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Title: |
Loan Agreement |
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Date: |
2002 |
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Preview shows 21KB of 114KB total |
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$51 |
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#341517 |
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LOAN AGREEMENT
STANFORD VENTURE CAPITAL HOLDINGS, INC.
U.S. $1,500,000.00 LOAN
TO
INTERCALLNET, INC.
AND
INTER-CALL-NET TELESERVICES, INC.
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE I DEFINITIONS............................................................................................1
ARTICLE II THE LOAN..............................................................................................6
2.1 Interest and Term...................................................................................6
2.2 Use of Loan Funds...................................................................................7
ARTICLE III DISBURSEMENT AND ADVANCES OF LOAN PROCEEDS...........................................................8
3.1 Disbursement of Working Capital Proceeds............................................................8
3.2 Advance Requests....................................................................................8
3.3 Amount Disbursed....................................................................................9
3.4 Ratification........................................................................................9
3.5 Protective Advances.................................................................................9
3.6 Limitation..........................................................................................9
3.7 Prepayment.........................................................................................10
ARTICLE IV CONDITIONS PRECEDENT.................................................................................10
4.1 Conditions to First Disbursement and First Advance.................................................10
4.2 Conditions to Subsequent Disbursements and Advances................................................11
ARTICLE V REPRESENTATIONS AND WARRANTIES........................................................................11
5.1 Capacity; Binding Obligations......................................................................12
5.2 Authorization and Non-Contravention................................................................12
5.3 Equity Interests...................................................................................12
5.4 No Litigation......................................................................................12
5.5 No Other Defaults..................................................................................12
5.6 Approvals..........................................................................................13
5.7 Full Disclosure....................................................................................13
5.8 Statements.........................................................................................13
5.9 No Enforcement Event; Compliance...................................................................13
ARTICLE VI AFFIRMATIVE COVENANTS................................................................................13
6.1 Payments...........................................................................................13
6.2 Continued Existence of Collateral..................................................................13
6.3 Costs and Expenses.................................................................................13
6.4 Loan Funds.........................................................................................14
6.5 Financing Activities...............................................................................14
6.6 Liens..............................................................................................14
6.7 Records and Reports................................................................................14
6.8 Notice to Lender...................................................................................14
i
{PAGE}
6.9 Adverse Proceedings................................................................................14
6.10 Indemnity..........................................................................................15
6.11 Compliance.........................................................................................15
6.12 Payment of Taxes, Etc..............................................................................15
6.13 Maintenance of Properties, etc.....................................................................15
6.14 Transactions with Affiliates.......................................................................15
6.15 Further Assurances.................................................................................15
6.16 Performance of Material Contracts..................................................................16
6.17 Maintenance of Insurance...........................................................................16
6.18 Call Center Seats..................................................................................16
6.19 Call Center........................................................................................17
ARTICLE VII NEGATIVE COVENANTS..................................................................................17
7.1 No Property Transfers; No Further Encumbrances....................................................17
7.2 No Assignment of Loan..............................................................................17
7.3 No Adverse Actions.................................................................................17
7.4 Additional Debt....................................................................................17
7.5 Change in Nature of Business.......................................................................17
7.6 Mergers, etc.......................................................................................18
7.7 Sales, Etc., of Assets.............................................................................18
7.8 Amendments of Constitutive Documents...............................................................18
7.9 Accounting Changes.................................................................................18
7.10 Negative Pledge....................................................................................18
7.11 Creation of Subsidiaries...........................................................................18
ARTICLE VIII.....................................................................................................18
8.1 Reporting Requirements.............................................................................18
ARTICLE IX.......................................................................................................18
ARTICLE X DEFAULT AND REMEDIES..................................................................................19
10.1 Enforcement Events.................................................................................19
10.2 Remedies...........................................................................................21
ARTICLE XI ASSIGNMENT...........................................................................................22
11.1 Assignment by the Lender...........................................................................22
11.2 Disclosure.........................................................................................22
ARTICLE XII GENERAL CONDITIONS AND OTHER COVENANTS..............................................................23
12.1 Evidence of Disbursals; Previous Disbursals........................................................23
12.2 No Third-Party Beneficiaries.......................................................................23
12.3 Indemnity..........................................................................................23
12.4 Notices............................................................................................23
ii
{PAGE}
12.5 Jurisdiction.......................................................................................24
12.6 Governing Law......................................................................................25
12.7 No Usury...........................................................................................25
12.8 Writing Required...................................................................................25
12.9 Partial Invalidity.................................................................................25
12.10 Interpretation.....................................................................................25
12.11 Assignment.........................................................................................25
12.12 Binding Effect.....................................................................................26
12.13 Loan Agreement Governs.............................................................................26
12.14 Counterparts.......................................................................................26
12.15 Time of Essence....................................................................................26
12.16 No Jury Trial......................................................................................26
12.17 Exchange Rate......................................................................................26
{/TABLE}
iii
{PAGE}
EXHIBIT INDEX
-------------
Exhibit A - Form of Disbursement Certificate
Exhibit B - Disbursement Schedule
Exhibit C - Advance Request
Exhibit D - Form of Note
Exhibit E - Form of Legal Opinion from Borrower's Counsel
iv
{PAGE}
LOAN AGREEMENT
THIS LOAN AGREEMENT (the "AGREEMENT") is made as of June 13, 2002 by
and between INTERCALLNET, INC., a company organized under the laws of Florida
("INTERCALLNET"), INTER-CALL-NET TELESERVICES, INC., a corporation organized
under the laws of Florida ("INTERCALLNET TELESERVICES", and together with
Intercallnet, the "Borrower"), and STANFORD VENTURE CAPITAL HOLDINGS, INC., a
corporation duly incorporated under the laws of the State of Delaware (the
"LENDER").
W I T N E S S E T H:
-------------------
WHEREAS, the Borrower has requested that Lender make available to the
Borrower a loan facility in a principal amount of up to one million five hundred
thousand dollars (US$1,500,000.00) for the purposes set forth in Section 2.2.
NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained in this Agreement and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Lender and the
Borrower hereby agree as follows:
ARTICLE I
DEFINITIONS
-----------
When used in this Agreement, the following capitalized terms shall have
the respective meanings indicated opposite each of them:
"ADVANCE" A portion of the Call Center Proceeds disbursed by the Lender
to or for the benefit of Borrower from time to time under this
Agreement.
"ADVANCE Each of Borrower's periodic requests for an Advance
REQUEST" of Call Center Proceeds.
"AFFILIATE" As to any Person, any other Person that, directly or
indirectly, controls, is controlled by or is under common
control with such Person. For purposes of this definition, the
term "control" (including the terms "controlling", "controlled
by" and "under common control with") of a Person means the
possession, direct or indirect, of the power to vote 15% or
more of any class of the voting interests of such Person or to
direct or cause the direction of the management and policies
of such Person, whether through the ownership of voting
interests, by contract or otherwise. Notwithstanding the
foregoing, the term "Affiliate" shall not include any
shareholder, director or officer of the Borrower.
{PAGE}
"BORROWER" As defined in the preamble to this Agreement.
"BORROWERS' Campo & Associates, 825 Third Avenue, 30th Floor New York, NY
COUNSEL" 10022.
"BEST The actual knowledge, after Reasonable Inquiry, of the Person.
KNOWLEDGE" For purposes of this Agreement "Reasonable Inquiry" shall mean
that investigation a prudent businessperson would have made in
seeking to verify the applicable statement.
"COLLATERAL" As used in this Agreement, such term shall be as defined in
each of the Security Agreement and the Pledge Agreement and
shall be inclusive of all of the Collateral as so defined in
both agreements.
"CONSOLIDATED" Refers to the consolidation of accounts in accordance with
generally accepted accounting principles.
"DEBT" of any Person means, without duplication, (a) all indebtedness
of such Person for borrowed money, (b) all Obligations of such
Person for the deferred purchase price of property or
services, (c) all Obligations of such Person evidenced by
notes, bonds, debentures or other similar instruments, (d) all
Obligations of such Person created or arising under any
conditional sale or other title retention agreement with
respect to property acquired by such Person (even though the
rights and remedies of the seller or lender under such
agreement in the event of default are limited to repossession
or sale of such property), (e) all Obligations of such Person
as lessee under capitalized leases which have been , in
accordance with GAAP, recorded as capitalized lease
obligations, (f) all Obligations of such Person relative to
the face amount of an acceptance letter of credit (issued for
the account of such Person) or similar extensions of credit,
(g) all Obligations of such Person to purchase, redeem,
retire, defease or otherwise make any payment in respect of
any equity interests in such Person or any other Person or any
warrants, rights or options to acquire such capital stock, (h)
all contingent obligations relating to indebtedness of such
Person, (i) guarantees of such Person and (j) all indebtedness
and other payment Obligations referred to in clauses (a)
through (i) above of another Person secured by (or for which
the holder of such Debt has an existing right, contingent or
otherwise, to be secured by) any Lien on property (including,
without limitation, accounts and contract rights) owned by
such Person, even though such Person has not assumed or become
liable for the payment of such indebtedness or other payment
Obligations.
2
{PAGE}
"DISBURSEMENT(S)" Each periodic disbursement by the Lender of Loan funds to the
Borrower in accordance with the Disbursement Schedule.
"DISBURSEMENT As defined in Section 3.1, in substantially the form attached
CERTIFICATE" as Exhibit "A" hereto.
"DISBURSEMENT The disbursement schedule attached as Exhibit "B" hereto,
SCHEDULE" indicating the amount of each Disbursement, and the date on
which the Lender shall disburse each Disbursement.
"ENVIRONMENTAL Any action, suit, demand, demand letter, claim, notice of
ACTION" non-compliance or violation, notice of liability or potential
liability, investigation, proceeding, consent order or consent
agreement relating in any way to any Environmental Law, any
Environmental Permit or Hazardous Material or arising from
alleged injury or threat to health, safety or the environment,
including, without limitation, (a) by any governmental or
regulatory authority for enforcement, cleanup, removal,
response, remedial, or other actions or damages and (b) by any
governmental or regulatory authority or third party for
damages, contribution, indemnification, cost recovery,
compensation or injunctive relief.
"ENVIRONMENTAL Any Federal, state, local or foreign statute, law, ordinance,
LAW" rule, regulation, code, order, writ, judgment, injunction,
decree or judicial or agency interpretation, policy or
guidance relating to pollution or protection of the
environment, health, safety or natural resources, including,
without limitation, those relating to the use, handling,
transportation, treatment, storage, disposal, release or
discharge of Hazardous Materials.
"ENVIRONMENTAL Any permit, approval, identification number, license or other
PERMIT" authorization required under any Environmental Law.
"GAAP" Generally accepted accounting principles as in effect in the
United States from time to time, consistently applied during
the periods involved.
"ENFORCEMENT As defined in Section 10.1.
EVENT"
"FINANCIAL A certificate from a Responsible Officer of the Borrower
COVENANT certifying that (i) the Borrower is in compliance with the
COMPLIANCE financial covenants set forth in Section 9.1 and (ii) no
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