Document:

EXHIBIT 10.4

J.P. TURNER & COMPANY, L.L.C.
     INVESTMENT BANKING DIVISION
                                                               December 19, 2003

Mr. Richard O. Dean
President
Ashcroft Homes Corporation
6312 South Fiddlers Green Circle
Suite 500-N
Englewood, CO 80111

     Re: Financial Representative Agreement with J.P. Turner 8 Company, LLC

Dear Mr. Dean,

     Thus letter (the "Agreement") is to confirm the engagement of J.P. Turner &
Company, LLC (the "Agent") by Ashcroft Homes Corporation (the "Company") on the
above date, for purposes of providing services as detailed herein in
consideration for the fees and compensation described below.

1.0 THE PARTIES

     1.1 The Company, with its principal office at 6312 South Fiddlers Green
Circle, Suite 500-N, Englewood, CO 80111.

     1.2 Agent, a Georgia limited liability company, with its principal office
at 3060 Peachtree Road, 11'x' Floor, Atlanta, GA, USA, 30305; Phone: (404)
479-8192 and Fax: (888) 704-7512.

     1.3 The persons executing this Agreement represent to each other that they
have full and complete authority to do so.

2.0 THE AGREEMENT

     2.1 The Company desires to consider selling securities (the "Offering").
The Offering shall be on terms and conditions satisfactory to the Company. As a
result of an introduction made through Agent to an investor, either a single
investor, several investors, or a related entity (collectively the "Investor"),
should all or any part of the Offering be placed with the Investor, the Company
shall owe Agent the fees described herein. Should the Company close on any
introduced transactions under this Agreement, it shall be understood that the
Offering met terms and conditions satisfactory to the Company.

     2.2 It is acknowledged by the Company that it has relied upon its own
advisors in evaluating all aspects of this Offering. The Company represents
that is has not relied upon any representations or statements made by Agent or
its employees concerning this Offering. Furthermore, the Company intentionally
waives and releases Agent from any and all claims or causes of action for any
losses or damages that the Company may sustain as a result of entering into this
Offering.

     2.3 The term of this Agreement shall be 1 year from the Effective Date (the
"Terns"). Upon expiration of this Agreement, Agent shall be entitled to receive
all accrued compensation, including any unpaid Cash Fees (as defined below),
Warrant (as defined below), and un-reimbursed expenses, if any.

                           J.P. TURNER & COMPANY, LLC
               3060 PEACHTREE ROAD, 11TH FLOOR, ATLANTA, GA 30326
                     PHONE: 404-479-8300 FAX: 404-479-8388

<PAGE>

 Ashcroft Homes Corporation
 Financial Representative Agreement
 December 22, 2003
 Page 2

     2.4 The Company shall be under no obligation to pay any fees or other
monies whatsoever to Agent unless the purchase of all or part of the Offering
contemplated by this Agreement has closed with the Investor (the "Closing"), if
the Offering is concluded through multiple fundings or stepped milestones, then
each such separate funding shall be deemed a Closing and the fees shall be paid
to Agent at each Closing as described. The total amount of the fee due Agent
shall be due and payable on the date of Closing and delivered simultaneous to
the Agent with the delivery of the funds to the Company. The Company shall be
under no obligation to consummate any such Offering, except upon such terms as
shall be acceptable to the Company in its sole discretion.

     2.5 The Company represents and warrants to the Agent that with respect to
the Offering: (i) the Company has consulted its own legal counsel on all aspects
of the Offering; (ii) Agent has not made any representations to the Company to
induce it to execute this Agreement other than those expressly and directly made
herein; (iii) the Company has performed its own due diligence investigation and
had the opportunity to ask questions of the Investor and its management team and
analyze their responses; (iv) the Company has not relied on any information,
representations or warranties of any individual or entity, including without
limitation the Agent, in connection with the Offering but for those made
directly, personally and expressly by the Investor in the definitive transaction
documents memorializing the Offering; and (v) the Company acknowledges that
Agent has acted solely as a finder and introduced the Company to the Investor.

     2.6 Prior to introduction to any particular Investor, Agent will first
disclose the identity of the proposed Investor to the Company. The Company, at
its sole discretion, can approve or decline whether such introduction can be
made to the proposed Investor. If the Company does not disapprove in. writing
whether such an introduction can be made to Investor within 48 hours of the
disclosure of an Investor by Agent to the Company, then such inaction shall be
deemed an approval. It is expressly agreed that the Company shall promptly
respond to all such introduction proposals. If approved, any proposed Investor
shall be deemed a proposed investor (the "Agent's Proposed Investor").
Compensation shall be triggered if an Agent's Proposed Investor, or parties
referred by an Agent's Proposed Investor, invest during the Term of the
Agreement, as amended, plus 180 days. If the Company in its sole discretion
agrees to a term sheet provided by Agent via one of Agent's Proposed Investors
by mutually executing the said term sheet, the Company will grant to Agent a
60-day exclusive period from the date at which the term sheet was consummated.

3.0 THE FEE

     3.1 The Company shall pay Agent a cash fee equal to 10.00% of the gross
proceeds of the Offering (the "Cash Fee") as received by the Company from
Agent's Proposed Investors. The Company shall also issue the Agent one common
stock purchase warrant for each $10.00 worth of Notes sold to Investors
introduced to the Company by Agent. Each warrant will be excercisable to
purchase one share of the Company's common stock until December 31, 2005 at a
price equaling $1.00 per share (the "Warrants").

     3.2 The Warrants upon issuance, shall immediately vest in favor of the
Agent, be fully paid, non-assessable, and free of any restrictions on transfer,
but for those restrictions that are the result of state or federal securities
laws. The Warrants shall be issued to Agent in the form of a warrant agreement
(the "Warrant Agreement"), which shall be in a form and content reasonably
satisfactory to Agent and its counsel. The Warrant Agreement shall provide for,
among other provisions, the above terms and the following: (1) The Warrant shall
expire December 31, (2) The Warrant shall have customary anti-dilution
provisions for stock dividends, splits, mergers, and sale of substantially all
assets of the Company (3)

                           J.P. TURNER & COMPANY, LLC
                3060 PEACHTREE ROAD, 11th FLOOR, ATLANTA, GA 30305
                     PHONE: 404-479-8300 FAX: 888-704-7512

<PAGE>

Ashcroft Homes Corporation
Financial Representative Agreement
December 22, 2003
Page 3

Agent may exercise the Warrant at any time after signing the Warrant Agreement
(4) The Warrants shall contain a "CaS111eSS Exercise" provision (5) The Company
shall reserve, and at all times have available, a sufficient number of shares of
its common stock to be issued upon the exercise of the Warrant and (6) The
Company shall grant unlimited "piggy back" registration rights, at the Company's
expense, to include the shares of the underlying common stock in any
registration statement filed by the Company under the Securities Act of 1933
relating to an underwriting of the sale of shares of common stock or other
security of the Company.

4.0 OTHER

     4.1 Any arrangements made by the Company with any broker or other persons
with whom the Company is or may be involved are the total responsibility of the
Company. Upon payment made by the Company to Agent of Agent's fee, Agent will
hold the Company free and harmless from any and all claims, liabilities,
commissions, fees, or expenses in connection with the transaction from any party
who alleges a relationship with or through Agent and the Investors.

     4.2 The Company shall also prepay or reimburse Agent for all necessary
expenses which are pre-approved by the Company, including, without limitation,
acceptable travel and lodging, printing, legal, and mailing cost, that Agent may
incur in performance of the Services under this Agreement.

     4.3 The Company shall supply to Agent, logos, trademarks, slogans, and
similar designs of itself and all subsidiaries and agrees to Agent's perpetual
use thereafter in "Tombstones" that reflect the Agent's fundraising efforts.

     4.4 Either the Company or the Agent can terminate this Agreement for any
reason by providing not less than 45 days prior written notice to the other
party.

     4.5 In the event of any dispute between the Company and Agent arising under
or pursuant to the terms of this Agreement, or any matters arising under the
terms of this Agreement, the same shall be settled only by arbitration through
NASD Dispute Resolution in Fulton County, City of Atlanta, State of Georgia, in
accordance with the Code of Arbitration Procedure published by NASD Dispute
Resolution. The determination of the arbitrators shall be final and binding upon
the Company and Agent and may be enforced in any court of appropriate
jurisdiction. This Agreement shall be construed by and governed exclusively
under the laws of the State of Georgia, without regard to its conflicts of law
provisions. The venue shall be in Fulton County, GA.

     4.6 This Agreement contains the entire agreement between Agent and the
Company concerning the introduction of Investors to the Company and correctly
sets forth the rights and duties of each of the parties to each other concerning
that matter as of this date. Any agreement or representation concerning the
subject matter of this Agreement or the duties of Agent to the Company in
relation thereto, not set forth in this Agreement, is null and void.

     4.7 The Company agrees that upon the Closing the Agent will be paid
simultaneously with the funding of the Company from the Offering. The Company
shall include in any agreement executed by the Company with any Investor
regarding the Offering a covenant requiring Agent to be paid its fees hereunder
either from the funds held in escrow pending the Closing or directly from the
Investors in accordance with the following wiring instructions:

        Account Name:                    J.P. Turner & Company, L.L.C.

                           J.P. TURNER & COMPANY, LLC
                3060 PEACHTREE ROAD, 11Th FLOOR ATLANTA, GA 30305
                      PHONE: 404-479-8300 FAX: 888-704-7512

<PAGE>

  Ashcroft Homes Corporation
  Financial Representative Agreement
  December 22, 2003
  Page 4

              Bank:                    Wachovia Bank of Georgia
              Address:                 4465 Buckhead Loop, Atlanta, GA 30326
              Phone:                   404-995-8740
              Fax:                     404-995-8755
              ABA Routing #:           061-000-010
              Account #:               186-834-16

     The Warrant shall be assigned to J.P. Turner & Company, L.L.C. and emailed
or mailed to the following address:

            powernajpturner.com
            -------------------

                    or

            J.P. Turner & Company, L.L.C.
            Attention: Patrick J. Power, Managing Director of Investment Banking
            3340 Peachtree Road, Suite 2300
            Atlanta, GA 30326
            Phone: 404-479-8300
            Fax:404-479-8345

     4.8 The Company agrees to indemnify and hold harmless Agent and each
person, if any, who controls Agent within the meaning of the Securities Act of
1933, as amended (the "Act"), its officers, employees, agents, and the Agent's
counsel (collectively, the "Agent and its Personnel") from and against any
losses, claims, damages or liabilities, joint or several (which shall, for all
purposes of this Agreement, include, but not be limited to, all reasonable costs
of defense, investigation and collection and all attorneys' fees), to which
Agent and its Personnel may become subject, under the Act or otherwise, insofar,
as such losses, claims, damages or liabilities (or actions in respect thereof);
(i) arising out of or are based upon any untrue statement or alleged untrue
statement of any material fact made by the Company its officers, employees,
agents, and the legal counsel; (ii) arising out of or are based upon any
omission or alleged omission of material fact necessary to make any statement
not misleading, made by the Company its officers, employees, agents, and its
legal counsel; (iii) arising in any manner out of or in connection with the
performing of services by Agent hereunder; (iv) arising out of or based upon any
violation of the representations and warranties of the Investor; and (v) arising
out of or are based upon any untrue statement or alleged untrue statement of any
material fact made by the Company their officers, employees, agents, and the
legal counsel.

     4.9 The Company shall include in any agreement executed by the Company with
any Investor regarding the Offering, the following representation: "Investor has
performed its own due diligence investigation and had the opportunity to ask
questions of the Company and its management -team and analyze their responses.
Investor has not relied on any representations- not made by the Company and that
are not expressly set forth in the purchase agreement. The Company has performed
its own due diligence investigation and had the opportunity to ask questions of
the Investor and its management team and analyze their responses. The Company
has not relied on any representations not made by the Investor and that are not
expressly set forth in the purchase agreement. Both parties to the purchase
agreement shall release and hold harmless J.P. Turner & Company, L.L.C. from and
against any losses, claims, damages or liabilities related to the Offering.
Furthermore, both parties recognize that the Agent only act as a finder and
other than introducing them, the Agent had and will have no further role."

                           J.P. TURNER & COMPANY, LLC
                3060 PEACHTREE ROAD, 11TH FLOOR ATLANTA, GA 30305
                     PHONE: 404-479-8300 FAX: 888-704-7512

<PAGE>

Ashcroft Homes Corporation
Financial Representative Agreement
December 22, 2003
Page 5

     If the foregoing is in accordance with your understanding, kindly confirm
your acceptance by signing and returning the Agreement, which will thereupon
constitute an agreement between us.

                                        Yours very truly,

                                        /s/ Patrick J. Power
                                        --------------------
                                        Patrick J. Power
                                        Managing Director - Investment Banking
                                        J. P. Turner & Company, LLC

Accepted and approved this  22nd  day of December, 2003 (the "Effective Date")

By: /s/ Richard O. Dean
    -------------------
Mr. Richard O. Dean
President
Ashcroft Homes Corporation
6312 South Fiddlers Green
Suite 500-N
Englewood, CO 80111

                           J.P. TURNER & COMPANY, LLC
                3060 PEACHTREE ROAD, 11TH FLOOR ATLANTA, GA 30305
                     PHONE: 404-479-8300 FAX: 888-704-7512

<PAGE>Exhibit 4.18

 

	
  

  	
  CIBC World Markets plc

  Cottons Centre

  Cottons Lane

  London SE1 2QL

  United Kingdom

  
	
   

  	
   

  
	
   

  	
  Tel. +44(0)20 7234 6000

  
	
   

  	
  Fax. +44(0)20 7407 4127

  

 

31st October, 2003

 

To:          Tele2
Sverige AB

Skeppsbron 18

PO Box 2094, SE-103 13

Stockholm, Sweden

 

Dear Sirs

 

EUR 1,070,000,000 facility agreement for
Tele2 Sverige AB (the “Company”) dated 22nd August, 2001, made
between (among others) the Company and CIBC World Markets plc (as amended and
restated on 28th November, 2001, as further amended 20th
December, 2002 and as further amended on 3rd March, 2003) (the “Facility
Agreement”)

 

Terms defined in the Facility Agreement, unless otherwise defined in
this letter, have the same meaning in this letter.

 

2.             We refer to your request to amend certain
terms of the Facility Agreement and the Reorganisation Plan (as attached to
this letter as Appendix A) as set out in a letter from you to us dated 10th
October, 2003.

 

3.             You
have requested that the Reorganisation Plan be amended as follows:

 

(a)           the existing step 9 of the Reorganisation
Plan provides that Tele2 Holding AB will contribute its shares in SEC
Luxembourg SA to Tele2 Sverige AB in exchange for newly issued shares in Tele2
Sverige AB. It is requested that this transaction be amended such that Tele2
Holding AB will instead contribute its shares in SEC Luxembourg SA to Tele2
Sverige AB by way of an unconditional shareholders’ contribution for no
consideration; and

 

(b)           the Reorganisation Plan shall include two
new reorganization steps as set out in the “UK Group Restructuring Paper” dated
23rd September, 2003 attached to this letter as Appendix B. The new steps are
as follows:

 

(i)            the shares in Bethany Group Ltd currently
held by Tele2 Sverige AB will be contributed to a wholly owned subsidiary of
Tele2 Sverige AB incorporated in England and Wales which is a member of the
Borrower Group (“New UK Co”) in exchange for newly issued shares in New UK Co;
and

 

(ii)           Alpha Prepaid Ltd will sell its business to
Calling Card Company Ltd the consideration for which will correspond to the
fair market value of the transferred business.

 

CIBC World Markets plc. Registered in England
and Wales No 2733036

Registered Office: Cottons Centre, Cottons
Lane, London SE1 2QL

Regulated by FSA.

 

 

Pursuant to Clause 18.26(a) of the Facility Agreement the steps set out
in the Reorganisation Plan may only be amended with the prior written approval
of the Majority Lenders.

 

4.             The “Effective
Date” for the purposes of this letter will be the date on which the
Agent has received the counterpart of this letter duly signed by you.

 

5.             The
Majority Lenders hereby agree that, with effect from the Effective Date:

 

(a)           the amendments to the Reorganisation Plan as
described in paragraph 3 above are approved (and, for the avoidance of doubt
Clause 18.26 (Borrower Group Reorganisation) of the Facility Agreement will
apply to the steps referred to in paragraph 3(b) above);

 

(b)           Clause 8.3 (Mandatory Prepayment from Excess
Cash Flow) will be amended to include the following new paragraph (b):

 

If

 

(i)            in respect of the financial year ending
31st December, 2003, the Borrower is not required to make a prepayment under
paragraph (a) above;

 

(ii)           any members of the Borrower Group make cash
distributions in accordance with Clause 18.15(b) utilising the Excess Cash Flow
for the financial year ending 31st December, 2003 (Relevant Distributions); and

 

(iii)          the aggregate amount of the Relevant
Distributions exceeds ([ILLEGIBLE] would by reason of any proposed Relevant
Distributions exceed) 50 per cent. of the Excess Cash Flow for the financial
year ending 31st December, 2003 (the amount of such excess being an Excess Distribution).

 

the Borrower shall prepay an amount of the outstanding Loans equals to
50 per cent. of each Excess Distribution within five Business Days after each
distribution which is (in whole or in part) an Excess Distribution.”

 

(c)           Clause 18.15(b)(iii) (Distributions) shall
be removed and replaced as follows:

 

“(iii)        the distribution, when aggregated with all
other distributions made since the delivery to the Agent of the most recent
relevant accounts, does not exceed 100 per cent. of Excess Cash Flow for the
financial year to which the relevant accounts relate, less:

 

(A)          any percentage of such Excess Cash Flow
required to be applied in prepayment under Clause 8.3 (Mandatory Prepayment
from Excess Cash Flow); and

 

any amount of such Excess Cash Flow used as contemplated by paragraph
(a) or (b) of the definition of Permitted Acquisition and investment or as
contemplated by Clause 18.13(c)(i) or (ii) (Reconstructions, acquisitions,
mergers and reorganizations); and”.

 

(d)           Paragraph (b) of Clause 8.3 (Mandatory
Prepayment from Excess Cash Flow) shall be re-designated as paragraph (c) and
paragraph (e) shall be re-designated as paragraph (d).

 

 

(e)           the table in Clause 19.7 (Minimum Cumulative
EBITDA for Tele2 Russia Group) shall be removed and replaced as follows:

 

	
  “(1)

  Date

  	
   

  	
  (2)

  Tele2 Russia Cumulative

  EBITDA

  
	
  31st March, 2003

  	
   

  	
  minus 8,500,000

  
	
  30th June, 2003

  	
   

  	
  minus 8,500,000

  
	
  30th September, 2003

  	
   

  	
  minus 8,500,000

  
	
  31st December, 2003

  	
   

  	
  minus 15,000,000

  
	
  31st March, 2004

  	
   

  	
  minus 15,000,000

  
	
  30th June, 2004

  	
   

  	
  minus 8,500,000

  
	
  30th September, 2004

  	
   

  	
  minus 8,500,000

  
	
  31st December, 2004

  	
   

  	
  minus 8,500,000

  
	
  31st March, 2005

  	
   

  	
  Zero

  
	
  30th June, 2005

  	
   

  	
  9,400,000

  
	
  30th September, 2005

  	
   

  	
  17,500,000

  
	
  31st December, 2005

  	
   

  	
  28,200,000

  
	
  30th March, 2006

  	
   

  	
  40,600,000”

  

 

6.             You hereby acknowledge that except as
expressly provided herein, nothing contained in this letter shall be construed
as a waiver, variation or amendment of the provisions of the Finance Document
and the Finance Parties fully reserve all of their rights and remedies under
the Finance Documents.  Save to the
extent specifically provided in this letter, the Finance Documents remain in
full force and effect.

 

7.             This letter is a Finance Document and is
governed by English law.

 

8.             This letter may be signed in any number of
counterparts, and this has the same effect as if the signatures on the
counterparts were on a single copy of this letter.

 

9.             The Agent enters into this letter on
behalf of (and on the instructions of) the Majority Lenders in accordance with
Clause 27.2 (Amendments and Waivers) of the Facility Agreement.

 

Please indicate your acceptance of the terms of this letter by signing
and returning to us the enclosed copy of it.

 

	
  Yours faithfully,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ [ILLEGIBLE]

  	
   

  
	
  CIBC World Markets plc

  as Agent

  	
   

  

 

 

	
  Accepted and agreed this 31st day of October, 2003

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ [ILLEGIBLE]

  	
   

  
	
  Tele2 Sverige AB

  as Obligors’ Agent

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