Document:

EX-4.6

 

Exhibit 4.6

Date: November 16, 2005

SCOR

As Client

And

DEUTSCHE BANK AG, Paris Branch

As Bank

 

AMENDMENT AGREEMENT

TO

A STAND-BY LETTER OF CREDIT FACILITY

DATED OCTOBER 11, 2004

 

 

 

This Amendment Agreement is made between:

	(1)	 	SCOR, a French société anonyme, with a share capital of EUR 763,096,713.00, whose registered
office is located at 1 avenue du Général de Gaulle, 92800 Puteaux, registered with the trade
and companies registry (Registre du Commerce et des Sociétés) of Nanterre under number 562 033
357, duly represented by François de Varenne (the “Client”);

	(2)	 	DEUTSCHE BANK AG, a German Aktiengesellschaft, with a share capital of EUR 1,392,266,869.76,
whose head office is located at Taunusanlage 12, Frankfurt am Main (Germany), registered with
RC / HRB Frankfurt N° 30.000, acting through its Paris Branch, 3 avenue de Friedland, 75008
Paris, registered with the trade and companies registry (Registre du Commerce et des
Sociétés) of Paris under number 310 327 481, duly represented by Mrs. Brigitte Marsac-Martin
and by Mr. Geoffroy de Bretagne (the “Bank”);

The Client and the Bank are collectively referred to as the “Parties” and individually as a
“Party”.

WHEREAS

Pursuant to a Stand-by Letter of Credit Facility dated October 11, 2004, (the “SBLC Facility” or
the “Facility”), the Bank has agreed to issue Stand-by Letters of Credit to secure SCOR’s
reinsurance activities and related contracts up to a maximum amount of US$ 200,000,000 (two hundred
million US dollars) in a form acceptable to the National Association of Insurance Commissioners
(NAIC) in the United States of America or other appropriate regulatory body.

Pursuant to a stand-by letter of credit facility dated October 11, 2004, the Bank has also entered
into a facility agreement with SCOR VIE for the purpose of issuing stand-by letters of credit to
secure SCOR VIE’s reinsurance business.

Pursuant to Section 1 (Definitions) of the Facility, the Final Maturity Date of the Facility is
December 31, 2005, or any other date as it may be extended pursuant to the provisions of the
Facility.

Pursuant to Section 2.4 (Term of Facility) of the Facility, the Parties have agreed to negotiate
bona fide the extension of the Facility for a further period of twelve (12) months, three (3)
months prior to the Final Maturity Date, i.e. on September 30 of each calendar year at the latest.

Pursuant to a letter dated November 4, 2005, entered into by and between the Client and the Bank,
the Parties have agreed on negotiating the extension of the Facility up to November 18, 2005.

 

 

IT IS AGREED AS FOLLOWS:

	10	 	DEFINITIONS
	 
	10.1	 	The definition of Commitment is modified as follows:
	 
	 	 	“Commitment” means US$ 250,000,000 (two hundred and fifty million US dollars), to the
extent not cancelled or reduced under this Agreement; provided that the Commitment shall be
reduced by the amount of any stand-by letter of credit issued by the Bank pursuant to the
SCOR VIE Facility Agreement;
	 
	10.2	 	The definition of Final Maturity Date is modified as follows:
	 
	 	 	“Final Maturity Date” means December 31, 2008, or as it may be extended pursuant to the
provisions thereof;
	 
	11	 	CONSTRUCTION
	 
	 	 	Unless a contrary indication appears, terms used in this Amendment Agreement with a capital
letter shall have the meaning which is attributed to them in the Agreement.
	 
	12	 	TERM OF FACILITY
	 
	 	 	Section 2.4 of the Agreement is modified as follows:
	 
	 	 	“The Parties agree to negotiate bona fide the extension of the Facility three (3) months
prior to the Final Maturity Date, i.e. on September 30, 2008 at the latest.”
	 
	13	 	FEES
	 
	 	 	Section 6.2 of the Agreement is modified as follows:
	 
	 	 	“Client agrees to pay a commission on each Stand-by Letter of Credit, payable in advance at
the rate of 0.10% per annum with a minimum of US$ 300 per annum.”
	 
	14	 	PRIME RATE
	 
	 	 	Section 7.4 of the Agreement is modified as follows:
	 
	 	 	“For information, the Prime Rate in effect at the date of signature of this SBLC Facility
is 6.75% per annum.”
	 
	15	 	EVENTS OF DEFAULT
	 
	 	 	Section 9.1 (vii) of the Agreement is modified as follows:
	 
	 	 	“Client commences proceedings for mandat ad hoc or an amicable settlement or a règlement
amiable in accordance with article L611-3 to L611-6 of the French
Code de Commerce or, by reason of financial difficulties, applies for, or is subject to, a
sauvegarde or conciliation pursuant to the Livre Sixième (des difficultés des entreprises)
of the French Code de commerce, or begins negotiations with its creditors with a view to
the readjustment or rescheduling of all or substantial portion of its Indebtedness.”

	 
	16	 	AMENDMENT
	 
	 	 	No amendment or variation of this Amendment Agreement shall be valid or binding on a Party
unless made in writing and signed by each Party.
	 
	17	 	NO NOVATION
	 
	 	 	This Amendment Agreement does not entail any novation of the Agreement.
	 
	9	 	MISCELLANEOUS
	 
	 	 	All other provisions of the Agreement not modified by this Amendment Agreement remain
unchanged.
	 
	10	 	GOVERNING LAW AND JURISDICTION
	 
	 	 	This Amendment Agreement shall be governed by French law. Any dispute relating to the
validity, interpretation or performance of this Amendment Agreement shall be subject to the
exclusive jurisdiction of the Tribunal de Commerce de Paris.

This Amendment Agreement has been entered into in two (2) original copies on the date stated at the
beginning of this Amendment Agreement.

	 	 	 
	SCOR

	 	DEUTSCHE BANK AG, Paris Branch
	 
	 	 
	/s/ François de Varenne

	 	/s/ Brigitte Marsac-Martin
	 

	 	 
	François de Varenne

	 	Brigitte MARSAC-MARTIN
	Title: Directeur de la Gestion d’Actifs

	 	Title: Director
	et du Corporate Finance
	 	 
	 
	 	 
	 	 	/s/ Geoffroy de Bretagne
	 

	 	 
	 

	 	Geoffroy de BRETAGNE
	 

	 	Title: DirectorEX-4.7

 

Exhibit 4.7

TERM-SHEET OF THE STAND-BY LETTER OF CREDIT FACILITIES, DATED

DECEMBER 14, 2005, ENTERED INTO BY SCOR AND SCOR VIE,

RESPECTIVELY, WITH CALYON AND CAISSE RÉGIONALE DE CRÉDIT

AGRICOLE MUTUEL DE PARIS ET D’ILE-DE-FRANCE

The following summary describes the material terms of the above-mentioned agreements as of the
date of filing of SCOR’s Annual Report on Form 20-F for the year ended December 31, 2005.

On December 14, 2005, each of SCOR and SCOR VIE respectively entered into a stand-by letter of
credit facility in a maximum amount of USD 100,000,000 (one hundred million American dollars) with
CALYON and Caisse Régionale de Crédit Agricole Mutuel de Paris et d’Ile de France.

Bank: CALYON.

Participating Bank: La Caisse Régionale de Crédit Agricole Mutuel de Paris et d’Ile de France.

Instructing Parties: SCOR/SCOR VIE.

Term: Expires December 31, 2008. Parties may extend the credit facility three months before the
final expiration date, i.e. September 30, 2008.

Voluntary Termination: The Instructing Party may, with prior written notice sent to the Bank ten
business days before the end of a quarter, renounce all or part of the available amount under the
Instructing Party credit facility.

Fees: The agreement provides for the following fees to be paid by the concerned Instructing Party:

	 	•	 	Non-utilization fee: 0.05% per year, payable quarterly, on the undrawn and uncancelled
portion of the facility from January 4, 2006 until the Final Termination Date (not
included).
	 
	 	•	 	Utilization fee: 0.10% per year, payable monthly, of the amount of each letter of
credit issued (minimum of USD 300).
	 
	 	•	 	Flat fee: EUR 400 for each letter of credit issued.
	 
	 	•	 	Modification fee: EUR 300 for the modification of a letter of credit.

Main events of default (resulting in a suspension and the termination of the credit facilities):

	 	•	 	Instructing Party’s failure to pay to the Bank any amounts due under the facility;
	 
	 	•	 	Instructing Party’s failure to pay any Debt;
	 
	 	•	 	Cross-default: An event of default occurs in relation to any Debt of more than EUR
50,000,000;
	 
	 	•	 	Any event of default occurs under the other Instructing Party credit facility;
	 
	 	•	 	Insolvency of the Instructing Party;
	 
	 	•	 	Attachments on assets with value in excess of EUR 30,000,000.

Instructing Party Undertaking:

	 	•	 	Provide the Bank with annual and consolidated financial statements, six-months
consolidated financial statements and quarterly consolidated financial statements along
with, if applicable, external auditors’ reports;
	 
	 	•	 	Inform the Bank of any event constituting an event of default or a material adverse
event, any change in the composition of the Board of Directors and the management
structure, any merger or acquisition or transfer of assets (apport partiel d’actif);
	 
	 	•	 	To not carry out any merger, acquisition or transfer of assets, except with controlled
entities, as defined under Article L.233-3 of the French Commercial Code.<PAGE>

                                                                   Exhibit 4.6

                                        1ST AMENDMENT TO THE SERVICE-RENDERING
                                        AGREEMENT ENTERED INTO BY TELEMAR NORTE
                                        LESTE S/A, TNL PCS S/A AND TNL
                                        CONTAX S/A.

TELEMAR NORTE LESTE S.A., a corporate entity headquartered in the city of Rio de
Janeiro, state of Rio de Janeiro at Rua General Polidoro nr. 99, Botafogo, Zip
Code 22.280-001, registered at the Finance Ministry under Corporate TIN
33.000.118/0001-79, herein represented by way of its Corporate Charter,
hereinafter designated "TELEMAR"; and

TNL PCS S.A., a corporate entity headquartered in the city of Rio de Janeiro,
state of Rio de Janeiro, at Rua Jangadeiros nr. 48, Ipanema, Zip Code
22.420-010, registered at the Finance Ministry under Corporate TIN
04.164.616/0001-59, herein represented by way of its Corporate Charter,
hereinafter designated "OI";

both hereinafter designated "CONTRACTING PARTIES";

and:

TNL CONTAX S.A., a corporate entity headquartered in the city of Barueri, state
of Sao Paulo, at Calcada das Margaridas nr. 191 - CV 522 - Alphaville Commercial
Center, Alphaville, Zip Code 06.460-120, registered at the Finance Ministry
under Corporate TIN 02.757.614/0001-48, herein represented by way of its
Corporate Charter, hereinafter designated "CONTRACTED PARTY";

all hereinafter jointly designated as "Parties" and individually as "Party".

WHEREAS, until November 2000 TELEMAR maintained an in-house client-servicing
structure ("call center"), with such services being carried out internally by
its employees;

WHEREAS, during November 2000, the migration to the CONTRACTED PARTY of the call
center services formerly carried out internally by TELEMAR ("Migration") took
place;

WHEREAS, as a result of the Migration, the employment agreements of the TELEMAR
employees entrusted with the performance of the call center services
("Employees") were transferred to the CONTRACTED PARTY;

WHEREAS, TELEMAR assumed the commitment with the CONTRACTED PARTY of answering
for possible labor liabilities generated by the Employees relative to the period
prior to the Migration ("Commitment");

WHEREAS, on November 30th 2004, the parties entered into a Service-Rendering
Agreement, consolidating rules, prices and conditions for the rendering of call
center services by the CONTRACTED PARTY on behalf of the CONTRACTING PARTIES,
hereinafter designated AGREEMENT;

                                  Pagina 1 de 2

<PAGE>

WHEREAS the Parties are interested in seeing the Commitment assumed by TELEMAR
reflected in the AGREEMENT;

The Parties decide to enter into the present amendment to the AGREEMENT, which
shall be governed by the following provisions and conditions:

PROVISION ONE - AS REGARDS CONTRACTUAL ALTERATION

1.1  The parties agree upon the inclusion of new item 13.4 in Provision Thirteen
     of the AGREEMENT, which shall enter force with the following wording:

     "13.4 Notwithstanding of what has been set forth above, TELEMAR shall fully
          defray costs incurred by the CONTRACTED PARTY, inclusive of judicial
          charges and costs in addition to lawyer fees, arising out of possible
          labor liabilities generated by TELEMAR employees that migrated to the
          CONTRACTED PARTY, relative to the period prior to the Migration."

PROVISION TWO - FINAL DISPOSITIONS

2.1  The Commitment of TELEMAR set forth in item 1.1 above, retroacts to the
     Migration.

2.2  The Provisions, items and sub-items set forth in the AGREEMENT that are not
     object of the present Amendment remain unaltered and fully in force, and
     are for all legal effects, ratified.

In witness whereof the Parties hereto have set their hands to three (3) copies
of equal wording in the presence of the witnesses appointed below.

Rio de Janeiro, December 29th 2004.

                            TELEMAR NORTE LESTE S.A.

-------------------------------------   ----------------------------------------

                                  TNL PCS S.A.

-------------------------------------   ----------------------------------------

                                 TNL CONTAX S.A.

-------------------------------------   ----------------------------------------

WITNESSES:

-------------------------------------   ----------------------------------------
Name:                                   Name:
      -------------------------------         ----------------------------------
TIN/FM.:                                TIN/FM.:
         ----------------------------            -------------------------------

                                  Pagina 2 de 2

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