Document:

NBS-EX10.6_2012.6.30-Q2

Exhibit 10.6

THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS.  NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
WARRANT TO PURCHASE SHARES OF COMMON STOCK
OF
NEOSTEM, INC.
THIS CERTIFIES that, for value received, [Investor]is entitled to purchase from NEOSTEM, INC., a Delaware corporation (the “Corporation”), subject to the terms and conditions hereof, [_______________] (_____) shares (the “Warrant Shares”) of common stock, $.001 par value (the “Common Stock”).  This warrant, together with all warrants hereafter issued in exchange or substitution for this warrant, is referred to as the “Warrant” and the holder of this Warrant is referred to as the “Holder.”  The number of Warrant Shares is subject to adjustment as hereinafter provided.  Notwithstanding anything to the contrary contained herein, this Warrant shall expire at 5:00 p.m. (Eastern Time) on July __, 2017 (the “Termination Date”).  
1.    Exercise of Warrants.  The Holder may, at any time, after the date of issuance and prior to the Termination Date, exercise this Warrant in whole or in part at an exercise price per share equal to [the closing price on the date Investor exercises its old warrant], subject to adjustment as provided herein (the “Exercise Price”), by the surrender of this Warrant (properly endorsed) at the principal office of the Corporation, or at such other agency or office of the Corporation in the United States of America as the Corporation may designate by notice in writing to the Holder at the address of such Holder appearing on the books of the Corporation, and by payment to the Corporation of the Exercise Price in lawful money of the United States by check or wire transfer for each share of Common Stock being purchased.  Upon any partial exercise of this Warrant, there shall be executed and issued to the Holder a new Warrant in respect of the shares of Common Stock as to which this Warrant shall not have been exercised.  In the event of the exercise of the rights represented by this Warrant, a certificate or certificates for the Warrant Shares so purchased, as applicable, registered in the name of the Holder, shall be delivered to the Holder hereof as soon as practicable after the rights represented by this Warrant shall have been so exercised. 

2.    Reservation of Warrant Shares.  The Corporation agrees that, prior to the expiration of this Warrant, it will at all times have authorized and in reserve, and will keep available, solely for issuance or delivery upon the exercise of this Warrant, the number of Warrant Shares as from time to time shall be issuable by the Corporation upon the exercise of this Warrant.
3.    No Stockholder Rights; No Rights to Net Cash Settle.  This Warrant shall not entitle the holder hereof to any voting rights or other rights as a stockholder of the Corporation.  In no event may this Warrant be net cash settled.
4.    Transferability of Warrant.  Prior to the Termination Date and subject to compliance with applicable Federal and State securities and other laws, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Company by the Holder in person or by duly authorized attorney, upon surrender of this Warrant together with the Assignment Form annexed hereto properly endorsed for transfer.  Any registration rights to which this Warrant may then be subject shall be transferred together with the Warrant to the subsequent Investor.

5.    Certain Adjustments.  With respect to any rights that Holder has to exercise this Warrant and convert into shares of Common Stock, Holder shall be entitled to the following adjustments:
(a)    Merger or Consolidation.  If at any time there shall be a merger or a consolidation of the Corporation with or into another entity when the Corporation is not the surviving corporation, then, as part of such merger or consolidation, lawful provision shall be made so that the holder hereof shall thereafter be entitled to receive upon exercise of this Warrant, during the period specified herein and upon payment of the aggregate Exercise Price then in effect, the number of shares of stock or other securities or property (including cash) of the successor corporation resulting from such merger or consolidation, to which the holder hereof as the holder of the stock deliverable upon exercise of this Warrant would have been entitled in such merger or consolidation if this Warrant had been exercised immediately before such transaction.  In any such case, appropriate adjustment shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the holder hereof as the holder of this Warrant after the merger or consolidation.
(b)    Reclassification, Recapitalization, etc.  If the Corporation at any time shall, by subdivision, combination or reclassification of securities, recapitalization, automatic conversion, or other similar event affecting the number or character of outstanding shares of Common Stock, or otherwise, change any of the securities as to which purchase rights under this Warrant exist into the same or a different number of securities of any other class or classes, this Warrant shall thereafter represent the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to the securities that were subject to the purchase rights under this Warrant immediately prior to such subdivision, combination, reclassification or other change.
(c)    Split or Combination of Common Stock and Stock Dividend.  In case the Corporation shall at any time subdivide, redivide, recapitalize, split (forward or reverse) or change its outstanding shares of Common Stock into a greater number of shares or declare a dividend upon its Common Stock payable solely in shares of Common Stock, the Exercise Price shall be proportionately reduced and the number of Warrant Shares proportionately increased.  Conversely, in case the outstanding shares of Common Stock of the Corporation shall be combined into a smaller number of shares, the Exercise Price shall be proportionately increased and the number of Warrant Shares proportionately reduced.
6.    Legend and Stop Transfer Orders.  Upon exercise of any part of the Warrant, the Corporation shall instruct its transfer agent to enter stop transfer orders with respect to such Warrant Shares, and all certificates or instruments representing the Warrant Shares shall bear on the face thereof substantially the following legend:
THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY OTHER APPLICABLE SECURITIES LAWS AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH OTHER SECURITIES LAWS.  NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED, OR OTHERWISE DISPOSED OF, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.
7.    Redemption of Warrant.  This Warrant is subject to redemption by the Company as provided in this Section 7.
(a)    This Warrant may be redeemed, at the option of the Company, in whole and not in part, at a redemption price of $.0001 per Warrant (the “Redemption Price”), provided (i) the average closing price of the Common Stock as quoted by Bloomberg, LP., or the Principal Trading Market (as defined below) on which the Common Stock is included for quotation or trading, shall equal or exceed $1.00 per share (taking into account all adjustments) for twenty (20) out of thirty (30) consecutive trading days.  
(b)    If the conditions set forth in Section 7(a) are met, and the Company desires to exercise its 

right to redeem this Warrant, it shall mail a notice (the “Redemption Notice”) to the registered holder of this Warrant by first class mail, postage prepaid, at least ten (10) business days prior to the date fixed by the Company for redemption of the Warrants (the “Redemption Date”).
(c )    The Redemption Notice shall specify (i) the Redemption Price, (ii) the Redemption Date, (iii) the place where the Warrant certificates shall be delivered and the redemption price paid, and (iv) that the right to exercise this Warrant shall terminate at 5:00 p.m. (New York time) on the business day immediately preceding the Redemption Date. No failure to mail such notice nor any defect therein or in the mailing thereof shall affect the validity of the proceedings for such redemption except as to a holder (a) to whom notice was not mailed, or (b) whose notice was defective. An affidavit of the Secretary or an Assistant Secretary of the Company that the Redemption Notice has been mailed shall, in the absence of fraud, be prima facie evidence of the facts stated therein.
(d)    Any right to exercise a Warrant shall terminate at 5:00 p.m. (New York time) on the business day immediately preceding the Redemption Date. On and after the Redemption Date, the holder of this Warrant shall have no further rights except to receive, upon surrender of this Warrant, the Redemption Price.
(e)    From and after the Redemption Date, the Company shall, at the place specified in the Redemption Notice, upon presentation and surrender to the Company by or on behalf of the holder thereof the warrant certificates evidencing this Warrant being redeemed, deliver, or cause to be delivered to or upon the written order of such holder, a sum in cash equal to the Redemption Price of this Warrant. From and after the Redemption Date, this Warrant shall expire and become void and all rights hereunder and under the warrant certificates, except the right to receive payment of the Redemption Price, shall cease.  
8.    Miscellaneous.  This Warrant shall be governed by and construed in accordance with the laws of the State of New York.  All the covenants and provisions of this Warrant by or for the benefit of the Corporation shall bind and inure to the benefit of its successors and assigns hereunder.  Nothing in this Warrant shall be construed to give to any person or corporation other than the Corporation and the holder of this Warrant any legal or equitable right, remedy, or claim under this Warrant.  This Warrant shall be for the sole and exclusive benefit of the Corporation and the Holder.  The section headings herein are for convenience only and are not part of this Warrant and shall not affect the interpretation hereof.  Upon receipt of evidence satisfactory to the Corporation of the loss, theft, destruction, or mutilation of this Warrant, and of indemnity reasonably satisfactory to the Corporation, if lost, stolen, or destroyed, and upon surrender and cancellation of this Warrant, if mutilated, the Corporation shall execute and deliver to the Holder a new Warrant of like date, tenor, and denomination.
IN WITNESS WHEREOF, the Corporation has caused this Warrant to be executed by its duly authorized officers under its seal, this ____ day of July 2012.
NEOSTEM, INC.
    

                            
Robin L. Smith, Chairman & Chief Executive  Officer            

WARRANT EXERCISE FORM
To Be Executed by the Holder in Order to Exercise Warrant
To:    NeoStem, Inc.                        Dated:  ________________ __, 20__
420 Lexington Avenue
Suite 450
New York, New York  10170
Attn:  Chairman and CEO
The undersigned, pursuant to the provisions set forth in the attached Warrant No. ______, hereby irrevocably elects to purchase ____________ shares of the Common Stock of NeoStem, Inc. covered by such Warrant.
		
	•
	The undersigned herewith makes payment of the full purchase price for such shares at the price per share provided for in such Warrant.  Such payment takes the form of $__________ in lawful money of the United States.

The undersigned hereby requests that certificates for the Warrant Shares purchased hereby be issued in the name of:
                            
                            
(please print or type name and address)
                            
(please insert social security or other identifying number)
and be delivered as follows:
                            
                            
(please print or type name and address)
                            
(please insert social security or other identifying number)
and if such number of shares of Common Stock shall not be all the shares evidenced by this Warrant Certificate, that a new Warrant for the balance of such shares be registered in the name of, and delivered to, Holder.
                            
Signature of Holder
SIGNATURE GUARANTEE:
                            

ASSIGNMENT FORM

(To assign the foregoing warrant, execute
this form.  Do not use this form to exercise the warrant.)

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 whose address is

                                                

                                                

Dated:  ________ __, 20___

Holder's Signature:                            
Holder's Address:                            
                                                

Signature Guaranteed:                        

NOTE:  The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust Corporation.  Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.BNH.EX10.31-6.30.2012

The CIT Group/Business Credit, Inc.
                11 West 42nd Street
        New York, New York 10036
July 18, 2012
Senior Revolving DIP Facility
Commitment Letter

CONFIDENTIAL

Broadview Networks Holdings, Inc.
Broadview Networks, Inc.
Broadview Networks of Massachusetts, Inc.
Broadview Networks of Virginia, Inc.
Bridgecom International, Inc.
800 Westchester Avenue
5th Floor. Suite N501
Rye Brook, New York 10573
Attention: Corey Rinker, Chief Financial Officer

Ladies and Gentlemen:

Broadview Networks Holdings. Inc. for itself and on behalf of its affiliates, Broadview Networks, Inc., Broadview Networks of Massachusetts, Inc., Broadview Networks of Virginia, Inc. and Bridgecom International, Inc. (collectively the "Borrower"; sometimes referred to herein as"you") has advised The CIT Group/Business Credit, Inc. ("CITBC"); sometimes referred to herein as "we" or "us") that it intends to file a voluntary Chapter 11 petitions under the U.S. Bankruptcy Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York on or around August 24, 2012 in connection with the proposed restructuring of certain outstanding 11375% Senior Secured Notes issued by Borrower, due September 1, 2012 (the "Senior Secured Notes") (the "Transaction").

1.     Commitments.

The Borrower has requested that CITBC commit to provide a senior secured revolving credit facility to the Borrower as debtors and debtors-in-possession under Chapter 11 of the Bankruptcy Code (collectively, the "Chapter 11 Cases") in an aggregate principal amount of up to $25,000,000, comprised of a dollar-for-dollar roll up and refinancing in full of the Pre-Petition Facility Amount (defined below), plus new money revolving loans equal to the difference between $25,000,000 (subject to availability under applicable borrowing base formulae described in the DIP Term Sheet) and the Pre-Petition Facility Amount (the "Senior Revolving DIP Facility"). The Senior Revolving DIP Facility and the proceeds of loans advanced thereunder are to be used (i) to roll up on a dollar for dollar basis and pay in full the Pre-Petition Facility Amount (defined below), (ii) to fund ongoing working capital requirements during the pendency of the Chapter II Cases. (iii) to pay for court approved fees and expenses associated with the Transaction and the Chapter II Cases, and (iv) for general corporate purposes.

For purposes of this Commitment Letter, the "Pre-Petition Facility Amount" shall mean the aggregate Obligations of the Borrower to CITBC immediately prior to the commencement of the Chapter 11 Cases under Borrower’s existing credit facility with CITBC (the "Existing Facility"), as memorialized by (and as defined in) that certain Credit Agreement between the Borrower, certain guarantors, and CITBC, with CITBC as Administrative Agent and as a lender, together with the other lenders party thereto, dated August 23, 2006, as amended (the "Existing Credit Agreement").

Based upon and subject to the terms and conditions set forth in this commitment letter (the "Commitment Letter") and the Summary Terms and Conditions relating to the Senior Revolving DIP Facility attached hereto as Exhibit A (the "DIP Term Sheet"; and together with the Commitment Letter, the "Commitment), CITBC is pleased to advise you of its commitment to provide the Senior Revolving DIP Facility, and its agreement to act as the administrative agent in respect thereof. You agree that no other agents or arrangers will be appointed, and no other titles or compensation will be awarded or paid, on account of the Senior Revolving DIP Facility, unless approved by CITBC. In consideration of the commitments and agreements of the DIP Agent hereunder, you agree to pay the fees described in the DIP Term Sheet, including, without limitation, the Commitment Fee, each of which shall be paid and fully earned as and when set forth in the attached DIP Term Sheet.

2.     Conditions.

The Commitment does not set forth all of the terms, conditions, covenants, representations, warranties and other provisions which would be contained in the final financing agreements and related documentation of the proposed financing (which are, collectively, referred to herein as the "Loan Documentation"); rather, it only summarizes the major points of understanding which will be the basis for such Loan Documentation, which will be drafted by, and will be in form and substance satisfactory to, the DIP Agent, substantially consistent with the Existing Credit Agreement (as modified by the DIP Term Sheet and as deemed usual, customary, necessary and/or advisable in light of the proposed filing of the Chapter Ii Cases) and debtor-in-possession financing transactions of this kind, subject, however, to the second sentence in the italicized preliminary statement set forth in the forepart of the DIP Term Sheet. All terms used in this Commitment Letter and not otherwise defined herein shall have the meanings ascribed to them in the DIP Term Sheet.

The Commitment is issued by CITBC based upon the financial and other information regarding the Borrower and its affiliates and the Transaction previously provided to the CITBC. Accordingly, the Commitment and the structure and terms of the Senior Revolving DIP Facility set forth in the DIP Term Sheet are subject to the fulfillment to the satisfaction of CITBC of the following conditions (in addition to those set forth in the DIP Term Sheet): there shall not have occurred after the date hereof any event, development or circumstance, other than (A) the commencement of the Chapter II Cases, and (B) any other event that preceded the commencement of the Chapter II Cases and which was known to CITBC prior to the date of this Commitment Letter, which has had or could reasonably be expected to have a material adverse effect on (a) the business or condition of the Borrower and its subsidiaries, taken as a whole or (b) the likelihood that during the pendency of the Chapter 11 Cases, the Borrower would be able to operate within a 25% adverse variance of each of the Total Cash Receipts (defined below) and the Total Cash Disbursements (defined below) for the 13-week period commencing on the date of commencement of the Chapter 11 Cases, each taken individually, on a cumulative basis for the applicable period, as set forth in the weekly cash flow projections attached as Exhibit B to this Commitment Letter (the "Approved Budget"). For purposes of this Commitment, (i) "Total Cash Receipts" shall mean and refer to the line item set forth in the Approved Budget, the Updated Budget (as defined in the DIP Term Sheet) or any further rolling update of such budget from the date hereof through the pendency of the Chapter II Cases, entitled "Total cash receipts", and (ii) "Total Cash Disbursements" shall mean and refer to the sum of the following line items set forth in the Approved Budget. the Updated Budget or any further rolling update of such budget from the date hereof through the pendency of the Chapter 11 Cases: (a) "Total cash disbursements", I2IJI (b) "Interest, debt, cap leases", p1. (c) "Nonrecurring items (in) out". Borrower will not modify any of the line item headings or general format set forth in any update of the Approved Budget, including the Updated Budget, or in any further rolling update of such budget from the date hereof through the pendency of the Chapter 11 Cases without the prior written consent of CITBC.

3.     Information.

You hereby represent and covenant that (i) all information (other than projections, other forward looking information, or information of a general or industry specific nature), which has been or is hereafter made available to the DIP Agent by or on behalf of the Borrower, any of its subsidiaries or affiliates or its representatives in connection with the transactions contemplated hereby ("Information") when taken as a whole, is or, when furnished, will be complete and correct in all material respects and does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made, giving effect to
all written supplements and updates provided thereto, to the extent so provided not less than two business days prior to the closing of the transactions contemplated by this Commitment and (ii) the projections that have been or will be made available to the DIP Agent have been and will be prepared in good faith based upon assumptions that are reasonable at the time made and at the time made available to the DIP Agent (it being understood that such projections are subject to uncertainties and no assurance can be given that they will be realized). You hereby agree to supplement the Information and the projections from time to time and to promptly advise us of all developments materially affecting Borrower, any of its subsidiaries or affiliates or the transactions contemplated hereby until the closing date of the Senior Revolving DIP, so that the representation and warranty in the preceding sentence is correct on the closing date of the Senior Revolving DIP Facility. In structuring and entering into the Senior Revolving DIP Facility, the DIP Agent will be using and relying on the Information and the projections without independent verification 

thereof.

4.     Indemnity and Expenses.

Borrower agrees (a) to indemnify and hold harmless CITBC and any other lenders party to the financing agreements contemplated hereunder from time to time and their respective affiliates and controlling persons and the respective officers, directors, employees, agents, attorneys, members and successors and assigns of each of the foregoing (each, an "Indemnified Person") from and against any and all losses, claims, damages, liabilities and expenses, joint or several, to which any such Indemnified Person may become subject arising out of or in connection with this Commitment Letter (including the DIP Term Sheet), the Transaction, the Senior Revolving DIP Facility or any related transaction or any claim, litigation, investigation or proceeding relating to any of the foregoing, regardless of whether any such Indemnified Person is a party thereto, and to reimburse each such Indemnified Person upon demand for any reasonable legal or other expenses incurred in connection with investigating or defending any of the foregoing; provided that the foregoing indemnity will not, as to any Indemnified Person, apply to losses, claims, damages, liabilities or related expenses (i) to the extent they are found in a final, non-appealable judgment of a court of competent jurisdiction to have solely and directly resulted from the willful misconduct or gross negligence of such Indemnified Person, (ii) arising out of a breach in bad faith by any Indemnified Person or its affiliates under this Commitment Letter or the Senior Revolving DIP Facility found in a final, non-appealable judgment of a court of competent jurisdiction to have solely and directly resulted from the willful misconduct or gross negligence Of such Indemnified Person, and (iii) in connection with any claim, investigation or other proceeding between or among Indemnified Persons, and (b) to reimburse each Indemnified Person from time to time, upon presentation of a summary statement, for all reasonable out-of pocket expenses (including but not limited to appraisal, consulting and auditing fees, and reasonable fees, out-of-pocket disbursements and other charges of counsel to the DIP Agent), in each case incurred in connection with the Senior Revolving DIP Facility and the preparation of this Commitment Letter, the Loan Documentation and any security arrangements in connection therewith and the administration, amendment, modification or waiver thereof (or any proposed amendment, modification or waiver thereof), whether or not the closing date occurs for the Senior Revolving DIP Facility or any Loan Documentation is executed and delivered or any extensions of credit are made thereunder. Notwithstanding any other provision of this Commitment Letter, no Indemnified Person shall be liable for (i) any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems, except to the extent such damages are found in a final, nonappealable judgment of a court of competent jurisdiction to have solely and directly resulted from the willful misconduct or gross negligence of such Indemnified Person or (ii) any indirect, special, punitive or consequential damages in connection with its activities related to the Senior Revolving DIP Facility. The foregoing, and similar language set forth in the DIP Term Sheet is not intended to and shall not narrow the breadth and scope of provisions set forth in the Existing Credit Agreement relating to indemnification and expense reimbursement of the agent and lenders thereunder, or as may be set forth in the Senior Revolving DIP Facility.

5.      Commitment Fee.

To induce CITBC to execute and deliver the Commitment Letter, you hereby agree to pay a commitment fee in an amount equal to 0.5% of the aggregate committed amount of the Senior Revolving DIP Facility (the "Commitment Fee"), which Commitment Fee is fully earned and payable upon your execution and delivery of this Commitment Letter and once paid shall be nonrefundable.

6.     Other Services.

You acknowledge that CITBC and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other persons in respect of which you may have conflicting interests regarding the transactions described herein and otherwise. Neither CITBC nor any of its affiliates will use confidential information obtained from you by virtue of the transactions contemplated by this Commitment Letter or their other relationships with you in connection with the performance by them of services for other persons, and neither CITBC nor any of its affiliates will furnish any such information to other persons. You also acknowledge that neither CITBC nor any of its affiliates have any obligation to use in connection with the transactions contemplated by this Commitment Letter, or to furnish to you, confidential information obtained by them from other persons.

You hereby agree that, on or after the closing of the Senior Revolving DIP Facility, CITBC or any of its affiliates may, (subject to providing you with a copy thereof at least one business day prior to publication and an opportunity to comment thereon) place "tombstone" advertisements (which may include any of Borrower’s or its affiliates’ trade names or corporate logos and a brief description of the Senior Revolving DIP Facility and the Transaction) in publications or other media of their choice (including without limitation "e-tombstones" published or otherwise circulated in electronic form and related hyperlinks to the Borrower’s corporate website) at CITBC’s own expense. In addition, CITBC may disclose the information about the Senior Revolving DIP Facility and the Transaction to market data collectors and similar service providers to the financing community.

7.     Confidentiality.

This Commitment Letter is delivered to you on the understanding that none of this Commitment Letter, the DIP Term Sheet, or any of their respective terms or the substance thereof shall be disclosed by you, directly or indirectly, to any other person except (a) the trustee under the indenture for the Senior Secured Notes (the "Trustee"), the underwriter and trustee for any proposed senior secured notes intended to be issued in exchange for the Senior Secured Notes ("New Senior Secured Notes") (and as required in disclosure associated with the sale of such New Senior Secured Notes) (the "Underwriter") and the trustee under the indenture for the New Senior Secured Notes (the "New Trustee"), and your, the Underwriter’s, the Trustee’s, and the New Trustee’s respective officers, directors, employees, attorneys, accountants and advisors on a confidential and need-to-know basis, provided, however, that such permitted disclosures shall be made only on the condition that such matters may not, except as required by law, be further disclosed, (b) as required by applicable law or compulsory legal process (in which case you agree to inform us promptly thereof), (c) the Borrower may file this Commitment Letter and the DIP Term Sheet with the Bankruptcy Court, and (d) all noteholders, their investment advisors and managers and each of their respective officers, directors, employees, attorneys, accountants and advisors. None of this Commitment Letter, the DIP Term Sheet, nor any of their respective terms or the substance thereof shall be disclosed directly or indirectly to any other potential source of financing (excluding the parties enumerated in clause (d) of the preceding sentence) without the prior written consent of CITBC. No person, other than the parties hereto, is entitled to rely upon this Commitment Letter or any of its contents or have any beneficial or legal right, remedy, or claim hereunder. No person (other than CITBC) shall, except as required by law, or as permitted herein, use the name of, or refer to, CITBC, or any of its affiliates, in any correspondence, discussions, press release, advertisement or disclosure made in connection with the Senior Revolving DIP Facility without the prior written consent of CITBC.

8.     Survival.

The compensation, reimbursement, expense, indemnification, confidentiality, governing law, forum and waiver of jury trial provisions contained herein shall remain in full force and effect regardless of whether definitive financing documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or the commitments of CITBC.

9.     Assignments; Amendments; Governing Law, Etc.

The Commitment shall not be assignable by you without the prior written consent of CITBC. The Commitment is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or to create any rights in favor of, any person other than the parties hereto (and Indemnified Persons) and you agree that it does not create a fiduciary relationship among the parties hereto. CITBC may assign its commitments hereunder to any of its affiliates or with your consent (which consent shall not be unreasonably withheld, conditioned or delayed) to any DIP Lender. Any such assignment to an affiliate will not relieve CITBC from any of its obligations hereunder unless and until such affiliate shall have executed the Loan Documentation evidencing its agreement to fund the commitment so assigned and shall have funded such commitment. Any assignment to a DIP Lender shall release CITBC from the portion of its commitments hereunder so assigned; provided that in the event such DIP Lender does not fund such assigned commitments, CITBC shall fund such amount; provided however that this provision will automatically terminate and be of no further force or effect upon the initial advance of the DIP Lenders under the Senior Revolving DIP Facility. Any and all obligations of, and services to be provided by, CITBC hereunder (including, without limitation, the Commitment) may be performed and any and all rights of the DIP Agent hereunder may be exercised by or through any of its affiliates or branches. THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND, IF APPLICABLE, THE BANKRUPTCY CODE.

EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT OR THE PERFORMANCE OF SERVICES HEREUNDER. Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the non-exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter or the transactions contemplated hereby, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such Federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter or the transactions contemplated hereby in any New York State court or in any such Federal court and (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. This Commitment Letter, together with the DIP Term Sheet, embodies the entire understanding among the parties hereto relating to the matters discussed herein and therein and supersedes all prior discussions, negotiations, proposals, agreements and understandings, whether oral or written, relating to the subject matter 

hereof and thereof. No course of prior conduct or dealings between or among the parties hereto. no usage of trade, and no parole or extrinsic evidence of any nature, shall be used or be relevant to supplement, explain or modify any term used herein. Any modification or waiver of the Commitment or the terms hereof must be in writing, must be stated to be such and must be signed by an authorized representative of each party hereto. 

10.     Patriot Act.

CITBC hereby notifies you that, pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law on October 26, 2001) (the "Patriot Act"), it is required to obtain, verify and record information that identifies the Borrower, and each Guarantor (as defined in the DIP Term Sheet) which information includes names and addresses and other information that will allow CITBC to identify the Borrower and each Guarantor in accordance with the Patriot Act.

11.     Acceptance of Commitment; Termination.

If you wish to accept the Commitment, please return executed counterparts of this Commitment Letter, together with full payment of the Commitment Fee, to CITBC, on or before 5:00 p.m., New York City time, on July 18, 2012, otherwise, the offer set forth herein shall automatically terminate on such date and time and be of no further force or effect. In the event that (i) the Chapter 11 Cases are not commenced on or before September 5, 2012 or (ii) the initial borrowing in respect of the Senior Revolving DIP Facility does not occur on or before the fourth business day following the commencement of the Chapter 11 Cases ("DIP Commitment Expiration Date") then this Commitment Letter and the commitment and undertakings of CITBC hereunder shall automatically terminate unless CITBC shall, in its discretion, agree to an extension. Before such date, CITBC may terminate its obligations under this Commitment Letter as contemplated by Section 2 of this Commitment Letter and as otherwise expressly provided in this Commitment.

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[signature page follows]

This Commitment Letter may be executed in any number of counterparts, each of which, when so executed, shall he deemed to be an original, but all such counterparts shall together constitute but one and the same agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile or electronic transmission shalt be effective as a delivery of a manually executed counterpart of this Commitment Letter.

Very truly yours,

THE CIT GROUP/BUSINESS CREDIT, INC.

ADDITIONAL SIGNATURES ON FOLLOWING PAGE
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The Foregoing Is Hereby Accepted And
Agreed To In All Respects By The Undersigned
for Itself and on behalf of its subsidiaries,
this 18th day of July, 2012:

BROADVIEW NETWORKS HOLDINGS, INC.

BROAD VIEW NETWORKS, INC.

BROADVIEW NETWORKS OF MASSACHUSETTS, INC.

BROAD VIEW NETWORKS OF VIRGINIA, INC.

BRIDGECOM INTERNATIONAL, INC.

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