EXHIBIT 4.20
INTERCREDITOR AGREEMENT
ACORDO ENTRE CREDORES
AMONG
ENTRE
NET SERVICOS DE COMUNICACAO S.A.
NET SERVICOS DE COMUNICACAO S.A.
AND SUBSIDIARIES THEREOF,
E SUAS SUBSIDIARIAS,
THE SECURED CREDITORS NAMED HEREIN
CREDORES DESIGNADOS NESTE CONTRATO
AND
E
BANCO ITAU S.A., AS COLLATERAL AGENT
BANCO ITAU S.A., COMO AGENTE DE GARANTIA
Dated as of [ ], 2004
Datado de [ ], 2004
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Table of Contents
I. - DEFINITIONS AND RULES OF CONSTRUCTION
I. DEFINICOES E REGRAS DE INTERPRETACAO
II. - EFFECTIVENESS AND TERMNATION OF THIS AGREEMENT
II. EFICACIA E RESCISAO DO PRESENTE CONTRATO
III. - COVENANTS OF THE NET GROUP
III. COMPROMISSOS DO GRUPO NET
IV. - COVENANTS OF EACH CREDITOR
IV. COMPROMISSOS DE CADA CREDOR
V. - COLLATERAL ISSUES
V. DA GARANTIA
VI. - REPRESENTATIONS AND WARRANTIES OF THE NET GROUP
VI. DECLARACOES E GARANTIAS DO GRUPO NET
VII. - REPRESENTATIONS AND WARRANTIES OF EACH CREDITOR
VII. DECLARACOES E GARANTIAS DE CADA CREDOR
VIII. - INDEMNIFICATION
VIII. INDENIZACAO
IX. - EFFECTIVENESS
IX. VIGENCIA
X. - MISCELLANEOUS PROVISIONS
X. DISPOSICOES GERAIS
XI. - GOVERNING LAW AND JURISDICTION
XI. LEI DE REGENCIA E FORO
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List of Exhibits
Lista de Anexos
Exhibit 1 List of Company's Subsidiaries Parties to this Agreement
Anexo 1 Lista das Subsidiarias da Companhia que sao Parte do Presente Contrato
Exhibit 2 List of Creditors
Anexo 2 Lista dos Credores
Exhibit 3 List of Credit Instruments
Anexo 3 Lista dos Instrumentos de Divida
Exhibit 4 Copy of the Asset Pledge Agreement
Anexo 4 Copia do Contrato de Penhor Mercantil de Ativos com Clausula de Venda
Amigavel e Outras Avencas
Exhibit 5-I Copy of Net Sao Paulo Credit Rights Pledge Agreement
Anexo 5-I Copia do Contrato de Penhor de Creditos e Direitos Creditorios com
Clausula de Excussao da Net Sao Paulo Ltda.
Exhibit 5-II Copy of Net Rio Credit Rights Pledge Agreement
Anexo 5-II Copia do Contrato de Penhor de Creditos e Direitos Creditorios com
Clausula de Excussao da Net Rio S.A.
Exhibit 6-I Copy of the Share Pledge Agreement
Anexo 6-I Copia do Contrato de Penhor de Acoes com Clausula de Venda Amigavel e
Outras Avencas
Exhibit 6-II Copy of the Quota Pledge Agreement
Anexo 6-II Copia do Contrato de Penhor de Quotas com Clausula de Venda Amigavel
e Outras Avencas
Exhibit 7 Form of Term of Adhesion
Anexo 7 Modelo do Termo de Adesao
Exhibit 8 List of carve outs to the Representations and Warranties of the Net
Group
Anexo 8 Lista de excecoes as Declaracoes e Garantias do Grupo Net
Exhibit 9 List of Net Group companies indebtedness subject to the Plan
Anexo 9 Lista das dividas das empresas do Grupo Net sujeitas ao Plano de
Reestruturacao
Exhibit 10 Form of Letter of Confidentiality
Anexo 10 Modelo de Carta de Confidencialidade
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INTERCREDITOR AGREEMENT
ACORDO ENTRE CREDORES
This Intercreditor Agreement, dated as of [ ], 2004 (this "AGREEMENT"), is
entered into by and among the following parties (the "PARTIES"):
Este Acordo entre Credores, datado de [ ], 2004 (o "CONTRATO"), e celebrado
entre as seguintes partes (as "PARTES"):
(a) NET SERVICOS DE COMUNICACAO S.A., a Brazilian sociedade por acoes with its
principal place of business in the city of Sao Paulo, state of Sao Paulo, at Rua
Verbo Divino, 1,356, Chacara Santo Antonio, enrolled in the National Register of
Legal Entities (C.N.P.J.) under No. 00.108.786/0001-65 (the "COMPANY"), herein
represented in accordance with its bylaws by its executive officers, Messrs.
Francisco Tosta Valim Filho e Leonardo Porciuncula Gomes Pereira;
(a) NET SERVICOS DE COMUNICACAO S.A., sociedade por acoes, com sede na Cidade e
Estado de Sao Paulo, na Rua Verbo Divino, 1.356, Chacara Santo Antonio,
registrada no Cadastro Nacional de Pessoas Juridicas (C.N.P.J.) sob o n(degrees)
00.108.786/0001-65 (a "COMPANHIA"), neste ato representada de acordo com seu
estatuto social pelos seus diretores, Srs. Francisco Tosta Valim Filho e
Leonardo Porciuncula Gomes Pereira;
(b) the subsidiaries of the Company listed in "Exhibit 1" hereto (the
"SUBSIDIARIES" and, together with the Company, the "NET GROUP"):
(b) as subsidiarias da Companhia listadas no "Anexo 1" ao presente Contrato (as
"SUBSIDIARIAS" e, junto com a Companhia, o "GRUPO NET");
(c) each of the Creditors listed and identified in "Exhibit 2" hereto; and
(c) cada um dos Credores listados e qualificados no "Anexo 2" ao presente
Contrato (os "Credores");
(d) BANCO ITAU S.A., a Brazilian financial institution with its principal place
of business in the city
(d) BANCO ITAU S.A., instituicao financeira, com sede na Cidade e Estado de Sao
Paulo, na Praca Alfredo
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of Sao Paulo, State of Sao Paulo, at Praca Alfredo Egydio Souza Aranha, No. 100,
Torre Itausa, enrolled in the National Register of Legal Entities (C.N.P.J.)
under No. 60.701.190/0001-04, as collateral agent (and any successor thereto or
other collateral agent appointed by the Required Creditors pursuant hereto, the
"COLLATERAL AGENT"), herein represented in accordance with its bylaws by its
undersigned legal representatives.
Egydio Souza Aranha, n(degrees) 100, Torre Itausa, registrado no Cadastro
Nacional de Pessoas Juridicas (C.N.P.J.) sob o n(degrees) 60.701.190/0001-04, na
qualidade de agente de garantia (e qualquer sucessor do mesmo ou outro agente de
garantia nomeado pelos Credores Necessarios de acordo com este Contrato, o
"AGENTE DE GARANTIA"), neste ato representado de acordo com seu estatuto social;
e
(e) PLANNER CORRETORA DE VALORES S.A., a company with its principal place of
business in the City of Sao Paulo, State of Sao Paulo, at Avenida Paulista,
2439, 11th floor, enrolled with the National Registry of Legal Entities (CNPJ)
under No. 00.806.535/0001-54, herein represented in accordance with its by-laws,
as intervening and consenting party (hereinafter referred to as "FIDUCIARY
AGENT"),
(e) PLANNER CORRETORA DE VALORES S.A., uma sociedade por acoes, com sede na
Cidade de Sao Paulo, Estado de Sao Paulo, na Avenida Paulista, 2.439,
11(degrees) andar, registrada no Cadastro Nacional de Pessoas Juridicas (CNPJ)
sob o n(degrees) 00.806.535/0001-54, aqui representada de acordo com seu
Estatuto Social, como interveniente-anuente (doravante designada como "AGENTE
FIDUCIARIO");
WITNESSETH
CONSIDERANDO QUE
(1) WHEREAS, the Company and certain Subsidiaries are the original obligors
under several different debt instruments between them and local and foreign
Creditors;
(1) A Companhia e/ou algumas de suas controladas eram originalmente devedoras de
uma serie de instrumentos de divida contratados entre elas e credores no Brasil
e no exterior;
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(2) WHEREAS, in December 2002, the Net Group suspended the payments due under
such debt instruments and commenced negotiations with certain creditors
regarding a restructuring plan aiming to cause its payment obligations under
such debt instruments to become consistent with its projected future cash flows;
(2) em dezembro de 2002, o Grupo Net suspendeu os pagamentos devidos nos termos
de tais instrumentos de divida e deu inicio a negociacoes com alguns de seus
credores, objetivando um plano de reestruturacao com vistas a tornar suas
obrigacoes de pagamento oriundas de tais instrumentos de divida consistentes com
seus fluxos de caixa projetados;
(3) WHEREAS, the Creditors and Company, on its behalf and on behalf of the
Subsidiaries have successfully negotiated, in good faith, a debt restructuring
plan with Creditors (the "PLAN"), which resulted, among other things, in the
commitment to the execution, by Creditors on the one side, and Net Group, on the
other side, of a series of amendments and/or restatements of the original credit
instruments and/or new credit instruments and/or debt confession instruments
that replaced the original credit instruments, under which the terms and
conditions of the original credit instruments have been amended and adjusted so
as to reflect the new terms and conditions agreed upon by the parties;
(3) os Credores e a Companhia, esta por si e em nome das Subsidiarias,
negociaram, de boa-fe, um plano de reestruturacao do debito (o "PLANO DE
REESTRUTURACAO"), que resultou no comprometimento, pelos Credores de um lado, e
pelo Grupo Net do outro, em celebrarem uma serie de aditamentos e/ou novos
instrumentos de divida e/ou confissoes de divida, os quais substituiram os
instrumentos de divida originais, cujos respectivos termos e condicoes foram
aditados e ajustados para refletir os novos termos e condicoes acordados pelas
Partes;
(4) WHEREAS, in addition to the Credit Instruments (as defined in Section 1.1
below), as part of the Plan, Creditors and Net Group have agreed
(4) como parte do Plano de Reestruturacao, os Credores e o Grupo Net concordaram
em celebrar, alem dos Instrumentos de Divida (conforme
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to enter into other agreements, such as this Agreement and the Security
Agreements; and
definidos na Clausula 1.1 abaixo), outros contratos, dentre os quais incluem-se
o presente Contrato e os Contratos de Penhor (conforme definidos na Clausula 1.1
abaixo); e
(5) WHEREAS, Net Group will be obligated to pledge (or cause to be pledged) the
Collateral (as defined in Section 1.1 below) in favor of the Creditors, in order
to secure the full repayment of all of the Net Group obligations under the
Secured Obligations (as defined in Section 1.1 below), subject to the terms and
conditions set forth hereunder, in the Credit Instruments and in the Security
Agreements.
(5) o Grupo Net esta obrigado a empenhar (ou fazer com que seja empenhada) a
Garantia (conforme definida na Clausula 1.1 abaixo) em favor dos Credores, para
garantir o pagamento integral de todas as obrigacoes do Grupo Net de acordo com
as Obrigacoes Garantidas (conforme definidas na Clausula 1.1 abaixo), sujeito
aos termos e condicoes estabelecidos neste Contrato, nos Instrumentos de Divida
e nos Contratos de Penhor.
NOW, THEREFORE, in consideration of the premises and mutual covenants contained
herein, the parties hereby agree to enter into this Agreement, which shall be
governed by the following terms and conditions:
ISTO POSTO, RESOLVEM as Partes, em razao dos Considerandos acima e dos
compromissos mutuos ora assumidos, celebrar o presente Contrato, que se regera
pelos seguintes termos e condicoes:
I. DEFINITIONS AND RULES OF CONSTRUCTION
I. DEFINICOES E REGRAS DE INTERPRETACAO
1.1. Definitions. The following terms, as used herein, in singular or in plural,
have the following meanings:
1.1. Definicoes. Os seguintes termos, conforme utilizados neste Contrato, no
singular ou no plural, terao o seguinte significado:
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"ENFORCEMENT ACTION" means any action or proceeding taken by, or on behalf of,
one or more of the Creditors against the Company and/or any of the Subsidiaries
for the purpose of: (a) adjudicating or seeking a judgment or other remedy
(whether through judicial, arbitration or administrative proceedings or through
any set-off, demand for collateral or similar action) on any claim against the
Company and/or any of the Subsidiaries under any Secured Obligations, or
confirming, registering or enforcing any judgment, award or claim resulting
therefrom, or (b) filing any petition or initiating or joining in any proceeding
seeking liquidation, reorganization, bankruptcy, concordata, recuperacao
extrajudicial or similar process with respect to the Company and/or any of the
Subsidiaries.
"ATO DE COBRANCA" significa qualquer acao ou procedimento iniciado por um ou
mais dos Credores ou por seus representates legais, contra a Companhia e/ou
qualquer das Subsidiarias com a finalidade de: (a) requerer ou buscar uma
decisao ou outra medida em qualquer demanda contra a Companhia e/ou quaisquer de
suas Subsidiarias relativamente as Obrigacoes Garantidas (seja atraves de
procedimento judicial, arbitral ou administrativo, ou seja atraves de
requerimento de penhora ou medida similar), ou para confirmar, registrar ou
executar qualquer sentenca, decisao ou direito resultante de tal demanda; ou (b)
protocolizar qualquer peticao ou iniciar ou intervir em qualquer procedimento
visando a liquidacao, reorganizacao, falencia, concordata, recuperacao
extrajudicial ou processo similar com relacao a Companhia e/ou quaisquer de suas
Subsidiarias.
"UNIBANCO LITIGATION" means the Foreclosure Motion no. 000.02.222.752-0 and
Motion to Stay Execution no. 000.02.222.752-0/001, before the 2nd Civil Court of
Santo Amaro - Sao Paulo-SP.
"ACAO DO UNIBANCO" significa a Acao de Execucao n(0) 000.02.222.752-0 e Embargos
a Execucao n(0) 000.02.222.752-0/001, em tramite perante a 2(a) Vara Civel do
Foro Regional de Santo Amaro na Comarca de Sao Paulo - SP.
"AFFILIATE" means, with respect to any Person, any other Person that Controls,
"AFILIADA" significa, com relacao a determinada Sociedade, qualquer outra
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is Controlled by or is under common Control with such Person.
Sociedade que Controle, seja Controlada ou esteja sob o Controle comum da
determinada Sociedade.
"COLLATERAL AGENT" has the meaning specified in the preamble hereof.
"AGENTE DE GARANTIA" tem o significado especificado no preambulo deste Contrato.
"TRUSTEE" means The Bank of New York, a New York Banking Corporation, with its
principal corporate trust office at 101 Barclay Street, New York, NY, 10286,
solely in its capacity as trustee for (i) the Company Noteholders and (ii) the
Net Sul Noteholders.
"TRUSTEE" significa, The Bank of New York, uma instituicao financeira com sede
em Nova Iorque, na 101 Barclay Street, Nova Iorque, NY, 10286, exclusivamente na
qualidade de trustee (i) dos Detentores de Notes da Companhia (ii) dos
Detentores das Net Sul Notes.
"NET SUL NOTES" mean the 7% Senior Secured Note Due 2009 and Senior Secured
Floating Rate Notes due 2009 issued by Net Sul Comunicacoes Ltda.
"NET SUL NOTES" significa as 7% Senior Secured Notes vincendas em 2009 e as
Senior Secured Floating Rate Notes vincendas em 2009 emitidas pela Net Sul
Comunicacoes Ltda.
"NET SUL NOTEHOLDER" means the holder, or beneficial holder, of any "Net Sul
Notes".
"DETENTORES DE NET SUL NOTES" significa os detentores, ou os beneficiarios, de
qualquer Net Sul Notes.
"CENTRAL BANK" means the Central Bank of Brazil.
"BANCO CENTRAL" significa o Banco Central do Brasil.
"CENTRALIZING BANK" means the Banco Centralizador, as such term is defined in
the Credit Rights Pledge Agreements.
"BANCO CENTRALIZADOR" significa o Banco Centralizador, conforme definido nos
Contratos de Penhor de Creditos e Direitos Creditorios.
"BRAZIL" means the Federative Republic of Brazil.
"BRASIL" significa a Republica Federativa do Brasil.
"BRAZILIAN CIVIL CODE" means the Brazilian Federal Law no. 10.406, as of January
10th, 2002.
"CODIGO CIVIL BRASILEIRO" significa a Lei Federal Brasileira n(0)10.406, de 10
de janeiro de 2002.
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"BRAZILIAN CODE OF CIVIL PROCEDURE" means the Brazilian Federal Law no. 5.869,
as of January 11th, 1973, as amended.
"CODIGO DE PROCESSO CIVIL BRASILEIRO" significa a Lei Federal Brasileira
n(0)5.869, de 11 de janeiro de 1973, com as alteracoes promovidas por legislacao
superveniente.
"COMPANY" has the meaning specified in the preamble hereof.
"COMPANHIA" tem o significado especificado no preambulo deste Contrato.
"COMPETITOR" means any Person (or Affiliate of a Person) that is engaged in
Brazil in one or more of the same lines of business of the Company or any of its
Subsidiaries (including, without limitation, the provision of telecommunication
services, internet access, or cable, broadcast or satellite television services
(including, without limitation, pay-per-view services)), provided however that
any commercial bank, finance company, insurance company or other financial
institution or fund (or any Affiliates thereof) owning investments in, but not
controlling a Competitor shall not be deemed a Competitor for the purpose
hereof.
"CONCORRENTE" significa qualquer Sociedade (ou Afiliada de qualquer Sociedade)
que se dedique, no Brasil, a um ou mais ramos de negocio explorados pela
Companhia ou qualquer das Subsidiarias (incluindo, sem limitacao, a prestacao de
servicos de telecomunicacoes, acesso a internet, ou servicos de cabo,
transmissao ou de televisao por satelite (incluindo, sem limitacao, servicos
pay-per-view)), ressalvado, no entanto, que qualquer banco comercial, companhia
financeira ou outra instituicao financeira ou fundo (ou qualquer Afiliada
destes) que detenha investimentos em, mas nao controle um Concorrente, nao sera
considerado um Concorrente para os fins desta definicao.
"AGREEMENT" has the meaning specified in the preamble hereof.
"CONTRATO" tem o significado estabelecido no preambulo deste Contrato.
"ASSET PLEDGE AGREEMENT" means the Contrato de Penhor Mercantil de
"CONTRATO DE PENHOR DE ATIVOS" significa o Contrato de Penhor
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Ativos com Clausula de Venda Amigavel e Outras Avencas entered into on the date
hereof by and among the Company, the Subsidiaries, the Creditors represented by
the Collateral Agent and the Collateral Agent, attached hereto as "Exhibit 4".
Mercantil de Ativos com Clausula de Venda Amigavel e Outras Avencas celebrado na
presente data entre a Companhia, as Subsidiarias, os Credores representados pelo
Agente de Garantia e o Agente de Garantia, anexado ao presente Contrato como
"Anexo 4".
"SECURITY AGREEMENTS" means: (a) the Credit Rights Pledge Agreements, (b) the
Stock Pledge Agreements and (c) the Asset Pledge Agreement. For the purpose of
clarification, the Collateral Agent, acting under the power of attorney set
forth in Section 5.6.1 below, will (to the extent required to be signed by the
Creditors) sign each such agreement (and all amendments thereto) on behalf of
each Creditor.
"CONTRATOS DE PENHOR" significa (a) os Contratos de Penhor de Creditos e
Direitos Creditorios, (b) os Contratos de Penhor de Acoes e (c) o Contrato de
Penhor de Ativos. Para fins de esclarecimento, o Agente de Garantia, agindo
segundo os termos da procuracao outorgada na Clausula 5.7 abaixo, assinara (na
medida em que tal assinatura for exigida dos Credores) cada um dos referidos
contratos (bem como todos os seus aditamentos) em nome de cada Credor.
"STOCK PLEDGE AGREEMENTS" means the Contrato de Penhor de Acoes com Clausula de
Excussao Amigavel e Outras Avencas, attached hereto as "Exhibit 6-I", and the
Contrato de Penhor de Quotas com Clausula de Excussao Amigavel e Outras Avencas,
attached hereto as "Exhibit 6-II"; both entered into on the date hereof by and
among the respective share/quotaholders of each Subsidiary,
"CONTRATOS DE PENHOR DE ACOES" significa o Contrato de Penhor de Acoes com
Clausula de Excussao Amigavel e Outras Avencas anexado ao presente como "Anexo
6-I" e o Contrato de Penhor de Quotas com Clausula de Excussao Amigavel e Outras
Avencas, anexado ao presente como "Anexo 6-II", ambos celebrados na presente
data por acionistas/quotistas de cada
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the Company, the Creditors, represented by the Collateral Agent, and the
Collateral Agent.
Subsidiaria, a Companhia, os Credores, representados pelo Agente de Garantia e o
Agente de Garantia.
"CREDIT RIGHTS PLEDGE AGREEMENTS" means (a) the Contrato de Penhor de Creditos e
Direitos Creditorios com Clausula de Excussao, entered into on the date hereof
by and among Net Sao Paulo Ltda., the Company, the Creditors, represented by the
Collateral Agent, the Collateral Agent, and the Centralizing Bank, attached
hereto as "Exhibit 5-I"; and (b) the Contrato de Penhor de Creditos e Direitos
Creditorios com Clausula de Excussao, entered into on the date hereof by and
among Net Rio S.A., the Company, the Creditors, represented by the Collateral
Agent, the Collateral Agent, and the Centralizing Bank, in the form attached
hereto as "Exhibit 5-II".
"CONTRATOS DE PENHOR DE CREDITOS E DIREITOS CREDITORIOS" significa (a) o
Contrato de Penhor de Creditos e Direitos Creditorios com Clausula de Excussao,
celebrado na presente data entre Net Sao Paulo Ltda., a Companhia, os Credores
representados pelo Agente de Garantia, o Agente de Garantia e o Banco
Centralizador, anexado a este Contrato como "Anexo 5-I"; e (b) o Contrato de
Penhor de Creditos e Direitos Creditorios com Clausula de Excussao, celebrado na
presente data entre a Net Rio S.A., a Companhia, os Credores representados pelo
Agente de Garantia, o Agente de Garantia e o Banco Centralizador, conforme o
modelo anexado a este Contrato como "Anexo 5-II".
"CONTROL" of a Person means the power, directly or indirectly, to direct,
determine, manage, control or cause the direction of the management, business,
operations, activities, investments or policies of such Person, whether through
the ownership of any interest in such Person, by contract or otherwise.
"CONTROLE" de uma Sociedade significa o poder de, direta ou indiretamente,
instruir, determinar, administrar, controlar ou determinar a administracao, os
negocios, as operacoes, as atividades, os investimentos ou as politicas de tal
Sociedade, seja atraves da titularidade de qualquer participacao societaria em
tal Sociedade, seja por forca de contrato ou de outra forma.
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"ADDITIONAL CREDITOR" means any entity from time to time designated as a
"Creditor" in a duly executed Term of Adhesion.
"CREDOR INGRESSANTE" significa qualquer entidade que venha a ser designada como
um "Credor" atraves de Termo de Adesao devidamente firmado.
"RESTRUCTURING CREDITOR" means each Person that is a Creditor on the
Restructuring Closing Date.
"CREDOR NA REESTRUTURACAO" significa cada Sociedade qualificada como Credor na
Data de Fechamento da Reestruturacao.
"CREDITORS" means, collectively, (i) each of the parties listed in "Exhibit 2"
hereto, (ii) each other creditor from time to time designated as a "Creditor" in
a duly executed Term of Adhesion, and (iii) any purchaser, assignee or
successor, for any reason, that becomes a creditor under any Credit Instrument.
Each of the Company Noteholders and the Net Sul Noteholders are represented in
this Agreement by the Trustee. Each reference in this Agreement to the
"Creditors" that relates to the holders of the Company Notes or Net Sul Notes,
as the case may be, shall be deemed to be a reference to the Company
Noteholders or the Net Sul Noteholders, as the case may be, and not to the
Trustee or any other Person.
"CREDORES" significa, em conjunto, (i) cada uma das partes listadas no "Anexo 2"
deste Contrato, (ii) qualquer Credor Ingressante, e (iii) qualquer adquirente,
cessionario ou sucessor, a qualquer titulo, que se torne credor em relacao a
qualquer dos Instrumentos de Divida. Cada Detentor de Notes da Companhia e cada
Detentor da Net Sul Notes representados neste Contrato pelo Trustee. Cada
referencia neste Contrato a "Credores" relativamente aos detentores de Notes
emitidas pela Companhia e pela Net Sul, conforme o caso, diz respeito aos
Detentores de Notes da Companhia e aos Detentores de Net Sul Notes, conforme o
caso, e nao ao Trustee ou qualquer outra Sociedade.
"REQUIRED CREDITORS" means Creditors representing at least sixty percent (60%)
of the then principal amount outstanding of the Secured Obligations, provided,
however, that (i) with respect to any amendment or waiver by or consent by the
Creditors the effect of which would be to release any of the Collateral,
"Required Creditors" shall mean Creditors representing at least eighty-five
percent (85%) of the then principal amount outstanding of the Secured
Obligations (other than the Company Noteholders) and (ii) for calculation of
"CREDORES NECESSARIOS" significa os Credores detentores de pelo menos 60%
(sessenta por cento) do valor principal das Obrigacoes Garantidas a ser pago,
observado que (i) para fins de qualquer aditamento ou renuncia ou consentimento
pelos Credores cujo efeito seja a liberacao de qualquer parte da Garantia, os
"Credores Necessarios" serao os Credores que detenham pelo menos 85% (oitenta e
cinco por cento) do valor principal das Obrigacoes Garantidas a ser pago (outros
Credores que nao os Detentores de Notes da Companhia) e
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the percentages above any Affiliates of the Net Group Companies and Creditors
that for any reason whatsoever are in breach of the obligations set forth in
Sections 4.2, 5.2, 5.4, 5.8 and 5.9 shall not be considered for the definition
of "Required Creditors".
(ii) para o calculo da porcentagem acima, as Afiliadas das empresas do Grupo Net
e os Credores que por qualquer razao estiverem em inadimplemento com relacao as
obrigacoes previstas nas Clausulas 4.2, 5.2, 5.4, 5.8 e 5.9, nao deverao ser
considerados como "Credores Necessarios".
"SIGNING DATE" means the date when the Company, the Collateral Agent and any one
or more Creditors executes this Agreement.
"DATA DE ASSINATURA" significa a data em que a Companhia, o Agente de Garantia e
os Credores celebrarem o presente Contrato
"RESTRUCTURING CLOSING DATE" means the date of consummation of the exchange of
the existing indebtedness of the Net Group (including, without limitation, the
5/8% Senior Guaranteed Notes due 2004, the Net Sul Comunicacoes Ltda. floating
rate notes, the existing working capital and bank loan facilities and the
real-denominated convertible and non-convertible debentures) for the Secured
Obligations.
"DATA DE FECHAMENTO DA REESTRUTURACAO" significa a data da consumacao da
substituicao das dividas existentes do Grupo Net (incluindo, sem limitacao, as
5.8% Senior Guaranteed Notes vencidas em 2004, as Senior Guaranteed Notes a
taxas de juros flutuantes emitidas pela Net Sul Comunicacoes Ltda., os
financiamentos de capital de giro e emprestimos bancarios e debentures
conversiveis e nao conversiveis denominadas em real) por Obrigacoes Garantidas.
"PLEDGE TERMINATION DATE" means the earlier of (i) the date on which all of the
Secured Obligations have been finally and indefeasibly paid in full and (ii) the
date on which each of the
"DATA DE TERMINO DO PENHOR" significa a primeira entre as seguintes datas: (i) a
data em que todas as Obrigacoes Garantidas tenham sido final e integralmente
pagas; ou (ii) a
15
Security Agreements has been terminated in accordance with its respective terms.
data em que os Contratos de Penhor tenham sido extintos de acordo com seus
respectivos termos.
"ACCELERATION ACTION" means any action by, or on behalf of, a Creditor or any
group of Creditors to declare the Secured Obligations owing to it or them to be
due and payable prior to the stated date of maturity thereof due to a default by
the Company with respect to such Secured Obligations under such Credit
Instruments.
"DECLARACAO DE VENCIMENTO ANTECIPADO" significa qualquer ato de um Credor ou de
qualquer grupo de Credores, ou seus representantes legais, para declarar as suas
respectivas Obrigacoes Garantidas vencidas anteriormente a data original de
vencimento de tais obrigacoes, devido ao inadimplemento da Companhia em relacao
a tais Obrigacoes Garantidas, observados os termos dos respectivos Instrumentos
de Divida.
"COMPANY NOTEHOLDER" means any holder of any outstanding Company Note.
"DETENTOR DE NOTES DA COMPANHIA" significa qualquer detentor de qualquer Note
da Companhia em circulacao.
"BUSINESS DAY" means any day that is not a Saturday, Sunday or other day on
which commercial banks in New York City, U.S.A., the City of Sao Paulo, Brazil
or the City of Rio de Janeiro, Brazil in each case, are authorized or required
by law to remain closed.
"DIA UTIL" significa qualquer dia que nao seja sabado, domingo ou qualquer outro
dia em que bancos comerciais na Cidade de Nova Iorque, EUA, na Cidade de Sao
Paulo, Brasil, ou na Cidade do Rio de Janeiro, Brasil, conforme o caso,
estiverem autorizados, ou forem obrigados por lei, a permanecer fechados.
"RESTRICTIVE PROVISION" has the meaning specified in Section 3.3.4 hereof.
"DISPOSICAO RESTRITIVA" tem o significado especificado na Clausula 3.3.4 do
presente Contrato.
16
"NONPARTICIPATING DEBT" means any debt of the Net Group companies listed in
"Exhibit 9" that has not been modified, exchanged or converted into a Credit
Instrument under the Plan.
"DIVIDAS NAO INCLUIDAS" significa qualquer divida das empresas do Grupo Net
listada no "Anexo 9" que nao tenha sido modificada, trocada ou convertida em um
Instrumento de Divida por forca do Plano de Reestruturacao.
"TRANSACTION DOCUMENTS" means this Agreement, any Security Agreement, any Credit
Instrument and/or any other document related to the Plan and any amendment
thereto.
"DOCUMENTOS DA OPERACAO" significa este Contrato, qualquer Contrato de Penhor,
qualquer Instrumento de Divida e/ou qualquer outro documento relacionado ao
Plano de Reestruturacao, bem como qualquer alteracao aos termos de tais
instrumentos.
"PLEDGE DOCUMENTS" means the Security Agreements and this Agreement.
"DOCUMENTOS DE PENHOR" significa os Contratos de Penhor e este Contrato.
"DOLLAR" means the lawful currency of the United States of America.
"DOLAR" significa a moeda legal dos Estados Unidos da America.
"APPLICABLE BRAZILIAN CURRENCY EQUIVALENT" means, as of any date of
determination, with respect to any Dollar amount, the equivalent in Brazilian
Currency of such amount converted into the Brazilian Currency using the Exchange
Rate in effect on such date.
"EQUIVALENTE EM MOEDA BRASILEIRA APLICAVEL" significa, em qualquer data
determinada, com relacao a qualquer valor em dolar, o equivalente em moeda
brasileira de tal quantia, atraves de conversao pela Taxa de Cambio em vigor em
tal data.
"SUBSIDIARY FINANCIAL STATEMENT FILING REQUIREMENT" means, with respect to any
of the Company's
"EVENTO DE REGISTRO DE DEMONSTRACOES FINANCEIRAS", significa, com relacao a
quaisquer
17
Subsidiaries, any requirement, under any governmental law, rule or regulation in
any jurisdiction, that there be filed with the Securities and Exchange
Commission in the United States, or with any other governmental agency in any
jurisdiction, separate financial statements for such Subsidiary due to the fact
that such Subsidiary's capital stock or other securities secure the Company
Notes.
Subsidiarias da Companhia, qualquer obrigacao, nos termos de qualquer lei
aplicavel, regra ou regulamento governamental em qualquer jurisdicao, no sentido
de que sejam arquivados junto a Comissao de Valores Mobiliarios dos Estados
Unidos da America (Securities and Exchange Commission), ou em qualquer outra
agencia governamental de qualquer jurisdicao, demonstracoes financeiras em
separado para cada Subsidiaria, devido ao fato de o capital social ou outros
valores mobiliarios de tal Subsidiaria garantirem as Notes da Companhia.
"COLLATERAL ACTION" means any action or proceeding taken by the Collateral
Agent, on behalf of the Creditors, against the Net Group or all or any part of
the Collateral, in each case for the purpose of enforcing the rights of any
Creditor under or in respect of the Security Agreements, including, without
limitation, the initiation of action in any court or arbitration board or before
any administrative agency or governmental tribunal to enforce such rights.
"EXCUSSAO DE GARANTIA" significa qualquer acao ou procedimento iniciado
exclusivamente pelo Agente de Garantia, em nome dos Credores, contra qualquer
empresa do Grupo Net, para fins de assegurar o direito de qualquer Credor
oriundo dos Contratos de Penhor de excutir toda a Garantia, ou parte da
Garantia, incluindo, sem a tanto se limitar, a propositura de acao perante
qualquer tribunal ou corte de arbitragem ou perante qualquer agencia
administrativa ou orgao governamental, para exercer tal direito.
"COLLATERAL" means all of the assets and rights pledged under the Security
Agreements.
"GARANTIA" significa todos os ativos e direitos empenhados de acordo com os
Contratos de Penhor.
18
"ADDITIONAL CREDIT INSTRUMENT" means each instrument from time to time
designated as a "Credit Instrument" in a duly executed Term of Adhesion.
"INSTRUMENTO DE DIVIDA INGRESSANTE" significa cada instrumento eventualmente
designado como "Instrumento de Divida" em um Termo de Adesao devidamente
firmado.
"CREDIT INSTRUMENTS" means, collectively, (i) each credit instrument listed in
"Exhibit 3" hereto and (ii) each other credit instrument from time to time
designated as a "Credit Instrument" in a duly executed Term of Adhesion.
"INSTRUMENTO DE DIVIDA" significa, em conjunto, (i) cada um dos Instrumentos de
Divida listados no "Anexo 3" a este Contrato e (ii) cada um dos outros
instrumentos de divida que venham a ser designados a qualquer tempo como um
"Instrumento de Divida" atraves de um Termo de Adesao devidamente assinado.
"BRAZILIAN CURRENCY" means the lawful currency of Brazil.
"MOEDA BRASILEIRA" significa a moeda legal do Brasil.
"COMPANY NOTES" means the Company's Dollar-denominated 7.0% Senior Secured Notes
due 2009 to be issued in exchange for the Multicanal Telecomunicacoes S.A.'s
Dollar-denominated 5.8% Senior Guaranteed Notes due 2004.
"NOTES DA COMPANHIA" significa as 7% Senior Secured Notes de emissao da
Companhia, denominadas em dolar e vincendas em 2009 (registradas na CVM
americana - US Securities and Exchange Commission), que foram emitidas em
substituicao das 5.8% Senior Guaranteed Notes de emissao da Multicanal
Telecomunicacoes S.A., denominadas em dolar e vencidas em 2004.
"SECURED OBLIGATIONS" means, collectively, the obligations of the Company and
the Subsidiaries to pay the principal of and interest on
"OBRIGACOES GARANTIDAS" significa, em conjunto, as obrigacoes da Companhia e de
suas Subsidiarias de pagar o principal e os juros sobre a
19
indebtedness under each Credit Instrument and all other payment obligations of
the Company and/or the Subsidiaries under such instrument.
divida nos termos de cada Instrumento de Divida, bem como todas as outras
obrigacoes de pagamento da Companhia e/ou de suas Subsidiarias nos termos de tal
Instrumento de Divida.
"PARTIES" has the meaning specified in the preamble hereof.
"PARTE" tem o significado estabelecido no preambulo deste Contrato.
"PERSON" means any individual, corporation, company, limited liability company,
voluntary association, partnership, joint venture, trust, unincorporated
organization or government (or any agency, instrumentality or political
subdivision thereof) or other entity of whatever nature.
"SOCIEDADE" significa qualquer individuo, companhia, sociedade limitada,
associacao voluntaria, sociedade, joint venture, truste, organizacao sem
personalidade juridica ou governo (ou qualquer agencia, setor, ou subdivisao
politica dos mesmos) ou outra entidade de qualquer natureza.
"POTENTIAL ENFORCEMENT EVENT" means the occurrence of any event that permits, or
that with the giving of notice or the lapse of time or both would permit, any
Creditor or group of Creditors, or any representative thereof, to take any
Acceleration Action or take similar remedial action including, without
limitation, any Enforcement Action or any Collateral Action.
"POTENCIAL EVENTO DE COBRANCA" significa a ocorrencia de qualquer evento que
permita, ou que, com o envio de notificacao ou decurso de tempo, ou ambos,
permitiria a qualquer Credor ou grupo de Credores, ou qualquer de seus
representantes legais, proceder a Declaracao de Vencimento Antecipado ou tomar
uma medida similar, incluindo, sem ressalva, qualquer Ato de Cobranca e/ou
Excussao de Garantia.
"LOSSES" means any and all evidenced losses, damages (whether direct or
indirect, but not including consequential and incidental losses or
"PREJUIZO" significa todos e quaisquer prejuizos, danos (diretos ou indiretos,
mas sem incluir perdas ou danos imprevistos e incidentais) devidamente
20
damages) and reasonable documented expenses or costs (including but not limited
to reasonable attorneys' fees, auditor's fees, appraiser's fees, expert
witnesses' fees and administrative or court fees undertaken in connection with
such losses and damages).
comprovados, e despesas ou custos devidamente documentados (inclusive, entre
outros, honorarios advocaticios, honorarios de auditor, avaliador, perito
judicial, quaisquer destes honorarios em valores compativeis, e taxas
administrativas ou custas judiciais incorridas em razao de tais perdas e danos).
"PROCEEDS" means any assets, property, rights or other consideration received
upon the sale, exchange, foreclosure, collection or other disposition of
Collateral in accordance with the terms hereof and of the relevant Security
Agreement, including dividends or other income from the pledged assets under the
Pledge Documents, collections thereon or distribution or payments with respect
thereto.
"PRODUTO" significa quaisquer bens moveis ou imoveis, direitos ou valores
recebidos em razao da venda, troca, excussao, execucao ou outra forma de
disposicao da Garantia de acordo com os termos dos respectivos Contratos de
Penhor, inclusive dividendos ou outros proventos resultantes dos bens
empenhados, por forca da excussao, de acordo com os Documentos de Penhor, ou de
distribuicao ou pagamento de tais dividendos ou proventos.
"REAIS" means the lawful currency of Brazil.
"REAIS" significa a moeda legal do Brasil.
"ROF" means the Financial Transaction Registry Module (Modulo de Registro de
Operacao Financeira) of the Data System of the Central Bank.
"ROF" significa Modulo de Registro de Operacao Financeira do Sistema de Dados
SISBACEN do Banco Central.
"SUBSIDIARIES" has the meaning specified in the preamble hereof.
"SUBSIDIARIAS" tem o significado especificado no preambulo deste Contrato.
21
"EXCHANGE RATE" means, for each day, the exchange rate publicly announced by the
Central Bank with respect to Dollars, at the closing rate of the Dollar under
PTAX 800, Option 5 (selling rate), currency 220 on the SISBACEN Data System (or
its successor) on the most recent preceding Business Day in Brazil; provided
that if no such rate of exchange is available, then the applicable rate shall be
an average of the Brazilian Currency/Dollar exchange rates for the sale of
Dollars notified to the Company by four leading Brazilian banks and
international banks present in Brazil selected in good faith by the Company.
"TAXA DE CAMBIO" significa, para cada dia, a taxa de cambio anunciada
publicamente pelo Banco Central com relacao ao Dolar, a taxa de fechamento do
Dolar de acordo com PTAX 800, Opcao 5 (taxa de venda), moeda 220 no Sistema de
Dados SISBACEN (ou seu sucessor) no Dia Util imediatamente anterior no Brasil;
sendo certo que se tal taxa de cambio nao estiver disponivel, entao a taxa
aplicavel devera ser a media entre as taxas de cambio da Moeda Brasileira/Dolar
para venda de Dolares, notificada a Companhia por quatro grandes bancos
brasileiros e bancos internacionais presentes no Brasil, selecionados de boa fe
pela Companhia.
"TERM OF ADHESION" means each Term of Adhesion (substantially in the form of
Exhibit 7 hereto) to be entered among the Company, the Collateral Agent and any
new Creditor that adheres to this Agreement pursuant to the terms hereof.
"TERMO DE ADESAO" significa cada Termo de Adesao (substancialmente na forma do
Anexo 7 a este Contrato) a ser celebrado pela Companhia, pelo Agente de Garantia
e qualquer novo Credor que venha a aderir ao presente Contrato em conformidade
com os seus termos.
1.2. RULES OF CONSTRUCTION. Unless the contrary is expressly stated herein:
1.2. REGRAS DE INTERPRETACAO. A nao ser que haja disposicao em contrario neste
Contrato:
(a) when used in this Agreement, the words "including", "includes" and "include"
shall be deemed to be
(a) quando usadas neste Contrato, as palavras `inclusive', `inclui' e `incluem'
serao consideradas como
22
followed in each instance by the words "without limitation";
sendo seguidas em todas as suas ocorrencias por "sem limitacao";
(b) capitalized terms in this Agreement referring to any Person or party to any
other agreement, instrument, deed or other document shall refer to such Person
or party together with its successors and permitted assigns, and in the case of
any governmental authority, any Person succeeding to its functions and
capacities; and
(b) termos em letras maiusculas neste Contrato que se refiram a qualquer
Sociedade ou parte signataria de qualquer outro contrato, instrumento, escritura
ou outro documento referem-se a tal Sociedade ou parte em conjunto com seus
sucessores e cessionarios autorizados, e, no caso de qualquer autoridade
governamental, qualquer Sociedade sucedendo suas funcoes e responsabilidades; e
(c) each reference in this Agreement to this Agreement, or to any other
agreement, instrument, deed or other document, shall be deemed to be a reference
to this Agreement, or such other agreement, instrument, deed or document, as the
case may be, as the same may be amended, supplemented, novated or otherwise
modified from time to time in accordance with the terms thereof.
(c) cada referencia neste Contrato a este Contrato, ou a qualquer outro
contrato, instrumento, escritura ou outro documento, devera ser considerada como
sendo uma referencia a este Contrato, ou a outro contrato, instrumento,
escritura ou documento, conforme o caso, e, continuara sendo assim, ainda que,
de tempos em tempos, sejam aditados, suplementados, novados ou de outro modo
modificados.
II. EFFECTIVENESS AND TERMINATION OF THIS AGREEMENT
II. EFICACIA E RESCISAO DO PRESENTE CONTRATO
2.1. This Agreement shall be automatically effective from and including the
Signing Date.
2.1. Este Contrato entrara em vigor automaticamente na Data da Assinatura,
inclusive.
23
2.2 This Agreement shall automatically terminate and cease to be any force and
effect if the following requirements shall have not been satisfied on or before
[__________], 2005:
2.2. Este Contrato restara automaticamente rescindido, deixando imediatamente de
produzir efeitos, se os seguintes requisitos nao forem satisfeitos ate [ ] de
2005:
(a) the execution of the Security Agreements by all parties thereto, and
completion of the registration procedures provided for in the Security
Agreements, in accordance with their respective terms and conditions; and
(a) assinatura dos Contratos de Penhor por todas as partes signatarias de tais
instrumentos e realizacao dos registros dos Contratos de Penhor, de acordo com
os respectivos termos e condicoes dos Contratos de Penhor; e
(b) the effectiveness of the Credit Instruments listed in "Exhibit 3" by all
parties thereto.
(b) entrada em vigor dos Instrumentos de Divida listados no Anexo 3 para todas
as partes signatarias de tais instrumentos.
III. COVENANTS OF THE NET GROUP
III. COMPROMISSOS DO GRUPO NET
3.1. From and including the Restructuring Closing Date to the Pledge Termination
Date, each of the Net Group companies hereby expressly agrees and covenants as
follows:
3.1 A partir da Data de Fechamento da Reestruturacao, inclusive, ate a Data de
Termino do Penhor, cada uma das sociedades do Grupo Net neste ato expressamente
concorda e se compromete ao que segue:
(a) to deliver to the Collateral Agent, for the benefit of each Creditor,
written notice of the occurrence of any Acceleration Action or Enforcement
Action (other than an Enforcement Action commenced by the Collateral
(a) entregar prontamente (em prazo nao superior a 5 (cinco) Dias Uteis) ao
Agente de Garantia, em beneficio de cada Credor, aviso por escrito sobre a
ocorrencia de qualquer Declaracao de Vencimento Antecipado ou de Ato de
24
Agent) of which it has knowledge, setting forth a description thereof, including
the aggregate amount of any Secured Obligations in relation to which such event
or action has occurred, in each case promptly (and in any event within five (5)
Business Days) after becoming aware thereof (provided that each Net Group
company shall have fulfilled their obligations under this clause (a) if any Net
Group company has delivered the required notice to the Collateral Agent); and
Cobranca (que nao a Excussao do Penhor pelo Agente de Garantia) que tenha
conhecimento, descrevendo a ocorrencia, inclusive informando a quantia total da
Obrigacao Garantida relativa a tal Declaracao de Vencimento Antecipado ou Ato de
Cobranca, em qualquer caso, apos tomar ciencia da Declaracao de Vencimento
Antecipado ou Ato de Cobranca, sendo certo que a obrigacao prevista nesta
clausula sera considerada cumprida se qualquer sociedade do Grupo Net vier a
entregar o aviso ao Agente de Garantia; e
(b) to execute any and all documents and perform any and all actions necessary
to permit the implementation of this Agreement on terms and conditions
contemplated herein.
(b) assinar todos e quaisquer documentos e praticar todos e quaisquer atos
necessarios para permitir a implementacao dos termos e condicoes previstos neste
Contrato.
3.2. Each of the Net Group companies hereby covenants that from and including
the date hereof to but excluding the Pledge Termination Date it shall not agree
to any amendments to any Credit Instrument that would: (a) increase the interest
rate, fees, penalties or other amounts payable by any Net Group company
thereunder, or (b) alter any of the scheduled principal repayment dates (or the
amounts due on any such dates) thereunder if the effect thereof is to require
that any
3.2 Cada uma das sociedades do Grupo Net se compromete neste ato, a partir da
data deste Contrato, inclusive, e ate a Data de Termino do Penhor, exclusive, a
nao concordar com quaisquer alteracoes a qualquer Instrumento de Divida que: (a)
aumentem a taxa de juros, outras taxas, multas ou outras quantias devidas por
qualquer sociedade do Grupo Net nos termos de tal Instrumento de Divida ou (b)
alterem quaisquer datas de vencimento do pagamento do valor
25
such repayments be made earlier than the scheduled date (including by adding a
mandatory prepayment, repurchase, defeasance or redemption provision); provided
that any and all of such amendments shall be permitted with the prior written
consent of the Required Creditors and each affected Net Group company.
principal (ou as quantias devidas nas referidas datas de vencimento) previstas
no Instrumento de Divida, se o efeito de tal alteracao for exigir que tais
pagamentos sejam efetuados antes da data de vencimento (inclusive por meio de
inclusao de clausula de pre-pagamento compulsorio, amortizacao antecipada ou
resgate); sendo que toda e qualquer alteracao mencionada nos itens (a) e (b)
acima sera permitida com o consentimento previo e por escrito dos Credores
Necessarios e de cada sociedade do Grupo Net afetada.
3.3. Subject to the restrictions set forth in Section 3.2 above, no Net Group
company shall enter into any waiver or amendment of any Transaction Document,
unless any Net Group company shall have:
3.3. Alem das restricoes estabelecidas na Clausula 3.2 acima, nenhuma sociedade
do Grupo Net podera renunciar quanto aos termos, ou aditar os termos, de
qualquer Documento da Operacao, a menos que qualquer sociedade do Grupo Net
tenha:
(a) informed the Collateral Agent of such proposed waiver or amendment; and
(a) informado ao Agente de Garantia sobre tal renuncia ou aditamento; e
(b) provided the Collateral Agent with (i) a copy of the form of such waiver or
amendment, and (ii) a reasonably detailed statement of the reasons for such
waiver or amendment (including the intended effect thereof).
(b) fornecido ao Agente de Garantia (i) uma copia da minuta de tal documento de
renuncia ou aditamento, e (ii) uma declaracao razoavelmente detalhada sobre as
razoes de tal renuncia ou aditamento (incluindo o efeito esperado de tal
renuncia ou aditamento).
26
3.3.1. No such waiver or amendment referred to in Section 3.3 above shall become
effective until ten (10) Business Days shall have passed since the requirements
of Sections 3.3(a) and 3.3(b) have been satisfied.
3.3.1. A renuncia ou aditamento citados na Clausula 3.3 acima nao produzira
efeitos ate que tenham decorrido 10 (dez) Dias Uteis desde a data de cumprimento
das exigencias previstas na Clausula 3.3(a) e (b).
3.3.2. The Company will deliver to the Collateral Agent certified true copies of
any waiver granted or amendment entered into, in accordance with Sections 3.2
and 3.3 above, promptly, and in any event within ten (10) days, following the
date on which it shall have become effective.
3.3.2. A Companhia entregara prontamente ao Agente de Garantia copias
autenticadas de qualquer documento de renuncia ou aditamento celebrado de acordo
com as Clausulas 3.2 e 3.3 acima, em prazo nao superior a 10 (dez) dias apos a
data em que tal renuncia ou aditamento tenha entrado em vigor.
3.3.3. No Net Group company shall, or shall permit any Affiliate pay or cause to
be paid any consideration (as supplemental or additional interest, fee or
otherwise) to any Creditor in order to induce such Creditor to enter into any
such waiver or amendment unless such consideration is concurrently paid or
otherwise delivered, on the same terms, ratably, in proportion to the then
outstanding Secured Obligations, to all Creditors parties to the agreements
subject to such waiver or amendment that have consented to such waiver or
amendment.
3.3.3. Nenhuma sociedade do Grupo Net devera pagar ou permitira que qualquer
Afiliada pague ou faca com que seja efetuado pagamento (tais como juros
suplementares ou adicionais e taxas) a qualquer Credor para induzi-lo a celebrar
qualquer renuncia ou aditamento, a nao ser que tal pagamento seja efetuado ou de
outro modo realizado simultaneamente, nos mesmos termos, e de forma proporcional
as Obrigacoes Garantidas vincendas, a todos os Credores que sejam parte dos
contratos sujeitos a tal renuncia ou aditamento e que tenham consentido com tal
renuncia ou aditamento.
27
3.3.3.1 In the event that any Net Group company (i) requests that any Creditors
party to any Transaction Document consent to an waiver of, or amendment to, any
term or provision of such Transaction Document and (ii) offers a consent fee to
induce such Creditors to give such consent, such offer shall remain open for at
least 15 Business Days from the date on which such offer has been made to each
such Creditor party to such Transaction Document.
3.3.3.1. Na hipotese de qualquer empresa do Grupo Net (i) solicitar que qualquer
Credor parte de qualquer Documento da Operacao consinta em uma renuncia ou
aditamento de qualquer termo ou disposicao de tal Documento da Operacao e (ii)
ofertar uma comissao para induzir tal ou tais Credores a prestar tal
consentimento, tal oferta permanecera valida e eficaz por pelo menos 15 (quinze)
Dias Uteis da data em que tal oferta tenha sido feita para cada Credor parte do
Documento da Operacao em questao.
3.3.4. If (i) any Net Group company amends, modifies or supplements any
provision of any Credit Instrument or agreement relating thereto or enters into
a new credit agreement or other agreement or instrument relating to the Secured
Obligations that shall contain any provision that measures or restricts
indebtedness, liens, dividends, mergers and consolidations, investments,
prepayments, redemptions, net assets or otherwise measures financial
performance, or restricts capital expenditures, transactions with affiliates,
modifications to dividend policies or the sale of assets, or restricts, or gives
rise to, a prepayment or default as a result of a change in control of the
ownership of the
3.3.4. Se (i) qualquer sociedade do Grupo Net alterar, modificar ou complementar
qualquer disposicao de qualquer Instrumento de Divida ou qualquer acordo
referente a tal Instrumento de Divida, ou celebrar um novo contrato de credito
ou outro contrato ou instrumento, relativamente as Obrigacoes Garantidas, que
contenha qualquer disposicao que regule ou restrinja dividas, onus, dividendos,
fusoes e incorporacoes, investimentos, pagamentos antecipados, resgates, ativos
liquidos ou que de outra forma regule o desempenho financeiro ou restrinja
dispendios de capital, transacoes com afiliadas, modificacoes em politicas de
dividendos ou a venda de ativos, ou
28
Company or an event of default (any such provision, a "RESTRICTIVE PROVISION"),
(ii) there is a comparable provision (which need not be identical, but covers
the same subject matter) in any other Credit Instrument, and (iii) such
Restrictive Provision is materially more restrictive to any Net Group company,
or is materially more beneficial to any Creditor or agent or trustee therefor,
such Net Group company will (A) notify each other Creditor (or the agent or
trustee therefor), and deliver to each such Creditor (or the agent or trustee
thereof) a true copy of such Restrictive Provision and (B) at the request of
holders of at least a majority of the then outstanding principal amount of the
indebtedness outstanding under such other Credit Instrument, enter into an
amendment, modification or supplement with respect to such other Credit
Instrument thereto that is to substantially the same effect as such Restrictive
Provision (including, without limitation, with respect to the term of duration
of such Restrictive Provision).
restrinja ou acarrete pre-pagamento ou inadimplemento em razao da mudanca do
controle da Companhia ou qualquer evento de inadimplemento (denominadas,
individual ou coletivamente, "DISPOSICOES RESTRITIVAS"), (ii) houver uma
disposicao similar ao item "i" anterior (nao necessariamente identica, mas que
disponha sobre a mesma materia) em qualquer dos outros Instrumentos de Divida; e
(iii) tais Disposicoes Restritivas forem significativamente mais restritivas a
qualquer sociedade do Grupo Net ou significativamente mais benefica a qualquer
Credor, trustee ou agente fiduciario, tal sociedade do Grupo Net devera (A)
notificar cada um dos outros Credores (ou o trustee ou o agente fiduciario)
sobre a ocorrencia dos eventos descritos nos itens (i), (ii) ou (iii) acima, e
entregar a cada um desses outros Credores, ou trustee ou agente fiduciario uma
copia fidedigna de tais Disposicoes Restritivas e (B) mediante solicitacao dos
detentores de pelo menos a maioria do valor principal vincendo entao em aberto
referente aos outros Instrumentos de Divida, celebrar um aditamento, modificacao
ou complementacao em relacao a esses outros Instrumentos de Divida para a
inclusao das disposicoes que tenham substancialmente o mesmo efeito das
Disposicoes Restritivas (incluindo,
29
sem limitacao, modificacao em relacao ao termino da duracao de tal Disposicao
Restritiva).
3.4. Each Net Group company agrees to make all payments on amounts owing under
the Credit Instruments in accordance with the respective amounts as are then due
and owing thereunder. In the event that the Net Group companies have
insufficient funds to pay in full the aggregate amount due and owing under all
Credit Instruments on any particular date, the Company shall make, or cause to
be made, payments to the relevant Creditors pro rata on the basis of the
aggregate amount so due and owing.
3.4. Cada sociedade do Grupo Net concorda em efetuar todos os pagamentos das
quantias devidas de acordo com os Instrumentos de Divida, observados os termos e
condicoes dos respectivos Instrumentos de Divida. Caso as sociedades do Grupo
Net nao tenham fundos suficientes para pagar em determinada data a quantia
global devida e exigivel de acordo com os Instrumentos de Divida, a Companhia
devera efetuar ou fazer com que sejam efetuados pagamentos aos respectivos
Credores, pro rata, levando em consideracao o valor total entao devido.
3.5. The Company will deliver to the Collateral Agent, on the same date that it
delivers its quarterly financial information (ITR) to the Comissao de Valores
Imobiliarios--CVM, a quarterly officer's certification stating that all
Collateral, including that obtained during the preceding quarter, if any, are,
to the extent required under the Security Agreements, properly pledged to the
Collateral Agent on behalf of the Creditors and remain valid and enforceable.
3.5. A Companhia entregara ao Agente de Garantia, na mesma data em que deve
entregar a informacao financeira trimestral (ITR) para a Comissao de Valores
Mobiliarios (CVM), uma declaracao trimestral dos diretores da Companhia
atestando que todas as Garantias, inclusive aquelas que vierem a existir antes
de findo o trimestre, estarao, em conformidade e para os fins dos Contratos de
Penhor, devidamente empenhadas ao Agente de Garantia, em beneficio dos Credores,
e que permanecerao validas e eficazes.
30
3.6. Net Group companies shall cause all prepayments (other than any payments to
any Company Noteholder or any Net Sul Noteholder that is deferred in accordance
with the terms of the relevant Credit Instrument) whether mandatory or optional,
to be paid to all Creditors (except those Creditors that have adhered hereto on
the terms of Section 10.5 below) on a pro rata basis, based on the outstanding
principal amount of the Credit Instrument held by each such Creditor.
Notwithstanding the foregoing, the parties hereto acknowledge and agree that
prepayments in connection with the consummation of the Plan may not occur on the
same date, since the Plan may provide for certain prepayments to Restructuring
Creditor to occur on different dates in relation to the other Credit
Instruments. These prepayments will not violate this Clause 3.6.
3.6. As empresas do Grupo Net deverao fazer com que todos os pagamentos (a nao
ser qualquer pagamento para qualquer Detentor de Notes da Companhia ou para
qualquer Detentor de Net Sul Notes, dado que tais pagamentos sao diferidos de
acordo com os termos do respectivo Instrumento de Divida), obrigatorios ou
opcionais, sejam efetuados para todos os Credores (exceto aqueles Credores que
tenham aderido a este Contrato nos termos da Clausula 10.5 abaixo) de maneira
proporcional (pro rata), com base no valor de principal do Instrumento de Divida
detido por cada Credor. Nao obstante o disposto anteriormente, as partes tem
ciencia e concordam que os pagamentos a serem realizados para a concretizacao do
Plano de Reestruturacao podem nao ocorrer nas mesmas datas, uma vez que o Plano
de Reestruturacao estabelece que certos pagamentos para Credores na
Reestruturacao ocorram em datas diferentes daquelas previstas em outros
Instrumentos de Divida. Esses pagamentos nao caracterizarao violacao desta
clausula 3.6.
IV. COVENANTS OF EACH CREDITOR
IV. COMPROMISSOS DE CADA CREDOR
4.1. Each Creditor from and including the Signing Date to the Pledge Termination
Date expressly agrees and covenants with, and for the sole benefit of, the other
Creditors:
4.1. Cada um dos Credores, a partir da Data de Assinatura, inclusive, ate a Data
de Termino do Penhor, concorda e se compromete expressamente, em seu proprio
beneficio, e perante os outros Credores a:
(a) to keep the Collateral Agent, or cause the Collateral Agent to be kept, duly
informed about its contact information;
(a) manter o Agente de Garantia devidamente informado, ou fazer con que o Agente
de Garantia seja informado, sobre seus enderecos, telefones e informacoes para
contato;
31
(b) only to take a Collateral Action through the Collateral Agent, in accordance
with the terms of this Agreement;
(b) somente iniciar a Excussao de Garantia exclusivamente atraves do Agente de
Garantia, em conformidade com os termos do presente Contrato;
(c) promptly upon request and at each time of the delivery of any amendment
under Section 4.3, to inform the Collateral Agent, or cause the Collateral
Agent to be informed of, the amount of its Secured Obligations then outstanding;
and
(c) imediatamente, mediante solicitacao, e no tempo de entrega de qualquer
aditamento conforme previsto na Clausula 4.3 abaixo, informar ao Agente de
Garantia, ou fazer com que o Agente de Garantia seja informado sobre o valor de
suas Obrigacoes Garantidas entao devidas; e
(d) to give to the Collateral Agent, or cause the Collateral Agent to be given,
a written notice of the occurrence of any Acceleration Action or Enforcement
Action with respect to its Secured Obligations of which it has knowledge,
setting forth a description thereof, in each case as soon as practicable (and
in any event within three (3) Business Days) after becoming aware thereof.
(d) entregar prontamente (em prazo nao superior a 3 (tres) Dias Uteis) ao Agente
de Garantia, ou fazer com que seja entreque ao Agente de Garantia, aviso por
escrito sobre a ocorrencia de qualquer Declaracao de Vencimento Antecipado ou de
Ato de Cobranca em relacao as Obrigacoes Garantidas, descrevendo a ocorrencia,
tao logo tomem conhecimento da Declaracao de Vencimento Antecipado ou do Ato de
Cobranca.
4.2. From and including the date hereof to but excluding the Pledge Termination
Date, each Creditor that is a party to, or becomes a party to, a Credit
Instrument hereby covenants that it shall not agree to any amendments to its
Credit Instrument that would: (a) increase the interest rate, fees, penalties or
other amounts payable by any Net Group company
4.2. A partir da Data de Assinatura deste Contrato, inclusive, ate a Data de
Termino do Penhor, exclusive, cada Credor que e parte, ou que venha a ser parte,
de um Instrumento de Divida neste ato se compromete a nao concordar com
quaisquer alteracoes a tal Instrumento de Divida que: (a) aumentem a taxa de
juros, outras taxas, multas ou outras quantias devidas por
32
thereunder, or (b) alter any of the scheduled principal repayment dates (or the
amounts due on any such dates) thereunder if the effect thereof is to require
that any such repayments be made earlier than the scheduled date (including by
adding a mandatory prepayment, repurchase, defeasance or redemption provision);
provided that any and all of such amendments shall be permitted with the prior
written consent of the Required Creditors and each affected Net Group company.
qualquer sociedade do Grupo Net; ou (b) alterem quaisquer datas de vencimento do
pagamento do valor principal (ou as quantias devidas nas referidas datas de
vencimento) previstas no Instrumento de Divida, se o efeito de tal alteracao for
exigir que tais pagamentos sejam efetuados antes da data de vencimento
(inclusive por meio de inclusao de clausula de pre-pagamento compulsorio,
amortizacao antecipada ou resgate); sendo que toda e qualquer alteracao
mencionada acima sera permitida se obtido o consentimento previo e por escrito
dos Credores Necessarios e de cada sociedade do Grupo Net afetada.
4.3. Each Creditor from and including the Signing Date to the Pledge Termination
Date hereby covenants that it shall promptly (and in any event within two (2)
Business Days after the execution thereof) deliver, or cause to be delivered, to
the Collateral Agent a copy of each amendment or other modification entered into
with respect to such Credit Instrument. Subject to Section 10.14, the Collateral
Agent, at request of any Creditor, shall provide a copy of such amendment or
other modification to such Creditor promptly, and in any event within two (2)
Business Days, upon such request.
4.3. Cada um dos Credores, desde a Data da Assinatura, inclusive, ate a Data de
Termino do Penhor, neste ato se compromete a prontamente (sempre no prazo maximo
de 2 (dois) Dias Uteis apos a respectiva assinatura), entregar, ou fazer com que
seja entreque, ao Agente de Garantia uma copia de cada aditamento ou modificacao
celebrada com relacao ao seu respectivo Instrumento de Divida. Observado o
disposto na Clausula 10.14 abaixo, o Agente de Garantia, mediante solicitacao de
qualquer outro Credor, devera fornecer prontamente uma copia de tal alteracao ou
modificacao para esse outro Credor (que nao aquele que realizou o
33
aditamento ou modificacao), sempre no prazo maximo de 2 (dois) Dias Uteis apos
tal solicitacao.
4.4. Each Creditor shall promptly notify (and in any event within two (2)
Business Days after repayment) the Collateral Agent once its Secured Obligations
under any Credit Instrument have been repaid in full. The Collateral Agent
(pursuant to the powers of attorney granted in Section 5.7 below) and the
Company shall, without the consent of any Creditor, amend the exhibits hereto,
any Security Agreement and any other document to the extent necessary to delete
any applicable references to such Secured Obligations.
4.4. Cada Credor devera notificar o Agente de Garantia do pagamento integral de
suas Obrigacoes Garantidas sob qualquer Instrumento de Divida. Tal aviso devera
ocorrer prontamente, sempre no prazo maximo de 2 (dois) Dias Uteis apos o
respectivo pagamento. O Agente de Garantia (de acordo com as procuracoes
outorgadas na Clausula 5.7 abaixo) e a Companhia deverao, sem necessidade de
consentimento de qualquer Credor, aditar os anexos deste Contrato, qualquer
Contrato de Penhor e qualquer outro documento, quando necessario para excluir
quaisquer referencias aplicaveis a tais Obrigacoes Garantidas.
V. COLLATERAL ISSUES
V. DA GARANTIA
5.1. From the Signing Date through the Pledge Termination Date, the following
provisions shall apply:
5.1. A partir da Data de Assinatura ate a Data de Termino do Penhor, as
seguintes disposicoes se aplicarao:
(a) upon receipt by the Collateral Agent of any written notice of the occurrence
of any Acceleration Action or Enforcement Action, as contemplated in this
Agreement, the Collateral Agent shall, within three (3) Business Day of its
receipt thereof,
(a) quando do recebimento pelo Agente de Garantia de um aviso por escrito sobre
a ocorrencia de Declaracao de Vencimento Antecipado ou Ato de Cobranca, conforme
previsto neste Contrato, o Agente de Garantia devera, dentro de 3 (tres)
34
give to each Creditor written notice of such event or action;
Dias Uteis do recebimento do aviso, enviar a cada Credor um aviso por escrito
acerca de tal declaracao ou ato;
(b) the Collateral Agent agrees that it shall not, directly or indirectly, take
any Collateral Action without the prior written instruction from the Required
Creditors;
(b) o Agente de Garantia concorda que nao iniciara, direta ou indiretamente, a
Excussao da Garantia, sem instrucao previa e por escrito dos Credores
Necessarios;
(c) if the Collateral Agent has received a written notice as herein provided
that an Acceleration Action or Enforcement Action has occurred with respect to
any of the Secured Obligations and written instructions from the Required
Creditors with respect to the taking of any Collateral Action, the Collateral
Agent shall, in accordance with the terms of such written instructions of the
Required Creditors:
(c) se o Agente de Garantia tiver recebido aviso por escrito, conforme acima
previsto, informando a ocorrencia de Declaracao de Vencimento Antecipado ou de
Ato de Cobranca relativamente a quaisquer das Obrigacoes Garantidas, bem como
tiver recebido instrucoes por escrito dos Credores Necessarios para iniciar a
Excussao de Garantia, o Agente de Garantia devera, de acordo com os termos de
tal instrucao por escrito dos Credores Necessarios:
(i) deliver to the Centralizing Bank a written notice (making express reference
to the relevant Section of the relevant Credit Rights Pledge Agreement)
instructing the Centralizing Bank to withhold funds from the Centralizing
Account in accordance with the terms of such Credit Rights Pledge Agreement; and
(i) entregar ao Banco Centralizador um aviso por escrito (referindo-se
expressamente a respectiva Clausula do respectivo Contrato de Penhor de Creditos
e Direitos Creditorios) instruindo o Banco Centralizador a reter recursos da
Conta Centralizadora de acordo com os termos de tal Contrato de Penhor de
Creditos e Direitos Creditorios; e
35
(ii) otherwise enforce the rights of the relevant Creditors under the Security
Agreements;
(ii) exigir a satisfacao dos direitos dos respectivos Credores, de acordo com os
Contratos de Penhor;
provided that the Collateral Agent shall not be required to take any action that
it reasonably believes to be inconsistent with the terms hereof, of the Pledge
Documents or with applicable law;
sendo que o Agente de Garantia nao sera obrigado a tomar quaisquer medidas que,
de acordo com o que ele razoavelmente acredita, sejam inconsistentes com os
termos dos Documentos de Penhor ou com a legislacao aplicavel;
(d) in the event of any enforcement or collection against any of the Collateral
pursuant hereto, each Creditor agrees that any and all Proceeds of the
Collateral shall be distributed to Creditors promptly by the Collateral Agent in
the following order of priority:
(d) no caso de Excussao da Garantia de acordo com este Contrato, cada Credor
concorda que todo e qualquer Produto devera ser prontamente distribuido aos
Credores pelo Agente de Garantia na seguinte ordem de prioridade:
(i) first, to the Collateral Agent, an amount equal to all fees, expenses and
indemnities due and payable to it under its fee letter with the Company and/or
the Pledge Documents (including any amounts due to it in connection with its
exercise of any remedies against the Collateral);
(i) primeiro, ao Agente de Garantia a quantia correspondente a todos os
honorarios, despesas e indenizacoes devidas e exigiveis em conformidade com sua
carta de honorarios firmada com a Companhia e/ou por forca dos Documentos de
Penhor (inclusive quaisquer quantias devidas ao Agente de Garantia com relacao
ao exercicio de quaisquer medidas atinentes a Garantia);
36
(ii) second, pro rata to each Creditor, without priority of one over the other,
an amount equal to all interest, fees and expenses included in the Secured
Obligations and then due and payable to such Creditor;
(ii) segundo, de forma pro rata, a cada Credor, sem haver prioridade entre os
Credores na ordem de recebimento, quantia correspondente a todos os juros, taxas
e despesas decorrentes das Obrigacoes Garantidas entao devidas e exigiveis por
cada Credor;
(iii) third, pro rata to each Creditor, without priority of one over the other,
an amount equal to all principal amounts included in the Secured Obligations
that are then due and payable to such Creditor; and
(iii) terceiro, de forma pro rata, a cada Credor, sem haver prioridade entre os
Credores na ordem de recebimento, quantia correspondente a todas as quantias
principais decorrentes das Obrigacoes Garantidas entao devidas e exigiveis por
cada Credor; e
(iv) last, to the payment of the remainder, if any, to the Company or its
successor;
(iv) por ultimo, o pagamento do restante, se houver, para a Companhia ou seu
sucessor,
provided that, in the case of the Company Noteholders and/or the Net Sul
Noteholders, such Proceeds shall be delivered by the Collateral Agent to the
Trustee for distribution by the Trustee in accordance with the terms of the
relevant Credit Instrument; and provided further that, Noteholders, such
Proceeds shall be delivered by the Collateral Agent to the Trustee for
distribution by the Trustee in accordance with the terms of the relevant Credit
Instrument; and provided further that, after the occurrence of any Subsidiary
Financial Statement Filing Requirement, none of the Company Noteholders nor the
Trustee shall be entitled to share in the distribution of the Proceeds arising
from the enforcement of the pledge of the capital stock of the relevant
Subsidiary.
sendo certo que, no caso dos Detentores de Notes de Companhia e/ou dos
Detrutores de Net Sul Notes, o Produto devera ser entregue pelo Agente de
Garantia ao Trustee para que a Trustee distribua o Produto de acordo com os
termos dos respectivos Instrumentos de Divida, e, sendo creto ainda que, no caso
dos Detentores de Notes da Companhia c/ou dos Detentores de Net Sul Notes, o
Produto devera ser entreque pelo Agente de Garantia ao Trustee Para que o
Trustee distribuao Produto de acordo com os termos dos respectivos Instrumentos
de Divida, e, sendo certo ainda que, apos a ocorrencia de qualquer Evento de
Registro de Demonstracoes Financeiras, nenhum dos Detentores de Notes da
Companhia nem o respectivo Trustee tera direito de participar da distribuicao do
Produto originario da excussao do penhor sobre acoes ou quotas da Subsidiaria
sobre a qual incida o referido evento.
5.2. If any Creditor knowingly acquires custody, control or possession of any
Collateral, Proceeds, or other
5.2. Se qualquer Credor obtiver a custodia, controle ou posse de qualquer
Garantia, Produto ou outros
37
assets or properties of the Net Group companies, other than pursuant to the
terms of this Agreement, then such Creditor shall promptly cause such Collateral
or Proceeds to be delivered to or put in the custody, possession or control of
(a) the Collateral Agent (if any Collateral Action is then being taken) for
disposition or distribution in accordance with this Agreement or (b) in all
other cases, the Company. Until such time as the provisions of the preceding
sentence have been complied with, such Creditor shall be deemed to hold such
Collateral or Proceeds in trust (fiel depositario) for the Creditors or the
Company, as the case may be.
bens ou propriedades das sociedades do Grupo Net, tendo ciencia que a obtencao
desta custodia, controle ou posse nao esta de acordo com os termos deste
Contrato, entao o Credor devera prontamente fazer com que tal Garantia ou
Produto seja entregue ou colocado sob custodia, posse ou controle (a) do Agente
de Garantia (se qualquer ato para a Excussao da Garantia estiver sendo
realizado), para consequente disponibilizacao ou distribuicao de acordo com este
Contrato ou (b) em todos os demais casos, para a Companhia. Ate que haja o
integral cumprimento do acima disposto, tal Credor sera considerado fiel
depositario da Garantia e/ou do Produto perante os demais Credores e/ou a
Companhia, conforme o caso.
5.3. Except as otherwise expressly provided in this Agreement (including in
Sections 4.2 and 5.9), each Creditor may exercise all of its rights and remedies
under any Credit Instrument that it holds and no Creditor shall have liability
to any other Creditor for any actions that such Creditor, in good faith, takes
or omits to take under any such Credit Instrument.
5.3. Exceto se de outro modo expressamente previsto no presente Contrato
(observadas as Clausulas 4.2 e 5.9), cada Credor podera exercer todos os seus
direitos oriundos de qualquer Instrumento de Divida que detiver e nenhum Credor
sera responsavel perante qualquer outro Credor por quaisquer medidas que tomar
ou deixar de tomar de boa fe em relacao a qualquer Instrumento de Divida.
38
5.4. Notwithstanding the terms of any Pledge Document to the contrary, the
Collateral Agent shall not take, and no Creditor (acting itself or through any
agent or trustee acting on behalf of such Creditor in accordance with any Credit
Instrument) shall authorize or direct the Collateral Agent to take, any action
under any Security Agreement without the direction, authorization or consent of
the Required Creditors. Each Creditor hereby irrevocably authorizes and directs
the Collateral Agent to take such actions on its behalf and to exercise such
power as are delegated to the Collateral Agent by the terms of this Agreement,
together with such actions and powers as are reasonably incidental thereto.
5.4. Independentemente de qualquer disposicao em contrario nos Documentos de
Penhor, o Agente de Garantia e os Credores (agindo por si ou atraves de trustee
ou agente fiduciario que os represente, de conformidade com os Instrumentos de
Divida) nao autorizarao, nem instruirao o Agente de Garantia a iniciar ou adotar
qualquer ato relativamente aos Contratos de Penhor, sem que haja a previa e
expressa instrucao, autorizacao ou consentimento dos Credores Necessarios. Cada
Credor neste ato, irrevogavelmente, autoriza e instrui (i) o Agente de Garantia
a executar tais medidas em seu nome e exercer tal poder como a ele delegado nos
termos deste Contrato, e (ii) o Agente de Garantia a tomar as medidas
razoavelmente uteis e necessarias para fins do item (i) acima.
5.5. Unless otherwise provided herein (including in Section 5.7) or in any other
Pledge Document or Credit Instrument, prior to the Pledge Termination Date, the
Collateral Agent shall not, without the prior written consent of the Required
Creditors or pursuant to powers of attorney granted by such Creditors, (i)
execute any waiver, amendment, modification or supplement of or to any Pledge
Document or (ii) release any of the
5.5. A nao ser que de outro modo esteja previsto neste Contrato (incluindo a
Clausula 5.7) ou em qualquer outro Documento de Penhor, antes da Data de Termino
do Penhor, o Agente de Garantia nao devera, sem o consentimento previo dos
Credores Necessarios, ou nos limites das procuracoes outorgadas por tais
Credores, (i) assinar qualquer renuncia, aditamento, modificacao ou suplemento a
qualquer Documento de
39
Collateral or alter the relative priorities of the obligations entitled to the
benefits of the Collateral under the Pledge Documents.
Penhor ou (ii) liberar qualquer Garantia ou alterar as prioridades asseguradas
pela Garantia ao cumprimento das obrigacoes, conforme os Documentos de Penhor.
5.6. The Collateral Agent shall provide each Creditor with at least five (5)
Business Days' prior written notice of any proposed waiver, amendment,
modification or supplement of or to any Pledge Document that requires consent
from the Required Creditors.
5.6. O Agente de Garantia devera fornecer a cada Credor, com pelo menos 5
(cinco) Dias Uteis de antecedencia, notificacao de qualquer proposta de
renuncia, aditamento, modificacao ou suplemento a qualquer Documento de Penhor
que requeira o consentimento dos Credores Necessarios.
5.6.1 In the event that the release of all or any portion of the Collateral from
the lien created by or pursuant to any Security Agreement as contemplated under
the terms of such Security Agreement, without the need for any consent or
instruction by any Creditor, the Collateral Agent shall, at expense of the
Company and within five (5) Business Days of being requested to do so by the
Company, execute, deliver and record any release, notice, amendment or other
document as may be reasonably requested (and provided) by the Company to
implement such release.
5.6.1. Naquelas hipoteses em que a liberacao de toda ou qualquer parte da
Garantia existente por forca de qualquer Contrato de Penhor for expressamente
permitida por tal Contrato de Penhor, o Agente de Garantia, sem necessidade de
qualquer consentimento ou instrucao de qualquer Credor, devera imediatamente, em
prazo nao superior a 5 (cinco) Dias Uteis da solicitacao da Companhia, assinar,
entregar ou registrar qualquer liberacao, comunicado, aditamento ou outro
documento solicitado pela Companhia, e por ela preparado, para implementar a
liberacao da Garantia, as expensas da Companhia.
40
5.6.2. Any release of Collateral provided by the Collateral Agent pursuant to
Section 5.6.1 above or a similar section in any Security Agreement shall
expressly mention (i) the transaction to which such release was provided and be
applicable exclusively thereto and (ii) that if such transaction is not carried
out or effective, the release is automatically cancelled and the relevant lien
shall be immediately reconstituted.
5.6.2. Qualquer liberacao de Garantia pelo Agente de Garantia por forca da
Clausula 5.6.1 acima ou clausula similar de algum Contrato de Penhor devera
mencionar expressamente (i) a operacao para qual houve a liberacao e restringir
a sua validade exclusivamente para tal operacao e (ii) se tal operacao nao for
efetuada ou nao entrar em vigor, a liberacao sera automaticamente cancelada e a
respectiva Garantia devera ser imediatamente recomposta.
5.7. As an essential condition to the transactions contemplated herein, in the
Pledge Documents and in the Credit Instruments, and in accordance with Article
684 of the Brazilian Civil Code, each Creditor hereby irrevocably and
irretractably appoints and authorizes the Collateral Agent, as further
identified in the Preamble of this Agreement, acting on behalf and in the name
of each such Creditor, to do any and all of the following:
5.7. Como condicao essencial as operacoes contempladas neste Contrato, nos
Documentos de Penhor, nos Instrumentos de Divida e de acordo com o Artigo 684 do
Codigo Civil Brasileiro, cada um dos Credores, atraves do presente Contrato,
nomeia e constitui, de forma irrevogavel e irretratavel, o Agente de Garantia,
conforme identificado no preambulo deste Contrato, como seu bastante procurador
para, agindo em nome de cada um dos Credores, adotar toda e qualquer das
seguintes medidas:
(a) to take all actions on its behalf as Collateral Agent and to exercise such
powers and discretion hereunder or under the Pledge Documents as are delegated
to it by the terms hereof or thereof, together with such powers and discretion
as are reasonably incidental
(a) adotar quaisquer medidas em nome dos Credores, na qualidade de Agente de
Garantia, e exercer os poderes e as decisoes em relacao a este Contrato ou aos
Documentos de Penhor da forma como outorgados ao Agente de Garantia pelo
presente
41
thereto, to the fullest extent possible under applicable law;
Contrato e pelos Documentos de Penhor, bem como exercer todos os demais poderes
e decisoes necessarias para o fiel cumprimento do mandato, respeitada a
legislacao aplicavel;
(b) to act as its attorney-in-fact with any and all powers required for the
purposes of exercising its rights in connection with the Collateral on which a
Lien, as defined in the relevant Credit Instrument, exists, or is purported to
exist, including the powers to sell the Collateral in accordance with the
applicable provisions of the Security Agreements and to represent the Creditors
before the Agencia Nacional de Telecomunicacoes - ANATEL, the Conselho
Administrativo de Defesa Economica - CADE, and any and all Registries of Deeds
and Documents (Registros de Titulos e Documentos), Real Estate Registries
(Registros de Imoveis) and Boards of Trade (Juntas Comerciais);
(b) agir como seu procurador com todos e quaisquer poderes necessarios para
exercer os direitos relativos a Garantia sobre a qual recaia algum onus,
conforme definido no respectivo Instrumento de Divida, incluindo os poderes para
alienar a Garantia de acordo com o disposto nos Contratos de Penhor, e para
representar os Credores junto a Agencia Nacional de Telecomunicacoes - Anatel, o
Conselho Administrativo de Defesa Economica - CADE e quaisquer Registros de
Titulos e Documentos, Registro de Imoveis e Juntas Comerciais;
(c) to act as its attorney-in-fact with any and all powers required for the
purposes of exercising its rights in connection herewith or with the Pledge
Documents, including the necessary powers to allow the Collateral Agent to
contract attorneys to represent such Creditor before any court, tribunal or
arbitration board, being understood
(c) atuar como procurador com todos e quaisquer poderes necessarios para exercer
os direitos oriundos deste Contrato ou dos Documentos de Penhor, inclusive os
poderes necessarios para contratar advogados para representar os Credores
perante qualquer corte, tribunal ou corte de arbitragem, ficando certo e
ajustado
42
that each such Creditor hereby expressly authorizes the Collateral Agent to
grant to such attorney(s) any and all ad judicia et extra powers that shall be
required under the applicable legislation to assure the valid representation of
the Creditors interests before any court, tribunal or arbitration board;
que os Credores, atraves do presente Contrato, autorizam expressamente o Agente
de Garantia a outorgar a tais advogados todos e quaisquer poderes ad judicia et
extra necessarios, segundo a legislacao aplicavel, para garantir a
representacao, a postulacao dos direitos e a defesa dos interesses dos Credores
perante qualquer corte, tribunal ou corte de arbitragem;
(d) to act as its attorney-in-fact for the purpose of receiving any judicial or
extra-judicial notification addressed to it or any service of process in
connection with any matter related to this Agreement, the Security Agreements,
the Credit Agreements and other Transaction Documents;
(d) atuar como procurador para o fim de receber qualquer notificacao judicial ou
extra-judicial enderecada ao Credor ou quaisquer citacoes e intimacoes
judiciais relativamente a materias relacionadas ao pesente contrato e aos
Contratos de Penhor, Instrumentos de Divida e demais Documentos da Operacao; e
(e) to act as its attorney-in-fact with any and all powers required for the
purposes of executing, delivering and, when necessary, recording (i) any Term of
Adhesion in accordance with the terms and conditions of this Agreement and the
Security Agreements and (ii) any document, notice, waiver, termination
statement, instruments of satisfaction, amendment, discharge and/or release of
security as may be necessary to release any lien in the Collateral, in each case
in accordance with the terms and conditions of the Transaction Documents.
(e) atuar como procurador com todo e qualquer poder necessario para o fim de
assinar, entregar e, quando necessario, registrar (i) qualquer Termo de Adesao
de acordo com os termos e condicoes dos Documentos de Penhor; e (ii) qualquer
documento, comunicacao, renuncia, declaracao de cumprimento, instrumento de
quitacao, aditamento, dispensa e/ou liberacao de Garantia e, se necessario,
liberacao de qualquer onus que grave as Garantias, de acordo com os termos e
condicoes dos Documentos da Operacao.
5.7.1. BANCO ITAU S.A., as Collateral Agent, hereby expressly
5.7.1. O BANCO ITAU S.A, na qualidade de Agente de Garantia, neste
43
accepts all appointments of Section 5.7 above and acknowledges that the powers
conferred hereunder may not be delegated by it to third parties, either wholly
or in part, directly or indirectly, unless with the prior and express consent of
the Required Creditors, in accordance with Section 10.4.
ato, aceita expressamente todas as designacoes incluidas na Clausula 5.7 acima e
reconhece que os poderes a ele outorgados por meio deste Contrato nao poderao
ser substabelecidos, no todo ou em parte, direta ou indiretamente, a nao ser que
haja a previa e expressa aprovacao dos Credores Necessarios, de acordo com a
Clausula 10.4 deste Contrato.
5.7.2. Each of the Net Group companies hereby expressly accepts and recognizes
the authorizations and representation powers granted by each Creditor pursuant
to Section 5.7, including the Collateral Agents' powers to appoint attorneys on
its behalf, with the ad judicia et extra clause. Each of the Net Group companies
undertakes not to challenge the grant and exercise of any such powers. Each of
the Creditors hereby undertakes not to challenge any powers granted to the
Collateral Agent by each Creditor hereunder. The Collateral Agent shall be held
liable for any damages or losses resulting from any act in excess or in
violation of the powers granted by the Creditors to the Collateral Agent, as
provided for in law.
5.7.2. Cada uma das sociedades do Grupo Net neste ato expressamente aceita e
reconhece as autorizacoes e os poderes outorgados por cada um dos Credores nos
termos da Clausula 5.7, incluindo os poderes do Agente de Garantia de contratar
advogados para agir em nome dos Credores, com a clausula ad judicia et extra. As
sociedades do Grupo Net se obrigam a nao se opor a constituicao e ao exercicio
de tais poderes. Cada um dos Credores, neste ato, obriga-se a nao se opor a
quaisquer poderes concedidos e outorgados ao Agente de Garantia por cada Credor.
O Agente de Garantia sera responsavel por quaisquer danos ou prejuizos
decorrentes de qualquer ato que exceda ou viole os poderes a ele concedidos
pelos Credores, conforme previsto em lei.
5.7.3. Notwithstanding the provisions set forth in Sections 5.7, 5.7.1 and
5.7.2, the term of the power-of-
5.7.3. Nao obstante o estabelecido nas Clausulas 5.7, 5.7.1 e 5.7.2, os poderes
outorgados neste Contrato ao Agente
44
attorney hereby granted to the Collateral Agent shall be valid from and
including the Signing Date until the Collateral Agent is substituted by the
Required Creditors (and, if applicable, the Company) in accordance with the
terms and conditions of Sections 5.10, 5.10.1 and 5.10.2.
de Garantia serao validos a partir da Data de Assinatura, inclusive, ate que o
Agente de Garantia seja substituido pelos Credores Necessarios (e, se for o
caso, pela Companhia), de acordo com os termos e condicoes previstos nas
Clausulas 5.10, 5.10.1 e 5.10.2.
5.8. Each of the Creditors hereby irrevocably: (a) appoints, as an essential
condition to the transactions contemplated in the Pledge Documents, the Credit
Instruments and in accordance with Article 684 of the Brazilian Civil Code, the
Collateral Agent as its attorney-in-fact with full powers to execute the
Security Agreements and any amendments, modification, consent of waiver with
respect thereto as required or permitted hereby or thereby (or consented by the
Required Creditors) and to enforce (in accordance with the terms hereof and of
the Security Agreements) any and all rights of the Creditors and/or the
Collateral Agent under the Pledge Documents and with respect to the Collateral,
and (b) covenants to each other Creditor and each Net Group company that it will
keep the foregoing mandate validly in place through the Pledge Termination Date.
5.8. Cada um dos Credores, irrevogavelmente, neste ato: (a) nomeia, como
condicao essencial as operacoes contempladas nos Documentos de Penhor, nos
Instrumentos de Divida e de acordo com o Artigo 684 do Codigo Civil Brasileiro,
o Agente de Garantia como seu bastante procurador com plenos poderes para
assinar em nome dos Credores os Contratos de Penhor e quaisquer alteracoes,
modificacoes, consentimento ou renuncia com relacao aos Contratos de Penhor,
conforme permitido por este Contrato ou pelos referidos documentos e
instrumentos (ou consentido pelos Credores Necessarios) e a exigir a satisfacao
(de acordo com os termos dos Documentos de Penhor) de todos e quaisquer direitos
dos Credores e/ou Agente de Garantia sob os Documentos de Penhor com relacao a
Garantia e (b) compromete-se com relacao a qualquer outro Credor e cada
sociedade do Grupo Net a manter o
45
mandato acima validamente constituido ate a Data de Termino do Penhor.
5.9. Each Creditor hereby agrees that it shall not, directly or indirectly,
exercise any remedies or otherwise take any action in either case with respect
to the Collateral (including, without limitation, by initiating, or becoming
party to, any action or proceeding in any court, administrative agency,
governmental tribunal or arbitrator) other than giving the Collateral Agent
written instructions in connection with a Collateral Action pursuant to this
Agreement.
5.9. Cada Credor acorda neste ato que nao exercera, direta ou indiretamente,
quaisquer medidas, nem de outro modo iniciara qualquer ato em relacao a Garantia
(inclusive no que se refere a propositura ou a participacao em qualquer acao ou
processo em qualquer tribunal, agencia administrativa, corte, tribunal ou corte
de arbitragem), a nao ser que, por meio do Agente de Garantia, mediante previa
instrucao por escrito para a Excussao de Garantia conforme os termos deste
Contrato.
5.10. Subject to Section 5.10.2, the Creditors may, if approved by the Required
Creditors, replace the Collateral Agent with any other financial institution
acceptable by the Required Creditors. Upon written notice from the Required
Creditors, independently of any other formality (but subject to Section 5.10.2),
(i) except for any indemnification that is or may become due by the former
Collateral Agent to the parties hereof the rights and obligations of the former
Collateral Agent hereunder, and under each Security Agreement, shall be
automatically extinguished and (ii) the replacement Collateral Agent shall
simultaneously assume all such the rights and obligations (including, without
limitation, all powers-of-
5.10. Observado o disposto na Clausula 5.10.2, os Credores poderao, se assim for
aprovado pelos Credores Necessarios, substituir o Agente de Garantia por
qualquer outra instituicao financeira aceita pelos Credores Necessarios. Atraves
de notificacao por escrito dos Credores Necessarios, independentemente de
qualquer outra formalidade (observado sempre o disposto na Clausula 5.10.2), (i)
exceto em relacao a eventuais obrigacoes do ex-Agente de Garantia de indenizar
qualquer uma das partes por perdas e danos, os direitos e obrigacoes do
ex-Agente de Garantia previstos neste Contrato e nos Contratos de Penhor serao
automaticamente extintos e (ii) o novo Agente de Garantia assumira
simultaneamente todos os referidos
46
attorney granted to the Collateral Agent by the Creditors). Still in this case,
and unless otherwise indicated by the Required Creditors, the ad judicia et
extra powers previously conferred by the former Collateral Agent, as well as any
delegation of powers by the former Collateral Agent that was previously
authorized by the Required Creditors in accordance with the terms and conditions
hereof, shall remain valid and in full force and effect.
direitos e obrigacoes (incluindo, sem ressalva, todos os poderes outorgados ao
ex-Agente de Garantia pelos Credores). Ainda, neste caso, a nao ser que de outra
forma seja indicado pelos Credores Necessarios, os poderes da clausula ad
judicia et extra previamente conferidos ao ex-Agente de Garantia, bem como a
outorga de poderes realizada pelo ex-Agente de Garantia em conformidade com a
autorizacao dos Credores Necessarios, de acordo com os termos e condicoes deste
Contrato, permanecerao validos e em pleno vigor.
5.10.1. The Creditors acknowledge and agree that the institution that shall
replace the Collateral Agent pursuant to Section 5.10, shall be chosen from
among prime financial institutions in Brazil with knowledge and experience as
collateral agent.
5.10.1. Os Credores reconhecem e concordam que a instituicao que devera
substituir o Agente de Garantia nos termos da Clausula 5.10 devera ser escolhida
dentre as instituicoes financeiras de primeira linha do Brasil que tenham
conhecimento e experiencia na atividade de agente de garantia.
5.10.2. Provided that, at the time of such replacement, no Net Group company is
in default in any of its obligations under the Transaction Documents, the
Company shall also have to agree on the financial institution that shall replace
the Collateral Agent, it being understood
5.10.2. Desde que, no tempo da substituicao do Agente de Garantia, o Grupo Net
nao esteja inadimplemente com relacao as obrigacoes previstas nos Documentos da
Operacao, a Companhia tambem tera que concordar com a substituicao do Agente de
Garantia, sendo certo que, em qualquer
47
that, in any case, the Company shall not unreasonably withhold its agreement.
caso, a Companhia nao podera negar seu consentimento quanto a substituicao do
Agente de Garantia imotivadamente.
5.11. If as a result of a Net Group company default, a different Net Group
company fulfills the defaulted obligation, the payment of the credit held by
such person by virtue of subrogation shall be subject to the previous payment in
full of the Secured Obligations. Accordingly, such Net Group company will not be
entitled to exercise any of the voting rights set forth herein or in the
Security Agreements, including as regards any decision involving the foreclosure
on the Collateral, until all Secured Obligations have been fully repaid. In
addition, if an Affiliate of the Company fulfills any such defaulted obligation
and becomes so subrogated, it will likewise not be entitled to exercise any such
voting rights, although its subrogated claim will not be subordinated.
5.11. Se como resultado do inadimplemento por parte de sociedade do Grupo Net,
uma sociedade do Grupo Net diferente satisfizer a obrigacao inadimplida, o
credito detido por tal sociedade por forca de sub-rogacao estara sujeito ao
previo pagamento integral das Obrigacoes Garantidas. No mesmo sentido, tal
sociedade do Grupo Net nao fara jus ao exercicio de qualquer direito de voto
estabelecido neste Contrato ou nos Contratos de Penhor, inclusive em relacao a
qualquer decisao envolvendo a Excussao da Garantia, ate que todas as Obrigacoes
Garantidas tenham sido plenamente quitadas. Da mesma forma, se uma Afiliada da
Companhia satisfizer qualquer obrigacao inadimplida e se tornar sub-rogada nos
direitos correspondentes a tal obrigacao, ela tambem nao podera exercer qualquer
direito de voto, embora neste caso a satisfacao de seu credito obtido atraves da
sub-rogacao nao ficara subordinado ao previo pagamento de todas as Obrigacoes
Garantidas.
48
VI. REPRESENTATIONS AND WARRANTIES OF THE NET GROUP
VI. DECLARACOES E GARANTIAS DO GRUPO NET
6.1. Each of the Net Group companies hereby makes the following representations
and warranties with respect to itself, and the Company with respect to all
Subsidiaries, for the benefit of the Collateral Agent and the Creditors, which
it represents as being correct and true on the date hereof:
6.1. Cada uma das empresas do Grupo Net neste ato declara e garante com relacao
a si, e a Companhia com relacao a todas as suas Subsidiarias, em favor do Agente
Garantia e dos Credores, que nesta data e correto e verdadeiro o seguinte:
(a) each of the Net Group companies is duly incorporated and validly existing as
a sociedade por acoes or a sociedade limitada, as the case may be, under the
laws of Brazil, except for (i) Dabny L.L.C. that is duly incorporated and
validly existing under the laws of Delaware; and (ii) Jonquil Venture Limited,
which is duly incorporated and validly existing under the laws of British Virgin
Islands;
(a) cada uma das empresas do Grupo Net esta devidamente constituida e existe
validamente como uma sociedade por acoes ou uma sociedade limitada, conforme o
caso, de acordo com as leis do Brasil, exceto (i) a Dabny L.L.C., que e
devidamente constituida e validamente existente de acordo com as leis de
Delaware; e (ii) a Jonquil Venture Limited que e devidamente constituida e
validamente existente de acordo com as leis das Ilhas Virgens Britanicas;
(b) each of the Net Group companies has the corporate power and authority to
own, lease and operate its properties and conduct its business as presently
conducted;
(b) cada uma das empresas do Grupo Net esta autorizada e tem poderes e
competencia para usar, gozar e dispor de seus bens, de modo a permitir que
conduza seus negocios da forma como os vem conduzindo;
(c) each of the Net Group companies has taken all necessary
(c) cada uma das sociedades do Grupo Net tomou todas as medidas
49
corporate actions to authorize the execution and delivery of this Agreement and
has the necessary power to carry out the agreements herein;
corporativas necessarias para autorizar a assinatura e a formalizacao deste
Contrato e tem o poder necessario para executar os acordos contidos neste
Contrato;
(d) other than: (i) the approval from the Agencia Nacional de Telecomunicacoes -
ANATEL and from the Conselho Administrativo de Defesa Economica - CADE (if
necessary) for the sale (upon foreclosure) of any Collateral, and (ii) any
authorizations from the Central Bank necessary to enable it to make remittances
from Brazil in order to make payments contemplated hereunder and not otherwise
specifically covered by the corresponding ROF; no approvals, authorizations,
consents, orders, registrations or qualifications of or with any court or other
governmental agency or governmental body of Brazil, United States or British
Virgin Islands, or any other Person are required for the execution, delivery and
performance by the Net Group Companies of this Agreement, other than those
listed in "Exhibit 8" hereto;
(d) salvo quanto: (i) a aprovacao da Agencia Nacional de Telecomunicacoes -
ANATEL e do Conselho Administrativo de Defesa Economica - CADE (se necessario)
para a venda (quando da excussao) de qualquer Garantia, e (ii) quaisquer
autorizacoes do Banco Central necessarias para capacita-la a fazer remessas do
Brasil para efetuar pagamentos contemplados no presente Contrato e de outro modo
nao especificamente cobertos pelo ROF correspondente; nenhuma aprovacao,
autorizacao, consentimento, ordem, registro ou qualificacao de qualquer tribunal
ou outra agencia governamental do Brasil, Estados Unidos ou Ilhas Virgens
Britanicas, ou qualquer outra Sociedade sao necessarias para a assinatura,
entrega e execucao pelas empresas do Grupo Net deste Contrato, a nao ser aquelas
listadas no "Anexo 8" ao presente Contrato;
(e) the execution, delivery and performance of this Agreement and the
consummation of the other transactions contemplated herein (and
(e) a assinatura, entrega e cumprimento deste Contrato e a consumacao das outras
operacoes aqui contempladas (e o cumprimento dos
50
compliance with the terms hereof) do not contravene, conflict with or result in
a breach of or constitute (or with notice or lapse of time ) a default under:
(i) the bylaws, articles of association or other comparable governing documents
of the Company and/or its subsidiaries, including the Subsidiaries; (ii) any
indenture, mortgage, bond, lease, , loan agreement, other instrument of
indebtedness or other agreement to which the Company or any of its subsidiaries,
including the Subsidiaries, is a party, a beneficiary or to which any of its
properties may be subject that gives rise to, or is reasonably expected to give
rise to, payment obligations on the part of any Net Group Company in an amount
(individual or aggregate) in excess of R$30,000,000 (other than those relating
to the Nonparticipating Debt); (iii) any license or permit that is necessary for
any Net Group Company to conduct its business as currently conducted or (iv) any
existing applicable law, rule, regulation, judgment, order or decree of any
government, governmental body or agency or court, domestic or foreign, having
jurisdiction over the Company, any of its subsidiaries, including the
Subsidiaries, or any of their respective material properties or assets;
termos do presente Contrato) nao infringem, entram em conflito ou resultam (com
notificacao ou nao, ou resulte de decurso de tempo) em violacao: (i) dos
estatutos sociais, contratos sociais ou outros documentos societarios das
subsidiarias da Companhia; (ii) de qualquer escritura, hipoteca, contrato de
mutuo, , instrumento de divida ou outro contrato do qual a Companhia ou
quaisquer das suas subsidiarias, inclusive as Subsidiarias, sao parte ou
beneficiarias ou a que seus bens possam estar sujeitos que implique ou possa
razoavelmente implicar obrigacao de pagamento por parte de qualquer empresa do
Grupo Net de valor (individual ou agregado) superior a R$ 30.000.000,00 (trinta
milhoes de reais) (exceto os instrumentos relacionados as Dividas Nao
Incluidas); (iii) qualquer licenca ou alvara que seja necessario para qualquer
empresa do Grupo Net para conduzir seus negocios como vem atualmente sendo
conduzidos ou (vi) qualquer lei aplicavel, regra, regulamento, julgamento,
ordem ou decreto de qualquer governo, entidade ou agencia governamental ou
tribunal, nacional ou estrangeiro com jurisdicao sobre a Companhia, quaisquer
de suas subsidiarias, inclusive as Subsidiarias ou quaisquer de seus
respectivos bens ou propriedades relevantes;
51
(f) except as otherwise disclosed in the Security Agreements, there is no
judgment, decree or order issued by a court, other governmental agency or
arbitrator presently outstanding and unsatisfied or unstayed against the Company
or any of its subsidiaries, including the Subsidiaries, and there is no action,
suit, proceeding or investigation pending or, to its knowledge, threatened
against or affecting the Company or any of its subsidiaries, including the
Subsidiaries, in any court or before any other governmental authority or
arbitration board or tribunal (other than the Unibanco Litigation) that: (i)
questions the validity or enforceability of this Agreement or (ii) that gives
rise to, or is reasonably expected to give rise to, payment obligations on the
part of any Net Group Company in an aggregate amount (individual or aggregate)
in excess of R$30,000,000;
(f) exceto se de outra forma disposto nos Contratos de Penhor, nao ha
julgamento, decreto ou ordem emitida por um tribunal, outra agencia
governamental ou arbitro atualmente nao cumprida ou nao satisfeita pela
Companhia ou quaisquer de suas subsidiarias, inclusive as Subsidiarias, e, ate
onde e do seu conhecimento, nao ha acao, processo ou investigacao pendente que
ameace ou afete a Companhia ou quaisquer de suas subsidiarias, inclusive as
Subsidiarias, em qualquer tribunal ou perante qualquer autoridade governamental
ou tribunal de arbitragem (com excecao da Acao do Unibanco) que: (i) questione a
validade ou exequibilidade deste Contrato ou (ii) que implique ou possa
razoavelmente implicar obrigacao de pagamento por parte de qualquer empresa do
Grupo Net de valor (individual ou agregado) superior a R$ 30.000.000,00 (trinta
milhoes de reais);
(g) except as otherwise informed in "Exhibit 8" hereto, no breaches or events of
default (whether with or without notice, lapse of time or the occurrence of any
other event) exist in the performance or observance of any obligation,
agreement, covenant or condition contained in any loan agreement, other
instrument of indebtedness or other agreement to
(g) exceto com relacao as informacoes contidas no "Anexo 8" a este Contrato, nao
ha qualquer violacao ou caso de inadimplemento (notificado ou nao, resultante de
decurso de tempo ou de qualquer outro evento) relativo ao cumprimento ou
observancia de qualquer obrigacao, contrato, avenca ou condicao incluida em
qualquer contrato de emprestimo,
52
which the Company or any of its subsidiaries, including the Subsidiaries, is a
party or to which any of its properties may be subject that gives rise to, or is
reasonably expected to give rise to, payment obligations on the part of any Net
Group Company in an amount (individual or aggregate) in excess of R$30,000,000;
and
em outros instrumentos de divida dos quais a Companhia ou qualquer de suas
subsidiarias, incluindo as Subsidiarias, seja parte ou ao qual seus bens possam
estar vinculados que implique ou possa razoavelmente implicar obrigacao de
pagamento por parte de qualquer empresa do Grupo Net de valor (individual ou
agregato) superior a R$ 30.000.000,00 (trinta milhoes de reais); e
(h) the Subsidiaries, the TV e Comunicacoes de Jundiai S.A. and the Televisao a
Cabo Criciuma Ltda. are all of the entities in which the Company, directly or
indirectly, has or is committed to have an equity investment or similar
participation and (ii) has participation in the Control.
(h) as Subsidiarias, a empresa TV e Comunicacoes de Jundiai S.A. e a empresa
Televisao a Cabo Criciuma Ltda. sao as unicas sociedades em que a Companhia,
direta ou indiretamente, (i) detem ou esta comprometida a deter um investimento
de capital ou participacao similar e (ii) participe do Controle.
VII. REPRESENTATIONS AND WARRANTIES OF EACH CREDITOR AND THE FIDUCIARY AGENT
DECLARACOES E GARANTIAS DE CADA CREDOR E DO AGENTE FIDUCIARIO
7.1. Each Creditor hereby makes the following representations and warranties
with respect to itself for the benefit of the Collateral Agent and the other
Creditors, which it represents as being correct and true on the date hereof and
on the Restructuring Closing Date:
7.1. Cada Credor neste ato declara e garante com relacao a si em favor do Agente
de Garantia e os outros Credores, que nesta data e na Data de Fechamento da
Reestruturacao, o seguinte e correto e verdadeiro:
53
(a) it is duly organized and validly existing under the laws of its
jurisdiction, with corporate (or similar) power and authority to own, lease and
operate its properties and conduct its business as presently conducted;
(a) e devidamente organizado e validamente existente sob as leis de sua
jurisdicao, com poder corporativo e autoridade para possuir, arrendar e operar
seus bens e conduzir seus negocios conforme atualmente conduzidos;
(b) it has taken all necessary corporate (or similar) actions to authorize the
execution and delivery of this Agreement (and, where necessary, the Security
Agreements) and has the necessary power to carry out the actions specified
herein; and
(b) tomou todas as medidas corporativas (ou similares) necessarias para
autorizar a assinatura e formalizacao deste Contrato (e, quando necessario, dos
Contratos de Penhor) e tem o poder necessario para realizar os atos
especificados neste Contrato; e
(c) this Agreement is being duly and validly executed thereby and constitutes a
legal, valid and binding obligation of such Creditor, which is enforceable
against such Creditor in accordance with its applicable terms, except as
enforcement thereof: (i) may be limited by bankruptcy, insolvency, intervencao
extrajudicial, liquidacao, fraudulent transfer, concordata, recuperacao judicial
or other similar laws affecting creditors' rights generally and (ii) may be
limited by general principles of equity (whether considered in a proceeding at
law or in equity).
(c) este Contrato esta sendo devidamente e validamente assinado pelo mesmo e
constitui uma obrigacao legal, valida e vinculativa de tal Credor, exequivel
contra tal Credor de acordo com seus termos e condicoes, ressalvando-se que sua
execucao: (i) podera ser limitada por falencia, insolvencia, intervencao
extrajudicial, liquidacao, transferencia fraudulenta, concordata, recuperacao
judicial ou outras leis similares que afetam os direitos de credores em geral e
(ii) podera ser limitada por principios gerais de equidade (sejam considerados
no ambito de um processo judicial ou de jurisdicao em equidade).
54
7.2. The Fiduciary Agent, in his condition as intervening party of this
Agreement, declares that is aware of all the terms and conditions of this
Agreement, specifically in connection with the duties and obligations of the
Collateral Agent, as set forth in Section V.
7.2. O Agente Fiduciario, na condicao de interveniente-anuente deste Contrato,
declara que esta ciente de todos os seus termos e condicoes, especialmente em
relacao aos deveres e obrigacoes do Agente de Garantia, previstos na Clausula V.
7.3. The Fiduciary Agent undertakes to render the information to which has
access to and to take all necessary measures, within his duties, for the purpose
of making the Collateral Agent's actions effective, as foreseen in this
Agreement, refraining from performing any acts to the effect of substituting or
inhibiting any actions which were attributed to the Collateral Agent.
7.3. O Agente Fiduciario se compromete a prestar as informacoes a que tiver
acesso e tomar todas as providencias necessarias que lhe digam respeito para
garantir a efetividade dos atos do Agente de Garantia, tal como previstos neste
Contrato, abstendo-se de realizar qualquer ato para o fim de substituir ou
inibir quaisquer acoes atribuidas ao Agente de Garantia.
VIII. INDEMNIFICATION
VIII. INDENIZACAO
8.1. The Net Group shall indemnify in full and hold harmless the Collateral
Agent, the Creditors and the Trustee against any and all Losses incurred by the
Collateral Agent and/or each of the Creditors and/or the Trustee arising from:
(a) any enforcement under the Pledge Documents, (b) any misrepresentation or
breach of any representation or
8.1. O Grupo Net devera indenizar integralmente e manter o Agente de Garantia,
os Credores e o Trustee indenes contra todos e quaisquer Prejuizos incorridos
pelo Agente de Garantia e/ou cada um dos Credores e/ou o Trustee como resultado
de: (a) qualquer excussao de acordo com os Documentos de Penhor, (b) qualquer
declaracao falsa ou violacao de
55
warranty made by the Company and/or any of the Subsidiaries in this Agreement or
in any of the Pledge Documents or (c) any breach by any of the Net Group
companies of any covenant or other agreement contained in any of the Pledge
Documents.
qualquer declaracao ou garantia feita pela Companhia e/ou quaisquer das
Subsidiarias em quaisquer dos Documentos de Penhor e/ou neste Contrato e (c)
qualquer violacao por quaisquer das sociedades do Grupo Net de qualquer
disposicao ou outro acordo contido em quaisquer dos Documentos de Penhor.
8.2 Notwithstanding anything herein to the contrary, it is hereby expressly
agreed and acknowledged that (i) the agreements and obligations of the Trustee
herein are made solely in its capacity as Trustee to the Company Noteholders
and the Net Sul Noteholders (and not in its individual capacity) and (ii) the
Trustee shall not be required to take any action hereunder unless the Trustee
shall have determined that such action is authorized and permitted or required
under the Credit Instruments to which the Trustee is a party. The Trustee shall
only have the duties, obligations, liabilities and responsibilities set forth
in the Credit Instruments to which the Trustee is a party. Nothing in this
agreement shall be construed to operate as a waiver by the Trustee of the
benefit of any exculpatory provisions, presumptions, indemnities, protections,
benefits, immunities or reliance rights contained in any Credit Instrument to
which the Trustee is a party. The Trustee may act through its attorneys and
agents.
8.2 Independentemente de qualquer previsao em contrario fica expressamente certo
e ajustado que (i) os compromissos e obrigacoes assumidos pelo Trustee em razao
do presente Contrato o sao exclusivamente na qualidade de trustee dos Detentores
de Notes da Companhia e dos Detentores de Net Sul Notes (e nao em nome proprio)
e (ii) o Trustee nao podera ser obrigado a praticar qualquer ato previsto no
presente Contrato, a nao ser que tal ato seja autorizado e permitido ou
requerido de acordo com os Instrumentos de Divida dos quais o Trustee e parte. O
Trustee somente tem obrigacoes, deveres e responsabilidades previstas nos
Instrumentos de Divida dos quais o Trustee e parte. Nada neste Contrato podera
ser considerado como renuncia do Trustee a qualquer de sues direitos de
justificativa, presuncao, indenizacao, protecao, beneficio, imunidade ou
confianca previstos nos Instrumentos de Divida dos quais o Trustee e parte. O
Trustee pode agir atraves de sues advogados e agentes.
IX. EFFECTIVENESS
IX. VIGENCIA
9.1. The obligations of the parties hereto to fulfill the terms and conditions
hereof and to consummate the transactions contemplated herein shall become
effective as of the Signing Closing or, with respect to any Creditor that is not
a party hereto in the Signing Date, on the date on which it adheres hereto
through its execution, registration and delivery of a Term of Adhesion as
described in Section 10.5.
9.1. As obrigacoes das partes deste Contrato de observar os termos e condicoes
do presente Contrato e de cumprir as operacoes previstas neste Contrato entrarao
em vigor na Data de Assinatura ou, com relacao a qualquer Credor Ingressante que
nao for parte deste Contrato na Data de Assinatura, na data em que o Credor
Ingressante aderir a este Contrato por meio da assinatura, registro e entrega de
um Termo de Adesao conforme descrito na Clausula 10.5.
9.2. Subject to Section II above, this agreement shall remain valid and binding
upon the parties hereto until the Pledge Termination Date. Upon such
termination, the Collateral Agent shall, at the expense of Net Group companies,
promptly cooperate with the Net Group for such cancellation, including by
providing the necessary term of release of the Collateral and
9.2. Sujeito aos termos da Clausula II acima, o presente acordo permanecera
valido e obrigara as Partes ate a Data de Termino do Penhor. Apos tal termino, o
Agente de Garantia devera, as custas das empresas do Grupo Net, cooperar
prontamente com o Grupo Net para o respectivo cancelamento, inclusive fornecendo
o termo de quitacao/liberacao das Garantias e
56
other documents and information that might be reasonably necessary for this
purpose, in accordance with the relevant terms and conditions of the Security
Agreements.
outros documentos e informacoes que sejam razoavelmente necessarios para tal
fim, observados os termos e condicoes dos Documentos de Penhor.
X. MISCELLANEOUS PROVISIONS
X. DISPOSICOES GERAIS
10.1. This Agreement is binding upon the parties and their successors on any
account, as well as on assignees that are duly authorized on the terms hereof.
10.1 Este Contrato obriga as partes e seus sucessores a qualquer titulo, bem
como os cessionarios devidamente autorizados nos termos do presente Contrato.
10.2. Except as otherwise provided in Section 10.5 hereof, no amendment or
waiver of any provision of this Agreement shall be effective unless the same
shall be in writing and signed by the Required Creditors (and by the Company if
such amendment or waiver (i) relates to Section 1.2 (rules of construction),
Article II (condition precedent), Article III (covenants of Net Group), Sections
4.1(b) (Creditors to take Collateral Action through Collateral Agent), 5.1(b)
(Required Creditors to give instructions regarding Collateral Action), 5.1(c)
(Collateral Action by Collateral Agent), 5.1(d) (distribution of proceeds), 5.4
(Collateral Action by Collateral Agent), 5.6.1 (release of Collateral), 5.7
(delegation of powers to Collateral Agent), 5.8 (delegation of powers to
10.2 Ressalvado o disposto na Clausula 10.5 deste Contrato, nenhuma alteracao ou
renuncia de qualquer disposicao deste Contrato entrara em vigor a nao ser que a
mesma seja feita por escrito e assinada pelos Credores Necessarios (e pela
Companhia, se tal alteracao ou renuncia (i) se referir a Clausula 1.2 (regras de
interpretacao), Artigo II, Artigo III (obrigacoes do Grupo Net), Clausulas
4.1(b) (Excussao de Garantia pelos Credores atraves do Agente de Garantia),
5.1(b) (fornecimento pelos Credores Necessarios de instrucoes relativas a
Excussao de Garantia), 5.1(c) (Excussao de Garantia por Agente de Garantia),
5.1(d) (distribuicao de Produto), 5.4 (Excussao de Garantia por Agente de
Garantia), 5.6.1 (liberacao de Garantia), 5.7 (outorga
57
Collateral Agent), 5.9 (Creditors to take Collateral Action through Collateral
Agent), 5.10 (replacement of Collateral Agent, 5.11 (subrogation of Net Group
parties) and Articles VI (representations and warranties by Net Group), VIII
(indemnification by Net Group), IX (effectiveness and termination) and X
(miscellaneous), (ii) that relates to any of the defined terms used in any of
the foregoing provisions or (iii) that would increase or otherwise modify any
obligation of, or affect the rights of, a Net Group company, and any such waiver
or amendment shall be effective only in the specific instance and for the
specific purpose for which given; provided that: (a) no such amendment or waiver
shall, unless signed by all of the Creditors or by the Collateral Agent acting
with the consent of all of the Creditors, modify the definition of the term
"Required Creditors" or modify Sections 3.2, 3.3, 3.4, 4.2, 5.1(d) or this
Section, (b) any modification hereof with respect to the rights and obligations
of the Collateral Agent shall require the consent of the Collateral Agent and
(c) any modification hereof with respect to the rights and obligations of the
Trustee shall require the consent of the Trustee. No delay on the part of any
Creditor in the exercise of any right, power or remedy shall operate as a waiver
thereof, nor shall any single or partial waiver by such Creditor of any right,
power or remedy preclude any further exercise thereof, or the
de poderes ao Agente de Garantia), 5.8 (delegacao de poderes ao Agente de
Garantia), 5.9 (Excussao de Garantia pelos Credores atraves do Agente de
Garantia), 5.10 (substituicao do Agente de Garantia), 5.11 (sub-rogacao das
partes do Grupo Net) e Artigos VI (declaracoes e garantias do Grupo Net), VIII
(indenizacao pelo Grupo Net), IX (vigencia e rescisao) e X (disposicoes gerais);
(ii) tiver relacao com qualquer dos termos definidos utilizados em qualquer das
disposicoes supracitadas; ou (iii) implicar um aumento ou de outra forma afetar
obrigacoes ou afetar os direitos de uma sociedade do Grupo Net), e qualquer
alteracao ou renuncia somente sera eficaz no caso especifico e para a finalidade
especifica para a qual foi outorgada, desde que: (a) nenhuma alteracao ou
renuncia, a nao ser que seja assinada por todos os Credores ou pelo Agente de
Garantia, agindo com o consentimento de todos os Credores, modifique a definicao
do termo "Credores Necessarios" ou as Clausulas 3.2, 3.3, 3.4, 4.2, 5.1(d) e
esta Clausula, (b) qualquer modificacao deste Contrato com relacao aos direitos
e obrigacoes do Agente de Garantia esteja sujeita ao consentimento do Agente de
Garantia e (c) qualquer modificacao deste Contrato com relacao aos direitos e
obrigacoes do Trustee deverao ter o consentimento do Trustee. Nenhum atraso de
qualquer Credor em exercer qualquer direito, poder ou medida implicara renuncia
a tal direito,
58
exercise of any other right, power or remedy.
poder ou medida, tampouco significara renuncia total ou parcial por qualquer
Credor a qualquer direito, poder ou medida.
10.3. The parties hereby expressly acknowledge that the obligations undertaken
by them hereunder shall be specifically performed on the terms of Articles 461,
621 and 632 to 645 of the Brazilian Code of Civil Procedure.
10.3. As partes reconhecem expressamente neste ato que as obrigacoes assumidas
pelas mesmas no presente Contrato podem ser satisfeitas por meio de execucao
especifica obtida judicialmente nos termos dos artigos 461, 621 e 632 a 645 do
Codigo de Processo Civil Brasileiro.
10.4. The rights and obligations deriving from this Agreement shall not be
assigned by any Net Group company, either wholly or in part, directly or
indirectly, to any third party, unless with the prior and express consent of
each Creditor. The rights and obligations deriving from this Agreement shall not
be assigned by the Collateral Agent, either wholly or in part, directly or
indirectly, to third parties, unless with the prior and express consent of the
Required Creditors.
10.4. Os direitos e obrigacoes oriundos deste Contrato nao poderao ser cedidos
por qualquer sociedade do Grupo Net, no todo ou em parte, direta ou
indiretamente, a terceiros, a nao ser que com o consentimento previo e expresso
de cada Credor. Os direitos e obrigacoes oriundos deste Contrato nao deverao ser
cedidos pelo Agente de Garantia, no todo ou em parte, direta ou indiretamente, a
terceiros, a nao ser que com o consentimento previo e expresso dos Credores
Necessarios.
10.5. Subject to the terms and conditions hereof and of the Credit Instruments,
the adherence of any third party as a creditor to this Agreement from whom the
Company has borrowed new funds as permitted
10.5. Sujeito aos termos e condicoes do presente Contrato e dos Instrumentos de
Divida, a adesao a este Contrato de qualquer terceiro, na qualidade de credor,
que tenha concedido novo emprestimo a
59
under the Credit Instruments, shall be formalized by means of the execution of a
written Term of Adhesion, pursuant to which such new creditor shall become a
Creditor, and shall be unconditionally bound by the terms and conditions hereof
and of the Security Agreements, as from the date of the recording of such Term
of Adhesion in the relevant Registries of Deeds and Documents and Real Estate
Registries. No Creditor may become a party to this Agreement nor benefit from
the Collateral unless it has formally adhered to this Agreement. Such Term of
Adhesion shall include a supplement to Exhibits 2 and 3 hereof reflecting the
adherence of such new Creditor. Promptly upon receipt by the Collateral Agent of
a Term of Adhesion executed by the Company and a new creditor, the Collateral
Agent shall sign such Term of Adhesion and deliver an original to the Company
and such new creditor. Notwithstanding the foregoing, no defect in any such Term
of Adhesion (including in the amendments contemplated therein), or in the
registration of such Term of Adhesion, shall in any way whatsoever adversely
affect the terms and conditions hereof, which shall remain in full force and
effect. Each Creditor hereby agrees that no consent, instruction or other action
on the part of such Creditor will
Companhia conforme permitido nos Instrumentos de Divida, devera ser formalizada
atraves da assinatura de um Termo de Adesao, mediante o qual cada novo credor se
tornara um Credor e estara incondicionalmente vinculado aos termos e condicoes
deste Contrato, e dos Contratos de Penhor a partir da data do registro de tal
instrumento nos respectivos Registros de Titulos e Documentos e Registros de
Imoveis. Nenhum Credor podera se tornar parte deste Contrato nem se beneficiar
da Garantia a nao ser que tenha aderido formalmente a este Contrato. O referido
Termo de Adesao incluira um aditamento dos Anexos 2 e 3 deste Contrato para
refletir a adesao do novo Credor. Prontamente apos o recebimento de um Termo de
Adesao assinado pela Companhia e por um novo credor, o Agente de Garantia
assinara o referido Termo de Adesao e entregara um original para a Companhia e
para o novo Credor. Nao obstante o retro disposto, nenhum vicio no Termo de
Adesao (nele incluindo os aditamentos previstos nesta Clausula) ou no registro
de tal Termo de Adesao devera de qualquer forma afetar adversamente os termos e
condicoes deste Contrato, os quais permanecerao em pleno vigor. Cada um dos
Credores, atraves do presente Contrato, concorda que nao sera necessario
qualquer consentimento,
60
be required in order for the Company and the Collateral Agent to take all or any
of the actions described above in this Section 10.5 (including, the execution of
such a Term of Adhesion, and the amendment of the Pledge Agreements, by the
Collateral Agent, with the specific purpose of formalizing the adherence of such
new creditor as a Creditor to the Pledge Agreements).
instrucao ou outra acao por parte dos Credores para que a Companhia e o Agente
de Garantia possam adotar todas as medidas contempladas nesta presente Clausula
10.5 (incluindo a assinatura de tal Termo de Adesao e o aditamento dos
Documentos do Penhor, pelo Agente de Garantia, com o fim especifico de
formalizar a adesao do novo credor como um Credor dos Documentos do Penhor).
10.5.1. Likewise, if a Net Group Subsidiary becomes a "Restricted Subsidiary",
as defined and provided in the Credit Agreements, the adhesion of such Net Group
Subsidiary to this Agreement shall be formalized by means of the execution of a
written Term of Adhesion, pursuant to which such Net Group Subsidiary shall
become a Restricted Subsidiary and shall be unconditionally bound by the terms
and conditions hereof and of the Security Agreements as from the date of such
instrument. Each time that a new Net Group Subsidiary formally adheres to this
Agreement, the Company shall prepare an updated version of its exhibits, which
has to be approved by the Collateral Agent. To the extent necessary, the
Collateral Agent shall enter into amendments to the Security Agreements to
reflect such adherence and ensure the timely
10.5.1. Da mesma forma, se uma Subsidiaria do Grupo Net se tornar uma
"Subsidiaria Restrita", conforme definido e previsto nos Instrumentos de Divida,
a adesao da referida Subsidiaria do Grupo Net a este Contrato devera ser
formalizada atraves da assinatura de um Termo de Adesao por escrito, de acordo
com o qual a Subsidiaria do Grupo Net se tornara uma Subsidiaria Restrita e
ficara incondicionalmente vinculada aos termos e condicoes deste Contrato e dos
Contratos de Penhor, a partir da data de assinatura de tal instrumento. Cada vez
que uma nova Subsidiaria do Grupo Net formalmente aderir a este Contrato, a
Companhia devera preparar uma versao atualizada dos anexos, que devera ser
aprovada pelo Agente de Garantia. Na medida em que se faca necessario, o Agente
de Garantia devera celebrar aditamentos
61
registration thereof.
aos Contratos de Penhor para refletir tal adesao e garantir o seu registro em
tempo habil.
10.5.2. Any holder of any Secured Obligation by virtue of a transfer or an
assignment of any nature shall be automatically become party to the Security
Agreements and this Agreement and be secured by the Collateral and shall not be
required to execute any Term of Adhesion.
10.5.2. Qualquer terceiro que se torne beneficiario de uma Obrigacao Garantida
em decorrencia de uma transferencia ou cessao de qualquer natureza estara
automaticamente vinculado ao presente Contrato e aos Contratos de Penhor e
garantido pela Garantia, nao estando obrigado a assinar qualquer Termo de
Adesao.
10.6. Notices or notifications hereunder (i) to any Net Group company, including
the Company, shall be given to the Company, solely, as per the indications
below, (ii) to any of the Creditors, except in the cases provided for in Section
10.6.1, shall be given to the respective Creditor at the addresses provided for
notices in the relevant Credit Instrument to which such Creditor is a party and
(iii) to the Collateral Agent, on its on behalf or on behalf of all the
Creditors, shall be given as per the indications below or, in any of the
aforesaid cases, at such other address as may be designated by the relevant
party from time to time in a prior written notice to the other parties hereto.
Such notices shall be considered received in accordance with the terms of the
relevant documents.
10.6. Notificacoes ou avisos de acordo com o presente Contrato (i) para qualquer
sociedade do Grupo NET, incluindo a Companhia, deverao ser enviadas tao somente
a Companhia, conforme indicacao abaixo; (ii) para qualquer um dos Credores,
exceto nos casos previstos na Clausula 10.6.1 abaixo, deverao ser enviados ao
respectivo Credor nos enderecos fornecidos para avisos nos Instrumentos de
Divida de que o respectivo Credor faca parte; e (iii) para o Agente de Garantia,
em seu nome e em nome de todos os Credores deverao ser enviados conforme as
indicacoes abaixo ou, em qualquer dos itens supramencionados, em outro endereco
que seja designado pela respectiva parte no decorrer do tempo atraves de uma
notificacao previa para as outras partes. Tais notificacoes ou
62
avisos deverao ser considerados como recebidos de acordo com os termos dos
documentos correspondentes.
Net Servicos de Comunicacoes S.A., as Company
Rua Verbo Divino, 1.356
Chacara Santo Antonio- Sao Paulo - SP - Brazil
CEP: 04719-002
Attention: Mr. Andre Muller Borges and/or Mr. Leonardo P. G. Pereira
Telephone: (55-11) 5186-2606
Facsimile: (55-11) 5186-2780
Net Servicos de Comunicacao S.A., como Companhia
Rua Verbo Divino, 1.356
Chacara Santo Antonio - Sao Paulo - SP - Brasil
CEP: 04719-002
Atencao: Sr. Andre Muller Borges e/ou Sr. Leonardo P. G. Pereira
Telefone: (55-11) 5186-2606
Fax: (55-11) 5186-2780
Banco Itau S.A., as Collateral Agent
Banco Itau S.A.
Diretoria de Servicos para o Mercado de Capitais
Av. Engenheiro Armando de
Arruda Pereira, 707 - 9(a)andar - Jabaquara
CEP: 04344-902 - Sao Paulo - S.P.
Att.: Sr. Antonio Carlos Rodrigues
Telephone: (55 11) 5029-1527
Facsimile: (55 11) 5029-1535
e-mail:
antonio-carlos.rodrigues@itau.com.br
Banco Itau S.A., como Agente de Garantia
Banco Itau S.A.
Diretoria de Servicos para o Mercado de Capitais
Av. Engenheiro Armando de Arruda
Pereira, 707 - 9(a) andar - Jabaquara
CEP: 04344-902 - Sao Paulo - S.P.
At.: Sr. Antonio Carlos Rodrigues
Tel: (55 11) 5029-1527
Fax: (55 11) 5029-1535
e-mail:
antonio-carlos.rodrigues@itau.com.br
10.6.1. Any notice or notification to be given by the Net Group companies or the
Collateral Agent, to Creditors holders of the Company Notes or Brazilian
debentures shall be delivered to their respective Trustee and the Agente
Fiduciario referred to in item
10.6.1. Qualquer aviso ou notificacao a ser enviado pelas sociedades do Grupo
Net ou pelo Agente de Garantia aos Credores detentores de Notes da Companhia ou
debentures brasileiras devera ser entregue ao respectivo Trustee e ao Agente
Fiduciario
63
(1) of "Exhibit 2" hereto, or at any other address previously furnished in
writing to the Company and the Collateral Agent by such Person. Any notice or
notification to be given by the Net Group companies or the Collateral Agent to
the Trustee shall be delivered to the Trustee at The Bank of New York, 101
Barclay Street, 21 West, New York, New York 10286. Attention: Global Finance
Unit, or at any other address previously furnished in writing to the Company and
the Collateral Agent by the Trustee.
mencionado no item (1) do "Anexo 2" a este Contrato, ou a qualquer outro
endereco previamente fornecido por escriteo para a companhia e para o Agente de
Garantia por tais credores. Qualquer aviso ou notificacao a ser enviado pelo
Grupo Net ou pelo Agente de Garantia ao Trustee devera ser entregue para o
Trustee no The Bank of New York, 101 Barclay Street, 21 West, New York, New
York, 10286. Atencao: Global Finance Unit, ou para qualquer outro endereco
previamente fornecido por escrito a Companhia e ao Agente de Garantia pelo
Trustee.
10.7. The Pledge Documents and the Credit Instruments represent the entire
agreement among the parties hereto with respect to the subject matter and
supersede any and all previous understandings between the parties on the same
matters dealt hereunder and thereunder.
10.7. Os Documentos de Penhor e os Instrumentos de Divida representam o acordo
integral entre as partes do presente Contrato com relacao a materia tratada
neste Contrato e substituem todos e quaisquer entendimentos anteriores entre as
Partes em relacao ao seu objeto.
10.8. In the event that any provision of this Agreement is deemed to be
invalidated, illegal or unenforceable for any reason, and if such invalidation,
illegality or unenforceability does not affect the structure or essence of this
Agreement, the parties shall negotiate in good faith the replacement of the
invalidated, null or unenforceable provision by another that seeks to preserve
the original interests of the parties.
10.8. Caso qualquer clausula deste Contrato seja considerada invalida, ilegal ou
inexequivel por qualquer motivo, e se tal invalidade, ilegalidade ou
inexequibilidade nao afetarem a estrutura ou essencia deste Contrato, as partes
deverao negociar, de boa fe, a substituicao da clausula invalida, nula ou
inexequivel por uma outra que preserve os interesses originais das partes.
10.9. Any omission, concession or forbearance by any one of the parties in
exercising the rights attributed to it on the terms of this instrument shall not
operate as waiver of such rights nor shall jeopardize the right of exercising
them at any time.
10.9. Qualquer omissao, concessao ou tolerancia por qualquer uma das partes em
exercer os direitos atribuidos a ela nos termos deste Contrato nao deverao
acarretar a renuncia a tais direitos ou comprometer o direito de exerce-los a
qualquer momento.
10.10. This Agreement may be executed in any number of
10.10. Este Contrato podera ser firmado em qualquer numero de vias,
64
counterparts, all of which taken together shall constitute one Agreement, and
any of the parties hereto may execute this Agreement by signing any such
counterpart.
todas as quais, se consideradas em conjunto, constituirao um Contrato, e
qualquer uma das partes do presente Contrato podera assina-lo em qualquer uma
das referidas vias.
10.11. In case the Company does not comply with its obligation to deliver the
Security Agreements to be registered with the applicable Registry of Deeds and
Documents (Registro de Titulos e Documentos) and Real Estate Registry (Registro
de Imoveis), as set forth in such documents, then the Collateral Agent shall
cause such documents to be delivered for registration within two (2) Business
Days as from the final day, after any notice and lapse of time that may have
been granted under the applicable Security Agreement, that the Company and the
applicable Subsidiaries had to comply with such obligation. The registration fee
shall be paid or reimbursed entirely by the Company.
10.11. Caso a Companhia nao cumpra com sua obrigacao de apresentar os Contratos
de Penhor para serem registrados no Registro de Titulos e Documentos e Registro
de Imoveis aplicaveis, conforme estabelecido em tais documentos, entao o Agente
de Garantia devera fazer com que tais documentos sejam apresentados para
registro dentro de 2 (dois) Dias Uteis contados do ultimo dia da data em que a
Companhia e as respectivas Subsidiarias deveriam ter cumprido tal obrigacao,
observadas as notificacoes e o decurso do prazo concedido a Companhia e as
respectivas Subsidiarias para o cumprimento de tal obrigacao conforme o Contrato
de Penhor aplicavel. A taxa de registro devera ser paga ou reembolsada
inteiramente pela Companhia.
10.12. This Agreement shall: (a) except with respect to those provisions
identified in the first sentence of Section 10.2, bind but not inure to the
benefit of the Net Group, and (b) not excuse or diminish the Company's
obligations pursuant to the Secured Obligations, nor shall any of the rights
10.12. Este Contrato: (a) exceto em relacao aquelas hipoteses identificadas na
primeira frase da Clausula 10.2, vinculara mas nao revertera em beneficio do
Grupo Net e (b) nao escusara ou diminuira as obrigacoes da Companhia de acordo
com as Obrigacoes Garantidas, sendo que os
65
and remedies of any Creditor against the Net Group under any agreement be
limited, impaired, reduced or prejudiced by the execution hereof or the
performance by the Creditors of any of their rights, powers, discretions and
remedies under this Agreement. Except as otherwise expressly provided in this
Agreement, each Creditor may exercise all of its rights and remedies under its
Secured Obligations, as well as amend or modify its clauses and conditions,
without any consent of any of the Creditors and/or the Collateral Agent, subject
to any applicable provision of the Credit Instrument under which such Secured
Obligations arise.
direitos de cada Credor contra o Grupo Net nao deverao ser limitados, afetados,
reduzidos ou prejudicados pela assinatura deste Contrato ou pelo exercicio pelos
Credores de quaisquer de seus direitos ou poderes concedidos neste Contrato.
Exceto pelas disposicoes expressas em contrario incluidas neste Contrato, cada
Credor podera exercer todos os seus direitos de acordo com suas Obrigacoes
Garantidas, bem como aditar ou modificar suas clausulas e condicoes, com o
consentimento por escrito da Companhia, sem qualquer consentimento de quaisquer
Credores e/ou do Agente de Garantia, observadas as disposicoes aplicaveis do
Instrumento de Divida do qual se originaram as Obrigacoes Garantidas.
10.13. For the purpose of any calculations required under this Agreement (such
as those relating to the determination of the Required Creditors and any
allocations of the Proceeds), any Secured Obligations that are denominated in a
currency other than the Brazilian Currency shall (on any date of determination)
be converted into the Applicable Brazilian Currency Equivalent.
10.13. Para fins de quaisquer calculos necessarios conforme este Contrato (tais
como os relacionados a determinacao dos Credores Necessarios e quaisquer
alocacoes do Produto), quaisquer Obrigacoes Garantidas denominadas em uma moeda
diferente da Moeda Brasileira deverao (em qualquer data determinada) ser
convertidas para seu Equivalente em Moeda Brasileira Aplicavel.
10.14. The Collateral Agent agrees to keep confidential any information (a)
provided to it by or on behalf of the
10.14. O Agente de Garantia concorda em manter em sigilo qualquer
66
Company and/or any of its Subsidiaries pursuant to or in connection with the
Security Documents or (b) obtained by the Collateral Agent based on a review of
the books and records of the Company and/or any of its Subsidiaries, in either
case that is identified by the Company as confidential at the time of delivery,
provided that nothing herein shall prevent the Collateral Agent from disclosing
any such information (i) (x) to any Restructuring Creditor holding Secured
Obligations in an outstanding principal amount that, if no amortization has
occurred, would reflect an amount of at least US$1,000,000 (or the Applicable
Brazilian Currency Equivalent) as of the date such Secured Obligations were
first issued, or (y) at the request of any Creditor, to any potential purchaser
or transferee from such Creditor of Secured Obligations in an outstanding
principal amount that, if no amortization has occurred, would reflect an amount
of at least US$1,000,000 (or the Applicable Brazilian Currency Equivalent) as of
the date such Secured Obligations were first issued, and in the case of both (x)
and (y) above, which agrees, in a letter addressed to the Company in the form
attached hereto as Exhibit 10, to keep such information
informacao (a) confidencial ou exclusiva fornecida a ele pela Companhia ou em
seu nome, e/ou de qualquer de suas Subsidiarias, de acordo ou relacionada com os
Documentos de Penhor ou (b) obtida pelo Agente de Garantia em razao da
verificacao de livros e arquivos da Companhia e/ou qualquer de suas
Subsidiarias, que em qualquer caso seja apontada pela Companhia como
confidencial no momento da entrega, sendo que nenhuma disposicao do presente
Contrato impedira o Agente de Garantia de divulgar tal informacao: (i) (x) para
qualquer Credor na Reestruturacao que possua Obrigacoes Garantidas cujo valor
principal pendente, na hipotese de inocorrencia de amortizacao, refletisse um
valor de pelo menos US$ 1.000.000,00 (um milhao de dolares norte-americanos) (ou
o Equivalente em Moeda Brasileira Aplicavel), a partir da data em que tais
Obrigacoes Garantidas tenham sido estabelecidas, ou (y) quando da solicitacao de
qualquer Credor, para qualquer potencial adquirente ou cessionario das
Obrigacoes Garantidas de tal Credor, correspondentes a um valor principal
pendente que, na hipotese de inocorrencia de amortizacao, refletisse um valor de
pelo menos US$ 1.000.000,00 (um milhao de dolares norte-americanos) (ou o
Equivalente em Moeda Brasileira
67
confidential on the terms set forth in this Section 10.14 (which agreement may,
in the case of the restructured bank debt, be contained in the relevant Credit
Instruments), provided further that no such information shall be provided by the
Collateral Agent to (x) any Person until at least five Business Days have passed
since the date on which written notice of the initial disclosure to such person
has been given to the Company by the Collateral Agent (which notice shall
specify the name and address of such Person) or (y) any Person that is, and is
identified by the Company to the Collateral Agent as, a Competitor, (ii) to the
Collateral Agent's affiliates and the employees, officers, directors, agents,
attorneys, accountants and other professional advisors of the Collateral Agent
to the extent that disclosure thereto is reasonably appropriate in connection
with the Collateral Agent's performance of its duties and obligations hereunder,
provided that the Collateral Agent shall inform each such Person of the
agreement under this Section and take reasonable steps to cause compliance by
any such Person referred to in this clause (ii) with this agreement, (iii) upon
the request or demand of any governmental authority having jurisdiction over the
Collateral Agent or its affiliates or to the extent required
Aplicavel), a partir da data em que tais Obrigacoes Garantidas tenham sido
estabelecidas sendo que, em ambos os casos mencionados nos itens (x) e (y)
acima, aquele que for receber as informacoes devera antes concordar, atraves de
carta enderecada a Companhia de acordo com o modelo previsto no Anexo 10, em
manter as referidas informacoes em sigilo, nos termos previstos nesta Clausula
10.14 (podendo tal compromisso, no caso da reestruturacao de dividas bancarias,
estar contido nos proprios Instrumentos de Divida), sendo que nenhuma informacao
pode ser fornecida pelo Agente de Garantia para (x) qualquer Sociedade ate que
cinco Dias Uteis tenham decorrido da data em que tal fornecimento de informacoes
a ser realizado tenha sido comunicado pelo Agente de Garantia a Companhia
atraves de notificacao escrita (a qual devera especificar o nome e endereco da
Sociedade para a qual a informacao sera fornecida), ou (y) qualquer Sociedade
que seja um Concorrente e assim seja apontado pela Companhia; (ii) para as
afiliadas e funcionarios, executivos, diretores, representantes, agentes,
advogados, contadores e outros consultores do Agente de Garantia, na medida em
que o fornecimento de tais informacoes seja razoavelmente necessario para o
cumprimento dos deveres e obrigacoes
68
in response to any order of any court or other governmental authority or as
shall otherwise be required pursuant to any Requirement of Law; provided that
the Collateral Agent shall, unless prohibited by any requirement of law, notify
the Company of any disclosure pursuant to this clause within a reasonable period
prior to making such disclosure, (iv) which is publicly available other than as
a result of a breach of the confidentiality requirements described herein, (v)
in connection with periodic regulatory examinations and reviews conducted by any
governmental authority having jurisdiction over the Collateral Agent or its
affiliates (to the extent applicable), (vi) in connection with any litigation to
which the Collateral Agent may be a party, subject to the proviso in clause
(ii), (vii) to the extent necessary for the exercise by the Collateral Agent of
any right or remedy under this Agreement, any Security Agreement, or applicable
law (following the commencement of, or in connection with the discussions
concerning whether to commence an Enforcement Action), or (viii) if, prior to
such information having been so provided or obtained, such information was
already in the Collateral Agent's possession on a non-confidential basis without
a duty of confidentiality to the Company being violated.
do Agente de Garantia previstos neste Contrato, sendo certo que o Agente de
Garantia informara cada uma dessas pessoas do acordado nesta Clausula e tomara
providencias razoaveis para obter a anuencia de cada uma das pessoas referidas
neste item (ii) com tal acordo de confidencialidade; (iii) mediante solicitacao
de qualquer autoridade governamental, que tenha jurisdicao sobre o Agente de
Garantia ou suas afiliadas, ou na medida necessaria para atender a qualquer
ordem de qualquer tribunal ou outra autoridade governamental ou conforme exigido
segundo a Lei, ficando ressalvado que o Agente de Garantia, exceto quando
proibido pela Lei, notificara a Companhia de qualquer divulgacao de informacoes
de acordo com este item com um prazo razoavel de antecedencia do fornecimento
das informacoes exigidas; (iv) que esteja publicamente disponivel de outro modo
que nao pela quebra do dever de confidencialidade ora previsto; (v) relacionada
a fiscalizacao conduzida por qualquer autoridade governamental com jurisdicao
competente sobre o Agente de Garantia ou suas afiliadas (na medida aplicavel);
(vi) em relacao a qualquer litigio no qual o Agente de Garantia seja parte,
observado o previsto no item (ii); (vii) na medida necessaria para o exercicio,
por parte do Agente de Garantia, de qualquer
69
direito ou acao conforme o presente Contrato, qualquer Contrato de Penhor ou
qualquer lei aplicavel, como consequencia do inicio de um Ato de Cobranca, ou em
conexao com as discussoes sobre o seu ajuizamento; ou (viii) se, antes de tal
informacao ter sido fornecida, o Agente de Garantia ja a possuisse, de forma nao
sigilosa, sem violacao de um compromisso de sigilo perante a Companhia
10.15. As an essential condition to the transactions contemplated herein, in the
Pledge Documents and in the Credit Instruments, and in accordance with Article
684 of the Brazilian Civil Code, each Net Group company hereby irrevocably and
irretractably appoints and authorizes the Company, in accordance with Article
684 of the Brazilian Civil Code, acting on behalf and in the name of each such
Net Group company, to do any and all of the following:
10.15. Como condicao essencial as operacoes contempladas neste Contrato, nos
Documentos de Penhor, nos Instrumentos de Divida e de acordo com o Artigo 684 do
Codigo Civil Brasileiro, cada uma das sociedades do Grupo Net, atraves do
presente contrato, nomeia e constitui, de forma irrevogavel e irretratavel, a
Companhia, conforme identificado no preambulo deste Contrato, como sua bastante
procuradora para, agindo em nome de cada uma das sociedades do Grupo Net, adotar
qualquer das seguintes medidas:
(a) to take all actions on its behalf and to exercise such powers and discretion
as are delegated to it hereunder, under the Pledge Documents and the Credit
Instruments, in accordance with the terms thereof, together with such powers and
(a) adotar quaisquer medidas em nome de cada uma das sociedades do Grupo Net, e
exercer os poderes e as decisoes em relacao aos Documentos de Penhor e dos
Instrumentos de Divida, da forma como outorgados a Companhia pelo presente
Contrato e
70
discretion as are reasonably incidental thereto, to the fullest extent possible
under applicable law;
pelos Documentos de Penhor, bem como exercer todos os demais poderes e decisoes
necessarias para o fiel cumprimento do mandato, respeitada a legislacao
aplicavel.
(b) to act as its attorney-in-fact with any and all powers required for the
purposes of exercising its rights in connection with the Collateral on which a
Lien, as defined in the relevant Credit Instrument, exists, or is purported to
exist, including the powers to represent it before the Agencia Nacional de
Telecomunicacoes - ANATEL, the Conselho Administrativo de Defesa Economica -
CADE, and any and all Registries of Deeds and Documents (Registros de Titulos e
Documentos), Real Estate Registries (Registros de Imoveis) and Boards of Trade
(Juntas Comerciais);
(b) agir como procuradora com todos e quaisquer poderes necessarios para exercer
os direitos relativos a Garantia sobre a qual recaia ou venha a recair algum
onus, conforme definido no respectivo Instrumento de Divida, incluindo os
poderes para alienar a Garantia de acordo com o disposto nos Contratos de
Penhor, e, para representar cada uma das sociedades do Grupo Net junto a Agencia
Nacional de Telecomunicacoes - Anatel, o Conselho Administrativo de Defesa
Economica - CADE e quaisquer Registros de Titulos e Documentos, Registro de
Imoveis e Juntas Comerciais;
(c) to act as its attorney-in-fact with any and all powers required for the
purposes of exercising its rights in connection herewith, with the Pledge
Documents and the Credit Instruments, including the necessary powers to allow
the Company to contract attorneys to represent such Net Group company before any
court, tribunal or arbitration board, being understood
(c) atuar como procuradora com todos e quaisquer poderes necessarios para
exercer os direitos oriundos deste Contrato, dos Documentos de Penhor e
Instrumentos de Divida, inclusive os poderes necessarios para permitir que a
Companhia contrate advogados para representar tal sociedade do Grupo Net perante
qualquer corte, tribunal ou corte de arbitragem, ficando certo e
71
that each such Net Group company hereby expressly authorizes the Company to
grant to such attorney(s) any and all ad judicia et extra powers that shall be
required under the applicable legislation to assure the valid representation of
the Net Group Company interests before any court, tribunal or arbitration board;
ajustado que tal sociedade do Grupo Net, atraves do presente Contrato, autoriza
expressamente a Companhia a outorgar a tais advogados todos e quaisquer poderes
ad judicia et extra necessarios, segundo a legislacao aplicavel, para garantir a
representacao dos interesses das sociedades do Grupo Net perante qualquer corte,
tribunal ou corte de arbitragem;
(d) to act as its attorney-in-fact for the purpose of receiving any judicial or
extra-judicial notification addressed to it or any service of process; and
(d) atuar como procuradora para o fim de receber qualquer notificacao judicial
ou extra-judicial enderecada a cada sociedade do Grupo Net ou quaisquer citacoes
e intimacoes judiciais; e
(e) to act as its attorney-in-fact with any and all powers necessary to execute,
deliver and, if necessary, register (i) any Term of Adhesion in accordance with
the Pledge Documents, and (ii) any document, notification, waiver, compliance
certificate, release, amendment, Collateral release and, if necessary, release
of any lien on collateral according with the terms and conditions of the Pledge
Documents.
(e) atuar como procuradora com todo e qualquer poder necessario para o fim de
executar, entregar e, quando necessario, registrar (i) qualquer Termo de Adesao
de acordo com os termos e condicoes dos Documentos de Penhor; e (ii) qualquer
documento, comunicacao, renuncia, declaracao de cumprimento, instrumento de
quitacao, aditamento, dispensa e/ou liberacao de Garantia e, se necessario,
liberacao de qualquer onus que grave as garantias, de acordo com os termos e
condicoes dos Documentos de Penhor.
(f) to take action on its behalf and to exercise such powers and discretion
hereunder, under the Pledge
(f) atuar em seu nome com o fim de exercer quaisquer poderes ou
discricionariedades de acordo com o
72
Documents and the Credit Instruments, as are conferred to it by the terms
thereof, together with such powers and discretion as are reasonably incidental
thereto.
presente acordo, os Documentos de Penhor e os Instrumentos de Credito, conforme
outorgados nos seus respectivos termos, bem como os poderes e
discricionariedades inerentes a tais poderes.
XI. GOVERNING LAW AND JURISDICTION
XI. LEI DE REGENCIA E FORO
11.1. This Agreement shall be governed by, and shall be construed and enforced
in accordance with, the laws of Brazil.
11.1 Este Contrato devera ser regido, interpretado e executado de acordo com as
leis vigentes no Brasil.
11.2. This Agreement shall be executed in the English and Portuguese languages.
Should there be any inconsistency between the English version and the Portuguese
version, the Portuguese version shall prevail.
11.2. Este Contrato devera ser firmado nas linguas inglesa e portuguesa. Se
houver qualquer inconsistencia entre a versao em ingles e a versao em portugues,
a versao em portugues devera prevalecer.
11.3. The parties elect the Courts of the Judicial District of Sao Paulo, State
of Sao Paulo, as the only one that is competent to resolve any issues arising
out of or relating to this Agreement, to the exclusion of any other court, no
matter how privileged it may be.
11.3. As partes elegem o foro da Comarca de Sao Paulo, Estado de Sao Paulo, como
o unico foro competente para dirimir todas as questoes oriundas ou relacionadas
a este Contrato, a exclusao de qualquer outro foro, por mais privilegiado que
seja.
73
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers in the presence of the two (2)
witnesses.
E, por estarem justas e contratadas, as Partes, obrigando-se por si e
sucessores, assinam o presente Contrato, na presenca de 2 (duas) testemunhas
abaixo assinadas.
Intercreditor Agreement dated as of [ ], 2004
Sao Paulo, [ ]
PELOS CREDORES TITULARES DE DEBENTURES DA QUARTA EMISSAO DE DEBENTURES
P.___________________________________
PLANNER CORRETORA DE VALORES S.A.
Nome:
Cargo:
PELOS CREDORES DETENTORES DE NOTAS GARANTIDAS SENIORES DA NET SUL E DA
MULTICANAL
P._________________________________________________
The Bank of New York
Nome:
Cargo:
DEMAIS CREDORES
_________________________________________________________
[CREDOR]
Nome:
Cargo:
74
AGENTE DE GARANTIA
_______________________________________
BANCO ITAU S.A.
Nome:
Cargo:
COMPANHIA
_______________________________________
NET SERVICOS DE COMUNICACAO S.A.
Nome:
Cargo:
SUBSIDIARIAS
ALNOR ALUMINIO DO NORTE LTDA.
ALNOR ALUMINIO DO NORTE LTDA.
ANTENAS COMUNITARIAS BRASILEIRAS LTDA.
ANTENAS COMUNITARIAS BRASILEIRAS LTDA.
CABODINAMICA TV CABO SAO PAULO S.A.
CABODINAMICA TV CABO SAO PAULO S.A.
CMA PARTICIPACOES S.A.
CMA PARTICIPACOES S.A.
DABNY, L.L.C.
DABNY, L.L.C.
DR EMPRESA DE DISTRIBUICAO E RECEPCAO DE TV LTDA.
DR EMPRESA DE DISTRIBUICAO E RECEPCAO DE TV LTDA.
HORIZONTE SUL COMUNICACOES LTDA.
HORIZONTE SUL COMUNICACOES LTDA.
75
JONQUIL VENTURES LIMITED
JONQUIL VENTURES LIMITED
MULTICANAL TELECOMUNICACOES S.A.
MULTICANAL TELECOMUNICACOES S.A.
NET ANAPOLIS LTDA.
NET ANAPOLIS LTDA.
NET ARAPONGAS LTDA.
NET ARAPONGAS LTDA.
NET BAURU LTDA.
NET BAURU LTDA.
NET BELO HORIZONTE LTDA.
NET BELO HORIZONTE LTDA.
NET BRASILIA LTDA.
NET BRASILIA LTDA.
NET CAMPINAS LTDA.
NET CAMPINAS LTDA.
NET CAMPO GRANDE LTDA.
NET CAMPO GRANDE LTDA.
NET CURITIBA LTDA.
NET CURITIBA LTDA.
NET FLORIANOPOLIS LTDA.
NET FLORIANOPOLIS LTDA.
NET FRANCA LTDA.
NET FRANCA LTDA.
NET GOIANIA LTDA.
NET GOIANIA LTDA.
NET INDAIATUBA LTDA.
NET INDAIATUBA LTDA.
NET JOINVILLE LTDA.
NET JOINVILLE LTDA.
NET LONDRINA LTDA.
NET LONDRINA LTDA.
NET MARINGA LTDA.
NET MARINGA LTDA.
NET PARANA COMUNICACOES LTDA.
NET PARANA COMUNICACOES LTDA.
NET PIRACICABA LTDA.
NET PIRACICABA LTDA.
NET RECIFE LTDA.
NET RECIFE LTDA.
NET RIBEIRAO PRETO S.A.
NET RIBEIRAO PRETO S.A.
NET RIO S.A.
NET RIO S.A.
NET SAO CARLOS S.A.
NET SAO CARLOS S.A.
NET SAO JOSE DO RIO PRETO LTDA.
NET SAO JOSE DO RIO PRETO LTDA.
NET SAO PAULO LTDA.
NET SAO PAULO LTDA.
NET SOROCABA LTDA.
NET SOROCABA LTDA.
NET SUL COMUNICACOES LTDA.
NET SUL COMUNICACOES LTDA.
REYC COMERCIO E PARTICIPACOES LTDA.
REYC COMERCIO E PARTICIPACOES LTDA.
TV CABO DE CHAPECO LTDA.
76
LTDA.
TV VIDEO CABO DE BELO HORIZONTE S.A.
LTDA.
TV VIDEO CABO DE BELO HORIZONTE S.A.
__________________________________________
Nome:
Cargo:
AGENTE FIDUCIARIO
__________________________________________
PLANNER CORRETORA DE VALORES S.A.
Nome:
Cargo:
SCHEDULE 1 TO THE INTERCREDITOR AGREEMENT
LIST OF THE COMPANY SUBSIDIARIES THAT ARE PARTIES TO THIS AGREEMENT
ALNOR ALUMINIO DO NORTE LTDA., a Brazilian limited company with its headquarters
in the City of Manaus, State of Amazonas, at Rua Emilio Moreira 1672, Altos,
Praca 14 de Janeiro, enrolled in C.N.P.J. under No. 34.534.750/0001-65, herein
represented according to its Articles of Association;
ANTENAS COMUNITARIAS BRASILEIRAS LTDA., a Brazilian limited company with its
headquarters in the City of Blumenau, State of Santa Catarina, at Avenida Brasil
No. 60, Ponta Aguda, enrolled in C.N.P.J. under No. 79.375.606/0001-61, herein
represented according to its Articles of Association;
CABODINAMICA TV CABO SAO PAULO S.A., a Brazilian company with its headquarters
in the City of Sao Paulo, State of Sao Paulo, at Rua Verbo Divino, 1.356,
Chacara Santo Antonio, enrolled in C.N.P.J. under No. 65.516.254/0001-02, herein
represented according to its Bylaws;
CMA PARTICIPACOES S.A., a Brazilian company with its headquarters in the City of
Sao Paulo, State of Sao Paulo, at Rua Verbo Divino, 1.356, Chacara Santo
Antonio, enrolled in C.N.P.J. under No. 31.959.356/0001-80, herein represented
according to its Bylaws;
DABNY, L.L.C., a limited liability company organized and existing under the laws
of Delaware, with its headquarters at c/o The Corporation Trust Company,
Corporation Trust Centre, 1209 Orange Street, Wilmington, New Castle County,
Delaware, 19801, herein represented according to its Limited Liability Company
Agreement dated January 13, 1995 (as amended, supplemented or modified later);
JONQUIL VENTURES LIMITED, company duly organized and existing under the laws of
the British Virgin Islands, with its headquarters at Craigmuir Chambers, P.O.
Box 71, Road Town, Tortola, British Virgin Islands, herein represented according
to its Memorandum and Articles of Association;
MULTICANAL TELECOMUNICACOES S.A., a Brazilian company with its headquarters in
the City of Sao Paulo - SP, at Rua Verbo Divino No. 1356 - 1st floor - part, CEP
04719-002, Chacara Santo Antonio, enrolled in C.N.P.J. under No.
31.963.481/0001-64, herein represented according to its Bylaws;
NET BELO HORIZONTE LTDA., a Brazilian limited company with its headquarters in
the City of Belo Horizonte, State of Minas Gerais, at Avenida Renascenca No.
515, Renascenca, CEP 31160-000, enrolled in C.N.P.J. under No.
38.738.308/0001-01, herein represented according to its Articles of Association;
NET BRASILIA LTDA., a Brazilian limited company with its headquarters in
Brasilia, Federal District, SIG/Sul, Quadra 01, No. 725, CEP 70000-000, enrolled
in C.N.P.J. under No. 26.499.392/0001-79, herein represented according to its
Articles of Association;
NET LONDRINA LTDA., a Brazilian limited company with its headquarters in the
City of Londrina, State of Parana, at Rua Santos, 737, Centro, enrolled in
C.N.P.J. under No. 80.924.459/0001-10, herein represented according to its
Articles of Association;
NET RIO S.A., a Brazilian company with its headquarters in the City of Rio de
Janeiro, State of Rio de Janeiro, at Rua Vilhena de Moraes, 380, Block 02, Room
201, 3rd Floor, Barra da Tijuca, enrolled in C.N.P.J. under No.
28.029.775/0001-09, herein represented according to its Bylaws;
TV CABO DE CHAPECO LTDA., a Brazilian limited company with its headquarters in
the City of Chapeco, State of Santa Catarina, at Avenida Nereu Ramos, 237 E room
01, enrolled in C.N.P.J. under No00.647.530/0001-26, herein represented
according to its Articles of Association;
TV VIDEO CABO DE BELO HORIZONTE S.A., a Brazilian company with its headquarters
in the City of Belo Horizonte, State of Minas Gerais, at Avenida Renascenca,
505, enrolled in C.N.P.J. under No. 64.195.522/0001-79, herein represented
according to its Bylaws;
NET RECIFE LTDA., a Brazilian limited company with its headquarters in the City
of Recife, State of Pernambuco, at Rua Francisco Alves No. 100, CEP 50070-490,
Bairro da Ilha do Leite, enrolled in C.N.P.J. under No. 08.828.469/0001-25,
herein represented according to its Articles of Association;
NET SAO PAULO LTDA., a Brazilian limited company with its headquarters in the
City of Sao Paulo, State ofSao Paulo, at Rua Verbo Divino No. 1.356, terreo,
blocks 1 and 2, CEP 04719-002, Chacara Santo Antonio, Sao Paulo - SP, enrolled
in C.N.P.J. under No. 65.697.161/0001-21, herein represented according to its
Articles of Association;
NET CAMPINAS LTDA., a Brazilian limited company with its headquarters in the
City of Campinas, State of Sao Paulo, at Rua Jasmim No. 610, CEP 13.807-520,
Chacara Primavera, enrolled in C.N.P.J. under No. 61.698.510/0001-79, herein
represented according to its Articles of Association;
NET INDAIATUBA LTDA., a Brazilian limited company with its headquarters in the
City of Indaiatuba, State of Sao Paulo, at Rua 11 de junho de No.1.849/1.853,
Vila Victoria, CEP 13.330-050, enrolled in C.N.P.J. under No.
58.393.695/0001-07, herein represented according to its Articles of Association;
NET FRANCA LTDA., a Brazilian limited company with its headquarters in the City
of Franca, State of Sao Paulo, at Rua Carmen Irene Batista No. 2.837, Jardim
Samello, CEP 14405-135, enrolled in C.N.P.J. under No. 60.348.414/0001-38,
herein represented according to its Articles of Association;
NET SUL COMUNICACOES LTDA., a Brazilian limited company with its headquarters in
the City of Porto Alegre - RS, at Rua Silveiro No. 1111, Morro Santa Teresa, CEP
90850-000, enrolled in C.N.P.J. under No. 73.676.512/0001-46, herein represented
according to its Articles of Association;
DR- EMPRESA DE DISTRIBUICAO E RECEPCAO DE TV LTDA., a Brazilian limited company
with its headquarters in the City of Porto Alegre - RS, at Rua Silveiro No.
1111, Morro Santa Teresa, CEP 90850-000, enrolled in C.N.P.J. under No.
93.088.342/0001-96, herein represented according to its Articles of Association;
NET JOINVILLE LTDA., a Brazilian limited company with its headquarters in the
City of Joinville, State of Santa Catarina, at Avenida Procopio Gomes No. 419,
Bucaren, CEP 89202-300, enrolled in C.N.P.J. under No. 85.271.898/0001-95,
herein represented according to its Articles of Association;
NET FLORIANOPOLIS LTDA., a Brazilian limited company with its headquarters in
the City of Florianopolis, State of Santa Catarina, at Avenida Rio Branco No.
808, Centro, CEP 88015-202, enrolled in C.N.P.J. under No. 72.461.072/0001-47,
herein represented according to its Articles of Association;
NET MARINGA LTDA., a Brazilian limited company with its headquarters in the City
of Maringa, State of Parana, at Avenida Nobrega No. 494, Zona 04, CEP 87013-330,
enrolled in C.N.P.J. under No. 81.712.416/0001-34, herein represented according
to its Articles of Association;
NET SAO JOSE DO RIO PRETO LTDA., a Brazilian limited company with its
headquarters in the City of Sao Jose do Rio Preto, State of Sao Paulo, at Rua
Lafaiete Spinola de Castro No. 1922, Boa Vista, CEP 15025-510, enrolled in
C.N.P.J. under No. 69.082.832/0001-09, herein represented according to its
Articles of Association;
NET PIRACICABA LTDA., a Brazilian limited company with its headquarters in the
City of Piracicaba, State of Sao Paulo, at Avenida Independencia No. 3552,
Alemaes, CEP 13416-230, enrolled in C.N.P.J. under No. 64.592.116/0001-40,
herein represented according to its Articles of Association;
NET GOIANIA LTDA., a Brazilian limited company with its headquarters in the City
of Goiania, State of Goias, at Rua 15, Quadra j-15, Lote 08, No. 970, Setor
Marista, CEP 74000-000, enrolled in C.N.P.J. under No. 33.659.475/0001-43,
herein represented according to its Articles of Association;
NET CAMPO GRANDE LTDA., a Brazilian limited company with its headquarters in the
City of Campo Grande, State of Mato Grosso do Sul, at Avenida Afonso Pena No.
3.004, CEP 79002-075, Centro, enrolled in C.N.P.J. under No. 24.615.965/0001-57,
herein represented according to its Articles of Association;
NET SOROCABA LTDA., a Brazilian limited company with its headquarters in the
City of Sorocaba, State of Sao Paulo, at Avenida Antonio Carlos Comitre No.
1.074, corner with Rua Pedro Molina No. 81, Parque Campolim, CEP 18047-000,
enrolled in C.N.P.J. under No. 64.637.903/0001-60, herein represented according
to its Articles of Association;
NET SAO CARLOS S.A., a Brazilian company with its headquarters in the City of
Sao Carlos, State of Sao Paulo, at Avenida Dr. Carlos Botelho, No. 1.986,
enrolled in C.N.P.J. under No. 57.724.759/0001-34, herein represented according
to its Bylaws;
HORIZONTE SUL COMUNICACOES LTDA., a Brazilian limited company with its
headquarters in the City of Porto Alegre, State of Rio Grande do Sul, at Rua
Silveiro, No. 1.111, part, enrolled in C.N.P.J. under No. 94.319.209/0001-66,
herein represented according to its Articles of Association;
NET PARANA COMUNICACOES LTDA., a Brazilian limited company with its headquarters
in the City of Curitiba, State of Parana, at Rua Paulo Graeser
Sobrinho, No. 557, Merces, enrolled in C.N.P.J. under No. 84.922.681/0001-35,
herein represented according to its Articles of Association;
NET CURITIBA LTDA., a Brazilian limited company with its headquarters in the
City of Curitiba, State of Parana, at Rua Mamore No. 340, enrolled in C.N.P.J.
under No. 82.342.833/0001-03, herein represented according to its Articles of
Association;
NET ARAPONGAS LTDA., a Brazilian limited company with its headquarters in the
City of Arapongas, State of Parana, at Rua Marabu, No. 542, enrolled in C.N.P.J.
under No. 81.897.118/0001-66, herein represented according to its Articles of
Association;
NET RIBEIRAO PRETO S.A., a Brazilian company with its headquarters in the City
of Ribeirao Preto, State of Sao Paulo, at Avenida Nove de Julho, No. 1.266,
enrolled in C.N.P.J. under No. 64.807.456/0001-40, herein represented according
to its Bylaws;
NET BAURU LTDA., a Brazilian limited company with its headquarters in the City
of Bauru, State of Sao Paulo, at Avenida Duque de Caxias, No. 466, enrolled in
C.N.P.J. under No. 64.083.561/0001-84, herein represented according to its
Articles of Association;
NET ANAPOLIS LTDA., a Brazilian limited company with its headquarters in the
City of Anapolis, State of Goias, at Rua Senai, No. 179, enrolled in C.N.P.J.
under No. 33.584.277/0001-68, herein represented according to its Articles of
Association; and
REYC COMERCIO E PARTICIPACOES LTDA., a Brazilian limited company with its
headquarters in the City of Sao Jose, State of Santa Catarina, at Rua Francisco
Jose Ferreira, No. 101, enrolled in C.N.P.J. under No. 95.853.263/0001-50,
herein represented according to its Articles of Association.
SCHEDULE 2 TO THE INTERCREDITOR AGREEMENT
List of Creditors
(1) PLANNER CORRETORA DE VALORES S.A., a joint-stock company with its
headquarters in the City of Sao Paulo, State of Sao Paulo, at Avenida Paulista,
2.439, 11th floor, enrolled in the National Register of Legal Entities
(C.N.P.J.) under n(0). 00.806.535/0001-54, , representing, as fiduciary agent
and proxy of the Securities of the Forth Public Issue of Debentures, Not
Convertible Into Shares, with Collateral Guarantee and Suretyship, of Net
Servicos de Comunicacao S.A., in this act represented jointly by the owners of
the Debentures by Banco Itau S.A., as Collateral Agent;.
(2) THE BANK OF NEW YORK, a financial institution with its headquarters in New
York, at Braclay Street, 101, New York, Ny, 10286, as Trustee of owners of the
Net Sul Notes (according to the Creditors Agreement) in this act represented
jointly by the owners of Net Sul Notes and by Banco Itau S.A., as Collateral
Agent;
(3) THE BANK OF NEW YORK, a financial institution with its headquarters in New
York, at Braclay Street, 101, New York, Ny, 10286, as Trustee of the owners of
the Company Notes, (according to the Creditors Agreement) in this act
represented jointly by the owners of the Company Notes and by Banco Itau S.A.,
as Collateral Agent;
(4) BANCO DO BRASIL S.A., a financial institution duly organized and existing
according to the laws of Brazil, with its heaquarters in [ ], represented by
Banco Itau S.A., as Collateral Agent;
(5) BANCO ITAU BBA S.A., a financial institution duly organized and existing
according to the laws of Federative Republic of Brazil, with its heaquarters in
the city of Sao Paulo, in Sao Paulo State, at Praca Alfredo Egydio de Souza
Aranha, 100 - Torre Conceicao - 9th floor, enrolled in the National Register of
Legal Entities (C.N.P.J./MF) under n(0) 17.298.092/0001-30, represented by Banco
Itau S.A., as Collateral Agent;
(6) BANKBOSTON BANCO MULTIPLO S.A., a financial institution duly organized and
existing according to the laws of Federative Republic of Brazil, with its
heaquarters in [ ], represented by Banco Itau S.A., as Collateral Agent;
(7) BANCO BRASCAN S.A., a financial institution duly organized and existing
according to the laws of Federative Republic of Brazil, with its heaquarters in
the city of Rio de Janeiro, at Avenida Almirante Barroso, 52 30th floor,
enrolled in the National Register of Legal Entities (C.N.P.J./MF) under n(0)
33.923.111/0001-29, represented by Banco Itau S.A., as Collateral Agent;
(8) UNIBANCO - UNIAO DE BANCOS BRASILEIROS S.A., a financial institution duly
organized and existing according to the laws of Federative Republic of Brazil,
with its heaquarters in the city and State of Sao Paulo, at Avenida Eusebio
Matoso, 891, enrolled in the National Register of Legal Entities (C.N.P.J./MF)
under n(0) 33.700.394/0001-40, represented by Banco Itau S.A., as Collateral
Agent;
(9) BANCO DO ESTADO DO RIO GRANDE DO SUL S.A., a financial institution duly
organized and existing according to the laws of Brazil, with its heaquarters in
[ ], represented by Banco Itau S.A., as Collateral Agent;
(10) MARATHON FUND, L.P., a financial institution duly organized and existing
according to the laws of [ ], with its heaquarters in [ ], represented by Banco
Itau S.A., as Collateral Agent;
(11) BANCO UNICO S.A., new corporate name of Banco BNL do Brasil S.A., a
financial institution duly organized and existing according to the laws of
Federative Republic of Brazil, with its heaquarters in the city and State of Sao
Paulo, at Av. Paulista, 1.963, enrolled in the National Register of Legal
Entities (C.N.P.J./MF) under n(0) 00.086.413/0001-30, represented by Banco Itau
S.A., as Collateral Agent;
(12) BANCO DE CREDITO NACIONAL S.A., a financial institution duly organized and
existing according to the laws of Brazil, with its heaquarters in [ ],
represented by Banco Itau S.A., as Collateral Agent;
SCHEDULE 3 TO THE INTERCREDITOR AGREEMENT
DEBT INSTRUMENTS
(1) INDENTURE FOR THE FOURTH PUBLIC ISSUE OF DEBENTURES NOT CONVERTIBLE INTO
SHARES WITH COLLATERAL GUARANTEE AND SURETYSHIP, BY NET SERVICOS DE
COMUNICACAO S.A. dated as of [..../..../....] with Planner Corretora de
Valores S.A. (Trustee), in the amount of [.....];
(2) SECURITY INDENTURE FOR NET SUL COMUNICACOES LTDA., dated as of
[..../..../....] and entered by The Bank of New York (Trustee), RELATIVE
TO US$[ ] 7.0% SENIOR SECURED NOTES DUE 2009 AND THE U.S.$[ ] SENIOR
SECURED FLOATING RATE NOTES DUE 2009 dated as of [..../..../....] and
connected instruments, as such: PRIVATE INSTRUMENT OF DEBT CONFESSION,
dated as of [..../..../....] with [Marathon Fund, L.P.] in the amount of
[....], PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of
[..../..../....] with [UBS], in the amount of [....], PRIVATE INSTRUMENT
OF DEBT Confession, dated as of [..../..../....] with [JP Morgan] in the
amount of [....] and PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of
[..../..../....] with [Banco do Espirito Santo - BES] in the amount of
[....], PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of
[..../..../....] with [Cargill] in the amount of [....], PRIVATE
INSTRUMENT OF DEBT CONFESSION, dated as of [..../..../....] with [Banco do
Brasil] in the amount of [....], PRIVATE INSTRUMENT OF DEBT CONFESSION,
dated as of [..../..../....] with [Moneda] in the amount of [....];
(3) SECURITY INDENTURE FOR NET SERVICOS DE COMUNICACAO S.A., dated as of
[..../..../....] and entered by The Bank of New York (Trustee), RELATIVE
TO US$76,593,068 7.0% SENIOR SECURED NOTES DUE 2009;
(4) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of [..../..../....] with
Banco do Brasil S.A. in the amount of [....] and corresponding to the
Common Terms Agreement;
(5) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of [..../..../....] with
Banco do Brasil S.A. in the amount of [....] and corresponding to the
Common Terms Agreement;
(6) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of 30/12/2004 with Banco
do Itau BBA S.A. in the amount of R$ 61,144,097.23 and corresponding to
the Common Terms Agreement;
(7) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of 30/12/2004 with Banco
Itau BBA S.A. in the amount of R$ 4,509,403.14 and corresponding to the
Common Terms Agreement;
(8) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of 30/12/2004 with Banco
Itau BBA S.A. in the amount of R$ 4,039,613.40 and corresponding to the
Common Terms Agreement;
(9) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of [..../..../....] with
BankBoston Banco Multiplo S.A. in the amount of [....] and corresponding
to the Common Terms Agreement;
(10) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of [..../..../....] with
BankBoston Banco Multiplo S.A. in the amount of [....] and corresponding
to the Common Terms Agreement;
(11) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of [..../..../....] with
BankBoston Banco Multiplo S.A. in the amount of [....] and corresponding
to the Common Terms Agreement;
(12) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of 27/12/2004 with Banco
Brascan S.A. in the amount of R$ 19,270,986.76 and corresponding to the
Common Terms Agreement;
(13) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of 28/12/2004 with
Unibanco - Uniao de Bancos Brasileiros in the amount of R$ 103,988,711.06
and corresponding to the Common Terms Agreement;
(14) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of 28/12/2004 with
Unibanco - Uniao de Bancos Brasileiros in the amount of R$ 368,951.88 and
corresponding to the Common Terms Agreement;
(15) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of 28/12/2004 with Banco
Unico S.A. in the amount of R$ 20,541,104.80 and corresponding to the
Common Terms Agreement;
(16) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of [..../..../....] with
Marathon Fund, L.P. in the amount of R$ [..........] and corresponding to
the Common Terms Agreement;
(17) PRIVATE INSTRUMENT OF DEBT CONFESSION, dated as of [..../..../....] with
Banco de Credito Nacional S.A. in the amount of R$ [..........] and
corresponding to the Common Terms Agreement;
SCHEDULE 4 TO THE INTERCREDITOR AGREEMENT
COPY OF THE ASSET PLEDGE AGREEMENT WITH AN AMICABLE SALE CLAUSE AND OTHER
COVENANTS
SCHEDULE 5-I TO THE INTERCREDITOR AGREEMENT
COPY OF THE RECEIVABLES PLEDGE AGREEMENT WITH AN ENFORCEMENT CLAUSE OF
NET SAO PAULO LTDA.
SCHEDULE 5-II TO THE INTERCREDITOR AGREEMENT
COPY OF THE RECEIVABLES PLEDGE AGREEMENT WITH AN ENFORCEMENT CLAUSE
OF NET NET RIO S.A.
SCHEDULE 6-I TO THE INTERCREDITOR AGREEMENT
COPY OF THE SHARE PLEDGE AGREEMENT WITH AN AMICABLE SALE CLAUSE AND OTHER
COVENANTS
SCHEDULE 6-II TO THE INTERCREDITOR AGREEMENT
COPY OF THE QUOTA PLEDGE AGREEMENT WITH AN AMICABLE SALE CLAUSE AND OTHER
COVENANTS
SCHEDULE 7 TO THE INTERCREDITOR AGREEMENT
Model of Term of Adhesion
TERM OF ADHESION
This Term of Adhesion, dated [ ] (the "TERM"), is entered into by and between
the parties below (the "PARTIES"):
(a) NET SERVICOS DE COMUNICACAO S.A., a joint-stock company with its
headquarters in the City and State of Sao Paulo, at Rua Verbo Divino, 1356,
Chacara Santo Antonio, enrolled in the National Register of Legal Entities
(C.N.P.J.) under No. 00.108.786/0001-65 (the "COMPANY"), herein represented
pursuant to its Bylaws by its officers, MesMessrs. [ ] and [ ];
(b) The Company's subsidiaries listed on "Schedule A" to this Term (the
"SUBSIDIARIES" and collectively with the Company, the "NET GROUP"), herein
represented by the Company;
(c) Banco ITAU S.A., a financial institution with its headquarters in the
City and State of Sao Paulo, at Praca Alfredo Egydio Souza Aranha, 100, Torre
Itausa, enrolled in the National Register of Legal Entities (C.N.P.J.) under No.
60.701.190/0001-04, in the capacity of collateral agent (the "COLLATERAL
AGENT"), herein represented pursuant to its Bylaws;
(d) Each of the financial institutions listed and identified on "Schedule
B" to this Term (the "Creditors"), herein represented by the Collateral Agent;
and
(e) [ ], a financial institution with its headquarters in the City of
[ ], State of [ ], at [ ], enrolled in the National Register of
Legal Entities (C.N.P.J.) under No. [ ] (the "Joining Creditor"),
WHEREAS:
(a) The Company, the Subsidiaries mentioned in each of the agreements listed
below, the Collateral Agent, on its own behalf and on behalf of the creditors
mentioned in the agreements below, and the Creditors, as applicable, have
executed the following agreements:
(i) The Intercreditor Agreement, dated [ ];
(ii) The Receivables Pledge Agreement with an Enforcement Clause, dated
[ ], referring to the receivables and credit rights of Net Sao Paulo Ltda.
and the Receivables Pledge Agreement with an Enforcement Clause dated [ ],
referring to the receivables and credit rights of Net Rio S.A.
("RECEIVABLES PLEDGE AGREEMENTS");
(iii) The Share Pledge Agreement with an Amicable Sale Clause and Other
Covenants, dated [ ] ("SHARE PLEDGE AGREEMENT");
(iv) The Quota Pledge Agreement with an Amicable Sale Clause and Other
Covenants, dated [ ] ("QUOTA PLEDGE AGREEMENT"); and
(v) The Asset Pledge Agreement with an Amicable Sale Clause and Other
Covenants, dated [ ] ("ASSET PLEDGE AGREEMENT", collectively with the
Receivables Pledge Agreements, the Share Pledge Agreement, the Quota
Pledge Agreement and the Intercreditor Agreement, the "PLEDGE Documents");
(b) The Pledge Documents allow for the adhesion of new creditors of the Net
Group, subject to the rules and restrictions of the Debt Instruments (as defined
in the Pledge Documents);
(c) On [ ], the Joining Creditor entered into with [ ](1), the [loan
agreement] (the "NEW DEBT INSTRUMENT")
(d) The Joining Creditor wishes to adhere to the Pledge Documents, in order to
share with the Creditors the guarantees granted by the Net Group by means of the
Pledge Documents, subject to all the terms and conditions set out therein, to
the effect that the Pledge Documents also secure the obligations of the Net
Companies ensuing from the New Debt Instrument; and
(e) The Net Group represents and warrants that this adhesion of the Joining
Creditor is made strictly in accordance with the terms and conditions of the
Debt Instruments (as defined in the Pledge Documents) and of the Pledge
Documents.
- ----------
(1) Include name of the Net Companies that are parties to the new Credit
Instrument.
NOW THEREFORE, the Parties resolve to enter into this Term, which shall be
governed by the following terms and conditions:
1. - Upon execution of this Term, the Joining Creditor declares to be totally
aware of each of the Pledge Documents, to which it hereby adheres without any
restrictions, and irrevocably and irreversibly undertakes to comply with all the
terms, conditions and obligations established therein. Accordingly, the Pledge
Documents will also secure the obligations assumed by the Net Companies as a
result of the New Credit Instrument.
2. - For all purposes and effects of the Pledge Documents, the Joining Creditor
shall have the same rights and obligations as the other Creditors under the
Pledge Documents , without any reservations and/or limitations except those
expressly set forth in the Intercreditor Agreement.
3. - As an essential condition for the transactions contemplated in this Term,
the Pledge Documents, the Debt Instruments and in accordance with Article 684 of
the Brazilian Civil Code, the Joining Creditor hereby irrevocably and
irreversibly appoints and constitutes the Collateral Agent, as further
identified in the preamble of this Term, as its attorney-in-fact to take any and
all of the following measures, acting on behalf of the Joining Creditor:
(a) to take any actions on behalf of the Joining Creditor, as Collateral
Agent, and to exercise such powers and decisions under the Pledge Documents as
are delegated to it by this Term and the Pledge Documents, as well as to
exercise all other powers and decisions required for the full compliance with
this instrument, subject to applicable law;
(b) to act as its attorney-in-fact with any and all powers required for
the exercise of the rights relating to the Collateral in connection with which
any lien is or may be created, as defined in the relevant Debt Instrument,
including the power to dispose of the Collateral according to the provisions of
the Pledge Agreements, and to represent the Creditors before the National
Telecommunications Agency - Anatel, the Administrative
Economic Defense Council - CADE and any Registries of Deeds and Documents, Real
Estate Registries and Boards of Trade.
(c) to act as its attorney-in-fact with any and all powers required for
the exercise of its rights ensuing from this Term or the Pledge Documents,
including the necessary powers to allow the Collateral Agent to retain attorneys
to represent the Joining Creditor before any court, tribunal or arbitration
court, it being certain and agreed that the Joining Creditor hereby expressly
authorizes the Collateral Agent to grant to such attorneys any and all ad
judicia et extra powers that shall be required under the applicable legislation
to assure the valid representation of the Joining Creditors' interests before
any court, tribunal or arbitration court;
(d) to act as attorney-in-fact for the purpose of receiving any judicial
or extrajudicial notice addressed to the Joining Creditor, or any summons and
service of process; and
(e) to act as attorney-in-fact with any and all powers required for the
purpose of executing, delivering and, to the extent necessary, registering (i)
any Term of Adhesion according to the terms and conditions of this Term and the
Pledge Agreements, and (ii) any document, notice, waiver, declaration of
compliance, instrument of release, amendment, discharge and/or release of
guarantees and, if necessary, release of any liens on the Collateral, according
to the terms and conditions set out in this Term and the Transaction Documents.
4. - This Term of Adhesion shall be deemed to be an integral part of the
Intercreditor Agreement and of the other Pledge Documents on the date that this
Term of Adhesion is filed with the Registries of Deeds and Documents and with
the Real Estate Registration Offices. In order for the Term of Adhesion to be
effective and be considered as an integral part of the Intercreditor Agreement
and of the Pledge Agreements, the Joining Creditor shall register it at the
competent Registry of Deeds and Documents and Real Estate
Registry and shall, within at most 5 (five) business days of the date of said
registration send certified copies evidencing such registration to the
Collateral Agent and Net Servicos.
5. - This Term shall be signed in the same number of counterparts as each of the
Pledge Documents.
5.1. - Upon execution of this Term, the Parties expressly agree that each of the
Pledge Documents was automatically amended to reflect the adhesion of the
Joining Creditor and the New Debt Instrument. For such purpose, the Parties
agree that the exhibits of each of the Pledge Documents listed below is hereby
supplemented by the documents attached hereto, as indicated below:
(a) "Schedule 2" to the Intercreditor Agreement, "Schedule 2" to the Asset
Pledge Agreement, "Schedule 2" to the Share Pledge Agreement, "Schedule 2" to
the Quota Pledge Agreement and "Schedule 2" to the Receivables Pledge Agreements
are supplemented by "Schedule 2" to this Term;
(b) "Schedule 3" to the Intercreditor Agreement, "Schedule 3" to the Asset
Pledge Agreement, "Schedule 3" to the Share Pledge Agreement, "Schedule 3" to
the Quota Pledge Agreement and "Schedule 3" to the Receivables Pledge Agreements
are supplemented by "Schedule 3" to this Term; and
(c) "Schedule 6" to the Asset Pledge Agreement, "Schedule 6" to the Share
Pledge Agreement, "Schedule 6" to the Quota Pledge Agreement and "Schedule 6" to
the Receivables Pledge Agreements are supplemented by "Schedule 6" to this Term;
6. - As of the respective registrations of this Term, the new schedules listed
in Clause 5.1 above shall be automatically considered as an integral part of
each of the Pledge Documents, and: (i) the New Debt Instrument shall be deemed,
for all purposes, the Debt Instrument, as defined in the Pledge Documents, (ii)
the Joining Creditor shall be
considered, for all due purposes, as the Creditor, as defined in the Pledge
Documents, and (iii) the Collateral Agent shall consider the credit of the
Joining Creditor referring to the New Debt Instrument for all purposes and
effects of the Intercreditor Agreement.
7. - This Term of Adhesion shall not be deemed a novation of any of the terms
and conditions of the Pledge Documents.
IN WITNESS WHEREOF, the Parties - binding themselves and their successors - sign
this Term in the presence of 2 (two) undersigned witnesses.
Sao Paulo, [ ]
NET SERVICOS DE COMUNICACAO S.A.
______________________________________________
Name: Name:
Title: Title:
BANCO ITAU S.A.
______________________________________________
Name:
Name:
Title:
Title:
Witnesses:
1. - ____________________________
Name:
Identity Card (RG):
2. - ____________________________
Name:
Identity Card (RG):
SCHEDULE 8 TO THE INTERCREDITOR AGREEMENT
List of Actions, Procedures, Liens, Encumbrances and Restrictions
I. JUDICIAL PROCEEDINGS
PLAINTIFF IN ENFORCEMENT
OPERATOR ACTION NO. SUBJECT MATTER OBSERVATIONS
- ---------------------------------------------------------------------------------------------------
NET SAO PAULO FEDERAL GOVERNMENT Tax
1999.61.82.053713-2
6th Lower Court of Federal
Tax Enforcements
- ---------------------------------------------------------------------------------------------------
NET SAO PAULO MUNICIPALITY Tax Attachment of different
705.673-7/97-8 assets that make up the
1st Lower Court of network.
Municipal Tax
Enforcements - SP
- ---------------------------------------------------------------------------------------------------
NET SAO PAULO (SANTOS FEDERAL GOVERNMENT Tax
BRANCH) 2004.61.04.008510-2
5th Lower Federal Court in
Santos
- ---------------------------------------------------------------------------------------------------
NET SAO JOSE RIO STATE OF SAO PAULO Tax Cable network attachment.
PRETO 20.497/01
Ancillary Service of the
SJRPRETO Internal Revenue
- ---------------------------------------------------------------------------------------------------
NET SERVICOS FEDERAL GOVERNMENT Tax
2004.61.82.037766-7
5th Lower Court of Federal
Tax Enforcements - SP
- ---------------------------------------------------------------------------------------------------
NET SERVICOS FEDERAL GOVERNMENT Tax
2004.61.82.051947-4
5th Lower Court of Tax
Enforcements - SP
- ---------------------------------------------------------------------------------------------------
NET SERVICOS UNIBANCO Loan Agreement
000.02.222752-0,
- ---------------------------------------------------------------------------------------------------
16th Lower Civil Court of
the Central Courts - SP
- ---------------------------------------------------------------------------------------------------
NET RIO STATE OF RIO DE JANEIRO Tax
2001/100-004.229-8
Motion to Stay
Execution No.
2004.001.044.800-3
11th Rio de Janeiro
Internal Revenue Service.
- ---------------------------------------------------------------------------------------------------
NET RIO STATE OF RIO DE JANEIRO Tax Attachment of 5% of Net
2001/100-004.230-4 Rios's monthly revenues.
11th Rio de Janeiro
Internal Revenue Service.
- ---------------------------------------------------------------------------------------------------
NET RIO STATE OF RIO DE JANEIRO Tax Attachment of
2001/100-004.231-6 Net Rio's revenues.
11th Rio de Janeiro
Internal Revenue Service.
- ---------------------------------------------------------------------------------------------------
NET RIO STATE OF RIO DE JANEIRO Tax
2003/100.000.355-8
11th Rio de Janeiro
Internal Revenue Service.
- ---------------------------------------------------------------------------------------------------
II. ADMINISTRATIVE PROCEEDINGS:
- ---------------------------------------------------------------------------------------------------
Tax Authority
Operator Proceeding No. Subject Matter Observations
- ---------------------------------------------------------------------------------------------------
NET SAO PAULO Federal Revenue Office Tax
AI 52385
- ---------------------------------------------------------------------------------------------------
NET SAO PAULO Federal Revenue Office Tax
AI 00503
- ---------------------------------------------------------------------------------------------------
NET SAO PAULO Federal Revenue Office Tax
AI 1998.00902-7
- ---------------------------------------------------------------------------------------------------
NET SAO PAULO 08.1.81912-35 Tax
Federal Revenue Office
- ---------------------------------------------------------------------------------------------------
Cabodinamica Federal Revenue Office Tax
08.109000/03695/03
- ---------------------------------------------------------------------------------------------------
CABODINAMICA Federal Revenue Office Tax
08.109000/03695/03
- ---------------------------------------------------------------------------------------------------
NET RIO Rio de Janeiro Internal Tax
Revenue Service
E-04/603.358/94
AI n. 791.691
- ---------------------------------------------------------------------------------------------------
NET RIO Rio de Janeiro Internal TAX
Revenue Service
E-04/146.770/97
AI 01.041552-9
- ---------------------------------------------------------------------------------------------------
NET RIO Rio de Janeiro Internal TAX
Revenue Service.
AI 01.049922-6
E-04.177.374/98
- ---------------------------------------------------------------------------------------------------
NET RIO Rio de Janeiro Internal Tax
Revenue Service
AI 01.053492-3
E-04.147.573/97
- ---------------------------------------------------------------------------------------------------
NET RIO RIO DE JANEIRO INTERNAL Tax
REVENUE SERVICE.
E - 04/085.241/2002
Infraction Notice No.
03.007333-2
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NET RIO Federal Revenue Office Tax
15374.001438/99-84
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NET RIO Federal Revenue Office Tax
04203/02-A
- ---------------------------------------------------------------------------------------------------
NET RIO Federal Revenue Office Tax
04203/02-B
- ---------------------------------------------------------------------------------------------------
NET RIO Federal Revenue Office Tax
04203/02-C
- ---------------------------------------------------------------------------------------------------
MULTICANAL Federal Revenue Office Tax
AI n. 15374.004005/2001-20
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DR (Porto Alegre) Federal Revenue Office Tax
11080.013354/2002-68
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Federal Revenue Office
DR (Porto Alegre) 11080-013.353/2002-13 Tax
- ---------------------------------------------------------------------------------------------------
NET SUL Municipality of Porto
Alegre 0085/98 Tax
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NET BELO HORIZONTE Federal Revenue Office Tax
0610100/01055/03
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III. AGREEMENTS:
Encumbered
Operator Properties Type of Lien Contract benefiting from the Lien
- -----------------------------------------------------------------------------------------------
NET CAMPINAS 3,073 Feet of RG/ Conditional Financing Agreement with Transfer
Coaxial MT cables, Sale of Loan in Foreign Currency - BONY
year of manufacture signed with UNIBANCO - Uniao de
1998, Manufacturer Bancos Brasileiros S/A., filed with
CommScope, Inc. the 1st Registry of Deeds and
Documents of Campinas - SP,
microfilm No. 283301, value: US$
364,116.59
- -----------------------------------------------------------------------------------------------
NET CAMPINAS Attenuators, Conditional Financing Agreement with Transfer
Equalizers, Sale of Loan in Foreign Currency - BONY
Amplifiers and signed with UNIBANCO - Uniao de
Carcass for Bancos Brasileiros S/A., filed with
Amplifiers, year of the 1st Registry of Deeds and
manufacture 1998, Documents of Campinas - SP,
Manufacturer: microfilm No. 283302, value: US$
Scientific Atlanta, 635,800.07
Inc.
- -----------------------------------------------------------------------------------------------
NET CAMPINAS Attenuators, Conditional Financing Agreement with Transfer
Equalizers, Sale of Loan in Foreign Currency - BONY
Amplifiers and signed with UNIBANCO - Uniao de
Carcass for Bancos Brasileiros S/A., filed with
Amplifiers, year of the 1st Registry of Deeds and
manufacture 1998, Documents of Campinas - SP,
Manufacturer: microfilm No. 283303, value: US$
Scientific Atlanta, 342,868.14
Inc.
- -----------------------------------------------------------------------------------------------
IV. NONPARTICIPATING DEBT, AS DEFINED IN THE INTERCREDITOR AGREEMENT:
SCHEDULE 9 TO THE INTERCREDITOR AGREEMENT
DEBT LIST OF NET GROUP SUBJECT TO THE RESTRUCTURING PLAN
DEBT OUTSTANDING POSITION-30/06/04
- -----------------------------------------------------------------------------------------------------------------------------------
OUTSTANDING AMOUNT
BORROWER CREDIT FACILITY CREDITOR/TRUSTEE INITAL DATE MATURITY ORIGINAL BORROWED AMOUNT AS OF JUNE, 30 2004*
- -----------------------------------------------------------------------------------------------------------------------------------
Net Servicos IFC Investment(1) IFC 30/03/1995 15/10/2004 USD 17.100.000,00 19.087.394,61
Net Servicos Senior Guaranteed Wells Fargo 18/06/1996 18/06/2004 USD 185.000.000,00 382.679.958,00
Notes(2)
Net Servicos Working Capital Banrisul 11/04/2001 12/04/2003 R$ 25.000.000,00 35.039.026,56
Net Servicos Working Capital BBA 18/11/2002 18/12/2002 R$ 4.647.987,16 7.561.534,35
Net Servicos Working Capital (3) Unibanco 30/09/2002 30/10/2002 R$ 72.167.572,05 103.988.715,10
Net Servicos Res. 63(4) BBA 18/11/2002 18/12/2002 USD 1.949.690,89 11.486.243,27
Net Servicos Res. 63(4) BBA 18/11/2002 18/12/2002 USD 1.951.434,13 11.496.513,25
Net Servicos Res. 63(4) BBA 18/11/2002 18/12/2002 USD 1.811.880,67 10.674.359,85
Net Servicos Res. 63(4) BBA 18/11/2002 18/12/2002 USD 1.642.183,21 9.674.618,65
Net Servicos Res. 63(4) BBA 18/11/2002 18/12/2002 USD 2.674.356,44 15.755.476,33
Net Servicos US$-CDI Swap(5) BBA 18/11/2002 18/12/2002 1.250.049,10
Net Servicos Res. 63 BNL 12/06/2002 10/12/2002 USD 7.000.000,00 23.803.595,57
Net Servicos 2nd Public Issuance Oliveira Trust 01/12/1999 01/12/2006 R$ 350.000.000,00 62.349.245,33
Net Servicos 3rd Public Issuance SLW 01/12/2000 01/12/2003 R$ 195.140.000,00 293.503.015,00
Net Campinas Eximbank(6) BCN 17/06/2002 16/12/2002 USD 508.209,50 218.846,18
Net Campinas Eximbank(6) Unibanco 13/04/1998 19/05/2003 USD 364.116,59 116.217,90
Net Campinas Eximbank(6) Unibanco 13/04/1998 02/06/2003 USD 635.800,07 200.346,02
Net Campinas Eximbank(6) Unibanco 27/04/1998 02/06/2003 USD 342.868,14 108.041,12
Net Rio IFC Investment(1) IFC 30/03/1995 15/10/2004 USD 7.700.000,00 8.593.187,74
Net Rio Working Capital (3) Boston 30/09/2002 30/10/2002 R$ 6.733.964,16 9.703.198,56
Reyc Working Capital BBA 18/11/2002 18/12/2002 R$ 1.963.917,11 3.194.980,15
Reyc Working Capital BBA 18/11/2002 18/12/2002 R$ 1.100.686,22 1.790.641,06
Reyc Working Capital (3) Boston 30/09/2002 30/10/2002 R$ 3.951.962,06 5.694.516,88
Reyc Working Capital (7) Brascan 29/11/2002 30/12/2002 R$ 12.885.300,00 17.492.032,21
Reyc Fixed Rate-CDI Swap (8) Brascan 29/11/2002 30/12/2002 72.182,47
Reyc Finimp Banco do Brasil 16/07/2002 13/12/2002 USD 8.027.243,32 27.178.780,43
Reyc Finimp Banco do Brasil 12/11/2002 06/01/2003 USD 5.268.860,92 18.244.171,42
Reyc Finimp Banco do Brasil 28/11/2002 06/01/2003 USD 2.024.459,30 6.902.734,97
Reyc Res. 63 Santander 21/03/2003 22/04/2003 USD 2.647.571,50 11.975.032,97
DR Working Capital BBA 18/11/2002 18/12/2002 R$ 2.745.332,90 4.466.219,10
DR IFC Investment(1) IFC 30/03/1995 15/10/2004 USD 8.000.000,00 8.927.987,09
Net Parana Finimp Banco do Brasil 13/11/2002 06/01/2003 USD 136.606,00 473.140,15
Net Parana IFC Investment(1) IFC 30/03/1995 15/10/2004 USD 2.200.000,00 2.455.196,53
Net Sul Floating Rate Notes Wells Fargo 31/10/1997 15/10/2005 USD 48.000.000,00 161.249.666,60
Net Sul Floating Rate Notes Wells Fargo 31/10/1997 15/10/2005 USD 32.000.000,00 80.835.569,97
Vicom Eximbank(6) Boston 20/10/1997 15/07/2003 USD 2.125.000,00 874.960,16
Vicom Eximbank(6) Boston 22/06/1998 04/08/2004 USD 3.954.285,00 3.125.632,29
Vicom Eximbank(6) Boston 19/08/1999 08/08/2005 USD 2.400.000,00 3.229.618,54
Total 1.365.472.645,50
- ----------
(1) IFC Loan currently subrogated by Globopar; Original Debt Amount only
includes a line of credit
(2) Multicanal Senior Guaranteed Notes due with a 5% interest, not included at
the principal amount
(3) Interest due over the contractual period adjusted at the original term date
(4) Line of Credit ref. Res. 63 covered by a US$ x CDI swap; effective interests
from the line of credit of CDI + 5.0%
(5) US$-CDI Swap Contract that covered the line of credit ref. Res. 63, causing
an effective rate of CDI + 5.0% per year; Ideal initial value of US$
10,029,545.34
(6) The Outstanding Principal Amount reflects the debt balance after the
committed amortizations discount; the Original Debt Amount includes the maximum
loan amount allowed by the line of credit
(7) Working Capital Line of Credit covered by a Fixed Rate-CDI Swap;
(8) Fixed Rate-CDI Swap Contract that covered the Working Capital Line of
Credit; ideal initial amount of R$ 12,885,300.00
* Includes the outstandig principal amount and accumulated interest not paid
since March, 31st, 2004, excluding commissions or penalties, based on the
information existing at the Company's books and records, without adverse effects
to the owners of the respective rights of credit
Ptax 30/06/04 3,1075
33
SCHEDULE 10 TO THE INTERCREDITOR AGREEMENT
CONFIDENTIALITY LETTER
(FREE TRANSLATION)
PRIVATE AND CONFIDENTIAL
- ------------------------
[DATE]
Net Servicos de Comunicacao S.A
Rua Verbo Divino, 1,356
Chacara Santo Antonio - Sao Paulo - SP - Brasil
CEP: 04719-002
Attention: Sr. Andre Muller Borges
Sr. Leonardo P. G. Pereira
Net Servicos de Comunicacao S.A
Confidentiality Agreement
Dear Sirs:
We make reference to that certain Intercreditor Agreement, dated
[____], 2005 (as amended, supplemented or otherwise modified from time to time,
the "Intercreditor Agreement"), among Net Servicos de Comunicacao S.A., a
Brazilian sociedade por acoes (the "Company"), its Subsidiaries party thereto
(as listed in Exhibit 1 thereto), the Creditors party thereto (as listed in
Exhibit 2 thereto), and Banco Itau S.A., a Brazilian financial institution (the
"Collateral Agent"). Capitalized terms used herein without definition shall have
the meanings ascribed thereto in the Intercreditor Agreement.
Whereas we desire to have access to certain information relating to
the Company, its Subsidiaries and/or their respective businesses and operations.
Whereas, pursuant to the terms of Section 10.14 of the Intercreditor Agreement,
it is a condition precedent to us having access to such information that we
enter into this letter agreement with the Company. Therefore, we hereby agree as
follows:
1. We hereby represent and warrant to the Company that:
(a) we are not a Competitor; and
[(b) we are a Restructuring Creditor holding Secured
Obligations in an outstanding principal amount that, if no
amortization has occurred, would reflect an amount of at least
US$1,000,000 (or the Applicable
Brazilian Currency Equivalent) as of the date such Secured
Obligations were first issued.]1
[(b) we are the [transferee][potential transferee] 2 of a
Creditor with respect to Secured Obligations in an outstanding
principal amount that, if no amortization has occurred, would
reflect an amount of at least US$1,000,000 (or the Applicable
Brazilian Currency Equivalent) as of the date such Secured
Obligations were first issued.] 3
2. We hereby agree to keep confidential any information (a) provided
to us by or on behalf of the Company, any of its Subsidiaries and/or the
Collateral Agent pursuant to or in connection with any Security Agreement and/or
the Intercreditor Agreement or (b) otherwise obtained by us from the Company
and/or any of its Subsidiaries, in either case that is identified by the Company
as confidential at the time of delivery either to us or the Collateral Agent,
provided that nothing herein shall prevent us from disclosing any such
information (i) if we are a Creditor, to any potential purchaser or transferee
of Secured Obligations held by us in an outstanding principal amount that, if no
amortization has occurred, would reflect an amount of at least US$1,000,000 (or
the Applicable Brazilian Currency Equivalent) as of the date such Secured
Obligations were first issued, and which agrees, in a letter addressed to the
Company in the form attached to the Intercreditor Agreement as Exhibit 10, to
keep such information confidential on the terms set forth in such form letter,
provided that no such information shall be provided by us to (x) any Person
until at least five Business Days have passed since the date on which written
notice of the initial disclosure to such person has been given to the Company by
us (which notice shall specify the name and address of such Person) or (y) any
Person that is, and is identified by the Company to the Collateral Agent as, a
Competitor, (ii) to our affiliates and our employees, officers, directors,
agents, attorneys, accountants and other professional advisors to the extent
that disclosure thereto is reasonably appropriate in connection with our
performance of our duties and obligations under the Intercreditor Agreement,
provided that no such information shall be provided by us to any Person that is,
and is identified by the Company to the Collateral Agent as, a Competitor and
provided further that we shall inform each such Person of the agreement under
this letter agreement and take reasonable steps to cause compliance by any such
Person referred to in this clause (ii) with this letter agreement, (iii) upon
the request or demand of any governmental authority having jurisdiction over us
or our affiliates or to the extent required in response to any order of any
court or other governmental authority or as shall
- ---------------------------
1 NOTE: DELETE AS APPLICABLE
2 NOTE: DELETE AS APPLICABLE
3 NOTE: DELETE AS APPLICABLE
2
otherwise be required pursuant to any Requirement of Law, provided that we
shall, unless prohibited by any requirement of law, notify the Company of any
disclosure pursuant to this clause within a reasonable period prior to making
such disclosure, (iv) which is publicly available other than as a result of a
breach of the confidentiality requirements described herein, (v) in connection
with periodic regulatory examinations and reviews conducted by any governmental
authority having jurisdiction over us or our affiliates (to the extent
applicable), (vi) in connection with any litigation to which we may be a party,
subject to the proviso in clause (ii), or (vii) if, prior to such information
having been so provided or obtained, such information was already in our
possession on a non-confidential basis without a duty of confidentiality to the
Company being violated.
3. We hereby agree that money damages would not be a sufficient remedy
for any breach of this letter agreement by us and that in addition to all other
remedies the Company may be entitled to specific performance and to injunctive
or other equitable relief as a remedy for any such breach, it being understood
that, for the purpose of seeking a preliminary injunction or performance, proof
of actual damages will not be necessary.
4. This letter agreement contains the entire agreement between you and
us concerning the subject matter hereof. No amendment, modification or discharge
of this letter agreement, and no waiver hereunder, shall be valid or binding
unless set forth in writing and signed by you and us. Any such waiver by the
Company shall constitute a waiver only with respect to the specific matter
described in such writing and shall in no way impair the Company's rights in any
other respect or at any other time. If any term or provision of this letter
agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms and provisions of this letter
agreement shall remain in full force and effect and shall in no way be affected,
impaired or invalidated. We also agree that no failure or delay by you in
exercising any right, power or privilege under this letter agreement will
operate as a waiver thereof, nor will any single or partial exercise thereof
preclude any other or further exercise thereof or the exercise of any right,
power or privilege under this letter agreement. The terms and conditions of this
letter agreement shall survive until the 3rd anniversary of the date of
termination of the Intercreditor Agreement. This letter agreement shall become
effective when executed by us and the Company.
5. This letter agreement shall be governed by and construed in
accordance with the laws of Brazil, without giving effect to its conflict of
laws principles or rules to the extent that the application of the law of
another jurisdiction would be required thereby.
3
Very truly yours,
[INSERT NAME]
By
-------------------------------
Name:
Title:
Confirmed and agreed to by:
NET SERVICOS DE COMUNICACAO S.A
By
-------------------------------
Name:
Title:
Date:
CC. Banco Itau S.A., Attention: Sr. Antonio Carlos Rodrigues
4