Document:

EXHIBIT 10.1

 Exhibit 10.1 
 PLAN SUPPORT AGREEMENT 
 This PLAN SUPPORT AGREEMENT is made and entered into as of March
    , 2009 (as may be amended from time to time in accordance with the terms set forth herein, this “Agreement”) by and among the following parties: 
 (a) The undersigned beneficial owners of, or holders of investment authority over (subject to the
addendum attached hereto) (each, a “Consenting Noteholder,” and collectively, the “Consenting Noteholders”), the (i) 8% Senior Notes due 2014 (the “8% Notes”) issued by Primus
Telecommunications Holding, Inc. (“Holding”) and guaranteed by Primus Telecommunications Group, Incorporated (“Group”), (ii) 5% Exchangeable Senior Notes due 2010 (the “5% Notes,” and together
with the 8% Notes, the “Holding Notes”) issued by Holding and guaranteed by Group, and/or (iii) 14  1/4% Senior Secured Notes due 2011 (the “IHC Second Lien Notes”) issued by Primus Telecommunications IHC, Inc. (“IHC”) and guaranteed by Group, Holding and certain other subsidiaries of Group (the Holding
Notes and the IHC Second Lien Notes referred to in clauses (i), (ii) and (iii) collectively referred to as the “Notes”); and 
 (b) Group, Holding, IHC and Primus Telecommunications International, Inc. (“PTII”) (Group, Holding, IHC and PTII collectively, the “Debtors”) (the Debtors, each of the foregoing Consenting
Noteholders and any subsequent person that becomes a party hereto as a Consenting Noteholder (pursuant to the Joinder attached hereto as Exhibit B), a “Party,” and collectively, the “Parties”). 
 RECITALS 
 WHEREAS, each
Consenting Noteholder is the beneficial holder of a Claim, as that term is defined in section 101(5) of title 11 of the United States Code (each, a “Claim,” and collectively, the “Claims”); 
 WHEREAS, the Debtors have determined that a prompt restructuring concerning or impacting, inter alia, the Notes and related Claims
evidenced thereby pursuant to the terms of this Agreement and the term sheet attached hereto as Exhibit C (the “Plan Term Sheet”) would be in the best interests of its creditors and shareholders (such restructuring being, the
“Restructuring”); 
 WHEREAS, the Parties intend to implement the Restructuring through a confirmed plan of
reorganization under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”), the form and substance of which shall be reasonably satisfactory to the Debtors and the holders of more than a majority of the aggregate
outstanding principal amount of the Claims held by each of (i) the Consenting Noteholders that hold the Holding Notes (the “Requisite Holding Noteholders”) and (ii) the Consenting Noteholders that hold the IHC Second Lien
Notes (the “Requisite Second Lien Noteholders”); 
 WHEREAS, in order to implement the Restructuring, the Debtors
have agreed, subject to the terms and conditions of this Agreement, (i) to prepare and file (a) a plan of reorganization that is consistent in all material respects with this Agreement and the Plan Term Sheet, and which shall be in form
and substance reasonably acceptable to the Requisite Holding Noteholders and the Requisite Second Lien Noteholders (such plan of reorganization together 

 
with all exhibits thereto, the “Plan”) in cases filed under chapter 11 of the Bankruptcy Code by the Debtors (the “Chapter 11
Cases”) and (b) a disclosure statement that is consistent in all material respects with the terms of the Plan and the Restructuring, and which shall be in form and substance reasonably acceptable to the Requisite Holding Noteholders
and the Requisite Second Lien Noteholders (the “Disclosure Statement”), and (ii) to use commercially reasonable efforts to have the Disclosure Statement approved and the Plan confirmed by the United States Bankruptcy Court for
the District of Delaware (the “Bankruptcy Court”) pursuant to an order confirming the Plan which shall be in form and substance reasonably acceptable to the Requisite Holding Noteholders and the Requisite Second Lien Noteholders
(the “Confirmation Order”); 
 WHEREAS, the Parties have engaged in good faith negotiations with the objective of
reaching an agreement with regard to the Restructuring; 
 WHEREAS, each Consenting Noteholder has reviewed, or has had the
opportunity to review, this Agreement and the Plan Term Sheet with the assistance of professional legal advisors of its own choosing; and 
 WHEREAS, each Consenting Noteholder desires to support and vote to accept the Plan, and the Debtors desire to support and pursue the Plan, in each case subject to the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and the promises, mutual covenants and agreements set forth herein and for other good and
valuable consideration, the Parties agree as follows: 
 AGREEMENT 
 Section 1. Agreements of the Consenting Noteholders. 
  

	1.1	Ownership. 

 Each Consenting Noteholder represents,
severally and not jointly that, as of the date hereof: 
  

	 	(a)	it is the legal owner, beneficial owner and/or holder of investment authority over, and has the full power to vote, dispose of and compromise, the aggregate principal amount of each
series of Notes set forth opposite such Consenting Noteholder’s name on the signature pages hereof, and the registered holder and the custodial party for such Consenting Noteholder’s Notes are set forth on Exhibit A hereto (which
Exhibit A shall remain confidential unless disclosure is required by court order or such Consenting Noteholder consents); and 

  

	 	(b)	to the actual knowledge of such Consenting Noteholder, there are no other Claims of which it is the legal owner, beneficial owner and/or investment advisor relating to the Debtors
unless such Consenting Noteholder does not possess the full power to vote and dispose of such Claims. 

  

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	1.2	Voting by Consenting Noteholders. 

 As long as a
Termination Event (as defined herein) has not occurred, or has occurred but has been duly waived or cured in accordance with the terms hereof, and provided that each Consenting Noteholder has been properly solicited pursuant to sections 1125 and
1126 of the Bankruptcy Code, each Consenting Noteholder agrees (x) to cast all votes to which it is entitled with respect to its Claims in favor of the Plan in accordance with the voting procedures described in the Disclosure Statement and all
other solicitation materials distributed in connection therewith; (y) to the extent such election is available, not elect on its ballot to preserve Claims in respect of the Notes, if any, that such Consenting Noteholder may own that may be
affected by any releases provided for under the Plan; and (z) not withdraw or revoke its acceptance unless the Plan is modified in any respect in a manner inconsistent with the Plan Term Sheet (other than modifications that are immaterial to
such Consenting Noteholder), or this Agreement is terminated in accordance with its terms. Anything in this Agreement to the contrary notwithstanding, each Consenting Noteholder hereby acknowledges and agrees that all Notes owned by such Consenting
Noteholder are subject to the terms and conditions of this Agreement (whether or not such Notes are listed and/or described on Exhibit A hereto or Annex II to a Joinder Agreement) and no Consenting Noteholder shall be permitted to exclude any
portion of its Notes from the terms of this Agreement. 
  

	1.3	Support of Plan. 

  

	 	(a)	Support of the Restructuring. As long as a Termination Event has not occurred, or has occurred but has been duly waived or cured in accordance with the terms hereof, each of
the Consenting Noteholders agrees that, by having executed and become party to this Agreement, it will instruct its counsel to take, or instruct its counsel to cause to be taken, all actions reasonably necessary to facilitate, encourage or otherwise
support the Restructuring and the transactions contemplated by the Plan Term Sheet, and that it otherwise will not take, or cause to be taken, directly or indirectly, any action opposing, inconsistent with, or that would otherwise delay the
consummation of the Restructuring or the transactions contemplated by the Plan Term Sheet. Without limiting the generality of the foregoing, and subject to the last paragraph of this Section 1.3(a), each Consenting Noteholder agrees that it
will, 

  

	 	(i)	not directly or indirectly seek, solicit, participate in, support or vote in favor of any other plan, termination of the Debtors’ exclusive right to file and solicit
acceptances of a plan of reorganization, sale, proposal or offer of dissolution, winding up, liquidation, reorganization, merger or restructuring of the Debtors that would reasonably be expected to prevent, delay or impede the restructuring of the
Debtors as contemplated by the Plan Term Sheet, the Plan or any other document filed in connection with confirming the Plan that is not inconsistent with this Agreement or the Plan Term Sheet (collectively, an “Alternative
Transaction”); 

  

	 	(ii)	 not directly or indirectly (i) engage in, continue or otherwise participate in any negotiations regarding any Alternative Transaction, (ii) enter into a

  

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letter of intent, memorandum of understanding, agreement in principle or other agreement relating to any Alternative Transaction or (iii) withhold,
withdraw, qualify or modify its approval or recommendation of this Agreement, the Plan, the Plan Term Sheet, or the Restructuring; 

  

	 	(iii)	[Intentionally Deleted] 

  

	 	(iv)	not oppose the Debtors’ request for the entry of customary “first day” orders, so long as such “first day” orders are in form and substance reasonably
acceptable to the Requisite Holding Noteholders and the Requisite Second Lien Noteholders (“the “First Day Orders”); 

  

	 	(v)	support entry of an order approving the Disclosure Statement; 

  

	 	(vi)	support confirmation of the Plan and entry by the Bankruptcy Court of the Confirmation Order; 

  

	 	(vii)	support the release provisions contained in the Plan; 

  

	 	(viii)	execute and deliver customary letter(s), in form and substance reasonably acceptable to the Debtors, for distribution to holders of the Notes, stating that such Consenting
Noteholder supports and has committed to vote to approve the Plan; 

  

	 	(ix)	not object to or otherwise commence any proceeding opposing or proposing to alter any of the terms of this Agreement, the Plan Term Sheet, the Disclosure Statement or the Plan; and

  

	 	(x)	not knowingly encourage any other entity to object to, delay, impede, appeal or take any other action, directly or indirectly, to interfere with the implementation of the Plan.

 Anything in this Section 1.3(a) or elsewhere in this Agreement to the contrary notwithstanding, nothing contained herein or in the Plan
Term Sheet shall: (A) limit the ability of a Consenting Noteholder to consult with other Consenting Noteholders or the Debtors; (B) limit the rights of a Consenting Noteholder under any applicable bankruptcy, insolvency, foreclosure or
similar proceeding (including the Chapter 11 Cases), including, without limitation, appearing as a party in interest in any matter to be adjudicated concerning the Debtors or any of their respective assets or properties so long as such appearance
and the positions advocated in connection therewith are not materially inconsistent with the Consenting Noteholder’s obligations hereunder; (C) limit the ability of a Consenting Noteholder to sell or enter into any transactions in
connection with the Notes or any other Claims of such Consenting Noteholder, subject to Section 1.5 hereof; or (D) limit the rights of any Consenting Noteholder under the indenture or any other documents or agreements governing or
evidencing the Notes or other Claims of such Consenting Noteholder (collectively, the “Note Documents”), or constitute a waiver or amendment of any provision of any of the Note Documents. 
  

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	 	(b)	Agreement to Forbear. Each Consenting Noteholder agrees that until this Agreement has been terminated in accordance with the terms herein, it shall not (i) take any
action or otherwise pursue any right or remedy under the Note Documents, including claims against any non-Debtor issuer, guarantor or otherwise liable party under the Note Documents, or (ii) initiate or at the instruction of such Consenting
Noteholder have initiated on its behalf, any litigation or proceeding of any kind with respect to the Holding Notes or the IHC Second Lien Notes, including actions against any non-Debtor issuer, guarantor or otherwise liable party under the Note
Documents, other than to enforce this Agreement. 

  

	 	(c)	Committee Matters. Notwithstanding anything contained in this Agreement to the contrary, (i) the Parties shall be permitted to become members of, and interact with, any
committee of creditors appointed in the Chapter 11 Cases (a “Committee”) and (ii) if a Consenting Noteholder is appointed to, and serves on a Committee, the terms of this Agreement shall not be construed to limit the Consenting
Noteholder’s exercise of its fiduciary duties solely in its role as a member of such Committee, and any exercise of such fiduciary duties shall not be deemed to constitute a breach of the terms of this Agreement; provided, however, that serving
as a member of such Committee shall not relieve such Consenting Noteholder (in its capacity as a Consenting Noteholder and not in its capacity as a member of such Committee) of its obligations under this Agreement unless such obligations are
inconsistent with its duties as a member of a Committee; provided, further, that nothing in this Agreement shall be construed as requiring any Consenting Noteholder to serve on any Committee. 

  

	1.4	Further Acquisition of Claims. 

 Nothing in this
Agreement shall be deemed to limit or restrict the ability or right of a Consenting Noteholder to acquire any additional Notes (“Additional Notes”) or other claims against or interests in the Debtors or any affiliates of the
Debtors; provided, however, that in the event a Consenting Noteholder acquires any such Additional Notes (or other claims or interests) after the date hereof, such Additional Notes (and any other claims or interests)
shall immediately upon such acquisition become subject to the terms of this Agreement. Notwithstanding the foregoing, each Consenting Noteholder, as applicable, acknowledges and agrees that it remains subject to and bound by any standstill or
similar provisions (“Standstill Provisions”) contained in any confidentiality agreement (each, a “Confidentiality Agreement”) executed by the Debtors (or any one of them), on the one hand, and such Consenting
Noteholder, on the other, in accordance with the terms of such Confidentiality Agreement unless such Standstill Provisions have been terminated or expired in accordance with the terms of the Confidentiality Agreement. 
  

	1.5	Transfer of Claims, Interests and Securities. 

 Each
of the Consenting Noteholders hereby agrees, for so long as this Agreement has not been terminated (such period, the “Restricted Period”), not to directly or indirectly, (i) sell, assign, transfer, pledge, hypothecate or
otherwise dispose of any of its Notes or Claims or any option, right or interest (voting, participation or otherwise) therein or (ii) grant any proxies, 

  

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deposit any of its Notes in a voting trust or enter into a voting agreement with respect to any of its Notes or Claims (each such transfer, a
“Transfer”), provided, however, that, notwithstanding the foregoing, and subject to the Standstill Provisions (if any) contained in any existing Confidentiality Agreement that have not been terminated or expired in accordance with
the terms of such Confidentiality Agreement, a Consenting Noteholder may Transfer its Notes or Claims if (a) the transferee thereof is a Consenting Noteholder or (b) if the transferee thereof is not a Consenting Noteholder,
(i) executes and delivers to the Debtors a Joinder and (ii) delivers such Joinder to Group before the close of five (5) business days after the relevant Transfer (each such transferee becoming, upon the Transfer, a Consenting
Noteholder hereunder). Group, Holding and IHC, as appropriate, shall promptly acknowledge any such Transfer in writing and provide a copy of that acknowledgement to the transferor. By their acknowledgement of the relevant Transfer, Group, Holding
and IHC, as appropriate, shall be deemed to have acknowledged that their obligations to the Consenting Noteholders hereunder shall be deemed to constitute obligations in favor of the relevant transferee as a Consenting Noteholder hereunder.

  

	1.6	Representations of the Consenting Noteholders. 

 Each Consenting Noteholder represents, severally and not jointly that, as of the date hereof: 
  

	 	(a)	it has full power to vote, dispose of and compromise the aggregate principal amount of its Claims; 

  

	 	(b)	such Consenting Noteholder, or the holder for whom it acts as investment advisor or manager, is either (i) a “Qualified Institutional Buyer” as defined in Rule
144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”), or (ii) an “Accredited Investor” (as such term is defined in subparagraph (1), (2), (3) or (7) of Rule 501
promulgated under the Securities Act); 

  

	 	(c)	the financial situation of such Consenting Noteholder is such that it can afford to bear the economic risk of holding the Distributable New Equity and Holding Warrants (as such
terms are defined in the Plan Term Sheet) (collectively, the “New Securities”); 

  

	 	(d)	the knowledge and experience of such Consenting Noteholder in financial and business matters is such that it, together with its advisors, is capable of evaluating the merits and
risks of the investment in the New Securities; 

  

	 	(e)	such Consenting Noteholder understands that the New Securities are a speculative investment that involve a high degree of risk of loss of its investment therein, that there may be
substantial restrictions on the transferability of the New Securities and, accordingly, it may not be possible to liquidate such Consenting Noteholder’s investment; 

  

	 	(f)	in making its decision to invest in the New Securities hereunder, such Consenting Noteholder has relied upon independent investigations made by such Consenting Noteholder and, to
the extent believed by such Consenting Noteholder to be appropriate, such Consenting Noteholder’s representatives, including such Consenting Noteholder’s own professional, tax and other advisors; 

  

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	 	(g)	such Consenting Noteholder and its representatives, if any, have received and reviewed this Agreement and all exhibits hereto, and have been given the opportunity to examine all
documents and to ask questions of, and to receive answers from, Group, Holding and IHC and their representatives concerning the terms and conditions of the investment in the New Securities; 

  

	 	(h)	it has been advised by Group that (i) the offer and sale of the New Securities has not been registered under the Securities Act, (ii) the offer and sale of the New
Securities is intended to be exempt from registration pursuant to section 1145 of the Bankruptcy Code, and (iii) there is no established market for the New Securities and such a public market for the New Securities may not be established in the
foreseeable future; and 

  

	 	(i)	it is familiar with Rule 144 promulgated by the Securities and Exchange Commission under the Securities Act, as presently in effect, and understands the resale limitations imposed
thereby and by the Securities Act. 

 Section 2. Agreements of the Debtors. 
  

	2.1	Implementation of the Plan. 

 To implement the Plan
Term Sheet, the Debtors hereby agree to use their commercially reasonable efforts to: 
  

	 	(a)	effectuate and consummate the Restructuring on the terms contemplated by this Agreement, the Plan Term Sheet and the Plan; 

  

	 	(b)	file the Plan and the Disclosure Statement with the Bankruptcy Court on or before 5 days after the date on which the Debtors file the Chapter 11 Cases with respect to the
Restructuring in the Bankruptcy Court (the “Petition Date”), or such later date as may be mutually agreed upon by Group and by each of (i) the Requisite Holding Noteholders and (ii) the Requisite Second Lien Noteholders
(the “Filing Date”); 

  

	 	(c)	obtain entry by the Bankruptcy Court of an order approving the Disclosure Statement on or before 40 days following the Filing Date, or such later date as may be mutually agreed upon
by Group and by each of (i) the Requisite Holding Noteholders and (ii) the Requisite Second Lien Noteholders; 

  

	 	(d)	solicit the requisite acceptances of the Plan in accordance with section 1125 of the Bankruptcy Code on or before 75 following the Filing Date, or such later date as may be mutually
agreed upon by Group and by each of (i) the Requisite Holding Noteholders and (ii) the Requisite Second Lien Noteholders; 

  

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	 	(e)	move the Bankruptcy Court to enter the Confirmation Order on or before 90 days following the Filing Date, or such later date as may be mutually agreed upon by Group and by each of
(i) the Requisite Holding Noteholders and (ii) the Requisite Second Lien Noteholders; and 

  

	 	(f)	take no actions materially inconsistent with this Agreement, the Plan Term Sheet and the Plan or the expeditious confirmation and consummation of the Plan; 

provided, however, that the Debtors shall have distributed such documents referenced in this Section 2.1 (which shall include the
Plan, the Disclosure Statement and the Confirmation Order), the First Day Orders, and any documents, motions and orders that are material to the Restructuring and the Chapter 11 Cases, and which shall not include any documents, motions and orders
that are immaterial or primarily covering case administration issues, and afforded reasonable opportunity for comment and review to the respective legal and financial advisors for the Consenting Noteholders in advance of any filing thereof. The
Debtors shall not seek to implement any transaction or series of transactions that would effect a restructuring of the Debtors on terms other than the terms set forth in this Agreement and the Plan Term Sheet. 
  

	2.2	The Debtors’ Fiduciary Obligations. 

 Notwithstanding anything to the contrary contained in this Agreement: 
  

	 	(a)	any directors or officers of the Company (in such person’s capacity as a director or officer of the Company) may take any action to the extent such person reasonably believes
(after consultation with outside legal counsel) such action is required to comply with his or her fiduciary obligations under applicable law (including but not limited to any obligations to creditors, after consultation with such creditors and good
faith consideration of such creditors’ position), and such action shall not be deemed to constitute a breach of the terms of this Agreement. 

  

	 	(b)	the Debtors may terminate their obligations under this Agreement by written notice to the Consenting Noteholders if the Debtors, in good faith exercise of their business judgment,
and after consulting with outside counsel, determine that there is a sufficient risk of non-performance by the Debtors with respect to the financial obligations contemplated under the Plan Term Sheet and the Plan such that the Plan is no longer in
the best interests of the Debtors’ estates. 

 Section 3. Plan Term Sheet. 
 The Plan Term Sheet is incorporated herein by reference and is made part of this Agreement. Each of the Debtors and the Consenting Noteholders has
reviewed, or has had the opportunity to review, the Plan Term Sheet and, by signing below, agrees and acknowledges that it is acceptable to and is approved by such Debtor or Consenting Noteholder. Capitalized terms used herein without definition
shall have the meanings ascribed to any such terms in the Plan Term Sheet, and capitalized terms used in the Plan Term Sheet without definition shall have the meanings ascribed to any such terms in this Agreement. The general terms and conditions of
the Restructuring are set forth in the Plan Term Sheet; provided, however, that the Plan Term Sheet 

  

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is supplemented by the terms and conditions of this Agreement. In the event of any inconsistencies between the terms of this Agreement and the Plan Term
Sheet, the Plan Term Sheet shall govern. 
 Section 4. Mutual Representations and Warranties. 
 Each of (i) the Consenting Noteholders, severally and not jointly, represents and warrants to the Debtors and (ii) the Debtors, jointly and
severally, represent and warrant to the Consenting Noteholders that the following statements, as applicable, are true, correct and complete as of the date hereof: 
  

	4.1	Power and Authority. 

 It has all requisite power
and authority to enter into this Agreement and to carry out the transactions contemplated by, and perform its respective obligations under, this Agreement, the Plan Term Sheet and the Plan. 
  

	4.2	Due Organization. 

 Any Party that is not a natural
person is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and that it otherwise has the requisite power and authority to execute and deliver this Agreement and to perform its obligations
hereunder. 
  

	4.3	Enforceability. 

 Subject to the provisions of
sections 1125 and 1126 of the Bankruptcy Code, and Section 8.7 hereof, this Agreement is a legal, valid and binding obligation of such Party, enforceable against it in accordance with its terms, except as enforcement may be limited by
applicable laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. 
  

	4.4	No Consent or Approval. 

 Except as expressly
provided in this Agreement, no consent or approval is required by any other entity in order for such Party to carry out the provisions of this Agreement. 
  

	4.5	Authorization. 

 The execution and delivery by such
Party of this Agreement and the performance of such Party’s obligations hereunder have been duly authorized by all necessary action on its part. 
  

	4.6	Execution. 

 This Agreement has been duly executed
and delivered by such Party. 
  

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	4.7	Governmental Consents. 

 The execution, delivery and
performance by such Party of this Agreement does not and shall not require any registration or filing with, consent or approval of, or notice to, or other action to, with or by, any federal, state or other governmental authority or regulatory body,
except such filings as (i) are identified in the Plan Term Sheet; (ii) may be necessary and/or required under the federal securities laws; and (iii) in connection with the commencement of the Chapter 11 Cases, the approval of the
Disclosure Statement and entry of the Confirmation Order. 
  

	4.8	No Conflicts. 

 The execution, delivery and
performance of this Agreement by such Party does not and shall not (a) violate any provision of law, rule or regulations applicable to it or, as applicable, any of its subsidiaries; (b) with respect to a Party that is not a natural person,
violate its certificate of incorporation, bylaws or other organizational documents or those of any of its subsidiaries; or (c) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any
material contractual obligation to which it or, as applicable, any of its subsidiaries is a party, except to the extent such contractual obligation relates to the filing of a case under the Bankruptcy Code or any action taken in furtherance thereof
or the solvency of the Debtors. 
  

	Section 5.	No Waiver of Participation and Preservation of Rights. 

 Except as expressly provided in this Agreement, nothing herein is intended to, does or shall be deemed in any manner to waive, limit, impair or restrict the ability of each of the Parties to protect and preserve its
rights, remedies and interests, including, but not limited to, its Claims against any of the Debtors or its full participation in the Chapter 11 Cases. Without limiting the foregoing sentence in any way, if the transactions contemplated by this
Agreement or otherwise set forth in the Plan are not consummated as provided herein, if a Termination Event occurs, or if this Agreement is otherwise terminated for any reason, the Parties each fully reserve any and all of their respective rights,
remedies and interests and claims against the other Parties hereto. 
  

	Section 6.	Acknowledgement and Agreement. 

  

	 	(a)	This Agreement and the Plan Term Sheet and the transactions contemplated herein and therein are the product of negotiations between the Parties and their respective representatives.
This Agreement is not and shall not be deemed to be a solicitation of votes for the acceptance of a plan of reorganization for the purposes of sections 1125 and 1126 of the Bankruptcy Code or otherwise. The Debtors will not solicit acceptances of
the Plan from any Consenting Noteholder until the Consenting Noteholders have been provided with copies of a Disclosure Statement approved by the Bankruptcy Court. Each Party further acknowledges that no securities of any Debtor are being offered or
sold hereby and that this Agreement does not constitute an offer to sell or a solicitation of an offer to buy any securities of any Debtor. 

  

	 	(b)	Subject to the terms and conditions set forth herein, the Parties agree to negotiate in good faith all of the documents and transactions described in the Plan Term Sheet and in this
Agreement. 

  

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 Section 7. Termination. 
  

	7.1	Termination Events. 

 The term “Termination
Event,” wherever used in this Agreement, means any of the following events (whatever the reason for such Termination Event and whether it is voluntary or involuntary): 
  

	 	(a)	at 5:00 p.m. prevailing Eastern Time five (5) business days after the date of this Agreement, if this Agreement has not been executed by the holders of at least two-thirds (or
a majority upon the consent of the Debtors) of the outstanding principal amount of Claims held by each of (i) the holders that hold the Holding Notes (the “Threshold Holding Noteholders”) and (ii) the holders that hold the
IHC Second Lien Notes (the “Threshold Second Lien Noteholders”). 

  

	 	(b)	the Plan or any subsequent Plan filed by the Debtors with the Bankruptcy Court (or a Plan supported or endorsed by the Debtors) is not in a form and substance that is reasonably
satisfactory to each of (i) the Requisite Holding Noteholders and (ii) the Requisite Second Lien Noteholders; 

  

	 	(c)	the Debtors shall not have (i) commenced the Chapter 11 Cases in the Bankruptcy Court on or prior to March 16, 2009, or (ii) filed the Plan and Disclosure Statement
with the Bankruptcy Court on or prior to the Filing Date; 

  

	 	(d)	the Disclosure Statement is not approved on or before 60 days following the Filing Date, or such later date as may be mutually agreed upon by Group and by each of (i) the
Requisite Holding Noteholders and (ii) the Requisite Second Lien Noteholders; 

  

	 	(e)	the Confirmation Order, in form and substance reasonably satisfactory to the Debtors and each of (i) the Requisite Holding Noteholders and (ii) the Requisite Second Lien
Noteholders, confirming the Plan is not entered on or before 90 days following the Filing Date, or such later date as may be mutually agreed upon by Group and by each of (i) the Requisite Holding Noteholders and (ii) the Requisite Second
Lien Noteholders; 

  

	 	(f)	the effective date of the Plan shall not have occurred on or before 120 days following the Filing Date, or such later date as may be mutually agreed upon by Group and by each of
(i) the Requisite Holding Noteholders and (ii) the Requisite Second Lien Noteholders; 

  

	 	(g)	the Bankruptcy Court shall not have entered an interim order approving the use of cash collateral or otherwise approving the Debtors’ use of cash to fund the chapter 11 cases
within 15 days of the Petition Date, or such later date as may be mutually agreed upon by Group and by each of (i) the Requisite Holding Noteholders and (ii) the Requisite Second Lien Noteholders; 

  

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	 	(h)	any of the Chapter 11 Cases are converted to cases under chapter 7 of the Bankruptcy Code; 

  

	 	(i)	the Bankruptcy Court shall enter an order in any of the Chapter 11 Cases appointing (i) a trustee under chapter 7 or chapter 11 of the Bankruptcy Code, (ii) a responsible
officer or (iii) an examiner, in each case with enlarged powers relating to the operation of the business (powers beyond those set forth in subclauses (3) and (4) of Section 1106(a)) under Section 1106(b) of the Bankruptcy
Code; 

  

	 	(j)	any of the Chapter 11 Cases are dismissed; 

  

	 	(k)	the Confirmation Order is reversed on appeal or vacated; 

  

	 	(l)	any Party has breached any material provision of this Agreement or the Plan Term Sheet and such breach has not been duly waived or cured in accordance with the terms hereof after a
period of five (5) days following written notice to the breaching party; 

  

	 	(m)	any court or governmental authority shall enter a final, non-appealable judgment or order declaring this Agreement or any material portion hereof to be unenforceable or enjoining
the consummation of a material portion of the transactions contemplated hereby; 

  

	 	(n)	the Debtors shall withdraw the Plan or publicly announce their intention not to support the Plan, or propose a reorganization or plan under the Bankruptcy Code other than the Plan;

  

	 	(o)	the Debtors inform the Consenting Noteholders in writing of their determination, under Section 2.2 hereof, that there is a sufficient risk of non-performance by the Debtors
with respect to the financial obligations contemplated under the Plan such that the Plan contemplated by the Plan Term Sheet is no longer in the best interests of the Debtors’ estates; 

  

	 	(p)	the occurrence, prior to the Petition Date, of an “Event of Default” as defined in and under any indenture or other Note Documents governing the Notes, in each case, which
is not waived pursuant to the terms of, or remains uncured for the applicable period under, the relevant indenture or other Note Documents; 

  

	 	(q)	the Debtors lose the exclusive right to file and solicit acceptances of a plan of reorganization; 

  

	 	(r)	any final definitive documents evidencing the Restructuring, or the transactions contemplated by the Plan Term Sheet (the “Definitive Documents”), including any
modification or amendment thereof, provides for any terms that are not, in whole or in part, consistent in any material respect with all or any portion of the Plan Term Sheet and is not otherwise reasonably satisfactory in all respects to each of
(i) the Requisite Holding Noteholders and (ii) the Requisite Second Lien Noteholders; 

  

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	 	(s)	the Debtors file any motion or pleading with the Bankruptcy Court that is not consistent in any material respect with this Agreement or the Plan Term Sheet and such motion or
pleading has not been withdrawn prior to the earlier of (i) two (2) business days of the Debtors receiving notice that such motion or pleading is inconsistent with this Agreement or the Plan Term Sheet and (ii) entry of an order of
the Bankruptcy Court approving such motion; 

  

	 	(t)	the Bankruptcy Court grants relief that is inconsistent with this Agreement or the Plan Term Sheet in any material respect; 

  

	 	(u)	the commencement of an avoidance action affecting the rights of any Consenting Noteholder by the Debtors or the commencement of such an action by any other party; or

  

	 	(v)	subject to the execution of an appropriate and otherwise reasonable confidentiality agreement, the failure by the Debtors to provide to the Consenting Noteholders and their
advisors, including Stroock & Stroock & Lavan LLP, and Andrews Kurth LLP (i) reasonable access to the books and records of the Debtors and (ii) reasonable access to the respective management and advisors of the Debtors
for the purposes of evaluating the Debtors’ respective business plans and participating in the plan process with respect to the Restructuring. 

 The foregoing Termination Events are intended solely for the benefit of the Debtors and the Consenting Noteholders; provided that neither the Debtors nor any Consenting Noteholder may seek to terminate
this Agreement based upon a material breach or a failure of a condition (if any) in this Agreement arising out of its own actions or omissions. Upon a termination of this Agreement, the provisions of this Agreement (other than this Section 7.1)
shall become null and void and have no further force or effect, and there shall be no continuing liability or obligation of any Party hereunder, except that no such termination shall relieve any Party from liability for its breach or non-performance
of its obligations hereunder prior to the date of such termination. If this Agreement has been terminated in accordance with this Section 7.1 at a time when permission of the Bankruptcy Court shall be required for a Consenting Noteholder to
change or withdraw (or cause to change or withdraw) its vote to accept the Plan, the Debtors shall not oppose any attempt by such Consenting Noteholder to change or withdraw (or cause to change or withdraw) such vote at such time. 
  

	7.2	Termination Event Procedures. 

  

	 	(a)	Upon the occurrence of a Termination Event pursuant to Section 7.1(b) hereof, either: (i) the Requisite Holding Noteholders and/or (ii) the Requisite Second Lien
Noteholders shall have the right to terminate this Agreement and the Plan Term Sheet by giving written notice to the other Parties, only if the occurrence of the Termination Event has not been waived or cured after a period of five (5) days
following written notice. 

  

 13 

	 	(b)	Upon the occurrence of a Termination Event pursuant to Section 7.1(l) hereof, either (i) the Debtors, (ii) the Requisite Holding Noteholders and/or (iii) the
Requisite Second Lien Noteholders shall have the right to terminate this Agreement and the Plan Term Sheet, as to themselves, by giving written notice thereof to the other Parties. 

  

	 	(c)	Upon the occurrence of a Termination Event contemplated by clauses (h), (i), (j), (k), (m), (n) or (o) of Section 7.1 hereof, this Agreement and the Plan Term Sheet
shall automatically terminate without further action. 

  

	 	(d)	Except as set forth in Sections 7.2(a), (b) and (c) hereof, upon the occurrence of a Termination Event, this Agreement and the Plan Term Sheet shall automatically
terminate without further action unless no later than three (3) business days after the occurrence of any such Termination Event, the occurrence of such Termination Event is waived in writing by each of (i) the Requisite Holding
Noteholders and (ii) the Requisite Second Lien Noteholders. The Parties hereby waive any requirement under section 362 of the Bankruptcy Code to lift the automatic stay thereunder (the “Automatic Stay”) in connection with
giving any such notice (and agree not to object to any non-breaching Party seeking to lift the Automatic Stay in connection with giving any such notice, if necessary). Any such termination (or partial termination) of this Agreement shall not
restrict the Parties’ rights and remedies for any breach of this Agreement by any Party, including, but not limited to, the reservation of rights set forth in Section 5 hereof. 

 If this Agreement terminates pursuant to the occurrence of a Termination Event as provided herein, with respect to either the Consenting Noteholders
holding the Holding Notes or the Consenting Noteholders holding the IHC Second Lien Notes, the class of noteholders to which this Agreement has not terminated (either the Consenting Noteholders holding the Holding Notes or the Consenting Noteholders
holding the IHC Second Lien Notes), can elect to terminate this Agreement as to themselves by delivering written notice to the Debtors within thirty (30) days of the occurrence of the Termination Event. 
  

	7.3	Consent to Termination. 

 In addition to the
Termination Events set forth in Section 7.1 hereof, this Agreement may be terminated by mutual agreement of the Debtors and by each of (i) the Requisite Holding Noteholders and (ii) the Requisite Second Lien Noteholders. 

Section 8. Miscellaneous Terms. 
  

	8.1	Binding Obligation; Assignment. 

  

	 	(a)	 Binding Obligation. Subject to the provision of sections 1125 and 1126 of the Bankruptcy Code, this Agreement is a legally valid and binding obligation of
the Parties and their respective successors and assigns, other than a trustee or similar representative appointed in the Chapter 11 Cases, enforceable in accordance with its terms, and shall inure to the benefit of the Parties and their respective

  

 14 

	 	 
successors and assigns. Nothing in this Agreement, express or implied, shall give to any entity, other than the Parties and their respective successors and
assigns, any benefit or any legal or equitable right, remedy or claim under this Agreement. The agreements, representations, warranties, covenants and obligations of the Consenting Noteholders contained in this Agreement are, in all respects,
several and not joint. 

  

	 	(b)	Assignment. No rights or obligations of any Party under this Agreement may be assigned or transferred to any other entity except as provided for herein.

  

	8.2	Further Assurances. 

 The Parties agree to execute
and deliver such other instruments and perform such acts, in addition to the matters herein specified, as may be reasonably appropriate or necessary, from time to time, to effectuate the agreements and understandings of the Parties set forth in this
Agreement. 
  

	8.3	Headings. 

 The headings of all sections of this
Agreement are inserted solely for the convenience of reference and are not a part of and are not intended to govern, limit or aid in the construction or interpretation of any term or provision hereof. 
  

	8.4	Governing Law. 

 THIS AGREEMENT IS TO BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT GIVING EFFECT TO THE CHOICE OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK). By its execution and delivery of this Agreement, each of the Parties hereto hereby irrevocably and unconditionally agrees for itself that any legal action, suit or proceeding against it with respect to any
matter under or arising out of or in connection with this Agreement or for recognition or enforcement of any judgment rendered in any such action, suit or proceeding, may be brought in either a state or federal court of competent jurisdiction in the
State of New York (County of New York). By execution and delivery of this Agreement, each of the Parties hereto hereby irrevocably accepts and submits itself to the nonexclusive jurisdiction of each such court, generally and unconditionally, with
respect to any such action, suit or proceeding. Notwithstanding the foregoing consent to jurisdiction in either a state or federal court of competent jurisdiction in the State of New York (County of New York), upon the commencement of the Chapter 11
Cases, each of the Parties hereto hereby agrees that, if the Chapter 11 Cases are pending, the Bankruptcy Court shall have exclusive jurisdiction of all matters arising out of or in connection with this Agreement. 
  

 15 

	8.5	Complete Agreement, Interpretation and Modification. 

  

	 	(a)	Complete Agreement. This Agreement, the Plan Term Sheet and the other agreements, exhibits and other documents referenced herein and therein constitute the complete agreement
between the Parties with respect to the subject matter hereof and supersedes all prior agreements, oral or written, between or among the Parties with respect thereto, provided, however, that, to the extent not terminated
or expired by its terms, each Confidentiality Agreement and each indenture and other Note Document shall survive this Agreement and shall continue to be in full force and effect in accordance with its terms irrespective of the terms hereof.

  

	 	(b)	Interpretation. This Agreement is the product of negotiation by and among the Parties. Any Party enforcing or interpreting this Agreement shall interpret it in a neutral
manner. There shall be no presumption concerning whether to interpret this Agreement for or against any Party by reason of that Party having drafted this Agreement, or any portion thereof, or caused it or any portion thereof to be drafted.

  

	 	(c)	Modification of this Agreement and the Plan Term Sheet. This Agreement, including any exhibits or supplements hereto, may not be modified, amended or supplemented and a
Termination Event may not be waived except in a writing signed by the Debtors and by each of (i) the Requisite Holding Noteholders and (ii) the Requisite Second Lien Noteholders who are not then in breach hereof; provided,
however, that any modification of, or amendment or supplement to, this Section 8.5(c) shall require the written consent of all of the Parties. 

  

	8.6	Execution of this Agreement; 

 This Agreement may be
executed and delivered (by facsimile or otherwise) in any number of counterparts, each of which, when executed and delivered, shall be deemed an original, and all of which together shall constitute the same agreement. Except as expressly provided in
this Agreement, each individual executing this Agreement on behalf of a Party has been duly authorized and empowered to execute and deliver this Agreement on behalf of said Party. 
  

	8.7	Effectiveness. 

 This Agreement shall become
effective and binding upon each of the Parties that have executed and delivered counterpart signature pages hereto, if and only if, this Agreement has been executed and delivered by the Threshold Holding Noteholders and the Threshold Second Lien
Noteholders; provided, however, that signature pages executed by Consenting Noteholders shall be delivered to (a) other Consenting Noteholders in a redacted form that removes such Consenting Noteholders’ holdings of the Notes and
(b) the Debtors and advisors to the Consenting Noteholders in an unredacted form. 
  

	8.8	Specific Performance. 

 The Parties hereto
acknowledge and agree that money damages would not be an adequate remedy for any breach of the terms of this Agreement and, accordingly, the Parties hereto agree 

  

 16 

 
that each non-breaching Party shall be entitled to specific performance and injunctive or other equitable relief as a remedy for any such breach, including,
without limitation, an order of the Bankruptcy Court or other court of competent jurisdiction requiring any Party to comply promptly with any of its obligations hereunder. 
  

	8.9	Settlement Discussions. 

 This Agreement and the
Restructuring are part of a proposed settlement of a dispute among the Parties. Nothing herein shall be deemed an admission of any kind. Pursuant to Federal Rule of Evidence 408 and any applicable state rules of evidence, this Agreement and all
negotiations relating thereto shall not be admissible into evidence in any proceeding other than a proceeding to enforce the terms of this Agreement. 
  

	8.10	Survival. 

 Each of the Parties acknowledges and
agrees that this Agreement is being executed in connection with negotiations concerning the Restructuring and in contemplation of the possible commencement of the Chapter 11 Cases by the Debtors. Accordingly, (i) the rights granted in this
Agreement are enforceable by each signatory hereto without approval of the Bankruptcy Court, (ii) the exercise of such rights shall not violate the Automatic Stay provisions of the Bankruptcy Code and (iii) subject to their respective
fiduciary out, each Party hereto hereby waives its right to assert a contrary position in the Chapter 11 Cases, if any, with respect to the foregoing. 
  

	8.11	Consideration. 

 The Debtors and each Consenting
Noteholder hereby acknowledge that no consideration, other than that specifically described herein and in the Plan Term Sheet, shall be due or paid to the Consenting Noteholders for their agreement to vote to accept the Plan in accordance with the
terms and conditions of this Agreement, other than the Debtors’ agreement to use commercially reasonable efforts to obtain approval of the Disclosure Statement and to seek to confirm the Plan in accordance with the terms and conditions of the
Plan Term Sheet. 
  

	8.12	Disclosure. 

 Until the commencement of the Chapter
11 Cases, and subject to the terms of any Confidentiality Agreement, each of the Parties hereto (a) shall keep the terms and existence of this Agreement, including the Plan Term Sheet, confidential and (b) shall not, and shall cause its
and its affiliates directors, officers, partners, members, employees, agents, advisors, fiduciaries and other representatives not to, without the prior written consent of the other Parties, disclose such information in any manner whatsoever, in
whole or in part; provided, however, that the foregoing shall not prohibit any party from making any filings or other disclosures that may be necessary and/or required under the federal securities laws; and provided,
further, that if such disclosure is so required by law or regulation, the Debtors shall afford the Consenting Noteholders a reasonable opportunity to review and comment upon any such announcement or disclosure prior to the Debtors making such
announcement or disclosure. The foregoing shall not prohibit the Debtors from disclosing the approximate aggregate holdings of Notes held by the Consenting Noteholders (but not the identity of individual Consenting Noteholders and their holdings).

  

 17 

	8.13	Notices. 

 All notices hereunder shall be deemed
given if in writing and delivered, if sent by facsimile, courier or by registered or certified mail (return receipt requested) to the following addresses and facsimile numbers (or at such other addresses or facsimile numbers as shall be specified by
like notice): 
  

	 	(a)	If to the Debtors, to 

 Primus Telecommunications Group,
Incorporated 
 7901 Jones Branch Drive, Suite 900 
 McLean, Virginia 22102 
 Facsimile: (703) 902-2814 
 Attn: John F. DePodesta 
 With copies to

 Skadden, Arps, Slate, Meagher & Flom LLP 
 333 West Wacker Drive, Suite 1900 
 Chicago, Illinois 60606 
 Facsimile: (312) 407-0411 
 Attn:
George Panagakis 
 and 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 300 South Grand Avenue, Suite 3400 
 Los Angeles, California 90071 
 Facsimile:
(213) 687-5600 
 Attn: Casey Fleck 
  

	 	(b)	If to a Consenting Noteholder or a transferee thereof, to the addresses or facsimile numbers set forth below following the Consenting Noteholder’s signature (or as directed by
any transferee thereof), as the case may be, with copies to: 

 Stroock & Stroock & Lavan LLP 
 180 Maiden Lane 
 New York, New York 10038

 Facsimile: (212) 806-6006 
 Attn: Kristopher M. Hansen 
 and 
 Attn: Lori E. Kata 
 and 
  

 18 

 Andrews Kurth LLP 
 450 Lexington Avenue, 15th Floor 
 New York, NY 10017 
 Facsimile: (212) 850-2929 
 Attn: Paul N. Silverstein 
 and 
 Attn: Jonathan I. Levine 

 

	 	(c)	Any notice given by delivery, mail or courier shall be effective when received. Any notice given by facsimile shall be effective upon oral or machine confirmation of transmission.

  

	8.14	Relationship Among Parties. 

 It is understood and
agreed that no Consenting Noteholder has any duty of trust or confidence in any form with any other Consenting Noteholder, and, except as provided in this Agreement, there are no commitments among or between them. In this regard, it is understood
and agreed that any Consenting Noteholder may trade in the Notes or other debt or equity securities of the Debtors without the consent of the Debtors or any other Consenting Noteholder, subject to applicable securities laws and the terms of this
Agreement and any Confidentiality Agreement (if applicable); provided further that no Consenting Noteholder shall have any responsibility for any such trading by any other entity by virtue of this Agreement. No prior history, pattern or
practice of sharing confidences among or between the Consenting Noteholders shall in any way affect or negate this understanding and agreement. 
  

 19 

 IN WITNESS WHEREOF, the Parties have entered into this Agreement on the day and year first written above.

  

			
	PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PRIMUS TELECOMMUNICATIONS HOLDING, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PRIMUS TELECOMMUNICATIONS IHC, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PRIMUS TELECOMMUNICATIONS INTERNATIONAL, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 20 

 Accepted and agreed to by the 
 Consenting Noteholders (subject to the Addendum attached hereto) named below: 
 CONSENTING NOTEHOLDERS: 
 [NAME OF NOTEHOLDER] 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	Address:	 	  

		 	  

		 	  

		
	Telephone:	 	  

		
	Facsimile:	 	  

  

 21 

 Addendum. Application of this Agreement. 
 Notwithstanding anything to the contrary in this Agreement, this Agreement applies only to the Credit Trading Group of J.P. Morgan Securities Inc. (the “JPMSI
Credit Trading Group”) in its capacity as a holder of the Notes and related Claims and the JPMSI Credit Trading Group’s position in the Notes and related Claims and, the term “Consenting Noteholder” means only the JPMSI Credit
Trading Group and such business unit’s position in the Notes and related Claims and does not apply to (i) any Notes, related Claims, securities, loans, other obligations or any other interests in the Debtors that may be held, acquired or
sold by, or any activities, services or businesses conducted or provided by, any other group or business unit within, or affiliate of, J.P. Morgan Securities Inc., (ii) any credit facilities to which JPMorgan Chase & Co. or any of its
affiliates (other than the JPMSI Credit Trading Group) (“Morgan”) is a party in effect as of the date hereof, (iii) any new credit facility, amendment to an existing credit facility, or debt or equity securities offering involving
Morgan, (iv) any direct or indirect principal activities undertaken by any Morgan entity engaged in the venture capital, private equity or mezzanine businesses, or portfolio companies in which they have investments, (v) any ordinary course
sales and trading activity undertaken by employees who not a member of the deal team involved on a day to day basis in the discussions regarding the Restructuring, (vi) any Morgan entity or business engaged in providing private banking or
investment management services or (vii) any Notes or related Claims that may be beneficially owned by non-affiliated clients of J.P. Morgan Securities Inc. Provided, further, that with respect to Section 4.8, JMPSI Credit Trading Group is
only making such representation and warranty on its own business units’ behalf and not on the behalf of any affiliates or subsidiaries thereof. 
  

 22 

 EXHIBIT A 
  

				
	 Claim
	  	Principal
Amount
	 5% Exchangeable Senior Notes due 2010
	  	$	            
	 8% Senior Notes due 2014
	  	$	            
	 14  1/4% Senior
Secured Notes dues 2011
	  	$	            

  

									
	 Held as Follows:
	 		 		 		 	
					
	 Amount/Security
	 	 	 	 Registered Holder
	 	 	 	 Custodian

					
	  
	 		 	  
	 		 	  

					
	  
	 		 	  
	 		 	  

					
	  
	 		 	  
	 		 	  

  

 23 

 EXHIBIT B 
 JOINDER 
 This Joinder to the Plan Support Agreement, dated as of March
    , 2009, by and among Primus Telecommunications Holding, Inc. (“Holding”), Primus Telecommunications Group, Incorporated (“Group”), Primus Telecommunications IHC, Inc.
(“IHC”), Primus Telecommunications International, Inc. (“PTII”) and the Consenting Noteholders signatory thereto (the “Agreement”), is executed and delivered by
[                                        ] (the
“Joining Party”) as of [                    ], 2009. Each capitalized term used herein but not otherwise defined shall have the
meaning set forth in the Agreement. 
 1. Agreement to be Bound. The Joining Party hereby agrees to be bound by all of the terms of the
Agreement, attached to this Joinder as Annex I (as the same may be hereafter amended, restated or otherwise modified from time to time). The Joining Party shall hereafter be deemed to be a “Consenting Noteholder” and a
“Party” for all purposes under the Agreement. 
 2. Representations and Warranties. With respect to the Notes set forth
Annex II hereto (which Annex II shall remain confidential unless disclosure is required by court order or the Joining Party consents) and all related claims, rights and causes of action arising out of or in connection with or otherwise
relating to such Notes, the Joining Party hereby makes the representations and warranties of the Consenting Noteholders set forth in the Agreement to each other Party to the Agreement. 
 3. Governing Law. This Joinder shall be governed by and construed in accordance with the internal laws of the State of New York, without regard to
any conflicts of law provisions which would require the application of the law of any other jurisdiction. 
 * * * * * 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 
  

 24 

 EXHIBIT C 
 Summary Of Principal Terms Of Proposed Plan Of Reorganization 
 (The “Plan Term
Sheet”) 
 THE PLAN TERM SHEET AND SUMMARY IS NOT AN OFFER WITH RESPECT TO ANY SECURITIES OR SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN PURSUANT
TO SECTION 1125 OF THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL BE MADE ONLY IN COMPLIANCE WITH ALL APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY CODE. THIS OUTLINE IS BEING PROVIDED IN FURTHERANCE OF SETTLEMENT
DISCUSSIONS AND IS ENTITLED TO PROTECTION PURSUANT TO FED. R. EVID. 408 AND ANY SIMILAR RULE OF EVIDENCE. THE TRANSACTIONS DESCRIBED IN THIS OUTLINE ARE SUBJECT IN ALL RESPECTS TO, AMONG OTHER THINGS, THE AGREEMENT OF THE CONSENTING NOTEHOLDERS,
ENTRY INTO AN APPROPRIATE PLAN SUPPORT AGREEMENT, DEFINITIVE DOCUMENTATION, INCLUDING THE PLAN, APPROPRIATE DISCLOSURE MATERIAL AND RELATED DOCUMENTS. 
  

			
	 Term
	  	 Description

	Proposed Filing Entities	  	Primus Telecommunications Group, Incorporated, (the “Company” or “Group”), Primus Telecommunications Holding, Inc. (“Holding”), Primus Telecommunications IHC,
Inc. (“IHC”), and Primus Telecommunications International, Inc. (“PTII”). To the extent necessary, the Company may determine to file the U.S. operating subsidiaries solely to cure bankruptcy-related defaults (including any
defaults arising from a change of control of the Debtors as a result of the transactions consummated in the chapter 11 cases.
		
	Plan Proponent	  	Group, Holding, IHC, and PTII as debtors and debtors-in-possession in jointly administered chapter 11 cases
		
	Filing Venue	  	United States Bankruptcy Court for the District of Delaware

 CLASSIFICATION, IMPAIRMENT, AND TREATMENT OF CLAIMS 
  

					
	 Claims
	  	 Impairment
	  	 Treatment

	Administrative Claims	  	N/A	  	All allowed administrative claims shall be paid in full in cash or upon such other terms as the Company and the holder thereof may agree.
			
	Priority Tax Claims	  	N/A	  	To the extent applicable, all Priority Tax Claims shall be paid in full in cash over a term not longer than six years after the assessment.

					
	 Claims
	  	 Impairment
	  	 Treatment

	 Class 1
  
 Holding Secured Term Loan
	  	Unimpaired	  	The Holding Secured Term Loan shall be reinstated, provided that the terms of the reinstated Holding Secured Term Loan may be improved, subject to the consent of the Requisite Holding
Noteholders and the Requisite Second Lien Noteholders, which consent shall not be unreasonably withheld; provided further that if the holders of the Holding Secured Term Loan contest this treatment, the Debtors reserve the right to impair such
claims, subject to the consent of the Requisite Holding Noteholders and the Requisite Second Lien Noteholders, which consent shall not be unreasonably withheld.
			
	 Class 2
  
 Other Priority Claims
	  	Unimpaired	  	To the extent applicable, all Other Priority Claims shall be reinstated or paid in full in cash on the Effective Date.
			
	 Class 3
  
 IHC Second Lien Notes
	  	Impaired	  	Holders of IHC Second Lien Notes shall receive their (a) pro rata share of $123,471,201 of Second Lien Notes, subject to certain modifications described below, (b) pro rata share of 50% of
Distributable New Equity1 of Reorganized Group,2 and (c) all reasonable fees, expenses and disbursements of their counsel, Andrews Kurth LLP (which shall be deemed a “Professional” in this Plan Term Sheet).
			
	 Class 4
  
 Holding Notes (8% Notes, 5% Notes)
	  	Impaired	  	Holders of Holding Notes shall receive their (a) pro rata share of 50% of Distributable New Equity of Reorganized Group, (b) pro rata share of Class 4 Warrants, with the terms described below,
and (c) all reasonable fees, expenses and disbursements of their counsel, Stroock & Stroock & Lavan LLP (which shall be deemed a “Professional” in this Plan Term Sheet).
			
	 Class 5
  
 Group Notes (Step Up Convertible Debentures, 3 3/4% Notes, 12 3
/4% Notes)
	  	Impaired	  	Holders of Group Notes shall receive their pro rata share of Class 5 Warrants, with the terms described below.
			
	 Class 6
  
 General Unsecured Claims
	  	Unimpaired	  	General Unsecured Claims shall be unimpaired and paid in the ordinary course of business.

  

	 1
	 “Distributable New Equity” shall mean the New Equity of Reorganized Group reserved for distribution to holders
of IHC Second Lien Notes and Holding Notes on account of their claims, and shall not include (i) the 4% of new equity of Reorganized Group for distribution to management through the management compensation plan (ii) the new equity of
Reorganized Group for distribution to management through the exercise of any warrants distributed to management, (iii) the new equity of Reorganized Group to be issued on account of exercise of the warrants distributed to holders of Class 4 and
Class 5 claims, and (iv) the new equity of Reorganized Group to be issued on account of exercise of the CVRs distributed to holders of Class 8 claims. Except for the 4% of new equity of Reorganized Group to be distributed to management as
described in clause (i) of the immediately preceding sentence, no other shares of capital stock of Reoganized Group will be issued or outstanding on the effective date of the Plan. 

	 2
	 “Reorganized Group” shall mean Group from and after the effective date of the Plan.

  

 2 

					
	 Claims
	  	 Impairment
	  	 Treatment

	 Class 7
  
 Intercompany Claims
	  	Unimpaired	  	Intercompany Claims shall be reinstated, as appropriate.
			
	 Class 8
  
 Existing Common Stock
	  	Impaired	  	 Holders of Existing Common Stock shall receive their pro rata share of contingent value rights (“CVRs”) to receive up to approximately 15%
of the Fully-diluted Equity Shares3 of Reorganized Group after the Enterprise Value4 of Reorganized Group, as determined semi-annually on predetermined dates (each a “Valuation Date”) in accordance with note 4 infra, until the shares underlying the CVRs are
fully-distributed, reaches or exceeds $700 million, however, in no case shall the distribution of the shares underlying the CVRs lower the recovery for the IHC Second Lien Notes, Holding Notes or Group Notes to less than the recovery to each
respective note prior to the distribution of the CVRs. All newly created equity value, once the Enterprise Value of Reorganized Group exceeds $700 million will be distributed pro-rata to the holders of CVRs until the aggregate of all equity
distributed to the holders of CVRs equals 15% of the total equity of Reorganized Group. The CVRs will expire on the 10th anniversary of the
effective date of the Plan, if not previously distributed. Once the conditions are met for the distribution of the shares underlying the CVRs, the shares underlying CVRs shall be deemed to be distributed without any payment or
consideration.
  
 The CVRs shall not entitle the holder thereof to vote or receive
dividends or to be deemed the holder of capital stock or any other securities of Reorganized Group which may at any time be distributable thereunder for any purpose, nor shall the CVRs confer upon the holder thereof (in its capacity as a holder of
the CVRs) any of the rights of a stockholder of Reorganized Group (including appraisal rights, any right to vote for the election of directors or upon any matter submitted to stockholders of Reorganized Group at any meeting thereof, or to receive
notice of meetings, or to receive dividends or subscription rights or otherwise).

			
	 Class 9
  
 Interests in Holding and IHC Debtors
	  	Unimpaired	  	The holders of interests in the Holding, IHC and PTII Debtors shall retain their interests in the Holding, IHC and PTII Debtors.

  

	 3
	 “Fully-diluted Equity Shares” shall mean all equity shares of Reorganized Group, including
(i) Distributable New Equity, (ii) the new equity for distribution to management through the exercise of any warrants, (iii) the new equity to be issued on account of exercise of the warrants distributed to holders of Class 4 and
Class 5 claims, and (iv) the new equity to be issued on account of exercise of the CVRs distributed to holders of Class 8 claims. 

	 4
	 “Enterprise Value” shall mean, in the case where Reorganized Group’s common stock is listed on a national
exchange, the market capitalization of Reorganized Group plus the face value of any funded debt, minority interest, capital leases and preferred stock of Reorganized Group and its subsidiaries less the value of any excess cash and cash equivalents
of Reorganized Group and its subsidiaries. Otherwise, if the Reorganized Group’s common stock is not listed on a national exchange, the Enterprise Value will be determined by an independent valuation firm selected by Reorganized Group every six
months beginning January 1, 2010 (with the cost of such independent valuation firm to be borne by Reorganized Group). 

  

 3 

					
	 Claims
	  	 Impairment
	  	 Treatment

	 Class 10
  
 Other Interests
	  	Impaired	  	Other interests, options, warrants, call rights, puts, awards, or other agreements to acquire existing common stock in Group shall be canceled; the holders thereof will receive no distribution
under the Plan and are deemed to reject the Plan.

  

 4 

 MEANS FOR IMPLEMENTATION OF THE PLAN 
  

			
	 Term
	  	 Description

	Management Compensation	  	 4% of the new equity of Reorganized Group shall be issued to senior management in the form of restricted stock units on temporal and
performance-based vesting terms to be mutually agreed upon by the Debtors, Requisite Holding Noteholders (as defined in the Plan Support Agreement to which this Plan Term Sheet is attached), and the Requisite Second Lien Noteholders (as defined in
the Plan Support Agreement to which this Plan Term Sheet is attached) and set forth on an exhibit to the Plan.
  
 Warrants equal to 6% of the sum of the Distributable New Equity of Reorganized Group plus the 4% of new equity of Reorganized Group for distribution to management through the management compensation plan. Such
warrants shall be non-transferable subject to anti-dilution protections (including (i) adjustments for stock splits, stock dividends, recapitalizations and similar events, and (ii) weighted-average adjustments for issuances of equity and
equity-linked securities at prices below the Fair Market Value5 of Reorganized Group’s common stock (it being understood that for purposes of
determining the price at which any such equity or equity-linked securities are issued, any customary underwriting discounts and commissions, liquidity discounts reasonably determined in good faith by the board, placement fees or other similar
expenses incurred by Reorganized Group in connection with the issuance thereof shall not be taken into account)). The exercise price of each such warrant shall be equal to the per share price of New Equity in Reorganized Group upon the effective
date of the Plan, which will be the grant date of the warrants, based on the Reorganized Group entities having an aggregate Enterprise Value of $375 million. Such warrants will have a 10 year term and may be exercised, at the option of the holder,
on a cashless basis at such time as the per share equity value equals or exceeds 150% of the exercise price, as determined in accordance with note 4 infra. Upon exercise of a warrant on a cashless basis, the holder will be entitled to receive the
number of shares equal to the difference between the value of the New Equity of Reorganized Group and the exercise price. The warrants shall be distributed and vest on terms to be mutually agreed upon by the Debtors, Requisite Holding Noteholders,
and the Requisite Second Lien Noteholders and set forth on an exhibit to the Plan.
  
 The
compensation, cash bonus targets, and severance policies shall remain those that were effective as of December 31, 2008, subject to the continued approval of the New Board (as defined below).

		
	Board of Directors	  	There will be an initial board of directors of Reorganized Group (the “New Board”), which will consist of 5 directors, consisting of: (a) the current CEO of Group, (b) the current
Executive Vice President of Group, (c) one member appointed by the holders of the Class 4 Claims, (d) one member appointed by the holders of the Class 3 Claims, and (e) one member jointly appointed by the holders of the Class 3 Claims and the Class
4 Claims, after consultation with the Debtors.

  

	 5
	 “Fair Market Value” shall mean, as of any date of determination, (a) in the case where Reorganized
Group’s common stock is listed on a national exchange, the volume weighted average price for sales of the common stock, as reported by Bloomberg, L.P., for the period of ten (10) consecutive trading days ending on such date of
determination and (b) in the case where Reorganized Group’s common stock is not listed on a national exchange, as may be reasonably determined by the New Board in good faith. 

  

 5 

			
	 Term
	  	 Description

	Certificate Of Incorporation	  	Reorganized Group will adopt revised by-laws and a revised certificate of incorporation.
		
	Terms of Reinstated IHC Second Lien Notes	  	$123,471,201 principal amount of IHC Second Lien Notes to be reinstated with no changes to the indenture or Intercreditor Agreement governing the IHC Second Lien Notes; provided, however, that
the indenture governing the IHC Second Lien Notes shall be modified as reflected in the supplemental indenture attached as an exhibit hereto.
		
	Public Listing	  	Upon the effective date of the Plan, Existing Common Stock of Reorganized Group shall be deregistered and the new common stock of Reorganized Group shall not be registered; provided,
however, that the New Board of Reorganized Group shall take all actions necessary for the new common stock of Reorganized Group to be quoted on the OTCBB (the “Pink Sheets”), including complying with all applicable requirements of
the Pink Sheets with respect to non-reporting companies; provided, further, that the New Board of Reorganized Group may consider seeking a public listing on a national exchange for the new common stock of Reorganized Group.

  

 6 

			
	 Term
	  	 Description

	Terms Of Class 4 Warrants (warrants for Holding Notes)	  	 The following three series of Class 4 Warrants shall be issued on the effective date of the plan of reorganization, pro rata, to holders of Class 4
Claims;
  
 a) Warrants to receive up to 10% of the sum of the Distributable New Equity of
Reorganized Group plus the 4% of new equity of Reorganized Group for distribution to management through the management compensation plan with a strike price equivalent to the per share price of New Equity in Reorganized Group upon the effective date
of the Plan, which will be the grant date of the warrants, based on the Reorganized Group entities having an aggregate Enterprise Value of $375 million.
  
 b) Warrants to receive up to 10% of the sum of the Distributable New Equity of Reorganized Group plus the 4% of new equity of Reorganized Group for distribution to
management through the management compensation plan with a strike price equivalent to the per share price of New Equity in Reorganized Group upon the effective date of the Plan, which will be the grant date of the warrants, based on the Reorganized
Group entities having an aggregate Enterprise Value of $425 million.
  
 c) Warrants to
receive up to 10% of the sum of the Distributable New Equity of Reorganized Group plus the 4% of new equity of Reorganized Group for distribution to management through the management compensation plan with a strike price equivalent to the per share
price of New Equity in Reorganized Group upon the effective date of the Plan, which will be the grant date of the warrants, based on the Reorganized Group entities having an aggregate Enterprise Value of $475 million.
  
 The Class 4 Warrants shall be detachable, subject to anti-dilution protections (including (i)
adjustments for stock splits, stock dividends, recapitalizations and similar events, and (ii) weighted-average adjustments for issuances of equity and equity-linked securities at prices below the Fair Market Value of Reorganized Group’s common
stock (it being understood that for purposes of determining the price at which any such equity or equity-linked securities are issued, any customary underwriting discounts and commissions, liquidity discounts reasonably determined in good faith by
the board, placement fees or other similar expenses incurred by Reorganized Group in connection with the issuance thereof shall not be taken into account)), and may be exercised, at the option of the holder, on a cashless basis (x) at such time as
the per share equity value equals or exceeds 150% of the exercise price, as determined in accordance with note 4 infra or (y) upon a change of control or registration of securities. Upon exercise of the Class 4 Warrants on a cashless basis, the
holder will be entitled to receive the number of shares equal to the difference between the value of the New Equity of Reorganized Group and the exercise price.
  
 The Class 4 Warrants shall expire on the 5th anniversary of the
effective date of the Plan, if not previously exercised. The Class 4 Warrants may be exercised from time to time, in whole or in part, until the expiration thereof.

  

 7 

			
	 Term
	  	 Description

	Terms Of Class 5 Warrants (warrants for Group Notes)	  	 The following Class 5 Warrants shall be issued on the effective date of the plan of reorganization, pro rata, to holders of Class 5
Claims;
  
 Warrants to receive up to 15% of the sum of the Distributable New Equity of
Reorganized Group plus the 4% of new equity of Reorganized Group for distribution to management through the management compensation plan with a strike price equivalent to the per share price of New Equity in Reorganized Group upon the effective date
of the Plan, which will be the grant date of the warrants, based on the Reorganized Group entities having an aggregate Enterprise Value of $550 million.
  
 The Class 5 Warrants shall be detachable, subject to anti-dilution protections (including (i) adjustments for stock splits, stock dividends, recapitalizations and similar
events, and (ii) weighted-average adjustments for issuances of equity and equity-linked securities at prices below the Fair Market Value of Reorganized Group’s common stock (it being understood that for purposes of determining the price at
which any such equity or equity-linked securities are issued, any customary underwriting discounts and commissions, liquidity discounts reasonably determined in good faith by the board, placement fees or other similar expenses incurred by
Reorganized Group in connection with the issuance thereof shall not be taken into account)), and may be exercised, at the option of the holder, on a cashless basis (x) at such time as the per share equity value equals or exceeds 150% of the exercise
price, as determined in accordance with note 4 infra or (y) upon a change of control or registration of securities. Upon exercise of the Class 5 Warrants on a cashless basis, the holder will be entitled to receive the number of shares equal to the
difference between the value of the New Equity of Reorganized Group and the exercise price.
  
 The Class 5 Warrants shall expire on the 5th anniversary of the effective date of the Plan, if not previously exercised. The Class 5
Warrants may be exercised from time to time, in whole or in part, until the expiration thereof.

 UNEXPIRED LEASES AND EXECUTORY CONTRACTS 
  

			
	 Term
	  	 Description

	Assumed And Rejected Contracts	  	Unless otherwise provided in the Plan or listed on an exhibit to the Plan, all executory contracts and unexpired leases as to which any of the Debtors is a party shall be deemed automatically
assumed in accordance with the provisions and requirements of sections 365 and 1123 of the Bankruptcy Code as of the Effective Date of the Plan.
		
	Cure Payments For Executory Contracts And Unexpired Leases	  	Any party to an Executory Contract or Unexpired Lease that wishes to assert that Cure is required as a condition to assumption shall file a proposed cure claim within forty-five days after entry
of the Confirmation Order, after which the Debtors shall have forty-five days to file any objections thereto.

  

 8 

 ALLOWANCE AND PAYMENT OF ADMINISTRATIVE CLAIMS 
  

			
	 Term
	  	 Description

	Professional Claims	  	Subject to the Holdback Amount, on the Effective Date, the Debtors or Reorganized Debtors shall pay all amounts owing to Professionals for all outstanding amounts payable relating to prior
periods through the Effective Date in accordance with section 1129(a)(4) of the Bankruptcy Code. In order to receive payment on the Effective Date for unbilled fees and expenses incurred through the Confirmation Date, the Professionals shall
estimate fees and expenses due for periods that have not been billed as of the Confirmation Date and shall deliver such estimate to the Debtors and the United States Trustee.
		
	Section 503 Claims	  	Any Person who requests compensation or expense reimbursement for making a substantial contribution in the Chapter 11 Cases pursuant to sections 503(b)(3), (4), and (5) of the Bankruptcy Code
must file an application with the clerk of the Bankruptcy Court on or before the 45th day after the Effective Date (the “503 Deadline”), and serve such application on counsel for the Debtors, and the Statutory Committees and as otherwise
required by the Bankruptcy Court and the Bankruptcy Code on or before the 503 Deadline, or be forever barred from seeking such compensation or expense reimbursement. As set forth above in the Sections entitled “Class 3 IHC Second Lien
Notes” and “Class 4 Holding Notes,” Andrews Kurth LLP and Stroock & Stroock & Lavan LLP shall be treated as Professionals under the terms of this Plan Term Sheet; provided, however, that Reorganized Group will support any
applications of each of Andrews Kurth LLP on behalf of the ad hoc group of holders of IHC Second Lien Notes, and Stroock & Stroock & Lavan LLP on behalf of the ad hoc group of holders of Holding Notes, for allowance and payment of fees and
expenses incurred pursuant to section 503(b) of the Bankruptcy Code.
		
	Other Administrative Claims	  	All other requests for payment of an Administrative Claim must be filed, in substantially the form of the Administrative Claim Request Form attached as an exhibit to the Plan, with the Claims
Agent and served on counsel for the Debtors no later than 45 days after the Effective Date.

 RELEASES AND RELATED PROVISIONS 
  

			
	 Term
	  	 Description

	Released Parties	  	“Released Parties” means, collectively, (i) all officers of each of the Debtors, all members of the boards of directors of each of the Debtors, and all employees of each of the
Debtors, in each case in such respective capacities, as of the date of the commencement of the hearing on the Disclosure Statement, (ii) all noteholders party to the Plan Support Agreement to which this Plan Term Sheet is attached, (iii) all
Professionals, (iv) the Indenture Trustees, and (v) with respect to each of the above-named Persons, and only in their aforementioned capacities, such Person’s affiliates, principals, employees, agents, officers, directors, representatives,
financial advisors, attorneys, and other professionals, in their capacities as such.
		
	Release By Debtors	  	Full customary releases
		
	Release By Holders Of Claims And Interests	  	Full customary releases
		
	Exculpation And Limitation of Liability	  	Customary exculpation provision

  

 9 

			
	 Term
	  	 Description

	Indemnitee	  	“Indemnitee” means all present and former directors, officers, employees, agents, or representatives of the Debtors who are entitled to assert Indemnification Rights.
		
	Indemnification Rights	  	“Indemnification Rights” means obligations of the Debtors, if any, to indemnify, reimburse, advance, or contribute to the losses, liabilities, or expenses of an Indemnitee pursuant to
the Debtor’s certificate of incorporation, bylaws, policy of providing employee indemnification, applicable law, or specific agreement in respect of any claims, demands, suits, causes of action, or proceedings against an Indemnitee based upon
any act or omission related to an Indemnitee’s service with, for, or on behalf of the Debtors.
		
	Continuing Indemnification Rights	  	“Continuing Indemnification Rights” means those Indemnification Rights held by any Indemnitee who is a Released Party and serves as a director, officer, or employee (or in any similar
capacity) of the Debtors as of the date of the commencement of the hearing on the Disclosure Statement, together with any Indemnification Rights held by any Indemnitee on account of events occurring on or after the Petition Date.
		
	Indemnification Obligations	  	Customary indemnification rights

 OTHER KEY PROVISIONS 
  

			
	Conditions to Confirmation	  	 (i) No Termination Event (as defined in the Plan Support Agreement to which this Plan Term Sheet is attached) has terminated the Plan Support
Agreement.
  
 (ii) The Disclosure Statement has been approved.
  
 (iii) The Bankruptcy Court shall have entered an order confirming the Plan, which order shall be in
form and substance reasonably satisfactory to the Debtors and the Requisite Holding Noteholders and the Requisite Second Lien Noteholders.

		
	Conditions to Effectiveness	  	The Plan shall contain such conditions to effectiveness of the Plan customary in plans of reorganization of this type, which shall be in form and substance reasonably satisfactory to the Debtors
and the Requisite Holding Noteholders and the Requisite Second Lien Noteholders.
		
	Investor Rights	  	Usual and customary investor rights.

  

 10EXHIBIT 10.2

 Exhibit 10.2 
 EXECUTION VERSION 
 WAIVER AND AMENDMENT AGREEMENT 
 THIS WAIVER AND AMENDMENT AGREEMENT (this “Agreement”) is dated as of March 10, 2009, by and among Primus Telecommunications Canada
Inc., a corporation organized under the laws of the province of Ontario (the “Borrower”), 3082833 Nova Scotia Company, an unlimited liability company organized under the laws of the province of Nova Scotia (“Parent”
and together with the Borrower, the “Obligors”), the Lenders (as defined herein), Primus Telecommunications International, Inc., a Delaware corporation (“Primus Telecommunications”), Primus Telecommunications
Holding, Inc., a Delaware corporation (“Primus Holding”), Primus Telecommunications Group, Incorporated, a Delaware corporation (the “Ultimate Parent, and together with Primus Telecommunications and Primus Holding, the
“Guarantors”; the Guarantors, together with the Obligors, are referred to herein as the “Credit Parties”) and Guggenheim Corporate Funding, LLC, a Delaware limited liability company, as administrative agent for the
Lenders (in such capacity, together with its successors and assigns, if any, the “Administrative Agent”) and as collateral agent for the Secured Creditors (in such capacity, together with its successors and assigns, if any, the
“Collateral Agent”). 
 RECITALS 
 WHEREAS, the Borrower, Parent, the lenders party thereto from time to time (the “Lenders”), the Administrative Agent and the Collateral Agent entered into the Senior Secured Credit Agreement, dated as
of March 27, 2007, as amended by the Amendment to the Credit Agreement, dated May 26, 2007, as further amended by the Second Amendment to the Credit Agreement, dated July 16, 2007, as further amended by the Third Amendment to the
Credit Agreement, dated July 25, 2007, as further amended by the Fourth Amendment to the Credit Agreement, dated August 14, 2007, as further amended by the Fifth Amendment to the Credit Agreement, dated August 31, 2007, as further
amended by the Sixth Amendment to the Credit Agreement, dated September 14, 2007, as further amended by the Seventh Amendment to the Credit Agreement, dated September 21, 2007, as further amended by the Eighth Amendment to the Credit
Agreement, dated October 1, 2007, as further amended by the Ninth Amendment to the Credit Agreement, dated October 5, 2007, as further amended by the Tenth Amendment to the Credit Agreement, dated October 12, 2007, as further amended
by the Eleventh Amendment to the Credit Agreement, dated October 16, 2007, as further amended by the Twelfth Amendment to the Credit Agreement, dated October 17, 2007, and as further amended by the Thirteenth Amendment to the Credit
Agreement, dated December 19, 2007 (as may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 
 WHEREAS, the Borrower has requested the waiver of certain Events of Default under the Credit Agreement; 
 WHEREAS, one or more of the Guarantors intend to commence voluntary bankruptcy proceedings on or before April 1, 2009 (together with any additional voluntary or involuntary proceedings commenced by or against one or more Guarantors on
or before August 31, 2010, that are jointly administered with such proceedings, the “Proceedings”), in the United States Bankruptcy Court for the District of Delaware (together with any other court having jurisdiction over the
case from time to time, the “Bankruptcy Court”), in connection with a pre-packaged or pre-negotiated Chapter 11 plan of reorganization of one or more of the Guarantors (as such plan may be modified from time to time, the
“Plan”); and 

 WHEREAS, the Credit Parties have requested, and the Lenders have agreed, that the Lenders will waive any
Events of Default arising out of the Events (as defined below) on the terms and conditions set forth in this Agreement; 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Defined Terms. Capitalized terms used but not defined herein shall have the respective meanings ascribed to them in the Credit
Agreement (as amended by this Agreement). 
 Section 2. Acknowledgement of Events. 
 2.1. Specified Events. The parties hereto acknowledge that the following events (together, the “Specified Events”) have occurred
and may constitute Events of Default: 
 2.1.1. the failure of the Borrower to maintain Hedging Agreements, Lehman Unsecured
Hedging Agreements or Unsecured Hedging Agreements reasonably satisfactory to the Administrative Agent to hedge the full amount of its currency rate exposures with respect to the aggregate principal amount outstanding under the Credit Agreement, in
accordance with Section 8.18 of the Credit Agreement, with respect to which failure the Administrative Agent delivered written notice to the Borrower and the Ultimate Parent on December 22, 2008, which may constitute an Event of Default
under Section 11.01(f) of the Credit Agreement; 
 2.1.2. the actions the Guarantors have taken to authorize or effect
certain actions described in Section 11.01(i) of the Credit Agreement, which may constitute an Event of Default under Section 11.01(i)(v) of the Credit Agreement; and 
 2.1.3. the failure by the Obligors to deliver to the Administrative Agent an Officer’s Certificate in connection with the events
described in Sections 2.1.1 and 2.1.2 above, in accordance with Section 7.03 of the Credit Agreement, which may constitute an Event of Default under Section 11.01(e) of the Credit Agreement. 
 2.2. Anticipated Events. Each Credit Party anticipates that an Event of Default may occur under the Credit Agreement due to (together, the
“Anticipated Events,” and together with the Specified Events, the “Events”): 
 2.2.1. the
institution of the Proceedings, constituting an Event of Default under Section 11.01(i) of the Credit Agreement and, at any time before the Plan is effective, Sections 11.01(i)(iii), (i)(v) and (i)(vi) of the Credit Agreement; 
 2.2.2. the occurrence of a Material Adverse Effect arising as a result of the Proceedings, constituting an Event of Default under
Section 11.01(p) of the Credit Agreement; 
  

 -2- 

 2.2.3. the failure of a Guarantor to make any payment when due with respect to
Indebtedness or the acceleration of Indebtedness of a Guarantor, in each case at any time before the Plan is effective, constituting an Event of Default under Section 11.01(h)(i) of the Credit Agreement; and 
 2.2.4. certain provisions of the Guarantee being deemed invalid or unenforceable against a Guarantor in connection with the Proceedings,
constituting an Event of Default under Section 11.01(k) of the Credit Agreement. 
 Section 3. Acknowledgment and Ratification
of Obligations. Each Credit Party hereby acknowledges and agrees that: 
 3.1.1. the Credit Agreement and each of the
other Loan Documents are valid and binding agreements, enforceable against the Credit Parties according to their terms, and each Credit Party is obligated to perform all of such Credit Party’s covenants, agreements and obligations in accordance
with the Loan Documents as of the date hereof and does not have any defenses, counterclaims or rights of offset to any of such covenants, agreements or obligations (any and all of which are hereby unconditionally and irrevocably waived by each
Credit Party); 
 3.1.2. the outstanding principal balance of the Loans as of March 10, 2009, is $35,000,000; 

3.1.3. the Security Documents create and constitute valid, binding and enforceable first priority liens (subject only to Permitted
Encumbrances) on, and perfected security interests in, the Collateral; and 
 3.1.4. except as set forth in Section 4
below, this Agreement does not constitute a waiver of any Default or Event of Default of any of the Lenders’ or Agents’ rights or remedies available at law, in equity or under the Loan Documents. 
 Section 4. Waiver. Subject to the terms and conditions of this Agreement, from and after the Effective Date (as defined below), the Lenders
hereby waive any Events constituting Events of Default. This Agreement does not affect or restrict in any way the rights or remedies of the Lenders with respect to their claims against the Guarantors under the Guarantees, which the Credit Parties
agree that the Lenders may exercise subject to the Proceedings and applicable law. 
 Section 5. Amendments to Credit Agreement;
Additional Terms. 
 5.1. Applicable Margin. The definition of “Applicable Margin” in the Credit Agreement is hereby
deleted and replaced by the following: 
 “Applicable Margin” means the rate per annum specified below (a) in the column
under the caption “ABR Loans” for Alternate Base Rate Loans, or (b) in the column under the caption “LIBOR Loans” for LIBOR Rate Loans: 
  

							
	 Loans
	  	 ABR Loans
	 	 	 LIBOR Loans
	 
	 Term A Loans
	  	2.750	%	 	3.750	%
	 Term B Loans
	  	5.375	%	 	6.375	%

  

 -3- 

 5.2. Collateral. The definition of “Collateral” in the Credit Agreement is hereby
deleted and replaced by the following: 
 “Collateral” means all Collateral, Secured Property and Pledged Securities (as each
such term is defined in any of the Security Documents), and any other property or asset as to which a Security Document creates or purports to create a Lien. 
 5.3. Maturity Date. The definition of “Maturity Date” in the Credit Agreement is hereby deleted and replaced by the following: 
 “Maturity Date” means May 21, 2011. 
 5.4. Prepayment Premium. Section 3.03 of the Credit Agreement is hereby deleted and replaced by the following: 
 [Reserved] 
 5.5. Interest on Loans. Section 4.01(a) of the Credit Agreement is hereby deleted
and replaced by the following: 
 Interest on Loans. On each Interest Payment Date the Borrower shall pay interest on each Loan, in
arrears, at a rate equal to the greater of (i) the applicable LIBOR Rate or Alternate Base Rate, as applicable, plus the Applicable Margin and (ii) 2.50% plus the Applicable Margin. 
 5.6. Hedging. Section 8.18 of the Credit Agreement is hereby deleted and replaced by the following: 
 [Reserved] 
 5.7. Refinancing of Lehman
Loan. Section 8.21 of the Credit Agreement is hereby deleted and replaced by the following: 
 [Reserved] 
 5.8. Default as to Other Indebtedness. Section 11.01(h)(iii) of the Credit Agreement is hereby deleted and
replaced by the following: 
 [Reserved] 
 5.9. Events of Default. Each of the following shall, for all purposes, constitute an Event of Default under Section 11.01 of the Credit Agreement: 
 5.9.1. the Bankruptcy Court shall enter an order denying confirmation of the Plan, or the Proceedings shall be converted to a case under
Chapter 7 of Title 11 of the United States Code; 
  

 -4- 

 5.9.2. the Plan shall not have been confirmed by the Bankruptcy Court and become
effective on or before August 31, 2010; 
 5.9.3. the Plan shall be confirmed or become effective without the
reinstatement at effectiveness of each Guarantee on terms identical to such Guarantee existing on the date hereof as a valid, unsubordinated obligation of the applicable Guarantor, or the Plan is confirmed without any Guarantor holding, directly or
indirectly, substantially all of its current assets and businesses; 
 5.9.4. the Bankruptcy Court shall enter any order that
impairs the enforceability of this Agreement or any Loan Document (except as provided herein in connection with the obligations of the Guarantors under the Guarantee), as reasonably determined by the Administrative Agent; 
 5.9.5. any representation or warranty made by a Credit Party in this Agreement shall prove to be untrue in any material respect as of the
date hereof; 
 5.9.6. any Credit Party shall default in the performance of any obligation under this Agreement that is not
cured within 10 Business Days following notice thereof from the Administrative Agent; and 
 5.9.7. the Guarantee or any other
Loan Document executed by a Guarantor shall cease to be valid and binding on or enforceable against any Guarantor. 
 5.10. Mandatory
Prepayment Schedule. In addition to the obligations of the Borrower under Article III of the Credit Agreement, and notwithstanding anything to the contrary in Section 3.02(d) of the Credit Agreement, the Borrower shall prepay the
outstanding principal of the Loans, without premium or penalty, on the dates and in the amounts set forth below: 
  

				
	 Payment Date
	  	Monthly
Principal
Payment
Amount
	 March 31, 2009
	  	$	500,000
	 April 30, 2009
	  	$	500,000
	 May 31, 2009
	  	$	500,000
	 June 30, 2009
	  	$	2,250,000
	 The last day of each calendar month from and including July 2009 to and including April 2011
	  	$	500,000

 All prepayments pursuant to this Section 5.10 shall be made in accordance with Sections 3.04 and 3.05 of the
Credit Agreement. Each such prepayment shall be accompanied by the payment of (a) all accrued and unpaid interest with respect to the principal being prepaid through the date of 

  

 -5- 

 
prepayment and (b) any amount contemplated by Section 4.03 of the Credit Agreement. All prepayments pursuant to this Section 5.10 shall
(i) be applied on a pro rata basis to the Term A Loans and the Term B Loans and (ii) shall be reduced in order of maturity by any prepayments of the Loans pursuant to Section 3.01 or 3.02 of the Credit Agreement (excluding the payment
made to satisfy the condition precedent to this Agreement in Section 8.3 (the “Required Prepayment”)). The Lenders hereby waive any notice of the Required Prepayment that may be required under the Credit Agreement. 

5.11. Second-Lien Term Loan. Notwithstanding anything to the contrary in Sections 9.01 or 9.02 of the Credit Agreement, the Borrower shall be
permitted to create, incur, assume, guarantee or suffer to exist, or otherwise become or remain liable with respect to, a term loan, in an aggregate principal amount not to exceed $5,000,000 at any time outstanding, secured by a second-priority Lien
(the “Second-Lien Term Loan”) and guarantees by the Credit Parties (other than the Borrower); provided, that (a) the Second-Lien Term Loan shall not mature, or provide for any amortization payments, prior to the Maturity
Date and (b) the Second-Lien Term Loan shall be subject to an intercreditor agreement, between the Lenders and the lenders in connection with the Second-Lien Term Loan, whose terms and conditions shall be satisfactory to the Administrative
Agent. 
 5.12. Default Interest Rate. Notwithstanding the occurrence of the Events, Section 4.01(b) of the Credit Agreement
shall not apply from the date hereof unless and until an Event of Default occurs. Each Credit Party agrees that this Section 5.12 shall not constitute a waiver by the Lenders of their rights pursuant to Section 4.01(b) of the Credit
Agreement at any time after the occurrence of an Event of Default. 
 Section 6. Covenants. 
 6.1. No Obligor shall make, nor shall any Guarantor take any action to facilitate an Obligor in making, any Restricted Payment or Ultimate Parent Payment
to any Guarantor except as permitted by the terms of the Loan Documents (as modified by this Agreement). In the event that, notwithstanding the foregoing sentence, any Guarantor shall receive any such non-permitted payment from any Obligor, then
such payment shall be received and held by such Guarantor apart from its other assets in trust for the benefit of such Obligor and the Lenders, and returned immediately to such Obligor. Each Guarantor acknowledges and agrees that it shall have no
right, title or interest in such payment or the proceeds thereof and that the same shall not constitute property of its estate under the U.S. Bankruptcy Code. 
 6.2. Concurrently with the filing of the Plan with the Bankruptcy Court, the Borrower shall deliver to the Administrative Agent a copy of the Plan as so filed. 
 6.3. No later than 60 days after the Effective Date, the Obligors shall deliver to the Collateral Agent updated perfection certificates with respect to
the Obligors and the Collateral, substantially identical in form to all such certificates delivered to the Collateral Agent on or about the Closing Date. 
  

 -6- 

 Section 7. Representations and Warranties. Each Credit Party hereby represents and warrants
as follows: 
 7.1. Organization, Good Standing, Etc. Each Credit Party (a) is a corporation duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization, (b) has all requisite corporate power and authority to conduct its business as now conducted and as presently contemplated, to execute and deliver this Agreement, and to
consummate the transactions contemplated hereby, and (c) is duly qualified to do business and is in good standing in each jurisdiction in which the character of the properties owned or leased by it or in which the transaction of its business
makes such qualification necessary except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
 7.2. Authorization. The execution, delivery and performance by each Credit Party of this Agreement and the transactions contemplated hereby (a) have been duly authorized by all necessary corporate action, (b) do not and
will not contravene its Governing Documents, (c) do not and will not violate any material Requirements of Law binding on such Credit Party or any of its properties or any material Contractual Obligation of such Credit Party, in each case the
violation of which would reasonably be expected to have a Material Adverse Effect, and (d) do not and will not result in or require the creation of any Lien (other than Permitted Encumbrances and Liens permitted in connection with the
Second-Lien Term Loan) upon or with respect to any of its properties. 
 7.3. Enforceability. This Agreement has been duly executed
and delivered by each Credit Party and constitutes the legal, valid and binding obligation of each Credit Party, enforceable against such Credit Party in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws, or by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 
 7.4. Governmental Approvals. No authorization or approval or other action by, and no notice to or filing with, any Governmental Authority that has not been obtained or made (or waived) is required in connection
with the due execution, delivery and performance by each Credit Party of this Agreement. 
 7.5. Defenses and Counterclaims. The
obligations of each Obligor to repay the Loans, together with all interest accrued thereon, is absolute and unconditional, and neither Obligor has any deductions, defenses, counterclaims, offsets or similar rights of any nature whatsoever with
respect to its obligations of payment and performance under the Loan Documents. 
 7.6. No Default. Except for the Events, both before
and after giving effect to this Agreement, no event has occurred or is continuing that would constitute a Default or Event of Default. 
 7.7. Litigation. Except for the Anticipated Events, no Credit Party has been served in any action or proceeding and there are no actions or proceedings pending or threatened against such Credit Party or its respective assets, that
could reasonably be expected to (a) cause this Agreement or any Loan Document to be unenforceable against such Credit Party, or (b) have a 

  

 -7- 

 
Material Adverse Effect. Neither Obligor has initiated any bankruptcy or reorganization proceedings in respect of itself or its assets; and neither Obligor
has been served in any such bankruptcy or reorganization proceedings. 
 7.8. Solvency; Indebtedness. Each Obligor is, and after
giving effect to this Agreement will be, Solvent. 
 7.9. Security Interests. Each Security Document creates in favor of the
Collateral Agent on behalf of the Lenders a legal, valid and enforceable security interest in the Collateral as and to the extent purported to be covered thereby. Each such security interest is a perfected first priority security interest (subject
to Permitted Encumbrances), in each case to the extent a security interest therein can be perfected by filing pursuant to the PPSA, and no further recordings or filings are or will be required in connection with the creation, perfection, priority or
enforcement of such security interests, other than (a) the filing of continuation or renewal statements or financing change statements in accordance with Applicable Law, (b) the recording of the collateral assignments for security pursuant
to the Security Agreements in the Canadian Intellectual Property Office, the United States Patent and Trademark Office and the United States Copyright Office, as applicable, with respect to after-acquired Canadian and United States patent and
trademark applications and registrations and Canadian and United States copyrights and (c) additional filings if any Obligor changes its name, identity or organizational structure or the jurisdiction in which any Obligor is organized.

 Section 8. Conditions Precedent. This Agreement shall become effective upon the first day on which each of the following
conditions is satisfied (the “Effective Date”): 
 8.1. the Administrative Agent shall have received, in form and substance
satisfactory to it, duly executed counterparts of this Agreement from each of the parties hereto; 
 8.2. the Borrower shall have paid (to
the extent invoiced) all reasonable fees, costs and expenses incurred by or on behalf of the Agents, including, without limitation, reasonable out-of-pocket fees, costs and expenses of U.S. and Canadian counsel for the Agents, in connection with the
negotiation, preparation, execution and delivery of this Agreement, the consummation of the transactions contemplated hereunder, the review and negotiation of Blocked Account Agreements, and the preservation and protection of the Lenders’
rights under the Loan Documents in connection with the Events, in accordance with Section 13.05 of the Credit Agreement; provided, that such fees, costs and expenses shall not exceed $152,000; and 
 8.3. the Borrower shall have prepaid, without premium or penalty, the outstanding principal of the Loans in an amount equal to $1,750,000, such payment
to be applied on a pro rata basis to the Term A Loans and the Term B Loans, accompanied by the payment of all accrued and unpaid interest with respect to such principal through the date of prepayment. 
 Section 9. Release. Each Credit Party hereby unconditionally and irrevocably releases, discharges and waives any and all claims of any kind
or nature whatsoever that the Credit Parties may possess against the Lenders, the Agents, any Affiliate of the Lenders or the Agents, or any of their respective officers, directors, shareholders, advisors, employees and agents (the “Lender
Parties”) from any and all liability, whether known or unknown, arising on or before the date 

  

 -8- 

 
hereof in connection with or relating to this Agreement, the Loan Documents, the exercise by the Lender Parties of any of their rights and remedies under
this Agreement or the Loan Documents, the origination, modification, restructuring, administration or enforcement of the Loans, or any discussions or negotiations between the Lender Parties and the Credit Parties or their respective representatives
in respect of the Loans. Each of the Credit Parties shall indemnify, defend and hold harmless the Lender Parties from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs,
expenses and disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of U.S. and Canadian counsel for the Lender Parties in connection with any investigative, administrative or judicial
proceeding commenced or threatened, whether or not the Lender Parties shall be designated a party thereto), that may be imposed upon, incurred by, or asserted against the Lender Parties in any manner in connection with or in any way directly or
indirectly arising out of this Agreement or the Loan Documents and the exercise by the Lender Parties of any of their rights and remedies under this Agreement or the Loan Documents (collectively, the “Lender Indemnified
Liabilities”); provided, that the Credit Parties shall not have any obligation to indemnify, defend or hold the Lender Parties harmless for any Lender Indemnified Liabilities that arise from the gross negligence, illegal acts, fraud
or willful misconduct of the Lender Parties. To the extent that the undertaking to indemnify, defend and hold harmless set forth in this Section 9 is unenforceable because such undertaking violates any law or public policy, each of the Credit
Parties shall pay the maximum amount that is permitted to be paid to satisfy the Lender Indemnified Liabilities incurred by the Lender Parties. The provisions of this Section 9 shall survive any termination of this Agreement in accordance with
its terms. 
 Section 10. No Waiver; No Interference. 
 10.1. Except as expressly set forth herein, this Agreement shall not be construed to be a commitment by the Lenders, or evidence of the intent of the
Lenders, to make any commitment to modify, amend or waive any provision of any of the Loan Documents or to forbear from exercising any right or remedy contained therein or available under or otherwise at law or in equity, and each Credit Party
acknowledges and agrees that, except as expressly set forth in this Agreement, no such commitment, amendment, modification, forbearance or waiver has been offered, granted, extended or agreed to by the Lender Parties. Each Credit Party further
acknowledges that the Lenders do not, except as expressly set forth herein, waive any defaults of the Credit Parties under the Loans or the Lenders’ rights and remedies as a result thereof, and upon the occurrence of an Event of Default that
has not been waived under this Agreement the Lenders shall be entitled to pursue immediately any and all rights and remedies under the Loan Documents or otherwise available at law or in equity, as the Lenders may elect in their sole discretion. No
discussions, whether prior or subsequent to the execution of this Agreement, shall prejudice the Lenders or be raised as a claim or defense in any present or future action or litigation involving the Lender Parties or their respective successors and
assigns. 
 10.2. Each Credit Party hereby agrees that neither it, any of its Affiliates, nor their respective successors and assigns, by act
or omission, directly or indirectly, now or in the future, by a default of any of their respective obligations hereunder or otherwise, shall contest or challenge the enforceability or any other aspect of this Agreement or any Loan Document.

  

 -9- 

 Section 11. Miscellaneous. 
 11.1. Loan Document. This Agreement constitutes a Loan Document, and the obligations of the Borrower under this Agreement of any nature whatsoever,
whether now existing or hereafter arising, are Obligations. 
 11.2. Notices. Except as specifically provided in this Agreement, all
notices, requests or consents to any party hereunder shall be given in accordance with Section 13.01 of the Credit Agreement. 
 11.3.
Successors and Assigns. This Agreement and all of the terms and provisions hereof shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective legal representatives, heirs, successors and permitted
assigns. 
 11.4. Expenses. For the avoidance of doubt, during the continuance of any of the Events, the Obligors shall permit
(i) any authorized representative designated by the Administrative Agent to visit and inspect the Obligors’ books and records and perform such other activities in accordance with Section 8.05 of the Credit Agreement and (ii) any
financial advisor designated by the Administrative Agent to visit and inspect the Obligors’ books and records and, no later than five Business Days following demand therefor and receipt by the Obligors of a reasonably detailed invoice relating
thereto, the Obligors shall pay all reasonable fees, costs and expenses incurred by or on behalf of the Agents in connection with the services of any such financial advisor; provided, that such fees, costs and expenses shall not exceed
Cdn.$30,000. 
 11.5. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability, without invalidating the remaining portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
 11.6. Waivers. Neither the failure nor any delay on the part of any party hereto to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver
of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by
the party asserted to have granted such waiver. 
 11.7. Further Assurances. The Credit Parties agree to execute such other and
further documents and instruments as the Agents may reasonably request to implement the provisions of this Agreement and to perfect and protect the liens and security interests created by the Loan Documents. 
 11.8. Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of
which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Agreement by telecopy or other electronic delivery shall have the same force and effect
as the delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of any such agreement by telecopy shall also deliver an original executed counterpart, but the failure to do so shall not affect the
validity, enforceability or binding effect of such agreement. 
  

 -10- 

 11.9. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
 11.10. WAIVER OF JURY TRIAL, ETC. EACH CREDIT PARTY, THE LENDERS AND THE AGENTS HEREBY WAIVE ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS AGREEMENT, OR UNDER ANY AMENDMENT, WAIVER, CONSENT, INSTRUMENT, DOCUMENT OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN
CONNECTION THEREWITH, OR ARISING FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREE THAT ANY SUCH ACTION, PROCEEDINGS OR COUNTERCLAIM SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. EACH CREDIT PARTY CERTIFIES
THAT NO OFFICER, REPRESENTATIVE, AGENT OR ATTORNEY OF THE LENDERS OR THE AGENTS HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE LENDERS OR THE AGENTS WOULD NOT, IN THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE FOREGOING
WAIVERS. EACH CREDIT PARTY HEREBY ACKNOWLEDGES THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDERS AND THE AGENTS ENTERING INTO THIS AGREEMENT. 
 11.11. Captions. Captions contained in this Agreement are inserted only as a matter of convenience and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision
hereof. 
 11.12. Interpretation. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved
against the Lenders, the Agents or the Credit Parties, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by all parties and shall be construed and interpreted according to the ordinary meaning of
the words used so as to accomplish fairly the purposes and intentions of all parties hereto. 
 11.13. Binding Effect. This Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, subject to Section 13.10 of the Credit Agreement. 
 [Remainder of page intentionally left blank] 
  

 -11- 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the date first
set forth above. 
  

			
	BORROWER:
	
	PRIMUS TELECOMMUNICATIONS CANADA INC.
		
	By:	 	 /s/ Edmund Chislett

	Name:	 	Edmund Chislett
	Title:	 	President
	
	OBLIGOR:
	
	3082833 NOVA SCOTIA COMPANY
		
	By:	 	 /s/ Edmund Chislett

	Name:	 	Edmund Chislett
	Title:	 	President

			
	GUARANTOR:
	
	PRIMUS TELECOMMUNICATIONS INTERNATIONAL, INC.
		
	By:	 	 /s/ Thomas R. Kloster

	Name:	 	Thomas R. Kloster
	Title:	 	CFO
	
	GUARANTOR:
	
	PRIMUS TELECOMMUNICATIONS HOLDING, INC.
		
	By:	 	 /s/ Thomas R. Kloster

	Name:	 	Thomas R. Kloster
	Title:	 	CFO
	
	GUARANTOR:
	
	PRIMUS TELECOMMUNICATIONS GROUP, INCORPORATED
		
	By:	 	 /s/ Thomas R. Kloster

	Name:	 	Thomas R. Kloster
	Title:	 	CFO

			
	ADMINISTRATIVE AGENT:
	
	GUGGENHEIM CORPORATE FUNDING, LLC
		
	By:	 	 /s/ Bill Hagner

	Name:	 	Bill Hagner
	Title:	 	Managing Director
	
	COLLATERAL AGENT:
	
	GUGGENHEIM CORPORATE FUNDING, LLC
		
	By:	 	 /s/ Bill Hagner

	Name:	 	Bill Hagner
	Title:	 	Managing Director

			
	LENDER:
	
	COPPER RIVER CLO LTD.
	
	By: Guggenheim Investment Management, LLC, as its Collateral Manager
		
	By:	 	 /s/ Michael Damaso

	Name:	 	Michael Damaso
	Title:	 	Senior Managing Director
	
	LENDER:
	
	KENNECOTT FUNDING LTD.
	
	By: Guggenheim Investment Management, LLC, as its Collateral Manager
		
	By:	 	 /s/ Michael Damaso

	Name:	 	Michael Damaso
	Title:	 	Senior Managing Director
	
	LENDER:
	
	SANDS POINT FUNDING LTD.
	
	By: Guggenheim Investment Management, LLC, as its Collateral Manager
		
	By:	 	 /s/ Michael Damaso

	Name:	 	Michael Damaso
	Title:	 	Senior Managing Director

			
	LENDER:
	
	ORPHEUS FUNDING LLC
	
	By: Guggenheim Investment Management, LLC, its Manager
		
	By:	 	 /s/ Michael Damaso

	Name:	 	Michael Damaso
	Title:	 	Senior Managing Director
	
	LENDER:
	
	NZC OPPORTUNITIES II LLC
	
	By: Guggenheim Investment Management, LLC, its Manager
		
	By:	 	 /s/ Michael Damaso

	Name:	 	Michael Damaso
	Title:	 	Senior Managing Director
	
	LENDER:
	
	IRON HILL CLO LIMITED
	
	By: Guggenheim Partners Europe Limited, its Manager
		
	By:	 	 /s/ ADRIAN DUFFY

	Name:	 	ADRIAN DUFFY
	Title:	 	 Senior Managing Director
 Guggenheim
Partners Europe Limited

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