Document:

Exhibit 10.3

 Exhibit 10.3 
 FIRST AMENDMENT, dated as of July 1, 2009 (this “Amendment”), to the COLLATERAL AGREEMENT, dated as of February 26, 2007 (as amended, supplemented or otherwise modified in writing from time
to time, the “Collateral Agreement”), made by PRIMUS TELECOMMUNICATIONS IHC INC., a Delaware corporation (the “Company”), and each of the other Grantors party (together with the Company, the
“Grantors”), in favor of U.S. BANK NATIONAL ASSOCIATION, as collateral agent (the “Collateral Agent”). 
 W I T N E S S E T H: 
 WHEREAS, the Company and the other
Grantors have heretofore executed and delivered an indenture, dated as of February 27, 2007, by and among the Company, the other Grantors, and U.S. Bank National Association, as trustee (the “Indenture”), pursuant to which the
Company has issued $175.3 million aggregate principal amount of the Company’s 14.25% Senior Secured Notes due 2011 (the “Notes”); 
 WHEREAS, the Company has implemented a restructuring of the Notes and the related Claims evidenced thereby (as that term is defined in section 101(5) of title 11 of the United States Code) through a confirmed plan of
reorganization pursuant to voluntary bankruptcy cases under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532 in the United States Bankruptcy Court for the District of Delaware (the “Plan”); and

 WHEREAS, the Plan provides that the Collateral Agreement shall be amended as set forth herein; 
 NOW, THEREFORE, the Company and the other Grantors hereby covenant and agree with the Collateral Agent for the equal and proportionate benefit of the
Holders as follows: 
 1. Defined Terms. Unless otherwise noted herein, terms defined in the Collateral Agreement and used herein
shall have the meanings given to them in the Collateral Agreement. 
 2. Amendments to Section 1.1(b) of the Collateral
Agreement. 
 (a) The definition of “Obligations” in Section 1.1(b) of the Collateral Agreement is hereby replaced in its
entirety with the following: 
 “Obligations”: (i) in the case of the Company, the Company Obligations, (ii) in the case
of each Guarantor, its Guarantor Obligations, and (iii) in the case of Primus Telecommunications International, Inc., the PTII Obligations. 
 (b) The following definition is hereby added to Section 1.1(b) in alphabetical order: 
 “PTII Obligations”: with
respect to PTII, the collective reference to all obligations and liabilities of PTII and the Company which may arise under or in connection with the Indenture or any Collateral Document to which PTII or the Company is a party, in each case whether
on account of (a) guarantee obligations, reimbursement obligations, fees, indemnities, 

 
costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Collateral Agent or to any Secured Party that are
required to be paid by PTII or the Company pursuant to the terms of this Agreement, the Indenture or any other Collateral Document) or (b) the unpaid principal of and interest on the Notes and all other obligations and liabilities of the
Company to the Collateral Agent or any Secured Party, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, the Notes,
the Indenture, the other Collateral Documents, or any other document made, delivered or given in connection with any of the foregoing, and in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, cost,
expense or otherwise (including, without limitation, all fees and disbursements of counsel to the Collateral Agent or to any other Secured Party that are required to be paid by the Company pursuant to the terms of any of the foregoing agreements).

 3. Amendment to Section 7.18. The first sentence of Section 7.18 is deleted and replaced in its entirety with the
following: 
 “Notwithstanding anything herein to the contrary and to the extent not prohibited by the Trust Indenture Act of 1939, the
right to receive payments under this Agreement by the Second Lien Collateral Agent or the Holders and the lien and security interest granted to the Second Lien Collateral Agent pursuant to this Agreement and the exercise of any right or remedy by
the Second Lien Collateral Agent or the Holders hereunder or under the Indenture are subject to the provisions of the Intercreditor Agreement, dated as of February 26, 2007 (as amended, restated, supplemented or otherwise modified from time to
time, the “Intercreditor Agreement”) and the lien and payment subordination provisions contained therein, among Parent, the Company, The Bank of New York Mellon (as successor to Lehman Commercial Paper Inc.), as First Lien Collateral
Agent, and U.S. Bank National Association, as Second Lien Collateral Agent, and certain other persons party or that may become party thereto from time to time. In the event of any conflict between the terms of the Intercreditor Agreement and this
Agreement, the terms of the Intercreditor Agreement shall govern and control.” 
 4. Conditions to Effectiveness. This Amendment
shall become effective upon its execution by the Company, the other Grantors and the Collateral Agent. 
 5. Limited Effect. Except as
expressly provided hereby, all of the terms and provisions of the Collateral Agreement are and shall remain in full force and effect. The amendments contained herein shall not be construed as a waiver or amendment of any other provision of the
Collateral Agreement or for any purpose except as expressly set forth herein or a consent to any further or future action on the part of the Company or any other Grantor that would require the waiver or consent of the Collateral Agent. 

6. GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS AMENDMENT WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

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 7. Counterparts. The parties may sign any number of copies of this Amendment. Each signed copy
shall be an original, but all of them together represent the same agreement. 
 8. Effect of Headings. The Section headings herein are
for convenience only and shall not affect the construction hereof. 
 9. Severability. In case any provision in the Collateral
Agreement, as amended by this Amendment, shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

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

			
	PRIMUS TELECOMMUNICATIONS HOLDING, INC.
		
	By:	 	/s/ Thomas R. Kloster
		 	Name: Thomas R. Kloster
		 	Title:   Chief Financial Officer
	
	PRIMUS TELECOMMUNICATIONS, INC.
		
	By:	 	/s/ Thomas R. Kloster
		 	Name: Thomas R. Kloster
		 	Title:   Chief Financial Officer
	
	PRIMUS TELECOMMUNICATIONS INTERNATIONAL, INC.
		
	By:	 	/s/ Thomas R. Kloster
		 	Name: Thomas R. Kloster
		 	Title:   Chief Financial Officer
	
	TRESCOM INTERNATIONAL, INC.
		
	By:	 	/s/ Thomas R. Kloster
		 	Name: Thomas R. Kloster
		 	Title:   Chief Financial Officer
	
	ROCKWELL COMMUNICATIONS CORPORATION
		
	By:	 	/s/ Thomas R. Kloster
		 	Name: Thomas R. Kloster
		 	Title:   Chief Financial Officer

			
	LEAST COST ROUTING, INC.
		
	By:	 	/s/ Thomas R. Kloster
		 	Name: Thomas R. Kloster
		 	Title:   Chief Financial Officer
	
	TRESCOM U.S.A., INC.
		
	By:	 	/s/ Thomas R. Kloster
		 	Name: Thomas R. Kloster
		 	Title:   Chief Financial Officer
	
	IPRIMUS USA, INC.
		
	By:	 	/s/ Thomas R. Kloster
		 	Name: Thomas R. Kloster
		 	Title:   Chief Financial Officer
	
	IPRIMUS.COM, INC.
		
	By:	 	/s/ Thomas R. Kloster
		 	Name: Thomas R. Kloster
		 	Title:   Chief Financial Officer
	
	U.S. BANK NATIONAL ASSOCIATION, as Collateral Agent
		
	By:	 	/s/ William G. Keenan
		 	Name: William G. Keenan
		 	Title:   Vice PresidentExhibit 10.4

 Exhibit 10.4 
 ASSUMPTION AGREEMENT, dated as of July 1, 2009, made by Primus Telecommunications Group, Incorporated, a Delaware corporation (“Group”), and Primus Telecommunications Holding, Inc., a Delaware
corporation (“Holding” and, together with Group, each an “Additional Grantor” and, collectively, the “Additional Grantors”), in favor of U.S. Bank National Association, as Collateral Agent (in such
capacity, the “Collateral Agent”) for the holders (the “Holders”) of the Notes issued pursuant to the Indenture referred to below. All capitalized terms not defined herein shall have the meaning ascribed to them in
the Collateral Agreement referred to below. 
 W I T N E S S E T H
: 
 WHEREAS, Primus Telecommunications IHC, Inc. (the “Company”), certain of the Company’s affiliates and U.S.
Bank National Association, as trustee have entered into an Indenture, dated as of February 26, 2007 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), pursuant to which the Company has issued
its 14.25% Senior Secured Notes due 2011 (the “Notes”) to the Holders; 
 WHEREAS, in connection with the Indenture, the
Company and certain of its Affiliates (other than the Additional Grantors) have entered into the Collateral Agreement, dated as of February 26, 2007 (as amended, supplemented or otherwise modified from time to time, the “Collateral
Agreement”) in favor of the Collateral Agent for the benefit of the Secured Parties; 
 WHEREAS, the Indenture requires each
Additional Grantor become a party to the Collateral Agreement; and 
 WHEREAS, each Additional Grantor has agreed to execute and deliver this
Assumption Agreement in order to become a party to the Collateral Agreement; 
 NOW, THEREFORE, IT IS AGREED: 
 1. Collateral Agreement. By executing and delivering this Assumption Agreement, each Additional Grantor, as provided in Section 7.14 of the
Collateral Agreement, hereby becomes a party to the Collateral Agreement as a Grantor thereunder with the same force and effect as if originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly
assumes all obligations and liabilities of a Grantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the information set forth in Schedules 1, 2, 3, 4, 5, 6, 7 and 8 to the Collateral Agreement. Each Additional Grantor
hereby represents and warrants that each of the representations and warranties contained in Section 4 of the Collateral Agreement (other than representations and warranties which expressly speak as of a particular date or are no longer true and
correct as a result of a change which is permitted by the Indenture) is true and correct in all material respects as applied to such Additional Grantor on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as
of such date. 
 2. GOVERNING LAW. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	ADDITIONAL GRANTORS:
	
	PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED
		
	By:	 	/s/ Thomas R. Kloster
		 	Name: Thomas R. Kloster
		 	Title:   Chief Financial Officer
	
	PRIMUS TELECOMMUNICATIONS HOLDING, INC.
		
	By:	 	/s/ Thomas R. Kloster
		 	Name: Thomas R. Kloster
		 	Title:   Chief Financial Officer

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