Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT

FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”), dated as of
June 27, 2007, among PAETEC HOLDING CORP., a Delaware corporation (the
“Borrower”), the lenders from time to time party to the Credit Agreement
referred to below (the “Lenders”) and DEUTSCHE BANK TRUST COMPANY AMERICAS, as
Administrative Agent (in such capacity, the “Administrative Agent”). Unless
otherwise defined herein, all capitalized terms used herein and not otherwise
defined shall have the respective meanings provided such terms in the Credit
Agreement.

WITNESSETH:

WHEREAS, the Borrower, the Lenders, Merrill Lynch, Pierce, Fenner & Smith
Incorporated, as Syndication Agent, CIT Lending Services Corporation, as
Documentation Agent, and the Administrative Agent are parties to a Credit
Agreement, dated as of February 28, 2007 (the “Credit Agreement”); and

WHEREAS, subject to the terms and conditions of this First Amendment, the
parties hereto wish to amend certain provisions of the Credit Agreement as
herein provided.

NOW, THEREFORE, IT IS AGREED:

 

I. Amendments to Credit Agreement.

1. Section 1.01 of the Credit Agreement is hereby amended by (i) deleting the
definitions of “Applicable Margin”, “Borrowing”, “Consolidated Cash Interest
Expense”, “Cumulative Retained Excess Cash Flow Amount”, “Financial Covenants”,
“Fixed Charge Coverage Ratio” and “Fixed Charges” appearing in said Section in
their entirety and (ii) inserting in the appropriate alphabetical order the
following new definitions:

“Additional Replacement Term Loans” shall have the meaning provided in
Section 2.01(f).

“Additional Senior Notes” shall mean any Indebtedness of the Borrower, which may
be guaranteed by one or more Subsidiary Guarantors, all of the terms and
conditions of which (including, without limitation, with respect to
amortization, redemption provisions, maturities, covenants, defaults, remedies
and guaranties, but excluding interest rate) (taken as a whole) and the
documentation therefor are substantially equivalent to those in respect of (or
not materially more restrictive than) the Senior Notes, as such Indebtedness may
be amended, modified and/or supplemented from time to time in accordance with
the terms hereof and thereof; provided, that in any event, unless the Required
Lenders

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otherwise expressly consent in writing prior to the issuance thereof, (i) no
such Indebtedness shall be secured by any asset of the Borrower or any of its
Subsidiaries, (ii) no such Indebtedness shall be guaranteed by any Person other
than a Subsidiary Guarantor and (iii) no such Indebtedness shall be subject to
any scheduled amortization, mandatory redemption, sinking fund or similar
payment or have a final maturity date, in either case prior to the date
occurring six months following the latest Maturity Date. The incurrence of
Additional Senior Notes shall be deemed to be a representation and warranty by
the Borrower that all conditions thereto have been satisfied in all material
respects and that the incurrence of such Additional Senior Notes is permitted in
accordance with the terms of this Agreement, which representation and warranty
shall be deemed to be a representation and warranty for all purposes hereunder,
including, without limitation, Sections 8 and 11.

“Additional Senior Notes Documents” shall mean, on and after the execution and
delivery thereof, each note, instrument, agreement, guaranty and other document
relating to each incurrence of Additional Senior Notes, as the same may be
amended, modified and/or supplemented from time to time in accordance with the
terms hereof and thereof.

“Applicable Margin” shall mean a percentage per annum equal to: (i) in the case
of Replacement Term Loans maintained as (A) Base Rate Loans, 1.50%, and
(B) Eurodollar Loans, 2.50%; (ii) in the case of Revolving Loans maintained as
(A) Base Rate Loans, initially 1.50% and (B) Eurodollar Loans, initially 2.50%;
(iii) in the case of Swingline Loans, initially 1.50%; and (iv) in the case of
any Type of Incremental Term Loan of a given Tranche that is not a Replacement
Term Loan, that percentage per annum set forth in, or calculated in accordance
with, Section 2.14 and the relevant Incremental Term Loan Commitment Agreement.
From and after each day of delivery of any certificate delivered in accordance
with the first sentence of the following paragraph indicating an entitlement to
a different margin for any Revolving Loans or Swingline Loans than that
described in the immediately preceding sentence (each, a “Start Date”) to and
including the applicable End Date described below, the Applicable Margins for
such Tranches of Loans (hereinafter, the “Adjustable Applicable Margins”) shall
be those set forth below opposite the Total Leverage Ratio indicated to have
been achieved in any certificate delivered in accordance with the following
sentences:

 

Total Leverage Ratio

 

Revolving Loan

Eurodollar Margin

 

Revolving Loan and

Swingline Loan

Base Rate Margin

Equal to or greater than 3.50 to 1.00

  2.50%   1.50%

 

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Total Leverage Ratio

 

Revolving Loan

Eurodollar Margin

 

Revolving Loan and

Swingline Loan

Base Rate Margin

Equal to or greater than 3.00 to 1.00 but less than 3.50 to 1.00

  2.25%   1.25%

Less than 3.00 to 1.00

  2.00%   1.00%

The Total Leverage Ratio used in a determination of Adjustable Applicable
Margins shall be determined based on the delivery of a certificate of the
Borrower (each, a “Quarterly Pricing Certificate”) by an Authorized Officer of
the Borrower to the Administrative Agent (with a copy to be sent by the
Administrative Agent to each Lender), within 45 days after the last day of any
fiscal quarter of the Borrower (or within 90 days after the last day of the
fourth fiscal quarter of the Borrower). The Quarterly Pricing Certificate shall
set forth the calculation of the Total Leverage Ratio as at the last day of the
Test Period ended immediately prior to the relevant Start Date and the
Adjustable Applicable Margins which shall be thereafter applicable (until such
Adjustable Applicable Margins are changed or cease to apply in accordance with
the following sentences). The Adjustable Applicable Margins so determined shall
apply, except as set forth in the succeeding sentence, from the relevant Start
Date to the earlier of (x) the date on which the next Quarterly Pricing
Certificate is delivered to the Administrative Agent or (y) the date which is 45
days (or 90 days in the case of the fourth fiscal quarter of the Borrower)
following the last day of the fiscal quarter of the Borrower for which the
Adjustable Applicable Margins were most recently determined pursuant to this
definition (such earlier date, the “End Date”), at which time, if no Quarterly
Pricing Certificate has been delivered to the Administrative Agent indicating an
entitlement to new Adjustable Applicable Margins (and thus commencing a new
Start Date), the Adjustable Applicable Margins shall be those set forth in the
first sentence of this definition (such Adjustable Applicable Margins as so
determined, the “Highest Adjustable Applicable Margins”). Notwithstanding
anything to the contrary contained above in this definition, the Adjustable
Applicable Margins for Revolving Loans and Swingline Loans shall be the Highest
Adjustable Applicable Margins (x) at all times during which a Default or an
Event of Default shall occur and be continuing and (y) at all times prior to the
date of delivery of the financial statements of the Borrower pursuant to
Section 9.01(a) for the fiscal quarter of the Borrower ending June 30, 2007.

“Borrowing” shall mean the borrowing of one Type of Loan of a single Tranche
from all the Lenders having Commitments of the respective Tranche (or from the
Swingline Lender in the case of Swingline Loans) on a given date (or resulting
from a conversion or conversions on such date) having in the case of Eurodollar
Loans the same Interest Period,

 

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provided that (x) Base Rate Loans incurred pursuant to Section 2.10(b) shall be
considered part of the related Borrowing of Eurodollar Loans, (y) any
Incremental Term Loans incurred pursuant to Section 2.01(b) that are being added
to a then existing Tranche of Term Loans shall be considered part of the related
Borrowing of the then outstanding Tranche of Term Loans to which such
Incremental Term Loans are added pursuant to, and in accordance with the
requirements of, Section 2.14(c) and (z) the term “Borrowing” shall include the
consolidated “borrowing” of Replacement Term Loans pursuant to the simultaneous
conversion of Initial Term Loans by way of the Replacement Term Loan Conversion
and the incurrence of Additional Replacement Term Loans on the First Amendment
Effective Date on the terms provided in Section 2.01(f).

“Consenting Initial Term Loan Lender” shall mean each Lender with outstanding
Initial Term Loans that has executed and delivered a counterpart of the First
Amendment to the Administrative Agent on or prior to 5:00 P.M. (New York time)
on the later to occur of June 27, 2007 or the First Amendment Effective Date.

“Converted Replacement Term Loans” shall have the meaning provided in
Section 2.01(f).

“Existing Initial Term Loan Borrowing” shall have the meaning provided in
Section 2.01(f).

“Financial Covenant” shall mean the financial covenant contained in
Section 10.08.

“First Amendment” shall mean the First Amendment to this Agreement, dated as of
June 27, 2007.

“First Amendment Effective Date” shall have the meaning provided in the First
Amendment.

“Headquarters” shall mean (i) the Real Property located in Fairport, New York on
which the Borrower’s corporate headquarters is located as of the First Amendment
Effective Date, and (ii) the assets (including equipment, fixtures and other
personal property or Real Property) related thereto or located thereon, in each
case solely to the extent that such Real Property and related assets are
acquired and owned, or leased, by the Headquarters SPV.

“Headquarters Leases” shall mean (i) the lease from time to time in effect
between Headquarters SPV, as lessor, and the Borrower and/or its other
Subsidiaries, as lessee(s), with respect to the leasing of space in
the Headquarters as the Borrower’s corporate headquarters, as the same may be
amended, modified or replaced from time to time in accordance with the terms
hereof and thereof, (ii) the lease or leases from time to time

 

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in effect between Headquarters SPV, as lessor, and one or more third parties, as
lessee(s), of all or a portion of the portion of the Headquarters not leased to
the Borrower and/or its other Subsidiaries, as the same may be amended, modified
or replaced from time to time, and (iii) the sublease or subleases from time to
time in effect between Borrower and/or its Subsidiaries, as sublessor(s), and
one or more third parties, as sublessee(s), with respect to a portion of the
Headquarters leased to Borrower and/or it Subsidiaries but not occupied by the
Borrower and/or it Subsidiaries during the time such sublease or subleases are
in effect, as the same may be amended, modified or replaced from time to time,
provided, that, with respect to the lease referred to (i) above, the
Headquarters SPV shall be required to enter into a landlord waiver agreement for
the benefit of the Secured Creditors in a form reasonably satisfactory to the
Administrative Agent.

“Headquarters Non-Recourse Mortgage Debt” shall mean (i) initially, Indebtedness
of the Headquarters SPV the net cash proceeds of which are used by the
Headquarters SPV to acquire the Headquarters, and (ii) thereafter, any
Indebtedness of the Headquarters SPV the net cash proceeds of which are used by
the Headquarters SPV to refinance in full the Indebtedness incurred under
preceding clause (i) or under this clause (ii), in each case under clause
(i) and (ii) above, as such Indebtedness may be amended, modified and/or
supplemented from time to time in accordance with the terms hereof and thereof;
provided, that in any event, unless the Required Lenders otherwise expressly
consent in writing prior to the issuance thereof, (i) no such Indebtedness shall
be secured by any asset of the Borrower or any of its Subsidiaries (other than
the Headquarters SPV), (ii) neither the Borrower nor any of its Subsidiaries
(other than the Headquarters SPV) (x) provides credit support of any kind in
respect thereof (including any undertaking, agreement or instrument that would
constitute Indebtedness) except “carve-outs” guarantees and environmental
indemnities in respect of the Headquarters Non-Recourse Mortgage Debt, in each
case on customary and commercially reasonable terms, it being further understood
that Headquarters SPV Payment Amounts shall not constitute credit support so
long as neither the Borrower nor any of its Subsidiaries have agreed with (or
for the benefit of) the lender or holder of the Headquarters Non-Recourse
Mortgage Debt to make such payments except pursuant to the Headquarters Lease,
the “carve outs” guarantees or the environmental indemnities described above, or
(y) is directly or indirectly liable thereon as a guarantor or otherwise,
(iii) no default in respect of such Indebtedness would permit the holders of any
other Indebtedness (other than Indebtedness represented by the Senior Notes, any
Additional Senior Notes, any Permitted Subordinated Debt or the Credit
Documents) to declare a default on such Indebtedness or cause the payment
thereof to be accelerated or payable prior to is stated maturity, (iv) such
Indebtedness does not cross-default or cross-accelerate to any Indebtedness of
the Borrower or any of its other Subsidiaries, (v)

 

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the express terms of such Indebtedness provide that there is no recourse against
the Borrower or any of its other Subsidiaries (other than the Headquarters SPV)
or any of their respective assets and (vi) such Indebtedness is incurred on
terms customary for financings of that type and shall not be subject to any
scheduled amortization (other than customary amortization of mortgage loans of a
similar nature), mandatory redemption, sinking fund or similar payment or have a
final maturity, in either case prior to the date occurring six months following
the latest Maturity Date and, in any event, shall not have a Weighted Average
Life to Maturity shorter than the remaining Weighted Average Life to Maturity of
the outstanding Tranche of Term Loans with the latest Maturity Date. The
incurrence of Headquarters Non-Recourse Mortgage Debt shall be deemed to be a
representation and warranty by the Borrower that all conditions thereto have
been satisfied in all material respects and that the incurrence of such
Headquarters Non-Recourse Mortgage Debt is permitted in accordance with the
terms of this Agreement, which representation and warranty shall be deemed to be
a representation and warranty for all purposes hereunder, including, without
limitation, Sections 8 and 11.

“Headquarters Non-Recourse Mortgage Debt Documents” shall mean, on and after the
execution and delivery thereof, each note, instrument, agreement, mortgage and
other document relating to the incurrence of any Headquarters Non-Recourse
Mortgage Debt, as the same may be amended, modified and/or supplemented from
time to time in accordance with the terms hereof and thereof.

“Headquarters SPV” shall mean a Wholly-Owned Domestic Subsidiary of the Borrower
that will be formed for the principal purpose of purchasing and owning the
Headquarters, incurring any Headquarters Non-Recourse Mortgage Debt and entering
into and performing the Headquarters Leases.

“Headquarters SPV Payment Amounts” shall mean (i) an initial Investment by the
Borrower or any of its Subsidiaries in the Headquarters SPV not exceeding
$10,000,000 made in connection with the acquisition of the Headquarters by the
Headquarters SPV, including for funding a down-payment, initial tenant
improvements and other initial Capital Expenditures, and (ii) Investments in the
Headquarters SPV required to service the Headquarters Non-Recourse Mortgage Debt
(including principal, interest and associated fees and expenses thereunder), to
maintain the Headquarters and related real and personal property and to maintain
the legal existence of the Headquarters SPV and to pay corporate overhead and
legal, accounting and administrative costs and expenses and taxes (including
franchise taxes) of the Headquarters SPV.

 

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“Market Build-Out” shall mean the market build-out or expansion by the Borrower
or one or more of its Subsidiaries in a market in which neither the Borrower nor
any of its Subsidiaries operate on the First Amendment Effective Date.

“Non-Consenting Initial Term Loan Lender” shall mean each Initial Term Lender
that is not a Consenting Initial Term Loan Lender.

“Replacement Term Loan” shall have the meaning provided in Section 2.01(f).

“Replacement Term Loan Commitment” shall mean, for each Lender, the amount set
forth opposite such Lender’s name in Schedule I directly below the column
entitled “Replacement Term Loan Commitment,” as the same may be terminated
pursuant to Section 4.03 or 11.

“Replacement Term Loan Conversion” shall have the meaning provided in
Section 2.01(f).

“Replacement Term Loan Maturity Date” shall mean February 28, 2013.

“Replacement Term Note” shall have the meaning provided in Section 2.05(a).

“Retained Excess Cash Flow Amount” shall mean, in respect of any fiscal year of
the Borrower, an amount equal to the remainder of (A) 100% of Excess Cash Flow
for such fiscal year minus (B) the Applicable Excess Cash Flow Prepayment
Percentage of Excess Cash Flow for such fiscal year.

“Senior Notes” shall mean up to $300,000,000 in aggregate principal amount of
the Borrower’s senior unsecured notes due 2015 the principal terms and
conditions of which are described in the Borrower’s Preliminary Offering
Memorandum dated June 18, 2007 that was prepared in connection with the issuance
of such notes and which are otherwise reasonably satisfactory to the Joint Lead
Arrangers.

“Senior Notes Documents” shall mean, on and after the execution and delivery
thereof, each note, instrument, agreement, guaranty and other document relating
to the issuance of the Senior Notes, as in effect on the First Amendment
Effective Date and as the same may be amended, modified and/or supplemented from
time to time in accordance with the terms hereof and thereof.

 

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“Total Replacement Term Loan Commitment” shall mean, at any time, the sum of the
Replacement Term Loan Commitments of each of the Lenders at such time.

“Total Secured Leverage Ratio” shall mean, on any date of determination, the
ratio of (x) Consolidated Indebtedness that is secured by a Lien on any asset of
the Borrower or any of its Subsidiaries on such date to (y) Consolidated EBITDA
for the Test Period most recently ended on or prior to such date; provided that
for purposes of any calculation of the Total Secured Leverage Ratio pursuant to
this Agreement, Consolidated EBITDA shall be determined on a Pro Forma Basis in
accordance with clause (iii) of the definition of “Pro Forma Basis” contained
herein.

2. The definition of “Capitalized Lease Obligations” appearing in Section 1.01
of the Credit Agreement is hereby amended by inserting the following text at the
end of said definition:

“; provided, that, any Headquarters Lease between the Headquarters SPV, as
lessor, and the Borrower or any Subsidiary Guarantor, as lessee, shall not be a
Capitalized Lease Obligation for the purposes of this Agreement”.

3. The definition of “Change of Control” appearing in Section 1.01 of the Credit
Agreement is hereby amended by inserting the following text at the end of said
definition:

“, any Senior Notes Document, any Additional Senior Notes Document or any
Headquarters Non-Recourse Mortgage Debt”.

4. The definition of “Commitment” appearing in Section 1.01 of the Credit
Agreement is hereby amended by inserting the text “a Replacement Term Loan
Commitment,” immediately after the text “Initial Term Loan Commitment,”
appearing in said definition.

5. The definition of “Consolidated EBITDA” appearing in Section 1.01 of the
Credit Agreement is hereby amended by (i) deleting the text “(i)” immediately
preceding the text “the amount of all cash payments or cash charges made (or
incurred) by the Borrower or any of its Subsidiaries for such period on account
of any non-cash charges added back to Consolidated EBITDA pursuant to preceding
sub-clause (A)(iv) in a previous period” appearing in sub-clause (B) of the
first sentence of said definition, (ii) deleting the text “ and (ii) for
purposes of calculating the Fixed Charge Coverage Ratio only, the amount of
consolidated cash interest income of the Borrower and its Subsidiaries for such
period” appearing at the end of such sub-clause (B), and (iii) inserting the
following new sentence at the end of said definition:

 

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“In addition to (but without duplication of) the add backs to Consolidated Net
Income effected pursuant to sub-clause (A) of the first sentence of this
definition, Consolidated Net Income for any period will be adjusted by adding
thereto (to the extent deducted in determining Consolidated Net Income for such
period) the amount of all losses or charges incurred by the Borrower and its
Subsidiaries determined on a consolidated basis for such period in connection
with any Market Build-Out, as certified by the Chief Financial Officer of the
Borrower; provided, however, (x) such losses and charges only may be so added
back to the extent incurred within the two year period following the
commencement of any Market Build-Out in a particular market and (y) the
aggregate amount of all such losses and charges that can be added back in any
Test Period in respect of all Market Build-Outs shall not exceed $7,500,000.”

6. The definition of “Consolidated Indebtedness” appearing in Section 1.01 of
the Credit Agreement is hereby amended by inserting the text “(w) any
Indebtedness of the Headquarters SPV in respect of Headquarters Non-Recourse
Mortgage Debt shall not be included in the calculation of Consolidated
Indebtedness,” immediately following the text “provided that” appearing in said
definition.

7. The definition of “Documents” appearing in Section 1.01 of the Credit
Agreement is hereby amended by inserting the following text at the end of said
definition:

“, the Senior Notes Documents, the Additional Senior Notes Documents and the
Headquarters Non-Recourse Mortgage Debt Documents”.

8. The definition of “Indebtedness” appearing in Section 1.01 of the Credit
Agreement is hereby amended by inserting the following text at the end of said
definition:

“It is further understood that obligations under any Headquarters Lease between
Headquarters SPV, as lessor, and the Borrower or any Subsidiary Guarantor, as
lessee, shall not be considered “Indebtedness” for the purposes of this
Agreement.”

9. The definition of “L/C Supportable Obligations” appearing in Section 1.01 of
the Credit Agreement is hereby amended by inserting the following text
immediately after the text “other than obligations in respect of” appearing in
said definition:

“(t) any Senior Notes, (u) any Additional Senior Notes, (v) any Headquarters
Non-Recourse Mortgage Debt,”.

10. The definition of “Maturity Date” appearing in Section 1.01 of the Credit
Agreement is hereby amended by inserting the text “the Replacement Term Loan
Maturity Date,” immediately after the text “the Initial Term Loan Maturity
Date,” appearing in said definition.

 

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11. The definition of “Note” appearing in Section 1.01 of the Credit Agreement
is hereby amended by inserting the text “each Replacement Term Note,”
immediately after the text “each Initial Term Note,” appearing in said
definition.

12. The definition of “Permitted Subordinated Debt” appearing in Section 1.01 is
hereby amended by (i) deleting the text “incurred in connection with a Permitted
Acquisition” appearing in said definition and (ii) inserting the text
“mandatory” immediately before the phrase “redemption, sinking fund” appearing
in clause (iii) of the proviso to said definition.

13. The definitions of “Scheduled Initial Term Loan Repayment”, “Scheduled
Initial Term Loan Repayment Date”, “Scheduled Repayment” and “Scheduled
Repayment Date” appearing in Section 1.01 shall be amended by replacing the text
“Initial” with the text “Replacement” in each instance in which it appears in
said definitions and inserting said revised definitions in the appropriate
alphabetical order in such Section 1.01.

14. The definition of “Term Loan” appearing in Section 1.01 of the Credit
Agreement is hereby amended by inserting the text “, each Replacement Term Loan”
immediately after the text “Initial Term Loan” appearing in said definition.

15. The definition of “Test Period” appearing in Section 1.01 of the Credit
Agreement is hereby amended by deleting the text “; provided that for purposes
of any calculation of Fixed Charges for any “Test Period” ending on or prior to
March 31, 2008, Fixed Charges shall be calculated in accordance with the last
sentence appearing in the definition of “Fixed Charges”“ appearing in said
definition.

16. The definition of “Total Leverage Ratio” appearing in Section 1.01 of the
Credit Agreement is hereby amended by deleting the text “and 10.04(xi)”
appearing in said definition and inserting the following text in lieu thereof:

“, 10.04(xi), 10.04(xvii) and 10.04(xviii)”.

17. The definition of “Tranche” appearing in Section 1.01 of the Credit
Agreement is hereby amended by deleting the text “In addition, and” appearing in
the second sentence of said definition and inserting the following text in lieu
thereof:

“In addition, (i) Replacement Term Loans incurred on the First Amendment
Effective Date (including through a Replacement Term Loan Conversion) shall be a
separate Tranche of Loans and (ii)”.

18. Section 2.01 of the Credit Agreement is hereby amended by inserting the
following new clause (f) immediately following clause (e) of said Section:

 

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“(f) (A) (I) Each Consenting Initial Term Lender severally agrees to convert
(the “Replacement Term Loan Conversion”), on the First Amendment Effective Date,
all Initial Term Loans of such Consenting Initial Term Lender outstanding on the
First Amendment Effective Date (immediately prior to giving effect thereto) into
new term loans hereunder owing by the Borrower (each such term loan, a
“Converted Replacement Term Loan” and, collectively, the “Converted Replacement
Term Loans”) and (II) each Lender with a Replacement Term Loan Commitment
severally agrees to make, on the First Amendment Effective Date, a term loan or
term loans in an amount equal to its Replacement Term Loan Commitment (each, an
“Additional Replacement Term Loan” and, collectively, the “Additional
Replacement Term Loans” and, together with the Converted Replacement Term Loans,
collectively, the “Replacement Term Loans”) to the Borrower, which Replacement
Term Loans (i) shall be denominated in Dollars, (ii) except as hereinafter
provided, shall, at the option of the Borrower, be incurred and maintained as,
and/or converted into, Base Rate Loans or Eurodollar Loans, provided that
(x) all Replacement Term Loans made as part of the same Borrowing shall, unless
specifically provided herein, consist of Replacement Term Loans of the same Type
and (y) Borrowings of Replacement Term Loans on the First Amendment Effective
Date shall be subject to the provisions set forth in clause (B) of this
Section 2.01(f) and (iii) shall not exceed for any Lender, in aggregate initial
principal amount, that amount which equals the sum of (x) the aggregate
principal amount of the Initial Term Loans, if any, made by such Lender and
outstanding on the First Amendment Effective Date (immediately prior to giving
effect thereto) as set forth on Schedule I under the heading “Converted
Replacement Term Loans” and (y) the Replacement Term Loan Commitment of such
Lender (if any) as in effect on the First Amendment Effective Date (before
giving effect to any termination thereof on such date pursuant to
Section 4.03(g)). Once repaid, Replacement Term Loans incurred hereunder may not
be reborrowed.

(B) (i) Each Borrowing of Initial Term Loans outstanding on the First Amendment
Effective Date immediately prior to the Replacement Term Loan Conversion and
maintained as Eurodollar Loans (each, an “Existing Initial Term Loan Borrowing”)
shall, upon the occurrence of the Replacement Term Loan Conversion, be deemed to
be a new Borrowing of Replacement Term Loans for all purposes of this Agreement,
(ii) each such newly-deemed Borrowing of Replacement Term Loans shall be subject
to the same Interest Period and Eurodollar Rate as the Existing Initial Term
Loan Borrowing to which it relates (as if no new Borrowing had in fact
occurred), (iii) Additional Replacement Term Loans shall be initially incurred
pursuant to a single Borrowing of Eurodollar Loans which shall be added to (and
thereafter be deemed to constitute a part of) each such newly-deemed Borrowing
of Replacement Term Loans described in preceding sub-clause (i) on a pro rata
basis (based on the

 

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relative sizes of the various such newly-deemed Borrowings of Replacement Term
Loans) and (iv) in connection with the Replacement Term Loan Conversion and the
incurrence of Additional Replacement Term Loans pursuant to Section 2.01(f)(A),
the Administrative Agent shall (and is hereby authorized to) take all
appropriate actions to ensure that all Lenders with outstanding Replacement Term
Loans (after giving effect to the Replacement Term Loan Conversion and the
incurrence of Additional Replacement Term Loans pursuant to Section 2.01(f)(A))
participate in each newly-deemed Borrowing of Replacement Term Loans on a pro
rata basis.

(C) In connection with the Replacement Term Loan Conversion and the incurrence
of Additional Replacement Term Loans pursuant to Section 2.01(f)(A), the Lenders
and the Borrower hereby agree that, notwithstanding anything to the contrary
contained in this Agreement, but without duplication, (i) the Borrower shall pay
each Lender making Additional Replacement Term Loans, upon its written request
(which request shall set forth the basis for requesting such compensation and
reasonably detailed calculations thereof), such amount as is necessary to
compensate such Lender for its losses resulting from the making of such
Additional Replacement Term Loans in the middle of an existing Interest Period
(rather than at the beginning of the respective Interest Period, based upon the
rates then applicable thereto) and (ii) the Borrower shall be obligated to pay
to the respective Lenders any breakage or other costs of the type referred to in
Section 2.11 (if any) incurred in connection with the Replacement Term Loan
Conversion and/or the actions taken pursuant to preceding clause (B) of this
Section 2.01(f).

(D) To the extent requested by any Replacement Term Loan Lender, a Replacement
Term Note will be issued at the Borrower’s expense to such Replacement Term
Lender, to be in conformity with the requirements of Section 2.05 (with
appropriate modification) to the extent needed to reflect the Replacement Term
Loans made (or to be made) by such Replacement Term Loan Lender. Each such
Replacement Term Loan Lender with an outstanding Initial Term Note which
requests a Replacement Term Note as contemplated by this clause (D) agrees to
either return the outstanding Initial Term Note held by it to the Borrower for
cancellation or deliver a customary lost note affidavit with respect thereto.”

19. Section 2.03(a) of the Credit Agreement is hereby amended by (i) inserting
the text “Additional Replacement Term Loans,” immediately following the text
“Initial Term Loans,” appearing in sub-clause (iii) of the first sentence of
said Section and (ii) inserting the text “(but otherwise subject to
Section 2.01(f) in the case of Additional Replacement Term Loans)” immediately
following the text “the initial Interest Period to be applicable thereto”
appearing in sub-clause (iv) of said definition.

 

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20. Section 2.05(a) of the Credit Agreement is hereby amended by (i) deleting
the word “and” appearing at the end of clause (iii) of said Section and
(ii) inserting the following new clause (v) immediately before the period
appearing at the end of said Section:

“, and (v) in the case of Replacement Term Loans, by a promissory note duly
executed and delivered by the Borrower substantially in the form of Exhibit B-5,
with blanks appropriately completed in conformity herewith (each a “Replacement
Term Note” and, collectively, the “Replacement Term Notes”)”.

21. Section 2.07 of the Credit Agreement is hereby amended by (i) inserting the
text “Additional Replacement Term Loans,” immediately following the text
“Initial Term Loans,” appearing in the first sentence of said Section and
(ii) inserting the text “Replacement Term Loan Commitments,” immediately
following the text “Initial Term Commitments,” appearing in the first sentence
of said Section.

22. Section 2.09 of the Credit Agreement is hereby amended by inserting the text
“and the provisions of 2.01(f)(A)” immediately following the text “2.01(a)(iii)”
appearing in said Section.

23. Section 2.14(a) of the Credit Agreement is hereby amended by (i) deleting
the text “each of the Financial Covenants” appearing in sub-clause (z) of said
definition and inserting the text “the Financial Covenant” in lieu thereof,
(ii) deleting the text “$100,000,000” appearing in clause (iv) of said Section
and inserting the text “$225,000,000” in lieu thereof and (iii) deleting the
word “Initial” appearing in each of sub-clauses (vi)(I) and (II) of said
definition and inserting the word “Replacement” in lieu thereof in each such
place.

24. Section 4.03 of the Credit Agreement is hereby amended by inserting the
following new clause (g) at the end of said Section:

“(g) The Total Replacement Term Loan Commitment (and the Replacement Term Loan
Commitment of each Lender) shall terminate in its entirety on the First
Amendment Effective Date (immediately after giving effect to any incurrence of
Converted Replacement Term Loans and Additional Replacement Term Loans on such
date).”

25. Section 5.01(a) of the Credit Agreement is hereby amended by inserting the
text “Replacement Term Loans,” immediately following the text “Initial Term
Loans,” appearing in clause (i) of said Section.

26. Section 5.02(b)(i) of the Credit Agreement is hereby amended by deleting
said Section in its entirety and replacing it with the following text:

“(b) (i) In addition to any other mandatory repayments pursuant to this
Section 5.02, on each date set forth below (each, a “Scheduled Replacement Term
Loan Repayment Date”), the Borrower shall be

 

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required to repay that principal amount of Replacement Term Loans, to the extent
then outstanding, as is set forth opposite each such date below (each such
repayment, as the same may be (x) reduced as provided in Section 5.01(a),
5.01(b) or 5.02(g) or (y) increased as provided in Section 2.14(c), a “Scheduled
Replacement Term Loan Repayment”):

 

Scheduled Replacement Term Loan Repayment Date

   Amount  

The last Business Day of the Borrower’s fiscal quarter ending September 30, 2007

   $   1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending December 31, 2007

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending March 31, 2008

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending June 30, 2008

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending September 30, 2008

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending December 31, 2008

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending March 31, 2009

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending June 30, 2009

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending September 30, 2009

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending December 31, 2009

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending March 31, 2010

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending June 30, 2010

   $ 1,250,000  

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Scheduled Replacement Term Loan Repayment Date

   Amount  

The last Business Day of the Borrower’s fiscal quarter ending September 30, 2010

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending December 31, 2010

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending March 31, 2011

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending June 30, 2011

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending September 30, 2011

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending December 31, 2011

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending March 31, 2012

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending June 30, 2012

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending September 30, 2012

   $ 1,250,000  

The last Business Day of the Borrower’s fiscal quarter ending December 31, 2012

   $ 1,250,000  

Replacement Term Loan Maturity Date

   $ 472,500,000  

27. Section 5.02(c) of the Credit Agreement is hereby amended by (i) inserting
the text “(other than clause (xvii) thereof)” immediately after the text
“Section 10.04” appearing in said definition and (ii) deleting the text
“Effective Date” appearing in said definition and inserting the text “First
Amendment Effective Date” in lieu thereof.

28. Section 8.08(a) of the Credit Agreement is hereby amended by inserting the
following new sentence at the end of said Section:

“All proceeds of Additional Replacement Term Loans shall be used on the First
Amendment Effective Date solely to repay outstanding Initial Term Loans of
Non-Consenting Initial Term Loan Lenders (if any).”

 

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29. Section 9.01(e) of the Credit Agreement is hereby amended by (i) deleting
the text “10.03(xiv)” appearing in sub-clause (i) of said Section,
(ii) inserting the text “10.05(xx),” immediately following the text
“10.05(xix),” appearing in sub-clause (i) of said Section, (iii) deleting the
text “, 10.07” appearing in sub-clause (i) of said Section and (iv) deleting the
text of sub-clause (y) of sub-clause (ii) of said Section and inserting the
following text in lieu thereof:

“the Retained Excess Cash Flow Amount for the respective Excess Cash Payment
Period, and”.

30. Section 9.01(g) of the Credit Agreement is hereby amended by inserting the
text “, any Senior Notes, any Additional Senior Notes, the Headquarters
Non-Recourse Mortgage Debt” immediately after the text “Permitted Subordinated
Debt” appearing in said Section.

31. Section 9.14 of the Credit Agreement is hereby restated in its entirety as
follows:

“9.14 Interest Rate Protection. No later than 90 days following the First
Amendment Effective Date, the Borrower will ensure that at least 50% of its and
its Subsidiaries’ total funded Indebtedness (other than Revolving Loans and
Swingline Loans), for a period commencing on the First Amendment Effective Date
and ending two years after the Initial Borrowing Date, is a combination of (a)
Indebtedness that is subject to interest at a fixed-rate, and/or (b)
Indebtedness in respect of which the Borrower has entered into (and maintains)
Interest Rate Protection Agreements mutually acceptable to the Borrower and
Merrill Lynch, Pierce, Fenner & Smith Incorporated as Lead Arranger,
establishing a fixed or maximum interest rate for an aggregate notional
principal amount of such Indebtedness.”

32. Section 9.15(a) of the Credit Agreement is hereby amended by deleting the
text “Financial Covenants” each place such text appears in sub-clause (iii) of
said Section and inserting the text “Financial Covenant” in lieu thereof in each
such place.

33. Section 10.01 of the Credit Agreement is hereby amended by (i) deleting the
word “and” appearing at the end of clause (xxv) of said Section, (ii) deleting
the period appearing at the end of clause (xxvi) of said Section and inserting
“; and” in lieu thereof and (iii) inserting the following new clause
(xxvii) immediately following said clause (xxvi):

“(xxvii) Liens on the Headquarters securing the Headquarters Non-Recourse
Mortgage Debt.”

34. Section 10.02 of the Credit Agreement is hereby amended by (i) inserting the
text “(other than the Headquarters SPV)” immediately after the text “any
Subsidiary of the Borrower” appearing in clause (ix) of said Section,
(ii) deleting the word “and” appearing at the end of clause (xv) of said
Section, (iii) deleting the period appearing at the end of clause (xvi) of said
Section and inserting “; and” in lieu thereof, and (iv) inserting the following
new clause (xvii) immediately following said clause (xvi):

“(xvii) the Headquarters SPV may purchase the Headquarters with the net cash
proceeds from the Headquarters Non-Recourse Mortgage Debt and the net cash
proceeds received from the Headquarters SPV Payment Amounts under clause (i) of
the definition thereof.”

35. Section 10.03 of the Credit Agreement is hereby amended by (i) inserting the
word “and” at the end of clause (xii) of said Section and (ii) deleting clauses
(xiii) and (xiv) of said Section in their entirety and inserting the following
new clause (xiii) in lieu thereof:

 

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“(xiii) the Borrower may pay or make additional cash Dividends in any fiscal
year of the Borrower in an aggregate amount not to exceed the lesser of
(x) $12,500,000 and (y) the Retained Excess Cash Flow Amount in respect of the
immediately preceding fiscal year of the Borrower, so long as (i) no Default or
Event of Default then exists or would result therefrom, (ii) at the time that
any such Dividend is paid or made (and immediately after giving effect thereto),
(A) the Total Secured Leverage Ratio, calculated on a Pro Forma Basis, is less
than 3.25:1.00, and (B) the Total Leverage Ratio, calculated on a Pro Forma
Basis, is no greater than 5.00:1.00, and (iii) prior to the payment or making of
such cash Dividend, the Borrower has complied with its obligations under
Section 5.02(e) with respect to the then most recently ended Excess Cash Payment
Period.”

36. Section 10.04(vi) of the Credit Agreement as hereby restated in its entirety
as follows:

“(vi) Indebtedness consisting of guaranties by the Borrower and the Wholly-Owned
Domestic Subsidiaries of the Borrower that are Subsidiary Guarantors of each
other’s Indebtedness and lease and other payment obligations of such Persons
permitted under this Agreement, other than (x) obligations in respect of any
Headquarters Non-Recourse Mortgage Debt and (y) obligations in respect of
Permitted Subordinated Debt, Senior Notes and Additional Senior Notes unless
otherwise permitted by the respective definitions, thereof and
Section 10.04(xi), (xvii) or (xviii), as the case may be;”

37. Section 10.04(xi) of the Credit Agreement is hereby restated in its entirety
as follows:

“(xi) Permitted Subordinated Debt of the Borrower, and unsecured subordinated
guaranties thereof by the Subsidiary Guarantors, so long as (I) all such
Indebtedness is incurred in accordance with the requirements of the definition
of Permitted Subordinated Debt, (II) no Default or Event of Default exists at
the time of incurrence thereof or would result therefrom, (III) calculations are
made by the Borrower demonstrating compliance, on a Pro Forma Basis, with the
Financial Covenant for the Calculation Period most recently ended prior to the
date of the respective incurrence of Permitted Subordinated Debt (determined
after giving effect to the incurrence of such Permitted Subordinated Debt) and
(IV) the Borrower shall have furnished to the Administrative Agent a certificate
from an Authorized Officer certifying as to compliance with the requirements of
preceding clauses (I), (II) and (III) and containing the calculations (in
reasonable detail) required by preceding clause (III);”.

38. Section 10.04(xvi) of the Credit Agreement is hereby amended by inserting
the text “(other than the Headquarters SPV)” immediately after the text “the
Borrower and its Subsidiaries” appearing in said Section.

 

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39. Section 10.04 of the Credit Agreement is hereby further amended by
(i) deleting the word “and” appearing at the end of clause (xv) of said Section,
(ii) deleting the period appearing at the end of clause (xvi) of said Section
and inserting a semi-colon in lieu thereof and (iii) inserting the following new
clauses immediately following said clause (xvi):

“(xvii) Indebtedness of the Borrower represented by the Senior Notes, and
unsecured guaranties thereof by the Subsidiary Guarantors, in an aggregate
principal amount not to exceed $300,000,000 (as reduced by any repayments of
principal thereof), so long as (I) all such Indebtedness is incurred in
accordance with the requirements of the definition of Senior Notes and (II) all
of the Net Cash Proceeds therefrom are used on the First Amendment Effective
Date to repay outstanding Initial Term Loans (immediately prior to any
incurrence of Replacement Term Loans on such date);

(xviii) Indebtedness of the Borrower represented by any Additional Senior Notes,
and unsecured guaranties thereof by the Subsidiary Guarantors, so long as
(I) all such Indebtedness is incurred in accordance with the requirements of the
definition of Additional Senior Notes, (II) no Default or Event of Default
exists at the time of incurrence thereof or would result therefrom, (III)
calculations are made by the Borrower demonstrating compliance, on a Pro Forma
Basis, with the Financial Covenant for the Calculation Period most recently
ended prior to the date of the respective incurrence of Additional Senior Notes
(determined after giving effect to the incurrence of such Additional Senior
Notes) and (IV) the Borrower shall have furnished to the Administrative Agent a
certificate from an Authorized Officer certifying as to compliance with the
requirements of preceding clauses (I), (II) and (III) and containing the
calculations (in reasonable detail) required by preceding clause (III); and

(xix) (a) Headquarters Non-Recourse Mortgage Debt of the Headquarters SPV in an
aggregate principal amount not to exceed $35,000,000, so long as (I) all such
Indebtedness is incurred in accordance with the requirements of the definition
of Headquarters Non-Recourse Mortgage Debt, (II) no Default or Event of Default
exists at the time of incurrence thereof or would result therefrom, and (III) in
the case of the Headquarters Non-Recourse Mortgage Debt referred to in clause
(i) of the definition thereof, the Headquarters SPV shall have utilized the net
cash proceeds therefrom to purchase the Headquarters concurrently with the
incurrence of such Indebtedness and (b) any Indebtedness of the Headquarters SPV
owing to the Borrower or any of its other Subsidiaries to the extent such
Investment by the Borrower or any of its Subsidiaries is permitted by
Section 10.05(xx).”

 

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40. Section 10.05 of the Credit Agreement is hereby amended by (i) deleting the
word “and” appearing at the end of clause (xviii) of said Section and
(ii) deleting clause (xix) of said Section in its entirety and inserting the
following new clauses in lieu thereof:

“(xix) in addition to Investments permitted by clauses (i) through (xviii) and
(xx) of this Section 10.05, the Borrower and its Subsidiaries (other than the
Headquarters SPV) may make additional loans, advances and other Investments to
or in a Person other than an Unrestricted Subsidiary and the Headquarters SPV;
provided that the aggregate amount of all loans, advances and other Investments
made pursuant to this clause (xix) (determined without regard to any write-downs
or write-offs thereof), net of cash repayments of principal in the case of
loans, sale proceeds in the case of Investments in the form of debt instruments
and cash equity returns (whether as a distribution, dividend, redemption or
sale) in the case of equity investments, shall not exceed $20,000,000 at any
time outstanding; and

“(xx) the Borrower and its Subsidiaries may make cash Investments in the
Headquarters SPV in an aggregate amount not to exceed, when added to the
aggregate amount of lease payments made by the Borrower pursuant to
Section 10.06(xi), the Headquarters SPV Payment Amounts.”

41. Section 10.06 of the Credit Agreement is hereby amended by (i) deleting the
word “and” appearing at the end of clause (ix) of said Section, (ii) deleting
the period appearing at the end of clause (x) of said Section and inserting “;
and” in lieu thereof and (iii) inserting the following new clause immediately
following said clause (x):

“(xi) the Borrower and its Subsidiaries may enter into and perform the
Headquarters Leases and make lease payments to the Headquarters SPV so long as
the aggregate amount of lease payments, when added to the aggregate amount of
Investments made pursuant to Section 10.05(xx), does not exceed the Headquarters
SPV Payment Amounts, and the Headquarters SPV may enter into and perform the
Headquarters Leases and enter into and perform other transactions with the
Borrower and its Subsidiaries that are otherwise permitted under this
Agreement.”

42. Section 10.07 of the Credit Agreement is hereby deleted in its entirety and
replaced with the following new text:

“10.07 [Intentionally Omitted].”

43. Section 10.08 of the Credit Agreement is hereby amended by deleting the
existing text thereof in its entirety and inserting the following new text in
lieu thereof:

 

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“10.08 Total Leverage Ratio. The Borrower will not permit the Total Leverage
Ratio at any time to be greater than 5.00:1.00.”

44. Section 10.09 of the Credit Agreement is hereby amended by deleting clauses
(iii) and (iv) of said Section in their entirety and inserting the following new
clauses (iii) and (iv) in lieu thereof:

“(iii) on and after the execution and delivery of any Permitted Subordinated
Debt Document, Senior Notes Document, Additional Senior Notes Document or
Headquarters Non-Recourse Mortgage Debt Document, make (or give any notice in
respect of) any voluntary or optional payment or prepayment on or redemption,
repurchase or acquisition for value of, or any prepayment or redemption as a
result of any asset sale, change of control or similar event of (including, in
each case without limitation, by way of depositing with the trustee with respect
thereto or any other Person money or securities before due for the purpose of
paying when due), any such Indebtedness; provided, however, (x) such
Indebtedness may be converted or exchanged as permitted by clause (iv) of this
Section 10.09, (y) so long as no Default or Event of Default then exists or
would result therefrom, the Borrower may refinance (and, in connection
therewith, prepay) any then outstanding Senior Notes, Additional Senior Notes or
Permitted Subordinated Debt with a new issuance of Additional Senior Notes or
Permitted Subordinated Debt and/or with the net cash proceeds received by the
Borrower after the First Amendment Effective Date from the issuance of its
Equity Interests, in each case to the extent issued in accordance with the terms
of this Agreement, and (z) so long as no Default or Event of Default then exists
or would result therefrom, the Headquarters SPV may refinance (and in connection
therewith, prepay) the then outstanding Headquarters Non-Recourse Mortgage Debt
in accordance with the definition thereof;

(iv) on and after the execution and delivery of any Permitted Subordinated Debt
Document, Senior Notes Document, Additional Senior Notes Document or
Headquarters Non-Recourse Mortgage Debt Document, amend or modify, or permit the
amendment or modification of any provision of any such Document, provided that
nothing in this clause (iv) shall (x) restrict the conversion or exchange of any
Indebtedness or other obligations under any such Document into or for Equity
Interests of the Borrower permitted to be issued under this Agreement or
(y) prohibit any amendments or modifications thereto that are not adverse to the
interests of the Lenders in any material respect so long as such Indebtedness
(as so amended or modified) would have satisfied the requirements contained in
the respective definitions thereof and the other provisions of this Agreement
relating to such Indebtedness at the time of the original incurrence thereof
assuming such amendments or modifications had been made at such time (it being
understood that in no event shall (i) the interest rate thereon be increased or
(ii) the subordination provisions of any Permitted Subordinated Debt be amended
or modified in a manner adverse to the interests of the Lenders).”

 

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45. Section 10.10 of the Credit Agreement is hereby amended by inserting the
text “the Senior Notes Documents, the Additional Senior Notes Documents and, in
the case of the Headquarters SPV only, the Headquarters Non-Recourse Mortgage
Debt Documents” immediately following the text “Permitted Subordinated Debt
Documents” appearing in clause (iii) thereof.

46. Section 10.12 of the Credit Agreement is hereby amended by inserting the
following new clause (c) at the end of said Section:

“(c) Notwithstanding anything to the contrary contained in this Agreement, the
Borrower shall not permit the Headquarters SPV to conduct, transact or otherwise
engage in any business or operations other than (i) those incidental to its
ownership of the Headquarters (and the execution and performance of the
Headquarters Leases), (ii) the maintenance of its legal existence (including the
ability to incur fees, costs and expenses relating to such maintenance),
(iii) the incurrence and performance of its obligations with respect to the
Headquarters Non-Recourse Mortgage Debt, (iv) participating in tax, accounting
and other administrative matters as a member of the consolidated group of the
Borrower and (v) activities incidental to the businesses or activities described
in the foregoing clauses (i) through (iv); provided, that notwithstanding the
foregoing, the Headquarters SPV shall not (x) create or acquire (by way of
merger, consolidation or otherwise) any Subsidiaries or Equity Interests in any
other Person, or (y) own or acquire any material assets (other than the
Headquarters or assets incidental to the ownership of the Headquarters).”

47. Section 10.13 of the Credit Agreement is hereby amended by inserting the
following new clause (d) at the end of said Section:

“(d) Notwithstanding anything to the contrary contained in this Agreement or any
other Credit Document, the Headquarters SPV shall not be required to become a
Credit Party hereunder (and shall not be required to execute and deliver the
Subsidiaries Guaranty or any other Credit Document or grant any security
interest on any of it assets), and the parent company that directly owns the
Headquarters SPV shall not be required to pledge the Equity Interests in the
Headquarters SPV, in each case to the extent that it would be prohibited in
doing so by the terms of the Headquarters Non-Recourse Mortgage Debt.”

48. Schedule I to the Credit Agreement is hereby supplemented by adding thereto
the tabular information appearing on Schedule I attached hereto.

 

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49. Annex I to this First Amendment is hereby inserted as Exhibit B-5 to the
Credit Agreement.

50. The Lenders hereby further agree that (i) the form of Notice of Borrowing
may be amended to reflect Replacement Term Loans and (ii) the forms of
Intercompany Note and Shareholder Subordinated Note may be amended, on a basis
satisfactory to the Borrower and the Administrative Agent, to reflect that any
Senior Notes, Additional Senior Notes or Permitted Subordinated Debt be treated
as “senior indebtedness” under the subordination provisions of the Intercompany
Note and any Shareholder Subordinated Note to the extent required by the terms
of the respective Documents.

51. The Lenders hereby consent to the application of the Replacement Term Loans
on the terms provided for in this First Amendment.

52. Each Lender holding an Initial Term Note agrees, at the request of the
Borrower, to use its commercially reasonable efforts to return the same to the
Borrower for cancellation promptly following the First Amendment Effective Date
or deliver a customary lost note affidavit with respect thereto.

 

II. Miscellaneous Provisions.

1. In order to induce the Lenders to enter into this First Amendment, the
Borrower hereby represents and warrants that:

(a) no Default or Event of Default exists as of the First Amendment Effective
Date (as defined below), both immediately before and immediately after giving
effect thereto;

(b) all of the representations and warranties contained in the Credit Agreement
and the other Credit Documents are true and correct in all material respects on
the First Amendment Effective Date, both immediately before and immediately
after giving effect thereto, with the same effect as though such representations
and warranties had been made on and as of the First Amendment Effective Date (it
being understood that any representation or warranty made as of a specific date
shall be required to be true and correct in all material respects only as of
such specific date); and

(c) concurrently with the effectiveness of this First Amendment, the proceeds of
the Additional Replacement Term Loans shall be immediately applied by the
Borrower to repay all outstanding Initial Term Loans of Non-Consenting Initial
Term Loan Lenders (if any).

2. This First Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.

 

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3. This First Amendment may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which counterparts
when executed and delivered shall be an original, but all of which shall
together constitute one and the same instrument. A complete set of counterparts
shall be lodged with the Borrower and the Administrative Agent.

4. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF
NEW YORK (WITHOUT GIVING EFFECT TO ANY CONFLICTS OF LAWS PROVISIONS THEREOF).

5. This First Amendment shall become effective on the date (the “First Amendment
Effective Date”) when each of the following conditions shall have been
satisfied:

(i) the Borrower, Lenders constituting the Required Lenders (determined
immediately prior to giving effect to the First Amendment), each Lender with a
Replacement Term Loan Commitment, each Lender converting Initial Term Loans into
Converted Replacement Term Loans pursuant to the Replacement Term Loan
Conversion, each Lender with a Revolving Loan Commitment, the Swingline Lender
and each Issuing Lender shall have signed a counterpart hereof (whether the same
or different counterparts) and shall have delivered (including by way of
facsimile transmission) the same to White & Case LLP, 1155 Avenue of the
Americas, New York, NY 10036, attention: May Yip (facsimile number:
212-354-8113, email address: myip@whitecase.com);

(ii) there shall have been delivered to the Administrative Agent for the account
of each Consenting Initial Term Loan Lender and each Lender with a Replacement
Term Loan Commitment which has requested same, an appropriate Replacement Term
Note executed by the Borrower, in each case in the amount, maturity and
otherwise as provided in the Credit Agreement (after giving effect to this First
Amendment);

(iii) (x) all accrued and unpaid interest on all Initial Term Loans shall have
been paid in full (regardless of whether or not the Credit Agreement otherwise
requires a payment of such interest at such time), and (y) the principal of all
outstanding Initial Term Loans of Non-Consenting Initial Term Loan Lenders shall
have been repaid in full;

(iv) there shall have been delivered to the Administrative Agent (w) by each
Credit Party (other than the Borrower) a duly authorized and executed
acknowledgment agreement in form and substance satisfactory to the
Administrative Agent (the “Acknowledgment Agreement”), pursuant to which
(I) each such Credit Party shall acknowledge that all Loans (including the
Replacement Term Loans) are secured pursuant to the Pledge Agreement and the
Security Agreement and (II) each Subsidiary Guarantor shall acknowledge that all

 

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Loans (including the Replacement Term Loans) are guaranteed pursuant to the
Subsidiaries Guaranty, (x) copies of recent good standing certificates of each
Credit Party as reasonably requested by the Administrative Agent, (y) copies of
resolutions of the board of directors of each Credit Party approving and
authorizing the execution, delivery and performance of this First Amendment or
the Acknowledgment Agreement, as the case may be, certified as of the First
Amendment Effective Date by the corporate secretary or an assistant secretary of
such Credit Party as being in full force and effect without modification or
amendment, and (z) opinions of counsel (including regulatory counsel) in form
and substance reasonably satisfactory to the Administrative Agent, covering such
matters incident to this First Amendment and the transactions contemplated
hereby as the Administrative Agent may reasonably request;

(v) the Borrower shall have obtained corporate credit ratings as to itself and
facility ratings for the Replacement Term Loans, in each case from S&P and
Moody’s, which ratings shall be in effect on the First Amendment Effective Date;

(vi) the Borrower shall have issued Senior Notes in an aggregate principal
amount of approximately $300,000,000 and used the Net Cash Proceeds therefrom to
repay outstanding Initial Term Loans in accordance with the terms of the Credit
Agreement as in effect immediately prior to giving effect to this First
Amendment (and, in any event, immediately prior to the incurrence of any
Replacement Term Loans on the First Amendment Effective Date);

(vii) the Administrative Agent shall have received a solvency certificate from
the Chief Financial Officer of the Borrower in form and substance reasonably
satisfactory to the Administrative Agent; and

(viii) the Borrower shall have paid all fees and expenses (including reasonable
legal fees and expenses) of the Administrative Agent, any Joint Lead Arrangers,
any Lender or any of their respective affiliates to the extent then due and
payable in connection with this First Amendment.

6. By executing and delivering a copy hereof, the Borrower hereby agrees that
all Loans (including, without limitation, the Replacement Term Loans) are
secured pursuant to the Pledge Agreement and the Security Agreement.

7. From and after the First Amendment Effective Date, all references in the
Credit Agreement and each of the other Credit Documents to the Credit Agreement
shall be deemed to be references to the Credit Agreement, as modified hereby.

* * *

 

-24-

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized
officers to execute and deliver this First Amendment as of the date first above
written.

 

PAETEC HOLDING CORP.

By:

 

/s/ Charles E. Sieving

Name:

  Charles E. Sieving

Title:

  EVP & GC

--------------------------------------------------------------------------------

DEUTSCHE BANK TRUST COMPANY
AMERICAS, Individually and as Administrative
Agent   By  

/s/ Anca Trifan

  Name:   Anca Trifan   Title:   Director   By  

/s/ [Illegible]

  Name:     Title:    

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

CIT Lending Services Corporation

By:

 

/s/ Anthony Holland

Name:

  Anthony Holland

Title:

  Vice President

NAME OF INSTITUTION:

Merrill Lynch Capital Corp.

By:

 

/s/ Arminee Bowler

Name:

  ARMINEE BOWLER

Title:

  VICE PRESIDENT

MANUFACTURERS AND TRADERS TRUST COMPANY:

By:

 

/s/ Jon M. Fogle

Name:

  Jon M. Fogle

Title:

  Vice President

NAME OF INSTITUTION:

WACHOVIA BANK, NATIONAL ASSOCIATION

By:  

/s/ Russ Lyons

Name:   Russ Lyons Title:   Director

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Galaxy CLO 2003-1, Ltd. By: AIG Global Investment Corp., Its Collateral Manager
By:  

/s/ W. Jeffrey Baxter

Name:   W. Jeffrey Baxter Title:   Managing Director Galaxy IV CLO, Ltd. By: AIG
Global Investment Corp., Its Collateral Manager By:  

/s/ W. Jeffrey Baxter

Name:   W. Jeffrey Baxter Title:   Managing Director Galaxy VI CLO, Ltd. By: AIG
Global Investment Corp. Its Collateral Manager By:  

/s/ W. Jeffrey Baxter

Name:   W. Jeffrey Baxter Title:   Managing Director Galaxy VIII CLO, Ltd. By:
AIG Global Investment Corp., Its Collateral Manager By:  

/s/ W. Jeffrey Baxter

Name:   W. Jeffrey Baxter Title:   Managing Director

--------------------------------------------------------------------------------

Saturn CLO, Ltd.

By: AIG Global Investment Corp., Its Collateral Manager

By:

 

/s/ W. Jeffrey Baxter

Name:

  W. Jeffrey Baxter

Title:

  Managing Director

American International Group, Inc.

By: AIG Global Investment Corp.,

Its Investment Adviser

By:

 

/s/ W. Jeffrey Baxter

Name:

  W. Jeffrey Baxter

Title:

  Managing Director

SunAmerica Senior Floating Rate Fund

By: AIG Global Investment Corp.,

Investment Sub-Adviser

By:

 

/s/ W. Jeffrey Baxter

Name:

  W. Jeffrey Baxter

Title:

  Managing Director

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: HighRidge CLO 2007-1 Whse By:  

/s/ Brendan Driscoll

Name:   Brendan Driscoll Title:   CFO

NAME OF INSTITUTION:

LANDMARK III CDO Limited

By: Aladdin Capital Management, as a Lender

By:  

/s/ James Bragg

Name:   James Bragg Title:   Director NAME OF INSTITUTION: LANDMARK IV CDO
Limited By: Aladdin Capital Management, as a Lender By:  

/s/ James Bragg

Name:   James Bragg Title:   Director

NAME OF INSTITUTION:

LANDMARK V CDO Limited

By: Aladdin Capital Management, as a Lender

By:

 

/s/ James Bragg

Name:

  James Bragg

Title:

  Director

NAME OF INSTITUTION:

AllianceBernstein Institutional Investments – Senior Loan Portfolio

By: AllianceBernstein L.P., as Investment Advisor By:  

/s/ Michael E. Sohr

Name:   Michael E. Sohr Title:   Senior Vice President

NAME OF INSTITUTION:

ABCLO 2007-I Ltd

By: AllianceBernstein L.P., as Investment Advisor

By:

 

/s/ Michael E. Sohr

Name:

  Michael E. Sohr

Title:

  Senior Vice President

NAME OF INSTITUTION:

Grand Central Asset Trust, HFV Series

By:  

/s/ Janet Haack

Name:   Janet Haack Title:   As Attorney In Fact

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

ARES ENHANCED LOAN INVESTMENT STRATEGY II,

LTD.

By:

 

Ares Enhanced Loan Management II, L.P.,

Investment Manager

By:

 

Ares Enhanced Loan GP II, LLC

Its General Partner

By:

 

/s/ SETH J. BRUFSKY

Name:

  SETH J. BRUFSKY

Title:

  VICE PRESIDENT ARES ENHANCED LOAN INVESTMENT STRATEGY IR, LTD.

By:

 

Ares Enhanced Loan Management IR, L.P.,

Investment Manager

By:

 

Ares Enhanced Loan GP IR, LLC

Its General Partner

By:  

/s/ SETH J. BRUFSKY

Name:   SETH J. BRUFSKY Title:   VICE PRESIDENT ARES LEVERAGED FINANCE GENERAL I

By:

  ARES CLO MANAGEMENT XI, L.P.

By:

  ARES CLO GP XI, LLC, ITS GENERAL PARTNER

By:

  ARES MANAGEMENT LLC, ITS MANAGER By:  

/s/ SETH J. BRUFSKY

Name:   SETH J. BRUFSKY Title:   VICE PRESIDENT

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

ARES LEVERAGED FINANCE GENERAL III

By: ARES CLO MANAGEMENT III, L.P.

By: ARES CLO GP III, LLC, ITS GENERAL PARTNER By: ARES MANAGEMENT LLC, ITS
MANAGER

By:

 

/s/ SETH J. BRUFSKY

Name:

  SETH J. BRUFSKY

Title:

  VICE PRESIDENT ARES ENHANCED CREDIT OPPORTUNITIES FUND LTD.

By: Ares Enhanced Credit Opportunities Fund Management,

L.P.,

By:  

/s/ SETH J. BRUFSKY

Name:   SETH J. BRUFSKY Title:   VICE PRESIDENT

Ares X CLO Ltd.

By:

 

Ares CLO Management X, L.P.,

Investment Manager

By:

 

Ares CLO GP X, LLC,

Its General Partner

By:

 

/s/ SETH J. BRUFSKY

Name:

  SETH J. BRUFSKY

Title:

  VICE PRESIDENT

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

Ares IIIR/IVR, CLO Ltd.

By:

 

Ares CLO Management IIIR/IVR, L.P.,

Investment Manager

By:

 

Ares CLO GP IIIR/IVR, LLC,

Its General Partner

By:

 

/s/ SETH J. BRUFSKY

Name:

  SETH J. BRUFSKY

Title:

  VICE PRESIDENT

Ares VR CLO Ltd.

By:

 

Ares CLO Management VR, L.P.,

Investment Manager

By:

 

Ares CLO GP VR, LLC,

Its General Partner

By:

 

/s/ SETH J. BRUFSKY

Name:

  SETH J. BRUFSKY

Title:

  VICE PRESIDENT

Ares VIR CLO Ltd.

By:

 

Ares CLO Management VIR, L.P.,

Investment Manager

By:

 

Ares CLO GP VIR, LLC,

Its General Partner

By:  

/s/ SETH J. BRUFSKY

Name:   SETH J. BRUFSKY Title:   VICE PRESIDENT

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

Ares VI CLO Ltd.

By:

 

Ares CLO Management VI, L.P.,

Investment Manager

By:

 

Ares CLO GP VI, LLC,

Its General Partner

By:

 

/s/ SETH J. BRUFSKY

Name:

  SETH J. BRUFSKY

Title:

  VICE PRESIDENT

Ares VII CLO Ltd.

By:

 

Ares CLO Management VII, L.P.,

Investment Manager

By:

 

Ares CLO GP VII, LLC,

Its General Partner

By:  

/s/ SETH J. BRUFSKY

Name:   SETH J. BRUFSKY Title:   VICE PRESIDENT

Ares VIII CLO Ltd.

By:

 

Ares CLO Management VIII, L.P.,

Investment Manager

By:

 

Ares CLO GP VIII, LLC,

Its General Partner

By:

 

/s/ SETH J. BRUFSKY

Name:

  SETH J. BRUFSKY

Title:

  VICE PRESIDENT

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

Ares IX CLO Ltd.

By:

 

Ares CLO Management IX, L.P.,

Investment Manager

By:

 

Ares CLO GP IX, LLC,

Its General Partner

By:  

/s/ SETH J. BRUFSKY

Name:   SETH J. BRUFSKY Title:   VICE PRESIDENT

CONFLUENT 2 LIMITED

By: Ares Private Account Management I, L.P., as Sub-Manager

By: Ares Private Account Management I GP, LLC, as General

Partner

By: Ares Management LLC, as Manager

By:

 

/s/ SETH J. BRUFSKY

Name:

  SETH J. BRUFSKY

Title:

  VICE PRESIDENT

SEI Global Master Fund plc – The SEI High Yield Fixed

Income Fund

By:  

/s/ SETH J. BRUFSKY

Name:   SETH J. BRUFSKY Title:   VICE PRESIDENT

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

SEI Institutional Investment Trust – High Yield Bond Fund By:  

/s/ SETH J. BRUFSKY

Name:   SETH J. BRUFSKY Title:   VICE PRESIDENT
SEI Institutional Managed Trust – High Yield Bond Fund

By:

 

/s/ SETH J. BRUFSKY

Name:

  SETH J. BRUFSKY

Title:

  VICE PRESIDENT

BABSON CLO LTD. 2003-I

BABSON CLO LTD. 2004-I

BABSON CLO LTD. 2004-II

BABSON CLO LTD. 2005-I

BABSON CLO LTD. 2005-II

BABSON CLO LTD. 2005-III

BABSON CLO LTD. 2006-I

BABSON CLO LTD. 2006-II

BABSON CLO LTD. 2007-I

BABSON MID-MARKET CLO LTD. 2007-I

By: Babson Capital Management LLC as Collateral Manager By:  

/s/ [Illegible]

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY By: Babson Capital Management LLC as
Investment Adviser

By:

 

/s/ [Illegible]

C.M. LIFE INSURANCE COMPANY

By: Babson Capital Management LLC as Investment Sub-Adviser

By:

 

/s/ [Illegible]

BABSON CREDIT STRATEGIES CLO, LTD.

By: Babson Capital Management LLC as Collateral Manager

By:

 

/s/ [Illegible]

BILL & MELINDA GATES FOUNDATION TRUST By: Babson Capital Management LLC as
Investment Adviser

By:

 

/s/ [Illegible]

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

Atlas Loan Funding 1, LLC

By: Atlas Capital Funding, Ltd. By: Structured Asset Investors, LLC Its
Investment Manager

By:

 

/s/ Diana M. Himes

Name:

  Diana M. Himes

Title:

  Vice President

NAME OF INSTITUTION:

Ballyrock CLO 2006-1 LTD

BALLYROCK Investment Advisors LLC, as Collateral

Manager

By:

 

/s/ Lisa Rymut

Name:

  Lisa Rymut

Title:

  Assistant Treasurer

NAME OF INSTITUTION:

Ballyrock CLO 2006-2 LTD

BALLYROCK Investment Advisors LLC, as Collateral

Manager

By:

 

/s/ Lisa Rymut

Name:

  Lisa Rymut

Title:

  Assistant Treasurer

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

BEAR STEARNS INVESTMENT PRODUCTS INC.

By:

 

/s/ JOHN McDERMOTT

Name:

  JOHN McDERMOTT

Title:

  VICE PRESIDENT

NAME OF INSTITUTION: BlackRock

BlackRock Senior Income Series BlackRock Senior Income Series II BlackRock
Senior Income Series III BlackRock Senior Income Series IV
Merrill Lynch Global Investment Series: Income Strategies Portfolio Magnetite
Asset Investors III L.L.C. Magnetite V CLO, Limited Missouri State Employees’
Retirement System Senior Loan Portfolio Merrill Lynch Senior Floating Rate
Portfolio By:  

/s/ [Illegible]

Name:   Title:   Authorized Signatory

NAME OF INSTITUTION:

Loan Funding VI LLC

For itself or as agent for

Corporate Loan Funding VI LLC

By:  

/s/ Dean T. Criares

Name:   Dean T. Criares Title:   Senior Managing Director

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Prospect Park CDO Ltd.

By: Blackstone Debt Advisors L.P.

As Collateral Manager

By:

 

/s/ Dean T. Criares

Name:

  Dean T. Criares

Title:

  Senior Managing Director

NAME OF INSTITUTION:

Inwood Park CDO Ltd.

By: Blackstone Debt Advisors L.P.

As Collateral Manager

By:  

/s/ Dean T. Criares

Name:   Dean T. Criares Title:   Senior Managing Director

NAME OF INSTITUTION:

Monument Park CDO Ltd.

By: Blackstone Debt Advisors L.P.

As Collateral Manager

By:  

/s/ Dean T. Criares

Name:   Dean T. Criares Title:   Senior Managing Director

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Essex Park CDO Ltd.

By: Blackstone Debt Advisors L.P.

As Collateral Manager

By:  

/s/ Dean T. Criares

Name:   Dean T. Criares Title:   Senior Managing Director

NAME OF INSTITUTION:

Lafayette Square CDO Ltd.

By: Blackstone Debt Advisors L.P.

As Collateral Manager

By:  

/s/ Dean T. Criares

Name:   Dean T. Criares Title:   Senior Managing Director

NAME OF INSTITUTION:

Union Square CDO Ltd.

By: Blackstone Debt Advisors L.P.

As Collateral Manager

By:  

/s/ Dean T. Criares

Name:   Dean T. Criares Title:   Senior Managing Director

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

BlueMountain CLO Ltd.

By:  

/s/ Kimberly Reina

Name:   Kimberly Reina Title:   Associate

NAME OF INSTITUTION:

BlueMountain CLO III Ltd.

By:

 

/s/ Kimberly Reina

Name:

  Kimberly Reina

Title:

  Associate

NAME OF INSTITUTION:

BlueMountain CLO IV Ltd.

By:

 

/s/ Kimberly Reina

Name:

  Kimberly Reina

Title:

  Associate

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Boldwater CBNA Loan Funding LLC, for itself or as agent

for Boldwater CFPI Loan Funding LLC

By:

 

/s/ Janet Haack

Name:

  Janet Haack

Title:

  As Attorney In Fact

NAME OF INSTITUTION:

BATTALION CLO 2007-I Ltd

By:  

/s/ John Forys

Name:  

John Forys

Title:  

Trader

Gallatin CLO III 2007-1, Ltd.

As Assignee

By: Bear Stearns Asset Management, Inc.

as its Collateral Manager

By:

 

/s/ Niall D. Rosenzweig

Name:

  Niall D. Rosenzweig

Title:

  Managing Director

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

GALLATIN CLO II 2005-1 LTD.

BY: BEAR STEARNS ASSET MANAGEMENT INC.

AS ITS COLLATERAL MANAGER

By:  

/s/ Niall D. Rosenzweig

Name:   Niall D. Rosenzweig Title:   Managing Director

Grayston CLO II 2004-1 LTD.

By: Bear Stearns Asset Management, Inc.,

as its Collateral Manager

By:

 

/s/ Niall D. Rosenzweig

Name:

  Niall D. Rosenzweig

Title:

  Managing Director Gallatin Funding I Ltd.

By: Bear Stearns Asset Management Inc.

as its Collateral Manager

By:  

/s/ Niall D. Rosenzweig

Name:   Niall D. Rosenzweig Title:   Managing Director

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Laguna Funding LLC By:  

/s/ Tara E. Kenny

Name:   Tara E. Kenny Title:   Assistant Vice President NAME OF INSTITUTION: By:
Callidus Debt Partners CLO Fund II, Ltd.

By: Its Collateral Manager,

Callidus Capital Management, LLC

By:  

/s/ PETER R. BENNITT

Name:   PETER R. BENNITT Title:   PRINCIPAL NAME OF INSTITUTION: By: Callidus
Debt Partners CLO Fund III, Ltd.

By: Its Collateral Manager,

Callidus Capital Management, LLC

By:  

/s/ PETER R. BENNITT

Name:   PETER R. BENNITT Title:   PRINCIPAL

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: By: MAPS CLO Fund II, Ltd.

By: Its Collateral Manager,

Callidus Capital Management, LLC

By:  

/s/ PETER R. BENNITT

Name:   PETER R. BENNITT Title:   PRINCIPAL NAME OF INSTITUTION: By: Callidus
Debt Partners CLO Fund VI, Ltd.

By: Its Collateral Manager,

Callidus Capital Management, LLC

By:  

/s/ PETER R. BENNITT

Name:   PETER R. BENNITT Title:   PRINCIPAL NAME OF INSTITUTION: Canadian
Imperial Bank of Commerce By:  

/s/ John O’Dowd

Name:   John O’Dowd Title:   Authorized Signatory

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION CANARAS SUMMIT CLO LTD

By: Canaras Capital Management LLC

As Sub-Investment Adviser

By:  

/s/ Benjamin S. Steger

Name:   Benjamin S. Steger, CFA(illegible) Title:   Authorized Signatory NAME OF
INSTITUTION: Canpartners Investments IV, LLC By:  

/s/ Mitchell R. Julis

Name:   Mitchell R. Julis Title:   Managing Partner

By: Canpartners Investments IV, LLC, a California

limited liability company

NAME OF INSTITUTION: WatchTower CLO I PLC By: Citadel Limited Partnership,
Collateral Manager By: Citadel Investment Group, L.L.C., its General Partner By:
 

/s/ ERICA L. TARPEY

Name:   ERICA L. TARPEY Title:   Authorized Signatory

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: ColumbusNova CLO Ltd. 2007-1 By:  

/s/ Tom Bohrer

Name:   Tom Bohrer Title:   Senior Director NAME OF INSTITUTION: CSAM Funding II
By:  

/s/ LINDA R. KARN

Name:   LINDA R. KARN Title:   AUTHORIZED SIGNATORY NAME OF INSTITUTION: Atrium
CDO By:  

/s/ LINDA R. KARN

Name:   LINDA R. KARN Title:   AUTHORIZED SIGNATORY

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Atrium II By:  

/s/ LINDA R. KARN

Name:   LINDA R. KARN Title:   AUTHORIZED SIGNATORY NAME OF INSTITUTION: Atrium
III By:  

/s/ LINDA R. KARN

Name:   LINDA R. KARN Title:   AUTHORIZED SIGNATORY NAME OF INSTITUTION: Madison
Park Funding VI, Ltd. By:  

/s/ LINDA R. KARN

Name:   LINDA R. KARN Title:   AUTHORIZED SIGNATORY

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Madison Park Funding IV, Ltd. By:  

/s/ LINDA R. KARN

Name:   LINDA R. KARN Title:   AUTHORIZED SIGNATORY NAME OF INSTITUTION: Madison
Park Funding V, Ltd. By:  

/s/ LINDA R. KARN

Name:   LINDA R. KARN Title:   AUTHORIZED SIGNATORY NAME OF INSTITUTION: Duane
Street CLO II, Ltd.

By: Di Maio Ahmad Capital LLC,

As Collateral Manager

By:  

/s/ Paul Travers

Name:   Paul Travers Title:   Authorized Signatory

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Duane Street CLO I, Ltd.

By: Di Maio Ahmad Capital LLC,

as Collateral Manager

By:  

/s/ Paul Travers

Name:   Paul Travers Title:   Authorized Signatory NAME OF INSTITUTION: Duane
Street CLO III, Ltd.

By: Di Maio Ahmad Capital LLC,

As Collateral Manager

By:  

/s/ Paul Travers

Name:   Paul Travers Title:   Authorized Signatory NAME OF INSTITUTION: Duane
Street CLO IV, Ltd.

By: Di Maio Ahmad Capital LLC,

As Collateral Manager

By:  

/s/ Paul Travers

Name:   Paul Travers Title:   Authorized Signatory

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Jay Street Market Value, CLO I Ltd.

By: Di Maio Ahmad Capital LLC,

As Manager

By:  

/s/ Paul Travers

Name:   Paul Travers Title:   Authorized Signatory NAME OF INSTITUTION:
Jefferson Pilot Financial Insurance Co. By:  

/s/ Thomas H. Chow

Name:   Thomas H. Chow Title:  

Senior Vice President

Portfolio Manager

NAME OF INSTITUTION: Longevit, Funding CLO I, Ltd By:  

/s/ Thomas H. Chow

Name:   Thomas H. Chow Title:  

Senior Vice President

Portfolio Manager

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Deutsche Bank AG London (wincap) By:  

/s/ Karim Flitti

Name:   Karim Flitti Title:   Director NAME OF INSTITUTION: Credit Genesis CLO
2005-1 By:  

/s/ Christopher M. Mackey

Name:   Christopher M. Mackey Title:   Managing Principal NAME OF INSTITUTION:
Feingold O’Keeffe Credit Fund CBNA Loan Funding LLC By:  

/s/ Jason Muelver

Name:   Jason Muelver Title:   Attorney-in-fact

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Fenway Capital, LLC By:  

/s/ Vidrik Frankfather

Name:   Vidrik Frankfather Title:   Vice President NAME OF INSTITUTION:
Ballyrock CLO II Limited

BALLYROCK Investment Advisors LLC, as Collateral

Manager

By:  

/s/ Lisa Rymut

Name:   Lisa Rymut Title:   Assistant Treasurer NAME OF INSTITUTION: Ballyrock
CLO III Limited

BALLYROCK Investment Advisors LLC, as Collateral

Manager

By:  

/s/ Lisa Rymut

Name:   Lisa Rymut Title:   Assistant Treasurer

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Fidelity Puritan Trust: Fidelity Puritan Fund By:  

/s/ Peter L. Lydecker

Name:   Peter L. Lydecker Title:   Assistant Treasurer NAME OF INSTITUTION:

Fidelity Advisor Series II: Fidelity Advisor High Income

Advantage

By:  

/s/ Peter L. Lydecker

Name:   Peter L. Lydecker Title:   Assistant Treasurer NAME OF INSTITUTION:
Fidelity Summer Street Trust: Fidelity Capital & Income Fund By:  

/s/ Peter L. Lydecker

Name:   Peter L. Lydecker Title:   Assistant Treasurer

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Fidelity Advisor Series II: Fidelity Advisor Floating Rate High

Income Fund

By:  

/s/ Peter L. Lydecker

Name:   Peter L. Lydecker Title:   Assistant Treasurer NAME OF INSTITUTION:

Fidelity Central Investment Portfolios LLC: Fidelity Floating Rate

Central Investment Portfolio

By:  

/s/ Peter L. Lydecker

Name:   Peter L. Lydecker Title:   Assistant Treasurer NAME OF INSTITUTION:
Fidelity Advisor Series II: Fidelity Advisor Strategic Income Fund By:  

/s/ Peter L. Lydecker

Name:   Peter L. Lydecker Title:   Assistant Treasurer

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Fidelity School Street Trust: Fidelity Strategic Income

Fund

By:  

/s/ Peter L. Lydecker

Name:   Peter L. Lydecker Title:   Assistant Treasurer NAME OF INSTITUTION:

Variable Insurance Products Fund IV: Strategic Income

Portfolio

By:  

/s/ Peter L. Lydecker

Name:   Peter L. Lydecker Title:   Assistant Treasurer NAME OF INSTITUTION:
Illinois Municipal Retirement Fund

Pyramis Global Advisors Trust Company, as Investment

Manager Under Power of Attorney

By:  

/s/ Geoff W. Johnson

Name:   Geoff W. Johnson Title:   Vice President

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Pension Investment Committee of General Motors for

General Motors Employees Domestic Group Pension Trust

Pyramis Global Advisors Trust Company, as Investment

Manager Under Power of Attorney

By:  

/s/ Geoff W. Johnson

Name:   Geoff W. Johnson Title:   Vice President NAME OF INSTITUTION:

Commonwealth of Massachusetts Pension Reserves

Investment Management Board

Pyramis Global Advisors Trust Company, as Investment

Manager Under Power of Attorney

By:  

/s/ Geoff W. Johnson

Name:   Geoff W. Johnson Title:   Vice President FOUR CORNERS CLO 2005-1, LTD.,
as Lender By:  

Four Corners Capital Management, LLC,

As Collateral Manager

By:  

/s/ KEVIN AKIOKA

Name:   KEVIN AKIOKA Title:   Senior Vice President

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Four Corners CLO II, LTD. By:  

/s/ Sean Bresnahan

Name:   Sean Bresnahan Title:   Attorney In Fact NAME OF INSTITUTION FOUR
CORNERS CLO III, LTD By:  

/s/ MELISSA SADLER

Name:   MELISSA SADLER Title:   AVP Fraser Sullivan CLO I, Ltd.
By: Fraser Sullivan Investment Management, LLC, as Collateral Manager

By:

 

/s/ John W. Fraser

Name:

  John W. Fraser

Title:

  Managing Partner

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

Fraser Sullivan CLO II, Ltd.
By: Fraser Sullivan Investment Management, LLC, as Collateral Manager

By:

 

/s/ John W. Fraser

Name:

  John W. Fraser

Title:

  Managing Partner Fraser Sullivan CLO III, Ltd.

By: Fraser Sullivan Investment Management, LLC,

as Ramp Up Investment Manager

By:

 

/s/ John W. Fraser

Name:

  John W. Fraser

Title:

  Managing Partner FRASER SULLIVAN CREDIT STRATEGIES FUNDING LTD.

By: Fraser Sullivan Investment Management, LLC,

as Ramp Up Investment Manager

By:

 

/s/ John W. Fraser

Name:

  John W. Fraser

Title:

  Managing Partner

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE
BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT NAME OF INSTITUTION: Genesis CBNA Loan Funding LLC

By:

 

/s/ Molly Walter

Name:

  Molly Walter

Title:

  Attorney-In-Fact

NAME OF INSTITUTION:

GOLDMAN SACHS ASSET MANAGEMENT CLO,

PUBLIC LIMITED COMPANY

By: Goldman Sachs Asset Manager, L.P.,

as Manager

By:

 

/s/ Sandra L. Stulberger

Name:

  Sandra L. Stulberger

Title:

  Authorized Signatory

NAME OF INSTITUTION:

Relaeasi Capital Limited

By: Goldman Sachs Asset Management, L.P.,

as its Investment Advisor

By:

 

/s/ Sandra L. Stulberger

Name:

  Sandra L. Stulberger

Title:

  Authorized Signatory

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Grand Central Asset Trust, Gaia Series

By:

 

/s/ Janet Haack

Name:

  Janet Haack

Title:

  As Attorney In Fact NAME OF INSTITUTION:

Grand Central Asset Trust, GSAM Series

By:

 

/s/ Molly Walter

Name:

  Molly Walter

Title:

  Attorney-In-Fact HUDSON STRAITS CLO 2004, LTD.

By: GSO Capital Partners LP as Collateral Manager

By:

 

/s/ Sanjal Bhonsle

Name:

  Sanjal Bhonsle

Title:

  Authorized Signatory

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE
BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT

FOXE BASIN CLO 2003, LTD.

By: GSO Capital Partners LP as Collateral Manager

By:

 

/s/ Sanjal Bhonsle

Name:

  Sanjal Bhonsle

Title:

  Authorized Signatory

NAME OF INSTITUTION:

Abingdon Finance Limited

By: GSO Capital Partners LP as Investment Manager

By:

 

/s/ Sanjal Bhonsle

Name:

  Sanjal Bhonsle

Title:

  Authorized Signatory

NAME OF INSTITUTION:

GSO DOMESTIC CAPITAL FUNDING, LLC

By: GSO Capital Partners LP as Collateral Manager

By:

 

/s/ CHRISTOPHER SULLIVAN

Name:

  CHRISTOPHER SULLIVAN

Title:

  AUTHORIZED SIGNATORY

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

280 FUNDING I

By:

 

/s/ CHRISTOPHER SULLIVAN

Name:

  CHRISTOPHER SULLIVAN

Title:

  AUTHORIZED SIGNATORY

NAME OF INSTITUTION:

GULF STREAM-COMPASS CLO 2005-I LTD

By: Gulf Stream Asset Management LLC

As Collateral Manager

GULF STREAM-SEXTANT CLO 2006-I LTD

By: Gulf Stream Asset Management LLC

As Collateral Manager

GULF STREAM-RASHINBAN CLO 2006-I LTD

By: Gulf Stream Asset Management LLC

As Collateral Manager

By:

 

/s/ Barry K. Love

Name:

  Barry K. Love

Title:

  Chief Credit Officer

NAME OF INSTITUTION:

Halcyon Loan Investors CLO II, LTD.

By:

 

/s/ James W. Sykes

Name:

  James W. Sykes

Title:

  Managing Principal

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE
BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Genesis CBNA Loan Funding LLC

By:

 

/s/ James W. Sykes

Name:

  James W. Sykes

Title:

  Managing Principal

NAME OF INSTITUTION:

Halcyon Loan Investors CLO I Hybrid LCDS, LTD.

By:

 

/s/ James W. Sykes

Name:

  James W. Sykes

Title:

  Managing Principal

NAME OF INSTITUTION:

Rowayton Loan Funding Company

By:

 

/s/ James W. Sykes

Name:

  James W. Sykes

Title:

  Managing Principal

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE
BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Halcyon Loan Investors CLO III, LTD.

By:

 

/s/ James W. Sykes

Name:

  James W. Sykes

Title:

  Managing Principal

NAME OF INSTITUTION:

Halcyon Loan Investors CLO I, LTD.

By:

 

/s/ James W. Sykes

Name:

  James W. Sykes

Title:

  Managing Principal

NAME OF INSTITUTION:

Halcyon Structured Asset Management Long Secured/Short

Unsecured CLO II LTD.

By:

 

/s/ James W. Sykes

Name:

  James W. Sykes

Title:

  Managing Principal

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE
BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Halcyon Structured Asset Management Long Secured/Short

Unsecured CLO 2006-1 LTD.

By:

 

/s/ James W. Sykes

Name:

  James W. Sykes

Title:

  Managing Principal

NAME OF INSTITUTION:

Halcyon Structured Asset Management CLO I LTD.

By:

 

/s/ James W. Sykes

Name:

  James W. Sykes

Title:

  Managing Principal

Atlas Loan Funding (Hartford), LLC

By: Atlas Capital Funding, Ltd.

By: Structured Asset Investors, LLC

Its Investment Manager

By:

 

/s/ Diana M. Himes

Name:

  Diana M. Himes   Vice President

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE
BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Beecher CBNA Loan Funding LLC

By:

 

/s/ Jason Muelver

Name:

  Jason Muelver

Title:

  Attorney-in-fact

The Hartford Mutual Funds, Inc., on behalf of The

Hartford Floating Rate Fund

By Hartford Investment Management Company, its

Sub-advisor

By:

 

/s/ Michael A Pineau

Name:

  Michael A Pineau

Title:

  Vice President

Hartford Institutional Trust, on behalf of its Floating

Rate Bank Loan Series, as Assignee

By: Hartford Investment Management Company, its

Investment Manager

By:  

/s/ Michael A Pineau

Name:   Michael A Pineau Title:   Vice President

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

Highbridge Fixed Income Opportunity Master Fund, L.P

By: Highbridge Capital Management, LLC,

as trading manager and not in its individual capacity

By:  

/s/ Mark A. Palmer

Name:   Mark A. Palmer Title:   SPM/MD

Highbridge Fixed Income Opportunity Institutional Fund, Ltd

By: Highbridge Capital Management, LLC,

as trading manager and not in its individual capacity

By:  

/s/ Mark A. Palmer

Name:   Mark A. Palmer Title:   SPM/MD Highbridge International, LLC

By: Highbridge Capital Management, LLC,

as trading manager and not in its individual capacity

By:  

/s/ Mark A. Palmer

Name:   Mark A. Palmer Title:   SPM/MD

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT NAME OF INSTITUTION: Emerald Orchard Limited By:  

/s/ NEAM AHMED

Name:   NEAM AHMED Title:   AUTHORIZED SIGNATORY NAME OF INSTITUTION: Highland
Credit Strategies Fund By:  

/s/ M. Jason Blackburn

Name:   M. Jason Blackburn Title:   Treasurer NAME OF INSTITUTION: Highland
Distressed Opportunities, Inc. By:  

/s/ M. Jason Blackburn

Name:   M. Jason Blackburn Title:   Treasurer

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT NAME OF INSTITUTION: Highland Floating Rate Advantage Fund
By:  

/s/ M. Jason Blackburn

Name:   M. Jason Blackburn Title:   Treasurer NAME OF INSTITUTION: Pioneer
Floating Rate Trust By:  

/s/ M. Jason Blackburn

Name:   M. Jason Blackburn Title:   Treasurer NAME OF INSTITUTION: Employers
Insurance Company of Wausau By:   Highland Capital Management, L.P., Its
Investment Advisor By:   Strand Advisors, Inc., Its General Partner By:  

/s/ Brian Lohrding

Name:   Brian Lohrding, Treasurer Title:  

Strand Advisors, Inc.,

General Partner of

Highland Capital Management, L.P.

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Red River CLO Ltd. By:   Highland Capital Management, L.P.
  As Collateral Manager By:   Strand Advisors, Inc., Its General Partner By:  

/s/ Brian Lohrding

Name:   Brian Lohrding, Treasurer Title:  

Strand Advisors, Inc.,

General Partner of

Highland Capital Management, L.P.

NAME OF INSTITUTION: Grayson CLO, Ltd. By:   Highland Capital Management, L.P.  
As Collateral Manager By:  

Strand Advisors, Inc.

Its General Partner

By:  

/s/ Brian Lohrding

Name:   Brian Lohrding, Treasurer Title:  

Strand Advisors, Inc.,

General Partner of

Highland Capital Management, L.P.

NAME OF INSTITUTION: HCSMF SCOTIA SWAP By:  

/s/ NEAM AHMED

Name:   NEAM AHMED Title:   AUTHORIZED SIGNATORY

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Rockwall CDO Ltd. By  

Highland Capital Management, L.P.

As Collateral Manager

By:  

Strand Advisors, Inc.

Its General Partner

By:  

/s/ Brian Lohrding

Name:   Brian Lohrding, Treasurer Title:  

Strand Advisors, Inc.,

General Partner of

Highland Capital Management, L.P.

NAME OF INSTITUTION: Highland Credit Opportunities CDO Ltd. By:  

Highland Capital Management, L.P.

As Collateral Manager

By:  

Strand Advisors, Inc.

Its General Partner

By:  

/s/ Brian Lohrding

Name:   Brian Lohrding, Treasurer Title:  

Strand Advisors, Inc.,

General Partner of

Highland Capital Management, L.P.

NAME OF INSTITUTION:

Highland Offshore Partners, L.P.
By: Highland Capital Management, L.P., As Collateral Manager By: Strand
Advisors, Inc., Its General Partner By:  

/s/ Brian Lohrding

Name:   Brian Lohrding, Title:  

Treasurer

Strand Advisors, Inc.

General Partner of

Highland Capital Management, L.P.

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT NAME OF INSTITUTION: Liberty Mutual Insurance Company
By: Highland Capital Management, L.P., Its Investment Advisor By: Strand
Advisors, Inc., Its General Partner By:  

/s/ Brian Lohrding

Name:   Brian Lohrding, Title:  

Treasurer

Strand Advisors, Inc.

General Partner of

Highland Capital Management, L.P.

NAME OF INSTITUTION: Liberty Mutual Insurance Company
By: Highland Capital Management, L.P., Its Investment Advisor By: Strand
Advisors, Inc., Its General Partner By:  

/s/ Brian Lohrding

Name:   Brian Lohrding, Title:  

Treasurer

Strand Advisors, Inc.

General Partner of

Highland Capital Management, L.P.

NAME OF INSTITUTION: Chatham CLO I By:  

/s/ Dana E Erikson

Name:   Dana E Erikson Title:   Managing Director

--------------------------------------------------------------------------------

    SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT     NAME OF INSTITUTION: ING PRIME RATE TRUST     ING
Investment Management CLO II, LTD.

By: ING Investment Management Co.

      as its investment manager

   

By: ING Alternative Asset Management LLC,

      as its investment manager

By:  

/s/ Robert Wilson

    By:  

/s/ Robert Wilson

Name:   Robert Wilson     Name:   Robert Wilson Title:   Senior Vice President  
  Title:   Senior Vice President ING SENIOR INCOME FUND     ING Investment
Management CLO III, LTD.

By: ING Investment Management Co.

      as its investment manager

   

By: ING Alternative Asset Management LLC,

      as its investment manager

By:  

/s/ Robert Wilson

    By:  

/s/ Robert Wilson

Name:   Robert Wilson     Name:   Robert Wilson Title:   Senior Vice President  
  Title:   Senior Vice President ING International (II) – Senior Bank Loans Euro
    ING INVESTMENT MANAGEMENT CLO IV, LTD.

By: ING Investment Management Co.

      as its investment manager

   

By: ING Alternative Asset Management LLC,

      as its investment advisor

By:  

/s/ Robert Wilson

    By:  

/s/ Robert Wilson

Name:   Robert Wilson     Name:   Robert Wilson Title:   Senior Vice President  
  Title:   Senior Vice President ING International (II) – Senior Bank Loans USD
    ING INVESTMENT MANAGEMENT CLO V, LTD.

By: ING Investment Management Co.

      as its investment manager

   

By: ING Alternative Asset Management LLC,

      as its investment advisor

By:  

/s/ Robert Wilson

    By:  

/s/ Robert Wilson

Name:   Robert Wilson     Name:   Robert Wilson Title:   Senior Vice President  
  Title:   Senior Vice President ING Investment Management CLO I, LTD.      

By: ING Investment Management Co.

      as its investment manager

      By:  

/s/ Robert Wilson

      Name:   Robert Wilson       Title:   Senior Vice President      

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT ALZETTE EUROPEAN CLO S.A.

By: INVESCO Senior Secured Management, Inc.

      As Collateral Manager

By:  

/s/ Scott Baskind

Name:   Scott Baskind Title:   Authorized Signatory

Atlas Loan Funding (Navigator), LLC

By: Atlas Capital Funding, Ltd.

By: Structured Asset Investors, LLC

Its Investment Manager

By:

 

/s/ Diana M. Himes

Name:

  Diana M. Himes

Title:

  Vice President AVALON CAPITAL LTD. 3 By:  

INVESCO Senior Secured Management, Inc.

As Asset Manager

By:  

/s/ Scott Baskind

Name:   Scott Baskind Title:   Authorized Signatory

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT BELHURST CLO LTD.

By:

 

INVESCO Senior Secured Management, Inc.

As Collateral Manager

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory CHAMPLAIN CLO, LTD.

By:

 

INVESCO Senior Secured Management, Inc.

As Collateral Manager

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

CHARTER VIEW PORTFOLIO

By:

 

INVESCO Senior Secured Management, Inc.

As Investment Advisor

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT DIVERSIFIED CREDIT PORTFOLIO LTD.

By:

 

INVESCO Senior Secured Management, Inc.

As Investment Adviser

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

AIM FLOATING RATE FUND

By:  

INVESCO Senior Secured Management, Inc.

As Sub-Adviser

By:  

/s/ Scott Baskind

Name:   Scott Baskind Title:   Authorized Signatory

KATONAH V, LTD.

By:

 

INVESCO Senior Secured Management, Inc.

As Investment Manager

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

LOAN FUNDING IX LLC, for itself or as agent for Corporate Loan

Funding IX LLC

By:

 

INVESCO Senior Secured Management, Inc.

As Portfolio Manager

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

LIMEROCK CLO I

By:

 

INVESCO Senior Secured Management, Inc.

As Manager

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

MOSELLE CLO S.A.

By:

 

INVESCO Senior Secured Management, Inc.

As Collateral Manager

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAUTIQUE FUNDING II LTD.

By:  INVESCO Senior Secured Management, Inc.

As Collateral Manager

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

NAUTIQUE FUNDING LTD.

By:

 

INVESCO Senior Secured Management, Inc.

As Collateral Manager

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

PETRUSSE EUROPEAN CLO S.A.

By:

 

INVESCO Senior Secured Management, Inc.

As Collateral Manager

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

SAGAMORE CLO LTD.

By:

 

INVESCO Senior Secured Management, Inc.

As Collateral Manager

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

SARATOGA CLO I, LIMITED

By:

  INVESCO Senior Secured Management, Inc.   As the Asset Manager

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

WASATCH CLO LTD

By:

  INVESCO Senior Secured Management, Inc.   As Portfolio Manager

By:

 

/s/ Scott Baskind

Name:

  Scott Baskind

Title:

  Authorized Signatory

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

ST. JAMES RIVER CLO LTD.

By:

 

/s/ Mark D. Senkpiel

Name:

  Mark D. Senkpiel

Title:

  Managing Director

NAME OF INSTITUTION:

DIAMOND LAKE CLO LTD.

By:

 

/s/ Mark D. Senkpiel

Name:

  Mark D. Senkpiel

Title:

  Managing Director

NAME OF INSTITUTION:

CLEAR LAKE CLO LTD.

By:

 

/s/ Mark D. Senkpiel

Name:

  Mark D. Senkpiel

Title:

  Managing Director

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

JPMorgan High Yield Bond Fund

By:

 

/s/ James Gibson

Name:

  James Gibson

Title:

  Vice President

NAME OF INSTITUTION:

KATONAH X CLO LTD.

By:

 

/s/ DANIEL GILLIGAN

Name:

  DANIEL GILLIGAN

Title:

 

Authorized Officer

Katonah Debt Advisors, L.L.C.

As Manager

LightPoint CLO VII, Ltd.

By:

 

/s/ COLIN DONLAN

Name:

  COLIN DONLAN

Title:

  DIRECTOR

--------------------------------------------------------------------------------

   

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

   

NAME OF INSTITUTION:

   

Confluent 4 Limited

   

By:

  Please See Following Page    

Name:

     

Title:

 

LENDER:

   

CONFLUENT 4 LIMITED,

As Lender

    By:  

Loomis, Sayles & Company, L.P.,

As Sub-Manager

    By:  

Loomis, Sayles & Company, Incorporated,

Its General Partner

    By:  

/s/ Kevin J. Perry

    By:   Kevin J. Perry     Title:   Vice President    

NAME OF INSTITUTION:

   

Loomis Sayles CLO I, Ltd.

   

By:

  Please See Following Page    

Name:

     

Title:

 

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE
BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT LOOMIS SAYLES CLO I, LTD. By Loomis, Sayles and Company,
L.P.             its collateral manager By Loomis, Sayles and Company, Inc.
            its general partner

By:

 

/s/ Kevin P. Charleston

Name:

  Kevin P. Charleston

Title:

  Executive Vice President

NAME OF INSTITUTION:

Golden Knight II CLO, Ltd.

By:

 

/s/ [Illegible]

Name:

  [Illegible]

Title:

  PORTFOLIO MANAGER   LORD ABBETT & CO. LLC   AS COLLATERAL MANAGER

NAME OF INSTITUTION:

LATITUDE CLO II, LTD

By:

 

/s/ Kirk Wallace

Name:

  Kirk Wallace

Title:

  Senior Vice President

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE
BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

LATITUDE CLO III, LTD

By:

 

/s/ Kirk Wallace

Name:

  Kirk Wallace

Title:

  Senior Vice President

NAME OF INSTITUTION:

Marathon CLO II Ltd.

By: Marathon Asset Management LLC

Its Collateral Manager

By:

 

/s/ LOUIS T. HANOVER

Name:

  LOUIS T. HANOVER

Title:

  AUTHORIZED SIGNATORY

WIND RIVER CLO I LTD.

By:

  McDonnell Investment Management, LLC, as Manager

By:

 

/s/ Kathleen A. Zam

Name:

  Kathleen A. Zam

Title:

  Vice President

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

WIND RIVER CLO II - TATE INVESTORS, LTD.

By:

  McDonnell Investment Management, LLC, as Manager

By:

 

/s/ Kathleen A. Zam

Name:

  Kathleen A. Zam

Title:

  Vice President

NAME OF INSTITUTION:

Merrill Lynch Credit Products

By:

 

/s/ Brian [Illegible]

Name:

  Brian [Illegible]

Title:

  Vice President

MSIM Peconic Bay, Ltd.

By:  Morgan Stanley Investment Management Inc. as

Interim Collateral Manager

By:

 

/s/ JOHN HAYES

Name:

  JOHN HAYES

Title:

  EXECUTIVE DIRECTOR

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

ZODIAC FUND - Morgan Stanley

US Senior Loan Fund.

By:

  Morgan Stanley Investment Management Inc. as Investment Adviser

By:

 

/s/ JOHN HAYES

Name:

  JOHN HAYES

Title:

  EXECUTIVE DIRECTOR

Confluent 3 Limited

By: Morgan Stanley Investment Management Inc.

as Investment Manager

By:

 

/s/ JOHN HAYES

Name:

  JOHN HAYES

Title:

  EXECUTIVE DIRECTOR

QUALCOMM Global Trading, Inc.

By:  Morgan Stanley Investment Management Inc.

as Investment Manager

By:

 

/s/ JOHN HAYES

Name:

  JOHN HAYES

Title:

  EXECUTIVE DIRECTOR

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

Morgan Stanley Investment Management Croton, Ltd.

By: Morgan Stanley Investment Management Inc.

as Collateral Manager

By:  

/s/ JOHN HAYES

Name:   JOHN HAYES Title:   EXECUTIVE DIRECTOR MORGAN STANLEY PRIME INCOME TRUST
By:  

/s/ JOHN HAYES

Name:   JOHN HAYES Title:   EXECUTIVE DIRECTOR NAME OF INSTITUTION: Primus CLO
I, Ltd. By:  

/s/ Michael R. Feeney

Name:   Michael R. Feeney Title:   Sr. Analyst

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Primus CLO 2, Ltd. By:  

/s/ Michael R. Feeney

Name:   Michael R. Feeney Title:   Sr. Analyst NAME OF INSTITUTION: ROSEDALE CLO
LTD.

By: Princeton Advisory Group, Inc.

the Collateral Manager

By:  

/s/ Troy Isaksen

Name:   Troy Isaksen Title:   Credit Analyst NAME OF INSTITUTION: Dryden XI –
Leveraged Loan CDO 2006 By:  

/s/ [Illegible]

Name:   Title:   Prudential Investment Management, Inc., as Collateral Manager

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Dryden IX – Senior Loan Fund 2005 p.l.c By:  

/s/ [Illegible]

Name:   Title:   Prudential Investment Management, Inc., as attorney-in-fact
NAME OF INSTITUTION: Dryden VIII – Leveraged Loan CDO 2005 By:  

/s/ [Illegible]

Name:   Title:   Prudential Investment Management, Inc., as Collateral Manager
NAME OF INSTITUTION: Dryden V – Leveraged Loan CDO 2003 By:  

/s/ [Illegible]

Name:   Title:   Prudential Investment Management, Inc., as Collateral Manager

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Dryden XVI – Leveraged Loan CDO 2006 By:  

/s/ [Illegible]

Name:   Title:   Prudential Investment Management, Inc., as Collateral Manager

NAME OF INSTITUTION:

Dryden High Yield CDO 2001-1 By:  

/s/ [Illegible]

Name:   Title:   Prudential Investment Management, Inc., as Collateral Manager
NAME OF INSTITUTION: PIM Warehouse

By:

 

/s/ Steven Sapersteir

Name:

  Steven Sapersteir

Title:

  PIM Warehouse, Inc

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: PTRS CBNA Loan Funding LLC

By:

 

/s/ Jason Muelver

Name:

  Jason Muelver

Title:

  Attorney-in-fact NAME OF INSTITUTION: Grand Central Asset Trust, R6 Series

By:

 

/s/ Jason Muelver

Name:

  Jason Muelver

Title:

  Attorney-in-fact NAME OF INSTITUTION: Cooperatieve Centrale Raiffeisen
Boerenleenbank B.A.

By:

 

[Illegible]

Name:

 

Title:

  NAME OF INSTITUTION: Atlas Loan Funding (CENT I) LLC

By: RiverSource Investments, LLC

Attorney in Fact

By:

 

/s/ Robin C. Stancil

Name:

  Robin C. Stancil

Title:

  Director of Operations

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Centurion CDO VI, Ltd.

By: RiverSource Investments, LLC

as Collateral Manager

By:

 

/s/ Robin C. Stancil

Name:

  Robin C. Stancil

Title:

  Director of Operations NAME OF INSTITUTION: Centurion CDO VII, Ltd.

By: RiverSource Investments, LLC

as Collateral Manager

By:  

/s/ Robin C. Stancil

Name:   Robin C. Stancil Title:   Director of Operations NAME OF INSTITUTION:
Centurion CDO 8, Limited

By: RiverSource Investments, LLC

as Collateral Manager

By:  

/s/ Robin C. Stancil

Name:   Robin C. Stancil Title:   Director of Operations

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT NAME OF INSTITUTION: Centurion CDO 9, Ltd.

By: RiverSource Investments, LLC

as Collateral Manager

By:  

/s/ Robin C. Stancil

Name:   Robin C. Stancil Title:   Director of Operations NAME OF INSTITUTION:
Cent CDO 10, Ltd.

By: RiverSource Investments, LLC

as Collateral Manager

By:  

/s/ Robin C. Stancil

Name:   Robin C. Stancil Title:   Director of Operations NAME OF INSTITUTION:
Cent CDO XI, Limited

By: RiverSource Investments, LLC

as Collateral Manager

By:  

/s/ Robin C. Stancil

Name:   Robin C. Stancil Title:   Director of Operations

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE
BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT NAME OF INSTITUTION: Cent CDO 12 Limited

By: RiverSource Investments, LLC

as Collateral Manager

By:  

/s/ Robin C. Stancil

Name:   Robin C. Stancil Title:   Director of Operations NAME OF INSTITUTION:
Cent CDO 14 Limited

By: RiverSource Investments, LLC

as Collateral Manager

By:  

/s/ Robin C. Stancil

Name:   Robin C. Stancil Title:   Director of Operations NAME OF INSTITUTION:
Cent CDO 15 Limited

By: RiverSource Investments, LLC

as Collateral Manager

By:  

/s/ Robin C. Stancil

Name:   Robin C. Stancil

Title:

  Director of Operations

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: RiverSource Bond Series, Inc. - RiverSource Floating Rate
Fund By:  

/s/ Robin C. Stancil

Name:   Robin C. Stancil Title:   Assistant Vice President NAME OF INSTITUTION:
Sequils-Centurion V, Ltd.

By: RiverSource Investments,

LLC as Collateral Manager

By:  

/s/ Robin C. Stancil

Name:   Robin C. Stancil Title:   Director of Operations NAME OF INSTITUTION:

Sankaty Advisors, LLC as Collateral

Manager for AVERY POINT CLO,

LTD., as Term Lender

By:  

/s/ Alan K. Halfenger

Name:   Alan K. Halfenger Title:  

Chief Compliance Officer

Assistant Secretary

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Sankaty Advisors, LLC as Collateral

Manager for Castle Hill I -

INGOTS. Ltd., as Term Lender

By:  

/s/ Alan K. Halfenger

Name:   Alan K. Halfenger Title:  

Chief Compliance Officer

Assistant Secretary

NAME OF INSTITUTION:

Sankaty Advisors, LLC as Collateral

Manager for Loan Funding XI LLC,

As Term Lender

By:  

/s/ Alan K. Halfenger

Name:   Alan K. Halfenger Title:  

Chief Compliance Officer

Assistant Secretary

NAME OF INSTITUTION:

Chatham Light II CLO, Limited, by

Sankaty Advisors LLC, as Collateral

Manager

By:  

/s/ Alan K. Halfenger

Name:   Alan K. Halfenger Title:  

Chief Compliance Officer

Assistant Secretary

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Chatham Light III CLO, Ltd

By: Sankaty Advisors, LLC

as Collateral Manager

By:  

/s/ Alan K. Halfenger

Name:   Alan K. Halfenger Title:  

Chief Compliance Officer

Assistant Secretary

NAME OF INSTITUTION:

Katonah III, Ltd. by Sankaty

Advisors LLC as Sub-Advisors

By:  

/s/ Alan K. Halfenger

Name:   Alan K. Halfenger Title:  

Chief Compliance Officer

Assistant Secretary

NAME OF INSTITUTION:

Katonah IV, Ltd. by Sankaty

Advisors LLC as Sub-Advisors

By:  

/s/ Alan K. Halfenger

Name:   Alan K. Halfenger Title:  

Chief Compliance Officer

Assistant Secretary

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Sankaty Advisors, LLC as Collateral

Manager for Nash Point CLO,

Limited, as Collateral Manager

By:  

/s/ Alan K. Halfenger

Name:   Alan K. Halfenger Title:  

Chief Compliance Officer

Assistant Secretary

NAME OF INSTITUTION:

Sankaty Advisors, LLC as Collateral

Manager for Race Point II CLO,

Limited, as Term Lender

By:  

/s/ Alan K. Halfenger

Name:   Alan K. Halfenger Title:  

Chief Compliance Officer

Assistant Secretary

NAME OF INSTITUTION:

Sankaty Advisors, LLC as Collateral

Manager for Race Point III CLO,

Limited, as Term Lender

By:  

/s/ Alan K. Halfenger

Name:   Alan K. Halfenger Title:  

Chief Compliance Officer

Assistant Secretary

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Race Point IV CLO, Ltd

By: Sankaty Advisors, LLC

as Collateral Manager

By:  

/s/ Alan K. Halfenger

Name:   Alan K. Halfenger Title:  

Chief Compliance Officer

Assistant Secretary

SKY CBNA Loan Funding

By:

 

/s/ [Illegible]

Name:

  [Illegible]

Title:

  [Illegible]

NAME OF INSTITUTION:

Sankaty High Yield Partners II, L.P.

By:

 

/s/ Alan K. Halfenger

Name:

  Alan K. Halfenger

Title:

 

Chief Compliance Officer

Assistant Secretary

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Sankaty High Yield Partners III, L.P.

By:

 

/s/ Alan K. Halfenger

Name:

  Alan K. Halfenger

Title:

 

Chief Compliance Officer

Assistant Secretary

SKY CBNA Loan Funding

By:

 

/s/ [Illegible]

Name:

  [Illegible]

Title:

  [Illegible]

NAME OF INSTITUTION:

Harbour Town Funding LLC

By:

 

/s/ Tara E. Kenny

Name:

  Tara E. Kenny

Title:

  Assistant Vice President

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Mountain View Funding CLO 2006-I, Ltd.

By: Seix Advisors, a fixed income division of Trusco Capital

Management, Inc., as Collateral Manager

By:

 

/s/ George Goudelias

Name:

  George Goudelias

Title:

  PM, Seix Advisors NAME OF INSTITUTION: Mountain View CLO II, Ltd. By:  
Seix Advisors, a fixed income division of Trusco Capital Management, Inc., as
Collateral Manager By:  

/s/ George Goudelias

Name:   George Goudelias Title:   PM, Seix Advisors NAME OF INSTITUTION:
Mountain View CLO III, Ltd. By:  
Seix Advisors, a fixed income division of Trusco Capital Management, Inc., as
Collateral Manager By:  

/s/ George Goudelias

Name:   George Goudelias Title:   PM, Seix Advisors

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT NAME OF INSTITUTION: Mountain View CLO IV, Ltd. By:  
Seix Advisors, a fixed income division of Trusco Capital Management, Inc., as
Ramp-Up Investment Manager By:  

/s/ George Goudelias

Name:   George Goudelias Title:   PM, Seix Advisors NAME OF INSTITUTION: STI
Classic Seix Floating Rate High Income Fund By:  
Seix Advisors, a fixed income division of Trusco Capital Management, Inc. By:  

/s/ George Goudelias

Name:   George Goudelias Title:   PM, Seix Advisors NAME OF INSTITUTION: Nob
Hill CLO, Limited By:  

/s/ Bradley Kane

Name:   Bradley Kane Title:   PM

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Nob Hill CLO II, Limited By:  

/s/ Bradley Kane

Name:   Bradley Kane Title:   PM NAME OF INSTITUTION: Orinda Serves I Ltd. By:  

/s/ Bradley Kane

Name:   Bradley Kane Title:   PM CUNA Mutual Insurance Society By:   Shenkman
Capital Management, Inc. As Investment Advisor By:  

/s/ Richard H. Weinstein

Name:   Richard H. Weinstein Title:   Executive Vice President

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

CUNA Mutual Life Insurance Company By:   Shenkman Capital Management, Inc., As
Investment Advisor By:  

/s/ Richard H. Weinstein

Name:   Richard H. Weinstein Title:   Executive Vice President Eastbrook CLO,
Ltd. By:   Shenkman Capital Management, Inc., As Investment Advisor By:  

/s/ Richard H. Weinstein

Name:   Richard H. Weinstein Title:   Executive Vice President Westbrook CLO,
Ltd. By: Shenkman Capital Management, Inc., As Investment Advisor By:  

/s/ Richard H. Weinstein

Name:   Richard H. Weinstein Title:   Executive Vice President

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE
BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT GMAM Group Pension Trust I By: State Street Bank and Trust
Company As Trustee for GMAM Group Pension Trust I By:  

/s/ Jason R. Butler

Name:   Jason R. Butler Title:   Vice President   State Street Bank & Trust Co.
NAME OF INSTITUTION: Stanfield Daytona CLO, Ltd.

By: Stanfield Capital Partners, LLC

as its Collateral Manager

By:  

/s/ David Frey

Name:   David Frey Title:   Managing Director NAME OF INSTITUTION: Grand Central
Asset Trust, ULT Series By:  

/s/ Janet Haack

Name:   Janet Haack Title:   As Attorney In Fact

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE
BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT NAME OF INSTITUTION: Stanfield Carrera CLO, Ltd.

By: Stanfield Capital Partners LLC

as its Asset Manager

By:  

/s/ David Frey

Name:   David Frey Title:   Managing Director NAME OF INSTITUTION:

Stanfield Veyron CLO, Ltd.

By: Stanfield Capital Partners, LLC

as its Collateral Manager

By:  

/s/ David Frey

Name:   David Frey Title:   Managing Director NAME OF INSTITUTION: Stanfield
McLaren CLO, Ltd.

By: Stanfield Capital Partners, LLC

as its Collateral Manager

By:  

/s/ David Frey

Name:   David Frey Title:   Managing Director

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY  TO THE CREDIT AGREEMENT AND DEUTSCHE
BANK TRUST COMPANY AMERICAS, AS
ADMINISTRATIVE AGENT NAME OF INSTITUTION: Stanfield Modena CLO, Ltd.

By: Stanfield Capital Partners, LLC

as its Asset Manager

By:  

/s/ David Frey

Name:   David Frey Title:   Managing Director NAME OF INSTITUTION: Stone Tower
CLO III Ltd. Stone Tower Debt Advisors LLC, As Its Collateral Manager By:  

/s/ MICHAEL W. DELPERCIO

Name:   MICHAEL W. DELPERCIO Title:   AUTHORIZED SIGNATORY NAME OF INSTITUTION:
Stone Tower CLO V Ltd. Stone Tower Debt Advisors LLC, As Its Collateral Manager
By:  

/s/ MICHAEL W. DELPERCIO

Name:   MICHAEL W. DELPERCIO Title:   AUTHORIZED SIGNATORY

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Stone Tower CLO VI Ltd.

Stone Tower Debt Advisors LLC,

As Its Collateral Manager

By:

 

/s/ MICHAEL W. DELPERCIO

Name:

  MICHAEL W. DELPERCIO

Title:

  AUTHORIZED SIGNATORY NAME OF INSTITUTION:

Granite Ventures IV Ltd.

Stone Tower Debt Advisors LLC,

As Its Collateral Manager

By:

 

/s/ MICHAEL W. DELPERCIO

Name:

  MICHAEL W. DELPERCIO

Title:

  AUTHORIZED SIGNATORY NAME OF INSTITUTION:

Stone Tower Credit Funding Ltd.

Stone Tower Fund Management LLC,

As Its Collateral Manager

By:

 

/s/ MICHAEL W. DELPERCIO

Name:

  MICHAEL W. DELPERCIO

Title:

  AUTHORIZED SIGNATORY

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Cornerstone CLO Ltd.

Stone Tower Debt Advisors LLC,

As Its Collateral Manager

By:

 

/s/ MICHAEL W. DELPERCIO

Name:

  MICHAEL W. DELPERCIO

Title:

  AUTHORIZED SIGNATORY NAME OF INSTITUTION:

Rampart CLO 2007-2 Ltd.

Stone Tower Debt Advisors LLC,

As Its Collateral Manager

By:

 

/s/ MICHAEL W. DELPERCIO

Name:

  MICHAEL W. DELPERCIO

Title:

  AUTHORIZED SIGNATORY NAME OF INSTITUTION:

Rampart CLO 2007 Ltd.

Stone Tower Debt Advisors LLC,

As Its Collateral Manager

By:

 

/s/ MICHAEL W. DELPERCIO

Name:

  MICHAEL W. DELPERCIO

Title:

  AUTHORIZED SIGNATORY

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS

PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Granite Ventures II Ltd.

Stone Tower Debt Advisors LLC,

As Its Collateral Manager

By:

 

/s/ MICHAEL W. DELPERCIO

Name:

  MICHAEL W. DELPERCIO

Title:

  AUTHORIZED SIGNATORY NAME OF INSTITUTION:

Granite Ventures III Ltd.

Stone Tower Debt Advisors LLC,

As Its Collateral Manager

By:

 

/s/ MICHAEL W. DELPERCIO

Name:

  MICHAEL W. DELPERCIO

Title:

  AUTHORIZED SIGNATORY NAME OF INSTITUTION: Stone Tower CLO IV Ltd.

Stone Tower Debt Advisors LLC,

As Its Collateral Manager

By:  

/s/ MICHAEL W. DELPERCIO

Name:   MICHAEL W. DELPERCIO Title:   AUTHORIZED SIGNATORY

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Telos CLO 2006-1, Ltd By:  

/s/ Jonathan Tepper

Name:   Jonathan Tepper Title:   Principal NAME OF INSTITUTION: Trimaran CLO IV
Ltd By Trimaran Advisors, L.L.C By:  

/s/ David M. Millison

Name:   David M. Millison Title:   Managing Director NAME OF INSTITUTION:
Trimaran CLO V Ltd By Trimaran Advisors, L.L.C By:  

/s/ David M. Millison

Name:   David M. Millison Title:   Managing Director

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Trimaran CLO VII Ltd By Trimaran Advisors, L.L.C By:  

/s/ David M. Millison

Name:   David M. Millison Title:   Managing Director TRS CALLISTO LLC
By: Deutsche Bank AG New York Branch, its Sole Member By: DB Services New Jersey
Inc. By:  

/s/ Angeline Quintana

Name:   Angeline Quintana Title:   Assistant Vice President By:  

/s/ Alice L. Wagner

Name:   Alice L. Wagner Title:   Vice President TRS SVCO LLC:
By: Deutsche Bank AG New York Branch, its sole Member
By: DB Services New Jersey, Inc. By:  

/s/ Angeline Quintana

Name:   Angeline Quintana Title:   Assistant Vice President By:  

/s/ Alice L. Wagner

Name:   Alice L. Wagner Title:   Vice President

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

VAN KAMPEN

SENIOR LOAN FUND

By: Van Kampen Asset Management By:  

/s/ Illegible

Name:   Title:  

VAN KAMPEN

SENIOR INCOME TRUST

By: Van Kampen Asset Management By:  

/s/ Illegible

Name:   Title:   NAME OF INSTITUTION: Watershed Capital Partners, L.P. By: WS
Partners, LLC., its General Partner By:  

/s/ Kevin Katari

Name:   Kevin Katari Title:   Managing Member

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO

CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,

AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS

ADMINISTRATIVE AGENT

NAME OF INSTITUTION: Watershed Capital Institutional Partners, L.P. By: WS
Partners, L.L.C., its General Partner By:  

/s/ Kevin Katari

Name:   Kevin Katari Title:   Managing Member

WB Loan Funding 2, LLC

By:

 

/s/ Diana M. Himes

Name:

  Diana M. Himes

Title:

  Vice President

NAME OF INSTITUTION:

Alaska CBNA Loan Funding LLC

By:

 

/s/ Janet Haack

Name:

  Janet Haack

Title:

  As Attorney In Fact

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

Bismarck CBNA Loan Funding LLC

By:

 

/s/ Janet Haack

Name:

  Janet Haack

Title:

  As Attorney In Fact

NAME OF INSTITUTION:

Silverado CLO 2006-II Limited

By:

 

Wells Capital Management

as Portfolio Manager

By:

 

/s/ Zachary Tyler

Name:

  Zachary Tyler

Title:

  Authorized Signatory NAME OF INSTITUTION: WhiteHorse II, Ltd

By WhiteHorse Capital Partners, L.P.

As Collateral Manager

By:

 

/s/ Jay Carvell

Name:

  Jay Carvell

Title:

  PM

--------------------------------------------------------------------------------

SIGNATURE PAGE TO THE FIRST AMENDMENT TO
CREDIT AGREEMENT, DATED AS OF JUNE 27, 2007,
AMONG PAETEC HOLDING CORP., VARIOUS LENDERS
PARTY TO THE CREDIT AGREEMENT AND DEUTSCHE

BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT

NAME OF INSTITUTION:

WhiteHorse IV, Ltd

By WhiteHorse Capital Partners, L.P.

As Collateral Manager

By:

 

/s/ Jay Carvell

Name:

  Jay Carvell

Title:

  PM

NAME OF INSTITUTION:

Grand Central Asset Trust, ZEN Series

By

 

/s/ Molly Walter

Name:

  Molly Walter

Title:

  Attorney-in-Fact

NAME OF INSTITUTION:

Grand Central Asset Trust, CIT Series

By:

 

/s/ Janet Haack

Name:

  Janet Haack

Title:

  As Attorney In Fact

NAME OF INSTITUTION:

Clinton Group, Inc. as Investment Manager for and on behalf of Shinnecock CLO
2006-1 Ltd.

By:

 

/s/ Wendy Ruberti

Name:

  Wendy Ruberti

Title:

  General Counsel

NAME OF INSTITUTION:

SOUND BEACH CLO 1, LTD:

By:

 

/s/ Jonathan Berg

Name:

  Jonathan Berg

Title:

  Senior Credit Analyst

NAME OF INSTITUTION:

Goldman Sachs Credit Partners L.P.

By:

 

/s/ Salvatore T. Lentini

Name:

  Salvatore T. Lentini

Title:

  Managing Director