Document:

Exhibit 4.9

[handwritten:]TFB-RJ-R$ 2.2 MM

2nd copy OK

BANK CREDIT BILL

(1ST amendment)

By this 1st Amendment (“Amendment”) to bank credit bill No. 10011108002280 issued on 08/22/2011 and disbursed on 08/25/2011, in the original amount of R$ 22,000,000.00 (twenty-two million reais) (hereinafter called, as amendment, corrected or ratified at any time, “Note”) by AES COMMUNICATIONS RIO DE JANEIRO S/A, with main offices at Avenida Marechal Floriano, 19 – 6th floor, Central district, city of Rio de Janeiro, state of Rio de Janeiro, registered in the CNPJ/MP under No. 02/720.349/0001-23 (hereinafter called simply “ISSUER”), the latter asks the BANCO ITAU BBA S.A., private financial institution, with main office at Av. Brigadeiro Faria Lima, 3400, 3rd to 8th and 11th and 12 floors (partial). In the City of Sao Paulo, State of Sao Paulo, registered in the CNPJ/MF under No. 17.298.092/0001-30 (hereinafter called simply “CREDITOR”) to amend the Note as follows:

1.  All terms and expressions written herein in upper case but not defined herein shall have the meanings attributed to them in the Note. All of the terms and expressions defined may be used in masculine or feminine, and singular or plural.

2. Considering the change in the business name of the ISSUER, the Parties decided to amend Table I in the Preamble to the Note, which takes effect with the following wording:

	
Table I – BANK CREDIT BILL ISSUER

	
Business name:  TIM FIBER RJ SA, new name of AES  CNPJ/MF:

COMMUNICATIONS RIO DE JANEIRO S/A                   02.720.349/0001-23

Address:  Avenida Marechal Floriano, 19 – 6th floor

City:  RIO DE JANEIRO  State:  RJ                                CEP: 20080-003

Email:                            Phone:                                    Fax:

3. By this Amendment the parties decide to amend the Interest rate of the Note, with the resulting change in the field for Charges in Table II of the Preamble to the Note, that now takes effect, specifically in relation to the Charges, with the following new wording:

“CHARGES:

Interest

a) INTEREST RATE:  100% (one hundred percent) of the CDI (money market interest), composed with the fixed rate of 0.900000% (zero point nine percent) annually, equal to 0.074692% (zero point zero seven four six nine two percent) per month.”

 

 

	
Instrument:  100111080022800

	
Page 1 of 4

	
Authentication(SIM-II): a06367df-4646-4f73-9511-d85937426209

	  
	
IBBA_KG_CCB_Aditar_TIM_ID30749

	  
	
[stamp:]  LEGAL – TIM [initials]

	  

  

  

  

4. By this Amendment the parties decide to amend the wording contained in sections c, g and h of Clause 7 of the Note, and exclude sections h.1 and l, with Clause 7 of the Note having the following wording as of this date:

“CLAUSE 7.  Early maturity.  The debt contained in this Bill may be considered mature early and thus payable by judicial and/or extrajudicial notification, in the event of any of the following cases, which the parties hereby acknowledge as being a direct cause for improperly increasing the risk of violation of the obligations assumed by the ISSUER, increasing the obligation to grant credit assumed by the CREDITOR herein:

	
  

	
a)

	
lack of compliance by the ISSUER with (i) any financial obligation assumed thereunder, not remedied within 3 (three) working days counted as of the date when the obligation in question was due; or (ii) any non-financial obligation assumed herein, not remedied within 30 (thirty) days as of the date the relevant notice was received from the CREDITOR;

	
  

	
b)

	
occurrence of the events mentioned in Articles 333 and 1425 of the Civil Code (Law No. 10.406/02);

	
  

	
c)

	
if the ISSUER (i) has declared bankruptcy, or (ii) has bankruptcy requested and not avoided within the legal time frame; (iii) is dissolved, or (iv) has a legitimate debt collection for which payment is required, in an individual or total amount of over R$80,000,000.00 (eighty million reais) unless (a) it was cancelled, halted, suspended or declared unlawful within 10 (ten) days counted as of the collection, or (b) it was done in error or bad faith by third parties, duly proven by the ISSUER;

	
  

	
d)

	
if the ISSUER proposes an out of court reorganization plan to the CREDITOR or to any other creditor or class of creditors, whether or not judicial approval for the plan is asked or obtained;

	
  

	
e)

	
if the ISSUER takes legal action with a request for a court-ordered reorganization, regardless of approval of the reorganization or of its approval by the relevant judge;

	
  

	
f)

	
early maturity of any other contract, bill of debt instrument signed by the ISSUER with the CREDITOR in an individual or total amount exceeding R$10,000,000.00 (ten million reais).

	
  

	
g)

	
change or amendment of the ISSUER corporate purpose so as to alter the existing main activities of the ISSUER or to add new business that has priority over current activities, except in cases of incorporation of companies in the same economic group of the ISSUER resulting in change or amendment of the ISSUER corporate purpose.

 

 

	
Instrument:  100111080022800

	
Page 2 of 4

	
Authentication(SIM-II): a06367df-4646-4f73-9511-d85937426209

	  
	
IBBA_KG_CCB_Aditar_TIM_ID30749

	  
	
[stamp:]  LEGAL – TIM [initials]

	  

  

  

  

 

 

	
  

	
h)

	
If there is any direct or indirect change, transfer or assignment of corporate/shareholder control or the incorporation, merger or spinoff of the ISSUER, not in the same economic group of the companies TIM BRASIL, SERVICOS E PARTICIPACOES S/A, TIM PARTICIPACOES S/A, TIM CELULAR S/A, INTELIG TELECOMUNICACOES LTDA., without prior, express authorization by the CREDITOR; and

	
  

	
i)

	
Any noncompliance, falsehood, inaccuracy, error or omission in any document signed, submitted or handed over by the ISSUER related to this Bill was detected.”

5. By this Amendment the parties decide to amend the wording of Clause 8 of the Note, which will take effect with the following wording:

CLAUSE 8.  Payment delay.  If any of the obligations set forth in this Bill are not met on a timely basis, including in the event of early maturity, the ISSUER shall be considered in default, regardless of whether it receives any judicial and/or extrajudicial notification from the CREDITOR, such that the ISSUER agrees to pay during the period in delay and for all amounts due under this Bill:

	
  

	
a)

	
Late interest calculated as of the date of noncompliance until the date payment is made, at the rate of 6% (six percent) annually on the amount due;

	
  

	
b)

	
Irreducible and compensatory late penalty of a flat 1% (one percent) on the amount due to not payment, after a grace period of 3 (three) working days, as of the time the payment was not made due to a fully proven operational problem by the ISSUER.

Paragraph One.  The charges set forth herein, indicated in items a and b above, will be calculated and capitalized until final settlement of the debt.”

6.  By this Amendment the parties decide to amend the wording of Clause 8 of the Note, which will take effect with the following wording:

“CLAUSE 9.  Attorney fees.  In the event there is a need for the CREDITOR to cover any AMOUNT due under this Bill, even if in credit authorization or execution due to insolvent debtor, the ISSUER is obligated to pay the CREDITOR indemnification for any fees due to CREDITOR attorneys due to being unsuccessful in a proceeding, in accordance with a binding and final ruling.”

7.  By this Amendment the parties decide to amend the wording of Clause 8 of the Note, which will take effect with the following wording:

“CLAUSE 10.  Expenses.  The ISSUER shall reimburse the CREDITOR for any expenses required in this Bill or any other general expenses it reasonably incurs or comes to incur related directly or indirectly to this Bill.  Such expenses are limited to a maximum amount of R$ 10,000.00 (ten thousand reais) and

	
Instrument:  100111080022800

	
Page 3 of 4

	
Authentication(SIM-II): a06367df-4646-4f73-9511-d85937426209

	  
	
IBBA_KG_CCB_Aditar_TIM_ID30749

	  
	
[stamp:]  LEGAL – TIM [initials]

	  

  

  

  

shall be reimbursed by the ISSUER within 30 (thirty) working days from the time the CREDITOR sends the respective vouchers.”

8.  The ISSUER acknowledges, for all purposes that, on this date, the balance due of its obligations assumed due to issue of the Note is R$ 22,000,000.00 (twenty-two million reais).

9.  Changes made in the Note by this Amendment shall not entail novation, so all obligations, clauses, terms and conditions set forth in the Note and not expressly altered by this Amendment, especially data on the Note contained in the unaltered preamble and its Annex I remain valid.  All guarantees established previously as a result of the Note are ratified.

10.  Due to this Amendment, the ISSUER shall pay in cash to or to the order of the CREDITOR, within the time frame indicated in the Note and at Maturity (as well as in the other payment data as expressly agreed in the Note as amended, corrected and/or ratified at any time), the existing debt, which is accurate, liquid and payable in accordance with the Note, in addition to other Charges, taxes and expenses resulting from the Note.

And the parties, considering it true and as agreed, sign this instrument in 2 (two) copies of identical form and content with a single effect.

Sao Paulo, February 2, 2012

	
[signature]

	 	
[signature]

	  	  	  
	
Rodrigo G. Galvão

	
TIM FIBER RJ SA

	
Luisa Chaves

	
TIM – Finance & Treasury

	
[Stamp:] Itaú BBA, Accommodated SP, RJ Branch

	
TIM CELULAR S.A

	  	 	
Treasury Operations

AGREED:

[signatures]

__________________________

BANCO ITAU BBA S/A

	  	
[ILLEGIBLE] Ramos de Sant Ana

	
Fernanda {illegible]

	  	
ID 02136409-5

	
[illegible]

	  	
CPF [illegible]

	  

WITNESSES:

	
1) [signature]

	 	
2) [signature]

	  
	
 

	 	
 

	  
	
Name: Daniel Fisman Nigri

	 	
Name: Albertina da F. B. de Oliveira

	  
	
Individual Taxpayers’ Number:

	 	
Individual Taxpayers Number:

	  
	
106.651.367-81

	 	
895.067.907-87

	  
	
ID Number: 020.675.100-9

	 	  	  

 

 

	
Instrument:  100111080022800

	
Page 4 of 4

	
Authentication(SIM-II): a06367df-4646-4f73-9511-d85937426209

	  
	
IBBA_KG_CCB_Aditar_TIM_ID30749

	  
	
[stamp:]  LEGAL – TIM [initials]

	  

  

  

  

 

BANK CREDIT BILL

No. 100111080022800

I. PREAMBLE

	
Table I – BANK CREDIT BILL ISSUER

	
Business name:  AES COMMUNICATIONS RIO DE JANEIRO S/A   CNPJ/MF:  02.720.349/0001-23

Address:  Avenida Marechal Floriano, No. 19 – 6th floor

City:  RIO DE JANEIRO  State:  RJ                                CEP: 20080-003

Email:                           Phone:                                    Fax:

	
Table II – BANK CREDIT BILL CHARACTERISTICS

	
AMOUNT OF PRINCIPAL:

R$ 22,000,000.00 (twenty-two million reais)

CREDIT LIQUID AMOUNT:

As requested (defined below)

	
CHARGES:

INTEREST

 

a) Interest rate: 100% (one hundred percent) of CDI composed of the fixed rate of 1.50% (one point five percent) annually, equal to 0.124149 (zero point one two four one four nine percent per month).

 

Structuring Commission:

0.40% (zero point four percent), flat, due on the Principal Amount due on the Disbursement Date.

 

EXPENSES:

Expenses for registration and formalization of this Bill per Expenses Clause.

	
ISSUE DATE:

8-22-2011

	
DISBURSEMENT DATE:

8-25-2011

	
PLACE OF PAYMENT:

SAO PAULO

	
TAXES:

a)   Tax on Financial Operations – paid on the same date as the loan’s disbursement

 

□with Issuer’s resources

☒ with resources from the loan granted by this CCB

 

The provisions of the Clause “Tax Payment” applies to the new taxes and the eventual increases in the existing ones.

	
MATURITY OF THIS BILL:

Per Annex I, pursuant to the Clauses Promise to Pay and Early Maturity

	
Table III – ISSUER CHECKING ACCOUNT – DEBIT

	
Bank

Itau Unibanco SA – No. 341

	
Branch

417

	
Checking Account #

54648-8

	
Table IV – CHECKING ACCOUNT FOR RELEASE OF PAYMENT

	
The checking accounts held by the ISSUER and indicated in the respective Applications (defined below)

II. – CLAUSES

CLAUSE 1.  Promise to Pay.  The ISSUER, characterized in the Preamble above (hereinafter called “ISSUER”) shall pay at the Place of Payment (indicated above) by this BANK CREDIT BILL No.100111080022800

	
Instrument:  100111080022800

	
Page 1 of 12

	
Authentication (SIM-II): 92a715EA-02C2-41f8-B581-F4D1B3115287

	  
	
IBBA_KG_CCB_Conceder_TIM_ID44163_ID68281

	  
	
[stamp: ] LEGAL – TIM [initials]

	  
	
[stamp:] NON-NEGOTIABLE

	  

  

  

  

(Bill) ISSUED in accordance with legislation now in effect, to BANCO ITAU BBA S/A (hereinafter simply called “CREDITOR”), a financial institution with main offices in the City of Sao Paulo, State of Sao Paulo, at Av. Brigadeiro Faria Lima, No. 3400 – 3rd to 8th and 11th and 12th floors, registered in the CNPJ/MF under No. 17.298.092/0001-20, either at its order, in installments, or at sight on the dates and at the times indicated in this Bill, in the Preamble and its Annexes (“MATURITY”), the debt in cash, accurate, liquid and payable, corresponding to the total amount used in this Bill plus the other Charges, taxes and expenses agreed herein (together called “AMOUNT”), in compliance with the other Clauses indicated hereinafter.

CLAUSE 2.  Subject and release of the credit. The subject of this Bill is the granting by the CREDITOR of a loan for use by the ISSUER.  The loan contracted herein shall become effective after request for disbursement to be sent by the ISSUER to the CREDITOR as set forth in Annex II (“Request”) or otherwise as allowed or not prohibited by standards now in effect.

Paragraph One - When indicated in the Preamble that the IOF will be paid with resources from the loan granted in this Bill, the CREDITOR shall withhold the tax, releasing the liquid amount of the loan to the ISSUER.

Paragraph Two - After the Request is send and the taxes and charges due early are deducted, as applicable, the Principal Amount mentioned in the Preamble will be credited directly to the Checking Accounts for release of ownership by the ISSUER indicated pursuant to the Preamble, unless otherwise indicated in writing.  The loan will be made by transfer and/or TED (Available Electronic Transfer) issued by the CREDITOR in accordance with the Request, or otherwise as allowed or not prohibited by standards now in effect.

Paragraph Three - When the terms of this bill have been met and the ISSUER instructions obeyed, the transfer made by the CREDITOR to the ISSUER or the use of other legal means of transfer shall characterize the usage of the loan contracted herein.

Paragraph Four - The Annexes and other documents issued within the framework thereof are integral parts of this Bill.

Paragraph Five - In cases in which the Disbursement Daye is after the Issue Date of this bill, in the event of any adverse and relevant change to the political, financial or economic conditions, national or international, of controls for exchange, interest, currency, exchange rates or interest rates, the CREDITOR may, at its sole discretion, prior to the disbursement to be made within the scope of this Bill, make a new agreement on Interest Fees, with prior notice.

If the ISSUER does not accept the changes proposed by the CREDITOR does not accept the changes proposed by the CREDITOR, the ISSUER may rescind this Bill at no charge, and without the obligation to pay any commission or compensation.

CLAUSE 3.  Charges and other financial markups.  The ISSUER shall pay the interest mentioned in the Preamble to be capitalized, notwithstanding payment of the other Charges and Taxes set forth in the

	
Instrument:  100111080022800

	
Page 2 of 12

	
Authentication (SIM-II): 92a715EA-02C2-41f8-B581-F4D1B3115287

	  
	
IBBA_KG_CCB_Conceder_TIM_ID44163_ID68281

	  
	
[stamp: ] LEGAL – TIM [initials]

	  
	
[stamp:] NON-NEGOTIABLE

	  

  

  

  

Preamble and the other Clauses of this Bill, on the Principal Amount.  The Interest may be the pre-set or post-set rate,

Paragraph One - At each half-year, counted as of the Disbursement Date for this Bill, the CREDITOR may, at its sole discretion, make a new agreement on the Interest Rate indicated in the Preamble, by prior notice of fifteen (15) days before the end of the aforementioned period, to be sent in accordance with the provisions of the “Communications” Clause hereinafter.  If the ISSUER does not agree with the interest Rate reported by the CREDITOR, the ISSUER is required, irrevocably and irreversibly, to pay this bill in advance, with the provisions of the Early maturity Clause applying, on the closing fate of the respective half year.  The absence of comment by the ISSUER within ten days of the closing of the respective half year shall be considered as tacit agreement of the new Interest Rate for all legal purposes and effects.

Paragraph Two -  The Interest will be capitalized daily, that is, capitalized exponentially pro rate temporis applying the Interest rate indicated in the Preamble to the balance due of the Principal Amount as of the Disbursement Date.  Daily capitalization is defined as being the result obtained by accumulation, in the form of capitalization consisting of the percentage of the average dally date of the CDI consisting of the fixed rate (both indicated in the Preamble), with (i) the percentage of the CDI being calculated on the basis of the annual average rate (considering a 252-day year) relative to operations with Interbank Certificates of Deposit (CDI) for a term equal to 1 (one) working day (over), determined and disclosed by CEIPT – Chamber of Custody and Settlement, with the daily factor rounded up to the eighth decimal and, (ii) the fixed rate, when defined, will also be calculated on a capitalized basis, but based on a 360 (three hundred sixty) day year.  If the CDI percentage is zero, interest shall be considered pre-set.

Paragraph Three - The Interest will be applied during the period this Bill is in effect (i) including the Interest Rate referring to the Disbursement Date, or date of the last payment of the principal installment, and (ii) excluding the Interest Rate referring to the respective maturity date.  In the event of termination, non disclosure or impossibility, for any reason, to sue the average daily rates for the CDI, during the time when it is not possible to use the daily average rates of the CDI, replacement rates shall be used based on the variance in the SELIC Rate at the Banco Central do Brasil (BACEN), published by ANDIMA – National Association of Financial Market Institution.

Paragraph Four -  Considering the introductory information in this Clause and its other Paragraphs, the following mathematical formula shows calculation of the amounts with proper application of interest:

Where:

	
a   =    

	
fixed rate expressed in base 360;

 

 

	
Instrument:  100111080022800

	
Page 3 of 12

	
Authentication (SIM-II): 92a715EA-02C2-41f8-B581-F4D1B3115287

	  
	
IBBA_KG_CCB_Conceder_TIM_ID44163_ID68281

	  
	
[stamp: ] LEGAL – TIM [initials]

	  
	
[stamp:] NON-NEGOTIABLE

	  

  

  

  

 

	
DC n =

	
term in straight days from the Disbursement Date or date of final payment of interest, whichever comes first, until the respective maturity date;

	
DU n =

	
term in working days from the Disbursement Date or date of final payment of interest, whichever comes first, until the respective maturity date;

	
P =

	
percentage of CDI;

	
Taxacetip =  

	
rate of Interbank Certificates of Deposit (CDI), expressed in base 252;

	
VF n =

	
amount of each installment in respective maturity;

	
VP n =

	
amount of amortization of principal in nth percentage;

	
n =

	
installment number

	
SD n =

	
balance due of principal without deducting the installment being amortized.

CLAUSE 4.  Form of payment.  The ISSUER shall pay the entire AMOUNT due at the respective MATURITIES obligatorily by means of debit from the account mentioned in the Preamble held at Itau Unibanco SA (with main offices at Praca Alfredo Egydio de Souza Aranha, No. 100, Torre Itausa, in the city and state of Sao Paulo, registered in the CNPJ under No. 60.701.190/0001-04, hereinafter called “ITAU UNIBANCO”), which must have a sufficient balance.

Paragraph One - If the ISSUER does not have a checking account open with ITAU UNIBANCO, the ISSUER is obligated irrevocably and irreversibly to make the payments on the MATURITY dates by TED sent directly to the CREDITOR.

Paragraph Two - Any installment received outside the term set constitutes simple tolerance and shall not affect MATURITIES or other aspects of the conditions of this Bill, regardless of novation or modification of what is agreed herein, including late fees.

Paragraph Three - In the event that any maturity date (for principal, Charges, Taxes and financial markups) provided in this Bill and in the Requests coincides with national, municipal or bank holidays, the ISSUER shall make the payment on the first subsequent working day.  In this case, the interest shall apply up to the date of actual payment.

Paragraph Four - The ISSUER may make early payment of this Bill, partially or in full, in accordance with the provisions of the Early Liquidation Clause of this Bill.

CLAUSE 5.  The CREDITOR shall make available to the ISSUER on a monthly basis statement or calculation forms to be considered integral parts of this Bill.  The statements and calculation forms shall be sent by email to the ISSUER, in accordance with Clause 17, upon request.

Sole Paragraph - THE ISSUER ACKNOWLEDGES THAT THE AFOREMENTIONED ISSUER CHECKING ACCOUNT STATEMENTS AND CALCULATION FORMS SUBMITTED BY THE CREDITOR ARE PART OF THIS BILL AND THAT THE AMOUNTS CONTAINED THEREIN, IF DETERMINED IN ACCORDANCE WITH THIS BILL, ARE LIQUID, ACCURATE AND DETERMINED.  IF THE ISSUER DOES NOT AGREE WITH THE AMOUNTS ON ANY STATEMENT OR CALCULATION FORM, IT SHALL COMMUNICATE THIS FACT TO THE CREDITOR IN WRITING.  IF THE CLAIM IS NOT MADE AFTER 5 (FIVE) DAYS FROM THE DATE OF THE STATEMENTS AND/OR CALCULATION FORMS,

	
Instrument:  100111080022800

	
Page 4 of 12

	
Authentication (SIM-II): 92a715EA-02C2-41f8-B581-F4D1B3115287

	  
	
IBBA_KG_CCB_Conceder_TIM_ID44163_ID68281

	  
	
[stamp: ] LEGAL – TIM [initials]

	  
	
[stamp:] NON-NEGOTIABLE

	  

  

  

  

THEY WILL CONSTITUTE DOCUMENTARY EVIDENCE OF THE USE, ACCURACY AND LIQUIDITY OF THE CREDIT.

CLAUSE 6.  Place of payment.  In the event of payments due not being made by debt from the checking account, notwithstanding the applicable legal regulations and standards, the payments of the amounts due under this Bill, including the aforementioned markups, shall be made at the address of the CREDITOR, or any of its affiliates, directly to it or to its order.

CLAUSE 7.  Early maturity.  The debt contained in this Bill may be considered mature early and thus payable, by judicial and/or extrajudicial notification, in any of the following cases, which the parties hereby acknowledge to be direct grounds for improper increase in the risk of noncompliance with the obligations assumed by the ISSUER, making the obligation to grant the loan assumed by the CREDITOR in this Bill more burdensome:

	
a)

	
lack of compliance by the ISSUER (i) with any financial obligation assumed herein, not remedied within 3 (three) working days counted from the date on which the obligation in question was due, or (ii) with any non-financial obligation assumed in this Bill, not remedied within 30 (thirty) days counted as of the date of receipt of the relevant notification from the CREDITOR;

	
b)

	
the events mentioned in Articles 333 and 1.425 of the Civil Code (Law No. 10.406/02);

	
c)

	
If the issuer (i) has declared bankruptcy, or (ii) has bankruptcy requested and not avoided within the legal time frame; (iii) is dissolved, or (iv) has a legitimate debt collection for which payment is required, in an individual or total amount of over R$20,000,000.00 (twenty million reais) unless (A) within the period of 5 (five) working days the is has proven that the collection was done by mistake or in bad faith, (B) it was cancelled, or (C) its enforceability was suspended by court order;

	
d)

	
if the ISSUER proposes an out of court reorganization plan to the CREDITOR or to any other creditor or class of creditors, whether or not judicial approval for the plan is asked or obtained;

	
e)

	
if the ISSUER takes legal action with a request for a court-ordered reorganization, regardless of approval of the reorganization or of its approval by the relevant judge;

	
f)

	
early maturity of any other contract, bill of debt instrument signed by the ISSUER with the CREDITOR in an individual or total amount exceeding R$10,000,000.00 (ten million reais).

	
g)

	
change or amendment of the ISSUER corporate purpose so as to alter the existing main activities of the ISSUER or to add new business that has priority over current activities,;

	
h)

	
if there in any change, transfer or, direct or indirect, surrender of the control of the shares/company, or in the event that the ISSUER suffers incorporation, merger or separation outside the same business group of the companies without the CREDITOR’s previous approval, except when the control of the share/company is transferred to another company

 

 

	
Instrument:  100111080022800

	
Page 5 of 12

	
Authentication (SIM-II): 92a715EA-02C2-41f8-B581-F4D1B3115287

	  
	
IBBA_KG_CCB_Conceder_TIM_ID44163_ID68281

	  
	
[stamp: ] LEGAL – TIM [initials]

	  
	
[stamp:] NON-NEGOTIABLE

	  

  

  

  

 

whose rating is equal to or higher than (i) AA+, according to the parameters established by the  S&P or Fitch Agencies, and (ii) Aa1, according to the parameters established by the Moody’s Agency; or,

	
h.1)

	
in the event the corporate/shareholder control of the ISSUER becomes held by a company with no rating published by the rating agencies as indicated in item h above, the CREDITOR may at its sole discretion choose whether to declare early maturity of this Bill.

	
k)

	
[sic] any noncompliance, falsehood, inaccuracy, error or omission in any document signed, submitted or handed over by the ISSUER related to this Bill was detected; and

	
l)

	
the ISSUER fails to maintain the following financial index to be determined annually during the term of this Bill:

Liquid debt/EBITDA < (less than or equal to) 2.50 (two point five centisimos)

	
L1)

	
for the purposes of determining the financial index established above, which will be done annually as of the Issue Date of this Bill, accounting and financial documents of the ISSUER referring to the end of each fiscal year shall be used, with the following definitions being used:

Debt:

Sum of short- and long-term loans and financing, including discounted notes with regression, bonds and sureties provided to third parties, commercial /financial leasing and fixed-rate notes issued by the company that are not convertible resulting from public or private issue, on the local or international market, as well as liabilities resulting from derivatives.

Liquid Debt:

Amount of Debt less cash on hand, financial applications and assets from derivatives.

EBITDA:

Result from the 12 months prior to the determination date, before interest, taxes, depreciation and amortization, of the income from the non-operational result by the equity method.

CLAUSE 8.  Payment delay - If any of the obligations contained in this Bill is not met on a timely basis, including in the event of early maturity, the ISSUER is in default, regardless of whether it receives judicial and/or extrajudicial notification from the CREDITOR, such that the ISSUER agrees to pay, during the delay period and on all amounts due under this Bill:

	
  

	
a)

	
Default Interest, calculated day by day, in accordance with the variance in the BC SELIC rate published by ANDIMA, in the period between the obligation maturity date and the date of actual payment, affecting the total amount of the balance due determined on the maturity date, plus 1% (one percent) annually;

 

 

	
Instrument:  100111080022800

	
Page 6 of 12

	
Authentication (SIM-II): 92a715EA-02C2-41f8-B581-F4D1B3115287

	  
	
IBBA_KG_CCB_Conceder_TIM_ID44163_ID68281

	  
	
[stamp: ] LEGAL – TIM [initials]

	  
	
[stamp:] NON-NEGOTIABLE

	  

  

  

  

 

	
  

	
b)

	
Late fees at an effective rate of 1.00% (one percent) monthly, calculated day to day.

Paragraph One - The charges set forth herein, indicated in items a and b above, shall be calculated and capitalized up to the final settlement of the debt.

Paragraph Two - In the event it is impossible for any reason to use the rate indicated in item a, the Default Interest shall be calculated using the average of interest rates used by at least five (5) major Brazilian banks for assets, in their assets activities in reais, during the period between the maturity date of the obligation and the date of actual payment.

CLAUSE 9.  Attorney fees.  If there is a need for the CREDITOR to pay any AMOUNT due under this Bill, in credit approval or in enforcement against a bad debtor, the ISSUER is obligated to pay the CREDITOR an indemnification for any fees that may be due to CREDITOR attorneys for the case.

CLAUSE 10.  Expenses.  The ISSUER shall be responsible for any and all expenses and charges, regular or extraordinary, especially but not exclusively expenses for collection under this Bill, notarization of signatures and registration and/or notary records.  These expenses shall be paid by the ISSUER to the CREDITOR within 3 (three) working days after the ISSUER receives the respective debit note, under penalty of early maturity of this Bill.

CLAUSE 11.  Tax payment.  The ISSUER represents that it is aware of and agrees that the CREDITOR may pass on to it or require payment of any taxes, contributions and/or other charges, except for income tax affecting this Bill and/or that may affect it in the future. Resulting from the existence, increase and/or creation if such taxes, contributions and/or other charges.  Therefore, the ISSUER hereby acknowledges as liquid, accurate and payable any and all  amounts that may be presented against it by the CREDITOR relevant to these taxes, contributions and/or other charges, which shall be paid by the ISSUER when presented, under penalty of early maturity of this Bill and use of the guarantees established for this Bill.

Sole Paragraph - The IOF shall always be handled, collected and paid in accordance with this Bill and legislation in effect, and debit is authorized from the ISSUER checking account indicated in Table III of the preamble for payment purposes.

CLAUSE 12.  Early liquidation - The term of the ISSUER obligations under this Bill was established in the interests of both parties, such that the early payment by the ISSUER, including early payment by the CREDITOR receiving resources from another financial institution, constitutes compliance with the obligation outside the term.  The parties thus establish in advance that the balance due on the date of early payment will consist of the amount of unamortized principal, plus:  (i) the charges agreed in this Bill for the period until the early payment date and (ii) indemnification that the parties hereby agree will be 0.06% flat amount to be paid.

	
Instrument:  100111080022800

	
Page 7 of 12

	
Authentication (SIM-II): 92a715EA-02C2-41f8-B581-F4D1B3115287

	  
	
IBBA_KG_CCB_Conceder_TIM_ID44163_ID68281

	  
	
[stamp: ] LEGAL – TIM [initials]

	  
	
[stamp:] NON-NEGOTIABLE

	  

  

  

  

Paragraph One - At each half year, counted as of the Disbursement Date, the CREDITOR may, at its sole discretion, make order a new amount for the aforementioned indemnification, by prior notice of 15 (fifteen) days in advance of the end of the aforementioned period.

Paragraph Two - Payment of the indemnification addressed in this Clause 12 shall not apply in the event of prepayment made on the following dates:

I.  last day of the period of six (6) months counted as of the Disbursement Date of this Bill;

II. last day of the period of twelve (12) months counted as of the Disbursement Date of this Bill;

III. last day of the period of eighteen (18) months counted as of the Disbursement Date of this Bill;

IV. last day of the period of twenty-four (24) months counted as of the Disbursement Date of this Bill;

V. last day of the period of thirty (30) months counted as of the Disbursement Date of this Bill.

CLAUSE 13.  Tolerance.  Failure by the CREDITOR to exercise any rights or authorities it has under this Bill, or any agreement with delays in meeting the obligations assumed hereunder by the ISSUER, shall not involve a novation and shall not prevent the CREDITOR from exercising such rights and authorities at any time.

CLAUSE 14.  Other ISSUER obligations:

	
  

	
a)

	
The ISSUER assumes the responsibility to keep the CREDITOR updated in writing with its address. For the purposes of communication/information about nay act or fact arising from this Bill, it shall automatically be considered notified, with no further formalities, at the respective address indicated in the Preamble.

	
  

	
b)

	
The ISSUER is responsible for the accuracy and correctness of the data and information provided herein or sent to the CREDITOR in the Request or otherwise.

	
  

	
c)

	
The ISSUER is obligated to deliver to the CREDITOR, on the date requested by the CREDITOR, the documents requested by the CREDITOR to update those already delivered, which come to be required by standards in effect or due to a decision or guidelines from applicable authorities.

CLAUSE 15.  Environmental Responsibility.  The ISSUER represents that it respects environmental legislation and that resources used under this Bill  shall not be used for any purposes and/or projects that may cause social harm and that do not comply strictly with the legal and regulatory standards governing the National Environmental Policy.

Paragraph One - The ISSUER is required to obtain all documents (studies, studies, reports, licenses, etc.) when needed according to environmental protection standards, attesting to compliance therewith, and to inform the CREDITOR immediately of the existence of any unfavorable report by any authority.

 

 

	
Instrument:  100111080022800

	
Page 8 of 12

	
Authentication (SIM-II): 92a715EA-02C2-41f8-B581-F4D1B3115287

	  
	
IBBA_KG_CCB_Conceder_TIM_ID44163_ID68281

	  
	
[stamp: ] LEGAL – TIM [initials]

	  
	
[stamp:] NON-NEGOTIABLE

	  

  

  

  

Paragraph Two:  The ISSUER shall deliver to the CREDITOR, upon request, a certified copy of all of the aforementioned documents, immediately reporting to the CREDITOR, in writing, any irregularity or event that could lead the oversight agencies to consider noncompliance with any environmental protection standard or any obligation to indemnify any environmental damage.\

Paragraph Three:  The ISSUER, regardless of who is at fault, shall refund to the CREDITOR any amount it is ordered to pay for environmental damage that, in any way, the authority considers to be related to this Bill, and indemnify the CREDITOR for any loss of damage, including to its image, that the CREDITOR experiences as a result of the environmental damage.

CLAUSE 16.  Credit Information System (SCR).  The ISSUER authorizes the CREDITOR, at any time, even after termination of this operation, to:

	
  

	
a)

	
provide to the Banco Central do Brasil (BACEN), to be included in the SCR, information about the amount of its debts to mature and already matured, including late debts and activities taking a loss, as well as the amount of joint obligations assumed and guarantees given, and

	
  

	
b)

	
consult the SCR on any information on the ISSUER.

Sole Paragraph:  The purpose of the SCR is to provide BACEN with information on credit activity for purposes of supervising the credit risk and exchanging information among financial institutions.  The ISSUER is aware that consultation of the SCR by the CREDITOR requires prior authorization and approves any consultation done in advance for purposes hereof.  The ISSUER may have access and, in the event of discrepancy in the SCR data provided by the CREDITOR, request correction, exclusion or record of an additional annotation, including court-ordered measures, by written, well-founded request of the CREDITOR.

CLAUSE 17.  Communication.  Any notice of communication from one Party to the other about this Bill shall be made in writing and may be delivered or send by registered letter, fax or electronic mail, in any event with proof of receipt, to the address and to the attention of the legal representatives identified below:

	
To the ISSUER:

	
To the CREDITOR:

	
Attn: Luiz Eduardo Burger

	
Attn: Middle Office Operacoes

	
Ribeiro

	
Estruturadas

	
Address:  Rua Lourenco

	
Address:  Av. Brigadeiro Faria Lima,

	
Marques, No. 158 – 3rd floor

	
3400 - 11th floor – SP

	
Fax: 11 2195-2503

	
Fax: 11-3708-8857

	
Email:

	
Email: BBA-

	
luiz.eduardo.ribeiro@aes.com

	
MiddleEstruturadasOperacoes@itaubba.com.br

Paragraph One:  Any change in the above information, except in relation to the name of the current occupant of the positions indicated, shall be communicated to the other Party first and in writing, at least  5 (five) days in advance.  If any provision of this item is violated, communicates send according to the above information

	
Instrument:  100111080022800

	
Page 9 of 12

	
Authentication (SIM-II): 92a715EA-02C2-41f8-B581-F4D1B3115287

	  
	
IBBA_KG_CCB_Conceder_TIM_ID44163_ID68281

	  
	
[stamp: ] LEGAL – TIM [initials]

	  
	
[stamp:] NON-NEGOTIABLE

	  

  

  

  

shall be considered valid and delivered on a timely basis.

Paragraph Two:  Provided this Bill requires or allows any consent, approval, notice or request from one Party to the other, the consent, approval, notice or request shall be considered delivered and received:  (i) on the delivery date, if delivered by hand or by telegram; (ii) at the end of the first working day following transmission (with confirmation of receipt), if sent by fax; (iii) at the end of the second business day after it was sent, if sent by courier service, and (iv) at the end of the fifth working day after being sent, if sent by regular mail, postage prepaid, certified or registered, in any event when sent to people at the addresses indicated in this Clause.

CLAUSE 18.  Jurisdiction.  The jurisdiction of the Comarca of the Capital of the State of Sao Paulo is chosen to resolve any disputes over or based on this Bill and its warranties, and the CREDITOR may choose the jurisdiction of the ISSUER main offices, excluding any other jurisdiction that may apply.

Sao Paulo, August 22, 2011

[signatures and stamps]

	
ISSUER:

	
[signatures]

	  	
AES COMMUNICATIONS RIO DE JANEIRO S/A

	  
	  	  	  
	  	  	  
	
AGREED:

	
BANCO ITAU BBA S/A

	  
	  	
[signature]

	
[signature]

	  	  	  
	  	
[stamp:]

	
[stamp:]

	  	
Alfredo Fernandes Pereira

	
Maisa Golçalves Vieira

	  	
Individual Taxpayers’ Registry:

	
ID Number: 12.854.680-3

	  	
091.546.888-33

	
Individual Taxpayers’ Registry:

	  	
ID Number: 9.822.972-2

	
064.676.168-47

	  	  	  
	  	
[stamp:] ITAÚ BANK BBA S/A

	  

WITNESSES:

	
1)

	
[signature]

	 	
 2)

	
[signature]

	
 

	
Katia Muniz de [illegible]

	 	  	
Juliana Cristina Rocha

	  	
RG. 19.291.206-9

	 	  	
CPF: 287.547.488-01

	  	
CPF: 135.464.468-95

	 	  	
RG: 26.493.507-X

	
Instrument:  100111080022800

	
Page 10 of 12

	
Authentication (SIM-II): 92a715EA-02C2-41f8-B581-F4D1B3115287

	  
	
IBBA_KG_CCB_Conceder_TIM_ID44163_ID68281

	  
	
[stamp: ] LEGAL – TIM [initials]

	  
	
[stamp:] NON-NEGOTIABLE

	  

  

  

  

ANNEX I

 

 

BANK CREDIT BILL No. 100111080022800  SIGNED ON 08-22-2011

PAYMENT SCHEDULE FOR PRINCIPAL AND INTEREST

	
INSTALLMENTS

	
AMOUNT IN R$

	
MATURITY

	
01

	
0.00 + 100% of CDI + 1.50% annually

	
02-22-2012

	
02

	
0.00 + 100% of CDI + 1.50% annually

	
08-20-2012

	
03

	
0.00 + 100% of CDI + 1.50% annually

	
02-18-2013

	
04

	
33.33% of principal + CDI + 1.50% annually

	
08-19-2013

	
05

	
33.33% of principal + CDI + 1.50% annually

	
02-17-2014

	
06

	
33.34% of principal + CDI + 1.50% annually

	
08-18-2014

	
Instrument:  100111080022800

	
Page 11 of 12

	
Authentication (SIM-II): 92a715EA-02C2-41f8-B581-F4D1B3115287

	  
	
IBBA_KG_CCB_Conceder_TIM_ID44163_ID68281

	  
	
[stamp: ] LEGAL – TIM [initials]

	  
	
[stamp:] NON-NEGOTIABLE

	  

  

  

  

ANNEX II

BANK CREDIT BILL No. 100111080022800  SIGNED ON 08-22-2011

DISBURSEMENT REQUEST

Sao Paulo, August 22, 2011

To Banco Itau BBA SA

Re:                                           BANK CREDIT BILL No. 100111080022800  SIGNED ON 08-22-2011 (BILL)

Dear Sirs:

All of the provisions, concepts and Clauses of the Bill apply to the loan hereby requested.  Thus, we confirm the loan date agreed in the Bill and ask for disbursement of the amount of R$ 22,000,000.00 (twenty-two million reais) (with the Liquid Amount of the Loan equal to R$ 21,587,170.00 (twenty-one million five hundred eighty-seven thousand one hundred seventy reais) on 08-25-2011 into the following checking accounts held by us:

	
I.  Bank:  341

	
Branch: 417

	
Checking Account number:

	
54648-8

	
Amount:

	
R$ 21,587,170.00 (twenty-one million five hundred eighty-seven thousand one hundred seventy reais)

[signature and [seal:] ITAÚ BANK BBA S/A

	
 

	  
	
AES COMMUNICATIONS RIO DE JANEIRO S/A

	  

 

 

 

	
Instrument:  100111080022800

	
Page 12 of 12

	
Authentication (SIM-II): 92a715EA-02C2-41f8-B581-F4D1B3115287

	  
	
IBBA_KG_CCB_Conceder_TIM_ID44163_ID68281

	  
	
[stamp: ] LEGAL – TIM [initials]

	  
	
[stamp:] NON-NEGOTIABLEExhibit 4.10

[logo:] SANTANDER

 

[handwritten: Po 2209509 – Doc 984215 - GMB]

AMENDMENT TO Contract of Transfer of Resources Funded Abroad in Reais No. 230192809

	
I. Type of Contract

	
Execution Date:

08/31/2009

	
Expiration Date:

12/30/2009

	
Value of the Contract (“Principal”)

R$ 184,813,000.00

	
II. Parties

	
BANK

	
: Banco Santander  (Brasil) S/A

	
CNPJ/MF [Tax No.]

	
: 90.400.888/0001-42

	
Address

	
: Rua Amador Bueno, 474 – Santo Amaro

	
City/State

 

	
: São Paulo – SP

	
BORROWER: TIM CELULAR S/A

	
CNPJ/MF [Tax No.]

	
: 04.206.050/0001-80

	
Address

	
: Av. Giovani Gronchi, 7143 – Vila Andrade

	
City/State

	
: São Paulo – SP

 

	
GUARANTOR: Void

	
CNPJ/CPF [Tax No.]

	
:

	  
	
GUARANTOR: Void

	
CNPJ/CPF [Tax No.]

	
:

	  	  
	
GUARANTOR: Void

	
CNPJ/CPF [Tax No.]

	
:

	  	  

Whereas the above qualified parties, on 8/31/2009, signed the International Monetary Transfer Contract in Reais No. 230192809 (“Contract”);

Whereas, by these presents, the parties intend to amend certain conditions of Contract;

The parties herein resolve to amend the following terms:

	
1.  

	
As of 12/30/2009, the following items of the preamble to the Contract are hereby amended as follows:

	
Contract Extension Information

	
Term – in days

	
Maturity Date:

	
Value of the Principal Extended

	
547 counting from 12/30/2009

	
6/30/2011

	
R$ 150,000,000.00

	
Interest Rate:

 

( ) Fixed Rate:  % a year, equivalent to % a month, calculated exponentially “pro-rata temporis” (capitalized) considering a     -day year.

 

(X) Floating rates:

Monetary correction parameter: 108.00% of the CDI – Certificado de Depósito Interbancário [ID - Interbank Deposit Certificate] rate

Fixed Rate: 0.00% a year, equivalent to 0.00% a month, calculated exponentially “pro-rata temporis” (capitalized) considering a     -day year.

	
Value of Principal to be liquidated on 12/30/2009

1

 

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

  

  

  

[logo:] SANTANDER

 

 

	
R$ 34,813,000.00

2.  The following conditions shall apply to the interests and finance charges accumulated until 12/30/2009:

 

	
Payment of financial interests and charges:

 

(  ) Financial Interests and charges will be incorporated to the Value of the Extended Principal, with the new value of the Contract to become the sum of these two amounts

 

(X) Payment  on 12/30/2009

 

	
 Value of interests and charges accumulated until 12/30/2009:

 

(X) To be accumulated according to the criterion stipulated under the Contract

 

(  )  R$

3.    In case of liquidation of interests and finance charges, or amortization of the Principal, the BORROWER hereby irrevocably and irreversibly authorizes the BANK to debit the respective amounts from its checking account.

4.    In case it is applicable to the Contract, as indicated herein, the Floating Interest Rate, the finance charges will accrue on the new value of the Contract as stipulated herein, starting on 12/30/2009 until the maturity date, according to the conditions set forth in clause I above, meaning: (i) monetary correction parameter, and (ii) fixed interest rates.

 

4.1.  The “rate adjustment parameter” will be calculated exponentially and cumulatively “pro rata temporis” through the accumulation of the ID Rate (as defined below) posted for each business day of the period from the date the funds are released (included) until the date(s) of the respective maturity date(s) (excluded), each one multiplied by the percentage defined in the preamble. The rate adjustment will accrue on the amount effectively owed by the BORROWER.

4.1.1.  For the purpose of this Contract, the ID Rate is the average daily rate of Interbank Deposits for 1 (one) day, called overnight ID rate “Extra Group,” calculated and posted daily by CETIP – Central de Custódia e de Liquidação de Títulos [Clearing House for the Custody and Financial Settlement of Securities] expressly in percentage form per year, based on a 252 (two hundred and fifty-two) business-day year.

4.1.2.  In the event the ID Rates have not been posted up to the date of the effective payment of the charges, thus making impossible to calculate the final amount owed, a temporary calculation will be made on the date of payment using the latest ID Rate posted as substitute parameter.

 

4.1.3.  On the posting date of the final ID Rates, if not published before the effective payment date of the debt balance, a new calculation will be made using the final rates. Once the eventual difference between the temporary and the final rates is calculated, the ID earning as described in the preamble of this clause will accrue on such difference, counting from the date of the temporary payment (included) until the date of the posting of the final ID Rates (excluded). In this case, the payment of the calculated difference, duly added of the ID Tax earning, must be made by the BORROWER or by the BANK, depending on the case, on the date the final rates are published.

2

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

  

  

  

[logo:] SANTANDER

 

4.1.4.  In the event of extinction, suppression, or inapplicability of the ID Rate, during the period in which the ID Rate cannot be used, we will use the variation of the average weighted and adjusted rate of financing operations for one day, backed by federal bonds, and ran through the SELIC – Sistema Especial de Liquidação e de Custódia [Special System for Settlement and Custody], or through the assets clearing and settlement house, as repurchase agreements, published by the Central Bank of Brazil.

4.2.  According to the terms of clause 1, exponentially calculated fixed interests may accrue on the value of the operation, duly updated by the “monetary correction parameter” under clause 4.1. above.

 

5.   The contracted terms under this amendment will take effect on 12/30/2009.

 

6.   This amendment does not constitute contract novation; therefore the parties do not have the right to novate the obligations assumed under the Contract amended herein, and for all legal purposes said Contract shall become an integral and supplemental part thereof.

 

 

7.    The undersigned parties expressly declare that they have full knowledge of the terms of the Contract amended herein and are in joint agreement with such terms.

8.    For the purpose of this instrument, the only provisions considered valid are those which fields were duly marked / filled.

9.    All remaining clauses and conditions of the Contract that have not been expressly changed by this amendment Instrument are hereby ratified.

And in being in joint agreement, the parties sign this instrument in 2 (two) copies of the same form and tenor before the witnesses undersigned and qualified at the end of the document.

São Paulo, December 15, 2009

	 
[illegible stamp]

	 	[signature]	 
[signature]

	 	 	
TIM CELULAR S/A                                                     

	
Claudio Zezza

Administrative, Finance

and Control Director

	

Banco Santander (Brasil) S/A

	 	 
[Stamp: Signatures and Powers]

	 
	
 

 

GUARANTOR(S):

	 	
 

 

	 
	
 

	 	
 

 

	 
	

Void

	 	

Void

	 
	
 

 

	 	  	 
	

Void

	 	 	 

 

3 

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

 

 

 

 

[logo:] SANTANDER

 

 

This signature page is an integral part of the Amendment to Contract of Transfer of Resources Funded Abroad in Reais, signed by Banco Santander (Brasil) S/A and TIM CELULAR S/A on December 15, 2009.

The individual(s) qualified below appear in this act as witness(es), pursuant to the provisions of Article 1.647 of the [Brazilian] Civil Code.

	 	 	 	 
	
Name: Void

CPF [Taxpayer No.]: [blank]

Marriage System: [blank]

 

 

	 	
Name: Void

CPF [Taxpayer No.]: [blank]

Marriage System: [blank]

	 
	 	 	 	 
	
Name: Void

CPF [Taxpayer No.]: [blank]

Marriage System: [blank]

	 	  	 

Witnesses:

	[signature]	 	
[signature]

 

	 
	
Name: Priscila Francelino Costa

CPF [Taxpayer No.]: 198.622.418-02

RG [ID No.]: 26.641.021-2

	 	
Name: Roberta de Matheus

CPF [Taxpayer No.]: [illegible]

RG [ID No.]: 19.585.902-8

	 

4

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

  

  

  

[logo:] SANTANDER

[handwritten: 3138611 / 1693091]

­

	
ADTOPADRAOR$230192809

Amendment to Contract of Transfer of Resources Funded Abroad in Reais No. 230192809

 The parties qualified below hereby resolve to amend the instrument identified in the preamble, under the following clauses and conditions:

	
International Monetary Transfer Contract in Reais

No. 230192809

	
Branch Code / Borrower’s Checking Account No.:

2.263 / 130.003.017

	
I. BANK

	
Banco Santander  (Brasil) S/A, with offices located at Avenida Presidente Juscelino Kubitschek, 2041 e 2235 – Bloco A, Vila Olímpia, São Paulo, State of São Paulo. Registered under [Corp. Taxpayer] No. 90.400.888/0001-42.

	
II. BORROWER

	
Name of Company:

TIM CELULAR S/A

	
CNPJ/MF [Tax No.]

04.206.050/0001-80

	
Address

Av. Giovani Gronchi, 7143 – Vila Andrade

	
City/State

São Paulo – SP

	
III. JOINT AND SEVERAL DEBTOR(S)

GUARANTOR(S)

	
Name of Company/Individual

Void

	
CNPJ/MF or CPF/MF [Taxpayer No.]

[blank]

	
IV. CREDIT OPERATION SPECIFICATION

	
Principal:

R$ 150,000,000.00

	
I.O.F. [Tax on Fin. Operations]

R$ 0.00

	
TAC [Credit Opening Tax] %

R$ Void

	
Issuing Date

08/31/2009

	
Term

668 days

	
Maturity Date

06/30/2011

1.     The following conditions shall apply to the interests accumulated until 06/30/2011:

	
(X) paid in full on 06/30/2011;

(   ) incorporated to the Principal on ;

2.    Considering the terms of item 1 above, starting on 06/30/2011 the debt balance of the Instrument mentioned herein will be R$ 150,000,000.00,

 

3.    Starting on 06/30/2011, the following conditions marked below regarding table IV of the preamble are hereby re-contracted:

 

	
IV. RECONTRACTED CONDITIONS OF CREDIT OPERATION

	
Principal

R$ 150,000,000.00

(as per item 2 above)

	
Term

540 days

	
Maturity Date

12/21/2012

	
Interests

(   ) Fixed, equivalent to the Effective Interest Rate

(X) Floating rate, equivalent to the Effective Interest Rate + 108.00% of the ID rate

	
Effective Rate

0.00% a year, equivalent to 0.00% a month, exponentially calculated “pro rata temporis” (capitalized), based on a year of 360 calendar days.

	
Payment Terms

(   ) Principal on the final maturity date and monthly interest

(X) Principal and interests on the date of final maturity date

(   )Principal and interests in equal, monthly installments in the amount of R$, with 1st installment due on

(   ) According to the attached flow.

 

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

  

  

  

[logo:] SANTANDER

 

 

4.    All other clauses and conditions of the Contract that have not been changed by this amendment Instrument are hereby ratified and remain unaltered.

5.    This contract does not constitute novation of debt; and all remaining clauses, conditions, and guarantees of the amended Certificate/Contract are hereby ratified, and become an integral and in severable part thereof.

São Paulo, June 27, 2011

	
                     [signature]         [stamp: Luca

Luciani - President]

________________________________

TIM CELULAR S/A

[signature]

Marco Chiarucci – Financial Manager

	
                [signature stamp]

________________________________

BANCO SANTANDER (BRASIL) S/A

	
 

 

JOINT AND SEVERAL DEBTOR(S)/GUARANTOR(S):

	
 

 

SPOUSAL AUTHORIZATION:

	
 

________________________________

Void

CNPJ/MF or CPF/MF: [blank]

 

	
 

________________________________

Name: Void

CPF [Taxpayer No.]:

Marriage System: [blank]

	
 

________________________________

Void

CNPJ/MF or CPF/MF: [blank]

 

	
 

________________________________

Name: Void

CPF [Taxpayer No.]:

Marriage System: [blank]

	
 

________________________________

 Void

CNPJ/MF or CPF/MF: [blank]

 

	
 

________________________________

Name: Void

CPF [Taxpayer No.]:

Marriage System: [blank]

	
 

________________________________

Void

CNPJ/MF or CPF/MF: [blank]

 

	
 

________________________________

Name: Void

CPF [Taxpayer No.]:

Marriage System: [blank]

Witnesses:

	
                     [signature]

________________________________

Name: Rodrigo G. Galvão

TIM – Finance & Treasury

CPF [Taxpayer No.]:

 

	
                     [signature]

________________________________

Name: Yara Cerqueira Assunção Neves

CPF [Taxpayer No.]: 129.751.518-88

RG [ID No.]: 20.595.368-2

2

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

  

  

  

[logo:] SANTANDER

 

[barcode]

[handwritten: Op 2073854 – Doc  874813 – Doc 875185]

­

CONTRACT OF TRANSFER OF RESOURCES FUNDED ABROAD IN REAIS No. 230192809

 

 

	
Banco Santander  (Brasil) S/A Branch

2,263

	
Checking Account No.

130.003.017

	
BORROWER

Tim Celular S/A

	
CNPJ/MF [Tax No.]

04.206.050/0001-80

	
Address

Av. Giovani Gronchi, 7143 – Vila Andrade

	
City/State

São Paulo – SP

	
GUARANTEES

Void

 

 

	
AMOUNT OF TRANSFER

R$ 184,813,000.00

 

 

	
FORM OF RELEASE

 

In Installments: (   ) Date:

Date of  Release: 08/31/2009

 

 

	
FINANCIAL CHARGES

 

Monetary correction parameter according to DCI variation; Percentage: 120.00%

 

Fixed interest of 0.00% a year, equivalent to 0.00% a month, exponentially calculated, considering a year of 360 calendar days.

 

	
PAYMENT TERMS

                               

	Principal:	 
	In Installments:	 
	Charges: 	(X) In one single installment, on 12/30/2009.
	In Installments:	
(   ) Date:  Amount: R$

 

 

1 

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

 

 

 

[logo:] SANTANDER

 

 

	
TARIFFS

 

·  TAC – Tarifa de Abertura de Crédito [Credit Opening Tariff], payable as follows: R$, at the time of the execution of the Contract. Void.

 

	
I.O.F. – Imposto sobre Operações Financeiras [Tax on Financial Operations]

 

R$ 0.00

 

	
TERM

 

121 days, counting from the date of the execution of this Contract, maturing on 12/30/2009.

 

Whereas at Banco Santander (Brasil) S/A, located at Rua Amador Bueno, 474 – Santo Amaro,  São Paulo – SP, registered at the National Registry of Corporation of the Brazilian Ministry of the Treasury (CNPJ/MF) under No. 90.400.888/0001-42, hereinafter referred to as the BANK, has funded resources abroad, called regional currency, to back operations of  transfer of funds to customers, pursuant to the terms of Resolution No. 2770 issued on August 30, 2000 (“Resolution 2770/00”).

By these presents, the BANK and the BORROWER, both named and qualified in the preamble above (“Preamble”) have jointly agreed to enter into this Contract of Transfer of Resources Funded Abroad in Reais (“Contract”), which will be governed under the following clauses and conditions:

I – OBJECT

1.    The BANK, herein, under the terms of this Contract, extends to the BORROWER a loan in cash in the amount listed in the Preamble, by means of transfer of resources funded abroad based on Resolution No. 2770 of the National Monetary Fund, by the contervalue in Brazilian currency (“Transfer”).

1.1. The BORROWER is responsible for all the information provided to the BANK regarding the Transfer under this Contact.

II – FORMALIZATION AND RELEASE OF THE TRANSFER

2.    The release of the funds resulting from the Transfer will be done on the date, under the conditions, and in the amount indicated in the Preamble, in Brazilian currency.

3. The BANK shall place the funds at the BORROWER’s disposal, under the conditions set forth in the Preamble,

in their checking account at the BANK, which information is listed in the Preamble or, in the absence of an account at the BANK, in another checking account  held by the BORROWER in a financial institution to be specified by the BORROWER.

 

2

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

  

  

  

[logo:] SANTANDER

 

 

4.    Whereas the current Brazilian Payment System (“SYSTEM”) allows for different forms of release of the Transfer funds through electronic systems, the BANK is expressly exempt, including from liability with third parties, of any and all responsibilities resulting directly or indirectly from the following events, for example: (i) interruptions in the telecommunications system as a result of failures and / or interventions by any state entity, telecommunication service provider, or services provided by third-parties (“Network”); and (ii) availability failures of the SYSTEM, in the access itself, or in the Network itself as a result of acts of God or force majeure, which can also interfere in the release or payment of the Transfer funds made through the SYSTEM, even though the aforementioned events result in financial losses for the BORROWER.

III – PAYMENTS AND CHARGES

5.    All financial charges owed by the BORROWER will be calculated from the date the funds are available until the date of the respective maturity dates stipulated in the Preamble, in addition to the financial charges owed, also described in the Preamble, which are: (i) monetary correction parameter according to CDI [ID] variation rate.

5.1.     The calculation of the financial charges owed will be done by applying the “monetary correction parameter of the daily variation of the ID rate” defined in the Preamble over the value of the principal financed, and this parameter will be calculated according to the accumulated variation of the percentage highlighted as the daily reference for the average rate of the Interbank Deposits, referred to as Overnight DI Rate “Extra Group,” expressed in percentage, calculated and published daily by CETIP – Central de Custódia e de Liquidação de Títulos [Clearing House for the Custody and Financial Settlement of Securities], hereinafter referred to as “ID Rate”. The ID Rate will be calculated exponentially and cumulatively “pro rata temporis” for each day.

5.1.1.  In case ID Rate has not been posted until the date of the effective payment of the charges, thus making impossible to calculate the final amount owed, a temporary calculation will be made on the date of payment using the ID Rate posted on the day before as substitute parameter, and the payment will be made under a temporary amount.

5.1.2. On the posting date of the final ID Rates, if not published until the effective payment date of the debt balance, a new calculation will be made using the final rates. Once the eventual difference between the temporary and the final rates is calculated, the ID earning as described in the preamble of this clause, will accrue on such difference, counting from the date of the temporary payment (included) until the date of the posting of the final ID Rates (excluded). In this case, the payment of the calculated difference, duly added of the ID Tax earning, must be made by the BORROWER or by the BANK, depending on the case, on the date the final rates are published.

 

5.1.3. In the event of extinction, suppression, or inapplicability of the ID Rate, we will use any rate or index that replaces the ID Rate, pursuant to current legislation.

5.2. According to Clause 5.1. above, fixed interests calculated exponentially based on a 360-day calendar year, may accrue on the amount of the principal financed, duly updated according to the “monetary correction parameter of the daily variation of the ID rate,” calculated from the date of the availability of the funds to the BORROWER.

3 

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

  

  

  

[logo:] SANTANDER

 

 

6.    All amounts owed by the BORROWER will be paid by debit to the BORROWER’s checking account at the BANK which information is listed in the Preamble or by paying the payment notices sent by the BANK, or by using other payment order mechanisms and instruments available in the market, and the fulfillment of the obligations resulting from the terms of this Contract will be subject to the effective receipt in full of the funds by the BANK. In the event of default, the late charges set forth in this Contract will apply, including over any payment notices that the BANK may have send – also from the day following the due date of said obligations.

6.1.  To the exception of payments made through payment vouchers, eventual payments made by the BORROWER with its own check, credit documents, or any other document cleared by the Centralizadora da Compensação de Chequas e outros Papéis, will only be deemed as official liquidated and / or received, when they are converted into immediately available funds and, as a result, will incur charges for the use of credit during such period.

7.    In case the BORROWER decides for debit in its account held at the BANK, which information is listed in the Preamble;

(i)  the BORROWER must maintain in such account enough, immediately available funds  for such debit o occur;

(ii) the BORROWER hereby irrevocably and irreversibly authorizes the BANK to debit the respective amounts from its checking account, including cash deposit of the amount owed pertinent to this Contract; and

 

(iii) regarding the amount or installment of the amount to be debited, for which there are no funds available in the BORROWER’s account, the late charges set forth in this Contract will incur on such amount / installment from the maturity date of the obligation owed by the BORROWER.

8.    The payment of the amounts owed by the BORROWER will be made as follows:

(i)       in installments, on the dates listed on the Preamble; or

(ii)        in one single installment, on the date listed in the Preamble.

9.    The parties herein agree that, in the event that any due date set forth in this CONTRACT coincide with a non-business day in São Paulo, such due date shall be anticipated to the previous business day.

10. If, until the effective date that the funds will be available there are any legal or normative changes that may, directly or indirectly alter any of the conditions set forth herein, such change shall be incorporated in the Contract, regardless of any formal act, and the BANK is hereby exempt from any responsibility resulting from that fact.

 

IV – TARIFFS AND RATES

 

11. The rates stipulated in the Preamble of the Contract are the sole responsibility of the BORROWER, who is obligated to pay them on the due dates mentioned in the Preamble.

 

 

4 

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

 

  

  

  

[logo:] SANTANDER

 

V - GUARANTEES

 

12.  The guarantees will be formalized by virtue of specific document(s) to be established by the BANK, which will become an integral and in severable part of this Contract, as set forth in the Preamble.

 

13.  In the event of a default on the part of the BORROWER, the effective guarantees submitted will be demanded immediately, regardless of notice, summons, citation or any other judicial or extrajudicial formality.

14.  The obligations regarding guarantees submitted under this Contract, even after said Contract is rescinded or terminated, shall remain valid and obligatory within the originally stipulated conditions, until the effective payment.

 

VI. DEFAULT

 

15.  The BORROWER shall incur in late fees, regardless of notice or notification of any kind, for the purpose of the provisions of Article 397 of the [Brazilian] Civil Code, if it does not fulfill any of the obligations derived from this Contract and, in such event, it will be automatically obligated to pay the amount owed, in addition to the following: (i) late interest on the totality of the past due amounts, for each day of non-payment, calculated at a rate of 12% (twelve percent) a year, capitalized annually; (ii) default interest for each day of non-payment, calculated at the same rates practiced by the BANK in its active revolving credit operations; and (iii) contractual fine at 2% (two percent) of the amount owed.

 

15.1.  The surcharges described under items (i) and (ii) of the main section of this clause will be calculated and will be applicable from the due date of the obligation until the effective date that the payment is made to the BANK.

16.  In the event the BANK has to go to Court in order to recover any amounts owed as a result of this Contract, the BORROWER will also be obligated to pay court costs and attorney’s fees, established by the Court.

VII – EARLY MATURITY

17.   The BANK will have the right to consider the early maturity of this Contract, and immediately terminate the BANK’s obligation to transfer any installment yet to be disbursed, and demand from the BORROWER, regardless of any notice, the full payment in one lump sum, of the debt balance resulting from this Contract, including demand of guarantees, under the hypotheses provided for under the law; and also:

	 	
(a) 

	
if the BORROWER is late to fulfill any of its obligations under this Contract;

	 	
(b)

	
if the BORROWER infringes or fails to fulfill, in part or in full, any clause or condition under this Contract;

	 	
(c)

	
if the BORROWER is liable or co-liable for any protested bonds, or under foreclosure or seizure of assets, without providing the pertinent requested information to the BANK within the time stipulated by the BANK, or having submitted such explanation, it is deemed unsatisfactory by the BANK.;

 

5 

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

 

 

 

 

[logo:] SANTANDER

 

 

(d)      if, in case the guarantees of loss or depreciation of guarantees, the BORROWER does not reinforce such guarantees within the time stipulated by the BANK;

(e)     if the BORROWER is direct or indirect the majority shareholder of his company and such shareholdings are transferred to a third-party without the BANK’s previous and formal manifestation regarding a decision on whether to maintain this Contract active after such transfer;

 

(f)     if the BORROWER’s rights and obligations established under this Contract and other documents resulting of this instrument are transferred to third-parties without the previous, express consent of the BANK;

 

(g)     if the BORROWER defaults its obligations and / or does not pay at the respective maturity date debt of its responsibility resulting from other contracts, loans, or discounts entered into with the BANK and/or any other entities of the BANKG Group, including abroad, and / or if the respective documents are rescinded, by fault of the BORROWER; or

 

(h)     if the BORROWER and / or any company’s part of the BORROWER’s economic group, including abroad, become insolvent, proposes a judicial or extrajudicial composition of debt, or files for bankruptcy.

 

17.1. In any of the foregoing hypotheses, the BANK will have the right to demand from the BORROWER all the credits detained against any one of these.

VIII – TERM OF THE CONTRACT

18. This Contract is valid from the date of its execution and shall be valid until the maturity date stipulated in the Preamble.

18.1. The BORROWER will only be able to early liquidate or pay the amounts owed according to definition of the liquidation or amortization conditions, and such must be previously agreed upon by both the BANK and the BORROWER.

IX - EXPENSES

19.   The BORROWER will be responsible for any expenses related to the registration, recording, and other expenses derived from the formalization of this Contract before the competent government agencies, and also all judicial and extrajudicial expenses that the BANK may incur in order to collect its credit.

19.1. All expenses shall be paid by the BORROWER within 30 (thirty) days after the issuance, by the BANK, of the pertinent notice of debit, under penalty of early maturity of the totality of the debit.

20.   The BORROWER will also be responsible for any existing annual taxes, or any such taxes that will become due in the future, such taxes being: federal, state or local taxes, directly or indirectly related to this Contract, and taxes on Credit, Exchange, and Insurance Operations, or related to Securities – IOF – will be calculated according to current legislation.

6 

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

 

 

 

 

[logo:] SANTANDER

 

 

X – EARLY PAYMENT

21.  In the event that the BORROWER request the early payment, of total or part of the present debt, it shall pay the amount equivalent to the principal to be amortized, in addition to interest owed until the final maturity of the Contract, minus the percentage equivalent to the projected market rate for the remainder of the contract term at the time of the [early] payment.

XI – FINAL PROVISIONS

 

22.  The BORROWER hereby acknowledges as proof of debit or credit deriving from this Contract any financial statements, debit notes, or payment vouchers issued by the BANK. These financial statements, debit notes, or payment vouchers will be sent to the BORROWER by postal service, fax, or e-mail, at the discretion of the BANK, and if they are not contested within a maximum of 15 days from their issuing date, they will be deemed accepted, good, clear and legal, enough and sufficient, and valid as rendering of accounts, operated and formalized between the BANK and the BORROWER, for all legal purposes, and the BANK’s  credit liquidity is hereby expressly and fully confirmed.

23.  In the event of bankruptcy, judicial or extrajudicial recovery, or insolvency of the BORROWER, and in case of non-payment of all or part of the amount owed, the BANK can compensate the amount of the debt and its increases with any amount that the BORROWER have deposited, pledged or delivered to the BANK, at any account, or with any amount that the BORROWER may be the creditor of, or may retain in guarantee of this Contract, in the event of late payment by the BORROWER, any amounts, securities, values and other assets that the BANK may have in its possession that belong to the BORROWER, including object of custody.

 

24.  The BANK may assign or transfer the rights resulting from this Contract to institutions authorized to purchase them, and may also give this Contract in guarantee of refinancing operations or other operations legally allowed. The BORROWER may assign or transfer the rights resulting from this Contract with prior written authorization of the BANK.  Said written pre-approval will not be unjustly denied by the BANK.

 

25.  Non-use by the BANK of any rights or faculties it is granted under the law or under this Contract does not imply waiver of such rights, but a mere tolerance or reservation on the part of the BANK to have them prevail at any other time or opportunity.

 

26.  The BORROWER is obligated to keep the BANK informed of any changes in address, telephone, and other information pertaining to its location. In case the BORROWER does not provide updated information, any correspondence sent by the BANK to the address recorded in its files will be, for intents and purposes, deemed as received.

27.  The BORROWER and / or the GUARANTORS, hereby authorize the BANK to consult and include information pertinent to active, passive, and financial operations, as well as guarantees under its responsibility, recorded in the credit information system and in the records of the Central Bank of Brazil.

 

28.  The parties herein establish that the information provided by the BORROWER may be disseminated to the companies of the BANK’s economic conglomerate.

 

7 

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

 

 

 

[logo:] SANTANDER

 

29.  This Contract represents the sole and complete formalization of the operation contemplated herein and shall obligate and bind the parties and their successors.

XII – SOCIAL AND ENVIRONMENTAL POLICY

30.  The BORROWER hereby declares that the funds resulting from this Contract will not be used for any purpose and / or projects that may cause social damage and that do not strictly meet the legal and regulatory standards that govern the National Environmental Policy.

XIII – JURISDICTION

31.  The parties herein elect the Court of the County of the Capital of the State of São Paulo to resolve any issues arising from the terms of this Contract, renouncing any other court regardless of how privileged it may be. However, the BANK reserves the right to choose the Court of the BORROWER’s domicile.

And in being in joint agreement, the parties herein sing this Contract in 2 (two) copies of the same form and tenor, and for one single legal effect, in the presence of the witnesses below.

São Paulo, August 31, 2009

	
 

[signature stamp]

________________________________

Banco Santander (Brasil) S/A

	
[signature]

Luca Luciani - President

________________________________

Tim Celular S/A

 

 

Witnesses:

 

	
[signature]

________________________________

Name: [illegible] Ferreira da Silva

CPF [Taxpayer No.]: [illegible]

RG [ID No.]: [illegible]

	
                     [signature]

________________________________

Name: Priscila Francelino Costa

CPF [Taxpayer No.]: 198.622.418-02

RG [ID No.]: 26.641.021-2

TIM CELULAR S/A

[signature]

Marco Chiarucci

 Financial Manager

[initials] [stamp:] TIM Legal; Department8 

 

Santander Customer Service: Central Phone Line: 4004-3535 (State Capitals and metropolitan regions), and

0800-702-3535 (other locations) – SAC 0800-762-7777 – Ombudsperson: 0800-726-0322

[initials] [initialed stamp of TIM’s Legal Department]

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