Document:

Agreement and General Release

 

EXHIBIT 10.1

AGREEMENT AND GENERAL RELEASE

     THIS AGREEMENT AND GENERAL RELEASE between and among ___, residing
at ___on behalf of himself individually and his heirs,
executors, administrators, successors and assigns (together “___”), Ladenburg
Capital Management Inc., formerly known as GBI Capital Partners Inc., its
present and former officers and directors, predecessors, successors, assigns,
representatives, employees and agents, present and former parents, present and
former direct and indirect owners, affiliates and subsidiaries, and as to each
of the foregoing their present and former officers, directors, successors,
assigns, representatives, employees and agents, including without limitation
___(together, “LCM”), Ladenburg Thalmann & Co. Inc. (“LT”) and
Ladenburg Thalmann Financial Services, Inc. (“Ladenburg Thalmann Financial”) is
entered into on June ___, 2004. ___, LCM, LT and Ladenburg Thalmann
Financial are collectively referred to as the “Parties.”

     WHEREAS, ___commenced an arbitration case before the NASD, styled
___, NASD No. ___; and

     WHEREAS, LCM, LT and Ladenburg Thalmann Financial acknowledge that the
claims that are the subject of this Agreement and General Release allege
violation of state and federal securities laws and common law fraud, deceit and
manipulation in connection with the purchase or sale of securities;

     WHEREAS, the Respondents have denied each of ___claims, and any
liability therefor; and
WHEREAS, the parties now wish to finally resolve and dispose of all claims
that are or could have been asserted in the arbitration;

     NOW, THEREFORE, the Parties hereto, intending to be legally bound, hereby
agree as follows:

          1. LCM shall pay or cause to be paid to ___the amount of $___
by wire to ___attorneys ________________ immediately following
the full execution of this

 

 

Agreement and General Release. In addition, Ladenburg Thalmann Financial
shall make additional payments to ___on LCM’s behalf in the aggregate
amount of $___, which shall be made in four equal installments of
$___; such installments to be paid by Ladenburg Thalmann Financial to
___attorneys _________________ on or before July 14, 2005; July
15, 2006; July 15, 2007; and July 15, 2008, and Ladenburg Thalmann Financial
hereby stipulates that should it default on these payments, an arbitration
award may be entered against it for the amount remaining unpaid. Ladenburg
Thalmann Financial shall also deliver ___shares of Ladenburg Thalmann
Financial stock to ___or his designee for his account or benefit, on LCM’s
behalf, within 7 days after the later of: (i) the date this Agreement and
General Release is fully executed; or (ii) the date upon which counsel for
___notifies Ladenburg Thalmann Financial of to whom the stock should be
issued.

          2. ___, for and in consideration of the payments to him of the
consideration stated in paragraph 1 above, releases and forever discharges LCM,
LT and Ladenburg Thalmann Financial from all manner of actions, causes of
action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
controversies, promises, damages, judgments, executions, claims, liabilities
and demands whatsoever in law, admiralty, and/or equity, whether known or
unknown, which ___, his heirs, executors, administrators, successors, or
assigns ever had, now have or may have, against LCM, LT or Ladenburg Thalmann
Financial for, upon or by reason of any matter, cause or thing whatsoever,
whether known or unknown, from the beginning of the world to the date of this
Agreement and General Release, including without limitation all matters
referring or relating to his former LCM accounts (Accounts Nos. ___) or
to any claims that were brought or might have been brought in the arbitration
case brought before the NASD, styled ___, NASD No. ___(the
“Claim”); except that any claim for a breach of this Agreement and General
Release is not released
and shall survive. This release shall be effective on the Release
Effective Date, as defined in Paragraph 3 below.

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          3. The Release Effective Date shall be the later of (1) the 91st day
following the cash payment of $___pursuant to paragraph 1 above provided
that neither Ladenburg Thalmann Financial, LT nor LCM is the subject of a
bankruptcy filing prior to the 91st day; or (2) the date upon which the
Registration Statement required pursuant to paragraph 7 below is declared
effective by the Securities and Exchange Commission provided that neither
Ladenburg Thalmann Financial, LT nor LCM is the subject of a bankruptcy filing
before the Registration Statement is declared effective. In the event that
either (i) Ladenburg Thalmann, LT or LCM is the subject of a bankruptcy filing
within 90 days following the cash payment of $___pursuant to paragraph 1
above (a “Bankruptcy Filing”), or (ii) the Registration Statement is not
declared effective by the Securities Exchange Commission within 150 days after
this Agreement and General Release is fully executed, ___may elect to
reopen the Claim provided that ___returns to LCM and Ladenburg Thalmann
Financial the consideration paid to him pursuant to paragraph 1 above, in which
case no claims shall be released and ___may pursue all his remedies
against any and all respondents named in the Statement of Claim. In the event
___fails to return the consideration paid to him pursuant to paragraph 1
above within (i) 30 days after a Bankruptcy Filing or (ii) 180 days after this
Agreement and General Release is fully executed in the event the Registration
Statement has not been declared effective by the Securities and Exchange
Commission within 150 days, ___shall have waived any right to reopen the
Claim, and the Release Effective Date shall be the earlier of (y) the 31st day
after a Bankruptcy Filing, or (z), in the event the Registration Statement has
not been declared effective by the Securities and Exchange Commission, the
181st day after this Agreement and General Release is fully executed. Nothing
contained herein, nor any waiver of any rights to reopen the Claim, shall
operate to bar or diminish
___rights to seek payments or establish claims in bankruptcy
proceedings that are deemed consistent with the terms of this agreement.

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          4. ___shall execute a stipulation of dismissal in the form annexed
hereto as Exhibit A at the same time as this Agreement and General Release.
This stipulation of dismissal will be held in escrow by attorneys for
LCM, _____________, and may be filed with the NASD on or after the Release
Effective Date

          5. LCM and LT acknowledge that they have provided written statements
reflecting their financial conditions to ___and that ___has
reasonably relied on these statements in agreeing to this settlement.

          6.
___, and his attorneys, ____________________ and
______________,
acknowledge that (i) they are acquiring the shares of stock in Ladenburg
Thalmann Financial for their own account, for investment, and not with a view
towards the distribution thereof, (ii) they have such knowledge and experience
in financial and business matters that they are capable of evaluating the
merits and risks of the investment in the shares, (iii) they have received
copies of Ladenburg Thalmann Financial’s reports and documents that it has
filed with the Securities and Exchange Commission pursuant to the Securities
Exchange Act of 1934, as amended, including Ladenburg Thalmann Financial’s
Annual Report on Form 10-K for the fiscal year ended December 31, 2003, and all
reports issued by Ladenburg Thalmann Financial to its stockholders within the
last 24 months, (iv) they have had both the opportunity to ask questions and
receive answers from the officers and directors of Ladenburg Thalmann Financial
and all persons acting on its behalf concerning the terms and conditions of the
offer made hereunder and to obtain any additional information to the extent
Ladenburg Thalmann Financial possesses or may possess such information or can
acquire it without unreasonable effort or expense necessary to verify the
accuracy of the information obtained pursuant to clause (iii) above, (v) the
shares constitute “restricted securities,” as that term is defined in Rule 144
promulgated under the

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Securities Act of 1933, as amended (“Securities Act”), (vi) the shares
have not been registered under the Securities Act or any state securities laws
and that they may not make any disposition of such shares unless they are so
registered under the Securities Act or an applicable exemption is available
from such registration requirements and (vii) they have carefully read this
Agreement and have discussed its implications and requirements and other
applicable restrictions upon the sale, transfer or other disposition of the
shares, to the extent they have felt necessary, with their legal counsel and
other advisors.

          7. Ladenburg Thalmann Financial agrees that it will file a registration
statement (the “Registration Statement”) covering the Ladenburg Thalmann
Financial stock to be delivered to ___or his designee for his account or
benefit and his attorneys with the Securities and Exchange Commission within 30
days after this Agreement and General Release is fully executed, and will take
all commercially reasonable steps to expedite the registration of the stock.

          8. The Parties agree that, for a period of 12 months from the date of this
Agreement, they will not discuss or disclose nor authorize or suggest that
their representatives, agents or attorneys, discuss or disclose, directly or
indirectly, orally or in writing, voluntarily or in response to inquiry by any
entity or person, the terms of the settlement stated herein; provided, however,
that if any Party receives (i) a valid subpoena, or (ii) compulsory process
from any court, law enforcement agency or regulatory body seeking any materials
or information relating in any way to the Claim (the “Disclosing Party”), the
Disclosing Party must give notice by telecopy, within 2 days after receiving
such subpoena, to the other Parties hereto in order to enable any of them to
object to such disclosure before it is made, and, if no such objection is made
or the objection is overruled and disclosure is nevertheless required, the
Disclosing Party may make the required disclosure, but not on a date before the
deadline for such disclosure. This provision does not preclude any disclosures
required to be made as a result of Ladenburg Thalmann Financial’s status as a
public company, including, but not limited to, disclosures

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contained in filings made by Ladenburg Thalmann Financial to the
Securities and Exchange Commission, or to the NASD’s Central Registration
Depository on a Form U-4 or otherwise. This provision does not preclude
___from discussing or disclosing the settlement with his accountant, tax
advisor, and/or attorneys. This provision should not be construed to preclude
any Party from responding to any inquiry, or providing testimony, about the
settlement or underlying facts and circumstances by, or before, any law
enforcement, regulatory or self-regulatory organization, including, but not
limited to, the Securities and Exchange Commission or the National Association
of Securities Dealers.

          9. This Agreement and General Release may be executed in counterparts,
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

          10. This Agreement and General Release constitutes the Parties’ entire
agreement with regard to the subject matter contained herein. This Agreement
and General Release may not be changed orally; it may be amended or modified
only by a written instrument executed by all Parties.

          11. ___has been represented by the following attorneys in connection
with the Claim and this Agreement and General Release: __________ of
__________  and __________  of __________ . __________
enters into this Agreement and General Release voluntarily, knowingly, and
after having discussed it with his attorneys.

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     IN WITNESS WHEREOF, the Parties cause this Agreement and General Release
to be signed and entered into on the date first set forth above.

	 	 	 	 	 	 	 	 	 
	STATE OF

	 	 	)

)	 	 	 
ss.:
	 	

	COUNTY OF __________________

	 	 	)	 	 	 	 	 

     On this ___day of ___2004, before me personally came ___, and
known to me to be the individual described in and who executed the foregoing
Agreement and General Release and duly acknowledged to me that he executed the
same on his own behalf and with actual authority of the named trust.

	 	 	 
	

	 	

Notary Public
	 
	 	 
	

	 	LADENBURG CAPITAL MANAGEMENT INC.
	 
	 	 
	

	 	

	 
	 	 
	

	 	LADENBURG THALMANN FINANCIAL SERVICES, INC.
	 
	 	 
	

	 	

	 
	 	 
	AGREED TO PARAGRAPH 5:
	 	 
	 
	 	 
	

	 	 
	 
	 	 
	

	 	

	 
	 	 
	AGREED TO PARAGRAPH 5:
	 	 
	 
	 	 
	

	 	 
	 
	 	 
	

	 	

7EX-10.65 Revolving Credit Agreement

 

Exhibit 10.65

CINGULAR WIRELESS LLC

Exhibits —  Revolving Credit Agreement by and among BellSouth Corporation, SBC Communications, Inc. and Cingular Wireless dated as of August 1, 2004

      

      

REVOLVING CREDIT AGREEMENT

BY AND AMONG

BELLSOUTH CORPORATION,

SBC COMMUNICATIONS INC.

AND

CINGULAR WIRELESS LLC

DATED AS OF AUGUST 1, 2004

 

 

CINGULAR WIRELESS LLC

Exhibits —  Revolving Credit Agreement by and among BellSouth Corporation, SBC Communications, Inc. and Cingular Wireless dated as of August 1, 2004

REVOLVING CREDIT AGREEMENT

     This Revolving Credit Agreement (the “Agreement”), dated as of the 1st day
of August 2004, by and among BellSouth Corporation, a Georgia corporation
(“BellSouth”), SBC Communications Inc., a Delaware corporation (“SBC,” and
along with BellSouth, each a “Lender” and, collectively, the “Lenders”) and
Cingular Wireless LLC, a Delaware limited liability company (“Cingular”).

ARTICLE I

GENERAL PROVISIONS

     Section 1.01. Definitions. For the purposes of this Agreement, the
following terms shall have the meanings specified or referred to in this
Section 1.01:

     “Agreement” shall have the meaning set forth in the Preamble to this
Agreement.

     “Available Cash” means, for any Business Day, the result, rounded down to
the nearest $1,000,000, of (a) the amount of cash of Cingular and its direct
and indirect wholly owned Subsidiaries held in banks and available for
withdrawal by Cingular, less (b) Cingular’s good faith estimate of the amount,
if any, of cash required for expenditures expected to occur later during the
same Business Day.

     “Average Monthly LIBOR Rate” shall mean, for any calendar month, the
average 30-day LIBOR rate as reported by Bloomberg or another generally
available reporting service jointly selected by the Lenders.

     “BellSouth” shall have the meaning set forth in the Preamble to this
Agreement.

     “Business Day” means any day other than a Saturday, Sunday or any other
day on which banking institutions in both the State of Georgia and the State of
Texas are authorized or obligated by law or executive order to close.

     “Cingular” shall have the meaning set forth in the Preamble to this
Agreement.

     “Cingular Advance” shall have the meaning set forth in Section 2.04.

     “Cingular Advance Interest Rate” means, for any day, a rate equal to the
Average Monthly LIBOR Rate for the calendar month during which such day occurs.

     “Cingular Bank Account” means the United States bank account listed in
Exhibit B

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CINGULAR WIRELESS LLC

Exhibits —  Revolving Credit Agreement by and among BellSouth Corporation, SBC Communications, Inc. and Cingular Wireless dated as of August 1, 2004

hereto, or such other bank account as the Designated Financial Officer of
Cingular shall specify by written notice to each of the Lenders.

     “Cingular Business Plan” means, with respect to any fiscal year, the most
recent detailed annual plan and projections for such fiscal year that has been
approved from time to time by the Strategic Review Committee.

     “Daily Notification” shall have the meaning set forth in Section 2.02.

     “Designated Financial Officer” means, with respect to each of Cingular,
BellSouth and SBC, the person or persons designated in Section 4.02 to receive
notices on behalf of such party, or such other person as the party may
designate by written notice to each of the other parties.

     “Dollars” or “$” means lawful currency of the United States of America.

     “Effective Date” means the date of this Agreement.

     “Interest Rate” means, for any day, a rate equal to the Average Monthly
LIBOR Rate for the calendar month during which such day occurs plus 0.05%.

     “Lender” and “Lenders” shall have the meanings set forth in the Preamble
to this Agreement.

     “Lender Bank Account,” with respect to each Lender, means the United
States bank account listed in Exhibit B hereto, or such other bank account as
the Designated Financial Officer of such Lender shall specify by written notice
to Cingular.

     “Manager” means Cingular Wireless Corporation, a Delaware corporation.

     “Percentage Interests” shall mean with respect to each Lender, the
percentage of the outstanding common shares of Manager assuming full conversion
by each Lender and its Subsidiaries of all units owned in Cingular (currently,
60%/40% for SBC and BellSouth, respectively).

     “Person” means an individual, corporation, partnership, limited liability
company, trust or unincorporated organization, or a government or any agency or
political subdivision thereof.

     “Relative Debt Percentage Interest” means, as of any date, with respect to
each Lender, the ratio of the amount outstanding under the Revolving Loans owed
to such Lender by Cingular to the amount outstanding under the Revolving Loans
owed to both Lenders by Cingular.

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CINGULAR WIRELESS LLC

Exhibits —  Revolving Credit Agreement by and among BellSouth Corporation, SBC Communications, Inc. and Cingular Wireless dated as of August 1, 2004

     “Revolving Loans” shall have the meaning set forth in Section 2.02(b).

     “SBC” shall have the meaning set forth in the Preamble to this Agreement.

     “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder.

     “Shareholder Loans” means indebtedness of Cingular to SBC, BellSouth, or
any of their respective Subsidiaries pursuant to the Amended, Restated and
Consolidated Subordinated Promissory Notes, dated July 1, 2003, issued by
Cingular in favor of SBC, BellSouth and Cellular Credit Corporation, a wholly
owned Subsidiary of BellSouth, and all interest and penalties thereunder.

     “Significant Subsidiary” means, with respect to any Person, any
“significant subsidiary,” within the meaning of Regulation S-X promulgated
under the Securities Act of such Person.

     “Stockholders’ Agreement” means the Stockholders’ Agreement by and among
SBC, BellSouth and Manager, dated as of October 2, 2000, as amended.

     “Strategic Review Committee” shall have the meaning ascribed to such term
in the certificate of incorporation of Manager.

     “Subsidiary” means, with respect to any Person, any “subsidiary” within
the meaning of Regulation S-X promulgated under the Securities Act, of such
Person.

     “Termination Date” means July 31, 2005 or such later date to which the
Termination Date has been extended pursuant to Section 4.01, or if such date is
not a Business Day, the next Business Day or such other date determined in
accordance with Section 4.01.

     Section 1.02. Interpretation of Definitions. All definitions in the
singular shall, unless the context specifies otherwise, include and mean the
plural, and all references to the masculine gender shall include the feminine,
and vice versa.

ARTICLE II

FORECASTS; REVOLVING LOANS

     Section 2.01. Forecasts.

     (a) On the first Business Day of November of each fiscal year Cingular
shall deliver to each of the Lenders a reasonably detailed forecast of
Cingular’s estimated monthly and annual cash flow, including a capital spending
plan, for the following fiscal year. The forecast for the

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CINGULAR WIRELESS LLC

Exhibits —  Revolving Credit Agreement by and among BellSouth Corporation, SBC Communications, Inc. and Cingular Wireless dated as of August 1, 2004

remainder of the fiscal year 2004 is attached hereto as Exhibit A.

     (b) Within 30 days of the end of each calendar quarter, Cingular shall
deliver to each of the Lenders a forecast of its sources and uses of cash for
each calendar quarter for the remainder of such calendar year.

     (c) On each Business Day, Cingular shall deliver to each of the Lenders a
forecast of its anticipated cash requirements for each Business Day during the
following two calendar weeks (the “Daily Forecast”).

     Section 2.02. Daily Notification. Not later than 11:15 a.m. (Eastern
Time) on each Business Day, the Designated Financial Officer of Cingular shall
send an e-mail to the Designated Financial Officer of each Lender (the “Daily
Notification”) setting forth for such Business Day:

     (a) the amount of Available Cash, if any; and

     (b) if there is no Available Cash, the amount of cash, if any, (i) to be
repaid from Cingular Advances made to the Lenders, or (ii) if no Cingular
Advances are outstanding, then to be borrowed hereunder from each Lender, which
amount for each Lender shall be the product of (i) the aggregate amount to be
borrowed as reflected in the Daily Notification and (ii) that Lender’s
Percentage Interest (the “Revolving Loans”).

     Section 2.03. The Revolving Loans.

     (a) Subject to the terms of this Agreement, each Lender, individually and
not jointly with the other Lender, agrees to make available to Cingular, on a
revolving basis, the Revolving Loans with respect to it as set forth in each
Daily Notification. Cash advanced on any day under the Revolving Loans shall
be made in Dollars and shall be delivered severally by the Lenders by wire
transfer of immediately available funds to the Cingular Bank Account on such
day. The outstanding principal amount advanced under all Revolving Loans shall
bear interest at the Interest Rate which shall accrue from day to day from the
date such advance is made up to but not including the date on which such
Revolving Loan is repaid. Interest shall be calculated on the basis of such
actual number of days elapsed over 360 and shall be determined with respect to
each calendar month at the end of such month.

     (b) Notwithstanding the foregoing, in no event shall a Lender be required
to advance funds to Cingular (i) if the Revolving Loan proceeds are to be used
for expenditures that are not set forth in or contemplated by the Cingular
Business Plan (or, in the event the Cingular Business Plan has not yet been
approved, the requested funds are to be used for expenditures outside the
normal course of business as determined by the Designated Financial Officers of
SBC and

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CINGULAR WIRELESS LLC

Exhibits —  Revolving Credit Agreement by and among BellSouth Corporation, SBC Communications, Inc. and Cingular Wireless dated as of August 1, 2004

BellSouth) or otherwise approved by the Strategic Review Committee; (ii)
after the Termination Date, (iii) if the advance would give rise to an Event of
Default under Article III (iv); (iv) after the occurrence of an Event of
Default under Article III(v) or (vi); or (v) if the amount requested in the
Daily Notifications is in excess of $250,000,000 and such amount has not been
set forth in the Daily Forecast on each of the five Business Days prior to the
request.

     Section 2.04. Application of Available Cash. In the event that, on any
Business Day, Available Cash is in excess of $5,000,000, such Available Cash
shall be applied as follows: (i) first, to the repayment of any principal
amount outstanding under the Revolving Loans in proportion to the Lender’s
Relative Debt Percentage Interests and (ii) second, as loans to each of the
Lenders, in each case in proportion to their Percentage Interests (a “Cingular
Advance”). The outstanding principal amount of each Cingular Advance shall
bear interest at the Cingular Advance Interest Rate which shall accrue from day
to day from the date such Cingular Advance is made up to but not including the
date on which such Cingular Advance is repaid. Interest shall be calculated on
the basis of such actual number of days elapsed over 360 and shall be
determined with respect to each calendar month at the end of such month. Any
payments due to the Lenders pursuant to this Section 2.04 shall be made in
Dollars and delivered by wire transfer of immediately available funds to the
Lenders’ respective Lender Bank Accounts promptly after receipt of such Daily
Notification identifying such Available Cash.

     Section 2.05 Repayment and Application of Cingular Advances.

     (a) On the first Business Day of each calendar month, if the aggregate
principal amount of the Cingular Advances outstanding is in excess of
$5,000,000, each of the Lenders shall repay its Cingular Advances by wire
transfer of immediately available funds to the Cingular Bank Account. Accrued
interest on any principal amounts outstanding under the Revolving Loan of such
Lender and the Cingular Advances made to such Lender during any month shall be
netted against each other on the first Business Day of each calendar month.
After giving effect to such netting, (i) in the event that Cingular owes any
Lender accrued interest on the Revolving Loans from such Lender, such accrued
interest shall be added, as of the first Business Day of such calendar month,
to the aggregate outstanding principal amount of the Revolving Loans from such
Lender, and (ii) in the event that such Lender owes Cingular accrued interest
on the Cingular Advances, such accrued interest shall, on such date, be paid by
such Lender, individually and not jointly, to Cingular together with any
repayment of principal or, if no such amounts are payable to Cingular pursuant
to Section 2.05(a), such accrued interest shall be added, as of the first
Business Day of such calendar month, to the aggregate amount of the Cingular
Advances owed by such Lender to Cingular.

     (b) Cingular shall apply the amount received in respect of the Cingular
Advances as follows:

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CINGULAR WIRELESS LLC

Exhibits —  Revolving Credit Agreement by and among BellSouth Corporation, SBC Communications, Inc. and Cingular Wireless dated as of August 1, 2004

	 	(i)	 	first, to repay the principal amount outstanding
under the Revolving Loans, if any, in proportion to the
Lenders’ Relative Debt Percentage Interests;
	 
	 	(ii)	 	second, to repay the outstanding principal amount
of the Shareholder Loans in proportion to the Lenders’
Percentage Interests; and
	 
	 	(iii)	 	third, as a distribution on a pro rata basis to
the members of Cingular, from time to time.

     Each of the Lenders hereby waive, and will cause each of their respective
Subsidiaries that are parties to the Shareholder Loans to waive, any
requirement that notice of such repayment of the Shareholder Loans be given.
Any repayments made under clause (ii) above shall be applied to the particular
Shareholder Loan of a Lender (or its Subsidiary) as the Designated Financial
Officer of such Lender shall direct in writing to Cingular in advance.
Cingular shall take all actions necessary to approve and effect the
distributions set forth above in a tax efficient manner.

     Section 2.06. Recordkeeping. Each Lender agrees to maintain a record of
the aggregate principal amount outstanding, together with accrued interest,
under such Lender’s Revolving Loan and the aggregate principal amount
outstanding, together with accrued interest, of any Cingular Advance received
by such Lender hereunder and shall provide a copy of such record to Cingular
upon the reasonable request of Cingular in writing to such Lender; provided,
however, that failure of a Lender to provide a copy of such record shall in no
way affect its rights or Cingular’s obligations hereunder. The entries in such
record of a Lender shall be binding and conclusive upon Cingular absent
manifest error.

ARTICLE III

EVENTS OF DEFAULT

     Each of the following events shall constitute an “Event of Default”:

	 	(i)	 	the failure of Cingular to pay any principal amount
outstanding under any Revolving Loan when and as the same shall have
become due and payable and such failure shall continue unremedied
for a period of 5 days;
	 
	 	(ii)	 	the failure of Cingular to pay any interest or other amount
on any Revolving Loan when and as the same shall have become due and
payable and such failure shall continue unremedied for a period of
10 days;
	 
	 	(iii)	 	the failure of Cingular in any way to comply with or breach
of any other covenant contained in this Agreement and such failure,
or breach, as the case

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CINGULAR WIRELESS LLC

Exhibits —  Revolving Credit Agreement by and among BellSouth Corporation, SBC Communications, Inc. and Cingular Wireless dated as of August 1, 2004

	 	 	 	may be, shall continue unremedied in any material respect for a
period of 30 days following notice to Cingular by either Lender
of such failure or breach;
	 
	 	(iv)	 	any default by Cingular under any bond, debenture, note,
mortgage, indenture or instrument under which there may be issued or
by which there may be secured or evidenced any indebtedness for
money borrowed by Cingular (or by any Subsidiary of Cingular, the
repayment of which Cingular has guaranteed or for which Cingular is
directly responsible or liable as obligor or guarantor), having a
principal amount outstanding in excess of $100,000,000 (other than
indebtedness which is non-recourse to Cingular or its Subsidiaries)
under the terms of the instrument under which the indebtedness is
issued or secured, whether such indebtedness now exists or shall
hereafter be created, which default shall have resulted in such
indebtedness being declared due and payable prior to the date on
which it would otherwise have become due and payable, without such
indebtedness having been discharged, or such acceleration having
been rescinded or annulled, or there being deposited with an
unaffiliated depository, in trust, money in the necessary amount to
discharge such indebtedness;
	 
	 	(v)	 	Cingular or any Significant Subsidiary of Cingular shall (a)
commence a voluntary case under the Bankruptcy Code of 1978, as
amended or other federal bankruptcy law (as now or hereafter in
effect); (b) file a petition seeking to take advantage of any other
laws, domestic or foreign, relating to bankruptcy, insolvency,
reorganization, winding up or composition for adjustment of debts;
(c) consent to or fail to contest in a timely and appropriate manner
any petition filed against it in an involuntary case under such
bankruptcy laws or other laws; (d) apply for or consent to, or fail
to contest in a timely and appropriate manner, the appointment of,
or the taking of possession by, a receiver, custodian, trustee, or
liquidator of itself or of a substantial part of its property,
domestic or foreign; (e) be unable to, or admit in writing its
inability to, pay its debts as they become due; or (f) make a
general assignment for the benefit of creditors; or (g) make a
conveyance fraudulent as to creditors under any state or federal
law; or
	 
	 	(vi)	 	the commencement of a case or other proceeding against
Cingular or any Significant Subsidiary of Cingular in any court of
competent jurisdiction seeking (a) relief under the Bankruptcy Code
of 1978, as amended or other federal bankruptcy law (as now or
hereafter in effect) or under any other laws, domestic or foreign,
relating to bankruptcy, insolvency, reorganization, winding up or
adjustment of debts or (b) the appointment of a trustee, receiver,
custodian, liquidator or the like for Cingular or such Significant
Subsidiary,

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CINGULAR WIRELESS LLC

Exhibits —  Revolving Credit Agreement by and among BellSouth Corporation, SBC Communications, Inc. and Cingular Wireless dated as of August 1, 2004

	 	 	 	and such involuntary case or proceeding shall remain undismissed
and unstayed for a period of 60 days.

ARTICLE IV

MISCELLANEOUS

     Section 4.01. Termination of the Agreement.

     (a) On or prior to any Termination Date then in effect, the Lenders acting
jointly may extend the term of this Agreement for a period of 364 days measured
from such Termination Date (in which case, subject to the terms and conditions
of this Agreement, the Termination Date shall instead be the last day of such
364-day period). Notwithstanding anything herein to the contrary, a
Termination Date shall occur (i) upon 90 days written notice by one or both
Lenders upon an Event of Default (other than an Event of Default described in
clauses (v) or (vi) of Article III) or (ii) by both Lenders at any time.
Within 90 days after the Termination Date, all outstanding principal amounts
under the Revolving Loans, together with all accrued interest thereon and all
such other amounts then owing by Cingular to the Lenders hereunder, shall be
paid in full by Cingular and all outstanding principal amounts under the
Cingular Advances, together with all accrued interest thereon and all such
other amounts then owing by Lenders to Cingular hereunder, shall be paid in
full by the Lenders. If any principal or interest owing to any Lender under
the Revolving Loans is not paid when due, such overdue amount shall be bear
interest for each day until paid at a rate per annum equal to the Interest Rate
plus 2%. In no event shall the amount of interest due or payable under this
Agreement exceed the maximum rate of interest allowed by applicable law and, in
the event any such payment is inadvertently paid by Cingular or inadvertently
received by any Lender, then such excess sum shall be applied in accordance
with Section 2.05(a)(ii) (to the extent allowed by applicable law). It is the
express intent of the parties hereto that Cingular not pay and no Lender or any
of its Subsidiaries receive, directly or indirectly, in any manner whatsoever,
interest in excess of that which may be lawfully paid by Cingular under
applicable law.

     (b) Upon the occurrence of an Event of Default described in clause (v) or
(vi), the obligation of each Lender to advance funds hereunder shall
automatically terminate and the principal amount then outstanding under the
Revolving Loans, together with all accrued interest thereon, and any other
amounts owing to each of the Lenders hereunder shall immediately become due and
payable, without demand or notice of any kind, the requirements of which are
hereby expressly waived by Cingular.

     Section 4.02. Notices. Any notice to be given hereunder shall be in
writing, shall be sent to the address (including email address) of the relevant
party as identified in this Section 4.02 or as otherwise specified by such
party from time to time in a notice to each of the other

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CINGULAR WIRELESS LLC

Exhibits —  Revolving Credit Agreement by and among BellSouth Corporation, SBC Communications, Inc. and Cingular Wireless dated as of August 1, 2004

parties hereto, and shall be deemed given (i) on the earlier of the date
of receipt or the date three Business Days after deposit of such notice in the
United States mail, if sent postage prepaid, certified mail, return receipt
requested or (ii) when actually received, if personally delivered, delivered by
email or delivered by any other manner.

	 	 	 
	BellSouth:

	 	BellSouth Corporation
	

	 	1155 Peachtree Street NE
	

	 	Suite 14E04
	

	 	Atlanta, GA 30309
	

	 	Attn: Keith Cornelius
	

	 	Email: keith.cornelius@bellsouth.com
	 
	SBC:

	 	SBC Communications Inc.
	

	 	175 East Houston
	

	 	Room No. 7G10
	

	 	San Antonio, TX 78205
	

	 	Attn:Dan James
	

	 	Email:DJ1402@txmail.sbc.com
	 
	Cingular:

	 	Cingular Wireless LLC
	

	 	5565 Glenridge Connector
	

	 	Suite 1816
	

	 	Atlanta, GA 30342
	

	 	Attn: Sean Foley
	

	 	Email sean.foley@cingular.com

     Section 4.03. Agreement Binding; Assignment. This Agreement and the
rights, duties and obligations of the parties hereunder (including all rights
with respect to the Revolving Loans) and thereunder shall bind and inure to the
benefit of the parties hereto and their respective successors and assigns and
shall not be transferable or assignable without the prior written consent of
each of the Lenders; provided, that each Lender may transfer or assign all or
part of its rights or obligations hereunder to any wholly-owned Subsidiary of
such Lender without the prior written consent of the other Lenders; provided,
further that no such transfer or assignment shall be effective until such
Lender delivers to the other parties hereto a written undertaking in form and
substance reasonably satisfactory to the other parties pursuant to which such
Lender guarantees the performance of the obligations hereunder by such
Subsidiary.

     Section 4.04. Waivers; Remedies Cumulative. No delay or omission to
exercise any right, power or remedy accruing to any Lender under this Agreement
shall impair any such right,

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CINGULAR WIRELESS LLC

Exhibits —  Revolving Credit Agreement by and among BellSouth Corporation, SBC Communications, Inc. and Cingular Wireless dated as of August 1, 2004

power or remedy of such Lender, nor shall it be construed to be a waiver
of any such right, power or remedy. Any waiver, permit, consent or approval of
any kind or character on the part of a Lender of any breach or default under
this Agreement, or any waiver on the part of a Lender of any provisions or
condition of this Agreement, must be in writing and shall be effective only to
the extent specifically set forth in such writing. All remedies under this
Agreement or by law or otherwise afforded to a Lender, shall be cumulative and
not alternate. No waiver, consent or approval given by either Lender in favor
of Cingular shall be effective unless also given by the other Lender.

     Section 4.05. Governing Law. This Agreement and any other instrument or
agreement required hereunder shall be governed by, and construed under, the
laws of the State of Delaware without regard to principles of conflicts of law.

     Section 4.06. Amendments. This Agreement may not be amended, supplemented
or modified except by a written instrument, signed by the party or parties
affected or to be affected thereby.

     Section 4.07. Expenses. Cingular shall pay all expenses incurred by the
Lenders in the collection of amounts payable under this Agreement that are not
paid when due, including, without limitation, the reasonable fees and
disbursements of counsel to the Lenders. Cingular shall not be required to pay
the expenses of collection of a Lender when the inability of Cingular to pay
such amounts was due to the fault of that Lender in not complying with this
Agreement.

     Section 4.08. Shareholder Loans. The parties agree that to the extent any
of the terms and provisions of this Agreement conflict or are inconsistent with
any of the terms and provisions of the Shareholder Loans, such terms and
provisions of this Agreement shall supercede the conflicting terms and
provisions of the Shareholder Loans. Subject to the foregoing, the Shareholder
Loans shall remain in full force and effect in accordance with their respective
terms and provisions.

     Section 4.09. Obligations of the Lenders Several. The obligations of the
Lenders pursuant to this Agreement are several. Failure of any Lender to carry
out those obligations does not relieve any other Lender of its obligations
hereunder.

     Section 4.10. Counterparts. This Agreement may be executed in as many
counterparts as may be deemed necessary or convenient, all of which, when so
executed, shall be deemed an original, but all such counterparts shall
constitute but one and the same instrument.

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CINGULAR WIRELESS LLC

Exhibits —  Revolving Credit Agreement by and among BellSouth Corporation, SBC Communications, Inc. and Cingular Wireless dated as of August 1, 2004

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement by
their duly authorized officers, as of the date first above written.

BELLSOUTH CORPORATION

	 	 	 	 
	By:

	 	/s/ Lynn Wentworth
	

	 	
 
	Name:

	 	Lynn Wentworth
	Title:

	 	Vice President and Treasurer

SBC COMMUNICATIONS, INC.

	 	 	 	 
	By:

	 	/s/ Jonathan P. Klug
	

	 	
 
	Name:

	 	Jonathan P. Klug
	Title:

	 	Vice President and Treasurer

CINGULAR WIRELESS LLC

By: Cingular Wireless Corporation, its sole manager

	 	 	 	 
	By:

	 	/s/ Sean Foley
	

	 	
 
	Name:

	 	Sean Foley
	Title:

	 	Vice President and Treasurer

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