Document:

Exhibit 10.4

 

Amendment No 3

 

To Credit Agreement NoTF-048/10 dated 16 July 2010 (the “Credit Agreement”)

 

	
Amsterdam
    	
13   July 2012
    

 

The undersigned:

 

Luxoft  USA, Inc., a company with limited liability incorporated under the laws of Delaware, having its registered office at 2711 Centerville road suite 400, Wilmington, DE 19808, County of New Castle, United States of America (the “Borrower”); and

 

AMSTERDAM  TRADE  BANK N.V., a public company with limited liability incorporated under the laws of  the  Netherlands, having its  registered office at  Herengracht 469  —  475,  1017  BS,  Amsterdam, the Netherlands (the “Bank”);

 

HAVE AGREED AS FOLLOWS:

 

I.                To make the following amendments to the Credit Agreement:

 

1.1..  Clause 5 is redrafted as follows:

 

“5. Termination Date: 16 July 2013.”

 

1.2. Clause 9.4 is redrafted as follows:

 

“9.4.  Content of the Invoice: The Borrower shall ensure that all Borrower’s Invoices and Invoices of Luxoft Eastern Europe Ltd. to an Account Debtor contain the following instruction: Please be advised that any payments due to us under Contract/Invoice No. _ dated _ should  be made exclusively to our account with Amsterdam Trade Bank N.V., Herengracht 469-475, I017 BS Amsterdam, The Netherlands

 

Account details the Borrower:

 

US-Dollars: account 9001.801081.001  of the Borrower through account 0440 1485 of Amsterdam Trade Bank N.V. (SWIFT  ATBANL2A) with Deutsche Bank Trust  Company Americas, New York, IBANNL76 ATBA 0801  0810 01;

 

EURO: IBAN NL47 ATBA 0270 0078 81 of the Borrower SWIFT ATBANL2A; GBP: IBAN NL22  ATBA 0801  0810  03 of the Borrower SWIFT ATBANL2A.

 

Account details Luxoft Eastern  Europe Ltd.:

 

US-Dollars: account 9001.801983.001 of Luxoft  Eastern Europe Ltd. through account 0440 1485 of Amsterdam Trade Bank N.V. (SWIFT ATBANL2A) with Deutsche Bank Trust Company Americas, New York, IBAN NL60 ATBA  0801  9830  01;

 

EURO: IBAN NL04  ATBA  0270  0060 36 of Luxoft Eastern Europe Ltd. SWIFT ATBANL2A, unless you are notified by Amsterdam Trade Bank N.V. that the payment shall be made directly to them or as they may advise.”

 

1.3. A new Clause 9.1 0. is added to Chapter 9 (Security and Covenants) as follows:

 

“9.1 0.  Tax gross-up: The Borrower shall make all payments to be made under this Credit Agreement without any tax deduction or withholding, unless a tax deduction is required by law. If a tax deduction is required by law to be made by the Borrower, the amount of the payment due from the Borrower shall be

 

 

increased to an amount which (after making any tax deduction) leaves an amount equal to the payment which would have been due if no tax deduction had been required.”

 

2.    All other terms and conditions of the Credit Agreement  remain in full force and effect.

3.    The present Amendment  forms an integral part of the Credit Agreement and shall have effect and be dated on the date stated at the beginning of the present Amendment.

4.    The present Amendment is made in duplicate.

 

	
FOR THE BANK
    	
 
    	
FOR THE BORROWER
    
	
 
    	
 
    	
 
    
	
AMSTERDAM TRADE BANK N.Y.
    	
 
    	
 
    
	
 
    	
 
    	
Luxoft USA, Inc..
    
	
Herengracht 469-475,
    	
 
    	
 
    
	
1017 BS, Amsterdam
    	
 
    	
 
    
	
The Netherlands
    	
 
    	
Centerville   Road, Suite 400,
    
	
By:
    	
/s/   J.H.F. Umbgrove
    	
 
    	
Wilmington,   DE 19808,
    
	
Name:
    	
 
    	
 
    	
County   of New Castle,
    
	
Title:
    	
 
    	
 
    	
United   States of America
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   E.Y. Vololehova
    	
 
    	
By:
    	
/s/   Glen Granovsky
    
	
Name:
    	
 
    	
 
    	
Name:
    	
 
    
	
Title:
    	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
AGREED and ACKNOWLEDGED
    	
 
    	
 
    
	
 
    	
 
    	
AGREED and ACKNOWLEDGED
    
	
GUARANTOR
    	
 
    	
GUARANTOR
    
	
Luxoft International Company Limited
    	
 
    	
lBS Group Holding Ltd
    
	
Themistokli   Dervi, 5, Elenion building,
    	
 
    	
 
    
	
2nd   Floor, 1066 Nicosia, Cyprus
    	
 
    	
Kissack Court, 29
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Iana Chrysastomov
    	
 
    	
Parliament Street
    
	
Name:
    	
 
    	
 
    	
 
    
	
Title:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Ramsey   Isle of Man IM8 IJA
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
/s/ Glen Granovsky
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
AGREED and ACKNOWLEDGED PLEDGOR
    	
 
    	
 
    
	
Luxoft Eastern    Europe Ltd.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
33,   Porter Road
    	
 
    	
 
    
	
P.O. Box3169,   PMB 103
    	
 
    	
 
    
	
Road   Town, Torto
    	
 
    	
 
    
	
British   Virgin Islands
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Ushiltean White
    	
 
    	
 
    
	
Name:
    	
 
    	
 
    	
 
    
	
Title:Exhibit 10.5

 

AGREEMENT No. 001/0496L/10

dated July 22, 2010

 

This Agreement is entered into by and between

 

IBS Group  Holding Limited, a company established and  registered under the laws of the Isle of  Man, located at: Kissack Court, 29 Parliament Street, Ramsey. Isle of Man, hereinafter referred to as Company 1, of the one part, and

 

Luxoft RM S.R.L.  established and registered under the laws of Romania, located at 22 Visinilor street, 2nd  floor, bureau number 1,2nd   District. Bucharest, Romania, hereinafter referred to as Company 2, of the other  part, and

 

Luxoft International Company  Limited  established and registered under the laws or the British Virgin Islands, located at: Akara Bldg., 24 De Castro Street, Wickhams Cay 1, PO  box 3136 Road Town, Tortola, British Virgin Islands, hereinafter   referred to as Company 3 and being the parent company of Luxoft RM S.R.L.

 

Whereas

 

I.                                        Company 1. Company 2 and the Vendors have entered into and are bound by the terms and conditions of the Agreement Implementing the sale and purchase of shares in ITC Networks S.R.L dated July 17, 2008 (hereinafter- the Agreement I);

II.                                   Company 1 and Closed Joint Stock Company UniCredit Bank have entered into and are bound by the terms and conditions  of Loan Agreement No. 001/0496 L/ 10 dated July 2l, 20l0 (hereinafter the Loan Agreement);

III.                              Company1  and LLC IBS Distribution Center (a company of limited liability) have entered into and are bound by the terms and conditions of Contract No. 1-D/2010 dated July 22. 2010 (hereinafter -the Contract).

 

The Parties agree as follows:

 

1.              Company 3 shall reimburse  to Company 1 all of the following expenses incurred by Company 1in arranging, signing documents, receiving. paying the loan, providing security, receiving and providing the Vendors with guarantees, and also paying commission fees, interest and other expenses  in relation to:

 

1.1.           receiving  and  repaying  the  Loan  in  the  amount of  USD 10.400,000 (Ten  million four  hundred thousand) for the  term of 36 (thirty six) months from July 22, 2010 for purposes of financing of the third instalment of the Agreement 1, received on the terms of and pursuant to the Loan Agreement, including:

 

1.1.1                     paying the arrangement fee for the Loan in  the amount of USD 104,000.00 (One hundred and four thousand);

1.1.2                     paying the commitment fee at the rate of 2.3% (Two point three per cent) per annum on the non-utilized share (if any) of the  Loan;

1.1.3                     paying monthly (on the 30th (thirtieth) day of each month) the interest on the Loan at the rate of LIBOR(1) plus 5.0% (Five percent) per annum;

1.1.4                     paying the interest on the Loan at the increased rate of LIBOR plus 7.0% (Seven percent) per annum in the event of a breach of the terms of clause 5.3 of the Loan Agreement;

1.1.5                     repaying monthly (starting from February 28, 2011) USD 346.666.67 (Three Hundred Forty Six Thousand Six Hundred Sixty Six and 67/100) being 1/30 of the amount of the Loan  under clause 7.1 of the Loan Agreement;

1.1.6                     paying the default interest (if any) at the rate of 6.0% (Six percent) per annum. charged under article 8 of the Loan Agreement,  in  the event of failure to pay to the Bank when due any amount owed;

 

LIBOR means  the London Interbank deposit rate (in percentage per annum) defined by the Bank on the base for deposit rate in US Dollars for the period of 1 (One) month as it is set on the date of the beginning of a relevant interest period, and if the date of the beginning  of the interest period is not a working day — on the following working day, nearest to this day (“Rate activation date”) according to any Loan  rate of interest equal to the mean of the representative rates of each of the Banks whose rates appear on the screen page designated “LIBOR” published or reported by Reuters Limited on the Reuters monitor screen as the rate in which the deposits in European currencies were offered for the interest period chosen in the London Interbank market at or about 11:00am London time on the date 2 (Two) business days before the Rate Activation date.

 

 

1.2. compensating USD35,773.07 (Thirty five Thousand Seven Hundred Seventy Three and 07/100) to LLC IBS Distribution Center (a company of limited liability) for the service of mortgaging to the Bank the properties to secure performance of the obligations under the Loan Agreement.

 

2. Company 3 shall reimburse as per and within the timeframe specified on invoices issued by Company 1.

 

3. Company 3 may if required request Company 1 to provide documents proving !he amounts specified on the invoices and/or the calculation .

 

4.   No changes or additions to this Agreement shall be valid unless made in writing and signed by authorized representatives of the Parties.

 

5.  This Agreement is made in English in three authentic equally valid copies, whereof the Parties have retained one copy each.

 

Details and signatures of the Parties

 

Company 1: IBS Group Holding Limited

 

Kissak Court, 29 Parliament Street, Ramsey, Isle of Man

Account# 789-963-402, JP Morgan Chase Bank, 1411 Broadway, 5th floor, New York, NY 117

ABA# 021000021 Swift CHASUS33

 

Company  2: Luxoft RM S.R.L.

 

22 Visinilor street, 2nd floor. bureau number 1. 2nd District, Bucharest, Romania

IBAN# RO16BACX 0000 0002 4606 4003

Beneficiary Bank: Unicredit Tiriac Bank

Address Beneficiary Bank: Unicredit Tiriac Bank SA, Titulescu branch

Bucharest, 1 Titulescu street, Block A7, Entrance l, 1st District

SWlFT: BACXROBU

 

Company 3: Luxoft International Company Limited

 

Akara Bldg., 24 De Castro Street, Wickhams Cay 1, PO box 3136 Road Town, Tortola, British Virgin Islands

 

	
Correspondent bank:
    	
Deutsche   Bank New York
    
	
Address:
    	
New   York, USA
    
	
ABA:
    	
021001033
    
	
SWIFT;
    	
BKTRUS33
    
	
Corr. account:
    	
04401485
    
	
Beneficiary bank:
    	
Amsterdam   Trade Bank N. V.
    
	
Bank address:
    	
Herengracht   4751017 BS Amsterdam
    
	
S.W.I.F.T:
    	
STOL   NL 2A
    
	
Beneficiary:
    	
Luxoft   International Company LTD.
    

 

 

	
Company   1
    	
 
    
	
/s/   Glen Granovsky
    	
 
    
	
Mr. Glen   Granovsky, Director
    	
 
    
	
 
    	
 
    
	
Company   2:
    	
 
    
	
/s/   Dmitry Loschinin
    	
 
    
	
Mr. Dmitry   Loschinin, Director
    	
 
    
	
 
    	
 
    
	
Company   3:
    	
 
    
	
/s/   Glen Granovsky
    	
 
    
	
Mr. Glen   Granovsky, Director

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