Document:

Ninth Amendment to the Credit Agreement

  
 EXHIBIT 10.1 
 EXECUTION COPY 
  
 AGREEMENT,
LIMITED WAIVER AND NINTH AMENDMENT, dated as of January 10, 2003 (this “Ninth Amendment”), among FIBERNET OPERATIONS, INC., a Delaware corporation (“FiberNet”), DEVNET L.L.C., a Delaware limited liability company
(“Devnet” and, together with FiberNet, the “Borrowers”), and the financial institutions party to the Credit Agreement (as defined below) as lenders (collectively, the “Lenders”), to the AMENDED AND
RESTATED CREDIT AGREEMENT, dated as of February 9, 2001 (the “Credit Agreement”), among the Borrowers, the Lenders, DEUTSCHE BANK AG NEW YORK BRANCH (“DBAG”), as administrative agent for the Lenders (in such
capacity, the “Administrative Agent”), TD SECURITIES (USA) INC. (“TD”), as syndication agent for the Lenders (in such capacity, the “Syndication Agent”), and WACHOVIA INVESTORS, INC., as
documentation agent for the Lenders (in such capacity, the “Documentation Agent”). 
  
 RECITALS

  
 WHEREAS, the Borrowers wish to make a certain amendment to the Credit Agreement which is more particularly
described herein. 
  
 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the promises and the mutual agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
  
 ARTICLE I.

 DEFINITIONS 
  
 Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement. 
  
 ARTICLE II. 
 REDUCTION OF COMMITMENTS AND RELATED ACTIONS 
  
 Pursuant to Section 9.1 of the Credit Agreement, upon the consummation of the Bank One/Nortel/TD Common Stock Conversion (i) Bank One shall assign to DBAG a portion of its
Revolving Loan Commitment in an amount of $579,213.77, (ii) Nortel Networks shall assign to DGAB a portion of its Revolving Loan Commitment in an amount of $868,820.65 and (iii) TD shall assign to DBAG a portion of its Revolving Loan Commitment in
an amount of $868,820.65. In addition, concurrently with the consummation of the Bank One/Nortel/TD Common Stock Conversion, (i) Bank One shall convert Term Loans in an aggregate amount of $2,552,127.24 (which amount includes accrued interest
thereon to the date of such conversion) and Revolving Loans in an aggregate amount of $793,570.24 (which amount includes accrued interest thereon to the date of such conversion) into equity capital of the Parent, (ii) Nortel Networks shall convert
Term Loans in an aggregate amount of $3,828,190.87 (which amount includes accrued interest thereon to the date of such conversion) and Revolving Loans in an aggregate amount of $1,190,355.35 (which amount includes accrued interest thereon to the
date of such conversion) into equity capital of the Parent and (iii) TD shall convert Term Loans in an 

 
 1 

  
 aggregate amount of $3,828,190.87 (which amount includes accrued interest thereon to the date of such
conversion) and Revolving Loans in an aggregate amount of $1,190,355.35 (which amount includes accrued interest thereon to the date of such conversion) into equity capital of the Parent, in each case pursuant to the Bank One/Nortel/TD Common Stock
Conversion Documents. In connection with the conversion of Revolving Loans into equity capital of the Parent described in the immediately preceding sentence, the Borrowers shall, pursuant to Section 2.5 of the Credit Agreement, cancel permanently
the Revolving Loan Commitments of Bank One, Nortel Networks and TD in an aggregate principal amount of $3,164,491.87, which cancellation of commitments shall be effective without any further action on the part of the Borrowers, any Lender or any
other Person upon and after the consummation of the Bank One/Nortel/TD Common Stock Conversion. Each of Bank One, Nortel Networks and TD hereby acknowledges and agrees that, after giving effect to the Bank One/Nortel/TD Common Stock Conversion, all
Obligations owing to Bank One, Nortel Networks and TD under the Loan Documents shall have been satisfied in full (subject to Sections 9.2 and 9.11 of the Credit Agreement). 
  
 Notwithstanding anything to the contrary set forth in Section 2.2 or 9.5 of the Credit Agreement, the obligations of each Lender to purchase without recourse a
participation interest from the Issuing Bank in any Letter of Credit shall be calculated based upon such Lender’s LOC Pro Rata Share set forth opposite such Lender’s name on Schedule 2.1.A to the Credit Agreement. As a result, and
for the avoidance of doubt, the Issuing Bank shall assume in their entirety the obligations of the Assigning Lenders to fund any future Letter of Credit to the extent of the Assigned Interests without recourse or reimbursement from any other Lender.
In consideration of the assumption by the Issuing Bank of the Assigned Interests, the Parent shall execute and deliver a security agreement and account control agreement in form and substance satisfactory to the Issuing Bank pursuant to which the
Parent shall grant to the Issuing Bank a security interest in a cash collateral account in an amount equal to the additional obligations assumed by the Issuing Bank. The Issuing Bank hereby acknowledges and agrees that any amount withdrawn from such
cash collateral account shall be applied solely to its Letter of Credit funding obligations relating to the Assigned Interests. In addition, after giving effect to the forgoing transactions, the aggregate amount of the Term Loan Commitments on and
after the effectiveness of the Ninth Amendment shall be $16,532,240.94 and the aggregate amount of the Revolving Loan Commitments on and after the effectiveness of the Ninth Amendment shall be $11,224,043.14, which amounts the parties hereto hereby
acknowledge are the total respective Term Loan principal amounts, Revolving Loan principal amounts and Letter of Credit Obligations outstanding as of the date hereof. 
  
 ARTICLE III. 
 AMENDMENTS 
  
 Section 3.01    Definitions. 
  
 (a)    The following defined terms are added to Section 1.1 of the Credit Agreement in their proper alphabetical order: 
  
 “Assigned Interests” means that portion of the Revolving Loan Commitments assigned to DBAG pursuant to the Bank One/Nortel/TD Assignment Agreements.

 
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 “Assigning Lenders” means each of Bank One, Nortel Networks and
TD. 
  
 “Bank One” means Bank One, NA. 
  

“Bank One Debt Exchange Agreement” means the Debt Exchange Agreement, dated January 10, 2003, between the Parent and Bank One. 

 
 “Bank One Stock Purchase Agreement” means the Stock Purchase Agreement, dated January 10, 2003, among Bank One
and the purchasers listed on Exhibit A thereto. 
  
 “Bank One/Nortel/TD Assignment
Agreements” means (i) the Assignment Agreement, dated as of January 10, 2003, entered into by and between Bank One and DBAG, (ii) the Assignment Agreement, dated as of January 10, 2003, entered into by and between Nortel and DBAG and (iii)
the Assignment Agreement, dated as of January 10, 2003, entered into by and between TD and DBAG. 
  
 “Bank One/Nortel/TD Common Stock Conversion” means (i) the conversion by Bank One of Term Loans in an aggregate amount of $2,552,127.24 (which amount includes accrued interest thereon to the date of such conversion)
and Revolving Loans in an aggregate amount of $793,570.24 (which amount includes accrued interest thereon to the date of such conversion) into 34,628,636 shares of the Parent’s common stock, (ii) the conversion by Nortel Networks of Term Loans
in an aggregate amount of $3,828,190.87 (which amount includes accrued interest thereon to the date of such conversion) and Revolving Loans in an aggregate amount of $1,190,355.35 (which amount includes accrued interest thereon to the date of such
conversion) into 51,942,950 shares of the Parent’s common stock, (iii) the conversion by TD of Term Loans in an aggregate amount of $3,828,190.87 (which amount includes accrued interest thereon to the date of such conversion) and Revolving
Loans in an aggregate amount of $1,190,355.35 (which amount includes accrued interest thereon to the date of such conversion) into 51,942,950 shares of the Parent’s common stock, (iv) the subsequent sale by each of Bank One, Nortel Networks and
TD of such shares to certain third party purchasers, (v) the issuance by the Parent to certain other purchasers of 29,166,667 shares of the Parent’s common stock and (vi) the satisfaction of all conditions precedent to closing under the Bank
One/Nortel/TD Common Stock Conversion Documents. 
  
 “Bank One/Nortel/TD Common Stock Conversion
Documents” means the Bank One Stock Purchase Agreement, the Bank One Debt Exchange Agreement, the Nortel Stock Purchase Agreement, the Nortel Debt Exchange Agreement, the TD Stock Purchase Agreement, the TD Debt Exchange Agreement, the
First Amendment to the Investors’ Rights Agreement, and the warrants issued in connection therewith, and the Common Stock Purchase Agreement, together with any other instruments and agreements entered into by the Parent or its Subsidiaries in
connection therewith (in each case, in the form delivered to the Lenders prior to the effectiveness of this Ninth Amendment), as the same may be amended, supplemented, replaced or otherwise modified from time to time in accordance with this
Agreement. 
  
 “Common Stock Purchase Agreement” means the Common Stock Purchase Agreement, dated
January 10, 2003, among the Parent and the purchasers listed on Exhibit A thereto. 

 
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 “LOC Account Control Agreement” means the Securities Account
Control Agreement, dated as of January 10, 2003, by and among the Parent, DBAG and Deutsche Bank Trust Company Americas. 
  
 “LOC Cash Collateral Security Agreement” means the Security Agreement, dated as of January 10, 2003, by and among the Parent and DBAG. 
  
 “LOC Pro Rata Share” means, with respect to any Lender, the percentage set forth opposite such Lender’s name in the appropriate column on Schedule
2.1.A annexed hereto. 
  
 “LOC Security Account” means the securities account established
by the Parent and DBAG pursuant to the LOC Account Control Agreement. 
  
 “Ninth Amendment”
means the Agreement, Limited Waiver and Ninth Amendment to the Credit Agreement, dated January 10, 2002, among the Borrowers and the Administrative Agent. 
  
 “Nortel Debt Exchange Agreement” means the Debt Exchange Agreement, dated January 10, 2003, between the Parent and Nortel Networks. 
  
 “Nortel Stock Purchase Agreement” means the Stock Purchase Agreement, dated January 10, 2003, among Nortel Networks and
the purchasers listed on Exhibit A thereto. 
  
 “TD Debt Exchange Agreement” means the Debt Exchange
Agreement, dated January 10, 2003, between the Parent and TD. 
  
 “TD Stock Purchase
Agreement” means the Stock Purchase Agreement, dated January 10, 2003, among TD and the purchasers listed on Exhibit A thereto. 
  
 (b)    The definition of “Change in Control” is amended by deleting the last two provisos at the end thereof and replacing them in their entirety with the following: 

 
 “provided, however, that, notwithstanding the foregoing, no transaction effected by any of the Borrowers with the
consent of the Lenders in connection with the Lender Common Stock Conversion, the Deferred Interest Common Stock Conversion, the SDS Common Stock Conversion or the Bank One/Nortel/TD Common Stock Conversion shall be deemed a Change in Control.”

  
 (c)    The definition of “Majority Lenders” is amended by deleting it in its
entirety and replacing it with the following: 
  
 ““Majority Lenders” means at least two
Lenders who together hold more than 51% of the sum of the aggregate Loans and unused Commitments of all the Lenders. Notwithstanding the foregoing, solely for purposes of determining the Majority Lenders, as long as DBAG has a perfected first
priority security interest in the LOC Security Account that is not subject to challenge in any judicial or administrative proceeding (including, without limitation, any bankruptcy, insolvency, receivership or similar proceeding), any amount on
deposit in the LOC Security Account on the date of such determination shall be deducted from the Commitment of 

 
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 DBAG, unless the matter as to which such determination is being made relates directly to the Letter of
Credit Obligations.” 
  
 (d)    The definition of “Restricted Payment” is
amended by deleting the last two provisos at the end thereof and replacing them in their entirety with the following: 
  
 “provided further, however, that, notwithstanding the foregoing, no transaction effected by any of the Borrowers with the consent of the Lenders in connection with the Lender Common Stock Conversion, the Deferred Interest
Common Stock Conversion, the SDS Common Stock Conversion or the Bank One/Nortel/TD Common Stock Conversion shall be deemed a Restricted Payment.” 
  
 Section 3.02    Term Loans 
 . 
 (a)    Section 2.1.A.(i) of the Credit Agreement is amended by (i) replacing the words “each Term Lender’s Commitment as of the date of the Seventh Amendment”
in the sixth line thereof with the words “each Term Lender’s Commitment as of the date of the Ninth Amendment”, (ii) replacing the words “the Term Loan Commitments is $26,156,579.77” in the eighth line thereof with the words
“the Term Loan Commitments is $16,532,240.94” and (iii) adding the following sentence at the end thereof: 
  
 “For the avoidance of doubt, any Term Loan converted into equity of the Parent or any of the Parent’s Affiliates shall be deemed to be a prepayment of such Term Loan.” 
  
 (b)    Schedule 2.1.A of the Credit Agreement is amended by deleting it in its entirety and replacing it with
the revised Schedule 2.1.A set forth on Annex I hereto. 
  
 Section
3.03    Revolving Loans. 
  
 (a)    Section 2.1.A.(ii) of the
Credit Agreement is amended by deleting it in its entirety and replacing it with the following: 
  
 “(ii)    Revolving Loans.  Each Revolving Lender severally agrees to make revolving loans (“Revolving Loans”) to the Borrowers from the Closing Date until the Revolving Loan
Commitment Termination Date in an aggregate amount not exceeding its Pro Rata Share of the aggregate amount of the Revolving Loan Commitments. Each Borrower shall use the proceeds of any such Revolving Loans solely for the purposes identified in
Section 5.12. The amount of each Revolving Lender’s Commitment as of the date of the Ninth Amendment is set forth opposite its name on Schedule 2.1.A annexed hereto and the aggregate amount of the Revolving Loan Commitments is
$11,224,043,14; provided that the Revolving Loan Commitments of the applicable Revolving Lenders shall be adjusted to give effect to any assignments of such Revolving Lender’s respective Revolving Loan Commitments pursuant to Section
9.1.; and provided further that the amount of the Revolving Loan Commitments shall be reduced from time to time by the amount of any reductions thereto made pursuant to Section 2.5. Notwithstanding anything to the contrary
herein, the outstanding principal amount of Revolving Loans made pursuant to this Section 2.1.A(ii) shall not at any time exceed $5,142,298.87. Each Revolving Lender’s Revolving Loan Commitments shall expire immediately and without
further action on the Revolving Loan Commitment Termination Date and no Revolving Loans shall be 

 
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 made after such date. Amounts borrowed under this Section 2.1.A.(ii) and subsequently repaid or
prepaid may be reborrowed; provided, however, that (i) the aggregate principal amount of Revolving Loans outstanding that were made pursuant to this Section 2.1.A(ii) shall not at any time exceed $5,142,298.87 and (ii)
the aggregate principal amount of the Revolving Loans (including LOC Revolving Loans) outstanding at any time, when taken together with the outstanding Letter of Credit Obligations, may not exceed the aggregate amount of the Revolving Loan
Commitments.” 
  
 Section 3.04    Letters of Credit. 
  
 (a)        Section 2.2.A. of the Credit Agreement is amended by deleting it in its
entirety and replacing it with the following: 
  
 “A.        Issuance
of Letters of Credit.  Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, the Issuing Bank agrees to issue, and each Revolving Loan Lender severally agrees to
participate in the issuance by the Issuing Bank of, Letters of Credit in Dollars from time to time from the Closing Date until the Revolving Loan Commitment Termination Date as any Borrower may request, in a form acceptable to the Issuing Bank;
provided, however, that (i) the sum of the outstanding Letter of Credit Obligations and any outstanding Revolving Loans made under Section 2.2.E. (each such Revolving Loan an “LOC Revolving Loan”) shall not at
any time exceed $6,081,744.27 (the “LOC Committed Amount”) and (ii) the sum of the aggregate outstanding principal amount of Revolving Loans (including LOC Revolving Loans) plus outstanding Letter of Credit Obligations shall
not at any time exceed the aggregate amount of the Revolving Loan Commitments. No Letter of Credit shall (a) have an original expiry date more than one year from the date of issuance (provided that any such Letter of Credit may contain
customary “evergreen” provisions pursuant to which the expiry date is automatically extended by a specific time period unless the Issuing Bank gives notice of expiration or termination to the beneficiary of such Letter of Credit at least a
specified time period prior to the expiry date then in effect) or (b) as originally issued or as extended, have an expiry date extending beyond the date which is 30 days prior to the Maturity Date. Each Letter of Credit shall comply with the terms
and conditions of the related LOC Documents. The issuance and expiry dates of each Letter of Credit shall be a Business Day.” 
  
 (b)        Section 2.2.C. of the Credit Agreement is amended by adding the following sentences at the end thereof: 
  
 “Notwithstanding anything to the contrary set forth in this Agreement, for purposes of this Section 2.2.C, each Lender’s Pro Rata Share of its obligations
in respect of any Letter of Credit shall be determined by reference to such Lender’s LOC Pro Rata Share as set forth opposite such Lender’s name on Schedule 2.1.A annexed hereto. Each Lender hereby acknowledges and agrees,
notwithstanding anything to contrary set forth in this Agreement (including, without limitation, Section 9.5), that (i) the rights and interests assigned to DBAG under and pursuant to the LOC Cash Collateral Security Agreement and the LOC
Account Control Agreement shall run solely to the benefit of DBAG and no other Lender shall have any right, title or interest thereunder or thereto and (ii) DBAG shall have the sole and exclusive 

 
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 authority to consent to any release, amendment, supplementation or other modification in respect of the LOC Cash Collateral Security Agreement
and the LOC Account Control Agreement.” 
  
 (c)    Section 2.2.D. of the Credit
Agreement is amended by adding the phrase “(after giving effect to the second to last sentence of Section 2.2.C)” immediately after the words “such unreimbursed drawing” in the twenty-second line thereof. 

 
 (d)    Section 2.2.E. of the Credit Agreement is amended by adding the phrase “(after giving
effect to the second to last sentence of Section 2.2.C)” immediately after the words “in accordance with their Pro Rata Shares” in the eighth line thereof and immediately after the words “make its Pro Rata Share” in
the tenth line thereof. 
  
 Section 3.05    Prepayments Due to Issuance of Debt or Equity.

  
 (a)    Section 2.5.B.(iii)(d) of the Credit Agreement is amended by (i) deleting the
word “and” which appears immediately before clause (ix), (ii) adding a comma (“,”) immediately before clause (ix) and (iii) adding the following clause (x) immediately prior to the words “in each case to prepay the Loans or
permanently” in the twenty-third line thereof: 
  
 “(x) such Net Proceeds received in connection with the
Bank One/Nortel/TD Common Stock Conversion” 
  
 Section 3.06    Compensation For Breakage
Costs 
  
 (a)    Section 2.6.D. of the Credit Agreement is amended by (i) deleting the
word “or” and inserting a comma immediately after the words “by the terms of this Agreement” in the fifteenth line thereof and (ii) adding the following new clause after the words “Lender Common Stock Conversion
Documents” in the sixteenth line thereof: 
  
 “or (vi) as a consequence of the consummation of the
transactions contemplated by the Bank One/Nortel/TD Common Stock Conversion Documents.” 
  
 Section
3.07    Annual Letter of Credit Exposure Fee 
  
 (a)    Section
2.4. of the Credit Agreement is amended by adding the following Section 2.4.E at the end thereof: 
  
 “E.    Annual Letter of Credit Exposure Fee.  The Borrowers agree to pay DBAG, for its own account, an annual Letter of Credit exposure fee in an amount equal to $100,000 per annum from and
including February 1, 2003 to and including the date on which (i) the Borrower has repaid or otherwise reduced the Letter of Credit funding obligations of DBAG by an amount equal to $2,316,855.07 and (ii) the Revolving Loan Commitments of DBAG have
been permanently canceled by a corresponding amount. Such annual Letter of Credit exposure fee shall be payable yearly in advance, commencing on February 1, 2003.” 
  
 Section 3.08    Adjustment to Financial Covenants. 

 
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 (a)    Section 6.6.D. of the Credit Agreement is
amended by deleting the table at the end thereof in its entirety and replacing it with the following table: 
  
 
	 Date
 
	    	 Consolidated Leverage Ratio
 

	 December 31, 2003
 	    	 6.50 to 1.00
 
	 March 31, 2004
 	    	 3.70 to 1.00
 
	 June 30, 2004
 	    	 2.50 to 1.00
 
	 September 30, 2004
 	    	 2.00 to 1.00
 
	 December 31, 2004
 	    	 2.00 to 1.00
 
	 March 31, 2005
 	    	 2.00 to 1.00
 
	 June 30, 2005
 	    	 2.00 to 1.00
 
	 September 30, 2005
 	    	 2.00 to 1.00
 
	 December 31, 2005
 	    	 2.00 to 1.00
 
	 March 31, 2006
 	    	 2.00 to 1.00
 
	 June 30, 2006
 	    	 2.00 to 1.00
 
	 September 30, 2006
 	    	 2.00 to 1.00
 
	 December 31, 2006
 	    	 2.00 to 1.00
 

 
  
 (b)    Section 6.6.E. of the Credit
Agreement is amended by deleting the table at the end thereof in its entirety and replacing it with the following table: 
  
 
	 Date
 
	    	 Consolidated Interest
 Coverage Ratio
 

	 December 31, 2003
 	    	 2.80 to 1.00
 
	 March 31, 2004
 	    	 4.60 to 1.00
 
	 June 30, 2004
 	    	 6.50 to 1.00
 
	 September 30, 2004
 	    	 8.00 to 1.00
 

 

 
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	 December 31, 2004
 	  	 8.00 to 1.00
 
	 March 31, 2005
 	  	 8.00 to 1.00
 
	 June 30, 2005
 	  	 8.00 to 1.00
 
	 September 30, 2005
 	  	 8.00 to 1.00
 
	 December 31, 2005
 	  	 8.00 to 1.00
 
	 March 31, 2006
 	  	 8.00 to 1.00
 
	 June 30, 2006
 	  	 8.00 to 1.00
 
	 September 30, 2006
 	  	 8.00 to 1.00
 
	 December 31, 2006
 	  	 8.00 to 1.00
 

 
  
 (c)    Section 6.6.F. of the Credit
Agreement is amended by deleting the table at the end thereof in its entirety and replacing it with the following table: 
  
 
	 Date
 
	    	 Consolidated Fixed Charge Coverage Ratio
 

	 December 31, 2003
 	    	 1.70 to 1.00
 
	 March 31, 2004
 	    	 1.70 to 1.00
 
	 June 30, 2004
 	    	 1.70 to 1.00
 
	 September 30, 2004
 	    	 1.70 to 1.00
 
	 December 31, 2004
 	    	 1.70 to 1.00
 
	 March 31, 2005
 	    	 1.70 to 1.00
 
	 June 30, 2005
 	    	 1.70 to 1.00
 
	 September 30, 2005
 	    	 1.70 to 1.00
 
	 December 31, 2005
 	    	 1.70 to 1.00
 
	 March 31, 2006
 	    	 2.00 to 1.00
 
	 June 30, 2006
 	    	 2.00 to 1.00
 

 

 
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	 September 30, 2006
 	  	 2.00 to 1.00
 
	 December 31, 2006
 	  	 2.00 to 1.00
 

 
  
 ARTICLE IV. 
 LIMITED WAIVER 
  
 Subject to the conditions and upon the
terms set forth in this Ninth Amendment and in reliance on the representations and warranties of the Borrowers set forth in Section 6.02 of this Ninth Amendment, the Lenders hereby waive any right or remedy arising in favor of the Lenders under the
Credit Agreement by reason of the failure of the Borrowers and the Lenders to comply with the ratable sharing provisions of Section 9.5 of the Credit Agreement in connection with the Bank One/Nortel/TD Common Stock Conversion. 

 
 ARTICLE V. 
 CONSENT 

 
 The Lenders hereby consent to the execution and delivery and performance by the Parent and/or the Borrowers (as applicable) of
each of the Bank One/Nortel/TD Common Stock Conversion Documents. 
  
 ARTICLE VI. 
 MISCELLANEOUS 
  
 Section
6.01    Execution of this Ninth Amendment; Effectiveness. 
  
 This Ninth Amendment is
executed and shall be construed as an amendment to the Credit Agreement, and, as provided in the Credit Agreement, this Ninth Amendment forms a part thereof. This Ninth Amendment shall be effective upon the satisfaction of the following conditions:

  
 (a)        the transactions contemplated by Article II above
shall have been consummated on the terms set forth in the Bank One/Nortel/TD Common Stock Conversion Documents and upon satisfaction of the conditions therein set forth; 
  
 (b)         the Bank One/Nortel/TD Common Stock Conversion Documents, the Bank One/Nortel/TD Assignment Agreements, the LOC Account
Control Agreement and the LOC Cash Collateral Security Agreement shall have been executed by each party thereto and executed copies thereof delivered to the Administrative Agent; 
  
 (c)        the Borrowers shall have paid to the Administrative Agent, for the ratable benefit of each Lender (other than the
Assigning Lenders), an amendment fee equal to $25,000; 
  
 (d)        cash
in amount equal to $2,316,855.07 shall have been deposited into the LOC Security Account (and satisfactory evidence thereof provided to DBAG); and 

 
 10 

  
 (e)    DBAG shall have received an opinion of counsel to
FiberNet in form and substance reasonably satisfactory to DBAG as to, among other things, the security interest purported to be created pursuant to the LOC Cash Collateral Security Agreement and the LOC Account Control Agreement. 

 
 Section 6.02    Representations and Warranties. 
  
 The Borrowers hereby represent and warrant to the Administrative Agent and the Lenders that (a) all consents, approvals and authorizations
necessary for the Borrowers’ execution, delivery and performance of this Ninth Amendment have been obtained or made and (b) this Ninth Amendment has been duly executed and delivered by the Borrowers and constitutes a legal, valid and binding
obligation of each Borrower, enforceable against such Borrower in accordance with its terms. 
  
 Section
6.03    Waiver. 
  
 This Ninth Amendment is made in amendment and modification of, but not
extinguishment of, the obligations set forth in the Credit Agreement and the other Loan Documents and, except as specifically modified pursuant to the terms of this Ninth Amendment, the terms and conditions of the Credit Agreement and the other Loan
Documents remain in full force and effect. Nothing herein shall limit in any way the rights and remedies of the Administrative Agent and the Lenders under the Credit Agreement and the other Loan Documents. The execution and delivery by the Lenders
of this Ninth Amendment shall not constitute a waiver, forbearance or other indulgence with respect to any Potential Event of Default or Event of Default now existing or hereafter arising. 
  
 Section 6.04    Counterparts; Integration; Effectiveness. 
  
 This Ninth Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. This Ninth Amendment and any agreements referred to herein constitute the entire contract among the parties hereto relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. In addition to the requirements set forth above in Section 6.01, this Ninth Amendment shall become effective when it shall have been executed by each of the Borrowers and each of the
Lenders, and thereafter shall be binding upon and inure to the benefit of the parties hereto and, subject to and in accordance with Section 9.16 of the Credit Agreement, their respective successors and assigns. Delivery of an executed
counterpart of a signature page of this Ninth Amendment by telecopy shall be as effective as delivery of a manually executed counterpart of this Ninth Amendment. 
  
 Section 6.05    Severability. 
  
 Any
provision of this Ninth Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity,
legality or enforceability of the remaining provisions hereof, and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

 
 11 

  
 Section 6.06    Governing Law. 

 
 This Ninth Amendment shall be construed in accordance with and governed by the laws of the State of New York without regard to
the conflicts of law provisions thereof, other than Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York. 
  
 Section 6.07    Headings. 
  
 Article and Section headings used
herein are for convenience of reference only, are not part of this Ninth Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Ninth Amendment. 
  

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 
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 IN WITNESS WHEREOF, the parties hereto have caused this Ninth Amendment to be
duly executed by their respective authorized officers as of the day and year first above written. 
  
 
	 FIBERNET OPERATIONS, INC.
 
	 
	 By:
 	 	  
	 Name:
 	 	 
 
 
	 Title:
 	 	  

 
  
 
	 DEVNET L.L.C.
 
	 
	 By:
 	 	  
	 Name:
 	 	 
 
 
	 Title:
 	 	  

 
  
 
	 DEUTSCHE BANK AG NEW YORK
 
	 BRANCH
 
	 
	 By:
 	 	  
	 Name:
 	 	 
 
 
	 Title:
 	 	  

 
  
 
	 
	 By:
 	 	  
	 Name:
 	 	 
 
 
	 Title:
 	 	  

 
  
 
	 WACHOVIA INVESTORS, INC.
 
	  
	 
	 By:
 	 	  
	 Name:
 	 	 
 
 
	 Title:
 	 	  

 
 
	  
	 BANK ONE, NA
 
	 
	 By:
 	 	  
	 Name:
 	 	 
 
 
	 Title:
 	 	  

 
  

 
 13 

  
 
	 IBM CREDIT LLC
 
	 
	  	 	  
	 By:
 	 	  
	 Name:
 	 	 
 
 
	 Title:
 	 	  

 
  
 
	 NORTEL NETWORKS INC.
 
	 
	  	 	  
	 By:
 	 	  
	 Name:
 	 	 
 
 
	 Title:
 	 	  

 
  
 
	 TORONTO DOMINION (TEXAS), INC.
 
	 
	  	 	  
	 By:
 	 	  
	 Name:
 	 	 
 
 
	 Title:
 	 	  

 

 
 14 

  
 Annex I 
  
 Schedule 2.1.A 
  
 
	 Lender
 
	  	 Term Loan Commitment
 
	  	 Term Loan %
 
	 	  	 Revolving
 Loan
Commitment
 
	  	 Revolving Loan %
 
	 	  	 Total Commitment
 
	  	 Total
 %
 
	 	    	 LOC Pro Rata Share
 
	 	  	 Lending
 Offices
 

	 Deutsche
 Bank AG
 New York
 Branch
 	  	 $
 	 7,312,337.59
 	  	 44.23077
 	 %
 	  	 $
 	 6,256,572.64
 	  	 55.74259
 	 %
 	  	 $
 	 13,568,910.23
 	  	 48.88590
 	 %
 	    	 65.47619
 	 %
 	  	 31 West 52nd Street
 14th Floor
 New York, NY 10019
 Tel: 212-469-7845
 Fax:
212-469-3713
 Attn: Alexander Richarz
 
	 Wachovia
 Investors, Inc.
 	  	 $
 	 6,676,481.79
 	  	 40.38461
 	 %
 	  	 $
 	 3,597,133.75
 	  	 32.04847
 	 %
 	  	 $
 	 10,273,615.54
 	  	 37.01366
 	 %
 	    	 25.00000
 	 %
 	  	 301 S. College St.,
 TW5 NC0537,
 Charlotte, NC 28288
 Tel: 704-383-9831
 Fax: 704-374-4092
 Attn: Matthew Berk
 
	 IBM Credit LLC
 	  	 $
 	 2,543,421.56
 	  	 15.38461
 	 %
 	  	 $
 	 1,370,336.74
 	  	 12.20894
 	 %
 	  	 $
 	 3,913,758.30
 	  	 14.10044
 	 %
 	    	 9.52381
 	 %
 	  	 North Castle Dr.
 Armonk, NY 10504
 Tel: 914-765-6262
 Fax: 914-765-6265
 
	 TOTALS
 	  	 $
 	 16,532,240.94
 	  	 100
 	 %
 	  	 $
 	 11,224,043.14
 	  	 100
 	 %
 	  	 $
 	 27,756,284.08
 	  	 100
 	 %
 	    	 100
 	 %
 	  	  

 

 
 15Form of Debt Exchange Agreement

  
 EXHIBIT 10.2 
  

 
 FORM OF DEBT EXCHANGE AGREEMENT 
  
 DEBT EXCHANGE AGREEMENT, dated as of January 10, 2003 (this “Agreement”), by and between FiberNet Telecom Group, Inc., a Delaware corporation (the “Company”), and
                     (the “Purchaser”). 
  
 R E C I T A L S 
  
 WHEREAS, pursuant to the Amended and Restated Credit Agreement dated as of February 9, 2001 by and among FiberNet Operations, Inc., Devnet L.L.C., the Purchaser and certain other lenders, FiberNet Operations, Inc. and Devnet L.L.C.
owe $             to the Purchaser (the “            Debt”); 
  
 WHEREAS, the Company has agreed that, pursuant to this Agreement, it will issue to the Purchaser, in exchange for the
             Debt, an aggregate of                      shares of common
stock, par value $.001 per share, of the Company (the “Shares”); and 
  
 WHEREAS, the Company and
the Purchaser desire to enter into this Agreement to set forth certain matters relating to such exchange. 
  
 NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto hereby agree as follows: 
  
 ARTICLE 1 
  
 Exchange 
  
 Section 1.1    Exchange of                Debt for
Shares.  Upon the following terms and conditions, and in consideration of and in express reliance upon such terms and conditions and the representations, warranties and covenants of this Agreement, the Purchaser shall release the
Company of all obligations owing in respect of the              Debt and shall surrender to the Company for exchange all documents evidencing the
             Debt, together with all appropriate instruments of transfer, and, in exchange therefor, the Company shall issue to the Purchaser the Shares. The exchange described in
this Section 1.1 is referred to herein as the “Exchange”. 
  
 Section
1.2    Closing.  The closing (the “Closing”) of the Exchange under this Agreement shall take place at the offices of Jenkens & Gilchrist Parker Chapin LLP, The Chrysler Building, 405
Lexington Avenue, New York, New York 10174 at 10:00 a.m., New York time (i) on or before January 10, 2003, provided, that all of the conditions set forth in this Agreement shall have been fulfilled or waived in accordance herewith, or (ii) at such
other time and place or on such date as the Purchaser and the Company may agree upon (such date on which the Closing occurs, the “Closing Date”). At the Closing, the Purchaser shall deliver or cause to be delivered to the Company
the              Debt that the Purchaser is exchanging pursuant to the terms hereof, together with all appropriate instruments of transfer. At the Closing, the Company shall deliver
the Shares to the Purchaser. 

  
 ARTICLE II. 
  
 Representations and Warranties 
  
 Section 2.1     Representations and Warranties of the Company.  The Company hereby represents and warrants to the Purchaser, as of the date hereof and the Closing Date, as follows: 

 
 (a)    Organization, Good Standing and Power.  The Company is a corporation duly
incorporated, validly existing and in good standing under the laws of the State of Delaware and has the requisite power to own, lease and operate its properties and assets and to conduct its business as it is now being conducted. The Company is duly
qualified as a foreign corporation to do business and is in good standing in every jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary except for any jurisdictions (alone or in the
aggregate) in which the failure to be so qualified will not have a Material Adverse Effect. For the purposes of this Agreement, “Material Adverse Effect” means any condition, circumstance, or situation that would prohibit or hinder
the Company from executing this Agreement and/or performing any of its obligations hereunder or thereunder in any material respect. 
  
 (b)    Authorization; Enforcement.  The Company has the requisite power and authority to enter into and perform this Agreement and to consummate the Exchange. The execution, delivery and
performance of this Agreement by the Company have been duly and validly authorized by all necessary corporate action, and no further consent or authorization is required for the Company to effect the transactions contemplated hereby. When executed
and delivered by the Company, the Agreement shall constitute a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application. 

 
 (c)    Issuance of Shares.  The Shares have been duly authorized by all necessary
corporate action and, when issued in accordance with the terms hereof upon surrender of the              Debt in the Exchange, the Shares shall be validly issued and outstanding,
fully paid and non-assessable, free of restrictions on transfer other than as described herein and under applicable state and federal securities laws, and assuming the accuracy of the Purchaser’s representations and warranties set forth in
Section 2.2 hereof, such Shares will have been issued in compliance with all applicable state and federal securities laws. 
  
 (d)    No Conflicts.  The execution, delivery and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby does not and will not (i)
violate any provision of the Company’s Certificate of Incorporation or Bylaws, each as amended to date, (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give
to others any rights of termination, amendment, acceleration or cancellation of, any agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Company is a party or by which any of the
Company’s properties or assets are bound, or (iii) 

 
 2 

 result in a violation of any federal, state, local or foreign statute, rule, regulation, order, judgment or decree (including federal and state
securities laws and regulations) applicable to the Company or by which any property or asset of the Company is bound or affected, except, in all cases, other than violations pursuant to clauses (i) or (iii) (with respect to federal and state
securities laws) above, except, for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or in the aggregate, have a Material Adverse Effect. The Company is not required under
federal, state, foreign or local law, rule or regulation to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental agency in order for it to execute, deliver or perform any of its
obligations under this Agreement or consummate the Exchange in accordance with the terms hereof (other than any filings, consents and approvals which may be required to be made by the Company under applicable state and federal securities laws, rules
or regulations, or the rules of the Nasdaq SmallCap Market, prior to or subsequent to the Closing). 
  
 (e)    Offering.  No form of general solicitation or general advertising (as defined in Regulation D of the Securities Act of 1933, as amended) was used by the Company or any of its respective
representatives in connection with the offer and sale of the Shares hereby, including, but not limited to, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio, or any
seminar or other meeting whose attendees have been invited by any general solicitation or general advertising. Except as set forth in any schedule attached to or made part of either the Common Stock and Warrant Purchase Agreement dated October 30,
2002 or November 11, 2002 between the Company and the investors listed in each respective contract, no securities of the same class as the Shares have been issued and sold by the Company within the six-month period immediately prior to the date
hereof. 
  
 Section 2.2.    Representations and Warranties of the
Purchaser.  The Purchaser hereby represents and warrants to the Company, as of the date hereof and as of the Closing Date, as follows: 
  
 (a)    Organization and Standing of the Purchaser.  The Purchaser is a corporation duly incorporated, validly existing and in good standing under the laws of the
jurisdiction of its incorporation. 
  
 (b)    Authorization and Power.  The
Purchaser has the requisite power and authority to enter into and perform this Agreement and to consummate the Exchange. The execution, delivery and performance of this Agreement the Purchaser and the consummation by it of the transactions
contemplated hereby have been duly authorized by all necessary corporate action, and no further consent or authorization is required for the Purchaser to effect the transactions contemplated hereby. When executed and delivered by the Purchaser, this
Agreement shall constitute valid and binding obligations of the Purchaser enforceable against the Purchaser in accordance with their terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles of general application. 

 
 3 

  
 (c)    No Conflict.  The execution, delivery
and performance of this Agreement by the Purchaser and the consummation by the Purchaser of the transactions contemplated hereby does not and will not (i) violate any provision of the Purchaser’s Certificate of Incorporation or Bylaws, each as
amended to date, (ii) assuming the execution and delivery of those documents set forth in Section 4.2(e) hereof, conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to
others any rights of termination, amendment, acceleration or cancellation of, any agreement, mortgage, deed of trust, indenture, note, bond, license, lease agreement, instrument or obligation to which the Purchaser is a party or by which the
Purchaser’s properties or assets are bound, or (iii) result in a violation of any federal, state, local or foreign statute, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations) applicable to
the Purchaser or by which any property or asset of the Purchaser is bound or affected, except, in all cases, other than violations pursuant to clauses (i) or (iii) (with respect to federal and state securities laws) above, except, for such
conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or in the aggregate, materially and adversely affect Purchaser’s ability to perform its obligations hereunder. 

 
 (d)    Acquisition for Investment.  The Purchaser is acquiring the Shares solely for its
own account and not with a view to or for sale in connection with any distribution. 
  
 (e)    Assessment of Risks.  The Purchaser acknowledges that it (i) has such knowledge and experience in financial and business matters that such Purchaser is capable of evaluating the merits and
risks of such Purchaser’s investment in the Company (by virtue of its purchase of Shares hereunder), (ii) is able to bear the financial risks associated with an investment in the Shares and (iii) has been given full access to such records of
the Company and to the officers of the Company as it has deemed necessary or appropriate to conduct its due diligence investigation with respect to the Shares. 
  
 (f)    No General Solicitation.  The Purchaser acknowledges that the Shares were not offered to the Purchaser by means of any form of general or public solicitation
or general advertising, or publicly disseminated advertisements or sales literature, including (i) any advertisement, article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television or radio
or (ii) any seminar or meeting to which the Purchaser was invited by any of the foregoing means of communications. 
  
 (g)    Accredited Investor.  The Purchaser is an “accredited investor” (as defined in Rule 501 of Regulation D under the Securities Act of 1933, as amended). 
  
 (h)    Legend.  The Purchaser hereby acknowledges and agrees that the certificates or other documents
representing the Shares may contain the following, or a substantially similar, legend, which legend shall be removed only upon receipt by the Company of an opinion of its counsel, which opinion shall be satisfactory to the Company, that such legend
may be so removed: 
  
 THE     SECURITIES   REPRESENTED   HEREBY
    (THE 
 “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER 
 THE   SECURITIES   ACT   OF 1933, AS AMENDED (THE 

 
 4 

  
 “SECURITIES  ACT”)  OR  ANY  STATE
 SECURITIES LAWS 
 AND MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE 
 DISPOSED     OF     UNLESS     REGISTERED   UNDER   THE 
 SECURITIES   ACT   AND   UNDER     APPLICABLE   STATE 
 SECURITIES LAWS OR
FIBERNET TELECOM GROUP,  INC. 
 SHALL  HAVE  RECEIVED  AN  OPINION OF ITS COUNSEL 
 THAT REGISTRATION OF SUCH SECURITIES UNDER THE 
 SECURITIES   ACT
  AND   UNDER   THE  PROVISIONS  OF 
 APPLICABLE     STATE     SECURITIES
    LAWS     IS   NOT 
 REQUIRED. 
  
 (i)    Certain Fees.  The Purchaser has not employed any broker or finder or incurred any liability for any brokerage, investment
banking, commission, finders’, structuring or financial advisory fees or other similar fees in connection with this Agreement or the transactions contemplated hereby. 
  
 ARTICLE III. 
  
 Covenants of the Parties

  
 Section 3.1.    Covenants.  The parties hereto hereby covenant with each
other as follows, which covenants, as applicable, are for the benefit of such parties and their respective permitted assigns: 
  
 (a)    Further Assurances.  From and after the Closing Date, upon the request of the Purchaser or the Company, the Company and the Purchaser shall execute and deliver such instruments, documents
and other writings as may be reasonably necessary or desirable to confirm and carry out and to effectuate fully the intent and purposes of this Agreement, including, without limitation, authorizing the Company’s transfer agent to issue shares
of the Company’s common stock to the purchasers of the Shares sold by the Purchaser. 
  
 (b)    Commercially Reasonable Efforts.  Each party hereto will use commercially reasonable efforts to take, or cause to be taken, all action, and to do, or cause to be done, all things necessary,
proper or advisable, consistent with applicable law, to consummate and make effective in the most expeditious manner practicable the transactions contemplated hereby, including without limitation, making all required regulatory and other filings
required by applicable law as promptly as practicable after the date hereof. 
  
 ARTICLE IV. 
  
 Conditions 
  
 Section 4.1.    Conditions Precedent to the Obligation of the Company to Close.  The obligation hereunder of the Company to close and effect the Exchange at the Closing is subject to the
satisfaction or waiver, at or before the Closing of the conditions set forth below: 

 
 5 

  
 (a)    Accuracy of the Purchaser’s Representations
and Warranties.  The representations and warranties of the Purchaser shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at that time, except for representations and
warranties that are expressly made as of a particular date, which shall be true and correct in all material respects as of such date. 
  
 (b)    Performance by the Purchaser.  The Purchaser shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this
Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Closing. 
  
 (c)    No Injunction, Statute or Rule.  No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or
governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated by this Agreement. 
  
 (d)    Surrender of          Debt.  The Purchaser shall have released and surrendered to the Company all documents
evidencing the              Debt together with all appropriate instruments of transfer. 
  
 (e)    Transaction Documents.  The Purchaser shall have received executed copies of (i) the Agreement, Limited Waiver and Ninth Amendment among FiberNet Operations,
Inc., Devnet L.L.C., and the lenders under the Company’s senior credit facility named therein, (ii) Amendment and Waiver to the Investor’s Rights Agreement and Stockholders Agreement dated as of January 10, 2003 by and among the Company
and the lenders under the Company’s senior credit facility, and (iii) Warrant Agreement Amendment No. 2 dated as of January 10, 2003 by and among FiberNet Operations, Inc., Devnet L.L.C. and the lenders under the Company’s senior credit
facility named therein. 
  
 The conditions set forth in this Section 4.1 are for the Company’s sole benefit and may be waived only by
the Company at any time in its sole discretion. 
  
 Section 4.2.    Conditions Precedent to
the Obligation of the Purchaser to Close.  The obligation hereunder of the Purchaser to close and effect the Exchange is subject to the satisfaction or waiver, at or before the Closing, of each of the conditions set forth below:

  
 (a)    Accuracy of the Company’s Representations and Warranties.  Each
of the representations and warranties of the Company in this Agreement shall be true and correct in all material respects as of the Closing Date, except for representations and warranties that speak as of a particular date, which shall be true and
correct in all material respects as of such date. 
  
 (b)    Performance by the
Company.  The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior
to the Closing. 

 
 6 

  
 (c)    No Injunction, Statute or Rule.  No
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the
transactions contemplated by this Agreement. 
  
 (d)    Certificates.  The
Company shall have delivered to the Purchaser certificates representing the Shares (in such denominations as the Purchaser may request) being acquired by the Purchaser at the Closing. 
  
 The conditions set forth in this Section 4.2 are for the Purchaser’s sole benefit and may be waived only by the Purchaser at any time in its sole discretion. 
  
 ARTICLE V. 
  
 Miscellaneous 
  
 Section 5.1.    Fees and
Expenses.  Each party hereto shall pay the fees and expenses of its advisors, counsel, accountants and other experts, if any, and all other expenses, incurred by such party incident to the negotiation, preparation, execution, delivery
and performance of this Agreement. 
  
 Section 5.2.    Entire Agreement;
Amendment.  This Agreement contains the entire understanding and agreement (written or oral) of the parties hereto with respect to the subject matter hereof and, except as specifically set forth herein, neither the Company nor the
Purchaser make any representation, warranty, covenant or undertaking with respect to such matters, and they supersede all prior understandings and agreements with respect to said subject matter, all of which are merged herein. No provision of this
Agreement may be waived or amended other than by a written instrument signed by each party hereto. Any amendment or waiver effected in accordance with this Section 5.2 shall be binding upon each such party and its permitted assigns. 

 
 Section 5.3.    Notices.  Any notice, demand, request, waiver or other communication
required or permitted to be given hereunder shall be in writing and shall be effective (a) upon hand delivery by telecopy or facsimile at the address or number designated below (if delivered on a business day during normal business hours where such
notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing
by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be: 
  
 
	 If to the Company:
 	 	 FiberNet Telecom Group, Inc.
 570 Lexington Avenue
 New York, New York 10022
 Attention: President
 Fax No.:
(212) 421-8860
 

 

 
 7 

 with copies (which copies 
 shall not constitute notice 

	to the Company) to: 
 	Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. 
 

Chrysler Center 
 666 Third Avenue 
 New
York, New York 10022 
 Attention: Todd Mason 
 Fax No.:
(212) 983-3115 
  
 If to the
Purchaser:                                       
        _____________________                             
                            
 _____________________ 
 _____________________ 
 _____________________ 
 _____________________ 
 Attn:_________________________ 
 Fax No.:
(            )          -             

 
 with copies (which copies 
 shall not constitute notice 

	to the Purchaser) to: 
 	Jenkens & Gilchrist, a Professional Corporation 
 

1445 Ross Avenue, Suite 3200 
 Dallas, TX 75202 
 Attn: Michael J. Pendleton 
 Fax No.: (214) 855-4300 
  
 Any party hereto may from time to time change its address for notices by giving written notice of such changed address to the other party hereto. 
  

Section 5.4.    Waivers.  No waiver by either party of any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of
any such right accruing to it thereafter. 
  
 Section 5.5.    Headings.  The
article, section and subsection headings in this Agreement are for convenience only and shall not constitute a part of this Agreement for any other purpose and shall not be deemed to limit or affect any of the provisions hereof. 

 
 Section 5.6.    Successors and Assigns.  This Agreement shall be binding upon and inure to
the benefit of the parties and their successors and assigns. Neither party hereto may assign its rights or obligations under this Agreement (by operation of law or otherwise) without the prior written consent of each other party hereto, and any
attempted assignment without such consent shall be void ab initio. 

 
 8 

  
 Section 5.7.    No Third Party
Beneficiaries.  This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person or
entity. 
  
 Section 5.8.    Governing Law.  This Agreement shall be governed by
and construed in accordance with the internal laws of the State of New York, without giving effect to the choice of law provisions thereof. This Agreement shall not be interpreted or construed with any presumption against the party causing this
Agreement to be drafted. 
  
 Section 5.9.    Counterparts.  This Agreement may
be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and shall become effective when counterparts have been signed by each party and delivered to the other parties hereto, it being
understood that all parties need not sign the same counterpart. 
  
 Section
5.10.    Severability.  The provisions of this Agreement are severable and, in the event that any court of competent jurisdiction shall determine that any one or more of the provisions or part of the provisions
contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision or part of a provision of this Agreement and this
Agreement shall be reformed and construed as if such invalid or illegal or unenforceable provision, or part of such provision, had never been contained herein, so that such provisions would be valid, legal and enforceable to the maximum extent
possible. 
  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 
 9 

  
 IN WITNESS WHEREOF, the parties hereto have caused this Debt Exchange Agreement
to be duly executed by their respective authorized officers as of the date first above written. 
  
 
	 FIBERNET TELECOM GROUP, INC.
 
	 
	 By:
 	 	  
	  	 	 
Name: Michael S. Liss
 Title: President and CEO
 

 
  
  
 
	 FIBERNET OPERATIONS, INC.
 
	 
	 By:
 	 	  
	  	 	 
Name:
 Title:
 

 
  
 
	 DEVNET L.L.C.
 
	 
	 By:
 	 	  
	  	 	 
Name:
 Title:
 

 
  
 
	 

	 
	 By:
 	 	  
	  	 	 
Name:
 Title:

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