Document:

Purchase Agreement, dated December 20, 2004

 Exhibit 4.4 
  

GLOBAL CROSSING (UK) FINANCE PLC 
  
 $200,000,000 Dollar Notes Due 2014 
 £105,000,000 Pound Notes Due 2014 
  
 Purchase
Agreement 
  
 Goldman, Sachs & Co. 
 Goldman Sachs International 
 c/o Goldman, Sachs & Co. 
 85 Broad Street 
 New York, New York 10004 
  
 Ladies and Gentlemen: 
  
 Global Crossing (UK) Finance PLC, a public limited company organized under the laws of the United Kingdom (the
“Issuer”), proposes to issue and sell (the “Offering”) to Goldman, Sachs & Co. (the “Initial Purchaser” or the “Representative”), $200.0 million principal amount of its 10.75% notes due 2014 (the
“Dollar Notes”) and £105.0 million principal amount of its 11.75% notes due 2014 (the “Pound Notes” and, together with the Dollar Notes, the “Notes”). The obligations of the Issuer under the Indenture (as
hereinafter defined) and the Notes will be guaranteed (the “Guarantee”) by Global Crossing (UK) Telecommunications Limited (the “Guarantor”). The Notes and the Guarantee are hereinafter referred to as the “Securities.”
The Securities are to be issued under an indenture (the “Indenture”), to be dated as of the Closing Date, between the Issuer, the Guarantor and The Bank of New York, as trustee (the “Trustee”). 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 Guarantor and the Initial Purchaser, pursuant to which the Issuer will agree to register the
Securities under the Act subject to the terms and conditions therein specified. To the extent there are no additional parties listed on Schedule I other than you, the term Representative as used herein shall mean you as the Initial Purchaser, and
the terms Representative and Initial Purchaser shall mean either the singular or plural as the context requires. The use of the neuter in this Agreement shall include the feminine and masculine wherever appropriate. Certain terms used herein are
defined in Section 18 hereof. 
  
 In connection with the Offering,
the Guarantor will refinance the Existing STT Notes and the STT Bridge Facility (the “Restructuring”). The Offering and the Restructuring are herein referred to as the “Transactions.” 
  
 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 offering memorandum, dated December 10, 2004 (as amended or
supplemented at the date thereof, including any and all exhibits thereto, the “Preliminary Memorandum”), and a final offering 

  

 
memorandum, dated December 20 (as amended or supplemented at the Execution Time, including any and all exhibits thereto, the “Final Memorandum”).
Each of the Preliminary Memorandum and the Final Memorandum sets forth certain information concerning the Issuer and the Securities. The Issuer hereby confirms that it has authorized the use of the Preliminary Memorandum and the Final Memorandum,
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 Guarantor represents and warrants to the Initial Purchaser as set forth below in this
Section 1. 
  
 (a) The Preliminary Memorandum, 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 Execution Time and on
the Closing Date the Final Memorandum 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 Guarantor make no representation or warranty as to the information contained in or
omitted from the Preliminary Memorandum or the Final Memorandum, or any amendment or supplement thereto, in reliance upon and in conformity with information furnished in writing to the Issuer and/or the Guarantor by or on behalf of the Initial
Purchaser through the Representative specifically for inclusion therein. 
  
 (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) The Issuer
has been advised by the NASD’s PORTAL Market that the Securities have been designated PORTAL-eligible securities in accordance with the rules and regulations of the NASD. 
  
 (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 Final Memorandum. 
  

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 (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 Final Memorandum 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) The Issuer is not and does not
expect to become a “passive foreign investment company” as defined in Section 1297 of the Internal Revenue Code pf 1986, as amended, and the regulations, promulgated thereunder. 
  
 (i) The Issuer has not 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) The Issuer has not 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 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 Final Memorandum, 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 Final Memorandum under the headings “Tax Considerations”, “Description of the Notes”, “Registered
Exchange Offer; Registration Rights Agreement”, “Business-Litigation”, “Description of Certain Parent Securities” and “Regulation” 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 Guarantor; the 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 Guarantor, will constitute a
legal, valid, binding instrument enforceable against each of the Issuer and the 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 the 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 Guarantor and, when executed and delivered by the Issuer and the Guarantor, will constitute the legal, valid, binding and enforceable instrument of each of the Issuer
and the Guarantor (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization, 

  

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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 thereunder may be limited by federal and state securities laws and public policy considerations underlying such laws. 
  
 (n) The Security Agreements, once executed, delivered and following the
giving of all necessary notices and the completion of all necessary filings and registrations, 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 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 Guarantor 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 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 and, (iii) 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 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 Guarantor or any of their subsidiaries pursuant to, (i) the articles of association or by-laws of either the Issuer or the Guarantor; (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 the 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 the 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 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. 
  

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 (q) The historical financial statements and schedules of the Guarantor and its consolidated subsidiaries
included in the Final Memorandum present fairly in all material respects the financial condition, results of operations and cash flows of the Issuer and the Guarantor as of the dates and for the periods indicated and have been prepared in conformity
with generally accepted accounting principles in the United Kingdom applied on a consistent basis throughout the periods involved (except as otherwise noted therein); summary financial data set forth under the caption “Summary Historical
Financial Data” and the selected financial data set forth under the caption “Selected Historical Financial Data” in the Final Memorandum present fairly in all material respects, on the basis stated in the Final Memorandum, 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 Guarantor or any of its subsidiaries or its or their property is pending or, to the best knowledge of the Issuer or the 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 Guarantor, except as set forth in or contemplated in the Final Memorandum (exclusive of any amendment or supplement thereto). 
  
 (s) Each of the Guarantor and its subsidiaries owns or leases all such properties as are necessary to the conduct of its
operations as presently conducted. 
  
 (t) Neither the 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 Guarantor or any of its
subsidiaries of any court, regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the 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) Deloitte & Touche LLP who has certified certain financial statements of the Guarantor and its consolidated subsidiaries and delivered their
report with respect to the audited consolidated financial statements and schedules included in the Final Memorandum, are independent public accountants with respect to each of the Issuer and the Guarantor in accordance with local accounting rules.

  
 (v) There are no stamp or other issuance or transfer taxes or
duties or other similar fees or charges required to be paid in connection with the execution and delivery of this Agreement or the issuance or sale by the Issuer of the Securities. 
  
 (w) Each of the Issuer and the 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 

  

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set forth in or contemplated in the Final Memorandum) 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, 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 Final Memorandum (exclusive of any amendment or supplement thereto). 
  
 (x) No labor problem or dispute with the employees of the Guarantor or any of its subsidiaries exists or is threatened or imminent, and the Issuer and the 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 Final Memorandum (exclusive of
any amendment or supplement thereto). 
  
 (y) The 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 Guarantor or any of its subsidiaries or their respective businesses, assets, employees, officers and directors are in full force and effect; the Guarantor and its subsidiaries are in compliance with the terms of
such policies and instruments; there are no claims by the 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
Guarantor nor any of its subsidiaries has been refused any insurance coverage sought or applied for; and neither the 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
Final Memorandum (exclusive of any amendment or supplement thereto). 
  
 (z) The 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 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 Final Memorandum (exclusive of any amendment or supplement thereto). 
  
 (aa) Except as otherwise disclosed in the OM, the 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
generally accepted accounting principles in the United Kingdom 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 

  

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compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
  
 (bb) The Guarantor and its subsidiaries own, possess, license or have other
rights to use on reasonable terms, all patents, trade and service marks, trade names, copyrights, 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 Guarantor’s business as now conducted or as proposed in the Final Memorandum to be conducted. Except as set forth in the Final
Memorandum and except as would not have a Material Adverse Effect, (i) the 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 Guarantor, there is no material infringement by third parties of any such Intellectual Property; (iii) there is no pending or, to the Guarantor’s knowledge, threatened action, suit, proceeding or claim by any third
party challenging the Guarantor’s or its subsidiaries’ rights in or to any such Intellectual Property, and the Guarantor is unaware of any facts which would form a reasonable basis for any such claim; (iv) there is no pending or, to the
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 Guarantor is unaware of any facts that would form a reasonable
basis for any such claim; (v) there is no pending or, to the Guarantor’s knowledge, threatened action, suit, proceeding or claim by any third party that the Guarantor or any subsidiary infringes or otherwise violates any patent, trademark,
copyright, trade secret or other proprietary rights of any third party, and the Guarantor is unaware of any other fact which would form a reasonable basis for any such claim; and (vi) to the knowledge of the Guarantor, there is no valid and
subsisting patent or published patent application that would preclude the Guarantor, in any material respect, from practicing any such Intellectual Property. 
  
 (cc) The Guarantor and its subsidiaries are (i) in compliance with any and all applicable non-U.S., U.S. federal, state and local 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, and except as set forth in or contemplated in the Final Memorandum
(exclusive of any amendment or supplement thereto). Except as set forth in the Final Memorandum, neither the 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) The Issuer and the Guarantor have not taken any action or omitted 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 any of the Initial
Purchaser of the ability to rely on any stabilization safe harbor provided by the Financial Services Authority under the Financial Services and Markets Act 2000 (the “FSMA”). Each of the Issuer and the Guarantor has been 

  

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informed of the guidance relating to stabilization provided by the Financial Services Authority, in particular in Section MAR 2 Annex 2G of the Financial
Services Handbook. 
  
 (ee) The operations of the 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 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 Guarantor, threatened. 
  
 (ff) There is and has been no
failure on the part of the Issuer, the Guarantor and any of the Issuer’s or the 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 Final Memorandum. 
  
 (hh) None of the Guarantor, any of its subsidiaries or, to the knowledge of the Issuer or the Guarantor, any director, officer, agent, employee or Affiliate of the 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) Neither the Guarantor nor any of
its subsidiaries has sustained since the date of the latest audited financial statements included in the Final Memorandum 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 Final Memorandum; and, since the respective dates as of which information is given in the Final Memorandum,
there has not been any change in the capital stock or long-term debt of the Guarantor 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 Guarantor and its subsidiaries, taken as a whole, otherwise than as set forth or contemplated in the Final Memorandum. 
  
 Any certificate signed by any officer of the Issuer or the Guarantor and
delivered to the Representative or counsel for the Initial Purchaser in connection with the offering of the 

  

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Securities shall be deemed a representation and warranty by the Issuer or the 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 agree to purchase from the Issuer, $200.0 million principal amount of Dollar Notes
at a purchase price of 95.764% of the principal amount thereof and £105.0 million principal amount of Pound Notes at a purchase price of 95.825% of the principal amount thereof. The Initial Purchaser may make offers and sales outside the
United States through its affiliate, Goldman Sachs International. 
  
 3. Delivery and Payment. Delivery of and payment for the Securities shall be made at 10:00 A.M., London time, on December 23, 2004, or at such time on such later date not more than three Business Days after the foregoing date as the
Representative shall designate, which date and time may be postponed by agreement between the Representative 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 Representative for the respective accounts of the several Initial Purchaser against payment by the several Initial Purchaser through the Representative 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 Dollar Notes shall be made through the facilities of The Depository Trust Company and delivery of the Pound Notes shall be made through the
facilities of the Euroclear System and Clearstream Banking S.A., in each case unless the Representative shall otherwise instruct. 
  
 4. Offering by Initial Purchaser. (a) Each 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; 
  

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 (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; 
  
 (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 memorandum for the Securities. Terms used in this paragraph have the meanings given to them by Regulation S.” 
  
 (viii) it has not offered or sold and, prior to the date six
months after the date of issuance of the Securities, will not offer or sell any Securities to persons in the United Kingdom except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as
principal or as agent) for the purposes of their businesses or otherwise in circumstances which have not resulted and will not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations
1995; 
  
 (ix) it has complied and will comply
with all applicable provisions of the FSMA with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom; 
  
 (x) 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 

  

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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; 
  
 (xi) Each Initial Purchaser acknowledges that additional
restrictions on the offer and sale of the Securities are described in the Final Memorandum; and 
  
 (xii) it is an “accredited investor” (as defined in Rule 501 (a) of Regulation D). 
  
 5. Agreements. The Issuer agrees 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 Final Memorandum and any amendments and supplements thereto as they may reasonably request. 
  
 (b) Prior to the completion of the sale of the Securities by the Initial
Purchaser, the Issuer will not amend or supplement the Final Memorandum without the prior written consent of the Representative, which consent shall not be unreasonably delayed. 
  
 (c) If at any time prior to the completion of the sale of the Securities by the Initial Purchaser (as determined by the
Representative), any event occurs as a result of which the Final Memorandum, 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 Final Memorandum to comply with applicable law, the Issuer will promptly (i) notify the Representative 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 effect such compliance; and (iii) supply any supplemented or amended Final Memorandum 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 Representative 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, 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 Representative 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 Issuer will not, and will not permit any of
its Affiliates to, resell any Securities that have been acquired by any of them. 
  

 -11- 

 (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 Representative and use its best efforts to permit (i) the Dollar Notes to be eligible for clearance and settlement
through The Depository Trust Company and (ii) the Pound Notes to be eligible for clearance and settlement through the Euroclear System and Clearstream Banking S.A. 
  
 (k) The Issuer will not for a period of 90 days following the Execution Time, without the prior written consent of the
Representative, 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 Issuer or any Affiliate of the Issuer or any person in privity with the Issuer or any Affiliate of the Issuer), directly or indirectly, or announce the offering of, any debt securities issued
or guaranteed by the Issuer (other than the Securities and as required by the Registration Rights Agreement). 
  
 (l) The Issuer will not 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 Issuer agrees to pay the costs and expenses relating to the following matters: (i) the preparation of the 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 Memorandum and the Final Memorandum 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 Memorandum 

  

 -12- 

 
and the Final Memorandum, 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 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) admitting the Securities for trading in the PORTAL Market; (ix) the transportation and other expenses incurred by or on behalf of Issuer representatives in connection
with presentations to prospective purchasers of the Securities; (x) 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 (xi) all other costs and
expenses incident to the performance by the Issuer of its obligations hereunder. It is understood, however, that except as provided in this Section 5 and Sections 7 and 8 of this Agreement, the Initial Purchaser will pay all of their own costs and
expenses, including the cost and expenses of their counsel. 
  
 (n) The Issuer will, for a period of twelve months following the Execution Time, furnish to the Representative all reports or other communications (financial or other) generally made available to holders of the Securities, and deliver such
reports and communications to the Representative 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 other 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 any of the Initial Purchases of the ability to rely on any stabilization safe harbor provided by the Financial Services Authority under the FSMA. 
  
 (q) The Guarantor will use its best efforts to, within six months of the Execution Time, elect two additional members of the
board of directors, each of whom shall be independent as defined under the Exchange Act. These two independent directors shall comprise the majority of the Guarantor’s audit committee. 
  
 (r) The Issuer and the Guarantor will promptly retain the consulting services
of Deloitte & Touche LLP or another international audit or consulting firm for a minimum period of six months from the Execution Time to assist in meeting its reporting requirements with respect to the Notes. 
  

 -13- 

 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 Guarantor contained herein at the Execution Time and the Closing Date, to the accuracy of the statements of the Issuer
and the Guarantor made in any certificates pursuant to the provisions hereof, to the performance by each of the Issuer and the Guarantor of its respective obligations hereunder and to the following additional conditions: 
  
 (a) The Issuer shall have requested and caused (i) Weil, Gotshal &
Manges, counsel for the Issuer, to furnish to the Representative its opinions, dated the Closing Date and addressed to the Representative in the form set forth in Exhibits A and B hereto and (ii) Bernard Keough, Regional General Counsel for the
Company, to furnish to the Representative his opinion, dated the Closing Date and addressed to the Representative in the form set forth in Exhibit C hereto. 
  
 (b) The Representative 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 Representative, with respect to the issuance and sale of the Securities, the Indenture, the Registration Rights Agreement, the Final Memorandum (as amended or supplemented at the Closing Date) and other related
matters as the Representative 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 Representative a certificate of
the Issuer, signed by (x) Phil Metcalf and (y) Claire Wright, dated the Closing Date, to the effect that the signers of such certificate have carefully examined the Final Memorandum, any amendment or supplement to the Final Memorandum 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 included in the Final Memorandum (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 Issuer 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 Final Memorandum
(exclusive of any amendment or supplement thereto). 
  
 (d) The
Guarantor shall have furnished to the Representative a certificate of the Guarantor, signed by (x) Phil Metcalf and (y) Claire Wright, dated the Closing Date, to the effect that the signers of such certificate have carefully examined the Final
Memorandum, any amendment or supplement to the Final Memorandum and this Agreement and that: 
  
 (i) the representations and warranties of the Guarantor in this Agreement are true and correct on and as of the Closing Date with the same
effect as if made on the 

  

 -14- 

 
Closing Date, and the 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 included in the Final Memorandum (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 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 Final Memorandum (exclusive of any amendment or
supplement thereto). 
  
 All references in these Sections 6(c) and
6(d) to the Final Memorandum include any amendment or supplement thereto at the date of the applicable letter. 
  
 (e) At the Execution Time and at the Closing Date, the Issuer shall have requested and caused each of Deloitte & Touche LLP and Ernst & Young LLP
to furnish to the Representative comfort letters, dated respectively as of the Execution Time and as of the Closing Date, in form and substance satisfactory to the Representative. 
  
 (f) Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the Final Memorandum
(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 (d) 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 Issuer 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 Final Memorandum (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 Representative, 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 Final Memorandum (exclusive of any amendment or supplement thereto). 
  
 (g) The Securities shall have been designated as PORTAL-eligible securities
in accordance with the rules and regulations of the NASD, the Dollar Notes shall be eligible for clearance and settlement through The Depository Trust Company and the Pound 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 Representative such further information, certificates and documents as the Representative may reasonably request. 
  

(i) On the Closing Date/concurrently with the Closing, the Issuer shall have furnished to the Representative evidence satisfactory to the
Representative of the cancellation of the Existing STT Notes and the termination of the STT Bridge Facility. 
  

 -15- 

 (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 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 Guarantor or Global Crossing Limited. 
  
 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 Representative 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 Representative. Notice of such cancellation shall be given to the Issuer in writing or by
telephone or 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, 6 A 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 Guarantor will reimburse the Initial Purchaser severally through Goldman, Sachs
& Co. 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
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 other wise, 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 Memorandum, the Final Memorandum 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 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 

  

 -16- 

 
statement or alleged untrue statement or omission or alleged omission made in the Preliminary Memorandum, the Final Memorandum 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 through the Representative specifically for inclusion therein. This indemnity agreement will be in
addition to any liability that the Issuer or the Guarantor may otherwise have. 
  
 (b) The Initial Purchaser agrees to indemnify and hold harmless the Issuer and the Guarantor, each of their respective directors, officers, and each person who controls the Issuer or the 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 Guarantor to the Initial Purchaser, but only with reference to written information relating to such Initial Purchaser furnished to the
Issuer or the Guarantor by or on behalf of such Initial Purchaser through the Representative specifically for inclusion in the Preliminary Memorandum, the Final Memorandum 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 last paragraph of the cover page and (ii), under the heading “Plan of Distribution,” the third and
fourth paragraphs from the end in the Preliminary Memorandum and the Final Memorandum constitute the only information furnished in writing by or on behalf of the Initial Purchaser for inclusion in the Preliminary Memorandum, the Final Memorandum 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 

  

 -17- 

 
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 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 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 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 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 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 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 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 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 Guarantor shall have the same rights to
contribution as the Issuer and the Guarantor, subject in each case to the applicable terms and conditions of this paragraph (d). 
  

 -18- 

 9. [Reserved] 
  
 10. Termination. This Agreement shall be subject to termination in the absolute discretion of the Representative, 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 Representative, impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Final Memorandum (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 or its 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 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 Representative, will be mailed, delivered or telefaxed to Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004,
Attention: Registration Department, +3530 1-618-8787; or, if sent to the Issuer, will be mailed, delivered or telefaxed to it at Centennium House, 100 Lower Thames Street, London EC3R 6DL, United Kingdom, Attention: Bernard Keogh. 
  
 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 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 Guarantor hereby appoints The Bank of New York, One
Canada Square, London E14 5A1 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, 

  

 -19- 

 
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 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 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 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. 
  
 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 U.S. dollars or British pounds (the “relevant currencies”), including by use of the symbols “$” or “£”, is of the essence. 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 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 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 

  

 -20- 

 
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.
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.

  
 “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 Limited and its direct and indirect subsidiaries) shall not be considered
Affiliates of the Issuer or the 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 STT Notes” shall mean the $200.0 million aggregate
principal amount of 11.0% senior secured notes due 2006, issued by Global Crossing North American Holdings, Inc. 
  
 “Intercreditor Agreement” shall mean the Intercreditor Agreement, to be dated the Execution Time, 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. 
  
 “NASD” shall mean the National Association of Securities Dealers, Inc. 
  

 -21- 

 “PORTAL” shall mean the Private Offerings, Resales and Trading through Automated Linkages
system of the NASD. 
  
 “Regulation D” shall mean
Regulation D under the Act. 
  
 “Regulation S” shall
mean Regulation S under the Act. 
  
 “Security
Agreements” shall mean, collectively: 
  
 (1) the debenture, to be dated the Execution Time, among the Issuer, the 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. 
  
 “STT Bridge Facility” shall mean the $100.0 million bridge facility, dated May 18, 2004, among the Guarantor, Global Crossing Limited, Global
Crossing Holdings Limited, Global Crossing North American Holdings, Inc., STT Crossing Ltd, STT Communications Ltd. and STT Hungary Liquidity Management Limited Liability Company. 
  
 “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. 
  

 -22- 

 If the foregoing is in accordance with your understanding of out 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 Purchasers. 
  

			
	 Very truly yours,

	
	 GLOBAL CROSSING (UK) FINANCE PLC

		
	 By:
	 	 /s/ Philip Casson Metcalf

			
	 Name:
	 	 Philip Casson Metcalf

	 Title:
	 	 Director

			
	
	 GLOBAL CROSSING (UK)
 TELECOMMUNICATIONS
LIMITED

		
	 By:
	 	 /s/ Philip Casson Metcalf

			
	 Name:
	 	 Philip Casson Metcalf

	 Title:
	 	 Director

  

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

					
	 Goldman, Sachs & Co.

		
	 By:
	 	 /s/

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 Goldman Sachs International

		
	 By:
	 	 /s/ Tim Grayson

	 	 	 Name:
	 	 Tim Grayson

	 	 	 Title:
	 	 Attorney-in-factSecurity Arrangement Agreement, Dated December 23, 2004

 Exhibit 4.5 
  

CONFORMED COPY 
  
 Dated 23 December 2004 
  
 STT COMMUNICATIONS LTD. 
  
 STT CROSSING LTD 
  
 STT HUNGARY LIQUIDITY
MANAGEMENT LIMITED LIABILITY COMPANY 
  
 THE BANK OF NEW
YORK 
 acting as Trustee and as Collateral Agent 
  

GLOBAL CROSSING (UK) TELECOMMUNICATIONS LIMITED 
 and certain of its subsidiaries as Obligors 
  
 THE HEDGING COUNTERPARTIES 
 named herein 
  

  
 SECURITY ARRANGEMENT AGREEMENT 
  

  
 

 
  
 London 
  
 99 Bishopsgate 
 London EC2M 3XF 
 (44) 020 7710 1000 (Tel) 
 (44) 020 7374 4460 (Fax) 
 www.lw.com

  
 Contact: Peter J. Clark/Bryant B. Edwards 

  
 CONTENTS 

 

					
	Clause

	  	Page

	1.	  	 INTERPRETATION AND DEFINITIONS
	  	1
			
	2.	  	 REPRESENTATIONS
	  	8
			
	3.	  	 UNDERTAKINGS
	  	8
			
	4.	  	 HEDGING COUNTERPARTIES
	  	9
			
	5.	  	 OBLIGORS’ AGENT
	  	9
			
	6.	  	 GCL NOTEHOLDERS’ AGENT
	  	10
			
	7.	  	 ENFORCEMENT OF SECURITY
	  	10
			
	8.	  	 STATUS OF OBLIGORS
	  	11
			
	9.	  	 NOTICES
	  	11
			
	10.	  	 ASSIGNMENTS AND TRANSFERS
	  	14
			
	11.	  	 AMENDMENTS
	  	15
			
	12.	  	 MISCELLANEOUS
	  	15
			
	13.	  	 EXPENSES
	  	17
			
	14.	  	 MATTERS RELATING TO THE TRUSTEE AND THE COLLATERAL AGENT
	  	17
			
	15.	  	 GOVERNING LAW AND SUBMISSION TO JURISDICTION
	  	20
		
	SCHEDULES	  	21
			
	1	  	 THE OBLIGORS
	  	21
			
	2	  	 CREDITOR ACCESSION DEED
	  	22
			
	3	  	 OBLIGOR ACCESSION DEED
	  	23
			
	4	  	 GCUK NOTE SECURITY DOCUMENTS
	  	24

  

 - i - 

 THIS AGREEMENT is made on 23 December 2004 
  
 BETWEEN: 
  

	(1)	STT COMMUNICATIONS LTD., a company incorporated under the laws of Singapore (“STT Parent”); 

  

	(2)	STT CROSSING LTD, a company incorporated under the laws of Mauritius (“STT Crossing”); 

  

	(3)	STT HUNGARY LIQUIDITY MANAGEMENT LIMITED LIABILITY COMPANY, a limited liability company incorporated under the laws of Hungary (“STT Hungary”);

  

	(4)	THE BANK OF NEW YORK as trustee for the GC PLC Noteholders (the “Trustee”); 

  

	(5)	THE BANK OF NEW YORK as security trustee and collateral agent for the Secured Parties (the “Collateral Agent”); 

  

	(6)	GLOBAL CROSSING (UK) TELECOMMUNICATIONS LIMITED, a private limited company incorporated under the laws of England and Wales (Company No. 02495998) (“GCUK”);

  

	(7)	THE COMPANIES named in Part I (The Original Obligors) of Schedule 1 as Obligors; and 

  

	(8)	THE PERSONS named in Part II (The Original Hedging Counterparties) of Schedule 1 (if any) as Hedging Counterparties. 

  
 NOW IT IS HEREBY AGREED as follows: 
  

	1.	INTERPRETATION AND DEFINITIONS 

  

	1.1	Definitions 

  
 In this Agreement: 
  
 “Additional Debt” means, in relation to the GC PLC Note Debt and the GCL Note Debt, any money or liability which arises or is incurred as
a result of or in connection with: 
  

	 	(a)	any deferral, extension, novation or refinancing of such Debt; 

  

	 	(b)	any claim for damages, restitution or otherwise made in connection with such Debt; 

  

	 	(c)	any claim against an Obligor resulting from a recovery by such Obligor or any other person of a payment or discharge in respect of such Debt on the grounds of preference or
otherwise; or 

  

 -1- 

	 	(d)	any amount (such as post-insolvency interest) which would be included in any of the foregoing but for any discharge, non-provability, unenforceability or non-allowability of the
same in any insolvency or other proceedings. 

  
 “Affiliate” means, in relation to a person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. 
  
 “Business Day” means a day (other than a Saturday or a Sunday) on which banks are open for general business
in London, New York City and Singapore. 
  
 “Combined GC
PLC Note Debt” means the GC PLC Note Debt and the Hedging Liabilities. 
  
 “Creditor” means the Trustee (on its own behalf and on behalf of the GC PLC Noteholders), the Collateral Agent, each STT Party and each Hedging Counterparty. 
  
 “Creditor Accession Deed” means a properly authorised and
executed deed substantially in the form set out in Schedule 2 (Creditor Accession Deed). 
  
 “Debt” means the GCL Note Debt, the GC PLC Note Debt and the Hedging Liabilities. 
  
 “Dispute” has the meaning given to such term in Clause 15.2
(Submission to Jurisdiction). 
  
 “Encumbrance” means any standard security, assignation in security, bond and floating charge, mortgage, pledge, lien, charge, assignment for the purpose of providing security, hypothecation, right in security, security
interest or trust arrangement for the purpose of providing security, and any other security agreement or other arrangement having the effect of providing security (including, without limitation, the deposit of monies or property with a person with
the primary intention of affording such person a right of set-off or lien). 
  
 “Enforcement Action” means any action whatsoever to: 
  

	 	(a)	exercise or enforce any rights or remedies with respect to the Security (including any right of set-off or combination of accounts); or 

  

	 	(b)	take any formal or procedural steps in relation to any of the rights and remedies referred to in paragraph (a) of this definition, including any action to petition for (or take any
other steps which may lead to): 

  

	 	(i)	the appointment of an administrative receiver, receiver, compulsory manager or other similar officer in respect of any member of the Group or any of its assets; or

  

	 	(ii)	any procedure or step analogous to those described in sub-paragraph (b)(i) of this definition in any jurisdiction. 

  
 “Finance Documents” means the GC PLC Note Documents, the
GCL Note Documents and the Hedging Agreements. 
  

 -2- 

 “Finance Parties” means the GCL Noteholders, the GC PLC Note Parties and the Hedging
Counterparties. 
  
 “GCL” means Global Crossing
Limited, a company incorporated under the laws of Bermuda. 
  
 “GCL Discharge Date” means the date on which the GCL Noteholders confirm to the Trustee, the Collateral Agent and the Obligors’ Agent that the GCL Note Debt has been irrevocably paid and discharged. 
  
 “GCL Note Debt” means all present and future sums,
liabilities and obligations whatsoever (actual or contingent) payable, owing due or incurred by any Obligor to the GCL Noteholders under the GCL Note Documents, together with any Additional Debt relating thereto. 
  
 “GCL Note Documents” means this Agreement, the GCL Note
Indenture, the GCL Notes, the GCL Registration Rights Agreement, the “Note Guarantee” and each “Guarantee Supplement” (as each such term is defined in the GCL Note Indenture) and the GCL Note Security Documents. 
  
 “GCL Noteholders” means the holders of the GCL Notes from
time to time, being STT Hungary and STT Crossing on the date hereof. 
  
 “GCL Noteholders’ Agent” means STT Parent (or such other person as the GCL Noteholders may from time to time notify to the other parties to this Agreement by not less than five Business Days’ notice). 

 
 “GCL Note Indenture” means the indenture dated on or
about the date hereof between GCL, the other entities identified on the signature pages thereto under the caption “Guarantors” and Wells Fargo Bank Minnesota, N.A. as trustee and agent for the benefit of the GCL Noteholders. 
  
 “GCL Notes” means the $250,000,000 4.7% senior secured
mandatory convertible notes due 2008 issued by GCL pursuant to the GCL Note Indenture. 
  
 “GCL Note Security Documents” means the “Security Documents” (as such term is defined in the GCL Note Indenture). 
  
 “GCL Registration Rights Agreement” means the registration rights agreement dated on or about the date
hereof between GCL, STT Crossing and STT Hungary relating to the GCL Notes. 
  
 “GC PLC” means Global Crossing (UK) Finance plc, a public limited company incorporated under the laws of England and Wales (Company No. 05267403). 
  
 “GC PLC Discharge Date” means the date on which the Trustee
confirms to the Collateral Agent, GCL Noteholders and the Obligors’ Agent that the GC PLC Note Debt has been irrevocably paid and discharged. 
  
 “GC PLC Note Debt” means all present and future sums, liabilities and obligations whatsoever (actual or contingent) payable, owing due or
incurred by any Obligor to 

  

 -3- 

 
any of the GC PLC Note Parties under the GC PLC Note Documents, together with any Additional Debt relating thereto. 
  
 “GC PLC Note Documents” means this Agreement, the GC PLC
Note Indenture, the GC PLC Notes, the GC PLC Registration Rights Agreement, each “Guarantee” of a “Guarantor” (as each such term is defined in the GC PLC Note Indenture) and the GC PLC Note Security Documents. 
  
 “GC PLC Noteholders” means the holders of the GC PLC Notes
from time to time. 
  
 “GC PLC Note Indenture”
means the indenture dated on or about the date hereof between GC PLC, STT Parent, the Trustee, AIB/BNY Fund Management (Ireland) Limited and the guarantors referred to therein. 
  
 “GC PLC Note Party” means the Trustee, the Collateral Agent or any GC PLC Noteholder. 
  
 “GC PLC Notes” means the $200,000,000 10.75% senior secured
notes due 2014 and the £105,000,000 11.75% senior secured notes due 2014 issued by GC PLC pursuant to the GC PLC Note Indenture (together with any other senior secured notes due 2014 issued by GC PLC from time to time in the circumstances
specified in the GC PLC Note Indenture). 
  
 “GC PLC Note
Security Documents” means the “Security Documents” (as such term is defined in the GC PLC Note Indenture) including, for the avoidance of doubt, the documents listed in Schedule 4 (GC PLC Note Security Documents).

  
 “GC PLC Registration Rights Agreement” means
the registration rights agreement dated on or about the date hereof between GC PLC, GCUK and the other parties thereto relating to the GC PLC Notes. 
  
 “Group” means GCUK and its Subsidiaries from time to time. 
  
 “Hedging Agreement” means each ISDA Master Agreement and related confirmation and any other currency
hedging agreements or documents which may be entered into from time to time by an Obligor with a Hedging Counterparty to effect a Specified Treasury Transaction. 
  
 “Hedging Counterparty” means: 
  

	 	(a)	the persons (if any) named in Part II (The Original Hedging Counterparties) of Schedule 1; and 

  

	 	(b)	any other person who accedes to this Agreement as a Hedging Counterparty in accordance with Clause 4 (Hedging Counterparties). 

  
 “Hedging Liabilities” means all present and future sums,
liabilities and obligations whatsoever (actual or contingent) payable, owing due or incurred by any Obligor to any Hedging Counterparty under any Hedging Agreement, as determined by the relevant Hedging Counterparty (acting reasonably). 

 

 -4- 

 “Holding Company” means, in relation to a person, any other person in respect of which
it is a Subsidiary. 
  
 “Intercreditor
Agreement” means the intercreditor and collateral agency agreement dated on or about the date hereof between, inter alios, the Trustee, the Collateral Agent and the Interest Hedge Secured Parties (as defined therein). 
  
 “Obligor” means GCUK, GC PLC and any other member of the
Group which has an obligation to: 
  

	 	(a)	any GC PLC Note Party under the GC PLC Note Documents; or 

  

	 	(b)	any Hedging Counterparty under a Hedging Agreement. 

  
 “Obligor Accession Deed” means a deed substantially in the form set out in Schedule 3 (Obligor Accession Deed) under which a
member of the Group becomes a party to this Agreement. 
  
 “Obligors’ Agent” means GCUK (or such other person as the Obligors may from time to time notify to the Creditors by not less than five Business Days’ notice). 
  
 “Permitted Encumbrance” means: 
  

	 	(a)	any guarantee or Encumbrance granted by any member of the Group (including, for the avoidance of doubt, the guarantees and Encumbrances constituted by the GC PLC Note Documents);

  

	 	(b)	any Encumbrance or guarantee arising by virtue of any statutory or common law provisions relating to bankers’ liens, rights of set-off or similar rights and remedies as to
deposit accounts or other funds maintained with a bank or other depositary or financial institution; 

  

	 	(c)	any Encumbrance arising by operation of law (or by agreement to the same effect); 

  

	 	(d)	any Encumbrance or guarantee arising from the general banking terms and conditions of a bank or other depositary or financial institution; 

  

	 	(e)	any Encumbrance arising from rights of set-off or netting arrangements under contracts; and 

  

	 	(f)	any other Encumbrance permitted under the GCL Note Documents. 

  
 “Qualified Sale” means a sale or disposal of shares or other assets: 
  

	 	(a)	pursuant to a public auction; or 

  

	 	(b)	for fair market value (taking into account the circumstances giving rise to such sale or disposal) as certified to the GCL Noteholders by an independent internationally recognised
investment bank selected by the GCL Noteholders, acting reasonably. 

  

 -5- 

 “Relevant Officer” means a liquidator, administrator or similar officer in respect of
any Obligor or any of its assets who is either appointed by, or supervised by, a court in the relevant jurisdiction and who acts in the interests of the creditors as a whole in respect of the relevant Obligor. 
  
 “Secured Parties” means the Trustee (on its own behalf and
on behalf of the GC PLC Noteholders), the Collateral Agent and the Hedging Counterparties. 
  
 “Security” means the assets which are from time to time subject to the Encumbrances created by the GC PLC Note Security Documents or which the GC PLC Note Security Documents from time to time purport
to charge, or any part of those assets. 
  
 “Specified
Treasury Transaction” means a transaction entered into by an Obligor: 
  

	 	(a)	to limit the Group’s exposure to fluctuations in the foreign exchange rate between Dollars and Sterling in respect of the interest payments on the Dollar-denominated GC PLC
Notes; 

  

	 	(b)	with a term of not more than five years from the initial issue date of the GC PLC Notes; 

  

	 	(c)	where the Hedging Liabilities under the relevant Hedging Agreement rank in right and priority of payment pari passu (or junior to) the GC PLC Note Debt (save where the claims of the
relevant Hedging Counterparty are mandatorily preferred by law applying to companies generally); and 

  

	 	(d)	where the maximum amount payable in the event of the termination or close out of the transaction prior to its stated maturity does not exceed the breakage costs calculated in
accordance with the relevant ISDA Master Agreement and related confirmation. 

  
 “STT Party” means STT Parent, STT Crossing or STT Hungary. 
  
 “Subsidiary” means, in relation to any person, any entity which is controlled directly or indirectly by that person or of whose dividends
or distributions that person is entitled to receive more than fifty per cent. (50%) and any entity (whether or not so controlled) treated as a subsidiary in the latest financial statements of that person from time to time, and
“control” for this purpose means the direct or indirect ownership of the majority of the voting share capital of such entity or the right or ability to direct management to comply with the type of material restrictions and
obligations contemplated in this Agreement or to determine the composition of a majority of the board of directors (or like board) of such entity, in each case whether by virtue of ownership of share capital, contract or otherwise. 
  
 “Termination Date” means the earlier of: 
  

	 	(a)	the GCL Discharge Date; 

  

	 	(b)	the GC PLC Discharge Date; and 

  

 -6- 

	 	(c)	the date on which STT Parent confirms to the Trustee and the Collateral Agent that neither the STT Parties nor any of their respective Affiliates hold any direct or indirect
interest in the GCL Note Debt. 

  

	1.2	Interpretation 

  
 Unless the context or the express provisions of this Agreement otherwise require: 
  

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

  

	 	(b)	references in this Agreement to an Act of Parliament or to any particular Act of Parliament shall include any modification extension or re-enactment of it for the time being in
force and shall also include all instruments, orders, plans, regulations, permissions and directions at any time deriving validity therefrom; 

  

	 	(c)	references in this Agreement to all or any documents shall be construed as references to those documents as the same may have been or may be from time to time amended, supplemented
or novated (subject to any restriction on such changes contained herein); 

  

	 	(d)	any reference in this Agreement to a person shall include a company, partnership or unincorporated association; 

  

	 	(e)	any obligation of any Creditor or any Obligor to do something shall include an obligation to procure the same to be done and any obligation not to do something shall include an
obligation not knowingly to permit, suffer or allow the same; 

  

	 	(f)	headings shall be ignored for the purposes of interpretation; 

  

	 	(g)	references in this Agreement to a party, shall be construed so as to include their respective successors in title, transferees and assigns and (where applicable) to any replacement
or additional trustee or agent as permitted by and in accordance with the document governing the rights and obligations of such party and subject to the applicable terms of this Agreement; 

  

	 	(h)	references to a “Clause” or “Schedule” shall, subject to any contrary indication, be construed as a reference to a clause of this Agreement or schedule to this
Agreement; and 

  

	 	(i)	references to “assets” shall include properties and revenues. 

  

	1.3	Currency Symbols and Definitions 

  
 “$” and “Dollars” denote lawful currency of the United States of America and “£” and
“Sterling” denote the lawful currency of the United Kingdom of Great Britain and Northern Ireland. 
  

 -7- 

	2.	REPRESENTATIONS 

  
 Each of the parties to this Agreement severally represents and warrants to and for the benefit of each of the other parties to this Agreement (other than
the Obligors), that it: 
  

	 	(a)	is duly established and (if a company) duly incorporated and validly existing with limited liability under the laws of the place of its incorporation and has the power to own its
assets and carry on its business substantially as it is now being conducted; 

  

	 	(b)	has the power and capacity to enter into and comply with its obligations under this Agreement; and 

  

	 	(c)	has taken all necessary action: 

  

	 	(i)	to authorise the entry into and compliance with its obligations under this Agreement; and 

  

	 	(ii)	to ensure that its obligations under this Agreement are valid, legally binding and enforceable in accordance with their terms. 

  

	3.	UNDERTAKINGS 

  
 Until the Termination Date has occurred, without the prior written consent of the GCL Noteholders (such consent to be given or withheld in their absolute
discretion): 
  

	 	(a)	each Obligor agrees that it will not, and will procure that none of its Subsidiaries will: 

  

	 	(i)	agree to change, amend, supplement, waive, novate or release any term of: 

  

	 	(x)	the GC PLC Note Documents; or 

  

	 	(y)	the Hedging Agreements (which would result in any transaction effected thereby ceasing to be a Specified Treasury Transaction); or 

  

	 	(ii)	create or permit to subsist any Encumbrance over any of its assets, or give any financial support to any person, in each case for, in respect of or in connection with, any of the
Combined GC PLC Note Debt, save for Permitted Encumbrances; 

  

	 	(b)	the Trustee and the Collateral Agent each agrees that it will not agree to: 

  

	 	(i)	change, modify, amend, supplement, or novate any of the GC PLC Note Documents; or 

  

	 	(ii)	knowingly and intentionally take, accept or receive the benefit of any financial support or Encumbrance in respect of any of the Combined GC PLC Note Debt from GCL or any of its
Subsidiaries, save for Permitted Encumbrances; and 

  

 -8- 

	 	(c)	each Hedging Counterparty agrees that it will not agree to change, modify, amend, supplement, or novate any term of the Intercreditor Agreement. 

  

	4.	HEDGING COUNTERPARTIES 

  

	4.1	Accession of Hedging Counterparties 

  

	 	(a)	If there are no Hedging Counterparties specified in Part II (The Original Hedging Counterparties) of Schedule 1 then the provisions of this Agreement relating to Hedging
Counterparties will not come into effect until such time as a person enters into a Hedging Agreement with an Obligor and accedes to this Agreement in accordance with this Clause 4.1. 

  

	 	(b)	No person providing interest or currency swap or hedging facilities to any Obligor will be entitled to take the benefit of (x) any of the Encumbrances constituted by the GC PLC Note
Security Documents in respect of any of the liabilities or debt arising under such swap or hedging facilities or (y) the undertakings of the parties to this Agreement unless: 

  

	 	(i)	the liabilities or debt to be secured by the Encumbrances constituted by the GC PLC Note Security Documents relate(s) to a Specified Treasury Transaction entered into by such
person; and 

  

	 	(ii)	before or at the same time as such person accedes to the Intercreditor Agreement as a Interest Hedge Secured Party (as defined therein), it (x) has duly executed this Agreement as a
Hedging Counterparty or (y) in the case of a person who has entered into a Hedging Agreement after the date hereof, executes and delivers to STT Parent, the GCL Noteholders’ Agent, the Trustee, the Collateral Agent and GC PLC a duly completed
Creditor Accession Deed. 

  
 Upon satisfaction of
the above conditions, such person will, subject to this Clause 4.1, acquire all its rights and assume all its obligations as a Hedging Counterparty under this Agreement in relation to any Hedging Agreements to which it is a party that are entered
into other than in breach of the Finance Documents. 
  

	4.2	Hedging Agreements 

  
 Each Hedging Counterparty will provide to STT Parent, the GCL Noteholders’ Agent, the Trustee, the Collateral Agent and GC PLC copies of all
documents constituting the Hedging Agreements as soon as reasonably practicable after the execution thereof (together with any amendments or supplements thereto). 
  

	5.	OBLIGORS’ AGENT 

  
 Each Obligor (other than GCUK) irrevocably appoints the Obligors’ Agent to act on its behalf as its agent in relation to the Finance Documents to
which such Obligor is a party and each Obligor (other than GCUK) irrevocably authorises the Obligors’ Agent on its behalf to give and receive all notices and instructions and on its behalf to enter into any agreement capable of being entered
into by any Obligor in relation to the 

  

 -9- 

 
Finance Documents to which such Obligor is a party notwithstanding that such agreement may affect such Obligor, without further reference to, or the consent
of, such Obligor and such Obligor shall be bound thereby as though such Obligor itself had given such notices and instructions or entered into such agreements. 
  

	6.	GCL NOTEHOLDERS’ AGENT 

  
 Each GCL Noteholder irrevocably appoints the GCL Noteholders’ Agent to act on its behalf as its agent in relation to the GCL Note Documents and each
GCL Noteholder irrevocably authorises the GCL Noteholders’ Agent on its behalf to give and receive all notices and instructions (including in relation to waivers, amendments and releases) and on its behalf to enter into any agreement capable of
being entered into by any GCL Noteholder in relation to the GCL Note Documents notwithstanding that such agreement may affect such GCL Noteholder, without further reference to, or the consent of, such GCL Noteholder and such GCL Noteholder shall be
bound thereby as though such GCL Noteholder itself had given such notices and instructions or entered into such agreements. 
  

	7.	ENFORCEMENT OF SECURITY 

  

	7.1	Restrictions on Enforcement Action by the Collateral Agent 

  
 Subject to Clause 7.2 below, until the Termination Date has occurred, no asset of any member of the Group may be sold or otherwise disposed of (whether by
the Collateral Agent, by another person appointed by it, or by another person at the request of the Collateral Agent) pursuant to an Enforcement Action commenced by or on behalf of the Collateral Agent under the GC PLC Note Security Documents
unless: 
  

	 	(a)	such sale or disposal is: 

  

	 	(i)	pursuant to a Qualified Sale; 

  

	 	(ii)	for cash consideration payable at closing (and therefore not including, for the avoidance of doubt, any element of deferred compensation); and 

  

	 	(iii)	in the case of a sale or disposal of shares in a member of the Group, all of the shares in such person held by the Obligors are sold or otherwise disposed of; and

  

	 	(b)	simultaneously with the receipt in full of the completion monies relating to such sale or disposal, the shares or other assets being sold or otherwise disposed of are
unconditionally released and discharged from all Encumbrances in favour of the Secured Parties created by the GC PLC Note Security Documents. 

  

	7.2	Relevant Officers 

  
 Notwithstanding the foregoing, this Agreement does not and does not purport to limit the rights of a Relevant Officer to take any action permitted by
applicable law. 
  

 -10- 

	7.3	No Further Impairment 

  
 The restrictions on Enforcement Action set forth in Clause 7.1 of this Agreement shall not impair the ability of the Secured Parties to recover any
amounts payable: 
  

	 	(a)	under any of the GC PLC Note Indenture, the GC PLC Notes, any “Guarantee” of a “Guarantor” (as each such term is defined in the GC PLC Note Indenture) or any
Hedging Agreement; or 

  

	 	(b)	from the proceeds of sale or disposal by any member of the Group of any or all of its assets (including, for the avoidance of doubt, any Security and any shares or other assets
which formerly constituted Security), provided that such proceeds are available for the benefit of all of the unsecured creditors of the relevant member of the Group. 

  

	7.4	Release following Completion of Enforcement Action 

  
 Following the completion of all Enforcement Action against an Obligor commenced by or on behalf of the Collateral Agent under the GC PLC Note Security
Documents, the Collateral Agent shall promptly and unconditionally: 
  

	 	(a)	release such Obligor from all of its obligations in relation to the GC PLC Note Security Documents; and 

  

	 	(b)	release and discharge all Encumbrances in favour of the Secured Parties created by the GC PLC Note Security Documents and relating to such Obligor. 

  
 For the purposes of this Clause 7.4, Enforcement Action described in
paragraph (a) of the definition thereof shall not be deemed to have been completed until receipt in full by the relevant person of the proceeds relating thereto. 
  

	8.	STATUS OF OBLIGORS 

  

	 	(a)	Each of the Obligors hereby acknowledges the rights and obligations recorded in this Agreement and undertakes with the other parties hereto to observe the provisions of this
Agreement at all times and not in any way to prejudice or affect the enforcement of such provisions or do or suffer anything to be done which would be inconsistent with the terms of this Agreement. 

  

	 	(b)	None of the Obligors shall have any rights hereunder and none of the undertakings herein contained on the part of the Creditors are given (or shall be deemed to have been given) to,
or for the benefit of, the Obligors. 

  

	9.	NOTICES 

  

	9.1	Mode of Service 

  
 Each communication to be made hereunder shall be made in writing but, unless otherwise stated, may be made by fax or letter. 
  

 -11- 

	9.2	Addresses 

  
 The address and fax number or, as the case may be, the addresses and fax numbers, (and the department or officer, if any, for whose attention the
communication is to be made) of each party for any communication or document to be made or delivered under or in connection with this Agreement is: 
  

					
	 (a)
	  	in the case of any STT Party:
		
	 	  	c/o STT Communications Ltd.
	 	  	51 Cuppage Road
	 	  	#10-11/17, StarHub Centre
	 	  	Singapore 229469
			
	 	  	Fax:	  	+65 6720 7220
	 	  	Attention:	  	General Counsel
		
	 	  	with a copy to:
		
	 	  	Latham & Watkins LLP
	 	  	80 Raffles Place
	 	  	#14-20 UOB Plaza 2
	 	  	Singapore 048624
			
	 	  	Fax:	  	+65 6536 1171
	 	  	Attention:	  	Michael W. Sturrock
		
	 (b)
	  	in the case of the Trustee and the Collateral Agent:
		
	 	  	The Bank of New York
	 	  	One Canada Square
	 	  	London E14 5AL
	 	  	United Kingdom
			
	 	  	Fax:	  	+44 (0)207 964 6399
	 	  	Attention:	  	Corporate Trust Administration
		
	 (c)
	  	in the case of GCUK and GC PLC:
		
	 	  	Global Crossing (UK) Telecommunications Limited
	 	  	Centennium House, 8th Floor
	 	  	100 Lower Thames Street
	 	  	London EC3 6DL
	 	  	United Kingdom	  	 
			
	 	  	Fax:	  	+44 (0) 207 907 2903
	 	  	Attention:	  	Bernard Keogh, Regional Counsel, Europe

  

 -12- 

					
	 	  	with a copy to:
		
	 	  	Global Crossing Limited
	 	  	200 Park Avenue, M Suite 300
	 	  	Florham Park, New Jersey 07932
	 	  	United States of America
			
	 	  	Fax:	  	+1 973 360 0538
	 	  	Attention:	  	General Counsel
		
	 	  	and
		
	 	  	Weil, Gotshal & Manges LLP
	 	  	One South Place
	 	  	London EC2M 2WG
	 	  	United Kingdom
			
	 	  	Fax:	  	+44 (0) 207 903 0990
	 	  	Attention:	  	Wayne Rapozo
		
	 	  	and
		
	 	  	Weil, Gotshal & Manges LLP
	 	  	767 Fifth Avenue
	 	  	New York, New York 10153-0119
	 	  	United States of America
			
	 	  	Fax:	  	+1 212 310 8007
	 	  	Attention:	  	Andrew Colao
		
	 (d)
	  	in the case of J. Aron & Company:
		
	 	  	J. Aron & Company
	 	  	85 Broad Street
	 	  	New York, New York 10004
	 	  	United States of America
			
	 	  	Fax:	  	+1 212 902 5692
	 	  	Attention:	  	Swap Operations

  
 or any substitute
address, fax number or department or officer as the party may notify to the other parties to this Agreement by not less than five Business Days’ notice. 
  

	9.3	Delivery 

  

	 	(a)	 Any communication or document to be made or delivered by one person to another pursuant to or in connection with this Agreement shall (unless that other person has
by five Business Days’ written notice to the one specified another address) be made or delivered to that other person at the address set out above or identified with its signature below and shall be deemed to have 

  

 -13- 

	 	 
been made or delivered when received in legible form (in the case of any communication made by fax) or (in the case of any communication made by letter) when
left at that address or (as the case may be) five Business Days’ after being deposited in the post, postage prepaid, in an envelope addressed to it at that address, provided that if such communication or document would otherwise be deemed to
have been received on a day which is not a Business Day it shall be deemed to have been received on the next subsequent Business Day. 

  

	 	(b)	Any communication or document made or delivered to the Obligors’ Agent in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.

  

	 	(c)	Any communication or document made or delivered to the GCL Noteholders’ Agent in accordance with this Clause will be deemed to have been made or delivered to each of the GCL
Noteholders. 

  

	9.4	English Language 

  
 Each communication and document made or delivered by one party to another pursuant to this Agreement shall be in the English language. 
  

	10.	ASSIGNMENTS AND TRANSFERS 

  

	10.1	Assignment and Transfers by Obligors 

  
 No Obligor may assign or transfer all or any part of its rights, benefits or obligations under this Agreement. 
  

	10.2	Assignments and Transfers by Creditors 

  

	 	(a)	A Creditor (in this capacity the “Transferor”) may at any time assign any of its rights under this Agreement or transfer any of its rights and obligations under
this Agreement to any person (a “Transferee”) to whom a Transferor is permitted to assign or transfer rights, benefits and obligations under the Finance Documents. 

  

	 	(b)	An assignment or transfer will only be effective if the Transferee executes and delivers to STT Parent, the GCL Noteholders’ Agent, the Trustee, the Collateral Agent and GC PLC
a Creditor Accession Deed under which the Transferee agrees to be bound by all of the terms of this Agreement as if it had originally been a party to this Agreement as STT Parent, a GCL Noteholder, a Hedging Counterparty, the Trustee or the
Collateral Agent (as the case may be). 

  

	10.3	Accession of New Obligors 

  
 GCUK will procure that any member of the Group or other person (a “New Obligor”) which grants any Encumbrance or guarantee in respect of,
or otherwise becomes liable for, any of the Combined GC PLC Note Debt after the date of this Agreement will promptly complete, sign and deliver to STT Parent, the GCL Noteholders’ Agent, the Trustee, the Collateral Agent and GCUK an Obligor
Accession Deed under which 

  

 -14- 

 
the New Obligor agrees to be bound by all of the terms of this Agreement as if it had originally been party to this Agreement as an Obligor. 
  

	10.4	Benefit of Agreement 

  
 This Agreement will be binding upon, and enure for the benefit of, each party to it and its or any subsequent permitted successors or assigns. 

 

	11.	AMENDMENTS 

  
 The provisions of this Agreement may not be amended (otherwise than in accordance with the terms of this Agreement) except by written agreement between
the parties hereto. 
  

	12.	MISCELLANEOUS 

  

	12.1	Counterparts 

  
 This Agreement may be executed in any number of counterparts and by the parties to this Agreement on separate counterparts, each of which, when executed
and delivered, shall constitute an original, but all the counterparts shall together constitute one and the same instrument. 
  

	12.2	Failure to Execute 

  
 The obligations of the parties who have executed this Agreement shall not be affected by the fact that not all of the parties to this Agreement have
validly executed this Agreement and such obligations shall be binding inter se. 
  

	12.3	Invalidity of any Provision 

  
 If any provision of this Agreement is prohibited or unenforceable in any jurisdiction in relation to any party to this Agreement, such prohibition or
unenforceability shall not invalidate the remaining provisions of this Agreement or affect the validity or enforceability of such provision in any other jurisdiction or in relation to any of the other parties to this Agreement. 
  

	12.4	Override 

  

	 	(a)	This Agreement overrides anything in the other Finance Documents to the contrary. 

  

	 	(b)	Notwithstanding anything to the contrary set out herein, the Secured Parties may exercise any rights and remedies that they may have against Obligors as unsecured creditors in
accordance with the terms of the GC PLC Note Documents, the Hedging Agreements and applicable law. 

  

 -15- 

	12.5	Relationship between the GC PLC Note Documents and the GCL Note Documents 

  
 Subject to Clause 12.4 (Override), notwithstanding anything in the other Finance Documents to the contrary:

  

	 	(a)	to the extent that there is a conflict, contradiction or inconsistency between the terms of the GCL Note Documents and the GC PLC Note Documents, the terms of the GC PLC Note
Documents shall prevail and compliance with the terms of the GC PLC Note Documents shall be deemed to be compliance in full with the relevant terms of the GCL Note Documents; and 

  

	 	(b)	to the extent that any terms of the GCL Note Documents entered into by any member of the Group extend beyond the equivalent terms of the GC PLC Note Documents entered into by such
person, compliance with the terms of the GC PLC Note Documents shall be deemed to be compliance in full with the relevant terms of the GCL Note Documents. 

  

	12.6	Resignation of the Trustee or the Collateral Agent 

  
 Except as may be required to comply with applicable law, neither the Trustee nor the Collateral Agent may resign or be removed as specified in the GC PLC
Note Indenture or the Intercreditor Agreement (as the case may be) unless a replacement Trustee or Collateral Agent (as the case may be) agrees with all other parties to this Agreement to become the relevant replacement agent under this Agreement by
delivering an executed Creditor Accession Deed in accordance with Clause 10.2 (Assignments and Transfers by Creditors). 
  

	12.7	Discharge of Debt 

  
 Promptly after the occurrence of the GCL Discharge Date or the GC PLC Discharge Date, the GCL Noteholders or the Trustee (as the case may be) shall
confirm this fact in writing to the other parties to this Agreement. 
  

	12.8	GCL Note Debt 

  
 STT Parent will promptly notify the other parties to this Agreement once neither the STT Parties nor any of their respective Affiliates hold any direct or
indirect interest in the GCL Note Debt, other than as a result of the occurrence of the GCL Discharge Date. 
  

	12.9	No Implied Waivers 

  

	 	(a)	No failure or delay by any of the Creditors in exercising any right, power or privilege under this Agreement will operate as a waiver of that right, power or privilege, nor will any
single or partial exercise of any right, power or privilege preclude any other or further exercise of that right, power or privilege, or the exercise of any other right, power or privilege. 

  

	 	(b)	The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights and remedies provided by law and all those rights and remedies will, except where
expressly provided otherwise in this Agreement, be available to the Creditors severally and any Creditor shall be entitled to commence proceedings in connection with those rights and remedies in its own name. 

  

 -16- 

	12.10 	Certificates Conclusive 

  
 A certificate from a Finance Party as to the amount for the time being of the Debt owed to that Finance Party shall be conclusive evidence of the amount
of such Debt in the absence of any manifest error. 
  

	12.11	Third Party Rights 

  
 A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefits of
any term of this Agreement. 
  

	13.	EXPENSES 

  

	13.1	Transaction Expenses 

  
 Each Obligor shall, shall from time to time, forthwith on demand, reimburse each Creditor, for all reasonable and documented costs and expenses incurred
by it in connection with the negotiation, preparation and execution of this Agreement and the completion of the transactions contemplated herein. 
  

	13.2	Costs of Preservation and Enforcement of Rights 

  
 Each Obligor shall, shall from time to time, forthwith on demand, reimburse each Creditor on a full indemnity basis for all costs and expenses incurred by
it in connection with the preservation and/or enforcement of any of the rights of the Creditors under this Agreement. 
  

	13.3	Amendment Costs 

  
 If any Obligor requests any amendment, waiver or consent in respect of this Agreement then each Obligor shall, forthwith on demand, reimburse each
Creditor for all reasonable and documented costs and expenses incurred by such person in responding to or complying with such request. 
  

	13.4	Legal Expenses and Taxes 

  
 The costs and expenses referred to in this Clause 13 include, without limitation, the fees and expenses of legal advisers and any value added tax or
similar tax, and are payable in the currency in which they are incurred. 
  

	14.	MATTERS RELATING TO THE TRUSTEE AND THE COLLATERAL AGENT 

  

	14.1	Liability 

  
 It is expressly understood and agreed by each of the parties to this Agreement that this Agreement is executed and delivered by each of the Trustee and
the Collateral Agent (a) not individually or personally but solely in its capacity as the Trustee or the Collateral Agent (as the case may be) in the exercise of the powers and authority conferred and vested in it under the GC PLC Note Indenture or
the Intercreditor Agreement (as the case may be) and (b) on the basis that it shall have no personal 

  

 -17- 

 
liability hereunder. It is further expressly understood and agreed by the parties to this Agreement that in no case shall either the Trustee or the
Collateral Agent be (i) personally liable, responsible or accountable in damages or otherwise for the actions of any GC PLC Noteholder or any Hedging Counterparty, (ii) personally liable, responsible or accountable in damages or otherwise to any
other party to this Agreement for any loss, damage or claim incurred by reason of any act or omission performed or omitted by it in good faith in accordance with this Agreement and any of the other GC PLC Note Documents in a manner that the Trustee
or the Collateral Agent (as the case may be) reasonably believed to be within the scope of the authority conferred on it by this Agreement or any of the other GC PLC Note Documents or by law, except to the extent that such act or omission resulted
from the gross negligence or wilful misconduct of the Trustee or the Collateral Agent (as the case may be), or (iii) personally liable for or on account of any of the statements, representations, warranties, covenants or obligations stated to be
those of any other party to this Agreement, all such liability, if any, being expressly waived by the parties to this Agreement and any person claiming by, through or under such party. Notwithstanding any other provision of this Agreement, neither
the Trustee nor the Collateral Agent shall be required to indemnify any other person, whether or not a party to this Agreement, in respect of any losses or liability incurred as a result of or in connection with the transactions contemplated by this
Agreement or the other GC PLC Note Documents. 
  

	14.2	No Action 

  
 Notwithstanding any other provision of this Agreement, neither the Trustee nor the Collateral Agent shall have any obligation to take any action under
this Agreement or any other Finance Document unless it is indemnified to its satisfaction in its sole discretion in respect of all costs, expenses, losses and liabilities which might in its reasonable opinion be incurred by it as a result of or in
connection with such action. 
  

	14.3	No Fiduciary Duty 

  
 Neither the Trustee nor the Collateral Agent shall be deemed to owe any fiduciary duty to any party to this Agreement and, in acting in its capacity as
trustee for the GC PLC Noteholders or collateral agent for the Secured Parties (as the case may be), is not required to have any regard to the interests of any other Creditors. With respect to the other parties to this Agreement, subject to the
other provisions of this Clause 14, each of the Trustee and the Collateral Agent undertakes to perform or to observe only such of its covenants or obligations as are specifically set forth in the GC PLC Note Documents and/or this Agreement and no
implied agreements, covenants or obligations with respect to the other parties to this Agreement shall be read into this Agreement against either the Trustee or the Collateral Agent. 
  

	14.4	Reliance and Advice 

  
 The Trustee and the Collateral Agent may each: 
  

	 	(a)	rely on any notice or document believed by it to be genuine and correct and to have been signed by, or with the authority of, the proper person; 

  

	 	(b)	rely on any statement made by any person regarding any matters which may be assumed to be within his knowledge or within his power to verify; and 

  

 -18- 

	 	(c)	engage, pay for and rely on professional advisers selected by it (including those representing a party other than the Trustee or the Collateral Agent (as the case may be)).

  

	14.5	Responsibility of the Trustee and the Collateral Agent 

  
 Neither the Trustee nor the Collateral Agent is responsible to any other party to this Agreement for the legality, validity, effectiveness,
enforceability, adequacy, accuracy, completeness or performance: 
  

	 	(a)	by any other person of any Finance Document or any other document; 

  

	 	(b)	any statement or information (whether written or oral) made in or supplied in connection with any Finance Document by any other person; or 

  

	 	(c)	any observance by any Obligor or any other member of the Group of its obligations under any Finance Document or any other document. 

  

	14.6	Disclosure of Information 

  
 Each Obligor irrevocably authorises the Trustee and the Collateral Agent to disclose to any Creditor any information which is received by the Trustee in
its capacity as the Trustee or the Collateral Agent in its capacity as the Collateral Agent (as the case may be). 
  

	14.7	Illegality 

  
 The Trustee and the Collateral Agent may each refrain from doing anything (including disclosing any information) which is, in its reasonable opinion,
reasonably likely to constitute a breach of any law or regulation or be otherwise actionable at the suit of any person, and may do anything which is, in its reasonable opinion, necessary to comply with any law or regulation. 
  

	14.8	Benefit of the GC PLC Note Documents 

  
 In acting as the Trustee or the Collateral Agent (as the case may be) pursuant to this Agreement, the parties to this Agreement acknowledge and agree that
the Trustee and the Collateral Agent shall be entitled to the benefit of all of the provisions of the other GC PLC Note Documents (including, without limitation, in respect of the remuneration and indemnification of the Trustee and the Collateral
Agent (as the case may be)) which are expressed to be in its favour or for its protection, insofar as the same are not contrary to English law. 
  

	14.9	Provisions Survive Termination 

  
 The provisions of this Clause 14 shall survive the termination of this Agreement. 
  

 -19- 

	15.	GOVERNING LAW AND SUBMISSION TO JURISDICTION 

  

	15.1	Governing Law 

  
 This Agreement (and any dispute, controversy, proceedings or claim of whatever nature arising out of or in any way relating to this Agreement) shall be
governed by, and construed in accordance with, English law. 
  

	15.2	Submission to Jurisdiction 

  
 For the benefit of each party to this Agreement, each other party to this Agreement irrevocably submits to the non-exclusive jurisdiction of the English
courts for the purpose of hearing and determining any dispute arising out of this Agreement (a “Dispute”) and for the purpose of enforcement of any judgment against its assets. 
  

	15.3	Service of Process 

  
 Without prejudice to any other mode of service allowed under any relevant law, each STT Party: 
  

	 	(a)	irrevocably appoints Law Debenture Corporate Services Limited of 5th Floor, 100 Wood Street, London EC2V 7EX as its agent for service of process in relation to any proceedings before the English courts in connection with this Agreement or any judgment in connection therewith; and

  

	 	(b)	agrees that failure by a process agent to notify it of the process will not invalidate the proceedings concerned. 

  
 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed
on the date first written above. 
  

 -20- 

  
 SCHEDULE 1 

 
 Part I 
  
 The Original Obligors 
  

					
	 Name of Obligor

	 	 Jurisdiction of incorporation

	 	 Registration number
 (or equivalent if
any)

	Global Crossing (UK) Telecommunications Limited	 	England & Wales	 	02495998
			
	Global Crossing (UK) Finance plc	 	England & Wales	 	05267403

  
 Part II

  
 The Original Hedging Counterparties 
  
 J. Aron & Company 
  

 -21- 

  
 SCHEDULE 2 

 
 Creditor Accession Deed 
  
 THIS DEED is made on
[                ] and is supplemental to a security arrangement agreement dated [    ] December 2004 made between, inter alios, STT
Communications Ltd, STT Crossing Ltd, STT Hungary Liquidity Management Limited Liability Company, The Bank of New York, GCUK, GC PLC and the Hedging Counterparties (the “Security Arrangement Agreement”). 
  
 Words and expressions defined in the Security Arrangement Agreement have the same meanings
when used in this Deed. 
  
 [Name of New Creditor] (the “New
Creditor”) hereby agrees with each other person who is or who has become a party to the Security Arrangement Agreement that with effect on and from the date hereof it will be bound by the terms of the Security Arrangement Agreement as [STT
Parent/a GCL Noteholder/the Trustee/the Collateral Agent/a Hedging Counterparty]* as if it had originally been party to the Security Arrangement Agreement in that capacity. 
  
 The New Creditor confirms that its address details for notices in relation to Clause 9 (Notices) are as follows: 
  

			
	 Address:
	    	[                    ]
	 Facsimile:
	    	[                    ]
	 Attention:
	    	[                    ]

  
 This Deed shall be governed by and
construed in accordance with English law. 
  
 [Without prejudice to any other mode
of service allowed under any relevant law, the New Creditor (a) irrevocably appoints [·] as its agent for service of process in relation to any
proceedings before the English courts in connection with this Deed or any judgment in connection therewith and (b) agrees that failure by a process agent to notify it of the process will not invalidate the proceedings concerned.]+ 
  
 IN WITNESS WHEREOF this Deed has been duly executed on the date first above written. 
  
 [Name of New Creditor] 
  
 [Insert appropriate execution language for execution as a deed] 

	*	Delete as applicable 

  

	+	Delete if New Creditor is incorporated in England & Wales 

  

 -22- 

  
 SCHEDULE 3 

 
 Obligor Accession Deed 
  
 THIS DEED is made on
[                ] and is supplemental to a security arrangement agreement dated [    ] December 2004 made between, inter alios, STT
Communications Ltd, STT Crossing Ltd, STT Hungary Liquidity Management Limited Liability Company, The Bank of New York, GCUK, GC PLC and the Hedging Counterparties (the “Security Arrangement Agreement”). 
  
 Words and expressions defined in the Security Arrangement Agreement have the same meanings
when used in this Deed. 
  
 [Name of New Obligor] (the “New
Obligor”) hereby agrees with each other person who is or who has become a party to the Security Arrangement Agreement that with effect on and from the date hereof it will be bound by the terms of the Security Arrangement Agreement as an
Obligor as if it had originally been party to the Security Arrangement Agreement in that capacity. 
  
 The New Obligor confirms that its address details for notices in relation to Clause 9 (Notices) are as follows: 
  

			
	 Address:
	    	[                    ]
	 Facsimile:
	    	[                    ]
	 Attention:
	    	[                    ]

  
 This Deed shall be governed by and
construed in accordance with English law. 
  
 [Without prejudice to any other mode
of service allowed under any relevant law, the New Obligor (a) irrevocably appoints [·] as its agent for service of process in relation to any
proceedings before the English courts in connection with this Deed or any judgment in connection therewith and (b) agrees that failure by a process agent to notify it of the process will not invalidate the proceedings concerned.]* 
  
 IN WITNESS WHEREOF this Deed has been duly executed on the date first above written.

  
 [Name of New Obligor] 
  
 [Insert appropriate execution language for execution as a deed] 

	*	Delete if New Obligor is incorporated in England & Wales 

  

 -23- 

  
 SCHEDULE 4 

 
 GC PLC Note Security Documents 
  

	1.	The Intercreditor Agreement. 

  

	2.	Debenture dated on or about the date hereof made between (1) GCUK and GC PLC as chargors and (2) the Collateral Agent. 

  

 -24- 

  
 SIGNATORIES

  

			
	STT Parent
	
	STT COMMUNICATIONS LTD.
		
	By:	 	 /s/ JEAN MANDEVILLE

	 Name:
	 	 Jean Mandeville

	 Title:
	 	 Chief Financial Officer

  

			
	STT Crossing
	
	STT CROSSING LTD.
		
	By:	 	 /s/ JEAN MANDEVILLE

	 Name:
	 	 Jean Mandeville

	 Title:
	 	 Director

  

			
	STT Hungary
	
	STT HUNGARY LIQUIDITY MANAGEMENT LIMITED LIABILITY COMPANY
		
	By:	 	 /s/ JEAN MANDEVILLE

	 Name:
	 	 Jean Mandeville

	 Title:
	 	 Managing Director

  

			
		
	By:	 	 /s/ NANDOR OLASZ

	 Name:
	 	 Nandor Olasz

	 Title:
	 	 Managing Director

  
 [Security Arrangement
Agreement] 
  

			
	The Trustee
	
	THE BANK OF NEW YORK
		
	By:	 	 /s/ DANIEL WYNNE

	 Name:
	 	 Daniel Wynne

	 Title:
	 	 Vice President

  

			
	The Collateral Agent
	
	THE BANK OF NEW YORK
		
	By:	 	 /s/ DANIEL WYNNE

	 Name:
	 	 Daniel Wynne

	 Title:
	 	 Vice President

  

			
	The Original Obligors
	
	GLOBAL CROSSING (UK) TELECOMMUNICATIONS LIMITED
		
	By:	 	 /s/ PHILIP METCALF

	 Name:
	 	 Philip Metcalf

	 Title:
	 	 Director

  

			
	GLOBAL CROSSING (UK) FINANCE PLC
		
	By:	 	 /s/ PHILIP METCALF

	 Name:
	 	 Philip Metcalf

	 Title:
	 	 Director

  
 [Security Arrangement
Agreement] 
  

			
	The Original Hedging Counterparty
	
	J. ARON & COMPANY
		
	By:	 	 /s/ HARVEY SCHWARTZ

	 Name:
	 	 Harvey Schwartz

	 Title:
	 	 Managing Director

  
 [Security Arrangement
Agreement]

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