Document:

Exhibit 4.5

 

Facility Agreement

 

FACILITY AGREEMENT Reference number TIMLAF2LT to Master Loan Agreement Reference No. TIMLALT (the “Master”), is entered into as of the date October 14th, 2014 (the “Effective Date”)

 

BETWEEN

 

(1)           CISCO SYSTEMS CAPITAL CORPORATION, a Nevada corporation, having its registered office at 170 West Tasman Drive, San Jose, CA 95134-1706, United States of America (“Lender”); and

 

(2)           TIM CELULAR S/A, a limited liability company organized and existing under the laws or the Federative Republic of Brazil, having its address and principal place of business at Avenida Giovanni Gronchi 7143, Vila Andrade, SP 05724-006, Brazil, with commercial license number (Tax Payer Register) CNPJ 04.206.050/0001-80 (“Borrower”).

 

OPERATIONAL

 

(A)          This agreement constitutes a facility agreement under the Master (the “Facility Agreement”).

 

(B)           The Lender agrees to grant  to the Borrower  the Facility described below to finance IT Solutions; and

 

(C)           Capitalized terms or expressions not defined herein have the same meanings set out in the Master.

 

FACILITY DETAILS

 

	
Availability Period End Date

	
:

	
December 15th, 2014

	 	 	 
	
Term

	
:

	
The term of each Loan should be 60 Months with Semi Annual Payments in Arrears

	 	 	 
	
Rate of Interest

	
:

	
The term for a specific drawdown agreed between the Borrower and the Lender in the relevant Request for Borrowing.

	 	 	 
	
Default Rate

	
:

	
3.8 % (Three point Eight percent) per year

	 	 	 
	
Facility Limit

	
:

	
$ 50,000,000.00 (Fifty Million and 00/100 United States Dollars)

	 	 	 
	
Third Party Limit

	
:

	
40 % (forty percent)

	 	 	 
	
Minimum Drawdown Amount

	
:

	
$ 300,000.00 (Three Hundred Thousand and 00/100 United States Dollars)

	 	 	 
	
Maximum Drawdown Number

	
:

	
$ 50,000,000.00 (Fifty Million  and 00/100 united States Dollars)

	 	 	 
	
Services Agreement

	
:

	
Not applicable

	 	 	 
	
Legal name and address of Security Provider

	
:

	
Not applicable

 

	 	
1. 

	
Representations and Warranties

 

The Borrower  acknowledges that  the Lender has entered Into this Facility Agreement in reliance upon the representations and warranties set out in Clause 6 of the Master and represents  and warrants to the Lender on the date or this Facility Agreement as set out in Cause 6 or the Master.

 

In addition  to the Clause 6 of  the Master, the Borrower hereby confirms that the Bacen has approved  the financial conditions of the Facility Agreement and attaches hereto a printout of  the ROF approval of  the Bacen.

 

  

  

  

 

	 	
2. 

	
Additional Conditions Precedents

 

The Lender shall receive following documents and evidence, satisfactory to the Lender in form and substance:

 

	 	
1. 

	
a copy of the ROF

 

	 	
3. 

	
Condition Subsequent

 

Within thirty (30) days after  the disbursement of a Loan hereunder, the Borrower  shall present  to the Lender  a printout of the Schedule of Payments related to the Loan Issued by the Central Bank of Brazil, which must be in accordance with the terms and conditions agreed upon by the Parties.

 

	 	
4. 

	
Additional Provisions

 

Section 3.6 (Application of each Loan) of the Master are hereby replaced in its entirety to the following:

 

3.6 Application of each Loan  The entire principal amount of the loan shall be paid by the Borrower to the Authorized Supplier indicated by the Borrower to the Lender in connection with the Equipment described in the Invoices and/or Supplier Certificate attached to the Request for Borrowing.  Within 90 (Ninety) days after the Lender has disbursed the Loan, the Lender may contact directly the Authorized Supplier in order to obtain the evidence (proof of payment) that all the Invoices have been properly received by the Authorized Supplier. In case the Lender does not receive any positive response from the Authorized Supplier in a reasonable time, Lender shall keep the right to request the proof of payment of the 50 (Fifty) largest Invoices, selected by the Lender, that have been properly received by the Authorized Supplier directly from the Borrower, who remains the ultimate responsible for providing such evidence.

 

Section 10. 1. (Withholdings and deductions for Tax) of the Master are hereby amended to include the following paragraph:

 

10.1.1: “Notwithstanding the above, the Borrower shall not be required to increase payments for the withholding tax on Interest if the Borrower presents an original or certified copy of a receipt evidencing payment thereof within thirty (30) days of payment or such withholding tax.”.

 

THE PARTIES CONFIRM THAT THEY HAVE READ THIS FACILITY AGREEMENT AND THE MASTER AND AGREE TO BE BOUND BY THEM, EXECUTED BY THE PARTIES AND THE 2 (TWO) WITNESSES SIGNED HEREUNDER WITH ALL SIGNATURES DULY NOTARIZED ON THE DATE SET OUT BELOW

 

	
CISCO SYSTEMS CAPITAL CORPORATION

	  	  
	  	  	  
	
(authorized signatory and company stamp)

	  	
(authorized signatory and company stamp)

	  	  	  
	
Date:

	
11.9.2014

	  	
Date:

	  
	By:	/s/ Deborah Baker	 	By:	/s/ Paolo Baorroero	/s/ Rodrigo G. Galvão
	Name:	Deborah Baker	 	Name:	Paolo Baorroero	Rodrigo G. Galvão
	Title:	Senior Director, AMS Operations	 	Title:	TIM Celular S.A. TIM - Finanças e Tesouraria
	 	 	 	 	Finanças e Tesouraria
	 	 	 	 	 
	Witnessed by:	 	 	 
	 	 	 	 	 
	1.	 	 	2.	/s/ Glaucia Crahim
	Name:	 	 	Name:	TIM Celular S/A
	ID:	 	 	ID:	Finanças e Tesourariaex10_16.htm

Exhibit 10.16

AMENDMENT NO. 10

 

TO NOTE EXCHANGE AND OPTION AGREEMENT

 

This AMENDMENT NO. 10 to the NOTE EXCHANGE AND OPTION AGREEMENT is entered into as of December 12, 2014 (this “Amendment”), by and among KEYWIN HOLDINGS LIMITED, a British Virgin Islands company (“Keywin”), and NETWORK CN INC., a Delaware corporation (the “Company”).  Each of the parties hereto is referred to as a “Party” and collectively as the “Parties.”  Capitalized terms used, but not otherwise defined, herein have the meanings ascribed to such terms in the Original Agreement (as defined below).

 

BACKGROUND

 

The Parties entered into a Note Exchange and Option Agreement, dated as of April 2, 2009, as amended by Amendment No. 1 to Note Exchange and Option Agreement, dated as of July 1, 2009, Amendment No. 2 to Note Exchange and Option Agreement, dated as of September 30, 2009, Amendment No. 3 to Note Exchange and Option Agreement, dated as of January 1, 2010, Amendment No. 4 to Note Exchange and Option Agreement, dated as of September 30, 2010, Amendment No. 5 to Note Exchange and Option Agreement, dated as of June 1, 2011, Amendment No. 6 to Note Exchange and Option Agreement, dated as of December 30, 2011, Amendment No. 7 to Note Exchange and Option Agreement, dated as of June 28, 2012, Amendment No. 8 to Note Exchange and Option Agreement, dated as of December 28, 2012 and Amendment No. 9 to Note Exchange and Option Agreement, dated as of December 31, 2013 (together, the “Original Agreement”), pursuant to which the Company (a) issued 61,407,093 shares of its common stock, par value $0.001 per share in exchange for certain notes payable by the Company held by Keywin, (b) agreed to grant Keywin an option (the “Option”) to purchase from the Company an aggregate of 24,562,837 shares of the Common Stock for an aggregate purchase price of $2,000,000, exercisable within 69 months after April 2, 2009 and (c) the Company shall have the right, at its sole discretion, to terminate the Option by providing Keywin with thirty (30) days’ advance written notice of such termination.  The Parties now desire to enter into this Amendment to modify the terms of the Original Agreement as more specifically set forth herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the mutual promises of the Parties, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.           Amendment to Exercise Period and Exercise Price: Subsection (a) of Section 2, of the Original Agreement is deleted in its entirety and in lieu thereof the following provision is inserted:

 

(a)           For an eight-one (81) month period commencing on the Closing Date (the “Exercise Period”), the Noteholder shall have the right to purchase from the Company an aggregate of 30,303,030 shares of the Common Stock for an aggregate purchase price of $2,000,000 (the “Purchase Price”).  The Option may be exercised by the Noteholder at any time during the Exercise Period by giving written notice to the Company.

        

2.           Agreement.  In all other respects, the Original Agreement shall remain in full force and effect.

 

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

 

  

  

  

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first above written.

 

	 	NETWORK CN INC.	 
	 	 	 	 
	 	 	 	 
	 	
By

	 	 
	 	Name: Shirley Cheng	 
	 	Title: Director and Chief Financial Officer	 

 

 

	 	
KEYWIN HOLDINGS LIMITED

	 
	 	 	 	 
	 	 	 	 
	 	
By

	 	 
	 	
Name: Earnest Leung

	 
	 	
Title: DirectorDAL 3.31.2015 EX 10.1

EXHIBIT 10.1

Second Amendment to the 
Delta Air Lines, Inc. 2007 Performance Compensation Plan
Section 5(b) of the Delta Air Lines, Inc. 2007 Performance Compensation Plan 2007 Plan shall be deleted in its entirety and replaced by the following: 
		
	“(b)
	Share Counting.  Any Shares subject to an Award (but not including any Substitute Award), that expires, is cancelled, forfeited, or otherwise terminates without the delivery of Shares shall again be, or shall become, available for distribution under the Plan; provided, however, that (i) any Shares tendered in payment of an Option, (ii) Shares withheld by the Company to satisfy any tax withholding obligation with respect to the exercise of an Option or SAR, or (iii) Shares covered by a stock-settled SAR or other Awards that were not issued upon the settlement of the Award, shall not again be available for distribution under the Plan.”

1

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