SEC Contract Filing

Filing Date: 2016-05-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>12
<FILENAME>artec_ex1023.htm
<DESCRIPTION>COMMITTED EQUITY FACILITY AGREEMENT
<TEXT>
<html><head><title>artec_ex1023.htm</title><!--Document Created by EDGARMaster--></head><BODY style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN; MARGIN: 0px 7%" scroll="yes"><p style="MARGIN: 0px" align="right"><strong>EXHIBIT 10.23</strong></p><p style="MARGIN: 0px" align="center"><b><u><font size="2"></font></u></b>&nbsp;</p><p style="MARGIN: 0px" align="center"><b><u><font size="2">COMMITTED EQUITY FACILITY AGREEMENT</font></u></b><font size="2"></font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><font size="2">This Committed Equity Facility Agreement (the "<b><u>Agreement</u></b>") is dated as of May 31, 2015 and effective as of December 24, 2015 (the "<b><u>Effective Date</u></b>"), by and between <b>TCA GLOBAL CREDIT MASTER FUND, LP</b>, a limited partnership organized and existing under the laws of the Cayman Islands (the "<b><u>Investor</u></b>") and <b>ARTEC GLOBAL MEDIA, INC.</b>, a corporation incorporated under the laws of the State of Nevada (the "<b><u>Company</u></b>").</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><u><font size="2">RECITALS</font></u><font size="2"></font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><b><font size="2">WHEREAS</font></b><font size="2">, the parties desire that, upon the terms and subject to the conditions contained herein, the Company shall issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company, up to Five Million and No/100 United States Dollars (US$5,000,000) of the Company's common stock, $0.001 par value per share (the "<b><u>Common Stock</u></b>");</font></p><p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><b><font size="2">WHEREAS</font></b><font size="2">, such investments will be made in reliance upon the provisions of Regulation D ("<b><u>Regulation D</u></b>") of the Securities Act of 1933, as amended, and the rules&nbsp;and regulations promulgated thereunder (collectively, the "<b><u>Securities Act</u></b>"), or upon such other exemption from the registration requirements of the Securities Act as may be available with respect to any or all of the transactions to be entered into hereunder; and</font></p><p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><b><font size="2">NOW, THEREFORE</font></b><font size="2">, in consideration of the premises and the mutual covenants of the parties hereinafter expressed and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, each intending to be legally bound, agree as follows:</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px" align="center"><font size="2">ARTICLE I</font></p><p style="MARGIN: 0px" align="center"><font size="2"><u>CERTAIN DEFINITIONS</u></font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><font size="2">For purposes of this Agreement, except as otherwise expressly provided or otherwise defined elsewhere in this Agreement, or unless the context otherwise requires, the capitalized terms in this Agreement shall have the meanings assigned to them in this Article as follows:</font></p><p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><font size="2">1.1 "<b><u>Advance</u></b>" shall mean the portion of the Commitment Amount requested by the Company in the Advance Notice.</font></p><p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><font size="2">1.2 "<b><u>Advance Fee</u></b>" shall mean an amount in United States funds equal to five percent (5%) of the gross amount of each Advance.</font></p><p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><font size="2">1.3 "<b><u>Advance Notice</u></b>" shall mean a written notice in the form of <b><u>Exhibit&nbsp;"A"</u></b> attached hereto, executed by an officer of the Company and delivered to the Investor and setting forth the Advance amount that the Company requests from the Investor.</font></p><p style="MARGIN: 0px">&nbsp;</p><table id="pagebreakddd6e19e-41ca-4a1b-af05-9ad8100460bf" class="pagebreak" style="WIDTH: 100%; FONT: 10pt TIMES NEW ROMAN" cellspacing="0" cellpadding="0" border="0"> <tr><td class="hpbhr">&nbsp;</td></tr><tr><td style="BORDER-BOTTOM: black 1px solid; TEXT-ALIGN: center">1</td></tr><tr></tr><tr><td><div style="WIDTH: 100%; PAGE-BREAK-AFTER: always; LINE-HEIGHT: 0px"></div></td></tr><tr><td>&nbsp;</td></tr></table><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><font size="2">1.4 "<b><u>Advance Notice Date</u></b>" shall mean each date the Company delivers (in accordance with Section&nbsp;2.1&nbsp;of the Agreement) to the Investor an Advance Notice requiring the Investor to advance funds to the Company, subject to the terms of this Agreement.</font></p><p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><font size="2">1.5 "<b><u>Affiliate</u></b>" shall have the meaning set forth in Rule 405 of the Securities Act.</font></p><p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><font size="2">1.6 "<b><u>Agreement</u></b>" shall have the meaning set forth in the preamble paragraph hereto.</font></p><p style="MARGIN: 0px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><font size="2">1.7 "<b><u>By-Laws</u></b>" shall have the meaning set forth in Section&nbsp;4.4.</font></p><p style="MARGIN: 0px; TEXT-INDENT: 45px">&nbsp;</p><p style="MARGIN: 0px; TEXT-INDENT: 45px"><font size="2">1.8 "<b><u>Certificate of Incorporation</u></b>" shall have the meaning set forth in Section&nbsp;4.4.</font></p><p