Document:

Debenture, dated December 23, 2004

 Exhibit 4.10 
  
 This Debenture is subject to the provisions of the Intercreditor and Collateral Agency 
 Agreement 
 (as defined herein)

  
 WGM Draft - 21 December 04 
  
 [    ] December 2004 
  
 DEBENTURE 
  
 between 
  
 GLOBAL CROSSING (UK) TELECOMMUNICATIONS LIMITED 
  
 and 
  
 GLOBAL CROSSING (UK) FINANCE PLC 
 as Chargors 
  
 in favour of 
  
 THE BANK OF NEW YORK 
 as Collateral Agent 
  
 WEIL, GOTSHAL & MANGES 
  
 One South Place London EC2M 2WG 
 Tel: +44 (0) 20 7903 1000 Fax: +44 (0) 20 7903 0990 
  
 www.weil.com 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	1	  	DEFINITIONS AND INTERPRETATION	  	1
			
	2	  	PAYMENT OF SECURED OBLIGATIONS	  	5
			
	3	  	FIXED CHARGES, ASSIGNMENTS AND FLOATING CHARGE	  	5
			
	4	  	CRYSTALLISATION OF FLOATING CHARGE	  	11
			
	5	  	PERFECTION OF SECURITY	  	11
			
	6	  	FURTHER ASSURANCE	  	13
			
	7	  	SHARES AND INVESTMENTS	  	13
			
	8	  	BANK ACCOUNTS	  	14
			
	9	  	MONETARY CLAIMS	  	15
			
	10	  	REAL PROPERTY	  	15
			
	11	  	CHARGOR OBLIGATIONS	  	16
			
	12	  	CHARGORS’ REPRESENTATIONS	  	17
			
	13	  	ENFORCEMENT OF SECURITY	  	17
			
	14	  	EXTENSION AND VARIATION OF THE LAW OF PROPERTY ACT 1925	  	19
			
	15	  	APPOINTMENT OF RECEIVER	  	19
			
	16	  	POWERS OF RECEIVER	  	20
			
	17	  	APPLICATION OF MONEYS	  	21
			
	18	  	PROTECTION OF PURCHASERS	  	21
			
	19	  	POWER OF ATTORNEY	  	21
			
	20	  	EFFECTIVENESS OF SECURITY	  	22
			
	21	  	RELEASE OF SECURITY	  	23
			
	22	  	ASSIGNMENT	  	24
			
	23	  	NOTICES	  	25
			
	24	  	EXPENSES, STAMP TAXES AND INDEMNITY	  	25
			
	25	  	DELEGATION	  	26
			
	26	  	PERPETUITY PERIOD	  	27
			
	27	  	GOVERNING LAW	  	27
			
	28	  	COUNTERPARTS	  	27
			
	29	  	COLLATERAL AGENT RIGHTS	  	27
			
	30	  	COLLATERAL AGENT DUTIES	  	27

  

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 TABLE OF CONTENTS 
  
 (continued) 
  

					
	 	  	 	  	Page

	31	  	SECURITY DOCUMENT	  	27
			
	32	  	AMENDMENTS, ETC.	  	27
		
	SCHEDULE 1 BANK ACCOUNTS	  	29
		
	SCHEDULE 2 NOTICES	  	30
		
	SCHEDULE 3 REAL PROPERTY	  	32
		
	Part I Freehold Property	  	32
		
	Part II Leasehold Property	  	33
		
	SCHEDULE 4 SHARES	  	35
		
	SCHEDULE 5 EXCLUDED CONTRACTS	  	36

  

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 THIS DEBENTURE is made on [    ] December 2004 between the following parties

  

	(1)	GLOBAL CROSSING (UK) TELECOMMUNICATIONS LIMITED a company incorporated with limited liability under the laws of England and Wales (registered number 02495998) and
having its registered office at Centennium House, 100 Lower Thames Street, London EC3R 6DL (“GCUK”); and 

  

	(2)	GLOBAL CROSSING (UK) FINANCE PLC a company incorporated with limited liability under the laws of England and Wales (registered number 05267403) and having its
registered office at Centennium House, 100 Lower Thames Street, London EC3R 6DL (the “Issuer” and together with GCUK the “Chargors”) 

  

	(3)	THE BANK OF NEW YORK (together with its successors in such capacity, the “Collateral Agent”), which expression shall include any person for the time
being appointed as collateral agent in accordance with, the Intercreditor and Collateral Agency Agreement as collateral agent and representative for the Secured Parties on the terms and conditions set out in the Intercreditor and Collateral Agency
Agreement. 

  
 WHEREAS under an indenture dated on or about
the date hereof among, inter alios, the Collateral Agent, the Issuer and GCUK (the “Indenture”), the Chargors have agreed under the Indenture to grant a charge upon certain of their assets as security for their obligations
thereunder 
  
 IT IS AGREED as follows: 
  

	1	DEFINITIONS AND INTERPRETATION 

  
 1.1 Definitions Terms defined in, or incorporated into, the Indenture shall, unless otherwise defined in this Debenture, have the same meaning when used in
this Debenture and in addition: 
  
 “Bank Account” means any bank
account and any credit balance therein from time to time of the Chargors and all Related Rights. 
  
 “Camelot” means Camelot Group plc, a company registered under the laws of England and Wales, and its legal successors and permitted assigns. 
  
 “Camelot Deeds” means the debenture dated July 1, 2002 as rectified by a
deed dated 14 May 2004 between GCUK and Camelot, together with the deed of priority, dated on or about the date hereof, among Camelot, the Collateral Agent and GCUK and the guarantee and undertaking dated 9 December 2003 made by Global Crossing
Limited in favour of Camelot. 
  
 “Charged Property” means all
the assets of the Chargors which from time to time are the subject of the security created or expressed to be created in favour of the Collateral Agent by or pursuant to this Debenture. 
  
 “Collateral Rights” means all rights, powers and remedies of the Collateral Agent provided by or pursuant to this Debenture
or by law. 
  

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 “Deed of Grant of Use” means the deed of grant of use dated 30 June 1994 between GCUK (formerly known as
BR Telecommunications Limited) and Network Rail Infrastructure Limited (formerly known as Railtrack PLC). 
  
 “Enforcement Event” means the exercise by the Collateral Agent (or the Holders of a majority in aggregate principal amount of the then outstanding Notes) of any of its (or their) rights under Sections
6.02 or 6.03 of the Indenture. 
  
 “Excluded Contracts” means the
Racal Agreements and any agreement made between the Chargors and any other party who is a Government Entity or an entity which is a contractor or subcontractor of a Government Entity, whether in force at the date of this Debenture or entered into to
after the date of this Debenture, including without limitation the contracts listed in Schedule 5. 
  
 “Excluded Real Property” means the relevant Chargor’s interest in (a) any leasehold property in respect of which the creation of a fixed charge pursuant to Clause 3 by the relevant Chargor is
either prohibited absolutely or has not been granted the consent so required following proper application for such consent and (b) any leasehold or other property that has been abandoned by such Chargor as set forth in a certificate dated the date
hereof, signed by an authorized officer of such Chargor and delivered to the Collateral Agent. 
  
 “FCO Agreement” means the agreement for the provision of global telecommunications services dated 10 May 2000 between GCUK and The Foreign and Commonwealth Office of the United Kingdom, reference
ICP/413/004/100, novated by a novation agreement dated January 17, 2001 (as amended). 
  
 “Finance Lease” means the finance lease dated 30 June 1994 between GCUK (formerly known as BR Telecommunications Limited) and Network Rail Infrastructure Limited (formerly known as Railtrack PLC). 
  
 “Freenet Agreement” means the agreement dated March 20, 1996 between Racal
Network Services Limited (predecessor to GCUK) and Ericsson Limited (agreement no. 1331) as novated by a novation agreement dated September 11, 2002 between GCUK, Damovo (UK) Limited and Ericsson Limited, as in effect on the date hereof (as
amended). 
  
 “Government Entity” means any agency, department or
other body of local, regional or state government of the United Kingdom of Great Britain and Northern Ireland. 
  
 “Intercreditor and Collateral Agency Agreement” means the intercreditor and collateral agency agreement dated on or about the date hereof among, inter alios, the Chargors, the Collateral Agent
and the other parties party thereto. 
  
 “Insurance Policy” means
any policy of insurance in which each Chargor is a named insured. 
  
 “Intellectual Property” means any patents, trade marks, service marks, designs, business names, copyrights, design rights, moral rights, inventions, confidential information, knowhow and other intellectual property rights
and interests, whether registered or unregistered, the benefit of all applications and rights to use and monies deriving from such intellectual property now or hereafter belonging to the Chargors and all Related Rights. 
  

 2 

 “Investments” means any stocks, shares, debentures, securities and other investments, assets, rights or
interests falling within Part II of Schedule 2 to the Financial Services and Markets Act 2000 (as in force at the date hereof) (but not including the Shares) whether held directly by or to the order of any Chargor or by any trustee, fiduciary or
clearance system on its behalf and all Related Rights (including all rights against any such trustee, fiduciary or clearance system). 
  
 “Lease” means any present or future lease, sub-lease, licence, tenancy or other agreement or right to occupy whether on a fixed term or periodic basis
governing the use or occupation of any freehold or leasehold property. 
  
 “Monetary Claims” means any book and other debts, right to payment and monetary claims owing to a Chargor and any proceeds thereof (including any claims or sums of money deriving from or in relation to any Intellectual
Property, the proceeds of any Insurance Policy, any court order or judgment, any contract or agreement to which that Chargor is a party and any other assets, property, rights or undertaking of that Chargor whether existing on the date hereof or
hereafter arising). 
  
 “Notes” means the senior secured notes
issued by the Issuer under the terms of the Indenture. 
  
 “Racal
Agreements” means the Nationwide Supply Agreement between Racal Services (Communications) Limited and Racal Telecommunications Limited dated 19 October 1999, the Terms and Conditions for Provisions of Business Telecommunication Services
between Global Crossing (UK) Telecommunications Limited and Network Rail Infrastructure Limited commencing 1 July 2002 and the Telecommunications Services Agreement between Racal Telecommunications Limited and Racal Services (Communications) Limited
dated 19 October 1999. 
  
 “Receiver” means a receiver or
receiver and manager or administrative receiver of the whole or any part of the Charged Property. 
  
 “Real Property” means: 
  

	(a)	any freehold, leasehold or unmoveable property other than Excluded Real Property; and 

  

	(b)	any buildings, fixtures, fittings, fixed plant or machinery from time to time situated on, permanently affixed to or forming part of such freehold, leasehold or unmoveable property,

  
 and all Real Property more particularly described in Schedule 3
(Real Property). 
  
 “Related Rights” means, in relation to any
asset, 
  

	(a)	the proceeds of sale and/or any other realisation of any part of that asset (or any interest therein); 

  

	(b)	all rights under any lease, licence, agreement for sale or agreement for lease, sale or use in respect of that asset; 

  

	(c)	all rights, benefits, claims, contracts, warranties, remedies, security, indemnities, options, agreements, guarantees or covenants for title in respect of that asset; and

  

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	(d)	any moneys and proceeds paid or payable in respect of that asset or any part thereof. 

  
 “Secured Obligations” means, in the case of any Chargor, all present and future obligations of such Chargor under the
Indenture, the Notes, the Guarantees, the Interest Hedge Contract (as defined in the Intercreditor and Collateral Agency Agreement), the Additional Interest Hedge Contract (as defined in the Intercreditor and Collateral Agency Agreement) or
hereunder. 
  
 “Secured Parties” has the same meaning as defined
in the Intercreditor and Collateral Agency Agreement. 
  
 “Security
Arrangement Agreement” means the security and arrangement agreement dated on or about the date hereof among, inter alios, GCUK, the Collateral Agent, the Hedging Counterparties (as defined therein) and the other parties thereto.

  
 “Shares” means all of the shares held by, or to the order or
on behalf of each Chargor from time to time including the shares specified in Schedule 4 (Shares). 
  
 “Tangible Moveable Property” means any plant, machinery, office equipment, computers, vehicles and other chattels (excluding any for the time being forming part of the Chargor’s stock in trade or
work in progress) and all Related Rights where the value of each such item or right is in excess of $100,000 (or its equivalent). 
  
 1.2 Interpretation In this Debenture: 
  

	(a)	references herein to a “person” shall be construed as a reference to any person, firm, company, corporation, government, state or agency of a state or any
association or partnership (whether or not having separate legal personality) or two or more of the foregoing; 

  

	(b)	any reference to the “Collateral Agent”, the “Chargors”, or the “Secured Parties” shall be construed so as to include its
or their (and any subsequent) successors and any permitted transferees and assigns thereof; 

  

	(c)	if an amount paid to the Collateral Agent (or any Holder) for application in or towards repayment of the Secured Obligations is capable of being avoided or otherwise set
aside on the liquidation or administration of any Obligor or otherwise, then such amount shall not be considered to have been irrevocably paid for the purposes of this Debenture; 

  

	(d)	references in this Debenture to any Clause or Schedule shall be to a clause or schedule contained in this Debenture unless otherwise specified; 

  

	(e)	any reference in this Debenture to this Debenture, the Indenture or, as the case may be, such other agreement or document as the same may have been, or may from time to time
be, amended, varied, novated or supplemented; 

  

	(f)	the singular includes the plural and vice versa; 

  

	(g)	references to any form of property or asset (including a Charged Property) shall include a reference to all or any part of that property or asset); and

  

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	(h)	the word “including” is without limitation. 

  
 1.3 Third Party Rights A person who is not a party to this Debenture has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term
of this Debenture. 
  
 1.4 Headings Section headings and the table
of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Debenture. 
  
 1.5 Inconsistency Between Provisions The provisions of this Debenture shall prevail in the event of any conflict between such provisions and the provisions
of the Indenture that cannot be resolved by the application of the rules of interpretation set forth in Clause 20.3 of this Debenture. 
  
 1.6 Effect as a Deed This Debenture is intended to take effect as a deed notwithstanding that the Collateral Agent may have executed it under hand only.

  
 1.7 Incorporation of Terms To the extent necessary for any
agreement for the disposition of the Charged Property in this Debenture to be a valid agreement under Section 2(1) of the Law of Property (Miscellaneous Provisions) Act 1989, the terms of the Indenture are incorporated into this Debenture.

  

	2	PAYMENT OF SECURED OBLIGATIONS 

  
 2.1 Covenant to Pay Each Chargor hereby covenants with the Collateral Agent as trustee for the Secured Parties that it shall pay and discharge each of the
Secured Obligations when the same become due and payable whether by acceleration or otherwise in accordance with the terms of the Indenture, the Notes, the Guarantees, the Interest Hedge Contract (as defined in the Intercreditor and Collateral
Agency Agreement), the Additional Interest Hedge Contract (as defined in the Intercreditor and Collateral Agency Agreement) and this Debenture. 
  

	3	FIXED CHARGES, ASSIGNMENTS AND FLOATING CHARGE 

  
 3.1 Fixed Charges Each Chargor hereby charges with full title guarantee in favour of the Collateral Agent as trustee and agent for the Secured Parties and
on its own behalf and as continuing security for the payment and discharge of the Secured Obligations, by way of a fixed charge (which so far as it relates to freehold or leasehold property in England and Wales vested in the Chargor at the date of
this Debenture shall be a charge by way of a legal mortgage) all the Chargor’s rights, title and interest from time to time in and to each of the following assets (subject to obtaining any necessary consents to such mortgage or fixed charge
from any third party): 
  

	(a)	the Real Property; 

  

	(b)	the Tangible Moveable Property; 

  

	(c)	the Intellectual Property; 

  

	(d)	any goodwill and rights in relation to the increased or uncalled capital of the Chargor; 

  

	(e)	the Investments; 

  

 5 

	(f)	the Shares, all dividends, interest and other monies payable in respect of the Shares and all other Related Rights (whether derived by way of redemption, bonus, preference
option, substitution, conversion or otherwise); and 

  

	(g)	to the extent the same can legally be charged, all fiber optic submarine cable systems, including cables and materials, parts, tools, dies, jigs, fixtures, plans, information
and contract rights, including all undersea fiber and cable, including all undersea fiber and cable in international waters, 

  
 it being understood, however, that, notwithstanding anything to the contrary set forth elsewhere in this Debenture or in the Indenture (but without limiting the
undertakings of any Chargor under the Indenture) in no event shall the Charged Property consist of, or the charge granted under this Clause 3.1 attach to: 
  

	 	(i)	any rights, title, interest or obligations under the Excluded Contracts; 

  

	 	(ii)	any equipment or assets owned by the Chargors located on the premises of the counterparties to the Excluded Contracts or on the premises of the relevant Government Entity for
which such counterparty is a contractor or subcontractor; 

  

	 	(iii)	any equipment or assets used exclusively by the Chargors in connection with the provision of services and the performance of obligations under the Excluded Contracts;

  

	 	(iv)	any lease, license, governmental authorization, permit, concession, contract, property rights, application or agreement to which any Chargor is a party (or to any of its
rights or interests thereunder) if the grant of such charge would constitute or result in either (A) the abandonment, invalidation or unenforceability of any right, title or interest of any Chargor therein or (B) a breach, cancellation, withdrawal
or termination pursuant to the terms of, or a default under, any such lease, license, governmental authorization, permit, concession, contract, property rights application or agreement (except to the extent that any such term would be rendered
ineffective pursuant to, or any such breach, cancellation, withdrawal or termination would be overridden by applicable law); 

  

	 	(v)	without limiting the provisions of the Indenture, to any Property of the Chargors, in any jurisdiction, to the extent that obtaining a Lien upon such Property in such
jurisdiction is prohibited under applicable law, or requires the obtaining of a governmental or regulatory approval (which governmental approval has not yet been obtained or has been denied); 

  

	 	(vi)	any sums from time to time payable by the Foreign and Commonwealth Office pursuant to the FCO Agreement; 

  

	 	(vii)	any Property charged to Camelot pursuant to the Camelot Deeds; 

  

	 	(viii)	any telecommunications cables and other equipment subject to the Finance Lease or the Deed of Grant of Use; 

  

	 	(ix)	any equipment subject to the Freenet Agreement; 

  

 6 

	 	(x)	any Property: (a) where the aggregate cost of obtaining and maintaining a Lien upon the Property (other than real property or real property interests) of each Chargor
(including all recording and stamp fees, taxes and notary fees but excluding any costs that arise at the time of the enforcement of such Lien) is reasonably estimated to exceed 5% of the aggregate Fair Market Value of the Property of each Chargor,
provided that the foregoing shall not be applicable to the extent that such costs shall not be greater than $80,000 with respect to Liens being taken on the Issue Date, or not be greater than $80,000 during any calendar year with respect to Liens
being taken after the Issue Date; and (b) such Property is immaterial in relation to the aggregate value of the Property of all of the Chargors in which the Collateral Agent is obtaining a valid, perfected and enforceable Lien and is not a necessary
link or equipment (assuming no cable or fiber capacity or rights thereto are available from any other provider) to enable any Material Subsidiary to conduct any material portion of its operations or business; 

  

	 	(xi)	any Property, where such Property consists of a parcel of real property or real property interests and the aggregate cost of obtaining and maintaining a Lien upon such
Property (including all recording and stamp fees, taxes and notary fees but excluding any costs that arise at the time of the enforcement of such Lien) are reasonably estimated to exceed 5% of the aggregate Fair Market Value of such parcel and shall
be greater than $80,000 with respect to Liens being taken on the Issue Date, and greater than $80,000 during any calendar year with respect to Liens being taken after the Issue Date, or greater than $30,000 for any individual parcel of Property
(such latter estimate to be taken as an average of the costs of taking Liens on all parcels of real property or real property interests on the Issue Date and thereafter, and not on the cost of obtaining a Lien on any particular parcel) and such
Property is immaterial in relation to the aggregate value of the Property of all of the Chargors in which the Collateral Agent is obtaining a valid, perfected and enforceable Lien and is not a necessary link (assuming no cable or fiber capacity or
rights thereto are available from any other provider) to enable any Material Subsidiary to conduct any material portion of its operations or business; or 

  

	 	(xii)	any property to the extent that the grant of such a charge would constitute or result in unlawful financial assistance within the meaning of Sections 151 and 152 of the
Companies Act 1985. 

  
 3.2 Assignments Each Chargor
hereby assigns absolutely by way of security with full title guarantee to the Collateral Agent as trustee for the Secured Parties and on its own behalf and as continuing security for the payment and discharge of the Secured Obligations each
Chargor’s rights, title and interest from time to time in and to the proceeds of any present or future Insurance Policy and all Related Rights (subject to obtaining any necessary consent to that assignment from any third party), it being
understood, however, that, notwithstanding anything to the contrary set forth elsewhere in this Debenture or in the Indenture (but without limiting the undertakings of any Chargor under the Indenture) in no event shall the Charged Property
consist of, or the assignment under this Clause 3.2 relate to, 
  

	 	(i)	any rights, title, interest or obligations under the Excluded Contracts; 

  

 7 

	 	(ii)	any equipment or assets owned by the Chargors located on the premises of the counterparties to the Excluded Contracts or on the premises of the relevant Government Entity for
which such counterparty is a contractor or subcontractor; 

  

	 	(iii)	any equipment or assets used exclusively by the Chargors in connection with the provision of services and the performance of obligations under the Excluded Contracts;

  

	 	(iv)	any lease, license, governmental authorization, permit, concession, contract, property rights, application or agreement to which any Chargor is a party (or to any of its
rights or interests thereunder) if the grant of such charge would constitute or result in either (A) the abandonment, invalidation or unenforceability of any right, title or interest of any Chargor therein or (B) a breach, cancellation, withdrawal
or termination pursuant to the terms of, or a default under, any such lease, license, governmental authorization, permit, concession, contract, property rights application or agreement (except to the extent that any such term would be rendered
ineffective pursuant to, or any such breach, cancellation, withdrawal or termination would be overridden by applicable law); 

  

	 	(v)	without limiting the provisions of the Indenture, to any Property of the Chargors, in any jurisdiction, to the extent that obtaining a Lien upon such Property in such
jurisdiction is prohibited under applicable law, or requires the obtaining of a governmental or regulatory approval (which governmental approval has not yet been obtained or has been denied); 

  

	 	(vi)	any sums from time to time payable by the Foreign and Commonwealth Office pursuant to the FCO Agreement; 

  

	 	(vii)	any Property charged to Camelot pursuant to the Camelot Deeds; 

  

	 	(viii)	any telecommunications cables and other equipment subject to the Finance Lease or the Deed of Grant of Use; 

  

	 	(ix)	any equipment subject to the Freenet Agreement; 

  

	 	(x)	 any Property: (a) where the aggregate cost of obtaining and maintaining a Lien upon the Property (other than real property or real property interests) of
each Chargor (including all recording and stamp fees, taxes and notary fees but excluding any costs that arise at the time of the enforcement of such Lien) is reasonably estimated to exceed 5% of the aggregate Fair Market Value of the Property of
each Chargor, provided that the foregoing shall not be applicable to the extent that such costs shall not be greater than $80,000 with respect to Liens being taken on the Issue Date, or not be greater than $80,000 during any calendar year with
respect to Liens being taken after the Issue Date; and (b) such Property is immaterial in relation to the aggregate value of the Property of all of the Chargors in which the Collateral Agent is obtaining a valid, perfected and enforceable Lien and
is not a necessary link or equipment (assuming no cable or fiber capacity or rights thereto are available from any 

  

 8 

	 	 
other provider) to enable any Material Subsidiary to conduct any material portion of its operations or business; 

  

	 	(xi)	any Property, where such Property consists of a parcel of real property or real property interests and the aggregate cost of obtaining and maintaining a Lien upon such
Property (including all recording and stamp fees, taxes and notary fees but excluding any costs that arise at the time of the enforcement of such Lien) are reasonably estimated to exceed 5% of the aggregate Fair Market Value of such parcel and shall
be greater than $80,000 with respect to Liens being taken on the Issue Date, and greater than $80,000 during any calendar year with respect to Liens being taken after the Issue Date, or greater than $30,000 for any individual parcel of Property
(such latter estimate to be taken as an average of the costs of taking Liens on all parcels of real property or real property interests on the Issue Date and thereafter, and not on the cost of obtaining a Lien on any particular parcel) and such
Property is immaterial in relation to the aggregate value of the Property of all of the Chargors in which the Collateral Agent is obtaining a valid, perfected and enforceable Lien and is not a necessary link (assuming no cable or fiber capacity or
rights thereto are available from any other provider) to enable any Material Subsidiary to conduct any material portion of its operations or business; or 

  

	 	(xii)	any property to the extent that the grant of such a charge would constitute or result in unlawful financial assistance within the meaning of Sections 151 and 152 of the
Companies Act 1985. 

  
 3.3 Floating Charge Subject to
Clause 8 and Clause 9 each Chargor hereby charges with full title guarantee in favour of the Collateral Agent as trustee for the Secured Parties and on its own behalf and as continuing security for the payment and discharge of the Secured
Obligations by way of a floating charge the whole of each Chargor’s undertaking and assets, whatsoever and wheresoever, present and future, other than any assets validly and effectively charged or assigned (whether at law or in equity) by way
of fixed security under the laws of England and Wales, or of the jurisdiction in which that asset is situated, in favour of the Collateral Agent as security for the Secured Obligations, it being understood, however, that, notwithstanding
anything to the contrary set forth elsewhere in this Debenture or in the Indenture (but without limiting the undertakings of any Chargor under the Indenture) in no event shall the Charged Property consist of, or the charge granted under this Clause
3.3 attach to: 
  

	 	(i)	any rights, title, interest or obligations under the Excluded Contracts; 

  

	 	(ii)	any equipment or assets owned by the Chargors located on the premises of the counterparties to the Excluded Contracts or on the premises of the relevant Government Entity for
which such counterparty is a contractor or subcontractor; 

  

	 	(iii)	any equipment or assets used exclusively by the Chargors in connection with the provision of services and the performance of obligations under the Excluded Contracts;

  

	 	(iv)	 any lease, license, governmental authorization, permit, concession, contract, property rights, application or agreement to which any Chargor is a party (or

  

 9 

	 	 
to any of its rights or interests thereunder) if the grant of such charge would constitute or result in either (A) the abandonment, invalidation or
unenforceability of any right, title or interest of any Chargor therein or (B) a breach, cancellation, withdrawal or termination pursuant to the terms of, or a default under, any such lease, license, governmental authorization, permit, concession,
contract, property rights application or agreement (except to the extent that any such term would be rendered ineffective pursuant to, or any such breach, cancellation, withdrawal or termination would be overridden by applicable law);

  

	 	(v)	without limiting the provisions of the Indenture, to any Property of the Chargors, in any jurisdiction, to the extent that obtaining a Lien upon such Property in such
jurisdiction is prohibited under applicable law, or requires the obtaining of a governmental or regulatory approval (which governmental approval has not yet been obtained or has been denied); 

  

	 	(vi)	any Property charged to Camelot pursuant to the Camelot Deeds; 

  

	 	(vii)	any sums from time to time payable by the Foreign and Commonwealth Office pursuant to the FCO Agreement; 

  

	 	(viii)	any telecommunications cables and other equipment subject to the Finance Lease or the Deed of Grant of Use; 

  

	 	(ix)	any equipment subject to the Freenet Agreement; 

  

	 	(x)	any Property: (a) where the aggregate cost of obtaining and maintaining a Lien upon the Property (other than real property or real property interests) of each Chargor
(including all recording and stamp fees, taxes and notary fees but excluding any costs that arise at the time of the enforcement of such Lien) is reasonably estimated to exceed 5% of the aggregate Fair Market Value of the Property of each Chargor,
provided that the foregoing shall not be applicable to the extent that such costs shall not be greater than $80,000 with respect to Liens being taken on the Issue Date, or not be greater than $80,000 during any calendar year with respect to Liens
being taken after the Issue Date; and (b) such Property is immaterial in relation to the aggregate value of the Property of all of the Chargors in which the Collateral Agent is obtaining a valid, perfected and enforceable Lien and is not a necessary
link or equipment (assuming no cable or fiber capacity or rights thereto are available from any other provider) to enable any Material Subsidiary to conduct any material portion of its operations or business; 

  

	 	(xi)	 any Property, where such Property consists of a parcel of real property or real property interests and the aggregate cost of obtaining and maintaining a Lien
upon such Property (including all recording and stamp fees, taxes and notary fees but excluding any costs that arise at the time of the enforcement of such Lien) are reasonably estimated to exceed 5% of the aggregate Fair Market Value of such parcel
and shall be greater than $80,000 with respect to Liens being taken on the Issue Date, and greater than $80,000 during any calendar year with respect to Liens being taken after the Issue Date, or greater than $30,000 for any individual parcel of
Property (such latter estimate to be taken 

  

 10 

	 	 
as an average of the costs of taking Liens on all parcels of real property or real property interests on the Issue Date and thereafter, and not on the cost
of obtaining a Lien on any particular parcel) and such Property is immaterial in relation to the aggregate value of the Property of all of the Chargors in which the Collateral Agent is obtaining a valid, perfected and enforceable Lien and is not a
necessary link (assuming no cable or fiber capacity or rights thereto are available from any other provider) to enable any Material Subsidiary to conduct any material portion of its operations or business; or 

  

	 	(xii)	any property to the extent that the grant of such a charge would constitute or result in unlawful financial assistance within the meaning of Sections 151 and 152 of the
Companies Act 1985. 

  

	4	CRYSTALLISATION OF FLOATING CHARGE 

  
 4.1 Crystallisation: By Notice The Collateral Agent may at any time by notice in writing to each of the Chargors convert the floating charge created by
Clause 3.3 with immediate effect into a fixed charge as regards any property or assets specified in the notice after an Event of Default has occurred and is continuing, unremedied and unwaived. 
  

	5	PERFECTION OF SECURITY 

  
 5.1 Notices of Assignment Each Chargor shall deliver to the Collateral Agent (or procure delivery of) notices of assignment (substantially in the form set
out in Schedule 2) duly executed by, or on behalf of, the relevant Chargor in respect of the proceeds of each Insurance Policy (and all Related Rights in respect thereof) assigned pursuant to Clause 3.2, in the case of each such Insurance Policy in
effect on the date hereof, promptly following the date hereof and, in the case of each such Insurance Policy coming into effect after the date hereof, promptly following the date it comes into effect and each Chargor will use reasonable efforts to
obtain and deliver to the Collateral Agent an acknowledgement from each of the addressees in substantially the same form as set out in Schedule 2. 
  
 5.2 Registration of Intellectual Property Each Chargor shall deliver all such documents, duly executed by or on behalf of the relevant Chargor, as shall be
necessary to perfect the interest of the Collateral Agent in the relevant registers relating to any registered Intellectual Property. Notwithstanding the pledge of its Intellectual Property hereunder and any requirement contained in the Indenture or
any other Security Document, until notice to the Chargors has been given by the Collateral Agent after the occurrence of an Event of Default which is continuing, unremedied and unwaived, each Chargor shall have the right to exploit and use the
Intellectual Property in connection with its business, including but not limited to the development, marketing, promotion, distribution and sale of the underlying sources related to such Intellectual Property provided that each Chargor shall not use
or refrain from using its any material Intellectual Property in such a way which may materially adversely affect the value of the Intellectual Property. 
  
 5.3 Land Registration Each Chargor shall hereby apply to H.M. Chief Land Registrar to enter the following restriction in the Proprietorship Register of any
property which is, or is required to be, registered forming part of the Real Property. 
  
 “No disposition of the registered estate [(other than a charge)] by the proprietor of the registered estate [or by the proprietor of any registered charge] is to be registered 

  

 11 

 
without a written consent signed by the proprietor for the time being of the charge dated [     ] in favour of [chargee] referred to
in the charges register [(or his conveyancer or specify appropriate details)] or, if appropriate, signed on such proprietor’s behalf by [its secretary or conveyancer or specify appropriate details”. 
  
 5.4 Note of Debenture In the case of any Real Property, title to which is or
will be registered under the Land Registration Acts 1925 to 1988, acquired by or on behalf of a Chargor after the execution of this Debenture, that Chargor shall promptly notify the Collateral Agent of the title number(s) and, contemporaneously with
the making of an application to H.M. Land Registry for the registration of that Chargor as the Registered Proprietor thereof, apply to H.M. Chief Land Registrar to enter a note of this Debenture on the Charges Register of such property. 

 
 5.5 Delivery of Share Certificates and Escrow Thereof Each Chargor shall:

  

	(a)	on the date of this Debenture, deposit with the Collateral Agent or any agent thereof, as the case may be (or procure the deposit of) all certificates or other documents of
title to the Shares, and stock transfer forms (executed in blank by or on behalf of the relevant Chargor); and 

  

	(b)	promptly upon the accrual, offer or issue of any stocks, shares, warrants or other securities in respect of or derived from the Shares, notify the Collateral Agent of that
occurrence and procure the delivery to the Collateral Agent or an agent thereof of (a) all certificates or other documents of title representing such items and (b) such stock transfer forms or other instruments of transfer (executed in blank on
behalf of the relevant Chargors) in respect thereof as are reasonably necessary in the circumstances. 

  
 5.6 Dealings with Charged Property and in the Ordinary Course of Business  
  

	(a)	Until an Event of Default has occurred and is continuing, unremedied and unwaived and notice thereof has been given to the Chargors, without the prior written consent of the
Collateral Agent, any Chargor may remove items of Charged Property outside of England and Wales in order to have them repaired or upgraded, subject to the obligation of returning such items to their original location in England and Wales as soon as
their repair or upgrade has been completed and, if required in order to transport or relocate any such item of Charged Property, the Collateral Agent shall, upon delivery to it of a request in writing requesting a release (which shall state that
such release is authorized under this Clause 5.6) (and such other documents as are required pursuant to the Indenture), promptly execute and deliver to such Chargor such release statement and such other documentation as shall be specified by such
Chargor in such written request to effect the temporary release of the Lien on the Charged Property in order that it may be removed or relocated. 

  

	(b)	 Until an Event of Default has occurred and is continuing, unremedied and unwaived and notice thereof has been given to the Chargors, nothing contained in
this Debenture shall be deemed to restrict the ability and right of the Chargor to, in the ordinary course of business and so long as the rights of the Collateral Agent under this Debenture shall not be adversely affected thereby, modify the
contractual terms of any agreement or instrument, including, without limitation, its ability to revise or cancel its contracts or invoices and in general maintain a normal commercial relationship with each counterparty to any agreement or
instrument, including the 

  

 12 

	 	 
right to terminate any agreement or instrument, all in accordance with normal commercial practices. 

  

	6	FURTHER ASSURANCE 

  
 6.1 Further Assurance and Necessary Action Without limiting the generality of Clause 6.2 and in accordance with the Indenture, each Chargor shall promptly do all such acts or execute all such documents
(including assignments, transfers, mortgages, charges, notices and instructions) as the Collateral Agent, acting on the instructions of the Secured Parties of a majority in aggregate principal amount of the then outstanding Notes, may specify (each
in such form as the Collateral Agent (acting reasonably) may require): 
  

	(a)	to perfect the security interest created or intended to be created in respect of the Charged Property (which may include the execution by each Chargor of a mortgage, charge
or assignment over all or any of the assets constituting, or intended to constitute, Charged Property) or for the exercise of the Collateral Rights; 

  

	(b)	to confer on the Collateral Agent the security interest intended to be conferred by or pursuant to this Debenture over any Charged Property of a Chargor located in any
jurisdiction outside England and Wales; and/or 

  

	(c)	after the occurrence of an Event of Default which is continuing, unremedied and unwaived, to facilitate the realisation of the Charged Property in accordance with the terms
of this Debenture. 

  
 Furthermore and for greater clarity, each
Chargor will (subject to the Indenture) take or cause to be taken all action required to maintain, preserve and protect the Liens on the Charged Property granted by this Debenture, including causing this Debenture, instruments of further assurance
and all amendments or supplement thereto, to be promptly recorded, registered and filed and at all times to be kept recorded, registered and filed, and will execute and file statements and cause to be issued and filed statements, all in such manner
and in such places and at such times as are prescribed in this Debenture and as may be required by law fully to preserve and protect the rights of the Secured Parties and the Collateral Agent under this Debenture to the Charged Property. 

 
 6.2 Implied Covenants for Title The obligations of each Chargor under this
Debenture shall be in addition to the covenants for title deemed to be included in this Debenture by virtue of Part 1 of the Law of Property (Miscellaneous Provisions) Act 1994. 
  

	7	SHARES AND INVESTMENTS 

  
 7.1 Liability to Perform Notwithstanding anything to the contrary herein contained, each Chargor shall remain liable to observe and perform all of the
conditions and obligations assumed by it in respect of the Shares and the Investments and, without limitation, to pay all calls or other payments that may become due in respect of any of the Shares. 
  
 7.2 After an Event of Default After the occurrence of an Event of Default which
is continuing, unremedied and unwaived, the Collateral Agent may, having given notice thereof to the Chargors, (in the name of a Chargor or otherwise and without any further consent or authority from that Chargor): 
  

	(a)	exercise (or refrain from exercising) any voting rights in respect of the Shares and the Investments; 

  

 13 

	(b)	apply thereafter all dividends, interest and other monies arising from the Shares and the Investments in accordance with the Indenture; 

  

	(c)	transfer the Shares and the Investments into the name of such nominee(s) of the Collateral Agent as it shall require; and 

  

	(d)	subject to any requirement to give notice specified in Clause 13 upon any sale thereof, the Intercreditor and Collateral Agency Agreement and the Security Arrangement
Agreement, exercise (or refrain from exercising) all or any of the powers and rights conferred on or exercisable by the legal or beneficial owner of the Shares and the Investments, including the right, in relation to any company whose shares or
other securities are included in the Charged Property, to concur or participate in: 

  

	 	(i)	the reconstruction, amalgamation, sale or other disposal of such company or any of its assets or undertaking (including the exchange, conversion or reissue of any shares or
securities as a consequence thereof), 

  

	 	(ii)	the release, modification or variation of any rights or liabilities attaching to such shares or securities, and 

  

	 	(iii)	the exercise, renunciation or assignment of any right to subscribe for any shares or securities in each case in such manner and on such terms as the Collateral Agent may
reasonably think fit, and the proceeds of any such action shall form part of the Charged Property. 

  
 Prior to such notice, each Chargor shall have the exclusive right to exercise all rights, powers and remedies in relation to the Shares and the Investments it owns
provided that each Chargor shall not exercise any voting rights in any manner which, in the reasonable opinion of the Collateral Agent, may materially prejudice the value of, or the ability of the Collateral Agent to realise, the security over the
Shares and the Investments created pursuant to this Debenture. 
  

	8	BANK ACCOUNTS 

  
 8.1 Notification and Variation Each Chargor, during the subsistence of this Debenture shall promptly notify the Collateral Agent on the date of this Debenture (and, if any change occurs thereafter, on
the effective date thereof), of the details of each Bank Account maintained by it with any financial institution. 
  
 8.2 Before Event of Default Notwithstanding anything contained in this Debenture or the Indenture, at any time before the Collateral Agent has given notice
to the Chargors and to the relevant financial institutions of the occurrence of an Event of Default which is continuing, unremedied and unwaived, each Chargor shall have the exclusive right to exercise all rights, powers and remedies in relation to
its Bank Accounts. 
  
 8.3 After Event of Default – Chargor
Subject to the Intercreditor and Collateral Agency Agreement and the Security Arrangement Agreement, after the Collateral Agent has given notice to the Chargors and to the relevant financial institutions of the occurrence of an Event of Default
which is continuing, unremedied and unwaived, no Chargor shall be entitled 

  

 14 

 
to exercise any rights, powers or remedies held by it in respect of the Bank Accounts without the prior consent of the Collateral Agent. 
  
 8.4 After Event of Default - Collateral Agent Only after the occurrence of an
Event of Default which is continuing, unremedied and unwaived (and subject to the Intercreditor and Collateral Agency Agreement and the Security Arrangement Agreement), shall the Collateral Agent, having given notice thereof to the Chargors and to
the relevant financial institutions, be entitled to exercise all rights, powers and remedies held by it as assignee of the Bank Accounts and to: 
  

	(a)	demand and receive all and any monies due under or arising out of each Bank Account; and 

  

	(b)	exercise all such rights such Chargor was then entitled to exercise in relation to such Bank Account or might, but for the terms of this Debenture, exercise;

  

	9	MONETARY CLAIMS 

  
 9.1 Before Event of Default Notwithstanding anything contained in this Debenture or the Indenture, at any time before the Collateral Agent has given notice to the Chargors and to the relevant third
parties of the occurrence of an Event of Default which is continuing, unremedied and unwaived, each Chargor shall have the exclusive right to exercise all rights, powers and remedies in relation to its Monetary Claims. 
  
 9.2 After Event of Default Only after the occurrence of an Event of Default
which is continuing, unremedied and unwaived (subject to the Intercreditor and Collateral Agency Agreement and the Security Arrangement Agreement), shall the Collateral Agent, having given notice thereof to the Chargors and to the relevant financial
institutions, be entitled to exercise all rights, powers and remedies held by it as assignee of the Monetary Claims and to: 
  

	(a)	demand and receive all and any monies due under or arising out of each Monetary Claim; and 

  

	(b)	exercise all such rights such Chargor was then entitled to exercise in relation to such Monetary Claim or might, but for the terms of this Debenture, exercise.

  

	10	REAL PROPERTY 

  
 10.1 Property: Notification Each Chargor shall promptly notify the Collateral Agent of any contract, conveyance, transfer or other disposition for the acquisition by it (or its nominee(s)) of any Real
Property. 
  
 10.2 Lease Covenants Each Chargor shall not, in
relation to any lease, agreement for lease or other right to occupy to which all or any part of the Real Property is at any time subject, do any act or thing whereby any lease or other document which gives any right to occupy any part of the Charged
Property becomes or may become subject to determination or any right of re-entry or forfeiture prior to the expiration of its term. 
  
 10.3 Title Each Chargor shall observe and perform all restrictive and other covenants, stipulations and obligations now or at any time affecting any Real
Property insofar as they are subsisting and capable of being enforced. 
  

 15 

 10.4 Compensation Payments If any moneys become payable to a Chargor during the subsistence of the
Debenture by way of compensation under the provisions of Section 25 of the Law of Property Act 1969 or under the Landlord and Tenant Acts 1927 to 1954 or otherwise, such moneys shall, on or after the occurrence of an Enforcement Event, unless the
Collateral Agent otherwise agrees in writing (but so that the Collateral Agent shall not be obliged so to agree), be held, applied, paid or released by the Collateral Agent in accordance with the Indenture; and: 
  

	(a)	the Collateral Agent shall be entitled and is hereby irrevocably authorised by a Chargor and appointed the Chargor attorney to give a good receipt on behalf of the Company
for such moneys; and 

  

	(b)	if any such moneys shall actually be received by a Chargor, a Chargor shall hold such moneys upon trust for the Collateral Agent pending payment to the Collateral Agent.

  

	11	CHARGOR OBLIGATIONS 

  
 11.1 Insolvency The obligations of each Chargor and the Collateral Rights shall not be discharged, impaired or otherwise affected by: 
  

	(a)	any winding-up, dissolution, administration or re-organisation of or other change in each Chargor or any other company, corporation, partnership or other person;

  

	(b)	any of the Secured Obligations being at any time illegal, invalid, unenforceable or ineffective; 

  

	(c)	any time or other indulgence being granted to each Chargor or any other company, corporation, partnership or other person; 

  

	(d)	except for any amendments pursuant to Clause 32, any amendment, variation, waiver or release of any of the Secured Obligations; 

  

	(e)	any failure to take or failure to realise the value of any other collateral in respect of the Secured Obligations or any release, discharge, exchange or substitution of any
such collateral; or 

  

	(f)	any other act, event or omission which but for this provision would or might operate to impair, discharge or otherwise affect the obligations of each Chargor hereunder.

  
 If the proceeds of sale, collection or other realization of or
upon the Charged Property pursuant to this Debenture are insufficient to cover the costs and expenses of such realization and the payment in full of the Secured Obligations, each Chargor shall, subject to the provisions of the Indenture, remain
liable for any deficiency. 
  
 11.2 Lien Held by Chargor A Chargor
will not without the prior written consent of the Collateral Agent hold any Lien, guarantee, indemnity, bond or other assurance from any other person in respect of the Chargor’s liabilities hereunder. A Chargor will hold any Lien held by it in
breach of this provision on trust for the Collateral Agent (as agent and trustee as aforesaid) and shall on request promptly deposit the same and/or charge the same to the Collateral Agent in such a manner as the Collateral Agent may require as
security for due and punctual performance and discharge by the Chargor of the Secured Obligations. 
  

 16 

	12	CHARGORS’ REPRESENTATIONS 

  
 Each Chargor hereby represents and warrants to the Collateral Agent for the Collateral Agent and the Secured Parties: 
  

	(a)	it is the sole legal and beneficial owner of the Charged Property free from any Liens except for Permitted Liens and to the best of its knowledge and belief the security
created under or pursuant to this Debenture is not liable to avoidance on liquidation or bankruptcy, composition or any other similar insolvency proceedings; 

  

	(b)	it has the necessary power to enable it to enter into and perform its obligations under this Debenture; 

  

	(c)	this Debenture constitutes its legal, valid and binding obligation and creates an effective fixed or floating charge, as applicable, over the Charged Property, subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law;

  

	(d)	The entry into and performance by it of, and the transactions contemplated by, this Debenture do not and will not conflict with: 

  

	 	(i)	any law or regulation or judicial or official order applicable to it; or 

  

	 	(ii)	its constitutional documents; or 

  

	 	(iii)	any material agreement or document which is binding upon it or any of its assets or result in the creation of (or a requirement for the creation of) any Security over any
Charged Property; and 

  

	(e)	all necessary authorisations to enable it to enter into this Debenture have been obtained and are in full force and effect. 

  

	13	ENFORCEMENT OF SECURITY 

  
 13.1 Enforcement At any time after the occurrence of an Event of Default which is continuing, unremedied and unwaived, and the Collateral Agent having given
notice thereof to the Chargors, the security created by or pursuant to this Debenture is immediately enforceable and the Collateral Agent may (subject to the Intercreditor and Collateral Agency Agreement and the Security Arrangement Agreement),
without further notice to such Chargor or prior authorisation from any court: 
  

	(a)	enforce all or any part of that security (at the times, in the manner and on the terms set forth in this Debenture) and take possession of and hold or, upon 10 Business
Days’ prior written notice to such Chargor, dispose of all or any part of the Charged Property; and 

  

	(b)	 whether or not it has appointed a Receiver, exercise all or any of the powers, authorities and discretions conferred by the Law of Property Act 1925 (as
varied or extended by this Debenture) on mortgagees and by this Debenture on any Receiver or otherwise conferred by law on mortgagees or Receivers, provided that the Collateral Agent or any Receiver may not exercise any powers, authorities or
discretions to sell 

  

 17 

	 	 
or otherwise dispose of all or any part of the Charged Property unless the Collateral Agent or such Receiver has given 10 Business Days’ prior written
notice of such proposed sale or disposition to the relevant Chargor. 

  
 A certificate in writing by an officer or agent of the Collateral Agent that any power of sale or other disposal has arisen and is exercisable shall be conclusive evidence of that fact in favour of a purchaser of all or any part of the
Charged Property. 
  
 13.2 Immediate Recourse The Collateral Agent
shall not be required to proceed against or enforce any other rights or security it may have or hold in respect of the Secured Obligations or claim payment from any other person before enforcing the security constituted by this Debenture and each
Chargor waives any right it may have of first requiring the Collateral Agent to do so. 
  
 13.3 No Liability as Mortgagee in Possession Neither the Collateral Agent nor any Receiver shall be liable to account as a mortgagee in possession in respect of all or any part of the Charged Property or be liable for any loss
upon realisation or for any neglect, default or omission in connection with the Charged Property to which a mortgagee in possession might otherwise be liable, except for cases of gross negligence, wilful misconduct, fraud or dishonesty. 

 
 13.4 Indemnity- Charged Property The Collateral Agent and every Receiver,
attorney, delegate, manager, agent or other person appointed by the Collateral Agent hereunder shall be entitled to be indemnified out of the Charged Property or any part thereof in respect of all liabilities and expenses incurred by it or him in
the execution of any of the powers, authorities or discretions vested in it or him pursuant to this Debenture and against all actions, proceedings, costs, claims and demands in respect of any matter or thing done or omitted in any way relating to
the Charged Property or any part of them. The Collateral Agent and any such Receiver may retain and pay all sums in respect of which it is indemnified out of any monies received by it under the powers conferred by this Debenture. 
  
 13.5 No Competition Until all the Secured Obligations have been unconditionally
and irrevocably discharged in full, any rights (if any) which each Chargor may have: 
  

	(a)	to be subrogated to any rights or security of or moneys held, received or receivable by the Collateral Agent or any Holder (or any agent or trustee on its behalf) with
respect to the Secured Obligations; or 

  

	(b)	to be entitled to any right of contribution or indemnity from any other person; or 

  

	(c)	to claim, rank, prove or vote as a creditor of such other person or its estate in competition with the Collateral Agent or any Holder (or any agent or trustee on its behalf),

  
 shall be exercised by a Chargor only if and to the extent that
the Collateral Agent so requires and in such manner and upon such terms as the Collateral Agent may specify and a Chargor shall hold any moneys, rights or security held or received by it as a result of the exercise of any such rights on trust for
the Collateral Agent for application in accordance with the terms hereof as if such moneys, rights or security were held or received by the Collateral Agent under this Debenture. 
  

 18 

 13.6 Appropriations Until all the Secured Obligations have been unconditionally and irrevocably paid and
discharged in full in cash, the Collateral Agent may: 
  

	(a)	if it believes the Secured Obligations may not be repaid in full refrain from applying or enforcing any other moneys, security or rights held or received by it in respect of
the Secured Obligations or apply and enforce the same in such manner and order as it sees fit (whether against the Secured Obligations or otherwise) and no Chargor shall be entitled to the benefit of the same; and 

  

	(b)	hold in a suspense account any moneys received from a Chargor or any other person in respect of the Secured Obligations. 

  
 13.7 Small Company Moratorium Notwithstanding any other provision of this
Debenture, the obtaining of a moratorium under section 1A of the Insolvency Act 1986, or anything done with a view to obtaining such a moratorium (including any preliminary decision or investigation), shall not be an event causing any floating
charge created by this deed to crystallise or causing restrictions which would not otherwise apply to be imposed on the disposal of property by any Chargor or a ground for the appointment of a Receiver. 
  

	14	EXTENSION AND VARIATION OF THE LAW OF PROPERTY ACT 1925 

  
 14.1 Extension of Powers The power of sale or other disposal conferred on the Collateral Agent and on any Receiver by this Debenture shall operate as a
variation and extension of the statutory power of sale under Section 101 of the Law of Property Act 1925 and such power shall arise (and the Secured Obligations shall be deemed due and payable for that purpose) on execution of this Debenture.

  
 14.2 Restrictions The restrictions contained in Sections 93 and
103 of the Law of Property Act 1925 shall not apply to this Debenture or to the exercise by the Collateral Agent of its right to consolidate all or any of the security created by or pursuant to this Debenture with any other security in existence at
any time or to its power of sale, which powers may be exercised by the Collateral Agent without notice to a Chargor at any time after the occurrence of an Event of Default which is continuing, unremedied and unwaived. 
  
 14.3 Power of Leasing The statutory powers of leasing may be exercised by the
Collateral Agent at any time after (i) the occurrence of an Event of Default which is continuing, unremedied and unwaived, and (ii) the giving of notice thereof by the Collateral Agent to the Chargors, and the Collateral Agent and any Receiver may
make any lease or agreement for lease, accept surrenders of leases and grant options on such terms as it shall think fit, without the need to comply with any restrictions imposed by Sections 99 and 100 of the Law of Property Act 1925. 
  

	15	APPOINTMENT OF RECEIVER 

  
 15.1 Appointment and Removal At any time after: 
  

	(a)	the Collateral Agent has given 10 Business Days’ notice to a Chargor that an Event of Default has occurred and is continuing, unremedied and unwaived; or

  

 19 

	(b)	a petition is presented for the making of an administration order in relation to a Chargor; or 

  

	(c)	being requested to do so by that Chargor, 

  
 the Collateral Agent may by deed or otherwise (acting through an authorised officer of the Collateral Agent), without further notice to such Chargor: 
  

	 	(i)	appoint one or more persons to be a Receiver of the whole or any part of the Charged Property; 

  

	 	(ii)	remove (so far as it is lawfully able) any Receiver so appointed; and 

  

	 	(iii)	appoint another person(s) as an additional or replacement Receiver(s). 

  

15.2 Capacity of Receivers Each person appointed to be a Receiver pursuant to Clause 15.1 shall be: 
  

	(a)	entitled to act individually or together with any other person appointed or substituted as Receiver; 

  

	(b)	for all purposes deemed to be the agent of each Chargor which shall be solely responsible for his acts (other than acts of gross negligence, wilful misconduct, fraud or
dishonesty) and for the payment of his remuneration and no Receiver shall at any time act as agent for the Collateral Agent; and 

  

	(c)	entitled to remuneration for his services by the Chargors (with the Chargors jointly and severally liable for such remuneration) at a rate to be fixed by the Collateral Agent
from time to time (without being limited to the maximum rate specified by the Law of Property Act 1925). 

  
 15.3 Statutory Powers of Appointment The powers of appointment of a Receiver shall be in addition to all statutory and other powers of appointment of the
Collateral Agent under the Law of Property Act 1925 (as extended by this Debenture) or otherwise and such powers shall remain exercisable from time to time by the Collateral Agent in respect of any part of the Charged Property. 
  

	16	POWERS OF RECEIVER 

  
 Every Receiver shall (subject to any restrictions in the instrument appointing him but notwithstanding any winding-up or dissolution of a Chargor) have and be entitled to exercise, in relation to the Charged Property
(and any assets of a Chargor which, when got in, would be Charged Property) in respect of which he was appointed, and as varied and extended by the provisions of this Debenture (in the name of or on behalf of a Chargor or in his own name and, in
each case, at the cost of that Chargor): 
  

	(a)	all the powers conferred by the Law of Property Act 1925 on mortgagors and on mortgagees in possession and on receivers appointed under that Act; 

  

	(b)	all the powers of an administrative receiver set out in Schedule 1 to the Insolvency Act 1986 (whether or not the Receiver is an administrative receiver);

  

 20 

	(c)	all the powers and rights of an absolute owner and power to do or omit to do anything which a Chargor itself could do or omit to do; and 

  

	(d)	the power to do all things (including bringing or defending proceedings in the name or on behalf of a Chargor) which seem to the Receiver to be incidental or conducive to (a)
any of the functions, powers, authorities or discretions conferred on or vested in him or (b) the exercise of the Collateral Rights (including realisation of all or any part of the Charged Property) or (c) bringing to his hands any assets of a
Chargor forming part of, or which when got in would be, Charged Property. 

  

	17	APPLICATION OF MONEYS 

  
 Subject to the claims of any person having prior rights thereto and by way of variation of the provisions of the Law of Property Act 1925: 
  

	(a)	all collections of any money by the Collateral Agent pursuant to this Debenture shall be applied in accordance with the Indenture; and 

  

	(b)	all Trust Moneys at any time received or recovered by the Collateral Agent or any Receiver pursuant to this Debenture or the powers conferred by it shall be applied as
described in the Indenture. 

  

	18	PROTECTION OF PURCHASERS 

  

	18.1	 Consideration The receipt of consideration by the Collateral Agent or any Receiver shall be conclusive discharge to a purchaser and, in making any sale or
disposal of any of the Charged Property or making any acquisition, the Collateral Agent or any Receiver may do so for such consideration, in such manner and on such terms as it thinks fit (acting in good faith). 

  

	18.2	 Protection of Purchasers No purchaser or other person dealing with the Collateral Agent or any Receiver shall be bound to inquire whether the right of the
Collateral Agent or such Receiver to exercise any of its powers has arisen or become exercisable or be concerned with any propriety or regularity on the part of the Collateral Agent or such Receiver in such dealings. 

  

	19	POWER OF ATTORNEY 

  

	19.1	 Appointment and Powers At any time after an Event of Default has occurred that is continuing, unremedied and unwaived, each Chargor by way of security
irrevocably appoints the Collateral Agent and its agents and any Receiver appointed pursuant to Section 15 severally to be its attorney-in-fact and in its name, on its behalf and as its act and deed to execute and deliver such documents, perfect
such interests and take such actions which the attorney-in-fact may consider to be required or desirable to accomplish the purpose of, or comply with the terms of, this Debenture, including: 

  

	(a)	carrying out any obligation imposed on such Chargor by this Debenture (including the execution and delivery of any deeds, charges, assignments or other security and any
transfers of the Charged Property); and 

  

	(b)	 enabling the Collateral Agent and any Receiver to exercise, or delegate the exercise of, any of the rights, powers and authorities conferred on them by or
pursuant to this 

  

 21 

	 	 
Debenture or by law (including, the exercise of any right of a legal or beneficial owner of the Charged Property). 

  
 19.2 Ratification Each Chargor shall ratify and confirm all things done and all
documents executed by any attorney appointed pursuant to the terms of this Debenture in the exercise or purported exercise of all or any of his powers granted under this Debenture. 
  

	20	EFFECTIVENESS OF SECURITY 

  
 20.1 Continuing Security The Liens created by or pursuant to this Debenture shall remain in full force and effect as a continuing security for the Secured
Obligations unless and until the Secured Obligations have been paid in full, or otherwise discharged or released, and shall not cease by reason of any intermediate payment or intermediate satisfaction of all or any of the Secured Obligations or for
any other reason, however, if the obligations of a Chargor under this Debenture cease to be continuing for any reason the liability of that Chargor at the date of such cessation shall remain regardless of any subsequent increase or reduction in the
Secured Obligations. 
  
 20.2 Breaking of Accounts If for any reason
the security constituted hereby ceases to be a continuing security in respect of a Chargor (other than by way of discharge of such security in accordance with the terms of this Debenture) or the Collateral Agent or any other Holder receives, or is
deemed to be affected by, notice, whether actual or constructive of any Lien affecting the Charged Property, the Collateral Agent may open a new account with or continue any existing account with the Chargor. If the Collateral Agent does not open a
new account, it shall nevertheless be treated as if it had done so at the date of such cessation or the time when it received or was deemed to have received notice. As from that time all payments made to the Collateral Agent will be deemed to be
credited or treated as being credited to the new account and the liability of the Chargor in respect of the Secured Obligations relating to it at the date of such cessation or the time when notice was received or deemed received shall remain and
shall not be reduced regardless of any payments into or out of any such account. 
  
 20.3 Cumulative Rights 
  

	(a)	The Liens created by or pursuant to, and the rights and remedies of the Collateral Agent in, this Debenture and the Collateral Rights and the obligations, representations and
warranties of each Chargor in this Debenture shall be cumulative, in addition to and independent of every other security, right or remedy which the Collateral Agent may at any time hold or have for the Secured Obligations or any other obligations or
any rights, powers and remedies, or obligations, representations or warranties of each Chargor, conferred, provided or imposed by law, the Indenture or any other Security Document. 

  

	(b)	No prior security held by the Collateral Agent (whether in its capacity as trustee or otherwise) or any of the other Secured Parties over the whole or any part of the Charged
Property shall merge into the security constituted by this Debenture. 

  

	(c)	 Without limiting the generality of the foregoing in this Clause 20.3, if any provision hereof covers the same subject matter as a provision of the Indenture,
then all such provisions shall be liberally construed in favour of the Collateral Agent and the Secured Parties both with respect to the rights and remedies available to the Collateral 

  

 22 

	 	 
Agent and the Secured Parties and the obligations, representations and warranties to be fulfilled or made by each Chargor. 

  
 20.4 No Prejudice The Liens created by or pursuant to this Debenture and the
Collateral Rights shall not be prejudiced by any unenforceability or invalidity of any other agreement or document or by any time or indulgence granted to a Chargor or any other person, or the Collateral Agent (whether in its capacity as trustee or
otherwise) or any of the other Secured Parties or by any variation of the terms of the trust upon which the Collateral Agent holds the security or by any other thing which might otherwise prejudice that security or any Collateral Right. 

 
 20.5 Remedies and Waivers No delay in exercising, any right, power or remedy
hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by the Collateral Agent of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy.
The Collateral Agent shall not be required to exercise any right, power or remedy against any other Person, or under any other Security Document, as a condition to exercising any right, power or remedy against any Chargor hereunder, and no such
exercise of any right, power or remedy against any other Person, or under any other Security Document, shall constitute a waiver of or otherwise preclude the Collateral Agent from exercising any right, power or remedy against any Chargor hereunder.

  
 20.6 No Liability None of the Collateral Agent, its nominee(s)
or any Receiver shall be liable by reason of (a) taking any action permitted by this Debenture or (b) any neglect or default in connection with the Charged Property or (c) taking possession of or realising all or any part of the Charged Property,
except in the case of gross negligence, wilful misconduct, fraud or dishonesty. 
  
 20.7 Partial Invalidity If, at any time, any provision of this Debenture is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the
remaining provisions of this Debenture nor of such provision under the laws of any other jurisdiction shall in any way be affected or impaired thereby and, if any part of the Liens intended to be created by or pursuant to this Debenture is invalid,
unenforceable or ineffective for any reason, that shall not affect or impair any other part of the security. 
  

	21	RELEASE OF SECURITY 

  
 21.1 Redemption of Security When all Secured Obligations shall have been paid in full or otherwise discharged or released, this Debenture shall automatically terminate and any powers of attorney granted
hereby will be automatically terminated (notwithstanding anything to the contrary in Clause 19) and the Collateral Agent shall, when the requirements of the Indenture have been met, forthwith cause to be assigned, transferred and delivered, against
receipt but without any recourse, warranty or representation whatsoever, any and all Charged Property and money received in respect thereof, to or on the order of the Chargor. The Collateral Agent shall, at the expense of the Chargor, also execute
and deliver to the Chargor upon such termination such termination statements and such other documentation as shall be reasonably requested by the respective Chargor to effect the termination and release of the Liens on the Charged Property.

  

 23 

 21.2 Avoidance of Payments 
  

	(a)	No amount paid, repaid or credited to the Collateral Agent or a Holder shall be deemed to have been irrevocably paid if the Collateral Agent considers that the payment or
credit of such amount is capable of being avoided or reduced because of any laws applicable on bankruptcy, insolvency, liquidation or any similar laws. 

  

	(b)	If any amount paid, repaid or credited to the Collateral Agent or a Holder is avoided or reduced because of any laws applicable on bankruptcy, insolvency, liquidation or any
similar laws then any release, discharge or settlement between that Collateral Agent or Holder and the relevant Chargor shall be deemed not to have occurred and the Collateral Agent shall be entitled to enforce this Debenture subsequently as if such
release, discharge or settlement had not occurred and any such payment had not been made. 

  
 21.3 Releases of Security in Connection with Permitted Transactions 
  

	(a)	If, at any time, a Chargor consummates an Asset Sale in accordance with the terms of the Indenture, and satisfies all of the conditions precedent set forth in the Indenture
with respect thereto, the Collateral Agent shall, upon the request and at the expense of the Chargor (but without any recourse, warranty or representation whatsoever), execute, deliver or acknowledge any necessary or proper instruments of
termination, satisfaction or release (prepared by the Chargor) reasonably required to effect the release of the Liens on the Charged Property which is the subject of such Asset Sale; 

  

	(b)	At any time any Chargor sells, transfers, leases, conveys, substitutes, converts, abandons or otherwise disposes of any item of Charged Property in a transaction permitted
under the Indenture and for which such Chargor has complied with all requirements in respect of the Indenture (each such transaction listed in clause (i) and (ii) hereinabove, a “Permitted Sale”), any Lien on such Charged Property
item shall be automatically released and, if a formal, documented termination of release shall be necessary, the Collateral Agent shall at the expense of the Chargor (but without any recourse, warranty or representation whatsoever), upon delivery to
it of a request in writing requesting such release (which shall state that such release is authorized under this Clause), promptly execute and deliver to such Chargor upon the occurrence of such Permitted Sale such termination or release statements
and such other documentation as shall be specified by the such Chargor in such request in writing to effect the termination and release of the Liens on the Charged Property which is the subject of the Permitted Sale. 

  

	22	ASSIGNMENT 

  
 The Collateral Agent may only assign and transfer all or any of its rights and obligations under this Debenture in accordance with the terms of the Indenture. 
  

 24 

	23	NOTICES 

  
 All notices, requests, consents and demands hereunder shall be in writing and telecopied or delivered to the respective parties hereto as follows: 
  
 If to the Chargors: 
  
 Attn: Bernard Keogh, Regional Counsel - Europe 
  
 Global Crossing (UK) Telecommunications Ltd. 
 Centennium House, 8th floor 
 100 Lower Thames Street 
 London EC3R 6DL 
 United Kingdom 
  
 Fax: +44 207 904 2930 
  
 With a copy to each of : 
  
 Office of the General Counsel 
 Global
Crossing Limited 
 200 Park Avenue, M Suite 300 
 Florham Park, NJ 07932 
 USA 
  
 Fax: +1 973-360-0538 
  
 Attn: Wayne Rapozo 
 Weil, Gotshal &
Manges 
 One South Place, 
 London EC2M 2WG 
  
 Fax: 020 7903 0990 
  
 If to the Collateral Agent: 
  
 The Bank of New York 
 One Canada Square 
 London E14 5AZ 
  
 Attention: Corporate Trust Administration 
  
 Fax: 0207 964 6399 
  
 Any party hereto may change its address or telecopy number for notices by notice to the other parties hereto. All notices shall be effective upon receipt by the party to
which such notice is directed. If any such notice shall be delivered on a non-Business Day, such notice shall be deemed effective on the next Business Day. 
  

	24	EXPENSES, STAMP TAXES AND INDEMNITY 

  
 24.1 Expenses Each Chargor shall, from time to time on demand of the Collateral Agent, reimburse the Collateral Agent for all its costs and expenses
reasonably incurred (including legal fees but without duplication) on a full indemnity basis as set out in a calculation, together with any VAT thereon incurred by it in connection with: 
  

	(a)	the negotiation, preparation and execution of this Debenture and the completion of the transactions and perfection of the security contemplated in this Debenture;

  

	(b)	 the exercise, preservation and/or enforcement of any of the Collateral Rights or the security contemplated by this Debenture or any proceedings instituted by
or against 

  

 25 

	 	 
the Collateral Agent as a consequence of taking or holding the security or of enforcing the Collateral Rights. 

  
 24.2 Stamp Taxes Each Chargor shall pay all stamp, registration and other taxes
to which this Debenture, the Liens contemplated in this Debenture or any judgment given in connection with it is or at any time may be subject and shall, from time to time, indemnify the Collateral Agent on demand against any liabilities, costs,
claims and expenses resulting from any failure to pay or delay in paying any such tax. 
  
 24.3 Currency of Payment The obligation of a Chargor under this Debenture to make payments in any currency shall not be discharged or satisfied by any tender, or recovery pursuant to any judgment or otherwise, expressed in or
converted into any other currency, except to the extent that such tender or recovery results in the effective receipt by the Collateral Agent and the Secured Parties of the full amount of the currency expressed to be payable under this Debenture.

  
 24.4 Currency Indemnity If any sum due from a Chargor under this
Debenture (a “Sum”), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the
“Second Currency”) for the purpose of: 
  

	 	(i)	making or filing a claim or proof against a Chargor; 

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings; or 

  

	 	(iii)	applying the Sum in satisfaction of any of the Secured Obligations, 

  
 the Chargor shall, as an independent obligation, within three Business Days of demand, indemnify the Collateral Agent and the Secured Parties against any cost, loss or
liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to the
Collateral Agent and the Secured Parties at the time of its receipt of that Sum. 
  
 24.5 Indemnity Without limiting the generality of the Indenture, but subject to Clause 13.4 (Indemnity – Charged Property), each Chargor shall, notwithstanding any release or discharge of all or any part of the
security, indemnify the Collateral Agent, its agents, attorneys and any Receiver against any action, proceeding, claims, losses, liabilities and costs which it may sustain as a consequence of any breach by any Chargors of the provisions of this
Debenture except to the extent resulting from the gross negligence, wilful misconduct, fraud or dishonesty of the Collateral Agent, its agents, attorneys or any Receiver, the exercise or purported exercise of any of the rights and powers conferred
on them by this Debenture or otherwise relating to the Charged Property. 
  

	25	DELEGATION 

  
 Each of the Collateral Agent and any Receiver shall have full power to delegate (either generally or specifically) the powers, authorities and discretions conferred on it by this Debenture (including the power of
attorney) on such terms and conditions as it shall see fit which delegation shall not preclude either the subsequent exercise of such power, authority or 

  

 26 

 
discretion by the Collateral Agent or the Receiver itself or any subsequent delegation or revocation thereof. 
  

	26	PERPETUITY PERIOD 

  
 The perpetuity period under the rule against perpetuities, if applicable to this Debenture, shall be the period of eighty years from the date of this Debenture.

  

	27	GOVERNING LAW 

  
 This Debenture shall be governed by and construed in accordance with English law. 
  

	28	COUNTERPARTS 

  
 This Debenture may be executed in counterparts, all of which when taken together shall constitute a single deed. 
  

	29	COLLATERAL AGENT RIGHTS 

  
 The rights, privileges, immunities and indemnities provided to the Collateral Agent under the Intercreditor and Collateral Agency Agreement shall, to the extent
applicable, apply in this Debenture as if fully set forth herein. 
  

	30	COLLATERAL AGENT DUTIES 

  
 The duties, obligations and responsibilities of the Collateral Agent shall be as provided in the Intercreditor and Collateral Agency Agreement, herein and pursuant to
applicable law. In the absence of gross negligence, wilful misconduct, fraud or dishonesty, the Collateral Agent shall have no duty as to (a) the custody and preservation of any Charged Property, (b) ascertaining or taking action with respect to
calls, conversions, exchanges, maturities, tenders, or other matters relative to any Charged Property, whether or not the Collateral Agent has or is deemed to have knowledge of such matters, or (c) the taking of any necessary steps to preserve
rights against any parties or any other rights pertaining to any Charged Property. 
  

	31	SECURITY DOCUMENT 

  
 This Debenture shall constitute a Security Document. 
  

	32	AMENDMENTS, ETC. 

  

	(a)	The terms of this Debenture may be waived, altered or amended only by an instrument in writing duly executed by each party hereto in accordance with the provisions of the
Indenture. Any such waiver, alteration or amendment shall be binding upon each such party. 

  

	(b)	The Collateral Agent shall not be required to enter into any waiver, alteration or amendment that affects the Collateral Agent’s own rights, duties, immunities under the
Indenture or otherwise except in accordance with the terms of this Debenture. 

  
 THIS DEBENTURE has been signed on behalf of the Collateral Agent and executed as a deed by the Chargors and is delivered by it on the date specified above. 
  

 27 

 The Chargors 
  

					
	Executed as a deed by GLOBAL
CROSSING (UK)
TELECOMMUNICATIONS	  	 )
 )
 )
	  	 
	 LIMITED acting by: Philip Metcalf

	  	)	  	Director
	 and Tracey Green
	  	)	  	 
	 	  	 	  	Secretary
			
	Executed as a deed by GLOBAL
CROSSING (UK) FINANCE PLC
	  	 )
 )
	  	 
	 acting by: Philip Metcalf
	  	)	  	 Director

	 and
	  	)	  	 
	 	  	)	  	 Secretary

  
 The Collateral Agent

  
 THE BANK OF NEW YORK 
  
 not in its individual capacity, but solely as Collateral Agent under the Intercreditor and
Collateral Agency Agreement 
  

									
					
	 By:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

  

 28 

  
 SCHEDULE 1 

 
 BANK ACCOUNTS 
  
 TO BE CONFIRMED 
  

							
	 Bank Name

	  	 Sort Code

	  	 Bank Account Name

	  	Bank Account
Number

				
	 Barclays Bank plc.
	  	20-00-00	  	Euro account	  	66251599
				
	 Barclays Bank plc.
	  	20-00-00	  	D.D. Security account	  	80065382
				
	 Barclays Bank plc.
	  	20-00-00	  	Sweep from old accounts	  	10032700
				
	 Barclays Bank plc.
	  	20-00-00	  	Payroll account	  	10324701
				
	 Barclays Bank plc.
	  	20-00-00	  	Payables account	  	30896209
				
	 Barclays Bank plc.
	  	20-00-00	  	Nominal GL account	  	60436801
				
	 Barclays Bank plc.
	  	20-00-00	  	DD Collections account	  	70215708
				
	 Barclays Bank plc.
	  	20-00-00	  	Receipts account	  	70398306
				
	 Barclays Bank plc.
	  	20-00-00	  	Business Premium Account	  	80966134
				
	 Barclays Bank plc.
	  	20-00-00	  	USD account	  	84797066
				
	 Barclays Bank plc.
	  	20-00-00	  	Issuer - Sterling Account	  	3065 9029
				
	 Barclays Bank plc.
	  	20-00-00	  	Issuer - USD account	  	4956 8666

  

 29 

  
 SCHEDULE 2 

 
 NOTICES 
  
 Form of Notice of Assignment of Insurances 
  
 To: [the insurer of each Insurance Policy] 
  
 Date: [        ] 
  
 Dear Sirs, 
  
 We hereby give you notice that pursuant to a debenture entered into by us in favour of the Collateral Agent dated
             December 2004 (the “Debenture”) in support of an Indenture dated             
December 2004 between, among others, Bank of New York (the “Indenture”) and us, we have assigned to [the Bank of New York], as Collateral Agent (the “Collateral Agent”), all of our rights, title and interest from
time to time in and to the proceeds of [specify relevant insurance policy] with policy number[s]                      (the “Insurance
Policy”) as well as all Related Rights thereto. 
  
 All monies payable or
arising from the Insurance Policy shall be paid subject to the terms and conditions of the Insurance Policy, unless and until the Collateral Agent shall notify you of a continuing Event of Default under the Debenture. Once such notice has been
received by you all monies payable or arising from the Insurance Policy shall be paid to the Collateral Agent or as the Collateral Agent may from time to time direct. 
  
 Please acknowledge receipt of this notice by signing the acknowledgement on the enclosed copy of this letter and returning the same to the
Collateral Agent at One Canada Square, London E14 5AZ, marked for the attention of Corporate Trust Administration. 
  

					
	Yours faithfully	 	 	 	 
			
	  	 	 	 	  
	for and on behalf of	 	 	 	 

  
 [l] 
  
 the Chargor 
  
 [On copy only: 
  
 To: The Collateral Agent 
  

	(i)	We acknowledge receipt of a notice in the foregoing terms and confirm that we have not received notice of any previous assignments or charges of or over any of the rights, interests
and benefits referred to in such notice. 

  

 30 

	(ii)	We further confirm that no amendment, waiver or release of any of such foregoing rights, interests and benefits shall be effective without your prior written consent. No termination
of such rights, interests or benefits shall be effective unless we have given you 21 days’ written notice of the proposed termination specifying the action necessary to avoid such termination. 

  

	(iii)	We further agree that upon receipt from you of a notice of a continuing Event of Default under the Debenture, all monies payable or arising from [specify relevant Insurance
Policy] shall be paid to you or as you may from time to time direct. 

  
 For and on behalf of [name of insurer] 
  

			
	 By:   
	 	 

  
 Dated:] 
  

 31 

  
 SCHEDULE 3 

 
 REAL PROPERTY 
  
 Part I 
  
 Freehold Property 
  

			
	 Address

	  	Title Number

	BERWICK UPON TWEED
North Road
Berwick	  	ND97817
		
	CARLISLE
Etterby Road	  	CU122 120
		
	CREWE
Gresty Road	  	CH4 15208
		
	DARLINGTON
Haughton Road	  	DU2 14569
		
	GRANTHAM
Gonreby Road,
NG31 8AT	  	LL135 108
		
	LANCASTER
Wheatfield Street	  	LA785408
		
	MAIDSTONE
Hart Street	  	K765405 K788044
		
	NORWICH
Long John Hill	  	NK191866

  

 32 

  
 Part II 
 Leasehold Property 
  

							
	 Address

	  	 Title Number

	  	 Lease Details

	  	 
	 ASHFORD
 1 Victoria Road,
 Ashford TN23 7HH
	  	K584929	  	 HEAD LEASE
 Juno Limited (1)
 British Railways Board (2)
 25.04.94
	  	 31.03.1994
 30.03.2014

				
	 BASINGSTOKE
 Ashwood
 Chineham Business Park
	  	 	  	 Louisville Investments Ltd (1)
 GCUK (2)
 11.01.02
	  	 25.12.2001
 24.12.2021

				
	 BASINGSTOKE
 First Floor South Wing
 Chineham Gate Business Park
 Crockford Lane
 RG24 8NA
	  	 	  	 Louisville Investments Ltd (1)
 GCUK (2)
	  	 24.06.1999
 24.12.2021

				
	 BASINGSTOKE
 Oakwood,
 Chineham Business Park,
 Crockford Lane, RG24 8WB
	  	 HP36 1341
 HP36 1342
	  	 Louisville Investments Ltd (1)
 Racal Properties Ltd
(2)
 17.08.1988
	  	 24.06.1988
 24.12.2021

				
	 CREWE
 Mercury House
 Tommys Lane
 Crewe
 CW1 1DP
	  	 	  	 Railtrack Plc (1)
 GCUK (2)
 26.04.02
	  	 21.12.1996
 20.12.2017

				
	 CREWE
 Connect House
 (formally Satec), Third Ave,
 Weston Road, Crewe
 CW1 6XR
	  	 	  	 Racal Properties Ltd (1)
 GCUK (2)
 10.02.00
	  	 17.01.2000
 16.01.2025

				
	 CROYDON
 10 Lansdowne Road
 CR1 2BD
	  	SGL579826	  	 British Railways Board (1)
 BR Telecommunications Ltd
(2)
 28.03.95
	  	 01.04.1994
 31.03.2119

  

 33 

							
				
	 Easement over
 Railtrack Plc Land
	  	 	  	 Railtrack Plc (1)
 BR Telecommunications Limited
(2)
	  	 01.04.1994
 125 years where Railtrack Land is freehold or
in the case of leasehold a term equal to the length of the then expired residue of Railtrack’s leasehold interest (less 3 days)

				
	 DERBY
 Units 2/3, Derwent Park,
 London Road,
 Derby DE1 2SX
	  	DY226606	  	 Coltham Construction Ltd (1)
 Racal Properties Ltd
(2)
 04.07.97
	  	 20.06.1997
 19.06.2012

				
	 LONDON
 2 Clerkenwell Green
 Farringdon
 London EC1R 0DE
	  	 Freehold
 NGL768558
 Leasehold
 TGL47474
	  	 Racal Properties Ltd (1)
 GCUK (2)
 12.12.00
	  	 01.04.1999
 31.03.2024

				
	 LONDON
 Waterloo, 2 Spur Road,
 Waterloo Station, London
	  	 	  	 Railtrack Plc (1)
 GC (UK) Telecommunications Ltd
(2)
	  	 21.12.1996
 20.12.2017

				
	 READING
 Phoenix House, Station Hill,
 Reading, RG1 1NB
	  	 BK304239
 BK25319
	  	 Coral Pension Property Ltd (1)
 Racal Properties Ltd
(2)
 14.02.97
	  	 25.12.1996
 24.12.2011

  

 34 

  
 SCHEDULE 4 

 
 SHARES 
  

			
	 Chargor

	  	 Shares

	 Global Crossing (UK) Telecommunications Limited
	  	50,000 ordinary shares of £1 each in Global Crossing (UK) Finance plc

  

 35 

  
 SCHEDULE 5 

 
 EXCLUDED CONTRACTS 
  
 Department of Social Services (DWP) 
  
 Network Services Agreement between the Secretary of State for Social Security and Racal Data
Networks Limited dated 23 March 1989 
  
 EDS (HM Prisons)

  
 Quantum Project Master Agreement Terms and Conditions of Contract
between Electronic Data Systems Limited and Global Crossing (UK) Telecommunications Limited dated 3 July 2000 
  
 Foreign and Commonwealth Office 
  
 Agreement for the Provision of Global Telecommunications Services between Foreign and Commonwealth Office and Global Crossing (UK) Telecommunications Networks Limited dated 10 May 2000 
  
 Fujitsu (HMCE) 
  
 Telecommunications Network Services Agreement between International computers Limited and Racal Telecommunications Networks Limited dated 25
August 1999 
  
 Fujitsu (LIBRA) 
  
 Agreement No. 233 for the provision of Managed Telecommunications Services between Global
Crossing (UK) Telecommunications Limited and International Computers Limited dated 20 December 2000 
  
 Integris (Probation Service) 
  
 Subcontract for the Supply and Services and Global Crossing Equipment between Integris Limited and Global Crossing (UK) Telecommunications Limited dated 7 March 2002 
  
 Metropolitan Telecommunications Network Services 
  
 Agreement for the provision of the Metropolitan Telecommunications Network Services between the Minister for the Civil Service and Racal
Network Services Limited dated 15 November 1996 
  

 36Affiliate Subordination Agreement

 Exhibit 4.11 
  
 AFFILIATE SUBORDINATION AGREEMENT 
  
 AFFILIATE SUBORDINATION AGREEMENT dated as of December 23, 2004, by and among GLOBAL CROSSING LIMITED, a company duly organized and validly existing under
the laws of Bermuda (the “Issuer”), Global Crossing (UK) Telecommunications Limited, a company organized under the laws of England and Wales (“GCUK Telecom”), the other entities identified on the signature pages
hereto under the caption “UK ENTITIES” (collectively, the “UK Entities”), and the other entities identified on the signature pages hereto under the caption “GUARANTORS” (such other entities (excluding the UK
Entities), and any entity that shall become a Guarantor pursuant to Section 4.19 of the below-referenced Indenture, being herein called the “Guarantors” and, together with the Issuer and the UK Entities, the “Credit
Parties”) and WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee and agent under the below-referenced Indenture (in such capacity, together with its successors in such capacity, the “Trustee”). 
  
 Pursuant to an Indenture dated as of December 23, 2004 (as modified and
supplemented and in effect from time to time, the “Indenture”) by and among the Credit Parties and the Trustee for the benefit of the holders of the Notes (as hereinafter defined), the Issuer has issued $250,000,000 of its 4.7%
Senior Secured Mandatory Convertible Notes due 2008 (the “Notes”) and the Guarantors have unconditionally guaranteed all of the obligations of the Issuer under and in respect of the Notes. 
  
 To induce the holders of the Notes to accept the same on the terms and
conditions as provided in the Indenture, and in accordance with Section 4.09(e)(i) of the Indenture, each Credit Party has agreed to subordinate any Subordinated Indebtedness (as hereinafter defined) held by it to all Senior Indebtedness (as
hereinafter defined), all in the manner and to the extent hereinafter provided. Accordingly, the parties hereto agree as follows: 
  
 Section 1. Definitions. Terms defined in the Indenture are used herein as defined therein. In addition, as used herein: 
  
 “Senior Indebtedness” shall mean the following indebtedness
and obligations: 
  
 (a) all indebtedness and
other obligations of the Issuer under the Notes, of the Guarantors under the Note Guarantees and (without duplication) of the Credit Parties under the Indenture (as the same may be modified and supplemented from time to time, and including all
agreements extending, renewing or refinancing the same); and 
  
 (b) all interest accruing after the commencement of any proceedings referred to in Section 2.01 (ii) below, whether or not such interest is an allowed claim in such proceeding. 
  
 “Subordinated Indebtedness” shall mean any intercompany
indebtedness or intercompany accounts payable or other intercompany obligations of a Credit Party owing to any other Credit Party or (without duplication) to any Restricted Subsidiary. 
  

 Affiliate Subordination Agreement 

 “Subordinated Indebtedness Documents” shall mean any credit agreement, promissory note,
indenture or other agreement or instrument evidencing any Subordinated Indebtedness. 
  
 Section 2. Subordination. 
  
 2.01 Subordination of Subordinated Indebtedness. Anything in any Subordinated Indebtedness Document to the contrary notwithstanding, each Credit Party, for itself and its successors and assigns, covenants and agrees that, to the
extent and in the manner hereinafter set forth, all Subordinated Indebtedness held by such Credit Party and its successors and assigns (such Credit Party and its successors and assigns, the “Affiliate Holder”), and the payment from
whatever source of the principal of, and interest and premium (if any) on, such Subordinated Indebtedness, are hereby expressly made subordinate and subject in right of payment to the prior payment in full in cash of all Senior Indebtedness:

  
 (i) The holders of Senior Indebtedness shall
be entitled to receive payment in full in cash of all amounts constituting Senior Indebtedness before such Affiliate Holder is entitled to receive any payment on account of the Subordinated Indebtedness held by it (and unless and until all Senior
Indebtedness has been so paid, such Affiliate Holder will not (x) ask, demand, sue for, take or receive from any Credit Party obligated in respect of such Subordinated Indebtedness (each, a “Credit Party Obligor”), by set-off or in
any other manner, or (y) seek any other remedy allowed at law or in equity against any Credit Party Obligor for breach of such Credit Party Obligor’s obligations under any Subordinated Indebtedness Document, provided that, so long as at
the time thereof and after giving effect thereto no Event of Default shall have occurred and be continuing, unremedied and unwaived, under the Indenture, any Credit Party Obligor may make, and such Affiliate Holder shall be entitled to receive and
retain, payments in respect of the principal of and interest of the Subordinated Indebtedness. 
  
 (ii) In the event of any insolvency or bankruptcy proceedings, and any receivership, liquidation, reorganization or other similar
proceedings in connection therewith, relative to any Credit Party Obligor or to its creditors, as such, or to its property, and in the event of any proceedings for voluntary liquidation, dissolution or other winding up of any Credit Party Obligor,
whether or not involving insolvency or bankruptcy, then the holders of Senior Indebtedness shall be entitled to receive payment in full of all amounts constituting Senior Indebtedness before such Affiliate Holder is entitled to receive, or make any
demand for, any payment on account of the Subordinated Indebtedness, and to that end the holders of Senior Indebtedness shall be entitled to receive for application in payment thereof any payment or distribution of any kind or character, whether in
cash or property or securities. 
  
 (iii) If any
payment or distribution of any character, whether in cash, securities or other property, in respect of any Subordinated Indebtedness shall (despite these subordination provisions) be received by such Affiliate Holder before all Senior Indebtedness
shall have been paid in full in cash, such payment or distribution shall be 

  

 Affiliate Subordination Agreement 
  
 -2- 

 
held in trust for the benefit of, and shall be paid over or delivered to, the holders of Senior Indebtedness (or their representatives), and to holders of
any other Indebtedness to which the Subordinated Indebtedness is similarly subordinated, ratably according to the respective aggregate amounts remaining unpaid thereon, to the extent necessary to pay all Senior Indebtedness, and all such other
Indebtedness, in full. 
  
 No present or future holder of Senior
Indebtedness shall be prejudiced in its right to enforce subordination of any Subordinated Indebtedness or any Subordinated Indebtedness Document by any act or failure to act on the part of any Credit Party Obligor or by any act or failure to act,
in good faith on the part of such holder or any trustee or agent for such holder. The foregoing provisions are solely for the purpose of defining the relative rights of the holders of Senior Indebtedness on the one hand, and each Affiliate Holder on
the other hand, and nothing herein shall impair, as between any Credit Party Obligor and any Affiliate Holder, the obligation of such Credit Party Obligor, which is unconditional and absolute, to pay to such Affiliate Holder any principal of
Subordinated Indebtedness and interest thereon in accordance with the terms of any Subordinated Indebtedness Document. 
  
 2.02 Subrogation. Subject to the payment in full in cash of all Senior Indebtedness, each Affiliate Holder shall be subrogated to the rights of the
holders of such Senior Indebtedness to receive payments and distributions of cash, property and securities applicable to the Senior Indebtedness until the principal of, and interest on, the Subordinated Indebtedness held by such Affiliate Holder
shall be paid in full in cash. For purposes of such subrogation, no payments or distributions to the holders of Senior Indebtedness of any cash, property or securities to which any Affiliate Holder would be entitled except for the provisions of
Section 2.01, and no payments over pursuant to the provisions of Section 2.01 to the holders of Senior Indebtedness by any Affiliate Holder, shall, as between the applicable Credit Party Obligor, its creditors other than holders of Senior
Indebtedness, and such Affiliate Holder, be deemed to be a payment or distribution by such Credit Party Obligor to or on account of the Senior Indebtedness. 
  
 2.03 Defaults. If after payment in full in cash of the Senior Indebtedness, any payment of Subordinated Indebtedness is not made when due or any
other event of default shall occur in respect of such Subordinated Indebtedness, the applicable Affiliate Holder may declare all amounts owing in respect of such Subordinated Indebtedness due and payable, provided that if after repayment in full of
the Senior Indebtedness, any payments of Senior Indebtedness shall at any time be rescinded or otherwise must be returned by the holder of any Senior Indebtedness, such demand, if made, shall be automatically rescinded. 
  
 Section 3. Miscellaneous. 
  
 3.01 Notices. All notices, waivers, requests, consents, demands,
directions and other instruments delivered pursuant to the terms of this Agreement shall be in writing in the English language or accompanied by a certified English translation (which English translation shall be considered the original instrument
and shall control in case of any conflict between the English and foreign language versions) and telecopied or delivered to the respective parties 

  

 Affiliate Subordination Agreement 
  
 -3- 

 
hereto as provided in Section 12.02 of the Indenture. All such communications shall be deemed to have been given at the times specified in said Section
12.02. The Trustee shall receive a copy of any notice under this Agreement from any Credit Party to any other Credit Party. 
  
 3.02 No Waiver. No failure on the part of the Trustee or any Holder to exercise, and no course of dealing with respect to, and no delay in
exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise by the Trustee or any Holder of any right, power or remedy hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 
  
 3.03 Amendments, Etc. The terms of this Agreement may be waived, altered or amended only by an instrument in writing duly executed by each Credit
Party and the Trustee. Any such amendment or waiver shall be binding upon the Trustee, each Holder and each Credit Party. The Trustee shall not be obligated to enter into any amendment, waiver or alteration that affects the Trustee’s own
rights, duties, immunities or indemnities hereunder or under the Indenture, the Global Security Agreement or otherwise except in accordance with the terms hereof. 
  
 3.04 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the respective
successors and assigns of each Credit Party, the Trustee and each Holder. 
  
 3.05 Counterparts. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement
by signing any such counterpart. 
  
 3.06 Governing Law.
This Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 
  
 3.07 Captions. The captions and section headings appearing herein are included solely for convenience of reference and are not intended to affect
the interpretation of any provision of this Agreement. 
  
 3.08
Agents and Attorneys-in-Fact. The Trustee may employ agents and attorneys-in-fact in connection herewith and shall not be responsible for the gross negligence or willful misconduct of any such agents or attorneys-in-fact selected by it in
good faith. 
  
 3.09 Severability. If any provision hereof
is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (a) the other provisions hereof shall remain in full force and effect in such jurisdiction and (b) the invalidity or unenforceability of any provision
hereof in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction. 
  
 3.10 Rights, Privileges; Etc. The rights, privileges, immunities, indemnities and standard of care provided to the Trustee under Article VIII of
the Indenture and the Global 

  

 Affiliate Subordination Agreement 
  
 -4- 

 
Security Agreement shall, to the extent applicable, apply in this Agreement and to the Trustee’s acts and omissions related to this Agreement as if
fully set forth herein. 
  
 3.11 Enforcement. By the
Trustee’s signature below and its acceptance of the benefits of this Agreement, except to the extent otherwise provided in Section 7.06 of the Indenture, each Holder agrees that this Agreement may only be enforced by the Trustee, and that no
Holder shall have any right individually to enforce or seek to enforce this Agreement or to realize upon the Collateral or other security given to secure the payment and performance of the Secured Obligations. 
  

 Affiliate Subordination Agreement 
  
 -5- 

 IN WITNESS WHEREOF, the parties hereto have caused this Affiliate Subordination Agreement to be duly
executed and delivered as of the day and year first above written. 
  

					
	 ISSUER

	
	GLOBAL CROSSING LIMITED
		
	 By:
	 	 /s/ David Sheffey

	 	 	 Name:
	 	 David Sheffey

	 	 	 Title:
	 	 Attorney-in-fact

  

 Affiliate Subordination Agreement 

 UK ENTITY 
  
 This deed is delivered at the date written at the start of this deed. 
  

			
	Executed as a deed by
	GLOBAL CROSSING (UK) TELECOMMUNICATIONS LIMITED
		
	 By
	 	 /s/

	 	 	 Name:

	 	 	 Title:

		
	 By
	 	 /s/

	 	 	 Name:

	 	 	 Title:

  

 Affiliate Subordination Agreement 

 GUARANTORS 
  

U.S. GUARANTORS 
  
 ALC COMMUNICATIONS CORPORATION 
  
 BUDGET CALL LONG DISTANCE, INC. 
  
 BUSINESS TELEMANAGEMENT, INC. 
  
 GC DEV.CO., INC. 
  
 GC PACIFIC LANDING CORP. 
  
 GLOBAL
CROSSING ADVANCED CARD SERVICES, INC. 
  
 GLOBAL CROSSING BANDWIDTH, INC.

  
 GLOBAL CROSSING BILLING, INC. 
  
 GLOBAL CROSSING DEVELOPMENT CO. 
  
 GLOBAL CROSSING EMPLOYEE SERVICES INC. 
  
 GLOBAL CROSSING GLOBALCENTER HOLDINGS, INC. 
  
 GLOBAL CROSSING HOLDINGS USA, LLC 
  
 GLOBAL CROSSING INTERNET DIAL-UP, INC. 
  
 GLOBAL CROSSING LATIN AMERICA & CARIBBEAN CO. 
  
 GLOBAL CROSSING LOCAL SERVICES, INC. 
  
 GLOBAL CROSSING NORTH AMERICA, INC. 
  
 GLOBAL CROSSING NORTH AMERICAN HOLDINGS, INC. 
  
 GLOBAL CROSSING NORTH AMERICAN NETWORKS, INC. 
  
 GLOBAL CROSSING TELECOMMUNICATIONS, INC. 
  
 GLOBAL CROSSING TELEMANAGEMENT, INC. 
  
 GLOBAL CROSSING USA INC. 
  
 GT LANDING CORP. 
  
 GT LANDING II CORP. 
  
 IXNET, INC. 
  
 MAC LANDING CORP. 
  
 PAC LANDING CORP.

  
 SUBSIDIARY TELCO, LLC 
  
 US CROSSING, INC. 
  

					
		
	 By
	 	 /s/ David Sheffey

	 	 	 Name:
	 	 David Sheffey

	 	 	 Title:
	 	 Assistant Secretary

  

 Affiliate Subordination Agreement 

 BERMUDIAN GUARANTORS 
  

													
	 Executed as a deed by
	 	 	 	 Executed as a deed by

	GLOBAL CROSSING INTERNATIONAL, LTD.	 	 	 	GLOBAL CROSSING NETWORK CENTER LTD.
					
	By	 	 /s/ David Sheffey
	 	 	 	By	 	 /s/ David Sheffey

	 	 	 Name:
	 	 David Sheffey
	 	 	 	 	 	 Name:
	 	 David Sheffey

	 	 	 Title:
	 	 Attorney-in-fact
	 	 	 	 	 	 Title:
	 	 Attorney-in-fact

			
	 Executed as a deed by
	 	 	 	 Executed as a deed by

	GLOBAL CROSSING HOLDINGS LIMITED	 	 	 	PAC PANAMA LTD.
					
	By	 	 /s/ David Sheffey
	 	 	 	By	 	 /s/ David Sheffey

	 	 	 Name:
	 	 David Sheffey
	 	 	 	 	 	 Name:
	 	 David Sheffey

	 	 	 Title:
	 	 Attorney-in-fact
	 	 	 	 	 	 Title:
	 	 Attorney-in-fact

			
	 Executed as a deed by
	 	 	 	 Executed as a deed by

	MID ATLANTIC CROSSING LTD.	 	 	 	SOUTH AMERICAN CROSSING HOLDINGS LTD.
					
	By	 	 /s/ David Sheffey
	 	 	 	By	 	 /s/ David Sheffey

	 	 	 Name:
	 	 David Sheffey
	 	 	 	 	 	 Name:
	 	 David Sheffey

	 	 	 Title:
	 	 Attorney-in-fact
	 	 	 	 	 	 Title:
	 	 Attorney-in-fact

			
	 Executed as a deed by
	 	 	 	 Executed as a deed by

	ATLANTIC CROSSING LTD.	 	 	 	GLOBAL CROSSING INTERNATIONAL NETWORKS LTD.
					
	By	 	 /s/ David Sheffey
	 	 	 	By	 	 /s/ David Sheffey

	 	 	 Name:
	 	 David Sheffey
	 	 	 	 	 	 Name:
	 	 David Sheffey

	 	 	 Title:
	 	 Attorney-in-fact
	 	 	 	 	 	 Title:
	 	 Attorney-in-fact

  

 Affiliate Subordination Agreement 

					
	 Executed as a deed by

	GLOBAL CROSSING ASIA HOLDINGS LTD.
		
	 By
	 	 /s/ David Sheffey

	 	 	 Name:
	 	 David Sheffey

	 	 	 Title:
	 	 Attorney- in-fact

  

 Affiliate Subordination Agreement 

					
	 CANADIAN GUARANTORS

	
	GLOBAL CROSSING CONFERENCING-CANADA, LTD.
	GLOBAL CROSSING TELECOMMUNICATIONS-CANADA, LTD.
		
	 By
	 	 /s/ David Sheffey

	 	 	 Name:
	 	 David Sheffey

	 	 	 Title:
	 	 Assistant Secretary

  

 Affiliate Subordination Agreement 

 UK GUARANTORS 
  
 This deed is delivered at the date written at the start of this deed. 
  
 Executed as a deed by 
 ATLANTIC CROSSING HOLDINGS U.K. LIMITED

 GC PAN EUROPEAN CROSSING UK LIMITED 
 GEOCONFERENCE LIMITED 
 GLOBAL CROSSING CONFERENCING LIMITED 
 GLOBAL CROSSING EUROPE LIMITED 
 GLOBAL CROSSING IXNET EMEA HOLDINGS LIMITED 
 GLOBAL CROSSING NETWORK CENTER (UK) LIMITED 
 GT U.K. LTD.

 IXNET UK LIMITED 
 MID-ATLANTIC CROSSING HOLDINGS
UK LIMITED 
 PAN AMERICAN CROSSING UK LIMITED 
 GLOBAL CROSSING (BIDCO) LIMITED 
  

			
		
	By  	 	 /s/ David Sheffey

	 	 	 Name: David Sheffey
 Title: Attorney-in-fact

		
	By  	 	 /s/ Marc Aron

	 	 	 Name: Marc Aron
 Title: Attorney-in-fact

  

 Affiliate Subordination Agreement 

 IRISH GUARANTORS 
  

													
	 SIGNED, SEALED and DELIVERED by
 GLOBAL
CROSSING IRELAND
 LIMITED by its duly appointed attorney:
	 	 	 	 SIGNED, SEALED and DELIVERED by
 GLOBAL
CROSSING SERVICES
 IRELAND LIMITED by its duly
 appointed attorney:

					
	By  	 	/s/ David Sheffey	 	 	 	By  	 	/s/ David Sheffey
	 	 	Name: David Sheffey	 	 	 	 	 	Name: David Sheffey
					
	Witnesseth:  	 	/s/ Laurent Blavier	 	 	 	Witnesseth:  	 	/s/ Laurent Blavier
	 	 	Name:	 	Laurent Blavier	 	 	 	 	 	Name:	 	Laurent Blavier
			
	 SIGNED, SEALED and DELIVERED by 
 GLOBAL CROSSING SERVICES
 EUROPE LIMITED by its duly appointed
 attorney:
	 	 	 	 
					
	By  	 	/s/ David Sheffey	 	 	 	 	 	 
	 	 	Name: David Sheffey	 	 	 	 	 	 
					
	Witnesseth:  	 	Laurent Blavier	 	 	 	 	 	 
	 	 	Name:	 	Laurent Blavier	 	 	 	 	 	 	 	 

  

 Affiliate Subordination Agreement 

 EUROPEAN GUARANTORS 
  
 GC HUNGARY HOLDINGS VAGYONKEZELÖ KORLÁTOLT FELELÖSSÉGÜ TÁRSASÁG 
 GC LANDING CO. GMBH 
 GC PAN EUROPEAN CROSSING BELGIE B.V.B.A.

 GC PAN EUROPEAN CROSSING DANMARK A.P.S. 
 GC PAN
EUROPEAN CROSSING DEUTSCHLAND GMBH 
 GC PAN EUROPEAN CROSSING HOLDINGS B.V. 
 GC PAN EUROPEAN CROSSING LUXEMBOURG I S.Á.R.L. 
 GC PAN EUROPEAN CROSSING LUXEMBOURG II S.Á.R.L.

 GC PAN EUROPEAN CROSSING NEDERLAND B.V. 
 GC PAN
EUROPEAN CROSSING NETWORKS B.V. 
 GC PAN EUROPEAN CROSSING SVERIGE AB 
 GC PAN EUROPEAN CROSSING SWITZERLAND GMBH 
 GLOBAL CROSSING CYPRUS HOLDINGS LIMITED 
 GLOBAL CROSSING VENEZUELA B.V. 
 GT NETHERLANDS B.V. 

 

			
		
	By  	 	 /s/ David Sheffey

	 	 	 Name: David Sheffey
 Title: Attorney-in-fact

	
	 GC PAN EUROPEAN CROSSING ITALIA S.R.L.

		
	By  	 	 /s/ David Sheffey

	 	 	 Name: David Sheffey
 Title: ATTORNEY-IN-FACT BY
VIRTUE
 OF A BOARD RESOLUTION DATED
 6 DECEMBER 2004

  

 Affiliate Subordination Agreement 

 CARIBBEAN AND LATIN AMERICAN GUARANTORS 
  
 GC SAC ARGENTINA S.R.L. 
 GC ST. CROIX
COMPANY, INC. 
 GLOBAL CROSSING MEXICANA S. DE R.L. DE C.V. 
 GLOBAL CROSSING MEXICANA II S De R.L. De C.V. 
 GLOBAL CROSSING PANAMA INC. 
 SAC BRASIL HOLDING LTDA. 
 SAC BRASIL LTDA. 
 SAC CHILE S.A. 
 SAC PANAMA S.A. 
 SAC PERU S.R.L. 
  

			
		
	By  	 	 /s/ David Sheffey

	 	 	 Name: David Sheffey
 Title: Attorney-in-fact

  

 Affiliate Subordination Agreement 

													
	 	 	 	 	 TRUSTEE
  
 Acknowledged:
  
 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 not in its individual capacity, but solely as Trustee
 under the Indenture on behalf of the Holders

					
	 	 	 	 	 	 	By:  	 	/s/ Jane Y. Schweiger
	 	 	 	 	 	 	 	 	 Name: Jane Y. Schweiger
 Title:  
Vice President

  

 Affiliate Subordination Agreement

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