Document:

Debenture, dated December 28, 2006

 Exhibit 4.11 
  
 This Debenture is subject to the provisions of the Intercreditor and Collateral Agency Agreement (as defined herein)

  
 28 December 2006 
  
 DEBENTURE 
  
 between 
  
 FIBERNET GROUP LIMITED 
  
 FIBERNET LIMITED 
  
 and 
  
 FIBERNET UK LIMITED 
 as Chargors 
  
 in favour of 
  
 THE BANK OF NEW YORK 
 as Collateral Agent 
  
 

 
  
 London 
  
 99 Bishopsgate 
 London EC2M 3XF 
 +44 (0)20 7710 1000 (Tel) 
 +44 (0)20 7374 4460 (Fax) 
 www.lw.com

 TABLE OF CONTENTS 
  

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

 THIS DEBENTURE is made on 28 December 2006 between the following parties: 
  

	 	(1)	FIBERNET GROUP LIMITED (formerly Fibernet Group Plc) a company incorporated with limited liability under the laws of England and Wales (registered number 03151663) and having
its registered office at Rosalind House, Jays Close Viables, Basingstoke, Hampshire, RG22 4BS; 

  

	 	(2)	FIBERNET LIMITED a company incorporated with limited liability under the laws of England and Wales (registered number 01992473) and having its registered office at Rosalind
House, Jays Close Viables, Basingstoke, Hampshire, RG22 4BS; 

  

	 	(3)	FIBERNET UK LIMITED a company incorporated with limited liability under the laws of England and Wales (registered number 02940263) and having its registered office at
Rosalind House, Jays Close Viables, Basingstoke, Hampshire, RG22 4BS, 

  
 (together, the “Chargors” and each a “Chargor”); and 
  

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

  
 IT IS AGREED as follows:

  
 1.    DEFINITIONS AND INTERPRETATION 

 
 1.1    Definitions    
Terms defined in, or incorporated into, the Indenture shall, unless otherwise defined in this Debenture, have the same meaning when used in this Debenture and in addition: 
  
 “Bank Account” means any bank account and any credit balance therein from time to time of the Chargors and
all Related Rights. 
  
 “Charged Property” means
all the assets of the Chargors which from time to time are the subject of the security created or expressed to be created in favour of the Collateral Agent by or pursuant to this Debenture. 
  
 “Collateral Rights” means all rights, powers and remedies of
the Collateral Agent provided by or pursuant to this Debenture or by law. 
  
 “Enforcement Event” means the exercise by the Collateral Agent (or the Holders of a majority in aggregate principal amount of the then outstanding Notes) of any of its (or their) rights under Sections
6.02 or 6.03 of the Indenture. 
  
 “Excluded
Contracts” means any agreement made between the Chargors and any other party who is a Government Entity or an entity which is a contractor or subcontractor of a Government Entity, whether in force at the date of this Debenture or entered
into to after the date of this Debenture, including without limitation the contracts listed in Schedule 5. 
  
 “GC(UK)TL” means Global Crossing (UK) Telecommunications Limited, a company incorporated with limited liability under the laws of England
and Wales (registered number 02495998). 
  
 “Government Entity” means any agency, department or other body of local, regional or state government of the United Kingdom of Great Britain and Northern Ireland. 
  
 “Indenture” means the indenture dated as of 23 December
2004 among, inter alios, The Bank of New York as Trustee, the Issuer and GC(UK)TL. 
  
 “Insurance Policy” means any policy of insurance in which each Chargor is a named insured. 
  
 “Intellectual Property” means any patents, trade marks, service marks, designs, business names, copyrights, design rights, moral rights,
inventions, confidential information, knowhow and other intellectual property rights and interests, whether registered or unregistered, the benefit of all applications and rights to use and monies deriving from such intellectual property now or
hereafter belonging to the Chargors and all Related Rights. 
  

 1 

 “Intercreditor and Collateral Agency Agreement” means the intercreditor and collateral
agency agreement dated as of 23 December 2004 among, inter alios, J. Aron & Company and The Bank of New York as Collateral Agent and Trustee. 
  
 “Investments” means any stocks, shares, debentures, securities and other investments, assets, rights or
interests falling within Part II of Schedule 2 to the Financial Services and Markets Act 2000 (as in force at the date hereof) (but not including the Shares) whether held directly by or to the order of any Chargor or by any trustee, fiduciary or
clearance system on its behalf and all Related Rights (including all rights against any such trustee, fiduciary or clearance system). 
  
 “Issuer” means Global Crossing (UK) Finance Plc, a company incorporated under the laws of England and Wales (registered number 05267403).

  
 “Lease” means any present or future lease,
sub-lease, licence, tenancy or other agreement or right to occupy whether on a fixed term or periodic basis governing the use or occupation of any freehold or leasehold property. 
  
 “Monetary Claims” means any book and other debts, right to payment and monetary claims owing to a Chargor
and any proceeds thereof (including any claims or sums of money deriving from or in relation to any Intellectual Property, the proceeds of any Insurance Policy, any court order or judgment, any contract or agreement to which that Chargor is a party
and any other assets, property, rights or undertaking of that Chargor whether existing on the date hereof or hereafter arising). 
  
 “Notes” means the senior secured notes issued by the Issuer under the terms of the Indenture. 
  
 “Receiver” means a receiver or receiver and manager or
administrative receiver of the whole or any part of the Charged Property. 
  
 “Real Property” means any freehold property and the Real Property more particularly described in Schedule 3 (Real Property) and any buildings, fixtures, fittings, fixed plant or machinery from time to
time situated on, permanently affixed to or forming part of such property. 
  
 “Related Rights” means, in relation to any asset, 
  

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

  

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

  

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

  

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

  
 “Secured Obligations” means, in the case of any Chargor, all present and future obligations
of such Chargor under the Indenture, the Notes, the Guarantees, the Interest Hedge Contract (as defined in the Intercreditor and Collateral Agency Agreement), the Additional Interest Hedge Contract (as defined in the Intercreditor and Collateral
Agency Agreement) or hereunder. 
  
 “Secured Parties” has the same meaning as defined in the Intercreditor and Collateral Agency Agreement. 
  
 “Security Arrangement Agreement” means the security and arrangement agreement dated as of 23 December 2004 among,
inter alios, GC(UK)TL, The Bank of New York as Collateral Agent and Trustee, the Hedging Counterparties (as defined therein). 
  
 “Shares” means all of the shares held by, or to the order or on behalf of each Chargor from time to time including the
shares specified in Schedule 4 (Shares). 
  
 “Tangible Moveable Property” means any plant, machinery, office equipment, computers, vehicles and other chattels (excluding any for the time being forming part of the Chargor’s stock in trade or work in progress) and
all Related Rights where the value of each such item or right is in excess of $100,000 (or its equivalent). 
  
 1.2    Interpretation    In this Debenture: 
  

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

  

 2 

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

  

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

  

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

  

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

  

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

  

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

  

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

  
 1.3    Third Party Rights    A person who is not a party to this Debenture has no right under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of this Debenture. 
  
 1.4    Headings    Section headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Debenture.

  
 1.5    Inconsistency Between
Provisions    The provisions of this Debenture shall prevail in the event of any conflict between such provisions and the provisions of the Indenture that cannot be resolved by the application of the rules of interpretation
set forth in Clause 20.3 of this Debenture. 
  
 1.6    Effect as a Deed    This Debenture is intended to take effect as a deed notwithstanding that the Collateral Agent may have executed it under hand only. 
  
 1.7    Incorporation of
Terms    To the extent necessary for any agreement for the disposition of the Charged Property in this Debenture to be a valid agreement under Section 2(1) of the Law of Property (Miscellaneous Provisions) Act 1989, the
terms of the Indenture are incorporated into this Debenture. 
  
 2.    PAYMENT OF SECURED OBLIGATIONS 
  
 2.1    Covenant to Pay    Each Chargor hereby covenants with the Collateral Agent as trustee for the Secured Parties that it shall pay and discharge each of the Secured
Obligations when the same become due and payable whether by acceleration or otherwise in accordance with the terms of the Indenture, the Notes, the Guarantees, the Interest Hedge Contract (as defined in the Intercreditor and Collateral Agency
Agreement), the Additional Interest Hedge Contract (as defined in the Intercreditor and Collateral Agency Agreement) and this Debenture. 
  
 3.    FIXED CHARGES, ASSIGNMENTS AND FLOATING CHARGE 
  

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

	 	(i)	the Real Property; 

  

	 	(ii)	the Tangible Moveable Property; 

  

	 	(iii)	the Intellectual Property; 

  

 3 

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

  

	 	(v)	the Investments; 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

 4 

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

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

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

 5 

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

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

 6 

 4.    CRYSTALLISATION OF FLOATING CHARGE 
  
 4.1    Crystallisation: By
Notice    The Collateral Agent may at any time by notice in writing to each of the Chargors convert the floating charge created by Clause 3.3 with immediate effect into a fixed charge as regards any property or assets
specified in the notice after an Event of Default has occurred and is continuing, unremedied and unwaived. 
  
 5.    PERFECTION OF SECURITY 
  
 5.1    Notices of Assignment    Each Chargor shall deliver to the Collateral Agent (or procure delivery of) notices of assignment (substantially in the form set out in
Schedule 2) duly executed by, or on behalf of, the relevant Chargor in respect of the proceeds of each Insurance Policy (and all Related Rights in respect thereof) assigned pursuant to Clause 3.2, in the case of each such Insurance Policy in effect
on the date hereof, promptly following the date hereof and, in the case of each such Insurance Policy coming into effect after the date hereof, promptly following the date it comes into effect and each Chargor will use reasonable efforts to obtain
and deliver to the Collateral Agent an acknowledgement from each of the addressees in substantially the same form as set out in Schedule 2. 
  
 5.2    Registration of Intellectual Property    Each Chargor shall deliver all such documents, duly
executed by or on behalf of the relevant Chargor, as shall be necessary to perfect the interest of the Collateral Agent in the relevant registers relating to any registered Intellectual Property. Notwithstanding the pledge of its Intellectual
Property hereunder and any requirement contained in the Indenture or any other Security Document, until notice to the Chargors has been given by the Collateral Agent after the occurrence of an Event of Default which is continuing, unremedied and
unwaived, each Chargor shall have the right to exploit and use the Intellectual Property in connection with its business, including but not limited to the development, marketing, promotion, distribution and sale of the underlying sources related to
such Intellectual Property provided that each Chargor shall not use or refrain from using its any material Intellectual Property in such a way which may materially adversely affect the value of the Intellectual Property. 
  
 5.3    Land
Registration    Each Chargor shall hereby apply to The Chief Land Registrar to enter the following restriction in the Proprietorship Register of any property which is, or is required to be, registered forming part of the Real
Property. 
  
 “No disposition of the registered estate
[(other than a charge)] by the proprietor of the registered estate is to be registered without a written consent signed by the proprietor for the time being of the charge dated
[            ] in favour of [            ] referred to in the charges register [(or his conveyancer or specify appropriate
details)] or, if appropriate, signed on such proprietor’s behalf by [its secretary or conveyancer or specify appropriate details]. 
  
 5.4    Note of Debenture    In the case of any Real Property, title to which is or will be registered under
the Land Registration Acts 1925 to 1988, acquired by or on behalf of a Chargor after the execution of this Debenture, that Chargor shall promptly notify the Collateral Agent of the title number(s) and, contemporaneously with the making of an
application to The Land Registry for the registration of that Chargor as the Registered Proprietor thereof, apply to The Chief Land Registrar to enter a note of this Debenture on the Charges Register of such property. 
  
 5.5    Delivery of Share Certificates and Escrow
Thereof    Each Chargor shall: 
  

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

  

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

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

	 	(a)	 Until an Event of Default has occurred and is continuing, unremedied and unwaived and notice thereof has been given to the Chargors, without the prior written
consent of the Collateral Agent, any Chargor 

  

 7 

	 	 
may remove items of Charged Property outside of England and Wales in order to have them repaired or upgraded, subject to the obligation of returning such
items to their original location in England and Wales as soon as their repair or upgrade has been completed and, if required in order to transport or relocate any such item of Charged Property, the Collateral Agent shall, upon delivery to it of a
request in writing requesting a release (which shall state that such release is authorized under this Clause 5.6) (and such other documents as are required pursuant to the Indenture), promptly execute and deliver to such Chargor such release
statement and such other documentation as shall be specified by such Chargor in such written request to effect the temporary release of the Lien on the Charged Property in order that it may be removed or relocated. 

  

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

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

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

  

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

  

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

  
 Furthermore and for greater clarity, each Chargor
will (subject to the Indenture) take or cause to be taken all action required to maintain, preserve and protect the Liens on the Charged Property granted by this Debenture, including causing this Debenture, instruments of further assurance and all
amendments or supplement thereto, to be promptly recorded, registered and filed and at all times to be kept recorded, registered and filed, and will execute and file statements and cause to be issued and filed statements, all in such manner and in
such places and at such times as are prescribed in this Debenture and as may be required by law fully to preserve and protect the rights of the Secured Parties and the Collateral Agent under this Debenture to the Charged Property. 
  
 6.2    Implied Covenants for
Title    The obligations of each Chargor under this Debenture shall be in addition to the covenants for title deemed to be included in this Debenture by virtue of Part 1 of the Law of Property (Miscellaneous Provisions) Act
1994. 
  
 7.    SHARES AND INVESTMENTS 
  
 7.1    Liability to
Perform    Notwithstanding anything to the contrary herein contained, each Chargor shall remain liable to observe and perform all of the conditions and obligations assumed by it in respect of the Shares and the Investments
and, without limitation, to pay all calls or other payments that may become due in respect of any of the Shares. 
  
 7.2    After an Event of Default    After the occurrence of an Event of Default which is continuing,
unremedied and unwaived, the Collateral Agent may, having given notice thereof to the Chargors, (in the name of a Chargor or otherwise and without any further consent or authority from that Chargor): 
  

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

  

 8 

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

  

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

  

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

  

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

  

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

  

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

  

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

  
 8.    BANK ACCOUNTS 
  
 8.1    Notification and Variation    Each Chargor, during the subsistence of this Debenture shall promptly notify the Collateral Agent on the date of this Debenture (and, if any change occurs
thereafter, on the effective date thereof), of the details of each Bank Account maintained by it with any financial institution. 
  
 8.2    Before Event of Default    Notwithstanding anything contained in this Debenture or the Indenture, at
any time before the Collateral Agent has given notice to the Chargors and to the relevant financial institutions of the occurrence of an Event of Default which is continuing, unremedied and unwaived, each Chargor shall have the exclusive right to
exercise all rights, powers and remedies in relation to its Bank Accounts. 
  
 8.3    After Event of Default—Chargor    Subject to the Intercreditor and Collateral Agency Agreement and the Security Arrangement Agreement, after the Collateral
Agent has given notice to the Chargors and to the relevant financial institutions of the occurrence of an Event of Default which is continuing, unremedied and unwaived, no Chargor shall be entitled to exercise any rights, powers or remedies held by
it in respect of the Bank Accounts without the prior consent of the Collateral Agent. 
  
 8.4    After Event of Default—Collateral Agent    Only after the occurrence of an Event of Default which is continuing, unremedied and unwaived (and subject to the
Intercreditor and Collateral Agency Agreement and the Security Arrangement Agreement), shall the Collateral Agent, having given notice thereof to the Chargors and to the relevant financial institutions, be entitled to exercise all rights, powers and
remedies held by it as assignee of the Bank Accounts and to: 
  

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

  

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

  
 9.    MONETARY CLAIMS 
  
 9.1    Before Event of
Default    Notwithstanding anything contained in this Debenture or the Indenture, at any time before the Collateral Agent has given notice to the Chargors and to the relevant third parties of the occurrence of an Event of
Default which is continuing, unremedied and unwaived, each Chargor shall have the exclusive right to exercise all rights, powers and remedies in relation to its Monetary Claims. 
  

 9 

 9.2    After Event of Default    Only after the occurrence
of an Event of Default which is continuing, unremedied and unwaived (subject to the Intercreditor and Collateral Agency Agreement and the Security Arrangement Agreement), shall the Collateral Agent, having given notice thereof to the Chargors and to
the relevant financial institutions, be entitled to exercise all rights, powers and remedies held by it as assignee of the Monetary Claims and to: 
  

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

  

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

  
 10.    REAL PROPERTY 
  
 10.1    Property:
Notification    Each Chargor shall promptly notify the Collateral Agent of any contract, conveyance, transfer or other disposition for the acquisition by it (or its nominee(s)) of any Real Property. 
  
 10.2    Lease
Covenants    Each Chargor shall not, in relation to any lease, agreement for lease or other right to occupy to which all or any part of the Real Property is at any time subject, do any act or thing whereby any lease or other
document which gives any right to occupy any part of the Charged Property becomes or may become subject to determination or any right of re-entry or forfeiture prior to the expiration of its term. 
  
 10.3    Title    Each Chargor
shall observe and perform all restrictive and other covenants, stipulations and obligations now or at any time affecting any Real Property insofar as they are subsisting and capable of being enforced. 
  
 10.4    Compensation
Payments    If any moneys become payable to a Chargor during the subsistence of the Debenture by way of compensation under the provisions of Section 25 of the Law of Property Act 1969 or under the Landlord and Tenant
Acts 1927 to 1954 or otherwise, such moneys shall, on or after the occurrence of an Enforcement Event, unless the Collateral Agent otherwise agrees in writing (but so that the Collateral Agent shall not be obliged so to agree), be held, applied,
paid or released by the Collateral Agent in accordance with the Indenture; and: 
  

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

  

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

  
 11.    CHARGOR OBLIGATIONS

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

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

  

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

  

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

  

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

  

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

  

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

  
 If the proceeds of sale, collection or other realization of or
upon the Charged Property pursuant to this Debenture are insufficient to cover the costs and expenses of such realization and the payment in full of the Secured Obligations, each Chargor shall, subject to the provisions of the Indenture, remain
liable for any deficiency. 
  
 11.2    Lien
Held by Chargor    A Chargor will not without the prior written consent of the Collateral Agent hold any Lien, guarantee, indemnity, bond or other assurance from any other person in respect of the 

  

 10 

 
Chargor’s liabilities hereunder. A Chargor will hold any Lien held by it in breach of this provision on trust for the Collateral Agent (as agent and
trustee as aforesaid) and shall on request promptly deposit the same and/or charge the same to the Collateral Agent in such a manner as the Collateral Agent may require as security for due and punctual performance and discharge by the Chargor of the
Secured Obligations. 
  
 12.    CHARGORS’
REPRESENTATIONS 
  
 Each Chargor hereby represents and
warrants to the Collateral Agent for the Collateral Agent and the Secured Parties: 
  

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

  

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

  

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

 

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

  

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

  

	 	(ii)	its constitutional documents; or 

  

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

  

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

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

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

  

	 	(b)	whether or not it has appointed a Receiver, exercise all or any of the powers, authorities and discretions conferred by the Law of Property Act 1925 (as varied or extended by this
Debenture) on mortgagees and by this Debenture on any Receiver or otherwise conferred by law on mortgagees or Receivers, provided that the Collateral Agent or any Receiver may not exercise any powers, authorities or discretions to sell or otherwise
dispose of all or any part of the Charged Property unless the Collateral Agent or such Receiver has given 10 Business Days’ prior written notice of such proposed sale or disposition to the relevant Chargor. 

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

  

 11 

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

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

  

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

  

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

  
 shall be exercised by a Chargor only if and to the extent that
the Collateral Agent so requires and in such manner and upon such terms as the Collateral Agent may specify and a Chargor shall hold any moneys, rights or security held or received by it as a result of the exercise of any such rights on trust for
the Collateral Agent for application in accordance with the terms hereof as if such moneys, rights or security were held or received by the Collateral Agent under this Debenture. 
  
 13.6    Appropriations    Until all the Secured Obligations have been
unconditionally and irrevocably paid and discharged in full in cash, the Collateral Agent may: 
  

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

  

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

  
 13.7    Small Company
Moratorium    Notwithstanding any other provision of this Debenture, the obtaining of a moratorium under section 1A of the Insolvency Act 1986, or anything done with a view to obtaining such a moratorium (including any
preliminary decision or investigation), shall not be an event causing any floating charge created by this deed to crystallise or causing restrictions which would not otherwise apply to be imposed on the disposal of property by any Chargor or a
ground for the appointment of a Receiver. 
  
 14.    EXTENSION AND VARIATION OF THE LAW OF PROPERTY ACT 1925 
  
 14.1    Extension of Powers    The power of sale or other disposal conferred on the Collateral Agent and on
any Receiver by this Debenture shall operate as a variation and extension of the statutory power of sale under Section 101 of the Law of Property Act 1925 and such power shall arise (and the Secured Obligations shall be deemed due and payable
for that purpose) on execution of this Debenture. 
  
 14.2    Restrictions    The restrictions contained in Sections 93 and 103 of the Law of Property Act 1925 shall not apply to this Debenture or to the exercise by the Collateral Agent of its
right to consolidate all or any of the security created by or pursuant to this Debenture with any other security in existence at any time or to its power of sale, which powers may be exercised by the Collateral Agent without notice to a Chargor at
any time after the occurrence of an Event of Default which is continuing, unremedied and unwaived. 
  
 14.3    Power of Leasing    The statutory powers of leasing may be exercised by the Collateral Agent at any
time after (i) the occurrence of an Event of Default which is continuing, unremedied and unwaived, and (ii) the giving of notice thereof by the Collateral Agent to the Chargors, and the Collateral Agent and any Receiver may 

  

 12 

 
make any lease or agreement for lease, accept surrenders of leases and grant options on such terms as it shall think fit, without the need to comply with any
restrictions imposed by Sections 99 and 100 of the Law of Property Act 1925. 
  
 15.    APPOINTMENT OF RECEIVER 
  
 15.1    Appointment and Removal    At any time after: 
  

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

  

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

  

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

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

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

  

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

  

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

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

  

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

  

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

  

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

  
 15.3    Statutory Powers of Appointment    The powers of appointment of a Receiver shall be in addition to
all statutory and other powers of appointment of the Collateral Agent under the Law of Property Act 1925 (as extended by this Debenture) or otherwise and such powers shall remain exercisable from time to time by the Collateral Agent in respect of
any part of the Charged Property. 
  
 16.    POWERS OF
RECEIVER 
  
 Every Receiver shall (subject to any
restrictions in the instrument appointing him but notwithstanding any winding-up or dissolution of a Chargor) have and be entitled to exercise, in relation to the Charged Property (and any assets of a Chargor which, when got in, would be Charged
Property) in respect of which he was appointed, and as varied and extended by the provisions of this Debenture (in the name of or on behalf of a Chargor or in his own name and, in each case, at the cost of that Chargor): 
  

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

  

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

 

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

  

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

  

 13 

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

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

  

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

  
 18.    PROTECTION OF
PURCHASERS 
  
 18.1    Consideration    The receipt of consideration by the Collateral Agent or any Receiver shall be conclusive discharge to a purchaser and, in making any sale or disposal of any of the
Charged Property or making any acquisition, the Collateral Agent or any Receiver may do so for such consideration, in such manner and on such terms as it thinks fit (acting in good faith). 
  
 18.2    Protection of
Purchasers    No purchaser or other person dealing with the Collateral Agent or any Receiver shall be bound to inquire whether the right of the Collateral Agent or such Receiver to exercise any of its powers has arisen or
become exercisable or be concerned with any propriety or regularity on the part of the Collateral Agent or such Receiver in such dealings. 
  
 19.    POWER OF ATTORNEY 
  
 19.1    Appointment and Powers    At any time after an Event of Default has occurred that is continuing,
unremedied and unwaived, each Chargor by way of security irrevocably appoints the Collateral Agent and its agents and any Receiver appointed pursuant to Section 15 severally to be its attorney-in-fact and in its name, on its behalf and as its
act and deed to execute and deliver such documents, perfect such interests and take such actions which the attorney-in-fact may consider to be required or desirable to accomplish the purpose of, or comply with the terms of, this Debenture,
including: 
  

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

  

	 	(b)	enabling the Collateral Agent and any Receiver to exercise, or delegate the exercise of, any of the rights, powers and authorities conferred on them by or pursuant to this Debenture
or by law (including, the exercise of any right of a legal or beneficial owner of the Charged Property). 

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

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

  

 14 

 
respect of the Secured Obligations relating to it at the date of such cessation or the time when notice was received or deemed received shall remain and
shall not be reduced regardless of any payments into or out of any such account. 
  
 20.3    Cumulative Rights 
  

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

  

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

  

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

  
 20.4    No Prejudice    The Liens created by or pursuant to this Debenture and the Collateral Rights shall not be prejudiced by any unenforceability or invalidity of any other agreement or
document or by any time or indulgence granted to a Chargor or any other person, or the Collateral Agent (whether in its capacity as trustee or otherwise) or any of the other Secured Parties or by any variation of the terms of the trust upon which
the Collateral Agent holds the security or by any other thing which might otherwise prejudice that security or any Collateral Right. 
  
 20.5    Remedies and Waivers    No delay in exercising, any right, power or remedy hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise by the Collateral Agent of any right, power or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The Collateral Agent
shall not be required to exercise any right, power or remedy against any other Person, or under any other Security Document, as a condition to exercising any right, power or remedy against any Chargor hereunder, and no such exercise of any right,
power or remedy against any other Person, or under any other Security Document, shall constitute a waiver of or otherwise preclude the Collateral Agent from exercising any right, power or remedy against any Chargor hereunder. 
  
 20.6    No Liability    None
of the Collateral Agent, its nominee(s) or any Receiver shall be liable by reason of (a) taking any action permitted by this Debenture or (b) any neglect or default in connection with the Charged Property or (c) taking possession of
or realising all or any part of the Charged Property, except in the case of gross negligence, wilful misconduct, fraud or dishonesty. 
  
 20.7    Partial Invalidity    If, at any time, any provision of this Debenture is or becomes illegal,
invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Debenture nor of such provision under the laws of any other jurisdiction shall in any way
be affected or impaired thereby and, if any part of the Liens intended to be created by or pursuant to this Debenture is invalid, unenforceable or ineffective for any reason, that shall not affect or impair any other part of the security.

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

 15 

 21.2    Avoidance of Payments 
  

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

  

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

  
 21.3    Releases of Security in Connection with Permitted Transactions 
  

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

  

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

  
 22.    ASSIGNMENT 
  
 The Collateral Agent may only assign and transfer all or any of its rights
and obligations under this Debenture in accordance with the terms of the Indenture. 
  
 23.    NOTICES 
  
 All
notices, requests, consents and demands hereunder shall be in writing and telecopied or delivered to the respective parties hereto as follows: 
  
 If to the Chargors: 
  
 Attn:    Bernard Keogh, Regional General Counsel, Europe 
     1 London Bridge 
     London 
     SE1 9BG 
  
 Fax:    020 7904 2927 
  
 If to the Collateral Agent: 
  
 The Bank of New York 
 One Canada Square 
 London E14 5AZ 
  
 Attn: Corporate Trust
Administration 
  
 Fax: 0207 964 6399

  
 Any party hereto may change its address or telecopy number for
notices by notice to the other parties hereto. All notices shall be effective upon receipt by the party to which such notice is directed. If any such notice shall be delivered on a non-Business Day, such notice shall be deemed effective on the next
Business Day. 
  

 16 

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

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

  

	 	(b)	the exercise, preservation and/or enforcement of any of the Collateral Rights or the security contemplated by this Debenture or any proceedings instituted by or against the
Collateral Agent as a consequence of taking or holding the security or of enforcing the Collateral Rights. 

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

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

  

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

  

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

  
 the Chargor shall, as an independent obligation, within three Business Days of demand, indemnify the Collateral Agent and the Secured Parties against any cost, loss or
liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available
to the Collateral Agent and the Secured Parties at the time of its receipt of that Sum. 
  
 24.5    Indemnity    Without limiting the generality of the Indenture, but subject to Clause 13.4 (Indemnity—Charged Property), each Chargor shall,
notwithstanding any release or discharge of all or any part of the security, indemnify the Collateral Agent, its agents, attorneys and any Receiver against any action, proceeding, claims, losses, liabilities and costs which it may sustain as a
consequence of any breach by any Chargors of the provisions of this Debenture except to the extent resulting from the gross negligence, wilful misconduct, fraud or dishonesty of the Collateral Agent, its agents, attorneys or any Receiver, the
exercise or purported exercise of any of the rights and powers conferred on them by this Debenture or otherwise relating to the Charged Property. 
  
 25.    DELEGATION 
  
 Each of the Collateral Agent and any Receiver shall have full power to delegate (either generally or specifically) the powers, authorities and discretions
conferred on it by this Debenture (including the power of attorney) on such terms and conditions as it shall see fit which delegation shall not preclude either the subsequent exercise of such power, authority or discretion by the Collateral Agent or
the Receiver itself or any subsequent delegation or revocation thereof. 
  
 26.    PERPETUITY PERIOD 
  
 The perpetuity period under the rule against perpetuities, if applicable to this Debenture, shall be the period of eighty years from the date of this Debenture. 
  

 17 

 27.    GOVERNING LAW 
  
 This Debenture shall be governed by and construed in accordance with English law. 
  
 28.    COUNTERPARTS 
  
 This Debenture may be executed in counterparts, all of which when taken
together shall constitute a single deed. 
  
 29.    COLLATERAL AGENT RIGHTS 
  
 The rights, privileges, immunities and indemnities provided to the Collateral Agent under the Intercreditor and Collateral Agency Agreement shall, to the extent applicable, apply in this Debenture as if fully set forth herein. 

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

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

  

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

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

 18 

 THE CHARGORS 
  

					
	 Executed as a deed by
	  	)	    	 /s/ Jean F.H.P. Mandeville

	FIBERNET GROUP LIMITED	  	)	    	Director
	 acting by:
	  	)	    	
		  	)	    	 /s/ Tracey Butterfill

		  	)	    	Secretary
			
	 Executed as a deed by
	  	)	    	
	FIBERNET LIMITED	  	)	    	 /s/ Jean F.H.P. Mandeville

	 acting by:
	  	)	    	Director
		  	)	    	
		  	)	    	 /s/ Tracey Butterfill

		  	)	    	Secretary
		  		    	
	 Executed as a deed by
	  	)	    	
	FIBERNET UK LIMITED	  	)	    	 /s/ Jean F.H.P. Mandeville

	 acting by:
	  	)	    	Director
		  	)	    	
		  	)	    	 /s/ Tracey Butterfill

		  	)	    	Secretary

  
 THE COLLATERAL AGENT

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

					
	By:	 	 /s/ Peter Howard
	 	

  

 19 

 SCHEDULE 1 
  
 BANK ACCOUNTS 
  

									
	 Chargor
	  	 Bank Account Name
	  	Bank Account
Number	  	Sort Code	  	 Bank Name

	 Fibernet Group Limited
	  	Fibernet Group Plc	  	50473901	  	20-65-63	  	Barclays Bank Plc
					
	 Fibernet Group Limited
	  	Fibernet Group Plc	  	10879304	  	20-65-63	  	Barclays Bank Plc
					
	 Fibernet Group Limited
	  	Fibernet Group Plc	  	55055366	  	20-65-63	  	Barclays Bank Plc
					
	 Fibernet Group Limited
	  	Fibernet Group Plc	  	49716688	  	20-65-63	  	Barclays Bank Plc
					
	 Fibernet Group Limited
	  	Fibernet Group Plc	  	42146299	  	20-65-63	  	Barclays Bank Plc
					
	 Fibernet Group Limited
	  	Fibernet Group Plc	  	06007771	  	12-09-61	  	Bank of Scotland plc
					
	 Fibernet Group Limited
	  	Fibernet Group Plc	  	88678024	  	60-17-21	  	Royal Bank of Scotland plc
					
	 Fibernet UK Limited
	  	Fibernet UK Limited	  	60667609	  	20-65-63	  	Barclays Bank Plc
					
	 Fibernet Limited
	  	Fibernet Limited	  	40974307	  	20-65-63	  	Barclays Bank Plc

  

 20 

 SCHEDULE 2 
  
 NOTICES 
  
 Form of Notice of Assignment of Insurances 
  
 To: [the insurer of each Insurance Policy] 
  
 Date: [            ] 
  

Dear Sirs, 
  
 We hereby give you notice that pursuant to a debenture entered into by us in favour of the Collateral Agent dated              December 2006 (the
“Debenture”) in support of an Indenture dated as of 23 December 2004 (the “Indenture”) between, among others, Global Crossing (UK) Telecommunications Limited, Global Crossing (UK) Finance Plc and The Bank of
New York as Trustee, we have assigned to The Bank of New York, as Collateral Agent (the “Collateral Agent”), all of our rights, title and interest from time to time in and to the proceeds of [specify relevant insurance policy] with
policy number[s]              (the “Insurance Policy”) as well as all Related Rights thereto. 
  
 All monies payable or arising from the Insurance Policy shall be paid subject to the terms and conditions of the Insurance
Policy, unless and until the Collateral Agent shall notify you of a continuing Event of Default under the Debenture. Once such notice has been received by you all monies payable or arising from the Insurance Policy shall be paid to the Collateral
Agent or as the Collateral Agent may from time to time direct. 
  
 Please acknowledge receipt of this notice by signing the acknowledgement on the enclosed copy of this letter and returning the same to the Collateral Agent at One Canada Square, London E14 5AZ, marked for the attention of Corporate Trust
Administration. 
  
 Yours faithfully 
  

 for and on behalf of

  
 [·] 
  
 the Chargor 
  
 [On copy only: 
  
 To: The Collateral Agent 
  
 (i) We acknowledge receipt of a notice in the foregoing terms and confirm that we have not received notice of any previous assignments or charges of or
over any of the rights, interests and benefits referred to in such notice. 
  
 (ii) We further confirm that no amendment, waiver or release of any of such foregoing rights, interests and benefits shall be effective without your prior written consent. No termination of such rights, interests or
benefits shall be effective unless we have given you 21 days’ written notice of the proposed termination specifying the action necessary to avoid such termination. 
  
 (iii) We further agree that upon receipt from you of a notice of a continuing Event of Default under the Debenture, all
monies payable or arising from [specify relevant Insurance Policy] shall be paid to you or as you may from time to time direct. 
  
 For and on behalf of [name of insurer] 
  
 By: 
  
 Dated:] 
  

 21 

 SCHEDULE 3 
  
 REAL PROPERTY 
  

			
	 Address
	 	 Title Number

	 Unit 2, Sovereign Park
	 	 HD245886

	 Cleveland Way
	 	
	 Hemel Hempstead Industrial Estate
	 	
	 Hemel Hempstead
	 	
	 HP2 7DA
	 	

  

 22 

 SCHEDULE 4 
  
 SHARES 
  

			
	 Chargor
	 	 Shares

	 Fibernet Group Limited
	 	30,000 ‘A’ ordinary shares of £1.00 each and 120,000 ‘B’ ordinary shares of £1.00 each in Fibernet Limited
		
	 Fibernet Group Limited
	 	2 ordinary shares of £1.00 each in Fibernet UK Limited

  

 23 

 SCHEDULE 5 
  
 EXCLUDED CONTRACTS 
  
 NONE 
  

 24Purchase Agreement, dated December 20, 2006

 Exhibit 4.12 
  

			
		 	December 20, 2006

  
 GLOBAL CROSSING
(UK) FINANCE PLC 
  
 £52,000,000 Senior Secured Notes
Due 2014 
  
 Purchase Agreement 
  
 ABN AMRO Bank N.V. 
 250 Bishopsgate 
 London EC2M 4AA 
 United Kingdom 
  
 Ladies and Gentlemen: 
  
 Global Crossing (UK) Finance Plc, a public limited company incorporated under the laws of England and Wales (the
“Issuer”), proposes to issue and sell (the “Offering”) to ABN AMRO Bank N.V. (the “Initial Purchaser”), £52.0 million principal amount of its 11.75% Senior Secured Notes due 2014 (the “Notes”) to be
consolidated and form a single series with the £105.0 million principal amount of its 11.75% Senior Secured Notes due 2014 issued on December 23, 2004. The obligations of the Issuer under the Indenture (as hereinafter defined) and the
Notes will be guaranteed (the “Guarantees”) by Global Crossing (UK) Telecommunications Limited (“GCUK” or the “Parent Guarantor”) and certain of its direct and indirect subsidiaries (collectively, the
“Guarantors”). The Notes and the Guarantees are hereinafter referred to as the “Securities.” The Securities are to be issued under the indenture (the “Original Indenture”) dated as of December 23, 2004, among,
inter alios, the Issuer, the Parent Guarantor and The Bank of New York, as trustee (the “Trustee”), as supplemented and amended by the supplemental indenture (the “Supplemental Indenture”) to be dated as of
December 28, 2006 among the Issuer, the Guarantors, and the Trustee (and, together with the Original Indenture, the “Indenture”). The Securities will have the benefit of a registration rights agreement (the “Registration Rights
Agreement”), to be dated as of the Closing Date, between the Issuer, the Guarantors and the Initial Purchaser, pursuant to which the Issuer will agree to register the Securities under the Act (as defined in Section 22 hereof) subject to
the terms and conditions therein specified. The use of the neuter in this Agreement shall include the feminine and masculine wherever appropriate. Certain terms used herein are defined in Section 22 hereof. 
  
 GC Acquisitions UK Ltd. (“GC Acquisitions”), an affiliate of the
Parent Guarantor, has acquired all of the outstanding share capital of Fibernet Group Limited (“Fibernet”) for an aggregate offer consideration of £49.8 million, which was financed by an intercompany loan in the amount of
£51.9 million (the “Intercompany Loan”) received from Global Crossing Holding Limited (“GCHL”), the indirect parent of the Parent Guarantor. On the Closing Date, GCUK will acquire Fibernet from GC Acquisitions (the
“Acquisition”) at a purchase price of £53.1 million pursuant to a share purchase agreement to be dated as of the Closing Date (the “Share Purchase Agreement”), which will be financed with the proceeds from the Offering
and which the Issuer will lend to GCUK under an intercompany loan (the “Proceeds Loan”). GC Acquisitions will use the proceeds from the Acquisition to repay the Intercompany Loan (the “Refinancing”) and pay certain fees and
expenses associated with the Acquisition and Refinancing. The Offering, the Acquisition and the Refinancing are herein referred to as the “Transactions.” Unless the context otherwise requires, all references herein to subsidiaries of the
Parent Guarantor shall be deemed to include subsidiaries of the Parent Guarantor after giving effect to the Acquisition. 
  
 The offer and sale of the Securities to the Initial Purchaser will be made without registration of the Securities under the Act in reliance upon
exemptions from the registration requirements of the Act. 
  
 In
connection with the sale of the Securities, the Issuer has prepared a preliminary prospectus, dated December 14, 2006, including any and all exhibits thereto (the “Preliminary Prospectus”), the Pricing Supplement (as defined in
Section 5(b) hereof) and will prepare a final prospectus, dated the date hereof (including any and all exhibits thereto, the “Final Prospectus”). Each of the Preliminary Prospectus and the Final Prospectus sets forth certain
information concerning the Issuer, the Parent Guarantor and the Securities. The Issuer hereby confirms that it has authorized the use of the Pricing Disclosure Package (as defined in Section 22 hereof), the Preliminary Prospectus and the Final
Prospectus, and any amendment or supplement thereto, in connection with the offer and sale of the Securities by the Initial Purchaser. 
  
 1.    Representations and Warranties. Each of the Issuer and the Parent Guarantor represents and warrants to the Initial
Purchaser as set forth below in this Section 1. 
  
 (a) (x) The Preliminary Prospectus, at the date thereof, did not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the 

 
circumstances under which they were made, not misleading; at the date thereof and on the Closing Date the Final Prospectus did not and will not (and any
amendment or supplement thereto, at the date thereof and at the Closing Date, will not) contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, however, that the Issuer and the Parent Guarantor make no representation or warranty as to the information contained in or omitted from the Preliminary Prospectus or the Final Prospectus,
or any amendment or supplement thereto, in reliance upon and in conformity with information furnished in writing to the Issuer and/or the Parent Guarantor by or on behalf of the Initial Purchaser specifically for inclusion therein, it being
understood and agreed that the only such information furnished by or on behalf of any Initial Purchaser consists of the information described as such in the last sentence of Section 8(b) hereof. 
  
 (y) The Pricing Disclosure Package, as of the Execution
Time, does not, and as of the Closing Date, will not, contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading; provided, however, that the Issuer and the Parent Guarantor make no representation or warranty as to the information contained in or omitted from the Pricing Disclosure Package in reliance upon and in conformity with
information furnished in writing to the Issuer and/or the Parent Guarantor by or on behalf of the Initial Purchaser specifically for inclusion therein, it being understood and agreed that the only such information furnished by or on behalf of any
Initial Purchaser consists of the information described as such in the last sentence of Section 8(b) hereof. 
  
 (b) None of the Issuer, its Affiliates, or any person acting on its or their behalf has, directly or indirectly, made offers or sales of
any security, or solicited offers to buy, any security under circumstances that would require the registration of the Securities under the Act. 
  
 (c) None of the Issuer, its Affiliates, or any person acting on its or their behalf (other than the Initial Purchaser and anyone acting on
their behalf as to which no representation is made) has: (i) engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities or (ii) engaged in
any directed selling efforts (within the meaning of Regulation S) with respect to the Securities; and each of the Issuer, its Affiliates and each person acting on its or their behalf (other than the Initial Purchaser and anyone acting on their
behalf as to which no representation is made) has complied with the offering restrictions requirement of Regulation S. 
  
 (d) The Securities satisfy the eligibility requirements of Rule 144A(d)(3) under the Act. 
  
 (e) [Reserved] 
  
 (f) No registration under the Act of the Securities is
required for the offer and sale of the Securities to or by the Initial Purchaser in the manner contemplated herein and in the Pricing Disclosure Package and Final Prospectus. 
  
 (g) The Issuer is not, and after giving effect to the offering and sale of the Securities and the
application of the proceeds thereof as described in the Pricing Disclosure Package and Final Prospectus will not be, an “investment company” as defined in the Investment Company Act, without taking account of any exemption arising out of
the number of holders of the Issuer’s securities. 
  
 (h) [Reserved] 
  
 (i) Neither the
Issuer nor the Parent Guarantor has paid or agreed to pay to any person any compensation for soliciting another to purchase any securities of the Issuer (except as contemplated in this Agreement). 
  
 (j) None of the Issuer or any of its Affiliates has taken,
directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any security of the Issuer to
facilitate the sale or resale of the Securities. 
  
 (k) Each of the Issuer and the Parent Guarantor and their subsidiaries has been duly incorporated or formed, as the case may be, and is validly existing as a corporation under the laws of the jurisdiction in which it is chartered or
organized with full corporate power and authority to own or lease, as the case may be, and to operate its properties and conduct its business as described in the Pricing Disclosure Package and the Final Prospectus, and is duly qualified to do
business as a foreign corporation and is in good standing under the laws of each jurisdiction that requires such qualification. 
  
 (l) The statements in the Pricing Disclosure Package and the Final Prospectus under the headings “Tax Considerations”,
“Description of the Notes”, “Registered Exchange Offer; Registration Rights Agreement”, 

  

 2 

 
“Description of Certain Financing Arrangements” and “Information on the Company—Business Overview—Regulatory Environment”
fairly summarize in all material respects the matters therein described. 
  
 (m) This Agreement has been duly authorized, executed and delivered by the Issuer and the Parent Guarantor; each of the Original Indenture and the Supplemental Indenture has been duly authorized and, assuming due
authorization, execution and delivery thereof by the Trustee, when executed and delivered by each of the Issuer and the Parent Guarantor, will constitute a legal, valid, binding instrument enforceable against each of the Issuer and the Parent
Guarantor in accordance with its terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general
principles of equity); the Securities have been duly authorized, and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchaser, will have been duly executed and
delivered by the Issuer and will constitute the legal, valid and binding obligations of each of the Issuer and each Guarantor entitled to the benefits of the Indenture (subject, as to the enforcement of remedies, to applicable bankruptcy,
reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity); and the Registration Rights Agreement has been duly authorized by the Issuer and the
Guarantors and, when executed and delivered by the Issuer and the Guarantors, will constitute the legal, valid, binding and enforceable instrument of each of the Issuer and the Guarantors (subject, as to the enforcement of remedies, to applicable
bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general principles of equity), provided that the enforceability of rights to indemnification and
contribution hereunder and thereunder may be limited by federal, state and other applicable securities laws and public policy considerations underlying such laws. 
  
 (n) The Additional Security Agreements, once executed, delivered and following the giving of all necessary
notices and the completion of all necessary filings and registrations, will be, and the Existing Security Agreements, are effective to create in favor of the Collateral Agent, for its benefit and the benefit of holders of the Securities, a legal,
valid and enforceable security interest in the Collateral (as defined in the Security Agreement) and upon the taking of possession or control by the Collateral Agent of any such Collateral in which a security interest may be perfected only by
possession or control (which possession or control shall be given to the Collateral Agent to the extent possession or control by the Collateral Agent is required by the Existing Security Agreements or the Additional Security Agreements), shall
constitute a fully perfected pledge of, or security interest in, all right, title and interest of the grantor thereunder in such Collateral to the extent such pledge or security interest can be perfected by possession or control by the Collateral
Agent, in each case prior and superior in right to any other Person and enforceable against the Guarantors in accordance with its terms. 
  
 (o) Subject to compliance by the Initial Purchaser with the representations and warranties and agreements set forth herein, no consent,
approval, authorization, filing with or order of any court or governmental agency or body is required in connection with the Transactions, the Original Indenture, the Supplemental Indenture or the Registration Rights Agreement, except such as may be
required (i) under the blue sky laws of any jurisdiction in which the Securities are offered and sold, (ii) by the Irish Stock Exchange, (iii) the Irish Financial Services Regulatory Authority (the “IFSRA”) and, (iv) in
the case of the Registration Rights Agreement, such as will be obtained under the Act and the Trust Indenture Act. 
  
 (p) None of the execution and delivery of the Supplemental Indenture, this Agreement or the Registration Rights Agreement, the issuance
and sale of the Securities, or the consummation of any other of the transactions herein or therein contemplated, or the fulfillment of the terms hereof or thereof will conflict with, result in a breach or violation or imposition of any lien, charge
or encumbrance upon any property or assets of the Issuer or the Guarantors or any of their subsidiaries pursuant to, (i) the articles of association or by-laws of either the Issuer or the Guarantors; (ii) the terms of any indenture,
contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Issuer or any Guarantor is a party or bound or to which its or their property is subject; or
(iii) any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Issuer or any Guarantor or any of its or
their properties; except, in the case of clauses (ii) and (iii) above, for such conflicts, breaches, violations or impositions that would not reasonably be expected to have (A) a material adverse effect on the condition (financial or
otherwise), prospects, earnings, business or properties of the Issuer and the Parent Guarantor and their subsidiaries, taken as a whole, whether or not arising from transactions in the ordinary course of business (a “Material Adverse
Effect”) or (B) a material adverse effect on the validity of the Securities or the consummation of any of the transactions contemplated herein or therein. 
  

 3 

 (q) The Preliminary Prospectus and the Final Prospectus include such financial
information in relation to the Issuer and the Parent Guarantor and its consolidated subsidiaries as is required by Commission Regulation (EC) No. 809/2004, implementing Directive 2003/71/EC (the “Prospectus Directive”), except to the
extent reflected in an omission letter dated as of December 20, 2006 and approved by the IFSRA. The historical financial statements and schedules of the Parent Guarantor and its consolidated subsidiaries, and of Fibernet and its consolidated
subsidiaries, included in the Pricing Disclosure Package and the Final Prospectus present fairly in all material respects the financial condition, results of operations and cash flows of the Parent Guarantor and Fibernet, respectively, as of the
dates and for the periods indicated and have been prepared in conformity with International Financial Reporting Standards (“IFRS”) applied on a consistent basis throughout the periods involved (except as otherwise noted therein); summary
financial data including the footnotes and notes thereto set forth under the captions “Summary Historical Audited Consolidated Pro Forma Condensed Combined Financial Information for Global Crossing (UK) Telecommunications Limited” and
“Summary Historical Consolidated Financial Information for Fibernet Group plc”, the pro forma financial information set forth under the caption “Unaudited Pro Forma Condensed Combined Financial Information For Global Crossing
(UK) Telecommunications Limited” and the selected financial information set forth under the captions “Selected Audited Consolidated Historical Financial Information for Global Crossing (UK) Telecommunications Limited” and
“Selected Audited Consolidated Historical Financial Information for Fibernet Group plc” in the Pricing Disclosure Package and the Final Prospectus present fairly in all material respects, on the basis stated in the Pricing Disclosure
Package and the Final Prospectus, the information included therein. 
  
 (r) No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Parent Guarantor or any of its subsidiaries or its or their property is pending or, to
the best knowledge of the Issuer or the Parent Guarantor, threatened that (i) could reasonably be expected to have a Material Adverse Effect on the performance of this Agreement, the Indenture or the Registration Rights Agreement, or the
consummation of any of the Transactions or (ii) could reasonably be expected to have a Material Adverse Effect on the Issuer or the Parent Guarantor, except as set forth in or contemplated in the Pricing Disclosure Package and the Final
Prospectus (exclusive of any amendment or supplement thereto). 
  
 (s) The Parent Guarantor and each of its subsidiaries owns or leases all such properties as are necessary to the conduct of its operations as presently conducted. 
  
 (t) Neither the Parent Guarantor nor any of its subsidiaries
is in violation or default of (i) any provision of its charter or bylaws or comparable constituting documents; (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement,
obligation, condition, covenant or instrument to which it is a party or bound or to which its property is subject; or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Parent Guarantor or any of its
subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Parent Guarantor or such subsidiary or any of its properties, as applicable; except in the case of
clauses (ii) and (iii) above, where such violation or default, either individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 
  
 (u) (i) Ernst & Young LLP who has certified certain financial statements of the Parent
Guarantor and its consolidated subsidiaries and delivered their report with respect to the audited consolidated financial statements and schedules included in the Pricing Disclosure Package and the Final Prospectus, are independent public
accountants with respect to the Parent Guarantor in accordance with local accounting rules and (ii) Deloitte & Touche LLP who has audited the financial statements of Fibernet and its consolidated subsidiaries and rendered their opinion
with respect to the audited consolidated financial statements of Fibernet for the years ended August 31, 2005 and 2006 included in the Pricing Disclosure Package and the Final Prospectus, are independent auditors with respect to Fibernet in
accordance with auditing standards generally accepted in the United States. 
  
 (v) There are no stamp or other issuance or transfer taxes or duties or other similar fees or charges required to be paid by or behalf of the Initial Purchaser in the United Kingdom, [the Netherlands] and the United
States, in connection with the execution and delivery of this Agreement or the issuance or sale by the Issuer of the Securities. 
  
 (w) The Issuer and each Guarantor has filed all non-U.S., U.S. federal, state and local tax returns that are required to be filed or has
requested extensions thereof (except in any case in which the failure so to file would not have a Material Adverse Effect and except as set forth in or contemplated in the Pricing Disclosure Package and the Final Prospectus) and has paid all taxes
required to be paid by it and any other assessment, fine or penalty levied against it, to the extent that any of the foregoing is due and payable, 

  

 4 

 
except for any such assessment, fine or penalty that is currently being contested in good faith or as would not have a Material Adverse Effect and except as
set forth in or contemplated in the Pricing Disclosure Package and the Final Prospectus (exclusive of any amendment or supplement thereto). 
  
 (x) No labor problem or dispute with the employees of the Parent Guarantor or any of its subsidiaries exists or, to the knowledge of the
Parent Guarantor, threatened, imminent, and the Issuer and the Parent Guarantor are not aware of any existing or imminent labor disturbance by the employees of any of its or its subsidiaries’ principal suppliers, contractors or customers,
except as would not have a Material Adverse Effect, and except as set forth in or contemplated in the Pricing Disclosure Package and the Final Prospectus (exclusive of any amendment or supplement thereto). 
  
 (y) The Parent Guarantor and each of its subsidiaries are
insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged; all policies of insurance and fidelity or surety bonds insuring
the Parent Guarantor or any of its subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and effect; the Parent Guarantor and its subsidiaries are in compliance with the terms of such policies and
instruments; there are no claims by the Parent Guarantor or any of its subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; neither the Parent
Guarantor nor any of its subsidiaries has been refused any insurance coverage sought or applied for; and neither the Parent Guarantor nor any of its subsidiaries has any reason to believe that it will not be able to renew its existing insurance
coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect except, in each case, as set forth in or contemplated
in the Pricing Disclosure Package and the Final Prospectus (exclusive of any amendment or supplement thereto). 
  
 (z) The Parent Guarantor and its subsidiaries possess all licenses, certificates, permits and other authorizations issued by the
appropriate U.S. federal, state or non-U.S. regulatory authorities necessary to conduct their respective businesses, except where failure to possess such licenses, certificates, permits and other authorization would not reasonably be expected to
have a Material Adverse Effect, and neither the Parent Guarantor nor any of its subsidiaries has received any notice of proceedings relating to the revocation or modification of any such certificate, authorization or permit which, singly or in the
aggregate, if the subject of an unfavorable decision, ruling or finding, would have a Material Adverse Effect, except as set forth in or contemplated in the Pricing Disclosure Package and the Final Prospectus (exclusive of any amendment or
supplement thereto). 
  
 (aa) Except as otherwise
disclosed in the Pricing Disclosure Package and the Final Prospectus, the Parent Guarantor and each of its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are
executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS and to maintain asset accountability;
(iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. 
  
 (bb) The Parent Guarantor and its subsidiaries own, possess, license or have other rights to use on reasonable terms, all patents, trade and service marks, trade names, copy-rights, domain names (in each case including all registrations and
applications to register same), inventions, trade secrets, technology, know-how, and other intellectual property, (collectively, the “Intellectual Property”) necessary for the conduct of the Parent Guarantor’s business as now
conducted or as proposed in the Pricing Disclosure Package and the Final Prospectus to be conducted except for such Intellectual Property the failure to own, possess, license or have rights with respect to would not have a Material Adverse Effect.
Except as set forth in the Pricing Disclosure Package and the Final Prospectus and except as would not have a Material Adverse Effect, (i) each Guarantor owns, or has rights to use under license, all such Intellectual Property free and clear in
all material respects of all adverse claims, liens or other encumbrances; (ii) to the knowledge of the Parent Guarantor, there is no material infringement by third parties of any such Intellectual Property; (iii) there is no pending or, to
the Parent Guarantor’s knowledge, threatened action, suit, proceeding or claim by any third party challenging the Parent Guarantor’s or its subsidiaries’ rights in or to any such Intellectual Property, and the Parent Guarantor is
unaware of any facts which would form a reasonable basis for any such claim; (iv) there is no pending or, to the Parent Guarantor’s knowledge, threatened action, suit, proceeding or claim by any third party challenging the validity, scope
or enforceability of any such Intellectual Property, and the Parent Guarantor is unaware of any facts that would form a reasonable basis 

  

 5 

 
for any such claim; (v) there is no pending or, to the Parent Guarantor’s knowledge, threatened action, suit, proceeding or claim by any third
party that the Parent Guarantor or any subsidiary infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of any third party, and the Parent Guarantor is unaware of any facts which would form a
reasonable basis for any such claim; and (vi) to the knowledge of the Parent Guarantor, there is no valid and subsisting patent or published patent application that would preclude any Guarantor, in any material respect, from practicing any such
Intellectual Property. 
  
 (cc) The Parent
Guarantor and its subsidiaries are (i) in compliance with any and all applicable laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants
(“Environmental Laws”); (ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) have not
received notice of any actual or potential liability under any Environmental Law, except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals, or liability would not, individually or in
the aggregate, have a Material Adverse Effect, or except as set forth in or contemplated in the Pricing Disclosure Package and the Final Prospectus (exclusive of any amendment or supplement thereto). Except as set forth in the Pricing Disclosure
Package and the Final Prospectus, neither the Parent Guarantor nor any of its subsidiaries has been named as a “potentially responsible party” under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as
amended. 
  
 (dd) Neither the Issuer nor the
Parent Guarantor have issued and will not issue, without the prior consent of the Initial Purchaser, any press or other public announcement referring to the proposed issue of Securities unless such announcement adequately discloses that stabilizing
action may take place in relation to the Securities. 
  
 (ee) The operations of the Parent Guarantor and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively,
the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Parent Guarantor or any of its subsidiaries with respect to the Money
Laundering Laws is pending or, to the best knowledge of the Issuer or the Parent Guarantor, threatened. 
  
 (ff) There has been no failure on the part of the Issuer, the Parent Guarantor and any of the Issuer’s or the Parent Guarantor’s
directors or officers, in their capacities as such, to comply with any provision of the Sarbanes Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes Oxley Act”), to the extent they may be
applicable as of the date hereof, including Section 402 related to loans and Sections 302 and 906 related to certifications. 
  
 (gg) The Notes, the Indenture and the Registration Rights Agreement will conform in all material respects to the descriptions thereof in
the Pricing Disclosure Package and the Final Prospectus. 
  
 (hh) None of the Parent Guarantor, any of its subsidiaries or, to the knowledge of the Issuer or the Parent Guarantor, any director, officer, agent, employee or Affiliate of the Parent Guarantor or any of its
subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”); and the Issuer will not directly or indirectly use the proceeds of the offering
of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S.
sanctions administered by OFAC. 
  
 (ii) That the
Final Prospectus will contain all of the information required by, and will comply with, Article 5 of the Prospectus Directive and the rules published by the Irish Stock Exchange in compliance with the Prospectus Directive and will be published in
the form and within the time period required by Article 14 of the Prospectus Directive. 
  
 (jj) Neither the Parent Guarantor nor any of its subsidiaries has sustained since the date of the latest audited financial statements of
the Parent Guarantor included in the Pricing Disclosure Package and the Final Prospectus any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor
dispute or court or governmental action, order or decree, otherwise than as set forth or contemplated in the Pricing Disclosure Package and the Final Prospectus; and, since the respective dates as of which information is given with respect to the
Parent Guarantor in the Pricing Disclosure Package and the Final Prospectus, there has not been any change in the 

  

 6 

 
capital stock or long-term debt of the Parent Guarantor or any of its subsidiaries (other than Fibernet and its subsidiaries), or since the respective dates
as of which information is given in the Final Prospectus with respect to Fibernet, there has not been any change in the capital stock or long-term debt of Fibernet or any of its subsidiaries, or any material adverse change, or any development
involving a prospective material adverse change, in or affecting the general affairs, management, financial position, stockholders’ equity or results of operations of the Parent Guarantor and its subsidiaries, taken as a whole, otherwise than
as set forth or contemplated in the Pricing Disclosure Package and the Final Prospectus. 
  
 Any certificate signed by any officer of the Issuer or the Parent Guarantor and delivered to the Initial Purchaser or to counsel for the Initial Purchaser in connection with the Offering shall be deemed a
representation and warranty by the Issuer or the Parent Guarantor, as the case may be, as to matters covered thereby, to the Initial Purchaser. 
  
 2.    Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties herein set
forth, the Issuer agrees to sell to the Initial Purchaser, and the Initial Purchaser agrees to purchase from the Issuer £52.0 million principal amount of Notes at a purchase price of 97.75% of the sum of the aggregate principal amount thereof
and the premium thereon. 
  
 3.    Delivery
and Payment. Delivery of and payment for the Securities shall be made at 10:00 A.M., London time, on December 28, 2006, or at such time on such later date not more than three Business Days after the foregoing date as the Initial Purchaser
shall designate, which date and time may be postponed by agreement between the Initial Purchaser and the Issuer (such date and time of delivery and payment for the Securities being herein called the “Closing Date”). Delivery of the
Securities shall be made to the Initial Purchaser for the account of the Initial Purchaser against payment by the Initial Purchaser of the purchase price thereof to or upon the order of the Issuer by wire transfer payable in same-day funds to the
account specified by the Issuer. Delivery of the Notes shall be made through the facilities of the Euroclear System and Clearstream Banking S.A., unless the Initial Purchaser shall otherwise instruct. 
  
 4.    Offering by Initial Purchaser. (a) The
Initial Purchaser acknowledges that the Securities have not been and will not be registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the Act. 
  
 (b) The Initial Purchaser represents and warrants to and agrees with the Issuer that: 
  
 (i) it has not offered or sold, and will not offer or sell,
any Securities within the United States or to, or for the account or benefit of, U.S. persons (x) as part of their distribution at any time or (y) otherwise until 40 days after the later of the commencement of the offering and the date of
closing of the offering except: 
  
 (A) to those
it reasonably believes to be “qualified institutional buyers” (as defined in Rule 144A under the Act) or 
  
 (B) in accordance with Rule 903 of Regulation S; 
  
 (ii) neither it nor any person acting on its behalf has made or will make offers or sales of the Securities
in the United States by means of any form of general solicitation or general advertising (within the meaning of Regulation D) in the United States; 
  
 (iii) in connection with each sale pursuant to Section 4(b)(i)(A), it has taken or will take reasonable steps to ensure that the
purchaser of such Securities is aware that such sale is being made in reliance on Rule 144A; 
  
 (iv) neither it, nor any of its Affiliates nor any person acting on its or their behalf has engaged or will engage in any directed selling
efforts (within the meaning of Regulation S) with respect to the Securities; 
  
 (v) it has not entered and will not enter into any contractual arrangement with any distributor (within the meaning of Regulation S) with respect to the distribution of the Securities, except with its affiliates or
with the prior written consent of the Issuer; 
  
 (vi) it and its Affiliates have complied and will comply with the offering restrictions requirement of Regulation S; 
  

 7 

 (vii) at or prior to the confirmation of sale of Securities (other than a sale of
Securities pursuant to Section 4(b)(i)(A) of this Agreement), it shall have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Securities from it during the distribution
compliance period (within the meaning of Regulation S) a confirmation or notice to substantially the following effect: 
  
 “The Securities covered hereby have not been registered under the U.S. Securities Act of 1933 (the “Act”) and may not be offered or sold
within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the date of closing of the
offering, except in either case in accordance with Regulation S or Rule 144A under the Act. Additional restrictions on the offer and sale of the Securities are described in the offering Prospectus for the Securities. Terms used in this paragraph
have the meanings given to them by Regulation S.” 
  
 (viii) it has complied and will comply with all applicable provisions of the Financial Services and Markets Act of 2000 (the “FSMA”) with respect to anything done by it in relation to the Securities in, from or otherwise involving
the United Kingdom; 
  
 (ix) it has only
communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) received by it in connection with the issue
or sale of any Securities, in circumstances in which section 21(1) of the FSMA does not apply to the Issuer or the Parent Guarantor; 
  
 (x) it acknowledges that additional restrictions on the offer and sale of the Securities are described in the Pricing Disclosure Package
and the Final Prospectus; 
  
 (xi) it is an
“accredited investor” (as defined in Rule 501(a) of Regulation D; and 
  
 (xii) it has not directly or indirectly, offered, sold, transferred or delivered, the Notes, whether at their initial distribution or at
any time thereafter, and neither the Prospectus nor any other document in respect of the offering has been distributed or circulated, in the Netherlands other than to “professional market parties” within the meaning of the exemption
regulation pursuant to the Dutch Banking Act (Vrijstellingsregeling Wtk 1992) (which includes, inter alia, banks, insurance companies, securities firms, collective investment undertakings and pension funds supervised in the Netherlands or
exempted from supervision on the basis of Dutch legislation), provided that these parties acquire the Notes for their own account. 
  
 5.    Agreements. The Issuer and the Parent Guarantor agree with the Initial Purchaser that: 
  
 (a) The Issuer will furnish to the Initial Purchaser and to
counsel for the Initial Purchaser, without charge, during the period referred to in paragraph (c) below, as many copies of the materials constituting the Pricing Disclosure Package and the Final Prospectus and any amendments and supplements
thereto as they may reasonably request. 
  
 (b)
(x) At the direction of the Issuer, the Initial Purchaser will prepare a final term sheet dated the date hereof, containing a description of the final terms of the Securities and the Offering, in the form and content approved by the Issuer
(“Pricing Supplement”). 
  
 (y) Prior
to the completion of the sale of the Securities by the Initial Purchaser, the Issuer will not amend or supplement the Pricing Disclosure Package or the Final Prospectus without the prior written consent of the Initial Purchaser, which consent shall
not be unreasonably delayed. 
  
 (z) Before
making, preparing, using, authorizing, approving or referring to any written communication concerning the Offering, the Issuer will furnish to the Initial Purchaser and counsel for the Initial Purchaser a copy of such written communication for
review and will not make, prepare, use, authorize, approve or refer to any such written communication to which the Initial Purchaser reasonably objects. 
  
 (c) If at any time prior to the completion of the sale of the Securities by the Initial Purchaser (as determined by the Initial
Purchaser), any event occurs as a result of which the Pricing Disclosure Package or the Final Prospectus, as then amended or supplemented, would include any untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading, or if it should be necessary to amend or supplement the Pricing Disclosure Package or the Final Prospectus to comply with applicable law, the Issuer
will promptly (i) notify the Initial Purchaser of any such event; (ii) subject to the requirements of paragraph (b) of this Section 5, prepare an amendment or supplement that will correct such statement or omission or 

  

 8 

 
effect such compliance; and (iii) supply any supplemented or amended Pricing Disclosure Package or Final Prospectus (as the case may be) to the Initial
Purchaser and counsel for the Initial Purchaser without charge in such quantities as they may reasonably request. 
  
 (d) The Issuer will arrange, if necessary, for the qualification of the Securities for sale by the Initial Purchaser under the laws of
such jurisdictions as the Initial Purchaser may designate and will maintain such qualifications in effect so long as required for the sale of the Securities; provided that in no event shall the Issuer be obligated to qualify to do business in
any jurisdiction where it is not now so qualified or to take any action that would subject it to service of process in suits or subject itself to taxation, other than those arising out of the offering or sale of the Securities, in any jurisdiction
where it is not now so subject. The Issuer will promptly advise the Initial Purchaser of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose. 
  
 (e) The Parent Guarantor will not, and will not permit any of its subsidiaries to, resell any Securities that have been acquired by any of them. 
  
 (f) None of the Issuer, its Affiliates, or any person acting on its or their behalf will, directly or
indirectly, make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of the Securities under the Act. 
  
 (g) None of the Issuer, its Affiliates, or any person acting on its or their behalf will engage in any form
of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities in the United States. 
  
 (h) So long as the Securities are “restricted securities” within the meaning of Rule 144(a)(3)
under the Act, the Issuer will, during any period in which it is not subject to and in compliance with Section 13 and 15(d) of the Exchange Act or not exempt from such reporting requirements pursuant to and in compliance with Rule 12g3-2(b)
under the Exchange Act, provide to each holder of such restricted securities, and to each prospective purchaser (as designated by such holder) of such restricted securities, any information required to be provided by Rule 144A(d)(4) under the Act.
This covenant is intended to be for the benefit of such holders and prospective purchasers from time to time of such restricted securities. 
  
 (i) None of the Issuer, its Affiliates, or any person acting on its or their behalf will engage in any directed selling efforts with
respect to the Securities; and each of them will comply with the offering restrictions requirement of Regulation S. Terms used in this paragraph have the meanings given to them by Regulation S. 
  
 (j) The Issuer will cooperate with the Initial Purchaser and
use its best efforts to permit the Notes to be eligible for clearance and settlement through the Euroclear System and Clearstream Banking S.A. 
  
 (k) The Parent Guarantor will not for a period of 90 days following the Execution Time, without the prior written consent of the Initial
Purchaser, offer, sell or contract to sell, or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition
due to cash settlement or otherwise) by the Parent Guarantor or any subsidiary of the Parent Guarantor), directly or indirectly, or announce the offering of, any debt securities issued or guaranteed by the Parent Guarantor (other than the Securities
and as required by the Registration Rights Agreement). 
  
 (l) Neither the Parent Guarantor nor the Issuer will take, directly or indirectly, any action designed to or which has constituted or which might reasonably be expected to cause or result, under the Exchange Act or otherwise, in
stabilization or manipulation of the price of any security of the Issuer to facilitate the sale or resale of the Securities. 
  
 (m) The Parent Guarantor agrees to pay the costs and expenses relating to the following matters: (i) the preparation of the
Supplemental Indenture and the Registration Rights Agreement, the issuance of the Securities and the fees of the Trustee; (ii) the preparation, printing or reproduction of the Preliminary Prospectus, the materials constituting the Pricing
Disclosure Package and the Final Prospectus and each amendment or supplement to either of them; (iii) the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting and packaging) of such copies of
the Preliminary Prospectus, the materials constituting the Pricing Disclosure Package and the Final Prospectus, and all amendments or supplements to either of them, as may, in each case, be reasonably requested for use in connection with the
offering and sale of the Securities; (iv) the preparation, printing, authentication, issuance and delivery of certificates for the Securities; (v) any stamp or transfer taxes in connection with the original issuance and sale of the
Securities; (vi) the printing (or reproduction) and delivery of this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and 

  

 9 

 
delivered in connection with the offering of the Securities; (vii) any registration or qualification of the Securities for offer and sale under the
securities or blue sky laws of the several states and any other jurisdictions specified pursuant to Section 5(d) (including filing fees and the reasonable fees and expenses of counsel for the Initial Purchaser relating to such registration and
qualification); (viii) the transportation and other expenses incurred by or on behalf of Issuer representatives in connection with presentations to prospective purchasers of the Securities; (ix) the fees and expenses of the Issuer’s
accountants and the fees and expenses of counsel (including local and special counsel) for the Issuer; and (x) all other costs and expenses incident to the performance by the Issuer of its obligations hereunder. It is understood that the Parent
Guarantor will pay all of the reasonable out-of-pocket expenses, including the reasonable fees and expenses of their counsel; provided, however, that the Parent Guarantor will only pay for 50% of the legal fees and expenses in excess of $225,000
incurred by the Initial Purchaser. 
  
 (n) The
Issuer will, for a period of twelve months following the Execution Time, furnish to the Initial Purchaser all reports or other communications (financial or other) generally made available to holders of the Securities, and deliver such reports and
communications to the Initial Purchaser as soon as they are available, unless such documents are furnished to or filed with the Commission or any securities exchange on which any class of securities of the Issuer is listed and generally made
available to the public. 
  
 (o) The Issuer will
comply with all applicable securities and corporate governance laws, rules and regulations, including, without limitation, the Sarbanes Oxley Act, and use its best efforts to cause the Issuer’s directors and officers, in their capacities as
such, to comply with such laws, rules and regulations, including, without limitation, the provisions of the Sarbanes Oxley Act. 
  
 (p) The Issuer will not take any action or omit to take any action (such as issuing any press release relating to any Securities without
an appropriate legend) which may result in the loss by the Initial Purchaser of the ability to rely on any stabilization safe harbor provided by the Financial Services Authority under the FSMA. 
  
 (q) The board of directors of the Parent Guarantor will
enter into the Share Purchase Agreement and will do all other necessary or advisable corporate action to consummate the Acquisition and will adopt resolutions required to effectuate the whitewash procedures, in each case, on the Closing Date.

  
 6.    Conditions to the Obligations of
the Initial Purchaser. The obligations of the Initial Purchaser to purchase the Securities shall be subject to the accuracy of the representations and warranties of the Issuer and the Parent Guarantor contained herein at the Execution Time and
the Closing Date, to the accuracy of the statements of the Issuer and the Parent Guarantor made in any certificates pursuant to the provisions hereof, to the performance by each of the Issuer and the Parent Guarantor of its respective obligations
hereunder and to the following additional conditions: 
  
 (a) The Issuer shall have requested and caused (i) Latham & Watkins, counsel for the Issuer, to furnish to the Initial Purchaser its opinions, dated the Closing Date and addressed to the Initial Purchaser in the form set forth
in Exhibits A and B hereto and (ii) Bernard Keogh, Regional General Counsel for the Parent Guarantor, to furnish to the Initial Purchaser his opinion, dated the Closing Date and addressed to the Initial Purchaser in the form set forth in
Exhibit C hereto. 
  
 (b) The Initial Purchaser
shall have received from Cahill Gordon & Reindel LLP, counsel for the Initial Purchaser, such opinion or opinions, dated the Closing Date and addressed to the Initial Purchaser, with respect to the issuance and sale of the Securities, the
Supplemental Indenture, the Registration Rights Agreement, the Pricing Disclosure Package, Final Prospectus (as amended or supplemented at the Closing Date) and other related matters as the Initial Purchaser may reasonably require, and the Issuer
shall have furnished to such counsel such documents as they request for the purpose of enabling them to pass upon such matters. 
  
 (c) The Issuer shall have furnished to the Initial Purchaser a certificate of the Issuer, signed by (x) Phil Metcalf and
(y) Bernard Keogh, dated the Closing Date, to the effect that the signers of such certificate have carefully examined the Pricing Disclosure Package and the Final Prospectus, any amendment or supplement to the Pricing Disclosure Package and the
Final Prospectus and this Agreement and that: 
  
 (i) the representations and warranties of the Issuer in this Agreement are true and correct on and as of the Closing Date with the same effect as if made on the Closing Date, and the Issuer has complied with all the agreements and satisfied
all the conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date; and 
  
 (ii) since the date of the most recent financial statements of the Parent Guarantor included in the Pricing Disclosure Package and the
Final Prospectus (in each case exclusive of any amendment or 

  

 10 

 
supplement thereto), there has been no material adverse change in the condition (financial or otherwise), prospects, earnings, business or properties of the
Issuer, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Pricing Disclosure Package and the Final Prospectus (in each case exclusive of any amendment or supplement thereto).

  
 (d) The Parent Guarantor shall have furnished
to the Initial Purchaser a certificate of the Parent Guarantor, signed by (x) Phil Metcalf and (y) Bernard Keogh, dated the Closing Date, to the effect that the signers of such certificate have carefully examined the Pricing Disclosure
Package and the Final Prospectus, any amendment or supplement to the Pricing Disclosure Package and the Final Prospectus and this Agreement and that: 
  
 (i) the representations and warranties of the Parent Guarantor in this Agreement are true and correct on and as of the Closing Date with
the same effect as if made on the Closing Date, and the Parent Guarantor has complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date; and 
  
 (ii) since the date of the most recent financial statements
of the Parent Guarantor included in the Pricing Disclosure Package and the Final Prospectus and the date of the most recent financial statements of Fibernet included in the Pricing Disclosure Package and the Final Prospectus (in each case exclusive
of any amendment or supplement thereto), there has been no material adverse change in the condition (financial or otherwise), prospects, earnings, business or properties of the Parent Guarantor and its subsidiaries, taken as a whole, whether or not
arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Pricing Disclosure Package and the Final Prospectus (exclusive of any amendment or supplement thereto). 
  
 All references in these Sections 6(c) and 6(d) to the Pricing Disclosure
Package or the Final Prospectus include any amendment or supplement thereto at the date of the applicable letter. 
  
 (e) At the Execution Time and at the Closing Date, the Parent Guarantor shall have requested and caused each of Ernst & Young LLP
and Deloitte & Touche LLP to furnish to the Initial Purchaser comfort letters, dated respectively as of the Execution Time and as of the Closing Date, in form and substance satisfactory to the Initial Purchaser. 
  
 (f) Subsequent to the Execution Time or, if earlier, the
dates as of which information is given in the Pricing Disclosure Package and the Final Prospectus (in each case exclusive of any amendment or supplement thereto), there shall not have been (i) any change or decrease specified in the letter or
letters referred to in paragraph (e) of this Section 6; or (ii) any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), prospects, earnings, business or properties of the
Parent Guarantor and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Pricing Disclosure Package and the Final Prospectus (in each case
exclusive of any amendment or supplement thereto), the effect of which, in any case referred to in clause (i) or (ii) above, is, in the sole judgment of the Initial Purchaser, so material and adverse as to make it impractical or
inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Pricing Disclosure Package and the Final Prospectus (in each case exclusive of any amendment or supplement thereto). 
  
 (g) The Notes shall be eligible for clearance and settlement
through the Euroclear System and Clearstream Banking S.A. 
  
 (h) Prior to the Closing Date, the Issuer shall have furnished to the Initial Purchaser such further information, certificates and documents as the Initial Purchaser may reasonably request. 
  
 (i) The board of directors of each of the Parent Guarantor
and Fibernet shall have completed all necessary or advisable corporate actions related to the consummation of the Acquisition (including the completion of whitewash procedures and any other corporate action necessary to facilitate the Acquisition)
save for the adoption of the board resolutions of the Parent Guarantor relating to the whitewash procedures and the execution of the Share Purchase Agreement. 
  

(j) On or after the date hereof (i) no downgrading shall have occurred in the rating accorded the debt securities of either the
Issuer, the Parent Guarantor or Global Crossing Limited by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Act, and (ii) no such
organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the debt securities of the Issuer, the Parent Guarantor or Global Crossing Limited. 
  

 11 

 (k) There shall be no existing breach or default or Event of Default by the Issuer or
Parent Guarantor under the Indenture or any notes issued thereunder. 
  
 (l) On or before the Closing Date, the Issuer and the Parent Guarantor shall have furnished to the Initial Purchaser and counsel for the Initial Purchaser such further documents, certificates, letters and schedules or
instruments, including one or more certificates of the Issuer and the Parent Guarantor relating to the business, corporate, legal and financial affairs of the Issuer and the Parent Guarantor, as as they shall have heretofore reasonably requested
from the Parent Guarantor. 
  
 If any of the conditions specified
in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form and substance to the
Initial Purchaser and counsel for the Initial Purchaser, this Agreement and all obligations of the Initial Purchaser hereunder may be cancelled at, or at any time prior to, the Closing Date by the Initial Purchaser. Notice of such cancellation shall
be given to the Issuer in writing or by facsimile confirmed in writing. 
  
 The documents required to be delivered by this Section 6 will be delivered at the office of counsel for the Initial Purchaser, at Augustine House, 6A Austin Friars, London EC2N 2HA, on the Closing Date. 
  
 7.    Reimbursement of Expenses. If the sale of
the Securities provided for herein is not consummated because any condition to the obligations of the Initial Purchaser set forth in Section 6 hereof is not satisfied, because of any termination pursuant to Section 10 hereof or because of
any refusal, inability or failure on the part of the Issuer to perform any agreement herein or comply with any provision hereof other than by reason of a default by the Initial Purchaser, the Issuer or Parent Guarantor will reimburse the Initial
Purchaser severally through ABN AMRO Bank N.V. on demand for all expenses (including reasonable fees and disbursements of counsel) that shall have been incurred by them in connection with the proposed purchase and sale of the Securities. 

 
 8.    Indemnification and Contribution.
(a) Each of the Issuer and the Parent Guarantor agree to indemnify and hold harmless the Initial Purchaser, the directors, officers, employees, Affiliates and agents of the Initial Purchaser and each person who controls the Initial Purchaser
within the meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities to which they or any of them may become subject under the Act, the Exchange Act or other U.S. federal or state statutory law or
regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the
Preliminary Prospectus, the Pricing Disclosure Package, the Final Prospectus, or any other written information used by or on behalf and at the direction of the Issuer in connection with the offer or sale of the Securities, (or in any amendment or
supplement thereto) or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that neither the Issuer nor the Parent Guarantor will be liable in any such case to the extent that any such loss, claim, damage or liability arises out of, or is based upon any such untrue statement or alleged untrue statement or
omission or alleged omission made in the Preliminary Prospectus, the Pricing Disclosure Package, the Final Prospectus, or any other written information used by or on behalf of the Issuer in connection with the offer or sale of the Securities, (or in
any amendment thereof or supplement thereto) in reliance upon and in conformity with written information furnished to the Issuer by or on behalf of the Initial Purchaser specifically for inclusion therein. This indemnity agreement will be in
addition to any liability that the Issuer or the Parent Guarantor may otherwise have. 
  
 (b) The Initial Purchaser agrees to indemnify and hold harmless the Issuer and the Parent Guarantor, each of their respective directors,
officers, and each person who controls the Issuer or the Parent Guarantor within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing indemnity from the Issuer and the Parent Guarantor to the Initial Purchaser, but
only with reference to written information relating to such Initial Purchaser furnished to the Issuer or the Parent Guarantor by or on behalf of such Initial Purchaser through the Initial Purchaser specifically for inclusion in the Preliminary
Prospectus, the Pricing Disclosure Package or the Final Prospectus or in any amendment or supplement thereto. This indemnity agreement will be in addition to any liability that the Initial Purchaser may otherwise have. The Issuer acknowledges that
(i) the statements set forth in the first full paragraph on page (ii) paragraph and (ii), under the heading “Plan of Distribution,” the twelfth paragraph in the Preliminary Prospectus and the twelfth paragraph in the Final
Prospectus constitute the only information furnished in 

  

 12 

 
writing by or on behalf of the Initial Purchaser for inclusion in the Preliminary Prospectus, the Pricing Disclosure Package and the Final Prospectus or in
any amendment or supplement thereto. 
  
 (c)
Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8,
notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not
otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party
other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying
party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local
counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the
indemnifying party’s election to appoint counsel (including local counsel) to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying
party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest;
(ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it
and/or other indemnified parties that are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. An indemnifying party will
not, without the prior written consent of the indemnified parties, settle, compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all
liability arising out of such claim, action, suit or proceeding. 
  
 (d) In the event that the indemnity provided in paragraph (a) or (b) of this Section 8 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Issuer, the Parent
Guarantor and the Initial Purchaser severally agree to contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending any loss, claim, damage,
liability or action) (collectively “Losses”) to which the Issuer, the Parent Guarantor and one or more of the Initial Purchaser may be subject in such proportion as is appropriate to reflect the relative benefits received by the Issuer and
the Parent Guarantor on the one hand and by the Initial Purchaser on the other from the offering of the Securities; provided, however, that in no case shall the Initial Purchaser be responsible for any amount in excess of the purchase
discount or commission applicable to the Securities purchased by such Initial Purchaser hereunder. If the allocation provided by the immediately preceding sentence is unavailable for any reason, the Issuer, the Parent Guarantor and the Initial
Purchaser severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the Issuer and the Parent Guarantor on the one hand and the Initial Purchaser on the other in
connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. Benefits received by the Issuer and the Parent Guarantor shall be deemed to be equal to the total net proceeds from the
offering (before deducting expenses) received by it, and benefits received by the Initial Purchaser shall be deemed to be equal to the total purchase discounts and commissions. Relative fault shall be determined by reference to, among other things,
whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Issuer on the one hand or the Initial Purchaser on the other, the intent of the
parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Issuer, the Parent Guarantor and the Initial Purchaser agree that it would not be just and equitable if
contribution were determined by pro rata allocation or any other method of allocation that does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who controls an
Initial Purchaser within the 

  

 13 

 
meaning of either the Act or the Exchange Act and each director, officer, employee, Affiliate and agent of an Initial Purchaser shall have the same rights to
contribution as such Initial Purchaser, and each person who controls the Issuer within the meaning of either the Act or the Exchange Act and each officer and director of the Issuer and the Parent Guarantor shall have the same rights to contribution
as the Issuer and the Parent Guarantor, subject in each case to the applicable terms and conditions of this paragraph (d). 
  
 9.    [Reserved] 
  
 10.    Termination. This Agreement shall be subject to termination in the absolute discretion of the Initial Purchaser, by
notice given to the Issuer prior to delivery of and payment for the Securities, if at any time prior to such time (i) trading in securities on the New York Stock Exchange or the London Stock Exchange shall have been suspended or limited or
minimum prices shall have been established on either of such exchanges; (ii) a banking moratorium shall have been declared either by U.S. federal or New York State authorities or a material disruption in commercial banking or securities
settlement or clearance services in the United States; or (iii) there shall have occurred any outbreak or escalation of hostilities, declaration by the United States of a national emergency or war or other calamity or crisis the effect of which
on financial markets is such as to make it, in the sole judgment of the Initial Purchaser, impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Pricing Disclosure Package and the Final
Prospectus (exclusive of any amendment or supplement thereto). 
  
 11.    Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other statements of the Issuer and the Parent Guarantor or their respective officers and
of the Initial Purchaser set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Initial Purchaser or the Issuer or the Parent Guarantor or any of the
indemnified persons referred to in Section 8 hereof, and will survive delivery of and payment for the Securities. The provisions of Sections 7 and 8 hereof shall survive the termination or cancellation of this Agreement. 
  
 12.    Notices. All communications hereunder will
be in writing and effective only on receipt, and, if sent to the Initial Purchaser, will be mailed, delivered or telefaxed to ABN AMRO Bank N.V., 250 Bishopsgate, London EC2M 4AA, United Kingdom, Attention: GM Legal, Telefax: +44 207 678 6484; or,
if sent to the Issuer, will be mailed, delivered or telefaxed to it at 1 London Bridge, London SE1 9BG, United Kingdom, Attention: General Counsel. 
  
 13.    Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective
successors and the indemnified persons referred to in Section 8 hereof and their respective successors, and, except as expressly set forth in Section 5(h) hereof, no other person will have any right or obligation hereunder. 
  
 14.    Jurisdiction. Each of the Issuer and the
Parent Guarantor agrees that any suit, action or proceeding against it brought by the Initial Purchaser, the directors, officers, employees, Affiliates and agents of the Initial Purchaser, or by any person who controls the Initial Purchaser, arising
out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal court in The City of New York and County of New York, and waives any objection which it may now or hereafter have to the
laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. Each of the Issuer and the Parent Guarantor have appointed Corporation Services Company, 1133 Avenue
of the Americas, Suite 3100, New York, New York 10036, (and any successor entity) as its authorized agent (the “Authorized Agent”) upon whom process may be served in any suit, action or proceeding arising out of or based upon this
Agreement or the transactions contemplated herein that may be instituted in any State or U.S. federal court in The City of New York and County of New York, by the Initial Purchaser, the directors, officers, employees, Affiliates and agents of the
Initial Purchaser, or by any person who controls the Initial Purchaser, and expressly accepts the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. Each of the Issuer and the Parent Guarantor hereby
represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Issuer and the Parent Guarantor agree to take any and all action, including the filing of any and all
documents that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Issuer or the Parent Guarantor,
respectively. Notwithstanding the foregoing, any action arising out of or based upon this Agreement may be instituted by the Initial Purchaser, the directors, officers, employees, Affiliates and agents of the Initial Purchaser, or by any person who
controls the Initial Purchaser, in any court of competent jurisdiction in the United Kingdom. The parties hereto each hereby waive any right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement.

  

 14 

 15.    Applicable Law. This Agreement will be governed by and construed in
accordance with the laws of the State of New York applicable to contracts made and to be performed within the State of New York. 
  
 16.    Currency. Each reference in this Agreement to British pounds (the “relevant currency”), including by use of
the symbol “£”, is of the essence, and not to an equivalent amount in a different currency. To the fullest extent permitted by law, the obligation of the Issuer in respect of any amount due under this Agreement will, notwithstanding
any payment in any other currency (whether pursuant to a judgment or otherwise), be discharged only to the extent of the amount in the relevant currency that the party entitled to receive such payment may, in accordance with its normal procedures,
purchase with the sum paid in such other currency (after any premium and costs of exchange) on the Business Day immediately following the day on which such party receives such payment. If the amount in the relevant currency that may be so purchased
for any reason falls short of the amount originally due, the Issuer will pay such additional amounts, in the relevant currency, as may be necessary to compensate for the shortfall. Any obligation of the Issuer not discharged by such payment will, to
the fullest extent permitted by applicable law, be due as a separate and independent obligation and, until discharged as provided herein, will continue in full force and effect. 
  
 17.    Waiver of Immunity. To the extent that the Issuer or the Parent Guarantor, as applicable,
has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with
respect to itself or any of its property, the Issuer or the Parent Guarantor, as applicable, hereby irrevocably waives and agrees not to plead or claim such immunity in respect of its obligations under this Agreement. 
  
 18.    Waiver of Tax Confidentiality.
Notwithstanding anything herein to the contrary, purchasers of the Securities (and each employee, representative or other agent of the Issuer) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax
structure of any transaction contemplated herein and all materials of any kind (including opinions or other tax analyses) that are provided to the purchasers of the Securities relating to such U.S. tax treatment and U.S tax structure, other than any
information for which non-disclosure is reasonably necessary in order to comply with applicable securities laws. 
  
 19.    Counterparts. This Agreement may be signed in one or more counterparts (including by facsimile or electronic
transmission), each of which shall constitute an original and all of which together shall constitute one and the same agreement. 
  
 20.    Headings. The section headings used herein are for convenience only and shall not affect the construction hereof.

  
 21.    Stabilization. In connection
with the issue of the Securities, the Stabilising Manager (or persons acting on behalf of the Stabilising Manager) may over-allot Securities (provided that the aggregate principal amount of Securities allotted does not exceed 105% of the aggregate
principal amount of the Securities) or effect transactions with a view to supporting the price of the Securities at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilising Manager (or persons
acting on behalf of the Stabilising Manager) will undertake stabilization action. Any stabilization action may begin on or after the date on which adequate public disclosure of the terms of the Securities is made and, if begun, may be ended at any
time, but it must end no later than the earlier of 30 days after the issue date of the Securities and 60 days after the date of the allotment of the Securities. Such stabilization shall be conducted in accordance with all applicable laws and rules.
Any loss or profit sustained as a consequence of any such over-allotment or stabilization shall be for the account of the Stabilising Manager. The Initial Purchaser acknowledges that the Issuer has not authorized the creation and issue of Securities
in excess of £52.0 million in aggregate principal amount. 
  
 22.    Definitions. The terms that follow, when used in this Agreement, shall have the meanings indicated. 
  
 “Act” shall mean the U.S. Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

  
 “Additional Security Agreements” shall mean,
collectively, (i) the debenture between Fibernet Group Limited, Fibernet Limited and Fibernet UK Limited as chargors in favor of The Bank of New York as collateral agent, to be dated as of December 28, 2006 and (ii) the assignment of
contracts by the Issuer as assignor in favor of the The Bank of New York as collateral agent, to be dated as of December 28, 2006. 
  
 “Affiliate” shall have the meaning specified in Rule 501(b) of Regulation D; provided, however, that Singapore Technologies
Telemedia Pte Ltd and its direct and indirect subsidiaries (other than Global Crossing 

  

 15 

 
Limited and its direct and indirect subsidiaries) shall not be considered Affiliates of the Issuer or the Parent Guarantor for purposes of this Agreement.

  
 “Business Day” shall mean any day other than a
Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in The City of New York or London. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 “Collateral Agent” shall mean The Bank of New York. 
  
 “Commission” shall mean the Securities and Exchange Commission.

  
 “Exchange Act” shall mean the Securities Exchange
Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Execution Time” shall mean the date and time that this Agreement is executed and delivered by the parties hereto. 
  
 “Existing Security Agreements” shall mean, collectively:

  
 (1) the debenture, to be dated the Execution
Time, among the Issuer, the Parent Guarantor and the Trustee; 
  
 (2) the Intercreditor Agreement; and 
  
 (3) all other securing agreements, mortgage, deeds of trust, pledges, collateral assignments and other agreements or instruments evidencing or creating any security in favor of the Trustee and any holder of the Notes
in any or all of the Collateral. 
  
 “Intercreditor
Agreement” shall mean the Intercreditor Agreement dated as of December 23, 2004, among the Trustee and the hedge party named therein. 
  
 “Investment Company Act” shall mean the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission promulgated
thereunder. 
  
 “Issuer Written Information” shall mean
any writings in addition to the Preliminary Prospectus that the parties expressly agree in writing to treat as part of the Pricing Disclosure Package. Such writings are included herein as Annex I. 
  
 “NASD” shall mean the National Association of Securities Dealers,
Inc. 
  
 “Pricing Disclosure Package” shall mean
(i) the Preliminary Prospectus, as amended or supplemented at the Execution Time, (ii) the Pricing Supplement and (iii) any Issuer Written Information. 
  
 “Pricing Supplement” shall have the meaning ascribed thereto in Section 5(b) hereof: included herein as Annex
II. 
  
 “Regulation D” shall mean Regulation D under the
Act. 
  
 “Regulation S” shall mean Regulation S under
the Act. 
  
 “Stabilising Manager” shall mean ABN AMRO
Bank N.V. 
  
 “Trust Indenture Act” shall mean the U.S.
Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  

 16 

 If the foregoing is in accordance with your understanding of our agreement, please sign and return to us
the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement between the Issuer and the several Initial Purchaser. 
  

			
	 Very truly yours,

	
	GLOBAL CROSSING (UK) FINANCE PLC
		
	 By:
	 	 /s/ Bernard Keogh

		 	 Name: Bernard Keogh

		 	 Title: Director

	
	GLOBAL CROSSING (UK) TELECOMMUNICATIONS LIMITED
		
	 By:
	 	 /s/ Bernard Keogh

		 	 Name: Bernard Keogh

		 	 Title: Director

  

 17 

 December 20, 2006 
  
 The foregoing Agreement is hereby 
 confirmed and accepted as of the 
 date first above written. 
  

			
	ABN AMRO Bank N.V.
		
	 By:
	 	 /s/ Jacqueline Steven

		 	 Name: Jacqueline Steven

		 	 Title: Authorized Signatory

		
	 By:
	 	 /s/ Denis Viskovich

		 	 Name: Denis Viskovich

		 	 Title: Authorized Signatory

  

 18 

			
		 	December 20, 2006

  
 Exhibit A

  
 FORM OF OPINION OF ENGLISH 
 COUNSEL TO THE ISSUER 
  
 (a) each of the Opinion Parties is a company duly incorporated (with limited liability) and validly existing under the laws of England and Wales, with the
requisite corporate power to execute, deliver and perform its obligations expressed in the Transaction Documents to which it is a party; and that each of the Opinion Parties has full corporate power and authority to own or lease, as the case may be,
and to operate its properties and conduct its business as described in the Final Prospectus; 
  
 (b) each Opinion Party has the necessary power and has taken all corporate action required to authorise the execution, delivery and performance of its obligations expressed in the Transaction Documents to which it is
a party; and all the allotted and issued shares in the capital of each Opinion Party have been duly authorised and validly allotted and issued and are recorded in the relevant company’s records as fully paid; 
  
 (c) each Opinion Party has duly and validly executed and delivered the
Transaction Documents to which it is a party; 
  
 (d) the
obligations expressed to be assumed by each Opinion Party in the Debenture and the Additional Debenture constitute its legal, valid, binding and enforceable obligations; 
  
 (e) each of the Debenture and the Additional Debenture creates valid security interests in the property over which it
purports to create security; 
  
 (f) other than as referred to in
paragraph [    ](m) below, no further acts, conditions or things are required by English law (including without limitation any filing, registration or recording in any public place or elsewhere in England) to be done, fulfilled
or performed in relation to the Transaction Documents and no approvals, consents, licenses or authorisations of any governmental, judicial or public bodies or authorities in England are required in order to enable each Opinion Party and the Trustee
lawfully to enter into, execute, deliver, enforce or exercise its rights under and perform the obligations expressed to be assumed by it in the Transaction Documents to which it was a party; 
  
 (g) the execution and delivery by each Opinion Party of the Transaction
Documents to which it is a party does not and will not result in any violation by such Opinion Party of any term of its respective memorandum or articles of association or of any law or regulation having the force of law in England and applicable to
such Opinion Party; 
  
 (h) the choice of the law of the State of
New York to govern the US Documents will be upheld as a valid choice of law, and the law of the State of New York will, accordingly, be recognised, upheld and given effect to by the courts of England if any proceedings in respect of any of the US
Documents are brought in England and Wales; and the submission by each Opinion Party to the non exclusive jurisdiction of the State of New York courts in the US Documents other than the Notes, in which there is no submission to jurisdiction, is
valid and binding on such respective Opinion Party; 
  
 (i) the
choice of English law as the governing law of the Debenture and the Additional Debenture is valid and binding on each of the relevant Opinion Parties thereto; 
  

(j) excluding any judgment or order to which Council Regulations (EC) No 44/2001 of 22 December 2001 and/or the Brussels Convention on
Jurisdiction in Civil and Commercial Matters of 1968 and/or the Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters of 1988 (together the “Conventions”) apply (in which case a judgment or
order may be enforced by registration as if it were a judgment or order of the English court), a final and conclusive judgment rendered by a court of a foreign country has no direct operation in England but may be enforceable by action or
counterclaim for the amount due under such judgment without a substantive re-examination of the merits of such judgment or, in certain circumstances, registration (where applicable) or be recognised by the English courts as a defence to an action or
as conclusive of an issue in an action provided that: 
  
 (i) the foreign court was duly invested with jurisdiction under all applicable foreign laws and had jurisdiction under English conflict of laws rules; 
  

(ii) it was for a debt or a definite sums of money (not being of a revenue or penal nature); 
  

 19 

 (iii) the matter had not previously been determined by an English court; 
  
 (iv) the judgment had not been obtained by fraud or in a
manner opposed to natural justice; 
  

	 	(v)	the recognition or enforcement thereof is not contrary to public policy or the judgment was not based on a rule of law specified by the Secretary of State or being concerned with
restrictive trade practices or to Section 5 of the Protection of Trading Interest Act 1980; 

  
 (vi) the enforcement thereof would involve the enforcement of foreign revenue or penal or other public laws; 
  
 (vii) the recognition or enforcement thereof is not contrary
to the Administration of Justice Act 1920 or the Foreign Judgments (Reciprocal Enforcements) Act 1933 or the Conventions or the Civil Jurisdiction and Judgments Act 1982 (as amended) or the Civil Jurisdiction and Judgments Act 1991, to the extent
applicable; 
  
 (viii) the claim is not barred
under the relevant limitation period applicable under English law (or any applicable rules or conflicts of law); 
  
 (ix) the judgment is not for multiple damages; or 
  
 (x) the matter in dispute before the court is not the subject of a prior enforceable judgment; 

 
 (k) it is not necessary for the execution, delivery or enforcement by the
Trustee of its rights under the Debenture and the Additional Debenture that the Trustee be licensed, qualified or otherwise entitled to carry on business in England and Wales. The Trustee will not be deemed to be resident, domiciled, carrying on
business or subject to taxation in England and Wales by reason only of the execution, delivery or enforcement of the Debenture and the Additional Debenture other than as referred to in paragraph [    ](m) below; 
  
 (l) the statements in the Final Prospectus under the caption “Tax
Considerations—UK Taxation”, insofar as such statements relate to provisions of United Kingdom tax laws described therein and subject to the limitations set forth therein, fairly summarize the matters referred to therein in all material
respects; 
  
 (m) no United Kingdom stamp duty, reserve tax or
stamp duty land tax is payable in connection with the execution and delivery (where appropriate) or performance of the Debenture and the Additional Debenture other than: stamp duty on any transfer of shares in the Issuer following any default,
enforcement (or otherwise) under or pursuant to the Debenture and the Additional Debenture, and following any default, enforcement (or otherwise) under or pursuant to the Debenture and the Additional Debenture a liability to stamp duty reserve tax
in respect of any agreement to transfer shares in the Issuer for consideration to the Trustee (which liability for stamp duty reserve tax would be cancelled if a transfer of such shares had been duly stamped within six years of such agreement), and
stamp duty land tax on any dealings (following any default, enforcement (or otherwise) under or pursuant to the Debenture and the Additional Debenture) in the United Kingdom land that had been subject to registration at the Land Charges Registry or
HM Land Registry, as appropriate; 
  
 (n) no stamp or other
issuance or transfer taxes or duties are payable by or on behalf of the Initial Purchaser to the United Kingdom or to any political subdivision or taxing authority thereof or therein in connection with the sale and delivery by the Issuer of the
Notes and the delivery by the Guarantors of the Guarantees to the Initial Purchaser or the sale and delivery by the Initial Purchaser of the Notes as contemplated in the Note Purchase Agreement; 
  
 (o) under the current laws and regulations of the United Kingdom, all
payments of principal, premium (if any) and interest on the Notes may be paid by the Issuer to the registered holders of the Notes without withholding or deduction on account of United Kingdom tax and all such payments other than as described in the
Final Prospectus made to holders of the Notes who are non-residents of the United Kingdom will not be subject to the United Kingdom income, withholding or other taxes under the laws and regulations of the United Kingdom and without the necessity of
obtaining any governmental authorization in the United Kingdom; 
  
 (p) there are no registration, filing or similar formalities imposed in the United Kingdom upon the Issuer, the Company or the Initial Purchaser in relation to the issue or offering and sale of the Notes or the performance by the Issuer or
the Company of their respective obligations under them, provided that offers and sales of the Notes in the United Kingdom by the Issuer or the Initial Purchaser (or any person acting on their behalf) are made only to persons whose ordinary
activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses or in circumstances which do not result in any offer to the public in the United Kingdom within the
meaning of the Public Offers of Securities Regulations 1995; 
  

 20 

 (q) [TO BE UPDATED] there will be no contravention of the provisions of sections 118, 397(2) or 397(3) of
FSMA in respect of stabilization transactions carried out in respect of the Notes (“Stabilization Transactions”), or of the insider dealing provisions contained in Part V of the Criminal Justice Act 1993 by virtue of dealing in or
encouraging another person to deal in the Notes for the purposes of Stabilization Transactions provided that anything done for the purpose of Stabilization Transactions is done in conformity with the Price Stablising Rules of the Financial Services
Authority made pursuant to Section 144 of FSMA and is done during such period before and after the issue of the Notes as is specified by those rules; and 
  

(r) [TO BE UPDATED] there will have been no contravention of the provisions of Section 21 of FSMA provided that the contents of any communication
made or caused to be made in the United Kingdom (or, in the case of a communication originating outside the United Kingdom, capable of having an effect in the United Kingdom) (within the meaning of FSMA) were either made by an authorised person or
first approved by an authorised person for the purposes of that Act or the communication fell within one of the exceptions contained in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001. 
  

 21 

			
		 	December 20, 2006

  
 Exhibit B

  
 FORM OF OPINION OF U.S. 
 COUNSEL TO THE ISSUER 
  
 1.    Assuming the due authorization, execution and delivery of the Purchase Agreement by each Opinion Party under the laws of England
and Wales, the Purchase Agreement has been duly executed and delivered by such Opinion Party to the extent that execution and delivery is governed by New York law. 
  
 2.    Each of the Indenture and the Supplemental Indenture constitutes the legal, valid and binding
obligation of each Opinion Party, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies
generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and
except that (A) rights to indemnification and contribution thereunder may be limited by U.S. federal or state securities laws or public policy relating thereto, (B) no opinion is expressed with respect to any provision of the Indenture
providing for liquidated damages and (C) no opinion is expressed with respect to the enforceability of the waiver contained in Section 4.08 of the Indenture (Waiver of Stay, Extension or Usury Laws). 
  
 3.    The Registration Rights Agreement constitutes the
legal, valid and binding obligation of each Opinion Party, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting
creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a
proceeding at law or in equity) and except that (A) rights to indemnification and contribution thereunder may be limited by U.S. federal or state securities laws or public policy relating thereto and (B) no opinion is expressed with
respect to any provision of the Registration Rights Agreement providing for liquidated damages. 
  
 4.    The Notes, when duly executed and delivered by the Issuer, authenticated by the Trustee in accordance with the terms of the
Indenture and the Supplemental Indenture and delivered to and paid for by the Initial Purchaser in accordance with the Purchase Agreement, will constitute the legal, valid and binding obligation of the Issuer, enforceable against it in accordance
with their terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of
equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) except that (A) no opinion is expressed with respect to any provision of
the Indenture providing for liquidated damages and (B) no opinion is expressed with respect to the enforceability of the waiver contained in Section 4.08 of the Indenture (Waiver of Stay, Extension or Usury Laws). 
  
 5.    Each of the Guarantees, when duly executed and
delivered by the Guarantors and when the Notes have been duly executed and delivered by the Issuer, authenticated by the Trustee in accordance with the terms of the Indenture and delivered to and paid for by the Initial Purchaser in accordance with
the Purchase Agreement, will constitute the legal, valid and binding obligation of the Guarantors, enforceable against it in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium
and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 
  
 6.    The statements in the Final Prospectus under the
captions (i) “Description of the Notes” (insofar as such statements purport to summarize certain provisions of the Notes and the Indenture), (ii) “Registered Exchange Offer; Registration Rights Agreement” (insofar as
such statements purport to summarize certain provisions of the Registration Rights Agreement), and (iii) “Tax Considerations— United States Federal Income Tax Considerations” (insofar as such statements relate to provisions of
U.S. federal tax laws described therein and subject to the limitations set forth therein), in each case fairly summarize the matters referred to therein in all material respects. 
  
 7.    No consent, approval, waiver, license or authorization or other action by or filing with any New
York or U.S. federal governmental authority is required in connection with the execution and delivery by any Opinion Party of any of the Transaction Documents to which it is a party, the consummation by any Opinion Party of the 

  

 22 

 
transactions contemplated thereby or the performance by any Opinion Party of its respective obligations thereunder, except for (i) U.S. federal and
state securities or blue sky laws, as to which we express no opinion in this paragraph and (ii) those already obtained. 
  
 8.    The execution and delivery by each Opinion Party of the Transaction Documents to which such Opinion Party is a party and the
performance by such Opinion Party of its respective obligations thereunder will not conflict with, constitute a default under or violate (i) any New York or U.S. federal law or regulation (other than U.S. federal and state securities or blue
sky laws, as to which we express no opinion in this paragraph), or (ii) any judgment, writ, injunction, decree, order or ruling of any New York or U.S. federal court or governmental authority binding on any Opinion Party of which we are aware.

  
 9.    Assuming (i) the
representations of the Initial Purchaser and the Company contained in the Purchase Agreement are true, correct and complete and (ii) compliance by the Initial Purchaser and the Company with their respective covenants set forth in the Purchase
Agreement, it is not necessary in connection with the offer, sale and delivery of the Securities to the Initial Purchaser pursuant to the Purchase Agreement or the offer and resales of the Securities by the Initial Purchaser, in the manner
contemplated by the Purchase Agreement and described in the Final Prospectus, to register the Securities under the Securities Act of 1933, as amended, or to qualify the Indenture under the Trust Indenture Act of 1939, as amended. 
  
 10.    Neither Opinion Party is, and after giving effect
to the offering and sale of the Securities and the application of the proceeds therefrom, neither Opinion Party will be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as
amended. 
  
 11.    Assuming the validity and
binding effect of each of the Principal Documents, including the choice of law provisions thereof, under the laws of England and Wales, each Opinion Party has validly submitted to the non-exclusive jurisdiction of any U.S. federal or New York state
court located in the City of New York and County of New York in connection with any action arising out of the Principal Documents or the transactions contemplated by any of them (subject to the discretion of any U.S. federal court to transfer the
venue of a proceeding to another court on the basis of equitable principles) and has validly appointed the Authorized Agent as its authorized agent pursuant to, and for the purpose described in, the Principal Documents. We express no opinions herein
as to the subject matter jurisdiction of any U.S. federal court to adjudicate any action relating to the Principal Documents or the transactions contemplated thereby where jurisdiction based on diversity of citizenship under 28 U.S.C. § 1332
does not exist. 
  
 We have participated in conferences with
officers and other representatives of GCUK, the Issuer and Fibernet and counsel for GCUK and the Issuer, your representatives and representatives of the independent public accountants for the GCUK and Fibernet, at which the contents of the
Preliminary Prospectus, the Pricing Disclosure Package and the Final Memorandum and related matters were discussed. We advise you that no facts came to our attention that caused us to believe that (i) the Pricing Disclosure Package, as of the
Execution Time, contained an untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or (ii) the Final
Prospectus, as of its date or as of the date hereof, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading; it being understood that we express no belief with respect to the financial statements, schedules, or other financial data included in, or omitted from, the Final Prospectus. 
  

 23 

			
		 	December 20, 2006

  
 Exhibit C

 FORM OF OPINION OF BERNARD 
 KEOGH, REGIONAL GENERAL COUNSEL 
 TO THE PARENT GUARANTOR 
  
 1.    The statements in the Final Prospectus under the captions “Business—Litigation” and
“Regulation”, in each case insofar as such statements constitute summaries of the legal matters, documents or proceedings referred to therein, fairly present the information called for with respect to such legal matters, documents and
proceedings and fairly summarize the matters referred to therein in all material respects. 
  
 2.    To my knowledge, the execution and delivery by each Opinion Party of the Transaction Documents to which such Opinion Party is a party and the performance by such Opinion Party of its
respective obligations thereunder will not conflict with, constitute a material default under or violate any of the material terms, conditions or provisions of any material document, agreement or other instrument to which any Opinion Party is a
party. 
  

 24 

			
		 	December 20, 2006

  
 ANNEX I 
  
 ISSUER WRITTEN INFORMATION 
  

 25 

			
		 	December 20, 2006

  
 ANNEX II 
  
 PRICING SUPPLEMENT 
  

 26

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