Document:

Intercreditor and Collateral Agency Agreement, Dated December 23, 2004

 Exhibit 4.6 
  

INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT 
  
 This INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT (as amended, amended and restated or otherwise modified from time to time in accordance with the terms
hereof, herein called this “Agreement”) is dated as of December 23, 2004 among (i) J. ARON & COMPANY, as Interest Hedge Secured Party under the Interest Hedge Contract (as defined below), and (ii) THE BANK OF NEW YORK, as
trustee (in such capacity, together with its successors and assigns, the “Trustee”) for the holders of the Senior Notes (as defined below) issued under the Indenture (as defined below), (iii) THE BANK OF NEW YORK, as Collateral
Agent (as defined below) and (iv) the other persons who may become parties to this Agreement from time to time pursuant to and in accordance with Section 6 of this Agreement. 
  
 RECITALS 
  
 1. On the date hereof, the Company and GCUK (together with any subsidiaries
of GCUK which are, or will in the future be, required by one or more Financing Documents to become “Pledgors,” the “Pledgors”) will execute and deliver to the Collateral Agent the collateral documents identified on
Schedule 1 hereto (as amended, amended and restated, supplemented or otherwise modified from time to time, or adding additional security or additional indebtedness as secured obligations thereunder as required herein, the “Security
Documents”). All collateral from time to time pledged or subject to or purported to be pledged or subject to the Lien of the Security Documents (whether or not such Lien is determined to be unperfected or subject to avoidance) is
collectively referred to herein as the “Collateral”. 
  
 2. On the date hereof, GLOBAL CROSSING (UK) FINANCE PLC (the “Company”), is issuing $200 million in aggregate principal amount of Senior Secured Notes due 2014 (the “Dollar Notes”) and £105 million in
aggregate principal amount of Senior Secured Notes due 2014 (the “Pound Notes” and, together with the Dollar Notes and any Additional Notes (as defined in the Indenture referred to below) that may be issued pursuant to the
Indenture, the “Senior Notes”), in each case under an Indenture dated as of the date hereof among the Company, Global Crossing (UK) Telecommunications Limited (the “GCUK”), STT Communications Ltd. and the Trustee
(as amended, amended and restated, supplemented, refinanced, replaced or otherwise modified from time to time, the “Indenture”), which Senior Notes are secured by the Collateral pursuant to the Security Documents. 
  
 3. On or prior to the date hereof, the Company will enter into an Interest
Hedge Contract (as defined below) with J. Aron & Company and it is desired that the obligations of the Company under such Interest Hedge Contract, including the obligation to make payments in the event of early termination thereunder (all such
obligations being the “Hedging Obligations”), be secured by the Collateral pursuant to the Security Documents. It is contemplated that, from time to time, the Company may enter into interest hedge contracts which replace or

  

 
supplement the Interest Hedge Contract and it is desired that the obligations of the Company under such additional Interest Hedge Contract be secured by the
Collateral pursuant to the Security Documents, provided that for an Interest Hedge Secured Party to receive the benefit of such security, it shall execute and deliver to the Collateral Agent an acknowledgment to this Agreement (in the form
attached hereto) agreeing to be bound by the terms hereof. 
  
 4.
The Trustee (for its benefit and for the benefit of the respective holders of the Senior Notes), the Collateral Agent and any Interest Hedge Secured Party (collectively, the “Secured Parties”) desire to set forth (i) certain
additional provisions regarding the appointment, duties and responsibilities of the Collateral Agent and to set forth certain other provisions concerning the obligations of the Pledgors to the Secured Parties under the agreements referred to in the
foregoing recitals and (ii) their agreement as to decisions relating to the exercise of remedies under the Security Documents and certain limitations on the exercise of such remedies. 
  
 AGREEMENT 
  
 NOW, THEREFORE, the parties hereto agree as follows: 
  

	Section	1.  Definitions. 

  
 The following capitalized terms used herein and not otherwise defined herein shall have the definitions set forth below. Terms not defined herein shall
have the meanings ascribed to them in the Indenture. 
  
 “Affiliate” of any Person means any other Person which, directly or indirectly, controls, is controlled by or is under common control with such Person. 
  
 “Bankruptcy Law” means any law or statute for the supervision, administration or relief of debtors,
including, without limitation, bankruptcy or insolvency laws. 
  
 “Financing Documents” means, collectively, the Indenture, the Senior Notes, the Interest Hedge Contract and the Security Documents. 
  
 “Interest Hedge Contract” 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 an Interest Hedge Secured Party to effect a Specified Treasury Transaction. 
  
 “Interest Hedge Secured Party” means J. Aron & Company and any party to an additional Interest Hedge Contract. 
  

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 “Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or
encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest). 
  
 “Obligations” shall mean, with respect to any of the Financing Documents, any and all obligations,
liabilities and indebtedness of every kind, nature and description (whether or not constituting future advances or otherwise) from time to time owing by, or on behalf of, the Obligors under, or in connection with, such Financing Documents, including
principal, interest, charges, fees, premiums, indemnities and expenses, however evidenced, whether as principal, surety, endorser, guarantor or otherwise, evidenced by or arising under any of such Financing Documents whether now existing or
hereafter arising, whether arising before, during or after the initial or any renewal term of such Financing Documents, or after the commencement of any case with respect to any Guarantor under the Bankruptcy Law (at the rate provided for in the
relevant Financing Documents) (and including, without limitation, any principal, interest, fees, costs, expenses and other amounts, which would accrue and become due but for the commencement of such case, whether or not such amounts are allowed or
allowable in whole or in part in any such case or similar proceeding), whether direct or indirect, absolute or contingent, joint or several, due or not due, primary or secondary, liquidated or unliquidated, secured or unsecured, and whether arising
directly or howsoever acquired. 
  
 “Obligors”
means the Company and each Guarantor. 
  
 “Security
Arrangement Agreement” means the Security Arrangement Agreement, dated the Closing Date, among the Company, GCUK, STT Communications Ltd, STT Crossing Ltd, STT Hungary Management Limited Liability Company, the Trustee, the Collateral Agent
and each Interest Hedge Secured Party. 
  
 “Specified
Treasury Transaction” has the meaning provided therefor in the Security Arrangement Agreement. 
  

	Section	2.  Appointment as Collateral Agent. 

  
 The Trustee hereby irrevocably and unconditionally appoints, and each Interest Hedge Secured Party irrevocably and unconditionally appoints, The Bank of
New York to serve as security trustee, collateral agent and representative of each such Secured Party under each of the Security Documents (in such capacity, together with its successors in such capacity, the “Collateral Agent”) and
irrevocably and unconditionally authorizes the Collateral Agent to act as agent for the Secured Parties for the purpose of executing and delivering, on behalf of all such Secured Parties, the Security Documents and the Security Arrangement Agreement
and any other documents or instruments related thereto or necessary or, as determined by the Collateral Agent, desirable to perfect the Liens granted to the Collateral Agent thereunder and, subject to the provisions of this Agreement, for the
purpose of enforcing the Secured Parties’ rights in respect of the Collateral and the obligations of the Pledgors under the Security 

  

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Documents, and for the purpose of, or in connection with, releasing the obligations of the Pledgors under the Security Documents. 
  
 Without limiting the generality of the foregoing, the Collateral Agent is
further hereby appointed as agent for each of the Secured Parties to hold the Liens on the Collateral granted pursuant to the Security Documents with, subject to Section 3, sole authority to exercise remedies under the Security Documents. The
Collateral Agent is hereby authorized to act as mortgagee under all mortgages, beneficiary under all deeds of trust and as Secured Party under each applicable Security Document and to follow the instructions provided to it under this Agreement.

  
 Each Interest Hedge Secured Party acknowledges that it has
seen the Security Arrangement Agreement attached hereto as Exhibit A and that such agreement limits the rights under this Agreement. 
  

	Section	3.  Provisions Relating to Exercise of Remedies Vested in the Collateral Agent. 

  
 (a) The Collateral Agent shall exercise its rights, powers and discretions under this Agreement and the Security Documents
or otherwise arising in relation to the Collateral in accordance with the written directions of the Trustee and any rights or obligations of the Collateral Agent hereunder or under the Security Documents shall be subject to the provisions of this
Section. 
  
 The Collateral Agent shall refrain from exercising
any right, power or discretion vested in it under this Agreement or the Security Documents or otherwise arising in relation to the Collateral unless and until instructed by the Trustee as to whether or not such right, power or discretion is to be
exercised and, if it is to be exercised, as to the manner in which it should be exercised (other than any right, power or discretion which is reasonably incidental to any right, power or discretion in relation to which it has received such
instructions, in which case the following sentence shall apply). The Collateral Agent may, in the exercise of its duties, obligations and responsibilities hereunder, do any act or thing reasonably incidental, in the opinion of the Collateral Agent,
to any instructions received by it from the Trustee which in its discretion it deems advisable for the protection and benefit of the Secured Parties. 
  
 The Collateral Agent has executed or shall be executing the Security Documents on behalf of the Secured Parties upon the instructions of the Trustee and
shall not be responsible or liable for the legality, validity, effectiveness, genuineness, adequacy, enforceability or sufficiency of any of the Security Documents or the Collateral. 
  
 The Collateral Agent shall not be required to take any action that it believes is contrary to law or to the terms of this
Agreement or any of the Security Documents or which it believes would subject it or any of its officers, employees or directors to liability, and the Collateral 

  

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Agent shall not be required to take any action under this Agreement or any of the Security Documents, unless and until the Collateral Agent shall receive
additional indemnities to its satisfaction from the Secured Parties (or the holders represented thereby) against any and all losses, costs, expenses or liabilities in connection therewith. 
  
 (b) Each Secured Party executing this Agreement or an acknowledgment hereto
agrees that (i) the Collateral Agent shall act as the Trustee may request (regardless of whether the Interest Hedge Secured Party, any other Secured Party or any holder represented thereby agrees, disagrees or abstains with respect to such request),
(ii) the Collateral Agent shall have no liability for acting in accordance with such request (provided such action does not, on its face, conflict with the express terms of this Agreement), (iii) no Secured Party or any holder represented
thereby shall have any liability to any other Secured Party or any holder represented thereby for any such request and (iv) if at any time an Interest Hedge Contract is modified such that it no longer effects a Specified Treasury Transaction, it
shall lose the benefit of the Collateral. The Collateral Agent shall give prompt notice to all Secured Parties of actions taken pursuant to the instructions of the Trustee; provided, however, that the failure to give any such notice
shall not impair the right of the Collateral Agent to take any such action or the validity or enforceability under this Agreement or the applicable Security Document of the action so taken or create a cause of action against the Collateral Agent.

  
 (c) Each Interest Hedge Secured Party agrees that the only
right of such Secured Party under the Security Documents is for the Obligations owing to such Secured Party to be secured by the Collateral, and to receive a share of the Proceeds of such Collateral, if any, as and when provided in the Security
Documents and Section 4 hereof. 
  
 (d) The Collateral
Agent may at any time request directions from the Trustee as to any course of action or other matter relating hereto or to any Security Document. Directions given by the Trustee to the Collateral Agent hereunder shall be binding on all Secured
Parties for all purposes. 
  
 (e) Each Secured Party (other than
the Trustee) acknowledges and agrees that the Trustee owes no obligation of any kind to any other Secured Party and need not consider the interests of any other Secured Party in determining whether, when or how to direct the Collateral Agent to take
or omit to take any action with respect to the Collateral. Each Secured Party (other than the Trustee) further acknowledges and agrees that this Agreement is executed and delivered by the Trustee not individually or personally but solely in its
capacity as the Trustee in the exercise of the powers and authority conferred and vested in it under the Indenture for and on behalf of the holders of Senior Notes for which it acts as Trustee and on the basis that the Trustee shall be entitled to
the benefit of all of the provisions of the Indenture which are expressed to be in its favor or for its protection. Each Secured Party (other than the Trustee) acknowledges that it understands that the provisions of the Indenture relating to the
rights, powers, duties and protections of the Trustee may limit or otherwise affect the actions that the Trustee takes or omits to take pursuant to or in connection with this 

  

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Agreement and the Collateral and that such limitations (or the direct or indirect impact thereof) may be adverse to the interests of the other Secured
Parties. 
  
 (f) (i) Subject to the application of Proceeds (as
defined below) pursuant to Section 4, (A) the Collateral Agent may release (without recourse or warranty) the Lien of the Security Documents against any portion or all of the Collateral, to the extent approved by the Trustee and (B) at the
request and expense of the Company, the Collateral Agent shall release the Lien of the Security Documents against all of the Collateral and terminate the Security Documents after the Company has certified to the Collateral Agent that all
indebtedness under the Senior Notes and the Interest Hedge Contract has been repaid in full and the Indenture and the Interest Hedge Contract have been terminated. 
  
 (ii) Subject to the application of Proceeds pursuant to Section 4, upon any sale or other transfer of
any Collateral to any Person that is not a Pledgor or Affiliate and such sale or transfer is not prohibited by the Indenture, the Lien of the Security Documents on such Collateral shall be released without recourse or warranty; provided that
the Company shall have delivered to the Collateral Agent an Officers’ Certificate of such Company stating that such sale or transfer is not prohibited by the Indenture. In connection with such release, the Collateral Agent shall execute and
deliver to any Pledgor, at such Pledgor’s request and expense, all documents that such Pledgor shall reasonably request to evidence such termination or release. 
  
 (iii) Notwithstanding anything to the contrary in this Section 3(f), (x) any release of Collateral
under the Security Documents shall be a release of such Collateral with respect to each Secured Party and (y) if any Lien in any Collateral previously released pursuant to Section 3(f)(i) is subsequently granted to any Secured Party and such
Lien does not otherwise comply with Section 4.12 of the Indenture, such Lien must be granted to all Secured Parties, subject to the relative priorities set forth in this Agreement. 
  
 (g) Each Secured Party agrees that no Secured Party shall have any right to, and agrees that it shall not, take any action
whatsoever to enforce any term or provision of any Security Document or to enforce any of its rights in respect of the Collateral (whether arising under any Financing Document, operation of law, statute or otherwise), it being understood that all
rights and remedies under the Security Documents shall be enforced and executed exclusively by the Collateral Agent pursuant to this Agreement. 
  
 Each Secured Party (other than the Collateral Agent) agrees that (i) it will provide notices (such notices to be provided in writing and contemporaneously
with any notice provided to the Company or any Pledgor) to each other Secured Party and the Collateral Agent with respect to the acceleration of its respective indebtedness or the termination date (or equivalent) under any Interest Hedge Contract;
provided, however, that the failure to give any such notice to the other Secured Party shall not affect the effectiveness of any notice given to the Company or any Pledgor or the validity of this Agreement or create a cause of action
against 

  

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the party failing to give such notice or create any claim or right on behalf of any third party; and (ii) the Secured Parties will not contest each
other’s security interest in and/or Liens granted for the benefit of any or all of the Secured Parties in or on any or all of the property or assets of the Company and the Pledgors and their respective subsidiaries or contest the validity of
the documents governing their respective security interests and Liens or assert a claim inconsistent with the terms of this Agreement. 
  
 Each Secured Party waives any and all rights to (i) require the Collateral Agent to marshal any property or assets of the Pledgors or to resort to any of
the property or assets of the Pledgors in any particular order or manner and (ii) require the Collateral Agent to enforce any guaranty or any security interest or Lien to secure the payment of any or all Obligations as a condition precedent or
concurrent to taking any action against or with respect to the Collateral. 
  

	Section 4.  	Application of Proceeds. 

  
 (a) Any and all amounts actually received by the Collateral Agent in connection with the enforcement of the Security Documents, including the proceeds of
any collection, sale or other disposition of the Collateral or any portion thereof (collectively, “Proceeds”), shall be applied promptly by the Collateral Agent as follows: 
  
 First, to the Collateral Agent and any receiver,
attorney or agent appointed under or pursuant to a Security Document or this Agreement for all compensation, fees, costs, expenses and liabilities incurred or owed and unpaid, including those incurred in connection with the distribution of such
amounts held or realized or in enforcing its remedies under the Security Documents and preserving the Collateral; 
  
 Second, to the Trustee or any Agent for all compensation, fees, costs, expenses and liabilities of the Trustee or such Agent
incurred or owed under or pursuant to the Indenture and unpaid, including costs of collection; 
  
 Third, to the Trustee and the Interest Hedge Secured Parties on a pro rata basis based on (a) with respect to the Trustee,
all remaining amounts then due and owing under the Indenture including, without limitation, the principal amount of Senior Notes then outstanding, plus accrued and unpaid interest and additional amounts, if any, thereon and (b) with the respect to
each Interest Hedge Secured Party, the net value of Interest Hedge Contracts of such Interest Hedge Secured Party (to the extent relating to Specified Treasury Transactions), if positive, determined at the time of the application of proceeds; and

  
 Fourth, any surplus remaining after
such payments shall be paid over to the Company or to whosoever may be lawfully entitled thereto. 
  

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 Until Proceeds are so applied, the Collateral Agent shall hold such Proceeds in its custody in accordance with its
regular procedures for handling deposited funds. 
  
 For the purposes of
determining ratable amounts under this Section 4, the Collateral Agent will use the Dollar Equivalent at the time of determination of the indebtedness outstanding. 
  
 (b) At the time any Proceeds are applied in accordance with (a) above, if the relevant Interest Hedge Contract is not a
Specified Treasury Transaction, then (a) (Third) shall be amended to remove the relevant Interest Hedge Secured Party and such Interest Hedge Secured Party shall not receive any payment. 
  
 (c) Payments by the Collateral Agent on account of Proceeds received by
Collateral Agent (i) in respect of Hedging Obligations shall be made as directed by the relevant Interest Hedge Secured Party to which such Hedging Obligations are owed; and (ii) in respect of Senior Notes shall be paid to the Trustee for
distribution in accordance with the Indenture. 
  

	Section 5.  Information.	

  
 From time to time at the request of the Collateral Agent (including in the event the Collateral Agent proceeds to foreclose upon, collect, sell or otherwise dispose of or take any other action with respect to the
Collateral, or any portion thereof, or to enforce any Security Document, or proposes to take any other action pursuant to this Agreement or requests instructions from the Trustee or the Noteholders as provided herein or pursuant to the Indenture):

  
 (a) each Interest Hedge Secured Party which
is party to an Interest Hedge Contract benefited by this Agreement, by signing an acknowledgment to this Agreement, agrees to promptly from time to time notify the Collateral Agent of (i) the notional amount under such Interest Hedge Contract and
the amount payable by the Company or any of its subsidiaries upon early termination of such Interest Hedge Contract at the date of termination as fixed by such Interest Hedge Contract and (ii) any payment received by such Interest Hedge Secured
Party to be applied to amounts due upon early termination of such Interest Hedge Contract. Such Interest Hedge Secured Party shall certify as to such amounts and the Collateral Agent shall be entitled to rely conclusively upon such certification.

  
 (b) the Trustee, by executing this Agreement,
agrees to promptly notify the Collateral Agent of (i) the aggregate amount of principal and interest outstanding and other amounts owing with respect to the Senior Notes under the Indenture and the amount, if any, then due and payable under such
Senior Notes and the Indenture, as at such date as the Collateral Agent may specify and (ii) any payment received by such Trustee to be applied to the principal of or interest on the amounts due with respect to the Senior Notes and Senior Notes
Documents. The Trustee shall certify as to such 

  

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amounts and the Collateral Agent shall be entitled to rely conclusively upon such certification. 
  
 Section 6.  Additional Interest Hedge Contracts. 
  
 (a) Any additional Interest Hedge Secured Party may cause an additional
Interest Hedge Contract to be secured by the Security Documents by executing an acknowledgment in the form contained on Annex I, and by delivering such executed acknowledgment to the Collateral Agent, by which such Interest Hedge Secured
Party agrees to be bound by the terms of this Agreement. 
  
 (b)
Notwithstanding (a) above, no additional Interest Hedge Secured Party shall acquire any rights under this Agreement and the Security Documents unless and until it has acceded to the Security Arrangement Agreement as a Hedging Counterparty (as
defined therein). 
  
 (c) No party may accede to this Agreement as
provided in (a) above unless the Interest Hedge Contract to be secured pursuant to such accession to this Agreement is exclusively a Specified Treasury Transaction. 
  

	Section 7.  Disclaimers,	Indemnity, Etc. 

  
 (a) It is expressly understood and agreed by each of the parties to this Agreement that this Agreement is executed and delivered by the Collateral Agent
not individually or personally but solely in its capacity as Collateral Agent in the exercise of the powers and authority conferred and vested in it under this Agreement and the Security Documents for and on behalf of the Secured Parties for which
it acts as Collateral Agent and it shall have no liability for acting for itself or in any capacity other than as Collateral Agent (including, for the avoidance of doubt, as Trustee) and nothing in this Agreement shall impose on it any obligation to
pay any amount out of its own assets. It is further expressly understood and agreed by the parties to this Agreement that in no case shall the Collateral Agent be (i) personally liable, responsible or accountable in damages or otherwise for the
actions of any Secured Party, (ii) personally liable, responsible or accountable in damages or otherwise to any other party 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 or any of the other Security Documents in a manner that the Collateral Agent believed to be within the scope of the authority conferred on it by this Agreement or any of the other Security Documents or by law, 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, all such liability, if any, being expressly waived by the parties and any person claiming by,
through or under such party. Notwithstanding any other provision of this Agreement, the Collateral Agent shall not be required to indemnify any other person, whether or not a party to this Agreement, in respect of 

  

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any losses or liability incurred as a result of or in connection with the transactions contemplated by this Agreement or the other Security Documents.

  
 (b) Notwithstanding any other provision of this Agreement, the
Collateral Agent shall not have any obligation to take any action under this Agreement or any other Security 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 opinion be incurred by it as a result of or in connection with such action. 
  
 (c) The Collateral Agent shall not be deemed to owe any fiduciary duty to any party to this Agreement and, in acting in its capacity as Collateral Agent for the Secured Parties, is not required to have any regard to
the interests of any other parties, except as set forth herein. With respect to the other parties to this Agreement, subject to the other provisions of this Section 7, the Collateral Agent undertakes to perform or to observe only such of its
covenants or obligations as are specifically set forth in the Security Documents and this Agreement and no implied agreements, covenants or obligations with respect to the other parties shall be read into this Agreement against the Collateral Agent.

  
 (d) The Collateral Agent may 
  
 (i) 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; 
  
 (ii) 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 
  
 (iii) engage, pay for and rely on
professional advisers selected by it (including those representing a party other than the Collateral Agent). 
  
 (e) The Collateral Agent is not responsible to any other party for the legality, validity, effectiveness, enforceability, adequacy, accuracy, completeness
or performance of 
  
 (i) any Financing Document
or any other document; 
  
 (ii) any statement or
information (whether written or oral) made in or supplied in connection with any Financing Document; or 
  
 (iii) any observance by any obligor or by GCUK and its subsidiaries of its obligations under any Financing Document or any other document.

  
 (f) The Collateral Agent is not liable for 
  
 (i) any failure in perfecting or protecting the security
constituted by any Security Document; or 
  

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 (ii) any other action taken or not taken by it in connection with a Security Document.

  
 (g) The Collateral Agent may accept, without enquiry, the
title (if any) which a Pledgor may have to any asset over which security is intended to be created by any Security Document. 
  
 (h) The Collateral Agent has no obligation to insure any asset over which security is intended to be created by any Security Document or the interests of
the Secured Parties in any such asset. 
  
 (i) The Collateral
Agent is not obliged to hold in its own possession any Security Document, title deed or other document in connection with any asset over which security is intended to be created by a Security Document. Without prejudice to the above, the Collateral
Agent may allow any bank providing safe custody services or any professional adviser to the Collateral Agent to retain any of those documents in its possession. 
  

(j) Each Secured Party irrevocably authorizes the Collateral Agent to disclose to any other Secured Party any information which is received by the
Collateral Agent in its capacity as the Collateral Agent. 
  
 (k)
The Collateral Agent may refrain from doing anything (including disclosing any information) which might, in its opinion, constitute a breach of any law or regulation or be otherwise actionable at the suit of any person, and may do anything which, in
its opinion, is necessary or desirable to comply with any law or regulation. 
  
 (l) In acting as the Collateral Agent pursuant to this Agreement, the parties to this Agreement acknowledge and agree that the Collateral Agent shall be entitled to the benefit of all of the provisions of the other
Financing Documents (including, without limitation, in respect of the remuneration and indemnification of the Collateral Agent) which are expressed to be either in its favor or for its protection or in favor of the Trustee or for the protection of
the Trustee (as if the Collateral Agent were the Trustee), insofar as the same are not contrary to English or U.S. law. 
  
 (m) The provisions of this Section 7 shall survive the termination of this Agreement. 
  

	Section 8.  Miscellaneous.	

  
 (a) All notices and other communications provided for herein shall be in writing and may be personally served, telecopied, e-mailed or sent by first class (or equivalent) mail and shall be deemed to have been given
when delivered in person, upon receipt of telecopy or e-mail or four Business Days after deposit in the mail, registered or certified, with postage 

  

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prepaid and properly addressed. For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in
this Section 8(a)) shall be as set forth under each party’s name on the signature pages (including acknowledgments) hereof. 
  
 (b) This Agreement may be modified or waived only by an instrument or instruments in writing signed by the Collateral Agent with the written consent of
the Trustee, except that any modification or waiver (i) adversely affecting a Secured Party’s rights under Section 4 hereof or (ii) that by its terms has a disproportionate (i.e., not ratable) adverse effect on any Secured Party
(as opposed to all Secured Parties), in each case, shall also require the written consent of the agent or representative representing such Secured Party; provided, however, that, notwithstanding the foregoing, the written consent of
the Secured Parties shall not be required with respect to amendments, modifications or waivers necessary to permit the incurrence of additional indebtedness secured by the Collateral and entitled to the benefits of the Security Documents insofar as
the foregoing is not prohibited by the Financing Documents benefiting such Secured Party, including without limitation any amendments, modifications or waivers for the purpose of adding appropriate references to additional parties in, and according
such parties the benefits of, any of the provisions hereof in connection with the incurrence of such indebtedness. 
  
 (c) This Agreement shall be binding upon and inure to the benefit of the Collateral Agent, each Secured Party and their respective successors and assigns.

  
 (d) This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Agreement by signing any such counterpart. 
  
 (e) This Agreement shall become effective as to the Hedging Arranger and the Trustee listed on the signature pages hereof
and the Collateral Agent upon the execution of this Agreement by each of the Hedging Arranger, Trustee and the Collateral Agent and the delivery of each such Person’s counterparts to the Collateral Agent. 
  
 (f) If any Secured Party shall enforce its rights or remedies in violation of
the terms of this Agreement, the Company and its subsidiaries agree that they shall not raise such violation as a defense to the enforcement by any other Secured Party under the Financing Documents. 
  
 (g) Each of the parties hereto authorizes the Collateral Agent to execute and
file on its behalf all such further documents and instruments, and authorizes the Collateral Agent to perform such other acts, as may be reasonably necessary or advisable to effectuate the purposes of this Agreement. 
  
 (h) If any provision of this Agreement shall be inconsistent with, or
contrary to, any provisions in any Financing Document or any other instrument delivered in connection 

  

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with the transactions contemplated thereby, the applicable provision in this Agreement shall be controlling and shall supersede such inconsistent provision
to the extent necessary to give full effect to all provisions contained in this Agreement. Each Secured Party acknowledges and agrees that the terms and provisions of this Agreement do not violate any term or provisions of its respective Financing
Document. 
  
 (i) Notwithstanding paragraph (h) above, if any
provision of this Agreement shall be inconsistent with or contrary to any provision in the Security Arrangement Agreement, the applicable provision in the Security Arrangement Agreement shall be controlling and shall supersede such inconsistent
provision to the extent necessary to give full effect to all provision contained in the Security Arrangement Agreement. 
  
 (j) Each of the Secured Parties shall, upon request of the other or others, provide copies of all other documentation relevant to the Collateral.

  
 (k) Each of the parties represents and warrants to all other
parties hereto that the execution, delivery and performance by or on behalf of such party to this Agreement has been duly authorized by all necessary action, corporate or otherwise. 
  
 (l) The Pledgors shall pay to the Collateral Agent upon demand the amount of any and all expenses of the Secured Parties and
the Collateral Agent reasonably incurred by the Collateral Agent or such Secured Party (including, without limitation, the fees and expenses of counsel for the Secured Parties and the Collateral Agent) from time to time in connection with the
exercise or enforcement of any of their respective rights, interests or remedies under and pursuant to the Security Documents and this Agreement, and for the avoidance of doubt, in each case including such rights, interests and remedies under and
pursuant to this Agreement. All such amounts shall constitute part of the Obligations under such Security Documents. 
  
 (m) The Collateral Agent may demand specific performance of this Agreement. Each of the Secured Parties hereby irrevocably waives any defense based on the
adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the Collateral Agent. 
  
 (n) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING 

  

 -13- 

 
WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11 (m). 
  
 (o)
Anything contained in this Agreement to the contrary notwithstanding, each Secured Party shall no longer be a party from and after such time as all of the Obligations owing to such Secured Party and secured by any of the Security Documents, or the
instruments representing the same, shall have ceased to be outstanding by virtue of the indefeasible payment in full in cash thereof or the cancellation thereof or delivery for cancellation thereof in accordance with the terms of the relevant
Financing Documents. 
  
 (p) Each party hereby irrevocably and
unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may
be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that a party may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any
jurisdiction. 
  
 (q) Each party hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any New
York State or Federal court referred to in paragraph (o) of this Section 8. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 
  
 (r) Each party to this Agreement
irrevocably consents to service of process in the manner provided for notices in Section 8(a). Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
  

 -14- 

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

			
	 THE BANK OF NEW YORK, as Trustee

		
	By: 	 	 
	 	 	 Title:

  

			
	 Notice Address:

	
	 The Bank of New York

	 One Canada Square

	 London E14 5AL

	 Attn: Corporate Trust Administration

	 Facsimile: +44(0)207 964 6399

  

			
	 THE BANK OF NEW YORK, as Collateral Agent

		
	By: 	 	 
	 	 	 Title:

  

			
	 Notice Address:

	
	 With a copy to:

  

			
	 J. Aron & Company

		
	By: 	 	 
	 	 	 Title:

  

			
	 Notice Address:

	
	 With a copy to:

  

 Schedule 1 
  
 Collateral Documents 
  

 Annex 1 
  
 The undersigned, by its execution of this Agreement on
[                                    ] in the space provided below,
HEREBY ACKNOWLEDGES AND AGREES to be bound, as an Interest Hedge Secured Party, by the foregoing provisions of this Agreement, as of
[                    ] as if it were an original party hereto. In addition, a copy of the applicable Interest Hedge Contract as of
[                    ] is attached to this signature page. The undersigned represents and warrants that such Interest Hedge Contract is a Specified
Treasury Transaction. 
  

			
	 [INTEREST HEDGE SECURED PARTY]

		
	By: 	 	 
	 	 	 Title:

  

			
	 Notice Address:

  

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

					
	 THE BANK OF NEW YORK, as Trustee

		
	By: 	 	 /s/ Daniel Wynne

	 	 	 Title: 
	 	 Daniel Wynne, VP

	
	 Notice Address:

	
	 The Bank of New York

	 One Canada Square

	 London E14 5AL

	 Attn: Corporate Trust Administration

	 Facsimile: +44(0)207 964 6399

  
 (signature page to Intercreditor and Collateral Sharing Agreement) 
  

					
	 THE BANK OF NEW YORK, as Collateral Agent

		
	By: 	 	 /s/ Daniel Wynne

	 	 	 Title: 
	 	 Daniel Wynne, VP

	
	 Notice Address:

  
 (signature page to Intercreditor and Collateral Sharing Agreement) 
  

					
	 J. Aron & Company

		
	By: 	 	 /s/

	 	 	 Title:
	 	 
	
	 Notice Address:

	
	 Swap Operations

	 J. Aron & Company

	 85 Broad Street

	 New York, NY 10004

	 Telephone No.: 212-357-7836

	 Facsimile No.: 212-902-5692

  
 (signature page to Intercreditor and Collateral Sharing Agreement) 
  

 Schedule 1 
  
 Collateral Documents 
  

 Annex 1 
  
 The undersigned, by its execution of this Agreement on
[                    ] in the space provided below, HEREBY ACKNOWLEDGES AND AGREES to be bound, as an Interest Hedge Secured Party, by the foregoing
provisions of this Agreement, as of [            ] as if it were an original party hereto. In addition, a copy of the applicable Interest Hedge Contract as of
[            ] is attached to this signature page. The undersigned represents and warrants that such Interest Hedge Contract is a Specified Treasury Transaction. 
  

					
	 [INTEREST HEDGE SECURED PARTY]

		
	By: 	 	 
	 	 	 Title:
	 	 
	
	 Notice Address:

  

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

					
	 THE BANK OF NEW YORK, as Trustee

		
	By: 	 	 /s/ Daniel Wynne

	 	 	 Title: 
	 	 Daniel Wynne, VP

	
	 Notice Address:

	
	 The Bank of New York

	 One Canada Square

	 London E14 5AL

	 Attn: Corporate Trust Administration

	 Facsimile: +44(0)207 964 6399

  
 (signature page to Intercreditor and Collateral Sharing Agreement) 
  

					
	 THE BANK OF NEW YORK, as Collateral Agent

		
	By: 	 	 /s/ Daniel Wynne

	 	 	 Title: 
	 	 Daniel Wynne, VP

	
	 Notice Address:

  
 (signature page to Intercreditor and Collateral Sharing Agreement) 
  

					
	 J. Aron & Company

		
	By: 	 	 /s/

	 	 	 Title:
	 	 
	
	 Notice Address:

	
	 Swap Operations

	 J. Aron & Company

	 85 Broad Street

	 New York, NY 10004

	 Telephone No.: 212-357-7836

	 Facsimile No.: 212-902-5692

  
 (signature page to Intercreditor and Collateral Sharing Agreement)Registration Rights Agreement, Dated December 23, 2004

 Exhibit 4.7 
  

Global Crossing (UK) Finance Plc 
  
 $200,000,000 10.75% Senior Secured Notes due 2014 
 £105,000,000 11.75% Senior Secured Notes due 2014 
  
 unconditionally guaranteed as to the 
 payment of principal, premium, 
 if any, and interest by 
  
 Global Crossing (UK) Telecommunications Limited 
  

  
 Exchange and
Registration Rights Agreement 
  
 December 23, 2004

  
 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 England and Wales (the
“Company”), proposes to issue and sell to the Purchasers (as defined herein) upon the terms set forth in the Purchase Agreement (as defined herein) its $200,000,000 10.75% Senior Secured Notes due 2014 and its £105,000,000 11.75%
Senior Secured Notes due 2014, which are unconditionally guaranteed by Global Crossing (UK) Telecommunications Limited, a private limited company organized under the laws of England and Wales (the “Guarantor”). As an inducement to the
Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the obligations of the Purchasers thereunder, the Company and the Guarantor agree with the Purchasers for the benefit of holders (as defined herein) from time to
time of the Registrable Securities (as defined herein) as follows: 
  

	 	1.	Certain Definitions. 

  
 For purposes of this Exchange and Registration Rights Agreement, the following terms shall have the following respective meanings: 
  
 “Base Interest” shall mean the interest that would otherwise
accrue on the Dollar Securities or the Sterling Securities, as applicable, under the terms thereof and the Indenture, without giving effect to the provisions of this Exchange and Registration Rights Agreement. 
  

 The term “broker-dealer” shall mean any broker or dealer registered with the Commission
under the Exchange Act. 
  
 “Closing Date” shall
mean the date on which the Securities are initially issued. 
  
 “Commission” shall mean the United States Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the
particular purpose. 
  
 “Deferral Period” shall
have the meaning assigned thereto in Section 2(f). 
  
 “Dollar” or “dollars” shall mean the lawful currency of the United States of America. 
  
 “Dollar Exchange Securities” shall have the meaning assigned thereto in Section 2(a) hereof. 
  
 “Dollar Securities” shall mean, collectively, the
$200,000,000 10.75% Senior Secured Notes due 2014 of the Company to be issued and sold to the Purchasers, and securities issued in exchange therefor or in lieu thereof pursuant to the Indenture. Each Dollar Security is entitled to the benefit of the
guarantee provided for in the Indenture (the “Guarantee”) and, unless the context otherwise requires, any reference herein to a “Dollar Security,” a “Dollar Exchange Security” or a “Dollar Registrable
Security” shall include a reference to the related Guarantee. 
  
 “Effective Time,” in the case of (i) an Exchange Registration, shall mean the time and date as of which the Commission declares the Exchange Registration Statement effective or as of which the Exchange Registration
Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean the time and date as of which the Commission declares the Shelf Registration Statement effective or as of which the Shelf Registration Statement otherwise becomes
effective. 
  
 “Electing Holder” shall mean any
holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(ii) or 3(d)(iii) hereof. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, or any successor thereto, as the same shall
be amended from time to time. 
  
 “Exchange
Offer” shall have the meaning assigned thereto in Section 2(a) hereof. 
  
 “Exchange Registration” shall have the meaning assigned thereto in Section 3(c) hereof. 
  
 “Exchange Registration Statement” shall have the meaning assigned thereto in Section 2(a) hereof. 
  
 “Exchange Securities” shall have the meaning assigned
thereto in Section 2(a) hereof. 
  
 The term
“holder” shall mean each of the Purchasers and other persons who acquire Registrable Securities from time to time (including any successors or assigns), in each case for so long as such person owns any Registrable Securities.

  

 -2- 

 “Indenture” shall mean the Indenture, dated as of December 23, 2004, among the Company,
the Guarantor and The Bank of New York, as Trustee, as the same shall be amended from time to time. 
  
 “Notice and Questionnaire” means a Notice of Registration Statement and Selling Securityholder Questionnaire, substantially in the form
of Exhibit A hereto with respect to holders of Dollar Registrable Securities. and substantially in the form of Exhibit C hereto with respect to holders of Sterling Registrable Securities. 
  
 The term “person” shall mean a corporation, association, partnership, organization, business, individual,
government or political subdivision thereof or governmental agency. 
  
 “Purchase Agreement” shall mean the Purchase Agreement, dated as of December 20, 2004, between the Purchasers, the Guarantor and the Company relating to the Securities. 
  
 “Purchasers” shall mean the Purchasers named in Schedule I
to the Purchase Agreement. 
  
 “Registrable
Securities” shall mean the Securities; provided, however, that a Security shall cease to be a Registrable Security when (i) in the circumstances contemplated by Section 2(a) hereof, the Security has been exchanged for an Exchange
Security in an Exchange Offer as contemplated in Section 2(a) hereof (provided that any Exchange Security that, pursuant to the last two sentences of Section 2(a), is included in a prospectus for use in connection with resales by
broker-dealers shall be deemed to be a Registrable Security with respect to Sections 5, 6 and 9 until resale of such Registrable Security has been effected within the 180-day period referred to in Section 2(a)); (ii) in the circumstances
contemplated by Section 2(b) hereof, a Shelf Registration Statement registering such Security under the Securities Act has been declared or becomes effective and such Security has been sold or otherwise transferred by the holder thereof pursuant to
and in a manner contemplated by such effective Shelf Registration Statement; (iii) such Security is sold pursuant to Rule 144 under circumstances in which any legend borne by such Security relating to restrictions on transferability thereof, under
the Securities Act or otherwise, is removed by the Company or pursuant to the Indenture; (iv) such Security is eligible to be sold pursuant to paragraph (k) of Rule 144; or (v) such Security shall cease to be outstanding. 
  
 “Registration Default” shall have the meaning assigned
thereto in Section 2(c) hereof. 
  
 “Registration Default
Period” shall have the meaning assigned thereto in Section 2(c) hereof. 
  
 “Registration Expenses” shall have the meaning assigned thereto in Section 4 hereof. 
  
 “Resale Period” shall have the meaning assigned thereto in Section 2(a) hereof. 
  
 “Restricted Holder” shall mean (i) a holder that is an
affiliate of the Company or the Guarantor within the meaning of Rule 405, (ii) a holder who acquires Exchange Securities outside the ordinary course of such holder’s business, (iii) a holder who has arrangements or understandings with any
person to participate in the Exchange Offer for the purpose of distributing Exchange Securities and (iv) a holder that is a broker-dealer, but only with respect to Exchange 

  

 -3- 

 
Securities received by such broker-dealer pursuant to an Exchange Offer in exchange for Registrable Securities acquired by the broker-dealer directly from
the Company. 
  
 “Rule 144,” “Rule
405” and “Rule 415” shall mean, in each case, such rule promulgated under the Securities Act (or any successor provision), as the same shall be amended from time to time. 
  
 “Securities” shall mean, collectively, the Dollar Securities
and the Sterling Securities. Unless the context otherwise requires, any reference herein to a “Security,” an “Exchange Security” or a “Registrable Security” shall include a reference to the related Guarantee.

  
 “Securities Act” shall mean the Securities
Act of 1933, or any successor thereto, as the same shall be amended from time to time. 
  
 “Shelf Registration” shall have the meaning assigned thereto in Section 2(b) hereof. 
  
 “Shelf Registration Statement” shall have the meaning assigned thereto in Section 2(b) hereof. 
  
 “Special Interest” shall have the meaning assigned thereto
in Section 2(c) hereof. 
  
 “Sterling” shall mean
the lawful currency of the United Kingdom. 
  
 “Sterling
Exchange Securities” shall have the meaning assigned thereto in Section 2(a) hereof. 
  
 “Sterling Securities” shall mean, collectively, the £105,000,000 11.75% Senior Secured Notes due 2014 of the Company to be issued and sold to the Purchasers, and securities issued in exchange
therefor or in lieu thereof pursuant to the Indenture. Each Sterling Security is entitled to the benefit of the Guarantee provided for in the Indenture and, unless the context otherwise requires, any reference herein to a “Sterling
Security,” a “Sterling Exchange Security” or a “Sterling Registrable Security” shall include a reference to the related Guarantee. 
  
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, or any successor thereto, and the rules, regulations and forms
promulgated thereunder, all as the same shall be amended from time to time. 
  
 Unless the context otherwise requires, any reference herein to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Exchange and Registration Rights Agreement, and the
words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Exchange and Registration Rights Agreement as a whole and not to any particular Section or other subdivision. 
  

	 	2.	Registration Under the Securities Act. 

  
 (a) Except as set forth in Section 2(b) below, the Company and the Guarantor agree to submit confidentially or file under the Securities Act, as soon as
practicable, but no later than 

  

 -4- 

 
180 days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Registration
Statement”, and such offer, the “Exchange Offer”) any and all of the Dollar Securities and the Sterling Securities for a like aggregate principal amount of debt securities issued by the Company and guaranteed by the Guarantor, which
debt securities and guarantee are substantially identical to the Dollar Securities and the Sterling Securities, and the related Guarantee, respectively (and are entitled to the benefits of a trust indenture which is substantially identical to the
Indenture or is the Indenture and which has been qualified under the Trust Indenture Act), except that they have been registered pursuant to an effective registration statement under the Securities Act and do not contain provisions for the
additional interest contemplated in Section 2(c) below (such new debt securities hereinafter called “Exchange Securities,” with such securities relating to the Dollar Securities hereinafter called the “Dollar Exchange Securities”
and such securities relating to the Sterling Securities hereinafter called the “Sterling Exchange Securities”). The Company agrees to use its reasonable best efforts to cause the Exchange Registration Statement to be declared effective by
the Commission as soon as practicable, but no later than 240 days after the Closing Date. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer rules and regulations
under the Exchange Act. The Company further agrees to use its reasonable best efforts to commence and complete the Exchange Offer promptly, but no later than 45 days after such registration statement has been declared effective, hold the Exchange
Offer open for at least 30 days (or longer if required by applicable law) and exchange Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The
Exchange Offer will be deemed to have been “completed” only if the debt securities and related guarantee received by holders other than Restricted Holders in the Exchange Offer for Registrable Securities are, upon receipt, transferable by
each such holder without restriction under the Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of a substantial majority of the States of the United States of America. The Exchange Offer
shall be deemed to have been completed upon the earlier to occur of (i) the Company having exchanged the Exchange Securities for all outstanding Registrable Securities pursuant to the Exchange Offer and (ii) the Company having exchanged, pursuant to
the Exchange Offer, Exchange Securities for all Registrable Securities that have been properly tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is at least 30 days following the commencement of
the Exchange Offer. The Company and the Guarantor agree to (x) include in the Exchange Registration Statement a prospectus for use in any resales by any holder of Exchange Securities that is a broker-dealer and (y) keep such Exchange Registration
Statement effective for a period (the “Resale Period”) beginning when Exchange Securities are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or
such time as such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (c),
(d) and (e) hereof. 
  
 (b) If (i) on or prior to the time the
Exchange Offer is completed existing Commission interpretations do not permit the Company and the Guarantor to effect a registered exchange offer, (ii) the Exchange Offer has not been completed within 270 days following the Closing Date or (iii)
within 20 days of the consummation of the Exchange Offer (A) any Purchaser so requests with respect to Securities not eligible to be exchanged for Exchange Securities in the 

  

 -5- 

 
Exchange Offer, (B) any holder of Securities notifies the Company that it is not eligible to participate in the Exchange Offer, or (C) any Purchaser notifies
the Company that it will not receive freely tradable Exchange Securities in exchange for Securities constituting any portion of an unsold allotment, the Company and the Guarantor shall, in lieu of (or, in the case of clause (iii), in addition to)
conducting the Exchange Offer contemplated by Section 2(a), use their reasonable best efforts to submit under the Securities Act as soon as practicable, but no later than 30 days after the time such obligation to file arises, a “shelf”
registration statement providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415 or any similar rule that may be adopted by the Commission (such
filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Company and the Guarantor agree to use their reasonable best efforts (x) to cause the Shelf Registration Statement to
become or be declared effective as soon as practicable, and no later than 120 days after such Shelf Registration Statement is submitted, and to keep such Shelf Registration Statement continuously effective for a period ending on the earliest of (A)
the second anniversary of the Effective Time (or the first anniversary of the Effective Time if the Shelf Registration Statement is submitted at the request of any Purchaser), (B) such time as there are no longer any Registrable Securities
outstanding and (C) the time when the Registrable Securities can be sold pursuant to Rule 144 without any limitations under clauses (c), (e), (f) and (h) of Rule 144; provided, however, that no holder shall be entitled to be named as a
selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf Registration
Statement, promptly upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any action reasonably necessary to enable such holder to use the prospectus forming a part thereof for resales of Registrable
Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement; provided, however, that nothing in this clause (y) shall relieve any such holder of the
obligation to return a completed and signed Notice and Questionnaire to the Company in accordance with Section 3(d)(iii) hereof. The Company and the Guarantor further agree to supplement or make amendments to the Shelf Registration Statement, as and
when required by the rules, regulations or instructions applicable to the registration form used by the Company and the Guarantor for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf
registration, and the Company and the Guarantor agree to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used or promptly following its filing with the Commission. 
  
 (c) In the event that (i) the Company or the Guarantor has not submitted the
Exchange Registration Statement or Shelf Registration Statement within 180 days after the Closing Date, or (ii) such Exchange Registration Statement has not been declared effective by the Commission within 240 days after the Closing Date, or (iii)
neither the Exchange Offer has been consummated nor the Shelf Registration Statement has been declared effective by the Commission within 270 days after the Closing Date or (iv) any Exchange Registration Statement or Shelf Registration Statement
required by Section 2(a) or 2(b) hereof is filed and declared effective but shall thereafter either be withdrawn by the Company or the Guarantor or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act
suspending the effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by an additional registration statement filed and declared effective (each 

  

 -6- 

 
such event referred to in clauses (i) through (iv), a “Registration Default” and each period during which a Registration Default has occurred and
is continuing, a “Registration Default Period”), then, as liquidated damages for such Registration Default, subject to the provisions of Section 9(b), special interest (“Special Interest”), in addition to the Base Interest, shall
accrue at a per annum rate of 0.50% for the first 90 days of the Registration Default Period, at a per annum rate of 0.75% for the second 90 days of the Registration Default Period, at a per annum rate of 1.00% for the third 90 days of the
Registration Default Period, at a per annum rate of 1.25% for the fourth 90 days of the Registration Default Period and at a per annum rate of 1.50% thereafter for the remaining portion of the Registration Default Period. 
  
 (d) The Company and the Guarantor shall take all actions necessary or
advisable to be taken by it to ensure that the transactions contemplated herein are effected as so contemplated, including all actions necessary or desirable to register the Guarantee under the registration statement contemplated in Section 2(a) or
2(b) hereof, as applicable. 
  
 (e) Any reference herein to a
registration statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a registration statement as of
any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time. 
  
 (f) The Company and the Guarantor may suspend the use of any prospectus for a period (a “Deferral Period”) if (i) such action is required by
applicable law, or (ii) due to the existence of material non-public information, disclosure of such material non-public information would be required to make the statements contained in the applicable registration statement not misleading (including
for the avoidance of doubt, the pendency of an acquisition, disposition or public or private offering by the Company), and the Company has a bona fide business purpose for preserving as confidential such material non-public information to avoid
premature public disclosure of a pending corporate transaction, including pending acquisitions or divestitures of assets, mergers and combinations and similar events; provided that (v) the Company and the Guarantor shall use their reasonable best
efforts to minimize the duration of the Deferral Period, subject, in the case of clause (ii) above, to consideration of the business purposes contemplated therein, (w) Deferral Periods shall not occur more than three times in any twelve-month
period, (x) the Deferral Period together with any other Deferral Periods shall not exceed an aggregate of 45 days in any twelve-month period, (y) the Exchange Offer Period and/or Shelf Registration Period, as applicable, shall be extended by the
number of days during which such Exchange Registration Statement and/or Shelf Registration Statement was not effective or usable as a result of a Deferral Period and (z) promptly upon the cessation of a Deferral Period the Company and the Guarantor
comply with the requirements of Section 3(c) and Section 3(d), as applicable. Notwithstanding Section 2(c), the occurrence of a Deferral Period in accordance with this Section 2(f) shall not constitute a Registration Default. 
  

	 	3.	Registration Procedures. 

  
 If the Company or the Guarantor submits or files a registration statement pursuant to Section 2(a) or Section 2(b), the following provisions shall apply:

  
 (a) At or before the Effective Time of the Exchange Offer or
the Shelf Registration, as the case may be, the Company shall, and the Guarantor shall cause the Company to, qualify the Indenture under the Trust Indenture Act. 
  

 -7- 

 (b) In the event that such qualification would require the appointment of a new trustee under the
Indenture, the Company shall, and the Guarantor shall cause the Company to, appoint a new trustee thereunder pursuant to the applicable provisions of the Indenture. 
  
 (c) In connection with the Company’s and the Guarantor’s obligations with respect to the registration of Exchange
Securities as contemplated by Section 2(a) (the “Exchange Registration”), if applicable, the Company and the Guarantor shall, as soon as practicable (or as otherwise specified): 
  
 (i) prepare and submit with the Commission, as soon as
practicable but no later than 180 days after the Closing Date, an Exchange Registration Statement on any form which may be utilized by the Company and which shall permit the Exchange Offer and resales of Exchange Securities by broker-dealers during
the Resale Period to be effected as contemplated by Section 2(a), and use their respective reasonable best efforts to cause such Exchange Registration Statement to be declared effective as soon as practicable thereafter, but no later than 240 days
after the Closing Date; 
  
 (ii) as soon as
practicable prepare and file with the Commission such amendments and supplements to such Exchange Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Exchange Registration
Statement for the periods and purposes contemplated in Section 2(a) hereof and as may be required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Exchange Registration Statement, and
promptly provide each broker-dealer holding Exchange Securities with such number of copies of the prospectus included therein (as then amended or supplemented), in conformity in all material respects with the requirements of the Securities Act and
the Trust Indenture Act and the rules and regulations of the Commission thereunder, as such broker-dealer reasonably may request prior to the expiration of the Resale Period, for use in connection with resales of Exchange Securities; 
  
 (iii) promptly notify each broker-dealer that has requested
or received copies of the prospectus included in such registration statement, and confirm such advice in writing, (A) when such Exchange Registration Statement or the prospectus included therein or any prospectus amendment or supplement or
post-effective amendment has been filed, and, with respect to such Exchange Registration Statement or any post-effective amendment, when the same has become effective, (B) of any comments by the Commission and by the blue sky or securities
commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Exchange Registration Statement or prospectus or for additional information, (C) of the issuance by the Commission of
any stop order suspending the effectiveness of such Exchange Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if at any time the representations and warranties of the Company and 

  

 -8- 

 
the Guarantor contemplated by Section 5 cease to be true and correct in all material respects, (E) of the receipt by the Company or the Guarantor of any
notification with respect to the suspension of the qualification of the Exchange Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, or (F) at any time during the Resale Period when a
prospectus is required to be delivered under the Securities Act, that such Exchange Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment does not conform in all material respects to the applicable
requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder or contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein not misleading in light of the circumstances then existing; 
  
 (iv) in the event that the Company or the Guarantor would be required, pursuant to Section 3(e)(iii)(F) above, to notify any
broker-dealers holding Exchange Securities, without delay prepare and furnish to each such holder a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of such Exchange Securities during
the Resale Period, such prospectus shall conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and shall not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing; 
  
 (v) use their respective reasonable best efforts to obtain
the withdrawal of any order suspending the effectiveness of such Exchange Registration Statement or any post-effective amendment thereto at the earliest practicable date; 
  
 (vi) use their respective reasonable best efforts to (A) register or qualify the Exchange Securities under
the securities laws or blue sky laws of such jurisdictions as are contemplated by Section 2(a) no later than the commencement of the Exchange Offer, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit
the continuance of offers, sales and dealings therein in such jurisdictions until the expiration of the Resale Period and (C) take any and all other actions as may be reasonably necessary or advisable to enable each broker-dealer holding Exchange
Securities to consummate the disposition thereof in such jurisdictions; provided, however, that neither the Company nor the Guarantor shall be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction
wherein it would not otherwise be required to qualify but for the requirements of this Section 3(c)(vi), (2) consent to general service of process in any such jurisdiction or (3) make any changes to its memorandum of association or articles of
association or any agreement between it and its shareholders; 
  
 (vii) use their respective reasonable best efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which may be required to effect the Exchange
Registration, the Exchange Offer and the offering and sale of Exchange Securities by broker-dealers during the Resale Period; 
  

 -9- 

 (viii) provide a CUSIP number, if applicable, and an ISIN number for all Exchange
Securities, not later than the applicable Effective Time; and 
  
 (ix) comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders as soon as practicable but no later than eighteen months after the effective date of such
Exchange Registration Statement, an earning statement of the Guarantor and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Guarantor, Rule 158 thereunder). 
  
 (d) In connection with the Company’s and the Guarantor’s
obligations with respect to the Shelf Registration, if applicable, the Company and the Guarantor shall, as soon as practicable (or as otherwise specified): 
  
 (i) prepare and file with the Commission, as soon as practicable but in any case within the time periods specified in Section 2(b), a
Shelf Registration Statement on any form which may be utilized by the Company and the Guarantor and which shall register all of the Registrable Securities for resale by the holders thereof in accordance with such method or methods of disposition as
may be specified by such of the holders as, from time to time, may be Electing Holders and use its reasonable best efforts to cause such Shelf Registration Statement to be declared effective as soon as practicable but in any case within the time
periods specified in Section 2(b); 
  
 (ii) as
soon as practicable, but not less than 30 calendar days prior to the Effective Time of the Shelf Registration Statement, mail the Notice and Questionnaire to the holders of Registrable Securities; no holder shall be entitled to be named as a selling
securityholder in the Shelf Registration Statement as of the Effective Time, and no holder shall be entitled to use the prospectus forming a part thereof for resales of Registrable Securities at any time, unless such holder has returned a completed
and signed Notice and Questionnaire to the Company by the deadline for response set forth therein; provided, however, holders of Registrable Securities shall have at least 28 calendar days from the date on which the Notice and Questionnaire
is first mailed to such holders to return a completed and signed Notice and Questionnaire to the Company; 
  
 (iii) after the Effective Time of the Shelf Registration Statement, upon the request of any holder of Registrable Securities that is not
then an Electing Holder, promptly send a Notice and Questionnaire to such holder; provided that the Company and the Guarantor shall not be required to take any action to name such holder as a selling securityholder in the Shelf Registration
Statement or to enable such holder to use the prospectus forming a part thereof for resales of Registrable Securities until such holder has returned a completed and signed Notice and Questionnaire to the Company; 
  
 (iv) as soon as practicable prepare and file with the
Commission such amendments and supplements to such Shelf Registration Statement and the prospectus included therein as may be necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the period specified in Section
2(b) hereof and as may be required by the applicable rules and regulations of the Commission and the instructions applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies 

  

 -10- 

 
of any such supplement or amendment simultaneously with or prior to its being used or filed with the Commission; 
  
 (v) comply with the provisions of the Securities Act with
respect to the disposition of all of the Registrable Securities covered by such Shelf Registration Statement in accordance with the intended methods of disposition by the Electing Holders provided for in such Shelf Registration Statement;

  
 (vi) provide (A) the Electing Holders, (B)
the underwriters (which term, for purposes of this Exchange and Registration Rights Agreement, shall include a person deemed to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act), if any, thereof, (C) any sales or
placement agent therefor, (D) counsel for any such underwriter or agent and (E) not more than one counsel for all the Electing Holders the opportunity to participate in the preparation of such Shelf Registration Statement, each prospectus included
therein or filed with the Commission and each amendment or supplement thereto; 
  
 (vii) for a reasonable period prior to the filing of such Shelf Registration Statement, and throughout the period specified in Section
2(b), make available at reasonable times at the Company’s principal place of business or such other reasonable place for inspection by the persons referred to in Section 3(d)(vi) who shall certify to the Company that they have a current
intention to sell the Registrable Securities pursuant to the Shelf Registration such financial and other information and books and records of the Company and the Guarantor, and cause the officers, employees, counsel and independent certified public
accountants of the Company and the Guarantor to respond to such inquiries, as shall be reasonably necessary, in the judgment of the respective counsel referred to in such Section, to conduct a reasonable investigation within the meaning of Section
11 of the Securities Act; provided, however, that each such party shall be required to maintain in confidence (and execute such confidentiality agreements as may reasonably be requested by the Company) and not to disclose to any other person
any information or records reasonably designated by the Company or the Guarantor as being confidential, until such time as (A) such information becomes a matter of public record (whether by virtue of its inclusion in such registration statement or
otherwise), or (B) such person shall be required so to disclose such information pursuant to a subpoena or order of any court or other governmental agency or body having jurisdiction over the matter (subject to the requirements of such order, and
only after such person shall have given the Company prompt prior written notice of such requirement), or (C) such information is required to be set forth in such Shelf Registration Statement or the prospectus included therein or in an amendment to
such Shelf Registration Statement or an amendment or supplement to such prospectus in order that such Shelf Registration Statement, prospectus, amendment or supplement, as the case may be, complies with applicable requirements of the federal
securities laws and the rules and regulations of the Commission and does not contain an untrue statement of a material fact or omit to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing; 
  

 -11- 

 (viii) promptly notify each of the Electing Holders, any sales or placement agent
therefor and any underwriter thereof (which notification may be made through any managing underwriter that is a representative of such underwriter for such purpose) and confirm such advice in writing, (A) when such Shelf Registration Statement or
the prospectus included therein or any prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment, when the same has become effective, (B) of
any comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto or any request by the Commission for amendments or supplements to such Shelf Registration Statement or prospectus or for
additional information, (C) of the issuance by the Commission of any stop order suspending the effectiveness of such Shelf Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) if at any time the
representations and warranties of the Company and the Guarantor contemplated by Section 3(d)(xvii) or Section 5 cease to be true and correct in all material respects, (E) of the receipt by the Company or the Guarantor of any notification with
respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose, or (F) if at any time when a prospectus is required to be delivered under
the Securities Act, that such Shelf Registration Statement, prospectus, prospectus amendment or supplement or post-effective amendment does not conform in all material respects to the applicable requirements of the Securities Act and the Trust
Indenture Act and the rules and regulations of the Commission thereunder or contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing; 
  
 (ix) use their respective reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such registration statement or any post-effective amendment thereto at the earliest practicable date; 
  
 (x) if requested by any managing underwriter or
underwriters, any placement or sales agent or any Electing Holder, promptly incorporate in a prospectus supplement or post-effective amendment such information as is required by the applicable rules and regulations of the Commission and as such
managing underwriter or underwriters, such agent or such Electing Holder specifies should be included therein relating to the terms of the sale of such Registrable Securities, including information with respect to the principal amount of Registrable
Securities being sold by such Electing Holder or agent or to any underwriters, the name and description of such Electing Holder, agent or underwriter, the offering price of such Registrable Securities and any discount, commission or other
compensation payable in respect thereof, the purchase price being paid therefor by such underwriters and with respect to any other terms of the offering of the Registrable Securities to be sold by such Electing Holder or agent or to such
underwriters; and make all required filings of such prospectus supplement or post-effective amendment promptly after notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; 
  

 -12- 

 (xi) furnish to each Electing Holder, each placement or sales agent, if any, therefor,
each underwriter, if any, thereof and the respective counsel referred to in Section 3(d)(vi) an executed copy (or, in the case of an Electing Holder, a conformed copy) of such Shelf Registration Statement, each such amendment and supplement thereto
(in each case including all exhibits thereto (in the case of an Electing Holder of Registrable Securities, upon request) and documents incorporated by reference therein) and such number of copies of such Shelf Registration Statement (excluding
exhibits thereto and documents incorporated by reference therein unless specifically so requested by such Electing Holder, agent or underwriter, as the case may be) and of the prospectus included in such Shelf Registration Statement (including each
preliminary prospectus and any summary prospectus), in conformity in all material respects with the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder, and such other
documents, as such Electing Holder, agent, if any, and underwriter, if any, may reasonably request in order to facilitate the offering and disposition of the Registrable Securities owned by such Electing Holder, offered or sold by such agent or
underwritten by such underwriter and to permit such Electing Holder, agent and underwriter to satisfy the prospectus delivery requirements of the Securities Act; and the Company and the Guarantor hereby consent to the use of such prospectus
(including such preliminary and summary prospectus) and any amendment or supplement thereto by each such Electing Holder and by any such agent and underwriter, in each case in the form most recently provided to such person by the Company or the
Guarantor, in connection with the offering and sale of the Registrable Securities covered by the prospectus (including such preliminary and summary prospectus) or any supplement or amendment thereto; 
  
 (xii) use their respective reasonable best efforts to (A)
register or qualify the Registrable Securities to be included in such Shelf Registration Statement under such securities laws or blue sky laws of such jurisdictions as any Electing Holder and each placement or sales agent, if any, therefor and
underwriter, if any, thereof shall reasonably request, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions during the period
the Shelf Registration is required to remain effective under Section 2(b) above and for so long as may be necessary to enable any such Electing Holder, agent or underwriter to complete its distribution of Securities pursuant to such Shelf
Registration Statement and (C) take any and all other actions as may be reasonably necessary or advisable to enable each such Electing Holder, agent, if any, and underwriter, if any, to consummate the disposition in such jurisdictions of such
Registrable Securities; provided, however, that neither the Company nor the Guarantor shall be required for any such purpose to (1) qualify as a foreign corporation in any jurisdiction wherein it would not otherwise be required to qualify but
for the requirements of this Section 3(d)(xii), (2) consent to general service of process in any such jurisdiction or (3) make any changes to its memorandums of association or articles of association or any agreement between it and its shareholders;

  
 (xiii) use their respective reasonable best
efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which 

  

 -13- 

 
may be required to effect the Shelf Registration or the offering or sale in connection therewith or to enable the selling holder or holders to offer, or to
consummate the disposition of, their Registrable Securities; 
  
 (xiv) unless any Registrable Securities shall be in book-entry only form, cooperate with the Electing Holders and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold, which certificates, if so required by any securities exchange upon which any Registrable Securities are listed, shall be penned, lithographed or engraved, or produced by any combination of such
methods, on steel engraved borders, and which certificates shall not bear any restrictive legends; and, in the case of an underwritten offering, enable such Registrable Securities to be in such denominations and registered in such names as the
managing underwriters may request at least two business days prior to any sale of the Registrable Securities; 
  
 (xv) provide a CUSIP, if applicable, and an ISIN number for all Registrable Securities, not later than the applicable Effective Time;

  
 (xvi) enter into one or more underwriting
agreements, engagement letters, agency agreements, “best efforts” underwriting agreements or similar agreements, as appropriate, including customary provisions relating to indemnification and contribution, and take such other actions in
connection therewith as any Electing Holders aggregating at least 50% in aggregate principal amount of the Dollar Registrable Securities at the time outstanding or any Electing Holders aggregating at least 50% in aggregate principal amount of the
Sterling Registrable Securities at the time outstanding shall request in order to expedite or facilitate the disposition of such Registrable Securities; 
  
 (xvii) whether or not an agreement of the type referred to in Section 3(d)(xvi) hereof is entered into and whether or not any portion of
the offering contemplated by the Shelf Registration is an underwritten offering or is made through a placement or sales agent or any other entity, (A) make such representations and warranties to the Electing Holders and the placement or sales agent,
if any, therefor and the underwriters, if any, thereof in form, substance and scope as are customarily made in connection with an offering of debt securities pursuant to any appropriate agreement or to a registration statement filed on the form
applicable to the Shelf Registration; (B) obtain an opinion of counsel to the Company and the Guarantor in customary form and covering such matters, of the type customarily covered by such an opinion, as the managing underwriters, if any, or as any
Electing Holders of at least 50% in aggregate principal amount of the Dollar Registrable Securities at the time outstanding or any Electing Holders aggregating at least 50% in aggregate principal amount of the Sterling Registrable Securities at the
time outstanding may reasonably request, addressed to such Electing Holder or Electing Holders and the placement or sales agent, if any, therefor and the underwriters, if any, thereof and dated the effective date of such Shelf Registration Statement
(and if such Shelf Registration Statement contemplates an underwritten offering of a part or all of the Registrable Securities, dated the date of the closing under the underwriting agreement relating thereto) (it being agreed that the matters to be
covered by such opinion shall include the 

  

 -14- 

 
due incorporation and good standing of the Company, the Guarantor and their respective subsidiaries; the qualification of the Company, the Guarantor and
their respective subsidiaries to transact business as foreign corporations; the due authorization, execution and delivery of the relevant agreement of the type referred to in Section 3(d)(xvi) hereof; the due authorization, execution, authentication
and issuance, and the validity and enforceability, of the Securities; the absence of material legal or governmental proceedings involving the Company or the Guarantor; the absence of a breach by the Company, the Guarantor or any of their respective
subsidiaries of, or a default under, material agreements binding upon the Company, the Guarantor or any of their respective subsidiaries; the absence of governmental approvals required to be obtained in connection with the Shelf Registration, the
offering and sale of the Registrable Securities, this Exchange and Registration Rights Agreement or any agreement of the type referred to in Section 3(d)(xvi) hereof, except such approvals as may be required under state securities or blue sky laws;
the material compliance as to form of such Shelf Registration Statement and any documents incorporated by reference therein and of the Indenture with the requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of
the Commission thereunder, respectively; and, as of the date of the opinion and of the Shelf Registration Statement or most recent post-effective amendment thereto, as the case may be, the absence from such Shelf Registration Statement and the
prospectus included therein, as then amended or supplemented, and from the documents incorporated by reference therein (in each case other than the financial statements and other financial information contained therein) of an untrue statement of a
material fact or the omission to state therein a material fact necessary to make the statements therein not misleading (in the case of such documents, in the light of the circumstances existing at the time that such documents were filed with the
Commission under the Exchange Act)); (C) obtain a “cold comfort” letter or letters from the independent certified public accountants of the Company addressed to the selling Electing Holders, the placement or sales agent, if any, therefor
or the underwriters, if any, thereof, dated (i) the effective date of such Shelf Registration Statement and (ii) the effective date of any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective
amendment to such Shelf Registration Statement which includes unaudited or audited financial statements as of a date or for a period subsequent to that of the latest such statements included in such prospectus (and, if such Shelf Registration
Statement contemplates an underwritten offering pursuant to any prospectus supplement to the prospectus included in such Shelf Registration Statement or post-effective amendment to such Shelf Registration Statement which includes unaudited or
audited financial statements as of a date or for a period subsequent to that of the latest such statements included in such prospectus, dated the date of the closing under the underwriting agreement relating thereto), such letter or letters to be in
customary form and covering such matters of the type customarily covered by letters of such type; (D) deliver such documents and certificates, including officers’ certificates, as may be reasonably requested by any Electing Holders of at least
50% in aggregate principal amount of the Dollar Registrable Securities at the time outstanding, any Electing Holders aggregating at least 50% in aggregate principal amount of the Sterling Registrable Securities at the time outstanding or the
placement or sales agent, if any, therefor and the managing underwriters, if any, thereof to evidence the accuracy of the representations and warranties made pursuant to clause (A) above or those contained in Section 5(a) 

  

 -15- 

 
hereof and the compliance with or satisfaction of any agreements or conditions contained in the underwriting agreement or other agreement entered into by the
Company or the Guarantor; and (E) undertake such obligations relating to expense reimbursement, indemnification and contribution as are provided in Section 6 hereof; 
  
 (xviii) notify in writing each holder of Registrable Securities of any proposal by the Company or the
Guarantor to amend or waive any provision of this Exchange and Registration Rights Agreement pursuant to Section 9(h) hereof and of any amendment or waiver effected pursuant thereto, each of which notices shall contain the text of the amendment or
waiver proposed or effected, as the case may be; 
  
 (xix) in the event that any broker-dealer registered under the Exchange Act shall underwrite any Registrable Securities or participate as a member of an underwriting syndicate or selling group or “assist in the distribution”
(within the meaning of the Conduct Rules (the “Conduct Rules) of the National Association of Securities Dealers, Inc. (“NASD”) or any successor thereto, as amended from time to time) thereof, whether as a holder of such Registrable
Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, assist such broker-dealer in complying with the requirements of such Conduct Rules, including by (A) if such Conduct Rules shall so
require, engaging a “qualified independent underwriter” (as defined in such Conduct Rules) to participate in the preparation of the Shelf Registration Statement relating to such Registrable Securities, to exercise usual standards of due
diligence in respect thereto and, if any portion of the offering contemplated by such Shelf Registration Statement is an underwritten offering or is made through a placement or sales agent, to recommend the yield of such Registrable Securities, (B)
indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 6 hereof (or to such other customary extent as may be requested by such underwriter), and (C) providing such information
to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Conduct Rules; and 
  
 (xx) comply with all applicable rules and regulations of the Commission, and make generally available to its securityholders as soon as
practicable but in any event not later than eighteen months after the effective date of such Shelf Registration Statement, an earning statement of the Guarantor and its subsidiaries complying with Section 11(a) of the Securities Act (including, at
the option of the Guarantor, Rule 158 thereunder). 
  
 (e) In the
event that the Company or the Guarantor would be required, pursuant to Section 3(d)(viii)(F) above, to notify the Electing Holders, the placement or sales agent, if any, therefor and the managing underwriters, if any, thereof, the Company and the
Guarantor shall without delay prepare and furnish to each of the Electing Holders, to each placement or sales agent, if any, and to each such underwriter, if any, a reasonable number of copies of a prospectus supplemented or amended so that, as
thereafter delivered to purchasers of Registrable Securities, such prospectus shall conform in all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission
thereunder and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light 

  

 -16- 

 
of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice from the Company or the Guarantor pursuant to Section
3(d)(viii)(F) hereof, such Electing Holder shall forthwith discontinue the disposition of Registrable Securities pursuant to the Shelf Registration Statement applicable to such Registrable Securities until such Electing Holder shall have received
copies of such amended or supplemented prospectus, and if so directed by the Company, such Electing Holder shall deliver to the Company (at the Company’s and the Guarantor’s joint expense) all copies, other than permanent file copies, then
in such Electing Holder’s possession of the prospectus covering such Registrable Securities at the time of receipt of such notice. 
  
 (f) In the event of a Shelf Registration, in addition to the information required to be provided by each Electing Holder in their respective Notice
Questionnaire, the Company may require such Electing Holder to furnish to the Company such additional information regarding such Electing Holder and such Electing Holder’s intended method of distribution of Registrable Securities as may be
required in order to comply with the Securities Act. Each such Electing Holder agrees to notify the Company as promptly as practicable of any inaccuracy or change in information previously furnished by such Electing Holder to the Company or of the
occurrence of any event in either case as a result of which any prospectus relating to such Shelf Registration contains or would contain an untrue statement of a material fact regarding such Electing Holder or such Electing Holder’s intended
method of disposition of such Registrable Securities or omits to state any material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities required to be stated therein or
necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly to furnish to the Company any additional information required to correct and update any previously furnished information or required so
that such prospectus shall not contain, with respect to such Electing Holder or the disposition of such Registrable Securities, an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in light of the circumstances then existing. 
  
 (g) Until the expiration of two years after the Closing Date, the Company and the Guarantor will not, and will not permit any of their respective “affiliates” (as defined in Rule 144) to, resell any of the
Securities that have been reacquired by any of them except pursuant to an effective registration statement under the Securities Act. 
  

	 	4.	Registration Expenses. 

  
 The Company and the Guarantor jointly agree to bear and to pay or cause to be paid promptly all expenses incident to the Company’s and the
Guarantor’s performance of or compliance with this Exchange and Registration Rights Agreement, including, without limitation, (a) all Commission and any NASD registration, filing and review fees and expenses including reasonable fees and
disbursements of counsel for the placement or sales agent or underwriters in connection with such registration, filing and review, (b) all fees and expenses in connection with the qualification of the Securities for offering and sale under the state
securities and blue sky laws referred to in Section 3(d)(xii) hereof and determination of their eligibility for investment under the laws of such jurisdictions as any managing underwriters or the Electing Holders may designate, including any
reasonable fees and disbursements of counsel for the Electing Holders or 

  

 -17- 

 
underwriters in connection with such qualification and determination, (c) all expenses relating to the preparation, printing, production, distribution and
reproduction of each registration statement required to be filed hereunder, each prospectus included therein or prepared for distribution pursuant hereto, each amendment or supplement to the foregoing, the expenses of preparing the Securities for
delivery and the expenses of printing or producing any underwriting agreements, agreements among underwriters, selling agreements and blue sky or legal investment memoranda and all other documents in connection with the offering, sale or delivery of
Securities to be disposed of (including certificates representing the Securities), (d) messenger, telephone and delivery expenses relating to the offering, sale or delivery of Securities and the preparation of documents referred in clause (c) above,
(e) fees and expenses of the Trustee under the Indenture, any agent of the Trustee and any counsel for the Trustee and of any collateral agent or custodian, (f) internal expenses (including all salaries and expenses of the Company’s and the
Guarantor’s officers and employees performing legal or accounting duties), (g) fees, disbursements and expenses of counsel and independent certified public accountants of the Company and the Guarantor (including the expenses of any opinions or
“cold comfort” letters required by or incident to such performance and compliance), (h) fees, disbursements and expenses of any “qualified independent underwriter” engaged pursuant to Section 3(d)(xix) hereof, (i) reasonable
fees, disbursements and expenses of one counsel for the Electing Holders retained in connection with a Shelf Registration, as selected by the Electing Holders of at least a majority in aggregate principal amount of the Registrable Securities held by
Electing Holders (which counsel shall be reasonably satisfactory to the Company), (j) any fees charged by securities rating services for rating the Securities, and (k) fees, expenses and disbursements of any other persons, including special experts,
retained by the Company or the Guarantor in connection with such registration (collectively, the “Registration Expenses”). To the extent that any Registration Expenses are incurred, assumed or paid by any holder of Registrable Securities
or any placement or sales agent therefor or underwriter thereof, the Company or the Guarantor shall reimburse such person for the full amount of the Registration Expenses so incurred, assumed or paid promptly after receipt of a request therefor.
Notwithstanding the foregoing, the holders of the Registrable Securities being registered shall pay all agency fees and commissions and underwriting discounts and commissions attributable to the sale of such Registrable Securities and the fees and
disbursements of any counsel or other advisors or experts retained by such holders (severally or jointly), other than the counsel and experts specifically referred to above. 
  

	 	5.	Representations and Warranties. 

  
 Each of the Company and the Guarantor represent and warrant to, and agrees with, each Purchaser and each of the holders from time to time of Registrable
Securities that: 
  
 (a) Each registration statement covering
Registrable Securities and each prospectus (including any preliminary or summary prospectus) contained therein or furnished pursuant to Section 3(d) or Section 3(c) hereof and any further amendments or supplements to any such registration statement
or prospectus, when it becomes effective or is filed with the Commission, as the case may be, and, in the case of an underwritten offering of Registrable Securities, at the time of the closing under the underwriting agreement relating thereto, will
conform in all material respects to the requirements of the Securities Act and the Trust Indenture Act and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material 

  

 -18- 

 
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and at all times subsequent
to the Effective Time when a prospectus would be required to be delivered under the Securities Act, other than from (i) such time as a notice has been given to holders of Registrable Securities pursuant to Section 3(d)(viii)(F) or Section
3(c)(iii)(F) hereof until (ii) such time as the Company and the Guarantor furnish an amended or supplemented prospectus pursuant to Section 3(e) or Section 3(c)(iv) hereof, each such registration statement, and each prospectus (including any summary
prospectus) contained therein or furnished pursuant to Section 3(d) or Section 3(c) hereof, as then amended or supplemented, will conform in all material respects to the requirements of the Securities Act and the Trust Indenture Act and the rules
and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Company by a holder of
Registrable Securities expressly for use therein. 
  
 (b) Any
documents incorporated by reference in any prospectus referred to in Section 5(a) hereof, when they become or became effective or are or were filed with the Commission, as the case may be, will conform or conformed in all material respects to the
requirements of the Securities Act or the Exchange Act, as applicable, and none of such documents will contain or contained an untrue statement of a material fact or will omit or omitted to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; provided, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to
the Company by a holder of Registrable Securities expressly for use therein. 
  
 (c) The compliance by the Company and the Guarantor with all of the provisions of this Exchange and Registration Rights Agreement and the consummation of the transactions herein contemplated will not (i) conflict with
or result in a breach of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company, the Guarantor or any of their respective
subsidiaries is a party or by which the Company, the Guarantor or any of their respective subsidiaries is bound or to which any of the property or assets of the Company, the Guarantor or any of their respective subsidiaries is subject, (ii) result
in any violation of the provisions of the memorandum of association, as amended, or the articles of association of the Company or the Guarantor or (iii) result in any violation of any statute or any order, rule or regulation of any court or
governmental agency or body having jurisdiction over the Company, the Guarantor or any of their respective subsidiaries or any of their properties, except, in the cases of clause (i) or (iii), for such conflicts, breaches or violations that,
individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect (as defined in the Purchase Agreement); and no consent, approval, authorization, order, registration or qualification of or with any such court or
governmental agency or body is required for the consummation by the Company and the Guarantor of the transactions contemplated by this Exchange and Registration Rights Agreement, except the registration under the Securities Act of the Securities,
qualification of the Indenture under the Trust Indenture Act and such consents, approvals, authorizations, registrations 

  

 -19- 

 
or qualifications as may be required under state securities or blue sky laws in connection with the offering and distribution of the Securities. 

 
 (d) This Exchange and Registration Rights Agreement has been duly
authorized, executed and delivered by the Company and the Guarantor. 
  

	 	6.	Indemnification. 

  
 (a) Indemnification by the Company and the Guarantor. The Company and the Guarantor, jointly and severally, will indemnify and hold harmless each
of the holders of Registrable Securities included in an Exchange Registration Statement, each of the Electing Holders of Registrable Securities included in a Shelf Registration Statement and each person who participates as a placement or sales agent
or as an underwriter in any offering or sale of such Registrable Securities against any losses, claims, damages or liabilities, joint or several, to which such holder, agent or underwriter may become subject under the Securities Act or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or alleged untrue statement of a material fact contained in any Exchange Registration Statement or Shelf
Registration Statement, as the case may be, under which such Registrable Securities were registered under the Securities Act, or any preliminary, final or summary prospectus contained therein or furnished by the Company or the Guarantor to any such
holder, Electing Holder, agent or underwriter, or 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 not misleading, and will reimburse such holder, such Electing Holder, such agent and such underwriter for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such action or
claim as such expenses are incurred; provided, however, that neither the Company nor the Guarantor shall be liable to any such person in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon
an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, or preliminary, final or summary prospectus, or amendment or supplement thereto, in reliance upon and in conformity with written
information furnished to the Company by such person expressly for use therein. 
  
 (b) Indemnification by the Holders and any Agents and Underwriters. The Company may require, as a condition to including any Registrable Securities in any registration statement filed pursuant to Section 2(b)
hereof and to entering into any underwriting agreement with respect thereto, that the Company shall have received an undertaking reasonably satisfactory to it from the Electing Holder of such Registrable Securities and from each underwriter named in
any such underwriting agreement, severally and not jointly, to (i) indemnify and hold harmless the Company, the Guarantor, and all other holders of Registrable Securities, against any losses, claims, damages or liabilities to which the Company, the
Guarantor or such other holders of Registrable Securities may become subject, under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue
statement or alleged untrue statement of a material fact contained in such registration statement, or any preliminary, final or summary prospectus contained therein or furnished by the Company to any such Electing Holder, agent or underwriter, or
any amendment or supplement 

  

 -20- 

 
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 not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written
information furnished to the Company by such Electing Holder or underwriter expressly for use therein, and (ii) reimburse the Company and the Guarantor for any legal or other expenses reasonably incurred by the Company and the Guarantor in
connection with investigating or defending any such action or claim as such expenses are incurred; provided, however, that no such Electing Holder shall be required to undertake liability to any person under this Section 6(b) for any amounts
in excess of the dollar or sterling amount of the proceeds to be received by such Electing Holder from the sale of such Electing Holder’s Registrable Securities pursuant to such registration. 
  
 (c) Notices of Claims, Etc. Promptly after receipt by an indemnified
party under subsection (a) or (b) above of written notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification provisions of or
contemplated by this Section 6, notify such indemnifying party in writing of the commencement of such action; but the omission so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party
otherwise than under the indemnification provisions of or contemplated by Section 6(a) or 6(b) hereof. In case any such action shall be brought against any indemnified party and it shall notify an indemnifying party of the commencement thereof, such
indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified
party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, such
indemnifying party shall not be liable to such indemnified party for any legal expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than
reasonable costs of investigation. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action
or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an
unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

  
 (d) Contribution. If for any reason the indemnification
provisions contemplated by Section 6(a) or Section 6(b) are unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each
indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault
of the indemnifying party and the indemnified party in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other 

  

 -21- 

 
relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or by such indemnified party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this Section 6(d) were determined by
pro rata allocation (even if the holders or any agents or underwriters or all of them were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in this
Section 6(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, or liabilities (or actions in respect thereof) referred to above shall be deemed to include any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6(d), no holder shall be required to contribute any amount in excess of the amount by which the
dollar or sterling amount of the proceeds received by such holder from the sale of any Registrable Securities (after deducting any fees, discounts and commissions applicable thereto) exceeds the amount of any damages which such holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, and no underwriter shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable
Securities underwritten by it and distributed to the public were offered to the public (determined in dollars in the case of Dollar Registrable Securities and in sterling in the case of Sterling Registrable Securities) exceeds the amount of any
damages which such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The holders’ and any underwriters’ obligations in this Section 6(d) to contribute shall be several in proportion to
the principal amount of Registrable Securities registered or underwritten, as the case may be, by them and not joint (calculated, as between Dollar Registrable Securities and Sterling Registrable Securities, by reference to the noon buying rate for
sterling for cable transfer on the Closing Date as certified for customs purposes by the Federal Reserve Bank of New York). 
  
 (e) The obligations of the Company and the Guarantor under this Section 6 shall be in addition to any liability which the Company or the Guarantor may
otherwise have and shall extend, upon the same terms and conditions, to each officer, director and partner of each holder, agent and underwriter and each person, if any, who controls any holder, agent or underwriter within the meaning of the
Securities Act; and the obligations of the holders and any agents or underwriters contemplated by this Section 6 shall be in addition to any liability which the respective holder, agent or underwriter may otherwise have and shall extend, upon the
same terms and conditions, to each officer and director of the Company or the Guarantor (including any person who, with his consent, is named in any registration statement as about to become a director of the Company or the Guarantor) and to each
person, if any, who controls the Company within the meaning of the Securities Act. 
  

 -22- 

	 	7.	Underwritten Offerings. 

  
 (a) Selection of Underwriters. If any of the Registrable Securities covered by the Shelf Registration are to be sold pursuant to an underwritten
offering, the managing underwriter or underwriters thereof shall be designated by Electing Holders holding at least a majority in aggregate principal amount of the Registrable Securities to be included in such offering, provided that such designated
managing underwriter or underwriters is or are reasonably acceptable to the Company. 
  
 (b) Participation by Holders. Each holder of Registrable Securities hereby agrees with each other such holder that no such holder may participate in any underwritten offering hereunder unless such holder (i)
agrees to sell such holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
  

	 	8.	Rule 144. 

  
 The Company and the Guarantor covenant to the holders of Registrable Securities that to the extent they shall be required to do so under the Exchange Act,
each shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Section 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the Commission
under the Securities Act) and the rules and regulations adopted by the Commission thereunder, and shall take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable
such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar or
successor rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Securities in connection with that holder’s sale pursuant to Rule 144, each of the Company and the Guarantor shall deliver to such
holder a written statement as to whether it has complied with such requirements. 
  

	 	9.	Irish Listing Obligations. 

  
 (a) Changes in Rate of Interest. The Company shall, and the Guarantor shall cause the Company to, notify the Irish Stock Exchange and publish a
notice in an Irish newspaper of national circulation in the event that (i) Special Interest becomes payable by the terms of this Exchange and Registration Rights Agreement or (ii) there a change for any reason to the rate of interest payable on any
of the Securities, no later than the commencement of such accrual or change. 
  
 (b) Exchange Offer Notices and Irish Exchange Agent. In the event of an Exchange Offer, the Company and the Guarantor shall, (i) prior to or on the date of commencement of such Exchange Offer, give notice of
such Exchange Offer to the Irish Stock Exchange and publish in an Irish newspaper of national circulation the announcement of the beginning of the Exchange Offer, (ii) promptly following completion of such Exchange Offer, give notice of such results
to 

  

 -23- 

 
the Irish Stock Exchange and publish in an Irish newspaper of national circulation the results of such Exchange Offer, (iii) appoint an Irish exchange agent
through which all relevant documents with respect to the Exchange Offer will be made available, (iv) and engage the registered Irish exchange agent to, and ensure that the Irish exchange agent does, perform all agency functions customarily performed
by an exchange agent, including providing a letter of transmittal and other relevant documents to holders, accepting such documents on the Company’s behalf, accepting definitive notes for exchange, and delivering Exchange Securities to holders
entitled thereto. 
  

	 	10.	Miscellaneous. 

  
 (a) No Inconsistent Agreements. Each of the Company and the Guarantor represents, warrants, covenants and agrees that it has not granted, and shall
not grant, registration rights with respect to Registrable Securities or any other securities which would be inconsistent with the terms contained in this Exchange and Registration Rights Agreement. 
  
 (b) Specific Performance. The parties hereto acknowledge that there
would be no adequate remedy at law if the Company or the Guarantor fails to perform any of their respective obligations hereunder and that the Purchasers and the holders from time to time of the Registrable Securities may be irreparably harmed by
any such failure, and accordingly agree that the Purchasers and such holders, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to compel specific performance of the obligations of the Company and
the Guarantor under this Exchange and Registration Rights Agreement in accordance with the terms and conditions of this Exchange and Registration Rights Agreement, in any court of the United States or any State thereof having jurisdiction.

  
 (c) Notices. All notices, requests, claims, demands,
waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered by hand, if delivered personally or by courier, or three days after being deposited in the mail (registered or certified mail,
postage prepaid, return receipt requested) as follows: If to the Company or the Guarantor, to the Guarantor at Centennium House, 100 Lower Thames Street, London EC3R 6DL England, and if to a holder, to the address of such holder set forth in the
security register or other records of the Company and the Guarantor, or to such other address as the Company or any such holder may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be
effective only upon receipt. 
  
 (d) Parties in Interest.
All the terms and provisions of this Exchange and Registration Rights Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and the holders from time to time of the Registrable Securities and
the respective successors and assigns of the parties hereto and such holders. In the event that any transferee of any holder of Registrable Securities shall acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation
of law or otherwise, such transferee shall, without any further writing or action of any kind, be deemed a beneficiary hereof for all purposes and such Registrable Securities shall be held subject to all of the terms of this Exchange and
Registration Rights Agreement, and by taking and holding such Registrable Securities such transferee shall be entitled to receive the benefits of, and be conclusively deemed to have agreed 

  

 -24- 

 
to be bound by all of the applicable terms and provisions of this Exchange and Registration Rights Agreement. If the Company shall so request, any such
successor, assign or transferee shall agree in writing to acquire and hold the Registrable Securities subject to all of the applicable terms hereof. 
  
 (e) Survival. The respective indemnities, agreements, representations, warranties and each other provision set forth in this Exchange and
Registration Rights Agreement or made pursuant hereto shall remain in full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf of any holder of Registrable Securities, any director, officer
or partner of such holder, any agent or underwriter or any director, officer or partner thereof, or any controlling person of any of the foregoing, and shall survive delivery of and payment for the Registrable Securities pursuant to the Purchase
Agreement and the transfer and registration of Registrable Securities by such holder and the consummation of an Exchange Offer. 
  
 (f) Joint and Several Obligations. The obligations hereunder of the Company and the Guarantor shall be joint and several. 
  
 (g) Governing Law. This Exchange and Registration
Rights Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
  
 (h) Jurisdiction. The Company and the Guarantor agree that any suit, action or proceeding against the Company or the Guarantor, respectively
brought by any Purchaser or holder of Securities, the directors, officers, employees, Affiliates and agents of any Purchaser or holder of Securities, or by any person who controls any Purchaser or holder of Securities, 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. The Company and the Guarantor each hereby appoint Corporation Services Company, 1133 Avenue of the Americas, Suite 3100, New
York, New York 10036, 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 any Purchaser or holder of Securities, the directors, officers, employees, Affiliates and agents of any Purchaser or holder of Securities, or by any
person who controls any Purchaser or holder of Securities, and expressly accepts the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company and the Guarantor each hereby represent and warrant that
the Authorized Agent has accepted such appointments and has agreed to act as said agent for service of process, and the Company 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 appointments 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 Company and the Guarantor. Notwithstanding the foregoing, any
action arising out of or based upon this Agreement may be instituted by any Purchaser or holder of Securities, the directors, officers, employees, Affiliates and agents of any Purchaser or holder of Securities, or by any person who controls any
Purchaser or holder of Securities, in any court of competent jurisdiction in the United Kingdom. The parties 

  

 -25- 

 
hereto each hereby waive any right to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement. 
  
 (i) Headings. The descriptive headings of the several Sections and
paragraphs of this Exchange and Registration Rights Agreement are inserted for convenience only, do not constitute a part of this Exchange and Registration Rights Agreement and shall not affect in any way the meaning or interpretation of this
Exchange and Registration Rights Agreement. 
  
 (j) Entire
Agreement; Amendments. This Exchange and Registration Rights Agreement and the other writings referred to herein (including the Indenture and the form of Securities) or delivered pursuant hereto which form a part hereof contain the entire
understanding of the parties with respect to its subject matter. This Exchange and Registration Rights Agreement supersedes all prior agreements and understandings between the parties with respect to its subject matter. This Exchange and
Registration Rights Agreement may be amended and the observance of any term of this Exchange and Registration Rights Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written
instrument duly executed by the Company and the holders of at least a majority in aggregate principal amount of each of the Dollar Securities and the Sterling Securities at the time outstanding. Each holder of any Registrable Securities at the time
or thereafter outstanding shall be bound by any amendment or waiver effected pursuant to this Section 9(h), whether or not any notice, writing or marking indicating such amendment or waiver appears on such Registrable Securities or is delivered to
such holder. 
  
 (k) Inspection. For so long as this
Exchange and Registration Rights Agreement shall be in effect, this Exchange and Registration Rights Agreement and a complete list of the names and addresses of all the holders of Registrable Securities shall be made available for inspection and
copying on any business day by any holder of Registrable Securities for proper purposes only (which shall include any purpose related to the rights of the holders of Registrable Securities under the Securities, the Indenture and this Agreement) at
the offices of the Company at the address thereof set forth in Section 9(c) above and at the office of the Trustee under the Indenture. 
  
 (l) Counterparts. This agreement may be executed by the parties in counterparts, each of which shall be deemed to be an original, but all such
respective counterparts shall together constitute one and the same instrument. 
  

 -26- 

 If the foregoing is in accordance with your understanding, please sign and return to us one for the
Company, the Guarantor and the Representative plus one for each counsel counterparts hereof, and upon the acceptance hereof by you, on behalf of each of the Purchasers, this letter and such acceptance hereof shall constitute a binding agreement
between each of the Purchasers, the Guarantor and the Company. It is understood that your acceptance of this letter on behalf of each of the Purchasers is pursuant to the authority set forth in a form of Agreement among Purchasers, the form of which
shall be submitted to the Company for examination upon request, but without warranty on your part as to the authority of the signers thereof. 
  

					
	 Very truly yours,

	
	 GLOBAL CROSSING (UK) FINANCE PLC

		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
	
	GLOBAL CROSSING (UK) TELECOMMUNICATIONS LIMITED
		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

			
	 Accepted as of the date hereof:
 GOLDMAN,
SACHS & CO.

		
	By:	 	 
	 	 	(Goldman, Sachs & Co.)

  

 -27- 

  
 Exhibit A 

 
 Global Crossing (UK) Finance Plc 
  
 INSTRUCTION TO DTC PARTICIPANTS 
  
 (Date of Mailing) 
  
 URGENT - IMMEDIATE ATTENTION REQUESTED 
  
 DEADLINE FOR RESPONSE: [DATE]a 
  
 The Depository Trust Company
(“DTC”) has identified you as a DTC Participant through which beneficial interests in the Global Crossing (UK) Finance Plc (the “Company”) $200,000,000 10.75% Senior Secured Notes Due 2014 (the “Securities”) are held.

  
 The Company is in the process of registering the Securities under the
Securities Act of 1933 for resale by the beneficial owners thereof. In order to have their Securities included in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration Statement and Selling
Securityholder Questionnaire. 
  
 It is important that beneficial owners of the
Securities receive a copy of the enclosed materials as soon as possible as their rights to have the Securities included in the registration statement depend upon their returning the Notice and Questionnaire by [Deadline For
Response].1 Please forward a copy of the enclosed documents to each beneficial owner that holds interests in the
Securities through you. If you require more copies of the enclosed materials or have any questions pertaining to this matter, please contact Global Crossing (UK) Finance Plc, Centennium House, 100 Lower Thames Street, London EC3R 6DL England,
Telephone: +44 (0) 845 000 1000. 

	1	Not less than 28 calendar days from date of mailing. 

  

 A-1 

  
 Global Crossing (UK)
Finance Plc 
  
 Notice of Registration Statement 
 and  
 Selling Securityholder
Questionnaire 
  
 (Date) 
  
 Reference is hereby made to the Exchange and Registration Rights Agreement (the
“Exchange and Registration Rights Agreement”) among Global Crossing (UK) Finance Plc (the “Company”), Global Crossing (UK) Telecommunications Limited (the “Guarantor”) and the Purchasers named therein. Pursuant to the
Exchange and Registration Rights Agreement, the Company has submitted with the United States Securities and Exchange Commission (the “Commission”) a registration statement on Form F-3 (the “Shelf Registration Statement”) for the
registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Company’s $200,000,000 10.75% Senior Secured Notes due 2014 (the “Securities”). A copy of the Exchange and
Registration Rights Agreement is attached hereto. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Exchange and Registration Rights Agreement. 
  
 Each beneficial owner of Dollar Registrable Securities (as defined below) is entitled to have
the Dollar Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In order to have Dollar Registrable Securities included in the Shelf Registration Statement, this Notice of Registration Statement and Selling
Securityholder Questionnaire (“Notice and Questionnaire”) must be completed, executed and delivered to the Company’s counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial owners of
Dollar Registrable Securities who do not complete, execute and return this Notice and Questionnaire by such date (i) will not be named as selling securityholders in the Shelf Registration Statement and (ii) may not use the Prospectus forming a part
thereof for resales of Dollar Registrable Securities. 
  
 Certain legal
consequences arise from being named as a selling securityholder in the Shelf Registration Statement and related Prospectus. Accordingly, holders and beneficial owners of Dollar Registrable Securities are advised to consult their own securities law
counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf Registration Statement and related Prospectus. 
  
 The term “Dollar Registrable Securities” is defined in the Exchange and Registration Rights Agreement. 
  

 A-2 

 ELECTION 
  
 The undersigned holder (the “Selling Securityholder”) of Dollar Registrable Securities hereby elects to include in the Shelf Registration Statement the Dollar
Registrable Securities beneficially owned by it and listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire, agrees to be bound with respect to such Dollar Registrable Securities by the terms and conditions
of this Notice and Questionnaire and the Exchange and Registration Rights Agreement, including, without limitation, Section 6 of the Exchange and Registration Rights Agreement, as if the undersigned Selling Securityholder were an original party
thereto. 
  
 Upon any sale of Dollar Registrable Securities pursuant to the Shelf
Registration Statement, the Selling Securityholder will be required to deliver to the Company and Trustee the Notice of Transfer set forth in Appendix A to the Prospectus and as Exhibit B to the Exchange and Registration Rights Agreement.

  

 A-3 

 The Selling Securityholder hereby provides the following information to the Company and represents and warrants that such
information is accurate and complete: 
  
 QUESTIONNAIRE 

 

	(1)	(a) Full Legal Name of Selling Securityholder: 

  

	 	

  

	 	(b)	Full Legal Name of Registered Holder (if not the same as in (a) above) of Dollar Registrable Securities Listed in Item (3) below: 

  

	 	

  

	 	(c)	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) Through Which Dollar Registrable Securities Listed in Item (3) below are Held:

  

	 	

  

	(2)	Address for Notices to Selling Securityholder: 

  

					
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Telephone:	 	 	 	 
	Fax:	 	 	 	 
	Contact Person:	 	 	 	 

  

	(3)	Beneficial Ownership of Securities: 

  
 Except as set forth below in this Item (3), the undersigned does not beneficially own any Securities. 
  

	 	(a)	Principal amount of Dollar Registrable Securities beneficially owned:
                                        
      

 CUSIP No(s). of such Dollar Registrable Securities:
                                        
                                 
  

	 	(b)	Principal amount of Securities other than Dollar Registrable Securities beneficially owned:  

  

	 	

 CUSIP or ISIN No(s). of such other Securities:
                                        
                                        

  

	 	(c)	Principal amount of Dollar Registrable Securities which the undersigned wishes to be included in the Shelf Registration Statement: ______ CUSIP No(s). of such Dollar
Registrable Securities to be included in the Shelf Registration Statement:
                                        
                                        
                                        

  

 A-4 

	(4)	Beneficial Ownership of Other Securities of the Company or the Guarantor: 

  
 Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any other securities of
the Company or the Guarantor, other than the Securities listed above in Item (3). 
  
 State any exceptions here: 
  

	(5)	Relationships with the Company or the Guarantor: 

  
 Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more)
has held any position or office or has had any other material relationship with the Company or the Guarantor (or their respective predecessors or affiliates) during the past three years. 
  
 State any exceptions here: 
  

	(6)	Plan of Distribution: 

  
 Except as set forth below, the undersigned Selling Securityholder intends to distribute the Dollar Registrable Securities listed above in Item (3) only
as follows (if at all): Such Dollar Registrable Securities may be sold from time to time directly by the undersigned Selling Securityholder or, alternatively, through underwriters, broker-dealers or agents. Such Dollar Registrable Securities may be
sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or
block transactions) (i) on any national securities exchange or quotation service on which the Dollar Registered Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such
exchanges or services or in the over-the-counter market, or (iv) through the writing of options. In connection with sales of the Dollar Registrable Securities or otherwise, the Selling Securityholder may enter into hedging transactions with
broker-dealers, which may in turn engage in short sales of the Dollar Registrable Securities in the course of hedging the positions they assume. The Selling Securityholder may also sell Dollar Registrable Securities short and deliver Dollar
Registrable Securities to close out such short positions, or loan or pledge Dollar Registrable Securities to broker-dealers that in turn may sell such securities. 
  

 A-5 

 State any exceptions here: 
  
 By signing below, the Selling Securityholder acknowledges that it understands its obligation to comply, and agrees that it will comply, with
the provisions of the Exchange Act and the rules and regulations thereunder, particularly Regulation M. 
  
 In the event that the Selling Securityholder transfers all or any portion of the Dollar Registrable Securities listed in Item (3) above after the date on which such information is provided to the Company, the Selling
Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations under this Notice and Questionnaire and the Exchange and Registration Rights Agreement. 
  
 By signing below, the Selling Securityholder consents to the disclosure of the information
contained herein in its answers to Items (1) through (6) above and the inclusion of such information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder understands that such information will be relied upon by the
Company and the Guarantor in connection with the preparation of the Shelf Registration Statement and related Prospectus. 
  
 In accordance with the Selling Securityholder’s obligation under Section 3(d) of the Exchange and Registration Rights Agreement to provide such information as may be
required by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein which may occur subsequent to the date hereof at
any time while the Shelf Registration Statement remains in effect. All notices hereunder and pursuant to the Exchange and Registration Rights Agreement shall be made in writing, by hand-delivery, first-class mail, or air courier guaranteeing
overnight delivery as follows: 
  

	 	(i)	To the Company: 

  

					
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 

  

	 	(ii)	With a copy to: 

  

					
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 

  

 A-6 

 Once this Notice and Questionnaire is executed by the Selling Securityholder and received by the Company’s counsel,
the terms of this Notice and Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives, and
assigns of the Company, the Guarantor and the Selling Securityholder (with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed in Item (3) above. This Agreement shall be governed in all respects by the
laws of the State of New York. 
  

 A-7 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and
delivered either in person or by its duly authorized agent. 
  
 Dated:
                                 
  

					
	 
	Selling Securityholder
	(Print/type full legal name of beneficial owner of Dollar Registrable Securities)
		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  
 PLEASE RETURN THE COMPLETED AND
EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY’S COUNSEL AT: 
  

			
		
	 	 	 
		
	 	 	 
		
	 	 	 
		
	 	 	 
		
	 	 	 

  

 A-8 

  
 Exhibit B 

 
 NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT 
  
 The Bank of New York 
 Global Crossing (UK) Finance Plc 
 c/o The Bank of New York 
 One Canada Square 
 London, E14 5AL 
 United Kingdom 
  

	Attention:	Trust Officer 

  

	 	Re:	Global Crossing (UK) Finance Plc (the “Company”) 

	 	    	$200,000,000 10.75% Senior Secured Notes due 2014 (the “Notes”) 

  
 Dear Sirs: 
  
 Please be advised that                              has transferred $
                 aggregate principal amount of the above-referenced Notes pursuant to an effective Registration Statement on Form F-3 (File No.
333-             ) filed by the Company. 
  
 We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial owner of the Notes is named as a “Selling
Holder” in the Prospectus dated [date] or in supplements thereto, and that the aggregate principal amount of the Notes transferred are the Notes listed in such Prospectus opposite such owner’s name. 
  
 Dated: 
  

			
	 Very truly yours,

	
	 
	 (Name)

		
	 By:
	 	 
	 	 	 (Authorized Signature)

  

 B-1 

  
 Exhibit C 

 
 Global Crossing (UK) Finance Plc 
  
 INSTRUCTION TO EUROCLEAR AND CLEARSTREAM PARTICIPANTS 
  
 (Date of Mailing) 
  
 URGENT - IMMEDIATE ATTENTION REQUESTED 
  
 DEADLINE FOR RESPONSE: [DATE]a 
  
 Euroclear System (“Euroclear”) or Clearstream Banking, société anonyme (“Clearstream”), has identified you as a Euroclear or Clearstream Participant through which beneficial
interests in the Global Crossing (UK) Finance Plc (the “Company”) £105,000,000 11.75% Senior Secured Notes due 2014 (the “Securities”) are held. 
  
 The Company is in the process of registering the Securities under the Securities Act of 1933 for resale by the beneficial owners thereof. In
order to have their Securities included in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration Statement and Selling Securityholder Questionnaire. 
  
 It is important that beneficial owners of the Securities receive a copy of the enclosed
materials as soon as possible as their rights to have the Securities included in the registration statement depend upon their returning the Notice and Questionnaire by [Deadline For Response].1 Please forward a copy of the enclosed documents to each beneficial owner that holds interests in the Securities through you. If you require more copies of the
enclosed materials or have any questions pertaining to this matter, please contact Global Crossing (UK) Finance Plc, Centennium House, 100 Lower Thames Street, London EC3R 6DL England, Telephone: +44 (0) 845 000 1000. 

	a	Not less than 28 calendar days from date of mailing. 

  

 C-1 

  
 Global Crossing (UK) Finance
Plc 
  
 Notice of Registration Statement 
 and  
 Selling Securityholder
Questionnaire 
  
 (Date) 
  
 Reference is hereby made to the Exchange and Registration Rights Agreement (the
“Exchange and Registration Rights Agreement”) among Global Crossing (UK) Finance Plc (the “Company”), Global Crossing (UK) Telecommunications Limited (the “Guarantor”) and the Purchasers named therein. Pursuant to the
Exchange and Registration Rights Agreement, the Company has submitted with the United States Securities and Exchange Commission (the “Commission”) a registration statement on Form F-3 (the “Shelf Registration Statement”) for the
registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Company’s £105,000,000 11.75% Senior Secured Notes due 2014 (the “Securities”). A copy of the Exchange and
Registration Rights Agreement is attached hereto. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Exchange and Registration Rights Agreement. 
  
 Each beneficial owner of Sterling Registrable Securities (as defined below) is entitled to
have the Sterling Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In order to have Sterling Registrable Securities included in the Shelf Registration Statement, this Notice of Registration Statement and
Selling Securityholder Questionnaire (“Notice and Questionnaire”) must be completed, executed and delivered to the Company’s counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for Response]. Beneficial
owners of Sterling Registrable Securities who do not complete, execute and return this Notice and Questionnaire by such date (i) will not be named as selling securityholders in the Shelf Registration Statement and (ii) may not use the Prospectus
forming a part thereof for resales of Sterling Registrable Securities. 
  
 Certain
legal consequences arise from being named as a selling securityholder in the Shelf Registration Statement and related Prospectus. Accordingly, holders and beneficial owners of Sterling Registrable Securities are advised to consult their own
securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf Registration Statement and related Prospectus. 
  
 The term “Sterling Registrable Securities” is defined in the Exchange and Registration Rights Agreement. 
  

 C-2 

  
 ELECTION 
  
 The undersigned holder (the “Selling Securityholder”) of Sterling Registrable
Securities hereby elects to include in the Shelf Registration Statement the Sterling Registrable Securities beneficially owned by it and listed below in Item (3). The undersigned, by signing and returning this Notice and Questionnaire, agrees to be
bound with respect to such Sterling Registrable Securities by the terms and conditions of this Notice and Questionnaire and the Exchange and Registration Rights Agreement, including, without limitation, Section 6 of the Exchange and Registration
Rights Agreement, as if the undersigned Selling Securityholder were an original party thereto. 
  
 Upon any sale of Sterling Registrable Securities pursuant to the Shelf Registration Statement, the Selling Securityholder will be required to deliver to the Company and Trustee the Notice of Transfer set forth in
Appendix A to the Prospectus and as Exhibit D to the Exchange and Registration Rights Agreement. 
  

 C-3 

 The Selling Securityholder hereby provides the following information to the Company and represents and warrants that such
information is accurate and complete: 
  
 QUESTIONNAIRE 

 

	(1)	(a) Full Legal Name of Selling Securityholder: 

                                       
                                        
                                        
                                        
                                        
                                        
      
  

	 	(b)	Full Legal Name of Registered Holder (if not the same as in (a) above) of Sterling Registrable Securities Listed in Item (3) below: 

                                       
                                        
                                        
                                        
                                        
                                        
      
  

	 	(c)	Full Legal Name of Euroclear or Clearstream Participant (if applicable and if not the same as (b) above) Through Which Sterling Registrable Securities Listed in Item (3) below are
Held: 

                                       
                                        
                                        
                                        
                                        
                                        
      
  

	(2)	Address for Notices to Selling Securityholder: 

  

					
	 	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	Telephone:	  	 	  	 
	Fax:	  	 	  	 
	Contact Person:	  	 	  	 

  

	(3)	Beneficial Ownership of Securities: 

  
 Except as set forth below in this Item (3), the undersigned does not beneficially own any Securities. 
  

	 	(a)	Principal amount of Sterling Registrable Securities beneficially owned:  

 ISIN No(s). of such Sterling Registrable Securities: _________________________________________________________ 
  

	 	(b)	Principal amount of Securities other than Sterling Registrable Securities beneficially owned:  

	 	    	CUSIP or ISIN No(s). of such other Securities: _____________________________________________________________ 

  

	 	(c)	Principal amount of Sterling Registrable Securities which the undersigned wishes to be included in the Shelf Registration Statement:
___________________________________________________________________________________ 

 ISIN No(s). of such Sterling
Registrable Securities to be included in the Shelf Registration Statement: ________________ 
  

 C-4 

	(4)	Beneficial Ownership of Other Securities of the Company or the Guarantor: 

  
 Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any other securities of
the Company or the Guarantor other than the Securities listed above in Item (3). 
  
 State any exceptions here: 
  

	(5)	Relationships with the Company or the Guarantor: 

  
 Except as set forth below, neither the Selling Securityholder nor any of its affiliates, officers, directors or principal equity holders (5% or more)
has held any position or office or has had any other material relationship with the Company or the Guarantor (or their respective predecessors or affiliates) during the past three years. 
  
 State any exceptions here: 
  

	(6)	Plan of Distribution: 

  
 Except as set forth below, the undersigned Selling Securityholder intends to distribute the Sterling Registrable Securities listed above in Item (3)
only as follows (if at all): Such Sterling Registrable Securities may be sold from time to time directly by the undersigned Selling Securityholder or, alternatively, through underwriters, broker-dealers or agents. Such Sterling Registrable
Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may
involve crosses or block transactions) (i) on any national securities exchange or quotation service on which the Sterling Registered Securities may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions
otherwise than on such exchanges or services or in the over-the-counter market, or (iv) through the writing of options. In connection with sales of the Sterling Registrable Securities or otherwise, the Selling Securityholder may enter into hedging
transactions with broker-dealers, which may in turn engage in short sales of the Sterling Registrable Securities in the course of hedging the positions they assume. The Selling Securityholder may also sell Sterling Registrable Securities short and
deliver Registrable Securities to close out such short positions, or loan or pledge Sterling Registrable Securities to broker-dealers that in turn may sell such securities. 
  

 C-5 

 State any exceptions here: 
  
 By signing below, the Selling Securityholder acknowledges that it understands its obligation to comply, and agrees that it will comply, with
the provisions of the Exchange Act and the rules and regulations thereunder, particularly Regulation M. 
  
 In the event that the Selling Securityholder transfers all or any portion of the Sterling Registrable Securities listed in Item (3) above after the date on which such information is provided to the Company, the
Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations under this Notice and Questionnaire and the Exchange and Registration Rights Agreement. 
  
 By signing below, the Selling Securityholder consents to the disclosure of the information
contained herein in its answers to Items (1) through (6) above and the inclusion of such information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder understands that such information will be relied upon by the
Company and the Guarantor in connection with the preparation of the Shelf Registration Statement and related Prospectus. 
  
 In accordance with the Selling Securityholder’s obligation under Section 3(d) of the Exchange and Registration Rights Agreement to provide such information as may be
required by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein which may occur subsequent to the date hereof at
any time while the Shelf Registration Statement remains in effect. All notices hereunder and pursuant to the Exchange and Registration Rights Agreement shall be made in writing, by hand-delivery, first-class mail, or air courier guaranteeing
overnight delivery as follows: 
  

	 	(i)	To the Company: 

  

					
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 

  

	 	(ii)	With a copy to: 

  

					
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 
			
	 	  	 	  	 

  

 C-6 

 Once this Notice and Questionnaire is executed by the Selling Securityholder and received by the Company’s counsel,
the terms of this Notice and Questionnaire, and the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives, and
assigns of the Company, the Guarantor and the Selling Securityholder (with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed in Item (3) above. This Agreement shall be governed in all respects by the
laws of the State of New York. 
  

 C-7 

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and
delivered either in person or by its duly authorized agent. 
  
 Dated:
                                 
  

					
	 
	Selling Securityholder
	(Print/type full legal name of beneficial owner of Sterling Registrable Securities)
		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  
 PLEASE RETURN THE COMPLETED AND
EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE] TO THE COMPANY’S COUNSEL AT: 
  

			
		
	 	 	 
		
	 	 	 
		
	 	 	 
		
	 	 	 
		
	 	 	 

  

 C-8 

  
 Exhibit D 

 
 NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT 
  
 The Bank of New York 
 Global Crossing (UK) Finance Plc 
 c/o The Bank of New York 
 One Canada Square 
 London, E14 5AL 
 United Kingdom 
  

	Attention:	Trust Officer 

  

	 	Re:	Global Crossing (UK) Finance Plc (the “Company”) 

	 	    	£105,000,000 11.75% Senior Secured Notes due 2014 (the “Notes”) 

  
 Dear Sirs: 
  
 Please be advised that                      has transferred
£                      aggregate principal amount of the above-referenced Notes pursuant to an effective Registration Statement on Form
F-3 (File No. 333-             ) filed by the Company. 
  
 We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial
owner of the Notes is named as a “Selling Holder” in the Prospectus dated [date] or in supplements thereto, and that the aggregate principal amount of the Notes transferred are the Notes listed in such Prospectus opposite such
owner’s name. 
  
 Dated: 
  

			
	 Very truly yours,

	
	 
	 (Name)

		
	 By:
	 	 
	 	 	 (Authorized Signature)

  

 D-1

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