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10-Q - QUARTERLY REPORT - NTS, INC.nts_10q.htm
EX-31.1 - CERTIFICATION - NTS, INC.nts_ex311.htm
EXCEL - IDEA: XBRL DOCUMENT - NTS, INC.Financial_Report.xls
EX-32.2 - CERTIFICATION - NTS, INC.nts_ex322.htm
EX-32.1 - CERTIFICATION - NTS, INC.nts_ex321.htm
EX-31.2 - CERTIFICATION - NTS, INC.nts_ex312.htm
EXHIBIT 10.150
 
AMENDMENT NO. 2 TO
THE TERM LOAN, GUARANTEE AND SECURITY AGREEMENT

This AMENDMENT NO. 2 dated as of August 9, 2012 (this “Amendment”) to the Term Loan, Guarantee and Security Agreement dated as of October 6, 2011 as amend by that certain Amended & Restated Consent, Waiver & Amendment Agreement dated as of November 1, 2011 and by Amendment No. 1 dated as of June 22, 2012 (as so amended, the “Existing Credit Agreement”, and as amended by this Amendment and as the same may be further amended, supplemented or otherwise modified from time to time, the “Credit Agreement”) is agreed among NTS INC. (f/k/a Xfone, Inc.), a Nevada corporation, XFONE USA, INC., a Mississippi corporation, NTS COMMUNICATIONS, INC., a Texas corporation, GULF COAST UTILITIES, INC., a Mississippi corporation, EXPETEL COMMUNICATIONS, INC., a Mississippi corporation, NTS CONSTRUCTION COMPANY, a Texas corporation, GAREY M. WALLACE COMPANY, INC., a Texas corporation, MIDCOM OF ARIZONA, INC., an Arizona corporation, COMMUNICATIONS BROKERS, INC., a Texas corporation, and NTS MANAGEMENT COMPANY, LLC, a Texas limited liability company (collectively referred to herein as the “Borrower”), the other Credit Parties signatory thereto, and ICON AGENT, LLC, a Delaware limited liability company, as agent (in such capacity, “Agent”) for the several financial institutions from time to time party to the Credit Agreement (each herein referred to as a “Lender” and collectively, the “Lenders”).
 
The Borrower, the other Credit Parties, the Lenders and Agent each hereby agree as follows:
 
1. Defined Terms.  All capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Existing Credit Agreement.
 
2. Amendment
 
A. Schedule B to the Existing Credit Agreement is hereby deleted in its entirety and replaced with the attached Exhibit A.
 
B. Schedule 1 to the Closing Date Note in favor of ICON ECI Fund Fifteen, L.P. is hereby deleted in its entirety and replaced by Schedule 1 attached hereto as Exhibit B.
 
C. Schedule 1 to the Closing Date Note in favor of Hardwood Partners, LLC, is hereby deleted in its entirety and is replaced by Schedule 1 attached hereto as Exhibit C
 
D. Exhibit M to the Existing Credit Agreement is hereby deleted in its entirety and replaced by the attached Exhibit D.
 
3. Loan Document.  This Amendment is designated a Loan Document by Agent.
 
4. Full Force and Effect.  Except as expressly amended hereby, the Credit Agreement and the other Loan Documents shall continue unmodified and in full force and effect in accordance with the provisions thereof on the date hereof and each Credit Party reaffirms all of its obligations under the Credit Agreement and the other Loan Documents after giving effect to this Amendment.  This Amendment shall be limited precisely as drafted and shall not imply an obligation on the Agent or any Lender to consent to any matter on any future occasion. As used in the Credit Agreement, the terms “Agreement,” “this Agreement,” “this Credit Agreement,” “herein,” “hereafter,” “hereto,” “hereof” and words of similar import shall mean, unless the context otherwise requires, the Credit Agreement as amended by this Amendment.
 
 
1

 
 
5. CHOICE OF LAW.  THIS AMENDMENT SHALL IN ALL RESPECTS BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK WHICH ARE APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE.
 
6. Counterparts.  This Amendment may be executed in one or more counterparts, each of which shall constitute an original, but all of which when taken together shall constitute but one instrument.
 
7. Headings.  The headings of this Amendment are for the purposes of reference only and shall not affect the construction of this Amendment.
 
[Signature pages follow]
 
 
 
 
 
 
 
 
2

 
 
                      IN WITNESS WHEREOF, this Amendment No. 2 to the Loan, Guarantee and Security Agreement has been duly executed as of the date first written above.
 
 
NTS, INC. (f/k/a/ Xfone, Inc.), as a Guarantor   NTS CONSTRUCTION COMPANY, as Borrower
and Grantor   and Grantor
         
By:    /s/ Guy Nissenson   By:    /s/ Jerry E. Hoover
Name: 
Guy Nissenson
  Name: 
Jerry E. Hoover
Title:  
CEO
  Title:  
Treasurer
         
XFONE USA, INC., as Borrower and   GAREY M. WALLACE COMPANY, INC., as Borrower
Grantor   and Grantor
         
By:   /s/ Guy Nissenson   By:   /s/ Jerry E. Hoover
Name: 
Guy Nissenson
  Name: 
Jerry E. Hoover
Title:   
CEO
  Title:   
Treasurer
         
NTS COMMUNICATIONS, INC., as Borrower   MIDCOM OF ARIZONA, INC., as Borrower
and Grantor   and Grantor
         
By:   /s/ Guy Nissenson   By:   /s/ Jerry E. Hoover
Name: 
Guy Nissenson
  Name: 
Jerry E. Hoover
Title: 
CEO
  Title: 
Treasurer
         
GULF COAST UTILITIES, INC., as Borrower   COMMUNICATIONS BROKERS, INC., as Borrower
and Grantor   and Grantor
         
By:   /s/ Jerry E. Hoover   By:   /s/ Jerry E. Hoover
Name: 
Jerry E. Hoover
  Name: 
Jerry E. Hoover
Title:
Treasurer
  Title:
Treasurer
         
EXPETEL COMMUNICATIONS, INC., as Borrower   NTS TELEPHONE COMPANY, LLC, as
and Grantor   Government Funded SPE and Credit Party
         
By:   /s/ Jerry E. Hoover   By:   /s/ Jerry E. Hoover
Name:
Jerry E. Hoover
  Name:
Jerry E. Hoover
Title: 
Treasurer
  Title: 
Manager
         
PRIDE NETWORK, INC., as Government   N.T.S. MANAGEMENT COMPANY, L.L.C.,
Funded SPE and Credit Party   as Borrower and Grantor
         
By:   /s/ Jerry E. Hoover   By:   /s/ Jerry E. Hoover
Name: 
Jerry E. Hoover
  Name: 
Jerry E. Hoover
Title:    
Treasurer
  Title:    
Manager
 
 
3

 

 
ICON AGENT, LLC, as Agent for the Lenders
   
  By:  IEMC Corp., its Manager
     
  By:   
/s/ Michael Reisner
  Name: 
Michael Reisner
  Title:  
Co-President & Co-CEO
     
 
ICON ECI PARTNERS, L.P., as a Lender
   
 
By:  ICON ECI GP, LLC, its General Partner
     
  By:  
/s/ Michael Reisner
  Name: 
Michael Reisner
  Title:   
Co-President & Co-CEO
     
 
ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P., as a Lender
   
 
By:  ICON GP 14, LLC, its General Partner
     
  By:  
/s/ Michael Reisner
  Name: 
Michael Reisner
  Title: 
Co-President & Co-CEO
     
 
ICON ECI FUND FIFTEEN, L.P., as a Lender
   
 
By:  ICON GP 15, LLC, its General Partner
     
  By:  
/s/ Michael Reisner
  Name: 
Michael Reisner
  Title:
Co-President & Co-CEO
     
 
HARDWOOD PARTNERS, LLC, as a Lender
     
  By:  
/s/ John Koren
  Name:
John Koren
  Title: 
Manager
 
 
4

 
 
Exhibit  A

SCHEDULE B

CLOSING DATE TERM LOAN COMMITMENTS

Lender
 
Closing Date Term Loan Commitments
 
       
ICON ECI Fund Fifteen, L.P.
  $ 6,850,000  
ICON ECI Partners, L.P.
  $ 150,000  
Hardwood Partners, LLC
  $ 500,000  

  AMORTIZATION OF THE LOAN
 
The Loan will amortize in sixty-eight (68) monthly payments as follows:

Payment Date
 
Interest
   
Principal
   
Balance o/s
 
01-Nov-11
              $ 7,500,000  
01-Dec-11
  $ 79,687.50     $ -     $ 7,500,000  
01-Jan-12
  $ 82,343.75     $ -     $ 7,500,000  
01-Feb-12
  $ 82,343.75     $ -     $ 7,500,000  
01-Mar-12
  $ 77,031.25     $ -     $ 7,500,000  
01-Apr-12
  $ 82,343.75     $ -     $ 7,500,000  
01-May-12
  $ 79,687.50     $ -     $ 7,500,000  
01-Jun-12
  $ 82,343.75     $ -     $ 7,500,000  
01-Jul-12
  $ 79,687.50     $ -     $ 7,500,000  
01-Aug-12
  $ 82,343.75     $ -     $ 7,500,000  
01-Sep-12
  $ 82,343.75     $ -     $ 7,500,000  
01-Oct-12
  $ 79,687.50     $ -     $ 7,500,000  
01-Nov-12
  $ 82,343.75     $ -     $ 7,500,000  
01-Dec-12
  $ 79,687.50     $ -     $ 7,500,000  
01-Jan-13
  $ 82,343.75     $ -     $ 7,500,000  
01-Feb-13
  $ 82,343.75     $ -     $ 7,500,000  
01-Mar-13
  $ 74,375.00     $ -     $ 7,500,000  
01-Apr-13
  $ 82,343.75     $ -     $ 7,500,000  
01-May-13
  $ 79,687.50     $ -     $ 7,500,000  
01-Jun-13
  $ 82,343.75     $ -     $ 7,500,000  
01-Jul-13
  $ 79,687.50     $ -     $ 7,500,000  
01-Aug-13
  $ 82,343.75     $ 93,750     $ 7,406,250  
01-Sep-13
  $ 81,314.45     $ 93,750     $ 7,312,500  
01-Oct-13
  $ 77,695.31     $ 93,750     $ 7,218,750  
01-Nov-13
  $ 79,255.86     $ 93,750     $ 7,125,000  
01-Dec-13
  $ 75,703.13     $ 93,750     $ 7,031,250  
01-Jan-14
  $ 77,197.27     $ 93,750     $ 6,937,500  
 
 
5

 
 
Payment Date
 
Interest
   
Principal
   
Balance o/s
 
                   
01-Feb-14
  $ 76,167.97     $ 93,750     $ 6,843,750  
01-Mar-14
  $ 67,867.19     $ 93,750     $ 6,750,000  
01-Apr-14
  $ 74,109.38     $ 93,750     $ 6,656,250  
01-May-14
  $ 70,722.66     $ 93,750     $ 6,562,500  
01-Jun-14
  $ 72,050.78     $ 93,750     $ 6,468,750  
01-Jul-14
  $ 68,730.47     $ 93,750     $ 6,375,000  
01-Aug-14
  $ 69,992.19     $ 93,750     $ 6,281,250  
01-Sep-14
  $ 68,962.89     $ 93,750     $ 6,187,500  
01-Oct-14
  $ 65,742.19     $ 93,750     $ 6,093,750  
01-Nov-14
  $ 66,904.30     $ 93,750     $ 6,000,000  
01-Dec-14
  $ 63,750.00     $ 93,750     $ 5,906,250  
01-Jan-15
  $ 64,845.70     $ 93,750     $ 5,812,500  
01-Feb-15
  $ 63,816.41     $ 93,750     $ 5,718,750  
01-Mar-15
  $ 56,710.94     $ 93,750     $ 5,625,000  
01-Apr-15
  $ 61,757.81     $ 93,750     $ 5,531,250  
01-May-15
  $ 58,769.53     $ 93,750     $ 5,437,500  
01-Jun-15
  $ 59,699.22     $ 93,750     $ 5,343,750  
01-Jul-15
  $ 56,777.34     $ 93,750     $ 5,250,000  
01-Aug-15
  $ 57,640.63     $ 93,750     $ 5,156,250  
01-Sep-15
  $ 56,611.33     $ 93,750     $ 5,062,500  
01-Oct-15
  $ 53,789.06     $ 93,750     $ 4,968,750  
01-Nov-15
  $ 54,552.73     $ 93,750     $ 4,875,000  
01-Dec-15
  $ 51,796.88     $ 93,750     $ 4,781,250  
01-Jan-16
  $ 52,494.14     $ 93,750     $ 4,687,500  
01-Feb-16
  $ 51,464.84     $ 93,750     $ 4,593,750  
01-Mar-16
  $ 47,181.64     $ 93,750     $ 4,500,000  
01-Apr-16
  $ 49,406.25     $ 93,750     $ 4,406,250  
01-May-16
  $ 46,816.41     $ 93,750     $ 4,312,500  
01-Jun-16
  $ 47,347.66     $ 93,750     $ 4,218,750  
01-Jul-16
  $ 44,824.22     $ 93,750     $ 4,125,000  
01-Aug-16
  $ 45,289.06     $ 93,750     $ 4,031,250  
01-Sep-16
  $ 44,259.77     $ 93,750     $ 3,937,500  
01-Oct-16
  $ 41,835.94     $ 93,750     $ 3,843,750  
01-Nov-16
  $ 42,201.17     $ 93,750     $ 3,750,000  
01-Dec-16
  $ 39,843.75     $ 93,750     $ 3,656,250  
01-Jan-17
  $ 40,142.58     $ 93,750     $ 3,562,500  
01-Feb-17
  $ 39,113.28     $ 93,750     $ 3,468,750  
01-Mar-17
  $ 34,398.44     $ 93,750     $ 3,375,000  
01-Apr-17
  $ 37,054.69     $ 93,750     $ 3,281,250  
01-May-17
  $ 34,863.28     $ 93,750     $ 3,187,500  
01-Jun-17
  $ 34,996.09     $ 93,750     $ 3,093,750  
01-Jul-17
  $ 32,871.09     $ 3,093,750     $ 0  
 
 
6

 
 
AMENDMENT DATE TERM LOAN COMMITMENTS

Lender
 
Amendment Date Term Loan Commitments
 
       
ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P.
  $ 1,855,000  
ICON ECI Fund Fifteen, L.P.
  $ 1,540,000  
Hardwood Partners, LLC
  $ 105,000  

AMORTIZATION OF THE LOAN
 
The Loan will amortize in sixty (60) monthly payments as follows:

Payment Date
 
Interest
   
Principal
   
Balance o/s
 
01-Jul-12
  $ -     $ -     $ 3,500,000  
01-Aug-12
  $ 38,427     $ -     $ 3,500,000  
01-Sep-12
  $ 38,427     $ -     $ 3,500,000  
01-Oct-12
  $ 37,188     $ -     $ 3,500,000  
01-Nov-12
  $ 38,427     $ -     $ 3,500,000  
01-Dec-12
  $ 37,188     $ -     $ 3,500,000  
01-Jan-13
  $ 38,427     $ -     $ 3,500,000  
01-Feb-13
  $ 38,427     $ -     $ 3,500,000  
01-Mar-13
  $ 34,708     $ -     $ 3,500,000  
01-Apr-13
  $ 38,427     $ -     $ 3,500,000  
01-May-13
  $ 37,188     $ -     $ 3,500,000  
01-Jun-13
  $ 38,427     $ -     $ 3,500,000  
01-Jul-13
  $ 37,188     $ -     $ 3,500,000  
01-Aug-13
  $ 38,427     $ 43,750     $ 3,456,250  
01-Sep-13
  $ 37,947     $ 43,750     $ 3,412,500  
01-Oct-13
  $ 36,258     $ 43,750     $ 3,368,750  
01-Nov-13
  $ 36,986     $ 43,750     $ 3,325,000  
01-Dec-13
  $ 35,328     $ 43,750     $ 3,281,250  
01-Jan-14
  $ 36,025     $ 43,750     $ 3,237,500  
01-Feb-14
  $ 35,545     $ 43,750     $ 3,193,750  
01-Mar-14
  $ 31,671     $ 43,750     $ 3,150,000  
01-Apr-14
  $ 34,584     $ 43,750     $ 3,106,250  
01-May-14
  $ 33,004     $ 43,750     $ 3,062,500  
01-Jun-14
  $ 33,624     $ 43,750     $ 3,018,750  
01-Jul-14
  $ 32,074     $ 43,750     $ 2,975,000  
01-Aug-14
  $ 32,663     $ 43,750     $ 2,931,250  
01-Sep-14
  $ 32,183     $ 43,750     $ 2,887,500  
01-Oct-14
  $ 30,680     $ 43,750     $ 2,843,750  
 
 
7

 
 
Payment Date  
Interest
   
Principal
   
Balance o/s
 
                   
01-Nov-14
  $ 31,222     $ 43,750     $ 2,800,000  
01-Dec-14
  $ 29,750     $ 43,750     $ 2,756,250  
01-Jan-15
  $ 30,261     $ 43,750     $ 2,712,500  
01-Feb-15
  $ 29,781     $ 43,750     $ 2,668,750  
01-Mar-15
  $ 26,465     $ 43,750     $ 2,625,000  
01-Apr-15
  $ 28,820     $ 43,750     $ 2,581,250  
01-May-15
  $ 27,426     $ 43,750     $ 2,537,500  
01-Jun-15
  $ 27,860     $ 43,750     $ 2,493,750  
01-Jul-15
  $ 26,496     $ 43,750     $ 2,450,000  
01-Aug-15
  $ 26,899     $ 43,750     $ 2,406,250  
01-Sep-15
  $ 26,419     $ 43,750     $ 2,362,500  
01-Oct-15
  $ 25,102     $ 43,750     $ 2,318,750  
01-Nov-15
  $ 25,458     $ 43,750     $ 2,275,000  
01-Dec-15
  $ 24,172     $ 43,750     $ 2,231,250  
01-Jan-16
  $ 24,497     $ 43,750     $ 2,187,500  
01-Feb-16
  $ 24,017     $ 43,750     $ 2,143,750  
01-Mar-16
  $ 22,018     $ 43,750     $ 2,100,000  
01-Apr-16
  $ 23,056     $ 43,750     $ 2,056,250  
01-May-16
  $ 21,848     $ 43,750     $ 2,012,500  
01-Jun-16
  $ 22,096     $ 43,750     $ 1,968,750  
01-Jul-16
  $ 20,918     $ 43,750     $ 1,925,000  
01-Aug-16
  $ 21,135     $ 43,750     $ 1,881,250  
01-Sep-16
  $ 20,655     $ 43,750     $ 1,837,500  
01-Oct-16
  $ 19,523     $ 43,750     $ 1,793,750  
01-Nov-16
  $ 19,694     $ 43,750     $ 1,750,000  
01-Dec-16
  $ 18,594     $ 43,750     $ 1,706,250  
01-Jan-17
  $ 18,733     $ 43,750     $ 1,662,500  
01-Feb-17
  $ 18,253     $ 43,750     $ 1,618,750  
01-Mar-17
  $ 16,053     $ 43,750     $ 1,575,000  
01-Apr-17
  $ 17,292     $ 43,750     $ 1,531,250  
01-May-17
  $ 16,270     $ 43,750     $ 1,487,500  
01-Jun-17
  $ 16,332     $ 43,750     $ 1,443,750  
01-Jul-17
  $ 15,340     $ 1,443,750     $ 0  

 
8

 
 
EXHIBIT B

Schedule 1  to the ICON ECI Fund Fifteen, L.P.
Closing Date Term Loan Note

SCHEDULE 1 TO TERM NOTE DATED OCTOBER 27, 2011

IN THE ORIGINAL PRINCIPAL AMOUNT OF $6,850,000.00

MADE BY
XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule

The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 68 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

Payment Date
 
Interest
   
Principal
   
Balance o/s
 
01-Nov-11
  $ -     $ -     $ 6,850,000  
01-Dec-11
  $ 72,781     $ -     $ 6,850,000  
01-Jan-12
  $ 75,207     $ -     $ 6,850,000  
01-Feb-12
  $ 75,207     $ -     $ 6,850,000  
01-Mar-12
  $ 70,355     $ -     $ 6,850,000  
01-Apr-12
  $ 75,207     $ -     $ 6,850,000  
01-May-12
  $ 72,781     $ -     $ 6,850,000  
01-Jun-12
  $ 75,207     $ -     $ 6,850,000  
01-Jul-12
  $ 72,781     $ -     $ 6,850,000  
01-Aug-12
  $ 75,207     $ -     $ 6,850,000  
01-Sep-12
  $ 75,207     $ -     $ 6,850,000  
01-Oct-12
  $ 72,781     $ -     $ 6,850,000  
01-Nov-12
  $ 75,207     $ -     $ 6,850,000  
01-Dec-12
  $ 72,781     $ -     $ 6,850,000  
01-Jan-13
  $ 75,207     $ -     $ 6,850,000  
01-Feb-13
  $ 75,207     $ -     $ 6,850,000  
01-Mar-13
  $ 67,929     $ -     $ 6,850,000  
01-Apr-13
  $ 75,207     $ -     $ 6,850,000  
01-May-13
  $ 72,781     $ -     $ 6,850,000  
01-Jun-13
  $ 75,207     $ -     $ 6,850,000  
01-Jul-13
  $ 72,781     $ -     $ 6,850,000  
01-Aug-13
  $ 75,207     $ 85,625     $ 6,764,375  
01-Sep-13
  $ 74,267     $ 85,625     $ 6,678,750  
01-Oct-13
  $ 70,962     $ 85,625     $ 6,593,125  
01-Nov-13
  $ 72,387     $ 85,625     $ 6,507,500  
01-Dec-13
  $ 69,142     $ 85,625     $ 6,421,875  
 
 
9

 
 
Payment Date  
Interest
   
Principal
   
Balance o/s
 
01-Jan-14
  $ 70,507     $ 85,625     $ 6,336,250  
01-Feb-14
  $ 69,567     $ 85,625     $ 6,250,625  
01-Mar-14
  $ 61,985     $ 85,625     $ 6,165,000  
01-Apr-14
  $ 67,687     $ 85,625     $ 6,079,375  
01-May-14
  $ 64,593     $ 85,625     $ 5,993,750  
01-Jun-14
  $ 65,806     $ 85,625     $ 5,908,125  
01-Jul-14
  $ 62,774     $ 85,625     $ 5,822,500  
01-Aug-14
  $ 63,926     $ 85,625     $ 5,736,875  
01-Sep-14
  $ 62,986     $ 85,625     $ 5,651,250  
01-Oct-14
  $ 60,045     $ 85,625     $ 5,565,625  
01-Nov-14
  $ 61,106     $ 85,625     $ 5,480,000  
01-Dec-14
  $ 58,225     $ 85,625     $ 5,394,375  
01-Jan-15
  $ 59,226     $ 85,625     $ 5,308,750  
01-Feb-15
  $ 58,286     $ 85,625     $ 5,223,125  
01-Mar-15
  $ 51,796     $ 85,625     $ 5,137,500  
01-Apr-15
  $ 56,405     $ 85,625     $ 5,051,875  
01-May-15
  $ 53,676     $ 85,625     $ 4,966,250  
01-Jun-15
  $ 54,525     $ 85,625     $ 4,880,625  
01-Jul-15
  $ 51,857     $ 85,625     $ 4,795,000  
01-Aug-15
  $ 52,645     $ 85,625     $ 4,709,375  
01-Sep-15
  $ 51,705     $ 85,625     $ 4,623,750  
01-Oct-15
  $ 49,127     $ 85,625     $ 4,538,125  
01-Nov-15
  $ 49,825     $ 85,625     $ 4,452,500  
01-Dec-15
  $ 47,308     $ 85,625     $ 4,366,875  
01-Jan-16
  $ 47,945     $ 85,625     $ 4,281,250  
01-Feb-16
  $ 47,005     $ 85,625     $ 4,195,625  
01-Mar-16
  $ 43,093     $ 85,625     $ 4,110,000  
01-Apr-16
  $ 45,124     $ 85,625     $ 4,024,375  
01-May-16
  $ 42,759     $ 85,625     $ 3,938,750  
01-Jun-16
  $ 43,244     $ 85,625     $ 3,853,125  
01-Jul-16
  $ 40,939     $ 85,625     $ 3,767,500  
01-Aug-16
  $ 41,364     $ 85,625     $ 3,681,875  
01-Sep-16
  $ 40,424     $ 85,625     $ 3,596,250  
01-Oct-16
  $ 38,210     $ 85,625     $ 3,510,625  
01-Nov-16
  $ 38,544     $ 85,625     $ 3,425,000  
01-Dec-16
  $ 36,391     $ 85,625     $ 3,339,375  
01-Jan-17
  $ 36,664     $ 85,625     $ 3,253,750  
01-Feb-17
  $ 35,723     $ 85,625     $ 3,168,125  
01-Mar-17
  $ 31,417     $ 85,625     $ 3,082,500  
01-Apr-17
  $ 33,843     $ 85,625     $ 2,996,875  
01-May-17
  $ 31,842     $ 85,625     $ 2,911,250  
01-Jun-17
  $ 31,963     $ 85,625     $ 2,825,625  
01-Jul-17
  $ 30,022     $ 2,825,625     $ 0  

 
10

 
 
Exhibit C

Schedule 1 to the Hardwood Partners, LLC
Closing Date Term Loan Note
 
SCHEDULE 1 TO TERM NOTE DATED OCTOBER 27, 2011
IN THE ORIGINAL PRINCIPAL AMOUNT OF $500,000.00
MADE BY
XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule
 
The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 68 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

Payment Date
 
Interest
   
Principal
   
Balance o/s
 
01-Nov-11
  $ -     $ -     $ 500,000  
01-Dec-11
  $ 5,313     $ -     $ 500,000  
01-Jan-12
  $ 5,490     $ -     $ 500,000  
01-Feb-12
  $ 5,490     $ -     $ 500,000  
01-Mar-12
  $ 5,135     $ -     $ 500,000  
01-Apr-12
  $ 5,490     $ -     $ 500,000  
01-May-12
  $ 5,313     $ -     $ 500,000  
01-Jun-12
  $ 5,490     $ -     $ 500,000  
01-Jul-12
  $ 5,313     $ -     $ 500,000  
01-Aug-12
  $ 5,490     $ -     $ 500,000  
01-Sep-12
  $ 5,490     $ -     $ 500,000  
01-Oct-12
  $ 5,313     $ -     $ 500,000  
01-Nov-12
  $ 5,490     $ -     $ 500,000  
01-Dec-12
  $ 5,313     $ -     $ 500,000  
01-Jan-13
  $ 5,490     $ -     $ 500,000  
01-Feb-13
  $ 5,490     $ -     $ 500,000  
01-Mar-13
  $ 4,958     $ -     $ 500,000  
01-Apr-13
  $ 5,490     $ -     $ 500,000  
01-May-13
  $ 5,313     $ -     $ 500,000  
01-Jun-13
  $ 5,490     $ -     $ 500,000  
01-Jul-13
  $ 5,313     $ -     $ 500,000  
01-Aug-13
  $ 5,490     $ 6,250     $ 493,750  
01-Sep-13
  $ 5,421     $ 6,250     $ 487,500  
01-Oct-13
  $ 5,180     $ 6,250     $ 481,250  
01-Nov-13
  $ 5,284     $ 6,250     $ 475,000  
01-Dec-13
  $ 5,047     $ 6,250     $ 468,750  
01-Jan-14
  $ 5,146     $ 6,250     $ 462,500  
01-Feb-14
  $ 5,078     $ 6,250     $ 456,250  
 
 
11

 
 
Payment Date  
Interest
   
Principal
   
Balance o/s
 
01-Mar-14
  $ 4,524     $ 6,250     $ 450,000  
01-Apr-14
  $ 4,941     $ 6,250     $ 443,750  
01-May-14
  $ 4,715     $ 6,250     $ 437,500  
01-Jun-14
  $ 4,803     $ 6,250     $ 431,250  
01-Jul-14
  $ 4,582     $ 6,250     $ 425,000  
01-Aug-14
  $ 4,666     $ 6,250     $ 418,750  
01-Sep-14
  $ 4,598     $ 6,250     $ 412,500  
01-Oct-14
  $ 4,383     $ 6,250     $ 406,250  
01-Nov-14
  $ 4,460     $ 6,250     $ 400,000  
01-Dec-14
  $ 4,250     $ 6,250     $ 393,750  
01-Jan-15
  $ 4,323     $ 6,250     $ 387,500  
01-Feb-15
  $ 4,254     $ 6,250     $ 381,250  
01-Mar-15
  $ 3,781     $ 6,250     $ 375,000  
01-Apr-15
  $ 4,117     $ 6,250     $ 368,750  
01-May-15
  $ 3,918     $ 6,250     $ 362,500  
01-Jun-15
  $ 3,980     $ 6,250     $ 356,250  
01-Jul-15
  $ 3,785     $ 6,250     $ 350,000  
01-Aug-15
  $ 3,843     $ 6,250     $ 343,750  
01-Sep-15
  $ 3,774     $ 6,250     $ 337,500  
01-Oct-15
  $ 3,586     $ 6,250     $ 331,250  
01-Nov-15
  $ 3,637     $ 6,250     $ 325,000  
01-Dec-15
  $ 3,453     $ 6,250     $ 318,750  
01-Jan-16
  $ 3,500     $ 6,250     $ 312,500  
01-Feb-16
  $ 3,431     $ 6,250     $ 306,250  
01-Mar-16
  $ 3,145     $ 6,250     $ 300,000  
01-Apr-16
  $ 3,294     $ 6,250     $ 293,750  
01-May-16
  $ 3,121     $ 6,250     $ 287,500  
01-Jun-16
  $ 3,157     $ 6,250     $ 281,250  
01-Jul-16
  $ 2,988     $ 6,250     $ 275,000  
01-Aug-16
  $ 3,019     $ 6,250     $ 268,750  
01-Sep-16
  $ 2,951     $ 6,250     $ 262,500  
01-Oct-16
  $ 2,789     $ 6,250     $ 256,250  
01-Nov-16
  $ 2,813     $ 6,250     $ 250,000  
01-Dec-16
  $ 2,656     $ 6,250     $ 243,750  
01-Jan-17
  $ 2,676     $ 6,250     $ 237,500  
01-Feb-17
  $ 2,608     $ 6,250     $ 231,250  
01-Mar-17
  $ 2,293     $ 6,250     $ 225,000  
01-Apr-17
  $ 2,470     $ 6,250     $ 218,750  
01-May-17
  $ 2,324     $ 6,250     $ 212,500  
01-Jun-17
  $ 2,333     $ 6,250     $ 206,250  
01-Jul-17
  $ 2,191     $ 206,250     $ 0  

 
12

 
 
Exhibit D

Schedule 1 to the ICON ECI Partners, L.P.
Closing Date Term Loan Note

SCHEDULE 1 TO TERM NOTE DATED OCTOBER 27, 2011
IN THE ORIGINAL PRINCIPAL AMOUNT OF $150,000.00
MADE BY
XFONE USA, INC., NTS COMMUNICATIONS, INC., GULF COAST UTILITIES, INC., EXPETEL COMMUNICATIONS, INC., NTS CONSTRUCTION COMPANY, GAREY M. WALLACE COMPANY, INC., MIDCOM OF ARIZONA, INC., COMMUNICATIONS BROKERS, INC. AND N.T.S. MANAGEMENT COMPANY, L.L.C.

Amortization Schedule
 
The outstanding principal and accrued interest balance of the Term Loan evidenced by this Term Note shall amortize in 68 consecutive monthly installments in the amounts and on the dates set forth below with such payments due on the first day of each calendar month commencing on the first day of the calendar month following the Closing Date.  The remaining outstanding principal and accrued interest balance (if any) of this Term Note shall be paid on the Maturity Date of such Term Loan.

Payment Date
 
Interest
   
Principal
   
Balance o/s
 
01-Nov-11
              $ 150,000  
01-Dec-11
  $ 1,594     $ -     $ 150,000  
01-Jan-12
  $ 1,647     $ -     $ 150,000  
01-Feb-12
  $ 1,647     $ -     $ 150,000  
01-Mar-12
  $ 1,541     $ -     $ 150,000  
01-Apr-12
  $ 1,647     $ -     $ 150,000  
01-May-12
  $ 1,594     $ -     $ 150,000  
01-Jun-12
  $ 1,647     $ -     $ 150,000  
01-Jul-12
  $ 1,594     $ -     $ 150,000  
01-Aug-12
  $ 1,647     $ -     $ 150,000  
01-Sep-12
  $ 1,647     $ -     $ 150,000  
01-Oct-12
  $ 1,594     $ -     $ 150,000  
01-Nov-12
  $ 1,647     $ -     $ 150,000  
01-Dec-12
  $ 1,594     $ -     $ 150,000  
01-Jan-13
  $ 1,647     $ -     $ 150,000  
01-Feb-13
  $ 1,647     $ -     $ 150,000  
01-Mar-13
  $ 1,488     $ -     $ 150,000  
01-Apr-13
  $ 1,647     $ -     $ 150,000  
01-May-13
  $ 1,594     $ -     $ 150,000  
01-Jun-13
  $ 1,647     $ -     $ 150,000  
01-Jul-13
  $ 1,594     $ -     $ 150,000  
01-Aug-13
  $ 1,647     $ 1,875     $ 148,125  
01-Sep-13
  $ 1,626     $ 1,875     $ 146,250  
01-Oct-13
  $ 1,554     $ 1,875     $ 144,375  
01-Nov-13
  $ 1,585     $ 1,875     $ 142,500  
 
 
13

 
 
Payment Date  
Interest
   
Principal
   
Balance o/s
 
01-Dec-13
  $ 1,514     $ 1,875     $ 140,625  
01-Jan-14
  $ 1,544     $ 1,875     $ 138,750  
01-Feb-14
  $ 1,523     $ 1,875     $ 136,875  
01-Mar-14
  $ 1,357     $ 1,875     $ 135,000  
01-Apr-14
  $ 1,482     $ 1,875     $ 133,125  
01-May-14
  $ 1,414     $ 1,875     $ 131,250  
01-Jun-14
  $ 1,441     $ 1,875     $ 129,375  
01-Jul-14
  $ 1,375     $ 1,875     $ 127,500  
01-Aug-14
  $ 1,400     $ 1,875     $ 125,625  
01-Sep-14
  $ 1,379     $ 1,875     $ 123,750  
01-Oct-14
  $ 1,315     $ 1,875     $ 121,875  
01-Nov-14
  $ 1,338     $ 1,875     $ 120,000  
01-Dec-14
  $ 1,275     $ 1,875     $ 118,125  
01-Jan-15
  $ 1,297     $ 1,875     $ 116,250  
01-Feb-15
  $ 1,276     $ 1,875     $ 114,375  
01-Mar-15
  $ 1,134     $ 1,875     $ 112,500  
01-Apr-15
  $ 1,235     $ 1,875     $ 110,625  
01-May-15
  $ 1,175     $ 1,875     $ 108,750  
01-Jun-15
  $ 1,194     $ 1,875     $ 106,875  
01-Jul-15
  $ 1,136     $ 1,875     $ 105,000  
01-Aug-15
  $ 1,153     $ 1,875     $ 103,125  
01-Sep-15
  $ 1,132     $ 1,875     $ 101,250  
01-Oct-15
  $ 1,076     $ 1,875     $ 99,375  
01-Nov-15
  $ 1,091     $ 1,875     $ 97,500  
01-Dec-15
  $ 1,036     $ 1,875     $ 95,625  
01-Jan-16
  $ 1,050     $ 1,875     $ 93,750  
01-Feb-16
  $ 1,029     $ 1,875     $ 91,875  
01-Mar-16
  $ 944     $ 1,875     $ 90,000  
01-Apr-16
  $ 988     $ 1,875     $ 88,125  
01-May-16
  $ 936     $ 1,875     $ 86,250  
01-Jun-16
  $ 947     $ 1,875     $ 84,375  
01-Jul-16
  $ 896     $ 1,875     $ 82,500  
01-Aug-16
  $ 906     $ 1,875     $ 80,625  
01-Sep-16
  $ 885     $ 1,875     $ 78,750  
01-Oct-16
  $ 837     $ 1,875     $ 76,875  
01-Nov-16
  $ 844     $ 1,875     $ 75,000  
01-Dec-16
  $ 797     $ 1,875     $ 73,125  
01-Jan-17
  $ 803     $ 1,875     $ 71,250  
01-Feb-17
  $ 782     $ 1,875     $ 69,375  
01-Mar-17
  $ 688     $ 1,875     $ 67,500  
01-Apr-17
  $ 741     $ 1,875     $ 65,625  
01-May-17
  $ 697     $ 1,875     $ 63,750  
01-Jun-17
  $ 700     $ 1,875     $ 61,875  
01-Jul-17
  $ 657     $ 61,875     $ 0  
 
14