Document:

MobiFon Holdings: Exhibit 4.15 - Prepared by TNT Filings Inc.

 

Exhibit 4.15

		General
    Inspectorate for Communications and Information Technology 

    Bucuresti, Str.
    Italiana nr. 22, sector 2, cod posta1: 020976 

    Cod fiscal:................... 

    Cont IBAN: ......................deschis la Trezoreria 

    Statului 

    Sucursala Sectorului 2 Bucuresti. 

    Telefon: +40-21-3032.999; Fax: +40-21-3032.937 

The General Inspectorate for Communications and Information
Technology; 

having regard to art. 10 (2) and art.14 of the
Emergency Ordinance no. 79
/2002 regarding the
general regulatory framework in communications, approved with modifications and
additions by Law 591/2002; 

having regard to art. 12 (4) of Law 510/2004 regarding the
reorganization of the General Inspectorate for Communications and Information
Technology; 

having regard to the provision of Order
273/2004 of the minister of communications and information technology approving
the Licensing Procedure for the granting of the license to use radioelectric
frequencies for the provision of 3G mobile communications networks and services;

having regard to the Minutes on the evaluation
of the offers from participants to the bid for the granting of the license to
use radioelectric frequencies to provide 3G mobile communications network and
services, registered with DC-MCTI under no.1397/25.03.2005 certifying that SC
MOBIFON S.A. is the winner of the aforementioned bid, 

HAS ISSUED THIS LICENSE: 

LICENSE

FOR THE USE OF
RADIOELECTRIC FREQUENCIES TO PROVIDE 3G MOBILE 

PUBLIC COMMUNICATIONS NETWORKS AND SERVICES 

NO. MT-CEL 01/ 2005 

Licensee: S.C.
MobiFon SA 

Registered address at 3 Avrig St., sector 2, Bucharest 

Incorporated with Trade Registry Office under
no.J40/9852/1996, single registration code 8971726, Hereinafter duly represented
by Edward Murray Lattimore domiciled in 2, Herestrau St., sector 1, Bucharest,
identification documents (ID) Passport no. BC 123782, issued by the Embassy of
Canada at Bucharest date of issuance 12.09.2002. 

is hereby authorized to exercise the right to use radio frequencies for the
purpose of providing a 3 G public mobile communications network and 3G services,
as follows: 

- 1 -

I. Allocated frequency sub-bands and associated provisions:

        1.
The Licensee is
hereby granted the exclusive right to use the following radio frequency
sub-bands allocated at national level: 

  
  A. Within the frequency bands
  1920-1980/2110-2170 MHz for the FDD operation mode: 

  
    
    a) the frequency sub-band
    2154,9-2169,7MHz for base station transmission, according to ERC /DEC
    Decision (99) 25 adopted and established in the National Table for
    Allocation of Frequency Bands (TNABF) and further approved by the MCTI Order
    no. 232/2003; 

    
    b) the frequency sub-band 1964,9 -
    1979,7MHz for base station reception, according to ERC /DEC Decision (99)
    25, adopted under the TNAFB and further approved by the ministry's Order no.
    232/2003; 

  

  
  B. within the frequency band
  1900-1920 MHz, for the TDD operation mode: 

  
    
    a) 
    the frequency sub-band
    1909,9-1914,9 MHz for base station transmission and reception, according to
    ERC /DEC Decision (99) 25 as adopted under the TNABF and further approved by
    the MCTI Order no. 232/2003. 

  

2. 
The Licensee may install, operate,
control and put at the disposal of third parties a 
public 3 G mobile communications
network including the related infrastructure, for the provision of 3 G
electronic communications services, under the terms and conditions regarding
radio frequency usage and the obligations established in this License. 

II. The terms and conditions for the use of radio frequencies
and the Licensee's obligations: 

11.1. Technical and operational conditions governing the use
of the allocated frequency bands: 

1.
This right to use the allocated frequencies is for the following technology:

-CDMA Direct Spread (UMTS) -UTRA
WCDMA for FDD; 

-CDMA TDD (UMTS) - UTRA TD - CDMA for TDD. 

2. The Licensee
shall strictly comply with what is the essential requirement governing the use
of the radio spectrum, that is the obligation to avoid harmful disturbances. The
Licensee shall be presumed to have met the essential requirement specified
herein to the extent the Licensee applies the relevant European IMT-200
harmonized standards. 

3. The Licensee shall exercise its
rights under this License in such a way as to ensure effective, rational and
efficient use of the radio frequencies and to avoid harmful disturbances. 

3.1.
Minimum coverage
requirements 

3.1.1.The
minimum coverage requirements, expressed in percentages of coverage are
specified in Annex to this License. 

3.1.2. The
population coverage percentages shall be assessed based on the relevant data
reported by the National Institute of Statistics. 

       
An area shall be deemed as covered by 3 G services in open space, if the
simulated (calculated) average value of the electromagnetic field generated over
one single traffic channel 

- 2 -

of 12.2 kbit/s at the periphery of the coverage area, at a
height of 1.5 m above ground and at a probability of 50%, is as a minimum 38
dBμV/m. The calculation shall be assumed to refer to a voice transmission
session with a data transmission speed of 12.2 kbit/s and a maximum base station
transmission power of 2W per channel. 

3.1.3. The list
of towns and main roads to be covered by Licensee is included in the Annex to
this license and may be modified with IGCTI's acceptance, subject to compliance
with the minimum coverage percentages established in paragraph 3.1.1 above. The
Licensee shall submit its proposed modifications to the said List at least one
month in advance. 

In monitoring the Licensee's performance under this license, IGCTI will also take into consideration any town or road as may be covered by
the Licensee in addition of those specified in Annex. 

3.2. Quality
requirements: 

  a)
  network availability shall be mm.
  98%; 

  b) 
  transfer rates shall be those established by the UMTS; 

  c) 
  Call-blocking rate in MobiFon network during peak traffic shall not exceed 5%.
  

The principles, rules and the
service quality measuring procedures related to monitoring compliance with the
established coverage and other relevant quality requirements shall be
established by IGCTI by decision of the president, after consultation with the
3G operators and in conformity with the current international practice. 

3.3. Assignation
of frequencies for network supply - the identification features of the radio
stations, the technical parameters defining the service zone associated with the
assigned frequencies and the characteristics of the radio signals transmitted
within the network - are established in the frequency assignation
authorizations, which are an integral part of this License. 

3.4. The
Licensee shall comply with the technical and operational conditions governing
the use of the frequencies as imposed by IGCTT, for the purpose of avoiding or
eliminating harmful disturbances. 

3.5. In the case
of harmful disturbances caused by or attributable to the Licensee, IGCTI may
impose the Licensee to take the necessary measures in order to eliminate such
disturbances, the Licensee having the obligation to comply with these measures
and, if the case, to bear the associated costs.. 

3.6. The
Licensee shall abide by the conditions imposed by IGCTI, as arising from the
international agreements signed by Romania regarding coordination of frequencies
within the 1900-1980 MHz and 
the
2110- 2170 MHz frequency bands. 

3.7. The
Licensee shall notify IGCTI on the locations of the base stations, at least 30
days before the start-up of the execution works. IGCTI may request the Licensee
to modify the location for reasons dealing with the electromagnetic
compatibility. In the case of use of existing locations, the obligation to
notify as specified herein is not applicable. 

3.8. The Licensee shall notify
IGCTI on the values of the technical parameters of the base stations
(frequencies used, transmission power, antennas / equipment used etc.), at least
two 

- 3 -

weeks before putting them into operation. IGCTI shall have 30 days to issue
the frequency assignation authorizations. . 

II.2. Obligations incumbent on the Licensee 

  1. The
  Licensee shall abide by the laws in force as applicable to the object of this
  License. 

  
  2.
  The licensee shall abide by the IGCTI's requirements as arising from the
  international agreements on the use of the radioelectric frequencies signed by
  Romania, applicable to the spectrum allocated under this License. 

  
  3.
  At border areas, the Licensee shall use the
  allocated frequencies / channels in coordination with the communications
  Authorities in the countries involved. To this end, the Licensee shall, on its
  expense, support IGCTI in ensuring a smooth coordination process. 

  
  4.
  Licensee shall pay IGCTI for the entire
  license validity term a fee for spectrum usage in accordance with the
  regulations in force. According to the provisions of the Bid Book issued by
  the Minister's Order 273/2004 regarding the 3G licensing procedure, the fee
  shall be charged on a yearly basis for each 5MHz pair or unpaired block used
  by the Licensee. 

  
  5.
  Licensee shall pay the spectrum release fee
  established under GD 1113/2002 regarding the award of the licenses to use
  radioelectric frequencies for the provision of 3G mobile communications
  networks, as further amended by GD 1165/2004, within the terms specified in
  the regulatory acts specified hereunder. 

  
  6.
  The Licensee shall allow access of the
  IGCTI's controllers specially designated for this purpose to any of the
  Licensee's locations housing electronic communication network equipment,
  devices and installations, to enable them to check compliance thereof with the
  terms and conditions of this License. 

  
  7. The
  network shall be put into operation no later than December 31 2006 , according
  to the terms established by Licensee in its offer. 

III. License Validity
Term : until March 31, 2020. The validity term specified hereunder may be extend
by 10 years upon the Licensee's request sent at least 6 months before the expiry
of the initial validity term, without additional costs on the Licensee and
within the limits of the law. 

IV. IGCTI 
may forbid for a limited period of time the
partial or total use by the Licensee of a certain frequency band or frequency,
upon the motivated request of the competent public authorities, should such
restrictive measure be called for by matters of national security, public order
or national defense. 

V. Final provisions 

  1.  The
  provisions of this License shall be supplemented by the legal provisions
  governing electronic communications. 

  2.  The
  authorizations for radioelectric frequency assignation issued under this
  License are an integral part of this License. 

- 4 -

  3. 
  At Licensees' request, IGCTI may allocate additional radio spectrum for the
  purpose of providing the services herein, to the extent such spectrum
  resources are available and subject to the laws in force at the time of
  request. 

  
  
  4.
  
   The amendment or the assignment of this
  License shall be subject to the laws in force. 

  
  5.
  
   In the case of assignment of this 
  License, the change in the destination of the frequencies covered by this
  License is forbidden. 

  
  6.
  
   IGCTI may suspend or withdraw
  this License in any of the following cases: 

  
    a)
    revocation by ANRC of the general authorization issued to Licensee; 
    

    b)
    repeated breach by Licensee in the conditions or the obligations assumed by
    the Licensee under this License; 

    c)
    failure of Licensee to pay within 90 days from the due date the spectrum
    usage fee and of the interests on and the penalties for late payment thereof
    (if any); 

    d)
    change by Licensee in the destination of the frequencies allocated under
    this License; 

    e)
    violation by Licensee of the legal provisions in the field of electronic
    communications, where the violation causes serious harm to the public
    interest; 

    f)
    at Licensee's request. 

  

  
  7.  Non-compliance by
  Licensee with any of the technical and operational conditions and / or with
  the obligations of this License and its annexes, except for the obligations
  regarding coverage at the three distinct dates established in the Bid Book,
  including noncompliance with any other technical regulations applicable to
  this License, shall render the Licensee liable to the penalties specified in
  the applicable regulations in force. 

  
  8.  Non compliance by
  Licensee with the minimum coverage requirements in relation to the three
  distinct control dates established in the Bid Book issued pursuant to the
  minister's Order no. 273/2004 approving the 3 G licensing procedure or as
  stipulated in the Annex to the License, shall render the Licensee liable under
  of article 11 "Penalties" of the Bid Book. 

  
  9.  The methodology for
  calculating the penalties described above at article 8 shall be in accordance
  with the provisions of point 11 "Penalties" in the Bid Book issued pursuant to
  the minister's Order no. 273/2004 approving the 3 G licensing procedure. The
  aggregate penalties specified hereunder shall in no event exceed the amount of
  spectrum release fee established by the GD no. 1113/2002 as further amended by
  GD 1165/2004. 

  
  10. 
  This License does not supersede other statutory agreements or approvals
  required by the Romanian laws governing other fields than the electronic
  communications field, as the Licensee may need to obtain any time during the
  validity of this License in order to carry out its business in Romania. 

President 

Marius Catalin Marinescu 

Date of issue: 

- 5 -MobiFon Holdings: Exhibit 4.20 - Prepared by TNT Filings Inc.

 

PROMISSORY NOTE

("Schuldbekentenis")

This agreement (the " Agreement") is made and entered into by and between:

  1. 
  Telesystem International 
  Wireless, Inc., a public
  company incorporated under the laws of Canada, with its principal offices
  located Montreal, Canada, hereinafter referred to as "Payee"; 

and 

  2. 
  MobiFon Holdings B.V.,
  incorporated under the laws of Netherlands, with its principal offices at
  Amsterdam, the Netherlands, hereinafter referred to, as (he ''Obligor"). 

RECITALS:

        WHEREAS, the
Obligor, the Payee and Deraso Holding B.V. ("Deraso"), inter alia, 
are parties to a Sale Transfer Agreement as to
be signed, by and between the parties (thereinafter the "Agreement") respecting
the sale and purchase of a number of
29,388,475 fully paid-up shares of MobiFon S.A.
("Mobifon"), each
having a nominal value of ROL 3,750 (the
"Shares"), substantially on and subject
to the terms and conditions of and for a consideration set forth in the
Agreement; 

        WHEREAS, the
Obligor is willing to issue a note to the Payee as consideration for the payment
by the Payee of the Shares on behalf of the Obligor, subject to the terms and
conditions of the Agreement;

        NOW THEREFORE, in consideration of
the premises and mutual covenants set forth herein, the parties hereto agree as
follows: 

Article 1        
Definitions and Interpretation 

"Interest Period" means each twelve calendar month period during the
term of this Agreement beginning on the
first anniversary of this Agreement and each

 

1

following anniversary of this Agreement. 

"Payee" means Telesystems International Wireless, Inc. together with
any successors ("rechtsopvolgers onder algemene titel") and any assignees 

Article 2         The Principal
Amount 

  2.1. Obligor acknowledges to be indebted to Payee
  an amount of US$ 290,596,542 (say: two hundred ninety million two hundred
  ninety six thousand and five hundred and forty two United States dollars) plus
  interest on the unpaid and outstanding principal balance from time to time
  from the date hereof, payable at the end of each Interest Period, until such
  time as such principal shall become due and payable, at a rate per annum equal
  to 10 %. Interest shall be calculated on the basis of a year of 360 days for
  the actual number of days elapsed. 

Article 3         Principal and
Interest Payments 

  3.1. Subject to that certain
  Indenture of the Company dated as June 27, 2003 respecting 12.50% senior notes
  due 2010 (the "Senior Debt"), the outstanding principal pursuant to this
  Agreement shall be due and payable on demand of the Payee but no later than 31
  December 2013 and Obligor shall have the option to prepay the outstanding
  principal pursuant to this Agreement, in whole or in part. Each such
  prepayment may be made in whole or in part without premium or penalty and any
  prepayment shall be accompanied by accrued and unpaid interest on the
  principal amount prepaid, subject to the terms of the Senior Debt. 

Article 4         Events of
Default and Remedies 

  4.1. If any of the following (each an "Event of
  Default") shall occur: 

 

2

  
    4.1.1. any payment of principal
    amount, interest or other amount payable under this Agreement is not made,
    within five Business Days of the date when due; or 

    4.1.2. Obligor shall commence a
    voluntary case or other proceeding seeking liquidation, reorganization or
    other relief with respect to it or its debts under any bankruptcy law or
    shall take any corporate action to authorize any of the foregoing; or 

    4.1.3. an involuntary case or
    other proceeding shall be commenced seeking liquidation, reorganization or
    other relief with respect to Obligor or its debts under any bankruptcy law;
    or 

    4.1.4. Obligor shall default in
    the payment when due or within any applicable period of grace of any amount
    of principal of or premium or interest on indebtedness of Obligor that is
    outstanding; 

    then and at any time, during the continuance of an Event
    of Default, the Payee may, at its option, exercise any and all rights,
    powers and remedies provided for under this Agreement, by law, in equity or
    otherwise. 

  

Article 5         Miscellaneous

  5.1. Any notice, request, demand
  or other communication under this Deed shall be in writing or by facsimile
  transmission (provided that in the case of facsimile transmission it shall be
  confirmed in writing simultaneously dispatched) addressed to the Obligor or
  the Payee, as the case may be, for the attention of the appropriate person and
  once given or made shall (save as otherwise specified herein) be irrevocable.
  

  5.2. This Agreement shall be governed by and
  construed in accordance with the laws of the Netherlands. 

  5.3. Obligor may not assign or transfer any of its
  rights or obligations hereunder, Payee may, at any time, assign any or all of
  its rights under and in connection with this Promissory Note and any security
  granted in connection with it. 

3

  5.4. All disputes arising out of or in connection
  with this Agreement shall be submitted to the competent court in Amsterdam,
  the Netherlands. 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective duly authorized officers as of September 17, 2004.

	
    Telesystem International Wireless Inc. 
	 
	
    	 
	By: Andre Gauthier
	Title: Executive Vice-President
    and Chief Financial Officer
	 
	 
	MobiFon Holdings B.V.
	 
	
    
	By: ClearWave N.V.
	Title: Managing Director

 

 

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