or amounts as will compensate the Bank for such
additional costs incurred or reduction suffered; provided that (A) before the
Bank makes such request, the Bank agrees to use reasonable efforts (consistent
with its internal policy and legal and regulatory restrictions) to designate a
different office (lending branch) if such designation would (i) avoid the need
of the Bank for making such request for compensation, (ii) allow the Bank to
make and maintain the Loan hereunder and (iii) not, in the reasonable judgment
of the Bank, be materially disadvantageous (economically or otherwise) to the
Bank and (B) if the Bank makes such request to the Borrower, the Bank will
provide to the Borrower, together with such written demand, information in
connection to the circumstances giving rise to, and the amount of, such
compensation and, where practicable, the details of the calculation of the
amount of such compensation, which shall be conclusive absent manifest error. 
If any event or additional cost occurs the Borrower will be able to prepay the
Loan (excluding any break-funding amounts pursuant under Section 5(c))
within 60 days from the written notice of the Bank.

(b)       Notwithstanding any other
provision of this Agreement, if any Regulatory Change shall make it (or be
asserted by it to be) unlawful for the Bank to honor its obligation to make or
maintain its Loan hereunder (and, in the opinion of the Bank, the designation
of a different applicable Bank office would either not avoid such unlawfulness
or would be disadvantageous to the Bank), then the Bank shall promptly notify
the Borrower, following which notice: (i) the Bank’s commitment (if still
available) shall be suspended until such time as the Bank may again make and
maintain its Loans or (ii) if such applicable law shall so mandate, the Bank’s
Loans shall be prepaid by the Borrower, together with accrued and unpaid
interest thereon and all other amounts payable to the Bank by the Borrower
under the Loan Documents (excluding any break- funding amounts under Section
5(c)), on or before such date as shall be mandated by such applicable law; provided that if it is lawful for the Bank
to maintain its Loan until the Maturity Date (and not otherwise deemed
undesirable by the Bank in its sole discretion), then such payment shall be
made on the Maturity Date.  Any such funds so prepaid may not be reborrowed.

7

 

 

(c)       The Borrower shall pay to
the Bank, upon the request of the Bank, such amount or amounts as shall be
sufficient (in the reasonable opinion of the Bank) to compensate it for any
reasonably documented loss, cost or expense which the Bank determines is
attributable to any prepayment of any Loan, provided that the Bank previously
delivers to the Borrower information in reasonable detail relating to such cost
or expense.

(d)       The Borrower shall pay
the Bank any amounts due under this Section 5 within 10 days following
demand therefor.  The agreements in this Section 5 shall survive the
termination of the Commitment and the repayment, satisfaction or discharge of
all of the Obligations of the Borrower under the Loan Documents.

6.         Taxes.  (a) Any
and all payments by or on account of any obligation of the Borrower under any
Loan Document shall be made without deduction or withholding for any Taxes,
except as required by applicable law.  If any applicable law requires the
deduction or withholding of any Tax from any such payment by the Borrower, then
the Borrower shall (A) be entitled to make such deduction or withholding, (B)
shall timely pay the full amount withheld or deducted to the relevant
Governmental Authority in accordance with applicable law, and (C) to the extent
that the withholding or deduction is made on account of Indemnified Taxes, the
sum payable by the Borrower to the Bank shall be increased as necessary so that
after any required withholding or the making of all required deductions
(including deductions applicable to additional sums payable under this Section
6 the Bank receives an amount equal to the sum it would have received had
no such withholding or deduction been made.

(b)       Without limiting the
provisions of Section 6(a) above, the Borrower shall timely pay to the
relevant Governmental Authority in accordance with applicable law, or at the
option of the Bank timely reimburse it for the payment of, any Other Taxes.

(c)       The Borrower shall, and
does hereby, indemnify the Bank, and shall make payment in respect thereof
within 10 day s after demand therefor, for the full amount of any Indemnified
Taxes (including Indemnified Taxes imposed or asserted on or attributable to
amounts payable under this Section 6 payable or paid by the Bank or
required to be withheld or deducted from a payment to the Bank, and any penalties,
interest and expenses arising therefrom or with respect thereto, whether or not
such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority.  A certificate as to the amount of such
payment or liability delivered to the Borrower by the Bank shall be conclusive
absent manifest error.

(d)       After any payment of any
Taxes (including any Other Taxes) by the Borrower to a Governmental Authority
as provided in this Section 6, the Borrower shall deliver to the Bank
the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of any return required by applicable
Laws to report such payment or other evidence of such payment reasonably
satisfactory to the Bank.

8

 

 

7.         Conditions
Precedent to the Loan.

In addition to having received a
Notice of Borrowing as set forth in Section 2(b) hereto, the obligation
of the Bank to make the Loan hereunder is subject to the condition precedent
that all of the following conditions shall have been fulfilled to the
satisfaction of the Bank and its counsel on or before the Drawdown Date:

(a)       Corporate Documents. 
The Bank shall have received certified copies of the charter and by-laws (or
equivalent documents) of the Borrower and of all corporate authority for the
Borrower (including, without limitation, board of director resolutions, powers
of attorney and evidence of the incumbency of officers) with respect to the
execution, delivery and performance of this Agreement and each other document
to be delivered by the Borrower in connection herewith.

(b)       Documents Supporting
the Loan.  The Bank shall have received this Agreement and the Brazilian
Note duly executed by the Borrower.

(c)       Process Agent
Acceptance.  The Borrower irrevocably appoints Telecom Italia Sparkle of
North America, Inc. as its agent of process.  The Bank shall have received an
executed letter, in form and substance satisfactory to the Bank, from Telecom
Italia Sparkle of North America, Inc. acceptable to the Bank, acknowledging
such agent’s acceptance of its appointment as agent for service of process with
respect to the Borrower for a period of time ending no earlier than the date
six months after the Maturity Date and that all of the fees payable to such
process agent, if any, shall have been paid in full.

(d)       No Material Adverse
Change.  Since September 30, 2019, there shall not have occurred any event
which has had or could reasonably be expected to have a material adverse change
in the business, economic or financial condition of the Borrower.

(e)       No Event of Default;
Accuracy of Representations and Warranties.  On the date of this Agreement,
(x) no Event of Default or event that with notice or lapse of time or both
would become an Event of Default shall have occurred and be continuing; and (y)
the representations and warranties made by the Borrower in Section 8
hereof shall be true and correct on and as of the Drawdown Date.

(f)       Government Approvals. 
The Bank shall have received the Financial Transaction Registration (ROF)
issued by the Central Bank of Brazil.

(g)       KYC and AML
Documentation.  Upon the reasonable request of the Bank, the Borrower shall
have provided to the Bank, and the Bank shall be reasonably satisfied with, the
documentation and other information so requested in connection with applicable
“know your customer” and anti-money-laundering rules and regulations,
including, without limitation, the PATRIOT Act.

(h)       Beneficial Ownership
Certification.  If qualified as a “legal entity customer” under the Beneficial
Ownership Regulation, the Borrower shall deliver to the Bank a Beneficial
Ownership Certification in relation to the Borrower.

9

 

 

(i)        Incumbency
and Closing Certificates.  The Bank shall have received (i) an incumbency
certificate in form acceptable to the Bank evidencing the identity, authority
and capacity of each officer of the Borrower authorized to act on behalf of the
Borrower in connection with this Agreement and each other document to be
delivered by the Borrower in connection herewith and (ii) a certificate in form
acceptable to the Bank signed by a legal representative of the Borrower (A)
confirming (1) that no Default or Event of Default shall have occurred and be
continuing and (2) the accuracy of all representations and warranties, (B) certifying
that (1) this Agreement constitutes a direct, unconditional unsecured
obligation of the Borrower and (2) the Loan under this Agreement, when made,
will constitute a direct, unconditional unsecured obligation of the Borrower,
ranking in priority of payment at least pari passu with all other
senior unsecured debt of the Borrower, and (C) accompanied by true, correct and
complete notarial certified copies of organizational documents and all
corporate authority (including, without limitation, resolutions and powers of
attorney) of the Borrower, and its legal representatives with respect to the
execution, delivery and performance of this Agreement and each other document
to be delivered by the Borrower in connection herewith.

(j)        Legal Opinion. 
The Bank shall have received favorable opinion s of counsel to the Borrower
(which shall cover, among other things, due authorization, execution and
delivery, legality, validity, binding effect and enforceability of this
Agreement and the Loan Documents, choice of law, submission to jurisdiction,
and such other matters as the Bank may reasonably request).

(j)        Other Documents. 
The Bank shall have received such other documents as the Bank or its counsel
may reasonably request.

The delivery of the Notice
of Borrowing by the Borrower shall be deemed a representation and warranty by
the Borrower that all of the conditions referred to above have been met.

8.         Representations and
Warranties.  The Borrower represents and warrants to the Bank as follows:

(a)       Incorporation and Existence. 
The Borrower is a company duly organized and validly existing under the laws of
Brazil and has the power and authority to execute and deliver this Agreement
and each other document to be delivered by the Borrower in connection herewith,
to incur the obligations to be incurred by it hereunder and to perform and
observe the provisions hereof.

(b)       Corporate Power and
Authority.  The Borrower has taken all necessary action to authorize the
execution and delivery of this Agreement and all other documents to be executed
and delivered by it in connection herewith and the performance of its
obligations hereunder.

(c)       Legally Enforceable
Agreement.  This Agreement has been duly executed and delivered by the
Borrower and constitutes a legal, valid and binding obligation of the Borrower,
enforceable against the Borrower in accordance with its terms, subject to
applicable bankruptcy, insolvency, moratorium and similar laws affecting
creditors’ rights generally, and subject, as to enforceability, to general principles
of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law).

10

 

 

(d)       Governmental
Authorizations.  All governmental authorizations, including, without
limitation, Financial Transaction Registration (ROF) issued by the Central Bank
of Brazil, and actions of any kind necessary for the due execution, delivery
and performance of this Agreement by the Borrower or required for the validity
or enforceability against the Borrower of this Agreement, have been obtained or
performed and are valid and subsisting in full force and effect.

(e)       Consent and Approvals. 
No consent or approval of, or notice to, any creditor of the Borrower is
required by the terms of any agreement or instrument evidencing any
Indebtedness of the Borrower for the execution or delivery of, or the
performance of the obligations of the Borrower under, this Agreement, and such
execution, delivery and performance will not result in any breach or violation
of, or constitute a default under, the charter or by-laws of the Borrower or
any agreement, instrument, judgment, order, statute, rule or regulation
applicable to the Borrower or to any of its property.

(f)       Pari Passu Status. 
The payment obligations of the Borrower under this Agreement rank at least pari
passu with all of its other senior unsecured Indebtedness, whether now
existing or hereafter outstanding, except for obligations accorded preference
by mandatory provisions of law.

(g)       Absence of Litigation. 
There are no actions, proceedings (judicial or administrative) or claims
pending or, to the knowledge of the Borrower, threatened, the adverse
determination of which could reasonably be expected to have a material adverse
effect on the financial condition of the Borrower or impair its ability to
perform its obligations under, or affect the validity or enforceability of,
this Agreement.

(h)       IBF Language.  The
Borrower, an entity located outside the United States of America, understands
that it is the policy of the Board of Governors of the Federal Reserve System
of the United States that extensions of credit by international banking
facilities, such as the Loan hereunder, may be used only to finance the
non-U.S. operations of the Borrower or the Borrower’s affiliates locate d
outside the United States.

(i)        Waiver of Sovereign
Immunity; Commercial Activity.  Neither the Borrower nor its property has
any right of immunity on the grounds of sovereignty or otherwise from
jurisdiction, attachment (before or after judgment) or execution in respect or
any action or proceeding relating in any way to this Agreement that may be
brought in the courts of Brazil or New York and the Borrower hereby irrevocably
waives any right to immunity.  The execution, delivery and performance of this
Agreement by the Borrower constitute commercial transactions.

(j)        Use of Proceeds. 
The proceeds of the Loan shall be used for working capital purposes and only to
finance the non-U.S. operations of the Borrower or the Borrower’s affiliates
located outside the United States.  The Borrower will not use the proceeds of
the Loan, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other Person, to fund any activities of or
business with any Person, or in any country or territory, that, at the time of
such funding, is the subject of Sanctions, or in any other manner that will
result in a violation by any Person (including any Person participating in the
transaction, whether as underwriter, advisor, investor or otherwise) of
Sanctions.

11

 

 

(k)       Absence
of Event Default.  No Event of Default exists or has occurred and is
continuing and no Event of Default will occur as a result of the execution of
this Agreement and disbursement of the Loan.

(l)        No Violation of Laws. 
The execution, delivery and performance by the Borrower of this Agreement does
not and will not violate any provision of any law, regulation, order, writ,
judgment, injunction, decree, determination or award presently in effect having
applicability to the Borrower.

(m)      Compliance with Laws. 
The Borrower is in compliance in all material respects with all laws applicable
to it.

(n)       Margin Stock.  The
Borrower will not use the proceeds of borrowings made hereunder, directly or
indirectly, or immediately, incidentally or ultimately, for the purpose of
purchasing or carrying any securities listed in a public exchange market or to
extend credit to others for the purpose of purchasing or carrying equity
securities or to refinance or refund indebtedness originally incurred for such
purpose.

(o)       Operating Company. 
The Borrower is an operating company and not a holding company.  The Borrower
is not or does not hold itself out as being engaged primarily, or proposing to
engage primarily, in the business of investing, reinvesting, or trading in
securities.  The Borrower is not engaged or proposing to engage in the business
of investing, reinvesting, owning, holding, or trading in securities nor does
it own or propose to acquire investment securities having a value exceeding 40%
of the value of such Borrower’s total assets (exclusive of government
securities and cash items) on an unconsolidated basis.

(p)       Form of Documents. 
This Agreement and the Brazilian Note attached hereto as Exhibit A are
in proper legal form under the laws of Brazil for the enforcement thereof
against the Borrower, under such laws.  Under the laws of Brazil, (A) the
choice of the laws of the State of New York as set forth in this Agreement is a
valid choice of law, and (B) the irrevocable submission to jurisdiction and
consent to service of process and appointment of an agent for service of
process by the Borrower, in each case, as set forth herein is legal, valid,
binding and effective.

(q)       Anti-Terrorism. 
Neither the Borrower, nor any of its directors, officers, employees,
affiliates, legal representatives, brokers or other agents:

(i)       is
in violation of any Anti-Terrorism Law or Export-Control Law;

(ii)      is
a Designated Person;

(iii)     deals
in any property or interest in property blocked pursuant to any Anti-Terrorism
Law or Export-Control Law; or

(iv)     is
located, incorporated or ordinarily resident in a Designated Jurisdiction.

Anything to the contrary in this Section
8(q) notwithstanding, the Borrower and the Bank agree that the Borrower’s
existing international roaming agreements entered into with companies located in Iran, Sudan and Cuba shall not be deemed to
constitute a violation of any Anti-Terrorism Law or any Export-Control Law, but
only to the extent that (x) each such agreement was entered into on
arms’-length terms and conditions, (y) each such agreement was entered into by
the Borrower in the ordinary course of its business, and (z) the Borrower did
not and does not breach or evade any Anti-Terrorism Law or any Export-Control
Law.

12

 

 

(r)       Anti-Corruption Laws. 
The Borrower and its Subsidiaries have conducted their businesses in compliance
with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery
Act 2010, and other similar anti-corruption legislation in other jurisdictions
and have instituted and maintained policies and procedures designed to promote
and achieve compliance with such laws.

(s)       Beneficial Ownership
Certification.  The information included m the Beneficial Ownership
Certification, if applicable, is true and correct in all respects.

9.         Covenants.  From
the date hereof, the Borrower covenants as follows:

(a)       Lines of Business. 
The Borrower will at all times continue to engage in the same or similar lines
of business engaged in by the Borrower on the date hereof, and will not (i)
engage to any substantial extent in any line or lines of business activity
other than such current lines of business, or (ii) change its main corporate
purpose (objeto social).

(b)       Limitation on
Fundamental Changes.  The Borrower will not convey, sell, lease, transfer
or otherwise dispose of, in one transaction or in a series of transactions, its
property, or create, assume or suffer or permit to exist any sale-lease back
transactions except:

I.          in the ordinary course of its business;

II.         of obsolete or unused assets;

III.       within the Borrower’s Economic Group in arm’s length
transaction; or

IV.       any other disposal for an aggregate consideration not
exceeding 30% of Borrower’s total assets (as stated in its most recent annual
or quarterly financial statements disclosed).

(c)       Financial Information. 
The Borrower shall deliver, upon written request, to the Bank (i) within 120
days following the end of each fiscal year of the Borrower, its annual audited
financial statements; and (ii) within 120 days following the end of each fiscal
year of TIM Participações S.A., the annual audited consolidated financial
statements of TIM Participações S.A.; (iii) within 60 days following the end of
each fiscal quarter of TIM Participações S.A., the quarterly audited
consolidated financial statements of TIM Participações S.A.; all in accordance
with Brazilian GAAP or IFRS standards.

(d)       Corporate Existence,
Approvals.  The Borrower shall maintain and keep in full force and effect
its legal and corporate existence, rights (including without limitation all
real and intellectual property rights), privileges, licenses, franchises and
all approvals and consents required by third parties
and/or any governmental authority for the incurrence of the Loan and conduct of
its business, as applicable.

13

 

 

(e)       Compliance.  The
Borrower will do or cause to be done all things from time to time necessary to
comply and, as applicable, cause each of its Subsidiaries to comply in all
material respects with all applicable laws, rules, orders and regulations.

(f)       Notice of Event of
Default.  The Borrower will notify the Bank in writing as soon as it
becomes aware of the occurrence of any event that results or may result in the
nonperformance or default by the Borrower of any obligation under this
Agreement.

(g)       Insurance.  The
Borrower will maintain its property duly insured with reputable insurance
companies or association s in such amounts and covering such risks as are
usually carried by companies engaged in similar businesses and owning similar
properties in Brazil.

(h)       Transactions with
Affiliates.  The Borrower will not enter, directly or indirectly, into any
transaction with an affiliate, except (A) in the ordinary course of and
pursuant to the reasonable requirements of its business and upon commercially
reasonable terms that are no less favorable to it than those which might be
obtained in a comparable arm’s-length transaction at the time from a Person
which is not such an affiliate, and (B) for intercompany loans which, in the
aggregate, do not and will not result in the Borrower being in a materially
weaker economic and financial condition.  For purposes hereof, “materially
weaker economic and financial condition” means the ratio of Total Net Debt to
EBITDA of the Borrower exceeding 3.5x, based on its most recent financial
statements.

(i)        Additional
Information and Documents.  The Borrower will deliver to the Bank such
other information and/or documentation respecting the Borrower or the
Borrower’s business properties or the condition or operations, financial or otherwise,
of the Borrower, as the Bank may from time to time reasonably request.

(j)        Ranking.  The
Borrower will take any and all actions necessary such that its payment
obligations hereunder as of the date hereof shall rank at least pari passu
in all respects with all other senior unsecured Indebtedness of the Borrower,
whether now existing or hereafter outstanding,

(k)       Mergers Etc.  With
the exception of any incorporation, merger, consolidation, division, transfer
or reorganization occurring among companies within the Borrower’s Economic
Group, the Borrower will not be incorporated, or merge or transfer all or
substantially all its assets to another entity or as another entity if, by the
time of such incorporation, merger, consolidation, division, transfer or
reorganization, the resulting entity, survivor or transferee, after such
action, (1) does not assume all the obligations stipulated in this Agreement or
any other document in connection herewith in which it is a party or to which
its predecessor has been a party, by order of law or by means of an agreement
reasonably satisfactory to the Bank; and/or (2) has a materially weaker
economic and financial condition than the Borrower, as appropriate and if
applicable, prior to such merger, consolidation, division, transfer or
reorganization.  For purposes of item (2) of this Section, “materially weaker
economic and financial condition” means the resulting
entity, survivor or transferee presents a ratio of the Total Net Debt to EBITDA
exceeding 3.5x, based on its pro-forma consolidated financial statements.

14

 

 

(l)        Dividends.  The
Borrower will not distribute or pay dividends, interest on own capital or any
other profit participation established in contract or in corporate
documentation, above the minimum amount determined by law or in corporate
documentation in effect on any such date unless at the time of such
distribution or payment there shall not exist, and shall not thereby arise or
result from such distribution or payment, any Event of Default or other event or
condition which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.

(m)      Capital Expenditures,
Investments, Loans and Advances.  In case of any Event of Default or event
or condition which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default the Borrower will not, and will not permit
any subsidiary to, make any capital expenditure, investment, loan or advance
other than in the ordinary course of business consistent with past practices in
relation to its existing business.

(n)       Anti-Terrorism/Sanctions
Covenants.

(i)       The
Borrower shall not engage in any transaction that violates any of the
applicable prohibitions set forth in any Anti-Terrorism Law or Export-Control
Law.

(ii)      (i)
none of the funds or assets of the Borrower that are used to repay the Loan
shall constitute property of, or shall be beneficially owned directly or
indirectly by, any Designated Person and (ii) no Designated Person shall have
any direct or indirect interest in the Borrower that would constitute a
violation of any Anti-Terrorism Laws or Export-Control Laws.

(iii)     The
Borrower shall not fund all or part of any payment under this Agreement out of
proceeds derived from transactions that violate the applicable prohibitions set
forth in any Anti-Terrorism Law or Export-Control Law.

(iv)     The
Borrower shall not, directly or indirectly, use the proceeds of the Loan to
lend, contribute or otherwise make available such proceeds to any Subsidiary,
joint venture partner or other person to fund activities of or business with
any Designated Person or any person or business located in a Designated
Jurisdiction.

(v)       No
U.S. Subsidiary or any officer, director, employee or agent of the Borrower
that is a U.S. citizen, shall participate in or facilitate transactions or
business planning involving any Designated Person or any Designated
Jurisdiction.

Anything to the contrary in this Section
9(n) notwithstanding, the Borrower and the Bank agree that the Borrower’s
existing international roaming agreements entered into with companies located
in Iran, Sudan and Cuba shall not be deemed to constitute a breach of any
Anti-Terrorism Law or any Export-Control Law, but only to the extent that (x)
each such agreement was entered into on arms’-length terms and conditions, (y)
each such agreement was entered into by the Borrower in the ordinary course of
its business, and (z) the Borrower did not and does not breach or evade any
Anti-Terrorism Law or any Export-Control Law.

15

 

 

(o)       Process
Agent Acceptance.  The Borrower shall appoint an agent of process located
in New York and acceptable to the Bank.  If Telecom Italia Sparkle of North
America, Inc., for any reason, ceases to act as its agent of process, the Bank
shall receive an executed letter, in form and substance satisfactory to the
Bank, acknowledging a replacement agent’s acceptance of its appointment as
agent for service of process with respect to the Borrower for a period of time
ending no earlier than the date six months after the Maturity Date and
confirming that all of the fees payable to such process agent, if any, have
been paid in full.  The appointment shall take place within 3 Business Days
after Italia Sparkle of North America, Inc. ceases to act as its an agent of
process.

(p)       Most Favored Nation. 
If any Comparable Indebtedness incurred by the Borrower after the date hereof
(including, but not limited to Comparable Indebtedness incurred by the
Borrower, or with respect to which the Borrower is an obligor) has the benefit
of any financial covenants (understood as the obligation to maintain certain
financial ratios), then this Agreement shall be deemed to be automatically
without further act by any party amended, modified or supplemented to the
extent necessary to incorporate such more favorable provision or provisions for
the benefit of the Bank, as appropriate in the discretion of the Bank, and if
requested by the Bank, the Borrower will take all such acts and do all such
things as required by the Bank to effectuate any such amendment, modification
or supplement.

(q)       Beneficial Ownership
Information.  Promptly following any request therefor, the Borrower shall
provide information and documentation reasonably requested by the Bank for
purposes of compliance with applicable “know your customer” and
anti-money-laundering rules and regulations, including, without limitation, the
PATRIOT Act and the Beneficial Ownership Regulation.

10.       Events of Default. 
If any of the following events (“Events of Default”) shall occur and be
continuing:

(a)       The Borrower fails to pay
any principal, interest or any portion thereof within two (2) Business Days
from the date such amount becomes due and payable (whether at stated maturity
or otherwise), provided that such two (2) Business Days cure
period does not affect the Borrower’s obligation to pay overdue interest on any
interest or other amount in accordance with Section 3(c) – Interest on
Overdue Principal and Other Amounts hereof; or

(b)       The Borrower fails to
perform or observe any covenant or agreement contained in Section 5(c)
or Section 9 hereof or any representation or warranty of the Borrower in
this Agreement or in any Loan Document proves to have been incorrect,
incomplete or misleading in any material respect at the time it was made or
repeated or deemed to have been made or repeated; or

(c)       The Borrower fails to
perform or observe any other covenant or agreement (not specified in Section
10(b) above) contained in any Loan Document on its part to be performed or
observed and such failure continues for more than 30 days; or

(d)       The Borrower shall (i) be
in default, event of default or other similar condition or event (however
described) under one or more agreements or instruments in respect of any Indebtedness entered into between the Borrower and the
Bank or its affiliates; or (ii) be in default, event of default or other
similar condition or event (however described) under one or more instruments or
agreements in respect of any Indebtedness entered into between the Borrower and
any party, other than the Bank or its affiliates, which default, event of
default, other condition or event causes, involves or may cause or involve, in
accordance with the provisions of such agreements or instruments, the early
maturity or acceleration of Indebtedness in an aggregate amount exceeding
US$100,000,000.00 (one hundred million United States dollars) (or its
equivalent in other currencies); or

16

 

 

(e)       The Borrower (i) is
dissolved, (ii) commences a voluntary case in bankruptcy or any other action or
proceeding for any other relief under any law affecting creditors’ rights that
is similar to a bankruptcy, debt rehabilitation or reorganization proceeding,
law or (iii) consents by answer or otherwise to the commencement against it of
an involuntary case in bankruptcy or any other such action or proceeding, or a
proceeding is commenced in an involuntary case in bankruptcy in respect of the
Borrower or any material Subsidiary or any property of the Borrower or any such
material Subsidiary; or

(f)       One or more final
non-appealable, judgments or orders against the Borrower or any of its material
Subsidiaries is entered for the payment of money in an aggregate amount (as to
all such judgments) exceeding US$100,000,000.00 (one hundred million United
States dollars) (or its equivalent in other currencies) and such judgment or
order remains unsatisfied without procurement of a stay of execution within 10
calendar days after the date of entry of judgment; or

(g)       A moratorium is enacted
by Brazil or the central bank or any agency or political subdivision of Brazil
affecting the Borrower’s right and obligation to effect payment under this
Agreement or otherwise to perform its obligations hereunder; or

(h)       The Borrower suffers
protest of bills (Protesto) in an individual or aggregate amount
exceeding US$100,000,000.00 (one hundred million United States dollars) (or its
equivalent in other currencies), and such protest(s) is(are) not cancelled
within 15 (fifteen) Sao Paulo business days; or

(i)        This Agreement shall, at
any time and for any reason, cease to be in full force and effect or shall be
declared to be null and void, or the validity or enforceability thereof shall
be contested by the Borrower, or the Borrower shall deny that it has any or
further liability or obligation hereunder or thereunder; or

(j)        A Change of Control
occurs;

THEN, in any such case, if
the Bank shall elect by notice to the Borrower, the unpaid principal amount of
this Agreement, together with accrued interest, shall become forthwith due and
payable; provided that in the case of an Event of Default under clause (d)
above, the unpaid principal amount of this Agreement, together with accrued
interest, shall immediately become due and payable without any notice or other
action by the Bank.

17

 

 

11.       Notices. 
All notices, requests, demands or communications hereunder shall be m writing
and shall be given to or made upon the respective parties hereto at the
following addresses:

	
  If to the Borrower:

  TIM S.A

  Av. João Cabral de Melo Neto 850

  7° andar, Bloco 1

  Rio de Janeiro – RJ, 2277 5-057,
  Brasil

  Attn.: Bruno de Abreu e Lima Bordin /
  Glaucia Crahim Ferreira (Gerência de Tesouraria)

  Telefone: +55 (21) 4109-3101

  Email: babordin@timbrasil.com.br
  /

  gcrahim@timbrasil.com.br

  	
  If to the Bank:

  Bank of America, N.A.

  50 Rockefeller Plaza

  New York NY 10020
  -1605 – EUA

  Attn.: Portia Poindexter

  Telefone: + 1.646-855-0870

  Email: portia.poindexter@bofa.com

  
	
   

  	
  With a copy to:

  BANK OF AMERICA MERRILL LYNCH BANCO MÚLTIPLO S.A.

  Avenida Brigadeiro Faria Lima, n°
  3400, 18° andar

  São Paulo, SP – 04538-132 – Brasil

  Att.: Arthur Roberto Penna

  Telefone: + 55 (11) 2 188 4548

  Email: arthur.penna@bofa.com

  c/c: Departamento Júridico

  Attn.: Daniel Fazzolari / Fernanda
  Iacia

  Telefone: + 55 (11) 2188-4405 / + 55
  (11) 2188-4134

  Email:  daniel.fazzolari@bofa.com

  fernanda.iacia@bofa.com

  

 

12.       Miscellaneous.  

(a)       The Borrower waives
presentment, notice of dishonor, protest and any other formality with respect
to this Agreement.

(b)       This Agreement sets forth
the entire agreement between the parties hereto, supersedes all prior
communications and understandings of any nature and may not be amended,
supplemented or altered except in a writing signed by both parties hereto.

(c)       The Borrower agrees to
reimburse the Bank in full on demand, whenever an Event of Default has
occurred, for all reasonable costs, expenses and charges including reasonable
attorneys’ fees incurred by the Bank during or as a result of such Event of
Default, or incurred by the Bank in enforcing its rights and remedies under
this Agreement or in accordance with applicable law provided that the Bank
previously delivers to the Borrower information relating to such costs,
expenses and/or charges.

18

 

 

(d)       This
Agreement shall be binding on the Borrower and its successors and assigns and
shall inure to the benefit of the Bank and its successors and assigns, except
that the Borrower may not delegate any obligations hereunder without the prior
written consent of the Bank.  The Bank may at any time, without consent from
the Borrower, assign or otherwise transfer or sell participations in this
Agreement or any of its rights with respect thereto to any third party,
including, but not limited, to any Federal Reserve Bank or to any banks,
financial institutions or any affiliates of the Bank (including, any entity (whether
a corporation, partnership, trust or otherwise) that is engaged in making,
purchasing, holding or otherwise investing in bank loans and similar extensions
of credit in the ordinary course of its business and is administered or managed
by the Bank or an affiliate of the Bank).  If the Bank decides to assign or
otherwise transfer any of its rights with respect to this Agreement to any
third party that is not an affiliate of the Bank, the Borrower shall have the
right to prepay the Loan under the conditions set forth in Section 3(d)
hereto, by delivering a notice of voluntary prepayment within five Banking
Days’ after receiving the relevant notification of assignment from the Bank.

(e)       The Bank agrees (on
behalf of itself and each of its affiliates, directors, officers, employees and
representatives) to use reasonable precautions to keep confidential, in
accordance with safe and sound banking practices, any non-public information
supplied to it by the Borrower pursuant to this Agreement which is identified
by the Borrower as being confidential at the time the same is delivered to the
Bank, provided that nothing herein shall limit the disclosure of any such
information (A) to any subsidiaries or affiliates of the Bank, (B) to the
extent required by statute, rule, regulation or judicial process, (C) to
counsel for the Bank, (D) to bank examiners, auditors or accountants, (E) in
connection with the exercise of any remedies hereunder or any suit, action or
proceeding relating to this Agreement or the enforcement of rights hereunder,
(F) to any actual or prospective assignee or participant, or (G) to any actual
or prospective counterparty (or its advisors) to any swap or derivative
transaction relating to the Borrower and its obligations; provided, further, that
in no event shall the Bank be obligated or required to return any materials
furnished by the Borrower.

(f)       Any suit, action or
proceeding against the Borrower with respect to this Agreement or on any
judgment entered by any court in respect thereof may be brought in the Supreme
Court of the State of New York, County of New York, or in the United States
District Court for the Southern District of New York or in the courts of
Brazil, as the Bank may elect in its sole discretion, and the Borrower submits
to the nonexclusive jurisdiction of such courts for the purpose of any such
suit, action or proceeding or judgment.  The Borrower hereby waives any
objection which it may now or hereafter have to the laying of the venue of any
suit, action or proceeding arising out of or relating to this Agreement brought
in such courts, and hereby further irrevocably waives any claim that any such
suit, action or proceeding brought in any such court has been brought in an
inconvenient forum.  The Borrower irrevocably appoints Telecom Italia Sparkle
of North America, Inc. with offices at 1 William Street, 3rd Floor,
New York, NY 10004, as its agent to receive service of process or other legal
summons for purposes of any such suit, action or proceeding, and agrees that
the failure of such agent to give any notice of any such process or summons to
the Borrower shall not impair or affect the validity of such service or of any
judgment based thereon.  So long as the Borrower has any obligation under this
Agreement, it will maintain a duly appointed agent in New York City for the
service of such process or summons.

19

 

 

  

(g)       TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

(h)       This Agreement shall be governed by and interpreted and construed in accordance with the law of the State of New York, without regard to principles of conflicts of laws.  For purposes solely of article 9 of Brazilian Decree-Law No. 4.657 dated September 4, 1942, the transactions contemplated hereby have been proposed to the Borrower by the Bank.  For any purposes hereof, including, but not limited to, the enforcement, collection and payment of the Loan in Brazil, in the Bank’s sole discretion, the parties hereto agree that (i) the Loan shall be deemed as an enforceable out­- of-court debt instrument (título executivo extra-judicial), pursuant to Section 784, II, of the Brazilian Civil Procedure Code (Law 13,105/2015); (ii) all amounts (including, without limitation, the principal, interests, expenses and Taxes) owed by the Borrower herein shall be deemed as a net and certain debt (dívida liquida e certa) to the extent that the Bank is required to enforce, collect or defend them before any Brazilian Courts and authorities against the Borrower.  The Borrower further acknowledges and consents that any discussion or enforcement and collection of the Loan and related amounts in Brazil shall be made through an expedited enforcement claim (ação de execução) or any other means elected by the Bank, at its sole discretion; and (iii) in accordance with Section 784, § 3rd, of the Brazilian Civil Procedure Code (Law 13,105/2015), this Agreement complies with all the requirements of, and contains all the formalities of, the place where it has been executed.  The Borrower agrees that any evidence of payment of the principal amount due under this Agreement in the amount set forth herein, shall constitute valid and sufficient evidence of the validity and enforceability of this Agreement before any Brazilian Courts, as the case may be.  Finally, the Borrower agrees that the Bank shall be waived of any requirement to present any bonds or security, including, but not limited to, the one set forth in Article 835 of the Brazilian Civil Code or any other similar law, for the discussion or enforcement of this Agreement and/or the Loan before any Brazilian Courts, it being agreed that the Borrower hereby expressly waives any right to request the Bank to post any bond required to initiate or file lawsuits against the Borrower in any jurisdiction.

(i)        To the extent that the Borrower may now or hereafter be entitled, in any jurisdiction in which judicial proceedings may at any time be commenced with respect to this Agreement, to claim for itself or its revenues or properties any immunity from the jurisdiction of any court or from legal process (whether from service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and to the extent that in any such jurisdiction there may be attributed to the Borrower any such immunity (whether or not claimed), the Borrower hereby irrevocably agrees not to claim, and hereby waives, such immunity in respect of its obligations under this Agreement.

(j)        Each reference in this Agreement to Euros is of the essence.  The obligation of the Borrower in respect of any amount due under the Agreement shall, notwithstanding any payment in any other currency (whether pursuant to a judgment or otherwise), be discharged only to the extent of the amount in Euros that the Bank may, in accordance with normal banking procedures, purchase with the sum paid in such other currency (after any premium and costs of exchange) on the Banking Day immediately following the day on which the Bank receives such payment.  If the amount in Euros that may be so purchased for any reasons falls short of the amount originally 

due, the Borrower shall pay such
additional amounts, in Euros, as may be necessary to compensate for such a
shortfall.  Any obligation of the Borrower not discharged by such payment shall
be due as a separate and independent obligation and, until discharged as
provided herein, shall continue in full force and effect.

20

 

 

(k)       The Borrower acknowledges
that the Bank may have and may in the future have investment and commercial
banking, trust and other relationships with other companies in respect of which
the Borrower may have conflicting interests regarding the transactions
described herein and otherwise.  The Borrower acknowledges that the Bank may
perform its functions in connection with such fiduciary or other relationships
without regard to its relationship with the Borrower hereunder.  The Bank will
not use confidential information obtained from Borrower by virtue of the
transactions contemplated by this Agreement or its other relationships with the
Borrower in connection with the performance by the Bank of services for other
companies, and the Bank will not furnish any such information to other
companies.  The Borrower also acknowledges that the Bank has no obligation to
use in connection with the transactions contemplated by this Agreement, or to
furnish to the Borrower, confidential information obtained from other
companies.

(l)        The Borrower hereby
agrees to indemnify, protect, save and keep harmless the Bank, its officers,
directors, shareholders, employees, affiliates, successors, assigns, agents and
servants (each, an “Indemnified Party”) from and against, and to pay to
the Bank promptly upon demand the amount of, any and all liabilities,
obligations, losses, damages, penalties, claims, actions, suits, costs, expenses
or disbursements of any kind or nature whatsoever that may be imposed on,
incurred by or asserted against any Indemnified Party in any way relating to or
arising out of this Agreement or any action taken or omitted by such
Indemnified Party under this Agreement, provided, however, that
the Borrower shall not be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting from such Indemnified Party’s gross
negligence or willful misconduct as found in a final, non-appealable judgment
by a court of competent jurisdiction.

(m)      All payments made under
this Agreement shall be made in Euros (the “Agreement Currency”), and,
if for any reason any payment made hereunder is made in a currency (the “Other
Currency”) other than the applicable Agreement Currency, then to the extent
that the payment actually received by the Bank, when converted into the
applicable Agreement Currency at the Rate of Exchange (as defined below) on the
date of payment (or, if conversion on such date is not practicable, as soon
thereafter as it is practicable for the Bank to purchase the applicable
Agreement Currency) falls short of the amount due under the terms of this
Agreement or any Loan Document, the Borrower shall, as a separate and
independent obligation of the Borrower, indemnify the Bank and hold the Bank
harmless from and against the amount of such shortfall.  As used in this
Section, the term “Rate of Exchange” means the rate at which the Bank is
able on the relevant date to purchase the applicable Agreement Currency with
the Other Currency and shall include any premiums and costs of exchange payable
in connection with the purchase of or conversion into, the applicable Agreement
Currency.

(n)       The Bank hereby notifies
the Borrower that pursuant to the requirements of the PATRIOT Act, the Bank is
required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of the Borrower and other 
information that will allow the Bank to identify the Borrower in accordance with the PATRIOT Act.  The Borrower shall, promptly following a request by the Bank, provide all documentation and other information that the Bank requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the PATRIOT Act.

21

 

 

  

(o)       The agreements in this Section 12 shall survive the termination of the Commitment and the repayment, satisfaction or discharge of all the other obligations and liabilities of the Borrower under this Agreement.

Please indicate your acceptance of the Commitment on the foregoing terms and conditions by returning an executed copy of this Agreement to the undersigned not later than February 7, 2020.

	

   BANK OF AMERICA, N.A.

	

   By:
	

   /s/ Fernando Mattos

	

   Name:  Fernando Mattos

	

   Title:  Director

 

Accepted and agreed to as of the date first written above:

	

   TIM S.A.

	

   By:
	

   /s/ Adrian Calaza

	

   Name:  Adrian Calaza

	

   Title:  Chief Financial Officer
            TIM S.A.

 

	

   By:
	

   /s/ Glaucia Crahim

	

   Name:  Glaucia Crahim

	

   Title:  TIM-Finance

 

	

   WITNESSES:
	

    
	

    

	

   /s/ Marco Moura
	

    
	

   /s/ Gisele Moreira Alves De Souza

	

   Name: Marco Moura
	

    
	

   Name: Gisele Moreira Alves De Souza

	

   Id.:      TIM-Finance
	

    
	

   Id.:      

 

22

 

 

EXHIBIT A

FORM OF BRAZILIAN PROMISSORY NOTE

NOTA PROMISSÓRIA

Valor: €89.473.684,21 (oitenta e nove
milhões, quatrocentos e setenta e três mil, seiscentos e oitenta e quatro euros
e vinte e um centavos)

Vencimento: à vista

Praça de Pagamento: São Paulo, Estado de São
Paulo, Brasil

No dia do vencimento acima indicado,
pagaremos por esta única via de NOTA PROMISSÓRIA, de forma irrevogável e
incondicional, ao Bank of America, N.A., ou à ordem, a quantia em Reais
equivalente a Valor: €89.473.684,21 (oitenta e nove milhões, quatrocentos e
setenta e três mil, seiscentos e oitenta e quatro euros e vinte e um centavos),
apurada pela taxa média de venda de euros no mercado de câmbio, divulgada pelo
Banco Central do Brasil, em sua página na internet, taxa essa referente ao dia
útil imediatamente anterior ao do efetivo pagamento deste título, ou qualquer
outra taxa de cambio que venha, por medida do Banco Central do Brasil, a
substituir a referida taxa de câmbio.

A emitente expressamente concorda que a
apresentação para pagamento à vista desta nota promissória poderá ser feita até
18 de agosto de 2022, de acordo com o estabelecido no Decreto n° 57.663/66 e
Código Civil.

Esta nota promissória será regida e
constituída de acordo com as leis da República Federativa do Brasil. O
pagamento desta nota promissória deverá ser feito na Comarca da Cidade de São
Paulo, Estado de São Paulo, Brasil. Fica eleito como foro competente a Comarca
da Cidade de São Paulo, Estado de São Paulo, Brasil.

Lugar e Data: São Paulo, 07 de fevereiro de 2020.

EMITENTE:
TIM S.A.

CNPJ/MF:
02.421.421/0001-11

Endereço: Rua Fonseca Teles, 18-30, Rio de
Janeiro/RJ, 20940-200

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Nome:

  	
   

  	
  Nome:

  
	
  Cargo:

  	
   

  	
  Cargo:

  

 

 

 

 

23

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