Document:

ex10-7_288089.htm

EXHIBIT 10.7

 

REVOLVING LOAN NOTE

 

THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW.  TRANSFERS OF THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MUST BE RECORDED IN THE REVOLVING LOAN REGISTER MAINTAINED BY THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT.

 

	$1,213,872.83	 	 	
Boston, Massachusetts

	 	 	 	
May 23, 2012

FOR VALUE RECEIVED, the undersigned, Global Telecom & Technology, Inc., a Delaware corporation (“GTTI”), Global Telecom & Technology Americas, Inc., a Virginia corporation (“GTTA”), Packetexchange (USA), Inc., a Delaware corporation (“PEUSA”), Packetexchange, Inc., a Delaware corporation (“PEINC”), WBS Connect LLC,  a Colorado limited liability company (“WBS”), nLayer Communications, Inc., an Illinois corporation (“NLAYER”) (GTTI, GTTA, PEUSA, PEINC, WBS and NLAYER are hereinafter referred to, individually, as a “Borrower” and collectively, jointly and severally, as the “Borrowers”), each hereby, jointly and severally, unconditionally promise to pay to WEBSTER BANK (the “Lender”) or its registered assigns at the Funding Office specified in the Credit Agreement (as hereinafter defined) in Dollars and in immediately available funds, on the Revolving Termination Date the principal amount of (a) ONE MILLION TWO HUNDRED THIRTEEN THOUSAND EIGHT HUNDRED SEVENTY-TWO DOLLARS AND EIGHTY-THREE CENTS ($1,213,872.83), or, if less, (b) the aggregate unpaid principal amount of all Revolving Loans made by the Lender to the Borrowers pursuant to Section 2.5 of the Credit Agreement.  Each Borrower further agrees to pay interest in like money at such office on the unpaid principal amount hereof from time to time outstanding at the rates and on the dates specified in the Credit Agreement.

 

The holder of this Note is authorized to indorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof the date and amount of each Revolving Loan made pursuant to the Credit Agreement and the date and amount of each payment or prepayment of principal thereof.  Each such indorsement shall constitute prima facie evidence of the accuracy of the information indorsed. The failure to make any such indorsement or any error in any such indorsement shall not affect the obligations of any Borrower in respect of any Revolving Loan.

 

This Note (a) is one of the Revolving Loan Notes referred to in the Credit Agreement, dated as of May 23, 2012, among the Borrowers, the Guarantors party thereto, the Lenders party thereto, and Silicon Valley Bank, as Administrative Agent, Issuing Lender and Swingline Lender (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), (b) is subject to the provisions of the Credit Agreement and (c) is subject to optional and mandatory prepayment in whole or in part as provided in the Credit Agreement.  This Note is secured and guaranteed as provided in the Loan Documents.  Reference is hereby made to the Loan Documents for a description of the properties and assets in which a security interest has been granted, the nature and extent of the security and the guarantees, the terms and conditions upon which the security interests and each guarantee were granted and the rights of the holder of this Note in respect thereof.

 

Upon the occurrence and during the continuance of any one or more of the Events of Default, all principal and all accrued interest then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable, all as provided in the Credit Agreement.

 

 

  

  

  

All parties now and hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, indorser or otherwise, hereby waive presentment, demand, protest and all other notices of any kind.

 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND IN ACCORDANCE WITH THE REGISTRATION AND OTHER PROVISIONS OF SECTION 10.6 OF THE CREDIT AGREEMENT.

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

 

[SIGNATURE PAGES FOLLOW]

 

 

  

  

  

 

GLOBAL TELECOM & TECHNOLOGY, INC., as a Borrower

By  /s/ Richard D. Calder, Jr.                                                                                       

Name: Richard D. Calder, Jr.

Title:   President and Chief Executive Officer

GLOBAL TELECOM & TECHNOLOGY AMERICAS, INC., as a Borrower

By  /s/ Richard D. Calder, Jr.                                                                                       

Name: Richard D. Calder, Jr.

Title:   President and Chief Executive Officer

WBS CONNECT LLC, as a Borrower

By  /s/ Richard D. Calder, Jr.                                                                                       

Name: Richard D. Calder, Jr.

Title:   President and Chief Executive Officer

PACKETEXCHANGE, INC., as a Borrower

By  /s/ Richard D. Calder, Jr.                                                                                       

Name: Richard D. Calder, Jr.

Title:   President and Chief Executive Officer

PACKETEXCHANGE (USA), INC., as a Borrower

By  /s/ Richard D. Calder, Jr.                                                                                       

Name: Richard D. Calder, Jr.

Title:   President and Chief Executive Officer

NLAYER COMMUNICATIONS, INC., as a Borrower

By  /s/ Richard D. Calder, Jr.                                                                                       

Name: Richard D. Calder, Jr.

Title:   President and Chief Executive Officer

 

Signature Page to Webster Revolving Loan Note

  

  

  

Schedule A

to Revolving Loan Note

 

LOANS, CONVERSIONS AND REPAYMENTS OF ABR LOANS

 

	
 

 

Date

	
 

 

Amount of ABR Loans

	
Amount

Converted to

ABR Loans

	
 

Amount of Principal of ABR Loans Repaid

	
Amount of ABR Loans

Converted to

Eurodollar Loans

	
Unpaid Principal Balance of

ABR Loans

	
 

Notation Made By

	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  
	  	  	  	  	  	  	  

 

  

  

  

Schedule B

to Revolving Loan Note

 

LOANS, CONTINUATIONS, CONVERSIONS AND REPAYMENTS OF EURODOLLAR LOANS

 

	
 

 

Date

	
 

Amount of Eurodollar

Loans

	
 

Amount Converted to

Eurodollar Loans

	
Interest Period and

Eurodollar Rate with

Respect Thereto

	
 

Amount of Principal of

Eurodollar Loans Repaid

	
Amount of Eurodollar

Loans Converted to

ABR Loans

	
Unpaid Principal

Balance of Eurodollar

Loans

	
 

Notation

Made Byex10-8_288090.htm

EXHIBIT 10.8

 

 

FORM OF SWINGLINE LOAN NOTE

 

THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW.  TRANSFERS OF THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MUST BE RECORDED IN THE REVOLVING LOAN REGISTER MAINTAINED BY THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT.

 

	$1,000,000.00	 	 	
Boston, Massachusetts

	 	 	 	
[_____________]

FOR VALUE RECEIVED, the undersigned, Global Telecom & Technology, Inc., a Delaware corporation (“GTTI”), Global Telecom & Technology Americas, Inc., a Virginia corporation (“GTTA”), Packetexchange (USA), Inc., a Delaware corporation (“PEUSA”), Packetexchange, Inc., a Delaware corporation (“PEINC”), WBS Connect LLC,  a Colorado limited liability company (“WBS”), nLayer Communications, Inc., an Illinois corporation (“NLAYER”),  (GTTI, GTTA, PEUSA, PEINC, WBS and NLAYER are hereinafter referred to, individually, as a “Borrower” and collectively, jointly and severally, as the “Borrowers”), each hereby, jointly and severally, unconditionally promise to pay to Silicon Valley Bank (the “Lender”), or its registered assigns at the Funding Office specified in the Credit Agreement (as hereinafter defined) in Dollars and in immediately available funds, on or before April 30, 2016, the principal amount of (a) ONE MILLION DOLLARS ($1,000,000.00), or, if less, (b) the aggregate unpaid principal amount of all Swingline Loans made by the Lender to the Borrowers pursuant to Section 2.7 of the Credit Agreement.  Each Borrower further agrees to pay interest in like money at such office on the unpaid principal amount hereof from time to time outstanding at the rates and on the dates specified in the Credit Agreement.

 

The holder of this Note is authorized to indorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof the date and amount of each Swingline Loan made pursuant to the Credit Agreement and the date and amount of each payment or prepayment of principal thereof.  Each such indorsement shall constitute prima facie evidence of the accuracy of the information indorsed. The failure to make any such indorsement or any error in any such indorsement shall not affect the obligations of any Borrower in respect of any Swingline Loan.

 

This Note (a) is the Swingline Loan Note referred to in the Credit Agreement, dated as of May 23, 2012, among the Borrowers, the Guarantors party thereto, the Lenders party thereto, and Silicon Valley Bank, as Administrative Agent (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), (b) is subject to the provisions of the Credit Agreement and (c) is subject to optional and mandatory prepayment in whole or in part as provided in the Credit Agreement.  This Note is secured and guaranteed as provided in the Loan Documents.  Reference is hereby made to the Loan Documents for a description of the properties and assets in which a security interest has been granted, the nature and extent of the security and the guarantees, the terms and conditions upon which the security interests and each guarantee were granted and the rights of the holder of this Note in respect thereof.

 

Upon the occurrence and during the continuance of any one or more of the Events of Default, all principal and all accrued interest then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable, all as provided in the Credit Agreement.

 

  

  

  

All parties now and hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, indorser or otherwise, hereby waive presentment, demand, protest and all other notices of any kind.

 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND IN ACCORDANCE WITH THE REGISTRATION AND OTHER PROVISIONS OF SECTION 10.6 OF THE CREDIT AGREEMENT.

 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

 

[SIGNATURE PAGES FOLLOW]

 

  

  

  

 

GLOBAL TELECOM AND TECHNOLOGY, INC., as a Borrower

By:__________________________________

Name:

Title:

GLOBAL TELECOM & TECHNOLOGY AMERICAS, INC., as a Borrower

By:__________________________________

Name:

Title:

WBS CONNECT LLC, as a Borrower

By:__________________________________

Name:

Title:

PACKETEXCHANGE, INC., as a Borrower

By:__________________________________

Name:

Title:

PACKETEXCHANGE (USA), INC., as a Borrower

By:__________________________________

Name:

Title:

NLAYER COMMUNICATIONS, INC., as a Borrower

By:__________________________________

Name:

Title:

Signature Page to Swingline Loan Note

  

  

  

Schedule A

to Swingline Loan Note

 

LOANS AND REPAYMENTS

 

	
Date

	
Amount of Loans

	
Amount of Principal of ABR Loans Repaid

	
Unpaid Principal Balance of

ABR Loans

	
Notation Made By

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