EXHIBIT 10.15
EXECUTION COPY
DATED the 20th day of September 2004
XXXXXXXXX INTERNATIONAL LIMITED (1)
XXXXXXXXX TELECOMMUNICATIONS
INTERNATIONAL (HK) LIMITED (2)
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LOAN ASSIGNMENT AGREEMENT
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THIS LOAN ASSIGNMENT AGREEMENT is made the 20th day of September 2004
BETWEEN
(1) XXXXXXXXX INTERNATIONAL LIMITED, a company incorporated in Hong Kong whose
registered office is at 00/X Xxxxxxxxx Xxxxx, 00 Xxxxxxxx Xxxx, Xxxx Xxxx
(the "Assignor"); and
(2) XXXXXXXXX TELECOMMUNICATIONS INTERNATIONAL (HK) LIMITED, a company
incorporated in Hong Kong whose registered office is at 00/X Xxxxxxxxx
Xxxxx, 00 Xxxxxxxx Xxxx, Xxxx Xxxx (the "Assignee").
WHEREAS:
(A) Pursuant to a Sale and Purchase Agreement of even date hereof (the "Share
Sale and Purchase Agreement"), HTI (BVI) Holdings Limited agreed to
purchase, and Xxxxxxxxx Telecommunications Limited agreed to sell, 320
shares of US$1.00 each in Xxxxxxxxx Global Communications Investment
Holding Limited, which in turn holds interest in the group companies as set
out in Schedule 2 thereto.
(B) Pursuant to a Loan Facility Agreement dated 12 March 2004 (the "Loan
Facility Agreement"), the Assignor agreed to make available a Loan Facility
to Xxxxxxxxx Global Communications Holdings Limited in the amount of
HK$1,000,000,000, of which Xxxxxxxxx Global Communications Holdings Limited
is at 30 June 2004 indebted to the Assignor in the amount of
HK$310,827,962.40 (the "Loan"), together with interest accrued in respect
thereof.
(C) The Loan is repayable and interest charged in accordance with the
provisions set out in the Loan Facility Agreement.
(D) Subject to completion of the Share Sale and Purchase Agreement, the
Assignee agreed to acquire from the Assignor, and the Assignor agreed to
sell to the Assignee, all the benefit and interest of the Assignor in the
Loan and the Loan Facility Agreement on the terms and subject to the
conditions set out herein.
NOW THIS AGREEMENT WITNESSETH as follows:
1. In consideration of the sum of HK$310,827,962.40 (receipt of which is
hereby acknowledged by the Assignor), the Assignor as legal and beneficial
owner hereby assigns unto the Assignee absolutely all its rights, title and
interest in the Loan and the Loan Facility Agreement together with all
rights attaching thereto (the
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"Assigned Rights") TO HOLD the same unto the Assignee absolutely. The
Assignee hereby acquires the Assigned Rights absolutely.
2. The Assignor hereby warrants to the Assignee that:
(a) the Loan is repayable on demand and is still valid and subsisting and
free from all claims, charges, liens, encumbrances, options, equities
of any kind, compromise, releases, waivers, defects, and any agreement
for any of the same; and
(b) the Assignor has the right, authority and power to assign its benefit
of and in the Loan in the manner set out in this Agreement.
3. The parties hereto acknowledge and confirm that as from the date hereof the
Loan is owed to the Assignee, that the Assignee is entitled at any time and
from time to time to require repayment of all or part of the same
(including but without limitation interest accrued from time to time
thereon) and that all payments due in respect of the Loan and all its
obligations in respect thereof will be made and discharged directly to the
Assignee.
4. The Assignor hereby covenants with the Assignee to pay to the Assignee
immediately on receipt any payments or other money which may be received by
the Assignor from Xxxxxxxxx Global Communications Holdings Limited in
respect of the Loan and until such payment to hold the same on trust for
the Assignee.
5. All payments made by the Assignee under Clause 1 of this Agreement shall be
made gross, free of any rights of counterclaim or set-off and without any
deductions or withholdings of any nature.
6. Each party hereto undertakes to the other parties that it will do all such
things and execute all such documents as may be necessary or desirable to
carry into effect or to give legal effect to the provisions of this
Agreement and the transactions hereby contemplated.
7. Each party undertakes that it shall not reveal, and shall cause its
shareholders, directors, senior executives, employees and agents not to
reveal, to any third party any information concerning the transactions
contemplated hereunder and/or the contents hereof (collectively,
"Confidential Information") without the prior written approval of the other
party hereto.
Nothing in this Clause 7 shall prevent a party hereto from using or
disclosing any Confidential Information which (a) is already known by such
party at the time it is disclosed to it; (b) has been rightfully received
by such party from a third party without a breach of an obligation of
confidentiality; (c) is in the public domain through no wrongful act of
such party; (d) is independently developed by such
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party without use, directly or indirectly, of the Confidential Information;
(e) is required to be disclosed by applicable law, regulation or legal
process or by judicial order; or (f) is in connection with the proposed
spin off and listing of Xxxxxxxxx Telecommunications International Limited.
Notwithstanding anything contained in this Agreement, each party
acknowledges and agrees that the other party(ies) may be required by law or
any competent regulatory body (including but without limitation to The
Stock Exchange of Hong Kong Limited and the Securities and Futures
Commission) to issue time sensitive and/or urgent announcements relating to
this Agreement or matters contemplated under this Agreement. Each party
shall procure to be provided to the other parties a copy of each drafts of
such time sensitive and/or urgent announcements promptly, and shall
consider in good faith any comments provided to it in a timely manner by
the other parties to the extent reasonably practicable within the time
frame stipulated by law or by the relevant competent regulatory body.
8. Any notice required or permitted to be given by or under this Agreement
shall be given in writing by delivering it to the party concerned to the
address or facsimile number of that party below or such other address or
facsimile number as the party concerned may have notified to the others in
accordance with this Clause 8. Any such notice shall be deemed to be served
if sent by hand at the time of delivery, or if sent by facsimile, on the
date of complete transmission, or if sent by post, the third day after
posting, or if sooner upon acknowledgement of receipt by or on behalf of
the party to which it is addressed.
Assignor:
Address: 00xx Xxxxx, Xxxxxxxxx Xxxxx, 00 Xxxxxxxx Xxxx, Xxxx Xxxx
Attention: Company Secretary
Fax No.: (000) 0000 0000
Assignee:
Address: 00xx Xxxxx, Xxxxxxxxx Xxxxx, 00 Xxxxxxxx Xxxx, Xxxx Xxxx
Attention: Company Secretary
Fax No.: (000) 0000 0000
9. This Agreement is governed by and shall be construed in accordance with the
laws of the Hong Kong Special Administrative Region of the People's
Republic of China ("Hong Kong") for the time being in force and the parties
hereto hereby irrevocably submit to the non-exclusive jurisdiction of the
Hong Kong courts in relation to any proceedings arising out of or in
connection with this Agreement.
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IN WITNESS whereof this Loan Assignment Agreement has been duly signed on the
date first above written.
Signed by )
Xxxxx Xxxx )
For and on behalf of ) /s/ Xxxxx Xxxx
XXXXXXXXX INTERNATIONAL LIMITED ) -------------------------------
was hereunto affixed in the presence of : )
/s/ Xxxxxxxx Xxx
-------------------------------
Signed by )
Xxxx Xxxx )
For and on behalf of )
XXXXXXXXX TELECOMMUNICATIONS ) /s/ Xxxx Xxxx
INTERNATIONAL (HK) LIMITED ) -------------------------------
was hereunto affixed in the presence of : )
/s/ Xxxxxx X. Xxxxx
-------------------------------
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