Document:

Security Arrangement Agreement

 Exhibit 4.4 
  

EXECUTION VERSION 
  
 Dated 23 December 2004 
  
  
 STT COMMUNICATIONS LTD. 
  
  
 STT CROSSING LTD 
  
  
 STT HUNGARY LIQUIDITY MANAGEMENT LIMITED LIABILITY COMPANY 
  
  
 THE BANK OF NEW YORK 
 acting as Trustee
and as Collateral Agent 
  
  
 GLOBAL CROSSING (UK) TELECOMMUNICATIONS LIMITED 
 and certain of its subsidiaries
as Obligors 
  
  
 THE HEDGING COUNTERPARTIES 
 named herein 
  
  

  
 SECURITY ARRANGEMENT AGREEMENT 
  

 CONTENTS 
  

					
			
	 Clause

	 	 	 	Page

	 1.
	 	INTERPRETATION AND DEFINITIONS	 	1
			
	 2.
	 	REPRESENTATIONS	 	8
			
	 3.
	 	UNDERTAKINGS	 	8
			
	 4.
	 	HEDGING COUNTERPARTIES	 	9
			
	 5.
	 	OBLIGORS’ AGENT	 	9
			
	 6.
	 	GCL NOTEHOLDERS’ AGENT	 	10
			
	 7.
	 	ENFORCEMENT OF SECURITY	 	10
			
	 8.
	 	STATUS OF OBLIGORS	 	11
			
	 9.
	 	NOTICES	 	11
			
	 10.
	 	ASSIGNMENTS AND TRANSFERS	 	14
			
	 11.
	 	AMENDMENTS	 	15
			
	 12.
	 	MISCELLANEOUS	 	15
			
	 13.
	 	EXPENSES	 	17
			
	 14.
	 	MATTERS RELATING TO THE TRUSTEE AND THE COLLATERAL AGENT	 	17
			
	 15.
	 	GOVERNING LAW AND SUBMISSION TO JURISDICTION	 	20
		
	SCHEDULES	 	21
			
	 1
	 	THE OBLIGORS	 	21
			
	 2
	 	CREDITOR ACCESSION DEED	 	22
			
	 3
	 	OBLIGOR ACCESSION DEED	 	23
			
	 4
	 	GCUK NOTE SECURITY DOCUMENTS	 	24

  

 - i - 

 THIS AGREEMENT is made on              December 2004

  
 BETWEEN: 
  

	(1)	STT COMMUNICATIONS LTD., a company incorporated under the laws of Singapore (“STT Parent”); 

  

	(2)	STT CROSSING LTD, a company incorporated under the laws of Mauritius (“STT Crossing”); 

  

	(3)	STT HUNGARY LIQUIDITY MANAGEMENT LIMITED LIABILITY COMPANY, a limited liability company incorporated under the laws of Hungary (“STT Hungary”);

  

	(4)	THE BANK OF NEW YORK as trustee for the GC PLC Noteholders (the “Trustee”); 

  

	(4)	THE BANK OF NEW YORK as security trustee and collateral agent for the Secured Parties (the “Collateral Agent”); 

  

	(5)	GLOBAL CROSSING (UK) TELECOMMUNICATIONS LIMITED, a private limited company incorporated under the laws of England and Wales (Company No. 02495998) (“GCUK”);

  

	(6)	THE COMPANIES named in Part I (The Original Obligors) of Schedule 1 as Obligors; and 

  

	(7)	THE PERSONS named in Part II (The Original Hedging Counterparties) of Schedule 1 (if any) as Hedging Counterparties. 

  
 NOW IT IS HEREBY AGREED as follows: 
  

	1.	INTERPRETATION AND DEFINITIONS 

  

	1.1	Definitions 

  
 In this Agreement: 
  
 “Additional Debt” means, in relation to the GC PLC Note Debt and the GCL Note Debt, any money or liability which arises or is incurred as
a result of or in connection with: 
  

	 	(a)	any deferral, extension, novation or refinancing of such Debt; 

  

	 	(b)	any claim for damages, restitution or otherwise made in connection with such Debt; 

  

	 	(c)	any claim against an Obligor resulting from a recovery by such Obligor or any other person of a payment or discharge in respect of such Debt on the grounds of preference or
otherwise; or 

  

 -1- 

	 	(d)	any amount (such as post-insolvency interest) which would be included in any of the foregoing but for any discharge, non-provability, unenforceability or non-allowability of the
same in any insolvency or other proceedings. 

  
 “Affiliate” means, in relation to a person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. 
  
 “Business Day” means a day (other than a Saturday or a Sunday) on which banks are open for general business
in London, New York City and Singapore. 
  
 “Combined GC
PLC Note Debt” means the GC PLC Note Debt and the Hedging Liabilities. 
  
 “Creditor” means the Trustee (on its own behalf and on behalf of the GC PLC Noteholders), the Collateral Agent, each STT Party and each Hedging Counterparty. 
  
 “Creditor Accession Deed” means a properly authorised and
executed deed substantially in the form set out in Schedule 2 (Creditor Accession Deed). 
  
 “Debt” means the GCL Note Debt, the GC PLC Note Debt and the Hedging Liabilities. 
  
 “Dispute” has the meaning given to such term in Clause 15.2
(Submission to Jurisdiction). 
  
 “Encumbrance” means any standard security, assignation in security, bond and floating charge, mortgage, pledge, lien, charge, assignment for the purpose of providing security, hypothecation, right in security, security
interest or trust arrangement for the purpose of providing security, and any other security agreement or other arrangement having the effect of providing security (including, without limitation, the deposit of monies or property with a person with
the primary intention of affording such person a right of set-off or lien). 
  
 “Enforcement Action” means any action whatsoever to: 
  

	 	(a)	exercise or enforce any rights or remedies with respect to the Security (including any right of set-off or combination of accounts); or 

  

	 	(b)	take any formal or procedural steps in relation to any of the rights and remedies referred to in paragraph (a) of this definition, including any action to petition for (or take any
other steps which may lead to): 

  

	 	(i)	the appointment of an administrative receiver, receiver, compulsory manager or other similar officer in respect of any member of the Group or any of its assets; or

  

	 	(ii)	any procedure or step analogous to those described in sub-paragraph (b)(i) of this definition in any jurisdiction. 

  
 “Finance Documents” means the GC PLC Note Documents, the
GCL Note Documents and the Hedging Agreements. 
  

 -2- 

 “Finance Parties” means the GCL Noteholders, the GC PLC Note Parties and the Hedging
Counterparties. 
  
 “GCL” means Global Crossing
Limited, a company incorporated under the laws of Bermuda. 
  
 “GCL Discharge Date” means the date on which the GCL Noteholders confirm to the Trustee, the Collateral Agent and the Obligors’ Agent that the GCL Note Debt has been irrevocably paid and discharged. 
  
 “GCL Note Debt” means all present and future sums,
liabilities and obligations whatsoever (actual or contingent) payable, owing due or incurred by any Obligor to the GCL Noteholders under the GCL Note Documents, together with any Additional Debt relating thereto. 
  
 “GCL Note Documents” means this Agreement, the GCL Note
Indenture, the GCL Notes, the GCL Registration Rights Agreement, the “Note Guarantee” and each “Guarantee Supplement” (as each such term is defined in the GCL Note Indenture) and the GCL Note Security Documents. 
  
 “GCL Noteholders” means the holders of the GCL Notes from
time to time, being STT Hungary and STT Crossing on the date hereof. 
  
 “GCL Noteholders’ Agent” means STT Parent (or such other person as the GCL Noteholders may from time to time notify to the other parties to this Agreement by not less than five Business Days’ notice). 

 
 “GCL Note Indenture” means the indenture dated on or
about the date hereof between GCL, the other entities identified on the signature pages thereto under the caption “Guarantors” and Wells Fargo Bank Minnesota, N.A. as trustee and agent for the benefit of the GCL Noteholders. 
  
 “GCL Notes” means the $250,000,000 4.7% senior secured
mandatory convertible notes due 2008 issued by GCL pursuant to the GCL Note Indenture. 
  
 “GCL Note Security Documents” means the “Security Documents” (as such term is defined in the GCL Note Indenture). 
  
 “GCL Registration Rights Agreement” means the registration rights agreement dated on or about the date
hereof between GCL, STT Crossing and STT Hungary relating to the GCL Notes. 
  
 “GC PLC” means Global Crossing (UK) Finance plc, a public limited company incorporated under the laws of England and Wales (Company No. 05267403). 
  
 “GC PLC Discharge Date” means the date on which the Trustee
confirms to the Collateral Agent, GCL Noteholders and the Obligors’ Agent that the GC PLC Note Debt has been irrevocably paid and discharged. 
  
 “GC PLC Note Debt” means all present and future sums, liabilities and obligations whatsoever (actual or contingent) payable, owing due or
incurred by any Obligor to any of the GC PLC Note Parties under the GC PLC Note Documents, together with any Additional Debt relating thereto. 
  

 -3- 

 “GC PLC Note Documents” means this Agreement, the GC PLC Note Indenture, the GC PLC
Notes, the GC PLC Registration Rights Agreement, each “Guarantee” of a “Guarantor” (as each such term is defined in the GC PLC Note Indenture) and the GC PLC Note Security Documents. 
  
 “GC PLC Noteholders” means the holders of the GC PLC Notes
from time to time. 
  
 “GC PLC Note Indenture”
means the indenture dated on or about the date hereof between GC PLC, STT Parent, the Trustee, AIB/BNY Fund Management (Ireland) Limited and the guarantors referred to therein. 
  
 “GC PLC Note Party” means the Trustee, the Collateral Agent or any GC PLC Noteholder. 
  
 “GC PLC Notes” means the $200,000,000 10.75% senior secured
notes due 2014 and the £105,000,000 11.75% senior secured notes due 2014 issued by GC PLC pursuant to the GC PLC Note Indenture (together with any other senior secured notes due 2014 issued by GC PLC from time to time in the circumstances
specified in the GC PLC Note Indenture). 
  
 “GC PLC Note
Security Documents” means the “Security Documents” (as such term is defined in the GC PLC Note Indenture) including, for the avoidance of doubt, the documents listed in Schedule 4 (GC PLC Note Security Documents).

  
 “GC PLC Registration Rights Agreement” means
the registration rights agreement dated on or about the date hereof between GC PLC, GCUK and the other parties thereto relating to the GC PLC Notes. 
  
 “Group” means GCUK and its Subsidiaries from time to time. 
  
 “Hedging Agreement” means each ISDA Master Agreement and related confirmation and any other currency
hedging agreements or documents which may be entered into from time to time by an Obligor with a Hedging Counterparty to effect a Specified Treasury Transaction. 
  
 “Hedging Counterparty” means: 
  

	 	(a)	the persons (if any) named in Part II (The Original Hedging Counterparties) of Schedule 1; and 

  

	 	(b)	any other person who accedes to this Agreement as a Hedging Counterparty in accordance with Clause 4 (Hedging Counterparties). 

  
 “Hedging Liabilities” means all present and future sums,
liabilities and obligations whatsoever (actual or contingent) payable, owing due or incurred by any Obligor to any Hedging Counterparty under any Hedging Agreement, as determined by the relevant Hedging Counterparty (acting reasonably). 

 

 -4- 

 “Holding Company” means, in relation to a person, any other person in respect of which
it is a Subsidiary. 
  
 “Intercreditor
Agreement” means the intercreditor and collateral agency agreement dated on or about the date hereof between, inter alios, the Trustee, the Collateral Agent and the Interest Hedge Secured Parties (as defined therein). 
  
 “Obligor” means GCUK, GC PLC and any other member of the
Group which has an obligation to: 
  
 (a) any GC PLC Note Party
under the GC PLC Note Documents; or 
  
 (b) any Hedging
Counterparty under a Hedging Agreement. 
  
 “Obligor
Accession Deed” means a deed substantially in the form set out in Schedule 3 (Obligor Accession Deed) under which a member of the Group becomes a party to this Agreement. 
  
 “Obligors’ Agent” means GCUK (or such other person as the Obligors may from time to time notify to the
Creditors by not less than five Business Days’ notice). 
  
 “Permitted Encumbrance” means: 
  

	 	(a)	any guarantee or Encumbrance granted by any member of the Group (including, for the avoidance of doubt, the guarantees and Encumbrances constituted by the GC PLC Note Documents);

  

	 	(b)	any Encumbrance or guarantee arising by virtue of any statutory or common law provisions relating to bankers’ liens, rights of set-off or similar rights and remedies as to
deposit accounts or other funds maintained with a bank or other depositary or financial institution; 

  

	 	(c)	any Encumbrance arising by operation of law (or by agreement to the same effect); 

  

	 	(d)	any Encumbrance or guarantee arising from the general banking terms and conditions of a bank or other depositary or financial institution; 

  

	 	(e)	any Encumbrance arising from rights of set-off or netting arrangements under contracts; and 

  

	 	(f)	any other Encumbrance permitted under the GCL Note Documents. 

  
 “Qualified Sale” means a sale or disposal of shares or other assets: 
  
 (a) pursuant to a public auction; or 
  

	 	(b)	for fair market value (taking into account the circumstances giving rise to such sale or disposal) as certified to the GCL Noteholders by an independent internationally recognised
investment bank selected by the GCL Noteholders, acting reasonably. 

  

 -5- 

 “Relevant Officer” means a liquidator, administrator or similar officer in respect of
any Obligor or any of its assets who is either appointed by, or supervised by, a court in the relevant jurisdiction and who acts in the interests of the creditors as a whole in respect of the relevant Obligor. 
  
 “Secured Parties” means the Trustee (on its own behalf and
on behalf of the GC PLC Noteholders), the Collateral Agent and the Hedging Counterparties. 
  
 “Security” means the assets which are from time to time subject to the Encumbrances created by the GC PLC Note Security Documents or which the GC PLC Note Security Documents from time to time purport
to charge, or any part of those assets. 
  
 “Specified
Treasury Transaction” means a transaction entered into by an Obligor: 
  

	 	(a)	to limit the Group’s exposure to fluctuations in the foreign exchange rate between Dollars and Sterling in respect of the interest payments on the Dollar-denominated GC PLC
Notes; 

  

	 	(b)	with a term of not more than five years from the initial issue date of the GC PLC Notes; 

  

	 	(c)	where the Hedging Liabilities under the relevant Hedging Agreement rank in right and priority of payment pari passu (or junior to) the GC PLC Note Debt (save where the claims of the
relevant Hedging Counterparty are mandatorily preferred by law applying to companies generally); and 

  

	 	(d)	where the maximum amount payable in the event of the termination or close out of the transaction prior to its stated maturity does not exceed the breakage costs calculated in
accordance with the relevant ISDA Master Agreement and related confirmation. 

  
 “STT Party” means STT Parent, STT Crossing or STT Hungary. 
  
 “Subsidiary” means, in relation to any person, any entity which is controlled directly or indirectly by that person or of whose dividends
or distributions that person is entitled to receive more than fifty per cent. (50%) and any entity (whether or not so controlled) treated as a subsidiary in the latest financial statements of that person from time to time, and
“control” for this purpose means the direct or indirect ownership of the majority of the voting share capital of such entity or the right or ability to direct management to comply with the type of material restrictions and
obligations contemplated in this Agreement or to determine the composition of a majority of the board of directors (or like board) of such entity, in each case whether by virtue of ownership of share capital, contract or otherwise. 
  
 “Termination Date” means the earlier of: 
  

	 	(a)	the GCL Discharge Date; 

  

	 	(b)	the GC PLC Discharge Date; and 

  

 -6- 

	 	(c)	the date on which STT Parent confirms to the Trustee and the Collateral Agent that neither the STT Parties nor any of their respective Affiliates hold any direct or indirect
interest in the GCL Note Debt. 

  

	1.2	Interpretation 

  
 Unless the context or the express provisions of this Agreement otherwise require: 
  

	 	(a)	words importing the singular shall include the plural and vice versa; 

  

	 	(b)	references in this Agreement to an Act of Parliament or to any particular Act of Parliament shall include any modification extension or re-enactment of it for the time being in
force and shall also include all instruments, orders, plans, regulations, permissions and directions at any time deriving validity therefrom; 

  

	 	(c)	references in this Agreement to all or any documents shall be construed as references to those documents as the same may have been or may be from time to time amended, supplemented
or novated (subject to any restriction on such changes contained herein); 

  

	 	(d)	any reference in this Agreement to a person shall include a company, partnership or unincorporated association; 

  

	 	(e)	any obligation of any Creditor or any Obligor to do something shall include an obligation to procure the same to be done and any obligation not to do something shall include an
obligation not knowingly to permit, suffer or allow the same; 

  

	 	(f)	headings shall be ignored for the purposes of interpretation; 

  

	 	(g)	references in this Agreement to a party, shall be construed so as to include their respective successors in title, transferees and assigns and (where applicable) to any replacement
or additional trustee or agent as permitted by and in accordance with the document governing the rights and obligations of such party and subject to the applicable terms of this Agreement; 

  

	 	(h)	references to a “Clause” or “Schedule” shall, subject to any contrary indication, be construed as a reference to a clause of this Agreement or schedule to this
Agreement; and 

  

	 	(i)	references to “assets” shall include properties and revenues. 

  

	1.3	Currency Symbols and Definitions 

  
 “$” and “Dollars” denote lawful currency of the United States of America and “£” and
“Sterling” denote the lawful currency of the United Kingdom of Great Britain and Northern Ireland. 
  

 -7- 

	2.	REPRESENTATIONS 

  
 Each of the parties to this Agreement severally represents and warrants to and for the benefit of each of the other parties to this Agreement (other than
the Obligors), that it: 
  

	 	(a)	is duly established and (if a company) duly incorporated and validly existing with limited liability under the laws of the place of its incorporation and has the power to own its
assets and carry on its business substantially as it is now being conducted; 

  

	 	(b)	has the power and capacity to enter into and comply with its obligations under this Agreement; and 

  

	 	(c)	has taken all necessary action: 

  

	 	(i)	to authorise the entry into and compliance with its obligations under this Agreement; and 

  

	 	(ii)	to ensure that its obligations under this Agreement are valid, legally binding and enforceable in accordance with their terms. 

  

	3.	UNDERTAKINGS 

  
 Until the Termination Date has occurred, without the prior written consent of the GCL Noteholders (such consent to be given or withheld in their absolute
discretion): 
  

	 	(a)	each Obligor agrees that it will not, and will procure that none of its Subsidiaries will: 

  

	 	(i)	agree to change, amend, supplement, waive, novate or release any term of: 

  

	 	(x)	the GC PLC Note Documents; or 

  

	 	(y)	the Hedging Agreements (which would result in any transaction effected thereby ceasing to be a Specified Treasury Transaction); or 

  

	 	(ii)	create or permit to subsist any Encumbrance over any of its assets, or give any financial support to any person, in each case for, in respect of or in connection with, any of the
Combined GC PLC Note Debt, save for Permitted Encumbrances; 

  

	 	(b)	the Trustee and the Collateral Agent each agrees that it will not agree to: 

  

	 	(i)	change, modify, amend, supplement, or novate any of the GC PLC Note Documents; or 

  

	 	(ii)	knowingly and intentionally take, accept or receive the benefit of any financial support or Encumbrance in respect of any of the Combined GC PLC Note Debt from GCL or any of its
Subsidiaries, save for Permitted Encumbrances; and 

  

 -8- 

	 	(c)	each Hedging Counterparty agrees that it will not agree to change, modify, amend, supplement, or novate any term of the Intercreditor Agreement. 

  

	4.	HEDGING COUNTERPARTIES 

  

	4.1	Accession of Hedging Counterparties 

  

	 	(a)	If there are no Hedging Counterparties specified in Part II (The Original Hedging Counterparties) of Schedule 1 then the provisions of this Agreement relating to Hedging
Counterparties will not come into effect until such time as a person enters into a Hedging Agreement with an Obligor and accedes to this Agreement in accordance with this Clause 4.1. 

  

	 	(b)	No person providing interest or currency swap or hedging facilities to any Obligor will be entitled to take the benefit of (x) any of the Encumbrances constituted by the GC PLC Note
Security Documents in respect of any of the liabilities or debt arising under such swap or hedging facilities or (y) the undertakings of the parties to this Agreement unless: 

  

	 	(i)	the liabilities or debt to be secured by the Encumbrances constituted by the GC PLC Note Security Documents relate(s) to a Specified Treasury Transaction entered into by such
person; and 

  

	 	(ii)	before or at the same time as such person accedes to the Intercreditor Agreement as a Interest Hedge Secured Party (as defined therein), it (x) has duly executed this Agreement as a
Hedging Counterparty or (y) in the case of a person who has entered into a Hedging Agreement after the date hereof, executes and delivers to STT Parent, the GCL Noteholders’ Agent, the Trustee, the Collateral Agent and GC PLC a duly completed
Creditor Accession Deed. 

  
 Upon satisfaction of
the above conditions, such person will, subject to this Clause 4.1, acquire all its rights and assume all its obligations as a Hedging Counterparty under this Agreement in relation to any Hedging Agreements to which it is a party that are entered
into other than in breach of the Finance Documents. 
  

	4.2	Hedging Agreements 

  
 Each Hedging Counterparty will provide to STT Parent, the GCL Noteholders’ Agent, the Trustee, the Collateral Agent and GC PLC copies of all
documents constituting the Hedging Agreements as soon as reasonably practicable after the execution thereof (together with any amendments or supplements thereto). 
  

	5.	OBLIGORS’ AGENT 

  
 Each Obligor (other than GCUK) irrevocably appoints the Obligors’ Agent to act on its behalf as its agent in relation to the Finance Documents to
which such Obligor is a party and each Obligor (other than GCUK) irrevocably authorises the Obligors’ Agent on its behalf to give and receive all notices and instructions and on its behalf to enter into any agreement capable of being entered
into by any Obligor in relation to the 

  

 -9- 

 
Finance Documents to which such Obligor is a party notwithstanding that such agreement may affect such Obligor, without further reference to, or the consent
of, such Obligor and such Obligor shall be bound thereby as though such Obligor itself had given such notices and instructions or entered into such agreements. 
  

	6.	GCL NOTEHOLDERS’ AGENT 

  
 Each GCL Noteholder irrevocably appoints the GCL Noteholders’ Agent to act on its behalf as its agent in relation to the GCL Note Documents and each
GCL Noteholder irrevocably authorises the GCL Noteholders’ Agent on its behalf to give and receive all notices and instructions (including in relation to waivers, amendments and releases) and on its behalf to enter into any agreement capable of
being entered into by any GCL Noteholder in relation to the GCL Note Documents notwithstanding that such agreement may affect such GCL Noteholder, without further reference to, or the consent of, such GCL Noteholder and such GCL Noteholder shall be
bound thereby as though such GCL Noteholder itself had given such notices and instructions or entered into such agreements. 
  

	7.	ENFORCEMENT OF SECURITY 

  

	7.1	Restrictions on Enforcement Action by the Collateral Agent 

  
 Subject to Clause 7.2 below, until the Termination Date has occurred, no asset of any member of the Group may be sold or otherwise disposed of (whether by
the Collateral Agent, by another person appointed by it, or by another person at the request of the Collateral Agent) pursuant to an Enforcement Action commenced by or on behalf of the Collateral Agent under the GC PLC Note Security Documents
unless: 
  

	 	(a)	such sale or disposal is: 

  

	 	(i)	pursuant to a Qualified Sale; 

  

	 	(ii)	for cash consideration payable at closing (and therefore not including, for the avoidance of doubt, any element of deferred compensation); and 

  

	 	(iii)	in the case of a sale or disposal of shares in a member of the Group, all of the shares in such person held by the Obligors are sold or otherwise disposed of; and

  

	 	(b)	simultaneously with the receipt in full of the completion monies relating to such sale or disposal, the shares or other assets being sold or otherwise disposed of are
unconditionally released and discharged from all Encumbrances in favour of the Secured Parties created by the GC PLC Note Security Documents. 

  

	7.2	Relevant Officers 

  
 Notwithstanding the foregoing, this Agreement does not and does not purport to limit the rights of a Relevant Officer to take any action permitted by
applicable law. 
  

 -10- 

	7.3	No Further Impairment 

  
 The restrictions on Enforcement Action set forth in Clause 7.1 of this Agreement shall not impair the ability of the Secured Parties to recover any
amounts payable: 
  

	 	(a)	under any of the GC PLC Note Indenture, the GC PLC Notes, any “Guarantee” of a “Guarantor” (as each such term is defined in the GC PLC Note Indenture) or any
Hedging Agreement; or 

  

	 	(b)	from the proceeds of sale or disposal by any member of the Group of any or all of its assets (including, for the avoidance of doubt, any Security and any shares or other assets
which formerly constituted Security), provided that such proceeds are available for the benefit of all of the unsecured creditors of the relevant member of the Group. 

  

	7.4	Release following Completion of Enforcement Action 

  
 Following the completion of all Enforcement Action against an Obligor commenced by or on behalf of the Collateral Agent under the GC PLC Note Security
Documents, the Collateral Agent shall promptly and unconditionally: 
  

	 	(a)	release such Obligor from all of its obligations in relation to the GC PLC Note Security Documents; and 

  

	 	(b)	release and discharge all Encumbrances in favour of the Secured Parties created by the GC PLC Note Security Documents and relating to such Obligor. 

  
 For the purposes of this Clause 7.4, Enforcement Action described in
paragraph (a) of the definition thereof shall not be deemed to have been completed until receipt in full by the relevant person of the proceeds relating thereto. 
  

	8.	STATUS OF OBLIGORS 

  

	 	(a)	Each of the Obligors hereby acknowledges the rights and obligations recorded in this Agreement and undertakes with the other parties hereto to observe the provisions of this
Agreement at all times and not in any way to prejudice or affect the enforcement of such provisions or do or suffer anything to be done which would be inconsistent with the terms of this Agreement. 

  

	 	(b)	None of the Obligors shall have any rights hereunder and none of the undertakings herein contained on the part of the Creditors are given (or shall be deemed to have been given) to,
or for the benefit of, the Obligors. 

  

	9.	NOTICES 

  

	9.1	Mode of Service 

  
 Each communication to be made hereunder shall be made in writing but, unless otherwise stated, may be made by fax or letter. 
  

 -11- 

	9.2	Addresses 

  
 The address and fax number or, as the case may be, the addresses and fax numbers, (and the department or officer, if any, for whose attention the
communication is to be made) of each party for any communication or document to be made or delivered under or in connection with this Agreement is: 
  

					
	 (a)
	  	in the case of any STT Party:
		
	 	  	c/o STT Communications Ltd.
	 	  	51 Cuppage Road
	 	  	#10-11/17, StarHub Centre
	 	  	Singapore 229469
			
	 	  	Fax:	  	+65 6720 7220
	 	  	Attention:	  	General Counsel
		
	 	  	with a copy to:
		
	 	  	Latham & Watkins LLP
	 	  	80 Raffles Place
	 	  	#14-20 UOB Plaza 2
	 	  	Singapore 048624
			
	 	  	Fax:	  	+65 6536 1171
	 	  	Attention:	  	Michael W. Sturrock
		
	 (b)
	  	in the case of the Trustee and the Collateral Agent:
		
	 	  	The Bank of New York
	 	  	One Canada Square
	 	  	London E14 5AL
	 	  	United Kingdom
			
	 	  	Fax:	  	+44 (0)207 964 6399
	 	  	Attention:	  	Corporate Trust Administration
		
	 (c)
	  	in the case of GCUK and GC PLC:
		
	 	  	Global Crossing (UK) Telecommunications Limited
	 	  	Centennium House, 8th Floor
	 	  	100 Lower Thames Street
	 	  	London EC3 6DL
	 	  	United Kingdom
			
	 	  	Fax:	  	+44 (0) 207 907 2903
	 	  	Attention:	  	Bernard Keogh, Regional Counsel, Europe

  

 -12- 

					
	 	  	with a copy to:
		
	 	  	Global Crossing Limited
	 	  	200 Park Avenue, M Suite 300
	 	  	Florham Park, New Jersey 07932
	 	  	United States of America
			
	 	  	Fax:	  	+1 973 360 0538
	 	  	Attention:	  	General Counsel
		
	 	  	and
		
	 	  	Weil, Gotshal & Manges LLP
	 	  	One South Place
	 	  	London EC2M 2WG
	 	  	United Kingdom
			
	 	  	Fax:	  	+44 (0) 207 903 0990
	 	  	Attention:	  	Wayne Rapozo
		
	 	  	and
		
	 	  	Weil, Gotshal & Manges LLP
	 	  	767 Fifth Avenue
	 	  	New York, New York 10153-0119
	 	  	United States of America
			
	 	  	Fax:	  	+1 212 310 8007
	 	  	Attention:	  	Andrew Colao
		
	 (d)
	  	in the case of J. Aron & Company:
	 	  	J. Aron & Company
	 	  	85 Broad Street
	 	  	New York, New York 10004
	 	  	United States of America
			
	 	  	Fax:	  	+1 212 902 5692
	 	  	Attention:	  	Swap Operations

  
 or any substitute
address, fax number or department or officer as the party may notify to the other parties to this Agreement by not less than five Business Days’ notice. 
  

	9.3	Delivery 

  

	 	(a)	Any communication or document to be made or delivered by one person to another pursuant to or in connection with this Agreement shall (unless that other person has by five Business
Days’ written notice to the one specified another address) be made or delivered to that other person at the address set out above or identified with its signature below and shall be deemed to have 

  

 -13- 

 been made or delivered when received in legible form (in the case of any communication made by fax) or
(in the case of any communication made by letter) when left at that address or (as the case may be) five Business Days’ after being deposited in the post, postage prepaid, in an envelope addressed to it at that address, provided that if such
communication or document would otherwise be deemed to have been received on a day which is not a Business Day it shall be deemed to have been received on the next subsequent Business Day. 
  

	 	(b)	Any communication or document made or delivered to the Obligors’ Agent in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.

  

	 	(c)	Any communication or document made or delivered to the GCL Noteholders’ Agent in accordance with this Clause will be deemed to have been made or delivered to each of the GCL
Noteholders. 

  

	9.4	English Language 

  
 Each communication and document made or delivered by one party to another pursuant to this Agreement shall be in the English language. 
  

	10.	ASSIGNMENTS AND TRANSFERS 

  

	10.1	Assignment and Transfers by Obligors 

  
 No Obligor may assign or transfer all or any part of its rights, benefits or obligations under this Agreement. 
  

	10.2	Assignments and Transfers by Creditors 

  

	 	(a)	A Creditor (in this capacity the “Transferor”) may at any time assign any of its rights under this Agreement or transfer any of its rights and obligations under
this Agreement to any person (a “Transferee”) to whom a Transferor is permitted to assign or transfer rights, benefits and obligations under the Finance Documents. 

  

	 	(b)	An assignment or transfer will only be effective if the Transferee executes and delivers to STT Parent, the GCL Noteholders’ Agent, the Trustee, the Collateral Agent and GC PLC
a Creditor Accession Deed under which the Transferee agrees to be bound by all of the terms of this Agreement as if it had originally been a party to this Agreement as STT Parent, a GCL Noteholder, a Hedging Counterparty, the Trustee or the
Collateral Agent (as the case may be). 

  

	10.3	Accession of New Obligors 

  
 GCUK will procure that any member of the Group or other person (a “New Obligor”) which grants any Encumbrance or guarantee in respect of,
or otherwise becomes liable for, any of the Combined GC PLC Note Debt after the date of this Agreement will promptly complete, sign and deliver to STT Parent, the GCL Noteholders’ Agent, the Trustee, the Collateral Agent and GCUK an Obligor
Accession Deed under which the New Obligor agrees to be bound by all of the terms of this Agreement as if it had originally been party to this Agreement as an Obligor. 
  

 -14- 

	10.4	Benefit of Agreement 

  
 This Agreement will be binding upon, and enure for the benefit of, each party to it and its or any subsequent permitted successors or assigns. 

 

	11.	AMENDMENTS 

  
 The provisions of this Agreement may not be amended (otherwise than in accordance with the terms of this Agreement) except by written agreement between
the parties hereto. 
  

	12.	MISCELLANEOUS 

  

	12.1	Counterparts 

  
 This Agreement may be executed in any number of counterparts and by the parties to this Agreement on separate counterparts, each of which, when executed
and delivered, shall constitute an original, but all the counterparts shall together constitute one and the same instrument. 
  

	12.2	Failure to Execute 

  
 The obligations of the parties who have executed this Agreement shall not be affected by the fact that not all of the parties to this Agreement have
validly executed this Agreement and such obligations shall be binding inter se. 
  

	12.3	Invalidity of any Provision 

  
 If any provision of this Agreement is prohibited or unenforceable in any jurisdiction in relation to any party to this Agreement, such prohibition or
unenforceability shall not invalidate the remaining provisions of this Agreement or affect the validity or enforceability of such provision in any other jurisdiction or in relation to any of the other parties to this Agreement. 
  

	12.4	Override 

  

	 	(a)	This Agreement overrides anything in the other Finance Documents to the contrary. 

  

	 	(b)	Notwithstanding anything to the contrary set out herein, the Secured Parties may exercise any rights and remedies that they may have against Obligors as unsecured creditors in
accordance with the terms of the GC PLC Note Documents, the Hedging Agreements and applicable law. 

  

	12.5	Relationship between the GC PLC Note Documents and the GCL Note Documents 

  
 Subject to Clause 12.4 (Override), notwithstanding anything in the other Finance Documents to the contrary:

  

 -15- 

	 	(a)	to the extent that there is a conflict, contradiction or inconsistency between the terms of the GCL Note Documents and the GC PLC Note Documents, the terms of the GC PLC Note
Documents shall prevail and compliance with the terms of the GC PLC Note Documents shall be deemed to be compliance in full with the relevant terms of the GCL Note Documents; and 

  

	 	(b)	to the extent that any terms of the GCL Note Documents entered into by any member of the Group extend beyond the equivalent terms of the GC PLC Note Documents entered into by such
person, compliance with the terms of the GC PLC Note Documents shall be deemed to be compliance in full with the relevant terms of the GCL Note Documents. 

  

	12.6	Resignation of the Trustee or the Collateral Agent 

  
 Except as may be required to comply with applicable law, neither the Trustee nor the Collateral Agent may resign or be removed as specified in the GC PLC
Note Indenture or the Intercreditor Agreement (as the case may be) unless a replacement Trustee or Collateral Agent (as the case may be) agrees with all other parties to this Agreement to become the relevant replacement agent under this Agreement by
delivering an executed Creditor Accession Deed in accordance with Clause 10.2 (Assignments and Transfers by Creditors). 
  

	12.7	Discharge of Debt 

  
 Promptly after the occurrence of the GCL Discharge Date or the GC PLC Discharge Date, the GCL Noteholders or the Trustee (as the case may be) shall
confirm this fact in writing to the other parties to this Agreement. 
  

	12.8	GCL Note Debt 

  
 STT Parent will promptly notify the other parties to this Agreement once neither the STT Parties nor any of their respective Affiliates hold any direct or
indirect interest in the GCL Note Debt, other than as a result of the occurrence of the GCL Discharge Date. 
  

	12.9	No Implied Waivers 

  

	 	(a)	No failure or delay by any of the Creditors in exercising any right, power or privilege under this Agreement will operate as a waiver of that right, power or privilege, nor will any
single or partial exercise of any right, power or privilege preclude any other or further exercise of that right, power or privilege, or the exercise of any other right, power or privilege. 

  

	 	(b)	The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights and remedies provided by law and all those rights and remedies will, except where
expressly provided otherwise in this Agreement, be available to the Creditors severally and any Creditor shall be entitled to commence proceedings in connection with those rights and remedies in its own name. 

  

 -16- 

	12.10	Certificates Conclusive 

  
 A certificate from a Finance Party as to the amount for the time being of the Debt owed to that Finance Party shall be conclusive evidence of the amount
of such Debt in the absence of any manifest error. 
  

	12.11	Third Party Rights 

  
 A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefits of
any term of this Agreement. 
  

	13.	EXPENSES 

  

	13.1	Transaction Expenses 

  
 Each Obligor shall, shall from time to time, forthwith on demand, reimburse each Creditor, for all reasonable and documented costs and expenses incurred
by it in connection with the negotiation, preparation and execution of this Agreement and the completion of the transactions contemplated herein. 
  

	13.2	Costs of Preservation and Enforcement of Rights 

  
 Each Obligor shall, shall from time to time, forthwith on demand, reimburse each Creditor on a full indemnity basis for all costs and expenses incurred by
it in connection with the preservation and/or enforcement of any of the rights of the Creditors under this Agreement. 
  

	13.3	Amendment Costs 

  
 If any Obligor requests any amendment, waiver or consent in respect of this Agreement then each Obligor shall, forthwith on demand, reimburse each
Creditor for all reasonable and documented costs and expenses incurred by such person in responding to or complying with such request. 
  

	13.4	Legal Expenses and Taxes 

  
 The costs and expenses referred to in this Clause 13 include, without limitation, the fees and expenses of legal advisers and any value added tax or
similar tax, and are payable in the currency in which they are incurred. 
  

	14.	MATTERS RELATING TO THE TRUSTEE AND THE COLLATERAL AGENT 

  

	14.1	Liability 

  
 It is expressly understood and agreed by each of the parties to this Agreement that this Agreement is executed and delivered by each of the Trustee and
the Collateral Agent (a) not individually or personally but solely in its capacity as the Trustee or the Collateral Agent (as the case may be) in the exercise of the powers and authority conferred and vested in it under the GC PLC Note Indenture or
the Intercreditor Agreement (as the case may be) and (b) on the basis that it shall have no personal 

  

 -17- 

 
liability hereunder. It is further expressly understood and agreed by the parties to this Agreement that in no case shall either the Trustee or the
Collateral Agent be (i) personally liable, responsible or accountable in damages or otherwise for the actions of any GC PLC Noteholder or any Hedging Counterparty, (ii) personally liable, responsible or accountable in damages or otherwise to any
other party to this Agreement for any loss, damage or claim incurred by reason of any act or omission performed or omitted by it in good faith in accordance with this Agreement and any of the other GC PLC Note Documents in a manner that the Trustee
or the Collateral Agent (as the case may be) reasonably believed to be within the scope of the authority conferred on it by this Agreement or any of the other GC PLC Note Documents or by law, except to the extent that such act or omission resulted
from the gross negligence or wilful misconduct of the Trustee or the Collateral Agent (as the case may be), or (iii) personally liable for or on account of any of the statements, representations, warranties, covenants or obligations stated to be
those of any other party to this Agreement, all such liability, if any, being expressly waived by the parties to this Agreement and any person claiming by, through or under such party. Notwithstanding any other provision of this Agreement, neither
the Trustee nor the Collateral Agent shall be required to indemnify any other person, whether or not a party to this Agreement, in respect of any losses or liability incurred as a result of or in connection with the transactions contemplated by this
Agreement or the other GC PLC Note Documents. 
  

	14.2	No Action 

  
 Notwithstanding any other provision of this Agreement, neither the Trustee nor the Collateral Agent shall have any obligation to take any action under
this Agreement or any other Finance Document unless it is indemnified to its satisfaction in its sole discretion in respect of all costs, expenses, losses and liabilities which might in its reasonable opinion be incurred by it as a result of or in
connection with such action. 
  

	14.3	No Fiduciary Duty 

  
 Neither the Trustee nor the Collateral Agent shall be deemed to owe any fiduciary duty to any party to this Agreement and, in acting in its capacity as
trustee for the GC PLC Noteholders or collateral agent for the Secured Parties (as the case may be), is not required to have any regard to the interests of any other Creditors. With respect to the other parties to this Agreement, subject to the
other provisions of this Clause 14, each of the Trustee and the Collateral Agent undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in the GC PLC Note Documents and/or this Agreement and no
implied agreements, covenants or obligations with respect to the other parties to this Agreement shall be read into this Agreement against either the Trustee or the Collateral Agent. 
  

	14.4	Reliance and Advice 

  
 The Trustee and the Collateral Agent may each: 
  

	 	(a)	rely on any notice or document believed by it to be genuine and correct and to have been signed by, or with the authority of, the proper person; 

  

	 	(b)	rely on any statement made by any person regarding any matters which may be assumed to be within his knowledge or within his power to verify; and 

  

 -18- 

	 	(c)	engage, pay for and rely on professional advisers selected by it (including those representing a party other than the Trustee or the Collateral Agent (as the case may be)).

  

	14.5	Responsibility of the Trustee and the Collateral Agent 

  
 Neither the Trustee nor the Collateral Agent is responsible to any other party to this Agreement for the legality, validity, effectiveness,
enforceability, adequacy, accuracy, completeness or performance: 
  

	 	(a)	by any other person of any Finance Document or any other document; 

  

	 	(b)	any statement or information (whether written or oral) made in or supplied in connection with any Finance Document by any other person; or 

  

	 	(c)	any observance by any Obligor or any other member of the Group of its obligations under any Finance Document or any other document. 

  

	14.6	Disclosure of Information 

  
 Each Obligor irrevocably authorises the Trustee and the Collateral Agent to disclose to any Creditor any information which is received by the Trustee in
its capacity as the Trustee or the Collateral Agent in its capacity as the Collateral Agent (as the case may be). 
  

	14.7	Illegality 

  
 The Trustee and the Collateral Agent may each refrain from doing anything (including disclosing any information) which is, in its reasonable opinion,
reasonably likely to constitute a breach of any law or regulation or be otherwise actionable at the suit of any person, and may do anything which is, in its reasonable opinion, necessary to comply with any law or regulation. 
  

	14.8	Benefit of the GC PLC Note Documents 

  
 In acting as the Trustee or the Collateral Agent (as the case may be) pursuant to this Agreement, the parties to this Agreement acknowledge and agree that
the Trustee and the Collateral Agent shall be entitled to the benefit of all of the provisions of the other GC PLC Note Documents (including, without limitation, in respect of the remuneration and indemnification of the Trustee and the Collateral
Agent (as the case may be)) which are expressed to be in its favour or for its protection, insofar as the same are not contrary to English law. 
  

	14.9	Provisions Survive Termination 

  
 The provisions of this Clause 14 shall survive the termination of this Agreement. 
  

 -19- 

	15.	GOVERNING LAW AND SUBMISSION TO JURISDICTION 

  

	15.1	Governing Law 

  
 This Agreement (and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to this Agreement) shall be
governed by, and construed in accordance with, English law. 
  

	15.2	Submission to Jurisdiction 

  
 For the benefit of each party to this Agreement, each other party to this Agreement irrevocably submits to the non-exclusive jurisdiction of the English
courts for the purpose of hearing and determining any dispute arising out of this Agreement (a “Dispute”) and for the purpose of enforcement of any judgment against its assets. 
  

	15.3	Service of Process 

  
 Without prejudice to any other mode of service allowed under any relevant law, each STT Party: 
  

	 	(a)	irrevocably appoints Law Debenture Corporate Services Limited of 5th Floor, 100 Wood Street, London EC2V 7EX as its agent for service of process in relation to any proceedings before the English courts in connection with this Agreement or any judgment in connection therewith; and

  

	 	(b)	agrees that failure by a process agent to notify it of the process will not invalidate the proceedings concerned. 

  
 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed
on the date first written above. 
  

 -20- 

 SCHEDULE 1 
  

Part I 
  
 The Original Obligors 
  

					
	 Name of Obligor

	 	 Jurisdiction of incorporation

	 	 Registration number
 (or equivalent if
any)

			
	 Global Crossing (UK)
 Telecommunications Limited
	 	England & Wales	 	02495998
			
	 Global Crossing (UK)
 Finance plc
	 	England & Wales	 	05267403

  
  
 Part II 
  
 The Original Hedging Counterparties 
  
 J. Aron
& Company 
  

 -21- 

 SCHEDULE 2 
  

Creditor Accession Deed 
  
 THIS DEED is made on [                    ] and is supplemental
to a security arrangement agreement dated [        ] December 2004 made between, inter alios, STT Communications Ltd, STT Crossing Ltd, STT Hungary Liquidity Management Limited Liability Company, The
Bank of New York, GCUK, GC PLC and the Hedging Counterparties (the “Security Arrangement Agreement”). 
  
 Words and expressions defined in the Security Arrangement Agreement have the same meanings when used in this Deed. 
  
 [Name of New Creditor] (the “New Creditor”) hereby agrees with each
other person who is or who has become a party to the Security Arrangement Agreement that with effect on and from the date hereof it will be bound by the terms of the Security Arrangement Agreement as [STT Parent/a GCL Noteholder/the Trustee/the
Collateral Agent/a Hedging Counterparty]* as if it had originally been party to the Security Arrangement Agreement in that capacity. 
  
 The New Creditor confirms that its address details for notices in relation to Clause 9 (Notices) are as follows: 
  

			
	 Address:
	 	 [                    ]

	 Facsimile:
	 	 [                    ]

	 Attention:
	 	 [                    ]

  
 This Deed shall be governed by and
construed in accordance with English law. 
  
 [Without prejudice to any other mode
of service allowed under any relevant law, the New Creditor (a) irrevocably appoints [ · ] as its agent for service of process in relation to any
proceedings before the English courts in connection with this Deed or any judgment in connection therewith and (b) agrees that failure by a process agent to notify it of the process will not invalidate the proceedings concerned.]+ 
  
 IN WITNESS WHEREOF this Deed has been duly executed on the date first above written. 
  
 [Name of New Creditor] 
  
 [Insert appropriate 
 execution language for 
 execution as a deed] 

	*	Delete as applicable 

	+	Delete if New Creditor is incorporated in England & Wales 

  

 -22- 

 SCHEDULE 3 
  

Obligor Accession Deed 
  
 THIS DEED is made on [                    ] and is supplemental
to a security arrangement agreement dated [            ] December 2004 made between, inter alios, STT Communications Ltd, STT Crossing Ltd, STT Hungary Liquidity Management Limited
Liability Company, The Bank of New York, GCUK, GC PLC and the Hedging Counterparties (the “Security Arrangement Agreement”). 
  
 Words and expressions defined in the Security Arrangement Agreement have the same meanings when used in this Deed. 
  
 [Name of New Obligor] (the “New Obligor”) hereby agrees with each
other person who is or who has become a party to the Security Arrangement Agreement that with effect on and from the date hereof it will be bound by the terms of the Security Arrangement Agreement as an Obligor as if it had originally been party to
the Security Arrangement Agreement in that capacity. 
  
 The New Obligor confirms
that its address details for notices in relation to Clause 9 (Notices) are as follows: 
  

			
	 Address:
	 	[                    ]
	 Facsimile:
	 	 [                    ]

	 Attention:
	 	 [                    ]

  
 This Deed shall be governed by and
construed in accordance with English law. 
  
 [Without prejudice to any other mode
of service allowed under any relevant law, the New Obligor (a) irrevocably appoints [ · ] as its agent for service of process in relation to any
proceedings before the English courts in connection with this Deed or any judgment in connection therewith and (b) agrees that failure by a process agent to notify it of the process will not invalidate the proceedings concerned.]* 
  
 IN WITNESS WHEREOF this Deed has been duly executed on the date first above written.

  
 [Name of New Obligor] 
  
 [Insert appropriate 
 execution language for 
 execution as a deed] 

	*	Delete if New Obligor is incorporated in England & Wales 

  

 -23- 

 SCHEDULE 4 
  

GC PLC Note Security Documents 
  

			
	 1.
	  	The Intercreditor Agreement.
		
	 2.
	  	Debenture dated on or about the date hereof made between (1) GCUK and GC PLC as chargors and (2) the Collateral Agent.

  

 -24- 

 SIGNATORIES 
  
 STT Parent 
  
 STT COMMUNICATIONS LTD. 
  

			
	 By:
	 	/s/ Jean Mandeville
	 	 	

		
	Name:	 	 
	Title:	 	 

  
 STT Crossing 
  
 STT CROSSING LTD 
  

			
	 By:
	 	/s/ Jean Mandeville
	 	 	

		
	Name:	 	 
	Title:	 	 

  
 STT Hungary 
  
 STT HUNGARY LIQUIDITY 
 MANAGEMENT LIMITED 
 LIABILITY COMPANY 
  

			
	 By:
	 	/s/ Jean Mandeville
	 	 	

		
	Name:	 	 
	Title:	 	 

  

			
	 By:
	 	/s/ Olasz Nandor
	 	 	

		
	Name:	 	 
	Title:	 	 

 [Security Arrangement Agreement] 

 The Trustee 
  
 THE BANK OF NEW YORK 
  

			
	By:	 	 /s/ Daniel Wynne

		
	Name:	 	Daniel Wynne
	Title:	 	Vice President

  
 The Collateral Agent

  
 THE BANK OF NEW YORK 
  

			
	By:	 	 /s/ Daniel Wynne

		
	Name:	 	Daniel Wynne
	Title:	 	Vice President

  
 The Original Obligors

  
 GLOBAL CROSSING (UK) 
 TELECOMMUNICATIONS 
 LIMITED 
  

			
	By:	 	 /s/ Philip Casson Metcalf

		
	Name:	 	Philip Casson Metcalf
	Title:	 	Director

  
 GLOBAL CROSSING (UK)
FINANCE PLC 
  

			
	By:	 	 /s/ Philip Casson Metcalf

		
	Name:	 	Philip Casson Metcalf
	Title:	 	Director

  
 [Security Arrangement
Agreement] 

 The Original Hedging Counterparty 
  
 J. ARON & COMPANY 
  

			
	By:	 	 /S/

		
	Name:	 	 
	Title:	 	 

  
 [Security Arrangement
Agreement]Amendment No. 1 to Registration Rights Agreement

 Exhibit 10.1 
  
 EXECUTION COPY 
  
 AMENDMENT NO. 1 TO 
 REGISTRATION
RIGHTS AGREEMENT 
  
 This Amendment No. 1 (this
“Amendment”) is made and entered into as of December 23, 2004, by and among Global Crossing Limited, a company organized under the laws of Bermuda (the “Company”), STT Crossing Ltd, a company organized under
the laws of Mauritius (“STT Crossing”), STT Hungary Liquidity Management Limited Liability Company, a limited liability company organized under the laws of Hungary (“STT Hungary”), and each other person who becomes
a Holder of the Registrable Securities, and amends the Registration Rights Agreement, dated as of December 9, 2003, by and among the Company, STT Crossing and each other person who becomes a Holder of the Registrable Securities (as amended, the
“Agreement”). Capitalized terms used but not defined herein have the meanings given thereto in the Agreement. 
  
 WHEREAS, the Company and the other parties named therein have entered into an Indenture, dated as of December     , 2004,
governing the 4.7% Senior Secured Mandatory Convertible Notes due 2008 of the Company (the “GCL Notes”) which provides, among other things, that the GCL Notes may be convertible into Common Shares under certain circumstances;

  
 WHEREAS, the GCL Notes have been issued to STT Crossing and
STT Hungary; 
  
 WHEREAS, the parties desire that any Common
Shares that may be issued upon conversion of the GCL Notes be deemed to be Registrable Securities under the Agreement and be entitled to additional Demand Registrations under the Agreement; and 
  
 WHEREAS, the parties desire to make certain other amendments to the
Agreement, which amendments may be effected pursuant to Section 9(b) of the Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth in this Amendment and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows: 
  
 1. Amendments.
Pursuant to Section 9(b) of the Agreement, the parties agree as follows: 
  
 (a) STT Hungary shall, together with STT Crossing, be deemed the “Purchaser” for all purposes under the Agreement and, for the avoidance of doubt, shall be deemed a “Holder” for all purposes under
the Agreement; 
  
 (b) If, at any time, any of the GCL Notes are
converted into Common Shares: 
  
 (i) all of the Common Shares
or other securities which the Holder or Holders may acquire upon such conversion, together with any other securities which the Holder or Holders may acquire on account of any such securities, shall be deemed “Registrable Securities” under
the Agreement; 

 (ii) the holder or holders of such Registrable Securities shall be deemed a “Holder” for
purposes of the Agreement; 
  
 (iii) the Holder or Holders of
such Registrable Securities shall be entitled to make four additional Demand Registrations, in the aggregate, under the Agreement (in addition to the Demand Registrations such Holder is otherwise entitled to under the Agreement or otherwise); and

  
 (iv) except for such additional Demand Registrations, the
Common Shares issued upon conversion of the GCL Notes shall be treated for all other purposes under the Agreement as Registrable Securities and shall be entitled to the rights and benefits of Registrable Securities thereunder. 
  
 2. Representations and Warranties of the Company. The Company hereby
represents and warrants to STT Crossing and STT Hungary as follows: 
  
 (a) Due Authorization; Enforceability. The Company has all right, corporate power and authority to enter into, execute and deliver this Amendment and to consummate the transactions contemplated hereby. The execution and delivery by
the Company of this Amendment and the compliance by the Company with each of the provisions of this Amendment are within the corporate power and authority of the Company and have been duly authorized by all requisite corporate and other action on
the part of the Company. This Amendment has been duly and validly executed and delivered by the Company and this Amendment constitutes a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms,
except as such enforcement is limited by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights generally and for limitations imposed by general principles of equity. 
  
 (b) No Conflicts or Violations; Consents. Neither the execution,
delivery or performance by the Company of this Amendment nor the consummation by the Company of the transactions contemplated hereby will: (i) conflict with, or result in a breach or violation of, any provision of the memorandum of association,
certificate of incorporation or bylaws or other organizational documents of the Company; (ii) constitute, with or without notice or the passage of time or both, a breach, violation or default, create any encumbrance, or give rise to any right of
termination, modification, cancellation, prepayment, suspension, limitation, revocation or acceleration, under any law applicable to or binding on the Company or any subsidiary of the Company or any provision of any contract, agreement or other
arrangement to which the Company or any subsidiary of the Company is a party or pursuant to which any of them or any of their assets or properties is subject, except for breaches, violations, defaults, encumbrances, or rights of termination,
modification, cancellation, prepayment, suspension, limitation, revocation or acceleration, which, individually or in the aggregate, could not reasonably be expected to have a material adverse effect on the business, properties, assets, liabilities,
prospects, operations or condition (financial or otherwise) of the Company and its subsidiaries taken as a whole or its ability to consummate the transactions contemplated hereby; or (iii) require any consent, approval or authorization of,
notification to, filing with, or exemption or waiver by, any governmental entity or any other person on the part of the Company or any subsidiary of the Company. 
  

 2 

 3. Representations and Warranties of STT Crossing and STT Hungary. STT Crossing and STT Hungary
each hereby represents and warrants to the Company as follows: 
  
 (a) Due Authorization; Enforceability. It has all right, power and authority to enter into, execute and deliver this Amendment and to consummate the transactions contemplated hereby. Its execution and delivery of this Amendment and
its consummation of the transactions contemplated hereby are within its power and authority and have been duly authorized by all necessary action on its part. This Amendment has been duly and validly executed and delivered by it and this Amendment
constitutes its legal, valid and binding agreement, enforceable against it in accordance with its terms, except as such enforcement is limited by bankruptcy, insolvency and other similar laws affecting the enforcement of creditors’ rights
generally and for limitations imposed by general principles of equity. 
  
 (b) Consents; No Violations. Neither the execution, delivery or performance by it of this Amendment nor the consummation by it of the transactions contemplated hereby will: (i) conflict with, or result in a breach or violation of,
any provision of its organizational documents; (ii) constitute, with or without notice or the passage of time or both, a breach, violation or default, create any encumbrance, or give rise to any right of termination, modification, cancellation,
prepayment, suspension, limitation, revocation or acceleration, under any law or any provision of any contract, agreement or other arrangement of it, or to which it or any of its assets or properties is subject, except for breaches, violations,
defaults, encumbrances, or rights of termination, modification, cancellation, prepayment, suspension, limitation, revocation or acceleration, which, individually or in the aggregate, could not have a material adverse effect on its ability to
consummate the transactions contemplated hereby; or (iii) require any consent, approval or authorization of, notification to, filing with, or exemption or waiver by, any governmental entity or any other person on its part. 
  
 4. Confirmation of Agreement. Except as herein expressly amended, the
Agreement shall remain in full force and effect in accordance with its terms. 
  
 5. Governing Law; Submission to Jurisdiction. This Amendment shall be governed by and construed in accordance with the laws of the State of New York without giving effect to the principles of conflicts of law,
other than the choice of law principles of such state. 
  
 6.
Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original instrument, but all together shall constitute one agreement. 
  
 7. Headings. The headings of the sections of this Amendment have been
inserted for convenience of reference only and shall not be deemed to be a part of this Amendment or the Agreement. 
  
 [Signatures Page Follows] 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date first written
above. 
  

			
	GLOBAL CROSSING LIMITED
		
	By:	 	 /s/ Mitchell Sussis

	Name:	 	Mitchell Sussis
	Title:	 	Vice President and Secretary
	
	STT CROSSING LTD
		
	By:	 	 /s/ Jean Mandeville

	Name:	 	 
	Title:	 	 
	
	 STT HUNGARY LIQUIDITY MANAGEMENT
 LIMITED
LIABILITY COMPANY

		
	By:	 	 /s/ Jean Mandeville

	Name:	 	 
	Title:	 	 
		
	By:	 	 /s/ Olasz Nandor

	Name:	 	 
	Title:	 	 

  

 S-1

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