EXHIBIT 10.8
SUPPLEMENTARY INTERNATIONAL LEASING CONTRACT
UNDERSIGNED ON THE 1/ST/ OF AUGUST, 1996 BETWEEN
GLOBAL COMMUNICATIONS OPERATIONS INC. AND
TELEJAMUNDI S.A. E.S.P.
DATE: Jamundi, April 19/th/, 1998---------------------------------------------
LESSOR: Xxxxxx Xxxxxx Xxxxxxxxx legal representative of GLOBAL
TELECOMMUNICATIONS OPERATIONS INC.----------------------------------------------
LESSEE: Xxxxx Xxxxxxx Xxxxxxxx Xxxxxx deputy legal representative of the firm
TELEPHONE COMPANY OF JAMUNDI S.A. PUBLIC SERVICE COMPANY "TELEPALMIRA S.A.
E.S.P.".-------------------------------------------------------------------
PURPOSE: Modification of TWELFTH - Rent - and THIRTEENTH - Delay - clauses of
the International Leasing Contract undersigned by the parties on the 1/st/ of
August, 1996.-------------------------------------------------------------------
SUBSTITUTE CLAUSES: The TWELFTH -Rent - clause will be the following: "THE
LESSEE will be unconditionally obliged to and will need not be required to pay
to the LESSOR during the period of validity of this contract, a rent that shall
be determined as follows: a) A sum OF SIX HUNDRED FIFTY FIVE THOUSAND NINE
HUNDRED FORTY EIGHT UNITED STATES DOLLARS WITH FORTY FOUR CENTS (US$655,948.44)
on the 20/th/ day of April of 1998: b) 20 biannual installments for the sums
stipulated on the following chart for a period of 10 years:---------------------
INSTALLMENTS DATE INSTALLMENT
TOTAL US$
-----------------------------------------------------------------------------------------
1 May 28, 1998 447.981.47
-----------------------------------------------------------------------------------------
2 July 28, 1998 309.332.57
-----------------------------------------------------------------------------------------
3 January 28, 1999 302.480.41
-----------------------------------------------------------------------------------------
4 July 28, 1999 295.638.24
-----------------------------------------------------------------------------------------
5 January 28, 2000 288.776.08
-----------------------------------------------------------------------------------------
6 July 28, 2000 281.923.92
-----------------------------------------------------------------------------------------
7 January 28, 2001 275.071.76
-----------------------------------------------------------------------------------------
8 July 28, 2001 268.219.60
-----------------------------------------------------------------------------------------
9 January 28, 2002 261.367.43
-----------------------------------------------------------------------------------------
10 July 28, 2002 254.515.27
-----------------------------------------------------------------------------------------
11 January 28, 2003 247.515.27
-----------------------------------------------------------------------------------------
12 July 28, 2003 240.810.95
-----------------------------------------------------------------------------------------
13 January 28, 2004 233.958.79
-----------------------------------------------------------------------------------------
14 July 28, 2004 227.106.62
-----------------------------------------------------------------------------------------
15 January 28, 2005 220.254.46
-----------------------------------------------------------------------------------------
16 July 28, 2005 213.402.30
-----------------------------------------------------------------------------------------
17 January 28, 2006 206.550.14
-----------------------------------------------------------------------------------------
18 July 28, 2006 199.697.98
-----------------------------------------------------------------------------------------
19 January 28, 2007 192.845.81
-----------------------------------------------------------------------------------------
20 July 28, 2007 185.993.66
-----------------------------------------------------------------------------------------
, and c) Four biannual installments for the sums stipulated on the following
chart:--
INSTALLMENTS DATE INSTALLMENT
TOTAL US$
-----------------------------------------------------------------------------------------
21 January 28, 2008 32.790.42
-----------------------------------------------------------------------------------------
22 July 28, 2008 32.790.42
-----------------------------------------------------------------------------------------
23 January 28, 2009 32.790.42
-----------------------------------------------------------------------------------------
24 July 28, 2009 32.790.42
-----------------------------------------------------------------------------------------
For a period of two years once the payment of the twenty installments cited in
the above-mentioned provision has been completed, payments that shall be
demanded the first five (5) days of each payable semester.----------------------
SECOND PARAGRAPH: It is cancelled.----------------------------------------------
THIRD PARAGRAPH: This contract will not generate fees payment during the fiscal
year of 1997"-------------------------------------------------------------------
The THIRTEENTH clause of this contract will be as follows: "Delay - In the
event of delay on the part of THE LESSEE in the payment of the sums of money
stipulated in this contract, the above-mentioned party agrees to pay the LESSOR,
without benefit of summons, in accordance with the interest moratorium, the same
interest rate as the Libor dictates plus three (3%) annual percentage rate,
calculated beginning from the expiration date of the value that is in default,
until the date in which THE LESSEE has credited the payment to the LESSOR'S bank
account.----
The remaining clauses of the mentioned contract remain unaltered.---------------
It is the responsibility of the LESSEE to register this supplementary contract
before the exchange authorities.------------------------------------------------
FOR THE LESSOR,
______________________________________________
GLOBAL TELECOMMUNICATIONS OPERATIONS INC.
XXXXXX XXXXXX ECHEVERRY
CC.80.409.281 OF USAQUEN
LEGAL REPRESENTATIVE
FOR THE LESSEE,
_________________________________
XXXXX XXXXXXX XXXXXXXX XXXXXX
XX. 7.506.437 ARMENIA
DEPUTY LEGAL REPRESENTATIVE
TELEJAMUNDI S.A. E.S.P.
