Document:

INDEPENDENT
CONSULTING SERVICES AGREEMENT

     

    This
Agreement is between Protalex,
Inc., a Delaware corporation, and its successors or assignees (the “Company”)
located at 145 Union Square Drive, New Hope, PA 18938 and the undersigned and
its authorized successors  marc
rose (“Consultant”),
and entered into effective as of  June 30, 2009 (the “Effective
Date”).

     

    
      	
              1.

            	
              Engagement
      of Services. 

            

    

     

    The
Company hereby retains Consultant as an independent Consultant for the Company
to perform the services described on Exhibit A attached hereto from
July 1, 2009, as well as such other services as may be reasonably requested from
time to time by the Company in writing with the mutual written agreement between
Consultant and the Company (the “Services”),
and Consultant hereby agrees to perform such Services for the
Company.   Consultant shall perform the Services under this
Agreement in a timely and professional manner, using a degree of skill and care
consistent with industry standards.  Consultant may not subcontract or
otherwise delegate its obligations under this Agreement or assign this Agreement
without the Company’s prior written consent.

     

    2.           Compensation.
The Company will pay Consultant a fee for the Services rendered from July
1, 2009 as set forth in Exhibit
A.  In addition, for Consultant’s previous uncompensated
services to the Company since Consultant’s employment with the Company ceased on
April 15, 2009, so long as this Agreement has not been terminated on, or before,
August 31, 2009 by either party, the Company shall also pay Consultant a lump
sum of $10,000 on September 1, 2009. All such compensation under this Agreement
shall be in addition to the compensation paid or payable to Consultant pursuant
to Consultant’s April 15, 2009 Settlement with the Company. Consultant will also
be reimbursed for any reasonable expenses incurred in connection with the
performance of services under this Agreement provided Consultant obtains prior
written approval for expenses in excess of $500 and submits verification of any
expenses to be reimbursed by the Company.  Upon termination of this
Agreement for any reason, Consultant will be paid fees and expenses on a
proportional basis for work which is then in progress, to and including the
effective date of such termination.  The Company will reimburse
Consultant for previously approved expenses within thirty (30) days after
Consultant’s submission to the Company of its invoice.

     

    3.           Independent
Consultant. Consultant’s relationship with the Company under this
Agreement will be that of an independent Consultant and nothing in this
Agreement should be construed to create a partnership, joint venture, or
employer-employee relationship.  Consultant is not an agent of the
Company and is not authorized to make any representation, contract, or
commitment on behalf of the Company under this Agreement.  Consultant
will not be entitled under this Agreement to any of the benefits which the
Company may make available to its employees.  Consultant will be
solely responsible for all tax returns and payments required to be filed with or
made to any federal, state or local tax authority with respect to Consultant’s
performance of services and receipt of fees under this
Agreement.    Because Consultant is an independent
Consultant, the Company will not withhold or make payments for social security;
make unemployment insurance or disability insurance contributions; or obtain
worker’s compensation insurance on Consultant’s behalf.  Consultant
agrees to accept exclusive liability for complying with all applicable state and
federal laws governing self-employed individuals, including obligations such as
payment of taxes, social security, disability and other contributions based on
fees paid to Consultant, its agents or employees under this
Agreement.  Consultant hereby agrees to indemnify and defend the
Company against any and all such taxes or contributions, including penalties and
interest and attorneys fees incurred by the Company in connection
therewith.  Consultant is free to enter any contract to provide
services to other business entities, except any contract which would induce
Consultant to violate this Agreement.

     

    
      
        
        

      

      
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                4.

              	
                Intellectual
      Property Rights.

              

      

    

     

    4.1           Proprietary Information.
Consultant agrees during the term of this Agreement and thereafter that it will
take all steps reasonably necessary to hold the Company’s Proprietary
Information in trust and confidence, will not use Proprietary Information in any
manner or for any purpose not expressly set forth in this Agreement, and will
not disclose any such Proprietary Information to any third party without first
obtaining the Company’s express written consent on a case-by-case basis. The
term “Proprietary
Information” shall mean any and all confidential and/or proprietary
knowledge, data or information of the Company, whether in oral, written, graphic
or electronic form.  By way of illustration, but not limitation
“Proprietary Information” includes (a) trade secrets, know-how, inventions,
ideas, tangible and intangible information such as antibodies and other
biological materials, cell lines, samples of assay components, media and/or cell
lines and procedures and formulations for producing any such assay components,
media and/or cell lines, formulations, compounds, products, processes, designs,
formulas, methods, techniques, programs, software models, algorithms,
developmental or experimental work, clinical or other data, compilations of
data, other works of authorship, improvements and discoveries (“collectively,
each referred to as an “Invention”) ; (b) information regarding plans for
research and development, new products, marketing and selling, business plans,
budgets and unpublished financial statements, licenses, prices and costs,
suppliers, customers, licensees and strategic partners, and the existence and
terms of any business discussions, negotiations or agreements to which the
Company is a party; and (c) information regarding the skills and
compensation of other employees or consultants of the Company.  The
term “Proprietary Information” shall not
include information which the Consultant can demonstrate by competent written
proof:  (1) is now, or hereafter becomes, through no act or
failure to act on the part of the Consultant, generally known or available;
(2) is known by the Consultant at the time of receiving such information,
as evidenced by its written records; (3) is hereafter furnished to the
Consultant by a third party, as a matter of right and without restriction on
disclosure; or (4) is the subject of a written permission to disclose
provided by the Company.

     

    4.2           Third Party
Information.  Consultant understands that the Company has
received and will in the future receive confidential or proprietary information
from third parties (“Third Party
Information”) subject to a duty on the Company’s part to maintain the
confidentiality of such information and use it only for certain limited
purposes.  Consultant agrees to hold Third Party Information in
confidence and not to disclose to anyone (other than personnel of the Company
who need to know such information in connection with their work for the Company)
or to use, except in connection with Consultant’s work for the Company, Third
Party Information unless expressly authorized in writing by an officer of the
Company.

     

    4.3             Company Work Product
Assignments.    Consultant will not incorporate any
invention, improvement, development, concept, discovery or other proprietary
information owned by any third party into any “Company Work Product” without the
Company's prior written consent. “Company Work Product” under this Agreement
shall mean any Inventions or any other work product whether or not patentable
and all directly related know-how thereto developed by Consultant as part of the
Services. Consultant hereby assigns to the Company all of the Consultant’s
right, title and interest in and to all Company Work Product and hereby agrees,
upon the Company’s request, to execute, verify, and deliver to the Company all
documents including, but not limited to, assignments and applications for
Letters of Patent, trademark or copyright registrations, or any other form or
method of government protection provided by any local, state, or federal laws of
the United States or any other country or political subdivision thereof, and
whether such protection is now known or subsequently derived, and to perform
such other acts, including, but not limited to, appearing as a witness in any
action brought in connection with this Agreement, that is deemed reasonably
necessary or appropriate by the Company to allow it to obtain the sole right,
title, interest and benefit of all such Company Work Product. Consultant agrees
to cooperate with the Company or its designee(s), both during and after the term
of this Agreement, in the procurement and maintenance of the Company’s rights in
Company Work Product and to execute, when requested, any other documents deemed
necessary by the Company to carry out the purpose of this
Agreement.

     

    5.           Representations
and Warranties.   If
Consultant  develops  Company Work Product as part of the
Services  Consultant hereby represents and warrants that (a) the
Company Work Product will be an original work of Consultant and any third
parties will have executed assignment of rights reasonably acceptable to
Company; (b) neither the Company Work Product nor any element thereof will
infringe the Intellectual Property Rights of any third party; (c) neither
the Company Work Product nor any element thereof will be subject to any
restrictions or to any liens, pledges, security interests, or other
encumbrances; and (d) Consultant will not grant, directly or indirectly,
any rights or interest whatsoever in the Company Work Product to third parties.
 Consultant further warrants and represents that (a) it has full right and
power to enter into and perform this Agreement without the consent of any third
party; (b) Consultant will take all necessary precautions to prevent injury
to any persons (including employees of Company) or damage to property (including
Company’s property) during the term of this Agreement; and (c) should
Company permit Consultant to use any of Company’s equipment, tools, or
facilities during the term of this Agreement, such permission shall be
gratuitous and Consultant shall be responsible for any injury to any person
(including death) or damage to property (including Company's property) arising
out of use of such equipment, tools or facilities, whether or not such claim is
based upon its condition or on the alleged negligence of Company in permitting
its use.

     

    
      
        
        

      

      
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              6.

            	
              Termination.

            

    

     

    6.1           Term.  The term of
this Agreement will begin on the date of this Agreement and will continue until
the earlier of (i) final completion of the Services but in no event beyond
December 31, 2009 or (ii) termination as provided in this Section 6 (the “Term”).

     

    6.2           Termination by the
Company.  The Company may terminate this Agreement at its
convenience for any reason or no reason and without any breach by Consultant
immediately upon written notice to Consultant.

     

    6.3           Termination by
Consultant.  Consultant may terminate this Agreement at any
time upon written notice to the Company.

     

    6.4           Noninterference with
Business.  During and for a period of two (2) years immediately
following termination of this Agreement by either party, Consultant agrees not
to solicit or induce any employee or independent consultant to terminate or
breach an employment, contractual or other relationship with the
Company.  Consultant further agrees not to induce or attempt to induce
any supplier, customer, licensee or strategic partner of the Company to cease
doing business with the Company, or in any other manner interfere with the
Company’s business relationships, contractual or otherwise.

     

    6.5           Return of Company
Property.  Upon termination of the Agreement or earlier as
requested by the Company, Consultant will immediately deliver to the Company at
its principal place of business any and all equipment, drawings, notes,
memoranda, specifications, devices, formulas, and documents, together with all
copies thereof, and any other material containing or disclosing any Company Work
Product, Third Party Information or Proprietary Information of the
Company.  Consultant further agrees that any property situated on the
Company’s premises and owned by the Company, including disks and other storage
media, filing cabinets or other work areas, is subject to inspection by the
Company personnel at any time with or without notice.

     

    
      	
              7.

            	
              General
      Provisions.

            

    

     

    7.1           Notices. Any notices required
or permitted hereunder shall be given to the appropriate party at the address
specified below or at such other address as the party shall specify in writing
in accordance with the notice provisions set forth in this
Section.  Such notice shall be in writing and shall be deemed given
(i) upon personal delivery to the appropriate address, (ii) upon
delivery by facsimile transmission with receipt confirmed, (iii) if sent by
certified or registered mail, postage prepaid, five (5) days after the date
of mailing, or (iv) if sent by overnight courier, the next business day
such courier regularly makes deliveries.

     

    7.2           Governing
Law/Venue.  This Agreement will be governed by and construed
according to the laws of the State of Delaware, without regard to the conflicts
of law principles thereof. Venue for all purposes herein shall be in the state
and federal courts within the State of Delaware.

     

    7.3           Injunctive Relief for
Breach.  Because Consultant’s services are personal and unique
and because Consultant may have access to and become acquainted with the
Proprietary Information of the Company, Consultant acknowledges and agrees that,
if Consultant were to breach this Agreement, the Company would suffer an
irreparable injury such that no remedy at law would adequately protect or
appropriately compensate the Company for such injury.  Accordingly,
Consultant agrees that the Company shall have the right to enforce this
Agreement and any of its provisions by seeking an injunction or other equitable
relief, without bond and without prejudice to any other rights and remedies that
the Company may have for a breach of this Agreement.

     

    7.4           Amendment/Governing
Terms.  The terms of this Agreement will govern all services
undertaken by Consultant for the Company pursuant to Exhibit A.  All
services rendered by Consultant hereunder shall be deemed undertaken by
Consultant in his capacity as the Chief Financial Officer of the Company so long
as he remains the Company’s CFO, with all such acts covered by any
indemnification and D&O insurance policy coverage afforded the officers of
the Company. This Agreement may not be changed, modified, amended or
supplemented except by a written instrument signed by both parties.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    7.5           Severability. If any provision
of this Agreement shall be declared invalid, illegal or unenforceable, such
provision shall be severed and all remaining provisions shall continue in full
force and effect.

     

    7.6           Successors and
Assigns.  The parties’ rights and obligations under this
Agreement will bind and inure to the benefit of their respective successors,
heirs, executors and administrators and permitted assigns.  Consultant
shall not assign or delegate its obligations under this Agreement either in
whole or in part without the prior written consent of the Company.

     

    7.7           Waiver.  No waiver
shall be effective unless in writing executed by the waiving
party.  The waiver from time to time by either the Company or
Consultant of any of their respective rights or their failure to exercise any
remedy shall not operate or be construed as a continuing waiver of same or of
any other of such party’s rights or remedies provided in this
Agreement.

     

    7.8           Counterparts.  This
Agreement may be executed in any number of counterparts, each of which, when
executed, shall be deemed to be an original and all of which together shall
constitute one and the same document.

     

    7.9           Legal Fees.  If any
dispute arises between the parties with respect to the matters covered by this
Agreement which leads to a proceeding to resolve such dispute, the prevailing
party in such proceeding shall be entitled to receive its reasonable attorneys’
fees, expert witness fees and out-of-pocket costs incurred in connection with
such proceeding, in addition to any other relief it may be awarded.

     

    7.10           Export.  Consultant
agrees not to export, directly or indirectly, any U.S. source technical data
acquired from the Company or any products utilizing such data to countries
outside of the United States, which export may be in violation of United States
export laws or regulations.

     

    7.11           Survival.  The
following provisions shall survive termination of this Agreement:
Sections 4, 5, 6, 7 and 8.

     

    7.12           Voluntary
Agreement.  Consultant acknowledges and agrees that Consultant
is executing this Agreement voluntarily and without any duress or undue
influence by the Company or anyone else. Consultant further acknowledges and
agrees that Consultant has carefully read this Agreement and has asked any
questions needed to understand the terms, consequences and binding effect of
this Agreement and fully understand it, including that Consultant agrees to
waive its right to a jury trial if such waiver is requested by the Company.
Finally, Consultant agrees that Consultant has been provided an opportunity to
seek the advice of an attorney of its choice before signing this
Agreement.

     

    In Witness
Whereof, the parties have caused this Independent Consulting Services
Agreement to be executed by their duly authorized representative.

     

    The
Company:

     

    Protalex,
Inc.

     

    
      
        
          
            
              	
                      By:

                    	 
      
	 
      	 
      
	
                      Name:

                    	 
      
	 
      	 
      
	
                      Title:

                    	 
      

            

          

        

      

    

    
      
        
          
            
              
                	
                        Address:

                      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

              

            

          

        

      

    

     

    
      
        
        

      

      
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    Consultant:

     

    
      
        
          
            
              	 
      
	
                      (Printed
      Name)

                    
	 
      
	
                      By:

                    	 
      
	 
      	 
      
	
                      Title:

                    	 
      
	
                      (if
      applicable)

                    

            

          

        

      

    

    
      
        
          
            
              	
                      Address:

                    	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      

            

          

        

      

    

    

    
      
        
          
            
              	
                      Tax ID #:

                    	 
      

            

          

        

      

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    Exhibit
A

     

    SERVICES

     

    Consultant
agrees to consult with the Company in the specific areas of Accounting, Finance
and Operations assignments as requested by the Company’s CEO (or in his absence,
the Company’s Chairman).  The Company would expect Consultant to
perform the following specific activities under this Agreement: (List all
activities)

     

    
      	
               
      

            	
              ·

            	
              Accounting,
      Finance, Operational and Administrative duties as deemed necessary and
      agreed to with Company’s CEO or in his absence, the Company’s
      Chairman.

            

    

     

    Change of
scope must be provided in writing and signed by both parties.

     

    Payment
of Fees

     

    A fixed
monthly rate of $5,000 period beginning July 1, 2009 (and prorated for any
partial 30 day period).  Payments shall be made in arrears on a
bi-monthly basis.

     

    
      
        
        

      

      
        6Exhibit 10.1

    

     

    
      AMENDMENT
NO. 2 TO

      CREDIT
AND GUARANTY AGREEMENT

       

      AMENDMENT NO. 2 TO CREDIT AND
GUARANTY AGREEMENT (the “Amendment”) dated as
of June 29, 2009, is among AboveNet, Inc., a Delaware corporation, AboveNet
Communications, Inc., a Delaware corporation, AboveNet of Utah, LLC, a Delaware
limited liability company, AboveNet of VA, LLC, a Virginia limited liability
company, and AboveNet International Inc., a Delaware corporation, (hereinafter
the “Borrowers”), the
Lenders from time to time parties thereto, Societe Generale, as administrative
agent (the “Administrative
Agent”), and CIT Lending Services Corporation, as documentation agent
(the “Documentation
Agent”) (the Administrative Agent and the Documentation Agent together,
the “Agents”).

       

      WHEREAS, the Borrowers, the
Agents and the Lenders are parties to that certain Credit and Guaranty Agreement
dated as of February 29, 2008 as amended by the Waiver and Amendment No. 1 to
the Credit and Guaranty Agreement (as so amended, and as the same may be
hereafter further amended, modified, supplemented or restated from time to time,
the “Credit
Agreement;” undefined capitalized terms used herein shall have the
meanings assigned thereto in the Credit Agreement), pursuant to which the
Lenders have agreed to make certain “Loans” and other financial accommodations
to the Borrowers;

       

      WHEREAS, the Borrowers have
requested that the Agents and the Lenders amend the Credit Agreement in the
manner set forth herein in order to (i) allow for an extension of the
Availability Period of the Delayed Draw Loan from June 30, 2009, which is the
date currently set forth in sub-section “(A)” of letter “(b)” of the definition
of “Availability Period” in the Credit Agreement, to December 31, 2009, and (ii)
fix December 31, 2009 as the termination date of the Availability Period for any
delayed draw loan under New Loan Commitments, as defined in the Credit
Agreement, and the Agents and the Lenders have agreed to such
request;

       

      WHEREAS, the Borrowers have
further requested that the Agents and the Lenders amend the Credit Agreement in
the manner set forth herein in order to remove the Restricted Cash financial
covenant set forth in Section 8.01(c) of
the Credit Agreement; and

       

      WHEREAS, the Lenders and the
Borrowers are entering into this Amendment pursuant to Section 12.01 of the
Credit Agreement.

       

      NOW, THEREFORE, in
consideration of the premises set forth above, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Borrowers, the Agents and the Lenders agree as follows:

       

      1.           Availability Period for
Delayed Draw Loans.  The Availability Period for Delayed Draw
Loans shall be extended from June 30, 2009 to December 31, 2009.  The
Availability Period for the New Loan Commitments which are Delayed Draw
Commitments shall terminate on December 31, 2009. To this effect, the definition
of “Availability Period” in Section 1.01 of the
Credit Agreement shall therefore be amended and restated in its entirety as
follows:

       

      ““Availability Period”
means, (a) with respect to the Revolving Commitments, the period from and
including the Closing Date to the earliest of (i) the date one (1) Business Day
prior to the Maturity Date, (ii) the date of termination of the Revolving
Commitments pursuant to Section 2.06, and
(iii) the date of termination of the commitment of each Lender to make Loans and
of the obligation of the L/C Issuer to make L/C Credit Extensions, in each case
pursuant to Section
9.02 and (b) (A) with respect to the Delayed Draw Commitments, the period
from and including the Closing Date to and including December 31, 2009, or (B)
with respect to the New Loan Commitments which are Delayed Draw Commitments the
period from and including the NLC Effective Date to and including December 31,
2009.”

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      2.           Restricted
Cash.  The Restricted Cash financial covenant set forth in
Section 8.01(c)
of the Credit Agreement shall be removed.  To this effect, the Credit
Agreement is amended as follows:

       

      (a)        
the definition of “Restricted Cash” in Section 1.01 of the
Credit Agreement is hereby deleted in its entirety.

       

      (c)         the
definition of “Unrestricted Cash” in Section 1.01 of the
Credit Agreement is hereby amended and restated in its entirety as
follows:

       

      ““Unrestricted Cash”
means, as of any measurement date, the excess of (a) the Borrower’s Aggregate
Consolidated Cash Balance over (b) (i) the amount indicated in any line item
labeled as “restricted cash” on the Borrower’s most recent balance sheet
delivered pursuant to Section 6.01 plus
(ii) $20,000,000.”

       

      (d)         Section 8.01(c) of
the Credit Agreement is hereby deleted in its entirety.

       

      3.           Reduction of Delayed Draw
Commitments.  Section 2.06(b) of
the Credit Agreement is hereby amended and restated in its entirety as
follows:

       

      “(b)       The
Delayed Draw Commitments shall be permanently reduced (i) by the amount of each
Borrowing made by the Delayed Draw Lenders with respect to the Delayed Draw
Commitment, (ii) by the amount of any repayment by the Borrowers which reduces
the principal amount outstanding under the Delayed Draw Loans to zero, (iii) by
$810,000 on each Principal Payment Date commencing June 30, 2009 and ending on
(but including) December 31, 2009 in the event that all or a portion of the
Delayed Draw Commitments remain undrawn on such date and (iv) to the extent all
or a portion of the Delayed Draw Commitments remain undrawn on the expiration of
the Availability Period for the Delayed Draw Loans.”

       

      4.           Repayment of
Loans.  Section 2.07(b) of
the Credit Agreement is hereby amended and restated in its entirety as
follows:

       

      “(b)       Term Loan and Delayed Draw
Loans.  The Borrowers shall pay the principal
amount

       

      (i)           of
the Term Loan on each Principal Payment Date, commencing on the first Principal
Payment Date, being June 30, 2009 and through the last Principal Payment Date
corresponding to the year 2012,  and on the Maturity Date in the
amount set forth in the table below, before giving effect to any prepayments in
respect of the Term Loan made pursuant to Section
2.05:

    

    
      
        
           

        

        
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                Principal
      Payment Date

                 

              	
                Term
      Loan Principal Amortization

                Payment

              
	
                June
      30, 2009

              	
                $1,080,000

              
	
                September
      30, 2009

              	
                $1,080,000

              
	
                December
      31, 2009

              	
                $1,080,000

              
	
                March
      31, 2010

              	
                $1,080,000

              
	
                June
      30, 2010

              	
                $1,080,000

              
	
                September
      30, 2010

              	
                $1,080,000

              
	
                December
      31, 2010

              	
                $1,080,000

              
	
                March
      31, 2011

              	
                $1,080,000

              
	
                June
      30, 2011

              	
                $1,080,000

              
	
                September
      30, 2011

              	
                $1,080,000

              
	
                December
      31, 2011

              	
                $1,080,000

              
	
                March
      31, 2012

              	
                $1,080,000

              
	
                June
      30, 2012

              	
                $1,440,000

              
	
                September
      30, 2012

              	
                $1,440,000

              
	
                December
      31, 2012

              	
                $1,440,000

              
	
                On
      the Maturity Date

                 

              	
                The
      amount equal to the unpaid balance of the Term Loan then
      outstanding.

              

      

    

     

    
      (ii)           of
each Delayed Draw Loan, prior to the Maturity Date, on each Principal Payment
Date commencing on the first Principal Payment Date, being March 31, 2010 and
through the last Principal Payment Date corresponding to the year 2012, in an
amount equal to the product of: (x) the percentage applicable to each Principal
Payment Date pursuant to the principal amortization percentage schedule
described below, and (y) the aggregate amount of Delayed Draw Loans funded as of
January 1, 2010, net of any prepayments made in respect of the Delayed Draw Loan
made pursuant to Section
2.05:

       

      
        
          	
                  Principal
      Payment Date

                   

                	
                  Delayed
      Draw Loan Principal Amortization

                   

                
	
                  March
      31, 2010

                	
                  3%

                
	
                  June
      30, 2010

                	
                  3%

                
	
                  September
      30, 2010

                	
                  3%

                
	
                  December
      31, 2010

                	
                  3%

                
	
                  March
      31, 2011

                	
                  3%

                
	
                  June
      30, 2011

                	
                  3%

                
	
                  September
      30, 2011

                	
                  3%

                
	
                  December
      31, 2011

                	
                  3%

                
	
                  March
      31, 2012

                	
                  3%

                
	
                  June
      30, 2012

                	
                  4%

                
	
                  September
      30, 2012

                	
                  4%

                
	
                  December
      31, 2012

                	
                  4%

                
	
                  On
      the Maturity Date

                   

                	
                  The
      amount equal to the unpaid balance of the Delayed Draw Loans then
      outstanding.

                

        

      

       

    

    
      
        
           

        

        
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      5.           Further
Amendments.  In connection with the amendments set forth in
Section 4
hereof, the Credit Agreement is amended as follows:

       

      (a)           the
definition of “Principal Amortization Schedule” in Section 1.01 of the Credit
Agreement is hereby deleted in its entirety.

       

      (b)           Application of Voluntary
Prepayments of Revolving Loans, Delayed Draw Loans and Term
Loans.  The second sentence of Section 2.05(a)(ii)
of the Credit Agreement is hereby amended and restated in its entirety as
follows:

       

      “Any
voluntary prepayment of the Term Loan and the Delayed Draw Loans shall be
applied pro rata to the then remaining scheduled payments of the Term Loan
and/or the Delayed Draw Loan, as applicable under Section
2.07(b).”

       

      (c)           Mandatory Prepayments of
Loans.  Section 2.05(b)(i) of
the Credit Agreement is hereby amended and restated in its entirety as
follows:

       

      “(i)           Total Revolving and Delayed
Draw Loan Exposure.  If for any reason

       

      (1)           the
total Revolving Exposures at any time exceed the total Revolving Commitments
then in effect, the Borrowers shall immediately prepay the Revolving Loans
and/or Cash Collateralize the L/C Exposures in an aggregate amount equal to such
excess (each such prepayment to be applied as set forth in clause (v)
below); or

       

      (2)           the
total amount outstanding under all Delayed Draw Loans exceeds at any time the
total Delayed Draw Commitments then in effect, the Borrowers shall immediately
prepay the Delayed Draw Loans in an aggregate amount equal to such excess (each
such prepayment to be applied as set forth in clause (v)
below).”

       

      (d)           Application of Mandatory
Prepayments.  Section 2.05(b)(v)(B)
of the Credit Agreement is hereby amended and restated in its entirety as
follows:

       

      “(B)           with
respect to all amounts prepaid pursuant to Sections 2.05(b)(ii)
through (iv), first to the
prepayment of principal outstanding on the Term Loan and the Delayed Draw Loans,
applied pro rata to the remaining scheduled payments thereof, based on Section
2.07(b), second, after all
Term Loans and Delayed Draw Loans have been repaid, to the prepayment of the
principal amount outstanding of the Revolving Loans, and third, after all
Revolving Loans have been repaid, to Cash Collateralize any L/C
Exposures.”

       

      6.           Amendment. Effective
as of the date first above written and subject to Section 7 hereof and
the execution of this Amendment by the parties hereto, the Credit Agreement
shall be and is hereby amended on the terms set forth in Section 1, Section 2, Section 3, Section 4 and Section 5
hereof.

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

    

    
      7.           Conditions
Precedent.  This Amendment shall become effective as of the
date above written, if, and only if the Administrative Agent has
received

       

      (a)           duly
executed originals of this Amendment from the Borrowers, the Lenders and the
Agents; and

       

      (b)           (i)
an amendment fee equal to $135,000 for ratable distribution to the Lenders based
on their respective Revolving Commitments, Delayed Draw Commitments and
outstanding Term Loans, and (ii) all other fees and amounts due and payable on
or prior to the effective date of this Agreement, including to the extent
invoiced, reimbursement or payment of all out-of-pocket expenses required to be
reimbursed or paid by the Borrower hereunder or under any other Loan Document or
related agreement.

       

      8.           Representations and
Warranties of the Borrowers.  The Borrowers hereby represent
and warrant as follows:

       

      (a)           This
Amendment, and the Credit Agreement, as amended hereby, constitute legal, valid
and binding obligations of the Borrowers and are enforceable against the
Borrowers in accordance with their terms.

       

      (b)           Upon
the effectiveness of this Amendment, the Borrowers hereby reaffirm all
representations and warranties made in the Credit Agreement, and to the extent
the same are not amended hereby, agree that all such representations and
warranties shall be deemed to have been remade as of the date of delivery of
this Amendment, unless and to the extent that any such representation and
warranty is stated to relate solely to an earlier date, in which case such
representation and warranty shall be true and correct as of such earlier
date.

       

      (c)           As
of the date hereof, and after giving effect to this Amendment, the Borrowers
shall be in compliance with all the terms and provisions set forth in the Credit
Agreement, subject to the amendment set forth herein, on its part to be observed
or performed, and no Event of Default or Default shall have occurred and be
continuing.

       

      9.           Reference to and Effect on
the Credit Agreement.

       

      (a)           Upon
the effectiveness of Section 6 hereof each
reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,”
“herein” or words of like import shall mean and be a reference to the Credit
Agreement as amended hereby, and each reference to the Credit Agreement in any
other document, instrument or agreement shall mean and be a reference to the
Credit Agreement as modified hereby.

       

      (b)           The
Credit Agreement, as amended hereby, and all other documents, instruments and
agreements executed and/or delivered in connection therewith, shall remain in
full force and effect, and are hereby ratified and confirmed.

       

      (c)           Except
as expressly provided herein, the execution, delivery and effectiveness of this
Amendment shall not operate as a waiver of any right, power or remedy of the
Agents or the Lenders, nor constitute a waiver of any provision of the Credit
Agreement or any other documents, instruments and agreements executed and/or
delivered in connection therewith.

       

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

     

    
      10.           GOVERNING LAW. THIS
AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE OTHER
REMAINING TERMS OF THE CREDIT AGREEMENT AND THE INTERNAL LAWS (AS OPPOSED TO
CONFLICT OF LAW PROVISIONS) OF THE STATE OF NEW YORK.

       

      11.           Paragraph
Headings.  The paragraph headings contained in this Amendment
are and shall be without substance, meaning or content of any kind whatsoever
and are not a part of the agreement among the parties hereto.

       

      12.           Counterparts.  This
Amendment may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

       

    

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

    

    
      IN
WITNESS WHEREOF. this Amendment has been duly executed as of the day and year
first above written.

      
 

    

    
      	
              THE
      BORROWERS:

            	
              AboveNet, Inc., a
      Delaware corporation

            
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Robert Sokota
	 
      	
              Name:

            	Robert
      Sokota
	 
      	
              Title:

            	SVP
      & General Counsel
	 
      	 
      	 
      
	 
      	
              AboveNet Communications, Inc.,
      a

              Delaware
      corporation

            
	 
      	 
      	 
      
	 
      	
              By:

            	/s/
      Robert Sokota
	 
      	
              Name:

            	
              Robert
      Sokota

            
	 
      	
              Title:

            	
              SVP
      & General Counsel

            
	 
      	 
      	 
      
	 
      	
              AboveNet
      of Utah, LLC,

              by
      AboveNet Communications, Inc.,

              its
      sole member

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      Robert Sokota

            
	 
      	
              Name:

            	
              Robert
      Sokota

            
	 
      	
              Title:

            	
              SVP
      & General Counsel

            
	 	 
	 
      	
              AboveNet
      of VA, LLC,

            
	 
      	
              by
      AboveNet Communications, Inc.,

              its
      sole member

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      Robert Sokota

            
	 
      	
              Name:

            	
              Robert
      Sokota

            
	 
      	
              Title:

            	SVP
      & General Counsel
	 
      	 
      	 
      
	 
      	
              AboveNet International, Inc.,
      a Delaware corporation

            
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/
      Robert Sokota

            
	 
      	
              Name:

            	
              Robert
      Sokota

            
	 
      	
              Title:

            	
              SVP
      & General Counsel

            

    

     

     

    
      [Signature Page to Amendment No. 2 to
Credit and Guaranty Agreement]

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	
              ADMINISTRATIVE
      AGENT:

            	
              
                SOCIETE
      GENERALE,

                
                  as
      Administrative Agent

                

              

            
	 	 	 
	 
      	
              By:

            	/s/
      Elaine Khalil
	 
      	
              Name:

            	
              Elaine
      Khalil

            
	 
      	
              Title:

            	Managing
      Director

    

     

     

    [Signature Page to Amendment No. 2 to
Credit and Guaranty Agreement]

     

    
      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

     

    
      
        	
                
                  DOCUMENTATION
      AGENT:

                

              	
                
                  CIT
      LENDING SERVICES CORPORATION,

                  as
      Documentation Agent

                

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      Anthony
      Holland

              
	 
      	
                Name:

              	
                
                  Anthony
      Holland

                

              
	 
      	
                Title:

              	
                
                  Vice
      President

                

              

      

       

       

      
        [Signature Page to Amendment No. 2 to
Credit and Guaranty Agreement]

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	
              LENDERS:

            	
              SOCIETE GENERALE

            
	 	 
	 
      	
              By:

            	
              /s/
      Elaine Khalil

            
	 
      	
              Name:

            	
              Elaine
      Khalil

            
	 
      	
              Title:

            	
              Managing
      Director

            

    

     

     

    
      [Signature Page to Amendment No. 2 to
Credit and Guaranty Agreement]

    

     

    
      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

     

    
      
        	 	
                CIT
      LENDING SERVICES CORPORATION

              
	 	 	 
	 
      	
                By:

              	
                
                  /s/
      Anthony Holland

                

              
	 
      	
                Name:

              	
                Anthony
      Holland

              
	 
      	
                Title:

              	
                
                  Vice
      President

                

              

      

      
         

         

        
          [Signature Page to Amendment No. 2 to
Credit and Guaranty Agreement]

        

         

      

    

    
      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

    

    
      
        	 
      	
                SUNTRUST
      BANK

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      Robert
      W. Maddox

              
	 
      	
                Name:

              	
                
                  Robert
      W. Maddox

                

              
	 
      	
                Title:

              	
                
                  Director

                

              

      

       

      
         

        [Signature Page to Amendment No. 2 to
Credit and Guaranty Agreement]

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