Document:

Unassociated Document

     

    
      Exhibit
10.1

       

      AMENDMENT
TO LOAN AGREEMENTS

      

      

      THIS
AMENDMENT (this “Amendment”) to the
Loan Agreement dated January 27, 2009, the Loan Agreement dated February 15,
2009, the Loan Agreement dated March 4, 2009, the Loan Agreement dated March 31,
2009, the Loan Agreement dated May 4, 2009 and  the Loan Agreement
dated May 27, 2009  (collectively, the “Loan Agreements”) by
and among QAT II Investments SA (“Lender”) and Elephant Talk Communication, Inc.
(“Borrower”), is entered into by the parties hereto as of this 29th day of
June, 2009.

       

      RECITALS:

       

      WHEREAS,
pursuant to the Loan Agreements, Lender has loaned to Borrower an aggregate
amount of €3,090,000;

       

      WHEREAS,
each of the Loan Agreements provides that if the principal amount loaned to
Borrower is due and payable on or before June 30, 2009 if the Lender and the
Borrower do not execute an investment agreement on or before such
date;

       

      WHEREAS,
the Lender and the Borrower

      

      NOW,
THEREFORE, in consideration of the premises, the mutual promises contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

       

      1.    Article 3 of
each the Loan Agreements is hereby amended by restating Article 3 to read
in its entirety as follows:

       

      Article 3 – Repayment of
Principal.

       

       

      If the
Lender and the Borrower sign an investment agreement (the “Investment
Agreement”) then the amount of the loan and the interest will then be deducted
from the amount that has to be paid by the Lender pursuant to the investment
agreement.

       

      If no
Investment Agreement between the Lender and the Borrower is executed, the loan
and the interest will be repaid in full to Lender on or before July 15,
2009.

       

      If the
amount of the investment pursuant to the Investment Agreement is less than the
loan made to the Borrower pursuant to this Agreement, the balance of the loan
shall be paid to Lender simultaneously with the execution of the Investment
Agreement.

       

      2.    The parties
hereto hereby ratify and reaffirm the Loan Agreements, as amended and modified
by this Second Amendment.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

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

       

       

      

       

       

      The
Lender:

       

      QAT II
Investments S.A.

       

      

       

      By: /s/   Yves
van Sante______

      Name:
Yves van Sante

      Title:
Chief Executive Officer

      

      

      The
Borrower

      

      Elephant
Talk Communications, Inc.

      

      

      By: /s/
Steven van der Velden

      Name:
Steven van der Velden

      Title:
Chief Executive OfficerUnassociated Document

     

    

     

    
      Exhibit
10.2

      LOAN
AGREEMENT

      

      

      BETWEEN:

      

      

      
        	
                1.  

              	
                QAT II INVESTMENTS SA, a
      limited liability company organized and existing under Luxembourg law,
      with registered office at L-2419 Luxembourg 7 Rue du fort Rheinsheim,
      registered in the Luxembourg company register under n° B 116261, in this
      duly represented by M. Yves VAN SANTE and M. Luc KINDT, both
      Director,

              

      

      

      hereafter
referred to as the “”, on the one hand,

      

      AND

      

      

      
        	
                2.  

              	
                ELEPHANT TALK COMMUNICATION
      Inc. , with registered office at World Trade Center, Schiphol
      Boulevard 249, 1118 BH SCHIPHOL, The Netherlands, in this duly represented
      by M. Steven VAN DER VELDEN, Chief Executive
      Officer,

              

      

      

      hereafter
referred to as the ‘’ on the other hand

      

      

      WHEREAS:

      

      
        	
                1.  

              	
                The
      Lender is a closed end fund with participations in Belgium and the
      Netherlands;

              

      

      
        	
                2.  

              	
                The
      Lender is interested in an investment in the Borrower depending on a
      satisfactory outcome of the due
diligence;

              

      

      
        	
                3.  

              	
                The
      Lender meanwhile orally agreed to provide the Borrower with a loan of EUR 150.000 as a short term bridging
  loan;

              

      

      
        	
                4.  

              	
                The
      parties wish to set forth in writing the terms and conditions upon which
      the Lender makes its loan available to the
  Borrower.

              

      

      

      

      THE
PARTIES HAVE AGREED AS FOLLOWS:

      

      

      Article 1 –
Amount

      

      The
Lender agrees under terms and conditions hereinafter set forth to provide the
Borrower with a loan in the principal amount of EUR 150.000.- and the Borrower
hereby agrees to borrow this principal amount of EUR 150.000.- from the
Lender.

      

      The
Lender agrees that this amount will be made available to the Borrower as of
01.07.2009 by transferring, on behalf of the Borrower, EUR 150.000,- to the
account of Elephant Talk Communications Carrier Services GmbH, Credit Suisse ,
Zug (Switserland), account n° : IBAN: CH41 0483 5052 0104 5200
0, SWIFT: CRESCHZZ80A.

       

       

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      

       

      Article 2 –
Interest.

      

      The
Borrower shall pay to the Lender interest on the amount outstanding under this
loan at a rate of 12
percent per annum. The interest calculation is to be done on a 365/365
days basis.

      

      

      Article 3 - Repayment of
principal.

      
        

      

      
        If the
Lender and the Borrower sign a investment agreement the amount of the loan and
the interest will as then be deducted from the amount that has to be paid by the
Lender at signature of the investment.

      

      
        

      

      
        If no
contract between the
Borrower and the Lender is signed the loan and the interests will be
repaid in full
to QAT at the latest 15.07.2009.

      

      
        

      

      
        If the
amount of the investment would be less than the amount of the investment, the
remaining will be repaid to the Lender.

      

      

      

      Article 4 -
Prepayment.

      

      The
Borrower shall be allowed at all times to prepay the (remaining) outstanding
amount without any penalty being due and without the consent of the
Lender.

      

      

      Article 5 -
Payment.

      

      Payments
of interest, principal amounts or other amounts due hereunder shall be remitted
without any deduction for or on account of any tax whatsoever by transfer of
immediately available funds to a bank account of the Lender designated by the
Lender in writing to the Borrower.

      

      Any
payments by the Borrower hereunder shall be applied first to payment of accrued
and unpaid interest through the date of payment and then to the payment of the
outstanding principal balance of the loan.

      

      

      Article
6 –
Defaults.

      

      The
outstanding amount and all interest and all costs shall become immediately due
and payable to the Lender upon issuance of a simple payment order in the name of
the Lender to the Borrower if and when:

      

      
        	
                i.  

              	
                the
      Borrower fails to pay the interest and costs due and/or fails to repay the
      outstanding amounts of the loan when due and/or acts contrary to or fails
      to meet or fulfil any provision of this agreement and – after having been
      requested to fulfil its obligations by registered letter – neglects to do
      so for a period of 20 (twenty) days after the date of the said
      notification;

              

      

       

       

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      

       

      
        	
                ii.  

              	
                Other
      than in the ordinary course of business, the Borrower transfers, sells or
      otherwise disposes of its properties or assets without the Lender’s prior
      written consent;

              

      

      

      
        	
                iii.  

              	
                a
      petition is presented or a resolution passed for the Borrower’s winding
      up, bankruptcy, moratorium of payment or any (other) voluntary arrangement
      or administration order or any proposal or petition therefore or any
      distress, execution or other process levied or any receiver or any
      encumbrances appointed.

              

      

      

      

      Article 7 -
Notices.

      

      All
notices which are required or may be given pursuant to the terms of this
agreement shall be in writing and shall be deemed given when delivered by hand
or, if given by telecopy or telefax, when sent or, if mailed, shall be deemed
given five (5) days after the date when sent by registered or certified mail,
postage prepaid. The addresses of the parties hereto for purposes of notices,
requests, demands and other communications are as set out at the beginning of
this agreement or such other address as any party hereto shall have designated
by notice in writing to the other party hereto.

      

       

      Article 8 –
Miscellaneous

      

      
        	
                1.

              	
                The
      obligations which the Borrower has assumed by way of this agreement have
      also been assumed by the Borrower for its legal successors by singular
      title.

              

      

      

      
        	
                2.

              	
                The
      Borrower is not entitled to assign its rights and obligations under this
      agreement to a third party. If the Lender has given the Borrower written
      permission to assign the rights and obligations under this agreement to
      one or more third parties, the Borrower undertakes vis-à-vis the Lender to
      impose the Borrower’s obligation vis-à-vis the Lender on those third
      parties by way of a perpetual
clause.

              

      

      

      
        	
                 

              	
                The
      Lender is entitled to assign its rights and obligations under this
      agreement to a third party.

              

      

      

      
        	
                 

              	
                The
      Borrower undertakes at all times to render its cooperation in an
      assignment by the Lender of all or part of the loan and to acknowledge
      such assignment in writing and without any
  reservations.

              

      

      

      
        	
                3.

              	
                Except
      in the event of explicit reference, this agreement contains the full
      agreement between the Lender and the Borrower with respect to this loan.
      All prior oral or written agreements, statements or obligations between
      the Lender and the Borrower in this regard hereby cease to
      exist.

              

      

       

       

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      

       

      
        	
                4.

              	
                This
      agreement will take effect upon the signing of this agreement and will end
      as soon as the Lender has nothing more to claim from the Borrower on the
      basis of this loan.

              

      

      

      
        	
                5.

              	
                The
      obligations under this agreement are
  indivisible.

              

      

      

      

      Article 9 - Governing
Law.

      

      This
agreement shall entirely be governed by and construed in accordance with the
laws of Luxembourg.

      

      

      Article 10 -
Jurisdiction.

      

      Any and
all disputes arising from or connected with this agreement or any amendment
thereof shall be settled exclusively by the competent court of
Luxembourg.

      

      

      Executed
in two originals in Luxembourg on 01.07.2009 and each party acknowledging having
received one original hereof:

       

       

      
        
          	
                  The
      Lender:

                	
                  The
      Borrower:

                
	 
      	 
      
	
                  QAT II Investments S.A.

                	
                  Elephant
      Talk Communication Inc

                
	
                  represented
      by

                	
                  represented
      by

                
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                  /s/ Yves van
      Sante

                	
                  /s/ Steven van der
      Velden

                
	
                  Yves
      VAN SANTE

                	
                  Steven
      VAN DER VELDEN

                
	Chief
      Executive Officer  	
                  CEO

                
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                  /s/ Luc
      Kindt

                	 
      
	
                  Luc
      KINDT

                	 
      
	Director

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