Document:

Exhibit 4.5

 Exhibit 4.5 
 EXECUTION COPY 
 INTERCREDITOR AGREEMENT 
 This INTERCREDITOR AGREEMENT is dated as of February 26, 2007, and entered into by and among Primus Telecommunications Holding, Inc., a
Delaware corporation (the “Company”), Primus Telecommunications Group, Incorporated (the “Parent”), Primus Telecommunications IHC, Inc., a Delaware corporation (the “Notes Issuer”), Lehman
Commercial Paper Inc. (“LCPI”), in its capacity as administrative agent for the First Lien Obligations (as defined below), including its permitted successors and assigns from time to time (the “First Lien Collateral
Agent”), and U.S. Bank National Association, in its capacity as collateral agent for the Second Lien Obligations (as defined below), including its permitted successors and assigns from time to time (the “Second Lien Collateral
Agent”). Capitalized terms used in this Agreement have the meanings assigned to them in Section 1 below. 
 RECITALS 
 Parent, the Company, the lenders party thereto, Lehman Brothers Inc., as arrangers, LCPI, as syndication
agent, and LCPI, as administrative agent, have entered into that Term Loan Agreement dated as of February 18, 2005 providing for a term loan (as amended, restated, supplemented, modified, replaced or refinanced from time to time, the
“First Lien Credit Agreement”); 
 Notes Issuer has issued, pursuant to the Indenture, dated as of the date hereof, among
Notes Issuer, the guarantors and U.S. Bank National Association, as trustee (as amended, restated, supplemented, modified, replaced or refinanced from time to time, the “Senior Secured Note Indenture”), the 14.25% Senior Secured
Notes due 2011 (as replaced or Refinanced from time to time, and including any additional notes issued under the Second Lien Indenture, the “Senior Secured Notes”); 
 Pursuant to (i) that certain Guarantee and Collateral Agreement dated as of February 18, 2005, Parent, the Company and certain current and
future subsidiaries of the Company have agreed or will agree to guarantee the First Lien Obligations (the “First Lien Guarantee”) and (ii) the Senior Secured Note Indenture, Parent, the Company and certain current and future
subsidiaries of the Company have agreed or will agree to guarantee the Second Lien Obligations (the “Second Lien Guarantee”); 
 The obligations of the Company under the First Lien Credit Agreement and any Specified Hedge Agreement (as defined in the First Lien Credit Agreement) and the obligations of Parent, the Company and the other guarantors under the First Lien
Guarantee are secured on a first priority basis by liens on substantially all the assets of the Company, Parent and the other guarantors (such current and future subsidiaries of the Company providing a guarantee thereof, the “Guarantor
Subsidiaries”), respectively, pursuant to the terms of the First Lien Collateral Documents; 
 The obligations of the Notes Issuer
under the Senior Secured Note Indenture and the obligations of the Guarantor Subsidiaries under the Second Lien Guarantee will be secured on a second priority basis by liens on substantially all the assets of the Notes Issuer and the 

 
Guarantor Subsidiaries, respectively, pursuant to the terms of the Second Lien Collateral Documents; 
 The First Lien Loan Documents and the Second Lien Note Documents provide, among other things, that the parties thereto shall set forth in this Agreement
their respective rights and remedies with respect to the Collateral; and 
 In order to induce the First Lien Collateral Agent and the First
Lien Claimholders to consent to the Grantors incurring the Second Lien Obligations and to induce the First Lien Claimholders to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any other
Grantor, the Second Lien Collateral Agent on behalf of the Second Lien Claimholders has agreed to the intercreditor and other provisions set forth in this Agreement. 
 AGREEMENT 
 In consideration of the foregoing, the mutual covenants and obligations herein set
forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 SECTION 1. Definitions. 
 1.1. Defined Terms. As used in the Agreement, the following terms shall have the following meanings: 
 “Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or undirect common control with, such Person. For purposes of this definition,
“control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as applied to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through ownership of voting securities, by contract or otherwise. 
 “Agreement” means this Intercreditor Agreement, as amended, restated, renewed, extended, supplemented or otherwise modified from time to
time. 
 “Bankruptcy Code” means title 11 of the United States Code (11 U.S.C. 101 et seq.) entitled
“Bankruptcy,” as now and hereafter in effect, or any successor statute. 
 “Bankruptcy Law” means the Bankruptcy
Code and any similar federal, state or foreign law for the relief of debtors. 
 “Business Day” means a day other than a
Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close. 
 “Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, to the extent constituting both First Lien Collateral and Second Lien Collateral. 
  

 - 2 - 

 “Company” has the meaning assigned to that term in the Preamble to this Agreement.

 “Comparable Second Lien Collateral Document” means, in relation to any Collateral subject to any Lien created under any
First Lien Collateral Document, any Second Lien Note Documents which create a Lien on the same Collateral, granted by the same Grantor. 
 “DIP Financing” has the meaning assigned to that term in Section 6.1. 
 “Discharge of First
Lien Obligations” means, except to the extent otherwise expressly provided in Section 5.5 (and subject to Section 6.5): 
 (a) payment in full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in such
Insolvency or Liquidation Proceeding), on all Indebtedness outstanding under the First Lien Loan Documents and constituting First Lien Obligations; 
 (b) payment in full in cash of all other First Lien Obligations that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid; and 
 (c) termination or expiration of all commitments, if any, to extend credit that would constitute First Lien Obligations. 
 “Disposition” has the meaning assigned to that term in Section 5.1(b). 
 “First Lien Claimholders” means, at any relevant time, the holders of First Lien Obligations at that time, including the First Lien
Lenders, the agents under the First Lien Loan Documents and any Qualified Counterparty (as defined in the First Lien Credit Agreement). 
 “First Lien Collateral Agent” has the meaning assigned to that term in the Preamble to this Agreement. 
 “First Lien Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any First Lien Obligations. 
 “First Lien Collateral Documents” means the Security Documents (as defined in the First Lien Credit Agreement) and any other agreement,
document or instrument pursuant to which a Lien is granted securing any First Lien Obligations or under which rights or remedies with respect to such Liens are governed. 
 “First Lien Credit Agreement” has the meaning assigned to that term in the Recitals to this Agreement. 
 “First Lien Guarantee” has the meaning assigned to that term in the Recitals to this Agreement. 
  

 - 3 - 

 “First Lien Lenders” means the “Lenders” under and as defined in the
First Lien Loan Documents. 
 “First Lien Loan Documents” means the First Lien Credit Agreement, the other Loan Documents
(as defined in the First Lien Credit Agreement) and the Specified Hedge Agreements (as defined in the First Lien Credit Agreement) and each of the other agreements, documents and instruments providing for or evidencing any other First Lien
Obligation, and any other document or instrument executed or delivered at any time in connection with any First Lien Obligations, including any intercreditor or joinder agreement among holders of First Lien Obligations, to the extent such are
effective at the relevant time, in each case as each may be amended, restated, supplemented, modified, renewed or extended from time to time in accordance with the provisions of this Agreement. 
 “First Lien Mortgages” means a collective reference to each mortgage, deed of trust and other document or instrument under which any
Lien on real property owned or leased by any Grantor is granted to secure any First Lien Obligations or under which rights or remedies with respect to any such Liens are governed. 
 “First Lien Obligations” means, subject to the next sentence, all Obligations outstanding under the First Lien Credit Agreement and the
other First Lien Loan Documents, including Specified Hedge Agreements. “First Lien Obligations” shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) after
commencement of an Insolvency or Liquidation Proceeding in accordance with the rate specified in the relevant First Lien Loan Document whether or not the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding.

 “Governmental Authority” means any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange and any
self-regulatory organization (including the National Association of Insurance Commissioners). 
 “Grantors” means Parent,
the Company, each of the Guarantor Subsidiaries and each other Person that has or may from time to time hereafter execute and deliver a First Lien Collateral Document or a Second Lien Collateral Document as a “grantor” or
“pledgor” (or the equivalent thereof). 
 “Guarantor Subsidiaries” has the meaning set forth in the Recitals to
this Agreement. 
 “Indebtedness” means and includes all Obligations that constitute “Indebtedness” within the
meaning of the First Lien Credit Agreement or the Senior Secured Note Indenture, as applicable. 
 “Insolvency or Liquidation
Proceeding” means: 
 (a) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to
any Grantor; 
  

 - 4 - 

 (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or
proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Grantor or with respect to a material portion of their respective assets; 
 (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not
involving insolvency or bankruptcy other than any of the foregoing which do not constitute an event of default under the First Lien Loan Documents or the Second Lien Note Documents; or 
 (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor. 
 “LCPI” has the meaning assigned to that term in the Preamble to this Agreement. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any
conditional sale or other title retention agreement or lease in the nature thereof, any sale with recourse against the seller or any Affiliate of the seller, or any agreement to give a security interest). 
 “New Agent” has the meaning assigned to that term in Section 5.5. 
 “New First Lien Debt Notice” has the meaning assigned to that term in Section 5.5. 
 “Non-Second Lien Collateral” means all of the assets of the Parent, the Company and Primus Telecommunications International, Inc. (other
than 65% of the voting capital stock of first-tier foreign subsidiaries directly owned by Primus Telecommunications International, Inc.) over which a Lien has been granted to the First Lien Collateral Agent; provided, however, that to
the extent any Lien over such assets is subsequently granted to secure the Second Lien Obligations, such assets shall no longer be Non-Second Lien Collateral. 
 “Notes Issuer” has the meaning ascribed to that term in the Preamble of this Agreement. 
 “Obligations” means the First Lien Obligations, the Second Lien Obligations and any and all obligations and liabilities of every nature of each Grantor from time to time owed to any agent or trustee, the First Lien
Claimholders, the Second Lien Claimholders or any of them or their respective Affiliates under the First Lien Loan Documents, the Second Lien Note Documents or Specified Hedge Agreements, whether for principal, interest or payments for early
termination of Specified Hedge Agreements, fees, costs, expenses, indemnification or otherwise and all guarantees of any of the foregoing. 
 “Parent” means Primus Telecommunications Group, Incorporated, a Delaware corporation. 
  

 - 5 - 

 “Person” means an individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity or whatever nature. 
 “Pledged Collateral” has the meaning set forth in Section 5.4. 
 “Recovery” has the
meaning set forth in Section 6.5. 
 “Refinance” means, in respect of any Indebtedness, to refinance, extend,
renew, defease, amend, modify, supplement, restructure, replace, refund or repay, or to issue other indebtedness, in exchange or replacement for, such Indebtedness in whole or in part. “Refinanced” and “Refinancing”
shall have correlative meanings. 
 “Second Lien Adequate Protection Payments” means any payments or distributions of cash,
notes or other securities authorized to be made to the Second Lien Claimholders by a court of competent jurisdiction in any Insolvency or Liquidation Proceeding as adequate protection for the Second Lien Obligations or for the Liens on the
Collateral securing the Second Lien Obligations, to the extent granted in conformity with this Agreement. 
 “Second Lien
Claimholders” means, at any relevant time, the holders of Second Lien Obligations at that time, including the Second Lien Holders and the agents and trustees under the Second Lien Loan Documents. 
 “Second Lien Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a
Lien is granted as security for any Second Lien Obligations. 
 “Second Lien Collateral Agent” has the meaning assigned to
that term in the Preamble of this Agreement. 
 “Second Lien Collateral Documents” means the Security Documents (as defined
in the Senior Secured Note Indenture) and any other agreement, document or instrument pursuant to which a Lien is granted securing any Second Lien Obligations or under which rights or remedies with respect to such Liens are governed. 
 “Second Lien Guarantee” has the meaning assigned to that term in the Recitals to this Agreement. 
 “Second Lien Holders” means the holders of the Senior Secured Notes. 
 “Second Lien Loan Documents” means the Senior Secured Note Indenture, the Senior Secured Notes and the Collateral Documents (as defined
in the Senior Secured Note Indenture) and each of the other agreements, documents and instruments providing for or evidencing any other Second Lien Obligation, and any other document or instrument executed or delivered at any time in connection with
any Second Lien Obligations, including any intercreditor or joinder agreement among holders of Second Lien Obligations to the extent such are effective at the relevant time, in each case as each may be amended, restated, supplemented, 

  

 - 6 - 

 
modified, renewed or extended from time to time in accordance with the provisions of this Agreement. 
 “Second Lien Mortgages” means a collective reference to each mortgage, deed of trust and any other document or instrument under which
any Lien on real property owned or leased by any Grantor is granted to secure any Second Lien Obligations or under which rights or remedies with respect to any such Liens are governed. 
 “Second Lien Obligations” means all Obligations outstanding under the Senior Secured Notes, the Senior Secured Note Indenture and the
other Second Lien Note Documents. Second Lien Obligations shall include all interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) after commencement of an Insolvency or Liquidation
Proceeding in accordance with the rate specified in the relevant Second Lien Note Document whether or not the claim for such interest is allowed as a claim in such Insolvency or Liquidation Proceeding. 
 “Senior Secured Note Indenture” has the meaning assigned to that term in the Recitals to this Agreement. 
 “Senior Secured Notes” has the meaning assigned to that term in the Recitals to this Agreement. 
 “UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction.

 1.2. Terms Generally. The definitions of terms in this Agreement shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise: 
 (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, restated, supplemented, modified, renewed or extended; 
 (b) any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns; 
 (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof; 
 (d) all references herein to Sections shall be construed to refer to Sections of this Agreement; and 
  

 - 7 - 

 (e) the words “asset” and “property” shall be construed to have the
same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 2. Lien Priorities. 
 2.1. Relative Priorities. Notwithstanding
(i) the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Second Lien Obligations granted on the Collateral or of any Liens securing the First Lien Obligations granted on the Collateral,
(ii) any provision of the UCC, or any other applicable law or the Second Lien Loan Documents or any defect or deficiencies in, or failure to perfect, the Liens securing the First Lien Obligations or any other circumstance whatsoever and
(iii) the fact that any such Liens in favor of any First Lien Claimholder securing any of the First Lien Obligations are (x) subordinated to any Lien securing any obligation of any Grantor other than the Second Lien Obligations of
(y) otherwise subordinated, voided, avoided, invalidated or lapsed, the Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, hereby agrees that: 
 (a) any Lien on the Collateral securing any First Lien Obligations now or hereafter held by or on behalf of the First Lien Collateral
Agent or any First Lien Claimholders or any agent or trustee therefor (including without limitation any First Lien Obligation which may at any time be avoided or otherwise rendered ineffective or unenforceable against any Grantor for any reason),
regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to any Lien on the Collateral securing any Second Lien Obligations; and 
 (b) any Lien on the Collateral securing any Second Lien Obligations now or hereafter held by or on behalf of the Second Lien Collateral
Agent, any Second Lien Claimholders or any agent or trustee therefor regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the
Collateral securing any First Lien Obligations (including without limitation any First Lien Obligation which may at any time be avoided or otherwise rendered ineffective or unenforceable against any Grantor for any reason). All Liens on the
Collateral securing any First Lien Obligations shall be and remain senior in all respects and prior to all Liens on the Collateral securing any Second Lien Obligations for all purposes, whether or not such Liens securing any First Lien Obligations
are subordinated to any Lien securing any other obligation of Parent, the Company, any other Grantor or any other Person; provided, however, that if the First Lien Collateral Agent voluntarily agrees to subordinate any Liens on the
Collateral to any Liens securing obligations to any third party, except with respect to any such subordination in connection with a DIP Financing pursuant to Section 6.1 hereof, then the provisions of this Agreement relating to the priority of
Liens and subordination of payments with respect to such Collateral subject to such voluntary subordination shall not be effective; provided further, however, that the foregoing proviso shall not apply to 

  

 - 8 - 

 
any subordination of Liens on any Collateral securing First Lien Obligations to Liens of such Collateral securing other First Lien Obligations. 

2.2. Prohibition on Contesting Liens. Each of the Second Lien Collateral Agent, for itself and on behalf of each Second Lien
Claimholder, and the First Lien Collateral Agent, for itself and on behalf of each First Lien Claimholder, agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any
Insolvency or Liquidation Proceeding), the priority, perfection, validity or enforceability of a Lien held by or on behalf of any of the First Lien Claimholders in the First Lien Collateral or by or on behalf of any of the Second Lien Claimholders
in the Second Lien Collateral, as the case may be, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of the First Lien Collateral Agent or any First Lien
Claimholder to enforce this Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the First Lien Obligations as provided in Sections 2.1 and 3.1. Notwithstanding any failure by any First
Priority Lien Claimholder to perfect its security interests in the Collateral or any avoidance, invalidation or subordination by any third party or court of competent jurisdiction of any First Lien Obligation or any of the security interests in the
Collateral granted to the First Priority Lien Claimholders, the priority and rights as between the First Priority Secured Parties and the Second Priority Secured Parties with respect to the Collateral shall be as set forth herein. 
 2.3. No New Liens. So long as the Discharge of First Lien Obligations has not occurred, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against Parent, the Company or any other Grantor, the parties hereto agree that neither Parent nor the Company shall, or shall permit any other Grantor to: 
 (a) grant or permit any additional Liens on any asset or property to secure any Second Lien Obligation unless it has granted or
concurrently grants a Lien on such asset or property to secure the First Lien Obligations; or 
 (b) grant or permit any
additional Liens on any asset or property to secure any First Lien Obligations unless it has granted or concurrently grants a Lien on such asset or property to secure the Second Lien Obligations. To the extent that the foregoing provisions are not
complied with for any reason, without limiting any other rights and remedies available to the First Lien Collateral Agent and/or the First Lien Claimholders, the Second Lien Collateral Agent, on behalf of Second Lien Claimholders, agrees that any
amounts received by or distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.3 shall be subject to Section 4.2. 
 2.4. Similar Liens and Agreements. The parties hereto agree that it is their intention that the First Lien Collateral and the Second Lien
Collateral be identical (except with respect to the Non-Second Lien Collateral). In furtherance of the foregoing and of Section 8.9, the parties hereto agree, subject to the other provisions of this Agreement: 
  

 - 9 - 

 (a) upon request by the First Lien Collateral Agent or the Second Lien Collateral Agent,
to cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to time in order to determine the specific items included in the First Lien Collateral and the Second Lien Collateral and the steps taken to perfect their
respective Liens thereon and the identity of the respective parties obligated under the First Lien Loan Documents and the Second Lien Note Documents; and 
 (b) that the documents and agreements creating or evidencing the First Lien Collateral and the Second Lien Collateral and guarantees for the First Lien Obligations and the Second Lien Obligations, subject to
Section 5.3(c), shall be in all material respects the same forms of documents other than with respect to the first lien and the second lien nature of the Obligations thereunder, and other than with respect to the Non-Second Lien
Collateral. 
 SECTION 3. Enforcement. 
  

	 	3.1.	Exercise of Remedies. 

 (a) Until
the Discharge of First Lien Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against Parent, the Company or any other Grantor, the Second Lien Collateral Agent and the Second Lien
Claimholders: 
 (1) will not exercise or seek to exercise any rights or remedies with respect to any Collateral (including
the exercise of any right of setoff or any right under any lockbox agreement, account control agreement or similar agreement or arrangement to which the Second Lien Collateral Agent or any Second Lien Claimholder is a party) or institute any action
or proceeding with respect to such rights or remedies (including any action of foreclosure); provided, however, that subject to clause (c) and Section 4.2 below, the Second Lien Collateral Agent may exercise any or all
such rights or remedies after the passage of a period of at least 180 days has elapsed since the later of: (i) the date on which the Second Lien Collateral Agent declared the existence of any Event of Default under any Second Lien Note
Documents and demanded the repayment of all the principal amount of any Second Lien Obligations; and (ii) the date on which the First Lien Collateral Agent received notice from the Second Lien Collateral Agent of such declarations of an Event
of Default (the “Standstill Period”); provided further, however, that notwithstanding anything herein to the contrary, in no event shall the Second Lien Collateral Agent or any Second Lien Claimholder exercise any
rights or remedies with respect to the Collateral if, notwithstanding the expiration of the Standstill Period, the First Lien Collateral Agent or First Lien Claimholders shall have commenced and be diligently pursuing the exercise of their rights or
remedies with respect to all or any material portion of the Collateral (prompt written notice of such exercise to be given to the Second Lien Collateral Agent); 
 (2) will not take or cause to be taken any action, the purpose or effect of which is to make any Lien in respect of any Second Lien
Obligation pari passu with or 

  

 - 10 - 

 
senior to, or to give any Second Lien Claimholder any preference or priority relative to, the Liens with respect to the First Priority Obligations or the
First Lien Secured Parties with respect to any of the Collateral; 
 (3) will not contest, protest or object to any
foreclosure proceeding or action brought by the First Lien Collateral Agent or any First Lien Claimholder or any other exercise by the First Lien Collateral Agent or any First Lien Claimholder of any rights and remedies relating to the Collateral
under the First Lien Loan Documents or otherwise; and 
 (4) subject to their rights under clause (a)(1) above, will not
object to the forbearance by the First Lien Collateral Agent or the First Lien Claimholders from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Collateral, in each case so
long as the Liens granted to secure the Second Lien Obligations of the Second Lien Claimholders attach to the proceeds thereof subject to the relative priorities described in Section 2. 
 (b) Until the Discharge of First Lien Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced
by or against Parent, the Company or any other Grantor, subject to Section 3.1(a)(1), the First Lien Collateral Agent and the First Lien Claimholders shall have the exclusive right to enforce rights, exercise remedies (including set-off
and the right to credit bid the First Lien Obligations) and make determinations regarding the release, disposition, or restrictions with respect to the Collateral, in each case, in accordance with the First Lien Loan Documents and applicable law
without any consultation with or the consent of the Second Lien Collateral Agent or any Second Lien Claimholder. The First Lien Collateral Agent shall provide at least five (5) days written notice to the Second Lien Collateral Agent of its
intent to exercise and enforce its rights or remedies with respect to the Collateral. In exercising rights and remedies with respect to the Collateral, the First Lien Collateral Agent and the First Lien Claimholders may enforce the provisions of the
First Lien Loan Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion, in each case, in accordance with the First Lien Loan Documents and applicable law. Such
exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies
of a secured creditor under the UCC and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction, in each case, in accordance with the First Lien Loan Documents and applicable law. 
  

 - 11 - 

 (c) Notwithstanding the foregoing, the First Lien Collateral Agent and the First Lien
Claimholders agree that the Second Lien Collateral Agent and any Second Lien Claimholder may: 
 (1) file a claim or statement
of interest with respect to the Second Lien Obligations; provided that an Insolvency or Liquidation Proceeding has been commenced by or against Parent, the Company or any other Grantor; 
 (2) take any action (not adverse to the priority status of the Liens on the Collateral securing the First Lien Obligations, or the rights
of any First Lien Collateral Agent or the First Lien Claimholders to exercise remedies in respect thereof) in order to create, perfect, preserve or protect its Lien on the Collateral; 
 (3) file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made
by any person objecting to or otherwise seeking the disallowance of the claims of the Second Lien Claimholders, including any claims secured by the Collateral, if any, in each case in accordance with the terms of this Agreement; 
 (4) vote on any plan of reorganization, file any proof of claim, make other filings and make any arguments and motions that are, in each
case, in accordance with the terms of this Agreement, with respect to the Second Lien Obligations and the Collateral; and 
 (5) exercise any of its rights or remedies with respect to the Collateral after the termination of Standstill Period to the extent permitted by Section 3.1(a)(1). 
 The Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, agrees that it will not take or receive any Collateral or any
proceeds of Collateral in connection with the exercise of any right or remedy (including set-off) with respect to any Collateral in its capacity as a creditor, unless and until the Discharge of First Lien Obligations has occurred, except as
expressly provided in Section 3.1(a)(1) (but nevertheless subject to Section 4.2), and except that Second Lien Claimholders may receive and retain Second Lien Adequate Protection Payments. Without limiting the generality of
the foregoing, unless and until the Discharge of First Lien Obligations has occurred, except as expressly provided in Sections 3.1(a), 6.3(b) and this Section 3.1(c), the sole right of the Second Lien Collateral Agent and
the Second Lien Claimholders with respect to the Collateral is to hold a Lien on the Collateral pursuant to the Second Lien Collateral Documents for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any,
after the Discharge of First Lien Obligations has occurred. 
 (d) Subject to Sections 3.1(a) and (c) and
Section 6.3(b): 
 (1) the Second Lien Collateral Agent, for itself and on behalf of the Second Lien Claimholders,
agrees that the Second Lien Collateral Agent and the Second Lien Claimholders will not take any action that would hinder any exercise of remedies under the First Lien Loan Documents or is otherwise prohibited hereunder, including any sale, lease,
exchange, transfer or other disposition of the Collateral, whether by foreclosure or otherwise; 
 (2) the Second Lien
Collateral Agent, for itself and on behalf of the Second Lien Claimholders, hereby waives any and all rights it or the Second Lien 

  

 - 12 - 

 
Claimholders may have as a junior lien creditor or otherwise to object to the manner in which the First Lien Collateral Agent or the First Lien Claimholders
seek to enforce or collect the First Lien Obligations or the Liens securing the First Lien Obligations granted in any of the First Lien Collateral undertaken in accordance with this Agreement, regardless of whether any action or failure to act by or
on behalf of the First Lien Collateral Agent or First Lien Claimholders is adverse to the interest of the Second Lien Claimholders; and 
 (3) the Second Lien Collateral Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in the Second Lien Collateral Documents or any other Second Lien Note Document (other than this
Agreement) shall be deemed to restrict in any way the rights and remedies of the First Lien Collateral Agent or the First Lien Claimholders with respect to the Collateral as set forth in this Agreement and the First Lien Loan Documents. 

(e) Except as specifically set forth in Sections 3.1(a) and (d), the Second Lien Collateral Agent and the Second Lien
Claimholders may exercise rights and remedies as unsecured creditors against Parent, the Company or any other Grantor that has guaranteed or granted Liens to secure the Second Lien Obligations in accordance with the terms of the Second Lien Loan
Documents and applicable law; provided that in the event that any Second Lien Claimholder becomes a judgment Lien creditor in respect of Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the
Second Lien Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the First Lien Obligations) as the other Liens securing the Second Lien Obligations are subject to this Agreement.

 (f) Except as specifically set forth in Sections 3.1(a) and (d), nothing in this Agreement shall prohibit the
receipt by the Second Lien Collateral Agent or any Second Lien Claimholders of the required payments of interest, principal and other amounts owed in respect of the Second Lien Obligations so long as such receipt is not the direct or indirect result
of the exercise by the Second Lien Collateral Agent or any Second Lien Claimholders of rights or remedies as a secured creditor (including set-off) or enforcement in contravention of this Agreement of any Lien held by any of them. Nothing in this
Agreement impairs or otherwise adversely affects any rights or remedies the First Lien Collateral Agent or the First Lien Claimholders may have with respect to the First Lien Collateral. 
 SECTION 4. Payments. 
 4.1. Application of Proceeds. So long as the Discharge of First Lien Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against Parent, the Company or any other
Grantor, Collateral or proceeds thereof received in connection with the sale or other disposition of, or collection on, such Collateral upon the exercise of remedies by the First Lien Collateral Agent or First Lien Claimholders, shall be applied by
the First Lien Collateral Agent to the First Lien Obligations in 

  

 - 13 - 

 
such order as specified in the relevant First Lien Loan Documents. Upon the Discharge of First Lien Obligations, the First Lien Collateral Agent shall
deliver to the Second Lien Collateral Agent or the Grantors, as applicable, any Collateral and proceeds of Collateral held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise
direct to be applied by the Second Lien Collateral Agent to the Second Lien Obligations in such order as specified in the Second Lien Collateral Documents. Nothing herein shall be deemed to limit the rights of the Second Lien Claimholders to receive
and retain Second Lien Adequate Protection Payments. 
 4.2. Payments Over. So long as the Discharge of First Lien Obligations
has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against Parent, the Company or any other Grantor, any Collateral or proceeds thereof (including assets or proceeds subject to Liens referred to in the
final sentence of Section 2.3) received by the Second Lien Collateral Agent or any Second Lien Claimholders in connection with the exercise of any right or remedy (including set-off) relating to the Collateral shall be segregated and
held in trust and forthwith paid over to the First Lien Collateral Agent for the benefit of the First Lien Claimholders in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The
First Lien Collateral Agent is hereby authorized to make any such endorsements as agent for the Second Lien Collateral Agent or any such Second Lien Claimholders. This authorization is coupled with an interest and is irrevocable until the Discharge
of First Lien Obligations. 
 SECTION 5. Other Agreements. 
 5.1. Releases. (a) If in connection with the exercise of the First Lien Collateral Agent’s rights and remedies in respect of the
Collateral provided for in Section 3.1, the First Lien Collateral Agent, for itself or on behalf of any of the First Lien Claimholders, releases any of its Liens on any part of the Collateral or releases Parent or any Guarantor
Subsidiary from its obligations under its guarantee of the First Lien Obligations, then the Liens, if any, of the Second Lien Collateral Agent, for itself or for the benefit of the Second Lien Claimholders, on such Collateral, and the obligations of
Parent or such Guarantor Subsidiary under its guarantee of the Second Lien Obligations, shall be automatically, unconditionally and simultaneously released. The Second Lien Collateral Agent, for itself or on behalf of any such Second Lien
Claimholders, promptly shall execute and deliver to the First Lien Collateral Agent or the applicable Grantor such termination statements, releases and other documents as the First Lien Collateral Agent or the applicable Grantor may request to
effectively confirm such release. 
 (b) If in connection with any sale, lease, exchange, transfer or other disposition of any
Collateral (collectively, a “Disposition”) permitted under the terms of the First Lien Loan Documents (other than in connection with the exercise of the First Lien Collateral Agent’s rights and remedies in respect of the
Collateral provided for in Section 3.1), the First Lien Collateral Agent, for itself or on behalf of any of the First Lien Claimholders, releases any of its Liens on any part of the Collateral, or releases Parent or any Guarantor
Subsidiary from its obligations under its guarantee of the First Lien Obligations, in each case other than in connection with the Discharge of First Lien Obligations, then the Liens, if any, of the Second Lien Collateral Agent, for itself or for the
benefit of the Second Lien Claimholders, on such Collateral, and the obligations of Parent or such Guarantor Subsidiary under its guarantee of the 

  

 - 14 - 

 
Second Lien Obligations, shall be automatically, unconditionally and simultaneously released. The Second Lien Collateral Agent, for itself or on behalf of
any such Second Lien Claimholders, promptly shall execute and deliver to the First Lien Collateral Agent or the applicable Grantor such termination statements, releases and other documents as the First Lien Collateral Agent or such Grantor may
request to effectively confirm such release. 
 (c) Until the Discharge of First Lien Obligations occurs, the Second Lien
Collateral Agent, for itself and on behalf of the Second Lien Claimholders, hereby irrevocably constitutes and appoints the First Lien Collateral Agent and any officer or agent of the First Lien Collateral Agent, with full power of substitution, as
its true and lawful attorney in fact with full irrevocable power and authority in the place and stead of the Second Lien Collateral Agent or such holder or in the First Lien Collateral Agent’s own name, from time to time in the First Lien
Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary to accomplish the
purposes of this Section 5.1, including any endorsements or other instruments of transfer or release. 
 (d) Until
the Discharge of First Lien Obligations occurs, to the extent that the First Lien Collateral Agent or the First Lien Claimholders (i) have released any Lien on Collateral or release Parent or any Guarantor Subsidiary from its obligation under
its guarantee and any such Liens or guarantee are later reinstated in each case, in accordance with the First Lien Loan Documents or (ii) obtain any new Liens or additional guarantees from Parent or any Guarantor Subsidiary in accordance with
the First Lien Loan Documents, then the Second Lien Collateral Agent, for itself and for the Second Lien Claimholders, shall be granted a Lien on any such Collateral, subject to the lien subordination provisions of this Agreement, and an additional
guarantee, as the case may be. 
 5.2. Insurance. Unless and until the Discharge of First Lien Obligations has occurred, the
First Lien Collateral Agent and the First Lien Claimholders shall have the sole and exclusive right, subject to the rights of the Grantors under the First Lien Loan Documents, to adjust settlement for any insurance policy covering the Collateral in
the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting the Collateral. Unless and until the Discharge of First Lien Obligations has occurred, and
subject to the rights of the Grantors under the First Lien Loan Documents, all proceeds of any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) if in respect to the Collateral shall be paid to the First
Lien Collateral Agent for the benefit of the First Lien Claimholders pursuant to the terms of the First Lien Loan Documents and thereafter, if Discharge of the First Lien Obligations has occurred, and subject to the rights of the Grantors under the
Second Lien Note Documents, to the Second Lien Collateral Agent for the benefit of the Second Lien Claimholders to the extent required under the Second Lien Collateral Documents and then, to the extent no Second Lien Obligations are outstanding, to
the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. Until the Discharge of First Lien Obligations has occurred, if the Second Lien Collateral Agent or any
Second Lien Claimholders shall, at any time, receive any proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall pay such proceeds over to the First Lien Collateral Agent in accordance with the
terms of Section 4.2. 
  

 - 15 - 

 5.3. Amendments to First Lien Loan Documents and Second Lien Loan Documents. (a) The
First Lien Loan Documents may be amended, supplemented or otherwise modified in accordance with their terms and the First Lien Credit Agreement may be Refinanced, in each case, without notice to, or the consent of the Second Lien Collateral Agent or
the Second Lien Claimholders, all without affecting the lien subordination or other provisions of this Agreement; provided, however, that without the prior written consent of the Second Lien Collateral Agent, no amendment, waiver or
other modification of the terms of the First Lien Loan Documents shall increase the then-outstanding principal amount of the loans under the First Lien Loan Documents so that such amount is greater than $100,000,000.00 plus, in the case of a
refinancing of the First Lien Credit Agreement, capitalized unpaid interest and fees not in excess of $10,000,000, and provided further, however, that the holders of such Refinancing debt bind themselves or an agent acting on their
behalf binds them in a writing addressed to the Second Lien Collateral Agent and the Second Lien Claimholders to the terms of this Agreement and any such amendment, supplement, modification or Refinancing shall not, without the consent of the Second
Lien Collateral Agent, contravene the provisions of this Agreement. 
 (b) Without the prior written consent of the First Lien
Claimholders, no Second Lien Note Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Second Lien Note Document, would (i) increase the
principal amount of the Senior Secured Notes in excess of the amount permitted under the First Lien Credit Agreement; (ii) increase the interest rate or yield provisions applicable to the Second Lien Obligations; (iii) change any default
or Event of Default hereunder in a manner adverse to the loan parties thereunder (other than to eliminate any such Event of Default or increase any grace period related thereto or otherwise make such Event of Default or condition less restrictive or
burdensome on the Grantors; (iv) change (to earlier dates) any dates upon which payments of principal or interest are due thereon; (v) change the mandatory prepayment provisions thereof (other than to waive or reduce any payment otherwise
required thereunder); or (vi) contravene the provision of this Agreement. 
 Subject to the provisions of this subsection (b), the
Senior Secured Note Indenture may be Refinanced to the extent the terms and conditions of such Refinancing debt are no less favorable in the aggregate to the Grantors or to the First Lien Lenders or the other First Lien Obligations than the terms
and conditions of the Second Lien Note Documents (as determined in the reasonable opinion of the First Lien Collateral Agent), the outstanding aggregate principal amount of the Second Lien Obligations are not increased to an amount in excess of
$200,000,000.00, the average life to maturity thereof is greater than or equal to that of the Senior Secured Note Indenture and the holders of such Refinancing debt bind themselves or an agent acting on their behalf binds them in a writing addressed
to the First Lien Collateral Agent and the First Lien Claimholders to the terms of this Agreement. 
 (c) Each of Parent, the
Company and the Notes Issuer agrees that each Second Lien Collateral Document shall include the following language (or language to similar effect approved by the First Lien Collateral Agent): 
 “Notwithstanding anything herein to the contrary, the lien and security interest granted to the Second Lien Collateral Agent pursuant to this
Agreement and the exercise of any right or remedy 

  

 - 16 - 

 
by the Second Lien Collateral Agent hereunder are subject to the provisions of the Intercreditor Agreement, dated as of February
    , 2007 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among Parent, the Company, Lehman Commercial Paper Inc. (“LCPI”), as
First Lien Collateral Agent, and U.S. Bank National Association, as Second Lien Collateral Agent, and certain other persons party or that may become party thereto from time to time. In the event of any conflict between the terms of the Intercreditor
Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control.” 
 In addition, Parent, the Company, the Second Lien
Collateral Agent and the Second Lien Creditors agree that each Second Lien Mortgage covering any Collateral shall contain such other language as the First Lien Collateral Agent may reasonably request to reflect the subordination of such Second Lien
Mortgage to the First Lien Collateral Document covering such Collateral. 
 5.4. Bailee for Perfection. (a) The First Lien
Collateral Agent agrees to hold that part of the Collateral that is in its possession or control (or in the possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the
UCC (such Collateral being the “Pledged Collateral”) as collateral agent for the First Lien Claimholders and as bailee for the Second Lien Collateral Agent (such bailment being intended, among other things, to satisfy the
requirements of Sections 8-301(a)(2) and 9-313(c) of the UCC) and any assignee solely for the purpose of perfecting the security interest granted under the First Lien Loan Documents and the Second Lien Note Documents, respectively, subject to the
terms and conditions of this Section 5.4. 
 (b) The First Lien Collateral Agent shall have no obligation
whatsoever to the First Lien Claimholders, the Second Lien Collateral Agent or any Second Lien Claimholder to ensure that the Pledged Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of any Person except as
expressly set forth in this Section 5.4. The duties or responsibilities of the First Lien Collateral Agent under this Section 5.4 shall be limited solely to holding the Pledged Collateral as bailee in accordance with this
Section 5.4 and delivering the Pledged Collateral upon a Discharge of First Lien Obligations as provided in paragraph (d) below. 
 (c) The First Lien Collateral Agent acting pursuant to this Section 5.4 shall not have by reason of the First Lien Collateral Documents, the Second Lien Collateral Documents, this Agreement or any other
document a fiduciary relationship in respect of the First Lien Claimholders, the Second Lien Collateral Agent or any Second Lien Claimholder. 
 (d) Upon the Discharge of First Lien Obligations, the First Lien Collateral Agent shall deliver, relinquish control of, authorize its removal as secured party from any certificates of title with respect to, or, if
applicable, notify the applicable insurer that the relevant insurance policy issued by such insurer 

  

 - 17 - 

 
should reflect a change in the additional insured or the loss payee named therein from the First Lien Collateral Agent (or its agent) with respect to, the
remaining Pledged Collateral (if any) together with any necessary endorsements, first, to the Second Lien Collateral Agent to the extent Second Lien Obligations remain outstanding, and second, to the Company to the extent no Second
Lien Obligations remain outstanding (in each case, so as to allow such Person to obtain possession or control of such Pledged Collateral). The First Lien Collateral Agent further agrees to take all other action reasonably requested by the Second
Lien Collateral Agent in connection with the Second Lien Collateral Agent obtaining a first priority interest in the Collateral or as a court of competent jurisdiction may otherwise direct. 
 5.5. When Discharge of First Lien Obligations Deemed to Not Have Occurred. If, at any time after the Discharge of First Lien Obligations
has occurred, the Company thereafter enters into any Refinancing (or any new Indebtedness which, had it been incurred on or prior to the Discharge of First Lien Obligations, would have qualified as a Refinancing of all or any portion of the First
Lien Obligations) of any First Lien Loan Document evidencing a First Lien Obligation which Refinancing is permitted by the Second Lien Loan Documents or hereunder, then such Discharge of First Lien Obligations shall automatically be deemed not to
have occurred for all purposes of this Agreement (other than with respect to any actions taken as a result of the occurrence of such first Discharge of First Lien Obligations), and, from and after the date on which the New First Lien Debt Notice (as
defined below) is delivered to the Second Lien Collateral Agent in accordance with the next sentence, the obligations under such Refinancing of such First Lien Loan Document shall automatically be treated as First Lien Obligations for all purposes
of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the First Lien Collateral Agent under such First Lien Loan Document shall be the First Lien Collateral Agent for all purposes
of this Agreement. Upon receipt of a notice (the “New First Lien Debt Notice”) stating that the Company has entered into a new First Lien Loan Document (which notice shall include the identity of the new first lien collateral agent,
such agent, the “New Agent”), the Second Lien Collateral Agent shall promptly (a) enter into such documents and agreements (including amendments or supplements to this Agreement) as the Company or such New Agent shall
reasonably request in order to provide to the New Agent the rights contemplated hereby, in each case consistent in all material respects with the terms of this Agreement and (b) deliver to the New Agent any Pledged Collateral held by it
together with any necessary endorsements (or otherwise allow the New Agent to obtain control of such Pledged Collateral). The New Agent shall agree in a writing addressed to the Second Lien Collateral Agent and the Second Lien Claimholders to be
bound by the terms of this Agreement. If the new First Lien Obligations under the new First Lien Loan Documents are secured by assets of the Grantors constituting Collateral that do not also secure the Second Lien Obligations (other than the
Non-Second Lien Collateral), then the Second Lien Obligations shall be secured at such time by a second priority Lien on such assets to the same extent provided in the Second Lien Collateral Documents and this Agreement. 
 5.6. Purchase Right. Without prejudice to the enforcement of the First Lien Claimholders remedies, the First Lien Claimholders agree at any
time following an acceleration of the First Lien Obligations in accordance with the terms of the First Lien Credit Agreement, the First Lien Claimholders will offer the Second Lien Claimholders the option to purchase the 

  

 - 18 - 

 
entire aggregate amount of outstanding First Lien Obligations at par plus a premium of (x) 5% at any time prior to the first anniversary of the date of
this Agreement, (y) 3% at any time on or after the first anniversary of the date of the Agreement and prior to the second anniversary of the date of this Agreement, and (z) 2% at any time on or after the second anniversary of the date of
this Agreement and prior to the third anniversary of the date of this Agreement, in each case of the aggregate principal amount of the loans outstanding under the First Lien Credit Agreement, in the case of all First Lien Obligations other than
those outstanding under the Specified Hedge Agreements, and, in the case of all First Lien Obligations outstanding under the Specified Hedge Agreements, for an amount equal to the amount that would be payable at such time by Parent, the Company or
any Subsidiary Guarantor under the terms of each Specified Hedge Agreement upon the termination of each Specified Hedge Agreement in accordance with the terms thereof, without warranty or representation or recourse, on a pro rata basis across First
Lien Claimholders. The Second Lien Claimholders shall irrevocably accept or reject such offer within twenty (20) Business Days of the receipt thereof and the parties shall endeavor to close promptly thereafter. If the Second Lien Claimholders
accept such offer, it shall be exercised pursuant to documentation mutually acceptable to each of the First Lien Collateral Agent and the Second Lien Collateral Agent. If the Second Lien Claimholders reject such offer (or do not so irrevocably
accept such offer within the required timeframe), the First Lien Claimholders shall have no further obligations pursuant to this Section 5.6 and may take any further actions in their sole discretion in accordance with the First Lien Loan
Documents and this Agreement. 
 SECTION 6. Insolvency or Liquidation Proceedings. 
 6.1. Finance Issues. Until the Discharge of First Lien Obligations has occurred, if Parent, the Company or any other Grantor shall be
subject to any Insolvency or Liquidation Proceeding and the First Lien Collateral Agent shall desire to permit the use of “Cash Collateral” (as such term is defined in Section 363(a) of the Bankruptcy Code), on which the First Lien
Collateral Agent or any other creditor has a Lien or to permit Parent, the Company or any other Grantor to obtain financing, whether from the First Lien Claimholders or any other Person under Section 364 of the Bankruptcy Code or any similar
Bankruptcy Law (“DIP Financing”), then the Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, agrees that (i) it will raise no objection to such Cash Collateral use or DIP Financing (provided
that the amount of such DIP Financing does not exceed $30,000,000.00 plus the amount of any First Lien Obligations repaid with the proceeds of such DIP Financing), (ii) to the extent the Liens securing the First Lien Obligations are
subordinated to or pari passu with such DIP Financing, the Second Lien Collateral Agent will subordinate its Liens in the Collateral to the Liens securing such DIP Financing (and all Obligations relating thereto) and (iii) will not request
adequate protection or any other relief in connection therewith (except, as expressly agreed by the First Lien Collateral Agent or to the extent permitted by Section 6.3); provided that, the use of Cash Collateral and the DIP
Financing do not modify the terms of this Agreement and that the foregoing shall not prevent the Second Lien Claimholders from (i) objecting to any provision in any DIP Financing relating to any provision or content of a plan of reorganization
or (ii) proposing any other DIP Financing to the Company in any Insolvency or Liquidation Proceeding. 
 6.2. Relief from the
Automatic Stay. Until the Discharge of First Lien Obligations has occurred, the Second Lien Collateral Agent, on behalf of itself and the Second 

  

 - 19 - 

 
Lien Claimholders, agrees that none of them shall seek (or support any other Person seeking) relief from the automatic stay or any other stay in any
Insolvency or Liquidation Proceeding in respect of the Collateral, without the prior written consent of the First Lien Collateral Agent. 
 6.3. Adequate Protection. 
 (a) The Second Lien Collateral Agent, on behalf of itself and the Second
Lien Claimholders, agrees that none of them shall contest (or support any other Person contesting): 
 (1) any request by the
First Lien Collateral Agent or the First Lien Claimholders for adequate protection; or 
 (2) any objection by the First Lien
Collateral Agent or the First Lien Claimholders to any motion, relief, action or proceeding based on the First Lien Collateral Agent or the First Lien Claimholders claiming a lack of adequate protection. 
 (b) Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency or Liquidation Proceeding: 
 (1) if the First Lien Claimholders (or any subset thereof) are granted adequate protection in the form of additional collateral in
connection with any Cash Collateral use or DIP Financing, then the Second Lien Collateral Agent, on behalf of itself or any of the Second Lien Claimholders, may seek or request adequate protection in the form of a Lien on such additional collateral,
which Lien will be subordinated to the Liens securing the First Lien Obligations and such Cash Collateral use or DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second Lien Obligations are so
subordinated to the First Lien Obligations under this Agreement; and 
 (2) in the event the Second Lien Collateral Agent, on
behalf of itself or any of the Second Lien Claimholders, seeks or requests adequate protection in respect of Second Lien Obligations and such adequate protection is granted in the form of additional collateral, then the Second Lien Collateral Agent,
on behalf of itself or any of the Second Lien Claimholders, agrees that the First Lien Collateral Agent shall also be granted (or for purposes of this Agreement, including Section 4.2 hereof, be deemed to have been granted) a senior Lien
on such additional collateral as security for the First Lien Obligations and for any Cash Collateral use or DIP Financing provided by the First Lien Claimholders and that any Lien on such additional collateral securing the Second Lien Obligations
shall be subordinated to the Lien on such collateral securing the First Lien Obligations and any such DIP Financing provided by the First Lien Claimholders (and all Obligations relating thereto) and to any other Liens granted to the First Lien
Claimholders as adequate protection on the same basis as the other Liens securing the Second Lien Obligations are so subordinated to such First Lien Obligations under this Agreement. Except as otherwise expressly set forth in Section 6.1
or in connection with the exercise of remedies with respect to the Collateral, nothing herein shall limit the rights of the Second Lien Collateral Agent or the Second Lien Claimholders from seeking 

  

 - 20 - 

 
adequate protection with respect to their interests in the Collateral in any Insolvency or Liquidation Proceeding (including adequate protection in the form
of a cash payment, periodic cash payments, cash payments of interest or otherwise). 
 6.4. No Waiver. Subject to Sections
3.1(a) and (d), nothing contained herein shall prohibit or in any way limit the First Lien Collateral Agent or any First Lien Claimholder from objecting in any Insolvency or Liquidation Proceeding or otherwise to any action taken by the
Second Lien Collateral Agent or any of the Second Lien Claimholders, including the seeking by the Second Lien Collateral Agent or any Second Lien Claimholders of adequate protection or the asserting by the Second Lien Collateral Agent or any Second
Lien Claimholders of any of its rights and remedies under the Second Lien Note Documents or otherwise. 
 6.5. Avoidance
Issues. If any First Lien Claimholder is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of Parent, the Company or any other Grantor any amount paid in respect of First Lien
Obligations (a “Recovery”), then such First Lien Claimholders shall be entitled to a reinstatement of First Lien Obligations with respect to all such recovered amounts. If this Agreement shall have been terminated prior to such
Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement. 

6.6. Reorganization Securities. If, in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized debtor secured by
Liens upon any property of the reorganized debtor are distributed pursuant to a plan of reorganization or similar dispositive restructuring plan, both on account of First Lien Obligations and on account of Second Lien Obligations, then, to the
extent the debt obligations distributed on account of the First Lien Obligations and on account of the Second Lien Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt
obligations pursuant to such plan and will apply with like effect to the Liens securing such debt obligations. 
 6.7.
Post-Petition Interest. (a) Neither the Second Lien Collateral Agent nor any Second Lien Claimholder shall oppose or seek to challenge any claim by the First Lien Collateral Agent or any First Lien Claimholder for allowance in any
Insolvency or Liquidation Proceeding of First Lien Obligations consisting of post-petition interest, fees or expenses to the extent of the value of any First Lien Claimholder’s Lien. This Agreement expressly entitles the First Lien Claimholders
to receive payment from the Collateral of any post-petition interest, fees or expenses through distributions made pursuant to the provision of this Agreement even if such interest, fees, and expenses are not allowed or allowable against the
bankruptcy estate of any Grantor under Section 502(b)(2) or Section 506(b) of the Bankruptcy Code or under any other provision of the Bankruptcy Code or any other Bankruptcy Law. 
 (b) Neither the First Lien Collateral Agent nor any other First Lien Claimholder shall oppose or seek to challenge any claim by the Second
Lien Collateral Agent or any Second Lien Claimholder for allowance in any Insolvency or Liquidation Proceeding of Second Lien Obligations consisting of post-petition interest, fees or expenses to the extent of the value of the Lien of the 

  

 - 21 - 

 
Second Lien Collateral Agent on behalf of the Second Lien Claimholders on the Collateral (after taking into account the First Lien Collateral). 

(c) Waiver. The Second Lien Collateral Agent, for itself and on behalf of the Second Lien Claimholders, waives any claim it may
hereafter have against any First Lien Claimholder arising out of any cash collateral or financing arrangement or out of any grant of a security interest in connection with the Collateral in any Insolvency or Liquidation Proceeding. 
 6.8. No Waiver by Second Lien Claimholders. Nothing contained herein shall prohibit or in any way limit or impair the Second Lien
Collateral Agent or any other Second Lien Claimholder from taking any of the following actions in connection with any Insolvency or Liquidation Proceeding: (i) objecting to any proposed use, sale, lease, exchange, transfer or other disposition
of any Collateral (in the capacity as an unsecured creditor only, and not in the capacity as a creditor with a Lien on any such Collateral), whether pursuant to Section 363 of the Bankruptcy Code or otherwise; (ii) objecting to any
proposed DIP Financing (except as provided in Section 6.1 hereof); (iii) filing a plan of reorganization or liquidation; provided that such plan must provide for the First Lien Obligations to be paid in full in cash , or have the
prior written consent of the First Lien Claimholders, (iv) asserting that any disclosure statement fails to contain adequate information under Section 1125 of the Bankruptcy Code; (v) voting to accept or reject any plan of
reorganization or liquidation or objecting to the confirmation of any plan of reorganization or liquidation; provided that the Second Lien Collateral Agent agrees, on behalf of itself and each Second Lien Claimholder, that no Second Lien Claimholder
will vote in favor of any plan of reorganization with respect to which the First Lien Obligations will not be paid in full in cash unless such plan has been accepted by the First Lien Claimholders or (vi) making any election under
Section 1111(b) of the Bankruptcy Code. 
 6.9. Separate Grants of Security and Separate Classification. The Second Lien
Collateral Agent, for itself and on behalf of the Second Lien Claimholders, and the First Lien Collateral Agent for itself and on behalf of the First Lien Claimholders, acknowledges and agrees that: 
 (a) the grants of Liens pursuant to the First Lien Collateral Documents and the Second Lien Collateral Documents constitute two separate
and distinct grants of Liens; and (b) because of, among other things, their differing rights in the Collateral, the Second Lien Obligations are fundamentally different from the First Lien Obligations and must be separately classified in any
plan of reorganization proposed or adopted in an Insolvency or Liquidation Proceeding. 
 To further effectuate the intent of the parties as provided in the
immediately preceding sentence, if it is held that the claims of the First Lien Claimholders and the Second Lien Claimholders in respect of the Collateral constitute only one secured claim (rather than separate classes of senior and junior secured
claims), then each of the First Lien Collateral Agent and the Second Lien Collateral Agent hereby acknowledges and agrees that, subject to Sections 2.1 and 4.1, all distributions of Collateral or proceeds of Collateral shall be made as
if there were separate classes of senior and junior secured claims against the Grantors in respect of the Collateral (with 

  

 - 22 - 

 
the effect being that, to the extent that the aggregate value of the Collateral is sufficient (for this purpose ignoring all claims held by the Second Lien
Claimholders), the First Lien Claimholders shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest, including
any additional interest payable pursuant to the First Lien Credit Agreement, arising from or related to a default, which is disallowed as a claim in any Insolvency or Liquidation Proceeding) before any distribution of Collateral or proceeds of
Collateral is made in respect of the claims held by the Second Lien Claimholders, with the Second Lien Collateral Agent, for itself and on behalf of the Second Lien Claimholders, hereby acknowledging and agreeing to turn over to the First Lien
Collateral Agent, for itself and on behalf of the First Lien Claimholders, Collateral and proceeds of Collateral otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has
the effect of reducing the claim or recovery of the Second Lien Claimholders). 
 SECTION 7. Reliance; Waivers; Etc.

 7.1. Reliance. Other than any reliance on the terms of this Agreement, the First Lien Collateral Agent, on behalf of itself
and the First Lien Claimholders under its First Lien Loan Documents, acknowledges that it and such First Lien Claimholders have, independently and without reliance on the Second Lien Collateral Agent or any Second Lien Claimholders, and based on
documents and information deemed by them appropriate, made their own decision to enter into such First Lien Loan Documents and be bound by the terms of this Agreement and they will continue to make their own decision in taking or not taking any
action under the First Lien Credit Agreement or this Agreement. The Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, acknowledges that it and the Second Lien Claimholders have, independently and without reliance on
the First Lien Collateral Agent or any First Lien Claimholder, and based on documents and information deemed by them appropriate, made their own decision to enter into each of the Second Lien Note Documents and be bound by the terms of this
Agreement and they will continue to make their own decision in taking or not taking any action under the Second Lien Note Documents or this Agreement. 
 7.2. No Warranties or Liability. The First Lien Collateral Agent, on behalf of itself and the First Lien Claimholders under the First Lien Loan Documents, acknowledges and agrees that each of the Second
Lien Collateral Agent and the Second Lien Claimholders have made no express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Second Lien
Loan Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided herein, the Second Lien Claimholders will be entitled to manage and supervise their respective loans and extensions of
credit under the Second Lien Note Documents and as they may, in their sole discretion, deem appropriate but subject to the terms of the Second Lien Credit Documents and applicable law. Except as otherwise provided herein, the Second Lien Collateral
Agent, on behalf of itself and the Second Lien Claimholders, acknowledges and agrees that the First Lien Collateral Agent and the First Lien Claimholders have made no express or implied representation or warranty, including with respect to the
execution, validity, legality, completeness, collectibility or enforceability of any of the First Lien Loan Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided herein, the First
Lien Claimholders will be entitled to 

  

 - 23 - 

 
manage and supervise their respective loans and extensions of credit under their respective First Lien Loan Documents and as they may, in their sole
discretion, deem appropriate subject to the terms of the First Lien Loan Documents and applicable law. The Second Lien Collateral Agent and the Second Lien Claimholders shall have no duty to the First Lien Collateral Agent or any of the First Lien
Claimholders, and the First Lien Collateral Agent and the First Lien Claimholders shall have no duty to the Second Lien Collateral Agent or any of the Second Lien Claimholders, to act or refrain from acting in a manner which allows, or results in,
the occurrence or continuance of an event of default or default under any agreements with Parent, the Company or any other Grantor (including the First Lien Loan Documents and the Second Lien Note Documents), regardless of any knowledge thereof
which they may have or be charged with. 
 7.3. No Waiver of Lien Priorities. (a) No right of the First Lien Claimholders,
the First Lien Collateral Agent or any of them to enforce any provision of this Agreement or any First Lien Loan Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of Parent, the Company or any
other Grantor or by any act or failure to act by any First Lien Claimholder or the First Lien Collateral Agent, or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the First Lien Loan Documents or
any of the Second Lien Note Documents, regardless of any knowledge thereof which the First Lien Collateral Agent or the First Lien Claimholders, or any of them, may have or be otherwise charged with. 
 (b) Without in any way limiting the generality of the foregoing paragraph (but subject to the rights of Parent, the Company and the other
Grantors under the First Lien Loan Documents and subject to the provisions of Section 5.3(a)), as between the First Lien Collateral Agent, the First Lien Claimholders, the Second Lien Collateral Agent and the Second Lien Claimholders and
any of them may, at any time and from time to time in accordance with the First Lien Loan Documents and/or applicable law, without the consent of, or notice to, the Second Lien Collateral Agent or any Second Lien Claimholders, without incurring any
liabilities to the Second Lien Collateral Agent or any Second Lien Claimholders and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right or remedy of the
Second Lien Collateral Agent or any Second Lien Claimholders is affected, impaired or extinguished thereby) do any one or more of the following (in each case to the extent not otherwise prohibited by this Agreement): 
 (1) change the manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter,
the terms of any of the First Lien Obligations or any Lien on any First Lien Collateral or guarantee thereof or any liability of Parent, the Company or any other Grantor, or any liability incurred directly or indirectly in respect thereof (including
any increase in or extension of the First Lien Obligations, without any restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or supplement in any manner any Liens held by the
First Lien Collateral Agent or any of the First Lien Claimholders, the First Lien Obligations or any of the First Lien Loan Documents; 
  

 - 24 - 

 (2) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in
any manner and in any order any part of the First Lien Collateral or any liability of Parent, the Company or any other Grantor to the First Lien Claimholders or the First Lien Collateral Agent, or any liability incurred directly or indirectly in
respect thereof; 
 (3) settle or compromise any First Lien Obligation or any other liability of Parent, the Company or any
other Grantor or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the First Lien Obligations) in any manner or order; and

 (4) exercise or delay in or refrain from exercising any right or remedy against Parent or the Company or any security or
any other Grantor or any other Person, elect any remedy and otherwise deal freely with Parent, the Company, any other Grantor or any First Lien Collateral and any security and any guarantor or any liability of Parent, the Company or any other
Grantor to the First Lien Claimholders or any liability incurred directly or indirectly in respect thereof. 
 (c) Except as
otherwise provided herein, the Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, also agrees that the First Lien Claimholders and the First Lien Collateral Agent shall have no liability to the Second Lien Collateral
Agent or any Second Lien Claimholders, and the Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, hereby waives any claim against any First Lien Claimholder or the First Lien Collateral Agent, arising out of any and
all actions which the First Lien Claimholders or the First Lien Collateral Agent may take or permit or omit to take with respect to: 
 (1) the First Lien Loan Documents; 
 (2) the collection of the First Lien Obligations; or 
 (3) the foreclosure upon, or sale, liquidation or other disposition of, any First Lien Collateral. The Second Lien Collateral Agent, on
behalf of itself and the Second Lien Claimholders, agrees that the First Lien Claimholders and the First Lien Collateral Agent have no duty to them in respect of the maintenance or preservation of the First Lien Collateral, the First Lien
Obligations or otherwise. 
 (d) Until the Discharge of First Lien Obligations, the Second Lien Collateral Agent, on behalf of
itself and the Second Lien Claimholders, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation
or other similar right that may otherwise be available under applicable law with respect to the Collateral or any other similar rights a junior secured creditor may have under applicable law. 
  

 - 25 - 

 7.4. Obligations Unconditional. All rights, interests, agreements and obligations of the
First Lien Collateral Agent and the First Lien Claimholders and the Second Lien Collateral Agent and the Second Lien Claimholders, respectively, hereunder shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability of any First Lien Loan Documents or any Second Lien Note Documents; 
 (b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the First Lien Obligations or Second
Lien Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof (subject to the provisions of Section 5.3(a)), whether by course of conduct or otherwise, of the terms of any First Lien
Loan Document or any Second Lien Note Document; 
 (c) any exchange, voiding, avoidance or non-perfection of any security
interest in any Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the First Lien Obligations or Second Lien Obligations or any guarantee
thereof; 
 (d) the commencement of any Insolvency or Liquidation Proceeding in respect of Parent, the Company or any other
Grantor; or 
 (e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, Parent,
the Company or any other Grantor in respect of the First Lien Collateral Agent, the First Lien Obligations, any First Lien Claimholder, the Second Lien Collateral Agent, the Second Lien Obligations or any Second Lien Claimholder in respect of this
Agreement. 
 SECTION 8. Miscellaneous. 
 8.1. Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of the First Lien Loan Documents or the Second Lien Loan Documents as between the First Lien
Collateral Agent, First Lien Claimholders, Second Lien Collateral Agent and Second Lien Claimholders, the provisions of this Agreement shall govern and control. 
 8.2. Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and delivered by the parties hereto. This is a continuing agreement of lien
subordination and the First Lien Claimholders may continue, at any time and without notice to the Second Lien Collateral Agent or any Second Lien Claimholder subject to the Second Lien Note Documents, to extend credit and other financial
accommodations and lend monies to or for the benefit of Parent, the Company or any Grantor constituting First Lien Obligations in reliance hereof. The Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, hereby waives
any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or 

  

 - 26 - 

 
Liquidation Proceeding. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to Parent, the Company or any other Grantor shall include such Parent,
such Company or such Grantor as debtor and debtor in possession and any receiver or trustee for Parent, the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no
further force and effect: 
 (a) with respect to the First Lien Collateral Agent, the First Lien Claimholders and the First
Lien Obligations, the date of Discharge of First Lien Obligations, subject to the rights of the First Lien Claimholders under Section 6.5; and 
 (b) with respect to the Second Lien Collateral Agent, the Second Lien Claimholders and the Second Lien Obligations, upon the later of (1) the date upon which the obligations under the Senior Secured Note
Indenture terminate if there are no other Second Lien Obligations outstanding on such date and (2) if there are other Second Lien Obligations outstanding on such date, the date upon which such Second Lien Obligations terminate. 
 8.3. Amendments; Waivers. No amendment, modification or waiver of any of the provisions of this Agreement by the Second Lien Collateral
Agent or the First Lien Collateral Agent shall be deemed to be made unless the same shall be in writing signed on behalf of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific
instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. Notwithstanding the foregoing, neither Parent nor the Company
shall have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent their rights are directly affected (which includes, but is not limited to any amendment to the Grantors’
ability to cause additional obligations to constitute First Lien Obligations or Second Lien Obligations as the Company may designate and any amendment which causes additional obligations to be imposed on the Grantors). 
 8.4. Information Concerning Financial Condition of the Company and Its Subsidiaries. The First Lien Claimholders, on the one hand, and the
Second Lien Claimholders, on the other hand, shall each be responsible for keeping themselves informed of (a) the financial condition of Parent, the Company and its Subsidiaries and all endorsers and/or guarantors of the First Lien Obligations
or the Second Lien Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the First Lien Obligations or the Second Lien Obligations. The First Lien Collateral Agent and the First Lien Claimholders shall have no duty
to advise the Second Lien Collateral Agent or any Second Lien Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event the First Lien Collateral Agent or any of the First Lien
Claimholders, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to the Second Lien Collateral Agent or any Second Lien Claimholder, it or they shall be under no obligation: 
  

 - 27 - 

 (a) to make, and the First Lien Collateral Agent and the First Lien Claimholders shall
not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided; 
 (b) to provide any additional information or to provide any such information on any subsequent occasion; 
 (c) to undertake any investigation; or 
 (d) to disclose any information, which pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 
 8.5. Subrogation. With respect to the value of any payments or distributions in cash, property or other assets that any of the Second Lien
Claimholders or the Second Lien Collateral Agent pays over to the First Lien Collateral Agent or the First Lien Claimholders under the terms of this Agreement, the Second Lien Claimholders and the Second Lien Collateral Agent shall be subrogated to
the rights of the First Lien Collateral Agent and the First Lien Claimholders; provided that, the Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders, hereby agrees not to assert or enforce all such rights of
subrogation it may acquire as a result of any payment hereunder until the Discharge of First Lien Obligations has occurred. Each of Parent and the Company acknowledges and agrees that the value of any payments or distributions in cash, property or
other assets received by the Second Lien Collateral Agent or the Second Lien Claimholders that are paid over to the First Lien Collateral Agent or the First Lien Claimholders pursuant to this Agreement shall not reduce any of the Second Lien
Obligations. 
 8.6. Application of Payments. Subject to the terms of the First Lien Credit Documents, all payments received by
the First Lien Collateral Agent or the First Lien Claimholders may be applied, reversed and reapplied, in whole or in part, to such part of the First Lien Obligations provided for in the First Lien Loan Documents. The Second Lien Collateral Agent,
on behalf of itself and the Second Lien Claimholders, assents to any extension or postponement of the time of payment, of the First Lien Obligations or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange
or release of any security which may at any time secure any part of the First Lien Obligations and to the addition or release of any other Person primarily or secondarily liable therefor. 
 8.7. SUBMISSION TO JURISDICTION; WAIVERS. (a) ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO
MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY:  

(1) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; 
  

 - 28 - 

 (2) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; 
 (3) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 8.8; AND 
 (4) AGREES
THAT SERVICE AS PROVIDED IN CLAUSE (3) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT.

 (b) EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH
OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT,
AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE; MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 8.7(b) AND EXECUTED BY EACH
OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 (c) EACH OF THE PARTIES HERETO WAIVES ANY RIGHT IT MAY HAVE TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF,
UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER FIRST LIEN LOAN DOCUMENT OR SECOND LIEN LOAN DOCUMENT, OR 

  

 - 29 - 

 
ANY COURSE OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR ACTION OF ANY PARTY HERETO. 
 8.8. Notices. All notices to the Second Lien Claimholders and the First Lien Claimholders permitted or required under this Agreement shall
also be sent to the Second Lien Collateral Agent and the First Lien Collateral Agent, respectively. Unless otherwise specifically provided herein, any notice hereunder shall be in writing and may be personally served or sent by telefacsimile or
United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile, or three Business Days after depositing it in the
United States mail with postage prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto, or, as to each party, at such other
address as may be designated by such party in a written notice to all of the other parties. 
 8.9. Further Assurances. The
First Lien Collateral Agent, on behalf of itself and the First Lien Claimholders under the First Lien Loan Documents, the Second Lien Collateral Agent, on behalf of itself and the Second Lien Claimholders under the Second Lien Note Documents, Parent
and the Company agree that each of them shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the First Lien Collateral Agent or the Second Lien Collateral Agent
may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement. 
 8.10. APPLICABLE
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 8.11. Binding on Successors and Assigns. This Agreement shall be binding upon the First Lien Collateral Agent, the First Lien Claimholders, the Second Lien Collateral Agent, the Second Lien Claimholders and their respective
permitted successors and assigns. 
 8.12. Specific Performance. Each of the First Lien Collateral Agent and the Second Lien
Collateral Agent may demand specific performance of this Agreement. The First Lien Collateral Agent, on behalf of itself and the First Lien Claimholders under the First Lien Loan Documents, and the Second Lien Collateral Agent, on behalf of itself
and the Second Lien Claimholders, hereby irrevocably waive any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the First
Lien Collateral Agent or the First Lien Claimholders or the Second Lien Collateral Agent or the Second Lien Claimholders, as the case may be. 
 8.13. Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 

8.14. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of
which shall constitute an original, but 

  

 - 30 - 

 
all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement or any
document or instrument delivered in connection herewith by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable. 
 8.15. Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the
other parties hereto that it is duly authorized to execute this Agreement. 
 8.16. No Third Party Beneficiaries. This
Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of each of the First Lien Claimholders and the Second Lien Claimholders.
Nothing in this Agreement shall impair, as between Parent, the Company and the other Grantors and the First Lien Collateral Agent and the First Lien Claimholders, or as between Parent, the Company and the other Grantors and the Second Lien
Collateral Agent and the Second Lien Claimholders, the obligations of Parent, the Company and the other Grantors to pay principal, interest, fees and other amounts as provided in the First Lien Loan Documents and the Second Lien Note Documents,
respectively. 
 8.17. Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended
solely for the purpose of defining the relative rights of the First Lien Collateral Agent and the First Lien Claimholders on the one hand and the Second Lien Collateral Agent and the Second Lien Claimholders on the other hand. Neither Parent, the
Company, any other Grantor nor any other creditor thereof shall have any rights hereunder and neither Parent, the Company nor any other Grantor may rely on the terms hereof. Nothing in this Agreement is intended to or shall impair the obligations of
Parent, the Company or any other Grantor, which are absolute and unconditional, to pay the First Lien Obligations and the Second Lien Obligations as and when the same shall become due and payable in accordance with their terms. 
 [Signature Pages Follow] 
  

 - 31 - 

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

			
	First Lien Collateral Agent
	
	 LEHMAN COMMERCIAL PAPER INC.,
 as
First Lien Collateral Agent,

		
	By:	 	  
		 	Name:
		 	Title:
	
	 Lehman Commercial Paper Inc.
 745 Seventh
Avenue
 New York, New York 10019
 Attention: Michelle
Rosolinksky
 Fax: 212-526-6643
 Telephone:
212-526-6590

			
	Second Lien Collateral Agent
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Second Lien Collateral Agent,

		
	By:	 	  
		 	Name:
		 	Title:
	
	 100 Wall Street, 16th Floor
 New York, New
York 10005
 Attention: Corporate Trust Services
 Fax:
(212) 361-6153
 Telephone: (212) 361-6159

 Acknowledged and Agreed to by: 
 Notes Issuer 
  

			
	PRIMUS TELECOMMUNICATIONS IHC, INC.
		
	By:	 	  
		 	Name:
		 	Title:
	
	 7901 Jones Branch Drive, Suite 900
 McLean,
VA 22102
 Attention: Thomas Kloster, Chief Financial Officer
 Fax: 703-902-2814
 Telephone: 703-902-2800

	
	The Company
	
	PRIMUS TELECOMMUNICATIONS HOLDING, INC.
		
	By:	 	  
		 	Name:
		 	Title:
	
	 7901 Jones Branch Drive, Suite 900
 McLean,
VA 22102
 Attention: Thomas Kloster, Chief Financial Officer
 Fax: 703-902-2814
 Telephone: 703-902-2800

			
	The Parent
	
	PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED
		
	By:	 	  
		 	Name:
		 	Title:
	
	 7901 Jones Branch Drive, Suite 900
 McLean,
VA 22102
 Attention: Thomas Kloster, Chief Financial Officer
 Fax: 703-902-2814
 Telephone: 703-902-2800

	
	PRIMUS TELECOMMUNICATIONS, INC.
	
	iPRIMUS USA, INC.
		
	By:	 	  
		 	Name:
		 	Title:
	
	 PRIMUS TELECOMMUNICATIONS INTERNATIONAL, INC.
  
 TRESCOM INTERNATIONAL, INC.
  
 LEAST COST ROUTING, INC.
  
 TRESCOM U.S.A.,
INC.
  
 iPRIMUS.COM, INC.
  

		
	By:	 	  
		 	Name:
		 	Title:Exhibit 10.1

 Exhibit 10.1 
 SECOND AMENDMENT, dated as of February 22, 2007 (this “Amendment”), to the TERM LOAN AGREEMENT, dated as of February 18, 2005 (as amended, supplemented or otherwise modified in writing from
time to time, the “Term Loan Agreement”), among PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED, a Delaware corporation (the “Parent”), PRIMUS TELECOMMUNICATIONS HOLDING, INC., a Delaware corporation (the
“Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (the “Lenders”), LEHMAN BROTHERS INC., as advisor, sole lead arranger and sole bookrunner (in such
capacity, the “Arranger”), LEHMAN COMMERCIAL PAPER INC., as syndication agent (in such capacity, the “Syndication Agent”), and LEHMAN COMMERCIAL PAPER INC., as administrative agent (in such capacity, the
“Administrative Agent”). 
 W I T N E S S E T H:

 WHEREAS, the parties hereto desire to amend the Term Loan Agreement on the terms and subject to the conditions set forth herein; and

 WHEREAS, the Lenders have agreed to make such amendments solely upon the terms and conditions provided for in this Amendment; 

NOW, THEREFORE, in consideration of the premises herein contained and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties hereto agree as follows: 
 1. Defined Terms. Unless otherwise noted herein, terms defined in the Term Loan
Agreement and used herein shall have the meanings given to them in the Term Loan Agreement. 
 2. Amendments to Section 1.1 of the
Credit Agreement. Section 1.1 of the Term Loan Agreement is hereby amended by (a) deleting the definition of “Applicable Margin” and substituting in lieu thereof the following: “‘Applicable Margin’:
(a) in the case of Base Rate Loans, 5.75%, and (b) in the case of Eurodollar Loans, 6.75%.”, 
 (b) amending
the definition of “Permitted Liens” by (i) deleting the phrase “and (xxvi)” in the third to last line of the definition thereof and inserting the following in replacement thereof: “; (xxvi) Liens on certain of the
Collateral securing the New Notes (or the guarantees thereof by the New Notes Guarantors) pursuant to the New Notes Collateral Agreement, provided that such Liens are subject to the Intercreditor Agreement; and (xxvii)” and (ii) deleting
the reference to “(xxv)” in the last line and substituting in lieu thereof a reference to “(xxvi)”, (c) adding the following new defined terms in appropriate alphabetical order: 
 “‘Intercreditor Agreement’: the Intercreditor Agreement to be executed and delivered on a date following the Second Amendment
Effective Date by the New Notes 

 
Issuer, each New Notes Guarantor, the Administrative Agent and the trustee of the New Notes, substantially in the form of Exhibit A to the Second
Amendment (with such modifications thereto as have been approved by the Administrative Agent and are not materially adverse to the Lenders; provided that the Lenders receive at least one Business Day’s notice of such modifications), as
the same may be amended, supplemented or otherwise modified from time to time. 
 ‘New Notes’: debt securities of the New
Notes Issuer issued in conformity with Section 6.2(b)(xi), and to the extent secured, clause (xxvi) of the definition of “Permitted Liens”. 
 ‘New Notes Collateral Agreement’: the New Notes Collateral Agreement to be executed and delivered on or after the Second Amendment Effective Date by the New Notes Issuer and each New Notes Guarantor,
in favor of the trustee under the New Notes Indenture, for the benefit of the holders of the New Notes, substantially in the form of Exhibit B to the Second Amendment (with such modifications thereto as have been approved by the Administrative
Agent and are not materially adverse to the Lenders; provided that the Lenders receive at least one Business Day’s notice of such modifications), as the same may be amended, supplemented or otherwise modified from time to time.

 ‘New Notes Guarantors’: the collective reference to Parent, the Borrower and some or all of the Subsidiary Guarantors in
their respective capacities as guarantors of the New Notes. 
 ‘New Notes Indentures’: the Indenture or Indentures to be
entered into by the New Notes Issuer and the New Notes Guarantors, with a trustee or trustees to be determined, in connection with the issuance of the New Notes, together with all instruments and other agreements entered into by the New Notes Issuer
or any of the New Notes Guarantors in connection therewith, substantially in the form of Exhibit C to the Second Amendment (with such modifications thereto as have been approved by the Administrative Agent and are not materially adverse to the
Lenders; provided that the Lenders receive at least one Business Day’s notice of such modifications), as the same may be amended, supplemented or otherwise modified from time to time. 
 ‘New Notes Issuer’: Primus Telecommunications IHC, Inc., a Delaware corporation, in its capacity as the issuer of New Notes, together
with its successors and assigns. 
 ‘Prepayment Premium’: shall mean any fees payable on optional or mandatory prepayment of
the Loans pursuant to Sections 2.6 or 2.7 hereof. 
 ‘Second Amendment’: the Second Amendment, dated as of February 22,
2007, to this Agreement. 
 ‘Second Amendment Effective Date’: the date of effectiveness of the Second Amendment.”

  

 2 

 3. Amendment to Section 2.6. Section 2.6 of the Term Loan Agreement is hereby amended by
deleting such section in its entirety and substituting in lieu thereof the following: 
 “2.6 Optional
Prepayments. (a) The Borrower may not optionally prepay the Loans at any time prior to the first anniversary of the Closing Date or at any time from and including the Second Amendment Effective Date to but not including the third
anniversary of the Closing Date. The Borrower may at any time and from time to time other than during the periods referred to in the immediately preceding sentence prepay the Loans, in whole or in part, without premium or penalty (except as
otherwise provided herein), upon irrevocable notice delivered to the Administrative Agent no later than 11:00 A.M., New York City time, three Business Days prior thereto in the case of Eurodollar Loans and no later than 11:00 A.M., New York City
time, one Business Day prior thereto in the case of Base Rate Loans, which notice shall specify the date and amount of such prepayment and whether such prepayment is of Eurodollar Loans or Base Rate Loans; provided, that if a Eurodollar Loan
is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.16. Upon receipt of any such notice the Administrative Agent shall promptly notify each
Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid. Partial prepayments of Loans shall be in an
aggregate principal amount of $1,000,000 or a whole multiple thereof. 
 (b) Each optional prepayment in respect of the Loans
on or prior to the fifth anniversary of the Closing Date shall be accompanied by a prepayment fee equal to (i) if such prepayment is made (x) on or after the first anniversary of the Closing Date (or on or after the Closing Date in the
case of a prepayment upon a Change of Control) and prior to the second anniversary of the Closing Date or (y) at any time on or after the third anniversary of the Closing Date (or on or after the Second Amendment Effective Date in the case of a
prepayment upon a Change of Control) and prior to the fourth anniversary of the Closing Date, 3% of the principal amount that is the subject of such prepayment, and (ii) if such prepayment is made (x) on or after the second anniversary of
the Closing Date and prior to the Second Amendment Effective Date or (y) at any time on or after the fourth anniversary of the Closing Date and on or prior to the fifth anniversary of the Closing Date, 2% of the principal amount that is the
subject of such prepayment. For purposes of this Section, any prepayment of the Loans upon the refinancing thereof (whether with proceeds of equity or Indebtedness) or upon the occurrence of a Change of Control, or if the Commitments have
automatically terminated and the Loans hereunder have immediately become due and payable pursuant to Section 7 hereof, shall be deemed to be an optional prepayment and entitle the Lender to a Prepayment Premium thereon (to the extent such
prepayment occurs on or prior to the fifth anniversary of the Closing Date). Any prepayment pursuant to Section 2.6(b) after the fifth anniversary of the Closing Date may be made without premium or penalty. 
 (c) Notwithstanding Section 2.6(a) hereof, if any or all of the Loans are prepaid for any reason other than pursuant to
Section 2.7(a) and Section 2.7(b) (it being 

  

 3 

 
understood that prepayment fees with respect to Section 2.7(b) are addressed in Section 2.7(d)) (including, without limitation, due to the
Commitments having automatically terminated and the Loans hereunder having immediately become due and payable pursuant to Section 7 hereof), at any time prior to February 18, 2008, a prepayment fee equal to 5% of the principal amount that
is the subject of such prepayment shall accompany such prepayment.” 
 4. Amendment to Section 2.7(d). Section 2.7(d)
of the Term Loan Agreement is hereby amended by deleting such subsection in its entirety and substituting in lieu thereof the following: 
 “(d) Any prepayment pursuant to Section 2.7(b) on or prior to the fifth anniversary of the Closing Date shall be accompanied by a prepayment fee equal to (i) if such prepayment is made (x) on or
after the first anniversary of the Closing Date and prior to the second anniversary of the Closing Date, 3% of the principal amount of such accepted prepayment or (y) on or after the second anniversary of the Closing Date and prior to the
Second Amendment Effective Date, 2% of the principal amount of such accepted prepayment, or (ii) if such prepayment is made (x) at any time on or after the Second Amendment Effective Date and prior to the third anniversary of the Closing
Date, 5% of the principal amount of such accepted payment, (y) at any time on or after the third anniversary of the Closing Date and prior to the fourth anniversary of the Closing Date, 3% of the principal amount of such accepted prepayment, or
(z) at any time on or after the fourth anniversary of the Closing Date and on or prior to the fifth anniversary of the Closing Date, 2% of the principal amount of such accepted prepayment. Any prepayment pursuant to Section 2.7(b) after
the fifth anniversary of the Closing Date may be made without premium or penalty.” 
 5. Amendment to Section 6.2(b).
Section 6.2(b) of the Term Loan Agreement is hereby amended by (i) deleting clause (ix) and substituting in lieu thereof the following new clause (ix): 
 “(ix) Indebtedness (other than Priority Indebtedness) of Parent or any Restricted Subsidiary of Parent not otherwise permitted
hereunder in an aggregate principal amount which, when aggregated with the principal amount of all other Indebtedness then outstanding and incurred on or after January 16, 2004 pursuant to this clause (ix), clause (ix) of Section 1011
of the Senior Note Indenture or clause (xi) below, does not exceed $200,000,000 at any one time outstanding;”, 
 (ii) deleting the period at the
end of clause (x) and substituting in lieu thereof the following: “; and” and (iii) adding the following new clause (xi): 
 “(xi) Indebtedness of the New Notes Issuer and the New Notes Guarantors in respect of the New Notes (and guarantees thereof) in an aggregate principal amount not to exceed, when combined with any outstanding
principal amount of Indebtedness issued under clause (ix) above, $200,000,000; provided, that (i) the New Notes are issued (A) to refinance or refund or in exchange for then outstanding debt securities of Parent, the Borrower
or a Restricted Subsidiary of Parent or (B) for general corporate purposes, other 

  

 4 

 
than (x) acquisitions (other than acquisitions of subscribers), (y) asset purchases (other than asset purchases constituting the purchase of
subscribers) and (z) dividends paid to a Person other than the Borrower or a Guarantor, (ii) the New Notes do not have any scheduled amortization, do not mature and do not have any mandatory prepayments (other than customary asset sale and
change of control offer requirements), in each case, prior to the date that is at least 91 days following the final maturity of the Loans and (iii) do not have terms and conditions which are materially more restrictive taken as a whole than the
terms and conditions of this Agreement.” 
 6. Amendment to Section 6.12. Section 6.12 of the Term Loan Agreement is
hereby amended by deleting such section in its entirety and substituting in lieu thereof the following: 
 “6.12.
Restriction on Certain Purchases of Indebtedness. No Restricted Subsidiary shall purchase the New Notes or any Indebtedness of Parent or Borrower evidenced by securities that were previously issued or the subject of one or more transactions
registered under the Securities Act of 1933, as amended, except with the net proceeds of, or in exchange for, Indebtedness incurred under Section 6.2(b)(xi).” 
 7. Amendment to Section 7. Section 7 of the Term Loan Agreement is hereby amended by deleting the final paragraph thereof and substituting in lieu thereof the following: 
 “then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) above
with respect to the Borrower, automatically the Commitments shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents, including, without
limitation, any Prepayment Premium payable under Sections 2.6 or 2.7 hereof, shall immediately become due and payable, and (B) if such event is any other Event of Default, with the consent of the Required Lenders, the Administrative Agent may,
or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents,
including, without limitation, any Prepayment Premium payable under Sections 2.6 or 2.7 hereof, to be due and payable forthwith, whereupon the same shall immediately become due and payable. 
 For the avoidance of doubt, if an Event of Default occurs, then, upon acceleration of the Loans, a premium equivalent to the Prepayment
Premium that would be payable by the Company pursuant to Sections 2.6 or 2.7 hereof upon the date of such prepayment shall also become and be immediately due and payable, to the extent permitted by law, anything in this Agreement to the contrary
notwithstanding (it being understood that any Prepayment Premium owing hereunder shall be calculated according to the date the Loans are repaid and not the date of acceleration).” 
 8. Waiver. The Lenders hereby waive any Default or Event of Default resulting from the Borrower’s failure to deliver the documents required
by Section 5.2(b) of the 

  

 5 

 
Credit Agreement for each of the fiscal quarters ended during the period from September 30, 2005 through September 30, 2006, and any failure to
deliver a notice of Default or Event of Default as a result of such failure. 
 9. Conditions to Effectiveness. This Amendment shall
become effective on and as of the date (the “Amendment Effective Date”) of receipt by the Administrative Agent of the following: 
 (a) This Amendment, duly executed and delivered by a duly authorized officer of each of Parent and the Borrower; 
 (b) An Acknowledgment and Consent, substantially in the form of Exhibit D hereto, duly executed and delivered by each Guarantor; 
 (c) A Lender Consent Letter, substantially in the form of Exhibit E (a “Lender Consent Letter”), duly executed and
delivered by the Required Lenders; and 
 (d) All fees required to be paid by the Borrower, and all expenses required to be
paid by the Borrower for which invoices have been presented supported by customary documentation (including reasonable fees, disbursements and other charges of counsel to the Administrative Agent and the Lenders, as set forth in paragraph 11 below),
on or before the Amendment Effective Date. 
 10. Representations and Warranties. Parent and the Borrower hereby represent and warrant
to the Administrative Agent and each Lender that (before (other than the events specified in paragraph 8 above) and after giving effect to this Amendment): 
 (a) No Default or Event of Default has occurred and is continuing; and 
 (b) Each of the
representations and warranties made by the Loan Parties in the Loan Documents are true and correct in all material respects on and as of the Amendment Effective Date as if made on and as of such date (except that any representation or warranty which
by its terms is made as of an earlier date shall be true and correct in all material respects as of such earlier date). 
 11. Payment of
Fees and Expenses. 
 (a) In the event that the Required Lenders and the Borrower execute and deliver the Amendment, the
Borrower shall pay to the Administrative Agent, for the ratable benefit of the Lenders consenting to the Amendment on or prior to February 22, 2007, an amendment fee in the amount of 1.50% on the principal amount of each such Lender’s
outstanding Loans immediately prior to the Amendment Effective Date, payable on the Amendment Effective Date. 
 (b) The
Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with this Amendment, any other documents prepared in connection herewith and the transactions contemplated
hereby, including, without limitation, the reasonable fees and 

  

 6 

 
disbursements of counsel to the Administrative Agent. In addition, the Borrower agrees to pay or reimburse the Lenders, in the amount of $135,000, for the
reasonable fees and disbursements of Fried, Frank, Harris, Shriver & Jacobson LLP, special counsel to the Lenders, incurred in connection with this Amendment, any other documents prepared in connection herewith and the transactions
contemplated hereby. 
 12. Limited Effect. Except as expressly provided hereby, all of the terms and provisions of the Term Loan
Agreement and the other Loan Documents are and shall remain in full force and effect. The amendments contained herein shall not be construed as a waiver or amendment of any other provision of the Term Loan Agreement or the other Loan Documents or
for any purpose except as expressly set forth herein or a consent to any further or future action on the part of the Borrower that would require the waiver or consent of the Administrative Agent or the Lenders. 
 13. GOVERNING LAW; Miscellaneous. (a) THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
 (b) This Amendment may be executed by one or more of the parties hereto in any number of separate
counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement, of an Acknowledgement and Consent or of a Lender Consent Letter by
facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Amendment, the Acknowledgement and Consents and the Lender Consent Letters signed by all the parties shall be lodged with
the Borrower and the Administrative Agent. 
 (c) The execution and delivery of the Lender Consent Letter by any Lender shall
be binding upon each of its successors and assigns (including assignees of its Loans in whole or in part prior to effectiveness hereof). 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective proper and duly authorized officers as of the day and year first above written. 
  

			
	PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED
		
	By:	 	  
		 	Name:
		 	Title:

  

			
	PRIMUS TELECOMMUNICATIONS HOLDING, INC.
		
	By:	 	  
		 	Name:
		 	Title:

  

			
	LEHMAN COMMERCIAL PAPER INC., as Administrative Agent
		
	By:	 	  
		 	Name:
		 	Title:

 Signature Page to Amendment 

 EXHIBIT D 
 ACKNOWLEDGEMENT AND CONSENT 
 Reference is made to (i) the Second Amendment, dated as of
February 22, 2007 (the “Amendment”), to the Term Loan Agreement, dated as of February 18, 2005 (as amended, supplemented or otherwise modified in writing from time to time, the “Term Loan Agreement”),
among PRIMUS TELECOMMUNICATIONS GROUP INCORPORATED, a Delaware corporation (the “Parent”), PRIMUS TELECOMMUNICATIONS HOLDING, INC., a Delaware corporation (the “Borrower”), the several banks and other financial
institutions or entities from time to time parties thereto (the “Lenders”), LEHMAN BROTHERS INC., as advisor, sole lead arranger and sole bookrunner (in such capacity, the “Arranger”), LEHMAN COMMERCIAL PAPER INC.,
as syndication agent (in such capacity, the “Syndication Agent”), and LEHMAN COMMERCIAL PAPER INC., as administrative agent (in such capacity, the “Administrative Agent”) and (ii) the Guarantee and Collateral
Agreement, dated as of February 18, 2005 (as amended, supplemented or otherwise modified in writing from time to time, the “Guarantee and Collateral Agreement”), made by each of the signatories thereto (together with any other
entity that may become a party thereto as provided therein, the “Grantors”), in favor of the Administrative Agent for the benefit of the Secured Parties. Unless otherwise defined herein, capitalized terms used herein and defined in
the Term Loan Agreement are used herein as therein defined. 
 Each of the undersigned parties to the Guarantee and Collateral Agreement and
the other Security Documents hereby (a) consents to the Amendment and the transactions contemplated thereby and (b) acknowledges and agrees that the guarantees and grants of security interests made by such party contained in the Guarantee
and Collateral Agreement and the other Security Documents are, and shall remain, in full force and effect after giving effect to the Amendment. 

 IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgement and Consent to be duly executed
and delivered by their respective proper and duly authorized officers as of February 22, 2007. 
  

			
	PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED
		
	By:	 	  
		 	Name:
		 	Title:

  

			
	PRIMUS TELECOMMUNICATIONS HOLDING, INC.
		
	By:	 	  
		 	Name:
		 	Title:

  

			
	PRIMUS TELECOMMUNICATIONS, INC.
		
	By:	 	  
		 	Name:
		 	Title:

  

			
	PRIMUS TELECOMMUNICATIONS INTERNATIONAL, INC.
		
	By:	 	  
		 	Name:
		 	Title:

  

			
	TRESCOM INTERNATIONAL, INC.
		
	By:	 	  
		 	Name:
		 	Title:

 Signature Page to Acknowledgment and Consent 

			
	ROCKWELL COMMUNICATIONS CORPORATION
		
	By:	 	  
		 	Name:
		 	Title:

  

			
	LEAST COST ROUTING, INC.
		
	By:	 	  
		 	Name:
		 	Title:

 Signature Page to Acknowledgment and Consent 

			
	TRESCOM U.S.A., INC.
		
	By:	 	  
		 	Name:
		 	Title:

  

			
	IPRIMUS USA, INC.
		
	By:	 	  
		 	Name:
		 	Title:

  

			
	IPRIMUS.COM, INC.
		
	By:	 	  
		 	Name:
		 	Title:

  

			
	PRIMUS TELECOMMUNICATIONS IHC, INC.
		
	By:	 	  
		 	Name:
		 	Title:

 Signature Page to Acknowledgment and Consent 

 EXHIBIT E 
 LENDER CONSENT LETTER 
 PRIMUS TELECOMMUNICATIONS HOLDING, INC. 
 TERM LOAN AGREEMENT 
 DATED AS OF FEBRUARY 18,
2005 
  

	To:	Lehman Commercial Paper Inc., 

     as
Administrative Agent 
 745 Seventh Avenue 
 New York, New York 10019 
 Attn: Michelle Rosolinsky 
 Ladies and Gentlemen: 
 Reference is made to the TERM LOAN
AGREEMENT, dated as of February 18, 2005 (as amended, supplemented or otherwise modified in writing from time to time, the “Term Loan Agreement”), among PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED, a Delaware corporation (the
“Parent”), PRIMUS TELECOMMUNICATIONS HOLDING, INC., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties thereto (the
“Lenders”), LEHMAN BROTHERS INC., as advisor, sole lead arranger and sole bookrunner (in such capacity, the “Arranger”), LEHMAN COMMERCIAL PAPER INC., as syndication agent (in such capacity, the “Syndication
Agent”), and LEHMAN COMMERCIAL PAPER INC., as administrative agent (in such capacity, the “Administrative Agent”). Unless otherwise defined herein, capitalized terms used herein and defined in the Term Loan Agreement are
used herein as therein defined. 
 The Borrower has requested that the Required Lenders consent to amend the provisions of the Term Loan
Agreement solely on the terms described in the Second Amendment, dated as of February 22, 2007, substantially in the form delivered to the undersigned Lender on or prior to the date hereof (the “Amendment”). 
 Pursuant to Section 9.1 of the Term Loan Agreement, the undersigned Lender hereby consents to the execution by the Administrative Agent of the
Amendment. 
  

			
	Very truly yours,
	
	  
	(NAME OF LENDER)
		
	By:	 	  
		 	Name:
		 	Title:

 Dated: February 22, 2007

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}]]