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Exhibit 4.3    
    

 
 

PLEDGE AGREEMENT    
    

dated as of  

 December 26, 2002  

 between  

 QWEST COMMUNICATIONS INTERNATIONAL INC.  

 and  

 BANK ONE TRUST COMPANY, N.A.,

as Collateral Agent  

  

 
 

TABLE OF CONTENTS    
    

	 
	 	 
	 	Page

	Section 1.	 	Definitions	 	S-1
	

Section 2.	
 	

Grant of Transaction Liens	
 	

S-5
	

Section 3.	
 	

Further Assurances; General Covenants	
 	

S-6
	

Section 4.	
 	

Acknowledgment	
 	

S-7
	

Section 5.	
 	

Collateral Accounts	
 	

S-9
	

Section 6.	
 	

Certificated Securities	
 	

S-9
	

Section 7.	
 	

Operation of Collateral Accounts	
 	

S-10
	

Section 8.	
 	

Certain Cash Distributions	
 	

S-10
	

Section 9.	
 	

Remedies upon Event of Default	
 	

S-10
	

Section 10.	
 	

Application of Proceeds	
 	

S-10
	

Section 11.	
 	

Fees and Expenses; Indemnification	
 	

S-12
	

Section 12.	
 	

Authority to Administer Collateral	
 	

S-12
	

Section 13.	
 	

Limitation on Duty in Respect of Collateral	
 	

S-13
	

Section 14.	
 	

General Provisions Concerning the Collateral Agent	
 	

S-13
	

Section 15.	
 	

Termination of Transaction Liens; Release of Collateral	
 	

S-15
	

Section 16.	
 	

Additional Secured Obligations	
 	

S-15
	

Section 17.	
 	

Notices	
 	

S-16
	

Section 18.	
 	

No Implied Waivers; Remedies Not Exclusive	
 	

S-17
	

Section 19.	
 	

Successors and Assigns	
 	

S-17
	

Section 20.	
 	

Amendments and Waivers	
 	

S-17
	

Section 21.	
 	

Choice of Law	
 	

S-17
	

Section 22.	
 	

Waiver of Jury Trial	
 	

S-17
	

Section 23.	
 	

Severability	
 	

S-17

i

  

 
 

PLEDGE AGREEMENT    
    

        AGREEMENT dated as of December 26, 2002 among QWEST COMMUNICATIONS INTERNATIONAL INC. and BANK ONE TRUST COMPANY, N.A., as Collateral Agent for the
Existing 2008 Notes Trustee, as trustee for the holders of the Existing 2008 Notes and the QSC Notes Trustee, as trustee for the holders of the QSC Notes. 

        WHEREAS,
QSC has issued the QSC Notes pursuant to the QSC Notes Indenture; 

        WHEREAS,
QCII has guaranteed the QSC Notes pursuant to the QSC Notes Indenture (the "Guaranty"); 

        WHEREAS,
QCII has issued the Existing 2008 Notes pursuant to the Existing 2008 Note Indentures; 

        WHEREAS,
pursuant to the Existing 2008 Note Indentures, QCII is obligated to secure its obligations under the Existing 2008 Notes equally and ratably with the other Liens granted
hereunder; 

        WHEREAS,
QCII is willing to secure its obligations in respect of the New QCII Notes, the Guaranty and the Existing 2008 Notes pursuant to the Security Documents by granting Liens on
certain of its assets to the Collateral Agent as provided in the Security Documents; 

        WHEREAS,
the liens granted by QCII herein shall be equal and ratable with certain other liens granted by QCII to secure Additional Secured Obligations as more particularly set forth
herein. 

        NOW,
THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 

        Section 1.    Definitions.    

        (a)    Terms Defined in UCC.    As used herein, each of the following terms has the meaning specified in the UCC: 

	Term
 
	 	UCC

	Authenticate	 	9-102
	Certificated Security	 	8-102
	Entitlement Holder	 	8-102
	Securities Account	 	8-501
	Securities Intermediary	 	8-102
	Security Entitlement	 	8-102
	Supporting Obligations	 	9-102

        (b)    Additional Definitions.    The following additional terms, as used herein, have the following meanings: 

        "Account Control Agreement" means, with respect to any account, a blocked account agreement in favor of the Collateral Agent, all in form
and substance satisfactory to the Collateral Agent. 

        "Additional Secured Obligations" has the meaning specified in Section 16. 

        "Additional Secured Parties" means the holders of Additional Secured Obligations secured by this Agreement or the trustees or like
representatives thereof. 

        "Affiliate" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries,
controls or is controlled by or is under common control with such specified Person; provided that as used in this definition "control" means possession,
directly or 

S-1

 

indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. 

        "Bankruptcy Event" means any Event of Default described in: Sections 6.01(g) or (h) of the QSC Notes Indenture and any analogous
event of default under the Existing 2008 Note Indentures or any Secured Agreement governing Additional Secured Obligations relating to the bankruptcy or insolvency of QCII. 

        "Business Day" means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized by law
to close. 

        "Cash Distributions" means dividends, interest and other distributions and payments (including proceeds of liquidation, sale or other
disposition) made or received in cash upon or with respect to any Collateral. 

        "Class" means, as applied to the Secured Parties, each of the following three classes of Secured Parties: (i) the QSC Notes
Trustee; (ii) the Existing 2008 Notes Trustee; and (iii) the holders of any Additional Secured Obligations secured by this Agreement or the trustees or like representatives thereof. 

        "Collateral" means all property, whether now owned or hereafter acquired, on which a Lien is granted or purports to be granted to the
Collateral Agent pursuant to the Security Documents. 

        "Collateral Accounts" has the meaning specified in Section 5. 

        "Collateral Agent" means Bank One Trust Company, N.A., in its capacity as collateral agent hereunder. 

        "Contingent Secured Obligation" means, at any time, any Secured Obligation (or portion thereof) that is contingent in nature at such time,
including, without limitation, any Secured Obligation that is an obligation to provide additional collateral to secure a Secured Obligation, provided
that contingent obligations under general indemnification provisions or the like as to which no claim is pending or reasonably foreseeable shall not be treated as Contingent Secured Obligations for
purposes of the administration of this Agreement. 

        "Effective Date" means December 26, 2002. 

        "Equity Interest" means (i) in the case of a corporation, any shares of its capital stock, (ii) in the case of a limited
liability company, any membership interest therein, (iii) in the case of a partnership, any partnership interest (whether general or limited) therein, (iv) in the case of any other
business entity, any participation or other interest in the equity or profits thereof, (v) any warrant, option or other right to acquire any Equity Interest described in this definition or
(vi) any Security Entitlement in respect of any Equity Interest described in this definition. 

        "Event of Default" means any "Event of Default" under (and as such term is defined in) the QSC Note Indenture, the Existing 2008 Note
Indentures, or the Secured Agreements governing any Additional Secured Obligations. 

        "Existing 2008 Notes" are defined in the Existing 2008 Note Indentures. 

        "Existing 2008 Note Indentures" means the Indentures dated as of November 14, 1998 and November 27, 1998, each between QCII
and Deutsche Bank Trust Company Americas (f/k/a Bankers Trust Company), as the Existing 2008 Notes Trustee, with respect to the Existing 2008 Notes. 

        "Existing 2008 Notes Secured Obligations" means all obligations of QCII with respect to the Existing 2008 Notes pursuant to the Existing
2008 Note Indentures. 

S-2

 

        "Existing 2008 Notes Trustee" means Deutsche Bank Trust Company Americas or its successor as "Trustee" under the Existing 2008 Note
Indentures. 

        "FCC" means the Federal Communications Commission and any successor agency thereof. 

        "Governmental Authority" means the government of the United States, any other nation or any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 

        "Lien" means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, or any other
type of preferential arrangement that has the practical effect of creating a security interest, in respect of such asset. 

        "Liquid Investment" means a Permitted Investment (other than commercial paper) that matures within 30 days after it is first
included in the Collateral. 

        "Non-Contingent Secured Obligation" means at any time any Secured Obligation (or portion thereof) that is not a Contingent
Secured Obligation at such time. 

        "own" refers to the possession of sufficient rights in property to grant a security interest therein as contemplated by UCC
Section 9-203, and "acquire" refers to the acquisition of any such rights. 

        "Permitted Investments" means investments in: 

        (a)   direct
obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States (or by any agency thereof to the extent
such obligations are backed by the full faith and credit of the United States), in each case maturing within one year from the date of acquisition thereof; 

        (b)   commercial
paper maturing within one year from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from
Standard & Poor's or from Moody's Investors Service, Inc.; 

        (c)   certificates
of deposit, banker's acceptances and time deposits maturing within one year from the date of acquisition thereof issued or guaranteed by or placed with, and
money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the
United States or any State thereof which has a combined capital and surplus and undivided profits of at least $500,000,000; 

        (d)   fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a
financial institution satisfying the criteria described in clause (c) above; and 

        (e)   any
other investments made in compliance with the cash management investment policy of QCII with respect to cash investments, substantially as in effect on the Effective
Date. 

        "Person" means an individual, a corporation, a partnership, an association, a trust or any other entity or organization, including a
government or political subdivision or an agency or instrumentality thereof. 

        "Pledged", when used in conjunction with any type of asset, means at any time an asset of such type that is included (or that creates
rights that are included) in the Collateral at such time. For example, "Pledged Certificated Security" means a Certificated Security that is included in the Collateral at such time. 

        "Post-Petition Interest" means any interest that accrues after the commencement of any case, proceeding or other action
relating to the bankruptcy, insolvency or reorganization of the Issuer (or 

S-3

 

would
accrue but for the operation of applicable bankruptcy or insolvency laws), whether or not such interest is allowed or allowable as a claim in any such proceeding. 

        "Proceeds" means all proceeds of, and all other profits, products, rents or receipts, in whatever form, arising from the collection, sale,
lease, exchange, assignment, licensing or other disposition of, or other realization upon, any Collateral, including all claims of QCII against third parties for loss of, damage to or destruction of,
or for proceeds payable under, or unearned premiums with respect to, policies of insurance in respect of, any Collateral, and any condemnation or requisition payments with respect to any Collateral. 

        "PUC" means any commission, board or official (by whatever name designated) which under the laws of any State has regulatory jurisdiction
with respect to intrastate operations of QCII, QSC or QCF, or any of its Subsidiaries or Affiliates, with respect to such Person's business as a common carrier for hire,
in intrastate, interstate or foreign communication by wire or radio or intrastate, interstate or foreign radio transmission of energy. 

        "QCF" means Qwest Capital Funding, Inc., a Colorado corporation. 

        "QCF Equity Interest" means all Equity Interests of QCII in QCF. 

        "QCII" means Qwest Communications International Inc., a Delaware corporation. 

        "QSC" means Qwest Services Corporation, a Colorado corporation. 

        "QSC Equity Interest" means all Equity Interests of QCII in QSC. 

        "QSC Notes" means those certain senior subordinated secured Notes issued by QSC under the QSC Notes Indenture. 

        "QSC Notes Indenture" means the Indenture dated as of December 26, 2002 between QSC, the guarantors named therein and the QSC Notes
Trustee with respect to the QSC Notes. 

        "QSC Notes Secured Obligations" means all obligations of QCII with respect to the QSC Notes pursuant to the Guaranty. 

        "QSC Notes Trustee" means Bank One Trust Company, N.A. or its successor as "Trustee" under the QSC Notes Indenture. 

        "Regulated Entity" means a Person as to which the consent of a governmental body or official is required for any acquisition of control or
change of control thereof. 

        "Related Parties" means, with respect to any specified Person, such Person's Affiliates and the respective directors, officers, employees,
agents and advisors of such Person and its Affiliates. 

        "Secured Agreement", when used with respect to any Secured Obligation, refers collectively to each instrument, agreement or other document
that sets forth obligations of QCII, obligations of a guarantor and/or rights of the holder with respect to such Secured Obligation. 

        "Secured Obligations" means collectively (i) all Existing 2008 Notes Secured Obligations; (ii) all QSC Notes Secured
Obligations and (iv) all Additional Secured Obligations, all interest (including Post-Petition Interest) thereon and all other amounts now or hereafter payable by QCII in connection
therewith to the extent such Additional Secured Obligations are secured by this Agreement. 

        "Secured Parties" means (i) the Existing 2008 Notes Trustee, (ii) the QSC Notes Trustee and (iii) the holders of any
Additional Secured Obligations secured by this Agreement or the trustees or like representatives thereof. 

        "Security Documents" means this Agreement and all other supplemental or additional security agreements, control agreements or similar
instruments, as required hereby. 

S-4

 

        "Subsidiary" means, as to any Person, any corporation or other entity of which securities or other ownership interests having ordinary
voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. 

        "Transaction Liens" means the Liens granted by QCII under the Security Documents. 

        "UCC" means the Uniform Commercial Code as in effect from time to time in the State of New York;  provided that, if perfection or the effect of perfection or
non-perfection or the priority of any Transaction Lien on any Collateral is
governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York, "UCC" means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for
purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 

        "United States" means the United States of America, including the States and the District of Columbia, but excluding its territories and
possessions. 

        (a)    Terms Generally.    The definitions of terms herein (including those incorporated by reference to the UCC or to
another document) apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun includes the corresponding masculine, feminine and neuter forms.
The words "include", "includes" and "including" shall be
deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the
same meaning and effect as the word "shall". Unless the context requires otherwise, (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person's successors and assigns,
(c) the words "herein", "hereof" and "hereunder",
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Sections, Exhibits and
Schedules shall be construed to refer to Sections of, and Exhibits and Schedules to, this Agreement and (e) the word "property" shall be
construed to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

        Section 2.    Grant of Transaction Liens.    

        (a)   QCII,
in order to secure its QSC Notes Secured Obligations, grants to the Collateral Agent for the benefit of the QSC Notes Trustee a continuing security interest, with
the priority in respect of proceeds of Collateral specified in Section 10, in all the following property of QCII (collectively, the "QSC Equity
Collateral"), whether now owned or existing or hereafter acquired or arising and regardless of where located: 

	(i)
	all
QSC Equity Interests;

	(ii)
	all
rights and privileges of QCII with respect to QSC Equity Interests and all dividends, distributions and other payments with respect to such QSC Equity Interests;
and

	(iii)
	all
Proceeds of the Collateral described in the foregoing clauses (i) and (ii). 

        (b)   QCII,
(x) in order to secure its Existing 2008 Notes Secured Obligations, grants to the Collateral Agent for the benefit of Existing 2008 Notes Trustee a
continuing security interest, with the priority in respect of proceeds of Collateral specified in Section 10, and (y) in order to secure those of its Additional Secured Obligations (if
any) that are designated in accordance with Section 16 to be secured by Transaction Liens on QSC Equity Collateral pursuant to this Agreement, grants to the Collateral Agent for the benefit of
the Additional Secured Parties a continuing security interest, with the priority in respect of proceeds of Collateral specified in Section 10, in each case, in all of the QSC 

S-5

 

Equity
Collateral, whether now owned or existing or hereafter acquired or arising and regardless of where located. 

        (c)   QCII,
in order to secure its QSC Notes Secured Obligations, grants to the Collateral Agent for the benefit of the QSC Notes Trustee a continuing security interest, with
the priority in respect of proceeds of Collateral specified in Section 10, in all the following property of QCII (collectively, the "QCF Equity
Collateral"), whether now owned or existing or hereafter acquired or arising and regardless of where located: 

	(i)
	all
QCF Equity Interests;

	(ii)
	all
rights and privileges of QCII with respect to QCF Equity Interests and all dividends, distributions and other payments with respect to such QCF Equity Interests;
and

	(iii)
	all
Proceeds of the Collateral described in the foregoing clauses (i) and (ii). 

        (d)   QCII,
(x) in order to secure its Existing 2008 Notes Secured Obligations, grants to the Collateral Agent for the benefit of the Existing 2008 Notes Trustee a
continuing security interest, with the priority in respect of proceeds of Collateral specified in Section 10, and (y) in order to secure those of its Additional Secured Obligations (if
any) that are designated in accordance with Section 16 to be secured by Transaction Liens on QCF Equity Collateral pursuant to this Agreement, grants to the Collateral Agent for the benefit of
the Additional Secured Parties a continuing security interest, with the priority in respect of proceeds of Collateral specified in Section 10, in each case, in all of the QCF Equity Collateral,
whether now owned or, existing or hereafter acquired or arising and regardless of where located. 

        (e)   With
respect to each right to payment or performance included in the Collateral from time to time, the Transaction Liens granted therein include a continuing security
interest in (i) any Supporting Obligation that supports such payment or performance and (ii) any Lien that (x) secures such right to payment or performance or (y) secures
any such Supporting Obligation. 

        (f)    The
Transaction Liens are granted as security only and shall not subject the Collateral Agent or any other Secured Parties to, or transfer or in any way affect or
modify, any obligation or liability of QCII with respect to any of the Collateral or any transaction in connection therewith. 

        (g)   If
the governmental body or official having jurisdiction over any Regulated Entity determines that the pledge of the shares of capital stock of such Regulated Entity
hereunder constitutes the acquisition of or a change of control with respect to such Regulated Entity as to which the prior approval of such governmental body or official was required, then,
immediately upon QCII's (1) written memorialization of oral notice or (2) receipt of written notice from such governmental body or official of such determination and without any action
on the part of the Collateral Agent or any other Person, such pledge shall be rendered void ab initio and of no effect. Upon any such occurrence, (i) the Collateral Agent shall, at QCII's
written request and expense, return all certificates representing such capital stock to QCII and execute and deliver such documents as QCII shall reasonably request to evidence QCII's retention of all
rights in such capital stock and (ii) QCII shall promptly submit a request to the relevant governmental body or official for approval of the pledge of such shares to the Collateral Agent
hereunder and, upon receipt of such approval, shall forthwith deliver to the Collateral Agent certificates representing all the outstanding shares of capital stock of such Regulated Entity to be held
as Collateral hereunder. 

        Section 3.    Further Assurances; General Covenants.    QCII covenants as follows: 

        (a)   QCII
will, from time to time, at its own expense, execute, deliver, file and record any statement, assignment, instrument, document, agreement or other paper and take
any other action 

S-6

 

(including
any filing of financing or continuation statements under the UCC) that from time to time may be necessary or desirable or that the Collateral Agent may request, in order to: 

	(i)
	create,
preserve, perfect, confirm or validate the Transaction Liens on the Collateral;

	(ii)
	enable
the Collateral Agent and the other Secured Parties to obtain the full benefits of the Security Documents; or

	(iii)
	enable
the Collateral Agent to exercise and enforce any of its rights, powers and remedies with respect to any of the Collateral. 

        To
the extent permitted by applicable law, QCII authorizes the Collateral Agent to execute and file such financing statements or continuation statements without QCII's signature
appearing thereon. QCII agrees that a carbon, photographic, photostatic or other reproduction of this Agreement or of a financing statement is sufficient as a financing statement. QCII constitutes the
Collateral Agent its attorney-in-fact to execute all filings required or so requested for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed;
and such power, being coupled with an interest, shall be irrevocable until all the Transaction Liens granted by QCII terminate pursuant to Section 15. QCII will pay the costs, of or incidental
to, any recording or filing of any financing or continuation statements or other documents recorded or filed pursuant hereto. 

        (b)   QCII
will, promptly upon request, provide to the Collateral Agent all information and evidence concerning the Collateral that the Collateral Agent may reasonably request
from time to time to enable it to enforce the provisions of the Security Documents. 

        (c)   QCII
agrees to exercise commercially reasonable efforts: 

	(i)
	to
cooperate with the Collateral Agent to obtain any approval of the FCC or the PUCs for any action or transaction contemplated by this Agreement which is then required
by applicable law; and

	(ii)
	after
the occurrence of an Event of Default, cooperate with the Collateral Agent to obtain any approval of the FCC, any PUC and any other Governmental Authority which
may be required, necessary or appropriate under the FCC's, such PUC's or such Governmental Authority's rules and regulations in connection with any sale or transfer of any of the capital stock of QSC
or QCF. 

        Section 4.    Acknowledgment.    

        (a)   The
Collateral Agent on behalf of the Secured Parties acknowledges and recognizes that QSC may be a Regulated Entity, and that the ability of creditors (including the
Secured Parties) to exercise rights in connection with any pledge of, or security interest in, the capital stock of QSC may be subject to any applicable restrictions or prohibitions, before or after
any default by QSC, (i) on the right of any Person to acquire control of or vote the stock of QSC without the prior consent of the FCC or of certain PUCs or other Governmental Authorities,
(ii) on the right of QSC to afford its creditors (including the Secured Parties) or creditors of certain Affiliates of QSC recourse to or against the assets of QSC, or (iii) to foreclose
on, or otherwise acquire ownership of, the capital stock of QSC 

        (b)   The
Collateral Agent on behalf of the Secured Parties acknowledges and agrees that the pledge of the capital stock of QSC does not afford the Secured Parties (or any
other creditor of QSC) (i) any recourse to or against the assets of QSC, including without limitation any assets subject to regulation by the FCC or any PUC, or (ii) ownership of, or the
right or power to vote, such capital stock or the right or power to control the operations, management or policies of QSC 

        (c)   The
Collateral Agent on behalf of the Secured Parties agrees that, notwithstanding anything to the contrary contained in this Agreement, any other Security Document, the
Indenture or the Guaranty, the Collateral Agent shall not, without the prior consent, to the extent required by applicable 

S-7

 

law,
of the of the FCC, the PUCs or other Governmental Authorities, take any action pursuant to this Agreement or any other Security Document, whether before or after any Event of Default, including
without limitation any exercise of remedies, that would constitute or result in: 

	(i)
	The
exercise by the Collateral Agent on behalf of the Secured Parties of control over QSC or any of its Subsidiaries, including without limitation, directly or
indirectly: 

        (A)  Electing
or removing any director or officer of QSC or any of its Subsidiaries; 

        (B)  Causing
the payment or making of any dividend or other distribution with respect to the capital stock of QSC; 

        (C)  Preventing
or restricting QCII from exercising its power to vote, or give consents with respect to, its shares of the capital stock of QSC; and 

        (D)  Managing
or directing the operations or policies of QSC; 

	(ii)
	The
liquidation, dissolution, reorganization, merger, consolidation or recapitalization, or sale, transfer, mortgage, lease or other disposition of the assets, of QSC;

	(iii)
	Any
application of, or other recourse to or against, the assets of QSC or any of its Subsidiaries that may be Regulated Entities to the payment, setoff, or reduction
of the Secured Obligations;

	(iv)
	The
sale, disposition or transfer of the capital stock of QSC; or

	(v)
	Calling
any meeting of shareholders or of the Board of Directors of QSC (or any committee thereof) or voting, giving consent or exercising any other right as a
shareholder of QSC. 

        (d)   The
Collateral Agent on behalf of the Secured Parties acknowledges and recognizes that QCF may be a Regulated Entity, and that the ability of creditors (including the
Secured Parties) to exercise rights in connection with any pledge of, or security interest in, the capital stock of QCF may be subject to any applicable restrictions or prohibitions, before or after
any default by QCF, (i) on the right of any Person to acquire control of or vote the stock of QCF without the prior consent of the FCC or of certain PUCs or other Governmental Authorities,
(ii) on the right of QCF to afford its creditors (including the Secured Parties) or creditors of certain Affiliates of QCF recourse to or against the assets of QCF, or (iii) to foreclose
on, or otherwise acquire ownership of, the capital stock of QCF. 

        (e)   The
Collateral Agent on behalf of the Secured Parties acknowledges and agrees that the pledge of the capital stock of QCF does not afford the Secured Parties (or any
other creditor of QCF) (i) any recourse to or against the assets of QCF, including without limitation any assets subject to regulation by the FCC or any PUC, or (ii) ownership of, or the
right or power to vote, such capital stock or the right or power to control the operations, management or policies of QCF 

        (f)    The
Collateral Agent on behalf of the Secured Parties agrees that, notwithstanding anything to the contrary contained in this Agreement, any other Security Document, the
Indenture or the Guaranty, the Collateral Agent shall not, without the prior consent, to the extent required by applicable law, of the of the FCC, the PUCs or other Governmental Authorities, take any
action pursuant to this Agreement or any other Security Document, whether before or after any Event of Default, including without limitation any exercise of remedies, that would constitute or result
in: 

	(i)
	The
exercise by the Collateral Agent on behalf of the Secured Parties of control over QCF or any of its Subsidiaries, including without limitation, directly or
indirectly: 

        (A)  Electing
or removing any director or officer of QCF or any of its Subsidiaries; 

S-8

 

        (B)  Causing
the payment or making of any dividend or other distribution with respect to the capital stock of QCF; 

        (C)  Preventing
or restricting QCII from exercising its power to vote, or give consents with respect to, its shares of the capital stock of QCF; and 

        (D)  Managing
or directing the operations or policies of QCF; 

	(ii)
	The
liquidation, dissolution, reorganization, merger, consolidation or recapitalization, or sale, transfer, mortgage, lease or other disposition of the assets, of QCF;

	(iii)
	Any
application of, or other recourse to or against, the assets of QCF or any of its Subsidiaries that may be Regulated Entities to the payment, setoff, or reduction
of the Secured Obligations;

	(iv)
	The
sale, disposition or transfer of the capital stock of QCF; or

	(v)
	Calling
any meeting of shareholders or of the Board of Directors of QCF (or any committee thereof) or voting, giving consent or exercising any other right as a
shareholder of QCF. 

        Section 5.    Collateral Accounts.    (a) If and when required for purposes hereof, the Collateral Agent
will establish one or more accounts (each, a "Collateral Account"), in the name and under the exclusive control of the Collateral Agent and subject (to
the extent necessary or advisable in the sole discretion of the Collateral Agent) to an Account Control Agreement, into which all amounts owned by QCII that are to be deposited therein pursuant to
Section 8 shall be deposited from time to time. Each Cash Collateral Account will be operated as provided in this Section and Section 7. 

        (b)   The
Collateral Agent shall deposit in the Collateral Account of QCII: 

	(i)
	each
Cash Distribution required by Section 8 to be deposited therein; and

	(ii)
	each
amount realized or otherwise received by the Collateral Agent with respect to QCII's assets upon any exercise of remedies pursuant to any Security Document. 

        (c)   The
Collateral Agent shall maintain such records and/or establish such sub-accounts as shall be required to enable it to identify the amounts held in each
Collateral Account from time to time pursuant to each clause of subsection (b) of this Section, as applicable. 

        Section 6.    Certificated Securities.    Except as to actions to be taken by the Collateral Agent, QCII hereby
represents, warrants and covenants as follows with respect to any Pledged Certificated Securities: 

        (a)   Concurrently
herewith, QCII shall deliver to Collateral Agent all certificates representing Pledged Certificated Securities. Whenever QCII acquires any other certificate
representing a Pledged Certificated Security, QCII will immediately deliver such certificate to the Collateral Agent as Collateral hereunder. 

        (b)   Collateral
Agent hereby acknowledges, pursuant to Section 9-313 of the UCC, that it holds any Pledged Certificated Securities for the benefit of the
Secured Parties under this Agreement and the holders of any Additional Secured Obligations which are secured by such Pledged Certificated Securities pursuant to any Secured Agreement other than this
Agreement (Collateral Agent hereby disclaiming any duty to such parties (other than duties expressly set forth in this Agreement)). Upon termination of all Transaction Liens pursuant to
Section 15, at the request of the Secured Parties under this Agreement or the holders of any Additional Secured Obligations, Collateral Agent shall deliver all Pledged Certificated Securities
in its possession to the collateral agent or secured party under any Secured Agreement granting Liens in such Pledged Certificated Securities in favor of the holders of any Additional Secured
Obligations. 

S-9

 

        (c)   All
Pledged Certificated Securities owned by QCII, when delivered to the Collateral Agent, will be indorsed to the order of the Collateral Agent, or accompanied by duly
executed instruments of assignment, with signatures appropriately guaranteed, all in form and substance satisfactory to the Collateral Agent. 

        Section 7.    Operation of Collateral Accounts.    (a) All Cash Distributions received with respect to
assets held in any Collateral Account shall be deposited therein promptly upon receipt thereof. 

        (b)   Funds
held in any Collateral Account may, until withdrawn, be invested and reinvested in such Liquid Investments as QCII shall request from time to time; provided that
(i) if an Event of Default shall have occurred and be continuing, the Collateral Agent may select such Liquid Investments and (ii) if such Liquid Investments are to be held in a
Securities Account, either (x) the Collateral Agent is the Entitlement Holder with respect to such Liquid Investments or (y) the relevant Entitlement Holder and the relevant Securities
Intermediary shall have theretofore entered into a Securities Account Control Agreement with respect to such Securities Account and delivered it to the Collateral Agent (which shall enter into the
same). 

        (c)   If
an Event of Default shall have occurred and be continuing, the Collateral Agent may (i) retain all cash and investments then held in any Collateral Account,
(ii) liquidate, or instruct the relevant Securities Intermediary to liquidate, any or all investments held therein and/or (iii) withdraw any amounts held therein and apply such amounts
as provided in Section 10. 

        (d)   If
immediately available cash on deposit in any Collateral Account is not sufficient to make any distribution or withdrawal to be made pursuant hereto, the Collateral
Agent will cause to be liquidated, as promptly as practicable, such investments held in or credited to such Collateral Account as shall be required to obtain sufficient cash to make such distribution
or withdrawal and, notwithstanding any other provision hereof, such distribution or withdrawal shall not be made until such liquidation has taken place. 

        Section 8.    Certain Cash Distributions.    Cash Distributions with respect to assets held in a Collateral
Account shall be deposited and held therein, or withdrawn therefrom, as provided in Section 7. 

        Section 9.    Remedies upon Event of Default.    (a) If an Event of Default shall have occurred and be
continuing, the Collateral Agent may exercise (or cause its sub-agents to exercise) any or all of the remedies available to it (or to such sub-agents) (subject, in each case,
to the limitations set forth in Section 4) under the Security Documents. 

        (b)   Without
limiting the generality of the foregoing, if an Event of Default shall have occurred and be continuing, the Collateral Agent may exercise on behalf of the
Secured Parties (subject, in each case, to the limitations set forth in Section 4) all the rights of a Secured Party under the UCC (whether or not in effect in the jurisdiction where such
rights are exercised) with respect to any Collateral. 

        Section 10.    Application of Proceeds.    (a) If an Event of Default shall have occurred and be
continuing, the Collateral Agent may apply (i) any cash held in the Collateral Accounts in respect of any Collateral and (ii) the proceeds of any sale or other disposition of any
Collateral, in the following order of priorities: 

        first, to pay the expenses of such sale or other disposition, including reasonable compensation to agents of and counsel for the
Collateral Agent, and all expenses, liabilities and advances incurred or made by the Collateral Agent in connection with the Security Documents; 

        second, to pay all fees and any other expenses and other amounts then due and payable to the Collateral Agent pursuant to
Section 11, until payment in full of all such Collateral Agent fees and other expenses and amounts shall have been made; 

S-10

 

        third, to pay (or provide for the payment thereof pursuant to Section 10(c)) ratably (i) QSC Notes Secured Obligations,
(iii) the Existing 2008 Notes Secured Obligations and (iv) any Additional Secured Obligations secured by such Collateral (which ratable share shall be paid to the holders of such
Additional Secured Obligations ratably or on such other basis as the Secured Agreements governing the same shall provide or as the holders thereof (or their respective trustees, agents and/or
representatives) may direct), until payment in full of all such obligations shall have been made (or so provided for); and 

        finally, to pay to QCII, or as a court of competent jurisdiction may direct, any surplus then remaining from the proceeds of the
Collateral. 

        (b)   The
Collateral Agent may make such distributions hereunder in cash or in kind or, on a ratable basis, in any combination thereof. 

        (c)   If
at any time any portion of any monies collected or received by the Collateral Agent would, but for the provisions of this Section 10(c), be payable pursuant to
Section 10(a), in respect of a Contingent Secured Obligation, the Collateral Agent shall not apply any monies to pay such Contingent Secured Obligation but instead shall request the holder
thereof, at least 10 days before each proposed distribution hereunder, to notify the Collateral Agent as to the maximum amount of such Contingent Secured Obligation if then ascertainable. If
the holder of such Contingent Secured Obligation does not notify the Collateral Agent of the maximum ascertainable amount thereof at least two Business Days before such distribution, such holder will
not be entitled to share in such distribution. If such holder does so notify the Collateral Agent as to the maximum ascertainable amount thereof, the Collateral Agent will allocate to such holder a
portion of the monies to be distributed in such distribution, calculated as if such Contingent Secured Obligation were outstanding in such maximum ascertainable amount. However, the Collateral Agent
will not apply such portion of such monies to pay such Contingent Secured Obligation, but instead will hold such monies or invest such monies in Liquid Investments. All such monies and Liquid
Investments and all proceeds thereof will constitute Collateral hereunder, but will be subject to distribution in accordance with this Section 10(c) rather than Section 10(a), as
applicable. The Collateral Agent will hold all such monies and Liquid Investments and the net proceeds thereof in trust until all or part of such Contingent Secured Obligation becomes a
Non-Contingent Secured Obligation, whereupon the Collateral Agent at the request of the relevant Secured Parties will apply the amount so held in trust to pay such
Non-Contingent Secured Obligation; provided that, if the other Secured Obligations theretofore paid pursuant to the same clause of Section 10(a) were not paid in full, the
Collateral Agent will apply the amount so held in trust to pay the same percentage of such Non-Contingent Secured Obligation as the percentage of such other Secured Obligations theretofore
paid pursuant to the same clause of Section 10(a). If (i) the holder of such Contingent Secured Obligation shall advise the Collateral Agent that no portion thereof remains in the
category of a Contingent Secured Obligation and (ii) the Collateral Agent still holds any amount held in trust pursuant to this Section 10(c) in respect of such Contingent Secured
Obligation (after paying all amounts payable pursuant to the preceding sentence with respect to any portions thereof that became Non-Contingent Secured Obligations), such remaining amount
will be applied by the Collateral Agent in the order of priorities set forth Section 10(a). 

        (d)   In
making the payments and allocations required by this Section, the Collateral Agent may rely upon information supplied to it pursuant to Section 14(f). All
distributions made by the Collateral Agent pursuant to this Section shall be final (except in the event of manifest error) and the Collateral Agent shall have no duty to inquire as to the application
by any Secured Parties of any amount distributed to it. 

S-11

 

        Section 11.    Fees and Expenses; Indemnification.    (a) QCII agrees to pay to the Collateral Agent
forthwith upon demand: 

	(i)
	the
amount of any fees that QCII shall have agreed in writing to pay to the Collateral Agent and that shall have become due and payable in accordance with such written
agreement, any taxes that the Collateral Agent may have been required to pay by reason of the Transaction Liens or to free any Collateral from any other Lien thereon that is prohibited by any Secured
Agreement;

	(ii)
	the
amount of any and all reasonable out-of-pocket expenses, including transfer taxes and reasonable fees and expenses of counsel and other
experts, that the Collateral Agent may incur in connection with (x) the administration or enforcement of the Security Documents, including such reasonable expenses as are incurred to preserve
the value of the Collateral or the validity, perfection, rank or value of any Transaction Lien, (y) the collection, sale or other disposition of any Collateral or (z) the exercise by the
Collateral Agent of any of its rights or powers under and in accordance with the Security Documents; and

	(iii)
	the
amount required to indemnify the Collateral Agent for, or hold it harmless and defend it against (in each case, to the extent permitted by law), any loss,
liability or expense (including the reasonable fees and expenses of its counsel and any experts or sub-agents appointed by it hereunder) incurred or suffered by the Collateral Agent in
connection with the Security Documents, except to the extent that such loss, liability or expense arises from the Collateral Agent's gross negligence or willful misconduct. 

        Any
such amount not paid to the Collateral Agent on demand will bear interest for each day thereafter until paid at a rate per annum equal to a rate equal to the combined average
interest rate, weighted to reflect outstanding principal amounts, payable on the QSC Notes. 

        (b)   If
any transfer tax, documentary stamp tax or other tax is payable in connection with any transfer or other transaction provided for in the Security Documents, QCII
agrees to pay such tax and provide any required tax stamps to the Collateral Agent or as otherwise required by law. 

        Section 12.    Authority to Administer Collateral.    QCII irrevocably appoints the Collateral Agent its true
and lawful attorney, with full power of substitution, in the name of QCII, any Secured Parties or otherwise, for the sole use and benefit of the Secured Parties, but at QCII's expense, to the extent
permitted by law to exercise, at any time and from time to time while an Event of Default shall have occurred and be continuing, all or any of the following powers with respect to all or any of the
Collateral: 

        (a)   to
demand, sue for, collect, receive and give acquittance for any and all monies due or to become due upon or by virtue thereof, 

        (b)   to
settle, compromise, compound, prosecute or defend any action or proceeding with respect thereto, 

        (c)   to
sell or dispose of the same or the proceeds or avails thereof, as fully and effectually as if the Collateral Agent were the absolute owner thereof, and 

        (d)   to
extend the time of payment of any or all thereof and to make any allowance or other adjustment with reference thereto; 

provided that, the Collateral Agent will give QCII at least ten days' prior written notice of the time and place of any public sale thereof or the time
after which any private sale or other intended disposition thereof will be made. Any such notice shall (i) contain the information specified in UCC Section 9-613,
(ii) be Authenticated and (iii) be sent to the parties required to be notified pursuant to UCC Section 9-611(c);  provided that, if the Collateral Agent fails to comply with this

S-12

 

sentence
in any respect, its liability for such failure shall be limited to the liability (if any) imposed on it as a matter of law under the UCC. 

        Section 13.    Limitation on Duty in Respect of Collateral.    Beyond the exercise of reasonable care in the
custody and preservation thereof, the Collateral Agent will have no duty as to any Collateral in its possession or control or in the possession or control of any sub-agent or bailee or any
income therefrom or as to the preservation of rights against prior parties or any other rights pertaining thereto. The Collateral Agent will be deemed to have exercised reasonable care in the custody
and preservation of the Collateral in its possession or control if such Collateral is accorded treatment substantially equal to that which it accords its own property, and will not be liable or
responsible for any loss or damage to any Collateral, or for any diminution in the value thereof, by reason of any act or omission of any sub-agent or bailee selected by the Collateral
Agent in good faith, except to the extent that such liability arises from the Collateral Agent's gross negligence or willful misconduct. 

        Section 14.    General Provisions Concerning the Collateral Agent.    (a) Authority. The Collateral
Agent is authorized to take such actions and to exercise such powers as are delegated to the Collateral Agent by
the terms of the Security Documents, together with such actions and powers as are reasonably incidental thereto. 

        (b)    Rights and Powers as a Secured Party.    To the extent the bank serving as the Collateral Agent is also a
Secured Party, such entity shall, in its capacity as a Secured Party, have the same rights and powers as any other Secured Party and may exercise the same as though it were not the Collateral Agent.
Such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with any Qwest Company or Affiliate thereof as if it were not the Collateral Agent
hereunder. 

        (c)    Limited Duties and Responsibilities.    The Collateral Agent shall not have any duties or obligations under the
Security Documents except those expressly set forth therein. Without limiting the generality of the foregoing, (a) the Collateral Agent shall not be subject to any fiduciary or other implied
duties, regardless of whether an Event of Default has occurred and is continuing, (b) the Collateral Agent shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated by the Security Documents that the Collateral Agent is required in writing to exercise by a the holders of a majority of principal
amount of each Class of the Secured Obligations (or such other number or percentage as may be necessary under the circumstances under the applicable Secured Agreements governing such Secured
Obligations)and (c) except as expressly set forth herein, the Collateral Agent shall not have any duty to disclose, and shall not be liable for any failure to disclose, any information relating
to any Qwest Company that is communicated to or obtained by the bank serving as Collateral Agent or any of its Affiliates in any capacity. The Collateral Agent shall not be liable for any action taken
or not taken by it with the consent or at the request of the holders of a majority of principal amount of each Class of the relevant Secured Obligations (or such other number or percentage as may be
necessary under the circumstances under the applicable Secured Agreements governing such Secured Obligations) or in the absence of its own gross negligence or willful misconduct. The Collateral Agent
shall not be responsible for the existence, genuineness or value of any Collateral or for the validity, perfection, priority or enforceability of any Transaction Lien, whether impaired by operation of
law or by reason of any action or omission to act on its part under the Security Documents. The Collateral Agent shall be deemed not to have knowledge of any Event of Default unless and until written
notice thereof is given to the Collateral Agent by a Secured Party, and the Collateral Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with any Security Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Security Document, (iv) the validity, 

S-13

 

enforceability,
effectiveness or genuineness of any Security Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in any Security
Document. 

        (d)    Authority to Rely on Certain Writings, Statements and Advice.    The Collateral Agent shall be entitled to rely
on, and shall not incur any liability for relying on, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed
or sent by the proper Person. The Collateral Agent also may rely on any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any
liability for
relying thereon. The Collateral Agent may consult with legal counsel (who may be counsel for QCII), independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountant or expert. 

        (e)    Sub-Agents and Related Parties.    The Collateral Agent may perform any of its duties and exercise
any of its rights and powers through one or more sub-agents appointed by it. The Collateral Agent and any such sub-agent may perform any of its duties and exercise any of its
rights and powers through its Related Parties. The exculpatory provisions of Section 13 and this Section shall apply to any such sub-agent and to the Related Parties of the
Collateral Agent and any such sub-agent. 

        (f)    Information as to Secured Obligations and Actions by Secured Parties.    For all purposes of the Security
Documents, including determining the amounts of the Secured Obligations and whether a Secured Obligation is a Contingent Secured Obligation or not, or whether any action has been taken under any
Secured Agreement, the Collateral Agent will be entitled to rely on information from (i) its own records, (ii) the Secured Parties for information as to its Secured Obligations and
actions taken by it, to the extent that the Collateral Agent has not obtained such information from the foregoing sources, and (iii) QCII, to the extent that the Collateral Agent has not
obtained information from the foregoing sources. 

        (g)   Within
two Business Days after it receives or sends any notice referred to in this subsection, the Collateral Agent shall send to the Secured Parties any notice given by
the Collateral Agent to QCII, or received by it from QCII, pursuant to Section 9, Section 10, Section 12, Section 14(i) or Section 15. 

        (h)   The
Collateral Agent may refuse to act on any notice, consent, direction or instruction from any Secured Parties or any agent, trustee or similar representative thereof
that, in the Collateral Agent's opinion, (i) is contrary to law or the provisions of any Security Document, (ii) may expose the Collateral Agent to liability (unless the Collateral Agent
shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Parties that gave such notice, consent, direction or instruction) or (iii) is unduly prejudicial
to the holders of any Secured Obligations not joining in such notice, consent, direction or instruction. 

        (i)    Resignation; Successor Collateral Agent.    The Collateral Agent may resign at any time by notifying the
Secured Parties and QCII. Upon any such resignation, the Secured Parties shall have the right, in consultation with QCII, to appoint a successor Collateral Agent. If no successor shall have been so
appointed by the Secured Parties and shall have accepted such appointment within 30 days after the retiring Collateral Agent gives notice of its resignation, then the retiring Collateral Agent
may, on behalf of the Secured Parties, appoint a successor Collateral Agent which shall be either (i) a bank having (x) an office in New York, New York and (y) combined capital
and surplus of at least $400,000,000, or an Affiliate of any such bank or (ii) another bank that is reasonably acceptable to QCII (or an Affiliate of such bank). Upon acceptance of its
appointment as Collateral Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent
hereunder, and the retiring Collateral Agent shall be discharged from its duties and obligations hereunder. The fees payable by QCII to a successor Collateral Agent shall be the same as those payable
by QCII to such Collateral Agent's predecessor unless otherwise agreed by QCII and such successor Collateral Agent. After the Collateral 

S-14

 

Agent's
resignation hereunder, the provisions of this Section and Section 13 shall continue in effect for the benefit of such retiring Collateral Agent, its sub-agents and their
respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Collateral Agent was acting as Collateral Agent. If no successor agent has accepted
appointment as Collateral Agent by the date which is 30 days following the retiring Collateral Agent's notice of resignation, the retiring Agent's resignation shall at its election nevertheless
become effective and the Secured Parties shall perform all of the duties of the Collateral Agent hereunder until such time, if any, as the Secured Parties appoints a successor agent as provided above. 

        Section 15.    Termination of Transaction Liens; Release of Collateral.    

        (a)   The
Transaction Liens granted by QCII to secure its obligations in respect of the Existing 2008 Notes shall terminate when the obligations in respect of such Notes are
paid in full in cash or otherwise are no longer required under the Existing 2008 Note Indentures. 

        (b)   The
Transaction Liens granted by QCII to secure the Guaranty shall terminate when all obligations thereunder are paid in full in cash or otherwise pursuant to the QSC
Notes Indenture. 

        (c)   Concurrently
with any sale or other disposition of any Collateral permitted by the Secured Agreements evidencing any of the Secured Obligations, the Transaction Liens on
such Collateral securing such Secured obligations shall terminate immediately without any action by the Collateral Agent of a Secured Party. 

        (d)   At
any time before the Transaction Liens granted by QCII terminate, the Collateral Agent may, at the written request of QCII, release any Transaction Lien on any
Collateral or any Collateral from any Transaction Lien with the prior written consent of the holders of a majority of the principal amount of Secured Obligations of each Class secured by such
Transaction Lien, or the respective trustees or like representatives representing such holders. 

        (e)   The
Transaction Liens granted by QCII hereunder to secure its Additional Secured Obligations shall terminate when all of the Additional Secured Obligations are paid in
full or otherwise pursuant to the terms of the Secured Agreements with respect thereto; provided, that,
if at any time no Additional Secured Obligations are then designated as Secured Obligations under this Agreement pursuant to Section 16, QCII may terminate the Transaction Liens granted
hereunder to secure Additional Secured Obligations by delivery of written notice of such termination to Collateral Agent. 

        (f)    Upon
any termination of a Transaction Lien or release of Collateral, the Collateral Agent will, at the expense of QCII, execute and deliver to QCII such documents as
QCII shall reasonably request to evidence the termination of such Transaction Lien or the release of such Collateral, as the case may be, including, without limitation, delivery of all certificates
evidencing Pledged Certificated Securities in Collateral Agent's possession. 

        Section 16.    Additional Secured Obligations.    (a) After the date hereof, QCII may from time to time,
designate any other obligation as an Additional Secured Obligation for purposes hereof (any such additional secured obligation, an "Additional Secured Obligation") by delivering to the Collateral
Agent (A) a certificate signed by the chief financial officer or chief accounting officer of QCII (i) identifying the obligation so designated and the aggregate principal or face amount
thereof, stating that such obligation is designated as an Additional Secured Obligation for purposes hereof, (ii) stating whether such Additional Secured Obligation is to be secured by the
Transaction Liens granted for such purpose under this Agreement or by Liens granted pursuant to a separate Secured Agreement, (iii) stating whether such Additional Secured Obligations are
secured by all or a portion of the Collateral and, if a portion, which portion, (iv) specifying the name and address of the holder of such obligation or of a trustee, agent or similar
representative designated to supply information with respect to such Additional Secured Obligation to the Collateral Agent as contemplated by Section 14(f); and (iv) representing that,
the Liens granted to secure such Additional Secured Obligations are "Permitted Collateral Liens" 

S-15

 

under
defined (and as in) the QSC Note Indenture and are permitted under any other Secured Agreements; and (y) it has delivered any required notice to the QSC Notes Trustee and the Existing
2008 Notes Trustee of such obligations or Lien, and (B) if such Additional Secured Obligations are to be secured by the Transaction Liens granted for such purpose under this Agreement, an
Additional Secured Party Consent, executed by the holder of such obligation, and otherwise, a copy of any Secured Agreement granting a Lien on any of the Collateral in favor of such designated
Additional Secured Obligations; provided, that, no obligation of QCII shall be an Additional Secured Obligation unless the Liens securing such obligation are "Permitted Collateral Liens" under defined
(and as defined in) the QSC Note Indenture and are permitted under any other Secured Agreements. 

        (b)   At
any time, QCII may terminate its ability to designate Additional Secured Obligations by delivery of written notice thereof to Collateral Agent (provided, that, such
termination shall not affect any Additional Secured Obligations previously designated by QCII. 

        Section 17.    Notices.    Each notice, request or other communication given to any party hereunder shall be in
writing (which term includes facsimile) and shall be effective (i) when delivered to such party at its address specified below, (ii) when sent to such party by facsimile, addressed to it
at its facsimile number specified below, and such party sends back an electronic confirmation of receipt or (iii) ten days after being sent to such party by certified or registered United
States mail, addressed to it at its address specified below, with first class or airmail postage prepaid: 

        (a)   in
the case of QCII: 

Qwest
Communications International, Inc.

1801 California Street

Denver, CO 80202

Attention: Chief Financial Officer

Facsimile: (303) 296-4920 

with
a copy to: 

Qwest
Communications International, Inc.

1801 California Street

Denver, CO 80202

Attention: General Counsel

Facsimile: (303) 296-5974 

        (b)   in
the case of the Collateral Agent: 

Bank
One Trust Company, N.A.

1 Bank One Plaza, Mail Code IL1-0823

Chicago, Illinois 60670-0823

Attention: Account Officer—Qwest Communications 

        (c)   in
the case of the QSC Notes Trustee: 

Bank
One Trust Company, N.A.

1 Bank One Plaza, Mail Code IL1-0823

Chicago, Illinois 60670-0823

Attention: Account Officer—Qwest Communications 

S-16

 

        (d)   in
the case of the Existing 2008 Notes Trustee: 

Deutsche
Bank Trust Company Americas

Corporate Trust and Agency Services

Mail Stop MS-NYC03-0914

280 Park Avenue

New York, New York 10017 

Any
party may change its address or facsimile number for purposes of this Section by giving notice of such change to the Collateral Agent and QCII in the manner specified above. 

        Section 18.    No Implied Waivers; Remedies Not Exclusive.    No failure by the Collateral Agent or Secured
Parties to exercise, and no delay in exercising and no course of dealing with respect to, any right or remedy under any Security Document shall operate as a waiver thereof; nor shall any single or
partial exercise by the Collateral Agent or Secured Parties of any right or remedy under any Secured Agreement preclude any other or further exercise thereof or the exercise of any other right or
remedy. The rights and remedies specified in the Secured Agreements are cumulative and are not exclusive of any other rights or remedies provided by law. 

        Section 19.    Successors and Assigns.    This Agreement is for the benefit of the Collateral Agent and the
Secured Parties. If all or any part of any Secured Party's interest in any Secured Obligation is assigned or otherwise transferred, in accordance with the terms of the applicable Secured Agreement,
the transferor's rights hereunder, to the extent applicable to the obligation so transferred, shall be automatically transferred with such obligation. This Agreement shall be binding on QCII and its
respective successors and assigns. 

        Section 20.    Amendments and Waivers.    Neither this Agreement nor any provision hereof may be waived,
amended or modified except pursuant to an agreement or agreements in writing entered into by the parties hereto; provided, however, that, no such amendment, modification or waiver shall be binding as
to any Class unless holders of a the majority of the principal amount of the Secured Obligations of
such Class (or their trustee or like representative on their behalf) shall have consented to the same in writing. 

        Section 21.    Choice of Law.    This Agreement shall be construed in accordance with and governed by the laws
of the State of New York, except as otherwise required by mandatory provisions of law and except to the extent that remedies provided by the laws of any jurisdiction other than the State of New York
are governed by the laws of such jurisdiction. 

        Section 22.    Waiver of Jury Trial.    EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY SECURITY DOCUMENT OR ANY TRANSACTION CONTEMPLATED THEREBY (WHETHER BASED
ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER
PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

        Section 23.    Severability.    If any provision of any Security Document is invalid or unenforceable in any
jurisdiction, then, to the fullest extent permitted by law, (i) the other provisions of the Security Documents shall remain in full force and effect in such jurisdiction and shall be liberally
construed in favor of the Collateral Agent and the Secured Parties in order to carry out the intentions of the parties thereto as nearly as may be possible and (ii) the invalidity or
unenforceability of such provision in such jurisdiction shall not affect the validity or enforceability thereof in any other jurisdiction. 

S-17

 

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

	 	 	QWEST COMMUNICATIONS INTERNATIONAL, INC.
	

 	
 	

 	

 	

 
	 	 	By:	/s/  YASH A. RANA      

	 	 	 	Title:	Vice President
	

 	
 	

 	

 	

 
	 	 	BANK ONE TRUST COMPANY, N.A., as Collateral Agent
	

 	
 	

 	

 	

 
	 	 	By:	/s/  SHARON MCGRATH      

	 	 	 	Title:	Vice President

S-18

 
 
 

Exhibit A
  to Pledge Agreement    
    

 
 

Additional Secured Party Consent    
    

        The undersigned                        desires to become an
"Additional Secured Party" under the Pledge Agreement dated
as of December 26, 2002 (as heretofore amended and/or supplemented, the "Pledge Agreement") among Qwest Communications International Inc.
and Bank One Trust Company, N.A., as Collateral Agent (the "Collateral Agent"). 

        In
consideration of the foregoing, the undersigned hereby: 

	(i)
	acknowledges
that it has received a copy of the Pledge Agreement and the Indenture;

	(ii)
	irrevocably
appoints and authorizes the Collateral Agent to take such action as agent on its behalf and to exercise such powers under the Security and Pledge Agreement
as are delegated to the Collateral Agent by the terms thereof, together with all such powers as are reasonably incidental thereto; and

	(iii)
	accepts
and acknowledges the terms of the Pledge Agreement and bound by all the provisions thereof as fully as if it had been a Secured Party on the effective date of
the Pledge Agreement. 

        The
name and address of the undersigned (or its trustee, agent or similar representative) for purposes of Section 17 of the Security and
Pledge Agreement are as follows: 

        [name and address of new Additional Secured Party or its representative].

Terms
defined in the Pledge Agreement (or whose definitions are incorporated by reference in Section 1 of the Pledge Agreement) and not otherwise defined herein have, as used herein, the
respective meanings provided for therein. 

S-19

 

        IN
WITNESS WHEREOF, the undersigned has caused this Additional Secured Party Consent to be duly executed by its authorized officer as of this            day of 20    .

[NAME
OF ADDITIONAL SECURED PARTY] 

	

By:	

 	

 	

 
	 	
	 
	 	Name:	 	 
	 	Title:	 	 

S-20

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Exhibit 4.3

PLEDGE AGREEMENT

TABLE OF CONTENTS

PLEDGE AGREEMENT

Exhibit A to Pledge Agreement

Additional Secured Party ConsentQuickLinks
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EXHIBIT 10.51    
    

 
 

EMPLOYMENT AGREEMENT    
    

THIS AGREEMENT, made and entered into on May 14, 2003, by and between Barry K. Allen (the "Executive") and Qwest Services Corporation, a Colorado
corporation (the "Company"). 

WITNESSETH
THAT: 

WHEREAS,
the parties desire to enter into this Agreement pertaining to the employment of the Executive by the Company; 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth below, it is hereby covenanted and agreed by the Executive and the Company as follows: 

        1.     Employment. Subject to the terms of this Agreement, the Company hereby agrees to employ the Executive commencing on
August 5, 2002 (the "Effective Date") as its Executive Vice President and Chief Human Resources Officer during the Agreement Term (as defined below), with the authority, responsibilities and
duties customarily exercised by a person holding that position. Executive shall perform such duties and bear such responsibilities as may be determined from time to time by the Company's Chief
Executive Officer, commensurate with his position. The Executive shall report directly to the Chief Executive Officer. The "Agreement Term" shall be the period beginning on the Effective Date and
ending on the second anniversary of the Effective Date, subject to earlier termination as provided herein; provided, however, that the Agreement Term will be automatically extended by twelve months on
the first anniversary of the Effective Date and on each anniversary thereof, unless one party to this Agreement provides written notice of non-renewal to the other party at least
90 days prior to the date of such automatic extension. The Executive shall perform his duties and responsibilities primarily at the Company's offices in Denver, Colorado and shall purchase and
maintain a residence in the Denver, Colorado metropolitan area. 

        2.     Performance of Duties. (a) The Executive agrees that during his employment with the Company, he shall devote
substantially his full business time, energies and talents to serving as its Executive Vice President and Chief Human Resources Officer and that he shall perform his duties faithfully and efficiently
subject to the directions of the Chief Executive Officer. Notwithstanding the foregoing provisions of this Section 2, the Executive may (i) serve as a director, trustee or officer or
otherwise participate in not-for-profit educational, welfare, social, religious and civic organizations and (ii) acquire passive investment interests in one or more
entities; provided that such activities described in clauses (i), and (ii) do not materially inhibit or interfere with the performance of the Executive's duties under this Agreement. 

        (b)   The
Executive represents and warrants that, after the review of his personal files and consultation with his attorney, he has the full right and authority to enter into
this Agreement and to render the services as required under this Agreement, and that by signing this Agreement and rendering such services he is not breaching any contract or legal obligation he owes
to any third party. 

        (c)   The
Executive shall not be a member of the Company's Board of Directors. 

        3.     Stock Option Awards. The Executive shall be granted options under the Qwest Communications International Inc.
Equity Incentive Plan, as amended (the "Equity Incentive Plan") to acquire shares of the common stock ("Common Stock") of Qwest Communications International Inc. ("QCII") in accordance with the
following: 

        (a)   On
the Effective Date, the Executive was granted non-qualified options to acquire 350,000 shares of Common Stock. The option has a ten-year term
commencing on the Effective Date, subject to earlier termination as provided in subparagraph (e) below upon termination of employment. 

 

        (b)   The
option price ("Option Price") with respect to the 350,000 share option granted on the Effective Date is $1.69 per share, the closing price on the Effective Date for
sales of shares of Common Stock on the New York Stock Exchange. Upon the exercise of any such options, the Option Price with respect thereto shall be payable in accordance with the terms and
conditions of the Equity Incentive Plan. 

        (c)   In
the event of any change in corporate capitalization, such as a stock split, or a corporate transaction, such as any merger, consolidation, separation, including a
spin-off, or other distribution of stock or property of QCII, any reorganization (whether or not such reorganization comes with the definition of such term in Section 368 of the
Internal Revenue Code) or any partial or complete liquidation of QCII, the number and class of shares subject to options awarded or to be awarded in accordance with subparagraph (a) above, and
the Option Price for such options under subparagraph (b) above, shall be adjusted in accordance with the provisions of the Equity Incentive Plan to prevent dilution of the Executive's rights. 

        (d)   The
options relating to the 350,000 shares of Common Stock granted on the Effective Date in accordance with subparagraph 3(a) above shall become vested and exercisable
at the rate of 25% of the total shares covered by the option per year on each anniversary of the Effective Date. To the extent not previously vested, all equity issued to Executive pursuant to the
Company's Equity Incentive Plan or any successor plan shall become fully vested and exercisable on the earlier of a Change in Control (as defined in subparagraph 6(d)(vi) below) or the
Executive's termination of employment by reason of death, Disability (as defined in subparagraph 6(a) below), termination by the Company without Cause (as defined in subparagraph 6(b) below),
Constructive Discharge (as defined in subparagraph 6(d) below), or in the event that the Company does not renew this Agreement in accordance with the provisions of subparagraph 1(a). To the extent not
previously vested, all such options shall be immediately forfeited in the event of a termination of the Executive's employment for Cause or upon the Executive's resignation from the employ of the
Company (other than pursuant to a Constructive Discharge or by reason of a Disability). 

        (e)   In
the event that the Executive resigns from the employ of the Company (other than pursuant to a Constructive Discharge or by reason of a Disability), or is terminated
by the Company for Cause, any vested option or unexercised portion thereof granted under subparagraph (a) above may be exercised, to the extent such option would have been exercisable by the
Executive on the date on which the Executive ceased to be an employee, within three months of such date, but in no event later than the date of expiration of the term of the option. In the event of a
termination of the Executive's employment by the Company without Cause or by the Executive by reason of a Constructive Discharge, or in the event that the Company does not renew this Agreement in
accordance with the provisions of subparagraph 1(a), any such vested option shall be exercisable for six (6) years following such date of
termination of employment, but in no event later than the expiration of the term of the option. In the event of termination of employment due to the death or Disability of the Executive while an
employee of the Company or in the event of death within not more than three months after the date on which the Executive ceases to be an employee, any such option or unexercised portion thereof may be
exercised, to the extent exercisable at the date on which the Executive ceased to be an employee, by the Executive or the Executive's personal representatives, heirs or legatees at any time prior to
six (6) years after the date on which the Executive ceased to be an employee, but in no event later than the date of the expiration of the term of the option. 

        (f)    Options
granted in accordance with subparagraph (a) above may be transferred by the Executive to the Executive's spouse, children or grandchildren ("Immediate
Family Members") or to a trust or trusts for the exclusive benefit of such Immediate Family Members or to a partnership in which such Immediate Family Members are the only partners. 

3

 

        (g)   The
Company shall ensure that all steps necessary or desirable to register the shares subject to the foregoing options under an S-8 or other appropriate form
and to list such shares on the New York Stock Exchange are taken. 

        4.     Compensation. Subject to the terms of this Agreement, during the Agreement Term, while the Executive is employed by the
Company, the Company shall compensate him for his services as follows: 

        (a)   Base Salary. The Executive shall receive a base salary (the "Base Salary") of $425,000 per annum payable in accordance
with the Company's customary payroll practices for the payment of executive salaries. The Executive's Base Salary shall be reviewed and may be increased, but not decreased, annually by the
Compensation Committee pursuant to its normal performance review policies for senior executives, with the first such review occurring in 2003. 

        (b)   Annual Bonus. For each calendar year, the Executive shall be eligible to receive an annual bonus (the "Annual Bonus")
payment in accordance with the Company's annual bonus plans as in effect from time to time, as determined in the discretion of the Compensation Committee. The target level for each Annual Bonus shall
not be less than 100% of the Executive's Base Salary for the year, provided that the Company achieves the applicable financial and strategic objectives established for the year. The Executive shall
receive a minimum bonus for 2002 of $212,500, payable in January 2003. 

        (c)   Employee Benefits, Fringe Benefits and Perquisites. The Executive shall be provided with health and other employee
benefits, fringe benefits and perquisites on the same basis as such benefits and perquisites are provided by the Company from time to time to the Company's other senior executives.
To the extent that it may legally do so without violating the terms of any applicable plan or policy, or without creating adverse tax consequences for the Company or other participants in such plans,
the Company agrees to waive any waiting periods for the Executive and the Executive's spouse with respect to group coverage under its health and welfare benefit plans. Following termination of
employment of the Executive by the Company for any reason other than Cause, if the lifetime health benefit coverage provided to the Executive under a contract or other arrangement with another entity
is terminated by the unilateral action of such other entity, without the consent of the Executive, as determined in the sole discretion of the Company, the Company will provide lifetime continuing
health benefit coverage to the Executive under the terms and conditions of the Company's health benefit plan coverage for senior executives generally, as in effect from time to time, provided,
however, that if such other lifetime health benefit coverage for the Executive is later reinstated, the coverage under the Company's health benefit plan shall cease and the Executive shall promptly
reimburse the Company for any duplication of benefits received by the Executive or his family. 

        (d)   Expense Reimbursement. The Company will reimburse the Executive for all reasonable expenses incurred by him (i) in
connection with the negotiation and preparation of this Agreement, which reimbursement shall not exceed $30,000 and (ii) in the performance of his duties in accordance with the Company's
policies applicable to senior executives. 

        (e)   Pension Benefits. Subject to the following provisions of this subparagraph 4(e), the Executive shall be entitled to an
aggregate annual pension benefit from the Company (taking into account the amounts payable under all qualified and non-qualified pension benefit plans of the Company) commencing at age 65
equal to the amount Executive would have earned under the Ameritech Management Pension Plan formula (including nonqualified pension benefits) in effect at the time of Executive's termination from
Ameritech Corporation and SBC Communications Inc. ("Ameritech"), calculated using service with both Qwest and Ameritech, minus (y) the annual benefit that would have been payable to the
Executive as a straight life annuity at age 65 from the pension plans maintained by Ameritech Corporation if he had not previously received a lump sum payment of such benefits. The Executive shall be
entitled to receive the lump sum actuarial 

4

 

equivalent
(determined in accordance with section 417(e)(3) of the Internal Revenue Code) of the amount determined under the preceding provisions of this subparagraph as of the
January 2nd following his termination of employment for any reason. In the event of the Executive's death while employed or prior to receipt of such benefits, such lump sum
benefit shall be paid to the beneficiary or beneficiaries designated by the Executive in writing filed with the Company or, if no such designation is filed or the designated beneficiary predeceases
the Executive, to his estate. To the extent that the amount payable to the Executive under the provisions of this subparagraph is not payable under the Company's qualified and
non-qualified pension benefit plans, such amount shall be paid to the Executive directly by the Company. 

        (f)    Vacation. The Executive shall be entitled to be paid vacation at a rate of 25 days per calendar year during the
Agreement Term in accordance with the plans, policies and programs as in effect generally with respect to other senior executives of the Company, including limitations, if any, on the
carry-over of accrued but unused vacation time. 

        (g)   Private Office. Following Company's termination of Executive's employment for reasons other than Cause, as defined in
subparagraph 4.a., Company shall provide Executive with, and shall pay the reasonable costs associated with, a private office, an executive assistant, telephone services, and appropriate office and
computer equipment, for a period of five years from the date of the Company's termination of Executive for reasons other than Cause. 

        5.     Indemnification. (a) The Company agrees that if, during or after his employment, the Executive is made a party, or
is threatened to be made a party, to any action, suit or proceeding, whether civil, criminal, administrative or investigative (a "Proceeding"), by reason of the fact that he is or was a director,
officer or employee of the Company or is or was serving at the request of the Company as a director, officer, member, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, including service with respect to employee benefit plans, whether or not the basis of such Proceeding is the Executive's alleged action in an official capacity while serving as a
director, officer, member, employee or agent, the Executive shall be indemnified and held harmless by the Company to the fullest extent legally permitted or authorized by the Company's certificate of
incorporation or bylaws or resolutions of the Company's Board of Directors or, if greater, by the laws of the State of Delaware, against all cost, expense, liability and loss (including, without
limitation, attorneys' fees, judgments, fines, ERISA excise taxes or other liabilities or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by the Executive in
connection therewith, and such indemnification shall continue as to the Executive even if he has ceased to be a director, member, employee or agent of the Company or other entity, with respect to acts
or omissions which occurred prior to his cessation of employment with the Company, and shall inure to the benefit of the Executive's heirs, executors and administrators. The Company shall advance to
the Executive all reasonable costs and expenses incurred by him in connection with a Proceeding within 20 calendar days after receipt by the Company of a written request for such advance. Such request
shall include an undertaking by the Executive to repay the amount of such advance if it shall ultimately be determined that he is not entitled to be indemnified against such costs and expenses. 

        (b)   Neither
the failure of the Company (including its Board of Directors, independent legal counsel or stockholders) to have made a determination prior to the commencement
of any proceeding concerning payment of amounts claimed by the Executive under subparagraph 5(a) above that indemnification of the Executive is proper because he has met the applicable standard of
conduct, nor a determination by the Company (including its Board of Directors, independent legal counsel or stockholders) that the Executive has not met such applicable standard of conduct, shall
create a presumption that the Executive has not met the applicable standard of conduct. 

        6.     Termination of Employment. Upon termination of the Executive's employment for any reason, the Executive or, in the event
of death, the Executive's estate shall be entitled to the Executive's Base 

5

 

Salary
prorated through the date of termination. Any Annual Bonus awarded to the Executive for a prior award period, but not yet paid to the Executive, and any employee benefits to which the Executive
is entitled by reason of his employment shall be paid to the Executive or his estate at such time as is provided by the terms of the applicable Company plan or policy, or the foregoing terms of this
Agreement, as the case may be. If the Executive's employment is terminated during the Agreement Term, the Executive's right to additional payments and benefits under this Agreement for the period
after his date of termination shall be determined in accordance with the following provisions of this Section 6. 

        (a)   Death or Disability. If the Executive's employment is terminated by reason of death or by reason of the Executive's
Disability, the Executive, or, in the event of his death, his estate, shall be entitled to a prompt cash payment of a prorated Annual Bonus for the year in which such termination occurs, based on the
target Annual Bonus for such year. The Executive or the Company shall be entitled to terminate the Executive's employment because of the Executive's Disability during the Agreement Term. "Disability"
means that the Executive is disabled within the meaning of the Company's long-term disability policy or, if there is no such policy in effect, that (i) the Executive has been
substantially unable, for 120 business days within a period of 180 consecutive business days, to perform the Executive's duties under this Agreement, as a result of physical or mental illness or
injury, and (ii) a physician selected by the Company or its insurers, and reasonably acceptable to the Executive or the Executive's legal representative, has determined that the Executive is
disabled. A termination of the Executive's employment by the Company for Disability shall be communicated to the Executive by written notice, and shall be effective on the 30th day after
receipt of such notice by the Executive (the "Disability Effective Time"), unless the Executive returns to full-time performance of the Executive's duties before the Disability Effective
Time. 

        (b)   Termination for Cause or Voluntary Resignation. If the Executive's employment is terminated by the Company for Cause or
if the Executive voluntarily resigns from the employ of the Company, other than pursuant to a Constructive Discharge, or notifies the Company of the non-renewal of this Agreement in
accordance with the provisions of subparagraph 1(a), all payments and benefits to which the Executive would otherwise be entitled under this Agreement shall immediately cease, except as otherwise
specifically provided above in Section 4, or in this Section 6 with respect to his prorated Base Salary through the date of termination, his Annual Bonus, if any, awarded for a prior
award period but not yet paid and his previously earned employee benefits. For purposes of this Agreement, the term "Cause" shall mean: 

        (i)    The
Executive is convicted of a felony or any crime involving moral turpitude; or 

        (ii)   A
reasonable determination by the Company's Chief Executive Officer, after giving the Executive notice and an opportunity to be heard, that (A) the Executive has
willfully and continuously failed to
perform substantially his duties as contemplated by Section 2 above (other than such failure resulting from incapacity due to physical or mental illness), after a written demand for corrected
performance is delivered to the Executive by the Company's Chief Executive Officer which specifically identifies the manners in which the Company's Chief Executive Officer believes the Executive has
not substantially performed his duties or (B) the Executive has engaged in gross neglect or gross misconduct, resulting in material harm to the Company. 

        (c)   Termination Without Cause. If the Company terminates the Executive without Cause, or notifies the Executive of the
non-renewal of this Agreement in accordance with the provisions of subparagraph 1(a), the Executive shall be entitled to a prompt lump sum cash payment equal to the sum of (i) a
prorata Annual Bonus payment for the year of termination based upon the Executive's target bonus for such year and (ii) the product of two (2) times the sum of the 

6

 

Executive's
then current Base Salary and Annual Bonus at target. For purposes of the preceding sentence, the Annual Bonus component shall be based upon the target bonus for the year of termination. If
such termination or notice of non-renewal occurs within two (2) years after a Change in Control, (A) the Executive's pension benefits under subparagraph 4(e) above shall be
calculated as if the Executive had two additional years of service at his then Base Salary and target Annual Bonus and were two years older and (B) the lump sum payment referred to in the first
sentence of this section 6(c) shall be equal to the sum of (1) a prorata Annual Bonus payment for the year of termination based upon the Executive's target bonus for such year and
(2) the product of three (3) times the sum of the Executive's then current Base Salary and target Annual Bonus. 

        (d)   Resignation for Constructive Discharge. The Executive's voluntary resignation for Constructive Discharge shall be treated
for all purposes of this Agreement as a termination by the Company without Cause. For purposes of this Agreement, "Constructive Discharge" shall mean the occurrence of any of the following
circumstances: 

        (i)    A
reduction by the Company in the Executive's Base Salary or Annual Bonus target to an amount that is less than required under Section 4 above or the Company's
failure to provide the other elements of compensation set forth in Section 4; 

        (ii)   The
removal of the Executive from the position of Executive Vice President and Chief Human Resources Officer; 

        (iii)  Any
action by the Company which results in significant diminution in the Executive's authority, power, responsibilities or duties from those contemplated by Sections 1
and 2 above, or the assignment to the Executive without his written consent of any duties inconsistent with the Executive's position and status as Executive Vice President and Chief Human Resources
Officer of the Company as contemplated by Sections 1 and 2 above, which action or assignment continues after written notice
thereof and a reasonable opportunity to cure of not less than fifteen (15) days has been given by the Executive to the Company; 

        (iv)  The
failure of the Company to obtain a satisfactory agreement from any successor, assignee, or transferee to expressly assume the liabilities, obligations and duties of
the Company hereunder in accordance with the requirements of Section 13 below, unless such liabilities, obligations and duties of the Company are automatically assumed by any such successor,
assignee or transferee by operation of law; 

        (v)   Any
other breach by the Company of any of its material obligations to the Executive under this Agreement, which breach continues after written notice thereof and a
reasonable opportunity to cure of not less than thirty (30) days has been given by the Executive to the Company; or 

        (vi)  Occurrence
of a Change in Control of QCII, which means the first to occur of: 

        (A)  Any
"person" (as defined in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")), excluding for this purpose, QCII or
any subsidiary of QCII, any person who on the Effective Date is the "beneficial owner" as defined in Rule 13d-3 under the Exchange Act of 15% or more of the combined voting power of
QCII's then outstanding securities (a "15% Shareholder") or any employee benefit plan of QCII or any subsidiary of QCII, or any person or entity organized, appointed or established by QCII for or
pursuant to the terms of any such plan which acquires beneficial ownership of voting securities of QCII, is or becomes the beneficial owner, directly or indirectly of securities of QCII representing
20% or more of the combined voting power of QCII's then outstanding securities; provided, however, that no Change in Control will be deemed to have occurred unless the person acquiring such 20% or
more combined voting power owns more of the combined voting power of QCII's 

7

 

then
outstanding securities than a 15% Shareholder then owns; and provided further that no Change in Control will be deemed to have occurred as a result of a change in ownership percentage resulting
solely from an acquisition of securities by QCII; and provided further that no Change in Control will be deemed to have occurred if a person inadvertently acquires an ownership interest in 20% or more
but then promptly reduces that ownership interest below 20%. 

        (B)  During
any two consecutive years (not including any period beginning prior to the Effective Date), individuals who at the beginning of such two-year period
constitute the Board of Directors of QCII (the "QCII Board") and any new director (except for a director designated by a person who has entered into an agreement with QCII to effect a transaction
described elsewhere in this definition of Change in Control) whose election by the QCII Board or nomination for election by QCII's stockholders was approved by a vote of at least
two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved (such individuals and any such new director, the "Incumbent Board") cease for any reason to constitute at least a majority of the QCII Board; 

        (C)  Consummation
of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of QCII (a "Business Combination"), in
each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities who were the beneficial owners of outstanding voting securities of QCII
immediately prior to such Business Combination beneficially own, by reason of such ownership of QCII's voting securities immediately before the Business Combination, directly or indirectly, more than
50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors of the company resulting from such Business Combination (including,
without limitation, a company which as a result of such transaction owns QCII or all or substantially all of QCII's assets either directly or through one or more subsidiaries) in substantially the
same proportions as their ownership, immediately prior to such Business Combination of the outstanding voting securities of QCII; (ii) no person (excluding a 15% Shareholder, any company
resulting from such Business Combination or any employee benefit plan (or related trust) of QCII or such company resulting from such Business Combination) beneficially owns, directly or indirectly,
20% or more of, respectively, the then combined voting power of the then outstanding voting securities of such company except to the extent that such ownership existed prior to the Business
Combination; and (iii) at least a majority of the members of the board of directors of the company resulting from such Business Combination were members of the Incumbent Board at the time of
the execution of the initial agreement, or of the action of the QCII Board, providing for such Business Combination; or 

        (D)  Approval
by the stockholders of QCII of a complete liquidation or dissolution of QCII. 

        7.     Benefit Plans. If, for any period during which the Executive is entitled to continued benefits under this Agreement, the
Company reasonably determines that the Executive cannot participate in any benefit plan because he is not actively performing services for the Company or is otherwise not eligible for coverage, then,
in lieu of providing benefits under any such plan, the Company shall provide comparable benefits or the cash equivalent of the cost thereof (after taking into account all tax consequences thereof to
the Executive and the Executive's dependents as the case may be) to the Executive and, if applicable, the Executive's dependents through other arrangements. 

8

 

        8.     Special Tax Provision. 

        (a)   Anything
in this Agreement to the contrary notwithstanding, in the event that the Executive receives any amount or benefit (collectively, the "Covered Payments")
(whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company, any person whose actions result in a change of ownership or effective control covered by
Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended (the "Code") or any person affiliated with the Company or such
person) that is or becomes subject to the excise tax imposed by or under Section 4999 of the Code (or any similar tax that may hereafter be imposed) and/or any interest or penalties with
respect to such excise tax (such excise tax, together with such interest and penalties, is hereinafter collectively referred to as the "Excise Tax") by reason of the application of
Section 280G(b)(2) of the Code, the Company shall pay to the Executive an additional amount (the "Tax Reimbursement Payment") such that after payment by the Executive of all taxes (including,
without limitation, any interest or penalties and any Excise Tax imposed on or attributable to the Tax Reimbursement Payment itself), the Executive retains an amount of the Tax Reimbursement Payment
equal to the sum of (i) the amount of the Excise Tax imposed upon the Covered Payments, and (ii) without duplication, an amount equal to the product of (A) any deductions
disallowed for federal, state or local income tax purposes because of the inclusion of the Tax Reimbursement Payment in Executive's adjusted gross income, and (B) the highest applicable
marginal rate of federal, state or local income taxation, respectively, for the calendar year in which the Tax Reimbursement Payment is made or is to be made. The intent of this Section 8 is
that after the Executive pays federal, state and local income taxes and any payroll taxes, the Executive will be in the same position as if the Executive were not subject to the Excise Tax under
Section 4999 of the Code and did not receive the extra payments pursuant to this Section 8, and this Section 8 shall be interpreted accordingly. 

        (b)   Except
as otherwise provided in subparagraph 8(a), for purposes of determining whether any of the Covered Payments will be subject to the Excise Tax and the amount of
such Excise Tax, such Covered Payments will be treated as "parachute payments" (within the meaning of Section 280G(b)(2) of the Code) and such payments in excess of the Code
Section 280(G)(b)(3) "base amount" shall be treated as subject to the Excise Tax, unless, and except to the extent that, the Company's independent certified public accountants or legal counsel
(reasonably acceptable to the Executive) appointed by such public accountants (or, if the public accountants decline such appointment and decline appointing such legal counsel, such independent
certified public accountants as promptly mutually agreed on in good faith by the Company and the Executive) (the "Accountant"), deliver a written opinion to the Executive, reasonably satisfactory to
the Executive's legal counsel, that, in the event such reporting position is contested by the Internal Revenue Service, there will be a more likely than not chance of success with respect to a claim
that the Covered Payments (in whole or in part) do not constitute "parachute payments," represent reasonable compensation for services actually rendered (within the meaning of
Section 280G(b)(4) of the Code) in excess of the "base amount" allocable to such reasonable compensation, or such "parachute payments" are otherwise not subject to such Excise Tax (with
appropriate legal authority, detailed analysis and explanation provided therein by the Accountant); and the value of any Covered Payments which are non-cash benefits or deferred payments
or benefits shall be determined by the Accountant in accordance with the principles of Section 280G of the Code. 

        (c)   For
purposes of determining the amount of the Tax Reimbursement Payment, the Executive shall be deemed to pay federal, state and/or local income taxes at the highest
applicable marginal rate of income taxation for the calendar year in which the Tax Reimbursement Payment is made or is to be made, and to have otherwise allowable deductions for federal, state and
local income tax purposes at least equal to those disallowed due to the including of the Tax Reimbursement Payment in the Executive's adjusted gross income. 

9

 

        (d)   (1)
(A) In the event that prior to the time the Executive has filed any of the Executive's tax returns for a calendar year in which Covered Payments are made, the
Accountant determines, for any reason whatsoever, the correct amount of the Tax Reimbursement Payment to be less than the amount determined at the time the Tax Reimbursement Payment was made, the
Executive shall repay to the Company, at the time that the amount of such reduction in the Tax Reimbursement Payment is determined by the Accountant, the portion of the prior Tax Reimbursement Payment
attributable to the Excise Tax and federal, state and local income taxes imposed on the portion of the Tax Reimbursement Payment being repaid by the Executive, using the assumptions and methodology
utilized to calculate the Tax Reimbursement Payment (unless manifestly erroneous)), plus interest on the amount of such repayment at the rate provided in Section 1274(b)(2)(B) of the Code. 

        (B)  In
the event that the determination set forth in (A) above is made by the Accountant after the filing by the Executive of any of the Executive's tax returns for a
calendar year in which Covered Payments are made, the Executive shall file at the request of the company an amended tax return in accordance with the Accountant's determination, but no portion of the
Tax Reimbursement Payment shall be required to be refunded to the Company until actual refund or credit of such portion has been made to the Executive, and interest payable to the Company shall not
exceed the interest received or credited to the Executive by such tax authority for the period it held such portion (less any tax the Executive must pay on such interest and which the Executive is
unable to deduct as a result of payment of the refund). 

        (C)  In
the event that the Executive receives a refund pursuant to (B) above and repays such amount to the Company, the Executive shall thereafter file for any refunds
or credits that may be due to Executive by reason of the repayments to the Company. The Executive and the Company shall mutually agree upon the course of action, if any, to be pursued (which shall be
at the expense of the Company) if the Executive's claim for such refund or credit is denied. 

        (2)   In
the event that the Excise Tax is later determined by the Accountant or the Internal Revenue Service to exceed the amount taken into account hereunder at the time a
Tax Reimbursement Payment was made (including by reason of any payment the existence or amount of which could not be determined at the time of the earlier Tax Reimbursement Payment), the Company shall
make an additional Tax Reimbursement Payment in respect of such excess (plus any interest or penalties payable with respect to such excess) once the amount of such excess is finally determined. 

        (3)   In
the event of any controversy with the Internal Revenue Service (or other taxing authority) under this Section 8, subject to the second sentence of subparagraph
(1)(C) above, Executive shall permit the Company to control issues related to this Section 8 (at its expense), provided that such issues do not potentially materially adversely affect the
Executive, but the Executive shall control any other issues. In the event the issues are interrelated, the Executive and the Company shall in good faith cooperate so as not to jeopardize resolution of
either issue. In the event of any conference with any taxing authority as to the Excise Tax or associated income taxes, the Executive shall permit the representative of the Company to accompany the
Executive, and the Executive and his representative shall cooperate with the Company and its representative. 

        (4)   With
regard to any initial filing for a refund or any other action required pursuant to this Section 8 (other than by mutual agreement) or, if not required,
agreed to by the Company and the Executive, the Executive shall cooperate fully with the Company, provided 

10

 

that
the foregoing shall not apply to actions that are provided herein to be at the Executive's sole discretion. 

        (e)   The
Tax Reimbursement Payment, or any portion thereof, payable by the Company shall be paid not later than the fifth day following the determination by the Accountant,
and any payment made after such fifth day shall bear interest at the rate provided in Code Section 1274(b)(2)(B) to the extent and for the period after such fifth day that Executive has an
obligation to make payment or estimated payment of the Excise Tax. The Company shall use its best efforts to cause the Accountant to promptly deliver the initial determination required hereunder with
respect to Covered Payments paid or payable in any calendar year; if the Accountant's determination is not delivered within ninety (90) days after Covered Payments are paid or distributed, the
Company shall pay the Executive the Tax Reimbursement Payment set forth in an opinion from counsel recognized as knowledgeable in the relevant areas selected by Executive, and reasonably acceptable to
the Company, within five (5) days after delivery of such opinion. The Company may withhold from the Tax Reimbursement Payment and deposit into applicable taxing authorities such amounts as they
are required to withhold by applicable law. To the extent that the Executive is required to pay estimated or other taxes on amounts received by the Executive beyond any withheld amounts, the Executive
shall promptly make such payments. The amount of such payment shall be subject to later adjustment in accordance with the determination of the Accountant as provided herein. 

        (f)    The
Company shall be responsible for (i) all charges of the Accountant, (ii) if subparagraph (e) is applicable, the reasonable charges for the
opinion given by the Executive's legal counsel, and (iii) all reasonable charges in connection with the preparation and filing of any amended tax returns on behalf of the Executive required by
the Company, required hereunder, or required by applicable law. The Company shall gross-up for tax purposes any income to the Executive arising pursuant to this subparagraph (f) so
that the economic effect to the Executive is the same as if the benefits were provided on a non-taxable basis. 

        The
Executive and the Company shall mutually agree on and promulgate further guidelines in accordance with this Section 8 to the extent that, if any, necessary to effect the
reversal of excessive or shortfall Tax Reimbursement Payments. The foregoing shall not in any way be inconsistent with subparagraph 8(d)(1)(C). 

        9.     No Mitigation; No Offset. In the event of any termination of employment, the Executive shall be under no obligation to
seek other employment and there shall be no offset against amounts due the Executive under this Agreement on account of any remuneration attributable to any subsequent employment that he may obtain. 

        10.   Confidential Information. The Executive agrees that, during his employment by the Company and at all times thereafter, he
shall hold in a fiduciary capacity for the benefit of the Company all proprietary secret or confidential information, knowledge or data relating to the Company or any of its subsidiaries or
affiliates, and their respective businesses, which shall have been obtained by the Executive during the Executive's employment by the Company or during his consultation with the Company after his
termination of employment, and which shall not be or become public knowledge (other than by acts by the Executive or representatives of the Executive in violation of this Agreement). Except in the
good faith performance of his duties for the Company, the Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or legal process, communicate or
divulge any such information, knowledge or data to anyone other than the Company and those designated by it. 

        11.   Protective Covenants. For a period of two years following the termination of Executive's employment for any reason, the
Executive shall not, without the written consent of the Board, directly or indirectly, 

11

 

        (a)   engage
or be interested in (as owner, partner, stockholder, employee, director, officer, agent, consultant or otherwise), with or without compensation, any business
which is in direct competition with the Company or of any of its affiliates in the telecommunications business; 

        (b)   hire
any person who was employed by the Company or any of its subsidiaries or affiliates (other than persons employed in a clerical or other non-professional
position) within the six-month period preceding the date of such hiring; or 

        (c)   solicit,
entice, persuade or induce any person or entity doing business with the Company and its subsidiaries or affiliates, to terminate such relationship or to refrain
from extending or renewing the same. 

Nothing
in subparagraph (a) above, will prohibit the Executive from acquiring or holding not more than one percent of any class of publicly traded securities of any such business; provided that
such securities entitle the Executive to no more than one percent of the total outstanding votes entitled to be cast by security holders of such business in matters on which such security holders are
entitled to vote. 

        12.   Remedies. The Executive agrees that the restrictions set forth in Sections 10 and 11 hereof are reasonable and necessary
to protect the legal interests of the Company. The Executive further agrees that the Company shall be entitled to injunctive relief in the event of any actual or threatened breach of such
restrictions. 

        13.   Assignability, Binding Nature. Except as otherwise provided in this Section, this Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors, heirs (in the case of the Executive) and assigns. No rights or obligations of the Company under this Agreement may be assigned or
transferred by the Company except that such rights or obligations may be assigned or transferred pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or
liquidation of all or substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and such
assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. The Company further agrees that, in
the event of a merger or consolidation in which the Company is not the continuing entity or a sale of assets or liquidation as described in the preceding sentence, it shall take whatever action it
legally can in order to cause the successor, assignee or transferee to expressly assume the liabilities, obligations and duties of the Company hereunder. No rights or obligations of the Executive
under this Agreement may be assigned or transferred by the Executive other than (i) his rights to compensation and benefits, which may be transferred only by will or operation of law, and
(ii) his rights with respect to options that may be transferred in accordance with subparagraph 3(g) of this Agreement. 

        14.   Amendment. This Agreement may be amended or canceled only by mutual agreement of the parties in writing without the
consent of any other person. So long as the Executive lives, no person, other than the parties hereto, shall have any rights under or interest in this Agreement or the subject matter hereto except
that in the event of the Executive's Disability so as to render him incapable of such action, his legal representative may be substituted for purposes of such amendment. 

        15.   Applicable Law. The provisions of this Agreement shall be construed in accordance with the internal laws of the State of
Colorado, without regard to the conflict of law provisions of any state. 

        16.   Severability. The invalidity or unenforceability of any provision of this Agreement will not affect the validity or
enforceability of any other provision of this Agreement, and this Agreement will be construed as if such invalid or unenforceable provision were omitted (but only to the extent such provision cannot
be appropriately reformed or modified). 

12

 

        17.   Waiver of Breach. No waiver by any party hereto of a breach of any provision of this Agreement by any other party, or of
compliance with any condition or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other party of any similar
or dissimilar provisions and conditions at the same or any prior or subsequent time. The failure of any party hereto to take any action by reason of such breach will not deprive such party of the
right to take action at any time while such breach continues. 

        18.   Notices. Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered
personally or sent by registered or certified mail, return receipt requested, postage prepaid, or sent by facsimile, or prepaid overnight courier to the parties at the facsimile phone numbers or
addresses set forth below (or such other addresses or facsimile numbers as shall be specified by the parties by like notice): 

	to the Company:
	 	 	Qwest Services Corporation

1801 California Street, Suite 5200

Denver, Colorado 80202
	

 	
 	

Attn: Chairman and Chief Executive Officer; and
	

 	
 	

General Counsel

Facsimile: (303) 296-2782
	

or to the Executive:
	 	 	Barry K. Allen
	

 	
 	

Facsimile: at the facsimile number maintained in the Company's business records

Each
party, by written notice furnished to the other party, may modify the applicable delivery address, except that notice of change of address shall be effective only upon receipt. Such notices,
demands, claims and other communications shall be deemed given in the case of delivery by overnight service with guaranteed next day delivery, the next day or the day designated for delivery; or in
the case of certified or registered U.S. mail, five days after deposit in the U.S. mail; or, in the case of facsimile, the date upon which the transmitting party received confirmation of receipt by
facsimile, telephone, or otherwise; provided, however, that in no event shall any such communications be deemed to be given later than the date they are actually received. 

        19.   Arbitration of Disputes and Reimbursement of Legal Costs. Any controversy or claim arising out of or relating to this
Agreement (or the breach thereof) shall be settled by final, binding and non-appealable arbitration in Denver, Colorado by three arbitrators. Subject to the following provisions, the
arbitration shall be conducted in accordance with the rules of the American Arbitration Association (the "Association") then in effect. One of the arbitrators shall be appointed by the Company, one
shall be appointed by the Executive and the third shall be appointed by the first two arbitrators. If the first two arbitrators cannot agree on the third arbitrator within 30 days of the
appointment of the second arbitrator, then the third arbitrator shall be appointed by the Association and shall be experienced in the resolution of disputes under employment agreements for CEOs of
major corporations. Any award entered by the arbitrators shall be final, binding and nonappealable and judgment may be entered thereon by either party in accordance with applicable law in any court of
competent jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrators shall have no authority to modify any provision of this Agreement or to award a remedy for a
dispute involving this Agreement other than a benefit specifically provided under or by virtue of the Agreement. If the Executive prevails on any material issue which is the subject of such
arbitration or lawsuit, the Company shall be responsible for all of the fees of the American Arbitration Association and the arbitrators and any expenses relating to the conduct of the arbitration
(including the Company's and the Executive's reasonable 

13

 

attorneys'
fees and expenses). Otherwise, each party shall be responsible for its own expenses relating to the conduct of the arbitration (including reasonable attorneys' fees and expenses) and shall
share the fees of the American Arbitration Association equally. 

        20.   Survivorship. Upon the expiration or other termination of this Agreement, the respective rights and obligations of the
parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement. 

        21.   Entire Agreement. Except as otherwise noted herein, this Agreement constitutes the entire agreement between the parties
concerning the subject matter hereof and supersedes all prior and contemporaneous agreements, if any, between the parties relating to the subject matter hereof. Although this Agreement is being
executed by the parties on the date(s) indicated with their respective signatures below, this Agreement is retroactively effective, as of August 5, 2002, and each party, by executing the
Agreement, expressly acknowledges and agrees that the other party has acted consistently with his or its duties and obligations under this Agreement from August 5, 2002, up to the date of the
acknowledging and agreeing party's execution of this Agreement. 

        22.   Counterparts. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all
of which taken together constitute one and the same agreement. 

        IN
WITNESS WHEREOF, the Executive as hereunto set his hand, and the Company has caused this Agreement to be executed in its name and on its behalf, and its corporate seal to be hereunto
affixed, all on the day and year first above written. 

	EXECUTIVE:	 	COMPANY:
	

/s/ BARRY K. ALLEN	
 	

QWEST SERVICES CORPORATION
	

	
 	

By:	
 	

/s/  FRANK J. POPOFF      
 Frank J. Popoff
	

 	
 	

Its: Chairman of Compensation and

Human Resources Committee
	

 	
 	

ATTEST: /s/  RICHARD N. BAER      
 Secretary

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QuickLinks

EXHIBIT 10.51

EMPLOYMENT AGREEMENT

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