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IDT Spectrum, Inc | Winstar Communications, LLC | Winstar Holdings, LLC. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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Exhibit 10.5
CONTRIBUTION AGREEMENT
This Contribution (“Contribution Agreement”) is made and entered into as of January 31, 2005, by and between Winstar Communications, LLC, a Delaware limited liability company (“Transferor”), and IDT Spectrum, Inc. a Delaware corporation (“Transferee”).
WHEREAS, Winstar Holdings, LLC (“Holdings”) is the sole shareholder of Transferor and Transferee; and
WHEREAS, Holdings has decided to redeploy certain assets of Transferor by transferring them to Transferee in order to maximize their income producing value;
NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
1. Contribution. Transferor hereby contributes, transfers and assigns to Transferee and its permitted assigns, forever, without recourse, representation or warranty, all of Transferor’s right, title and interest in and to the assets set forth on Schedule A hereto.
2. Exclusive Benefit. Nothing in this Contribution Agreement, express or implied, is intended to, or shall be construed to confer upon, or give to, any person, firm, corporation or entity other than Transferee, its successors and assigns, any remedy or claim under or by reason this Contribution Agreement or any provisions hereof, and all the provisions contained herein shall be for the exclusive benefit of Transferee, its successors and assigns.
3. Governing Law. This Contribution Agreement shall be governed by, and construed in accordance with, the laws of the State of New Jersey, without regard to conflicts of laws principles thereof.
4. Counterparts. This Contribution Agreement may be executed in one or more counterparts, each of which shall be deemed an original and both of which together shall constitute one and the same instrument.
1
IN WITNESS WHEREOF, the parties hereto have executed this Contribution Agreement as of the date first written above.
| WINSTAR COMMUNICATIONS, LLC | ||
| By: | /s/ Abilio Pereira | |
| Name: |
Abilio Pereira | |
| Title: |
CFO | |
| AGREED AND ACCEPTED: | ||
| IDT SPECTRUM, INC. | ||
| By: | /s/ Joseph Sandri | |
| Name: |
Joseph Sandri | |
| Title: |
President | |
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SCHEDULE A
Section 1 – General
| 1. | All customers of Transferor’s private line business (“Private Line Business”) and their associated receivables as of December 31, 2004, including, but not limited to, those set forth in Section 2 of this Schedule A. |
| 2. | All non-optronic equipment in Transferor’s warehouse located at 401 Pencader Drive, Newark, Delaware 19702, including, but not limited to, the assets set forth in Section 3 of this Schedule A. |
| 3. | All servers, systems databases, computers, equipment and in-house developed software supporting the Private Line Business, including, but not limited to engineering related equipment, material and systems housed at Transferor’s facility located at 2350 Corporate Park Drive, Herndon, VA 20171 (the “Herndon Facility”). |
| 4. | All servers, computers, printers, copiers, furniture, in Transferor’s regulatory office located at 1850 M Street, NW, Suite 300, Washington, DC 10036 (the “DC Office”). |
| 5. | All physical files related to the Private Line Business, including, but not limited to those housed at the Herndon Facility, the DC Office and 520 Broad Street, Newark, NJ 07012. |
| 6. | All Computers used by Winstar Communications personnel being transferred to IDT Spectrum. |
| 7. | All contractual and other rights of Transferor relating to the Private Line business including without limitation the contracts set forth in Section 4 of this Schedule A. |
3
| Last Name |
Account |
Mso |
0_30 |
31_45 |
46_60 |
61_75 |
75_90 |
91_120 | ||||||||||||||
| Abc Inc |
4250513177 | 16 | $ | 4,572.80 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| Abn Amro |
4258976594 | 16 | $ | 2,710.68 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| AT&T Wireless Communications |
9327172 | 16 | $ | 6,845.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| Cbs Inc. |
9327075 | 16 | $ | 4,985.28 | $ | 0.00 | $ | 4,985.28 | $ | 0.00 | $ | 4,985.28 | $ | 2,757.44 | ||||||||
| Cingular |
9327030 | 16 | $ | 2,683.67 | $ | 0.00 | $ | 2,683.67 | $ | 0.00 | $ | 2,202.30 | $ | 0.00 | ||||||||
| Cingular Interactive, LP |
9327102 | 16 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| Cingular Wireless |
4250562186 | 16 | $ | 3,823.56 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| Cingular Wireless – Puerto Rico |
9327142 | 16 | $ | 7,077.15 | $ | 0.00 | $ | 7,077.15 | $ | 0.00 | $ | 7,077.15 | $ | 7,077.15 | ||||||||
| Detroit Smsa Limited Partnership |
932021 | 16 | $ | 1,214.40 | $ | 0.00 | $ | 1,214.40 | $ | 0.00 | $ | 1,214.40 | $ | 1,214.40 | ||||||||
| Ditco |
4250580836 | 16 | $ | 911.37 | $ | 0.00 | $ | 911.37 | $ | 0.00 | $ | 911.37 | $ | 911.37 | ||||||||
| Dps – State Of Arizona Azafis – E( |
1804 | 16 | $ | 471.74 | $ | 0.00 | $ | 471.74 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| Eureka Networks |
27838716 | 16 | $ | 1,500.00 | $ | 0.00 | $ | 8,197.28 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| George Washington University |
4258981991 | 16 | $ | 2,878.16 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| Hewitt Associates |
4258981977 | 16 | $ | 1,011.41 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
| Icg Communications Inc. |
9327005 | 16 | $ | 2,273.75 | $ | 0.00 | $ | 2,273.75 | $ | 0.00 | $ | 2,273.75 | $ | 862.50 | ||||||||
| Kas Lighting |
9327041 | 16 | $ | 406.60 | $ | 0.00 | $ | 0.00 |
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