Document:

Amended and Restated Indenture

 Exhibit 4.1 
  

THE MONEY TREE INC. 
  
 SERIES A VARIABLE RATE SUBORDINATED DEBENTURES 
  

  
 AMENDED AND RESTATED

  
 INDENTURE 
  
  DATED AS OF SEPTEMBER 20, 2005 
   

  
 U.S. BANK NATIONAL ASSOCIATION 
  
 AS 
  
 TRUSTEE

 CROSS-REFERENCE TABLE 
  

			
	 Trust Indenture
Act Section

	  	Indenture
Section

	 310(a)(1)
	  	7.10
	       (a)(2)
	  	10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (b)
	  	7.8; 7.10; 11.2
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.6
	       (b)
	  	11.3
	       (c)
	  	11.3
	 313(a)
	  	7.6
	       (b)(1)
	  	N.A.
	       (b)(2)
	  	7.6
	       (c)
	  	11.2
	       (d)
	  	7.6
	 314(a)
	  	4.2; 11.2
	       (b)
	  	N.A.
	       (c)(1)
	  	11.4
	       (c)(2)
	  	11.4
	       (c)(3)
	  	N.A.
	       (d)
	  	N.A.
	       (e)
	  	11.5
	       (f)
	  	4.3
	 315(a)
	  	7.1(b)
	       (b)
	  	7.5; 11.2
	       (c)
	  	7.1(a)
	       (d)
	  	7.1(c)
	       (e)
	  	6.11
	 316(a)(last sentence)
	  	2.10
	       (a)(1)(A)
	  	6.5
	       (a)(1)(B)
	  	6.4
	       (a)(2)
	  	N.A.
	       (b)
	  	6.7
	 317(a)(1)
	  	6.8
	       (a)(2)
	  	6.9
	       (b)
	  	2.5
	 318(a)
	  	11.1

  
 N.A. means not
applicable. 
 * This Cross-Reference Table is not part of the Indenture. 
  

 i 

 TABLE OF CONTENTS 
  

					
	ARTICLE 1
DEFINITIONS AND INCORPORATION BY REFERENCE
			
	 Section 1.1.
	  	 Definitions
	  	1
	 Section 1.2.
	  	 Other Definitions
	  	2
	 Section 1.3.
	  	 Incorporation by Reference of TIA
	  	3
	 Section 1.4.
	  	 Rules of Construction
	  	3
	
	ARTICLE 2
THE DEBENTURES
			
	 Section 2.1.
	  	 Form and Dating
	  	3
	 Section 2.2.
	  	 Terms
	  	4
	 Section 2.3.
	  	 Execution
	  	4
	 Section 2.4.
	  	 Registrar and Paying Agent
	  	4
	 Section 2.5.
	  	 Paying Agent to Hold Money in Trust
	  	4
	 Section 2.6.
	  	 Certificateholder Lists
	  	5
	 Section 2.7.
	  	 Transfer and Exchange
	  	5
	 Section 2.8.
	  	 Replacement Debentures
	  	5
	 Section 2.9.
	  	 Outstanding Debentures
	  	6
	 Section 2.10.
	  	 Treasury Debentures
	  	6
	 Section 2.11.
	  	 Temporary Debentures
	  	6
	 Section 2.12.
	  	 Cancellation
	  	6
	 Section 2.13.
	  	 Defaulted Interest
	  	6
	
	ARTICLE 3
REDEMPTION
			
	 Section 3.1.
	  	 Applicability of Article
	  	7
	 Section 3.2.
	  	 Notices to Trustee
	  	7
	 Section 3.3.
	  	 Selection of Debentures to be Redeemed
	  	7
	 Section 3.4.
	  	 Notice of Redemption
	  	7
	 Section 3.5.
	  	 Effect of Notice of Redemption
	  	8
	 Section 3.6.
	  	 Deposit of Redemption Price
	  	8
	 Section 3.7.
	  	 Debentures Redeemed in Part
	  	8
	 Section 3.8.
	  	 Redemption Option Upon Death of Holder
	  	8
	 Section 3.9.
	  	 Redemption Option at Request of Holder
	  	9

  

 ii 

					
	ARTICLE 4
COVENANTS
			
	 Section 4.1.
	  	 Payment of Debentures
	  	9
	 Section 4.2.
	  	 SEC Reports
	  	9
	 Section 4.3.
	  	 Compliance Certificate
	  	10
	 Section 4.4.
	  	 Usury Laws
	  	10
	 Section 4.5.
	  	 Money for Debenture Payments to be Held in Trust
	  	10
	 Section 4.6.
	  	 Continued Existence
	  	11
	
	ARTICLE 5
SUCCESSORS
			
	 Section 5.1.
	  	 When Company May Merge, Etc.
	  	11
	
	ARTICLE 6
DEFAULTS AND REMEDIES
			
	 Section 6.1.
	  	 Events of Default
	  	11
	 Section 6.2.
	  	 Acceleration
	  	13
	 Section 6.3.
	  	 Other Remedies
	  	13
	 Section 6.4.
	  	 Waiver of Past Defaults
	  	13
	 Section 6.5.
	  	 Control by Majority
	  	13
	 Section 6.6.
	  	 Limitation on Suits
	  	13
	 Section 6.7.
	  	 Rights of Holders to Receive Payment
	  	14
	 Section 6.8.
	  	 Collection Suit by Trustee
	  	14
	 Section 6.9.
	  	 Trustee May File Proofs of Claim
	  	14
	 Section 6.10.
	  	 Priorities
	  	14
	 Section 6.11.
	  	 Undertaking for Costs
	  	15
	
	ARTICLE 7
TRUSTEE
			
	 Section 7.1.
	  	 Duties of Trustee
	  	15
	 Section 7.2.
	  	 Rights of Trustee
	  	16
	 Section 7.3.
	  	 Individual Rights of Trustee
	  	16
	 Section 7.4.
	  	 Trustee’s Disclaimer
	  	17
	 Section 7.5.
	  	 Notice of Defaults
	  	17
	 Section 7.6.
	  	 Reports by Trustee to Holders
	  	17
	 Section 7.7.
	  	 Compensation and Indemnity
	  	17
	 Section 7.8.
	  	 Replacement of Trustee
	  	18
	 Section 7.9.
	  	 Successor Trustee by Merger, Etc.
	  	19
	 Section 7.10.
	  	 Eligibility; Disqualification
	  	19
	 Section 7.11.
	  	 Preferential Collection of Claims Against Company
	  	19

  

 iii 

					
	ARTICLE 8
DISCHARGE OF INDENTURE; DEFEASANCE
			
	 Section 8.1.
	  	 Termination of Company’s Obligations
	  	19
	 Section 8.2.
	  	 Legal Defeasance and Covenant Defeasance
	  	20
	 Section 8.3.
	  	 Conditions to Legal Defeasance or Covenant Defeasance
	  	21
	 Section 8.4.
	  	 Application of Trust Money
	  	23
	 Section 8.5.
	  	 Repayment to the Company
	  	23
	
	ARTICLE 9
AMENDMENTS
			
	 Section 9.1.
	  	 Without Consent of Holders
	  	23
	 Section 9.2.
	  	 With Consent of Holders
	  	24
	 Section 9.3.
	  	 Compliance with Trust Indenture Act
	  	24
	 Section 9.4.
	  	 Revocation and Effect of Consents
	  	24
	 Section 9.5.
	  	 Notation on or Exchange of Debentures
	  	25
	 Section 9.6.
	  	 Trustee Protected
	  	25
	
	ARTICLE 10
SUBORDINATION
			
	 Section 10.1.
	  	 Agreement to Subordinate
	  	25
	 Section 10.2.
	  	 Certain Definitions
	  	25
	 Section 10.3.
	  	 Liquidation; Dissolution; Bankruptcy
	  	26
	 Section 10.4.
	  	 Default on Senior Debt
	  	26
	 Section 10.5.
	  	 Acceleration of Debentures
	  	27
	 Section 10.6.
	  	 When Distribution Must Be Paid Over
	  	27
	 Section 10.7.
	  	 Notice by Company
	  	27
	 Section 10.8.
	  	 Subrogation
	  	27
	 Section 10.9.
	  	 Relative Rights
	  	28
	 Section 10.10.
	  	 Subordination may not be Impaired by Company
	  	28
	 Section 10.11.
	  	 Distribution or Notice to Representative
	  	28
	 Section 10.12.
	  	 Rights of Trustee and Paying Agent
	  	28
	 Section 10.13.
	  	 Trust Moneys Not Subordinated
	  	28
	 Section 10.14.
	  	 Trustee Not Fiduciary for Holders of Senior Debt
	  	29
	
	ARTICLE 11
MISCELLANEOUS
			
	 Section 11.1.
	  	 TIA Controls
	  	29
	 Section 11.2.
	  	 Notices
	  	29
	 Section 11.3.
	  	 Communication by Holders With Other Holders
	  	29
	 Section 11.4.
	  	 Certificate and Opinion as to Conditions Precedent
	  	30
	 Section 11.5.
	  	 Statements Required in Certificate or Opinion
	  	30
	 Section 11.6.
	  	 Rules by Trustee and Agents
	  	30
	 Section 11.7.
	  	 Legal Holidays
	  	30

  

 iv 

					
	 Section 11.8.
	  	 No Recourse Against Others
	  	31
	 Section 11.9.
	  	 Duplicate Originals
	  	31
	 Section 11.10.
	  	 Variable Provisions
	  	31
	 Section 11.11.
	  	 Governing Law
	  	31
	 Section 11.12.
	  	 No Adverse Interpretation of Other Agreements
	  	31
	 Section 11.13.
	  	 Successors
	  	31
	 Section 11.14.
	  	 Severability
	  	32

  

 v 

  
  AMENDED AND RESTATED
INDENTURE dated as of September 20, 2005, between The Money Tree Inc., a Georgia corporation (“Company”), and U.S. Bank National Association, a national banking association (“Trustee”). 
   
 Each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Holders of the Company’s Series A Variable Rate Subordinated Debentures: 
  
 ARTICLE 1 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  

	Section 1.1.	Definitions. 

  
 “Affiliate” means any person directly or indirectly controlling or controlled by or under direct or indirect common control with the
Company. 
  
 “Agent” means any Registrar, Paying
Agent or co-registrar. 
  
 “Board of Directors”
means the Board of Directors of the Company or any authorized committee of the Board. 
  
 “Company” means the party named as such above until a successor replaces it and thereafter means the successor or any other obligor with respect to the Debentures. 
  
 “Company Order” means an order signed in the name of the
Company by its President or a Vice President, and by its Treasurer or Secretary, and delivered to the Trustee. 
  
 “Date of Issue” means the date that the Company receives proper documentation and the funds for the purchase of a Debenture if such funds
are received prior to 3:00 p.m. on a business day or the next business day if the Company receives such funds on a non-business day or after 3:00 p.m. on a business day. For this purpose, the Company’s business days will be deemed to be Monday
through Friday, except on Georgia legal holidays. 
  
 “Debentures” means the Series A Variable Rate Subordinated Debentures described herein issued under this Indenture. 
  
 “Default” means any event which is, or after notice or passage of time would be, an Event of Default. 
  
 “Demand Notes” means the Subordinated Demand Notes issued by
the Company under a separate Indenture ranking pari passu with the Debentures issued hereunder. 
  
 “Holder” or “Certificateholder” means a person in whose name a Debenture is registered. 
  
 “Indenture” means this Indenture as amended from time to
time. 

 “Officers’ Certificate” means a certificate signed by an officer of the Company.

  
 “Opinion of Counsel” means a written opinion
from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 
  
 “Person” means any individual, corporation, partnership, joint venture, association, joint stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof. 
  
 “Principal” of a debt security means the principal of the security plus the premium, if any, on the security. 
  

“SEC” means the United States Securities and Exchange Commission. 
  
 “Stated Maturity,” when used with respect to a Debenture, means the date specified in such Debenture as the
fixed date on which the principal of such Debenture and any accrued but unpaid interest is due and payable. 
  
 “Subsidiary” means any person of which at least a majority of capital stock having ordinary voting power for the election of directors or
other governing body of such person is owned by the Company directly or through one or more subsidiaries. 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code 77aaa-77bbbb) as in effect on the date of execution of this Indenture.

  
 “Trustee” means the party named as such above
until a successor replaces it and thereafter means the successor. 
  
 “Trust Officer” means the Chairman of the Board, the President or any other officer or assistant officer of the Trustee assigned by the Trustee to administer its corporate trust matters. 
  

	Section 1.2.	Other Definitions. 

  

			
	 Term

	  	 Defined in
 Section

	 “Additional Interest”
	  	2.2(b)
	 “Bankruptcy Law”
	  	6.1
	 “Custodian”
	  	6.1
	 “Debt”
	  	10.2
	 “Event of Default”
	  	6.1
	 “Legal Holiday”
	  	11.7
	 “Officer”
	  	11.10
	 “Representative”
	  	10.2
	 “Senior Debt”
	  	10.2
	 “U.S. Government Obligations”
	  	8.1

  

 2 

	Section 1.3.	Incorporation by Reference of TIA. 

  
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings:

  
 “Indenture Securities” means the Debentures;

  
 “Indenture Security Holder” means a
Certificateholder; 
  
 “Indenture to be
Qualified” means this Indenture; 
  
 “Indenture
Trustee” or “Institutional Trustee” means the Trustee; and 
  
 “Obligor” on the Debentures means the Company. 
  
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute, or defined by SEC rule under the TIA have
the meanings assigned to them. 
  

	Section 1.4.	Rules of Construction. 

  
 Unless the context otherwise requires: 
  

	 	(1)	a term has the meaning assigned to it; 

  

	 	(2)	an accounting term not otherwise defined has the meaning assigned to it in accordance with United States generally accepted accounting principles in effect on the date of execution
of this Indenture; 

  

	 	(3)	“or” is not exclusive; 

  

	 	(4)	words in the singular include the plural, and in the plural include the singular; and 

  

	 	(5)	provisions apply to successive events and transactions. 

  
 ARTICLE 2 
  
 THE DEBENTURES 
  

	Section 2.1.	Form and Dating. 

  
 The Debentures shall be substantially in the form of EXHIBIT A, with such appropriate insertions, omissions, substitutions and other variations required
or permitted by this Indenture. The Debentures may have notations, legends or endorsements required by law, stock exchange rule or usage. 
  

 3 

	Section 2.2.	Terms. 

  

	 	(a)	Amount Unlimited; Terms. The aggregate principal amount of Debentures which may be delivered under this Indenture is unlimited. Debentures may be issued in one or more
series. The initial aggregate principal amount of the Debentures to be delivered under this Indenture shall be $75,000,000. The aggregate principal amount may be increased, without the need for approval of any Holders or the Trustee by means of
Company Order, as set forth in Section 9.1. 

  

	 	(b)	Interest. Each Debenture shall bear interest from its Date of Issue for the applicable interest adjustment period selected by the Holder, and for each successive interest
adjustment period thereafter, at an annual rate compounded daily, which shall be determined at the beginning of each interest adjustment period by the Company in accordance with the terms of the applicable prospectus and as set forth in the
prospectus supplement most recently filed by the Company with the SEC, or if the Company does not have an effective registration statement on file with the SEC, as published by the Company. Interest will be earned daily and is payable at any time at
the Holder’s request. 

  

	 	(c)	Subordination. The Debentures shall be subordinated and junior in right of payment to all Senior Debt of the Company as provided in Article 10. 

  

	Section 2.3.	Execution. 

  
 Two Officers, consisting of the President or a Vice President and the Treasurer or Secretary, shall sign the Debentures for the Company by manual or
facsimile signature. 
  
 If an Officer whose signature is on a
Debenture no longer holds that office at the time the Debenture is delivered, the Debenture shall nevertheless be valid. 
  

	Section 2.4.	Registrar and Paying Agent. 

  
 The Company shall maintain an office or agency where Debentures may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Debentures may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Debentures and of their transfer and exchange. The Company may appoint
one or more co-registrars and one or more additional paying agents. The Company may change any Paying Agent, Registrar or co-registrar without notice to any Certificateholder. The term “Paying Agent” includes any additional paying
agent. The Company shall notify the Trustee of the name and address of any agent not a party to this Indenture. The Company or any of its subsidiaries may act as Paying Agent or Registrar. The Company initially appoints itself as Paying Agent and
Registrar. 
  

	Section 2.5.	Paying Agent to Hold Money in Trust. 

  
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of
Certificateholders or the Trustee all 

  

 4 

 
money held by the Paying Agent for the payment of principal or interest on the Debentures, and will notify the Trustee of any failure by the Company in
making any such payment. While any such failure continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment
over to the Trustee, the Paying Agent shall have no further liability for the money. If the Company acts as Paying Agent, it shall segregate and hold in a separate bank account for the benefit of the Certificateholders all money held by it as Paying
Agent. The Paying Agent may charge for its expenses in issuing a replacement interest check. 
  

	Section 2.6.	Certificateholder Lists. 

  
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Certificateholders. If the Trustee is not the Registrar, the Company shall timely furnish to the Trustee the changes in this list and will furnish an updated list of the names and addresses of Certificateholders in such form and as of such date and
at such other times as the Trustee may request in writing. 
  

	Section 2.7.	Transfer and Exchange. 

  
 Where Debentures are presented to the Registrar or a co-registrar with a request to register, transfer or to exchange them for an equal principal amount
of Debentures but of other denominations, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfer and exchanges, the Company shall issue Debentures at the
Registrar’s request. The Company may charge for its expenses in transferring or exchanging a Debenture. 
  
 The Company shall not be required (i) to issue, transfer or exchange any Debenture during a period beginning at the opening of business 15 days before
either (A) the day of the mailing of a notice of redemption of Debentures selected for redemption pursuant to Section 3.3 and ending at the close of business on the date of such redemption or (B) the date of the maturity of that Debenture and ending
on such maturity date, or (ii) to transfer or exchange any Debenture selected for redemption in whole or in part. 
  

	Section 2.8.	Replacement Debentures. 

  
 If the Holder of a Debenture claims that the Debenture has been lost, destroyed or wrongfully taken, the Company shall issue a replacement Debenture if
the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be sufficient in the judgment of both the Company and the Trustee to protect the Company, the Trustee or any Agent from any loss which any of
them may suffer if a Debenture is replaced. The Trustee may waive such indemnity bond if so instructed by the Company. The Company may charge for its expenses in replacing a Debenture. 
  
 Every replacement Debenture is an additional obligation of the Company. 
  

 5 

	Section 2.9.	Outstanding Debentures. 

  
 The Debentures outstanding at any time are all of the Debentures delivered by the Company pursuant to this Indenture except for those canceled by it,
those delivered to it for cancellation, and those described in this Section as not outstanding. 
  
 If a Debenture is replaced pursuant to Section 2.8, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Debenture is held by a bona fide purchaser. 
  
 If Debentures are
considered paid under Section 4.1, they cease to be outstanding and interest on them ceases to accrue. 
  

	Section 2.10.	Treasury Debentures. 

  
 In determining whether the Holders of the required principal amount of the Debentures have concurred in any direction, waiver or consent, Debentures owned
by the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Debentures which the Trustee knows are so owned shall
be so disregarded. 
  

	Section 2.11.	Temporary Debentures. 

  
 Until definitive Debentures are ready for delivery, the Company may prepare temporary Debentures. Temporary Debentures shall be substantially in the form
of definitive Debentures but may have variations that the Company considers appropriate. Without unreasonable delay, the Company shall prepare definitive Debentures in exchange for temporary Debentures. 
  

	Section 2.12.	Cancellation. 

  
 The Company at any time may deliver Debentures to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Debentures
surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Debentures surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of canceled Debentures as the
Company directs. The Company may not issue new Debentures to replace Debentures that it has paid or that have been delivered to the Trustee for cancellation. 
  

	Section 2.13.	Defaulted Interest. 

  
 If the Company fails to make a payment of interest on the Debentures, it shall pay such interest thereafter in any lawful manner. It shall pay such
interest, plus any interest payable on it, to the persons who are Certificateholders of Debentures on a subsequent special record date. The Company shall fix the special record date and payment date. At least 15 days before the special record date,
the Company shall mail to Certificateholders of Debentures a notice that states the special record date, payment date, and amount of such interest to be paid. 
  

 6 

 ARTICLE 3 
  

REDEMPTION 
  

	Section 3.1.	Applicability of Article. 

  
 Redemption of Debentures at the election of the Company, as permitted or required by any provision of this Indenture, shall be made in accordance with
such provision and this Article. 
  

	Section 3.2.	Notices to Trustee. 

  
 If the Company wants to redeem the Debentures pursuant to paragraph 1 of the Debentures, it shall notify the Trustee by Officers’ Certificate of the
redemption date and the principal amount of Debentures to be redeemed. The Company shall give each notice provided for in this Section at least fifty (50) days before the redemption date. 
  

	Section 3.3.	Selection of Debentures to be Redeemed. 

  
 If fewer than all the Debentures are to be redeemed, the Company shall select the Debentures to be redeemed by interest adjustment period or maturity, and
so inform the Trustee by Officers’ Certificate, subject to the remainder of this Section. If less than all of a grouping of Debentures, as specified by Officers’ Certificate, are to be redeemed, the portion thereof selected for redemption
shall be determined ratably or by lot. If fewer than all of such grouping of Debentures as specified by Officers’ Certificate are to be redeemed, the Trustee shall then make the selection not more than fifty (50) days before the redemption date
from Debentures outstanding not previously called for redemption. The Trustee may select for redemption portions of the principal of Debentures that have denominations greater than $100. Provisions of this Indenture that apply to Debentures called
for redemption also apply to portions of Debentures called for redemption. The Trustee shall notify the Company promptly of the Debentures or portions of Debentures to be called for redemption. 
  

	Section 3.4.	Notice of Redemption. 

  
 At least thirty (30) days but not more than sixty (60) days before a redemption date, the Company shall mail a notice of redemption by first-class mail to
each Holder of Debentures whose Debentures are to be redeemed. 
  
 The notice shall identify the Debentures to be redeemed and shall state: 
  

	 	(1)	the redemption date; 

  

	 	(2)	the redemption price, which shall be equal to 100% of the principal amount of the Debenture plus accrued interest on a daily basis to the redemption date; 

 

	 	(3)	the name and address of the Paying Agent; 

  

 7 

	 	(4)	that Debentures called for redemption must be surrendered to the Paying Agent to collect the redemption price; and 

  

	 	(5)	that interest on Debentures called for redemption ceases to accrue on and after the redemption date. 

  
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its
expense. 
  

	Section 3.5.	Effect of Notice of Redemption. 

  
 Once notice of redemption is mailed, Debentures called for redemption become due and payable on the redemption date at the redemption price. 

 

	Section 3.6.	Deposit of Redemption Price. 

  
 On or before the redemption date, the Company shall deposit with the Paying Agent, or if the Company is acting as Paying Agent it shall deposit into a
separate bank account pursuant to Section 2.5 hereof, money sufficient to pay the redemption price of and accrued interest on all Debentures to be redeemed on that date. 
  

	Section 3.7.	Debentures Redeemed in Part. 

  
 Upon surrender of a Debenture that is redeemed in part, the Company shall issue for the Holder a new Debenture equal in principal amount to the unredeemed
portion of the Debenture surrendered. 
  

	Section 3.8.	Redemption Option Upon Death of Holder. 

  

	 	(a)	Subject to the provisions of Article 10 and this Article 3, upon the death of any Holder of one or more Debentures, the Company shall be required to redeem Debentures held by a
Holder of such Debentures at the date of such Holder’s death, as requested in the manner, and subject to the limitations, set forth below. The redemption price shall be equal to 100% of the principal amount of the Debenture plus accrued
interest on a daily basis to the redemption date. Redemption of such Debentures shall be made within 30 days following the receipt by the Company or the Trustee of all of the following: 

  

	 	(1)	a written request for redemption of the Debentures signed by a duly authorized representative of the Holder, which request shall set forth the name of the Holder, the date of death
of the Holder and the principal amount of the Debentures to be redeemed; 

  

	 	(2)	the Debentures to be redeemed; and 

  

	 	(3)	evidence satisfactory to the Trustee and the Company of the death of such Holder and the authority of the representative to such extent as may be required by the Trustee or Company.

  

 8 

	 	(b)	The Debentures held by the Holder shall not be entitled to redemption pursuant to this Section unless all of the following conditions are met: 

  

	 	(1)	the Debentures to be redeemed have been registered in the Holder’s name since their Date of Issue; and 

  

	 	(2)	either the Company or the Trustee has been notified in writing of the request for redemption within 180 days after the date of the Holder’s death. 

  

	 	(c)	Authorized representatives of a Holder shall include the following: executors, administrators or other legal representatives of an estate; trustees of a trust; joint owners of
Debentures owned in joint tenancy or tenancy by the entirety; attorneys-in-fact; and other persons generally recognized as having legal authority to act on behalf of another. 

  

	Section 3.9.	Redemption Option at Request of Holder. 

  
 At the request of the Holder, but subject to the restrictions of Article 10 below, the Company will redeem the Debenture at the end of any interest
adjustment period for a redemption price equal to the principal amount plus any unpaid interest thereon to the date of redemption. Furthermore, at the written request of the Holder delivered to the Company, the Company may, at its option and subject
to the restrictions of Article 10 below, but shall not be required to, redeem the Debenture during any interest adjustment period for a redemption price equal to the principal amount plus an amount equal to the unpaid interest thereon for the
Debenture, as adjusted, at the stated rate to the redemption date minus an amount equal to the interest that would be payable thereon at the rate stated above for a 90-day period beginning on the first date of the interest adjustment period.

  
 ARTICLE 4 
  
 COVENANTS 
  

	Section 4.1.	Payment of Debentures. 

  
 The Company shall pay the principal of and interest on the Debentures on the dates and in the manner provided in the Debentures. Principal and interest
shall be considered paid on the date due if the Paying Agent holds on that date money designated for and sufficient to pay all principal and interest then due. 
  

The Company shall pay interest on overdue principal at the rate borne by the Debentures, and it shall pay interest on overdue installments of interest
at the same rate to the extent lawful. 
  

	Section 4.2.	SEC Reports. 

  
 The Company shall file with the Trustee within fifteen (15) days after it files them with the SEC copies of the annual reports and quarterly reports and
of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and 

  

 9 

 
regulations prescribe) for the Debentures which the Company may be required to file with the SEC pursuant to Section 13 or Section 15(d) of the Securities
Exchange Act of 1934, as amended. The Company also shall comply with the other provisions of TIA Section 314(a). 
  

	Section 4.3.	Compliance Certificate. 

  
 The Company shall deliver to the Trustee, within one hundred twenty (120) days after the end of each fiscal year of the Company, an Officers’
Certificate stating that a review of the activities of the Company and its subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every
covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of
Default of which he or she may have knowledge) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Debentures are
prohibited. See Section 11.10. 
  

	Section 4.4.	Usury Laws. 

  
 The Company will not voluntarily claim and will actively resist any attempts to claim the benefit of any usury laws against the Holders of the Debentures.

  

	Section 4.5.	Money for Debenture Payments to be Held in Trust. 

  
 Whenever the Company shall have one or more Paying Agents, it will, on or prior to each date for the payment of the principal of or interest on the
Debentures, deposit with a Paying Agent a sum sufficient to pay the principal or interest so becoming due, such sum to be held in trust for the benefit of the persons entitled to such payments; and, unless such Paying Agent is the Trustee, the
Company will promptly notify the Trustee of its action or failure so to act. 
  
 The Company will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section,
that such Paying Agent will: 
  

	 	(1)	hold all sums held by it for the payment of the principal of or interest on the Debentures in trust for the benefit of the persons entitled thereto until such sums shall be paid to
such persons or otherwise disposed of as herein provided; 

  

	 	(2)	give the Trustee notice of any default by the Company (or any other obligor upon the Debentures) in the making of any payment of principal or interest; and 

 

 10 

	 	(3)	at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

  
 For the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, the Company may at any time pay, or direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the
same terms as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent, as the case may be, shall be released from all
further liability with respect to such money. 
  

	Section 4.6.	Continued Existence. 

  
 Subject to Article 5, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a
corporation. 
  
 ARTICLE 5 
  
 SUCCESSORS 
  

	Section 5.1.	When Company May Merge, Etc. 

  
 The Company shall not consolidate or merge with or into, or transfer or lease all or substantially all of its assets to, any Person unless the corporation
formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale or conveyance shall have been made, assumes by supplemental indenture all the obligations of the Company under the Debentures then outstanding
and this Indenture. 
  
 The Company shall deliver to the Trustee
prior to the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture comply with this Indenture. 
  
 The surviving corporation shall be the successor Company, but the predecessor
Company in the case of a transfer or lease shall not be released from the obligation to pay the principal of and interest on the Debentures. 
  
 ARTICLE 6 
  
 DEFAULTS AND REMEDIES 
  

	Section 6.1.	Events of Default. 

  
 An “Event Of Default” occurs if: 
  

	 	(1)	the Company defaults in the payment of interest on any Debenture when the same becomes due and payable and the Default continues for a period of thirty (30) days;

  

 11 

	 	(2)	the Company defaults in the payment of the principal of any Debenture when the same becomes due and payable at maturity, upon redemption or otherwise, and the Default continues for
a period of thirty (30) days; 

  

	 	(3)	the Company fails to comply with any of its other agreements or covenants in, or provisions of, the Debentures or this Indenture and the Default continues for the period and after
the notice specified below; 

  

	 	(4)	the Company or any material subsidiary pursuant to or within the meaning of any Bankruptcy Law now or hereafter in effect: 

  

	 	(A)	commences a voluntary proceeding under any such Bankruptcy Law; 

  

	 	(B)	consents to the entry of an order for relief against it in an involuntary Bankruptcy proceeding; 

  

	 	(C)	consents to the appointment of a Custodian of it or for all or substantially all of its property; 

  

	 	(D)	makes a general assignment for the benefit of its creditors; or 

  

	 	(E)	generally is unable to pay its debts as the same become due; 

  

	 	(5)	a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

  

	 	(A)	is for relief against the Company or any material subsidiary in an involuntary Bankruptcy proceeding; 

  

	 	(B)	appoints a Custodian of the Company or any material subsidiary or for all or substantially all of its property; or 

  

	 	(C)	orders the winding up or liquidation of the Company or any material subsidiary, and the order or decree remains unstayed and in effect for 60 days. 

  
 The term “Bankruptcy Law” means Title 11 of the United
States Code or any similar Federal or State Law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law. 
  
 A Default under clause (3) is not an Event of Default until the Trustee or
the Holders of at least 25% in principal amount of the then outstanding Debentures notify the Company of the Default and the Company does not cure the Default within sixty (60) days after receipt of the notice. The notice must specify the Default,
demand that it be remedied and state that the notice is a “Notice of Default.” 
  

 12 

	Section 6.2.	Acceleration. 

  
 If an Event of Default occurs and is continuing, the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the then
outstanding Debentures, by notice to the Company and the Trustee, may declare the principal of and accrued interest on all the Debentures to be due and payable. Upon such declaration the principal and interest owing on the then outstanding
Debentures shall be due and payable immediately. The Holders of a majority in principal amount of the then outstanding Debentures, by notice to the Trustee, may rescind an acceleration and its consequences if the rescission would not conflict with
any judgment or decree and if all existing Events of Default have been cured or waived, except nonpayment of principal or interest that has become due solely because of the acceleration. 
  

	Section 6.3.	Other Remedies. 

  
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal or interest on the
Debentures or to enforce the performance of any provision of the Debentures or this Indenture. 
  
 The Trustee may maintain a proceeding even if it does not possess any of the Debentures or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of Debentures in exercising
any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
  

	Section 6.4.	Waiver of Past Defaults. 

  
 The Holders of a majority in principal amount of the then outstanding Debentures, by notice to the Trustee, may waive an existing Default or Event of
Default and its consequences except a continuing Default or Event of Default in the payment of the principal of or interest on the Debentures. 
  

	Section 6.5.	Control by Majority. 

  
 The Holders of a majority in principal amount of the then outstanding Debentures may direct the time, method and place of conducting any proceeding for
any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, is unduly prejudicial to the rights of other Holders of
the Debentures, or would involve the Trustee in personal liability. 
  

	Section 6.6.	Limitation on Suits. 

  
 The Holder of Debentures may pursue a remedy with respect to this Indenture or the Debentures only if: 
  

	 	(1)	the Holder gives to the Trustee notice of a continuing Event of Default; 

  

	 	(2)	the Holders of at least 25% in principal amount of the then outstanding Debentures make a request to the Trustee to pursue the remedy; 

  

 13 

	 	(3)	such Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 

  

	 	(4)	the Trustee does not comply with the request within sixty (60) days after receipt of the request and the offer of indemnity; and 

  

	 	(5)	during such sixty (60)-day period the Holders of a majority of principal amount of the then outstanding Debentures do not give the Trustee a direction inconsistent with the request.

  
 A Certificateholder may not use this Indenture
to prejudice the rights of another Holder of the Debentures or to obtain a preference or priority over another Holder of the Debentures. 
  

	Section 6.7.	Rights of Holders to Receive Payment. 

  
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Debenture to receive payment of principal and interest on the
Debenture, on or after the respective due dates expressed in the Debenture, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of the Holder. 

 

	Section 6.8.	Collection Suit by Trustee. 

  
 If an Event of Default specified in Section 6.1(1) or Section 6.1(2) occurs and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount of principal and interest and fees remaining unpaid on the Debentures with respect to which the Event of Default occurred in each case at the rate per annum borne by the Debentures
and such amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  

	Section 6.9.	Trustee May File Proofs of Claim. 

  
 The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Certificateholders allowed in any judicial proceedings relative to the Company, its creditors or its property. The
Trustee shall be entitled to participate as a member of any official committee of creditors in the matters as it deems necessary or advisable. 
  

	Section 6.10.	Priorities. 

  
 If the Trustee collects any money pursuant to this Article, it shall pay out the money in the following order: 
  

			
	 First:
	 	to the Trustee for amounts due under Section 7.7;
		
	 Second:
	 	to holders of Senior Debt to the extent required by Article 10;

  

 14 

			
	 Third:
	 	to Holders of Debentures and holders of Demand Notes for amounts due and unpaid on the Debentures and Demand Notes for principal and interest, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Debentures and Demand Notes for principal and interest, respectively; and
		
	 Fourth:
	 	to the Company.

  
 The Trustee may fix a
record date and payment date for any payment to the Certificateholders pursuant to this Section 6.10. 
  

	Section 6.11.	Undertaking for Costs. 

  
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7, or a suit by Holders of more than 10% in principal amount of the then outstanding Debentures. 
  
 ARTICLE 7 
  
 TRUSTEE 
  

	Section 7.1.	Duties of Trustee. 

  

	 	(a)	If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and power vested in it by this Indenture, and use the same degree of care and
skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

  

	 	(b)	Except during the continuance of an Event of Default: 

  

	 	(1)	The Trustee need perform only those duties that are specifically set forth in this Indenture and no duties, covenants, responsibilities or obligations shall be implied in this
Indenture against the Trustee; and 

  

	 	(2)	In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions (including without limitation Officers’ Certificates and Opinions of Counsel) furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and
opinions to determine whether or not they conform on their face to the requirements of this Indenture. 

  

 15 

	 	(c)	The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

 

	 	(1)	This paragraph does not limit the effect of paragraph (b) of this Section; 

  

	 	(2)	The Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent
facts; and 

  

	 	(3)	The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.5.

  

	 	(d)	Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section. 

  

	 	(e)	The Trustee may refuse to perform any duty or exercise any right or power unless it receives indemnity satisfactory to it against any loss, liability or expense.

  

	 	(f)	The Trustee shall not be liable for interest on any money received by it except as the Trustee may expressly agree with the Company. Money held in trust by the Trustee need not be
segregated from the other funds except to the extent required by law. 

  

	Section 7.2.	Rights of Trustee. 

  

	 	(a)	The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact
or matter stated in the document. 

  

	 	(b)	Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or
omits to take in good faith in reliance of the Officers’ Certificate or Opinion of Counsel. 

  

	 	(c)	The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 

  

	 	(d)	The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers. 

 

	Section 7.3.	Individual Rights of Trustee. 

  
 Subject to Section 7.1: 
  

	 	(a)	 The Trustee in its individual or any other capacity may become the owner or pledgee of Debentures and may otherwise deal with the Company or an Affiliate 

  

 16 

	 	 
with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. 

  

	 	(b)	The Company shall notify the Trustee if the Debentures become listed on any securities exchange or of any delisting thereof and the Trustee shall comply with Section 313(d) of the
TIA. 

  

	Section 7.4.	Trustee’s Disclaimer. 

  
 The Trustee makes no representation at to the validity or adequacy of this Indenture or the Debentures, it shall not be accountable for the Company’s
use of the proceeds from the Debentures, and it shall not be responsible for any statement in the Debentures. 
  

	Section 7.5.	Notice of Defaults. 

  
 If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of the Debentures a notice
of the Default or Event of Default within ninety (90) days after it occurs. Except in the case of a Default or Event of Default in payment on a Debenture, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in
good faith determines that withholding the notice is in the interests of Holders of the Debentures. 
  

	Section 7.6.	Reports by Trustee to Holders. 

  
 Within 60 days after the reporting date stated in Section 11.10, the Trustee shall mail to Certificateholders a brief report dated as of such reporting
date that complies with Section 313(a) of the TIA. The Trustee also shall comply with Section 313(b)(2) of the TIA. 
  
 A copy of each report at the time of its mailing to Certificateholders shall be filed with the SEC and each stock exchange on which the Debentures are
listed. The Company shall notify the Trustee when the Debentures are listed on any stock exchange. 
  

	Section 7.7.	Compensation and Indemnity. 

  
 The Company shall pay to the Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and out-of-pocket
expenses of the Trustee’s agents and counsel. 
  
 The Company
shall indemnify the Trustee against any loss or liability incurred by it except as set forth in the next two paragraphs. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim
and the Trustee shall cooperate in the defense. 
  
 The Trustee
may have separate counsel, and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
  

 17 

 The Company need not reimburse any expense or indemnify against any loss or liability incurred by the
Trustee through negligence or bad faith. 
  
 To secure the
Company’s payment of obligations in this Section, the Trustee shall have a lien prior to the Debentures on all money or property held or collected by the Trustee, including that held in trust to pay principal and interest on the Debentures.

  
 When the Trustee incurs expenses or renders services after an
Event of Default specified in Section 6.1(4) or (5) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
  

	Section 7.8.	Replacement of Trustee. 

  
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section. 
  
 The Trustee may
resign by so notifying the Company. The Trustee may be removed with respect to the Debentures by the Holders of a majority in principal amount of the then outstanding Debentures by so notifying the Trustee and the Company. The Company may remove the
Trustee if: 
  

	 	(1)	the Trustee fails to comply with Section 7.10; 

  

	 	(2)	the Trustee is adjudged a bankrupt or an insolvent or any order for relief is entered with respect to the Trustee under any Bankruptcy Law; 

  

	 	(3)	a Custodian or public officer takes charge of the Trustee or its property; 

  

	 	(4)	the Trustee becomes incapable of action; or 

  

	 	(5)	in the judgment of the Company, comparable services are available from another entity qualifying under Section 7.10 at a materially lower cost to the Company.

  
 If the Trustee resigns or is removed or if a
vacancy exists in the office of the Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, a successor Trustee may be appointed by act of the Holders of a majority in
principal amount of the then outstanding Debentures to replace the successor Trustee appointed by the Company. 
  
 If a successor Trustee does not take office within sixty (60) days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or
the Holders of at least 10% in principal amount of the then outstanding Debentures may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
  

 18 

 If the Trustee fails to comply with Section 7.10, any Holder of the Debentures may petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the resignation or removal
of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the Holders of Debentures. The
retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.7. 
  

	Section 7.9.	Successor Trustee by Merger, Etc. 

  
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to another corporation, the
successor corporation without any further act shall be the successor Trustee. 
  

	Section 7.10.	Eligibility; Disqualification. 

  
 This Indenture shall always have a Trustee who satisfies the requirements of Sections 310(a)(1), 310(a)(2) and 310(a)(5) of the TIA. The Trustee shall
always have a combined capital and surplus as stated in the TIA. The Trustee is subject to Section 310(b) of the TIA. Section 11.10 lists any excluded indenture or trust agreement. 
  

	Section 7.11.	Preferential Collection of Claims Against Company. 

  
 The Trustee is subject to Section 311(a) of the TIA, excluding any creditor relationship described in Section 311(b) of the TIA. A Trustee who has
resigned or been removed shall be subject to Section 311(a) of the TIA to the extent indicated therein. 
  
 ARTICLE 8 
  
 DISCHARGE OF INDENTURE; DEFEASANCE 
  

	Section 8.1.	Termination of Company’s Obligations. 

  
 This Indenture shall cease to be of further effect (except that the Company’s obligations under Sections 7.7 and 8.5 shall survive) when all
outstanding Debentures theretofore issued have been delivered to the Trustee for cancellation. In addition, the Company may terminate its obligations under this Indenture if: 
  

	 	(a)	The Debentures then outstanding mature within one year or all of the Debentures then outstanding are to be called for redemption within one year under arrangements satisfactory to
the Trustee for giving the notice of redemption; and 

  

	 	(b)	 The Company irrevocably deposits in trust with the Trustee money or U.S. Government Obligations sufficient to pay principal and interest on the Debentures then
outstanding to maturity or redemption, as the case may be. The Company 

  

 19 

	 	 
may make the deposit only during the one-year period and only if Article 11 permits it. 

  
 However, the Company’s obligations in Sections 2.4, 2.5, 2.6, 2.7, 2.8,
4.1, 6.7, 6.8 and 8.5, and in Article 10, shall survive until no Debentures are outstanding. Thereafter, only the Company’s obligations in Sections 7.7 and 8.5 shall survive. 
  
 If a deposit is made pursuant to this Section 8.1, the Trustee, upon request, shall acknowledge in writing the discharge of
the Company’s obligations under this Indenture, except for those surviving obligations specified above. 
  
 In order to have money available on a payment date to pay principal or interest on the Debentures, the U.S. Government Obligations shall be payable as to
principal or interest on or before such payment date in such amounts as will provide the necessary money. U.S. Government Obligations shall not be callable at the issuer’s option. 
  
 “U.S. Government Obligations” means direct obligations of the United States of America for the payment of
which the full faith and credit of the United States of America is pledged. 
  

	Section 8.2.	Legal Defeasance and Covenant Defeasance. 

  

	 	(a)	The Company may, at its option and at any time, elect to have either paragraph (b) or (c) below be applied to all outstanding Debentures upon compliance with the conditions set
forth in Section 8.3. 

  

	 	(b)	Upon the Company’s exercise under Section 8.2(a) hereof of the option applicable to this Section 8.2(b), the Company shall, subject to the satisfaction of the conditions set
forth in Section 8.3, be deemed to have been discharged from their obligations with respect to all outstanding Debentures on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose,
Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Debt represented by the outstanding Debentures, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.4 hereof
and the other Sections of this Indenture referred to in (i) and (ii) below, and to have satisfied all its other obligations under such Debentures and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

  

	 	(i)	the rights of Holders of outstanding Debentures to receive, solely from the trust fund described in Section 8.4 hereof, and as more fully set forth in such Section 8.4, payments in
respect of the principal of and interest on such Debentures when such payments are due; 

  

	 	(ii)	the Company’s obligations with respect to such Debentures under Article 2 and Section 4.1 hereof; 

  

 20 

	 	(iii)	the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith; and 

  

	 	(iv)	the provisions of this Article 8 applicable to Legal Defeasance. 

  
 Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.2(b) notwithstanding the prior exercise of its option
under Section 8.2(c) hereof. 
  

	 	(c)	Upon the Company’s exercise under paragraph (a) hereof of the option applicable to this paragraph (c), the Company shall, subject to the satisfaction of the conditions set
forth in Section 8.3 hereof, be released from their respective obligations under the covenants contained in Sections 4.2 and 4.4 hereof with respect to the outstanding Debentures on and after the date the conditions set forth in Section 8.3 are
satisfied (hereinafter, “Covenant Defeasance”), and the Debentures shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of
any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Debentures shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Debentures, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or
indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute an Event of
Default under Section 6.1 hereof, but, except as specified above, the remainder of this Indenture and such Debentures shall be unaffected thereby. In addition, upon the Company’s exercise under paragraph (a) hereof of the option applicable to
this paragraph (c), subject to the satisfaction of the conditions set forth in Section 8.3 hereof, clause (3) of Section 6.1 hereof shall not constitute an Event of Default. 

  

	Section 8.3.	Conditions to Legal Defeasance or Covenant Defeasance. 

  
 The following shall be the conditions to the application of either Section 8.2(b) or 8.2(c) hereof to the outstanding Debentures: 
  

	 	(1)	the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, money or U.S. Government Obligations, or a combination thereof, in such amounts as
will be sufficient (without reinvestment), in the opinion of a nationally recognized firm of independent public accountants selected by the Company, to pay the principal of and interest on the Debentures on the stated date for payment or on the
redemption date; 

  

 21 

	 	(2)	in the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States confirming that: 

  

	 	(A)	the Company has received from, or there has been published by the Internal Revenue Service, a ruling, or 

  

	 	(B)	since the date of this Indenture, there has been a change in the applicable U.S. federal income tax law, 

  

	 	(3)	in either case to the effect that, and based thereon, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

  

	 	(4)	in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that
the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred; 

  

	 	(5)	no Default shall have occurred and be continuing on the date of such deposit; 

  

	 	(6)	the Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a Default under, this Indenture or a default under any other material
agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 

  

	 	(7)	the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by it with the intent of preferring the Holders over any other
creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other of its creditors; and 

  

	 	(8)	the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the conditions provided for in clauses (1) through (6) of
this Section 8.3 (in the case of the Officers’ Certificate), as applicable, and clauses (2), if applicable, and/or (3) and (5) of this Section 8.3 (in the case of the Opinion of Counsel) have been complied with. 

  

 22 

	Section 8.4.	Application of Trust Money. 

  
 The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to Section 8.1. It shall apply the deposited money and the
money from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of principal and interest on the Debentures. Money and Debentures so held in trust are not subject to Article 10. 
  

	Section 8.5.	Repayment to the Company. 

  
 The Trustee and the Paying Agent shall promptly pay to the Company upon request any money or Debentures held by them at any time in excess of amounts
required to be so held hereunder. 
  
 The Trustee and the Paying
Agent shall pay to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years. After payment to the Company, Certificateholders entitled to the money must look to the Company for
payment as general creditors unless an applicable abandoned property law designates another person. 
  
 ARTICLE 9 
  
 AMENDMENTS 
  

	Section 9.1.	Without Consent of Holders. 

  
 The Company and the Trustee may amend this Indenture or the Debentures without the consent of the Holders of the Debentures by Company Order: 

 

	 	(1)	to cure any ambiguity, defect or inconsistency; 

  

	 	(2)	to comply with Section 5.1; 

  

	 	(3)	to provide for uncertified Debentures in addition to certificated Debentures; 

  

	 	(4)	to increase the aggregate principal amount of Debentures which may be delivered under this Indenture; 

  

	 	(5)	to make any change that does not adversely affect the legal rights hereunder of the Holders of the Debentures; or 

  

	 	(6)	to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture with the TIA. 

  

 23 

	Section 9.2.	With Consent of Holders. 

  
 The Company and the Trustee may amend this Indenture or the Debentures with the written consent of the Holders of at least a majority in principal amount
of the then outstanding Debentures. However, without the consent of each Certificateholder affected, an amendment under this Section may not: 
  

	 	(1)	reduce the amount of Debentures whose Holders must consent to an amendment; 

  

	 	(2)	reduce the rate of or change the time for or waive payment of interest, including default interest, on any issued Debenture; 

  

	 	(3)	reduce the principal of or change the fixed maturity of any Debenture; 

  

	 	(4)	make any Debenture payable in money other than that stated in such Debenture; 

  

	 	(5)	make any change in Section 6.4, Section 6.7 or Section 9.2(2); or 

  

	 	(6)	make any change in Article 10 that adversely affects the rights of any Certificateholder. 

  
 An amendment under this Section may not make any change that adversely affects the rights under Article 10 of any holder of
an issue of Senior Debt unless the holders of the issue pursuant to its terms consent to the change or the change is otherwise permissible. 
  
 After an amendment under this Section becomes effective, the Company shall mail to the Holders of the Debentures affected by such amendment a notice
briefly describing the amendment. 
  

	Section 9.3.	Compliance with Trust Indenture Act. 

  
 Every amendment to this Indenture or the Debentures shall be set forth in a supplemental indenture that complies with the TIA as then in effect.

  

	Section 9.4.	Revocation and Effect of Consents. 

  
 Until an amendment or waiver becomes effective, a consent to it by a Holder of a Debenture is a continuing consent by the Holder and every subsequent
Holder of a Debenture or portion of a Debenture that evidences the same debt as the consenting Holder’s Debenture, even if notification of the consent is not made on any Debenture. However, any such Holder or subsequent Holder may revoke the
consent as to his or her Debenture or portion of a Debenture if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective. An amendment or waiver becomes effective in accordance with its terms and
thereafter binds every Holder of the Debentures. 
  

 24 

	Section 9.5.	Notation on or Exchange of Debentures. 

  
 The Trustee may place an appropriate notation about an amendment or waiver on any Debenture thereafter authenticated. The Company in exchange for all
Debentures may issue and the Trustee shall authenticate new Debentures that reflect the amendment or waiver. 
  

	Section 9.6.	Trustee Protected. 

  
 The Trustee shall sign all supplemental indentures and shall be fully protected in doing so, except that the Trustee need not sign any supplemental
indenture that adversely affects its rights. The Trustee shall be entitled to receive, and shall be fully protected in relying on, an Opinion of Counsel and an Officers’ Certificate, which shall be provided at the expense of the Company.

  
 ARTICLE 10 
  
 SUBORDINATION 
  

	Section 10.1.	Agreement to Subordinate. 

  
 The Company agrees, and each Certificateholder by accepting a Debenture agrees, that the indebtedness evidenced by the Debenture is subordinated in right
of payment, to the extent and in the manner provided in this Article, to the prior payment in full of all Senior Debt, and that the subordination is for the benefit of the holders of Senior Debt. 
  

	Section 10.2.	Certain Definitions. 

  
 “Debt” means any indebtedness, contingent or otherwise, in respect of borrowed money (whether or not the recourse of the lender is to the
whole of the assets of the Company or only to a portion thereof), or evidenced by bonds, notes, debentures or similar instruments or letters of credit, or representing the balance deferred and unpaid on the purchase price of any property or interest
therein, except any such balance that constitutes a trade payable, and shall include any guarantee of any indebtedness described above. 
  
 “Representative” means the indenture trustee or other trustee, agent or representative for an issue of Senior Debt. 
  
 “Senior Debt” means all Debt (present or future) created,
incurred, assumed or guaranteed by the Company (and all renewals, extensions or refundings thereof), except such Debt that by its terms expressly provides that such Debt is not senior or superior in right of payment to the Debentures. Senior Debt
shall include without limitation (i) the guarantee by the Company of any Debt of any other person (including, without limitation, subordinated Debt of another person), unless such Debt is expressly subordinated to any other Debt of the Company, and
(ii) all Debt of the Company currently maintained with banks and finance companies and any line of credit to be obtained by the Company in the future. Notwithstanding anything herein to the contrary, Senior Debt shall not include Debt of the Company
to any of its subsidiaries or under the Debentures or Demand Notes. 
  

 25 

	Section 10.3.	Liquidation; Dissolution; Bankruptcy. 

  
 Upon any distribution to creditors of the Company in a liquidation or dissolution of the Company or in a bankruptcy, reorganization, insolvency,
receivership or similar proceeding relating to the Company or its property: 
  

	 	(1)	holders of Senior Debt shall be entitled to receive payment in full in cash of the principal and interest (including interest accruing after the commencement of any such proceeding)
to the date of payment, on the Senior Debt before Certificateholders shall be entitled to receive any payment of principal or interest on Debentures; and 

  

	 	(2)	until the Senior Debt is paid in full in cash, any distribution to which Certificateholders would be entitled but for this Article shall be made to holders of Senior Debt as their
interest may appear, except that Holders of Debentures may receive Debentures that are subordinated to Senior Debt to at least the same extent as such Debentures. 

  

	Section 10.4.	Default on Senior Debt. 

  
 Upon the maturity of any Senior Debt by lapse of time, acceleration or otherwise, all such Senior Debt shall first be paid in full, or such payment duly
provided for in cash or in a manner satisfactory to the holders of such Senior Debt, before any payment is made by the Company or any person acting on behalf of the Company on account of the principal or interest on the Debentures. 
  
 The Company may not pay principal or interest on the Debentures and may not
acquire Debentures for cash or property other than capital stock of the Company if: 
  

	 	(1)	a default on Senior Debt occurs and is continuing that permits holders of such Senior Debt to accelerate its maturity; and 

  

	 	(2)	the default is the subject of judicial proceedings or the Company receives a notice of the default from a person who may give it pursuant to Section 10.12. If the Company receives
any such notice, a similar notice received within nine (9) months thereafter relating to the same default on the same issue of Senior Debt shall not be effective for purposes of this Section. 

  
 The Company may resume payments on the Debentures and may acquire them when:

  

	 	(a)	the default is cured or waived; or 

  

	 	(b)	one hundred twenty (120) days pass after the notice is given if the default is not the subject of judicial proceedings, if this Article otherwise permits the payment or acquisition
at that time. 

  

 26 

	Section 10.5.	Acceleration of Debentures. 

  
 If payment of the Debentures is accelerated because of an Event of Default, the Company shall promptly notify holders of Senior Debt of the acceleration.
The Company may pay Holders of the Debentures when one hundred twenty (120) days pass after the acceleration occurs if this Article permits the payment at that time. 
  

	Section 10.6.	When Distribution Must Be Paid Over. 

  
 In the event that, notwithstanding the provisions of Section 10.4, the Company shall make any payment to the Trustee on account of the principal and
interest on the Debentures, two (2) business days after the happening of a default in payment of the principal or interest on Senior Debt, or two (2) business days after receipt by the Company and the Trustee of written notice as provided in
Sections 10.4 and 10.12 of an Event of Default or an event which, with the passage of time or the giving of notice or both, would constitute an Event of Default with respect to any Senior Debt, then, unless and until such Default or Event of Default
shall have been cured or waived or shall have ceased to exist, such payment shall be held by the Trustee, in trust for the benefit of, and shall be paid forthwith over and delivered to, the holders of Senior Debt (pro rata as to each of such holders
on the basis of the respective amounts of Senior Debt held by them) or their representative or the trustee under the indenture or other agreement (if any) pursuant to which Senior Debt may have been issued, as their respective interests may appear,
for application to the payment of all Senior Debt remaining unpaid to the extent necessary to pay all Senior Debt in full in accordance with its terms, after giving effect to any concurrent payment or distribution to or for the holders of Senior
Debt. 
  
 If a distribution is made to the Holders of Debentures
that because of this Article should not have been made to them, the Holders who receive the distribution shall hold it in trust for holders of Senior Debt and pay it over to them as their interests may appear. 
  

	Section 10.7. 	Notice by Company. 

  
 The Company shall promptly notify the Trustee and the Paying Agent of any facts known to the Company that would cause a payment of principal or interest
on the Debentures to violate this Article, but failure to give such notice shall not affect the subordination of the Debentures to the Senior Debt provided in this Article. Nothing in this Article 10 shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.7. 
  

	Section 10.8. 	Subrogation. 

  
 After all Senior Debt is paid in full and until the Debentures are paid in full, Holders of the then outstanding Debentures shall be subrogated to the
rights of holders of Senior Debt to receive distributions applicable to Senior Debt to the extent distributions otherwise payable to such Holders have been applied to the payment of Senior Debt. A distribution made under this Article to holders of
Senior Debt which otherwise would have been made to Certificateholders is not, as between the Company and Certificateholders, a payment by the Company on Senior Debt. 
  

 27 

	Section 10.9.	Relative Rights. 

  
 This Article defines the relative rights of Certificateholders and holders of Senior Debt. Nothing said in this indenture shall: 
  

	 	(1)	impair, as between the Company and Certificateholders, the obligation of the Company, which is absolute and unconditional, to pay principal of and interest on the Debentures in
accordance with their terms; 

  

	 	(2)	affect the relative rights of Certificateholders and creditors of the Company other than holders of Senior Debt; or 

  

	 	(3)	prevent the Trustee or any Certificateholder from exercising its available remedies upon a Default or Event of Default, subject to the rights of holders of Senior Debt to receive
distributions otherwise payable to Certificateholders. 

  
 If the Company fails because of this Article to pay principal or interest on a Debenture on the due date, the failure is still a Default or Event of Default. 
  

	Section 10.10.	Subordination may not be Impaired by Company. 

  
 No right of any holder of Senior Debt to enforce the subordination of the indebtedness evidenced by the Debentures shall be impaired by any act or failure
to act by the Company or by its failure to comply with this Indenture. 
  

	Section 10.11.	Distribution or Notice to Representative. 

  
 Whenever a distribution is to be made or a notice given to holders of Senior Debt, the distribution may be made and the notice given to their
Representative. 
  

	Section 10.12.	Rights of Trustee and Paying Agent. 

  
 The Trustee or Paying Agent may continue to make payments on the Debentures until it receives notice of facts that would cause a payment of principal or
interest on the Debentures to violate this Article. Only the Company, a Representative or a holder of an issue of Senior Debt that has no Representative may give the notice. 
  
 The Trustee in its individual or any other capacity may hold Senior Debt with same rights it would have if it were not
Trustee. Any Agent may do the same with like rights. 
  

	Section 10.13.	Trust Moneys Not Subordinated. 

  
 Notwithstanding anything contained herein to the contrary, payments from money or the proceeds of U.S. Government Obligations held in trust under Article
8 by the Trustee for the payment of principal of and interest on the Debentures shall not be subordinated to the prior payment of any Senior Debt or subject to the restrictions set forth in this Article 10, and none of 

  

 28 

 
the Holders of the Debentures shall be obligated to pay over any such amount to the Company or any holder of Senior Debt of the Company or any other creditor
of the Company. 
  

	Section 10.14.	Trustee Not Fiduciary for Holders of Senior Debt. 

  
 The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt and shall not be liable to any such holders if it shall mistakenly
pay over or distribute to Holders of the Debentures or the Company or any other person, money or assets to which any holders of Senior Debt of the Company shall be entitled by virtue of this Article 10 or otherwise. 
  
 ARTICLE 11 
  
 MISCELLANEOUS 
  

	Section 11.1.	TIA Controls. 

  
 If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required to be included in this Indenture by the TIA,
the required provision shall control. 
  

	Section 11.2.	Notices. 

  
 Any notice by the Company or the Trustee to the other is duly given if in writing and delivered in person or mailed by first-class mail to the
other’s address stated in Section 11.10. The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
  
 Any notice to a Certificateholder shall be mailed by first-class mail to the address shown on the register kept by the
Registrar or such other name and addresses as provided to the Trustee pursuant to Sections 313(c)(2) and (3) of the TIA. Failure to mail a notice or communication to a Certificateholder or any defect in it shall not affect its sufficiency with
respect to other Certificateholders. 
  
 If a notice is mailed in
the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
  
 If the Company mails a notice to Certificateholders, it shall mail a copy to the Trustee and each Agent at the same time. 
  
 All other notices shall be in writing. 
  

	Section 11.3.	Communication by Holders With Other Holders. 

  
 Certificateholders may communicate pursuant to Section 312(b) of the TIA with other Certificateholders with respect to their rights under this Indenture
or the Debentures. The Company, the Trustee, the Registrar and anyone else shall have the protection of Section 312(c) of the TIA. 
  

 29 

	Section 11.4.	Certificate and Opinion as to Conditions Precedent. 

  
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

  

	 	(a)	an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been
complied with; and 

  

	 	(b)	an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

  

	Section 11.5.	Statements Required in Certificate or Opinion. 

  
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
  

	 	(1)	a statement that the person making such certificate or opinion has read such covenant or condition; 

  

	 	(2)	a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

  

	 	(3)	a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to
whether or not such covenant or condition has been complied with; and 

  

	 	(4)	a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied with. 

  

	Section 11.6.	Rules by Trustee and Agents. 

  
 The Trustee may make reasonable rules for action by or a meeting of Certificateholders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
  

	Section 11.7.	Legal Holidays. 

  
 A “Legal Holiday” is a Saturday, a Sunday or a day on which banking institutions are not required to be open. If a payment date is a
Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. 
  

 30 

	Section 11.8.	No Recourse Against Others. 

  
 All liability described in the Debentures of any director, officer, employee or stockholder, as such, of the Company and the Trustee is waived and
released. 
  

	Section 11.9.	Duplicate Originals. 

  
 The parties may sign any number of copies of this Indenture. One signed copy is enough to prove this Indenture. 
  

	Section 11.10.	Variable Provisions. 

  
 “Officer” means the President, any Vice President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of
the Company. 
  
 The Company initially appoints itself as Paying
Agent and Registrar. 
  
 The first certificate pursuant to Section
4.3 shall be for the fiscal year ending on September 25, 2005. 
  
 The reporting date for Section 7.6 is May 15 of each year. The first reporting date is May 15, 2006. 
  
 The Company’s address is: 
  
 114 South Broad Street 
 Bainbridge, Georgia 39817 
  
 The Trustee’s address is: 
  
 U.S. Bank National Association 
 1360 Peachtree Street, Suite 1105 
 Atlanta, Georgia 30309 
 Attention: Corporate Trust Department 
  

	Section 11.11.	Governing Law. 

  
 The internal laws of the State of Georgia shall govern this Indenture and the Debentures. 
  

	Section 11.12.	No Adverse Interpretation of Other Agreements. 

  
 This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture. 
  

	Section 11.13.	Successors. 

  
 All agreements of the Company in this Indenture and the Debentures shall bind its successor. All agreements of the Trustee in this Indenture shall bind
its successor. 
  

 31 

	Section 11.14. 	Severability. 

  
 In case any provision in this Indenture or the Debentures shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
  
 IN WITNESS WHEREOF, the parties hereto hereby execute this Amended and Restated Indenture as of the date first written. 
  
 
					
	COMPANY:
	
	 THE MONEY TREE INC.

		
	By:	 	/s/ Vance R. Martin
	 	 	 Its:
	 	President
	
	TRUSTEE:
	
	 U.S. BANK NATIONAL ASSOCIATION

		
	By:	 	/s/ Teresa L. Davis
	 	 	 Its:
	 	Vice President

   

 32 

  
 EXHIBIT A 

 
 FORM OF SERIES A VARIABLE RATE SUBORDINATED DEBENTURE 
  
 OF THE MONEY TREE INC. 
  
 Series A Variable Rate Subordinated Debenture 
  
                     , 200   

			
	 No.         
	  	Bainbridge, Georgia

  
 Subject to the
restrictions in Section 5 below, four (4) years from the date hereof, The Money Tree Inc. (the “Company”) promises to pay         
        (        )*** DOLLARS at the main office of the Company, 114 South Broad Street, Bainbridge, Georgia, and to pay interest thereon at the rate of
        % (percent) per annum, compounded daily, for a period of          year(s) [select one year, two years or four years] from date hereof, and
for each successive                   year period (the “interest adjustment period”) thereafter at an annual rate, compounded daily, which shall
be determined at the beginning of each interest adjustment period by the Company in accordance with the terms of the applicable prospectus. Interest will be earned daily and payable at any time at the holder’s request. The current interest rate
on this Debenture can be obtained from the Company by the registered Debentureholder (as defined below) upon request. 
  
  This Debenture is one of a duly authorized issue of Series A Variable Rate Subordinated Debentures of the Company (the “Debentures”) issued
under and subject in all respects to the terms of an Amended and Restated Indenture dated as of September 20, 2005 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”). Reference
is hereby made to the Indenture and all supplemental indentures for a statement of the respective rights of the Company, the Trustee, the agents of the Company and the Trustee and the holders of the Debentures. All capitalized terms used, but not
defined, in this Debenture have the meanings assigned to them in the Indenture. No reference herein to the Indenture and no provision of this Debenture or of the Indenture shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of and interest on this Debenture in the manner herein prescribed. 
   
 1. Redemption. Subject to the restrictions of Section 5 below and in accordance with the procedures set forth in Article 3 of the Indenture, this
Debenture may be redeemed by the Company prior to maturity for a redemption price equal to the principal amount plus any unpaid interest thereon to the date of redemption. Notice of redemption shall be given by mail to the holder of this Debenture
(the “Debentureholder”) at his last address as it appears on the records of the Company not less than 30 nor more than 60 days prior to the date fixed for redemption. Once notice of redemption is mailed, Debentures called for redemption
become due and payable on the date of redemption set forth in the notice of redemption at the redemption price. On or before the redemption date, the Company shall set aside money sufficient to pay the redemption price of all Debentures to be
redeemed on that date. 
  
 2. Redemption at Request of
Debentureholder. At the request of the Debentureholder, but subject to the restrictions of Section 5 below, the Company will redeem this Debenture at the end of any interest adjustment period for a redemption price equal to the principal amount
plus any unpaid interest thereon to the date of redemption. AT THE WRITTEN REQUEST OF THE DEBENTUREHOLDER DELIVERED TO THE COMPANY, THE COMPANY MAY, AT ITS OPTION AND SUBJECT TO THE RESTRICTIONS OF SECTION 5 BELOW, BUT SHALL NOT BE REQUIRED TO,
REDEEM THIS DEBENTURE DURING ANY INTEREST ADJUSTMENT PERIOD for a redemption price equal to the principal amount plus an amount equal to the unpaid interest thereon for this Debenture, as adjusted, at the stated rate to the redemption date minus
an amount equal to the interest that would be payable thereon at the rate stated above for a 90-day period beginning on the first date of the interest adjustment period. 
  
 3. Redemption Upon Death of Debentureholder. At the request of the surviving joint Debentureholder or designated
beneficiary, but subject to the restrictions of Section 5 below and pursuant to the 

  

 1 

 
terms of Section 3.8 of the Indenture, upon the death of a Debentureholder the Company will redeem this Debenture for a redemption price equal to the
principal amount plus any unpaid interest thereon to the date of redemption. 
  
 4. Extension of Maturity. THE MATURITY OF THIS DEBENTURE WILL BE AUTOMATICALLY EXTENDED FROM THE ORIGINAL MATURITY DATE FOR A PERIOD EQUAL TO THE ORIGINAL TERM OF THIS DEBENTURE UNLESS THE DEBENTUREHOLDER
SUBMITS THIS DEBENTURE FOR REDEMPTION PRIOR TO 15 DAYS AFTER ITS ORIGINAL MATURITY DATE OR THE COMPANY GIVES NOTICE OF ITS INTENTION TO TENDER THE AMOUNT DUE TO THE DEBENTUREHOLDER PRIOR TO 15 DAYS AFTER ITS ORIGINAL MATURITY DATE by mailing
such notice to the Debentureholder’s last address as it appears on the records of the Company. If the Company has mailed a notice of its intention to tender payment of the amount due upon maturity to the registered Debentureholder and this
Debenture is not presented to the Company by the Debentureholder within 60 days of the original maturity date, then the Company may transfer the money distributable upon maturity to a separate bank account, for the benefit of the registered
Debentureholders whose Debentures have matured and whose Debenture maturity dates have not been automatically extended, and thereupon this Debenture shall be deemed as of the original maturity date to have matured and no longer outstanding. In the
event of an extension of maturity, all provisions of this Debenture shall remain unchanged with the exception of the interest rate which will be changed in accordance with the interest adjustment provision. In no event may the maturity of this
Debenture be automatically extended more than once. 
  
 5.
Subordination. This Debenture is subordinated, in all rights to payment and in all other respects, to Senior Debt, which means all Debt (present or future) created, incurred, assumed or guaranteed by the Company (and all renewals, extensions
or refundings thereof), except such Debt that by its terms expressly provides that such Debt is not senior or superior in right of payment to the Debentures. Senior Debt shall include without limitation (i) the guarantee by the Company of any Debt
of any other person (including, without limitation, subordinated Debt of another person), unless such Debt is expressly subordinated to any other Debt of the Company, and (ii) all Debt of the Company currently maintained with banks and finance
companies and any line of credit to be obtained by the Company in the future. Notwithstanding anything herein to the contrary, Senior Debt shall not include debt of the Company to any of its subsidiaries or under the Debentures or Demand Notes. Debt
means any indebtedness, contingent or otherwise, in respect of borrowed money (whether or not the recourse of the lender is to the whole of the assets of the Company or only to a portion thereof), or evidenced by bonds, notes, debentures or similar
instruments or letters of credit, or representing the balance deferred and unpaid on the purchase price of any property or interest therein, except any such balance that constitutes a trade payable, and shall include any guarantee of any
indebtedness described above. The Company agrees, and the Debentureholder by accepting this Debenture agrees, to the subordination provisions set forth in Article 10 of the Indenture. 
  
 6. Amendments and Waivers. As permitted in the Indenture, the Indenture, other than the subordination provisions, may
be amended and the rights and obligations of the Company and the rights of the holders of the Debentures under the Indenture modified at any time by the Company with the consent of the Trustee and holders of a majority in principal amount of the
then outstanding Debentures. The Company and the Trustee may not modify the Indenture without the consent of each holder affected if the modification (i) affects the terms of payment of, the principal of, or any interest on, any Debenture; (ii)
changes the percentage of Debenture holders who consent to a waiver or modification as required; (iii) affects the subordination provisions of the Indenture in a manner that adversely affects the right of any holder; or (iv) waives any Event of
Default in the payment of principal of, or interest on, any Debenture. As permitted by the Indenture, the Trustee and holders of a majority in principal amount of the then outstanding Debentures, on behalf of the holders of all Debentures, may waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences, except an Event of Default in the payment of principal or of interest on the Debentures. 
  
 7. Defaults and Remedies. If an Event of Default, as defined in the
Indenture, occurs and is continuing, the principal of and accrued interest on all Debentures may be declared due and payable in the manner and with the effect provided in the Indenture. The Indenture generally provides that an Event of Default
occurs if: (i) the Company fails to pay any installment of interest on a Debenture when the same becomes due and payable and the failure to pay continues for a period of thirty (30) days; (ii) the Company fails to pay the principal of any Debenture
when the same becomes due and payable at maturity, upon redemption or otherwise, and the failure to pay continues for a period of thirty (30) days; (iii) the Company becomes subject to certain events of bankruptcy or insolvency; or (iv) the Company
fails to comply with any of its other agreements in, or the provisions of, the 

  

 2 

 
Debenture or the Indenture and such failure is not cured or waived within sixty (60) days after receipt by the Company of a specific written notice from the
Trustee or the holders of at least 25% in principal amount of the then outstanding Debentures. 
  
 8. Transfer. As provided in the Indenture, this Debenture is transferable only on the Debenture register maintained by the Registrar, upon surrender of this Debenture for transfer at the office of the
Registrar, duly endorsed by, or accompanied by a written instrument of transfer in a form satisfactory to the Company and the Registrar duly executed by, the registered holder hereof or his attorney duly authorized in writing, a copy of which
authorization must be delivered with any such instrument of transfer, and thereupon one or more new Debentures, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. A
service fee may be charged to replace a lost or stolen Debenture, to transfer this Debenture or to issue a replacement payment check. The Company, the Trustee and any agent of the Company or the Trustee may treat the person in whose name this
Debenture is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. The Company
currently serves as the Registrar and Paying Agent for the Debentures. 
  
 9. Owners. The registered Debentureholder shall be treated as the owner of the Debenture for all purposes. 
  
 10. No Recourse. A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the
Company under this Debenture or for any claim based on, or in respect of such obligations or their creation. The Debentureholder by accepting this Debenture waives and releases all such liability. The waiver and release are part of the consideration
for the issue of this Debenture. 
  
 THIS DEBENTURE IS NOT A BANK
DEPOSIT NOR A BANK OBLIGATION AND IS NOT INSURED BY THE FDIC. 
  
 IN WITNESS WHEREOF, the Company has caused this Debenture to be signed in its corporate name by its President or Vice President and by its Treasurer or Secretary, at Bainbridge, Georgia, on the date first written above. 
  

					
	THE MONEY TREE INC.
			
	 By:
	 	 	 	 
	 	 	 President
	 	Vice President
			
	 	 	 	 	 
	 	 	 Treasurer
	 	Secretary

  

 3 

  
 For Payment or Redemption

  
 The within Debenture is hereby presented to the Company by the
undersigned for payment or redemption this                     , 20    . 
  

			
		
	 Signed by 
	 	 

  
 For Transfer

  
 For value received, the undersigned Debentureholder hereby sells, assigns
and transfers the within Debenture to
                                        
             whose address is
                                        
                                        
                                 and does hereby authorize and appoint
                                        
                     his attorney to make the necessary transfer on the books of the Company, with full powers of substitution in the premises.

  
 Under my hand and seal this
                    , 20    . 
  

	
	 
	 Signature of Debentureholder

  

	
	 Executed in the presence of:

	
	  
	 (NOTARY SEAL)

  

 4Credit Agreement dated as of September 15, 2005

 Exhibit 10.1 
  

  
 CREDIT AGREEMENT 
  
 DATED AS OF SEPTEMBER 15, 2005,

  
 among 
  
 ATLANTIC TELE-NETWORK, INC., 
  
 as Borrower, 
  
 COBANK, ACB, 
  
 as Administrative Agent, Lead Arranger and a Lender, 
  
 BANCO POPULAR DE PUERTO RICO 
  
 as a Lender, 
  
 and 
  
 the
other Lenders referred to herein 
  

 TABLE OF CONTENTS 
  

									
	 SECTION 1 AMOUNTS AND TERMS OF FACILITIES
	  	1
	 	    	1.1	  	Facilities.	  	1
	 	    	 	  	(A)	  	Revolver Facility.	  	1
	 	    	 	  	(B)	  	Term Loan Facility.	  	2
	 	    	 	  	(C)	  	Notes.	  	2
	 	    	 	  	(D)	  	Advances.	  	2
	 	    	1.2	  	Interest.	  	2
	 	    	 	  	(A)	  	Interest Options.	  	2
	 	    	 	  	(B)	  	Applicable Margins.	  	3
	 	    	 	  	(C)	  	Interest Periods.	  	3
	 	    	 	  	(D)	  	Calculation and Payment.	  	4
	 	    	 	  	(E)	  	Default Rate of Interest.	  	4
	 	    	 	  	(F)	  	Excess Interest.	  	4
	 	    	 	  	(G)	  	Selection, Conversion or Continuation of Loans; LIBOR and Quoted Rate Availability.	  	5
	 	    	1.3	  	Notice of Borrowing, Conversion or Continuation of Loans.	  	5
	 	    	1.4	  	Fees and Expenses.	  	6
	 	    	 	  	(A)	  	Unused Commitment Fees.	  	6
	 	    	 	  	(B)	  	Certain Other Fees.	  	6
	 	    	 	  	(C)	  	Breakage Fee.	  	6
	 	    	 	  	(D)	  	Expenses and Attorneys’ Fees.	  	6
	 	    	1.5	  	Payments.	  	7
	 	    	1.6	  	Repayments of Loans and Reduction of the Revolver Loan Commitment.	  	8
	 	    	 	  	(A)	  	Scheduled Termination of Revolver Loan Commitment and Repayments of the Term Loan.	  	8
	 	    	 	  	(B)	  	Reductions Resulting From Mandatory Repayments.	  	8
	 	    	 	  	(C)	  	Voluntary Reduction of the Revolver Loan Commitment.	  	8
	 	    	 	  	(D)	  	Mandatory Repayments.	  	9
	 	    	1.7	  	Voluntary Prepayments and Other Mandatory Repayments.	  	9
	 	    	 	  	(A)	  	Voluntary Prepayment of Loans.	  	9
	 	    	 	  	(B)	  	Repayments from Insurance Proceeds.	  	9
	 	    	 	  	(C)	  	Repayments from Certain Asset Dispositions.	  	9
	 	    	 	  	(D)	  	Repayments from Debt Issuances.	  	10
	 	    	1.8	  	Application of Prepayments and Repayments; Payment of Breakage Fees, Etc.	  	10
	 	    	1.9	  	Loan Accounts.	  	10
	 	    	1.10	  	Changes in LIBOR Rate Availability.	  	10
	 	    	1.11	  	Capital Adequacy and Other Adjustments.	  	11
	 	    	1.12	  	Optional Prepayment/Replacement of Lender in Respect of Increased Costs.	  	12
	 	    	1.13	  	Taxes.	  	13
	 	    	 	  	(A)	  	No Deductions.	  	13
	 	    	 	  	(B)	  	Foreign Lenders.	  	13
	 	    	1.14	  	Changes in Tax Laws.	  	14
	 	    	1.15	  	Term of This Agreement.	  	14

									
	 SECTION 2 AFFIRMATIVE COVENANTS
	  	15
	 	    	2.1	  	Compliance With Laws.	  	15
	 	    	2.2	  	Maintenance of Books and Records; Properties; Insurance.	  	15
	 	    	2.3	  	Inspection; Lender Meeting.	  	17
	 	    	2.4	  	Legal Existence, Etc.	  	17
	 	    	2.5	  	Use of Proceeds.	  	17
	 	    	2.6	  	Further Assurances; Notices of Acquisition of Real Property.	  	17
	 	    	2.7	  	CoBank Patronage Capital.	  	18
	 	    	2.8	  	Collateral Assignments of Material Contracts.	  	18
	 	    	2.9	  	Investment Company Act; Public Utility Holding Act.	  	18
	 	    	2.10	  	Payment of Obligations.	  	18
	 	    	2.11	  	Environmental Laws.	  	19
	 	    	2.12	  	Creation or Acquisition of Subsidiaries.	  	19
		
	 SECTION 3 NEGATIVE COVENANTS
	  	20
	 	    	3.1	  	Indebtedness.	  	20
	 	    	3.2	  	Liens and Related Matters.	  	21
	 	    	3.3	  	Investments.	  	21
	 	    	3.4	  	Contingent Obligations.	  	21
	 	    	3.5	  	Restricted Junior Payments.	  	22
	 	    	3.6	  	Restriction on Fundamental Changes.	  	22
	 	    	3.7	  	Disposal of Assets or Subsidiary Stock.	  	23
	 	    	3.8	  	Transactions with Affiliates.	  	23
	 	    	3.9	  	Management Fees.	  	24
	 	    	3.10	  	Conduct of Business.	  	24
	 	    	3.11	  	Fiscal Year.	  	24
	 	    	3.12	  	Modification of Agreements.	  	24
	 	    	3.13	  	Inconsistent Agreements.	  	24
		
	 SECTION 4 FINANCIAL COVENANTS AND REPORTING
	  	25
	 	    	4.1	  	Total Leverage Ratio.	  	25
	 	    	4.2	  	Commnet Leverage Ratio.	  	25
	 	    	4.3	  	Debt Service Coverage Ratio.	  	25
	 	    	4.4	  	Equity to Assets Ratio.	  	26
	 	    	4.5	  	Financial Statements and Other Reports.	  	26
	 	    	 	  	(A)	    	Quarterly Financials; Other Quarterly Reports.	  	26
	 	    	 	  	(B)	    	Year-End Financials.	  	26
	 	    	 	  	(C)	    	Compliance Certificates.	  	26
	 	    	 	  	(D)	    	Accountants’ Reliance Letter.	  	26
	 	    	 	  	(E)	    	Accountants’ Reports.	  	27
	 	    	 	  	(F)	    	Management Report.	  	27
	 	    	 	  	(G)	    	Budget.	  	27
	 	    	 	  	(H)	    	SEC Filings and Press Releases.	  	27
	 	    	 	  	(I)	    	Events of Default, Etc.	  	27

									
	 	    	 	  	(J)	  	Litigation.	  	28
	 	    	 	  	(K)	  	Regulatory and Other Notices.	  	28
	 	    	 	  	(L)	  	Material Adverse Effect.	  	28
	 	    	 	  	(M)	  	Environmental Notices.	  	28
	 	    	 	  	(N)	  	ERISA Events.	  	28
	 	    	 	  	(O)	  	Other Information.	  	29
	 	    	4.6	  	Accounting Terms; Utilization of GAAP for Purposes of Calculations Under Agreement.	  	29
		
	SECTION 5 REPRESENTATIONS AND WARRANTIES	  	29
	 	    	5.1	  	Disclosure.	  	29
	 	    	5.2	  	No Material Adverse Effect.	  	30
	 	    	5.3	  	Organization, Powers, Authorization and Good Standing.	  	30
	 	    	 	  	(A)	  	Organization and Powers.	  	30
	 	    	 	  	(B)	  	Authorization; Binding Obligation.	  	30
	 	    	 	  	(C)	  	Qualification.	  	30
	 	    	5.4	  	Compliance of Agreement, Loan Documents and Borrowings with Applicable Law.	  	30
	 	    	5.5	  	Compliance with Law; Governmental Approvals.	  	31
	 	    	5.6	  	Tax Returns and Payments.	  	31
	 	    	5.7	  	Environmental Matters.	  	31
	 	    	5.8	  	Financial Statements.	  	31
	 	    	5.9	  	Intellectual Property.	  	31
	 	    	5.10	  	Litigation, Investigations, Audits, Etc.	  	32
	 	    	5.11	  	Employee Labor Matters.	  	32
	 	    	5.12	  	ERISA Compliance.	  	32
	 	    	5.13	  	Communications Regulatory Matters.	  	33
	 	    	5.14	  	Perfection and Priority.	  	34
	 	    	5.15	  	Solvency.	  	34
	 	    	5.16	  	Investment Company Act; Public Utility Holding Act.	  	34
	 	    	5.17	  	Material Contracts.	  	34
	 	    	5.18	  	Title to Properties.	  	34
	 	    	5.19	  	Subsidiaries.	  	34
	 	    	5.20	  	Transactions with Affiliates.	  	34
		
	SECTION 6 EVENTS OF DEFAULT AND RIGHTS AND REMEDIES	  	35
	 	    	6.1	  	Event of Default.	  	35
	 	    	 	  	(A)	  	Payment.	  	35
	 	    	 	  	(B)	  	Default in Other Agreements.	  	35
	 	    	 	  	(C)	  	Breach of Certain Provisions.	  	35
	 	    	 	  	(D)	  	Breach of Warranty.	  	35
	 	    	 	  	(E)	  	Other Defaults Under Loan Documents.	  	35
	 	    	 	  	(F)	  	Involuntary Bankruptcy; Appointment of Receiver; Etc.	  	35
	 	    	 	  	(G)	  	Voluntary Bankruptcy; Appointment of Receiver; Etc.	  	36
	 	    	 	  	(H)	  	Governmental Liens.	  	36
	 	    	 	  	(I)	  	Judgment and Attachments.	  	36

									
	 	    	 	    	(J)	  	Dissolution.	  	36
	 	    	 	    	(K)	  	Solvency.	  	36
	 	    	 	    	(L)	  	Injunction.	  	36
	 	    	 	    	(M)	  	ERISA; Pension Plans.	  	37
	 	    	 	    	(N)	  	Environmental Matters.	  	37
	 	    	 	    	(O)	  	Invalidity of Loan Documents.	  	37
	 	    	 	    	(P)	  	Damage; Strike; Casualty.	  	37
	 	    	 	    	(Q)	  	Franchises, Licenses, Permits and Contracts.	  	37
	 	    	 	    	(R)	  	Failure of Security.	  	37
	 	    	 	    	(S)	  	Change in Control.	  	38
	 	    	 	    	(T)	  	Expropriation.	  	38
	 	    	6.2	    	Suspension of Loan Commitments.	  	38
	 	    	6.3	    	Acceleration.	  	38
	 	    	6.4	    	Rights of Collection.	  	38
	 	    	6.5	    	Consents.	  	38
	 	    	6.6	    	Performance by Administrative Agent.	  	39
	 	    	6.7	    	Set Off and Sharing of Payments.	  	39
	 	    	6.8	    	Application of Payments.	  	39
	 	    	6.9	    	Adjustments.	  	40
		
	SECTION 7 CONDITIONS TO LOANS	  	40
	 	    	7.1	    	Conditions to Initial Loan.	  	40
	 	    	 	    	(A)	  	Executed Loan Documents.	  	40
	 	    	 	    	(B)	  	Control Agreements.	  	41
	 	    	 	    	(C)	  	Closing Certificates; Opinions.	  	41
	 	    	 	    	(D)	  	Collateral.	  	42
	 	    	 	    	(E)	  	Consents.	  	42
	 	    	 	    	(F)	  	Financial Matters.	  	43
	 	    	 	    	(G)	  	Miscellaneous.	  	43
	 	    	7.2	    	Conditions to All Loans.	  	43
		
	SECTION 8 ASSIGNMENT AND PARTICIPATION	  	44
	 	    	8.1	    	Assignments and Participations in Loans and Notes.	  	44
	 	    	8.2	    	Administrative Agent.	  	46
	 	    	 	    	(A)	  	Appointment.	  	46
	 	    	 	    	(B)	  	Nature of Duties.	  	46
	 	    	 	    	(C)	  	Rights, Exculpation, Etc.	  	47
	 	    	 	    	(D)	  	Reliance.	  	48
	 	    	 	    	(E)	  	Indemnification.	  	48
	 	    	 	    	(F)	  	CoBank, Syndication Agent and Documentation Agent Individually.	  	49
	 	    	 	    	(G)	  	Notice of Default.	  	49
	 	    	 	    	(H)	  	Successor Administrative Agent.	  	49
	 	    	 	    	(I)	  	Collateral Matters.	  	50
	 	    	 	    	(J)	  	Agency for Perfection; Enforcement of Security by Administrative Agent.	  	51
	 	    	 	    	(K)	  	Dissemination of Information.	  	51

									
	 	    	8.3	  	Amendments, Consents and Waivers for Certain Actions.	  	51
	 	    	8.4	  	Disbursement of Funds.	  	52
	 	    	8.5	  	Disbursements of Advances; Payments.	  	52
	 	    	 	  	(A)	    	Pro Rata Treatment; Application.	  	52
	 	    	 	  	(B)	    	Availability of Lender’s Pro Rata Share.	  	52
	 	    	 	  	(C)	    	Return of Payments.	  	53
		
	SECTION 9 MISCELLANEOUS	  	53
	 	    	9.1	  	Indemnities.	  	53
	 	    	9.2	  	Amendments and Waivers.	  	53
	 	    	9.3	  	Notices.	  	54
	 	    	9.4	  	Failure or Indulgence Not Waiver; Remedies Cumulative.	  	55
	 	    	9.5	  	Marshaling; Payments Set Aside.	  	55
	 	    	9.6	  	Severability.	  	55
	 	    	9.7	  	Lenders’ Obligations Several; Independent Nature of Lenders’ Rights.	  	55
	 	    	9.8	  	Headings.	  	55
	 	    	9.9	  	Applicable Law.	  	56
	 	    	9.10	  	Successors and Assigns.	  	56
	 	    	9.11	  	No Fiduciary Relationship.	  	56
	 	    	9.12	  	Construction.	  	56
	 	    	9.13	  	Confidentiality.	  	56
	 	    	9.14	  	Consent to Jurisdiction and Service of Process.	  	57
	 	    	9.15	  	Waiver of Jury Trial.	  	57
	 	    	9.16	  	Survival of Warranties and Certain Agreements.	  	58
	 	    	9.17	  	Entire Agreement.	  	58
	 	    	9.18	  	Counterparts; Effectiveness.	  	58
		
	SECTION 10 DEFINITIONS	  	58
	 	    	10.1	  	Certain Defined Terms.	  	58
	 	    	10.2	  	Other Definitional Provisions.	  	72

 SCHEDULES 
  

			
	Schedule 3.3(C)	 	Existing Investments
	Schedule 3.8	 	Transactions with Affiliates
	Schedule 5.3(A)	 	Jurisdiction of Organization
	Schedule 5.3(C)	 	Qualification to Transact Business
	Schedule 5.10	 	Litigation, Etc.
	Schedule 5.11	 	Labor Matters
	Schedule 5.13(A)	 	License Information
	Schedule 5.13(B)	 	Valid Licenses
	Schedule 5.17	 	Material Contracts
	Schedule 5.19	 	Subsidiaries
	
	 EXHIBITS
  

	Exhibit 1.3	 	Form of Notice of Borrowing/Conversion/Continuation
	Exhibit 4.5(C)	 	Form of Compliance Certificate
	Exhibit 10.1(A)	 	Form of Lender Addition Agreement
	Exhibit 10.1(B)	 	Form of Revolver Note
	Exhibit 10.1(C)	 	Form of Term Note

 INDEX OF DEFINED TERMS 
  

			
	 Defined Term

	  	Defined in Section

	 Accounting Changes
	  	§4.6  
	 Acquisition
	  	§10.1
	 Act
	  	§10.1
	 Adjustment Date
	  	§10.1
	 Administrative Agent
	  	§10.1
	 Affiliate
	  	§10.1
	 Affected Lender
	  	§1.12
	 Agreement
	  	§10.1
	 Airplane Indebtedness
	  	    §3.1(D)
	 Applicable Law
	  	§10.1
	 Arranger
	  	§10.1
	 Asset Disposition
	  	§10.1
	 Available Revolver Loan Commitment
	  	§10.1
	 Bankruptcy Code
	  	§10.1
	 Base Rate
	  	§10.1
	 Base Rate Loans
	  	§10.1
	 Benefited Lender
	  	§6.9  
	 Borrower
	  	       Preamble
	 Breakage Fee
	  	   §1.4(C)
	 Budgets
	  	   §4.5(G)
	 Business Day
	  	§10.1
	 Calculation Period
	  	§10.1
	 Capital Lease
	  	§10.1
	 Cash Equivalents
	  	§10.1
	 Certificate of Exemption
	  	      §1.13(B)
	 Change of Control
	  	§10.1
	 Closing Date
	  	§10.1
	 CoBank
	  	       Preamble
	 Collateral
	  	§10.1
	 Collateral Contract Assignments
	  	§10.1
	 Commnet
	  	      Recitals
	 Commnet Guaranty
	  	§10.1
	 Commnet Leverage Ratio
	  	§10.1
	 Commnet Operating Agreement
	  	§10.1
	 Communications Act
	  	§10.1
	 Communications System
	  	§10.1
	 Compliance Certificate
	  	    §4.5(C)
	 Contingent Obligation
	  	§10.1
	 Debt Service
	  	§10.1
	 Debt Service Coverage Ratio
	  	§10.1

			
	 Default
	  	§10.1
	 EBITDA
	  	§10.1
	 Electing Lender
	  	§1.8  
	 Eligible Assignee
	  	§10.1
	 Environmental Laws
	  	§10.1
	 Equity
	  	§10.1
	 Equity to Assets Ratio
	  	§10.1
	 ERISA
	  	§10.1
	 ERISA Affiliate
	  	§10.1
	 ERISA Event
	  	§10.1
	 Event of Default
	  	§6.1  
	 Excess Cash Flow
	  	§10.1
	 Facility(ies)
	  	§10.1
	 FCC
	  	§10.1
	 FDPA
	  	§2.2  
	 Federal Funds Rate
	  	§10.1
	 Fixed Charge Coverage Ratio
	  	§10.1
	 Fixed Charges
	  	§10.1
	 Foreign Lender
	  	     §1.13(B)
	 Franchise
	  	§10.1
	 Funding Date
	  	§7.2  
	 GAAP
	  	§10.1
	 Governmental Approvals
	  	§10.1
	 Governmental Authority
	  	§10.1
	 Indebtedness
	  	§10.1
	 Indemnitees
	  	§9.1  
	 Intellectual Property Rights
	  	§5.9  
	 Interest Expense
	  	§10.1
	 Interest Period
	  	§10.1
	 Interest Rate Agreement
	  	§10.1
	 Investment
	  	§10.1
	 IRC
	  	§10.1
	 Lender(s)
	  	§10.1
	 Lender Addition Agreement
	  	§10.1
	 Letter of Non-Exemption
	  	     §1.13(B)
	 LIBOR
	  	§10.1
	 LIBOR Interest Period
	  	     §1.2(B)
	 LIBOR Loans
	  	§10.1
	 LIBOR Margin
	  	§10.1
	 Licenses
	  	§10.1
	 Lien
	  	§10.1
	 Loan(s)
	  	§10.1
	 Loan Commitment(s)
	  	§10.1
	 Loan Documents
	  	§10.1
	 Material Adverse Effect
	  	§10.1

			
	 Material Contracts
	  	§10.1
	 Multi-employer Plan
	  	§10.1
	 Net Proceeds
	  	§10.1
	 Note(s)
	  	§10.1
	 Notice of Borrowing/Conversion/Continuation
	  	    §1.3(A)
	 Obligations
	  	§10.1
	 PBGC
	  	§10.1
	 Pension Plan
	  	§10.1
	 Permitted Acquisition
	  	§3.6  
	 Permitted Encumbrances
	  	§10.1
	 Person
	  	§10.1
	 Plan
	  	§10.1
	 Pro Rata Share
	  	§10.1
	 PUC
	  	§10.1
	 Purchase Agreement
	  	§10.1
	 Put –Call
	  	§3.5  
	 Quoted Rate
	  	          §1.2(a)(i)(3)
	 Quoted Rate Loan
	  	§10.1
	 Quoted Rate Interest Period
	  	          §1.2(a)(i)(3)
	 Replacement Lender
	  	     §1.12(A)
	 Representatives
	  	  §8.2(E)
	 Related Interest Rate Agreement
	  	§10.1
	 Reportable Event
	  	§10.1
	 Requisite Lenders
	  	§10.1
	 Restricted Junior Payment
	  	§10.1
	 Revolver Commitment Fee
	  	    §1.4(A)
	 Revolver Expiration Date
	  	§10.1
	 Revolver Facility
	  	§10.1
	 Revolver Loan Commitment
	  	§10.1
	 Revolver Loan(s)
	  	§10.1
	 Revolver Note(s)
	  	§10.1
	 SEC
	  	    §4.5(H)
	 Security Agreement
	  	§10.1
	 Security Documents
	  	§10.1
	 Security Interest
	  	§10.1
	 Statement
	  	    §4.5(B)
	 Subsidiary
	  	§10.1
	 Tax Liabilities
	  	     §1.13(A)
	 Term Loan
	  	§10.1
	 Term Loan Commitment
	  	§10.1
	 Term Loan Facility
	  	§10.1
	 Term Loan Maturity Date
	  	§10.1
	 Term Loan Note(s)
	  	§10.1
	 Term Loans
	  	§10.1
	 Total Leverage Ratio
	  	§10.1

 CREDIT AGREEMENT 
  
 This CREDIT AGREEMENT is entered into as of September 15, 2005, among ATLANTIC TELE-NETWORK, INC., a Delaware
corporation (“Borrower”), COBANK, ACB (individually, “CoBank”), as Administrative Agent, as Arranger and as a Lender, BANCO POPULAR DE PUERTO RICO, as a Lender, and such other Lenders as may from time
to time become a party to this Agreement. Capitalized terms used and not otherwise defined herein shall have the meanings given to them in Subsection 10.1. 
  
 R E C I T A L S: 
  
 WHEREAS, Borrower desires that Lenders extend to Borrower a revolver loan facility and a term loan facility, the
proceeds of which are to be available to fund Borrower’s purchase of 95% of the outstanding membership interests of Commnet Wireless, LLC (“Commnet”), to repay in full all outstanding principal of and interest on all
indebtedness of Commnet and its Subsidiaries, to provide funds for the capital expenditures of Borrower and its Subsidiaries, to provide funds for the working capital needs and other general corporate purposes of Borrower and its Subsidiaries, and
to finance certain costs associated with the Facilities; and 
  
 WHEREAS, Borrower has secured all of its Obligations under the Loan Documents by granting to Administrative Agent, for the benefit of itself and Lenders, a first priority security interest in and lien upon all or substantially all of
its now owned or hereafter acquired personal and real property. 
  
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties
hereto agree as follows: 
  
 SECTION 1 
 AMOUNTS AND TERMS OF FACILITIES 
  
 1.1 Facilities. Subject to the terms and conditions of this Agreement and in reliance upon the representations, warranties and covenants of
Borrower contained herein and in the other Loan Documents: 
  
 (A) Revolver Facility. Each Lender, severally and not jointly, agrees to lend to Borrower, from time to time during the period commencing on the date all conditions precedent set forth in Subsections 7.1 and 7.2 are satisfied or
waived as provided herein and ending on the Business Day immediately preceding the Revolver Expiration Date, its Pro Rata Share of each Revolver Loan; provided that no Lender shall be required at any time to lend more than its respective Pro
Rata Share of the Available Revolver Loan Commitment; and provided, further, that at any one time the aggregate principal amount of the Revolver Loans outstanding may not exceed the Revolver Loan Commitment. Within the limits of and
subject to the Available 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 Revolver Loan Commitment, this Subsection 1.1(A) and Subsections 1.6, 1.7 and 1.8, amounts borrowed under this
Subsection 1.1(A) may be repaid or prepaid and, at any time up to and including the Business Day immediately preceding the Revolver Expiration Date, reborrowed. 
  

(B) Term Loan Facility. Each Lender, severally and not jointly, agrees to lend to Borrower, in a single advance on the Closing Date, its Pro
Rata Share of the Term Loan Commitment; provided all conditions precedent set forth in Subsections 7.1 and 7.2 are satisfied or waived as provided herein. Amounts borrowed under this Subsection 1.1(B) that are repaid or prepaid may not be
reborrowed. 
  
 (C) Notes. Borrower shall execute and
deliver to each Lender a Revolver Note and a Term Note, dated the Closing Date, in the principal amount of such Lender’s Pro Rata Share of the Revolver Loan Commitment and the Term Loan Commitment, respectively. 
  
 (D) Advances. Loans will be made available by wire transfer of
immediately available funds. Wire transfers will be made to such account or accounts as may be authorized by Borrower. Advances under the Term Loan are only available on the Closing Date. 
  
 1.2 Interest. 
  
 (A) Interest Options. 
  
 (i) From the date each Loan is made, based upon the election of Borrower, at such time and from time to time thereafter (as provided in
Subsection 1.3 and subject to the conditions set forth in such Subsection and Subsection 1.2(G)), each such Loan shall accrue interest as follows: 
  
 (1) as a Base Rate Loan, at the sum of the Base Rate plus 1% per annum; or 
  
 (2) as a LIBOR Loan, for the applicable LIBOR Interest
Period, at the sum of LIBOR plus the LIBOR Margin applicable to such Loan from time to time as provided in Subsection 1.2(B); or 
  
 (3) for the Term Loan only, as a Quoted Rate Loan, at a fixed annual interest rate (the “Quoted Rate”) to be quoted by
CoBank in its sole and absolute discretion. Under this option, the interest rate may be fixed for periods ranging from 180 days to the Term Loan Maturity Date (each such period, a “Quoted Rate Interest Period”); provided,
however, that a Quoted Rate Interest Period may only expire on a Business Day; and provided, however, further, that there initially shall be a Quoted Rate Interest Period for the full amount of the Term Loan from the date
hereof to the Term Loan Maturity Date at a fixed per annum interest rate of 5.85%; and 
  
 (ii) Except as otherwise provided in Subsections 1.2(E) and 6.6, interest on all other Obligations not paid when due will accrue at the
Base Rate plus 1% per annum. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (B) Applicable Margins. Initially, and continuing through the day immediately preceding the
first Adjustment Date occurring on or after September 30, 2005 on which Borrower demonstrates that a change in the LIBOR Margin is warranted and requests such change in writing, the LIBOR Margin shall be 1.50%. Commencing on such Adjustment Date,
the applicable Base Rate Margin and LIBOR Margin for any Revolver Loan and any Term Loan shall be for each Calculation Period the per annum percentage set forth in the pricing table below opposite the applicable Total Leverage Ratio of Borrower,
determined on a consolidated basis for Borrower and its Subsidiaries; provided, that effective (i) upon the occurrence of an Event of Default and until such Event of Default is cured or waived or (ii) in the event that Administrative Agent
shall not receive the financial statements and Compliance Certificate required pursuant to Subsections 4.5(A), 4.5(B) and 4.5(C) when due, from such due date and until the fifth Business Day following Administrative Agent’s receipt of such
overdue financial statements and Compliance Certificate (and in the event a decrease in the applicable margin is then warranted, receipt of Borrower’s written request to decrease such margin), the LIBOR Rate Margin shall be 1.50% per annum.

  
 PRICING TABLE – Revolver Loan and Term Loan

  

			
	 Total Leverage Ratio

	  	 LIBOR Margin

	 3
1.5x
	  	1.50%
	 < 1.5x
	  	1.25%

  
 (C) Interest
Periods. Each LIBOR Loan may be obtained for a one, two, three, six, nine or 12 month period (each such period being an “LIBOR Interest Period”). With respect to all LIBOR Loans: 
  
 (i) the LIBOR Interest Period will commence on the date that
the LIBOR Loan is made or the date on which any portion of the Base Rate Loan is converted into a LIBOR Loan, or, in the case of immediately successive Interest Periods, each successive Interest Period shall commence on the day on which the
immediately preceding LIBOR Interest Period expires; 
  
 (ii) if the LIBOR Interest Period would otherwise expire on a day that is not a Business Day, then it will expire on the next Business Day; provided, that if any LIBOR Interest Period would otherwise expire on a day that is not a
Business Day and such day is the last Business Day of a calendar month, such LIBOR Interest Period shall expire on the Business Day next preceding such day; 
  
 (iii) any LIBOR Interest Period that begins on the last Business Day of a calendar month or on a day for which there is no numerically
corresponding day in the last calendar month in such LIBOR Interest Period shall end on the last Business Day of the last calendar month in such LIBOR Interest Period; and 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (iv) no LIBOR Interest Period shall be selected that extends beyond the Revolver
Expiration Date or the Term Loan Maturity Date. 
  
 (D)
Calculation and Payment. Interest on Loans including amounts due under Subsection 1.4, shall be calculated on the basis of a 360-day year for the actual number of days elapsed. The date of funding or conversion to a Base Rate Loan and the
first day of an Interest Period shall be included in the calculation of interest. The date of payment (as determined in Subsection 1.5) of any Loan and the last day of an Interest Period shall be excluded from the calculation of interest;
provided, if a Loan is repaid on the same day that it is made, one day’s interest shall be charged. 
  
 Interest accruing on Base Rate Loans and Quoted Rate Loans is payable in arrears on each of the following dates or events: (i) the last day of each
calendar quarter; (ii) the prepayment of such Loan (or portion thereof), to the extent accrued on the principal prepaid; and (iii) the Term Loan Maturity Date or the Revolver Expiration Date, as the case may be, whether by acceleration or otherwise.
Interest accruing on each LIBOR Loan is payable in arrears on each of the following dates or events: (i) the last day of each applicable LIBOR Interest Period; (ii) if the LIBOR Interest Period is longer than three months, on each three-month
anniversary of the commencement date of such LIBOR Interest Period; (iii) the prepayment of such Loan (or portion thereof), to the extent accrued on the principal prepaid; and (iv) the Term Loan Maturity Date or the Revolver Expiration Date, as the
case may be, whether by acceleration or otherwise. 
  
 (E)
Default Rate of Interest. At the election of Administrative Agent or Requisite Lenders, after the occurrence of an Event of Default and for so long as it continues, all Loans and other Obligations shall bear interest at rates that are 2% in
excess of the rates otherwise in effect, including, without limitation, rates in effect pursuant to the proviso in the second sentence of Subsection 1.2(B), with respect to such Loans and other Obligations. 
  
 (F) Excess Interest. Notwithstanding anything to the contrary set
forth herein, the aggregate interest, fees and other amounts required to be paid by Borrower to Lenders or any Lender hereunder are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity
of the Indebtedness evidenced hereby or otherwise, shall the amount paid or agreed to be paid to Lenders or any Lender for the use or the forbearance of the Indebtedness or Obligations evidenced hereby exceed the maximum permissible under Applicable
Law. If under or from any circumstances whatsoever, fulfillment of any provision hereof or of any of the other Loan Documents at the time of performance of such provision shall be due, shall involve exceeding the limit of such validity prescribed by
Applicable Law then the obligation to be fulfilled shall automatically be reduced to the limit of such validity and if under or from circumstances whatsoever Lenders or any Lender should ever receive as interest any amount which would exceed the
highest lawful rate, the amount of such interest that is excessive shall be applied to the reduction of the principal balance of the Obligations evidenced hereby and not to the payment of interest. Additionally, should the method used for
calculating interest (i.e., using a 360-day year) be unlawful, such calculation method shall be automatically changed to a 365-6-day year or such other lawful calculation method as is reasonably acceptable to Administrative Agent. This provision
shall control every other provision of this Agreement and all provisions of every other Loan Document. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (G) Selection, Conversion or Continuation of Loans; LIBOR and Quoted Rate Availability.
Provided that no Default or Event of Default has occurred and is then continuing, Borrower shall have the option to (i) select all or any part of a new borrowing to be a Base Rate Loan, a LIBOR Loan or, only under the Term Loan Facility, a Quoted
Rate Loan, in the case of a Base Rate Loan in a principal amount equal to at least $100,000, in the case of a LIBOR Loan in a principal amount equal to $1,000,000 or any whole multiple of $500,000 in excess thereof, or, only under the Term Loan
Facility, a Quoted Rate Loan in a principal amount equal to $5,000,000 or any whole multiple of $1,000,000 in excess thereof, (ii) convert at any time all or any portion of a Base Rate Loan in a principal amount equal to $1,000,000 or any whole
multiple of $500,000 in excess thereof into a LIBOR Loan or, only under the Term Loan Facility, in a principal amount equal to $5,000,000 or any whole multiple of $1,000,000 in excess thereof into a Quoted Rate Loan, (iii) upon the expiration of its
Interest Period, convert all or any part of any LIBOR Loan or, only under the Term Loan Facility, a Quoted Rate Loan into a Base Rate Loan, and (iv) upon the expiration of its Interest Period, continue any LIBOR Loan or, only under the Term Loan
Facility, a Quoted Rate Loan into one or more LIBOR Loans in a principal amount of $1,000,000 or any whole multiple of $500,000 in excess thereof or, only under the Term Loan Facility, one or more Quoted Rate Loans in a principal amount of
$5,000,000 or any whole multiple of $1,000,000 in excess thereof, for such new Interest Period(s) as selected by Borrower. Each LIBOR Loan shall be made under any one of the Revolver Facility or the Term Loan Facility, but may not be made under more
than one Facility concurrently. During any period in which any Default or Event of Default is continuing, as the Interest Periods for LIBOR Loans or Quoted Rate Loans then in effect expire, such Loans shall be converted into a Base Rate Loan and the
LIBOR and Quoted Rate options will not be available to Borrower until all Defaults and Events of Default are cured or waived. In the event Borrower fails to elect a LIBOR Loan or Quoted Rate Loan upon any advance hereunder or upon the termination of
any Interest Period, Borrower shall be deemed to have elected to have such amount constitute a Base Rate Loan. There shall be no more than an aggregate of five LIBOR Loans and Quoted Rate Loans Outstanding at any one time. 
  
 1.3 Notice of Borrowing, Conversion or Continuation of Loans. Whenever
Borrower desires to request a Loan pursuant to Subsection 1.1(A) or (B) or to convert or continue Loans pursuant to Subsection 1.2(G), Borrower shall give Administrative Agent irrevocable prior written notice in the form attached hereto as
Exhibit 1.3 (a “Notice of Borrowing/Conversion/Continuation”) not later than 11:00 a.m. (Denver, Colorado time) three Business Days before the proposed borrowing, conversion or continuation is to be effective. Each Notice of
Borrowing/Conversion/Continuation shall specify (i) the Loan (or portion thereof) to be advanced, converted or continued and, with respect to any LIBOR Loan or Quoted Rate Loan to be converted or continued, the last day of the current Interest
Period therefor, (ii) the effective date of such borrowing, conversion or continuation (which shall be a Business Day), (iii) the principal amount of such Loan to be borrowed, converted or continued, (iv) the Interest Period to be applicable to any
new LIBOR Loan or Quoted Rate Loan, and (v) the Facility under which such borrowing, conversion or continuation is to be made. Administrative Agent shall give each Lender prompt written notice of any Notice of Borrowing/Conversion/Continuation given
on by Borrower. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 1.4 Fees and Expenses. 
  
 (A) Unused Commitment Fees. From the Closing Date, Borrower shall be obligated to pay Administrative Agent, for the
benefit of all Lenders (based upon their respective Pro Rata Shares of the Revolver Loan Commitment), a fee (the “Revolver Commitment Fee”) in an amount equal to (i) the Revolver Loan Commitment less the outstanding balance
of Revolving Loans during the preceding calendar quarter multiplied by (ii) .375% calculated on the basis of a 360-day year for the actual number of days elapsed. Such fees are to be paid quarterly in arrears on the last day of each
calendar quarter for such calendar quarter (or portion thereof), with the final such payment due on the Revolver Expiration Date. 
  
 (B) Certain Other Fees. Borrower shall be obligated to pay to CoBank, individually, fees in the amounts and at the times specified in the letter
agreement dated July 22, 2005, between Borrower and CoBank. 
  
 (C) Breakage Fee. Upon any repayment or payment of a LIBOR Loan or Quoted Rate Loan on any day that is not the last day of the Interest Period applicable thereto (regardless of the source of such repayment or prepayment and whether
voluntary, mandatory, by acceleration or otherwise), Borrower shall be obligated to pay Administrative Agent, for the benefit of all affected Lenders, an amount (the “Breakage Fee”) equal to the present value of any losses, expenses
and liabilities (including any loss (including interest paid) sustained by each such affected Lender in connection with the reemployment of such funds) that any such affected Lender may sustain as a result of the payment of such LIBOR Loan or Quoted
Rate Loan on such day. For purposes of calculating amounts payable by Borrower to Lenders under this Subsection 1.4(C), each LIBOR Loan or Quoted Rate Loan made by a Lender (and each related reserve, special deposit or similar requirement) shall be
conclusively deemed to have been funded at the LIBOR rate for such LIBOR Loan or Quoted Rate for such Quoted Rate Loan by a matching deposit or other borrowing in the interbank eurocurrency market for a comparable amount and for a comparable period,
whether or not such LIBOR Loan or Quoted Rate Loan is in fact so funded. In addition, upon any repayment or prepayment of a LIBOR Loan or Quoted Rate Loan on any day that is not the last day of the Interest Period applicable thereto (regardless of
the source of such repayment or prepayment and whether voluntary, mandatory, by acceleration or otherwise), Borrower shall be obligated to pay Administrative Agent, not for the benefit of Lenders, an administrative fee of $300. 
  
 (D) Expenses and Attorneys’ Fees. In addition to fees due under
Subsections 1.4(A) and 1.4(B), Borrower agrees to pay promptly all reasonable fees, costs and expenses (including those of attorneys) incurred by Administrative Agent in connection with (i) any matters contemplated by or arising out of the Loan
Documents, (ii) the continued administration of the Loan Documents, including any such fees, costs and expenses incurred in perfecting, maintaining, determining the priority of and releasing any security and any tax payable in connection with any
Loan Documents and any amendments, modifications and waivers. In addition to fees due under Subsections 1.4(A) and (B), Borrower shall also reimburse on demand each of Administrative Agent and Banco popular de Puerto Rico for its expenses (including

  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 reasonable attorneys’ fees and expenses) incurred in connection with the documenting and closing the
transactions contemplated herein. In addition to fees due under Subsections 1.4(A) and (B), Borrower agrees to pay promptly (i) all reasonable fees, costs and expenses incurred by Administrative and Lenders in connection with any amendment,
supplement, waiver or modification of any of the Loan Documents and (ii) all reasonable out-of-pocket fees, costs and expenses incurred by each of Administrative Agent and Lenders in connection with any Default or Event of Default and any
enforcement of collection proceeding resulting therefrom or any workout or restructuring of any of the transactions hereunder or contemplated thereby or any action to enforce any Loan Document or to collect any payments due from Borrower. All fees,
costs and expenses for which Borrower is responsible under this Subsection 1.4(D) shall be deemed part of the Obligations when incurred, payable upon demand and in accordance with the second paragraph of Subsection 1.5 and shall be secured by the
Collateral. 
  
 1.5 Payments. All payments by Borrower of
the Obligations shall be made in same day funds and delivered to Administrative Agent, for the benefit of itself and Lenders, as applicable, by wire transfer to the following account or such other place as Administrative Agent may from time to time
designate: 
  
 CoBank, ACB 
 Greenwood Village, Colorado 
 ABA Number 3070-8875-4 
 Reference: CoBank for the benefit of ATN 
  
 Borrower shall receive credit on the day of receipt for funds received by Administrative
Agent by 11:00 a.m. (Denver, Colorado time) on any Business Day. Funds received on any Business Day after such time shall be deemed to have been paid on the next Business Day. Whenever any payment to be made hereunder shall be stated to be due on a
day that is not a Business Day, the payment shall be due on the next succeeding Business Day and such extension of time shall be included in the computation of the amount of interest and fees due hereunder. 
  
 Borrower authorizes Lenders to make (but Lenders shall not be obligated to
make) a Base Rate Loan under the Revolver Facility, on the basis of the Lenders’ respective Pro Rata Shares of the Revolver Facility, for the payment of interest, commitment fees, Breakage Fees and any other costs and expenses due hereunder at
any time during the continuance of an Event of Default without prior notice to Borrower, provided that Administrative Agent shall give Borrower notice thereof promptly thereafter although the failure of Administrative Agent to give such notice shall
not affect the validity of such Base Rate Loan. 
  
 To the extent
Borrower or any other party or Person makes a payment or payments to Administrative Agent for the ratable benefit of Lenders or for the benefit of Administrative Agent in its individual capacity, which payments or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, or any combination of the
foregoing (whether by demand, litigation, settlement or otherwise), then, to the extent of such payment or proceeds repaid, the Obligations or part thereof intended to be satisfied shall be revived and continued in full force and effect as if such
payment or proceeds had not been received by Administrative Agent. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 Each payment received by Administrative Agent under this Agreement or any Note for account of any
Lender shall be remitted by Administrative Agent to such Lender promptly after Administrative Agent’s receipt thereof, and such remittance shall be made in immediately available funds for the account of such Lender for the Loans or other
obligation in respect of which such payment is made. 
  
 1.6
Repayments of Loans and Reduction of the Revolver Loan Commitment. 
  
 (A) Scheduled Termination of Revolver Loan Commitment and Repayments of the Term Loan. 
  
 (1) Scheduled Termination of Revolver Loan Commitment. In addition to any reduction pursuant to Subsections 1.6(B) and 1.6(C), the Revolver Loan
Commitment shall be permanently terminated in full on the Revolver Expiration Date, and any outstanding principal balance of the Revolver Loans not sooner due and payable will become due and payable on the Revolver Expiration Date. 
  
 (2) Scheduled Repayments of the Term Loan. In addition to any
repayments pursuant to Subsections 1.7 and 1.8, the outstanding principal balance of the Term Loan not sooner due and payable will become due and payable on the Term Loan Maturity Date. 
  
 (B) Reductions Resulting From Mandatory Repayments. The Revolver Loan Commitment also will be permanently reduced to
the extent and in the amount that Borrower is required, pursuant to Subsection 1.8, to apply mandatory repayments to be made pursuant to Subsection 1.7(B), (C) and (D) to the Revolver Facility (whether or not any Revolver Loans are then outstanding
and available to be repaid). All reductions provided for in this Subsection 1.6(B) shall be in addition to the voluntary reductions provided for in Subsection 1.6(C) and, accordingly, may result in the termination of the Revolver Loan Commitment
prior to the date set forth in clause (ii) of the definition of the term Revolver Expiration Date. 
  
 (C) Voluntary Reduction of the Revolver Loan Commitment. Borrower shall have the right, upon at least three Business Days’ prior
written notice to Administrative Agent, to terminate or permanently reduce the then unused portion of the Revolver Loan Commitment. Each partial reduction shall be in a minimum amount of at least $250,000, or any whole multiple thereof in excess
thereof, and shall be applied as to each Lender based upon its Pro Rata Share. Notwithstanding the foregoing, no reduction shall be permitted if, after giving effect thereto and to any prepayment made in connection therewith, the aggregate principal
balance of the Revolver Loans then outstanding under the Revolver Facility would exceed the Revolver Loan Commitment as so reduced. All reductions elected under this Subsection 1.6(C) shall be in addition to the reductions in the Revolver Loan
Commitment provided for in Subsections 1.6(A)(1) and 1.6(B) and, accordingly, may result in the termination of the Revolver Loan Commitment prior to the date set forth in clause (ii) of the definition of the term Revolver Expiration Date.

  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (D) Mandatory Repayments. If at any time the aggregate outstanding amount of Revolver Loans
exceeds the Revolver Loan Commitment, Borrower shall be obligated to repay promptly the Revolver Loans in an amount at least sufficient to reduce the aggregate principal balance of such Revolver Loans then outstanding to the amount of the Revolver
Loan Commitment, and until such repayment is made, Lenders shall not be obligated to make any additional Revolver Loans. Any repayments pursuant to this Subsection 1.6(D) shall be paid and applied in accordance with Subsection 1.8 and must be
accompanied by accrued interest on the amount repaid and any applicable Breakage Fees. 
  
 1.7 Voluntary Prepayments and Other Mandatory Repayments. 
  
 (A) Voluntary Prepayment of Loans. Subject to the provisions of Subsection 1.8 and the notice requirement in the following sentence, at any time,
Borrower may prepay (i) the Base Rate Loan, in whole or in part, without penalty, and (ii) any LIBOR Loan or Quoted Rate Loan, in whole or in part, upon payment of applicable Breakage Fees. Notice of any prepayment of (a) a Base Rate Loan shall be
given not later than 11 a.m. (Denver, Colorado time) on the Business Day immediately preceding the date of prepayment, and (b) a LIBOR Loan or Quoted Rate Loan shall be given not later than 11:00 a.m. (Denver, Colorado time) on the third Business
Day immediately preceding the date of prepayment. All partial prepayments shall be in a minimum amount of at least $250,000, or any whole multiple thereof in excess thereof (or the entire remaining balance of the applicable Loan Commitment), and
shall be paid and applied in accordance with Subsection 1.8. All prepayment notices shall be irrevocable. All prepayments shall be accompanied by accrued interest on the amount prepaid and any applicable Breakage Fees. 
  
 (B) Repayments from Insurance Proceeds. Immediately upon receipt
thereof, Borrower shall be obligated to repay the Loans in an amount equal to all Net Proceeds received by Borrower or any Subsidiary of Borrower that are insurance proceeds from any Asset Disposition (which Asset Disposition, together with all
other such Asset Dispositions covered by this Subsection 1.7(B), exceeds $3,000,000 in the aggregate over the term of this Agreement); provided, however, that if no Default or Event of Default has occurred and is continuing, Borrower
shall not be required to repay the Loans with the Net Proceeds if Borrower or such Subsidiary (i) has previously applied cash or (ii) applies such Net Proceeds, to repair or replace the lost, damaged or destroyed assets within 180 days of receipt by
Borrower or such Subsidiary of such Net Proceeds. All such repayments shall be paid and applied in accordance with Subsection 1.8. All prepayments shall be accompanied by accrued interest on the amount prepaid and any applicable Breakage Fees.

  
 (C) Repayments from Certain Asset Dispositions.
Immediately upon receipt thereof, Borrower shall be obligated to repay the Loans in an amount equal to all Net Proceeds by Borrower or any Subsidiary of Borrower that are from Asset Dispositions, other than insurance proceeds or from Asset
Dispositions permitted pursuant to Subsection 3.7; provided, however, that if (i) no Default or Event of Default has occurred and is continuing and (ii) the aggregate of all such Net Proceeds during the 12-month period ending on the
date of such proposed reinvestment does not exceed 5% of Borrower’s then amount of consolidated assets, Borrower shall not be required to repay the Loans with the Net Proceeds if Borrower or such Subsidiary 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 applies such Net Proceeds to acquire equipment or other assets that are used or useful in the business of Borrower
and or such Subsidiary within 180 days of receipt by Borrower or such Subsidiary of such Net Proceeds. All such repayments shall be paid and applied in accordance with Subsection 1.8. All prepayments shall be accompanied by accrued interest on the
amount prepaid and any applicable Breakage Fees. 
  
 (D)
Repayments from Debt Issuances. Immediately upon receipt by Borrower or any Subsidiary of Borrower of Net Proceeds relating to the issuance by Borrower or any Subsidiary of Borrower of any public or private debt (other than pursuant to
Subsection 3.1), Borrower shall be obligated to repay the Loans in an amount equal to such Net Proceeds. All such repayments shall be paid and applied in accordance with Subsection 1.8. All prepayments shall be accompanied by accrued interest on the
amount prepaid and any applicable Breakage Fees. 
  
 1.8
Application of Prepayments and Repayments; Payment of Breakage Fees, Etc. Absent a prior written direction from Borrower to apply any repayment made pursuant to Subsection 1.7(B) through (D) to the principal balance of the Term Loan facility,
each such repayment shall be first applied to reduce the Revolver Loan Commitment (and, to the extent as a result thereof the Revolver Loan Commitment exceeds the then outstanding principal balance of the Revolver Loans, to repay the Revolver
Loans). After the Revolver Loan Facility is repaid and the Revolver Loan Commitment reduced in full, each repayment made pursuant to Subsection 1.7(B) through (D) shall be applied to the principal balance of Term Loan Facility. All repayments made
pursuant to Subsections 1.6 and 1.7 shall first be applied to a Base Rate Loan or such of the LIBOR Loans or Quoted Rate Loans as Borrower shall direct in writing and, in the absence of such direction, shall first be applied to a Base Rate Loan and
then to such LIBOR Loans and then to such Quoted Rate Loans as Administrative Agent shall select. All prepayments and repayments required or permitted hereunder shall be accompanied by payment of all applicable Breakage Fees and accrued interest on
the amount prepaid or repaid. All prepayments and repayments applied to the Term Loan shall be applied to principal installments in the inverse order of maturity. 
  
 1.9 Loan Accounts. Administrative Agent will maintain loan account records for (i) all Loans, interest charges and
payments thereof, (ii) the charging and payment of all fees, costs and expenses and (iii) all other debits and credits pursuant to this Agreement. The balance in the loan accounts shall be presumptive evidence of the amounts due and owing to
Lenders, absent manifest error, provided that any failure by Administrative Agent to maintain such records shall not limit or affect Borrower’s obligation to pay. During the continuance of an Event of Default, Borrower irrevocably waives
the right to direct the application of any and all payments and Borrower hereby irrevocably agrees that Administrative Agent shall have the continuing exclusive right to apply and reapply payments to any of the Obligations in any manner it deems
appropriate. 
  
 1.10 Changes in LIBOR Rate Availability.

  
 (A) If with respect to any proposed LIBOR Interest Period,
Administrative Agent or any Lender (after consultation with Administrative Agent) determines that deposits in dollars (in the applicable amount) are not being offered in the relevant market for such LIBOR Interest Period, or Lenders having a Pro
Rata Share of 50% or more under a Facility determine (and 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 notify Administrative Agent) that the LIBOR rate applicable pursuant to Subsection 1.2(A)(1) for any requested LIBOR
Interest Period with respect to a proposed LIBOR Loan under such Facility does not adequately and fairly reflect the cost to such Lenders of funding such Loan, Administrative Agent shall forthwith give notice thereof to Borrower and Lenders,
whereupon and until such affected Lender or Lenders notifies Administrative Agent, and Administrative Agent notifies Borrower and the other Lenders that the circumstances giving rise to such situation no longer exist, the obligations of any affected
Lender to make its portion of such type of LIBOR Loan shall be suspended and such affected Lender shall make its Pro Rata Share of such type of LIBOR Loans as a Base Rate Loan or such other type of Loan as permitted by Administrative Agent. Any
Lender may, in its sole discretion, waive the benefits and provisions of this Subsection with respect to any proposed LIBOR Interest Period. 
  
 (B) If the introduction of, or any change in, any Applicable Law or any change in the interpretation or administration thereof by any Governmental
Authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender with any request or directive (whether or not having the force of law) of any such Governmental Authority, central
bank or comparable agency, in each case occurring after the Closing Date, shall make it unlawful or impossible for one or more Lenders to honor its obligations hereunder to make or maintain any LIBOR Loan, such Lender shall promptly give notice
thereof to Administrative Agent, and Administrative Agent shall promptly give notice thereof to Borrower and all other Lenders. Thereafter, until such Lender or Lenders notifies Administrative Agent, and Administrative Agent notifies Borrower and
the other Lenders that such circumstances no longer exist, (i) the obligations of such Lender or Lenders to make LIBOR Loans and the right of Borrower to convert any Loan of such Lender or Lenders to a LIBOR Loan or continue any Loan of such Lender
or Lenders as a LIBOR Loan shall be suspended and (ii) if any Lender may not lawfully continue to maintain a LIBOR Loan to the end of the then current LIBOR Interest Period applicable thereto, such Loan shall immediately be converted to the Base
Rate Loan. 
  
 1.11 Capital Adequacy and Other Adjustments.

  
 (A) If after the date hereof there occurs the introduction,
or change in the interpretation, of any law, rule, or regulation the effect of which would increase the reserve requirement or otherwise increase the cost to any Lender of making or maintaining a LIBOR Loan, then Administrative Agent, on behalf of
all affected Lenders, shall submit a certificate to Borrower setting forth the amount and demonstrating the calculation of such increased cost. Borrower shall be obligated to pay the amount of such increased cost to Administrative Agent for the
benefit of the affected Lenders within 15 days after receipt of such certificate. Such certificate shall, absent manifest error, be final, conclusive and binding for all purposes. There is no limitation on the number of times such a certificate may
be submitted; provided that any such certificate may not seek increased costs for any period prior to the date that is six months prior to the date of such certificate. 
  
 (B) In the event that the adoption after the date hereof of any law, treaty, governmental (or quasi-governmental) rule,
regulation, guideline or order regarding capital adequacy, reserve requirements or similar requirements or compliance by any Lender or any 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 corporation controlling such Lender with any request or directive regarding capital adequacy, reserve requirements or
similar requirements (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) from any central bank or governmental agency or body having jurisdiction does or shall have the effect of increasing the
amount of capital, reserves or other funds required to be maintained by such Lender or any corporation controlling such Lender and thereby reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its
obligations hereunder, then Borrower shall be obligated, from time to time within 15 days after notice and demand from such Lender (together with the certificate referred to in the next sentence and with a copy to Administrative Agent), to pay to
Administrative Agent, for the account of such Lender, additional amounts sufficient to compensate such Lender for such reduction. A certificate as to the amount of such cost and showing the basis of the computation of such cost submitted by such
Lender to Borrower and Administrative Agent shall, absent manifest error, be final, conclusive and binding for all purposes. There is no limitation on the number of times such a certificate may be submitted; provided that any such certificate
may not seek increased costs for any period prior to the date that is six months prior to the date of such certificate. 
  
 1.12 Optional Prepayment/Replacement of Lender in Respect of Increased Costs. Within 15 days after receipt by Borrower of written notice and demand
from any Lender (an “Affected Lender”) for payment of additional costs as provided in Subsections 1.11, 1.13 or 1.14 or if it becomes illegal or impossible for any Lender to continue to fund or to make LIBOR Loans pursuant to
Subsection 1.10(B), as a result of any condition described in either of such Subsections, then, unless such Lender has theretofore removed or cured the conditions creating the cause for such obligation to pay such additional amounts or for such
illegality or impossibility, Borrower may, at its option, notify Administrative Agent and such Affected Lender of its intention to do one of the following: 
  
 (A) Borrower may obtain, at Borrower’s expense, a replacement Lender (“Replacement Lender”) for such Affected Lender, which
Replacement Lender shall be reasonably satisfactory to Administrative Agent. In the event Borrower obtains a Replacement Lender within 90 days following notice of its intention to do so, the Affected Lender shall sell and assign its Loans and its
obligations under the Loan Commitments to such Replacement Lender at a price (including accrued interest) that is reasonably acceptable to the Affected Lender and the Replacement Lender, provided that Borrower has reimbursed such Affected Lender for
its increased costs for which it is entitled to reimbursement under this Agreement through the date of such sale and assignment; or 
  
 (B) Borrower may prepay in full all outstanding Obligations owed to such Affected Lender and terminate such Affected Lender’s Pro Rata Share of the
Loan Commitments, in which case the Loan Commitments will be permanently reduced by the amount of such Pro Rata Share. Borrower shall, within 90 days following notice of its intention to do so, prepay in full all outstanding Obligations owed to such
Affected Lender (including all applicable Breakage Fees and such Affected Lender’s increased costs for which it is entitled to reimbursement under this Agreement through the date of such prepayment), and terminate such Affected Lender’s
obligations under the Loan Commitments. Any such prepayment pursuant to this Subsection 1.12(B) shall be applied in accordance with Subsection 1.8 (except that such prepayment shall be 
  

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 solely for the account of the Affected Lender and not for the account of all the Lenders in accordance with their Pro
Rata Shares) and shall be accompanied by payment of all applicable Breakage Fees and accrued interest on the amount repaid. 
  
 1.13 Taxes. 
  
 (A) No Deductions. Any and all payments or reimbursements made hereunder or under the Notes shall be made free and clear of and without deduction
for any and all taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto (all such taxes, levies, imposts, deductions, charges or withholdings and all liabilities with respect thereto, excluding such
taxes imposed on net income, herein “Tax Liabilities”), excluding, however, franchise taxes and taxes imposed on the net income of a Lender or Administrative Agent by the federal, state, local or foreign taxing authorities in
the jurisdiction in which the principal place of business of such Lender or Administrative Agent is located. If Borrower shall be required by law to deduct any such amounts from or in respect of any sum payable hereunder to any Lender or
Administrative Agent, then, except as provided in Subsection 1.13(B) and the last sentence of this Subsection 1.13(A), the sum payable hereunder shall be increased as may be necessary so that, after making all required deductions, such Lender or
Administrative Agent receives an amount equal to the sum it would have received had no such deductions been made. Notwithstanding the foregoing, any Lender that fails to provide Borrower and Administrative Agent a properly completed and executed IRS
Form W-9 will be subject to backup withholding on payments to such Lender without any gross-up hereunder. 
  
 (B) Foreign Lenders. Each Lender which would be considered a foreign lender under the IRC (“Foreign Lender”) as to which payments
made under this Agreement or under the Notes is exempt for withholding tax under the IRC or is subject to withholding tax at a reduced rate under an applicable statute or tax treaty shall provide to Borrower and Administrative Agent (i) a properly
completed and executed United States Internal Revenue Service Form W-8ECI or W-8BEN or other applicable form, certificate or document prescribed by the Internal Revenue Service of the United States certifying as to such Foreign Lender’s
entitlement to such exemption or reduced rate of withholding with respect to payments to be made to such Foreign Lender under this Agreement and under the Notes (a “Certificate of Exemption”) or (ii) letter from any such Foreign
Lender stating that it is not entitled to any such exemption or reduced rate of withholding (a “Letter of Non-Exemption”). Prior to becoming a Lender under this Agreement and within 15 days after a reasonable written request of
Borrower or Administrative Agent from time to time thereafter, each Foreign Lender that becomes a Lender under this Agreement shall provide a Certificate of Exemption or a Letter of Non-Exemption to Borrower and Administrative Agent. 
  
 If a Foreign Lender is entitled to an exemption with respect to payments to
be made to such Foreign Lender under this Agreement (or to a reduced rate of withholding) and does not provide a Certificate of Exemption to Borrower and Administrative Agent within the time periods set forth in the preceding paragraph, Borrower
shall withhold taxes from payments to such Foreign Lender at the applicable statutory rates and Borrower shall not be required to pay any additional amounts as a result of such withholding, provided that all such withholding shall cease or be
reduced, as appropriate, upon delivery by such Foreign Lender of a Certificate of Exemption to Borrower and Administrative Agent. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 1.14 Changes in Tax Laws. In the event that, subsequent to the Closing Date, (i) any changes
in any existing law, regulation, treaty or directive or in the interpretation or application thereof, (ii) any new law, regulation, treaty or directive enacted or any interpretation or application thereof, or (iii) compliance by Administrative Agent
or any Lender with any request or directive (whether or not having the force of law) from any Governmental Authority: 
  
 (1) does or shall subject Administrative Agent or any Lender to any tax of any kind whatsoever with respect to this Agreement, the other
Loan Documents or any Loans made hereunder, or change the basis of taxation of payments to Administrative Agent or such Lender of principal, fees, interest or any other amount payable hereunder (except for net income taxes or franchise taxes,
imposed generally by federal, state, local or foreign taxing authorities in the jurisdiction in which the principal place of business of such Lender or Administrative Agent is located with respect to interest or commitment or other fees payable
hereunder or changes in the rate of tax imposed by such jurisdictions on the overall net income of Administrative Agent or such Lender); or 
  
 (2) does or shall impose on Administrative Agent or any Lender any other condition or increased cost in connection with the transactions
contemplated hereby or participations herein; 
  
 and the result of any of the
foregoing is to increase the cost to Administrative Agent or any such Lender of making or continuing any Loan hereunder, or to reduce any amount receivable hereunder, as the case may be, then, in any such case, Borrower shall be obligated to
promptly pay to Administrative Agent or such Lender, upon its demand, any additional amounts necessary to compensate Administrative Agent or such Lender, on an after-tax basis, for such additional cost or reduced amount receivable, as reasonably
determined by Administrative Agent or such Lender with respect to this Agreement or the other Loan Documents. If Administrative Agent or such Lender becomes entitled to claim any additional amounts pursuant to this Subsection 1.14, it shall promptly
notify Borrower of the event by reason of which Administrative Agent or such Lender has become so entitled. A certificate as to any additional amounts payable pursuant to the foregoing sentence submitted by Administrative Agent or such Lender to
Borrower and Administrative Agent shall, absent manifest error, be final, conclusive and binding for all purposes. There is no limitation on the number of times such a certificate may be submitted. 
  
 1.15 Term of This Agreement. All of the Obligations shall become due
and payable as otherwise set forth herein, but in any event, all of the remaining Obligations shall become due and payable on October 31, 2010. This Agreement shall remain in effect through and including, and (except with respect to provisions
hereof expressly stated herein to survive any such termination) shall terminate immediately after, the date on which all Obligations shall have been indefeasibly and irrevocably paid and satisfied in full. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 SECTION 2 
 AFFIRMATIVE COVENANTS 
  
 Borrower
hereby covenants and agrees that so long as this Agreement is in effect and until payment in full of all Obligations (other than unasserted indemnity claims), unless Requisite Lenders shall otherwise give their prior written consent, Borrower shall
perform and comply, and shall cause each of its Subsidiaries to perform and comply, with all covenants in this Section 2. 
  
 2.1 Compliance With Laws. Borrower will (i) comply with and will cause its respective Subsidiaries to comply with the requirements of all
Applicable Laws (including laws, rules, regulations and orders relating to taxes, employer and employee contributions, securities, employee retirement and welfare benefits, environmental protection matters and employee health and safety) as now in
effect and which may be imposed in the future in all jurisdictions in which Borrower or any Subsidiary of Borrower are now or hereafter doing business, (ii) obtain and maintain and will cause each of its Subsidiaries, to obtain and maintain all
licenses, qualifications and permits (including the Franchises and the Licenses) now held or hereafter required for Borrower or any Subsidiary of Borrower to operate, and (iii) comply with and will cause its respective Subsidiaries to comply with
all Material Contracts, other than, in all such cases, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. This Subsection 2.1 shall not preclude Borrower or any Subsidiary of Borrower from
contesting any taxes or other payments, if they are being diligently contested in good faith and if adequate reserves therefor are maintained in conformity with GAAP. 
  
 2.2 Maintenance of Books and Records; Properties; Insurance. Borrower will keep and will cause each of its
Subsidiaries to keep adequate records and books of account, in which full, true and correct entries will be made in accordance with GAAP consistently applied, reflecting all financial transactions of such Persons. Borrower will maintain or cause to
be maintained and will cause each of its Subsidiaries to maintain or cause to be maintained in good repair, working order and condition all Collateral used in its business and the business of its Subsidiaries, and will make or cause to be made all
appropriate repairs, renewals and replacements thereof, except for (i) dispositions of assets permitted hereunder or (ii) as would not reasonably, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Borrower
will and will cause each of its Subsidiaries to maintain complete, accurate and up-to-date books, records, accounts and other information relating to all Collateral in such form and in such detail as may be satisfactory to Administrative Agent.
Borrower will maintain or cause to be maintained and will cause each of its Subsidiaries to maintain or cause to be maintained, with financially sound and reputable insurers, insurance with respect to its business and properties and the business and
properties of its Subsidiaries against loss and damage of the kinds and of such types, with such insurers, in such amounts, with such limits and deductibles and otherwise on such terms and conditions as customarily carried or maintained by
corporations of established reputation engaged in similar businesses, and will deliver evidence thereof to Administrative Agent on or prior to the Closing Date, and thereafter at least 30 days prior to any expiration thereof, evidence of renewal of
such insurance. If any part of the Collateral lies within a “special flood hazard area” as defined and specified by the Federal Emergency Management Agency (or other appropriate Governmental Authority) pursuant to the Flood Disaster
Protection Act of 1973, as amended (the “FDPA”), and Administrative Agent determines that flood insurance coverage is required to be obtained for such 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 Collateral in order for Administrative Agent and Lenders to comply with the FDPA, the appropriate Borrower shall
obtain and maintain such flood insurance policies as Administrative Agent reasonably requests so that Administrative Agent and Lenders shall be deemed in compliance with the FDPA and shall deliver evidence thereof to Administrative Agent. Such
policies of flood insurance shall be in form and substance reasonably satisfactory to Administrative Agent and shall be in an amount of at least the lesser of the value of such Collateral constituting buildings, structures or personal property
located within the “special flood hazard area” or the maximum limit of coverage available under Applicable Law. Borrower will cause (i) Administrative Agent, for the benefit of itself and Lenders, pursuant to endorsements and assignments
in form and substance reasonably satisfactory to Administrative Agent, to be named (A) as a lender loss payee or mortgagee in the case of property loss and damage insurance, (B) as assignee in the case of all business interruption insurance and (C)
as an additional insured in the case of all flood insurance and workers’ compensation insurance (to the extent permitted by Applicable Law) and (ii) Administrative Agent, pursuant to endorsements in form and substance reasonably acceptable to
Administrative Agent, to be named as an additional insured in the case of all liability insurance. All insurance policies required hereunder shall (i) include effective waivers by the insurer of subrogation against Administrative Agent, Lenders and
their respective affiliates and any right of insurer to any setoff or counterclaim or any other deduction, whether by attachment or otherwise, in respect of any liability of Borrower (or its Subsidiaries), (ii) following notice to Borrower during
the continuation of a Default or Event of Default, provide that all insurance proceeds shall be adjusted with and paid to Administrative Agent, (iii) be non-cancelable and not subject to material change as to Administrative Agent except upon 30 days
prior written notice given by the insurer to Administrative Agent, (iv) contain a breach of representation or warranty provision in favor of Administrative Agent, (v) contain a cross liability clause, (vi) with respect to property loss and damage
insurance and business interruption insurance, provide that the interests of the Administrative Agent shall not be invalidated by any action or inaction (other than non-payment) of Borrower, its Subsidiaries, or any other Person, and shall insure
the Administrative Agent regardless of any breach or violation by Borrower, its Subsidiaries or any other person, of any warranties, declarations or conditions of such policies and (vii) provide that the insurance be primary and without right of
contribution from any other insurance which may be available to Administrative Agent and expressly provide that all provisions thereof, except the limits of liability (which shall be applicable to all insureds as a group), shall operate in the same
manner as if there were a separate policy covering each insured, and liability for premiums shall be solely a liability of Borrower. 
  
 Administrative Agent shall be entitled, upon reasonable advance notice, to review and/or receive copies of, the insurance policies of Borrower and its
Subsidiaries carried and maintained with respect to Borrower’s obligations under this Subsection 2.2. Notwithstanding anything to the contrary herein, no provision of this Subsection 2.2 or any provision of this Agreement shall impose on
Administrative Agent and Lenders any duty or obligation to verify the existence or adequacy of the insurance coverage maintained by Borrower and its Subsidiaries, nor shall Administrative Agent and Lenders be responsible for any representations or
warranties made by or on behalf of Borrower and its Subsidiaries to any insurance broker, company or underwriter. Administrative Agent, at its sole option, may obtain such insurance if not provided by Borrower and in such event, Borrower shall
reimburse Administrative Agent upon demand for the cost thereof. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 2.3 Inspection; Lender Meeting. Borrower will permit and will cause each of its Subsidiaries
to permit, at the expense of Borrower, any authorized representatives of any Lender (i) to visit and inspect any of its properties and the properties of its Subsidiaries, including their financial and accounting records, and to make copies and take
extracts therefrom, and (ii) to discuss its and their affairs, finances and business with its and their officers, employees and certified public accountants, in both cases upon reasonable prior notice at such reasonable times during normal business
hours and as often as may be reasonably requested; provided, that, except during the continuance of a Default, each visit or inspection by a Lender in excess of one visit or inspection during a calendar year shall be at the expense of such
Lender. Without in any way limiting the foregoing, Borrower will participate in and will cause its key management personnel to participate in a meeting with Administrative Agent and Lenders at least once during each year, which meeting shall be held
at such time and such place as may be reasonably requested by Administrative Agent. 
  
 2.4 Legal Existence, Etc. Except as otherwise permitted by Subsection 3.6, Borrower will, and will cause each of its Subsidiaries to, at all times preserve and keep in full force and effect its legal existence
and good standing and all rights and franchises (including the Franchises and the Licenses), except as permitted hereunder as and as would not reasonably be expected to have a Material Adverse Effect. 
  
 2.5 Use of Proceeds. Borrower will use the proceeds of the Loans, and
will cause any of its Subsidiaries who receive (directly or indirectly) proceeds of the Loans to use such proceeds, solely for the purposes described in the recital paragraphs to this Agreement. No part of any Loan will be used (directly or
indirectly) to purchase any “margin stock” as defined in, or otherwise in violation of, the regulations of the Federal Reserve System. 
  
 2.6 Further Assurances; Notices of Acquisition of Real Property. Borrower will, and will cause each of its Subsidiaries to, from time to time, do,
execute and deliver all such additional and further acts, documents and instruments as Administrative Agent or any Lender reasonably requests to consummate the transactions contemplated hereby and to vest completely in and assure Administrative
Agent and Lenders of their respective rights under this Agreement and the other Loan Documents, including such financing statements, documents, security agreements and reports to evidence, perfect or otherwise implement the security for repayment of
the Obligations contemplated by the Loan Documents. Borrower will notify Administrative Agent in each Compliance Certificate delivered pursuant to Subsection 4.5(C) of the acquisition (including by way of lease) by Borrower (or its Subsidiaries) of
any real property or any interest therein including all easements and licenses (and the cost thereof or annual rentals with respect thereto), and of any registered intellectual property, or the opening of any new deposit, investment or other
accounts, and will execute and deliver all such additional documents and instruments as Administrative Agent may reasonably require, promptly upon the request of Administrative Agent (including, upon written request of Administrative Agent,
mortgages, title insurance policies, landlord and mortgagee waivers and consents, UCC financing statements (including fixture filings), environmental audits, completed environmental questionnaires, surveys, assignments, control agreements and legal
opinions). 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 2.7 CoBank Patronage Capital. So long as CoBank is a Lender hereunder, Borrower will acquire
non-voting participation certificates in CoBank in such amounts and at such times as CoBank may require in accordance with CoBank’s Bylaws and Capital Plan (as each may be amended from time to time), except that the maximum amount of
participation certificates that Borrower may be required to purchase in CoBank in connection with the Loans may not exceed the maximum amount permitted by the Bylaws at the time this Agreement is entered into. The rights and obligations of the
parties with respect to such participation certificates and any distributions made on account thereof or on account of Borrower’s patronage with CoBank shall be governed by CoBank’s Bylaws. CoBank agrees that all Loans that are made by
CoBank and that are retained for its own account and not sold in a participation shall be entitled to patronage distributions in accordance with the CoBank’s Bylaws; all Loans that are made by CoBank and are included in a sale of a
participation shall not be entitled to patronage distributions. CoBank’s Pro Rata Share of the Loans and other Obligations due to CoBank shall be secured by a statutory first lien on all equity which Borrower may now own or hereafter acquire in
CoBank. Such equity shall not, however, constitute security for the Obligations due to any other Lender. CoBank shall not be obligated to set off or otherwise apply such equities to Borrower’s obligations to CoBank. 
  
 2.8 Collateral Assignments of Material Contracts. Borrower and its
Subsidiaries, as appropriate, shall promptly execute and deliver to Administrative Agent, for the benefit of Administrative Agent and all Lenders, all such Collateral Contract Assignments with respect to Material Contracts as Administrative Agent
may request from time to time, such Collateral Contract Assignments to contain, to the extent obtainable through the use of reasonably commercial efforts, a consent to the collateral assignment of the applicable Material Contract satisfactory to
Administrative Agent and containing such other reasonable terms and conditions in light of the nature of the applicable Material Contract and the parties thereto other than Borrower and its Subsidiaries. 
  
 2.9 Investment Company Act; Public Utility Holding Act. Neither
Borrower nor any of its Subsidiaries shall be required to register under, or is otherwise subject to regulation as an “investment company” as that term is defined in, the Investment Company Act of 1940, as amended. Neither Borrower nor any
of its Subsidiaries shall be or become a “holding company” as that term is defined in, and is not otherwise subject to regulation under, the Public Utility Holding Company Act of 1935, as amended. 
  
 2.10 Payment of Obligations. Unless contested in good faith by
appropriate proceedings and then only to the extent reserves required by GAAP have been set aside therefore, Borrower will, and will cause each of its Subsidiaries to, (i) pay, discharge or otherwise satisfy at or before maturity all liabilities and
obligations as and when due (subject to any applicable subordination provisions), and any additional costs that are imposed as a result of any failure to so pay, discharge or otherwise satisfy such obligations, except to the extent failure to do so
would not be reasonably likely to have a Material Adverse Effect, and (ii) pay and discharge all taxes, assessments, claims and governmental charges or levies imposed upon it, upon its income or profits or upon any of its properties, prior to the
date on which penalties would attach thereto or a 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 lien would attach to any of the properties of Borrower if unpaid unless the same are being contested in good faith
and by appropriate proceedings and then only if and to the extent reserves required by GAAP have been set aside therefor. 
  
 2.11 Environmental Laws. Borrower will, and will at all times cause each of its Subsidiaries to: 
  
 (A) Comply in all material respects with, and ensure compliance in all
material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws and obtain and comply in all material respects with and maintain, and ensure that all tenants and subtenants obtain and comply in all material respects
with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;

  
 (B) Conduct and complete all investigations, studies, sampling
and testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws except to the
extent that the same are being contested in good faith by appropriate proceedings and the pendency of such proceedings could not reasonably be expected to have a Material Adverse Effect; and 
  
 (C) Defend, indemnify and hold harmless Administrative Agent and Lenders, and
their respective employees, Administrative Agent, officers and directors, from and against any and all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature known or unknown, contingent
or otherwise, arising out of, or in any way relating to the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of Borrower or any of its Subsidiaries or their respective properties, or any orders,
requirements or demands of Governmental Authorities related thereto, including, without limitation, reasonable attorney’s and consultant’s fees, investigation and laboratory fees, response costs, court costs and litigation expenses, except
to the extent that any of the foregoing is determined by a final and nonappealable judgment of a court of competent jurisdiction to have resulted from the negligence or willful misconduct of the party seeking indemnification therefor. The agreements
in this Subsection 2.12 shall survive repayment of the Obligations and the termination of this Agreement. 
  
 2.12 Creation or Acquisition of Subsidiaries.(A) Subject to the provisions of Subsection 3.6, Borrower may from time to time create new
Subsidiaries, and Subsidiaries of Borrower may create or acquire new Subsidiaries, provided that concurrently with (and in any event within ten Business Days thereafter) the creation or acquisition of any new Subsidiary, all the capital stock
of or other equity interest in such new Subsidiary will be pledged to the Administrative Agent as follows (provided that any equity interests in any new foreign Subsidiary formed or acquired after the date hereof that constitutes a
“controlled foreign corporation” under Section 956 of the IRC which, when aggregated with all of the other shares of equity interests in such Subsidiary pledged to Administrative Agent, would result in more than 65% of the total equity
interests of such Subsidiary being pledged to Administrative Agent, need not be pledged): (i) if Borrower directly owns any of the capital stock of or other equity interest in such new Subsidiary, Borrower will 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 execute and deliver to the Administrative Agent any amendment or supplement to the Security Agreement as
Administrative Agent may reasonably request pursuant to which all such capital stock or other equity interest shall be pledged to the Administrative Agent, together, if applicable, with the certificates evidencing such capital stock and undated
stock powers duly executed in blank; and (ii) if any of the capital stock of or other equity interest in such new Subsidiary is owned by a wholly-owned direct or indirect Subsidiary of Borrower, to the extent not already covered by the Pledge
Agreement, such other Subsidiary will execute and deliver to the Administrative Agent (except in connection with a Permitted Acquisition where the stock is pledged to another Person in connection with such acquisition or any debt assumed thereunder)
an appropriate joinder, amendment or supplement to the Security Agreement, pursuant to which all of the capital stock of or other equity interest in such new Subsidiary owned by such other Subsidiary shall be pledged to the Administrative Agent,
together with the certificates evidencing such capital stock and undated stock powers duly executed in blank. As promptly as reasonably possible, Borrower and its Subsidiaries will deliver any such other documents, certificates and opinions
(including opinions of local counsel in the jurisdiction of organization of each such new Subsidiary), in form and substance reasonably satisfactory to the Administrative Agent, as the Administrative Agent may reasonably request in connection
therewith and will take such other action as the Administrative Agent may reasonably request to create in favor of the Administrative Agent a perfected security interest on a first-priority basis in the Collateral being pledged pursuant to the
documents described above. 
  
 SECTION 3 
 NEGATIVE COVENANTS 
  
 Borrower hereby covenants and agrees that so long as this Agreement is in effect and until payment in full of all Obligations (other than unasserted
indemnity claims), unless Requisite Lenders shall otherwise give their prior written consent, Borrower shall perform and comply, and shall cause each of its Subsidiaries to perform and comply, with all covenants in this Section 3. 
  
 3.1 Indebtedness. Borrower will not, and will not permit any of its
Subsidiaries to, directly or indirectly, create, incur, assume, guaranty or otherwise become or remain liable with respect to any Indebtedness other than: 
  
 (A) the Obligations; 
  
 (B) the Contingent Obligations permitted by Subsection 3.4; 
  
 (C) Indebtedness under purchase money security agreements and Capital Leases, the aggregate principal amount of which shall not exceed $5,000,000 at any
one time; 
  
 (D) Indebtedness to US Bancorp Equipment Finance,
Inc. in a principal amount not to exceed $1,900,000, existing on the date hereof (the “Airplane Indebtedness”); 
  
 (E) Indebtedness incurred in connection with any Related Interest Rate Agreement and incurred in connection with any Interest Rate Agreement to hedge the
interest rate exposure applicable to any portions of other Indebtedness permitted pursuant to this Subsection 3.1; 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (F) Indebtedness assumed in connection with Permitted Acquisitions; and 
  
 (G) other Indebtedness, the aggregate principal amount of which shall not
exceed $2,000,000 at any one time. 
  
 3.2 Liens and Related
Matters. Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or asset (including any document or instrument with respect
to goods or accounts receivable) of Borrower or any of its Subsidiaries, whether now owned or hereafter acquired, or any income or profits therefrom, except Permitted Encumbrances. 
  
 3.3 Investments. Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, make or
own any Investment in any Person except: 
  
 (A) Borrower and its
Subsidiaries may make and own Investments in Cash Equivalents, provided that such Cash Equivalents are not subject to set off rights; 
  
 (B) obligations of or equities in CoBank, as set forth in Subsection 2.8; 
  
 (C) existing Investments set forth on Schedule 3.3(c); 
  
 (D) the Acquisition and Permitted Acquisitions; 
  
 (E) exercise of the Put-Call; 
  
 (F) purchases after the date hereof of additional ownership interests in Bermuda Digital Communications, LTD, in an aggregate amount during each fiscal
year of Borrower not to exceed $250,000; 
  
 (G) advances to
Subsidiaries, provided that such advances are evidenced by written promissory notes, such notes are demand notes and contain terms and provisions, including applicable interest rates, reasonable acceptable to Administrative Agent, and such
notes have been delivered to Administrative Agent; and 
  
 (H)
other Investments in the Communications industry, the aggregate amount of which shall not exceed 1% of Borrower’s consolidated total assets at any time. 
  
 3.4 Contingent Obligations. Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, create or become or be
liable with respect to any Contingent Obligation except those: 
  
 (A) resulting from endorsement of negotiable instruments for collection in the ordinary course of business; 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (B) arising under indemnity agreements to title insurers in connection with mortgagee title insurance
policies in favor of Collateral Agent for the benefit of itself and the other Lenders; 
  
 (C) arising with respect to customary indemnification obligations incurred in connection with Permitted Acquisitions and permitted Asset Dispositions (provided that such obligations shall in no event exceed the
amount of proceeds received in connection therewith); 
  
 (D)
arising in the ordinary course of business with respect to customary indemnification obligations incurred in connection with liability insurance coverage; 
  
 (E) incurred in the ordinary course of business with respect to surety and appeal bonds, performance and return-of-money bonds and other similar
obligations not exceeding at any time outstanding $500,000 in aggregate liability; 
  
 (F) incurred as a guaranty of Indebtedness permitted by Subsection 3.1 (provided that such guaranty obligation shall in no event exceed the amount of such Indebtedness plus other related costs and expenses of
collection as set forth in such guaranty); and 
  
 (G) Contingent
Obligations arising under the Loan Documents. 
  
 3.5
Restricted Junior Payments. Borrower will not, directly or indirectly, declare, order, pay, make or set apart any sum for any Restricted Junior Payment; provided, however, that so long as no Default or Event of Default exists
before or will result after giving effect to such distribution on a pro forma basis, Borrower may, during any fiscal year commencing with the fiscal year ending December 31, 2005, (i) make, declare or pay lawful cash dividends or distributions to
its shareholders or redeem capital stock in an aggregate amount which is greater of 50% of (y) Borrower’s consolidated net income (excluding non-cash extraordinary items, such as the writedown or writeup of assets) for the immediately preceding
fiscal year or (z) Borrower’s consolidated net income for the current year annualized and (ii) redeem or repurchase capital stock of Borrower in connection with the termination of an employee or any other Board approved stock redemption or
repurchase plan in an aggregate amount during each fiscal year not to exceed $250,000; provided, however, further, that notwithstanding any other provisions of this Subsection 3.5, Borrower shall be permitted to (y) exercise the
“call” and perform the “put” provisions relating to the 5% minority interest of BAS (as defined in the Commnet Operating Agreement) in Commnet provided for in the Commnet Operating Agreement in effect as of the date hereof (the
“Put-Call”), and (z) make the tax distributions provided for in the Commnet Operating Agreement in effect as of the date hereof. 
  
 3.6 Restriction on Fundamental Changes. Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly: (i) unless and
only to the extent required by law or as would not be reasonably expected to be adverse to the interests of Lenders, amend, modify or waive any term or provision of its articles of organization, operating agreement, management agreements, articles
of incorporation, certificates of designations pertaining to preferred stock or by-laws; (ii) enter into any transaction of merger or consolidation, except that any Subsidiary of Borrower may be merged with or into Borrower or any wholly owned
Subsidiary (provided that Borrower or such wholly owned Subsidiary is the surviving entity) and except that any Permitted 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 Acquisition or any permitted Asset Diposition may be structured as merger; (iii) liquidate, wind-up or dissolve
itself (or suffer any liquidation or dissolution), except in connection with another transaction permitted under clause (ii) above; or (iv) acquire by purchase or otherwise all or any substantial part of the business or assets of any other Person
(whether by stock purchase or otherwise), provided, that Borrower or any Subsidiary of Borrower may acquire all or any substantial part of the business or assets of any other Person or equity interests in any Person so long as (a) no Default
or Event of Default exists before or will result after giving effect to such acquisition on a pro forma basis, (b) such assets or business are held in Borrower, an existing Subsidiary or a new Subsidiary that complies with Subsection 2.12, and (c)
the aggregate amount of assets or business acquired pursuant to this proviso in any fiscal year of Borrower (without deduction for Indebtedness assumed) does not exceed the sum of (Y) 5% of Borrower’s consolidated assets plus (Z) the
excess, if any, of the amount that Borrower was permitted in the prior fiscal year to dividend or distribute pursuant to clause (i) of the first proviso in Subsection 3.5 over the aggregate amount of dividends and distributions actually made by
Borrower during such fiscal year pursuant to clause (i) of the first proviso in Subsection 3.5 (each, a “Permitted Acquisition”). 
  
 3.7 Disposal of Assets or Subsidiary Stock. Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, convey, sell
(including, without limitation, pursuant to a sale and leaseback transaction, except those that would be permitted under Subsection 3.1(G) deeming any such sale-leaseback to be Indebtedness, subject to documentation reasonably satisfactory to
Administrative Agent), lease (including, without limitation, pursuant to a lease and leaseback transaction), sublease, transfer or otherwise dispose of, or grant any Person an option to acquire, in one transaction or a series of transactions, any of
its property, business or assets, or the capital stock of or other equity interests in any of its Subsidiaries, whether now owned or hereafter acquired, except for (i) bona fide sales or leases of inventory to customers in the ordinary course of
business, dispositions of surplus, worn out or obsolete equipment, and any conveyance, lease, sublease, transfer or other disposition of assets of any of Borrower or its Subsidiaries to Borrower or any of its wholly owned Subsidiaries; (ii) fair
market value sales of Cash Equivalents; (iii) leasing or subleasing of its property in the ordinary course of business; and (iv) all other Asset Dispositions if all of the following conditions are met: (a) the aggregate market value of such assets
sold in any fiscal year of Borrower does not exceed $3,000,000 in the aggregate for Borrower and its Subsidiaries; (b) the consideration received by Borrower or such Subsidiary is at least equal to the fair market value of such assets; (c) the sole
consideration received is cash or other equipment of comparable value to that disposed of and that is to be used in the business of Borrower or such Subsidiary; (d) after giving effect to the Asset Disposition, Borrower, on a combined and
consolidated basis with its Subsidiaries as set forth in Section 4, are in compliance on a pro forma basis with the covenants set forth in Section 4 recomputed for the most recently ended fiscal quarter for which information is available; and (e) no
Default or Event of Default then exists or shall result from the Asset Disposition. 
  
 3.8 Transactions with Affiliates. Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction (including the purchase, sale, lease or
exchange of any property or the rendering of any service) with any Affiliate or with any director, officer or employee of Borrower or any Affiliate, except (i) as set forth on Schedule 3.8 or as permitted pursuant to Subsections 3.3, 3.5,
3.6, 3.7 and 3.9; (ii) transactions in the ordinary course of and pursuant to the reasonable requirements of the 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 business of Borrower or any Subsidiary of Borrower and upon fair and reasonable terms which (in the case of
transactions requiring payments by Borrower or its Subsidiaries in the aggregate in excess of $250,000 in any fiscal year) are fully disclosed to Lenders and are no less favorable to Borrower or such Subsidiary than would be obtained in a comparable
arm’s length transaction with a Person that is not an Affiliate; (iii) transactions among Borrower and its wholly owned Subsidiaries; or (iv) payment of compensation to directors, officers and employees in the ordinary course of business for
services actually rendered in their capacities as directors, officers and employees, provided such compensation is reasonable and comparable with compensation paid by companies of like nature and similarly situated. 
  
 3.9 Management Fees. Borrower will not, and will not permit any of its
Subsidiaries to, directly or indirectly, pay any management or other similar fees to any Person; except management fees paid to Borrower or, by any Subsidiary of Commnet, to Commnet, Borrower or any wholly owned Subsidiary of Borrower, or other
management or similar fees proposed by Borrower and satisfactory to Requisite Lenders. 
  
 3.10 Conduct of Business. Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, engage in any business other than businesses of owning, constructing, managing, operating and
investing (subject to Subsection 3.3) in Communications Systems or other businesses related thereto. 
  
 3.11 Fiscal Year. Borrower will not, and will not permit any of its Subsidiaries to, change its fiscal year, which ends on December 31. 

 
 3.12 Modification of Agreements. Borrower will not amend, modify or
change, or consent or agree to any amendment, modification or change to, any of the terms of any Material Contracts, except to the extent such change, amendment, modification or consent is not materially adverse to Administrative Agent or any Lender
and would not otherwise have a Material Adverse Effect. 
  
 3.13
Inconsistent Agreements. Borrower will not, and will not permit any of its Subsidiaries to, enter into any agreement containing any provision which would (a) be violated or breached by any borrowing by Borrower hereunder or by the performance
by Borrower or such Subsidiary of any of its obligations hereunder or under any other Loan Document (other than permitted Capital Leases and purchase money security agreements), (b) prohibit Borrower or such Subsidiary from granting to
Administrative Agent, for the benefit of itself and Lenders a lien on any of its assets (other than assets subject to a purchase money security interest or a Capital Lease) or (c) create or permit to exist or become effective any encumbrance or
restriction on the ability of such Subsidiary to (i) pay dividends or make other distributions to its parent or any other applicable Subsidiary of its parent, or pay any Indebtedness owed to its parent or any Subsidiary of its parent, (ii) make
loans or advances to its parent or (iii) transfer any of its assets or properties to its parent. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 SECTION 4 
 FINANCIAL COVENANTS AND REPORTING 
  
 Borrower hereby covenants and agrees that so long as this Agreement is in effect and until payment in full of all Obligations (other than unasserted indemnity claims), unless Requisite Lenders shall otherwise give their prior written
consent, Borrower shall perform and comply with, and shall cause each of its Subsidiaries to perform and comply with, all covenants in this Section 4. For the purposes of this Section 4, except as expressly provided below, all covenants calculated
for Borrower shall be calculated on a consolidated basis for Borrower and its Subsidiaries. 
  
 4.1 Total Leverage Ratio. Commencing on the Closing Date, Borrower shall maintain at all times, measured at each fiscal quarter end, a Total Leverage Ratio of less than or equal to 2.0:1:0 ; provided,
however, Borrower will have 60 days after the applicable reporting date to cure any default under this Subsection 4.1 by reducing the Indebtedness of Borrower on a consolidated basis through an equity issuance. 
  
 4.2 Commnet Leverage Ratio. Commencing on the Closing Date, Commnet
shall maintain at all times, measured at each fiscal quarter end occurring during the periods set forth below and maintained through the next measurement date, a Commnet Leverage Ratio of less than or equal to the ratio set forth below opposite such
period: 
  

			
	 Date

	  	Ratio

	 Closing Date through and including December 31, 2005
	  	7.500:1.0
	 January 1, 2006 through and including June 30, 2006
	  	7.000:1.0
	 July 1, 2006 through and including December 31, 2006
	  	6.250:1.0
	 January 1, 2007 through and including June 30, 2007
	  	5.750:1.0
	 July 1, 2007 through and thereafter
	  	5.000:1.0

  
 ; provided, however,
Borrower will have 60 days after the applicable reporting date to cure any default under this Subsection 4.2 by reducing the Indebtedness of Borrower on a consolidated basis or increasing the Borrower Pledged Cash, except that, Borrower and any of
its Subsidiaries, including Commnet, may not incur an additional Indebtedness in order to cure such default. 
  
 4.3 Debt Service Coverage Ratio. Commencing on the Closing Date, Borrower shall maintain at all times, measured at each fiscal quarter end, a Debt
Service Coverage Ratio greater than or equal to 3.0:1.0. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 4.4 Equity to Assets Ratio. Commencing on the Closing Date, Borrower shall maintain at all
times, measured at each fiscal quarter end, an Equity to Assets Ratio greater than or equal to 0.40:1.0. 
  
 4.5 Financial Statements and Other Reports. Borrower will maintain, and cause each of its Subsidiaries to maintain, a system of accounting
established and administered in accordance with sound business practices to permit preparation of financial statements in conformity with GAAP consistently applied (it being understood that quarterly financial statements are not required to have
footnote disclosures or reflect year end adjustments). Borrower will deliver or cause to be delivered each of the financial statements and other reports described below to Administrative Agent (and each Lender in the case of the financial statements
and other reports described in Subsections 4.5(A) through (I) and (K)). 
  
 (A) Quarterly Financials; Other Quarterly Reports. As soon as available and in any event within 60 days after the end of each of its first three fiscal quarters, Borrower will deliver or cause to be delivered consolidated and
consolidating balance sheets of Borrower and its Subsidiaries, as at the end of such fiscal quarter, and the related consolidated and consolidating statements of income, stockholders’ equity and cash flows for such fiscal quarter and for the
period from the beginning of the then current fiscal year of Borrower to the end of such quarter. 
  
 (B) Year-End Financials. As soon as available and in any event within 120 days after the end of each fiscal year of Borrower, Borrower will deliver
or cause to be delivered (i) consolidated and consolidating balance sheets of Borrower and its Subsidiaries, as at the end of such year, and the related consolidated and consolidating statements of income, stockholders’ equity and cash flows
for such fiscal year, and (ii) reports with respect to the financial statements received pursuant to this Subsection from PriceWaterhouseCoopers or another nationally recognized firm of independent certified public accountants selected by Borrower
and reasonably acceptable to Administrative Agent, which report shall be prepared in accordance with Statement of Auditing Standards No. 58 (the “Statement”), as amended, entitled “Reports on Audited Financial Statements”
and such report shall be “Unqualified” (as such term is defined in the Statement). 
  
 (C) Compliance Certificates. Together with each delivery of financial statements of Borrower and its Subsidiaries pursuant to Subsections 4.5(A) and (B), Borrower will deliver or cause to be delivered a fully
and properly completed compliance certificate in substantially the same form as Exhibit 4.5(C) (each, a “Compliance Certificate”) signed by two of the chief executive officer, the chief financial officer and the chief
accounting officer of Borrower. 
  
 (D) Accountants’
Reliance Letter. Together with each delivery of financial statements of Borrower and its Subsidiaries pursuant to Subsection 4.5(B), Borrower will deliver or cause to be delivered a copy of letters addressed to Borrower’s certified public
identifying Lenders as parties that Borrower intend to rely on such professional services provided to Borrower by such accountants. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (E) Accountants’ Reports. Promptly upon receipt thereof, Borrower will deliver or cause
to be delivered copies of all significant reports submitted by Borrower’s firm of certified public accountants in connection with each annual, interim or special audit or review of any type of the financial statements or related internal
control systems of Borrower made by such accountants, including any comment letter submitted by such accountants to management in connection with their services. 
  
 (F) Management Report. Together with each delivery of financial statements of Borrower and its Subsidiaries pursuant
to Subsections 4.5(A) and 4.5(B), Borrower will deliver or cause to be delivered (i) if the Borrower is no longer subject to reporting requirements of the Exchange Act, reports in scope and content substantively similar to its present SEC reporting
and (ii) quarterly operational data in scope and content substantially similar to that data now provided to Borrower’s Board of Directors as its monthly “Dashboard.” The information above shall be presented in reasonable detail and
shall be certified by the chief financial officer or chief operating officer of Borrower, respectively, to the effect that, to his or her knowledge after reasonable diligence, such information fairly presents the results of operations and financial
condition of Borrower and its Subsidiaries as at the dates and for the periods indicated. 
  
 (G) Budget. (i) As soon as reasonably available, but in any event within 60 days after the first day of each fiscal year of Borrower, respectively, occurring during the term hereof, Borrower shall deliver or
cause to be delivered operating and capital spending budgets (the “Budgets”) of Borrower and its Subsidiaries for such fiscal year, quarter by quarter and (ii) promptly after becoming aware thereof, Borrower will deliver or cause to
be delivered any material amendment to or deviation from such Budgets. 
  
 (H) SEC Filings and Press Releases. Promptly upon their becoming available, Borrower will deliver or cause to be delivered copies of (i) all financial statements, reports, notices and proxy statements sent or made available by
Borrower or any Subsidiary of Borrower to its or their respective security holders, (ii) all regular and periodic reports and all registration statements and prospectuses, if any, filed by Borrower or any Subsidiary of Borrower with any securities
exchange or with the Securities and Exchange Commission (the “SEC”) or any governmental or private regulatory authority, and (iii) all press releases and other statements made available by Borrower or any Subsidiary of Borrower to
the public concerning developments in the business of any such Person. 
  
 (I) Events of Default, Etc. Promptly upon any executive officer of Borrower obtaining knowledge of any of the following events or conditions, Borrower shall deliver copies of all notices given or received by Borrower or any
Subsidiary of Borrower with respect to any such event or condition and a certificate of the chief executive officer or chief operating officer of Borrower or such Subsidiary specifying the nature and period of existence of such event or condition
and what action, if any, Borrower or such Subsidiary has taken, is taking and proposes to take with respect thereto: (i) any Event of Default or Default; (ii) any notice that any Person has given to Borrower or any Subsidiary of Borrower or any
other action taken with respect to a claimed default or event or condition of the type referred to in Subsection 6.1(B); or (iii) any event or condition that could reasonably be expected to have a Material Adverse Effect. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (J) Litigation. Promptly upon any executive officer of Borrower obtaining knowledge of (i) the
institution of any action, suit, proceeding, governmental investigation or arbitration against or affecting Borrower or any Subsidiary of Borrower not previously disclosed by Borrower to Administrative Agent or (ii) any material development in any
action, suit, proceeding, governmental investigation or arbitration at any time pending against or affecting Borrower or any Subsidiary of Borrower which, in each case, could reasonably be expected to have a Material Adverse Effect, Borrower will
promptly give notice thereof to Administrative Agent and provide such other information as may be requested by Administrative Agent and reasonably available to Borrower to enable Administrative Agent and its counsel to evaluate such matter.

  
 (K) Regulatory and Other Notices. Within 30 days after
filing, receipt or becoming aware thereof, Borrower will deliver or cause to be delivered copies of any filings or communications sent to or notices and other communications received by Borrower or any Subsidiary of Borrower from any Governmental
Authority, including the FCC, any applicable PUC and the SEC, relating to any noncompliance by Borrower or any Subsidiary of Borrower with any law or with respect to any matter or proceeding the effect of which could reasonably be expected to have a
Material Adverse Effect. 
  
 (L) Material Adverse Effect.
Promptly after becoming aware thereof, Borrower will give written notice to Administrative Agent and Lenders of any change in events or changes in facts or circumstances affecting Borrower or any Subsidiary of Borrower which individually or in the
aggregate have had or could reasonably be expected to have a Material Adverse Effect. 
  
 (M) Environmental Notices. Promptly after becoming aware of any violation by Borrower or any Subsidiary of Borrower of Environmental Laws or promptly upon receipt of any notice that a Governmental Authority has
asserted that Borrower or any Subsidiary of Borrower is not in compliance with Environmental Laws or that its compliance is being investigated, Borrower will give notice to Administrative Agent and Lenders thereof and provide such other information
as may be reasonably available to Borrower to enable Administrative Agent and Lenders to reasonably evaluate such matter. 
  
 (N) ERISA Events. Immediately after becoming aware of any ERISA Event, accompanied by any materials required to be filed with the PBGC with respect
thereto; immediately after Borrower’s or any of its Subsidiaries’ receipt of any notice concerning the imposition of any withdrawal liability under Section 4042 of ERISA with respect to a Plan; immediately upon the establishment of any
Pension Plan not existing at the Amendment Date or the commencement of contributions by Borrower or any of its Subsidiaries to any Pension Plan to which Borrower or any of its Subsidiaries was not contributing at the Amendment Date; and immediately
upon becoming aware of any other event or condition regarding a Plan or Borrower’s, or any of its Subsidiaries’ or an ERISA Affiliate’s compliance with ERISA which could reasonably be expected to have a Material Adverse Effect,
Borrower will give notice to Administrative Agent and Lenders thereof and provide such other information as may be reasonably available to Borrower to enable Administrative Agent and Lenders to reasonably evaluate such matter. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (O) Other Information. With reasonable promptness, Borrower will deliver such other
information and data with respect to Borrower and any of its Subsidiaries as from time to time may be reasonably requested by Administrative Agent, Collateral Agent or any Lender. 
  
 4.6 Accounting Terms; Utilization of GAAP for Purposes of Calculations Under Agreement. For purposes of this
Agreement, all accounting terms not otherwise defined herein shall have the meanings assigned to such terms in conformity with GAAP. Except as otherwise expressly provided, financial statements and other information furnished to Administrative Agent
pursuant to this Agreement shall be prepared in accordance with GAAP as in effect at the time of such preparation. No Accounting Changes (as defined below) shall affect financial covenants, standards or terms in this Agreement; provided that
Borrower shall prepare footnotes to each Compliance Certificate and the financial statements required to be delivered hereunder that show the differences between the financial statements delivered (which reflect such Accounting Changes) and the
basis for calculating financial covenant compliance in accordance with GAAP as in effect as of the Closing Date (without reflecting such Accounting Changes). “Accounting Changes” means: (i) changes in accounting principles required
by GAAP and implemented by Borrower or any Subsidiary of Borrower; (ii) changes in accounting principles recommended by Borrower’s certified public accountants and implemented by Borrower or any Subsidiary of Borrower; and (iii) changes in the
method of determining carrying value of Borrower’s or any of its Subsidiary’s assets, liabilities or equity accounts. All such adjustments resulting from expenditures made subsequent to the Closing Date (including, but not limited to,
capitalization of costs and expenses or payment of pre-Closing Date liabilities) shall be treated as expenses in the period the expenditures are made. 
  
 SECTION 5 
 REPRESENTATIONS AND WARRANTIES

  
 In order to induce Administrative Agent and Lenders to enter
into this Agreement and to make Loans, Borrower hereby represents and warrants to Administrative Agent and each Lender on the Closing Date (taking into account the consummation of the Acquisition) and on the date of each request for a Loan that the
following statements are true, correct and complete; provided, such statements shall take into account the completion of the Acquisition: 
  
 5.1 Disclosure. The information furnished by or on behalf of Borrower and its Subsidiaries contained in this Agreement, the financial statements
referred to in Subsection 5.8 and any other document, certificate, opinion or written statement furnished to Administrative Agent or any Lender pursuant to this Agreement or any other Loan Document (other than projections), taken as a whole, does
not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained herein or therein not misleading in light of the circumstances in which the same were made. Any projections
provided by or on behalf of Borrower and its Subsidiaries have been prepared by management in good faith and based upon assumptions believed by management to be reasonable at the time the projections were prepared. Borrower is not aware of any fact
which it has not disclosed in writing to Administrative Agent having or which could reasonably be expect to have a Material Adverse Effect. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 5.2 No Material Adverse Effect. Since the Closing Date, there has been no event or change in
facts or circumstances affecting Borrower or any of its Subsidiaries which individually or in the aggregate have had or could reasonably be expected to have a Material Adverse Effect and that have not been disclosed herein or in the attached
Schedules. 
  
 5.3 Organization, Powers, Authorization and Good
Standing. 
  
 (A) Organization and Powers. Borrower
and its Subsidiaries are limited liability companies, corporations or partnerships duly organized, validly existing and in good standing under the laws of its jurisdiction of organization or incorporation (which jurisdiction is set forth on
Schedule 5.3(A)). Except as disclosed on Schedule 5.3(A), Borrower and its Subsidiaries have all requisite legal power and authority to own and operate its properties, to carry on its business as now conducted and proposed to be
conducted, to enter into each Loan Document to which it is a party and to carry out its respective obligations with respect thereto. 
  
 (B) Authorization; Binding Obligation. Borrower and its Subsidiaries have taken all necessary limited liability company, partnership, corporate and
other action to authorize the execution, delivery and performance of this Agreement and each of the other Loan Documents to which it is a party. This Agreement is, and the other Loan Documents when executed and delivered will be, the legally valid
and binding obligations of the applicable parties thereto (other than Administrative Agent and Lenders), each enforceable against each of such parties, as applicable, in accordance with their respective terms, except as such enforcement may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debt or relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and general principles of equity. 

 
 (C) Qualification. Borrower and its Subsidiaries are duly qualified
and authorized to do business and in good standing in each jurisdiction where the nature of its business and operations requires such qualification and authorization, except where the failure to be so qualified, authorized and in good standing could
not reasonably be expected to have a Material Adverse Effect. All jurisdictions in which each such Person is qualified and authorized to do business are set forth on Schedule 5.3(C). 
  
 5.4 Compliance of Agreement, Loan Documents and Borrowings with Applicable
Law. The execution, delivery and performance by Borrower and its Subsidiaries of the Loan Documents to which each such Person is a party, the borrowings hereunder and the transactions contemplated hereby and thereby do not and will not, by the
passage of time, the giving of notice or otherwise, (i) require any Governmental Approval or violate any Applicable Law relating to Borrower or any of its Subsidiaries, (ii) conflict with, result in a breach of or constitute a default under the
articles of incorporation, bylaws or other organizational documents of Borrower or its Subsidiaries or any Material Contract to which such Person is a party or by which any of its properties may be bound or any Governmental Approval relating to such
Person or (iii) except as required or permitted under the Loan Documents, result in or require the creation or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by such Person. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 5.5 Compliance with Law; Governmental Approvals. Borrower and its Subsidiaries (i) have, or
have the right to use, all material Governmental Approvals, including the Franchises and the Licenses, required by any Applicable Law for it to conduct its business, and (ii) are in material compliance with each Governmental Approval, including the
Franchises and the Licenses, applicable to it and in compliance with all other Applicable Laws relating to it or any of its respective properties the violation of which could reasonably be expected to have a Material Adverse Effect. 
  
 5.6 Tax Returns and Payments. Borrower and its Subsidiaries have duly
filed or caused to be filed all federal, state, local and other tax returns required by Applicable Law to be filed, and have paid, or made adequate provision for the payment of, all federal, state, local and other taxes, assessments and governmental
charges or levies upon it and its property, income, profits and assets which are due and payable, except where the payment of such tax is being diligently contested in good faith and adequate reserves therefor have been established in
compliance with GAAP. The charges, accruals and reserves on the books of Borrower and its Subsidiaries in respect of federal, state, local and other taxes for all fiscal years and portions thereof are in the judgment of Borrower adequate, and
Borrower and its Subsidiaries do not anticipate any additional material taxes or assessments for any of such years. 
  
 5.7 Environmental Matters. Borrower and its Subsidiaries are in compliance in all material respects with all applicable Environmental Laws, and
there is no contamination at, under or about such properties or such operations which interfere in any material respect with the continued operation of such properties or impair in any material respect the fair saleable value thereof or with such
operations, except for any such violations or contamination as could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
  
 5.8 Financial Statements. 
  

(A) All financial statements concerning Borrower and its Subsidiaries which have been furnished to Administrative Agent and Lenders pursuant to this
Agreement have been prepared in accordance with GAAP consistently applied (except as disclosed therein) and present fairly in all material respects the financial condition of the Persons covered thereby as of the date thereof and the results of
their operations for the periods covered thereby and do and will disclose all material liabilities and Contingent Obligations of any of Borrower or its Subsidiaries as at the dates thereof. 
  
 (B) All Budgets concerning Borrower and its Subsidiaries which have been
furnished to Administrative Agent or Lenders were prepared in good faith by or on behalf of Borrower and such Subsidiaries. No fact is known to Borrower which materially and adversely affects or is reasonably expected to have a Material Adverse
Effect which has not been set forth in the financial statements referred to in Subsection 5.8(A) or in such information, reports, papers and data or otherwise disclosed in writing to Administrative Agent or Lenders prior to the date hereof.

  
 5.9 Intellectual Property. Borrower and its
Subsidiaries own, or possess through valid licensing arrangements, the right to use all patents, copyrights, trademarks, trade names, service marks, technology know-how and processes necessary for the conduct of its business as currently 

 

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 or anticipated to be conducted (collectively, the “Intellectual Property Rights”) without infringing
upon any validly asserted rights of others, except for any Intellectual Property Rights to absence of which could not reasonably be expected to have a Material Adverse Effect. No event has occurred which permits, or after notice or lapse of time or
both would permit, the revocation or termination of any such rights. Neither Borrower nor its Subsidiaries have been threatened in writing with any litigation regarding Intellectual Property Rights that would present a material impediment to the
business of any such Person. 
  
 5.10 Litigation,
Investigations, Audits, Etc. Except as set forth on Schedule 5.10, there is no action, suit, proceeding or investigation pending against, or, to the knowledge of Borrower, threatened against Borrower or its Subsidiaries or any of their
respective properties, including the Licenses, in any court or before any arbitrator of any kind or before or by any Governmental Authority (including the FCC), except such as (i) affect the telecommunications industry generally, (ii) do not call
into question the validity or enforceability of this Agreement or any other Loan Document or any lien or security interest created hereunder, or (iii) individually or collectively would not reasonably be expected to have a Material Adverse Effect.
Except as set forth on Schedule 5.10, to Borrower’s knowledge, none of Borrower and its Subsidiaries are the subject of any review or audit by the Internal Revenue Service or any investigation by any Governmental Authority concerning the
violation or possible violation of any law (other than routine IRS audits). 
  
 5.11 Employee Labor Matters. Except as set forth on Schedule 5.11, (i) neither of Borrower nor its Subsidiaries nor any of their respective employees is subject to any collective bargaining agreement,
(ii) no petition for certification or union election is pending with respect to the employees of any such Person and no union or collective bargaining unit has sought such certification or recognition with respect to the employees of any such Person
and (iii) there are no strikes, slowdowns, unfair labor practice complaints, work stoppages or controversies pending or, to the best knowledge of Borrower after due inquiry, threatened between any such Person and its respective employees, other than
employee grievances arising in the ordinary course of business which could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
  
 5.12 ERISA Compliance. 
  
 (A) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the IRC and other federal or state law. Each Plan which
is intended to qualify under Section 401(a) of the IRC has received a favorable determination letter from the Internal Revenue Service and to the best knowledge of Borrower, nothing has occurred that would cause the loss of such qualification.
Borrower and each ERISA Affiliate has made all required contributions to any Plan subject to Section 412 of the IRC, and no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the IRC has been made
with respect to any Plan. 
  
 (B) There are no pending or, to the
best knowledge of Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan which has resulted or could reasonably be expected to have a Material Adverse Effect. There has been no prohibited
transaction or violation of the fiduciary responsibility rules with respect to any Plan which has resulted or could reasonably be expected to have a Material Adverse Effect. 
  

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 (C) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any
unfunded liability; (iii) no Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of
ERISA); (iv) neither Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Section
4201 or 4243 of ERISA with respect to a Multi-employer Plan; and (v) neither Borrower nor any ERISA Affiliate has engaged in a transaction that could subject any Person to Section 4069 or 4212(c) of ERISA. 
  
 5.13 Communications Regulatory Matters. 
  
 (A) Schedule 5.13(A) sets forth a true and complete list of the
following information for each Franchise and License issued to or utilized by Borrower and its Subsidiaries: the name of the licensee, the type of service, the expiration date and the geographic area covered by such License. 
  
 (B) Other than as set forth on Schedule 5.13(B), the Franchises and
the Licenses are valid and in full force and effect without conditions except for such conditions as are generally applicable to holders of such Franchise and such Licenses. No event has occurred and is continuing which could reasonably be expected
to (i) result in the imposition of a material forfeiture or the revocation, termination or adverse modification of any such Franchise and such License or (ii) materially and adversely affect any rights of Borrower or its Subsidiaries thereunder.
Borrower has no reason to believe and has no knowledge that any Franchise or any License will not be renewed in the ordinary course. Neither Borrower nor any of its Subsidiaries is a party to any investigation, notice of violation, order or
complaint issued by or before the FCC or any applicable Governmental Authority, and there are no proceedings pending by or before the FCC or any applicable Governmental Authority which could in any manner threaten or adversely affect the validity of
any Franchise or any License. 
  
 (C) All of the material
properties, equipment and systems owned, leased or managed by Borrower and its Subsidiaries are, and (to the best knowledge of Borrower) all such property, equipment and systems to be acquired or added in connection with any contemplated system
expansion or construction will be, in good repair, working order and condition (reasonable wear and tear excepted) and are and will be in compliance with all terms and conditions of the Franchises and the Licenses and all standards or rules imposed
by any Governmental Authority or as imposed under any agreements with telecommunications companies and customers. 
  
 (D) Borrower and its Subsidiaries have paid all material franchise, license or other fees and charges which have become due pursuant to any Governmental
Approval in respect of its and their business and has made appropriate provision as is required by GAAP for any such fees and charges which have accrued. 
  

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 5.14 Perfection and Priority. The Security Interest is a valid and perfected first priority
lien, security title or security interest in the Collateral in favor of Administrative Agent, for the benefit of itself and Lenders, securing, in accordance with the terms of the Security Documents, the Obligations, and the Collateral is subject to
no Lien other than permitted pursuant to Subsection 3.2. The Security Interest is enforceable as security for the Obligations in accordance with its terms. 
  
 5.15 Solvency. Borrower and its Subsidiaries: (i) own and will own assets the present fair saleable value of which are (a) greater than the total
amount of liabilities (including contingent liabilities) of Borrower and its Subsidiaries, and (b) greater than the amount that will be required to pay the probable liabilities of Borrower’s and its Subsidiaries’ then existing debts and
liabilities as they become absolute and matured considering all financing alternatives and potential asset sales reasonably available to Borrower and its Subsidiaries; (ii) have capital that is not unreasonably small in relation to its business as
presently conducted or after giving effect to any contemplated transaction; and (iii) does not intend to incur and does not believe that it will incur debts and liabilities beyond its ability to pay such debts and liabilities as they become due.

  
 5.16 Investment Company Act; Public Utility Holding
Act. Neither Borrower nor any of its Subsidiaries is required to register under, or is otherwise subject to regulation as an “investment company” as that term is defined in, the Investment Company Act of 1940, as amended. Neither
Borrower nor any of its Subsidiaries is a “holding company” as that term is defined in, and is not otherwise subject to regulation under, the Public Utility Holding Company Act of 1935, as amended. 
  
 5.17 Material Contracts. As of the date hereof, Schedule 5.17
sets forth a complete and accurate list of all Material Contracts of Borrower and its Subsidiaries. Borrower and its Subsidiaries have performed all of its material obligations under such Material Contracts and, to the knowledge of Borrower, each
other party thereto is in material compliance with each such Material Contract. 
  
 5.18 Title to Properties. Borrower and its Subsidiaries have such title or leasehold interest in and to the real property or interests therein, including easements, licenses and similar rights in real estate,
owned or leased by it as is necessary to the conduct of its business and valid and legal title or leasehold interest in and to all of its personal property, including those reflected on the balance sheets of Borrower and its Subsidiaries delivered
as described in Subsection 5.8, except those which have been disposed of by Borrower subsequent to such date which dispositions have been in the ordinary course of business or as otherwise expressly permitted hereunder. 
  
 5.19 Subsidiaries. Schedule 5.19 sets forth a complete and
accurate list of all direct or indirect Subsidiaries of Borrower as of the Closing Date, including for each such Subsidiary whether such Subsidiary is wholly owned by Borrower, and if not, the percentage ownership of Borrower or its Subsidiary in
such Subsidiary. 
  
 5.20 Transactions with Affiliates. No
Affiliate of Borrower is a party to any agreement, contract, commitment or transaction with Borrower or has any material interest in any material property used by Borrower, except as permitted by Subsections 3.8 and 3.9. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 SECTION 6 
 EVENTS OF DEFAULT AND RIGHTS AND REMEDIES 
  
 6.1 Event of Default. “Event of Default” shall mean the occurrence or existence of any one or more of the following: 
  
 (A) Payment.(i) Failure to repay any outstanding principal amount of the Loans at the time required pursuant to this
Agreement, or (ii) failure to pay any interest on any Loan or any other amount due under this Agreement or any of the other Loan Documents, and in the case of this clause (ii) such failure continues for three Business Days; or 
  
 (B) Default in Other Agreements. (i) Failure of any Borrower or any of
its Subsidiaries to pay when due or within any applicable grace period any principal or interest on Indebtedness (other than the Loans) or any Contingent Obligation; or (ii) any other breach or default of Borrower or any of its Subsidiaries with
respect to any Indebtedness (other than the Loans) or any Contingent Obligation if, in either case, the effect of such breach or default is to cause or to permit the holder or holders then to cause such Indebtedness or Contingent Obligation having
an aggregate principal amount for Borrower and its Subsidiaries in excess of $1,000,000 to become or be declared due prior to its stated maturity; or 
  
 (C) Breach of Certain Provisions. Failure of Borrower or any Subsidiary of Borrower to perform or comply with any term or condition contained in
that portion of Subsection 2.2 relating to Borrower’s and its Subsidiaries’ obligation to maintain insurance, Subsection 2.5, Section 3 or Section 4 (excluding Subsection 4.6); or 
  
 (D) Breach of Warranty. Any representation, warranty, certification or
other statement made by Borrower or any of its Subsidiaries in any Loan Document or in any statement or certificate at any time given by Borrower or any of its Subsidiaries in writing pursuant to any Loan Document is false in any material respect on
the date made or deemed made; or 
  
 (E) Other Defaults Under
Loan Documents. Borrower or any of its Subsidiaries breaches or defaults in the performance of or compliance with any term contained in this Agreement or the other Loan Documents and such default is not remedied or waived within 45 days after
receipt by any Borrower or such other party of notice from Administrative Agent or Requisite Lenders of such default (other than occurrences described in other provisions of this Subsection 6.1 for which a different grace or cure period is specified
or which constitute immediate Events of Default); or 
  
 (F)
Involuntary Bankruptcy; Appointment of Receiver; Etc. (i) A court enters a decree or order for relief with respect to Borrower of any of its Subsidiaries in an involuntary case under the Bankruptcy Code, which decree or order is not stayed or
other similar relief is not granted under any applicable federal or state law within 60 days; or (ii) the continuance of any of the following events for 60 days unless dismissed, bonded or discharged: (a) an involuntary case is commenced against
Borrower or any of its Subsidiaries under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect; or (b) a decree or order of a court for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or
other officer having 
  

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 similar powers over Borrower or any of its Subsidiaries or over all or a substantial part of its property, is
entered; or (c) an interim receiver, trustee or other custodian is appointed without the consent of Borrower or any of its Subsidiaries, for all or a substantial part of the property of Borrower or any of its Subsidiaries; or 
  
 (G) Voluntary Bankruptcy; Appointment of Receiver; Etc. Borrower (i)
commences a voluntary case under the Bankruptcy Code, files a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding up or composition for adjustment of its debts, or consents to, or fails to
contest in a timely and appropriate manner, the entry of an order for relief in an involuntary case, the conversion of an involuntary case to a voluntary case under any such law, or the appointment of or taking possession by a receiver, trustee or
other custodian of all or a substantial part of its property; or (ii) makes any assignment for the benefit of creditors; or (iii) the Board of Directors of Borrower or any of its Subsidiaries adopts any resolution or otherwise authorizes action to
approve any of the actions referred to in this Subsection 6.1(G); or 
  
 (H) Governmental Liens. Any Lien, levy or assessment (other than Permitted Encumbrances) is filed or recorded with respect to or otherwise imposed upon all or any part of the Collateral or the other assets of Borrower or any of its
Subsidiaries by the United States or any other country or any department or instrumentality thereof or by any state, county, municipality or other Governmental Authority and remains undischarged, unvacated, unbonded or unstayed for a period of 30
days or in any event later than five Business Days prior to the date of any proposed sale thereunder; or 
  
 (I) Judgment and Attachments. Any money judgment, writ or warrant of attachment or similar process (other than those described in Subsection
6.1(H)) involving an amount in any individual case or in the aggregate for or against Borrower or any of its Subsidiaries at any time in excess of $1,000,000 (in either case not adequately covered by insurance as to which the insurance company has
not denied coverage) is entered or filed against Borrower or any of its Subsidiaries and/or any of its respective assets and remains undischarged, unvacated, unbonded or unstayed for a period of 60 days or in any event later than five Business Days
prior to the date of any proposed sale thereunder; or 
  
 (J)
Dissolution. Any order, judgment or decree is entered against Borrower or any of its Subsidiaries decreeing the dissolution or split up of Borrower or any of its Subsidiaries and such order remains undischarged or unstayed for a period in
excess of 30 days; or 
  
 (K) Solvency. Borrower or any of
its Subsidiaries ceases to be solvent or Borrower admits in writing its present or prospective inability to pay its debts as they become due; or 
  
 (L) Injunction. Borrower or any of its Subsidiaries is enjoined, restrained or in any way prevented by the order of any court or any Governmental
Authority from conducting all or any substantial part of its business and such order continues for more than 15 days; or 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (M) ERISA; Pension Plans. (i) Borrower or any of its Subsidiaries fails to make full payment
when due of all amounts which, under the provisions of any employee benefit plans or any applicable provisions of the IRC, any such Person is required to pay as contributions thereto and such failure results in or could reasonably be expected to
have a Material Adverse Effect; or (ii) an accumulated funding deficiency occurs or exists, whether or not waived, with respect to any such employee benefit plans; or (iii) any employee benefit plan of Borrower or any of its Subsidiaries loses its
status as a qualified plan under the IRC and such loss results in or could reasonably be expected to have a Material Adverse Effect; or 
  
 (N) Environmental Matters. Borrower or any of its Subsidiaries fails to: (i) obtain or maintain any operating licenses or permits required by
environmental authorities; (ii) begin, continue or complete any remediation activities as required by any environmental authorities; (iii) store or dispose of any hazardous materials in accordance with applicable Environmental Laws; or (iv) comply
with any other Environmental Laws, if in any such case such failure could reasonably be expected to have a Material Adverse Effect; or 
  
 (O) Invalidity of Loan Documents. Any of the Loan Documents for any reason, other than a partial or full release in accordance with the terms
thereof, ceases to be in full force and effect or is declared to be null and void, or Borrower or any of its Subsidiaries denies that it has any further liability under any Loan Documents to which it is party, or gives notice to such effect; or

  
 (P) Damage; Strike; Casualty. Any material damage to,
or loss, theft or destruction of, any material portion of the Collateral, whether or not insured, or any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty which causes, for more than 30 days, the
cessation or substantial curtailment of revenue producing activities at any facility of Borrower or any of its Subsidiaries if any such event or circumstance results in or could reasonably be expected to have a Material Adverse Effect; or

  
 (Q) Franchises, Licenses, Permits and Contracts. (i)
The loss, suspension or revocation of, or failure to renew, any license or permit now held or hereafter acquired or utilized by Borrower or any of its Subsidiaries, if such loss, suspension, revocation or failure to renew could reasonably be
expected to have a Material Adverse Effect; (ii) one or more Franchises or Licenses shall be terminated, revoked, modified or fail to be renewed at its stated expiration; or (iii) any breach, default or termination shall have occurred under any
Material Contract by any of the parties thereto, or any Material Contract shall fail to be renewed or otherwise have ceased to be in full force and effect, and such breach, default, failure, cessation or termination could have a Material Adverse
Effect, unless such Material Contract is replaced by a comparable Material Contract (in the judgment of Administrative Agent) prior to or concurrent with such breach, default, failure, cessation or termination; or 
  
 (R) Failure of Security. Administrative Agent, for the benefit of
itself, and Lenders, does not have or ceases to have a valid and perfected first priority security interest (subject to Permitted Encumbrances) in the Collateral or any substantial portion thereof; or 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (S) Change in Control. A Change of Control occurs, or Borrower, other than as a result of a
transaction not prohibited hereunder, fails to own the percentage ownership interests in its Subsidiaries that it owns as of the Closing Date (or on the date of acquisition or formation of such Subsidiary), taking into account the consummation of
the Acquisition; or 
  
 (T) Expropriation. Any federal,
state or local Government Authority takes any action to expropriate or condemn all or any substantial portion of the assets of Borrower or of any of its Subsidiaries. 
  
 6.2 Suspension of Loan Commitments. Upon the occurrence and during the continuation of any Default or Event of
Default, and without limiting any other right or remedy hereunder, each Lender, without notice or demand, may immediately cease making additional Loans and cause its obligation to lend its Pro Rata Share of the Loan Commitments to be suspended;
provided that, in the case of a Default, if the subject condition or event is cured by Borrower to the reasonable satisfaction of Requisite Lenders or waived or removed by Requisite Lenders within any applicable grace or cure period, any
suspended portion of the Loan Commitments shall be reinstated. 
  
 6.3 Acceleration. Upon the occurrence of any Event of Default described in the foregoing Subsections 6.1(F) or 6.1(G), the unpaid principal amount of and accrued interest and fees on the Loans and all other Obligations (other than
Obligations under any Related Interest Rate Agreement to which a Lender or an Affiliate of a Lender is a party, which may be accelerated solely in the discretion of the Lender or Affiliate of a Lender party thereto) shall automatically become
immediately due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other requirements of any kind, all of which are hereby expressly waived by Borrower, and the obligations of Lenders to make
Loans shall thereupon terminate. Upon the occurrence and during the continuance of any other Event of Default, Administrative Agent may, and upon written demand by Requisite Lenders shall, by written notice to Borrower, declare all or any portion of
the Loans and all or some of the other Obligations (other than Obligations under any Related Interest Rate Agreement to which a Lender or an Affiliate of a Lender is a party, which may be accelerated solely in the discretion of the Lender or
Affiliate of a Lender party thereto) to be, and the same shall forthwith become, immediately due and payable together with accrued interest thereon, and upon such acceleration the obligations of Administrative Agent and Lenders to make Loans shall
thereupon terminate. 
  
 6.4 Rights of Collection. Upon the
occurrence and during the continuation of any Event of Default and at any time thereafter, unless and until such Event of Default is cured, or waived or removed by Requisite Lenders, Administrative Agent may exercise on behalf of Lenders all of
their other rights and remedies under this Agreement, the other Loan Documents and Applicable Law, in order to satisfy all of the Obligations. 
  
 6.5 Consents. Borrower acknowledges that certain transactions contemplated by this Agreement and the other Loan Documents and certain actions which
may be taken by Administrative Agent or Lenders in the exercise of their respective rights under this Agreement and the other Loan Documents may require the consent of a Governmental Authority. If Administrative Agent reasonably determines that the
consent of a Governmental Authority is 
  

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 required in connection with the execution, delivery and performance of any of the aforesaid Loan Documents or any
Loan Documents delivered to Administrative Agent or Lenders in connection therewith or as a result of any action which may be taken pursuant thereto, then Borrower, at Borrower’s cost and expense, agrees to use reasonable best efforts, and to
cause its Subsidiaries to use their best efforts, to secure such consent and to cooperate with Administrative Agent and Lenders in any action commenced by Administrative Agent or any Lender to secure such consent. 
  
 6.6 Performance by Administrative Agent. If Borrower shall fail to
perform any covenant, duty or agreement contained in any of the Loan Documents, Administrative Agent may perform or attempt to perform such covenant, duty or agreement on behalf of Borrower after the expiration of any cure or grace periods set forth
herein. In such event, Borrower shall be obligated, at the request of Administrative Agent, to promptly pay any amount reasonably expended by Administrative Agent in such performance or attempted performance to Administrative Agent, together with
interest thereon at the highest rate of interest in effect upon the occurrence of an Event of Default as specified in Subsection 1.2(E) from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly agreed that
Administrative Agent shall not have any liability or responsibility for the performance of any obligation of Borrower under this Agreement or any other Loan Document. 
  
 6.7 Set Off and Sharing of Payments. In addition to any rights now or hereafter granted under applicable law and not
by way of limitation of any such rights, during the continuance of any Event of Default, each Lender is hereby authorized by Borrower at any time or from time to time, with reasonably prompt subsequent notice to Borrower or any of its Subsidiaries
(any prior or contemporaneous notice being hereby expressly waived) to set off and to appropriate and to apply any and all (A) balances held by such Lender at any of its offices for the account of Borrower or any of its Subsidiaries (regardless of
whether such balances are then due to Borrower), and (B) except as provided in Subsection 8.2(J), other property at any time held or owing by such Lender to or for the credit or for the account of Borrower or any of its Subsidiaries, against and on
account of any of the Obligations; provided, that no Lender shall exercise any such right without the prior written consent of Administrative Agent. Any Lender exercising a right to set off shall, to the extent the amount of any such set off
exceeds its Pro Rata Share of the amount set off, purchase for cash (and the other Lenders shall sell) interests in each such other Lender’s Pro Rata Share of the Obligations as would be necessary to cause such Lender to share such excess with
each other Lender in accordance with their respective Pro Rata Shares. Borrower agrees, to the fullest extent permitted by law, that any Lender may exercise its right to set off with respect to amounts in excess of its Pro Rata Share of the
Obligations and upon doing so shall deliver such excess to Administrative Agent for the benefit of all Lenders in accordance with their Pro Rata Shares; provided, that CoBank may exercise its rights against any equity of CoBank held by
Borrower without complying with this Subsection 6.7. 
  
 6.8
Application of Payments. Subsequent to the acceleration of the Loans pursuant to Subsection 6.3, all payments received by Lenders (or Affiliates of Lenders party to Related Interest Rate Agreements) on the Obligations and on the proceeds from
the enforcement of the Obligations shall be applied among Administrative Agent and Lenders (and Affiliates of Lenders party to Related Interest Rate Agreements) as follows: first, to all Administrative Agent’s, and Lenders’ (and Affiliates
of Lenders party to Related Interest Rate Agreements) fees and expenses 
  

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 then due and payable; then to all other expenses then due and payable by Borrower under the Loan Documents; then to
all indemnitee obligations then due and payable by Borrower under the Loan Documents; then to all commitment and other fees and commissions then due and payable by Borrower under the Loan Documents; then pro rata to (i) accrued and unpaid interest
on the Loans (pro rata) in accordance with all such amounts due on the Loans and (ii) any scheduled payments (excluding termination, unwind and similar payments) due to a Lender or an Affiliate of a Lender on any Related Interest Rate Agreements
(pro rata with all such amounts due); then pro rata to (a) the principal amount of the Loans (pro rata among all Loans) and (b) any termination, unwind and similar payments due to a Lender or an Affiliate of a Lender under Related Interest Rate
Agreements (pro rata with all such amounts due); and then to any remaining amounts due under the Obligations, in that order (provided, such priority may be changed with the consent of both the Requisite Lenders and the Lenders (and Affiliates of
Lenders) party to Related Interest Rate Agreements then outstanding). Any remaining monies not applied as provided in this Subsection 6.8 shall be paid to Borrower or any Person lawfully entitled thereto. 
  
 6.9 Adjustments. If any Lender (a “Benefited Lender”)
shall at any time receive any payment of all or part of its Loans, or interest thereon in a greater proportion than any such payment received by any other Lender (other than pursuant to Subsection 1.12(B)), if any, in respect of such other
Lender’s Loans, or interest thereon, such Benefited Lender shall, to the extent permitted by Applicable Law, purchase for cash from the other Lenders such portion of each such other Lender’s Loans as shall be necessary to cause such
Benefited Lender to share the excess payment or benefits ratably with each Lender; provided, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded,
and the purchase price and benefits returned to the extent of such recovery, but without interest. Borrower agrees that each Lender so purchasing a portion of another Lender’s Loans may exercise all rights of payment (including rights of
set-off) with respect to such portion as fully as if such Lender were the direct holder of such portion. This Subsection 6.9 shall not apply to any action taken by CoBank with respect to equity in it held by Borrower. 
  
 SECTION 7 
 CONDITIONS TO LOANS 
  
 The obligations of Lenders to make Loans are subject to satisfaction of all of the applicable conditions set forth below. 
  
 7.1 Conditions to Initial Loan. The obligations of Lenders on or after the Closing Date to make the initial Loan under either of the Facilities
are, in addition to the conditions precedent specified in Subsection 7.2, subject to the satisfaction of each of the following conditions: 
  
 (A) Executed Loan Documents. (i) This Agreement, (ii) the Notes, (iii) the Pledge and Security Agreement, (iv) the Commnet Guaranty and (v) all
other documents, financing statements and instruments contemplated by such agreements (including, without limitation, landlord waivers and consents), shall have been duly authorized and executed by Borrower, in form and substance satisfactory to
Administrative Agent, and Borrower shall have delivered sufficient original counterparts thereof to Administrative Agent for delivery to Lenders. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (B) Control Agreements. Administrative Agent shall have received executed account control
agreements with respect to Borrower’s deposit and securities accounts as shall have been specified by Administrative Agent, in form and substance satisfactory to Administrative Agent, from the appropriate depository institutions or other
entities holding such deposit accounts. 
  
 (C) Closing
Certificates; Opinions. 
  
 (1) Officer’s
Certificate. Administrative Agent shall have received a certificate from the chief executive officer, chief operating officer or chief financial officer of Borrower in form and substance reasonably satisfactory to Administrative Agent, to the
effect that, to their knowledge, all representations and warranties of Borrower contained in this Agreement and the other Loan Documents are true, correct and complete; that Borrower is not in violation of any of the covenants contained in this
Agreement and the other Loan Documents; that, after giving effect to the transactions contemplated by this Agreement, no Default or Event of Default has occurred and is continuing; that Borrower has satisfied each of the closing conditions to be
satisfied hereby; and that Borrower has filed all required tax returns and owes no delinquent taxes. 
  
 (2) Certificates of Secretary. Administrative Agent shall have received a certificate of the secretary or assistant secretary of each of Borrower
and Commnet certifying that attached thereto is a true and complete copy of the articles of incorporation of such Person and all amendments thereto, certified as of a recent date by the appropriate Governmental Authority in its jurisdiction of
organization; that attached thereto is a true and complete copy of the bylaws or operating agreement of such Person as in effect on the date of such certification; that attached thereto is a true and complete copy of resolutions or consents of
members duly adopted by the Board of Directors of such Person authorizing the borrowings, pledges or guaranties contemplated hereunder, the execution, delivery and performance of this Agreement and the other Loan Documents, and the granting of the
Security Interest; and as to the incumbency and genuineness of the signature of each officer of such Person executing Loan Documents. 
  
 (3) Certificate as to Acquisition. Administrative Agent shall have received a certificate of the chief executive officer, chief operating officer
or chief financial officer of Borrower in form and substance reasonably satisfactory to Administrative Agent, to the effect that (i) the Acquisition has been consummated in accordance with the terms and conditions set forth in the Purchase Agreement
and (ii) Borrower has delivered to Administrative Agent true and complete copies of the Purchase Agreement and all other documentation related to the Acquisition as Administrative Agent shall reasonably have requested, including, to the extent
reasonably requested, reliance letters for any opinion of counsel. 
  
 (4) Certificates of Good Standing. Administrative Agent shall have received certificates as of a recent date of the good standing of Borrower and its Subsidiaries under the laws of their respective jurisdictions of organization and
such other jurisdictions as are requested by Administrative Agent. 
  
 (5) Opinions of Counsel. Administrative Agent shall have received favorable opinions of counsel to Borrower addressed to Administrative Agent and Lenders with 
  

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 respect to Borrower covering such matters as may be reasonably requested by Administrative Agent, including, without
limitation, the Loan Documents, the Security Interest, due authorization and other corporate matters and regulatory matters (including the Licenses) and which are reasonably satisfactory in form and substance to Administrative Agent. 
  
 (D) Collateral. 
  
 (1) Collateral Pledge. Borrower and Commnet shall have effectively
and validly pledged and perfected the Collateral contemplated by the Security Documents, including the pledge of all of the capital stock of Borrower in Commnet, Guyana Telephone & Telegraph Company Limited and Choice Communications, LLC.

  
 (2) Filings and Recordings. All filings and recordings
(including, without limitation, all mortgages, fixture filings and transmitting utility filings) that are necessary to perfect the Security Interest in the Collateral described in the Security Documents shall have been filed or recorded in all
appropriate locations and Administrative Agent shall have received evidence satisfactory to Administrative Agent that such Security Interest constitutes a valid and perfected first priority Lien therein. 
  
 (3) Lien Searches. Borrower shall have delivered to Administrative
Agent the results of a Lien search of all filings made against Borrower and its Subsidiaries under the Uniform Commercial Code (and local tax and judgment filing offices) as in effect in any jurisdiction in which any of its respective assets are
located, indicating, among other things, that each Borrower’s assets and the ownership interests of Borrower are free and clear of any Lien, except for Permitted Encumbrances. 
  
 (4) Insurance. Administrative Agent shall have received certificates of insurance and certified copies of insurance
policies in the form required under Subsection 2.2 and the Security Documents and otherwise in form and substance reasonably satisfactory to Administrative Agent. 
  
 (E) Consents. 
  
 (1) Governmental and Third Party Approvals. Borrower shall have delivered to Administrative Agent all material and necessary approvals,
authorizations and consents, if any, of all Persons, Governmental Authorities, including the FCC and all applicable PUCs, and courts having jurisdiction with respect to the execution and delivery of the Acquisition, this Agreement, the other Loan
Documents, the granting of the Security Interest, and all such approvals shall be in form and substance reasonably satisfactory to Administrative Agent. 
  
 (2) Permits and Licenses. Administrative Agent shall have received copies of all material permits and licenses, including the Licenses, required
under Applicable Laws for the conduct of Borrower’s and its Subsidiaries’ businesses. 
  
 (3) No Injunction, Etc. No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed before,
nor any adverse ruling received from, any Governmental Authority to enjoin, restrain or prohibit, or to obtain substantial 
  

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 damages in respect of, or which is related to or arises out of this Agreement or the other Loan Documents or the
consummation of the transactions contemplated hereby or thereby, or which, as determined by Administrative Agent in its reasonable discretion, would make it inadvisable to consummate the transactions contemplated by this Agreement and such other
Loan Documents. 
  
 (F) Financial Matters. 
  
 (1) Fees, Expenses, Taxes, Etc. There shall have been paid by
Borrower to Administrative Agent the fees set forth or referenced in Subsection 1.4 and any other accrued and unpaid fees or commissions due hereunder (including legal fees and expenses), and to any other Person such amount as may be due thereto in
connection with the transactions contemplated hereby, including all taxes, fees and other charges in connection with the execution, delivery, recording, filing and registration of any of the Loan Documents. 
  
 (2) Equity Contribution to Borrower. Administrative Agent shall have
received evidence, in form and substance reasonably satisfactory to Administrative Agent, that Borrower has contributed $10,000,000 in cash to fund the Acquisition. 
  
 (G) Miscellaneous. 
  
 (1) Proceedings and Documents. All opinions, certificates and other instruments and all proceedings in connection with the transactions
contemplated by this Agreement shall be reasonably satisfactory in form and substance to Administrative Agent. Administrative Agent shall have received copies of all other instruments and other evidence as Administrative Agent may request, in form
and substance reasonably satisfactory to Administrative Agent, with respect to the transactions contemplated by this Agreement and the taking of all actions in connection therewith. 
  
 (2) Litigation, Investigations, Audits, Etc. There shall be no action, suit, proceeding or investigation pending
against, or, to the knowledge of Borrower, threatened against Borrower or any of its properties, including the Franchises and the Licenses, in any court or before any arbitrator of any kind or before or by any Governmental Authority (including the
FCC), except such as affect the telecommunications industry generally, that could reasonably be expected to have a Material Adverse Effect. 
  
 7.2 Conditions to All Loans. The several obligations of Lenders to make Loans, including the initial Loan, on any date (each such date, a
“Funding Date”) are subject to the further conditions precedent set forth below: 
  
 (A) Administrative Agent shall have received, in accordance with the provisions of Subsection 1.3, a Notice of Borrowing requesting an advance of a Loan.

  
 (B) The representations and warranties contained in Section 5
of this Agreement and elsewhere herein and in the Loan Documents shall be (and each request by Borrower for a Loan shall constitute a representation and warranty by Borrower that such representations and warranties are) true, correct and complete in
all material respects on and as of such Funding Date to the same extent as though made on and as of that date, except for any representation or 
  

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 warranty limited by its terms to a specific date and taking into account any amendments to the Schedules or Exhibits
as a result of any disclosures made in writing by Borrower to Administrative Agent after the Closing Date which disclosures are reasonably acceptable to Administrative Agent. 
  
 (C) No event shall have occurred and be continuing or would result from the consummation of the borrowing contemplated that
would constitute an Event of Default or a Default. 
  
 (D) No
order, judgment or decree of any court, arbitrator or Governmental Authority shall purport to enjoin or restrain any Lender from making any Loan. 
  
 (E) Since Closing Date, there shall not have occurred any event or condition that has had or could reasonably be expected to have a Material Adverse
Effect. 
  
 (F) All Loan Documents shall be in full force and
effect. 
  
 SECTION 8 
 ASSIGNMENT AND PARTICIPATION 
  
 8.1 Assignments and Participations in Loans and Notes. Each Lender (including CoBank) may assign, subject to the terms of a Lender Addition
Agreement, its rights and delegate its obligations under this Agreement to one or more Persons, provided that (a) such Lender shall first obtain the written consent of Administrative Agent and, if no Default or Event of Default shall have
occurred and be continuing, Borrower, which consents shall not be unreasonably withheld or delayed; (b) the Pro Rata Share of any of the Loan Commitments being assigned shall in no event be less than of (i) $5,000,000 and (ii) the entire amount of
the Pro Rata Share of a Loan Commitment of the assigning Lender; and (c) upon the consummation of each such assignment, the assigning Lender shall pay Administrative Agent a non-refundable administrative fee of $3,500; provided, that in
connection with an assignment from a Lender to an Affiliate of such Lender or to another Lender, written consent of Administrative Agent and Borrower shall not be required and that in connection with an assignment from a Lender to an Affiliate of
such Lender or to another Lender, no administrative fee shall be payable, and assignments by CoBank to institutions chartered under the Farm Credit System shall not require consent of Borrower. From and after the effective date specified in a duly
executed, delivered and accepted Lender Addition Agreement, which effective date shall be at least five Business Days after the execution thereof (unless Administrative Agent shall otherwise agree), (A) the assignee thereunder shall be a party
hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Lender Addition Agreement, shall have the rights and obligations of the assigning Lender hereunder with respect thereto and (B) the assigning
Lender shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Lender Addition Agreement, relinquish its rights (other than rights under the provisions of this Agreement and the other Loan Documents
relating to indemnification or payment of fees, costs and expenses, to the extent such rights relate to the time prior to the effective date of such Lender Addition Agreement) and be released from its obligations under this Agreement other than
obligations to the extent relating to 
  

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 the time prior to the effective date of such Lender Addition Agreement (and, in the case of a Lender Addition
Agreement covering all or the remaining portion of such assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto). The terms and provisions of each Lender Addition Agreement shall, upon the
effectiveness thereof be incorporated into and made a part of this Agreement, and the covenants, agreements and obligations of each Lender set forth therein shall be deemed made to and for the benefit of Administrative Agent and the other parties
hereto as if set forth at length herein. Upon its receipt of a duly completed Lender Addition Agreement executed by an assigning Lender and an assignee, and Administrative Agent and Borrower (if required), together with any Note subject to such
assignment and the processing fee referred to above (if required), Administrative Agent will accept such Lender Addition Agreement and give notice thereof to Borrower and the other Lenders. In the event of an assignment pursuant to this Subsection
8.1, Borrower shall issue a new Revolver Note(s) or Term Note(s), as applicable, to reflect the interests of the assigning Lender and the Person to which interests are to be assigned and, upon issuance and delivery by Borrower of such new Note or
Notes, the assigning Lender shall surrender its Revolver Note or Term Note, as applicable. 
  
 Each Lender (including Administrative Agent) may sell participations in all or any part of its Pro Rata Share of each Loan Commitment and any Loans to one or more Persons; provided that such Lender shall first
obtain the prior written consent of Administrative Agent which consent shall not be unreasonably withheld or delayed; and provided, further, that such Lender’s obligations under this Agreement shall remain unchanged; Borrower,
Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement; all amounts payable by Borrower hereunder shall be determined
as if that Lender had not sold such participation; and the holder of any such participation shall not be entitled to require such Lender to take or omit to take any action hereunder except action directly affecting (i) any reduction, modification or
forgiveness in the principal amount of, or rate of interest on or fees payable with respect to any Loan; (ii) any extension of the Revolver Expiration Date or the Term Loan Maturity Date, or any change of any scheduled dates fixed for any payment of
any of the Obligations; (iii) any consent to the assignment, delegation or other transfer by Borrower of any of its rights and obligations under any Loan Document and (iv) the release of all or substantially all of the Collateral (except if the
release of such Collateral is permitted under and effected in accordance with, including any consents and approvals required under, Subsection 8.2(I) or any other Loan Document) or any release of any material guaranty of the Obligations (except to
the extent expressly provided thereby). Borrower hereby acknowledges and agrees that any participation will give rise to a direct obligation of Borrower to the participant, and the participant shall for purposes of Subsections 1.11, 1.13, 1.14, 6.7
and 9.1 be considered to be a “Lender,” so long as the participant agrees for the benefit of Borrower to comply with such Subsections and Subsection 1.12 as if were a “Lender.” 
  
 Except as otherwise provided in this Subsection 8.1, no Lender shall, as
between Borrower and such Lender, be relieved of any of its obligations hereunder as a result of any sale, assignment, transfer or negotiation of, or granting of a participation in, all or any part of the Loans, the Notes or other Obligations owed
to such Lender. Each Lender may furnish any information concerning Borrower and its Subsidiaries in the possession of that Lender from time to time to assignees and participants (including prospective assignees and participants), subject to the
provisions of Subsection 9.13. 
  

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 Nothing in this Agreement shall be construed to prohibit any Lender from pledging or assigning all or
any portion of its rights and interest hereunder or under any Note as collateral security for any loan or financing or in connection with any securitization or other similar transaction or to any Federal Reserve Bank as security for borrowings
therefrom; provided, that no such pledge or assignment shall release a Lender from any of its obligations hereunder. 
  
 Notwithstanding anything contained in this Agreement to the contrary, (i) so long as there is no Event of Default that has continued in excess of four (4)
months and Requisite Lenders shall remain capable of making LIBOR Loans, no Person shall become a “Lender” hereunder unless such Person shall also be capable of making LIBOR Loans and (ii) no assignment shall be permitted hereunder which
would cause any Applicable Law to be violated (with respect to usury or otherwise). 
  
 CoBank reserves the right to assign or sell participations in all or any part of its Pro Rata Share of the Loan Commitment on a non-patronage basis. 
  
 8.2 Agent. 
  
 (A) Appointment. Each Lender hereby irrevocably appoints and authorizes CoBank, as Administrative Agent and as Arranger; to act as Administrative
Agent or Arranger hereunder and under any other Loan Document with such powers as are specifically delegated to Administrative Agent by the terms of this Agreement and any other Loan Document, together with such other powers as are reasonably
incidental thereto. Administrative Agent is authorized and empowered to amend, modify or waive any provisions of this Agreement or the other Loan Documents on behalf of Lenders, subject to the requirement that the consent of certain Lenders or all
Lenders, as appropriate, be obtained in certain instances as provided in Subsections 8.3 and 9.2. CoBank hereby agrees to act as Administrative Agent on the express conditions contained in this Subsection 8.2. The provisions of this Subsection 8.2
are solely for the benefit of Administrative Agent and Lenders, and Borrower shall have no rights as a third party beneficiary of any of the provisions hereof. In performing its functions and duties under this Agreement, Administrative Agent shall
act solely as Administrative Agent or Arranger, as applicable, of Lenders and Administrative Agent shall assume or be deemed to have assumed no obligation toward or relationship of agency or trust with or for Borrower or its respective Affiliates.
Administrative Agent may execute any of its duties under this Agreement or any other Loan Document by or through Administrative Agent or attorneys-in-fact and shall not be responsible for the negligence or misconduct of Administrative Administrative
Agent or attorneys-in-fact that it selects with reasonable care. 
  
 (B) Nature of Duties. The duties of Administrative Agent shall be mechanical and administrative in nature. Administrative Agent shall not have by reason of this Agreement a fiduciary relationship in respect of any Lender. Nothing in
this Agreement or any of the Loan Documents, express or implied, is intended to or shall be construed to impose upon Administrative Agent any obligations in respect of this Agreement or any of the Loan Documents 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 except as expressly set forth herein or therein. Each Lender expressly acknowledges that none of Administrative Agent
nor any of their respective officers, directors, employees, Administrative Agent, attorneys-in-fact or Affiliates have made any representation or warranty to it and that no act by Administrative Agent or any such Person hereafter taken, including
any review of the affairs of Borrower, shall be deemed to constitute any representation or warranty by Administrative Agent to any Lender. Each Lender represents to Administrative Agent that (i) it has, independently and without reliance upon
Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, properties, financial and other condition and
creditworthiness of Borrower and made its own decision to enter into this Agreement and extend credit to Borrower hereunder, and (ii) it will, independently and without reliance upon Administrative Agent or any other Lender and based on such
documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action hereunder and under the other Loan Documents and to make such investigation as it
deems necessary to inform itself as to the business, prospects, operations, properties, financial and other condition and creditworthiness of Borrower. Administrative Agent shall have no duty or responsibility, either initially or on a continuing
basis, to provide any Lender with any credit or other information with respect thereto (other than as expressly required herein). If Administrative Agent seeks the consent or approval of any Lenders to the taking or refraining from taking of any
action hereunder, then Administrative Agent shall send notice thereof to each Lender. Administrative Agent shall promptly notify each Lender any time that Requisite Lenders have instructed Administrative Agent to act or refrain from acting pursuant
hereto. 
  
 (C) Rights, Exculpation, Etc. Each of
Administrative Agent, their respective Affiliates and any of their or their Affiliates’ respective officers, directors, employees, Administrative Agent or attorneys-in-fact shall not be liable to any Lender for any action taken or omitted by
them hereunder or under any of the Loan Documents, or in connection herewith or therewith, except that each such entity shall be liable with respect to its own gross negligence, bad faith or willful misconduct. No Agent shall be liable for any
apportionment or distribution of payments made by it in good faith and if any such apportionment or distribution is subsequently determined to have been made in error, the sole recourse of any Lender to whom payment was due but not made shall be to
recover from other Lenders any payment in excess of the amount to which they are determined to be entitled (and such other Lenders hereby agree to return to such Lender any such erroneous payments received by them). In performing its functions and
duties hereunder, Administrative Agent shall exercise the same care which it would in dealing with loans for its own account, but Administrative Agent shall not be responsible to any Lender for any recitals, statements, representations or warranties
herein or for the execution, effectiveness, genuineness, validity, enforceability, collectibility or sufficiency of this Agreement or any of the Loan Documents or the transactions contemplated thereby, or for the financial condition of Borrower.
Administrative Agent may at any time request instructions from Lenders with respect to any actions or approvals which by the terms of this Agreement or of any of the Loan Documents Administrative Agent is permitted or required to take or to grant,
and if such instructions are promptly requested, Administrative Agent shall be absolutely entitled to refrain from taking any action or to withhold any approval and shall not be under any liability whatsoever 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 to any Person for refraining from any action or withholding any approval under any of the Loan Documents (i) if such
action or omission would, in the reasonable opinion of Administrative Agent, violate any Applicable Law or any provision of this Agreement or any other Loan Document, or (ii) until it shall have received such instructions from Requisite Lenders or
all of Lenders, as applicable. Without limiting the foregoing, no Lender shall have any right of action whatsoever against Administrative Agent as a result of Administrative Agent acting or refraining from acting under this Agreement, the Notes, or
any of the other Loan Documents in accordance with the instructions of Requisite Lenders, except in connection with its own gross negligence, bad faith or willful misconduct. 
  
 (D) Reliance. Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any
written or oral notices, statements, certificates, orders or other documents or any telephone message or other communication (including any writing, telex, telecopy or telegram) believed by it in good faith to be genuine and correct and to have been
signed, sent or made by the proper Person, and with respect to all matters pertaining to this Agreement or any of the Loan Documents and its duties hereunder or thereunder, upon advice of counsel selected by it in connection with the preparation,
negotiation, execution, delivery, administration, amendment, modification, waiver or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement or any
of the other Loan Documents. 
  
 (E) Indemnification.
Lenders will reimburse and indemnify Administrative Agent and their respective Affiliates and their and their Affiliates’ officers, directors, employees, Administrative Agent, and attorneys-in-fact (collectively,
“Representatives”), on demand (to the extent not actually reimbursed under Subsection 9.1, but without limiting the obligations of Borrower under such Subsection 9.1) for and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses (including, without limitation, attorneys’ fees and expenses), advances or disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against
Administrative Agent or their respective Representatives (i) in any way relating to or arising out of this Agreement or any of the Loan Documents or any action taken or omitted by Administrative Agent or its Representatives under this Agreement or
any of the Loan Documents, and (ii) in connection with the preparation, negotiation, execution, delivery, administration, amendment, modification, waiver or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal
advice in respect of rights or responsibilities under, this Agreement or any of the other Loan Documents in proportion to each Lender’s Pro Rata Share; provided, that no Lender shall be liable for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, advances or disbursements resulting from Administrative Agent’s or its Representatives’ gross negligence, bad faith or willful misconduct. If any
indemnity furnished to Administrative Agent or their respective Representatives for any purpose shall, in the opinion of Administrative Agent, be insufficient or become impaired, Administrative Agent may call for additional indemnity and cease, or
not commence, to do the acts indemnified against until such additional indemnity is furnished. The obligations of Lenders under this Subsection 8.2(E) shall survive the payment in full of the Obligations and the termination of this Agreement.

  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (F) CoBank, Syndication Agent and Documentation Agent Individually. With respect to its
obligations under the Loan Commitments, the Loans made by it, and the Notes issued to it, each of CoBank, Syndication Agent, Documentation Agent shall have and may exercise the same rights and powers hereunder and is subject to the same obligations
and liabilities as and to the extent set forth herein for any other Lender. The terms “Lenders” or “Requisite Lenders” or any similar terms shall, unless the context clearly otherwise indicates, include each of
CoBank, Syndication Agent and Documentation Agent in its individual capacity as a Lender or as one of the Requisite Lenders. Each of CoBank, Syndication Agent and Documentation Agent may lend money to, and generally engage in any kind of banking,
trust or other business with, Borrower as if it were not acting as an Agent pursuant hereto. 
  
 (G) Notice of Default. NAdministrative Agent shall be required to make any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Agreement or any of the
Loan Documents or the financial condition of Borrower or any of its Subsidiaries, or the existence or possible existence of any Default or Event of Default. NAdministrative Agent shall be deemed to have knowledge or notice of the occurrence of any
Default or Event of Default unless Administrative Agent shall have received written notice from Borrower or a Lender referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of
default.” In the event that an Agent receives such a notice, Administrative Agent will give notice thereof to Lenders as soon as reasonably practicable; provided, that if any such notice has also been furnished to Lenders, Administrative
Agent shall have no obligation to notify Lenders with respect thereto. Administrative Agent shall (subject to this Subsection 8.2) take such action with respect to such Default or Event of Default as shall reasonably be directed by Requisite
Lenders; provided, further, that, unless and until Administrative Agent shall have received such directions, Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to
such Default or Event of Default as they shall deem advisable and in the best interests of Lenders. 
  
 (H) Successor Agent. 
  
 (1) Resignation. Administrative Agent may resign from the performance of all its agency functions and duties hereunder at any time by giving at
least 30 Business Days’ prior written notice to Borrower and Lenders. Such resignation shall take effect upon the acceptance by a successor Agent of appointment pursuant to clause (2) below or as otherwise provided below. 
  
 (2) Appointment of Successor. Upon any such notice of resignation
pursuant to clause (1) above, Requisite Lenders shall (and if no Event of Default or Default shall have occurred and be continuing, upon receipt of Borrower’s collective prior consent, which shall not be unreasonably withheld), appoint a
successor Agent from among Lenders or another financial institution. If a successor Agent shall not have been so appointed within the 30 Business Day period referred to in Subsection 8(H)(1) above, the retiring Agent, upon notice to Borrower, shall
then appoint a successor Agent from among Lenders who shall serve as Agent until such time, if any, as Requisite Lenders, upon receipt of Borrower’s collective prior written consent (if required under the first sentence of this paragraph),
which shall not be unreasonably withheld, appoint a successor Agent as provided above. 
  

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 (3) Successor Agent. Upon the acceptance of any appointment as Agent under the Loan Documents
by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and obligations under the
Loan Documents. After any retiring Agent’s resignation as Agent under the Loan Documents, the provisions of this Subsection 8.2 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under the Loan
Documents. 
  
 (I) Collateral Matters. 
  
 (1) Release of Collateral. Lenders hereby irrevocably authorize
Administrative Agent, at its option and in its discretion, to release any Lien granted to or held by it upon any property covered by the Security Documents (i) upon termination of the Loan Commitments and indefeasible payment and satisfaction of all
Obligations (other than contingent indemnification or expense reimbursement Obligations not then due and payable); (ii) constituting property being sold or disposed of in compliance with the provisions of this Agreement if Borrower certifies to
Administrative Agent in writing that the sale or disposition is made in compliance with the provisions of this Agreement and the other Loan Documents (and Administrative Agent may rely in good faith conclusively on any such certificate, without
further inquiry); or (iii) constituting property leased to Borrower under a lease which has expired or been terminated in a transaction permitted under this Agreement or is about to expire and which has not been, and is not intended by Borrower to
be, renewed or extended. In addition, Administrative Agent, with the consent of Requisite Lenders, may release or compromise any Collateral and the proceeds thereof constituting less than all or substantially all of the Collateral. 
  
 (2) Confirmation of Authority; Execution of Releases. Without in any
manner limiting Administrative Agent’s authority to act without any specific or further authorization or consent by Lenders (as set forth in Subsection 8.2(I)(1)), each Lender agrees to confirm in writing, upon request by Administrative Agent
or Borrower, the authority to release any property covered by the Security Documents conferred upon Administrative Agent under clauses (i) through (iii) of the first sentence of Subsection 8.2(I)(1). Upon receipt by Administrative Agent of
confirmation from each Lender of its authority to release or compromise any particular item or types of property covered by the Security Documents under Subsection 8.2(I)(1), and upon at least ten Business Days’ prior written request by
Borrower, Administrative Agent shall (and is hereby irrevocably authorized by Lenders to) execute such documents as may be necessary to evidence the release or compromise of the Liens granted to Administrative Agent, for the benefit of
Administrative Agent and Lenders, upon such Collateral, provided that (i) Administrative Agent shall not be required to execute any such document on terms which, in Administrative Agent’s opinion, would expose Administrative Agent to
liability or create any obligation or entail any consequence other than the release or compromise of such Liens without recourse or warranty, and (ii) such release or compromise shall not in any manner discharge, affect or impair the Obligations or
any Liens upon (or obligations of Borrower, in respect of) all interests retained by Borrower in the Collateral, including proceeds of any sale or other disposition of any Collateral, all of which shall continue to constitute part of the property
covered by the Security Documents. 
  

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 (3) Absence of Duty. Administrative Agent shall have no obligation whatsoever to any Lender
or any other Person to assure that the property covered by the Security Documents exists or is owned by Borrower, or is cared for, protected or insured or has been encumbered or that the Liens granted to it have been properly or sufficiently or
lawfully created, perfected, protected or enforced or are entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights,
authorities and powers granted or available to it in this Agreement or in any other Loan Document, it being understood and agreed that in respect of the property covered by the Security Documents or any act, omission or event related thereto,
Administrative Agent may act in any manner it may deem appropriate, in its discretion, given Administrative Agent’s own interest in property covered by the Security Documents, as one of Lenders and as Administrative Agent, provided that
Administrative Agent shall act in conformance with Subsection 8.2 and exercise the same care which it would in dealing with loans for its own account and shall be liable for its and its Representatives’ gross negligence, bad faith or willful
misconduct. 
  
 (J) Agency for Perfection; Enforcement of
Security by Administrative Agent. Administrative Agent and each Lender hereby appoint each other Lender as agent for the purpose of perfecting Administrative Agent’s security interest in assets which, in accordance with Article 9 of the
Uniform Commercial Code in any applicable jurisdiction, can be perfected only by possession. Should any Lender (other than Administrative Agent) obtain possession of any such Collateral, such Lender shall notify Administrative Agent thereof, and,
promptly upon Administrative Agent’s request therefor, shall deliver such Collateral to Administrative Agent or in accordance with Administrative Agent’s instructions without affecting any Lender’s rights of set-off. Each Lender
agrees that it will not have any right individually to enforce or seek to enforce any Security Document or to realize upon any collateral security for the Loans, it being understood and agreed that such rights and remedies may be exercised only by
Administrative Agent. 
  
 (K) Dissemination of Information.
Administrative Agent will use its best efforts (except where otherwise provided herein) to provide Lenders with any information received by Administrative Agent from Borrower which is required to be provided to a Lender hereunder or which is
otherwise requested by any Lender, provided that Administrative Agent shall not be liable to Lenders for any failure to do so, except to the extent that such failure is attributable to Administrative Agent’s or its Representatives’
gross negligence, bad faith or willful misconduct. 
  
 8.3
Amendments, Consents and Waivers for Certain Actions. 
  
 (A) Except as otherwise provided in this Agreement (including this Subsection 8.3 and Subsection 9.2), any Lender Addition Agreement or any other Loan Document, the consent of Requisite Lenders and Borrower will be required to amend,
modify, terminate, or waive any provision of this Agreement or any of the other Loan Documents (other than any Related Interest Rate Agreement, which may only be amended, modified or terminated, or any provision thereof waived, in accordance with
the terms thereof and with the consent of Administrative Agent). 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (B) In the event Administrative Agent requests the consent of a Lender and does not receive a written
consent or denial thereof within ten Business Days after such Lender’s receipt of such request, then such Lender will be deemed to have denied the giving of such consent. 
  
 8.4 Disbursement of Funds. Administrative Agent shall advise each Lender by telephone or telecopy of the amount of
such Lender’s Pro Rata Share of any Loan requested by Borrower no later than 11:00 a.m. (Denver, Colorado time) at least two Business Days immediately preceding the Funding Date applicable thereto (in the case of LIBOR Loans), otherwise on the
Business Day immediately preceding the Funding Date applicable thereto, and each such Lender shall pay Administrative Agent such Lender’s Pro Rata Share of such requested Loan, in same day funds, by wire transfer to Administrative Agent’s
account by no later than 1:00 p.m. (Denver, Colorado time) on such Funding Date. If any Lender fails to pay the amount of its Pro Rata Share forthwith upon Administrative Agent’s demand, Administrative Agent shall promptly notify Borrower, and
Administrative Agent shall disburse to Borrower, by wire transfer of immediately available funds, that portion of such Loan as to which Administrative Agent has received funds. In such event, Administrative Agent may, on behalf of any Lender not
timely paying Administrative Agent, disburse funds to Borrower for Loans requested, subject to the provisions of Subsection 8.5(B). Each such Lender shall reimburse Administrative Agent on demand for all funds disbursed on its behalf by
Administrative Agent. Nothing in this Subsection 8.4 or elsewhere in this Agreement or the other Loan Documents, including the provisions of Subsection 8.5, shall be deemed to require Administrative Agent (or any other Lender) to advance funds on
behalf of any Lender or to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights that Administrative Agent or Borrower may have against any Lender as a result of any default by such Lender hereunder.

  
 8.5 Disbursements of Advances; Payments. 
  
 (A) Pro Rata Treatment; Application. Upon receipt by
Administrative Agent of each payment from Borrower hereunder, other than as described in the succeeding sentence, Administrative Agent shall promptly credit each Lender’s account with its Pro Rata Share of such payment in accordance with such
Lender’s Pro Rata Share and shall promptly wire advice of the amount of such credit to each Lender. Each payment to Administrative Agent of its fees shall be made in like manner, but for the account of Administrative Agent. 
  
 (B) Availability of Lender’s Pro Rata Share. 
  
 (1) Unless Administrative Agent has been notified by a Lender prior to a
Funding Date of such Lender’s intention not to fund its Pro Rata Share of the Loan amount requested by Borrower, and Administrative Agent has given notice pursuant to Subsection 8.4, Administrative Agent may assume that such Lender will make
such amount available to Administrative Agent on the Funding Date. If such amount is not, in fact, made available to Administrative Agent by such Lender when due, and Administrative Agent disburses funds to Borrower on behalf of such Lender,
Administrative Agent will be entitled to recover such amount on demand from Borrower, without set-off, counterclaim or deduction of any kind, with interest thereon at the rate per annum then applicable to such Loan. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 (2) Nothing contained in this Subsection 8.5(B) will be deemed to relieve a Lender of its obligation
to fulfill its commitments or to prejudice any rights Administrative Agent or Borrower may have against such Lender as a result of a default by such Lender under this Agreement. 
  
 (C) Return of Payments. 
  
 (1) If Administrative Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or will be
received by Administrative Agent from Borrower and such related payment is not received by Administrative Agent, then Administrative Agent will be entitled to recover such amount from such Lender without set-off, counterclaim or deduction of any
kind. 
  
 (2) If Administrative Agent determines at any time that
any amount received by Administrative Agent under this Agreement must be returned to Borrower or paid to any other Person pursuant to any solvency law or otherwise, then, notwithstanding any other term or condition of this Agreement, Administrative
Agent will not be required to distribute any portion thereof to any Lender. In addition, each Lender will repay to Administrative Agent on demand any portion of such amount that Administrative Agent has distributed to such Lender, together with
interest at such rate, if any, as Administrative Agent is required to pay to Borrower or such other Person, without set-off, counterclaim or deduction of any kind. 
  
 SECTION 9 
 MISCELLANEOUS 
  
 9.1 Indemnities. Borrower agrees
to indemnify, pay, and hold Administrative Agent and each Lender and their respective Affiliates and the respective officers, directors, employees, Administrative Agent, and attorneys of Administrative Agent, Lender and their respective Affiliates
(the “Indemnitees”) harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits and claims of any kind or nature whatsoever that may be imposed on, incurred by, or asserted
against the Indemnitee as a result of Administrative Agent and each Lender being a party to this Agreement or otherwise in connection with this Agreement, any of the other Loan Documents or any of the transactions contemplated hereby or thereby;
provided, that Borrower shall have no obligation to an Indemnitee hereunder with respect to liabilities arising from the gross negligence or willful misconduct of that Indemnitee, in each such case as determined by a final non appealable
judgment of a court of competent jurisdiction. This Subsection 9.1 and all indemnification provisions contained within any other Loan Document shall survive the termination of this Agreement. 
  
 9.2 Amendments and Waivers. Except as otherwise provided herein, no
amendment, modification, termination or waiver of any provision of this Agreement, the Notes or any of the other Loan Documents (other than any Related Interest Rate Agreement, which may only be amended, modified or terminated, or any provision
thereof waived, in accordance with the terms thereof), or consent to any departure by Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by Borrower and Requisite Lenders (or Administrative 

 

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 Agent, if expressly set forth herein, in any Note or in any other Loan Document); provided, that,
notwithstanding any other provision of this Agreement to the contrary and except, with respect to an assignee or assignor hereunder, to the extent permitted by any applicable Lender Addition Agreement, no amendment, modification, termination or
waiver shall, unless in writing and signed by all Lenders, do any of the following: (i) increase any Lender’s Pro Rata Share of any Loan Commitment or change a pro rata payment of any Lender; (ii) reduce the principal of, rate of interest on or
fees payable with respect to any Loan (other than indirectly by reason of an amendment to a defined terms); (iii) extend the Revolver Expiration Date or the Term Loan Maturity Date or extend any other scheduled date on which any Obligation is to be
paid (other than the date of any prepayment); (iv) change the percentage of Lenders which shall be required for Lenders or any of them to take any action hereunder; (v) release or subordinate Administrative Agent’s Lien on all or substantially
all of the Collateral (except if the release or subordination of such Collateral is permitted under and effected in accordance with this Agreement or any other Loan Document) or any material guaranty of the Obligations (except to the extent
expressly contemplated thereby); (vi) amend or waive this Subsection 9.2 or the definitions of the terms used in this Subsection 9.2 insofar as the definitions affect the substance of this Subsection 9.2; or (vii) consent to the assignment,
delegation or other transfer by Borrower of any of its rights and obligations under any Loan Document; and provided, further, that no amendment, modification, termination or waiver affecting the rights or duties of Administrative Agent
under any Loan Document shall in any event be effective, unless in writing and signed by Administrative Agent, in addition to Lenders required hereinabove to take such action. Each amendment, modification, termination or waiver shall be effective
only in the specific instance and for the specific purpose for which it was given. No amendment, modification, termination or waiver shall be required for Administrative Agent to take additional Collateral pursuant to any Loan Document. No notice to
or demand on Borrower or any other Person in any case shall entitle Borrower or such Person to any other or further notice or demand in similar or other circumstances. Any amendment, modification, termination, waiver or consent effected in
accordance with this Subsection 9.2 shall be binding upon each holder of the Notes at the time outstanding, each future holder of the Notes, and, if signed by Borrower, upon Borrower. 
  
 9.3 Notices. Any required notice or other communication shall be in writing addressed to the respective party as set
forth below and may be personally delivered, telecopied, sent by overnight courier service or U.S. mail and shall be deemed to have been given: (i) if delivered in person, when delivered; (ii) if delivered by telecopy, on the date of transmission if
transmitted on a Business Day before 2:00 p.m. (Denver, Colorado time) and otherwise on the Business Day next succeeding the date of transmission; (c) if delivered by overnight courier, two Business Days after delivery to the courier properly
addressed; or (d) if delivered by U.S. mail, four Business Days after deposit with postage prepaid and proper address. 
  
 Notices shall be addressed as follows: 
  

			
	If to Borrower:	  	Atlantic Tele-Network, Inc.
	 	  	10 Derby Square
	 	  	Salem, MA 01970
	 	  	Attn: Michael Prior
	 	  	Fax No.: 978-744-3951

  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

			
	With a copy to:	  	Edwards & Angell, LLP
	 	  	101 Federal Street
	 	  	Boston, MA 02110-1800
	 	  	Attn: Leonard Q. Slap
	 	  	Fax No.: 617-439-4170

  
 If to a Lender or
Administrative Agent: To the address set forth on the signature page hereto or in the applicable Lender Addition Agreement 
  
 9.4 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of Administrative Agent or any Lender to exercise, nor
any partial exercise of, any power, right or privilege hereunder or under any other Loan Documents shall impair such power, right, or privilege or be construed to be a waiver of any Default or Event of Default. All rights and remedies existing
hereunder or under any other Loan Document are cumulative to and not exclusive of any rights or remedies otherwise available. 
  
 9.5 Marshaling; Payments Set Aside. Neither Administrative Agent nor any Lender shall be under any obligation to marshal any assets in payment of
any or all of the Obligations. To the extent that Borrower or any other Person makes payment(s) or Administrative Agent enforces its Liens or Administrative Agent or any Lender exercises its right of set-off, and such payment(s) or the proceeds of
such enforcement or set-off is subsequently invalidated, declared to be fraudulent or preferential, set aside, or required to be repaid by anyone (whether by demand, litigation, settlement or otherwise), then to the extent of such recovery, the
Obligations or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or set-off had not
occurred. 
  
 9.6 Severability. The invalidity, illegality,
or unenforceability in any jurisdiction of any provision under the Loan Documents shall not affect or impair the remaining provisions in the Loan Documents or any such invalid, unenforceable or illegal provision in any jurisdiction in which it is
not invalid, unenforceable or illegal. 
  
 9.7 Lenders’
Obligations Several; Independent Nature of Lenders’ Rights. The obligation of each Lender hereunder is several and not joint and no Lender shall be responsible for the obligation or commitment of any other Lender hereunder. In the event
that any Lender at any time should fail to make a Loan as herein provided, Lenders, or any of them, at their sole option, may make the Loan that was to have been made by the Lender so failing to make such Loan. Nothing contained in any Loan Document
and no action taken by Administrative Agent or any Lender pursuant hereto or thereto shall be deemed to constitute Lenders to be a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to
each Lender shall be a separate and independent debt. 
  
 9.8
Headings. Section and Subsection headings are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purposes or be given substantive effect. 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 9.9 Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF COLORADO, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT REQUIRE OR PERMIT APPLICATION OF THE LAWS OF ANY OTHER STATE OR JURISDICTION. 
  
 9.10 Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and permitted assigns, except that Borrower may not assign its rights or obligations hereunder without the written consent of all Lenders. 
  
 9.11 No Fiduciary Relationship. No provision in the Loan Documents and
no course of dealing between the parties shall be deemed to create any fiduciary duty owing to Borrower or its Subsidiaries or Affiliates by Administrative Agent or any Lender. 
  
 9.12 Construction. Administrative Agent, each Lender and Borrower acknowledge that each of them has had the benefit
of legal counsel of its own choice and has been afforded an opportunity to review the Loan Documents with its legal counsel and that the Loan Documents shall be constructed as if jointly drafted by Administrative Agent, each Lender and Borrower.

  
 9.13 Confidentiality. Administrative Agent and Lenders
agree to hold any confidential information sufficiently identified as being confidential or proprietary that they may receive from Borrower and its Subsidiaries pursuant to this Agreement in confidence, except for disclosure: (i) on a confidential
basis to directors, officers, employees, Administrative Agent or legal counsel, independent public accountants and other professional advisors of Administrative Agent or Lenders or their respective Affiliates; (ii) to regulatory officials having
jurisdiction over Administrative Agent or Lenders or their Affiliates; (iii) as required by Applicable Law or legal process; or (iv) in connection with any legal proceeding between or among Administrative Agent or Lenders or their Affiliates and
Borrower or its Subsidiaries or Affiliates (provided that, in the event Administrative Agent or Lenders or their Affiliates are so required to disclose such confidential information pursuant to clause (iii) of this Subsection 9.13,
Administrative Agent or Lenders shall promptly notify Borrower (unless legally prohibited from so doing), so that Borrower or any of its Subsidiaries may seek, at its sole cost and expense, a protective order or other appropriate remedy); and (v) to
another Person in connection with a disposition or proposed disposition to that Person of all or part of that Lender’s interests hereunder or a participation interest in its Pro Rata Share, provided that such disclosure is made subject
to an appropriate confidentiality agreement on terms substantially similar to this Subsection 9.13. For purposes of the foregoing, “confidential information” shall mean all information respecting Borrower or its Affiliates or Subsidiaries,
other than (A) information previously filed by Borrower or its Affiliates or Subsidiaries with any Governmental Authority and available to the public or otherwise made available to third parties on a non-confidential basis, (B) information
previously published in any public medium from a source other than, directly or indirectly, Administrative Agent or Lenders in violation of this Subsection 9.13 and (C) information obtained by Administrative Agent or Lenders from a source
independent of Borrower or its Subsidiaries. 
  

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 9.14 Consent to Jurisdiction and Service of Process. 
  
 (A) BORROWER, ADMINISTRATIVE AGENT AND LENDERS HEREBY IRREVOCABLY SUBMIT TO
THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL COURT OR STATE COURT IN THE STATE OF COLORADO, HAVING SUBJECT MATTER JURISDICTION OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS. BORROWER, ADMINISTRATIVE
AGENT AND LENDERS HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT,
ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT, PERSONAL JURISDICTION OF ANY SUCH COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF ANY PARTY HERETO TO BRING PROCEEDINGS AGAINST ANY OTHER PARTY HERETO IN THE
COURTS OF ANY OTHER JURISDICTION. 
  
 (B) BORROWER, ADMINISTRATIVE
AGENT AND LENDERS HEREBY AGREE THAT SERVICE OF THE SUMMONS AND COMPLAINT AND ALL OTHER PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE EFFECTED BY MAILING BY REGISTERED MAIL, RETURN RECEIPT REQUESTED, A COPY OF SUCH PROCESS
TO BORROWER, ADMINISTRATIVE AGENT OR LENDERS AT THE ADDRESS TO WHICH NOTICES TO BORROWER, ADMINISTRATIVE AGENT AND LENDERS ARE THEN TO BE SENT PURSUANT TO SUBSECTION 9.3 AND THAT PERSONAL SERVICE OF PROCESS SHALL NOT BE REQUIRED. NOTHING HEREIN
SHALL BE CONSTRUED TO PROHIBIT SERVICE OF PROCESS BY ANY OTHER METHOD PERMITTED BY LAW. 
  
 9.15 Waiver of Jury Trial. BORROWER, ADMINISTRATIVE AGENT AND LENDERS HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, ANY OF THE
OTHER LOAN DOCUMENTS, OR ANY DEALINGS BETWEEN OR AMONG THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION AND ANY RELATIONSHIP THAT IS BEING ESTABLISHED AMONG ANY OF THEM. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY
AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. BORROWER,
ADMINISTRATIVE AGENT AND LENDERS ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THAT EACH WILL CONTINUE TO RELY ON THE
WAIVER IN THEIR RELATED FUTURE DEALINGS. BORROWER, ADMINISTRATIVE AGENT AND LENDERS FURTHER WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN 
  

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 Credit Agreement/Atlantic Tele-Network, Inc. 
  

 WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THE LOAN
DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. BORROWER, ADMINISTRATIVE AGENT AND LENDERS ALSO WAIVE ANY BOND OR SURETY
OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF ADMINISTRATIVE AGENT AND EACH LENDER. 
  
 9.16 Survival of Warranties and Certain Agreements. All agreements, representations and warranties made herein shall survive the execution and
delivery of this Agreement, the making of the Loans, and the execution and delivery of the Notes. Notwithstanding anything in this Agreement or implied by law to the contrary, the agreements of Borrower set forth in Subsections 1.4(D), 1.11, 1.14,
9.1, 9.9, 9.14 and 9.15 and the agreements of Lenders set forth in Subsection 8.2(E) (together with any other Sections and Subsections stated herein to so survive) shall survive the payment of the Loans and the termination of this Agreement.

  
 9.17 Entire Agreement. This Agreement, the Notes and
the other Loan Documents referred to herein embody the final, entire agreement among the parties hereto and supersede any and all prior commitments, agreements, representations, understandings, whether oral or written, relating to the subject matter
hereof and may not be contradicted or varied by evidence of prior, contemporaneous or subsequent oral agreements or discussions of the parties hereto. 
  
 9.18 Counterparts; Effectiveness. This Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of which counterparts together shall constitute but one and the same instrument. This Agreement shall become
effective upon the execution of a counterpart hereof by each of the parties hereto. 
  
 SECTION 10 
 DEFINITIONS 
  
 10.1 Certain Defined Terms. The terms defined below are used in this Agreement as so defined. Terms defined in the
preamble and recitals to this Agreement are used in this Agreement as so defined. 
  
 “Acquisition” means Borrower’s acquisition of 95% of the membership interests of Commnet as of even date herewith as contemplated in the Asset Purchase Agreement. 
  
 “Act” means the Securities Exchange Act of 1934, as amended.

  
 “Adjustment Date” means each date which is
the fifth Business Day after the receipt by Administrative Agent of each Compliance Certificate and related quarterly financial statements delivered by Borrower pursuant to Subsection 4.5(C) and, in the case a decrease in an applicable margin is
warranted, a written notice from Borrower to decrease such margin. 
  

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 “Administrative Agent” means CoBank in its capacity as Administrative Agent for
Lenders under this Agreement and each of the other Loan Documents and any successor in such capacity appointed pursuant to Subsection 8.2. 
  
 “Affiliate” means, (A) with respect to Borrower or any of its Subsidiaries, any Person: (i) directly or indirectly controlling,
controlled by, or under common control with such Person; (ii) directly or indirectly owning or holding 10% or more of any equity interest in Borrower or any Subsidiary of Borrower; or (iii) 10% or more of whose voting stock or other equity interest
is directly or indirectly owned or held by Borrower or any Subsidiary of Borrower, excluding for purposes of this clause (A) Affiliates which are also Borrower, (B) with respect to Administrative Agent and Lenders hereunder, any Person which
controls or is controlled by or is under common control with such Person and (C) with respect to Affiliates of Administrative Agent, any Person which controls or is controlled by or is under common control with such Person. For purposes of this
definition, “control” (including with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”) means the possession directly or indirectly of the power to direct or cause
the direction of the management and policies of a Person, whether through the ownership of voting securities or by contract or otherwise. 
  
 “Agreement” means this Credit Agreement (including all schedules and exhibits hereto), as amended, modified, supplemented, extended and
restated from time to time as permitted herein. 
  
 “Applicable Law” means, in respect of any Person, all provisions of constitutions, statutes, rules, regulations and orders of governmental bodies or regulatory agencies applicable to such Person, including the Licenses, the
Communications Act and all Environmental Laws, and all orders, decisions, judgments and decrees of all courts and arbitrators in proceedings or actions to which the Person in question is a party or by which it is bound. 
  
 “Arranger” means CoBank in its capacity as Arranger for
Lenders under this Agreement and each of the other Loan Documents and any successor in such capacity appointed pursuant to Subsection 8.2. 
  
 “Asset Disposition” means the disposition, whether by sale, lease, transfer, loss, damage, destruction, condemnation or otherwise, by
Borrower or any of its Subsidiaries of any of the following: (i) any of the capital stock or the ownership interests of Borrower or any of their Subsidiaries, or (ii) any or all of Borrower’s or any of its Subsidiaries’ assets, other than
(a) bona fide sales of inventory to customers in the ordinary course of business, (b) dispositions of obsolete equipment not used or useful in the business of Borrower or any of its Subsidiaries, (c) sales of Cash Equivalents for fair value and (d)
the sale of Commnet’s 36.625% interest in Commnet Florida, LLC. 
  
 “Available Revolver Loan Commitment” means, at any time, the Revolver Loan Commitment, as it may have been reduced pursuant to this Agreement, minus the aggregate principal balance of all Revolver Loans then
outstanding hereunder. 
  

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 “Bankruptcy Code” means Title 11 of the United States Code entitled
“Bankruptcy,” as amended from time to time, or any applicable bankruptcy, insolvency or other similar federal or state law now or hereafter in effect and all rules and regulations promulgated thereunder. 
  
 “Base Rate” means, a variable rate of interest per annum
equal, on any day, to the rate of interest published on such day in the Eastern Edition of The Wall Street Journal as the average prime lending rate for 75 percent of the United States’ 30 largest commercial banks, or if the Eastern
Edition of The Wall Street Journal or such rate is not published on such day, such rate as last published in the Eastern Edition of The Wall Street Journal. In the event the Eastern Edition of The Wall Street Journal ceases to
publish such rate or an equivalent, the term “Prime Rate” shall be determined by reference to such other regularly published prime rate based upon any averaging of such 30 banks, as Administrative Agent shall determine, or if no such
published average prime rate is available, then the term “Prime Rate” shall mean a variable rate of interest per annum as determined by Administrative Agent equal to the highest of the “prime rate,” “reference rate,”
“base rate” or other similar rate announced from time to time by any of Bankers Trust Company and Citibank as selected by Administrative Agent (with the understanding that any such rate may merely be a reference rate and may not
necessarily represent the lowest or best rate actually charged to any customer by such bank). Any change in the “Prime Rate” shall be automatic, without the necessity of notice being provided to Borrower or any other party. 
  
 “Base Rate Margin” means the applicable percent per annum
determined in accordance with Subsection 1.2(B). 
  
 “Borrower Pledged Cash” means deposits in the name of Borrower (and not of its Subsidiaries) of the Borrower’s funds located in commercial banks in the United States and in deposit accounts of which the Administrative
Agent has “control” (as defined in Article 9 of the Uniform Commercial Code in effect in the State of Colorado, as amended from time to time). 
  
 “Business Day” means (i) for all purposes other than as covered by clause (ii) below, any day excluding Saturday, Sunday and any day
which is a legal holiday under the laws of the States of Colorado, Georgia or Massachusetts or is a day on which banking institutions located in such jurisdictions are closed or which the Federal Reserve Banks are closed, and (ii) with respect to
all notices, determinations, fundings and payments in connection with LIBOR Loans, any day that is a Business Day described in clause (i) above and that is also a day for trading by and between banks in U.S. dollar deposits in the applicable
interbank LIBOR market. 
  
 “Calculation Period”
means each period commencing on each Adjustment Date and ending on the day preceding each subsequent Adjustment Date. 
  
 “Capital Lease” means any lease of real or personal property which is required to be capitalized under GAAP or which is treated as an
operating lease under regulations applicable to Borrower and its Subsidiaries but which otherwise would be required to be capitalized under GAAP. 
  
 “Cash Equivalents” means: (i) marketable direct obligations issued or unconditionally guarantied by the United States Government or
issued by any agency thereof and backed by the 
  

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 full faith and credit of the United States of if not so backed, then having a rating of at least A+ from Standard
& Poor’s Rating Service and at least A1 from Moody’s Investors Service, Inc., in each case maturing within two years from the date of acquisition thereof; (ii) commercial paper maturing no more than one year from the date issued and,
at the time of acquisition, having a rating of at least A-1 from Standard & Poor’s Rating Service or at least P-1 from Moody’s Investors Service, Inc.; (iii) certificates of deposit or bankers’ acceptances maturing within one year
from the date of issuance thereof issued by, or overnight reverse repurchase agreements from, any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia having combined capital and
surplus of not less than $500,000,000; (iv) time deposits maturing no more than 30 days from the date of creation thereof with commercial banks having membership in the Federal Deposit Insurance Corporation in amounts at any one such institution not
exceeding the lesser of $100,000 or the maximum amount of insurance applicable to the aggregate amount of Borrower’s deposits at such institution; and (v) Investments in CoBank, ACB or other Investments satisfactory to Administrative Agent.

  
 “Change of Control” means: (i) a report on
Schedule 13D shall be filed with the Securities and Exchange Commission pursuant to Section 13(d) of the Act disclosing that any person other than Borrower or any employee benefit plan sponsored by Borrower, is the beneficial owner (as the term is
defined in Rule 13d-3 under the Act) directly or indirectly, of 30% or more of the total voting power represented by Borrower’s then outstanding voting securities (calculated as provided in paragraph (d) of Rule 13d-3 under the Act in the case
of rights to acquire voting securities); or (ii) any person, other than Borrower or any employee benefit plan sponsored by Borrower, shall purchase shares pursuant to a tender offer or exchange offer to acquire any voting securities of Borrower (or
securities convertible into such voting securities) for cash, securities or any other consideration, provided that after consummation of the offer, the person in question is the beneficial owner directly or indirectly, of thirty percent or more of
the total voting power represented by Borrower’s then outstanding voting securities (all as calculated under clause (i)); or (iii) the occurrence of (A) any consolidation or merger of Borrower in which Borrower is not the continuing or
surviving corporation (other than a merger of Borrower in which holders of common shares of Borrower immediately prior to the merger have the same proportionate ownership of common shares of the surviving corporation immediately after the merger as
immediately before or a merger effected pursuant to Section 251(g) of the Delaware General Corporation Law), or pursuant to which common Shares of Borrower will be converted into cash, securities or other property, or (B) any sale, lease exchange or
other transfer (in one transaction or a series of related transactions) of all or substantially all the assets of Borrower; or (iv) there shall have been a change in the composition of the Board of Directors of Borrower at any time during any
consecutive twenty-four month period such that “continuing directors” cease for any reason to constitute at least a 70% majority of the Board. For purposes of this clause, “continuing directors” means those members of the Board
who either were directors at the beginning of such consecutive twenty-four month period or were elected by or on the nomination or recommendation of at least a 70% majority of the then-existing “continuing directors.” Notwithstanding the
foregoing, no “Change of Control” shall have occurred or be deemed to be continuing, during such time as Cornelius B. Prior, Jr., his spouse or his lineal descendents, directly or in trust for their benefit, shall have voting control of
(a) 50% or more of the outstanding shares entitled to vote, or (b) 35% or more of the outstanding shares entitled to vote at a time when no other shareholders described above owns in the aggregate 35% or more of the outstanding shares entitled to
vote. 
  

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 “Closing Date” means September 15, 2005. 
  
 “Collateral” means, collectively: (i) all
“Collateral” as defined in the Security Documents; (ii) all real property and interests in real property mortgaged pursuant to the Security Documents; and (iii) any property or interest provided in addition to or in substitution for any of
the foregoing. 
  
 “Collateral Contract
Assignments” means, collectively, all collateral assignments of Material Contracts, in form and content approved by Administrative Agent, executed by Borrower or any of its Subsidiaries in favor of Administrative Agent, for the benefit of
itself and Lenders, as required pursuant to Subsection 2.8, as amended, modified, supplemented, extended and restated from time to time. 
  
 “Commnet Guaranty” means that certain Continuing Guaranty, dated as of the date hereof, made by Commnet in favor of Administrative Agent,
for the benefit of itself and the Lenders, as amended, modified, supplemented, extended or restated from time to time. 
  
 “Commnet Leverage Ratio” means, as of the date of calculation derived by dividing (a) the result of (i) Indebtedness of Borrower
(calculated on a consolidated basis for Borrower and its Subsidiaries) minus (ii) the amount of Borrowers Pledged Cash, each as of the date of calculation by (b) EBITDA for Commnet (calculated on a consolidated basis for Commnet and
its Subsidiaries) for the then most recently completed four fiscal quarters. 
  
 “Commnet Operating Agreement” means the Third Amended and Restated Operating Agreement of Commnet, dated as of the date hereof, as it may be amended, modified, supplemented, extended and restated from
time to time. 
  
 “Communications Act” means the
Communications Act of 1934, as amended and any similar or successor federal statute, and the rules and regulations of the FCC thereunder, all as the same may be in effect from time to time. 
  
 “Communications System” means a system or business providing
voice, data or video transport, connection or monitoring services, through any means or medium, and the provision of management, technical and financial (including call rating) or other services to companies providing such transport, connection or
monitoring services. 
  
 “Contingent Obligation,”
as applied to any Person, means any direct or indirect liability of that Person: (i) with respect to any indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or
the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid, performed or discharged, or that the holders of such liability will be protected (in whole or in part) against loss with respect
thereto; (ii) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; or (iii) under any foreign exchange contract, currency swap agreement, interest
rate swap agreement 
  

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 or other similar agreement or arrangement designed to alter the risks of that Person arising from fluctuations in
currency values or interest rates. Contingent Obligations shall also include (a) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making, discounting with recourse or sale
with recourse by such Person of the obligation of another, (b) the obligation to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, and (c) any liability of such Person for
the obligations of another through any agreement to purchase, repurchase or otherwise acquire such obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the
solvency, financial condition or any balance sheet item or level of income of another. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined
amount, the maximum amount so guaranteed. 
  
 “Debt
Service” means, for the applicable period, the sum of: (a) all principal payments scheduled to be made on Indebtedness (or scheduled reductions in commitments on lines of credit to the extent such reductions would cause the repayment of
principal amounts then outstanding under such lines) plus (b) Interest Expense. 
  
 “Debt Service Coverage Ratio” means, as of the date of calculation, the ratio derived by dividing (a) EBITDA by (b) Debt Service, each for the then most recently completed four fiscal
quarters. 
  
 “Default” means a condition or
event that, after notice or lapse of time or both, would constitute an Event of Default if that condition or event were not cured or removed within any applicable grace or cure period. 
  
 “EBITDA” means (i) the result of (1) sum of (a) net income or deficit, as the case may be, excluding gains
or losses on the sale of assets and extraordinary (non-recurring, one-time) gains and losses, (b) total interest expense (including non-cash interest), (c) depreciation and amortization expense, and (d) income taxes, minus (2) to the extent
included in calculating net income or deficit, the sum of (a) interest income, (b) dividends and patronage income and (c) equity in earnings from unconsolidated subsidiaries and joint ventures, and (ii) will be measured for the then most recently
completed four fiscal quarters, adjusted to give effect to any acquisition, sale or other disposition, directly or through a subsidiary, of any business (or any portion thereof) during the period of calculation as if such acquisition, sale or other
disposition occurred on the first day of such period of calculation. 
  
 “Environmental Laws” means all applicable federal, state or local laws, statutes, rules, regulations or ordinances, codes, common law, consent agreements, orders, decrees, judgments or injunctions issued, promulgated,
approved or entered thereunder relating to public health, safety or the pollution or protection of the environment, including those relating to releases, discharges, emissions, spills, leaching, or disposals of hazardous substances (including
petroleum, crude oil or any fraction or derivative thereof, or 
  

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 other hydrocarbons) to air, water, land or ground water, to the withdrawal or use of ground water, to the use,
handling or disposal of polychlorinated biphenyls, asbestos or urea formaldehyde, to the treatment, storage, disposal or management of hazardous substances (including petroleum, crude oil or any fraction or derivative thereof, or other
hydrocarbons), pollutants or contaminants, to exposure to toxic, hazardous or other controlled, prohibited, or regulated substances, including, without limitation, any such provisions under the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended (42 U.S.C. § 9601 et seq.), and the Resource Conservation and Recovery Act of 1976, as amended (42 U.S.C. § 6901 et seq.). 
  
 “Equity” means the result of consolidated total assets
minus consolidated total liabilities. 
  
 “Equity
to Assets Ratio” means the ratio derived by dividing (i) Equity by (ii) consolidated total assets. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 “ERISA Affiliate” means any trade or business (whether or
not incorporated) which is a member of a controlled group or under common control with Borrower within the meaning of Section 414(b) or (c) of the IRC (and Sections 414(m) and (o) of the IRC for purposes of provisions relating to Section 412 of the
IRC). 
  
 “ERISA Event” means, with respect to
Borrower, any ERISA Affiliate or any Pension Plan, the occurrence of any of the following: (a) a Reportable Event; (b) a withdrawal by a substantial employer (as defined in Section 4001(a)(12) of ERISA) subject to Section 4063 of ERISA; (c) a
cessation of operations which is treated as a withdrawal under Section 4062(e) of ERISA; (d) a complete or partial withdrawal under Section 4203 or 4205 of ERISA from a Multi-employer Plan; (e) a notification that a Multi-employer Plan is in
reorganization under Section 4242 of ERISA; (f) the filing of a notice of intent to terminate a Pension Plan under 4041 of ERISA; (g) the treatment of an amendment of a Pension Plan as a termination under 4041 of ERISA; (h) the termination of a
Multi-employer Plan under Section 4041A of ERISA; (i) the commencement of proceedings by the PBGC to terminate a Pension Plan under 4042 of ERISA; (j) an event or condition which could reasonably be expected to constitute grounds under Section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, a Pension Plan; or (k) the imposition of any liability under Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA. 

 
 “Facility” or “Facilities” means one or
more of the Revolver Facility and the Term Loan Facility. 
  
 “FCC” means the Federal Communications Commission, or any other similar or successor agency of the federal government administering the Communications Act. 
  
 “Franchise” means any franchise or other authorization, ordinance or regulation permitting the operation of
a Communications System granted by any federal, state or local Governmental Authority (including in Guyana). 
  
 “GAAP” means generally accepted accounting principles as set forth in statements from Auditing Standards No. 69 as amended, entitled
“The Meaning of ‘Present Fairly in Conformance 
  

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 with Generally Accepted Accounting Principles in the Independent Auditors Reports’” issued by the Auditing
Standards Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board that are applicable to the circumstances as of the date of determination. 
  
 “Governmental Approvals” means all authorizations, consents,
approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities, including all Licenses. 
  
 “Governmental Authority” means any nation (including Guyana), province, or state or any political subdivision of any of the foregoing,
and any government or any Person exercising executive, legislative, regulatory or administrative functions of or pertaining to government, and any corporation or other entity exercising such functions owned or controlled, through stock or capital
ownership or otherwise, by any of the foregoing, including the FCC and any PUC. 
  
 “Indebtedness” as applied to any Person, means without duplication: (i) all indebtedness for borrowed money; (ii) that portion of obligations with respect to Capital Leases or other capitalized
agreements that is properly classified as a liability on a balance sheet in conformity with GAAP; (iii) notes payable and drafts accepted representing extensions of credit whether or not representing obligations for borrowed money; (iv) any
obligation owed for all or any part of the deferred purchase price of property or services, except trade payables arising in the ordinary course of business and outstanding not more than 90 days after such obligation is due (unless thereafter
contested in good faith); (v) all obligations created or arising under any conditional sale or other title retention agreement; (vi) all indebtedness secured by any Lien on any property or asset owned or held by that Person regardless of whether the
indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit of that Person, but only to the extent of the fair value of such property or asset; (vii) all obligations of such Person under take-or-pay or similar
arrangements or under commodities agreements; (viii) the net termination obligations of such Person under any Interest Rate Agreement, calculated as of any date as if such agreement or arrangement were terminated as of such date; (ix) the maximum
amount of all standby letters of credit issued or bankers’ acceptance facilities created for the account of such Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed); (x) the principal balance outstanding
under any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product; (xi) with respect to the Indebtedness of any partnership or unincorporated joint venture in which such Person is a
general partner or joint venturer, the least of (A) such Indebtedness, (B) such Person’s actual liability for such Indebtedness or (C) such Person’s investment in such partnership or joint venture; (xii) obligations with respect to
principal under Contingent Obligations for the repayment of money or the deferred purchase price of property, whether or not then due and payable (calculated as the maximum amount of such principal); and (xiii) obligations under partnership,
organizational or other agreements to fund capital contributions or other equity calls with respect to any Person or investment, or to redeem, repurchase or otherwise make payments in respect to capital stock or other securities of such Person.

  

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 “Interest Expense” shall mean, for the applicable period, the aggregate amount of
accrued interest on Indebtedness, and net amounts payable under Interest Rate Agreements, whether paid in cash or accrued as a liability. 
  
 “Interest Period” shall mean any of LIBOR Interest Period or any Quoted Rate Interest Period. 
  
 “Interest Rate Agreement” means any interest rate swap,
hedge, cap, collar or similar agreement or arrangement designed to protect Borrower against fluctuations in interest rates and will also include any arrangement that Lenders, in their sole discretion, may offer to Borrower to fix the interest rate
applicable to any portions of the Loans. 
  
 “Investment” means (i) any direct or indirect purchase or other acquisition by Borrower or any of its Subsidiaries of any beneficial interest in, including stock, partnership interest or other equity securities of, any
other Person; and (ii) any direct or indirect loan, advance, transfer, guarantee, assumption of liability or other obligation or liability, or capital contribution by Borrower or any of its Subsidiaries to any other Person, including all
indebtedness and accounts receivable from that other Person that are not current assets or did not arise from sales to that other Person in the ordinary course of business. The amount of any Investment shall be the original cost of such Investment
plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect to such Investment. 
  
 “IRC” means the Internal Revenue Code of 1986, as amended from time to time, and all rules and regulations
promulgated thereunder. 
  
 “Lender” or
“Lenders” means one or more of the banks or other financial institutions identified as Lenders in the first paragraph of this Agreement and their successors and permitted assigns pursuant to Subsection 8.1. 
  
 “Lender Addition Agreement” means an agreement among
Administrative Agent, a Lender and such Lender’s assignee regarding their respective rights and obligations with respect to assignments of the Loans, the Loan Commitment and other interests under this Agreement and the other Loan Documents in
the form attached hereto as Exhibit 10.1(A). 
  
 “LIBOR” means for each applicable Interest Period, a fixed annual rate equal to: (a) the rate of interest determined by Administrative Agent at which deposits in U.S. dollars for the relevant Interest Period are offered
based on information presented by the Telerate Service as quoted by the British Bankers Association as of 11:00 a.m. (London time) on the day which is two Business Days prior to the first day of such Interest Period, provided, that in the
event British Bankers Association ceases to provide such quotations (as determined by Administrative Agent), then Administrative Agent will notify Borrower and Administrative Agent and Borrower will agree upon a substitute basis for obtaining such
quotations, divided by (b) a number equal to 1.0 minus the aggregate (but without duplication) of the rates (expressed as a decimal fraction) of reserve requirements in effect on the day which is two Business Days prior to the
beginning of such Interest Period for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” 
  

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 in Regulation D of such Board) which are required to be maintained by a member bank of the Federal Reserve System
(including, without limitation, basic, supplemental, marginal and emergency reserves under any regulations of the Board of Governors of the Federal Reserve System or other Governmental Authority having jurisdiction with respect thereto, as now and
from time to time in effect); such rate to be rounded upward to the next whole multiple of 0.01 percent. 
  
 “LIBOR Loans” means Loans (or portions thereof as permitted hereunder) accruing interest at rates determined by reference to the LIBOR.

  
 “LIBOR Margin” means the applicable percent
per annum determined in accordance with Subsection 1.2(B). 
  
 “Licenses” means any material telecommunications or similar license, authorization, waiver, certificate of compliance, franchise, approval or permit, whether for the acquisition, construction or operation of any
Telecommunications System, granted or issued by the FCC or any applicable PUC and held or utilized by Borrower or any Subsidiary of Borrower, all of which are listed as of the Closing Date on Schedule 5.13(A). 
  
 “Lien” means any lien, mortgage, pledge, security interest,
charge or encumbrance of any kind, whether voluntary or involuntary (including any conditional sale or other title retention agreement and any lease in the nature thereof), and any agreement to give any lien, mortgage, pledge, security interest,
charge or encumbrance. 
  
 “Loan” or
“Loans” means an advance or advances under any of the Loan Commitments. 
  
 “Loan Commitment” or “Loan Commitments” means one or more of the Revolver Loan Commitment and the Term Loan Commitment, as any such commitment is reduced from time to time as provided
in this Agreement. 
  
 “Loan Documents” means,
collectively, this Agreement, the Revolver Notes, the Term Loan Notes, the Security Documents, the Commnet Guaranty, any Related Interest Rate Agreement to which a Lender or an Affiliate of a Lender is a party and all other instruments, documents
and agreements executed and delivered concurrently herewith or at any time hereafter to or for the benefit of Administrative Agent or any other Agent or Lender in connection with the Loans and other transactions contemplated by this Agreement, all
as amended, modified, supplemented, extended or restated from time to time. 
  
 “Material Adverse Effect” means (i) a material adverse effect upon the business, operations, properties, assets or condition (financial or otherwise) or prospects of Borrower and its Subsidiaries,
taken as a whole, or (ii) the impairment of any Liens in favor of Administrative Agent, of the ability of Borrower and its Subsidiaries, taken as a whole, to perform their obligations under the Loan Documents or of Administrative Agent or any Lender
to enforce any Loan Document or collect any of the Obligations. In determining whether any individual event could reasonably be expected to have a Material Adverse Effect, notwithstanding that such event does not of itself have such effect, a
Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other then existing events could reasonably be expected to have a Material Adverse Effect. 
  

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 “Material Contracts” means (a) the Material Contracts listed on Schedule
5.17, (b) any contract or any other agreement, written or oral, of Borrower or any of its Subsidiaries involving monetary liability of or to any such Person in an aggregate amount in excess of $1,000,000 per annum and (c) any other contract or
agreement, written or oral, of Borrower or any of its Subsidiaries the failure to comply with which could reasonably be expected to have a Material Adverse Effect. 
  
 “Multi-employer Plan” means a Multi-employer plan as defined in Section 4001(a)(3) of ERISA to which
Borrower or any ERISA Affiliate makes, is making, made, or was at any time during the current year or the immediately preceding six (6) years obligated to make contributions. 
  
 “Net Proceeds” means cash proceeds received by Borrower or any Subsidiary of Borrower from any Asset
Disposition, debt or equity issuance (including insurance proceeds, awards of condemnation, and payments under notes or other debt securities received in connection with any Asset Disposition), net of (i) the reasonable costs of such sale, lease,
transfer, issuance or other disposition (including taxes attributable to such sale, lease, transfer or issuance) and (ii) amounts applied to repayment of permitted Indebtedness (other than the Obligations) secured by a Lien on the asset or property
disposed and (iii) for Subsidiaries not wholly owned by Borrower, the percentage equal to the ownership interests of Persons other than Borrower (by way of example, if Borrower owns a Subsidiary 95%, who in turn owns another Subsidiary 80%, and an
Asset Disposition occurs at the other Subsidiary, only 76% (95% of 80%) of the proceeds thereof that would otherwise have constituted Net Proceeds will constitute Net Proceeds. 
  
 “Note” or “Notes” means one or more of the Revolver Notes and the Term Notes. 

 
 “Obligations” means all obligations, liabilities and
indebtedness of every nature of Borrower from time to time owed to Administrative Agent or any Lender (or any Affiliate of a Lender party to a Related Interest Rate Agreement) under the Loan Documents, including the principal amount of all debts,
claims and indebtedness, accrued and unpaid interest and all fees, costs and expenses, whether primary, secondary, direct, contingent, fixed or otherwise, heretofore, now or from time to time hereafter owing, due or payable, or any combination
thereof, whether before or after the filing of a proceeding under the Bankruptcy Code by or against Borrower. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation or any Person succeeding to the functions thereof. 
  
 “Pension Plan” means a pension plan (as defined in Section
3(2) of ERISA) subject to Title IV of ERISA which Borrower or an ERISA Affiliate sponsors, maintains, or to which it makes, is making, or is obligated to make contributions or, in the case of a Multi-employer Plan, has made contributions at any time
during the current year or the immediately preceding six plan years. 
  

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 “Permitted Encumbrances” means the following: 
  
 (1) Liens for taxes, assessments or other governmental charges not yet due
and payable or Liens for taxes, assessments or other governmental charges due and payable if the same are being diligently contested in good faith and by appropriate proceedings and then only if and to the extent that adequate reserves therefor are
maintained on the books of Borrower and its Subsidiaries, as applicable, in accordance with GAAP; 
  
 (2) statutory Liens of landlords, carriers, warehousemen, mechanics, materialmen and other similar liens imposed by law, which are incurred in the
ordinary course of business for sums not more than 60 days delinquent or which are being diligently contested in good faith; provided that a reserve or other appropriate provision shall have been made therefor and in any event the aggregate
amount of liabilities secured by such Liens is less than $100,000; 
  
 (3) Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security (other than any Lien imposed by the Employee Retirement Income
Security Act of 1974 or any rule or regulation promulgated thereunder), or to secure the performance of tenders, statutory obligations, surety, stay, customs and appeal bonds, bids, leases, government contracts, trade contracts, performance and
return of money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money) in the amount and to the extent permitted by Subsection 3.4; 
  
 (4) deposits, in an aggregate amount not to exceed $100,000, made in the ordinary course of business to secure liability to
insurance carriers; 
  
 (5) any attachment or judgment Lien
which, individually or when aggregated, does not constitute an Event of Default under Subsection 6.1(I) (whether individually or when aggregated with other such Liens); 
  
 (6) easements, rights of way, restrictions and other similar charges or encumbrances not interfering in any material
respect with the ordinary conduct of the business of Borrower or any of its Subsidiaries or materially adversely affecting the value of any Collateral; 
  
 (7) Liens in favor of Administrative Agent, for the benefit of itself and Lenders; 
  
 (8) Liens in favor of CoBank as set forth in Subsection 2.6; 
  
 (9) Liens securing purchase money security agreements and Capital Leases permitted under Subsection 3.1(C), provided
that such Liens do not encumber any property other than the items purchased with the proceeds of such Indebtedness or leased pursuant to such Indebtedness (and the proceeds of such property) and such liens do not secure any amounts other than
amounts necessary to purchase or lease such items; and 
  

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 (10) Lien in favor of US Bancorp Equipment Finance, Inc. securing the Airplane Indebtedness,
provided that such Lien does not encumber any property other than the airplane purchased with such Indebtedness. 
  
 “Person” means and includes natural persons, corporations, limited liability companies, limited partnerships, limited liability
partnerships, general partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and governments and agencies and
political subdivisions thereof and their respective permitted successors and assigns (or in the case of a governmental person, the successor functional equivalent of such Person). 
  
 “Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) which Borrower or an ERISA
Affiliate sponsors or maintains or to which Borrower or an ERISA Affiliate makes, is making, or is obligated to make contributions and includes any Pension Plan. 
  
 “Pro Rata Share” means, the percentage obtained by dividing (i) such Lender’s commitment to make Loans
under the Loan Commitment, as set forth on the signature page of this Agreement opposite such Lender’s signature or in the most recent Lender Addition Agreement, if any, executed by such Lender, by (ii) the sum of all such commitments of all
Lenders to make Loans under the Loan Commitment. 
  
 “PUC” means any state, provincial or other local regulatory agency or body, including the Guyanan Public Utilities Commission, that exercises jurisdiction over the rates or services or the ownership, construction or
operation of any Telecommunications System or over Persons who own, construct or operate a Telecommunications System, in each case by reason of the nature or type of the business subject to regulation and not pursuant to laws and regulations of
general applicability to Persons conducting business in any such jurisdiction. 
  
 “Purchase Agreement” means that Merger Agreement by and among Borrower, Commnet and certain other Persons, dated as of July 26, 2005, pursuant to which Borrower agrees to purchase substantially all of
the assets of Commnet. 
  
 “Quoted Rate Loan”
means Loans accruing interest at Quoted Rate. 
  
 “Related
Interest Rate Agreement” means any Interest Rate Agreement, in form and content acceptable to Administrative Agent, entered into by Borrower to hedge the interest rate exposure applicable to any portions of the Loans. 
  
 “Reportable Event” means any of the events set forth in
Section 4043(b) of ERISA or the regulations thereunder, other than any such event for which the 30 day notice requirement under ERISA has been waived in regulations issued by the PBGC. 
  
 “Requisite Lenders” means at least two Lenders (to the extent more than one Lender holds any Loan
Commitment) who have in the aggregate Pro Rata Shares greater than 50%. 
  
 “Restricted Junior Payment” means: (i) any dividend or other distribution, direct or indirect, on account of any equity interest in Borrower or any of its Subsidiaries, including any 
  

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 ownership interest and any shares of any class of stock or other equity interest of Borrower or any of its
Subsidiaries now or hereafter outstanding, except a dividend payable solely in shares of a class of stock or other equity interest to the holders of that class; (ii) any redemption, repurchase, conversion, exchange, retirement, sinking fund or
similar payment, purchase or other acquisition for value, direct or indirect, of any equity interest in Borrower or any of its Subsidiaries, including any ownership interest and any shares of any class of stock of Borrower or any of its Subsidiaries
now or hereafter outstanding; (iii) any payment or prepayment of interest on, principal of, premium, if any, redemption, conversion, exchange, purchase, retirement, defeasance, sinking fund or similar payment with respect to, any Indebtedness
subject to subordination provisions for the benefit of Administrative Agent and Lenders; and (iv) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any equity interest in Borrower
or any of its Subsidiaries, including any ownership interest and shares of any class of stock of Borrower or any of its Subsidiaries now or hereafter outstanding. 
  
 “Revolver Expiration Date” means the earlier of (i) the acceleration of the Obligations pursuant to
Subsection 6.3 or (ii) October 31, 2010. 
  
 “Revolver
Facility” means the revolver loan facility extended to Borrower pursuant to Subsection 1.1(A). 
  
 “Revolver Loan Commitment” means, initially $20,000,000, as such amount is reduced from time to time as provided in this Agreement.

  
 “Revolver Loans” means an advance or advances
under the Revolver Loan Commitment. 
  
 “Revolver
Note” or “Revolver Notes” means one or more of the Notes of Borrower substantially in the form of Exhibit 10.1(B), or any combination thereof, and any replacements, reinstatements, renewals or extension of any such
notes, in whole or in part. 
  
 “Security
Agreement” means the Pledge and Security Agreement, dated as of the date hereof, in form and content approved by Administrative Agent, executed by Borrower and their Subsidiaries, in favor of Administrative Agent, for the benefit of itself
and Lenders, encumbering personal property of Borrower, wherever situated, as it may be amended, modified, supplemented, extended or restated from time to time. 
  

“Security Documents” means, collectively, all instruments, documents and agreements executed by or on behalf of Borrower and its
Subsidiaries to provide collateral security with respect to the Obligations, including, without limitation, the Security Agreement, any Collateral Contract Assignments and all instruments, documents and agreements executed pursuant to the terms of
the foregoing, in such case, as amended, modified, supplemented, extended and restated from time to time. 
  
 “Security Interest” means all Liens in favor of Administrative Agent, for the benefit of itself, Syndication Agent, Collateral Agent and
Lenders, created hereunder or under any of the Security Documents to secure the Obligations. 
  

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 “Subsidiary” means, with respect to any Person, any corporation, partnership,
association or other business entity of which more than 50% of the total voting power of shares of stock (or equivalent ownership or controlling interest) entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof. 
  
 “Term Loan” means the Loan under the Term Loan Commitment.

  
 “Term Loan Commitment” means $50,000,000.

  
 “Term Loan Facility” means the term loan
credit facility extended to Borrower pursuant to Subsection 1.1(B). 
  
 “Term Loan Maturity Date” means the earlier of (i) the acceleration of the Obligations pursuant to Subsection 6.3 or (ii) October 31, 2010. 
  
 “Term Loan Note or “Term Loan Notes” means one or more of the notes of Borrower substantially
in the form of Exhibit 10.1(C), or any combination thereof, and any replacements, restatements, renewals or extensions of any such notes, in whole or in part. 
  
 “Total Lender Loan Commitment” means the aggregate commitments of any Lender with respect to the Loan
Commitments. 
  
 “Total Leverage Ratio” means, as
of the date of calculation, the ratio derived by dividing (a) Indebtedness by (b) EBITDA for the most recently completed four fiscal quarters. 
  
 10.2 Other Definitional Provisions. References to “Sections,” “Subsections,” “Exhibits” and “Schedules”
shall be to Sections, Subsections, Exhibits and Schedules, respectively, of this Agreement unless otherwise specifically provided. Any of the terms defined in Subsection 10.1 may, unless the context otherwise requires, be used in the singular or the
plural depending on the reference. In this Agreement, “hereof,” “herein,” “hereto,” “hereunder” and the like mean and refer to this Agreement as a whole and not merely to the specific section, paragraph or
clause in which the respective word appears; words importing any gender include the other gender; references to “writing” include printing, typing, lithography and other means of reproducing words in a tangible visible form; the words
“including,” “includes” and “include” shall be deemed to be followed by the words “without limitation”; references to agreements and other contractual instruments shall be deemed to include subsequent
amendments, assignments, and other modifications thereto, but only to the extent such amendments, assignments and other modifications are not prohibited by the terms of this Agreement or any other Loan Document; references to Persons include their
respective permitted successors and assigns or, in the case of governmental Persons, Persons succeeding to the relevant functions of such Persons; and all references to statutes and related regulations shall include any amendments of same and any
successor statutes and regulations. All references in the Loan Documents to a Lender party to a Related Interest Rate Agreement shall include any Person that was a Lender (or an Affiliate of a Lender) at the time it entered into such Related
Interest Rate Agreement and subsequently ceased to be a Lender. 
  
 [Signatures follow on the next page.] 
  

 -72- 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Witness the due execution hereof by the respective duly authorized officers
of the undersigned as of the date first written above. 
  

			
	ATLANTIC TELE-NETWORK, INC.,
	as Borrower
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  
 [Signatures
continued on following page] 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 [Signatures continued from previous page] 
  

							
	Commitment to make Revolver Loans: $0	 	 	 	COBANK, ACB, as Administrative Agent, Arranger and as a Lender
			
	Pro Rata Share of Revolver Loan Commitment: 0%	 	 	 	 
				
	 	 	 	 	By:	 	  

	Commitment to make the Term Loan: $50,000,000	 	 	 	 	 	John Cole
	 	 	 	 	 	 	Vice President
			
	Pro Rata Share of the Term Loan: 100%	 	 	 	Address:
				
	 	 	 	 	 	 	CoBank, ACB
	 	 	 	 	 	 	900 Circle 75 Parkway
	Total Lender Loan Commitment: $50,000,000	 	 	 	 	 	Suite 1400
	 	 	 	 	 	 	Atlanta, Georgia 30339-5946
	 	 	 	 	 	 	Attn: Communications and
	Pro Rata Share of the Revolving Loan Commitment and Term Loan Commitment: 71.43%	 	 	 	 	 	Energy Banking Group
	 	 	 	 	 	Fax No.: (770) 618-3202
			
	 	 	 	 	With copy to:
				
	 	 	 	 	 	 	CoBank, ACB
	 	 	 	 	 	 	5500 S. Quebec Street
	 	 	 	 	 	 	Greenwood Village, CO 80111
	 	 	 	 	 	 	Attn: Communications and Energy
	 	 	 	 	 	 	Banking Group
	 	 	 	 	 	 	Fax No.: (303) 224-2718

  
 [Signatures continued
on following page] 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 [Signatures continued from previous page] 
  

											
	Commitment to make Revolver Loans: $20,000,000	 	 	 	 BANCO POPULAR DE PUERTO RICO,
 as a
Lender

					
	Pro Rata Share of Revolver Loan Commitment: 100%	 	 	 	 	 	 	 	 
				
	 	 	 	 	By:	 	  

	Commitment to make the Term Loan: $0	 	 	 	 	 	Valentino I. McBean
	 	 	 	 	 	 	Senior Vice President and Regional Manager
						
	Pro Rata Share of the Term Loan: 0%	 	 	 	 	 	 	 	 	 	 
				
	 	 	 	 	Address:	 	Banco Popular de Puerto Rico
	 Total Lender Loan Commitment: $20,000,000
  
	 	 	 	 	 	 	 	 P.O. Box 8580 Charlotte Amalie
 St.
Thomas, U.S. Virgin Islands 00801

						
	Pro Rata Share of the Revolving Loan Commitment and Term Loan Commitment: 28.57%	 	 	 	 	 	 	 	Attn:	 	  

	 	 	 	 	 	 	 	 	 	  

	 	 	 	 	 	 	 	 	 	  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Schedule 3.3(C) 
  
 Existing Investments 
  

	1.	Securities held in Borrower’s account with Bear, Stearns & Co. in Boston, MA: 

  

	 	•	 	Federal Home Loan Bank, dated 4/5/05, due 4/5/07, $1,000,000 face amount. 

  

	 	•	 	Federal National Mortgage Association, 3.75% to 3/06 (resets quarterly), dated 3/30/05, due 3/30/07, $1,000,000 face amount. 

  

	2.	Investments in Subsidiaries noted on Schedule 5.19. 

  

	3.	Cash Equivalents in deposit accounts maintained by Borrower and its Subsidiaries. 

  

	4.	Investments in Affiliates: 

  

							
	 Name of Affiliate

	  	 Member/Shareholder

	  	Units
Owned

	  	%
Owned

	 Commnet of Delaware, LLC
	  	Commnet Wireless, LLC	  	 	  	50.00
	 Commnet of California, LLC
	  	Commnet Wireless, LLC	  	 	  	50.00
	 Commnet of Florida, LLC
	  	Commnet Wireless, LLC	  	 	  	36.625
	 Tennessee Cellular Telephone Company, L.L.C.
	  	Commnet Wireless, LLC	  	 	  	33.33
	 MoCelCo, L.L.C.
	  	Commnet of Missouri, LLC	  	 	  	35

  

	5.	Other Investments in Affiliates: 

  

	 	•	 	Pursuant to the Loan Agreement by and between Commnet Wireless, LLC (as assigned by Commnet Wireless, Inc.) and Commnet of Florida, LLC, dated September 18, 2002, and the related
Non-Negotiable Promissory Note, dated September 18, 2002, Commnet of Florida, LLC currently owes Commnet Wireless, LLC $3,077,000 in note principal. 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Schedule 3.8 
  
 Transactions with Affiliates 
  

	1.	Pursuant to the Members’ Agreement by and between Commnet Wireless, LLC and Monroe Telephone Services, LLC, dated December 19, 2003, Commnet Wireless, LLC is obligated to
purchase from Monroe Telephone Services, LLC a 12.375% membership interest in Commnet of Florida, LLC for $1.5 million on or before July 15, 2006. 

  

	2.	Certain officers and directors of Borrower and Choice residing in the U.S. Virgin Islands are provided with discounted or free services by Choice Communications.

  

	3.	From time to time, Borrower has chartered a small aircraft from Tropical Aircraft Co. Borrower Chairman is the owner of Tropical Aviation. 

  

	4.	In July 2008, Bermuda Digital Communications, Ltd. (BDC) has the option to purchase from the Borrower all of the BDC equity owned by Borrower at a purchase price equal to the fair
market value of such shares. 

  

	5.	BDC and Borrower’s Subsidiaries have an obligation to pay management fees to Borrower; which obligation, in BDC’s case, terminates in 2008. 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Schedule 5.3(A) 
  
 Jurisdiction of Organization 
  

	A.	Organization and Powers 

  

					
	 Name

	 	 Jurisdiction

	 	 Exceptions to Power and Authority

	Borrower	 	 Delaware, U.S. Virgin
 Islands – St. Thomas, U.S.
 Virgin Islands – St. Croix
	 	None.
	Guyana Telephone & Telegraph Co., Ltd.	 	Guyana	 	None.
	Choice Communications, LLC	 	 U.S. Virgin Islands – St. Thomas,
 U.S. Virgin Islands – St. Croix
	 	None.
	Bermuda Digital Communications, Ltd.	 	Bermuda	 	None.
	Atlantic Tele-Center, Inc.	 	Guyana	 	None.
	Call Home Telecom	 	U.S. Virgin Islands – St. Thomas	 	None.
	ATN (Haiti) S.A.	 	Haiti	 	None.
	Transnet, S.A.	 	Haiti	 	None.
	Commnet Wireless, LLC	 	Delaware	 	None.
	Commnet of Arizona, LLC	 	Delaware	 	None.
	Commnet Four Corners, LLC	 	Delaware	 	None.
	Commnet Illinois, LLC	 	Delaware	 	None.
	Commnet of Missouri, LLC	 	Delaware	 	None.
	Excomm, LLC	 	Delaware	 	None.
	Chama Wireless, LLC	 	Delaware	 	None.
	Commnet of Florida, LLC	 	Florida	 	None.
	Elbert County Wireless, LLC	 	Colorado	 	None.
	Commnet of California, LLC	 	Delaware	 	None.
	Commnet of Delaware, LLC	 	Delaware	 	None.
	Tennessee Cellular Telephone Company, LLC	 	Texas	 	None.
	MoCelCo, LLC	 	Delaware	 	None.
	Pacificom Holdings, LLC	 	Delaware	 	None.

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Schedule 5.3(C) 
  
 Qualification to Transact Business 
  

	C.	Qualification 

  

			
	 Name

	 	 Jurisdiction

	Borrower	 	 California (applied only - August 2005), Delaware,
 Massachusetts, U.S. Virgin Islands – St. Thomas, U.S.
 Virgin Islands – St.
Croix

	Guyana Telephone & Telegraph Co., Ltd.	 	Guyana
	Choice Communications, LLC	 	 U.S. Virgin Islands – St. Thomas, U.S. Virgin Islands – St.
 Croix

	Bermuda Digital Communications, Ltd.	 	Bermuda
	Atlantic Tele-Center, Inc.	 	Guyana
	Call Home Telecom	 	U.S. Virgin Islands – St. Thomas
	ATN (Haiti) S.A.	 	Haiti
	Transnet, S.A.	 	Haiti
	Commnet Wireless, LLC	 	Delaware
	Commnet of Arizona, LLC	 	Delaware
	Commnet Four Corners, LLC	 	Delaware
	Commnet Illinois, LLC	 	Delaware
	Commnet of Missouri, LLC	 	Delaware
	Excomm, LLC	 	Delaware
	Chama Wireless, LLC	 	Delaware
	Commnet of Florida, LLC	 	Florida
	Elbert County Wireless, LLC	 	Colorado
	Commnet of California, LLC	 	Delaware
	Commnet of Delaware, LLC	 	Delaware
	Tennessee Cellular Telephone Company, LLC	 	Texas
	MoCelCo, LLC	 	Delaware
	Pacificom Holdings, LLC	 	Delaware

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Schedule 5.10 
  
 Litigation, Etc. 
  

	1.	The litigation and other contingencies, as described with reasonable specificity, in Note 7 to the Financial Statements included in the Borrower’s Quarterly Report on Form 10-Q
filed with the SEC on August 15, 2005. 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Schedule 5.11 
  
 Labor Matters 
  

	5.11(i)	Collective Bargaining Agreements and Union Certification 

  

	1.	GT&T “Handbook”: Memorandum of Agreement between GT&T and the Guyana Postal and Telecommunication Workers Union. 

  

	2.	Memorandum of Agreement between GT&T and Guyana Postal and Telecommunication Workers Union, in Respect of Increases in Salaries for Employees in the Bargaining Unit, From
October 1, 2004 to September 30, 2006. 

  

	5.11(ii)	Strikes, Labor Disputes, etc. 

  

	1.	No significant disputes in last four years in Guyana or elsewhere. Union contract is re-negotiated every two years and current contract runs until September 2006.

	

  
  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Schedule 5.13(A) 
  
 License Information 
  

	1.	Call Home Telecom LLC License 

  

	 	•	 	International Telecommunications Certificate issued to Call Home Telecom LLC (ITC-214-20000705-00393). 

  

	2.	Choice Communications Licenses 

  

	 	•	 	Special Temporary Authorization, May 24, 2005, related to EBS (ITFS formerly) and BRS (MDS formerly) broadcast rights from sites on St. Thomas and St. Croix.

  

	 	•	 	FCC Memorandum Opinion and Order, June 22, 2005, providing waiver of filing freeze for new EBS applications. 

  

	 	•	 	Local Multipoint Distribution Service License – WPLM395 – US Virgin Islands, expiring June 17, 2008. 

  

	 	•	 	International Telecommunications Certificate (ITC-214-20021219-0064), Global or Limited Global Facilities – Based and Resale Service on February 7, 2003.

  

	3.	GT&T License 

  

	 	•	 	License granted to GT&T under Section 7 of the Telecommunications Act of 1990, December 19, 1990. 

  

	 	•	 	License to provide throughout Guyana public telephone, radio telephone, cellular radio telephone, pay station telephone and national and international voice and data transmission, a
month other services. 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  

							
	 Licensee Name

	  	Radio Service

	  	FCC Author.

	  	 Other Govt. Author.

	 Chama Wireless, LLC
	  	CL
CL
CL
CL	  	WPRS845
WPRS901
WPRS917
WPRS922	  	N/A
				
	 Commnet of Arizona, LLC
	  	CL	  	KNKR208	  	N/A
				
	 Commnet of Delaware, LLC
	  	CL	  	KNKR222	  	N/A
				
	 Commnet of Florida
	  	CL	  	WPSJ791	  	N/A
				
	 Commnet Four Corners, LLC
	  	CW
CW
CW	  	KNLH699
WPYH715
WPYH716	  	 KNLG838-L1 & KNLG840-L1,
 spectrum manager leasehold interests in
 KNLG838 & KNLG840, licenses
 owned by subsidiaries of T-Mobile

				
	 Commnet Illinois, LLC
	  	CW
CW
CW	  	WQAE415
WQAF337
WQAJ963	  	 On August 1, 2005, Commnet
 Illinois, LLC acquired the PCS
 licenses known as call signs KNLG216
 (BTA 337D – Ottumwa, Iowa) and KNLH449
 (BTA 230F – Kirksville, Missouri).

				
	 Commnet Wireless, LLC
	  	CW
CW	  	WPQZ728
WQAE414	  	 WQAE414 has been leased to Freedom
 Wireless Gila, Inc., treated as an “affiliate”
 property; also, Freedom has the right
 to purchase this license for $1,000

				
	 Elbert County Wireless, LLC
	  	CL	  	KNKR202	  	 KNLF244-L1, spectrum manager
 leasehold interest in KNLF244,
 a license owned by a
 subsidiary of T-Mobile

				
	 Excomm, LLC
	  	CL
CL
CL
CL
CL
CL
CL
CL
CL
CL
CL
CL
CL	  	WPUC784
WPUD593
WPUD594
WPUH602
WPUH619
WPUH805
WPUJ480
WPUK842
WPUP317
WPUX427
WPUY963
WPVI996
WPZE799	  	 
				
	 MoCelCo, LLC
	  	CL	  	WPTD845	  	N/A
				
	 Tennessee Cellular Telephone Co
	  	CL	  	KNKR257	  	N/A

  
  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Schedule 5.13(B) 
  
 Valid Licenses 
  

	1.	Commnet Illinois, LLC operates in several counties in the state of Illinois on a day-to-day basis as a manager under the supervision and control of the licensee of the involved
broadband PCS spectrum, a subsidiary of Cingular, LLC. Commnet Illinois, LLC does so pursuant to a management agreement entered into between itself and the Cingular, LLC subsidiary (at the time an AT&T Wireless subsidiary) prior to the advent of
the FCC’s spectrum leasing rules. When the FCC spectrum leasing rules later came into effect, Commnet Illinois, LLC suggested to AT&T Wireless that the management agreement be modified to become a spectrum manager lease agreement, and an
accompanying FCC filing be made. However, AT&T Wireless replied that it could not amend or modify any existing agreements, due to the prospect of a merger with Cingular, LLC. After that merger was completed, Cingular, LLC advised Commnet
Illinois, LLC that its personnel were too busy with implementing the merger to focus on modifying the Commnet Illinois, LLC agreement. Commnet Illinois, LLC has continued to raise the issue with Cingular, LLC. In the meantime, Commnet Illinois, LLC
continues to operate in these markets day-to-day, pursuant to the still-existing agreement. 

  
 Whether the advent of the new spectrum leasing set of rules would require the filing of a notification to the FCC (jointly by Commnet Illinois, LLCI and
Cingular, LLC), is an open question. The matter is beyond Commnet Illinois, LLC’s control, as such a filing is a joint filing, and would have to be signed by Cingular, LLC as well as Commnet Illinois, LLC. The violation would be a joint
violation by both Commnet Illinois, LLC and Cingular, LLC. 
  

	2.	Commnet Wireless, LLC and its “Subsidiaries”, as that term is defined in the Credit Agreement, are not in compliance with FCC rules and regulations pertaining to
“enhanced 911” (“E911”). 

  
 As
with most rural carriers, Commnet Wireless, LLC and its “Subsidiaries” and “Company Investments”, as those terms are defined in the Merger Agreement (the “Commnet Group”), face substantial obstacles to achieving full
compliance with FCC rules pertaining to “enhanced 911” (“E911”). As with other rural carriers, the Commnet Group filed a request for waiver with the FCC. While those waiver requests were pending, the FCC issued a Public Notice
advising all carriers with pending waiver requests to supplement those requests with additional information, and the Commnet Group in its view did so in a timely manner. It is the belief of the Commnet Group that the FCC staff misplaced that
supplement. As a result, when the FCC issued its recent E911 decision, Order, Revision of the Commission’s Rules to Ensure Compatibility with Enhanced 911 Emergency Calling Systems,
             FCC Rcd.              (FCC 05-79, released April 1, 2005) (“Tier III Order”), the FCC
held that because the Commnet Group alone had failed to file a supplement with the requested additional information, the Commnet Group’s request for a waiver was denied without prejudice to refiling with additional information. Id. at
¶¶ 109-110. 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 The Commnet Group filed a petition for reconsideration that the Commnet Group
believes was timely, attaching the previously-filed supplement, and arguing that the factual basis for the FCC’s decision (i.e., that no supplement had been previously filed) was incorrect, and that the Commnet Group was therefore
entitled to the same relief afforded to the other rural carriers. That unopposed petition for reconsideration remains pending. Commnet Wireless, LLC’s regulatory counsel was advised in an oral and non-binding communication from FCC staff
personnel that the supplement had been timely filed and should have been considered when the Tier III Order was released. 
  

	3.	Choice Communications, while current on payments to USAC, is past due on certain related information filings. 

  

	4.	Choice Communications recently received an STA (special temporary authorization) to continue to utilize its EBS and BRS Frequencies pending an FCC review of those licenses in all
jurisdictions. 

  

	5.	Choice Communications appears to have missed payment of or not been credited for a 2004 FCC Spectrum license fee. Choice made this payment on September 14, 2005.

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Schedule 5.17 
  
 Material Contracts 
  

					
	 Date

	  	 Company

	  	 Contract

	 7/13/05
	  	Borrower/Q Advisors LLC	  	Engagement Letter
			
	 6/20/05
	  	Borrower/John Foster Real Estate c/o AT&T	  	Proposed Offer

  

	•	 	GT&T has bilateral agreements with a number of international carriers that generate revenues in excess of $1 million a year, including MCI, IDT, TSTT (Trinidad), BET (Barbados),
AT&T and British Telecom. 

  

	•	 	The Agreements referenced on Schedule 5.11. 

  

	•	 	The GT&T and Choice Licenses referenced on Schedule 5.13 (A). 

  

	•	 	Numerous outstanding purchase orders issued by GT&T to Nortel Networks (approximately $4 million remaining to be paid) upon delivery and/or satisfaction with performance for
wireline and wireless (GSM) equipment. 

  

	•	 	Master Agreement, dated March 23, 2004, between GT&T and Cerillion Technologies Limited for purchase of a billing system. 

  

	•	 	Purchase Agreement dated June 18, 1990, between the Government of the Cooperative Republic of Guyana and Borrower. 

  

	•	 	Management Services Contract, dated July 17, 1998, between Borrower and BDC. 

  

	•	 	Subscription and Loan Agreement dated July 17, 1998 among Borrower, BDC and Kurt Eve. 

  

					
	 Date

	  	 Company

	  	 Contract

	 11-19-01
	  	Commnet of Arizona, LLC / Falkenberg	  	Engagement Letter
			
	 5-12-04
	  	AT&T Wireless Services, Inc. / Commnet Wireless, LLC	  	GSM Build-Out Agreement
			
	 12-19-03
	  	AT&T Wireless PCS, LLC / Commnet Wireless, LLC	  	Second Amended and Restated CS, M and S Agreement
			
	 2-18-03
	  	AT&T Corp. / Commnet Wireless, Inc.	  	Amended and Restated Master Carrier Agreement (LD)
			
	 4-22-03
	  	AT&T Wireless Services, Inc. / Commnet Wireless, LLC	  	GSM Build-Out Agreement
			
	 12-22-03
	  	Commnet Wireless, LLC / Summit	  	Securities Purchase Agreement
			
	 7-15-04
	  	Commnet Wireless, LLC / Monroe Telephone	  	LLC Membership Interest Assignment
			
	 7-18-05
	  	Commnet Wireless, LLC / Monroe Telephone	  	LLC Membership Interest Assignment
			
	 10-26-02
	  	Commnet of Florida, LLC	  	Comprehensive Agreement
			
	 10-26-02
	  	Commnet of Florida, LLC	  	Construction Services and Management Agreement
			
	 9-18-02
	  	Commnet of Florida, LLC	  	Loan Agreement
			
	 9-18-02
	  	Commnet of Florida, LLC	  	Non-Negotiable Promissory Note

 Credit Agreement/Atlantic Tele-Network, Inc. 
  

					
	 9-18-02
	  	Commnet of Florida, LLC	  	Security Agreement
			
	 11-30-04
	  	Hawkeye Switching / Commnet Wireless, LLC	  	Cellular Switching Agreement (CDMA)
			
	 4-07-03
	  	Illuminet, Inc. / Commnet Wireless, LLC	  	ISUP Messaging Service Agreement
			
	 11-01-03
	  	Illuminet, Inc. / Commnet Wireless, LLC	  	Amendment One to ISUP Messaging Service Agreement
			
	 11-01-03
	  	Illuminet, Inc. / Commnet Wireless, LLC	  	Amendment One to IS-41 Transport Service Agreement
			
	 3-01-02
	  	MoCelCo, L.L.C.	  	Amended and Restated Agreement of Limited Liability Co.
			
	 8-05-04
	  	Commnet Management, LLC / Commnet Wireless, LLC	  	Class C Unit Agreement (670 - $16.0 Million)
			
	 8-10-04
	  	Commnet Management, LLC / Commnet Wireless, LLC	  	Class C Unit Agreement (36 - $17.5 Million)
			
	 8-05-04
	  	Commnet Management, LLC	  	Restricted Unit Agreement (BS, MG, LT, MH,TK, LH,DW)
			
	 8-10-04
	  	Commnet Management, LLC	  	Restricted Unit Agreement (Valkoun)
			
	 8-05-04
	  	Commnet Management, LLC	  	Joinder Agreement (BS, MG, LT, MH,TK, LH,DW)
			
	 9-01-04
	  	Commnet Management, LLC	  	Joinder Agreement (Valkoun)
			
	 3-15-04
	  	Qwest Communications Corp. / Commnet Wireless, LLC	  	Wholesale Services Agreement (LD)
			
	 5-06-04
	  	Qwest Communications Corp. / Commnet Wireless, LLC	  	Amendment No. 1 to Wholesale Services Agreement
			
	 8-06-04
	  	Qwest Communications Corp. / Commnet Wireless, LLC	  	Amendment No. 2 to Wholesale Services Agreement
			
	 3-08-05
	  	Qwest Communications Corp. / Commnet Wireless, LLC	  	Amendment No. 3 to Wholesale Services Agreement
			
	 4-29-05
	  	Qwest Communications Corp. / Commnet Wireless, LLC	  	Amendment No. 4 to Wholesale Services Agreement
			
	 11-16-03
	  	Syniverse (EDS) / Commnet Wireless, LLC	  	Interoperator Services Agreement
			
	 8-16-03
	  	Syniverse (EDS) / Commnet Wireless, LLC	  	Interoperator Services Agreement (FirstSource Exhibit)
			
	 3-01-05
	  	Syniverse (EDS) / Commnet Wireless, LLC	  	Amendment to the Interoperator Services Agreement
			
	 4-09-04
	  	Commnet Supply, LLC / Commnet Wireless, LLC	  	Supply Agreement
			
	 9-14-04
	  	T-Mobile / Elbert County Wireless, LLC	  	Spectrum Manager Lease Agreement (Elbert County)
			
	 6-13-05
	  	T-Mobile / Commnet Four Corners, LLC	  	Spectrum Manager Lease Agreement (Pima County)
			
	 6-13-05
	  	T-Mobile / Commnet Four Corners, LLC	  	Spectrum Manager Lease Agreement (Yuma County)
			
	 5-12-04
	  	Commnet Wireless, LLC / AT&T Wireless Services, Inc.	  	GSM Build-Out Agreement
			
	 11-24-03
	  	United Clearing Plc / Commnet Wireless, LLC	  	Agreement for Financial Clearing and Settlement Services
			
	 4-01-05
	  	United Clearing Plc / Commnet Wireless, LLC	  	Addendum Agreement (Data)
			
	 6-03-00
	  	AT&T Wireless Services, Inc.	  	Intercarrier Roamer Service Agreement
			
	 2-01-03
	  	AT&T Wireless Services, Inc.	  	Amendment to Intercarrier Roamer Services Agreement

 Credit Agreement/Atlantic Tele-Network, Inc. 
  

					
	 12-19-03
	  	AT&T Wireless Services, Inc.	 	Amendment to Intercarrier Roamer Services Agreement
			
	 2-01-03
	  	AT&T Wireless Services, Inc.	 	GSM/PCS Roaming Agreement for GSM
			
	 5-16-03
	  	Cingular Wireless, LLC	 	Intercarrier Multi-Standard Roaming Agreement
			
	 7-23-03
	  	Cingular Wireless, LLC	 	Amendment No. 1 to Intercarrier Multi-Standard Roaming Agmnt.
			
	 8-16-04
	  	Cellco Partnership/Verizon Wireless	 	Intercarrier Roamer Service Agreement
			
	 4-12-04
	  	T-Mobile USA, Inc.	 	International Roaming Agreement for GSM and/or 3GSM
			
	 10-04-04
	  	T-Mobile USA, Inc.	 	First Amendment to International Roaming Agreement
			
	 9-01-00
	  	WirelessCO, L.P./Sprint Spectrum	 	Intercarrier Roamer Service Agreement

  
  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Schedule 5.19 
  
 Subsidiaries 
  

							
	 Name

	  	 Member/Shareholder

	  	Units
Owned

	  	%
Owned

	Guyana Telephone & Telegraph Co., Ltd.	  	Atlantic Tele-Network, Inc.	  	16,500	  	80.00
	Choice Communications, LLC	  	Atlantic Tele-Network, Inc.	  	n/a	  	100.00
	Atlantic Tele-Center, Inc.	  	Atlantic Tele-Network, Inc.	  	100	  	100.00
	Call Home Telecom	  	Atlantic Tele-Network, Inc.	  	n/a	  	100.00
	ATN (Haiti) S.A.	  	Atlantic Tele-Network, Inc.	  	100	  	80.00
	Transnet, S.A.	  	Atlantic Tele-Network, Inc.	  	30	  	80.00
	Chama Wireless, LLC	  	Commnet Wireless, LLC	  	3,000	  	100.00
	Commnet of Arizona, LLC	  	Commnet Wireless, LLC	  	3,000	  	100.00
	Commnet Four Corners, LLC	  	Commnet Wireless, LLC	  	56	  	100.00
	Commnet of Missouri, LLC	  	Commnet Wireless, LLC	  	3,000	  	100.00
	Excomm, LLC	  	Commnet Wireless, LLC	  	2,400	  	80.00
	Elbert County Wireless, LLC	  	Commnet Wireless, LLC	  	77.0625	  	77.0625
	Commnet Illinois, LLC	  	Commnet Wireless, LLC	  	3,000	  	100.00
	Commnet Wireless, LLC	  	Atlantic Tele-Network, Inc.	  	 	  	95.00

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Exhibit 1.3 
  
 Form of Notice of Borrowing/Conversion/Continuation 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 EXHIBIT 1.3 
  
 ATLANTIC TELE-NETWORK, INC. 
  
 FORM OF NOTICE OF BORROWING/CONVERSION/CONTINUATION 
  

CoBank, ACB, as Administrative Agent 
 5500 S. Quebec Street 
 Greenwood Village, Colorado 80111 
 Attention: Communications and Energy
Banking Group 
  
 Ladies and Gentlemen:

  
 Pursuant to that certain Credit Agreement, dated as of
September 15, 2005 (as such credit agreement may hereafter be amended, modified, supplemented, extended or restated, the “Credit Agreement”), among Atlantic Tele-Network, Inc. (“Borrower”), CoBank, ACB, as
Administrative Agent (“Administrative Agent”) and a Lender, and such other Lenders as from time to time may become a party to the Credit Agreement. Borrower hereby requests that Administrative Agent take the actions indicated below.
Capitalized terms used but not defined herein have the meanings given to them in the Credit Agreement. 
  
 Note: The following requirements apply to all requests: 
  

	 	•	 	Requests must be made no later than 11:00 a.m. (Denver, Colorado time) on a Business Day. 

  

	 	•	 	Requests must be made at least three Business Days in advance of the proposed borrowing, conversion or continuation date. 

  

	 	•	 	LIBOR Loans must be in a minimum amount of $1,000,000 and whole multiples of $500,000 in excess thereof. 

  

	 	•	 	Quoted Rate Loans must be in a minimum amount of $5,000,000 and whole multiples of $1,000,000 in excess thereof. Quoted Rate Loans are only available with respect to the Term Loan
Facility. 

  

	 	•	 	Base Rate Loan advances must be in a minimum amount of $100,000. 

  

	 	•	 	No more than a combined total of five LIBOR Loans and Quoted Rate Loans under the Revolver Facility and the Term Loan Facility may be outstanding at any one time.

 Credit Agreement/Atlantic Tele-Network, Inc. 
  

	 ̈	REQUEST FOR BORROWING: 

  
 Borrowers hereby request an advance under the
                     [Revolver/Term Loan] Facility in the amount of
$            , to be made on [insert date]              and to bear interest pursuant to the interest rate
option(s) checked below [check all applicable]: 
  
  ̈ Base Rate Loan in the principal amount of $            

  
  ̈ LIBOR Loan option in the principal amount of $            , for an Interest Period of [check one:]

  
  ̈ 1 month  ̈ 2 months  ̈ 3 months  ̈ 6 months  ̈ 9 months or  ̈ 12 months 
  
  ̈ Quoted Rate Loan option in the principal amount of $            , for an Interest Period of
            . 
  
 In connection with such request under the Revolver Facility, Borrower hereby certifies as follows: 
  

	 	(a)	The Revolver Loan Commitment as reduced pursuant to the Credit Agreement is $            ;

  

	 	(b)	The aggregate principal balance of Revolver Loans outstanding (not including this requested Revolver Loan) is
$            ; and 

  

	 	(c)	Therefore, the Available Revolver Loan Commitment, calculated as provided in the definition thereof in the Credit Agreement, is
$             ((a) minus (b)). 

  

	 ̈	REQUEST FOR CONVERSION: 

  
 Borrower hereby requests that the following
                     [Revolver/Term] Loan(s) be converted to [a] new interest rate option[s] as indicated [check all
applicable]: 
  
 Description of Loan(s) to be
Converted [check one]: 
  

	 	 ̈	On [insert date]                     , convert
$             of the Base Rate Loan under the                     
[Revolver/Term Loan] Facility. 

  

	 	 ̈	Upon expiration of its current Interest Period, convert the [LIBOR Loan/Quoted Rate Loan] under the
                     [Revolver/Term Loan] Facility in the principal amount of
$            , the Interest Period for which expires on [insert date]:
                    . 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Description of New Loan(s) [check all applicable]: 
  
  ̈ to a LIBOR Loan in the principal amount of $            , for an Interest Period of [check one]: 
  
  ̈ 1 month  ̈ 2 months  ̈ 3 months  ̈ 6 months  ̈ 9 months or  ̈ 12 months 
  
  ̈ to a Quoted Rate
Loan in the principal amount of $            , for an Interest Period of             . 
  

	 ̈	REQUEST FOR CONTINUATION: 

  
 Borrower hereby requests that the interest rate option(s) applicable to the following loan(s) be continued as indicated: 
  

	 	 ̈	Upon expiration of its current Interest Period, continue the LIBOR Loan under the
                     [Revolver/Term Loan] Facility in the principal amount of
$            , the current Interest Period for which expires on [insert date]
                    , for a new Interest Period of: 

  
  ̈ 1 month
 ̈ 2 months  ̈ 3 months  ̈ 6 months  ̈ 9 months or  ̈ 12 months 
  

	 	 ̈	Upon expiration of its current Interest Period, continue the Quoted Rate Loan under the Term Loan Facility in the principal amount of
$            , the current Interest Period for which expires on [Insert Date]
                    , for a new Interest Period of             .

  
 [If a new borrowing: The borrowing will be
used for the following purpose: [PLEASE PROVIDE PURPOSE]]. 
  
  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 The undersigned hereby certifies that, both before and after giving effect to the borrowing, conversion or continuation
request above (i) all of the representations and warranties contained in the Credit Agreement and the other Loan Documents, together with all supplemental disclosures delivered to Administrative Agent prior to the date hereof, are true, correct and
complete in all material respects as of the date hereof, except for any representation or warranty limited by its terms to a specific date and taking into account any amendments to the Schedules or Exhibits as a result of any disclosures made in
writing by Borrower to Administrative Agent after the Closing Date which disclosures are acceptable to Administrative Agent, (ii) no Default or Event of Default has occurred and is continuing on the date hereof, (iii) no order, judgment or decree of
any court, arbitrator or Governmental Authority purports to enjoin or restrain any Lender from making any Loan, (iv) since the Closing Date, there has not occurred any event or condition that has had or would reasonably be expected to have a
Material Adverse Effect, (v) all Loan Documents are in full force and effect, and (vi) the undersigned is authorized to execute and deliver this Notice on behalf of Borrower. 
  

			
	ATLANTIC TELE-NETWORK, INC.
		
	By:	 	  

	Title:	 	  

		
	Date:	 	  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Exhibit 4.5(C) 
  
 Form of Compliance Certificate 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 EXHIBIT 4.5(C) 
  
 FORM OF 
 COMPLIANCE CERTIFICATE 
  
 THIS COMPLIANCE CERTIFICATE is given by
                                , [two of: the chief executive officer, the
chief financial officer and the chief accounting officer] of Atlantic Tele-Network, Inc., (“Borrower”), pursuant to Subsection 4.5(C) of that certain Credit Agreement, dated as of September 15, 2005 (as such agreement may hereafter be
amended, modified, supplemented, extended or restated, the “Credit Agreement”), among Borrower, CoBank, ACB, as Administrative Agent and a Lender, and such other Lenders as from time to time may become a party thereto. Capitalized
terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement. 
  
 We hereby certify as follows: 
  
 1. We are the [two of: chief executive officer/the chief financial officer/the chief accounting officer], respectively, of Borrower, and as such
possess the knowledge and authority to certify to the matters set forth in this Compliance Certificate, and hereby certify that the matters set forth below are true and accurate to the best of our present knowledge, information and belief after due
inquiry; 
  
 2. Attached hereto as Annex A are the
[audited/unaudited] [annual/quarterly] financial statements of Borrowers and their Subsidiaries and related combined and consolidated balance sheet, statements of income, stockholders’ equity and EBITDA of Borrowers and their
Subsidiaries for the fiscal [year/quarter] ended             , as required by Subsection 4.5 [(A)/(B)] of the Credit Agreement. Such financial statements were prepared
in accordance with GAAP consistently applied (except as expressly provided in the Credit Agreement and except for the omission of footnotes and for the effect of normal year-end adjustments), fairly present in all material respects the condition of
Borrower and its Subsidiaries during the periods covered thereby and as of the dates thereof, and are in a format that demonstrates any accounting or formatting changes that may be required by various jurisdictions in which the business of Borrower
and its Subsidiaries is conducted (to the extent not inconsistent with GAAP); 
  
 3. As of the date of such financial statements, Borrower and its Subsidiaries are in compliance with the covenants set forth in Section 4 of the Credit Agreement, except as set forth under paragraph 4 below. Attached
hereto as Annex B are calculations which demonstrate the compliance by Borrower and its Subsidiaries with such covenants; and 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 4. We have reviewed the activities of Borrower and each of its Subsidiaries,
and consulted with appropriate representatives of Borrower and each of its Subsidiaries, during the fiscal [year/quarter] ended             , and reviewed the Credit Agreement
and the other Loan Documents. As of the date of this Compliance Certificate, there is no condition, event or act which constitutes a Default or an Event of Default under the Credit Agreement, except as disclosed on Annex C hereto. 

 
 IN WITNESS WHEREOF, I have executed this Compliance Certificate as
of                     ,     . 
  

			
	ATLANTIC TELE-NETWORK, INC.
		
	By:	 	  

	 	 	Chief                      Officer
		
	By:	 	  

	 	 	Chief                      Officer

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 ANNEX A 
  
 Annual (audited) or Quarterly (unaudited) 
 Financial Statements 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 ANNEX B 
  
 Compliance Calculations 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 COVENANT 4.1 
  
 Total Leverage Ratio 
  

	**Note:	This calculation is required at each fiscal quarter end. This covenant shall be calculated on a consolidated basis for Borrower and its Subsidiaries.**

  
 As of the fiscal quarter ended
                    ,     . 
  

	 (A) Indebtedness: 
	 $             

  

	(B)	EBIDTA = (i) the result of (1) the sum of (a) net income or deficit, as the case may be, excluding gains or losses on the sale of assets and extraordinary (non-recurring, one-time)
gains and losses, (b) total interest expense (including non-cash interest), (c) depreciation and amortization expense, and (d) income taxes, minus (2) to the extent included in calculating net income or deficit, the sum of (a) interest
income, (b) dividends and patronage income and (c) equity in earnings from unconsolidated subsidiaries and joint ventures, and (ii) measured for the then most recently completed four fiscal quarters, adjusted to give effect to any acquisition, sale
or other disposition, directly or through a subsidiary, of any operation or business (or any portion thereof) during the period of calculation as if such acquisition, sale or other disposition occurred on the first day of such period of calculation:

  

			
	1st Quarter	  	$            
		
	2nd Quarter	  	$            
		
	3rd Quarter	  	$            
		
	4th Quarter	  	$            
		
	Total:	  	$            

					
			
	Total Leverage Ratio = (A) ÷ (B) = 	  	    :1.0    
	    	 

  
 Compliance1:            
Yes             No 
  

	1	Borrower will have 60 days after the applicable reporting date to cure any default under Subsection 4.1 by reducing the Indebtedness of Borrower on a consolidated basis through an
equity issuance. 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 COVENANT 4.2 
  
 Commnet Leverage Ratio 
  

	**Note:	This calculation is required at each fiscal quarter end. This covenant shall be calculated for Commnet.** 

  
 As of the fiscal quarter ended
                    ,     . 
  

					
	(A)   (i) Indebtedness of Borrower (calculated on a consolidated basis for Borrower and its Subsidiaries) minus (ii)
         the amount of Borrower Pledged Cash, each as of the date of calculation:	  	$            	    	 

  

	(B)	EBIDTA for Commnet (calculated on a consolidated basis for Commnet and its Subsidiaries) for the then most recently completed four fiscal quarters: 

  

			
	1st Quarter	  	$            
		
	2nd Quarter	  	$            
		
	3rd Quarter	  	$            
		
	4th Quarter	  	$            
		
	Total:	  	$            

  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Commnet Leverage Ratio = (A) ÷ (B) < the ratio set forth below
opposite such period: 
  

			
	 Date

	 	Ratio

	 Closing Date through and including December 31, 2005
	 	7.500:1.0
	 January 1, 2006 through and including June 30, 2006
	 	7.000:1.0
	 July 1, 2006 through and including December 31, 2006
	 	6.250:1.0
	 January 1, 2007 through and including June 30, 2007
	 	5.750:1.0
	 July 1, 2007 through and thereafter
	 	5.000:1.0

  
 Compliance2:            
Yes             No 
  

	2	Borrower will have 60 days after the applicable reporting date to cure any default under Subsection 4.2 by reducing the Indebtedness of Borrower on a consolidated basis or
increasing the Borrower Pledged Cash, except that, Borrower and any of its Subsidiaries, including Commnet, may not incur an additional Indebtedness in order to cure such default. 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 COVENANT 4.2 
  
 Debt Service Coverage Ratio 
  

	**Note:	This calculation is required at each fiscal quarter end. This covenant shall be calculated on a consolidated basis for Borrower and its Subsidiaries.**

  
 As of the fiscal quarter ended
                    ,     . 
  

	(A)	EBITDA for the most recently completed four (4) consecutive fiscal quarters: 

  

			
	1st Quarter	  	$            
		
	2nd Quarter	  	$            
		
	3rd Quarter	  	$            
		
	4th Quarter	  	$            
		
	Total:	  	$            

  

	(B)	All principal payments scheduled to be made on Indebtedness (or scheduled reductions in commitments on lines of credit to the extent such reductions would cause the repayment of
principal amounts then outstanding under such lines) for the most recently completed four (4) consecutive fiscal quarters:  

  

			
	1st Quarter	  	$            
		
	2nd Quarter	  	$            
		
	3rd Quarter	  	$            
		
	4th Quarter	  	$            
		
	Total:	  	$            

  
  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  

	(C)	Interest Expense for the most recently completed four (4) consecutive fiscal quarters:  

  

			
	1st Quarter	  	$            
		
	2nd Quarter	  	$            
		
	3rd Quarter	  	$            
		
	4th Quarter	  	$            
		
	Total:	  	$            

  

					
	 Debt Service Coverage Ratio = (A) ÷ ((B) + (C)) =
	 	    :1.0    	  	 

  
 Compliance:             Yes             No 
  
  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 COVENANT 4.4 
  
 Equity to Assets Ratio 
  

	**Note:	This calculation is required at each fiscal quarter end. This covenant shall be calculated on a consolidated basis for Borrower and its Subsidiaries.**

  
 As of the fiscal quarter ended
                    ,     . 
  

					
	 (A)
	  	Equity = Consolidate total assets minus consolidated total liabilities:	  	$            
			
	(B)	  	Consolidated total assets	  	$            
		
	Equity to Assets Ratio = (A) ÷ (B) =	  	    :1.0    

  
 Compliance:
             Yes              No 
  
  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 ANNEX C 
  
 Disclosure Of Default 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Exhibit 10.1(A) 
  
 Form of Lender Addition Agreement 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 EXHIBIT 10.1(A) 
  
 FORM OF LENDER ADDITION AGREEMENT 
  
 This Lender Addition Agreement (“Agreement”) is made as of
                    ,     , between
                     (“Assigning Lender”) and
                     (“Additional Lender”). All capitalized terms used in this Agreement and not otherwise defined herein
will have the respective meanings set forth in the Credit Agreement (as hereinafter defined). 
  
 Recitals 
  
 WHEREAS, CoBank, ACB, as Administrative Agent and as a Lender, each of the other Lenders as from time to time may become a party thereto, and Atlantic Tele-Network, Inc. (“Borrower”) have entered into a certain
Credit Agreement, dated as of September 15, 2005 (as amended, modified, supplemented, extended or restated from time to time, the “Credit Agreement”), pursuant to which Assigning Lender has agreed to make Loans to Borrower; and

  
 WHEREAS, Assigning Lender desires to assign to
Additional Lender all or a portion of its interest in the Loans and the Collateral and to delegate to Additional Lender all or a portion of its Pro Rata Share of the Loan Commitments and other duties with respect to the Loans and the Collateral; and

  
 WHEREAS, Additional Lender desires to become a Lender
under the Credit Agreement and to accept such assignment and delegation from Assigning Lender; and 
  
 WHEREAS, Additional Lender desires to appoint Administrative Agent to serve as Administrative Agent for Additional Lender under the Loan Documents;

  
 NOW, THEREFORE, in consideration of the premises and
the agreements, provisions and covenants herein contained, Assigning Lender, Administrative Agent and Additional Lender agree as follows: 
  
 SECTION 1. ASSIGNMENT, DELEGATION, AND ACCEPTANCE 
  
 1.1 Assignment. 
  
 A. Assigning Lender hereby transfers and assigns to Additional Lender, without recourse and without representations or warranties of any kind (except as
set forth in Sections 1.1(B) and 3.2 of this Agreement), such percentage of Assigning Lender’s right, title and interest in the Loans, the Credit Agreement, the Loan Documents and the Collateral as will result in Additional Lender having, as of
the Effective Date (as hereinafter defined) of this Agreement, its Pro Rata Share (as set forth in Schedule A of this Agreement, attached hereto and made a part hereof) thereof. All fees payable to Assigning Lender under the Credit Agreement accrued
prior to the Effective Date are for the account of Assigning Lender. Interest accrued but unpaid prior to the Effective Date shall be for the account 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 of Assigning Lender. Fees and interest accruing on or with respect to that portion of each
Loan and Loan Commitment assigned to Additional Lender on and after the Effective Date shall be for the account of Additional Lender. Each of Assigning Lender and Additional Lender hereby agrees that if it receives any amount under the Credit
Agreement which is for the account of the other party hereto, it shall receive the same for the account of such other party to the extent of such other party’s interest therein and shall promptly pay the same to such other party. 
  
 B. Assigning Lender hereby represents and warrants to Additional Lender that
it has not previously assigned or transferred the Assigned Amount (as hereinafter defined). The Assigned Amount is free and clear of all liens, charges or encumbrances created by, through or under Assigning Lender. 
  
 1.2 Delegation. 
  
 Assigning Lender hereby delegates to Additional Lender all or a portion of
its Pro Rata Share of the Loan Commitments and its other duties and obligations as a Lender under the Credit Agreement and the Loan Documents equivalent to Additional Lender’s Pro Rata Share. 
  
 1.3 Acceptance by Additional Lender. 
  
 By its execution of this Agreement, Additional Lender (i) accepts such
assignment and delegation and agrees to be a Lender under the Loans, the Credit Agreement and the other Loan Documents, (ii) appoints Administrative Agent to serve as Administrative Agent for Additional Lender under the Loans, the Credit Agreement
and the other Loan Documents, and (iii) agrees to be bound by the terms and conditions of the Loans, the Credit Agreement and the other Loan Documents. 
  
 1.4 Effective Date. 
  
 Subject to compliance with Subsection 8.1 of the Credit Agreement, such assignment and delegation will be effective and Additional Lender will become a
Lender under the Credit Agreement and the Loan Documents as of                          ,
             (“Effective Date”) upon Administrative Agent’s and, if applicable, Borrower’s acceptance hereof. 
  
 SECTION 2. INITIAL PAYMENT AND DELIVERY OF NOTES 
  
 2.1 Payment of the Assigned Amount. 
  
 Additional Lender will pay to Assigning Lender, in immediately available
funds, not later than 12:00 p.m. Denver, Colorado time on the Effective Date, an amount equal to its Pro Rata Share of the then outstanding principal amount of the Loans (“Assigned Amount”) as set forth on Schedule A hereof.

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 2.2 Execution and Delivery of Notes. 
  
 Following payment by Additional Lender under Section 2.1 hereof, Assigning
Lender will deliver the old Notes to Administrative Agent for redelivery to Borrowers and Borrowers will execute and deliver to Administrative Agent, for delivery to Assigning Lender and Additional Lender, new Note(s) evidencing Additional
Lender’s and Assigning Lender’s respective Pro Rata Shares in the Loans after giving effect to the assignment described in Section 1 of this Agreement. Each new Note will be issued in the aggregate maximum principal amount of the Pro Rata
Share of the applicable Loan Commitment of the Lender to whom such Note is issued. 
  
 SECTION 3. ADDITIONAL LENDER’S AND ASSIGNING LENDER’S 
 REPRESENTATIONS, WARRANTIES AND
COVENANTS 
  
 3.1 Additional Lender’s
Representations and Warranties. 
  
 Additional Lender hereby
represents, warrants and covenants the following to Assigning Lender and Administrative Agent: 
  
 A. This Agreement is a legal, valid and binding agreement of Additional Lender, enforceable according to its terms; 
  
 B. The execution and performance by Additional Lender of its duties and
obligations under this Agreement, the Credit Agreement and the Loan Documents will not require any registration with, notice to, or consent or approval by any federal, state, or local governmental or regulatory body; 
  
 C. Additional Lender is familiar with transactions of the kind and scope
reflected in the Credit Agreement and the Loan Documents and in this Agreement; 
  
 D. Additional Lender has made its own independent investigation and appraisal of the financial condition and affairs of Borrower, has conducted its own evaluation of the Loans, the Credit Agreement and the Loan
Documents, the Collateral and Borrower’s creditworthiness, has made its decision to become a Lender to Borrower under the Credit Agreement with respect to the Loans independently and without reliance upon Assigning Lender or Administrative
Agent, and will continue to do so; 
  
 E. Additional Lender is
entering into this Agreement in the ordinary course of its business, and is acquiring its interest in the Loans for its own account and not with a view to or for sale in connection with any subsequent distribution; provided, however, that at all
times the distribution of Additional Lender’s property shall, subject to the terms of the Credit Agreement, be and remain within its control. No assignment or participation by Additional Lender granted pursuant to Subsection 8.1 of the Credit
Agreement will require Assigning Lender, Administrative Agent or Borrower to file any registration statement with the Securities and Exchange Commission or to apply to qualify under the blue sky laws of any state; 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 F. Additional Lender has no loans to, written or oral agreements with, or
equity or other ownership interest in Borrowers or its Affiliates, other than as described in writing to Administrative Agent; and 
  
 G. Additional Lender is capable of making LIBOR Loans under the Credit Agreement. 
  
 3.2 Assigning Lender’s Representations and Warranties. 
  
 Assigning Lender hereby represents and warrants the following to Additional
Lender and Administrative Agent: 
  
 (A) This Agreement is a
legal, valid and binding agreement of Assigning Lender, enforceable according to its terms; 
  
 (B) The execution and performance by Assigning Lender of its duties and obligations under this Agreement, the Credit Agreement and the Loan Documents will not require any registration with, notice to or consent or
approval by any federal, state or local governmental or regulatory body with respect to Assigning Lender; 
  
 (C) Assigning Lender has full power and authority, and has taken all action necessary to execute and deliver this Agreement and to fulfill the obligations
hereunder and to consummate the transactions contemplated hereby; and 
  
 (D) Assigning Lender has not previously assigned or transferred the interests being assigned hereby, and such interests are free and clear of any adverse claim, lien, encumbrance, security interest, restriction on transfer, purchase option,
call or similar right of a third party or other defect in title created by, through or under Assigning Lender. 
  
 SECTION 4. LIMITATIONS OF LIABILITY 
  
 Except as provided in Sections 1.1(B) and 3.2, neither Assigning Lender nor Administrative Agent makes any representations or warranties of any kind, nor
assumes any responsibility or liability whatsoever, with regard to (i) the Credit Agreement, the Loan Documents or the Loans, (ii) the validity, genuineness, enforceability, or collectibility of any of them, (iii) the amount, value or existence of
the Collateral, (iv) the perfection or priority of any lien upon or security interest in the Collateral or (v) the solvency, financial condition or statements of Borrower or any other party to the Loan Documents. Neither Assigning Lender nor
Administrative Agent has or will have any duty, either initially or on a continuing basis, to make any investigation, evaluation, or appraisal on behalf of Additional Lender, nor will Assigning Lender or Administrative Agent have any responsibility
or liability with respect to the accuracy or completeness of any information provided to Additional Lender which has been provided to Assigning Lender or Administrative Agent by Borrower or by any third party. Nothing in the Agreement or in the
Credit Agreement and the Loan Documents shall impose upon Assigning Lender or Administrative Agent any fiduciary relationship in respect of Additional Lender. 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 SECTION 5. FAILURE TO ENFORCE 
  
 5.1 Not a Waiver. 
  
 No failure or delay on the part of Administrative Agent or Assigning Lender
in the exercise of any power, right, or privilege hereunder or under the Credit Agreement or any Loan Document will impair such power, right, or privilege or be construed to be a waiver of any default or acquiescence therein. No single or partial
exercise of any such power, right, or privilege will preclude further exercise thereof or of any other right, power, or privilege. 
  
 5.2 Remedies Cumulative. 
  
 All rights and remedies existing under this Agreement are cumulative with, and not exclusive of, any rights or remedies otherwise available. 

 
 SECTION 6. NOTICES 
  
 Unless otherwise specifically provided herein, any notice or other
communication required or permitted to be given will be in writing and addressed to the respective party as set forth below its signature hereunder, or to such other address as the party may designate in writing to the other. 
  
 SECTION 7. SURVIVAL OF INDEMNITIES AND CONTINUING EFFECT 
  
 This Agreement will continue in full force and effect as to Additional Lender
so long as any amounts of principal, interest, or fees are owed to Additional Lender or any of the Loan Commitments remain outstanding; provided, however, that Additional Lender’s obligation to indemnify Administrative Agent and Additional
Lender’s obligations of confidentiality hereunder and under the Credit Agreement will continue notwithstanding any termination of this Agreement or the Credit Agreement to the extent set forth in the Credit Agreement. 
  
 SECTION 8. AMENDMENTS AND WAIVERS 
  
 No amendment, modification, termination, or waiver of any provision of this
Agreement will be effective without the written concurrence of Assigning Lender, Administrative Agent and Additional Lender. 
  
 SECTION 9. SEVERABILITY 
  
 Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law. In the event any
provision of this Agreement is or is held to be invalid, illegal or unenforceable under applicable law, such provision will be ineffective only to the extent of such invalidity, illegality or unenforceability, without invalidating the remainder of
such provision or the remaining provisions of this Agreement. In addition, in the event any provision of or obligation under this Agreement is or is held to be invalid, illegal, or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations in any other jurisdictions will not in any way be affected or impaired thereby. 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 SECTION 10. SECTION TITLES 
  
 Section and Subsection titles in this Agreement are included for convenience
of reference only, do not constitute a part of this Agreement for any other purpose, and have no substantive effect. 
  
 SECTION 11. SUCCESSORS AND ASSIGNS 
  
 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
  

SECTION 12. APPLICABLE LAW 
  
 THIS AGREEMENT WILL BE CONSTRUED IN ALL RESPECTS IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF COLORADO, WITHOUT GIVING EFFECT TO ANY
CONFLICTS OF LAWS PROVISIONS THAT REQUIRE OR PERMIT APPLICATION OF THE LAWS OF ANY OTHER STATE OR JURISDICTION. 
  
 SECTION 13. WITHHOLDING TAXES 
  
 If Additional Lender is, as of the Effective Date, or thereafter becomes a foreign corporation or a U.S. branch of a foreign corporation, Additional Lender will execute and deliver to Administrative Agent, for
delivery to Borrowers, within 30 days after the Effective Date and by January 15th of each year, a United States Internal Revenue Service Form W8ECI or W-8BEN, or any successor form, as appropriate, properly completed and claiming complete exemption
from withholding and deduction of United States federal taxes and Additional Lender will execute and deliver to Administrative Agent, promptly upon the expiration of any such form, a new form of like kind. Additional Lender represents and warrants
that, as of the Effective Date, it is entitled to receive payments of principal and interest hereunder without deduction for or on account of any taxes imposed by the United States of America or any political subdivision thereof. In the event that
after delivering such form, Additional Lender ceases to be exempt from withholding or deduction, or both, of such taxes, Administrative Agent may withhold or deduct, or both, the applicable amount from any payments of principal or interest to which
Additional Lender otherwise would be entitled. Additional Lender will indemnify Administrative Agent from and against all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, or expenses that result from Additional
Lender’s failure to fulfill its obligations under the terms of this Section 13. 
  
 SECTION 14. COUNTERPARTS 
  
 This Agreement and any amendments, waivers, consents, or supplements may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when so executed and delivered, will be deemed an
original and all of which shall together constitute one and the same instrument. 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 SECTION 15. CONSENT OF BORROWER AND ADMINISTRATIVE AGENT 
  
 This Agreement is conditioned upon the consent of Borrower and Administrative
Agent (not to be unreasonably withheld or delayed) pursuant to Subsection 8.1 of the Credit Agreement (unless consent is not required pursuant to such Subsection 8.1). The execution of this Agreement by Borrower and Administrative Agent is evidence
of such consent. Pursuant to Subsection 8.1 of the Credit Agreement, Borrower has agreed to execute and deliver (1) to Additional Lender, in substitution for its existing Notes, new Notes payable to the order of Additional Lender to evidence the
assignment and assumption provided for herein and (2) to Assigning Lender, in substitution for its existing Notes, new Notes payable to the order of Assigning Lender to evidence the assignment and assumption provided for herein; provided,
such existing Notes shall be delivered to Borrower for cancellation upon issuance of such new Notes. Assigning Lender further agrees to pay a non-refundable administrative fee of $3,500 to Administrative Agent in connection with the assignment
herein (if applicable), as provided in Subsection 8.1 of the Credit Agreement. 
  
 [Signatures on Next Page] 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Witness the due execution hereof by the respective duly authorized officers of the
undersigned as of the date first written above. 
  

									
	  

	 	 	 	  

	(as Additional Lender)	 	 	 	(as Assigning Lender)
					
	By:	 	  

	 	 	 	By:	 	  

	Its:	 	  

	 	 	 	Its:	 	  

	Notice Address:	 	 	 	Notice Address:
	  

	 	 	 	  

	  

	 	 	 	  

	  

	 	 	 	  

	Attn:	 	  

	 	 	 	Attn:	 	  

	Telephone:	 	  

	 	 	 	Telephone:	 	  

	Fax:	 	  

	 	 	 	Fax:	 	  

			
	Account Information	 	 	 	Account Information:
	[BANK]	 	 	 	[BANK]
					
	ABA:	 	  

	 	 	 	ABA:	 	  

	Attn:	 	  

	 	 	 	Attn:	 	  

	Acct.#:	 	  

	 	 	 	Acct.#:	 	  

	Reference:	 	  

	 	 	 	Reference:	 	  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  

							
	COBANK, ACB,	 	ATLANTIC TELE-NETWORK, INC.
	 as Administrative Agent
	 	 	 	 
				
	 By:
	 	  

	 	By:	 	

	 Its:
	 	  

	 	Its:	 	

		
	 Notice Address:
	 	Notice Address:
		
	 CoBank, ACB
	 	

	 900 Circle 75 Parkway
	 	

	 Suite 400
	 	

	 Atlanta, Georgia 30339-5946
	 	Attn:	 	  

	 Attn: Communications and Energy Banking Group
	 	 	 	 
		
	 With a copy to:
	 	With a copy to:
		
	 CoBank, ACB
	 	

	 5500 S. Quebec Street
	 	

	 Greenwood Village, CO 80111
	 	

	 Attn: Communications and Energy Banking Group
	 	

	 	 	Attn:	 	  

  
  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Schedule A to Lender Addition Agreement 
  
 This Schedule amends the Credit Agreement to the extent necessary to reflect the assignment
by Assigning Lender to Additional Lender of its right, title, and interest in the Loans and the Credit Agreement and Loan Documents equivalent to Additional Lender’s Pro Rata Share and the reduction of Assigning Lender’s Loan Commitments.
All capitalized terms used in this Schedule and not so defined herein shall have the respective meanings set forth in the Lender Addition Agreement to which this Schedule is attached, or, if not so defined therein, in the Credit Agreement. All
percentages set forth on this Schedule A shall be carried to the seventh decimal. 
  

	1.	Pro Rata Share of Loan Commitments Assigned to Additional Lender 

  

							
	    Pro Rata Share of the Revolver Loan Commitment
	  	 	  	 	 	 
	    (expressed in U.S. Dollars)
	  	-	  	$	            	 
			
	    Pro Rata Share of the Revolver Loan Commitment
	  	 	  	 	 	 
	    (expressed as a percentage)
	  	-	  	 	            	%
			
	    Pro Rata Share of the Term Loan Commitment
	  	 	  	 	 	 
	    (expressed in U.S. Dollars)
	  	-	  	$	            	 
			
	    Pro Rata Share of the Term Loan Commitment
	  	 	  	 	 	 
	    expressed as a percentage)
	  	-	  	 	            	%

  
 All fees payable to
Assigning Lender under the Credit Agreement accrued prior to the Effective Date are for the account of Assigning Lender and such fees accruing from and including the Effective Date on or with respect to that portion of the Loan Commitments assigned
to Additional Lender are for the pro rata account of Additional Lender. 
  

	2.	Pro Rata Share of Loan Commitments Retained by Assigning Lender 

  

							
	    Pro Rata Share of the Revolver Loan Commitment
	  	 	  	 	 	 
	    (expressed in U.S. Dollars)
	  	-	  	$	            	 
			
	    Pro Rata Share of the Revolver Loan Commitment
	  	 	  	 	 	 
	    (expressed as a percentage)
	  	-	  	 	            	%
			
	    Pro Rata Share of the Term Loan Commitment
	  	 	  	 	 	 
	    (expressed in U.S. Dollars)
	  	-	  	$	            	 
			
	    Pro Rata Share of the Term Loan Commitment
	  	 	  	 	 	 
	    (expressed as a percentage)
	  	-	  	 	            	%

 Credit Agreement/Atlantic Tele-Network, Inc. 
  

	3.	Loans Outstanding on the Effective Date 

  

						
	    Revolver Loans
	  	-	  	$	            
			
	    Assigned Amount of Revolver Loans
	  	-	  	$	            
			
	    Term Loan
	  	-	  	$	            
			
	    Assigned Amount of Term Loan
	  	-	  	$	            

  

	4.	Interest Rate to Additional Lender 

  
 As set forth in the Credit Agreement, pro rata based on Additional Lender’s Pro Rata Share of the Revolver Loans and the Term Loans, as applicable.
Interest accrued prior to the Effective Date shall be for the account of Assigning Lender. Interest accruing from and after the Effective Date on the assigned amount of the outstanding Loans shall be for the account of Additional Lender. 

 
  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Exhibit 10.1(B) 
  
 Form of Revolver Note 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 EXHIBIT 10.1(B) 
  
 FORM OF 
 REVOLVER PROMISSORY NOTE 
  
 ATLANTIC TELE-NETWORK, INC. 
  

			
	$             	 	September 15, 2005

  
  
 FOR VALUE RECEIVED, the undersigned (“Borrower”), hereby unconditionally promises to pay to the order of
                     (“Lender”), at the office of the Administrative Agent (as defined below) at 5500 S. Quebec Street,
Greenwood Village, Colorado 80111, or at such place as the holder of this Promissory Note may from time to time designate in writing, in lawful money of the United States of America and in immediately available funds, the principal sum of
                     UNITED STATES DOLLARS (US $            ), or if less,
the aggregate unpaid principal amount of all advances made to Borrower by Lender pursuant to Subsection 1.1(A) of the Credit Agreement described below, at such times as are specified therein. 
  
 This Promissory Note is payable on the dates and in the amounts set forth in
the Credit Agreement described below. This Promissory Note may be prepaid in whole or in part at any time subject to the terms of the Credit Agreement described below. 
  
 This Promissory Note is one of the Revolver Notes referred to in, was executed and delivered pursuant to, and evidences
indebtedness of Borrower constituting Revolver Loans incurred under, that certain Credit Agreement, dated as of September 15, 2005, by and among Borrower, CoBank, ACB, as Administrative Agent (“Administrative Agent”) and as a
Lender, and each of the other Lenders as may become a party thereto from time to time (as the same may be amended, restated, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”), to which
reference is hereby made for a statement of, among other things, the terms and conditions under which the indebtedness evidenced hereby was made and is to be repaid and for a statement of Lender’s remedies upon the occurrence of an Event of
Default, including, without limitation, the remedy of acceleration. Capitalized terms used herein but not otherwise specifically defined shall have the meanings ascribed to such terms in the Credit Agreement. 
  
 Borrower unconditionally promises to pay interest on the outstanding unpaid
principal amount hereof from the date hereof until payment in full at the rates from time to time applicable to Revolver Loans as determined in accordance with the Credit Agreement; provided, however, that upon the occurrence and
during the continuance of an Event of Default, Borrower promises to pay interest on the outstanding principal balance of this Promissory Note at the rates of interest applicable following the occurrence of an Event of Default as determined in
accordance with the Credit Agreement. 
  
 Interest on this
Promissory Note shall be payable, at the times and from the dates specified in the Credit Agreement for Revolver Loans, on the date of any prepayment hereof, at maturity, whether due by acceleration or otherwise, and as otherwise provided in the
Credit Agreement. From and after 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 the date when the principal balance hereof becomes due and payable, whether by acceleration
or otherwise, interest hereon shall be payable on demand. In no contingency or event whatsoever shall interest charged hereunder, however such interest may be characterized or computed, exceed the highest rate permissible under any law which a court
of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that Lender has received interest hereunder in excess of the highest rate applicable hereto, such excess shall be applied in
accordance with the terms of the Credit Agreement. The indebtedness evidenced by this Promissory Note is secured pursuant to the terms of the Loan Documents. 
  
 Except for any notices expressly required by the Loan Documents and as otherwise required by applicable law, Borrower hereby waives demand, presentment
and protest and notice of demand, presentment, protest and nonpayment. 
  
 Borrower further agrees, subject only to any limitation imposed by applicable law, to pay all expenses, including attorneys’ fees and legal expenses, incurred by Lender in endeavoring to collect any amounts payable hereunder which are
not paid when due, whether by acceleration or otherwise. 
  
 THIS PROMISSORY NOTE SHALL BE GOVERNED BY, AND INTERPRETED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAW PROVISIONS THAT REQUIRE OR PERMIT APPLICATION OF THE LAWS OF ANY OTHER STATE OR JURISDICTION)
AND DECISIONS OF THE STATE OF COLORADO. Whenever possible, each provision of this Promissory Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Promissory Note shall be
prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity in such jurisdiction, without invalidating the remainder of such provision or the remaining provisions of this
Promissory Note or the effectiveness and validity of such prohibited or invalid provision in any other jurisdiction. Whenever in this Promissory Note reference is made to Lender or Borrower, such reference shall be deemed to include, as applicable,
a reference to their respective permitted successors and assigns and in the case of Lender, any financial institution to which it has sold or assigned all or any part of its interest in Revolver Loans or in its commitment to make Revolver Loans as
permitted by the Credit Agreement. The provisions of this Promissory Note shall be binding upon and shall inure to the benefit of such permitted successors and assigns. Borrower’s successors and assigns shall include, without limitation, a
receiver, trustee or debtor in possession of or for Borrower. 
  
 [Remainder of page intentionally left blank] 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 IN WITNESS WHEREOF, Borrower has caused this note to be executed and
delivered, each by its duly authorized officer, on the date first shown above. 
  

			
	ATLANTIC TELE-NETWORK, INC.
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 Exhibit 10.1(C) 
  
 Form of Term Note 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 EXHIBIT 10.1(C) 
  
 FORM OF 
 TERM LOAN NOTE 
  
 ATLANTIC TELE-NETWORK, INC. 
  

			
	$            	  	September 15, 2005

  
 FOR VALUE
RECEIVED, the undersigned (“Borrower”), hereby unconditionally promises to pay to the order of                     
(“Lender”), at the office of the Administrative Agent (as defined below) at 5500 S. Quebec Street, Greenwood Village, Colorado, 80111, or at such place as the holder of this Promissory Note may from time to time designate in
writing, in lawful money of the United States of America and in immediately available funds, the principal sum of                      UNITED
STATES DOLLARS (US $            ), or if less, the aggregate unpaid principal amount of all advances made to Borrowers by Lender pursuant to Subsection 1.1(B) of the Credit Agreement
described below, at such times as are specified therein. 
  
 This
Promissory Note is payable on the dates and in the amounts set forth in the Credit Agreement described below. This Promissory Note may be prepaid in whole or in part at any time subject to the terms of the Credit Agreement described below.

  
 This Promissory Note is one of the Term Loan Notes referred to
in, was executed and delivered pursuant to, and evidences indebtedness of Borrower constituting Term Loans incurred under, that certain Credit Agreement, dated as of September 15, 2005, by and among Borrower, CoBank, ACB, as Administrative Agent
(“Administrative Agent”) and as a Lender, and each of the other Lenders as may become a party thereto from time to time (as the same may be amended, restated, supplemented or otherwise modified and in effect from time to time, the
“Credit Agreement”), to which reference is hereby made for a statement of, among other things, the terms and conditions under which the indebtedness evidenced hereby was made and is to be repaid and for a statement of Lender’s
remedies upon the occurrence of an Event of Default, including, without limitation, the remedy of acceleration. Capitalized terms used herein but not otherwise specifically defined shall have the meanings ascribed to such terms in the Credit
Agreement. 
  
 Borrower unconditionally promises to pay interest
on the outstanding unpaid principal amount hereof from the date hereof until payment in full at the rates from time to time applicable to Term Loans as determined in accordance with the Credit Agreement; provided, however, that upon
the occurrence and during the continuance of an Event of Default, Borrower promises to pay interest on the outstanding principal balance of this Promissory Note at the rates of interest applicable following the occurrence of an Event of Default as
determined in accordance with the Credit Agreement. 
  
 Interest
on this Promissory Note shall be payable, at the times and from the dates specified in the Credit Agreement for Term Loans, on the date of any prepayment hereof, at maturity, whether due by acceleration or otherwise, and as otherwise provided in the
Credit Agreement. From and after 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 the date when the principal balance hereof becomes due and payable, whether by acceleration
or otherwise, interest hereon shall be payable on demand. In no contingency or event whatsoever shall interest charged hereunder, however such interest may be characterized or computed, exceed the highest rate permissible under any law which a court
of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that Lender has received interest hereunder in excess of the highest rate applicable hereto, such excess shall be applied in
accordance with the terms of the Credit Agreement. The indebtedness evidenced by this Promissory Note is secured pursuant to the terms of the Loan Documents. 
  
 Except for any notices expressly required by the Loan Documents and as otherwise required by applicable law, Borrower hereby waives demand, presentment
and protest and notice of demand, presentment, protest and nonpayment. 
  
 Borrower further agrees, subject only to any limitation imposed by applicable law, to pay all expenses, including attorneys’ fees and legal expenses, incurred by Lender in endeavoring to collect any amounts payable hereunder which are
not paid when due, whether by acceleration or otherwise. 
  
 THIS PROMISSORY NOTE SHALL BE GOVERNED BY, AND INTERPRETED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAW PROVISIONS THAT REQUIRE OR PERMIT APPLICATION OF THE LAWS OF ANY OTHER STATE OR JURISDICTION)
AND DECISIONS OF THE STATE OF COLORADO. Whenever possible, each provision of this Promissory Note shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Promissory Note shall be
prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity in such jurisdiction, without invalidating the remainder of such provision or the remaining provisions of this
Promissory Note or the effectiveness and validity of such prohibited or invalid provision in any other jurisdiction. Whenever in this Promissory Note reference is made to Lender or Borrower, such reference shall be deemed to include, as applicable,
a reference to their respective permitted successors and assigns and in the case of Lender, any financial institution to which it has sold or assigned all or any part of its interest in Term Loans or in its commitment to make Term Loans as permitted
by the Credit Agreement. The provisions of this Promissory Note shall be binding upon and shall inure to the benefit of such permitted successors and assigns. Borrower’s successors and assigns shall include, without limitation, a receiver,
trustee or debtor in possession of or for Borrower. 
  
 [Remainder
of page intentionally left blank] 

 Credit Agreement/Atlantic Tele-Network, Inc. 
  
 IN WITNESS WHEREOF, Borrower has caused this note to be executed and
delivered, each by its duly authorized officer, on the date first shown above. 
  

			
	ATLANTIC TELE-NETWORK, INC.
		
	By:	 	  

	Name:	 	  

	Title:

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