Document:

Fifth Amendment, Consent and Waiver to Second Lien Credit Agreement

 Exhibit 10.35 

EXECUTION VERSION 

FIFTH AMENDMENT, CONSENT AND WAIVER 

TO THE SECOND LIEN CREDIT AGREEMENT 

This FIFTH AMENDMENT, CONSENT AND WAIVER TO THE SECOND LIEN CREDIT AGREEMENT, dated as of December 22, 2009
(this “Amendment”) to the Second Lien Credit Agreement referred to below, by and among the Lenders identified on the signature pages hereof (such lenders, together with their respective successors and permitted assigns, are referred
to hereinafter each individually as a “Lender” and collectively as the “Lenders”), Purple Communications, Inc. (f/k/a GoAmerica, Inc.), a Delaware corporation (“Borrower”), the other Loan Parties
signatory hereto and Clearlake Capital Group, L.P. as administrative agent for the Lenders (in such capacity, and together with its successors and permitted assigns, the “Administrative Agent”). 

W I T N E S S E T H 

WHEREAS, the Borrower, the other Loan Parties signatory hereto, the Administrative Agent and the Lenders are parties to that certain
Second Lien Credit Agreement, dated as of January 10, 2008 (as amended, restated, supplemented or otherwise modified from time to time prior to the date hereof, the “Second Lien Credit Agreement”); 

WHEREAS, the Borrower has requested to pay in kind interest due and payable on the Loan from July 1, 2009 through December 31,
2010 (such period, the “PIK Interest Period”), and the Administrative Agent and the Required Lenders have agreed to accommodate such request; and 

WHEREAS, the Borrower has requested, and the Administrative Agent and the Required Lenders have agreed, to (i) waive certain
Defaults and Events of Default, (ii) consent to the amendment of the Borrower’s certificate of incorporation and (iii) amend the Second Lien Credit Agreement, in each case, in the manner and on the terms and conditions provided for
herein. 
 NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt, adequacy
and sufficiency of which are hereby acknowledged, the Loan Parties, the Administrative Agent and the Required Lenders hereby agree as follows: 

1. Definitions. Capitalized terms not otherwise defined herein (including in the Recitals hereto) shall have the meanings ascribed
to them in the Second Lien Credit Agreement. 
 2. Consents. Notwithstanding anything to the contrary contained in
Section 8.11(a)(ii) of the Second Lien Credit Agreement, as of the Fifth Amendment Effective Date (as hereinafter defined), the Administrative Agent and the Required Lenders hereby consent to the amendment of the Fourth Amended and
Restated Certificate of Incorporation of the Borrower, in the form attached hereto as Exhibit A (“Amendment to Certificate of Incorporation”). 

3. Waivers. As of the Fifth Amendment Effective Date, the Administrative Agent and the Required Lenders hereby waive: 

(a) the Events of Default under Section 9.1(c)(i) of the Second Lien Credit Agreement resulting solely from (i) the
Borrower’s breach of the financial covenant set forth in Section 5.1 of the Second Lien Credit Agreement for the Fiscal Quarters ended or ending September 30, 2009 and December 31, 2009 and Section 5.2 of the
Second Lien Credit Agreement for the Fiscal Year ending December 31, 2009, (ii) the Borrower’s failure to deliver the financial and other information required to be delivered to the Administrative Agent for the fiscal months ended on
August 31, 2009, October 31, 
  

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2009 and November 30, 2009 pursuant to Section 6.1(a) of the Second Lien Credit Agreement; provided, that the Borrower deliver to the Administrative Agent such financial
and other information no later than January 31, 2010; and (iii) the Borrower’s failure to deliver the financial and other information required to be delivered to the Administrative Agent for the Fiscal Quarter ended on
September 30, 2009 pursuant to Section 6.1(b) of the Second Lien Credit Agreement; provided, that the Borrower deliver to the Administrative Agent such financial and other information no later than January 31, 2010;

 (b) any Event of Default under Sections 9.1(b) and (c) of the Second Lien Credit Agreement caused solely
by any restatement of any Financial Statement for any period ending on or prior to December 31, 2009 resulting solely from the matters subject to investigation pursuant to the Specified Subpoenas; and 

(c) any Event of Default under Section 9.1(d)(ii) of the Second Lien Credit Agreement resulting solely from any events of
default under the First Lien Loan Documents which have been waived as of the Fifth Amendment Effective Date pursuant to Section 3 of the Amendment to First Lien Credit Agreement (as hereinafter defined). 

4. Amendments to Second Lien Credit Agreement. The Second Lien Credit Agreement is hereby amended as of the Fifth Amendment
Effective Date as follows: 
 (a) Section 1.1 of the Second Lien Credit Agreement is hereby amended by: 

(i) inserting the following defined terms into Section 1.1 of the Second Lien Credit Agreement in proper alphabetical order:

 “‘13-Week Cash Flow’ has the meaning specified in Section 6.1(p). 

“‘Amendment No. 5’ means the Fifth Amendment, Consent and Waiver to the Second Lien Credit Agreement, dated as
of December 21, 2009, by and among the Borrower, the Lenders party thereto and Administrative Agent, which Amendment No. 5 amends this Agreement.” 

“‘Consolidated Fixed Charge Coverage Ratio’ means, with respect to any Person for any period, the ratio of
(a) Consolidated EBITDA of such Person for such period minus non-financed Capital Expenditures of such Person for such period, minus the total liability for United States federal income taxes and other taxes measured by net income actually
payable by such Person in respect of such period, to (b) the Consolidated Fixed Charges of such Person for such period.” 

“‘Consolidated Fixed Charges’ means, with respect to any Person for any period, the sum, determined on a
Consolidated basis, of (a) the Consolidated Cash Interest Expense of such Person for such period, (b) the principal amount of Consolidated Total Debt of such Person and its Subsidiaries having a scheduled due date during such period,
(c) all cash dividends payable by such Person and its Subsidiaries on Stock in respect of such period to Persons other than such Person and its Subsidiaries, (d) all commitment fees and other costs, fees and expenses payable by such Person
and its Subsidiaries during such period in order to effect, or because of, the incurrence of any Indebtedness and (e) management fees paid by such Person and its Subsidiaries during such period.” 

“‘December 2009 Equity Investment’ means the Investment by members of the Investment Group in the Borrower in an
aggregate amount of $5,000,000 in gross cash proceeds, consisting of an Investment made by members of the Investment Group in the aggregate amount of $2,000,000 on December 14, 2009 and an Investment made by members of the Investment Group in
the aggregate amount of $3,000,000 on the Fifth Amendment Effective Date, in each case, from the purchase 
  

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by members of the Investment Group from the Borrower of its Series B Preferred Stock, on terms reasonably satisfactory to the Administrative Agent.” 

“‘EBITDA Amount’ has the meaning specified in Section 5.2.” 

“‘Escrow Account’ means that escrow account in the amount of $2,500,000 established in connection with the Hands On
Merger, which is subject to that certain Escrow Agreement, dated as of January 10, 2008, by and among the Borrower, Bill M. McDonagh, as agent of the stockholders of Hands On and American Stock Transfer & Trust Company, as escrow
agent.” 
 “‘Excess Amount’ has the meaning specified in Section 9.1(n).”

 “‘Fifth Amendment Effective Date’ means December 21, 2009.” 

“‘Governmental Investigation’ means any claim, sanction, action, lawsuit, demand, order, dispute or other
proceeding or investigation in connection with the Specified Subpoenas or any communication related thereto with any Governmental Authority, which relates to the condition (financial or otherwise), business, operations or property of the Borrower or
any of the Group Members.” 
 “‘Initial Rights Offering’ has the meaning specified in
Section 7.16.” 
 “‘Investment Group’ means, collectively, Clearlake Capital Group, L.P.
and Reservoir Capital Group L.P. and their respective Control Investment Affiliates, and members of the management team of the Borrower, including Ron Obray.” 

“‘KPI Reports’ has the meaning specified in Section 6.1(p).” 

“‘Rate Setting Expenses’ means legal, lobbying and regulatory expenses relating to the rate setting process before
the Federal Communications Commission incurred by the Borrower in the Fiscal Year ending December 31, 2010.” 

“‘Regulatory Investigation Expenses’ means any non-operating expenses incurred by the Borrower in the Fiscal Year
ending December 31, 2010 (including fines, penalties and settlement arrangements, lobbying costs, additional accounting and audit fees, and related legal and regulatory fees) solely in connection with the investigations which are the subject of
the Specified Subpoenas.” 
 “‘Series B Preferred Stock’ means the Series B Preferred Stock (par
value $0.01 per share) of the Borrower.” 
 “‘Specified NECA Reimbursements’ has the meaning
specified in Section 2.8(j).” 
 “‘Specified Subpoenas’ means, collectively, the
following relating to the Loan Parties (a) a subpoena for documents from the Enforcement Bureau of the Federal Communications Commission, dated April 1, 2009, (b) a subpoena for documents from a Grand Jury for the United States
District Court for the District of Columbia, dated June 15, 2009, (c) a subpoena for documents from the San Francisco Regional Office of the United States Securities and Exchange Commission, dated June 25, 2009, (d) a subpoena
for testimony from the San Francisco Regional Office of the United States Securities and Exchange Commission to the Borrower’s chief financial officer, dated June 25, 2009 and (e) a subpoena for documents from the United States
Securities and Exchange Commission, dated December 4, 2009, copies of which were previously delivered to the Administrative Agent, and (f) a subpoena for documents 

 

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to Hands On Video Relay Services, Inc. (Case #EB-07-TC-4008) from the Federal Communications Commission, dated August 3, 2007.” 

“‘Workplace Conference Calls’ means internal multiparty workplace conference calls held by the Group Members’
marketing, outreach and sales departments that predominantly consist of deaf-to-deaf participants of the type for which the Group Members are not currently seeking any reimbursement from the National Exchange Carrier Association’s
Telecommunications Relay Service Interstate fund for any telecommunications relay services relating to such calls. Workplace Conference Calls through November 2009 are more particularly described on Schedule W-1 hereto.” 

(ii) amending the definition of “Applicable Margin” by deleting such definition in its entirety and substituting in
lieu thereof the following new definition: 
 “‘Applicable Margin’ means (a) 13.5% for the
period commencing on the date the PIK Interest Period commenced and ending on the calendar day immediately prior to the Fifth Amendment Effective Date; (b) 14.0% for the period commencing on the Fifth Amendment Effective Date and ending
on the last day of the PIK Interest Period and (c) 11.0% otherwise.” 
 (iii) amending the definition of
“Consolidated EBITDA” by deleting such definition in its entirety and substituting in lieu thereof the following new definition: 

“‘Consolidated EBITDA’ means, with respect to any Person for any period, (a) the Consolidated Net Income of
such Person for such period plus (b) the sum of, in each case to the extent included in the calculation of such Consolidated Net Income but without duplication, (i) any provision for United States federal, state, local and foreign
income taxes or other taxes measured by income, (ii) Consolidated Interest Expense, amortization of debt discount and commissions and other fees and charges associated with Indebtedness, (iii) any depreciation, depletion and amortization
expense, (iv) any aggregate net loss on the Sale of property (other than accounts (as defined under the applicable UCC) and inventory) outside the ordinary course of business, (v) any other non-cash expenditure, charge or loss for such
period (other than any non-cash expenditure, charge or loss relating to write-offs, write-downs or reserves with respect to accounts and inventory), including the amount of any compensation deduction as the result of any grant of Stock or Stock
Equivalents to employees, officers, directors or consultants, (vi) to the extent paid within 12 months of the Closing Date, non-recurring cash charges and costs arising in connection with the Acquisition and related transactions (including any
related restructuring charges and any aggregate net loss on the Sales set forth on Schedule 8.4 hereto) in an aggregate amount not to exceed $10,000,000, (vii) to the extent paid after the 12-month anniversary of the Closing Date, any
aggregate net loss on the Sales set forth on Schedule 8.4 hereto in an aggregate amount not to exceed the lesser of (A) $3,000,000 and (B) the cap amount referred to in the foregoing clause (vi) which has not been used,
(viii) for the Fiscal Year ending December 31, 2010, Regulatory Investigation Expenses incurred during such Fiscal Year to the extent such Regulatory Investigation Expenses have been documented to the reasonable satisfaction of the
Administrative Agent and are paid with (A) Net Cash Proceeds received by the Borrower from the issuance or Sale of its Stock during the Fiscal Year ending December 31, 2010 to the Investment Group (excluding any proceeds of the December
2009 Equity Investment), (B) Net Cash Proceeds received by the Borrower from the issuance or Sale of its Stock during the Fiscal Year ending December 31, 2010 (other than the proceeds of the December 2009 Equity Investment) to the extent
not required to be applied by the Borrower to prepay the 
  

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Loans in accordance with Section 2.8(i), (C) any cash proceeds released to the Borrower from the Escrow Account so long as such proceeds are used by the Borrower to pay
Regulatory Investigation Expenses in accordance with the proviso to Section 2.8(k) or (D) any Specified NECA Reimbursements received by the Borrower during the Fiscal Year ending December 31, 2010, so long as such
reimbursements are used by the Borrower to pay Regulatory Investigation Expenses in accordance with the proviso to Section 2.8(j) and (ix) for the Fiscal Year ending December 31, 2010, Rate Setting Expenses incurred during such
Fiscal Year to the extent such Rate Setting Expenses have been documented to the reasonable satisfaction of the Administrative Agent and are paid with (A) Net Cash Proceeds received by the Borrower from the issuance or Sale of its Stock during
the Fiscal Year ending December 31, 2010 to the Investment Group (excluding any proceeds of the December 2009 Equity Investment) or (B) Net Cash Proceeds received by the Borrower from the issuance or Sale of its Stock during the Fiscal
Year ending December 31, 2010 (other than the proceeds of the December 2009 Equity Investment) to the extent not required to be applied by the Borrower to prepay the Loans in accordance with Section 2.8(i), minus
(c) the sum of, in each case to the extent included in the calculation of such Consolidated Net Income and without duplication, (i) any credit for United States federal income taxes or other taxes measured by net income, (ii) any
interest income, (iii) any gain from extraordinary items and any other non-recurring gain, (iv) any aggregate net gain from the Sale of property (other than accounts (as defined in the applicable UCC) and inventory) out of the ordinary
course of business by such Person, (v) any other non-cash gain, including any reversal of a charge referred to in clause (b)(v) above by reason of a decrease in the value of any Stock or Stock Equivalent, and (vi) any other cash
payment in respect of expenditures, charges and losses to the extent that such items have been added to Consolidated EBITDA of such Person pursuant to clause (b)(v) above in any prior period.” 

(iv) amending the definition of “Consolidated Leverage Ratio” by deleting such definition in its entirety and
substituting in lieu thereof the following new definition: 
 “‘Consolidated Leverage Ratio’ means, with
respect to any Person as of any date, the ratio of (a) Consolidated Total Debt of such Person outstanding as of such date to (b) Consolidated EBITDA for such Person for the last period of four consecutive Fiscal Quarters ending on or
before such date, provided that for purposes of determining the Consolidated Leverage Ratio for the Fiscal Quarters ending March 31, 2010, June 30, 2010 and September 30, 2010, Consolidated EBITDA shall be deemed to be
equal to (a) for the Fiscal Quarter ending March 31, 2010, Consolidated EBITDA for the three (3) month period then ended multiplied by 4, (b) for the Fiscal Quarter ending June 30, 2010, Consolidated EBITDA for the
six (6) month period then ended multiplied by 2 and (c) for the Fiscal Quarter ending September 30, 2010, Consolidated EBITDA for the nine (9) month period then ended multiplied by 4/3.” 

(v) amending the definition of “Extraordinary Receipts” by adding at the end of such definition the following new
provison: 
 “; provided that Extraordinary Receipts shall not include any cash proceeds released from the Escrow
Account” 
 (vi) amending the definition of “Eurodollar Base Rate” by deleting such definition in its
entirety and substituting in lieu thereof the following new definition: 
  

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 “‘Eurodollar Base Rate’ means, with respect to any Interest Period for
any Eurodollar Rate Loan, a rate per annum equal to the higher of (a) the rate determined by the Administrative Agent to be the offered rate for deposits in Dollars for an Interest Period of one month (notwithstanding which Interest
Period is selected) appearing on the Reuters Screen LIBOR01 Page as of 11:00 a.m. (London time) on the second full Business Day next preceding the first day of each Interest Period. In the event that such rate does not appear on the Reuters
Screen LIBOR01 Page (or otherwise on the Reuters screen) at such time, the ‘Eurodollar Base Rate’ shall be determined by reference to such other comparable publicly available service for displaying the offered rate for deposit in
Dollars in the London interbank market as may be selected by the Administrative Agent and, in the absence of availability, such other method to determine such offered rate as may be selected by the Administrative Agent in its sole discretion and
(b) from and after September 30, 2009, 3.00%.” 
 (vii) amending the definition of “PIK Interest
Period” by deleting such definition in its entirety and substituting in lieu thereof the following new definition: 

“‘PIK Interest Period’ has the meaning given thereto in Amendment No. 5.” 

(b) Section 2.8 of the Second Lien Credit Agreement is hereby amended by adding new clauses (i), (j), and
(k) immediately following clause (h) therein as follows: 
 “(i) Equity Issuances and Initial
Rights Offering. On or after the Fifth Amendment Effective Date and subject to Section 2.8(h) hereof, upon receipt by any Loan Party or any of its Subsidiaries of Net Cash Proceeds arising from (i) the issuance or Sale by
any Group Member of its own Stock, (other than (x) the Initial Rights Offering, (y) so long as no Event of Default has occurred and is continuing, any issuance of Stock of the Borrower occurring in the ordinary course of business
to any director, member of the management team of the Borrower or its Subsidiaries, or employee of the Borrower or its Subsidiaries pursuant to an employee benefit, incentive or similar plan and (z) so long as no Default or Event of Default has
occurred and is continuing, during the Fiscal Year ending December 31, 2010, any issuance of Stock by the Borrower to the Investment Group) the Borrower shall immediately pay or cause to be paid to the Administrative Agent an amount equal to
50% of the amount of such Net Cash Proceeds; or (ii) the issuance or Sale by any Group Member of its own Stock in connection with the Initial Rights Offering, the Borrower shall apply the Net Cash Proceeds (other than any Net Cash Proceeds
raised from any member of the Investment Group) received from such Initial Rights Offering as follows: (a) the first $2,000,000 of such Net Cash Proceeds shall be paid or caused to be paid to the Administrative Agent, (b) the next
$3,000,000 of such Net Cash Proceeds shall be retained by the Borrower for working capital and other general corporate purposes and (c) 50% of such Net Cash Proceeds in excess of $5,000,000 shall be paid or caused to be paid to the
Administrative Agent. 
 (j) NECA Reimbursements. Subject to Section 2.8(h) hereof, upon receipt of any
reimbursements from the National Exchange Carrier Association’s Telecommunications Relay Service Interstate fund for any telecommunications relay services provided to employees of the Group Members for Workplace Conference Calls made prior to
the date a settlement is reached with the Federal Communications Commission with respect to the investigations which are the subject of the Specified Subpoenas (‘Specified NECA Reimbursements’), the Borrower shall pay or cause to be
paid 75% of such Specified NECA Reimbursements to the Administrative Agent; provided that that upon receipt of 

 

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such amounts, so long as no Default or Event of Default has occurred and is continuing, the Borrower shall not be required to make or cause to be made such payment to the extent such Specified
NECA Reimbursements are used by the Borrower to finance Regulatory Investigation Expenses within 30 days of receipt of such Specified NECA Reimbursements; provided further that upon the earlier of (i) the 31st day of receipt of the
Specified NECA Reimbursements and (ii) the occurrence of a Default or an Event of Default, the Borrower shall pay or cause to be paid to the Administrative Agent the Specified NECA Reimbursement not therefore so used. 

(k) Proceeds from Escrow Account. Subject to Section 2.8(h) hereof, upon release of any cash
proceeds from the Escrow Account, the Borrower shall immediately pay or cause to be paid to the Administrative Agent an amount equal to the amount of such proceeds; provided, however that upon such receipt, so long as no Default or
Event of Default has occurred and is continuing, the Borrower shall not be required to make or cause to be made such payment to the extent such proceeds are used by the Borrower to finance Regulatory Investigation Expenses within 30 days of receipt
of such proceeds; provided further that upon the earlier of (i) the
31st day of receipt of such proceeds and (ii) the
occurrence of a Default or an Event of Default, the Borrower shall pay or cause to be paid to the Administrative Agent such proceeds not theretofore so used.” 

(c) Sections 5.1, 5.2 and 5.5 of the Second Lien Credit Agreement are hereby amended by deleting such Sections
5.1, 5.2 and 5.5 in their entirety and substituting in lieu thereof the following new Sections 5.1, 5.2 and 5.5: 

“Section 5.1 Maximum Consolidated Leverage Ratio. The Borrower shall not have, on the last day of each Fiscal Quarter set
forth below, a Consolidated Leverage Ratio greater than the maximum ratio set forth opposite such Fiscal Quarter: 
  

					
	 FISCAL QUARTER ENDING
	  	 MAXIMUM CONSOLIDATED

LEVERAGE RATIO
	  	 
	SEPTEMBER 30, 2008	  	5.20 TO 1	  	
	DECEMBER 31, 2008	  	5.20 TO 1	  	
	MARCH 31, 2009	  	4.60 TO 1	  	
	JUNE 30, 2009	  	4.60 TO 1	  	
	SEPTEMBER 30, 2009	  	4.60 TO 1	  	
	DECEMBER 31, 2009	  	4.30 TO 1	  	
	MARCH 31, 2010	  	9.20 TO 1	  	
	JUNE 30, 2010	  	8.05 TO 1	  	
	SEPTEMBER 30, 2010	  	6.90 TO 1	  	
	DECEMBER 31, 2010	  	6.35 TO 1	  	
	MARCH 31, 2011	  	5.75 TO 1	  	
	JUNE 30, 2011	  	5.75 TO 1	  	
	SEPTEMBER 30, 2011	  	5.75 TO 1	  	
	DECEMBER 31, 2011	  	5.75 TO 1	  	
	MARCH 31, 2012 AND EACH	  	5.20 TO 1	  	

  

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	 FISCAL QUARTER

THEREAFTER
	  		  	

 Section 5.2 Capital Expenditures. No Group Member shall incur, or permit to be
incurred, Capital Expenditures in the aggregate during each Fiscal Year set forth below in excess of the maximum amount set forth below for such Fiscal Year; provided that for the six (6) month period ending June 30, 2010, no
Group Member shall incur, or permit to be incurred, Capital Expenditures in the aggregate during such period in excess of $2,500,000: 
  

					
	 FISCAL YEAR ENDING
	  	 MAXIMUM CAPITAL

EXPENDITURES
	  	 
	FISCAL YEAR 2008	  	$7,000,000	  	
	FISCAL YEAR 2009	  	$5,000,000	  	
	FISCAL YEAR 2010	  	$6,000,000	  	
	FISCAL YEAR 2011	  	EBITDA Amount	  	
	FISCAL YEAR 2012	  	EBITDA Amount	  	
	FISCAL YEAR 2013 AND
EACH FISCAL YEAR
THEREAFTER	  	EBITDA Amount	  	

 For purposes of this Section 5.2 (i) Capital Expenditures shall not include
capitalized labor costs, and (ii) the ‘EBITDA Amount’ for any Fiscal Year shall mean an amount equal to 23% of the Consolidated EBITDA of the Borrower for such Fiscal Year. 

“Section 5.5 Minimum Consolidated Fixed Charge Coverage Ratio. The Borrower shall not have, on the last day of each
Fiscal Quarter set forth below, a Consolidated Fixed Charge Coverage Ratio, for the 12-month period then ended (or with respect to the Fiscal Quarter ending on (a) March 31, 2010, for the three (3) month period then ended,
(b) June 30, 2010, for the six (6) month period then ended and (c) September 30, 2010, for the nine (9) month period then ended) less than the minimum ratio set forth opposite such Fiscal Quarter: 

 

					
	 FISCAL QUARTER
	  	 MINIMUM CONSOLIDATED
FIXED CHARGE
COVERAGE
RATIO
	  	 
	MARCH 31, 2010	  	0.90 TO 1	  	
	JUNE 30, 2010	  	1.05 TO 1	  	
	SEPTEMBER 30, 2010	  	1.30 TO 1	  	
	DECEMBER 31, 2010	  	1.35 TO 1	  	
	MARCH 31, 2011	  	1.20 TO 1	  	
	JUNE 30, 2011	  	1.10 TO 1	  	
	SEPTEMBER 30, 2011 AND
EACH FISCAL QUARTER
THEREAFTER	  	1.05 TO 1	  	

  

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 “ 

(d) Section 6.1 of the Second Lien Credit agreement is hereby amended by adding new clauses (o) and
(p) immediately following clause (n) therein as follows: 
 “(o) Governmental Investigation.
Subject in all cases to Section 11.20 and to the extent permitted by applicable Requirements of Law (i) at the request of the Administrative Agent, management of the Loan Parties and the Administrative Agent shall conduct telephonic
meetings to be attended by the respective management representatives of the Loan Parties and the Administrative Agent and their respective representatives, at which meeting the Loan Parties shall present an update on the status of all Governmental
Investigations of the Group Members and answer any questions regarding such Governmental Investigations and (ii) the Loan Parties shall promptly, and in any event within three (3) Business Days after any officer of such Loan Party has
knowledge thereof or after receipt or delivery thereof, as applicable, provide the Administrative Agent with (A) notice of any material development in any Governmental Investigation, (B) copies of all material documents received from any
Governmental Authority, including the Securities and Exchange Commission, the Federal Communications Commission, the Department of Justice and any other securities exchange and (C) copies of all documents related to any Governmental
Investigation; provided that the Loan Parties reserve the right to exclude information or documents if the Loan Parties reasonably believe upon advice of counsel that such exclusion is necessary to preserve the attorney-client privilege or to
protect attorney-work product. 
 (p) 13-Week Cash Flow and KPI Report. The Borrower shall deliver to the Administrative
Agent on or prior to 5:00 p.m. on the first Wednesday (or if such Wednesday is not a Business Day, the next succeeding Business Day) of each fiscal month (or more often as may be reasonably requested by the Administrative Agent at any time)
(i) an updated 13-week net cash flow forecast showing the Borrower’s cumulative actual and forecasted cash receipts and cash disbursements together with the actual variance for such period and such other information as may be reasonably
requested by the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent (the ‘13-Week Cash Flow’) and (ii) a Key Performance Indicator report in the form previously delivered to the
Administrative Agent (a ‘KPI Report’); provided that upon the occurrence or continuance of any Default or Event of Default, the Borrower shall deliver such 13 Week Cash Flow and KPI Report on or prior to 5:00 p.m. on the
first Wednesday of each week (or if Wednesday is not a Business Day, the next succeeding Business Day). 
 (e) Article
VI of the Second Lien Credit Agreement is hereby amended by adding new Section 6.9 immediately following Section 6.8 therein as follows: 

“Section 6.9. Governmental Investigations. The Borrower, directly or through its counsel, shall promptly disclose to
the Administrative Agent or its counsel, in writing or through telephonic meetings, any material developments or other information regarding the status of the Governmental Investigations and any proposed settlements in connection therewith.”

 (f) Article VII of the Second Lien Credit Agreement is hereby amended by adding new Section 7.16
immediately following Section 7.15 therein as follows: 
  

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 “Section 7.16 Initial Rights Offering. No later than June 30, 2010,
the Borrower shall make a rights offering to each of the holders of its common Stock and Preferred Stock of the Borrower’s Series B Preferred Stock in an aggregate amount equal to at least $5,000,000 which shall be on terms reasonably
satisfactory to the Administrative Agent (the ‘Initial Rights Offering’). The Borrower shall apply the gross cash proceeds received from such Initial Rights Offering according to the requirements of
Section 2.8(i)(ii).” 
 (g) Section 9.1 of the Second Lien Credit Agreement is hereby amended by
replacing the period where it appears at the end of clause (m) therein with “; or” and adding new clause (n) immediately following such clause (m) therein as follows: 

“(n) as a result of or relating to any Governmental Investigation, (i) (A) a fine, charge, penalty or fee is levied on any
Group Member, whether or not subject to appeal or contest, or (B) any Group Member enters into a settlement with a Governmental Authority, which in each case, either individually or in the aggregate, is in excess of $1,000,000 (after applying
(y) any Specified NECA Reimbursements received by the Borrower in accordance with the proviso to Section 2.8(j) and (z) any cash proceeds released to the Borrower from the Escrow Account in accordance with the proviso to
Section 2.8(k))(the ‘Excess Amount’); and (ii) within 15 days of such levy or settlement, such Group Member fails to (A) raise Net Cash Proceeds from the issuance or Sale by such Group Member of its own Stock
in an amount equal to the Excess Amount (after giving effect to any prepayment required by Section 2.8(i) and excluding the December 2009 Equity Investment) and (B)(1) pay such fine, charge, penalty, fee or settlement or (2) if such
fine, charge, penalty or fee is being appealed or contested, place on deposit in a Cash Collateral Account an amount equal to such fine, charge, penalty or fee.” 

(h) The Schedules to the Second Lien Credit Agreement are hereby further amended by adding new Schedule W-1 immediately following
Schedule P-1 thereof in the form attached hereto as Schedule W-1. 
 (i) Exhibit G of the Second Lien Credit Agreement
is hereby amended by deleting such Exhibit G in its entirety and substituting in lieu thereof new Exhibit G attached hereto as Exhibit B. 

5. Remedies. This Amendment shall constitute a Loan Document. The breach by any Loan Party of any covenant or agreement in this
Amendment (including Section 3 hereof) shall constitute an immediate Event of Default hereunder and under the other Loan Documents after giving effect to any grace or cure periods set forth therein. 

6. Representations and Warranties. To induce Administrative Agent and the Required Lenders to enter into this Amendment, the
Borrower (and, to the extent set forth in any other Loan Document, each other Loan Party) hereby jointly and severally represents and warrants that: 

(a) The execution, delivery and performance by each Loan Party of this Amendment and the performance of the Second Lien Credit Agreement
as amended by this Amendment (the “Amended Second Lien Credit Agreement”) (i) are within such Loan Party’s corporate or similar powers and, at the time of execution thereof, have been duly authorized by all necessary
corporate and similar action (including, if applicable, consent of the holders of its Securities), (ii) do not (A) contravene such Loan Party’s Constituent Documents, (B) violate any material Requirement of Law in any material
respect, (C) in any material respect, conflict with, contravene, constitute a default or breach under any 
  

 10 

 
material Contractual Obligation of any Loan Party or any of its Subsidiaries, or result in or permit the termination or acceleration of any such material Contractual Obligation, or
(D) result in the imposition of any Lien (other than a Permitted Lien) upon any property of any Loan Party or any of its Subsidiaries and (iii) do not require any Permit of, or filing with, any Governmental Authority or any consent of, or
notice to, any Person. 
 (b) From and after its delivery to the Administrative Agent, this Amendment has been duly executed
and delivered to the other parties hereto by each Loan Party party hereto and this Amendment and the Amended Second Lien Credit Agreement are each the legal, valid and binding obligation of such Loan Party and are each enforceable against such Loan
Party in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally or by general equitable principles relating to
enforceability. 
 (c) No Default or Event of Default has occurred and is continuing after giving effect to this Amendment.

 (d) Except for the Governmental Investigation, no action, claim or proceeding is now pending or, to the knowledge of any
Loan Party, threatened against any Loan Party, at law, in equity or otherwise, before any court, board, commission, agency or instrumentality of any federal, state, or local government or of any agency or subdivision thereof, or before any
arbitrator or panel of arbitrators, which (i) challenges any Loan Party’s right, power, or competence to enter into this Amendment or perform any of its obligations under this Amendment, the Amended Second Lien Credit Agreement or any
other Loan Document, or the validity or enforceability of this Amendment, the Amended Second Lien Credit Agreement or any other Loan Document or any action taken under this Amendment, the Amended Second Lien Credit Agreement or any other Loan
Document or (ii) if determined adversely, is reasonably likely to have or result in a Material Adverse Effect. 
 (e)
After giving effect to this Amendment and except with respect to the Governmental Investigation, the representations and warranties of the Borrower and the other Loan Parties contained in the Amended Second Lien Credit Agreement and each other Loan
Document are true and correct in all material respects (provided, that if any representation or warranty is by its terms qualified by concepts of materiality, such representation shall be true and correct in all respects) on and as of the
Fifth Amendment Effective Date hereof with the same effect as if such representations and warranties had been made on and as of such date, except that any such representation or warranty which is expressly made only as of a specified date need be
true only as of such date. 
 (f) The Borrower and the other Loan Parties have delivered, or caused to be delivered, to the
Administrative Agent, true, correct and complete copies of the Specified Subpoenas. The Borrower, directly or through its counsel, has disclosed to the Administrative Agent or its counsel, in writing or through telephonic meetings, all material
information regarding the status of the Governmental Investigations and any proposed settlements in connection therewith. 
 7.
No Amendments/Waivers. The Second Lien Credit Agreement and the other Loan Documents shall continue to be in full force and effect in accordance with their respective terms and, except as expressly provided herein, shall be unmodified. In
addition, except as expressly provided herein, this Amendment shall not be deemed an amendment, consent or waiver of any term or condition of any Loan Document or a forbearance by the Administrative Agent or Lenders with respect to any right or
remedy which the Administrative Agent or Lenders may now or in the future have under the Loan Documents, at law or in equity or otherwise or be deemed to prejudice any rights or remedies which Administrative Agent or Lenders may now have or may have
in the future under or in connection with 
  

 11 

 
any Loan Document or under or in connection with any Default or Event of Default which may now exist or which may occur after the date hereof. 

8. Outstanding Indebtedness; Waiver of Claims. Each of the Borrower and the other Loan Parties hereby acknowledges and agrees that
as of the Fifth Amendment Effective Date the aggregate amount of Loans is $30,000,000 plus the applicable PIK interest as of the Fifth Amendment Effective Date, and that, as of the Fifth Amendment Effective Date, such principal amounts are payable
pursuant to the Second Lien Credit Agreement without defense, offset, withholding, counterclaim or deduction of any kind. Each of the Borrower and the other Loan Parties hereby acknowledges that it has no Claims (as hereinafter defined) arising out
of or relating to the Second Lien Credit Agreement or any other Loan Document (including, without limitation, as a result of credit having been extended thereunder) against the Administrative Agent or the Lenders and their respective employees,
agents, representatives, consultants, attorneys, fiduciaries, servants, officers, directors, partners, predecessors, subsidiary corporations, parent corporations and related corporate divisions and their respective successors and assigns (all of the
foregoing being the “Released Persons”) and hereby waives, releases, remises and forever discharges the Administrative Agent, each Lender and each other Released Person from any and all Claims of any and every character, known or
unknown, direct and/or indirect, at law or in equity, of whatsoever kind or nature, whether heretofore or hereafter arising, for or because of any matter or things done, omitted or suffered to be done by any Released Person prior to and including
the date hereof, and in any way directly or indirectly arising out of or relating to the Second Lien Credit Agreement or any other Loan Document. For purposes hereof, “Claims” shall mean all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits or claims which may be instituted or asserted against or incurred by such Released Person as the result of credit having been extended under the Second Lien Credit Agreement or any other Loan Document or
otherwise arising in connection with the transactions contemplated thereunder. 
 9. Fees and Expenses. 

(a) Anniversary Fee. The Borrower hereby agrees to pay to the Administrative Agent a non-refundable cash anniversary fee to be
allocated among the Lenders according to their Pro Rata Share of the Loans in an aggregate amount equal to (a) 0.75% multiplied by (b) the outstanding principal balance of the Loans (including accrued and unpaid PIK interest
thereon, if any) outstanding on June 30, 2011 (the “Anniversary Date”), which shall be fully earned and shall be due and payable on the Anniversary Date if the Loans (or any portion thereof) are outstanding on such date.

 (b) Expenses. Each of the Borrower and the other Loan Parties hereby reconfirms its respective obligations pursuant
to Section 11.3 of the Second Lien Credit Agreement and to pay and reimburse the Administrative Agent for all reasonable costs and expenses (including, without limitation, reasonable fees of legal counsel) incurred in connection with the
negotiation, preparation, execution and delivery of this Amendment and all other documents and instruments delivered in connection herewith. 

10. Affirmation of Existing Loan Documents. After giving effect to this Amendment, the Borrower and each Loan Party
(a) confirms and agrees that its obligations under each of the Loan Documents to which it is a party shall continue without any diminution thereof and shall remain in full force and effect on and after the date hereof, and (b) confirms and
agrees that the Liens granted pursuant to the Collateral documents to which it is a party shall continue without any diminution thereof and shall remain in full force and effect on and after the date hereof. 

11. Amendment to First Lien Credit Agreement. The Administrative Agent and the Required Lenders hereby consent as of the Fifth
Amendment Effective Date to the amendment of the First 
  

 12 

 
Lien Credit Agreement pursuant to the Fifth Amendment thereto in the form attached hereto as Exhibit C (the “Amendment to First Lien Credit Agreement”). 

12. Effectiveness. This Amendment shall become effective as of December 21, 2009 (the “Fifth Amendment Effective
Date”) only upon satisfaction in full in the judgment of Administrative Agent of each of the following conditions on or prior to the date hereof (it being acknowledged and agreed that upon the Fifth Amendment Effective Date, the amendment
provided for in Section 4(a)(vi) hereof shall be deemed effective as of September 30, 2009): 
 (a)
Amendment. The Administrative Agent shall have received two (2) copies of this Amendment duly executed and delivered by the Administrative Agent, the Required Lenders, the Borrower and the other Loan Parties. 

(b) Payment of Fees and Expenses. Borrower shall have paid to the Administrative Agent all costs, fees and expenses owing in
connection with this Amendment and the other Loan Documents and due to Administrative Agent (including, without limitation, reasonable legal fees and expenses of legal counsel). 

(c) December 2009 Equity Investment. The Administrative Agent shall have received (i) evidence satisfactory to the
Administrative Agent that the Borrower shall have received at least $5,000,000 in gross cash proceeds from the December 2009 Equity Investment (including the Investment made by members of the Investment Group in the aggregate amount of $2,000,000 on
December 14, 2009) on terms satisfactory to the Administrative Agent and (ii) copies of all documents executed and delivered in connection with the December 2009 Equity Investment. 

(d) Resolutions; Incumbency Certificate. The Administrative Agent shall have received (i) resolutions of each Loan
Party’s board of directors or other appropriate governing body approving and authorizing the execution, delivery and performance of this Amendment by such Loan Party and (ii) signatures and incumbency certificates of the officers of each
Loan Party executing this Amendment, certified as of the Fifth Amendment Effective Date by each of such Loan Party’s corporate secretary or other officer of such Loan Party in charge of maintaining books and records as being true, accurate,
correct and complete, each in form and substance reasonably satisfactory to the Administrative Agent. 
 (e) Amendment to
First Lien Credit Agreement. The Administrative Agent shall have received two (2) copies of the Amendment to First Lien Credit Agreement, dated as of the date hereof, duly executed and delivered by the parties signatories thereto and
effective in accordance with the terms thereof in form and substance satisfactory to the Administrative Agent. 
 (f)
Amendment to Intercreditor Agreement. The Administrative Agent shall have received two (2) copies of the Second Amendment to the Intercreditor Agreement, dated as of the date hereof, duly executed and delivered by the Administrative
Agent and the First Lien Agents, and acknowledged by the Borrower and the other Loan Parties, in the form attached hereto as Exhibit D (“Amendment to Intercreditor Agreement”). 

13. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 14. Counterparts. This Amendment may be executed by the parties hereto on any number of separate counterparts and all
of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 [Signature pages follow]

  

 13 

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

			
	PURPLE COMMUNICATIONS, INC., as
Borrower
		
	By:	 	 /s/ John R. Ferron

	Name:	 	John R. Ferron
	Title:	 	Chief Financial Officer & Chief Operating Officer

Each of the undersigned Loan Parties hereby 

(i) acknowledges this Amendment and 

(ii) confirms and agrees that its obligations 

under the Loan Documents 
 shall continue without
any diminution thereof 
 and shall remain in full force and effect on 

and after the effectiveness of this Amendment. 
  

			
	ACKNOWLEDGED, CONSENTED and
AGREED to as of the date first written above.
	
	PURPLE LANGUAGE SERVICES CO.
		
	By:	 	 /s/ John R. Ferron

	Name:	 	John R. Ferron
	Title:	 	Chief Financial Officer & Chief Operating Officer
	
	PURPLE RELAY SERVICES CO.
		
	By:	 	 /s/ John R. Ferron

	Name:	 	John R. Ferron
	Title:	 	Chief Financial Officer & Chief Operating Officer

  

 14 

			
	ADMINISTRATIVE AGENT AND LENDERS:
	
	CLEARLAKE CAPITAL GROUP, L.P., as
Administrative Agent
	By: CCG Operations, LLC, its general partner
		
	By:	 	 /s/ Behdad Eghbali

	Name:	 	Behdad Eghbali
	Title:	 	Manager
	
	RESERVOIR CAPITAL PARTNERS, L.P.,
as Lender
	By: RCP GP, LLC, its general partner
		
	By:	 	 /s/ Gregg Zeitlin

	Name:	 	Gregg Zeitlin
	Title:	 	Senior Managing Director
	
	RESERVOIR CAPITAL INVESTMENT
PARTNERS, L.P., as Lender
	By: RCIP GP, LLC, its general partner
		
	By:	 	 /s/ Gregg Zeitlin

	Name:	 	Gregg Zeitlin
	Title:	 	Senior Managing Director
	
	RESERVOIR CAPITAL MASTER FUND II, L.P.,
as Lender
	By: Reservoir Capital Group, L.L.C., its general partner
		
	By:	 	 /s/ Gregg Zeitlin

	Name:	 	Gregg Zeitlin
	Title:	 	Senior Managing DirectorLoan Agreement dated as of December 16, 2009

 Exhibit 4(b)1 

LOAN AGREEMENT 

between 
 HTCC
HOLDCO I B.V. 
 as Borrower 

and 

HUNGARIAN TELECOM FINANCE INTERNATIONAL LIMITED 

as Lender 
 and

 INVITEL HOLDINGS A/S 

as Parent 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
			
	1.	  	DEFINITIONS AND INTERPRETATION	  	3
			
	2.	  	THE ADVANCES	  	7
			
	3.	  	INTEREST	  	7
			
	4.	  	CHANGES TO THE CALCULATION OF INTEREST	  	9
			
	5.	  	INTEREST PERIODS AND PAYMENTS	  	10
			
	6.	  	REPAYMENT	  	11
			
	7.	  	SET-OFF	  	11
			
	8.	  	REPRESENTATIONS	  	11
			
	9.	  	UNDERTAKINGS	  	12
			
	10.	  	EVENTS OF DEFAULT	  	13
			
	11.	  	FEES AND EXPENSES	  	14
			
	12.	  	NOTICES	  	15
			
	13.	  	AMENDMENTS	  	16
			
	14.	  	ASSIGNMENT AND TRANSFER	  	16
			
	15.	  	SEVERABILITY	  	16
			
	16.	  	PARTIAL INVALIDITY	  	16
			
	17.	  	REMEDIES AND WAIVERS	  	17
			
	18.	  	CALCULATIONS AND CERTIFICATES	  	17
			
	19.	  	LAW	  	17
			
	20.	  	JURISDICTION	  	17
			
	21.	  	SERVICE OF PROCESS	  	17
			
	22.	  	INCONVENIENT FORUM	  	18
			
	23.	  	WAIVER OF IMMUNITY	  	18
			
	24.	  	WAIVER OF TRIAL BY JURY	  	18
			
	25.	  	COUNTERPARTS	  	18
			
	26.	  	RIGHTS OF THIRD PARTIES	  	18

 THIS AGREEMENT is made on 16 December 2009 

BETWEEN: 
  

	(1)	HTCC HOLDCO I B.V., a company incorporated in The Netherlands (with registered number 34271024) with its registered office at Parnassustoren, Locatellikade 1,
1076 AZ Amsterdam, The Netherlands (the “Borrower”); 

  

	(2)	HUNGARIAN TELECOM FINANCE INTERNATIONAL LIMITED, a company incorporated in the Cayman Islands (registered number 230377) whose registered address is situated at
Ogier Fiduciary Services (Cayman) Limited, Queensgate House, South Church Street, PO Box 1234, Grand Cayman KY1-1108, Cayman Island (the “Lender”); and 

 

	(3)	INVITEL HOLDINGS A/S, a company incorporated under the laws of Denmark with CVR number 31586224 and having its registered office at Teglholmsgade 1, DK-2450
Copenhagen SV, Denmark (the “Parent”). 

 IT IS AGREED as follows: 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement:

 “Advance 1” means the amount of EUR133,937,095.61 due by the Borrower to the Lender as the purchase price for the rights of
the Lender under the Loan Agreement, dated 2 November 2009, between the Lender as lender, Magyar Telecom B.V. (“Magyar”) as borrower and the Parent, which rights have been or will be assigned by the Lender to the Borrower on
the date of this Agreement pursuant to the Novation Agreement, dated the date hereof, among the Borrower, the Lender, Magyar, Matel Holdings N.V. and the Parent. 

“Advance 2” means EUR157,520,342.30, being the principal and interest due in respect of certain PIK Notes due by the Borrower to the
Lender as of the date of this Agreement, in respect of which the Borrower and the Lender wish to enter into a new agreement relating to the terms of repayment thereof, which new obligation will be designated as “Advance 2” under
this Agreement, with the PIK Notes which formerly represented such obligation being cancelled promptly following execution of this Agreement. 

“Advance 1 Interest Rate” means 20 per cent. per annum above EURIBOR for the relevant Interest Period. 

“Advance 2 Interest Rate” means 10.25 per cent. per annum above EURIBOR for the relevant Interest Period. 

“Advances” means Advance 1 and Advance 2 and “Advance” means either of them. 

“Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of
that Holding Company. 

 “Break Costs” means the amount (if any) by which: 

 

	(a)	the interest which the Lender should have received for the period from the date of receipt of all or any part of its participation in the Advances or an Unpaid Sum to
the last day of the current Interest Period in respect of the Advances or that Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period; 

exceeds: 
  

	(b)	the amount which the Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in
the European interbank market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period. 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Cayman Islands,
Budapest, Paris and Amsterdam and (in relation to any date for payment or purchase of euro) which is also a TARGET Day. 

“Encumbrance” means any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment by way of security, trust
arrangement or security interest of any kind securing any obligation of any person (including without limitation title transfer and/or retention arrangements having similar effect). 

“EURIBOR” means, in relation to the Advances: 
  

	(a)	the applicable Screen Rate; or 

  

	(b)	(if no Screen Rate is available for the relevant Interest Period) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Lender at
its request quoted by the Reference Banks to leading banks in the European interbank market, 

 as of 11 a.m. (Brussels time) on
the Quotation Day for the offering of deposits in euro for a period comparable to the relevant Interest Period. If EURIBOR is calculated pursuant to paragraph (b) of this definition, the Lender shall promptly provide the Borrower with details
of the relevant calculation. 
 “Event of Default” means any of the events or circumstances specified in Clause 10 (Events
of Default). 
 “Holding Company” means, in relation to any particular person, any person of which such particular person
is a Subsidiary. 
 “Interest Period” means each period determined in accordance with Clause 3 (Interest Periods and
Payment). 
 “Interest Rate” means the Advance 1 Interest Rate and the Advance 2 Interest Rate, as applicable. 

 “Legal Reservations” means: 

 

	(a)	the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency,
reorganisation and other laws generally affecting the rights of creditors; 

  

	(b)	the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of UK stamp
duty may be void and defences of set-off or counterclaim; and 

  

	(c)	similar principles, rights and defences under the laws of any Relevant Jurisdiction. 

“Limitation Acts” means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984. 

“Maturity Date” means 15 December, 2024. 

“Month” means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar
month, except that: 
  

	(a)	(subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month
in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; 

  

	(b)	if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar
month; and 

  

	(c)	if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that
Interest Period is to end. 

 “Parent Group” means the Parent and its Subsidiaries from time to time. 

“PIK Notes” means the EUR125,000,000 Floating Rate Senior PIK Notes Due 2013 originally issued by Invitel Holdings N.V. and in respect
of which the obligations of Invitel Holdings N.V. were subsequently assumed by the Borrower. 
 “Quotation Day” means, in
relation to any period for which an interest rate is to be determined, two TARGET Days before the first day of that period unless market practice differs in the European interbank market, in which case the Quotation Day will be determined by the
Lender in accordance with market practice in the European interbank Market (and if quotations would normally be given by leading banks in the European interbank market on more than one day, the Quotation Day will be the last of those days).

 “Reference Banks” means the principal offices in London of Credit Suisse International, JPMorgan Chase Bank, N.A. and The
Royal Bank of Scotland plc or such other banks as may be appointed by the Lender in consultation with the Borrower. 
 “Relevant
Jurisdiction” means each jurisdiction in which the Parent or the Borrower is incorporated or formed or in which such person has its principal place of business or owns any material assets or in which any action contemplated by this
Agreement takes place or is to take place. 

 “Screen Rate” means the percentage rate per annum determined by the Banking Federation of
the European Union for the relevant period, displayed on the appropriate page of the Telerate screen. If the relevant page is replaced or service ceases to be available, the Lender may specify another page or service displaying the appropriate rate
after consultation with the Borrower. 
 “Subordinated Debt” means, at any time, any present or future liability (actual or
contingent) payable, outstanding or owing under or in connection with any other indebtedness of: 
  

	 	(i)	the Parent or any Subsidiary of the Parent (other than the Borrower or a Subsidiary of the Borrower); or 

 

	 	(ii)	the Borrower that by its terms or by law is subordinated to the Advances (other than any indebtedness of the Borrower owed to a Subsidiary of the Borrower),

 in each case, whether or not matured and whether or not liquidated. 

“Subordinated Event of Default” means any event of default (however described) under any document pursuant to which any Subordinated
Debt is issued, made available or outstanding from time to time. 
 “Subsidiary” of a person means any company or entity
directly or indirectly controlled by such person, for which purpose “control” means either ownership of more than 50 per cent. of the voting share capital (or equivalent right of ownership) of such company or entity or
power to direct its policies and management whether by contract or otherwise or the right to receive more than 50 per cent. of any distributions (of whatever nature) made in respect of the share capital or other ownership interests of such
company or entity. 
 “TARGET” means Trans-European Automated Real-time Gross Settlement Express Transfer payment system which
utilises a single shared platform and which was launched on 19 November, 2007. 
 “TARGET Day” means any day on which
TARGET is open for the settlement of payments in euro. 
 “Tax Deduction” means a deduction or withholding for or on account of
tax from a payment under this Agreement. 
 “Unpaid Sum” means any sum due and payable but unpaid by the Borrower under this
Agreement. 
  

	1.2	Interpretation 

  

	 	(a)	References in this Agreement to (or to any provisions of, or definitions contained in) this Agreement or any other document shall be construed as references to this
Agreement, that provision or definition, or document in force for the time being and as amended from time to time. 

  

	 	(b)	Headings are for ease of reference only and shall be ignored in the interpretation of this Agreement. 

	 	(c)	In this Agreement, unless the context otherwise requires: 

  

	 	(i)	a reference to the Parent, the Borrower or the Lender shall be construed so as to include its successors in title, permitted assigns and permitted transferees;

  

	 	(ii)	references to clauses are to be construed as references to the clauses of this Agreement; 

 

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

  

	 	(iv)	references to persons shall include any firm, body corporate, company, government, state or agency of a state or any association or partnership (whether or not having
separate legal personality) of any two or more of the foregoing; and 

  

	 	(v)	references to indebtedness shall include any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future,
actual or contingent. 

  

	2.	THE ADVANCES 

  

	2.1	Subject to the terms and conditions of this Agreement, the Borrower agrees that it will repay Advance 1 to the Lender in accordance with the terms and conditions of
this Agreement. 

  

	2.2	Subject to the terms and conditions of this Agreement, the Borrower agrees that it will repay Advance 2 to the Lender in accordance with the terms and conditions of the
Agreement, as a result the Lender and the Borrower will procure that EUR 157,520,342.30 in PIK Notes (being the principal and interest due in respect of certain PIK Notes due by the Borrower to the Lender as of the date of this Agreement and
corresponding to the amount of Advance 2) held by the Lender will be cancelled promptly following execution of this Agreement. 

  

	3.	INTEREST 

  

	3.1	Interest on Advance 1 during each Interest Period will be calculated at the Advance 1 Interest Rate for that Interest Period. 

 

	3.2	Interest on Advance 2 during each Interest Period will be calculated at the Advance 2 Interest Rate for that Interest Period. 

 

	3.3	Interest shall accrue in euro, on a daily basis on the principal amount of each Advance outstanding and shall be payable in accordance with Clause 3.4 or, as the case
may be, Clause 3.5 below. 

  

	3.4	If requested by the Lender at least 2 Business Days prior to the last day of the applicable Interest Period (or on such later date as the Borrower may agree), on the
last day of an Interest Period, the interest accrued during that Interest Period shall be capitalised and added to the amount of each Advance. Any such accrued interest shall, after being so capitalised, be treated as part of the principal amount of
each Advance and shall bear interest and shall be payable in accordance with the provisions of this Agreement. 

	3.5	If the Lender does not request that interest accrued during an Interest Period be capitalised in accordance with Clause 3.4 above: 

 

	 	(a)	such accrued interest (together with any other accrued and unpaid interest that has not been capitalised) shall be paid in full on the earlier of (i) the Maturity
Date and (ii) the date on which each Advance is repaid in full (and for the avoidance of doubt such accrued interest shall not at any time be treated as part of the outstanding amount of the relevant Advance); and 

 

	 	(b)	the Borrower shall pay to the Lender, on the earlier of (i) the Maturity Date and (ii) the date on which each Advance is repaid in full, a fee equal to the
additional amount of interest which would have accrued and/or been payable during the term of this Agreement had the Lender requested that such accrued interest be capitalised in accordance with Clause 3.4 above (the amount of such fee to be
calculated by the Lender and notified, together with details of the relevant calculation, to the Borrower as soon as reasonably practicable prior to (and in any event, provided that the Borrower provides the Lender with at least 4 Business Days
notice of the relevant payment date, not less than 2 Business Days prior to) the date on which that fee is payable). 

  

	3.6	In addition and without prejudice to any fee or other amount payable pursuant to Clause 3.5 above: 

 

	 	(a)	Advance 1: on a prepayment or repayment (in whole or in part) of any amount of Advance 1, the Borrower shall pay to the Lender on the date of such
prepayment or repayment a fee (the “Advance 1 Repayment Fee”) equal to 4.5 per cent. of the principal amount of Advance 1 so prepaid or repaid (excluding interest capitalised pursuant to Clause 3.4 and provided that amounts
paid pursuant to Clause 3.5(b) will not be treated as a repayment of principal). 

  

	 	(b)	Advance 2: on a prepayment or repayment (in whole or in part) of any amount of Advance 2, the Borrower shall pay to the Lender on the date of such
prepayment or repayment the prepayment and repayment prices set out below, together with any accrued and un-capitalised interest up to and including the date of such prepayment or repayment. 

 

				
	 Repayment date
	  	Prepayment and
repayment price	 
	 15 July 2009 to 14 July 2010
	  	102	% 
	 15 July 2010 to 14 July 2011
	  	101	% 
	 15 July 2011 and thereafter
	  	100	% 

  

	3.7	The Borrower shall make all payments to be made by it to the Lender under this Agreement without a Tax Deduction, unless a Tax Deduction is required by law.

	3.8	If a Tax Deduction is required by law to be made by the Borrower, the amount of the payment due from the Borrower shall be increased to an amount which (after making
any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

	3.9	If the Borrower is required to make a Tax Deduction, the Borrower shall make that Tax Deduction and any payment required in connection with that Tax Deduction within
the time allowed and in the minimum amount required by law. Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Borrower shall deliver to the Lender evidence satisfactory to the Lender
that the Tax Deduction has been made or, as applicable, the appropriate payment paid to the relevant tax authority. 

  

	3.10	The Borrower shall on demand pay to the Lender an amount equal to the loss, liability or cost which the Lender determines will be or has been directly or indirectly
suffered for or on account of tax (including any stamp duty, registration or other similar tax) by the Lender in respect of this Agreement provided that such loss, liability or cost does not result from the failure of the Lender to make any filing
or perform any other administrative act or from any unreasonable delay in making a filing or performing administrative acts, in each case, to the extent that such filing or act is within the control of the Lender. 

 

	3.11	All interest shall be calculated on the basis of a 360 day year and on the actual number of days elapsed. 

 

	3.12	If the Borrower fails to pay any amount payable by it under this Agreement on its due date, interest shall accrue on the overdue amount from the due date up to the date
of actual payment (both before and after judgment) at a rate which is 1 per cent. per annum higher than the Interest Rate applicable to each Advance from time to time. Each Interest Period in respect of any overdue amount will be determined in
accordance with Clause 5.2. Any interest accruing under this Clause 3.12 shall be immediately payable by the Borrower on demand by the Lender. 

  

	3.13	All consideration expressed to be payable under this Agreement by any party to the Lender shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply
made by the Lender to any party in connection with this Agreement, that party shall pay to the Lender (in addition to and at the same time as paying the consideration) an amount equal to the amount of the VAT. Where this Agreement requires any party
to reimburse the Lender for any costs or expenses, that party shall also at the same time pay and indemnify the Lender against all VAT incurred by the Lender in respect of the costs or expenses to the extent that the Lender reasonably determines
that it is not entitled to credit or repayment of the VAT. 

	4.	CHANGES TO THE CALCULATION OF INTEREST 

  

	4.1	Subject to Clause 4.2 below, if EURIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 11 a.m. (Brussels
time) on the Quotation Day, the applicable EURIBOR shall be determined on the basis of the quotations of the remaining Reference Banks. 

  

	4.2	If a Market Disruption Event occurs in relation to any Interest Period, then the Lender shall promptly notify the Borrower of such event and the rate of interest on the
relevant Advance for that Interest Period shall be the rate per annum which is the sum of: 

  

	 	(a)	(i) in relation to Advance 1, 20 per cent. per annum; and (ii) in relation to Advance 2, 10.25 per cent. per annum; and 

 

	 	(b)	the rate notified to the Borrower by the Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that
which expresses as a percentage rate per annum the cost to the Lender of funding its participation in an Advance from whatever source it may reasonably select (for this purpose, excluding from the cost of funding any contractual margin over EURIBOR
payable by the Lender (or its Affiliates, as applicable) on its own financing facilities). 

  

	4.3	In this Agreement “Market Disruption Event” means: 

  

	 	(a)	at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate is not available and none or only one of the Reference Banks supplies a rate to
the Lender to determine EURIBOR for the relevant Interest Period; or 

  

	 	(b)	before close of business in Paris on the Quotation Day for the relevant Interest Period, the Lender notifies the Borrower that the cost to it of obtaining matching
deposits in the European interbank market would be in excess of EURIBOR. 

  

	4.4	If a Market Disruption Event occurs and the Lender or the Borrower so requires, the Lender and the Borrower shall enter into negotiations (for a period of not more than
thirty days) with a view to agreeing a substitute basis for determining the rate of interest. 

  

	4.5	The Borrower shall, within 3 Business Days of demand by the Lender (such demand to be accompanied by a certificate stating the amount and calculation of the relevant
Break Costs), pay to the Lender its Break Costs attributable to all or any part of an Advance or any Unpaid Sum being paid by the Borrower on a day other than the last day of an Interest Period for such Advance or that Unpaid Sum.

  

	5.	INTEREST PERIODS AND PAYMENTS 

  

	5.1	The first Interest Period in respect of each Advance will start on the date of this Agreement and (i) in relation to Advance 1, end on the date six (6) Months
after the date of this Agreement; and (ii) in relation to Advance 2, end on the date three (3) Months after the date of this Agreement. Subject to Clause 5.2 below, each subsequent Interest Period will start on the expiry of the preceding
Interest Period and (i) in relation to Advance 1, end on the date six (6) Months after such date; and (ii) in relation to Advance 2, end on the date three (3) Months after such date. 

	5.2	Any Interest Period which would otherwise extend beyond the Maturity Date shall expire on the Maturity Date. The Interest Period relating to any Unpaid Sum (including
any Interest Period starting on or after the Maturity Date) will be for such duration as is selected by the Lender (acting reasonably). 

  

	5.3	The Lender and the Borrower may enter into such other arrangements as they may agree for the adjustment of any Interest Period and/or the Interest Rate.

  

	5.4	Any payment obligation of the Borrower under this Agreement may be satisfied by the Parent or any of its Subsidiaries and any such payment shall be deemed to have been
made by the Borrower (in each case provided that (i) payment by any person other than the Borrower does not have any adverse consequences for the Lender and (ii) such payment would not result in a breach of Clause 10(a)).

  

	6.	REPAYMENT 

  

	6.1	The Borrower must repay the Advances (including all capitalised interest) in full on the Maturity Date together with all accrued interest and all other amounts due from
the Borrower under this Agreement. 

  

	6.2	If the Lender receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under this Agreement, the Lender shall apply
that payment towards the obligations of the Borrower in such order and in such manner as the Lender may in its sole discretion elect. Any application made by the Lender will override any appropriation by the Borrower. 

 

	7.	SET-OFF 

  

	7.1	The Lender may set off any matured obligation due from the Borrower under this Agreement against any matured obligation owed by the Lender to the Borrower, regardless
of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Lender may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the
set-off. 

  

	7.2	All payments to be made by the Borrower under this Agreement shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

  

	8.	REPRESENTATIONS 

  

	8.1	Each of the Parent and the Borrower represents and warrants to the Lender on the date of this Agreement that: 

 

	 	(a)	it is duly incorporated and validly existing under the laws of the jurisdiction of its incorporation or organisation; 

 

	 	(b)	 it has all requisite power to execute, deliver and perform its respective obligations under this Agreement and, in the case of the Borrower, to repay
the Advances upon the terms set forth in this Agreement; all necessary 

	 	 
corporate, shareholder or other action has been taken by it to authorise the execution, delivery and performance of the same; no limitation on the powers of the Borrower to borrow or to repay
advances will be exceeded as a result of the transactions contemplated by this Agreement; 

  

	 	(c)	this Agreement constitutes a legal, valid and binding obligation of each of the Parent and the Borrower, enforceable against each of the Parent and the Borrower in
accordance with the terms of this Agreement (subject to the Legal Reservations); 

  

	 	(d)	the entry into, exercise of its rights under and performance and compliance with its obligations under this Agreement do not conflict with: 

 

	 	(i)	any law or regulation applicable to it; 

  

	 	(ii)	its constitutional documents; or 

  

	 	(iii)	any agreement or instrument binding on it or any of its assets in any material respect; 

 

	 	(e)	under the law and practice at the date of this Agreement the Borrower is not required to make any withholding or deduction for or on account of tax from any payment to
be made to or for the account of the Lender under this Agreement; and 

  

	 	(f)	it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of this Agreement that it or any other instrument be notarised, filed,
recorded, registered or enrolled in any court, public office or elsewhere in any Relevant Jurisdiction or that any stamp, registration or similar tax or charge by paid in any Relevant Jurisdiction on or in relation to this Agreement and this
Agreement is in proper form for its enforcement in the courts of any Relevant Jurisdiction. 

  

	8.2	The representations and warranties in: 

  

	 	(a)	paragraphs (a) and (b) of Clause 8.1 shall be deemed to be repeated by each of the Parent and the Borrower on and as of the first day of each Interest Period
as if made by reference to the facts and circumstances existing on each such day; and 

  

	 	(b)	paragraphs (c), (d) and (f) of Clause 8.1 shall be deemed to be repeated by each of the Parent and the Borrower on and as of the date of any merger or other
consolidation of the Parent or the Borrower with any person as if made by reference to the facts and circumstances existing on each such day. 

	9.	UNDERTAKINGS 

  

	9.1	Each of the Parent and the Borrower undertakes to the Lender that, unless otherwise agreed in writing by the Lender, from the date of this Agreement and so long as any
monies are owing under this Agreement or remain available for drawing by the Borrower: 

  

	 	(a)	it will (and, in the case of the Parent, will procure each of its Subsidiaries will) ensure that the proceeds of any issue of shares, securities convertible into shares
or other equity or debt instruments (or any other raising of debt finance) by the Parent or any of its Subsidiaries which is a Holding Company of the Borrower (the “Proceeds”) are directly or indirectly applied in prepayment of the
Advances (together with all accrued interest and other amounts due or outstanding under this Agreement) within 3 Business Days of receipt by the relevant member of the Parent Group of such proceeds; and 

 

	 	(b)	it will not (and, in the case of the Parent, will procure that none of its Subsidiaries will) create, assume, incur or otherwise permit to be outstanding any
Subordinated Debt with a repayment or maturity date falling prior to 15 December 2024; and 

  

	 	(c)	upon the request of the Lender, it will execute and deliver such further documents and do such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Agreement. 

  

	9.2	In the event of any merger or other consolidation of the Parent or the Borrower with any person, the Parent and/or the Borrower, as the case may be, shall execute such
documents and take such action as the Lender may reasonably require so as to ensure that: 

  

	 	(a)	the successor entity remains bound by the terms of this Agreement as the Parent or, as the case may be, the Borrower; and 

 

	 	(b)	the Lender has the same rights against the successor entity as it would have acquired had the successor entity been an original party to this Agreement as the Parent
or, as the case may be, the Borrower. 

  

	9.3	Each of the Parent and the Borrower acknowledges and agrees that: 

  

	 	(a)	the Lender may be irreparably harmed by a breach of any term of this Clause 9 and damages may not be an adequate remedy; and 

 

	 	(b)	the Lender may be granted an injunction or specific performance for any threatened or actual breach of any term of this Agreement. 

 

	10.	EVENTS OF DEFAULT 

  

	  	If: 

  

	 	(a)	any amount due and payable under this Agreement is not paid on the due date in the currency and manner stipulated in this Agreement (unless the failure to pay is caused
by administrative or technical errors and payment is made promptly and in any event within 3 Business Days); or 

	 	(b)	(i) any administrative or other receiver is appointed of the Borrower or any part of its assets and/or undertakings or (ii) any other legal proceedings are taken
which are not irrevocably discharged or withdrawn within 28 days of the commencement thereof to enforce any Encumbrance over all or any part of the assets of the Borrower; or 

 

	 	(c)	the Borrower is declared bankrupt (in staat van faillissement verklaard) or enters into a preliminary or definitive moratorium (in voorlopige of definitive
surseance van betaling gaan) pursuant to the Dutch Bankruptcy Act (Faillissementswet); or 

  

	 	(d)	any steps are taken or negotiations commenced by the Borrower or by any of its creditors with a view to proposing any kind of composition, compromise or arrangement
involving the Borrower and any group or class of its creditors generally; or 

  

	 	(e)	any petition is presented and is not discharged within 14 days or other step is taken for the purpose of winding up the Borrower (not being a petition which the
Borrower can demonstrate to the satisfaction of the Lender, by providing an opinion of counsel (acceptable to the Lender (acting reasonably)) to that effect, is frivolous, vexatious or an abuse of the process of the court or relates to a claim to
which the Borrower has a good defence and which is being vigorously contested by the Borrower) or an order is made or resolution passed for the winding up of the Borrower or a notice is issued convening a meeting for the purpose of passing any such
resolution other than for the purpose of an amalgamation or reconstruction previously approved in writing by the Lender; or 

  

	 	(f)	there occurs, in relation to the Borrower in any country or territory in which it carries on business or to the jurisdiction of which courts any part of its assets is
subject, any event which corresponds with, or has an effect equivalent or similar to, any of those mentioned in paragraphs (b) to (e) inclusive or the Borrower (subject always to equivalent grace periods as are referred to in such
clauses being exceeded) otherwise becomes subject, in any such country or territory, to the operation of any law relating to insolvency, bankruptcy or liquidation, 

then, in any such event and at any time thereafter, the Lender may, in its sole discretion, by notice in writing to the Borrower declare
all or any part of each Advance, together with accrued interest and all other amounts accrued, due or outstanding under this Agreement, to be immediately due and payable and, upon such declaration, such sums shall become immediately due without
further demand or other notice of any kind, all of which are hereby expressly waived by the Borrower. 
  

	11.	FEES AND EXPENSES 

  

	11.1	The Borrower will promptly on demand pay to the Lender the amount of all costs and expenses (including legal fees) reasonably incurred by the Lender in connection with
the negotiation, preparation, printing and execution of this Agreement. 

	11.2	If the Borrower requests an amendment, waiver or consent under this Agreement the Borrower shall, within three Business Days of demand: 

 

	 	(a)	reimburse the Lender for the amount of all costs and expenses (including reasonable legal fees) reasonably incurred by the Lender in responding to, evaluating,
negotiating or complying with that request; and 

  

	 	(b)	the Borrower shall, within three Business Days of demand, pay to the Lender the amount of all costs and expenses (including reasonable legal fees) incurred by the
Lender in connection with the enforcement of, or the preservation of any rights under, this Agreement. 

  

	11.3	The Borrower hereby irrevocably authorises the Lender to add any amount payable pursuant to Clause 11.1 above (subject to the limit set out therein) to the amount of
Advance 2. 

  

	12.	NOTICES 

  

	12.1	Any communication in connection with this Agreement must be in writing and, unless otherwise stated, may be given in person, by post or fax, or any other electronic
communication approved by all the parties to this Agreement. 

  

	12.2	The address and facsimile numbers of the Lender for all notices under, or in connection with, this Agreement are: 

Hungarian Telecom Finance International Limited 

Ogier Fiduciary Services (Cayman) Limited, 

Queensgate House, 

South Church Street, 

PO Box 1234, Grand Cayman KY1-1108, 

Cayman Island 

Attention: Mark Tanguy 
  

	12.3	The address and facsimile numbers of the Borrower for all notices under, or in connection with, this Agreement are: 

c/o Invitel Zrt. 

Puskás Tivadar utca 8-10 

2040 Budaörs Hungary 

Attention: Chief Financial Officer 

Facsimile No: +36 1801 1363 

or such other as the Borrower may notify to the Lender by not less than ten (10) days’ notice. 

	12.4	The address and facsimile numbers of the Parent for all notices under, or in connection with, this Agreement are: 

c/o Invitel Zrt. 

Puskás Tivadar utca 8-10 

2040 Budaörs Hungary 

Attention: Chief Financial Officer 

Facsimile No: +36 1801 1363 

or such other as the Parent may notify to the Lender by not less than ten (10) days’ notice. 

 

	12.5	Any communication to be made or delivered pursuant to this Agreement shall only be effective: 

 

	 	(a)	if by way of facsimile, when received legibly by the recipient; or 

  

	 	(b)	if by way of letter, when left at the relevant address or (as the case may be) two days after being deposited in the post first class postage prepaid in an envelope
addressed to it at that address, 

 and, if addressed to the department or officer specified in Clause 12.2, 12.3
or 12.4 (as the case may be) above. 
  

	12.6	Any notice given under or in connection with this Agreement must be in English. 

 

	13.	AMENDMENTS 

 No amendment,
waiver, supplementation or modification in relation to this Agreement shall be effective unless such amendment, waiver, supplementation or modification is entered into in writing and signed, in the case of an amendment, supplementation or
modification, by all the parties hereto and, in the case of a waiver, by the party against whom the waiver is to be effective. 
  

	14.	ASSIGNMENT AND TRANSFER 

  

	14.1	Neither the Parent nor the Borrower may assign any of its rights or benefits or transfer any of its rights, benefits or obligations under this Agreement without the
prior written consent of the Lender. 

  

	14.2	The Lender may assign any of its rights and benefits and/or transfer (by novation or otherwise) any of its rights, benefits and obligations under this Agreement to, or
enter into any sub-participation or similar arrangement in relation to this Agreement. 

  

	15.	SEVERABILITY 

 If a
provision in this Agreement becomes illegal, invalid or unenforceable in any jurisdiction, that shall not effect the validity or enforceability in that jurisdiction or any other provision of this Agreement or the validity or enforceability in other
jurisdictions of that or any other provision of this Agreement. 

	16.	PARTIAL INVALIDITY 

 If,
at any time, any provision hereof 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 hereof nor the legality, validity or
enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby. 
  

	17.	REMEDIES AND WAIVERS 

 No
failure to exercise, nor any delay in exercising any right or remedy under this Agreement shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other
right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	18.	CALCULATIONS AND CERTIFICATES 

  

	18.1	In any litigation or arbitration proceedings arising out of or in connection with this Agreement, the entries in the accounts maintained by the Lender are prima
facie evidence of the matters to which they relate. 

  

	18.2	Any certificate or determination by the Lender of a rate or amount under this Agreement is, in the absence of manifest error, conclusive evidence of the matters to
which it relates. 

  

	19.	LAW 

 This Agreement and
non-contractual obligations connected with it are governed by English law. 
  

	20.	JURISDICTION 

  

	20.1	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement) (a “Dispute”). 

  

	20.2	The parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no party will argue to the contrary.

  

	20.3	This Clause 20 and Clause 22 below are for the benefit of the Lender only. As a result, nothing in this Agreement shall (or shall be construed so as to) limit the right
of the Lender to take proceedings against the Borrower in the courts of any country in which the Borrower has assets or in any other court of competent jurisdiction nor shall the takings of proceedings in any one or more jurisdictions preclude the
Lender from taking proceedings in any other jurisdiction (whether concurrently or not) if and to the extent permitted by applicable law. 

	21.	SERVICE OF PROCESS 

Without prejudice to Clause 20.3 above, each party accordingly submits irrevocably to the jurisdiction of the English courts. Without
prejudice to any other mode of service: 
  

	 	(a)	the Borrower irrevocably appoints Law Debenture Corporate Services Limited and the Lender irrevocably appoints Ogier Corporate Services (UK) Limited as their respective
agents for service of process in relation to any proceedings before the English courts in connection with this Agreement; 

  

	 	(b)	the parties agree to maintain such an agent for service of process in England for so long as any amount is outstanding under this Agreement; 

 

	 	(c)	the parties agree that failure by a process agent to notify such party of the process will not invalidate the proceedings concerned; 

 

	 	(d)	the parties consent to the service of process relating to any such proceedings by prepaid posting of a copy of the process to its address for the time being applying
under Clause 12 (Notices); and 

  

	 	(e)	the parties agree that if the appointment of any person mentioned in paragraph (a) above ceases to be effective, the relevant party shall immediately appoint a
further person in England to accept service of process on its behalf in England, and failing such appointment within fifteen (15) days, the other party is entitled to appoint such person by notice to the relevant party.

  

	22.	INCONVENIENT FORUM 

 The
Borrower waives any objection it may have now or hereafter to the laying of venue of any action or proceedings in any court or jurisdiction referred in Clause 20 (Jurisdiction) and any claim it may have now or hereafter that any action or
proceedings brought in such courts or jurisdiction has been brought in an inconvenient forum. 
  

	23.	WAIVER OF IMMUNITY 

 To
the extent the Borrower may in any jurisdiction claim for itself or its assets immunity from suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other legal process and to the extent that in any such
jurisdiction there may be attributed to itself or its assets such immunity (whether or not claimed), the Borrower hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity to the full extent permitted by the laws of such
jurisdiction. 
  

	24.	WAIVER OF TRIAL BY JURY 

Each party to this Agreement waives any right it may have to a jury trial of any claim or cause of action in connection with or arising
out of this Agreement or any transaction contemplated by this Agreement. This Agreement may be filed as a written consent to trial by court. 
  

	25.	COUNTERPARTS 

 This
Agreement may be executed in several counterparts, each of which is an original, but all of which together constitute one and the same instrument. 

	26.	RIGHTS OF THIRD PARTIES 

No person who is not a party to this Agreement shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce a
term of this Agreement. 

 SIGNATURES 

THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 

 

	
	BORROWER
	
	HTCC HOLDCO I B.V.
	
	 / Szabolcs Gall/

	 By: Szabolcs Botond Gall

	 Title: Director

	
	 /Timo Johannes van Rijn/

	 By: Timo Johannes van Rijn

	 Title: Director

	
	LENDER
	
	 / Mark Tanguy/

	 By: Mark Tanguy

	 Title: Director

	
	PARENT
	
	INVITEL HOLDINGS A/S
	
	/Martin Lea/
	By: Martin Lea
	Title: CEO
	
	/Rob Bowker/
	By: Rob Bowker
	Title: CFO

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