Document:

Exhibit 10.2

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE “ACT”), OR UNDER ANY APPLICABLE STATE OR
FEDERAL SECURITIES LAW. NO OFFER, SALE, TRANSFER, PLEDGE, HYPOTHECATION OR
OTHER DISPOSITION OF THIS PROMISSORY NOTE MAY BE MADE UNLESS THIS
PROMISSORY NOTE IS REGISTERED UNDER THE ACT AND ANY OTHER APPLICABLE SECURITIES
LAW, OR AN EXEMPTION FROM ANY SUCH REGISTRATION REQUIREMENTS IS APPLICABLE TO
SUCH TRANSACTION.

THIS PROMISSORY NOTE IS BEING EXECUTED AND DELIVERED IN CONNECTION WITH
THE AGREEMENT AND PLAN OF MERGER (THE “MERGER AGREEMENT”) BY AND AMONG TUCOWS
(DELAWARE) INC., TUCOWS (NEVADA) INC., MAILBANK.COM, INC., RAWLEIGH H. RALLS,
AS THE STOCKHOLDERS’ REPRESENTATIVE, THE STOCKHOLDERS IDENTIFIED ON THE SIGNATURE
PAGE THEREOF AND, SOLELY WITH RESPECT TO SECTION 11.4, TUCOWS INC.

PROMISSORY
NOTE

Principal
Amount: $2,122,930.35                                                                                                                      Date:
June 19, 2006

FOR
VALUE RECEIVED, TUCOWS (DELAWARE) INC., a Delaware corporation (the “Company”),
promises to pay to Rawleigh H. Ralls, as Stockholders’ Representative under the
Merger Agreement (“Payee”), at 744 Spruce Street, Boulder, CO  80302 or such other place as may be
designated in writing by Payee at least seven days prior to any payment, the
principal sum of Two Million, One Hundred Twenty-Two Thousand, Nine Hundred
Thirty Dollars and Thirty-Five Cents ($2,122,930.35) (the “Principal Amount”)
in accordance with the terms of this Promissory Note.

SECTION 1.   Principal
and Interest Payments. Interest shall accrue on the Principal Amount
outstanding from time to time at a simple rate per
annum equal to nine percent (9%). The
Principal Amount, together with all accrued and unpaid interest, shall be
payable on the six month anniversary of the date hereof. If payment is due on a
date that is not a day on which banks in Wilmington, Delaware are open for
business, such payment shall become due on the next succeeding day on which
banks in such states are open. All payments under this Promissory Note shall be
paid by check or wire transfer of immediately available funds in lawful money
of the United States of America on the date when due to an account designated
in writing by Payee. Interest shall be calculated on the basis of a 360-day
year consisting of twelve 30-day months in accordance with the terms set
forth below in this Promissory Note.

SECTION 2.   Voluntary
Prepayment. The Company may prepay this Promissory Note in full or in part
without premium or penalty. Any such prepayments shall first be applied against
accrued interest and thereafter against any unpaid Principal Amount.

SECTION 3.   Default.
The entire principal amount of, and all accrued interest on, this Promissory
Note shall become due and payable, at the option of Payee exercised by written
notice to the Company if any one or more of the events specified in
Section 3(a) shall have occurred and be then continuing, and
immediately upon the occurrence of any of the events specified in

 

 

Sections 3(b) or
3(c) below (each of the events specified in Sections 3(a) through
3(c), inclusive, being referred to herein as an “Event of Default”):

(a)    The
Company shall fail to make any payment required to be made under this
Promissory Note within ten (10) days after its receipt of notice from
Payee that any such required payment has not been made;

(b)    The
Company shall (i) commence a voluntary case under the Bankruptcy Code of
1978, as amended, or other federal bankruptcy law (as now or hereafter in
effect); (ii) 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; (iii) consent to or
fail to contest in a timely manner any petition filed against it in an
involuntary case under such bankruptcy laws or other laws; or (iv) apply
for or consent to, or fail to contest in a timely 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; or

(c)    a case or
other proceeding shall be commenced and not discharged, dismissed or stayed
within thirty (30) days, against the Company in any court of competent
jurisdiction seeking (i) 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 (ii) the appointment
of a trustee, receiver, custodian, liquidator or the like for the Company or
all or any substantial part of the assets, domestic or foreign, of the Company.

SECTION 4.   Notices.
All communications provided for in this Promissory Note shall be in writing and
sent (a) by first class registered or certified mail, return receipt
requested (postage prepaid), (b) by a recognized overnight delivery
service (charges prepaid), or (c) by messenger (charges prepaid). The
address of the Company for the purposes of this Promissory Note is set forth on
the signature page to this Promissory Note and the address of Payee for
purposes of this Promissory Note shall be 744 Spruce Street, Boulder, CO  80302 or such other address as Payee shall
have provided to the Company in writing. Each of the Company and Payee may
change its address by notice to the other in accordance with this
Section 4. Communications under this Promissory Note shall be deemed
received (i) in the case of mailing, on the third business day after
posting; (ii) in the case of overnight delivery service, the first
business day after delivery to the overnight delivery service; and
(iii) in the case of messenger, on the date of actual delivery.

SECTION 5.   Binding
Effect; No Assignment. This Promissory Note is being executed and delivered
in connection with, and is subject to, the Merger Agreement. This Promissory
Note may not be assigned by the Company or Payee without the prior written
consent of the other party.

SECTION 6.   Governing
Law. This Promissory Note shall be governed by the laws of the State of
Delaware without giving effect to the choice of law rules of Delaware or
any other jurisdiction.

 

 

IN WITNESS
WHEREOF, the Company has caused this Promissory Note to be executed on the date
first above written.

 

	
   

  	
  TUCOWS (DELAWARE) INC.

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ ELLIOT NOSS

  
	
   

  	
   

  	
   

  
	
   

  	
  Name: Elliot Noss

  
	
   

  	
   

  
	
   

  	
  Title: President

  
	
   

  	
   

  
	
   

  	
  Address for Notices

  
	
   

  	
   

  
	
   

  	
  Tucows Delaware Inc.

  
	
   

  	
  c/o Tucows Inc.

  
	
   

  	
  96 Mowat Avenue

  
	
   

  	
  Toronto, Ontario M6K 3M1

  
	
   

  	
  Canada

  
	
   

  	
  Attn: Chief Executive Officer

  
	
   

  	
  Facsimile:

  
	
   

  	
   

  
	
   

  	
  With a required copy (which shall not constitute

  
	
   

  	
  notice) to

  
	
   

  	
  Morgan, Lewis & Bockius LLP

  
	
   

  	
  1701 Market Street

  
	
   

  	
  Philadelphia, Pennsylvania 19103

  
	
   

  	
  Attn: Joanne R. Soslow, Esquire

  
	
   

  	
  Facsimile: 215.963.5001

  

 

	
  ACCEPTED AND AGREED

  	
   

  
	
  as of the date
  first set forth above

  	
   

  
	
   

  	
   

  
	
  STOCKHOLDERS’
  REPRESENTATIVE

  	
   

  
	
   

  	
   

  
	
  /s/ RAWLEIGH H.
  RALLS

  	
   

  
	
  Name: Rawleigh
  H. RallsExhibit 4.17

 

CONFORMED COPY

 

 

AMENDMENT AND RESTATEMENT AGREEMENT

 

 

DATED 10TH OCTOBER, 2005

 

 

BETWEEN

 

 

TELE2 SVERIGE AB

 

 

AND

 

 

WESTLB AG, LONDON BRANCH

 

as Facility Agent

 

 

relating to a Credit
Agreement

 

dated 23rd November, 2004

 

 

 

 

CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  
	
  Clause

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Interpretation

  	
   

  	
  1

  
	
  2.

  	
   

  	
  Amendments

  	
   

  	
  1

  
	
  3.

  	
   

  	
  Commitments

  	
   

  	
  2

  
	
  4.

  	
   

  	
  Representations

  	
   

  	
  2

  
	
  5.

  	
   

  	
  Consents

  	
   

  	
  3

  
	
  6.

  	
   

  	
  Miscellaneous

  	
   

  	
  4

  
	
  7.

  	
   

  	
  Governing law

  	
   

  	
  4

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Schedules

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Lenders

  	
   

  	
  5

  
	
  2.

  	
   

  	
  Conditions precedent documents

  	
   

  	
  6

  
	
  3.

  	
   

  	
  Restated Credit Agreement

  	
   

  	
  7

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signatories

  	
   

  	
  8

  

 

 

THIS AGREEMENT is dated 10th
October, 2005

BETWEEN:

(1)                                  TELE2 SVERIGE AB (a company
incorporated under the laws of Sweden) of P.O. Box 62, S-16494, Kista,
Sweden (corporate identity number 556267-5164) (the Company);

(2)                                  TELE2 AB (publ) (a company
incorporated under the laws of Sweden) of P.O. Box 62094, S-10313,
Stockholm, Sweden (corporate identity number 556410-8917) as the Parent
and as guarantor (together with the Company, the Obligors);

(3)                                  EACH OF THE LENDERS set
out in Part 1 of Schedule 1 (the Existing  Lenders);

(4)                                  EACH OF THE PERSONS  set out in Part 2 of Schedule 1 (the New Lenders and together with the Existing Lenders, the Lenders); and

(5)                                  WESTLB AG, LONDON BRANCH as
agent (in this capacity the Facility Agent).

BACKGROUND

(A)                              This Agreement is supplemental to and amends a credit agreement dated
23rd November, 2004 between, among others, the Obligors and the Facility Agent
(the Credit Agreement).

(B)                                The parties to this Agreement have agreed to amend and restate the
Credit Agreement on the terms and in the manner set out below.

IT IS AGREED as follows:

1.                                      INTERPRETATION

1.1                               Definitions

(a)                                  In this Agreement:

Effective
Date means the date on which the Facility Agent
gives the notice referred to in Clause 2(b) (Amendments).

Restated
Credit Agreement means the amended and
restated form of the Credit Agreement set out in Schedule 3 (Restated Credit
Agreement)

(b)                                 Capitalised terms defined in the Credit Agreement have, unless expressly
defined in this Agreement, the same meaning in this Agreement.

1.2                               Construction

The
principles of construction set out in Clause 1.2 (Construction) of  the Credit Agreement will have effect as if
set out in this Agreement.

2.                                      AMENDMENTS

(a)                                  Subject as set out below, the Credit Agreement will be amended from the
Effective Date so that it reads as if it were restated in the form set out in
Schedule 3 (Restated Credit Agreement).

 1
 

 

 

(b)                                 The Credit Agreement will not be amended by this Agreement unless the
Facility Agent notifies the Company and the Lender that it has received all of
the documents set out in Schedule 2 (Conditions precedent documents) in form
and substance satisfactory to the Facility Agent. The Facility Agent must give
this notification as soon as reasonably practicable.

(c)                                  If:

(i)                                     the Facility Agent fails to give the notification under paragraph (b) above
by close of business on 31st December, 2005 (or such later date as the Facility
Agent agrees in writing); or

(ii)                                  any notice is given under Clause 22.13 (Acceleration) of the Credit
Agreement on or before the Effective Date,

the
Credit Agreement will not be amended in the manner contemplated by this
Agreement.

3.                                      COMMITMENTS

(a)                                  Subject to paragraphs (c) and (d) below, each Lender agrees
that at and from the Effective Date, its Commitment shall be as set out in
Schedule 1 of the Restated Credit Agreement.

(b)                                 Subject to paragraphs (c) and (d) below, with effect from the
Effective Date, the New Lenders accede to the Credit Agreement as Lenders with
the Commitments set out in Schedule 1 of the Restated Credit Agreement.

(c)                                  The Commitments of the Lenders on the Effective Date as set out in
Schedule 1 of the Restated Credit Agreement will be adjusted to the extent
required to reflect:

(i)                                     any cancellation of Commitments occurring on or after the date of this
Agreement up to and including the Effective Date; and

(ii)                                  any transfer or assignment of any Lender’s rights or obligations under
the Credit Agreement which occurs on or after the date of this Agreement up to
and including the Effective Date.

(d)                                 The Facility A Increase (as defined in the Restated Credit Agreement)
will not occur if the Facility A Final Maturity Date occurs on or before the
Effective Date.

4.                                      REPRESENTATIONS

4.1                               Representations

The
representations set out in this Clause are made by each Obligor on the date of
this Agreement to each Finance Party.

4.2                               Powers and authority

It
has the power to enter into and perform, and has taken all necessary action to
authorise the entry into and performance of this Agreement and the transactions
contemplated by this Agreement.

 2
 

 

 

4.3                               Legal validity

Subject
to any general principles of law limiting its obligations and specifically
referred to in any legal opinion delivered under Schedule 2 (Conditions
precedent documents), this Agreement constitutes its legally binding, valid and
enforceable obligation.

4.4                               Non-conflict

The
entry into and performance by it of, and the transactions contemplated by, this
Agreement do not and will not conflict with:

(a)                                  any law or regulation applicable to it;

(b)                                 its or any of its Subsidiaries’ constitutional documents; or

(c)                                  any document which is binding on it or any of its Subsidiaries or any of
its or its Subsidiaries’ assets.

4.5                               Authorisations

All
authorisations required by it in connection with the entry into, performance,
validity and enforceability of, and the transactions contemplated by, this
Agreement have been obtained or effected (as appropriate) and are in full force
and effect.

4.6                               Credit Agreement

Each
Obligor confirms to each Finance Party that on the date of this Agreement and
on the Effective Date, the Repeating Representations:

(a)                                  are true; and

(b)                                 would also be true if references to the Credit Agreement are construed
as references to the Credit Agreement as amended and restated by this
Agreement.

In
each case, each Repeating Representation is applied to the circumstances then
existing and in the case of the confirmation made on the date of this
Agreement, as if the Effective Date had occurred.

5.                                       CONSENTS

Each
Obligor:

(a)                                  agrees to the amendment and restatement of the Credit Agreement as
contemplated by this Agreement; and

(b)                                 with effect from the Effective Date, confirms that any security or
guarantee created or given by it under a Finance Document will:

(i)                                     continue in full force and effect; and

(ii)                                  extend to the liabilities and obligations of the Obligors to the Finance
Parties under the Finance Documents as amended by this Agreement.

 3
 

 

 

6.                                      MISCELLANEOUS

(a)                                  Each of this Agreement and the Credit Agreement, as amended and restated
by this Agreement , is a Finance Document.

(b)                                 Subject to the terms of this Agreement, the Credit Agreement will remain
in full force and effect and, from the Effective Date, the Credit Agreement and
this Agreement will be read and construed as one document.

7.                                      GOVERNING LAW

This
Agreement is governed by English law.

This Agreement has been entered into on the date
stated at the beginning of this Agreement.

 4

 

 

SCHEDULE 1

LENDERS

PART 1

EXISTING
LENDERS

	
  ABN AMRO Bank N.V.,
  Stockholm branch

  
	
   

  
	
  Citibank International plc

  
	
   

  
	
  Crédit Agricole Stockholm
  Branch of Calyon Bank SA, France

  
	
   

  
	
  DnB NOR Bank ASA

  
	
   

  
	
  Nordea Bank AB (publ)

  
	
   

  
	
  SEB Merchant Banking, Skandinaviska Enskilda Banken
  AB (publ)

  
	
   

  
	
  Société Générale

  
	
   

  
	
  Svenska Handelsbanken AB (publ)

  
	
   

  
	
  The Royal Bank of Scotland plc

  
	
   

  
	
  WestLB AG, London Branch

  

PART 2

NEW
LENDERS

	
  Coöperatieve Centrale Raiffeisen-Boerenleenbank
  B.A.

  
	
   

  
	
  Danske Bank A/S Denmark, Sweden Branch

  
	
   

  
	
  HSBC Bank plc

  
	
   

  
	
  ING Bank NV

  

 

 5
 

 

 

SCHEDULE 2

CONDITIONS
PRECEDENT DOCUMENTS

1.                                       A copy of the constitutional documents of each Obligor or, if the
Facility Agent already has a copy, a certificate of an authorised signatory of
the relevant Obligor confirming that the copy in the Facility Agent’s
possession is still correct, complete and in full force and effect as at a date
no earlier than the date of this Agreement.

2.                                       A copy of a resolution of the board of directors of each Obligor
approving the terms of, and the transactions contemplated by, this Agreement.

3.                                       A specimen of the signature of each person authorised on behalf of each
Obligor to sign this Agreement.

4.                                       A certificate of an authorised signatory of each Obligor certifying that
each copy document specified in this Schedule is correct, complete and in full
force and effect as at a date no earlier than the date of this Agreement.

5.                                       A pro forma calculation of the ratio of Consolidated Total Net Debt to
Consolidated EBITDA (as calculated under Clause 20.3 (Consolidated Total Net
Debt to Consolidated EBITDA)), assuming completion of the Permitted
Acquisitions referred to in paragraphs (d) and (e) of the definition
thereof in the Restated Credit Agreement.

6.                                       Legal Opinion of Allen & Overy LLP and Setterwalls, English and
Swedish legal advisers to the Facility Agent, addressed to the Finance Parties.

7.                                       Evidence that all fees and expenses then due and payable from the
Company in respect of this Agreement have been paid.

8.                                       A copy of any other authorisation or other document, opinion or
assurance which the Facility Agent has notified the Company is necessary or
desirable in connection with the entry into and performance of, and the
transactions contemplated by, this Agreement or for the validity and
enforceability of any Finance Document.

9.                                       Provision of all information reasonably required
by any Lender for the purpose of complying with “Know your customer”
requirements including but not limited to:

(a)                                  a list of the directors of each Obligor; and

(b)                                 details of the ultimate beneficial ownership structure of shareholdings
in excess of 5% held in each Obligor.

 6
 

 

 

SCHEDULE 3

RESTATED
CREDIT AGREEMENT

 7
 

 

 

SIGNATORIES

Company

TELE2 SVERIGE AB

By:          Håkan
Zadler                        Lars-Johan Jarnheimer

 

Obligor

TELE2 AB (publ)

By:          Håkan
Zadler                        Lars-Johan Jarnheimer

 

Existing Lenders

ABN
AMRO BANK N.V., STOCKHOLM BRANCH

By:          Lena Bertilsson                    Christina
Lundberg

 

CITIBANK
INTERNATIONAL PLC

By:          Clas Ronnlov

 

CRÉDIT AGRICOLE STOCKHOLM BRANCH OF CALYON BANK SA,
FRANCE

By:          Niklas Hytting                      Gunilla Russo

 

DnB
NOR Bank ASA

By:          Leif Teksum

 

NORDEA
BANK AB (publ)

By:          Erik af Winklerfelt

 8
 

 

 

SEB
MERCHANT BANKING, SKANDINAVISKA ENSKILDA BANKEN AB (publ)

By:          Anders Högberg                  Olof Kajerdt

 

SOCIÉTÉ
GÉNÉRALE

By:          K.D. Harber

 

SVENSKA
HANDELSBANKEN AB (PUBL)

By:          Mikael Waxin

 

THE
ROYAL BANK OF SCOTLAND PLC

By:          Isabelle
Coudray

 

WESTLB
AG, LONDON BRANCH

By:          Adam Johnson                     Tim Sai Louie

 

New Lenders

COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.

By:          Cees
de Vries                        Ed Smith

 

DANSKE BANK A/S DENMARK, SWEDEN BRANCH

By:          Björn
Serrander                    Staffan
Sundberg

 

HSBC BANK PLC

By:          Stuart
Parkinson

 9
 

 

 

ING BANK N.V.

By:          Maurice
Kenny                    Aidan Neill

 

Facility Agent

WESTLB AG, LONDON BRANCH

By:          Adam
Johnson                     Tim Sai Louie

 10

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